VanEck Semiconductor ETF (SMH) N-CSRS 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: APRIL 30

Date of reporting period: OCTOBER 31, 2020

Item 1. Report to Shareholders

SEMI-ANNUAL REPORT
October 31, 2020 (unaudited)

VANECK VECTORS®
CEF Municipal Income ETF	XMPT®
High Yield Muni ETF	HYD®
Intermediate Muni ETF	ITM®
Long Muni ETF	MLN®
Muni Allocation ETF	MAAXTM
Short High Yield Muni ETF	SHYD®
Short Muni ETF	SMB®

800.826.2333 vaneck.com

President’s Letter	1
Explanation of Expenses	2
Schedule of Investments
CEF Municipal Income ETF	3
High Yield Muni ETF	5
Intermediate Muni ETF	42
Long Muni ETF	86
Muni Allocation ETF	102
Short High Yield Muni ETF	103
Short Muni ETF	118
Statements of Assets and Liabilities	132
Statements of Operations	134
Statements of Changes in Net Assets	136
Financial Highlights
CEF Municipal Income ETF	139
High Yield Muni ETF	139
Intermediate Muni ETF	140
Long Muni ETF	140
Muni Allocation ETF	141
Short High Yield Muni ETF	141
Short Muni ETF	142
Notes to Financial Statements	143
Approval of Investment Management Agreements	149

Certain information contained in this President’s letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2020.

VANECK VECTORS ETFs

PRESIDENT’S LETTER

October 31, 2020 (unaudited)

Dear Fellow Shareholders:

The level of stimulus from the U.S. Federal Reserve (Fed) this year has been almost unprecedented and has had investment consequences. Financial markets have benefited from the Fed stimulus and the case for gold investing has become more solid.

Perhaps the surprise from this summer’s data is that the global economy is doing quite well, supporting the markets, despite the social distancing that we all feel in our personal lives. Important commodities like copper have regained pre-COVID-19 highs. In addition, China’s industrial recovery is pointing to all-time highs in activity, even though consumer activity is lagging a little.

One beneficiary is high yield bonds, particularly “fallen angels”—bonds that have been downgraded from investment grade. In a recessionary environment, some bonds are going to default or be downgraded. Fixed income markets this year generally started recovering after the Fed announced plans to intervene. We have already seen a record amount of new fallen angel bond volume—over $140B as of July 31, 2020¹—and expect more through the remainder of the calendar year.

Similar to 2016, when crude oil also swooned, we have seen a lot of energy companies become fallen angels, and the fallen angel strategy is buying those downgraded bonds. As reviewed in a recent blog, New Fallen Angel Bonds Drive Performance, these new energy fallen angels are among the top contributors to performance of the fallen angel strategy so far this year. As long as the Fed remains supportive, we believe this strategy should continue to do well.

We do, however, see two particular risks to this scenario: 1) an unforeseen rise in interest rates in the U.S. triggered by higher global growth or other factors; and 2) a bump in the return to full employment. An incredible number of people have been laid off in the U.S. and, regardless of GDP numbers, people are unlikely to quickly return to work at the same levels as the start of the year. Concern may be high enough for policy makers to take additional steps (any of which, however, remain, as yet, uncertain) that may impact the financial recovery.

The investing outlook sometimes does change suddenly, as it certainly has at times this year. 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 a financial statement for each of the funds for the six month period ended October 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

November 4, 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 Source: FactSet, ICE Data Indices, LLC and Morningstar.

1

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2020 to October 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 May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio During Period			Expenses Paid During the Period* May 1, 2020 — October 31, 2020
CEF Municipal Income ETF
Actual	$	1,000.00	$	1,121.70		0.40	%	$	2.14
Hypothetical**	$	1,000.00	$	1,023.19		0.40	%	$	2.04
High Yield Muni ETF
Actual	$	1,000.00	$	1,086.10		0.35	%	$	1.84
Hypothetical**	$	1,000.00	$	1,023.44		0.35	%	$	1.79
Intermediate Muni ETF
Actual	$	1,000.00	$	1,052.80		0.24	%	$	1.24
Hypothetical**	$	1,000.00	$	1,024.00		0.24	%	$	1.22
Long Muni ETF
Actual	$	1,000.00	$	1,064.20		0.24	%	$	1.25
Hypothetical**	$	1,000.00	$	1,024.00		0.24	%	$	1.22
Muni Allocation ETF
Actual	$	1,000.00	$	1,073.40		0.08	%	$	0.42
Hypothetical**	$	1,000.00	$	1,024.80		0.08	%	$	0.41
Short High Yield Muni ETF
Actual	$	1,000.00	$	1,067.30		0.35	%	$	1.82
Hypothetical**	$	1,000.00	$	1,023.44		0.35	%	$	1.79
Short Muni ETF
Actual	$	1,000.00	$	1,033.00		0.20	%	$	1.02
Hypothetical**	$	1,000.00	$	1,024.20		0.20	%	$	1.02

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 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

2

VANECK VECTORS CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Number
of Shares			Value
CLOSED-END FUNDS: 99.8%(a)
	126,574	AllianceBernstein National Municipal Income Fund, Inc.	$	1,718,875
	46,930	BlackRock Investment Quality Municipal Trust, Inc.		737,740
	42,056	BlackRock Long-Term Municipal Advantage Trust		492,896
	172,605	BlackRock Muni Intermediate Duration Fund, Inc.		2,416,470
	85,685	BlackRock MuniAssets Fund, Inc.		1,155,891
	273,204	BlackRock Municipal 2030 Target Term Trust		6,791,851
	41,646	BlackRock Municipal Bond Trust		645,930
	117,540	BlackRock Municipal Income Quality Trust		1,667,893
	124,326	BlackRock Municipal Income Trust		1,713,212
	54,197	BlackRock Municipal Income Trust II		782,605
	118,482	BlackRock MuniEnhanced Fund, Inc.		1,323,444
	57,406	BlackRock MuniHoldings Fund, Inc.		862,238
	168,829	BlackRock MuniHoldings Investment Quality Fund		2,223,478
	99,130	BlackRock MuniHoldings Quality Fund II, Inc.		1,239,125
	57,215	BlackRock MuniHoldings Quality Fund, Inc.		722,053
	85,112	BlackRock MuniVest Fund II, Inc.		1,176,248
	291,939	BlackRock MuniVest Fund, Inc.		2,542,789
	188,750	BlackRock MuniYield Fund, Inc.		2,499,050
	54,622	BlackRock MuniYield Investment Fund		727,565
	98,813	BlackRock MuniYield Quality Fund II, Inc.		1,288,522
	304,613	BlackRock MuniYield Quality Fund III, Inc.		4,090,953
	94,012	BlackRock MuniYield Quality Fund, Inc.		1,478,809
	57,360	BNY Mellon Municipal Bond Infrastructure Fund, Inc.		746,827
	81,569	BNY Mellon Municipal Income, Inc.		681,917
	201,910	BNY Mellon Strategic Municipal Bond Fund, Inc.		1,465,867
	192,310	BNY Mellon Strategic Municipals, Inc.		1,563,480
	194,506	DWS Municipal Income Trust		2,114,280
	288,885	Eaton Vance Municipal Bond Fund		3,752,616
	29,159	Eaton Vance Municipal Income 2028 Term Trust		620,795
	175,925	Eaton Vance Municipal Income Trust		2,218,414
	58,678	Eaton Vance National Municipal Opportunities Trust		1,191,163
	197,763	Invesco Advantage Municipal Income Trust II		2,112,109
	129,610	Invesco Municipal Income Opportunities Trust		917,639
	295,556	Invesco Municipal Opportunity Trust		3,629,428

Number
of Shares			Value
CLOSED-END FUNDS: (continued)
	245,594	Invesco Municipal Trust	$	2,949,584
	235,780	Invesco Quality Municipal Income Trust		2,871,800
	241,531	Invesco Trust for Investment Grade Municipals		2,994,984
	211,582	Invesco Value Municipal Income Trust		3,101,792
	64,450	MainStay MacKay DefinedTerm Municipal Opportunities Fund		1,346,361
	101,862	MFS High Income Municipal Trust		474,677
	183,604	MFS Municipal Income Trust		1,158,541
	48,534	Neuberger Berman Municipal Fund, Inc.		686,756
	766,310	Nuveen AMT-Free Municipal Credit Income Fund		11,969,762
	61,818	Nuveen AMT-Free Municipal Value Fund		1,002,070
	831,295	Nuveen AMT-Free Quality Municipal Income Fund		11,912,457
	76,121	Nuveen Enhanced Municipal Value Fund		1,112,128
	147,633	Nuveen Intermediate Duration Municipal Term Fund		1,948,756
	40,815	Nuveen Intermediate Duration Quality Municipal Term Fund		579,573
	579,934	Nuveen Municipal Credit Income Fund		8,548,227
	170,128	Nuveen Municipal Credit Opportunities Fund		1,987,095
	220,674	Nuveen Municipal High Income Opportunity Fund		2,917,310
	554,052	Nuveen Municipal Value Fund, Inc.		5,989,302
	823,210	Nuveen Quality Municipal Income Fund		11,887,152
	37,469	Nuveen Select Tax-Free Income Portfolio		630,978
	48,574	Nuveen Select Tax-Free Income2 Portfolio		735,410
	55,970	PIMCO Municipal Income Fund		722,573
	144,318	PIMCO Municipal Income Fund II		1,900,668
	76,251	PIMCO Municipal Income Fund III		853,249
	106,280	Pioneer Municipal High Income Advantage Trust		1,158,452
	102,587	Pioneer Municipal High Income Trust		1,163,337
	151,779	Putnam Managed Municipal Income Trust		1,159,592
	107,220	Putnam Municipal Opportunities Trust		1,369,199
	195,541	Western Asset Managed Municipals Fund, Inc.		2,381,689
	37,874	Western Asset Municipal Defined Opportunity Trust, Inc.		759,752
Total Closed-End Funds (Cost: $149,126,670)				147,585,398
Other assets less liabilities: 0.2%				257,574
NET ASSETS: 100.0%			$	147,842,972

See Notes to Financial Statements

3

VANECK VECTORS CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Footnotes:

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

Summary of Investments By Sector	% of Investments			Value
Financials		100.0	%	$	147,585,398

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

			Level 2			Level 3
	Level 1		Significant			Significant
	Quoted		Observable			Unobservable
	Prices		Inputs			Inputs			Value
Closed-End Funds	$	147,585,398		$	—		$	—	$	147,585,398

See Notes to Financial Statements

4

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal
Amount			Value
MUNICIPAL BONDS: 97.9%
Alabama: 2.1%
$	615,000	Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 11/30/20 (c)	$	614,975
		Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
	500,000	5.25%, 06/01/25		513,150
	2,000,000	5.75%, 06/01/26 (c)		2,023,640
	1,400,000	5.75%, 06/01/26 (c)		1,441,580
	4,750,000	6.00%, 06/01/26 (c)		4,848,800
	4,025,000	Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		3,552,827
		Jefferson County, Sewer Revenue, Series D (RB)
	10,000,000	6.00%, 10/01/23 (c)		11,592,500
	9,000,000	6.50%, 10/01/23 (c)		10,556,730
		Jefferson County, Sewer Revenue, Series E (RB)
	60,000	0.00%, 10/01/23 (c) ^		23,368
	100,000	0.00%, 10/01/23 (c) ^		46,018
		Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
	10,500,000	4.50%, 05/01/29 (c)		11,217,990
	10,000,000	5.25%, 05/01/29 (c)		10,983,300
				57,414,878
Alaska: 0.2%
		Northern Tobacco Securitization Corp., Series A (RB)
	4,460,000	5.00%, 11/16/20 (c)		4,478,910
	760,000	5.00%, 11/16/20 (c)		760,190
				5,239,100
American Samoa: 0.1%
		American Samoa Economic Development Authority, Series A (RB)
	250,000	6.50%, 09/01/28		301,308
	1,000,000	6.63%, 09/01/25 (c)		1,152,810
	500,000	7.13%, 09/01/28 (c)		623,835
				2,077,953
Arizona: 2.4%
	200,000	Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		219,978
		Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
	2,940,000	6.00%, 07/01/27 (c)		3,373,180
	1,320,000	6.00%, 07/01/27 (c)		1,540,942
		Arizona Industrial Development Authority, Basis School Project, Series A (RB)
	250,000	5.13%, 07/01/26 (c)		268,828
	500,000	5.25%, 07/01/26 (c)		532,920

Principal
Amount			Value
Arizona: (continued)
		Arizona Industrial Development Authority, Basis School Project, Series D (RB)
$	515,000	5.00%, 07/01/27 (c)	$	545,447
	270,000	5.00%, 07/01/27 (c)		286,610
	500,000	Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		530,760
		Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB)
	300,000	5.00%, 07/15/27 (c)		324,420
	400,000	5.00%, 07/15/27 (c)		438,540
		Arizona Industrial Development Authority, Economic Development, Legacy Cares, Inc., Series A (RB) (AGM)
	1,000,000	6.63%, 07/01/27		1,009,780
	2,000,000	7.75%, 07/01/27 (c)		2,013,160
		Arizona Industrial Development Authority, Education Facility, Series A (RB)
	1,050,000	5.25%, 07/01/23 (c)		1,130,608
	2,100,000	5.50%, 07/01/23 (c)		2,254,812
	3,005,000	Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series B (RB) 5.13%, 07/01/29 (c)		2,374,461
		Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Third Tier, Series C (RB)
	3,160,000	5.00%, 07/01/29 (c)		2,368,325
	1,420,000	5.00%, 07/01/29 (c)		1,107,770
	3,465,000	5.50%, 07/01/29 (c)		2,757,378
	1,000,000	Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c)		1,085,300
		Arizona Industrial Development Authority, Leman Academy of Excellence – East Tucson and Central Tucson Projects, Series A (RB)
	500,000	4.00%, 07/01/24 (c)		511,945
	500,000	5.00%, 07/01/24 (c)		515,820
	445,000	Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		444,377
	5,907,635	Arizona Industrial Development Authority, Series 2 (RB) 3.63%, 05/20/33		6,168,103
	250,000	Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c)		256,793
		Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)
	600,000	5.00%, 11/15/26 (c)		588,960
	700,000	5.25%, 11/15/26 (c)		674,975

See Notes to Financial Statements

5

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Arizona: (continued)
		Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
$	500,000	4.00%, 07/01/25	$	514,405
	1,000,000	5.00%, 07/01/25 (c)		1,045,120
	900,000	5.00%, 07/01/25 (c)		955,584
	500,000	5.00%, 07/01/25 (c)		522,775
	750,000	Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		792,930
	675,000	Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		701,953
	750,000	Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		797,385
	1,000,000	Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c)		1,023,520
	1,000,000	Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,126,570
		Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
	125,000	5.00%, 07/01/29 (c)		146,496
	1,300,000	5.00%, 07/01/29 (c)		1,527,435
		Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
	500,000	5.00%, 07/01/29 (c)		531,155
	500,000	5.00%, 07/01/29 (c)		532,875
	500,000	5.00%, 07/01/29 (c)		541,105
	750,000	Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		795,420
	400,000	Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		392,704
		Pima County Industrial Development Authority, American Leadership Academy Project (RB)
	1,250,000	4.13%, 06/15/22 (c)		1,256,462
	2,000,000	4.75%, 06/15/22 (c)		2,013,200
	2,000,000	5.00%, 06/15/22 (c)		2,014,400
	500,000	5.00%, 06/15/25 (c)		509,350
	750,000	5.00%, 06/15/25 (c)		762,937
	1,250,000	5.63%, 06/15/25 (c)		1,318,087

Principal
Amount			Value
Arizona: (continued)
		Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
$	250,000	5.25%, 07/01/26 (c)	$	259,100
	250,000	5.38%, 07/01/26 (c)		255,610
	250,000	5.50%, 07/01/26 (c)		256,153
	295,000	6.00%, 11/30/20 (c)		301,284
	1,000,000	6.00%, 11/30/20 (c)		1,020,940
	4,020,000	Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project (RB) 7.25%, 10/01/23 (c)		3,901,933
		Salt Verde Financial Corp. (RB)
	755,000	5.00%, 12/01/37		1,009,790
	290,000	5.25%, 12/01/23		326,630
	305,000	5.25%, 12/01/24		355,169
	265,000	5.25%, 12/01/25		317,716
	215,000	5.25%, 12/01/27		268,455
	245,000	5.25%, 12/01/28		310,986
	370,000	5.50%, 12/01/29		483,109
		Tempe Industrial Development Authority, Friendship Village of Tempe (RB)
	355,000	5.00%, 12/01/26 (c)		347,030
	250,000	5.00%, 12/01/26 (c)		245,995
		Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
	600,000	6.13%, 10/01/27 (c)		615,396
	3,900,000	6.13%, 10/01/27 (c)		4,011,267
				67,432,623
Arkansas: 0.4%
	12,095,000	Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c)		12,125,117
California: 12.5%
		Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
	2,055,000	5.00%, 10/01/26 (c)		2,370,093
	5,000,000	5.00%, 10/01/26 (c)		5,753,150
	3,000,000	5.00%, 10/01/26 (c)		3,479,730
	1,650,000	5.00%, 10/01/26 (c)		1,908,505
		Anaheim Community Facilities District No. 08-1 (ST)
	475,000	4.00%, 09/01/23 (c)		498,954
	695,000	4.00%, 09/01/23 (c)		735,171
	185,000	4.00%, 09/01/23 (c)		196,575
		Antelope Valley Healthcare District, Series A (RB)
	300,000	5.00%, 03/01/26 (c)		297,315
	1,480,000	5.25%, 03/01/26 (c)		1,522,417
	500,000	California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		515,925

See Notes to Financial Statements

6

Principal
Amount			Value
California: (continued)
$	9,800,000	California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)	$	10,932,488
	3,100,000	California Community Housing Agency, Essential Housing, The Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,474,449
	4,000,000	California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB) 5.00%, 08/01/29 (c)		4,440,760
	3,500,000	California Community Housing Agency, Workforce Housing, Series A (RB) 5.00%, 04/01/29 (c)		3,873,100
	30,000	California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 11/30/20 (c)		30,026
	205,000	California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. (RB) 5.25%, 11/16/20 (c)		204,996
		California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB)
	4,115,000	5.00%, 11/16/20 (c)		4,115,576
	15,000	5.00%, 11/16/20 (c)		15,002
	2,965,000	California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series A (RB) 4.00%, 06/01/30 (c)		3,298,918
	18,250,000	California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series D (RB) 0.00%, 11/16/20 (c) ^		1,383,897
		California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
	250,000	4.00%, 08/15/27 (c)		266,648
	500,000	4.20%, 08/15/27 (c)		544,545
	80,000	4.25%, 11/15/22 (c)		83,476
	460,000	5.00%, 08/15/27 (c)		536,411
	990,000	5.00%, 08/15/27 (c)		1,140,124
	987,449	California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		1,086,184
		California Municipal Finance Authority, California Baptist University, Series A (RB)
	500,000	5.50%, 11/01/25 (c)		532,255
	1,000,000	6.13%, 11/01/23 (c)		1,092,160
		California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB)
	150,000	4.00%, 11/15/28 (c)		162,057
	500,000	5.00%, 11/15/28 (c)		584,395

Principal
Amount			Value
California: (continued)
		California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
$	250,000	5.00%, 07/01/27 (c)	$	294,910
	200,000	5.00%, 07/01/27 (c)		237,028
		California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
	500,000	5.00%, 10/01/27 (c)		514,390
	500,000	5.00%, 10/01/27 (c)		516,880
	500,000	5.00%, 10/01/27 (c)		523,455
	2,900,000	California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.63%, 03/01/25 (c)		2,926,187
		California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
	1,950,000	3.00%, 06/30/28 (c)		2,027,863
	650,000	3.25%, 06/30/28 (c)		681,739
	975,000	3.50%, 06/30/28 (c)		1,032,359
	2,040,000	4.00%, 06/30/28 (c)		2,153,281
	3,405,000	5.00%, 06/30/28 (c)		3,861,032
	2,040,000	5.00%, 06/30/28 (c)		2,381,639
	2,490,000	5.00%, 06/30/28 (c)		2,838,451
	500,000	5.00%, 06/30/28 (c)		601,830
	600,000	5.00%, 06/30/28 (c)		724,722
	700,000	5.00%, 06/30/28 (c)		820,190
	1,035,000	5.00%, 06/30/28 (c)		1,232,085
	1,600,000	California Municipal Finance Authority, LINXS APM Project, Series B (RB) (AGM) 5.00%, 06/01/28 (c)		1,811,600
	230,000	California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		258,407
		California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
	500,000	5.00%, 07/01/26 (c)		529,755
	1,000,000	5.00%, 07/01/28 (c)		1,066,050
	130,000	5.00%, 07/01/28 (c)		141,179
	930,000	California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c)		1,012,212
	1,500,000	California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)		1,571,325
	250,000	California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) 4.00%, 11/15/28 (c)		270,095
	12,500,000	California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB) 4.00%, 07/15/29		12,444,875

See Notes to Financial Statements

7

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
California: (continued)
		California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
$	1,000,000	7.00%, 07/01/22 (d) *	$	700,000
	10,500,000	7.50%, 07/01/22 (c) (d) *		7,350,000
	7,000,000	7.50%, 12/01/29 (c) (d) *		2,170,000
	1,000,000	7.50%, 07/01/32		951,610
	6,635,000	8.00%, 07/01/27 (c) (d) *		4,644,500
	2,350,000	California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c)		2,276,539
		California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
	300,000	5.00%, 07/01/27 (c)		252,000
	1,000,000	5.00%, 07/01/27 (c)		840,000
	310,000	5.00%, 07/01/27		260,400
	485,000	5.00%, 07/01/27 (c)		407,400
	400,000	California School Finance Authority, Bright Star Schools Obligated Group (RB) 5.00%, 06/01/27 (c)		428,172
	2,000,000	California School Finance Authority, River Springs Charter School Project, Series A (RB) 6.38%, 07/01/25 (c)		2,235,180
		California School Finance Authority, Rocketship Education Obligated Group, Series A (RB)
	250,000	5.13%, 06/01/26 (c)		268,580
	250,000	5.25%, 06/01/26 (c)		269,493
		California Statewide Communities Development Authority, Baptist University, Series A (RB)
	2,500,000	3.50%, 11/01/27		2,512,650
	1,000,000	5.00%, 11/01/27 (c)		1,057,990
	250,000	California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		242,165
		California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
	1,032,548	5.50%, 11/30/20 (c)		949,944
	197,554	5.75%, 11/30/20 (c)		181,750
	516,274	5.75%, 11/30/20 (c)		474,972
	28,975	California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 11/30/20 (c)		26,657
	920,000	California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c)		1,042,949
	385,000	California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c)		435,085

Principal
Amount			Value
California: (continued)
		California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)
$	500,000	5.00%, 06/01/29 (c)	$	514,220
	435,000	5.00%, 06/01/29 (c)		455,049
	75,000	California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c)		79,406
		California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
	1,010,000	4.90%, 11/16/20 (c)		1,021,160
	1,100,000	5.00%, 06/01/26 (c)		1,257,102
	1,595,000	5.00%, 06/01/26 (c)		1,761,486
	2,090,000	5.00%, 06/01/26 (c)		2,283,743
	350,000	5.00%, 06/01/26 (c)		402,245
	1,740,000	5.25%, 12/01/24 (c)		1,910,520
	8,380,000	5.25%, 06/01/26 (c)		9,220,682
	1,000,000	5.25%, 06/01/28 (c)		1,119,090
	8,360,000	5.50%, 12/01/24 (c)		9,046,690
	6,500,000	5.50%, 06/01/28 (c)		7,350,525
		California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
	3,230,000	5.00%, 06/01/26 (c)		3,495,344
	125,000	5.75%, 01/15/23 (c)		126,764
	3,170,000	California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,486,303
		California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB)
	23,000,000	0.00%, 11/16/20 (c) ^		1,654,850
	23,750,000	0.00%, 11/30/20 (c) ^		1,102,000
	3,175,000	6.00%, 11/30/20 (c)		3,201,797
	900,000	6.00%, 11/30/20 (c)		907,596
	120,000	Cathedral City, California Public Financing Authority, Series A (AMBAC) (TA) 4.50%, 11/30/20 (c)		120,264
	55,000	Chino Public Financing Authority (ST) 5.00%, 09/01/22 (c)		57,889
		City of Dublin, Community Facilities District No. 2015-1 (ST)
	500,000	5.00%, 09/01/26 (c)		557,920
	500,000	5.00%, 09/01/26 (c)		560,760
	500,000	5.00%, 09/01/26 (c)		569,080
	1,150,000	5.00%, 09/01/27 (c)		1,327,123
	1,840,000	5.00%, 09/01/27 (c)		2,083,542
	250,000	City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		276,408
		City of Irvine, Community Facilities District No. 2013-3 (ST)
	1,000,000	4.00%, 09/01/23 (c)		1,064,040

See Notes to Financial Statements

8

Principal
Amount			Value
California: (continued)
$	1,800,000	4.00%, 09/01/23 (c)	$	1,902,024
	250,000	4.00%, 09/01/23 (c)		269,423
	230,000	4.00%, 09/01/23 (c)		249,249
	250,000	4.00%, 09/01/23 (c)		270,055
	750,000	City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		845,617
	110,000	City of Marysville, Fremont-Rideout Health Group (RB) 5.25%, 01/01/21 (c)		110,890
	3,235,000	City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		3,479,404
	840,000	City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		934,786
		City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
	500,000	3.75%, 09/01/27 (c)		521,630
	155,000	5.00%, 09/01/27 (c)		180,391
	135,000	5.00%, 09/01/27 (c)		156,267
	200,000	City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		224,058
	225,000	City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21		235,960
	1,050,000	City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,168,975
	1,000,000	Compton Public Finance Authority (RB) 4.00%, 09/01/24 (c)		1,023,490
	1,300,000	Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c)		1,463,813
		Folsom Ranch Financing Authority (ST)
	1,000,000	5.00%, 09/01/27 (c)		1,126,420
	2,000,000	5.00%, 09/01/27 (c)		2,299,920
	1,100,000	5.00%, 09/01/27 (c)		1,289,057
		Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
	1,000,000	5.75%, 01/15/24 (c)		1,116,930
	2,860,000	6.00%, 01/15/24 (c)		3,379,776
		Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)
	100,000	3.95%, 07/15/27 (c)		108,188
	1,115,000	6.00%, 01/15/24 (c)		1,317,640
	350,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		371,305
	6,525,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		7,016,332
	1,000,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,138,950

Principal
Amount			Value
California: (continued)
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
$	1,500,000	3.50%, 06/01/22 (c)	$	1,519,320
	2,630,000	5.00%, 06/01/25		3,107,424
	400,000	5.00%, 06/01/27		495,004
	4,000,000	5.00%, 06/01/28 (c)		4,915,600
	3,815,000	5.25%, 06/01/22 (c)		3,931,052
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB)
	12,750,000	5.00%, 06/01/22 (c)		13,114,905
	14,585,000	5.30%, 06/01/22 (c)		15,041,073
	40,470,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.00%, 11/16/20 (c) ^		8,600,684
		Hastings Campus Housing Finance Authority, Series A (RB)
	1,500,000	5.00%, 07/01/30 (c)		1,538,040
	1,000,000	5.00%, 07/01/30 (c)		1,044,310
	250,000	Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		252,925
	9,410,000	Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 11/16/20 (c) ^		1,612,121
	51,150,000	Inland Empire Tobacco Securitization Authority, Series D (RB) 0.00%, 11/16/20 (c) ^		4,129,339
	25,000,000	Inland Empire Tobacco Securitization Authority, Series E (RB) 0.00%, 11/16/20 (c) ^		1,369,500
	1,000,000	Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/27 (c)		1,144,020
	405,000	Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		450,502
	49,000	Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c)		51,117
		MSR Energy Authority, Series A (RB)
	425,000	6.13%, 11/01/29		534,799
	1,575,000	6.50%, 11/01/39		2,453,551
	1,500,000	7.00%, 11/01/34		2,297,355
		Orange County Community Facilities District No. 1, Series A (ST)
	975,000	4.25%, 08/15/25 (c)		1,042,801
	455,000	5.25%, 08/15/25 (c)		508,836
	250,000	Palomar Health (RB) 5.00%, 11/01/26 (c)		291,353
	125,000	Palomar Pomerado Health, Series A (GO) 0.00%, 08/01/25 ^		118,153
	1,000,000	Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,100,980

See Notes to Financial Statements

9

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
California: (continued)
$	750,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)	$	844,732
	180,000	Rancho Cordova Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		193,046
		River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (AGM) (ST)
	500,000	5.00%, 09/01/26 (c)		553,895
	500,000	5.00%, 09/01/26 (c)		550,995
	500,000	5.00%, 09/01/26 (c)		560,750
	3,000,000	5.50%, 09/01/22 (c)		3,171,210
		River Islands Public Financing Authority, Phase 2 Public Improvements (ST)
	1,000,000	4.00%, 09/01/26 (c)		1,022,500
	750,000	5.00%, 09/01/26 (c)		836,355
	500,000	Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		561,315
		Sacramento County, Community Facilities District No. 2005-2 (ST)
	495,000	5.00%, 09/01/26 (c)		552,494
	345,000	5.00%, 09/01/26 (c)		389,029
	3,120,000	San Buenaventura, Community Memorial Health System (RB) 7.50%, 12/01/21 (c)		3,258,434
		San Diego County, Area No. 2, Series A (ST)
	635,000	4.00%, 09/01/26 (c)		669,519
	665,000	4.00%, 09/01/26 (c)		705,412
	300,000	San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		337,668
		San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)
	145,000	0.00%, 01/15/32 ^		107,357
	105,000	0.00%, 01/15/36 ^		67,397
	1,750,000	5.00%, 01/15/25 (c)		1,924,317
	3,780,000	5.00%, 01/15/25 (c)		4,137,588
	500,000	5.00%, 01/15/25 (c)		570,165
	2,300,000	5.00%, 01/15/25 (c)		2,571,147
	200,000	San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		219,596
	1,815,000	San Mateo Union High School District, Series A (GO) 5.00%, 09/01/23 (c)		2,042,401
		Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)
	500,000	5.00%, 03/01/26 (c)		553,335
	500,000	5.00%, 03/01/26 (c)		557,705
	9,000,000	Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 11/30/20 (c) ^		3,793,590
	8,015,000	Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.00%, 11/16/20 (c) ^		879,005

Principal
Amount			Value
California: (continued)
$	18,050,000	South California Tobacco Securitization Authority, Series C (RB) 0.00%, 11/16/20 (c) ^	$	3,434,012
	1,035,000	Thousand Oaks Community Facilities District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,084,587
	6,025,000	Tobacco Securitization Authority of Northern California, Series A-1 (RB) 5.50%, 11/16/20 (c)		6,055,065
	8,000,000	Tobacco Securitization Authority of Northern California, Series C (RB) 0.00%, 11/16/20 (c) ^		1,510,800
	2,085,000	Tobacco Securitization Authority of Southern California, Series A-1 (RB) 5.38%, 11/16/20 (c)		2,092,339
		Tobacco Securitization Authority of Southern California, Series B (RB)
	10,485,000	0.00%, 11/16/20 (c) ^		2,172,492
	15,000,000	0.00%, 11/16/20 (c) ^		3,592,950
	16,440,000	Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 11/16/20 (c) ^		2,759,783
		Tustin Community Facilities District, Series A (ST)
	100,000	5.00%, 09/01/25 (c)		111,042
	100,000	5.00%, 09/01/25 (c)		111,911
	750,000	Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		829,057
		Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
	850,000	4.00%, 09/01/21 (d) *		510,000
	530,000	5.30%, 09/01/22 (c) (d) *		318,000
	445,000	William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		494,951
				344,113,735
Colorado: 3.3%
		Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
	500,000	5.00%, 12/01/23 (c)		524,910
	750,000	5.13%, 12/01/23 (c)		780,547
	2,010,000	Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,270,657
	1,000,000	Aviation Station North Metropolitan District No. 2, Series A (GO) 5.00%, 09/01/24 (c)		1,014,950
	1,000,000	Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c)		1,034,760
		Broadway Station Metropolitan District No. 3, Series A (GO)
	1,000,000	5.00%, 06/01/24 (c)		1,033,060
	500,000	5.00%, 06/01/24 (c)		522,610
		Castle Oaks Metropolitan District No. 3 (GO)
	500,000	5.00%, 12/01/20 (c)		516,840
	500,000	5.00%, 12/01/20 (c)		516,840

See Notes to Financial Statements

10

Principal
Amount			Value
Colorado: (continued)
		Centerra Metropolitan District No. 1 (TA)
$	500,000	5.00%, 12/01/22 (c)	$	511,240
	500,000	5.00%, 12/01/22 (c)		516,715
	500,000	5.00%, 12/01/22 (c)		525,175
	5,195,000	City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,265,184
	4,250,000	City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		4,547,160
	1,035,000	City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,053,982
	1,000,000	Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,005,810
	500,000	Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		517,690
	1,750,000	Colorado Health Facilities Authority, Capella of Grand Junction Project (RB) 5.00%, 12/01/26 (c)		1,697,045
	500,000	Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c)		544,410
		Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
	3,120,000	4.00%, 08/01/29 (c)		3,482,918
	1,400,000	4.00%, 08/01/29 (c)		1,518,342
	1,100,000	4.00%, 08/01/29 (c)		1,239,403
	1,270,000	4.00%, 08/01/29 (c)		1,424,241
		Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
	7,000,000	4.00%, 08/01/29 (c)		7,540,260
	2,420,000	5.00%, 08/01/29 (c)		2,863,634
	1,160,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 11/30/20 (c)		1,046,819
		Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB)
	2,000,000	5.75%, 11/01/25 (c)		1,498,180
	3,835,000	6.00%, 11/01/25 (c)		2,940,064
	2,650,000	Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB) 6.13%, 12/01/25 (c)		2,648,145
		Colorado High Performance Transportation Enterprise (RB)
	250,000	5.00%, 12/31/24 (c)		269,408
	350,000	5.00%, 12/31/24 (c)		377,874
	2,500,000	Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c)		2,639,300

Principal
Amount			Value
Colorado: (continued)
		Copperleaf Metropolitan District No. 2 (GO)
$	500,000	5.25%, 12/01/20 (c)	$	516,940
	500,000	5.75%, 12/01/20 (c)		517,135
		Creekwalk Marketplace Business Improvement District, Series A (RB)
	500,000	5.50%, 12/01/26 (c)		511,555
	500,000	5.75%, 12/01/26 (c)		512,405
		Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)
	1,000,000	5.63%, 12/01/23 (c)		1,063,200
	1,500,000	5.75%, 12/01/23 (c)		1,588,935
		Dominion Water and Sanitation District (RB)
	1,000,000	5.25%, 12/01/21 (c)		1,044,930
	3,500,000	5.75%, 12/01/21 (c)		3,648,750
	490,000	6.00%, 12/01/21 (c)		511,148
		Eaton Area Park and Recreation District (GO)
	250,000	5.25%, 12/01/22 (c)		255,903
	310,000	5.50%, 12/01/22 (c)		318,299
	250,000	5.50%, 12/01/22 (c)		258,810
		Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
	930,000	4.50%, 11/01/25 (c)		910,535
	2,345,000	5.25%, 11/01/25 (c)		2,386,155
	1,865,000	5.50%, 11/01/25 (c)		1,909,070
	1,000,000	Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,035,050
	1,000,000	Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c)		1,052,530
	1,000,000	Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,017,870
		Lambertson Farms Metropolitan District No. 1 (GO)
	500,000	5.75%, 12/15/23 (c)		392,785
	500,000	6.00%, 12/15/23 (c)		393,235
		Mirabelle Metropolitan District No. 2, Series A (GO) (SAW)
	1,000,000	5.00%, 03/01/25 (c)		1,010,320
	700,000	5.00%, 03/01/25 (c)		717,766
		Painted Prairie Public Improvement Authority (RB)
	1,500,000	5.00%, 12/01/24 (c)		1,560,645
	1,000,000	5.00%, 12/01/24 (c)		1,054,150
	1,000,000	Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c)		1,013,940
	500,000	Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		526,130
		STC Metropolitan District No. 2, Series A (GO)
	1,000,000	5.00%, 12/01/24 (c)		1,014,200
	2,000,000	5.00%, 12/01/24 (c)		2,052,600

See Notes to Financial Statements

11

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Colorado: (continued)
		Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
$	5,000,000	5.00%, 12/01/22 (c)	$	5,066,000
	500,000	5.00%, 12/01/22 (c)		509,200
	1,000,000	5.00%, 12/01/22 (c)		1,032,450
		Velocity Metropolitan District No. 3 (GO)
	500,000	5.13%, 12/01/23 (c)		519,400
	500,000	5.38%, 12/01/23 (c)		521,160
	1,500,000	5.50%, 12/01/23 (c)		1,558,875
				91,890,249
Connecticut: 0.6%
	630,000	Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/10/20 (c)		630,025
	2,000,000	Connecticut Airport Authority, Customer Facility, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,143,800
		Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
	3,000,000	5.00%, 09/01/26 (c)		3,055,950
	2,500,000	5.00%, 09/01/26 (c)		2,562,000
	120,000	Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		123,738
	2,000,000	Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,101,580
	235,000	Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series I (RB) 4.50%, 07/01/21 (c)		238,553
		Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)
	935,000	4.25%, 07/01/22 (c)		962,115
	655,000	4.50%, 07/01/22 (c)		674,277
	380,000	5.00%, 07/01/22 (c)		396,743
	470,000	5.00%, 07/01/22 (c)		487,851
	100,000	5.00%, 07/01/22 (c)		104,153
		Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)
	250,000	4.00%, 07/01/29 (c)		236,565
	250,000	4.00%, 07/01/29 (c)		240,540
	1,040,000	Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c)		752,024
		Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)
	250,000	5.75%, 02/01/24		260,233
	1,000,000	6.25%, 02/01/26 (c)		1,079,410

Principal
Amount			Value
Connecticut: (continued)
		Town of Hamden (RB)
$	1,000,000	5.00%, 01/01/26 (c)	$	985,990
	500,000	5.00%, 01/01/26 (c)		503,710
				17,539,257
Delaware: 0.0%
		Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
	500,000	5.00%, 06/01/26 (c)		520,195
	250,000	5.00%, 06/01/26 (c)		264,173
	275,000	Delaware Economic Development Authority, Indian River Power, LLC Project (RB) 5.38%, 11/30/20 (c)		275,679
				1,060,047
District of Columbia: 0.9%
		District of Columbia Tobacco Settlement Financing Corp. (RB)
	29,055,000	0.00%, 11/30/20 (c) ^		6,017,290
	39,000	6.50%, 05/15/33		42,751
		District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
	1,180,000	5.00%, 07/01/24 (c)		1,121,507
	250,000	5.00%, 07/01/24 (c)		251,955
		District of Columbia, Latin American Montessori Bilingual Public Charter School (RB)
	1,000,000	5.00%, 06/01/30 (c)		1,103,790
	500,000	5.00%, 06/01/30 (c)		561,310
	395,000	District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c)		383,664
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB)
	825,000	0.00%, 10/01/37 ^		486,890
	1,895,000	5.00%, 04/01/22 (c)		1,974,306
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
	5,520,000	0.00%, 10/01/37 ^		3,257,738
	250,000	4.00%, 10/01/29 (c)		281,538
	7,750,000	4.00%, 10/01/29 (c)		8,514,150
	245,000	6.50%, 10/01/28 (c)		315,859
				24,312,748
Florida: 4.6%
	800,000	Alachua County, Health Facilities Authority, East Ridge Retirement Village, Inc. (RB) 6.00%, 11/15/24 (c)		792,504
	300,000	Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		327,474
	295,000	Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		293,351

See Notes to Financial Statements

12

Principal
Amount			Value
Florida: (continued)
		Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)
$	500,000	5.00%, 07/15/26 (c)	$	530,905
	250,000	5.00%, 07/15/26 (c)		268,238
		Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
	500,000	4.50%, 01/01/29 (c)		521,905
	500,000	5.13%, 01/01/29 (c)		523,900
	500,000	5.25%, 01/01/29 (c)		519,805
	500,000	5.38%, 01/01/29 (c)		522,280
		Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
	485,000	4.38%, 06/15/27		501,796
	500,000	5.25%, 06/15/27 (c)		532,800
	1,000,000	Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c) (d) *		400,000
		Capital Trust Agency, First Mortgage, Tallahassee Tapestry Housing Project, Series A (RB)
	315,000	7.00%, 12/01/25 (c) (d) *		126,000
	750,000	7.13%, 12/01/25 (c) (d) *		300,000
	6,200,000	Capital Trust Agency, Provision CARES Proton Therapy Center, Orlando Project, Series A (RB) 7.50%, 06/01/28 (c)		2,356,000
	1,000,000	Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB) (AMBAC) 7.50%, 11/20/20 (c)		498,330
		Capital Trust Agency, Tapestry Walden, Series A (RB)
	975,000	6.75%, 07/01/27 (c) (d) *		390,000
	650,000	7.00%, 07/01/27 (c) (d) *		260,000
		Capital Trust Agency, Tuscan Gardens of Palm Coast Project, Series A (RB)
	750,000	6.75%, 04/01/24 (c)		410,895
	500,000	7.00%, 04/01/22 (c)		324,125
	365,000	7.00%, 04/01/24 (c)		199,673
	500,000	7.00%, 04/01/24 (c)		273,760
		Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
	2,200,000	4.00%, 12/01/28		2,180,464
	6,000,000	5.25%, 12/01/28 (c)		6,023,220
	4,500,000	5.25%, 12/01/28 (c)		4,535,145
	2,250,000	Capital Trust Agency, Wonderful Foundations Charter School Portfolio Projects, Series A-1 (RB) 5.00%, 07/01/30 (c)		2,254,117
	750,000	City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c)		742,822

Principal
Amount			Value
Florida: (continued)
		City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
$	230,000	4.00%, 06/01/25 (c)	$	241,058
	300,000	5.00%, 06/01/25 (c)		327,348
	460,000	5.00%, 06/01/25 (c)		505,591
		Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
	590,000	7.00%, 05/15/24 (d) *		456,513
	460,000	8.13%, 05/15/24 (c) (d) *		355,925
		Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW)
	1,070,000	4.00%, 02/15/30 (c)		1,138,031
	500,000	5.00%, 02/15/30 (c)		618,565
	1,000,000	Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.13%, 06/15/27 (c)		1,035,320
	360,000	Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) 5.63%, 06/15/24 (c)		343,084
		Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
	1,000,000	5.75%, 06/15/24 (c)		1,078,240
	500,000	6.00%, 06/15/25 (c)		558,030
	2,000,000	6.13%, 06/15/22 (c)		2,066,740
	685,000	6.13%, 06/15/25 (c)		756,487
	1,000,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,065,660
	1,000,000	Florida Development Finance Corp., The Mayflower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c)		1,022,590
		Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
	13,000,000	6.25%, 11/30/20 (c) (p)		11,304,410
	15,195,000	6.38%, 11/30/20 (c) (p)		13,045,819
	21,625,000	6.50%, 11/30/20 (c) (p)		18,528,516
		Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB)
	750,000	4.50%, 06/01/28 (c)		742,170
	750,000	5.00%, 06/01/28 (c)		748,852
		FRERC Community Development District (AGM) (SA)
	500,000	5.38%, 11/01/29 (c)		509,095
	500,000	5.50%, 11/01/29 (c)		509,945
	2,700,000	Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.13%, 01/01/27 (c)		2,401,947

See Notes to Financial Statements

13

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Florida: (continued)
$	500,000	Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c)	$	506,265
	300,000	Leon County Educational Facilities Authority, Heritage Grove Project (RB) (ACA) 5.13%, 11/30/20 (c)		295,518
		Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
	420,000	4.25%, 11/30/20 (c)		420,454
	380,000	5.00%, 11/15/24 (c)		416,510
	250,000	Miami World Center Community Development District (SA) 5.25%, 11/01/27 (c)		270,965
		Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)
	1,900,000	5.00%, 06/01/25 (c)		1,756,873
	1,390,000	5.00%, 06/01/25 (c)		1,248,373
	665,000	5.00%, 06/01/25 (c)		645,768
	2,980,000	5.00%, 06/01/25 (c)		2,820,361
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	500,000	5.00%, 10/01/25 (c)		557,010
	500,000	5.00%, 10/01/25 (c)		562,790
	1,000,000	Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,104,280
	445,000	Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c)		461,398
		Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
	1,350,000	4.25%, 05/01/23 (c)		1,399,747
	1,480,000	5.00%, 05/01/23 (c)		1,528,648
	155,000	North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		182,726
		Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
	200,000	5.00%, 08/01/27 (c)		219,078
	200,000	5.00%, 08/01/27 (c)		221,742
	310,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)		338,055
		Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
	2,500,000	5.00%, 04/01/29 (c)		2,405,450
	1,000,000	5.00%, 04/01/29 (c)		998,760
	185,000	Palm Cost Park Community Development District (SA) 5.70%, 11/30/20 (c)		185,117

Principal
Amount			Value
Florida: (continued)
		Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
$	500,000	5.50%, 11/15/26 (c)	$	453,745
	250,000	5.75%, 11/15/26 (c)		229,510
	3,600,000	Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/15/22 (c)		3,392,712
	800,000	Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c)		829,848
		Village Community Development District No. 12 (SA)
	245,000	3.25%, 05/01/26		253,332
	2,425,000	3.63%, 05/01/26 (c)		2,532,524
	2,430,000	3.88%, 05/01/26 (c)		2,509,169
	990,000	4.25%, 05/01/28 (c)		1,060,141
	1,240,000	4.38%, 05/01/28 (c)		1,327,866
		Village Community Development District No. 13 (SA)
	750,000	3.00%, 05/01/29		775,230
	1,000,000	3.38%, 05/01/29 (c)		1,038,400
	2,885,000	3.55%, 05/01/29 (c)		2,977,118
	4,730,000	3.70%, 05/01/29 (c)		4,844,371
	1,000,000	Volusia County Industrial Development Authority, Woodland Towers Project, Series C (RB) 7.25%, 07/01/24 (c) (d) *		510,000
				127,249,299
Georgia: 1.1%
		Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB)
	2,250,000	6.50%, 01/01/28 (c)		1,465,155
	2,000,000	6.75%, 01/01/28 (c)		1,301,680
	6,000,000	7.00%, 01/01/28 (c)		3,904,440
	1,000,000	Burke County Development Authority, Series C (RB) (SAW) 4.13%, 02/01/28 (c)		1,102,940
	720,000	Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c)		794,117
		Cobb County Development Authority, Provident Village at Creekside Project, Series A (RB)
	1,000,000	6.00%, 07/01/23 (c)		693,340
	1,000,000	6.00%, 07/01/23 (c)		774,480
	1,000,000	DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c)		821,020
		Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG)
	1,250,000	5.50%, 12/01/24 (c)		1,197,275
	1,500,000	5.75%, 12/01/24 (c)		1,396,815

See Notes to Financial Statements

14

Principal
Amount			Value
Georgia: (continued)
$	4,000,000	6.25%, 12/01/24 (c)	$	3,624,200
	1,000,000	6.50%, 12/01/24 (c)		927,400
		Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG)
	500,000	5.00%, 04/01/26 (c)		485,750
	500,000	5.00%, 04/01/26 (c)		492,055
	416,000	Georgia Local Government (CP) (NATL) 4.75%, 06/01/28		466,785
		Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)
	250,000	5.75%, 06/15/27 (c)		259,440
	1,000,000	6.00%, 06/15/27 (c)		1,034,630
		Marietta Development Authority, Life University, Inc. Project, Series A (RB)
	1,000,000	5.00%, 11/01/27 (c)		1,025,490
	2,750,000	5.00%, 11/01/27 (c)		2,864,152
	375,000	Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/25 (c)		415,515
	1,000,000	Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c)		948,150
	500,000	Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c)		479,525
	3,850,000	Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c)		4,121,964
		White County Development Authority, Truett McConnell University Project, Series A (RB)
	500,000	5.13%, 10/01/26 (c)		502,285
	500,000	5.25%, 10/01/26 (c)		496,300
				31,594,903
Guam: 0.6%
	200,000	A. B. Won Pat International Airport Authority, Series C (RB) 6.25%, 10/01/23 (c)		215,734
		Guam Government, Business Privilege Tax, Series A (RB)
	500,000	5.00%, 01/01/22 (c)		516,910
	1,390,000	5.13%, 01/01/22 (c)		1,428,614
		Guam Government, Business Privilege Tax, Series B (RB)
	1,280,000	5.00%, 01/01/22 (c)		1,314,278
	330,000	5.00%, 01/01/22 (c)		338,392
		Guam Government, Business Privilege Tax, Series D (RB)
	600,000	4.00%, 11/15/25 (c)		618,150
	585,000	5.00%, 11/15/25 (c)		641,230
	500,000	5.00%, 11/15/25 (c)		555,525
	1,100,000	5.00%, 11/15/25 (c)		1,218,371
	1,100,000	Guam Government, Department of Education, John F. Kennedy High School Project, Series A (CP) 6.88%, 12/01/20 (c)		1,105,632

Principal
Amount			Value
Guam: (continued)
		Guam Government, Department of Education, John F. Kennedy Project, Series A (CP)
$	500,000	4.25%, 02/01/30	$	505,210
	500,000	5.00%, 02/01/30 (c)		510,350
	620,000	Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		688,361
		Guam Government, Waterworks Authority, Water and Wastewater System (RB)
	1,375,000	5.00%, 07/01/26 (c)		1,538,364
	500,000	5.25%, 07/01/23 (c)		564,695
	3,205,000	Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,835,327
		Guam Power Authority, Series A (RB)
	345,000	5.00%, 10/01/22 (c)		361,398
	500,000	5.00%, 10/01/27 (c)		571,480
				16,528,021
Hawaii: 0.2%
	1,775,000	Kuakini, Hawaii Health System, Series A (RB) 6.38%, 11/30/20 (c)		1,776,686
		State of Hawaii, Department of Budget and Finance, Series A (RB)
	1,400,000	6.25%, 07/01/23 (c)		1,448,622
	2,085,000	6.63%, 07/01/23 (c)		2,149,927
				5,375,235
Idaho: 0.1%
		Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
	450,000	3.50%, 09/01/26 (c)		467,365
	1,135,000	5.00%, 09/01/26 (c)		1,261,325
		Idaho Health Facilities Authority, Terraces of Boise Project, Series A (RB)
	100,000	7.00%, 10/01/24		80,237
	900,000	7.38%, 10/01/24 (c)		719,586
				2,528,513
Illinois: 12.5%
	435,000	Board of Trustees of Northeastern Illinois University, Certificates of Participation, Capital Improvement Projects (CP) 4.00%, 10/01/22 (c)		344,337
		Chicago Board of Education, Series A (GO)
	760,000	0.00%, 12/01/27 ^		616,444
	390,000	0.00%, 12/01/28 ^		302,948
	55,000	0.00%, 12/01/30 ^		39,085
	6,230,000	5.00%, 12/01/21 (c)		6,277,909
	10,000,000	5.00%, 12/01/22 (c)		10,125,500
	300,000	5.00%, 12/01/23		334,662
	100,000	5.00%, 12/01/25		118,340
	250,000	5.00%, 12/01/28 (c)		272,408
	250,000	5.00%, 12/01/28 (c)		300,200
	435,000	5.25%, 12/01/21 (c)		439,428

See Notes to Financial Statements

15

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Illinois: (continued)
$	5,730,000	5.50%, 12/01/21 (c)	$	5,806,897
	145,000	5.50%, 12/01/25		163,554
	175,000	5.50%, 12/01/26		199,703
	355,000	5.50%, 12/01/26		403,152
	5,200,000	7.00%, 12/01/25 (c)		6,310,824
	14,210,000	7.00%, 12/01/25 (c)		16,748,474
	2,250,000	7.00%, 12/01/27 (c)		2,781,180
		Chicago Board of Education, Series B (GO)
	150,000	4.00%, 12/01/22 (c)		150,375
	3,235,000	5.00%, 12/01/22 (c)		3,310,828
	1,105,000	5.00%, 12/01/22 (c)		1,132,945
	1,500,000	5.00%, 12/01/27		1,681,005
	200,000	5.00%, 12/01/29 (c)		218,992
	1,100,000	6.50%, 12/01/26 (c)		1,285,416
		Chicago Board of Education, Series C (GO)
	500,000	5.00%, 12/01/23		538,535
	2,000,000	5.00%, 12/01/27		2,241,340
	6,250,000	5.00%, 12/01/27 (c)		6,877,625
	2,625,000	5.00%, 12/01/27 (c)		2,845,054
	3,485,000	5.25%, 12/01/24 (c)		3,699,502
	4,430,000	5.25%, 12/01/24 (c)		4,665,011
	1,160,000	6.00%, 12/01/24 (c)		1,272,706
	750,000	Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/23 (c)		761,715
	2,415,000	Chicago Board of Education, Series E (GO) 5.13%, 12/01/24 (c)		2,566,638
	2,090,000	Chicago Board of Education, Series F (GO) 5.00%, 12/01/20 (c)		2,092,299
	1,100,000	Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c)		1,192,213
	8,500,000	Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		8,960,870
	400,000	Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		426,308
		Chicago School Reform Board of Trustees, Series A (GO)
	160,000	0.00%, 12/01/21 ^		156,302
	300,000	0.00%, 12/01/23 ^		278,703
	355,000	0.00%, 12/01/25 ^		311,360
	1,460,000	0.00%, 12/01/29 ^		1,082,824
		Chicago School Reform Board of Trustees, Series B-1 (GO)
	450,000	0.00%, 12/01/21 ^		439,601
	180,000	0.00%, 12/01/22 ^		171,653
	1,165,000	0.00%, 12/01/24 ^		1,053,486
	1,650,000	0.00%, 12/01/25 ^		1,447,165
	1,630,000	0.00%, 12/01/26 ^		1,375,247
	1,030,000	0.00%, 12/01/27 ^		835,443
	690,000	0.00%, 12/01/28 ^		535,985
	645,000	0.00%, 12/01/29 ^		478,371
	1,025,000	0.00%, 12/01/30 ^		728,396
	520,000	0.00%, 12/01/31 ^		353,647

Principal
Amount			Value
Illinois: (continued)
$	100,000	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26	$	120,950
		City of Chicago (GO)
	345,000	0.00%, 01/01/28 ^		279,536
	665,000	0.00%, 01/01/33 ^		432,762
	290,000	0.00%, 01/01/34 ^		179,603
		City of Chicago, Modern School Across Chicago Program, Series A (GO)
	915,000	5.00%, 12/01/20 (c)		916,363
	500,000	5.00%, 12/01/20 (c)		500,865
		City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
	235,000	5.00%, 01/01/25		247,577
	910,000	5.25%, 01/01/25 (c)		950,659
	945,000	5.25%, 01/01/25 (c)		991,815
	3,980,000	5.50%, 01/01/25 (c)		4,142,742
	855,000	5.50%, 01/01/25 (c)		902,769
	115,000	5.50%, 01/01/25 (c)		121,801
	1,585,000	City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c)		1,678,594
		City of Chicago, Series A (GO)
	140,000	0.00%, 01/01/29 ^		108,728
	905,000	4.63%, 01/01/21 (c)		905,000
	4,160,000	5.00%, 01/01/21 (c)		4,159,501
	865,000	5.00%, 01/01/22 (c)		869,783
	3,540,000	5.00%, 01/01/22 (c)		3,562,160
	395,000	5.00%, 01/01/23		409,651
	640,000	5.00%, 01/01/24 (c)		652,006
	1,920,000	5.00%, 01/01/24 (c)		1,953,715
	2,935,000	5.00%, 01/01/24 (c)		2,981,578
	200,000	5.00%, 01/01/27		212,090
	1,000,000	5.00%, 01/01/27		1,060,450
	2,775,000	5.00%, 01/01/29		2,925,127	��
	2,000,000	5.00%, 01/01/29 (c)		2,021,240
	2,110,000	5.25%, 01/01/21 (c)		2,110,717
	3,340,000	5.25%, 01/01/24 (c)		3,458,136
	150,000	5.25%, 01/01/24 (c)		155,667
	1,120,000	5.25%, 01/01/24 (c)		1,154,126
	600,000	5.25%, 01/01/24 (c)		616,716
	1,150,000	5.25%, 01/01/24 (c)		1,197,472
	880,000	5.38%, 01/01/25 (c)		925,558
	605,000	5.50%, 01/01/25 (c)		629,025
	475,000	5.50%, 01/01/25 (c)		497,225
	1,320,000	5.50%, 01/01/25 (c)		1,383,954
	750,000	5.63%, 01/01/27 (c)		813,352
	1,000,000	5.63%, 01/01/27 (c)		1,095,770
	1,000,000	5.75%, 01/01/27 (c)		1,079,150
	1,180,000	5.75%, 01/01/27 (c)		1,277,468
	3,000,000	6.00%, 01/01/27 (c)		3,283,470
	870,000	City of Chicago, Series B (GO) 5.00%, 01/01/23		902,268
		City of Chicago, Series C (GO)
	195,000	0.00%, 01/01/32 ^		122,109
	195,000	5.00%, 01/01/22 (c)		198,099
	1,800,000	5.00%, 01/01/22 (c)		1,838,430
	415,000	5.00%, 01/01/22		425,778

See Notes to Financial Statements

16

Principal
Amount			Value
Illinois: (continued)
$	110,000	5.00%, 01/01/22 (c)	$	111,849
	1,110,000	5.00%, 01/01/24		1,162,470
	1,760,000	5.00%, 01/01/25		1,854,195
	3,800,000	5.00%, 01/01/26 (c)		3,891,694
	250,000	5.00%, 01/01/26 (c)		263,943
	380,000	5.00%, 01/01/26		402,329
		City of Chicago, Series D (GO)
	1,045,000	5.50%, 01/01/25 (c)		1,087,730
	1,135,000	5.50%, 01/01/25 (c)		1,178,368
	520,000	5.50%, 01/01/25 (c)		545,194
	2,715,000	5.50%, 01/01/25 (c)		2,842,035
		City of Chicago, Series E (GO)
	910,000	5.50%, 01/01/25 (c)		943,615
	915,000	5.50%, 01/01/25 (c)		956,340
	285,000	City of Chicago, Series F (GO) 5.50%, 01/01/25 (c)		297,876
	1,020,000	City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,258,568
		City of Harvey, Series A (GO)
	465,000	5.50%, 11/30/20 (c) (d)		318,525
	3,600,000	5.63%, 11/30/20 (c) (d)		2,466,000
	625,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		664,794
		Illinois Finance Authority, Admiral Lake Project (RB)
	1,120,000	5.00%, 05/15/24 (c)		1,049,485
	390,000	5.13%, 05/15/24 (c)		354,865
	1,350,000	5.25%, 05/15/24 (c)		1,146,487
	2,000,000	5.50%, 05/15/24 (c)		1,792,980
	15,000	Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/30/20 (c)		14,999
		Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
	1,000,000	5.00%, 07/01/25 (c)		894,320
	1,000,000	5.00%, 07/01/25 (c)		927,400
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	615,000	4.75%, 05/15/23 (c)		638,622
	230,000	5.13%, 05/15/23 (c)		238,699
	750,000	5.25%, 05/15/23 (c)		779,145
		Illinois Finance Authority, Friendship Village of Schaumburg (RB)
	7,500,000	5.00%, 02/15/27 (c)		6,662,325
	2,560,000	5.00%, 02/15/27		2,513,843
	6,130,000	5.13%, 02/15/27 (c)		5,199,282
	100,000	Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		101,703
	500,000	Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		536,500
		Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
	1,525,000	5.00%, 11/01/26 (c)		1,606,252
	2,220,000	5.00%, 11/01/26 (c)		2,308,023

Principal
Amount			Value
Illinois: (continued)
$	500,000	5.00%, 11/01/26 (c)	$	534,340
	500,000	5.00%, 11/01/26 (c)		546,700
	250,000	5.00%, 11/01/26 (c)		272,358
	1,500,000	Illinois Finance Authority, Navistar International Corp. Project (RB) 4.75%, 08/01/30 (p)		1,524,480
	1,000,000	Illinois Finance Authority, Norwegian American Hospital Inc. (RB) 7.75%, 11/30/20 (c)		992,230
		Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
	715,000	6.20%, 11/30/20 (c)		607,750
	230,000	6.24%, 11/30/20 (c)		195,500
	315,000	6.33%, 11/30/20 (c)		267,750
	535,000	6.44%, 11/30/20 (c)		454,750
	475,000	Illinois Finance Authority, Roosevelt University (RB) 5.50%, 11/30/20 (c)		475,076
		Illinois Finance Authority, Roosevelt University, Series A (RB)
	1,600,000	6.00%, 10/01/28 (c)		1,652,112
	8,000,000	6.13%, 10/01/28 (c)		8,175,840
	3,000,000	6.13%, 10/01/28 (c)		3,048,030
		Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB)
	230,000	5.00%, 08/15/25 (c)		259,136
	525,000	5.00%, 08/15/25 (c)		578,828
	100,000	Illinois Finance Authority, Uno Chapter School Network, Inc. Project, Series B (RB) 7.13%, 10/01/21 (c)		103,091
	2,695,000	Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c)		2,750,167
		Illinois Sports Facilities Authority (RB) (AMBAC)
	690,000	0.00%, 06/15/26 ^		588,190
	1,000,000	5.00%, 06/15/24 (c)		1,110,830
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
	840,000	0.00%, 06/15/29 ^		653,923
	555,000	0.00%, 06/15/30 ^		413,569
	475,000	0.00%, 12/15/30 ^		346,517
	125,000	0.00%, 06/15/31 ^		89,210
	190,000	0.00%, 06/15/34 ^		118,480
	590,000	0.00%, 12/15/34 ^		361,133
	185,000	0.00%, 06/15/37 ^		101,757
	115,000	0.00%, 06/15/39 ^		57,959
	1,500,000	0.00%, 06/15/40 ^		723,000
	3,000,000	4.00%, 12/15/29 (c)		3,016,800
	3,210,000	5.00%, 06/15/22 (c)		3,289,094
	250,000	5.00%, 12/15/27 (c)		269,688
	1,400,000	5.50%, 12/15/25 (c)		1,516,074
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
	1,080,000	0.00%, 06/15/28 ^		880,070
	740,000	0.00%, 12/15/54 ^		157,405

See Notes to Financial Statements

17

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Illinois: (continued)
$	290,000	5.00%, 06/15/22 (c)	$	301,849
	1,450,000	5.00%, 06/15/22 (c)		1,517,367
	3,765,000	5.00%, 06/15/22 (c)		3,914,960
	335,000	5.00%, 12/15/22		355,586
	410,000	5.70%, 06/15/23		449,221
	230,000	Southwestern Illinois Development Authority (RB) 5.35%, 11/30/20 (c)		152,640
	1,500,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c)		1,352,100
		State of Illinois (RB)
	100,000	3.00%, 06/15/26 (c)		96,319
	935,000	3.50%, 06/01/26 (c)		928,062
	175,000	3.50%, 06/01/26 (c)		169,272
	150,000	4.00%, 08/01/22 (c)		152,768
	660,000	4.00%, 05/01/24		688,076
	500,000	4.00%, 01/01/26 (c)		505,935
	1,000,000	4.00%, 06/01/26 (c)		988,290
	460,000	4.00%, 06/01/26 (c)		448,541
	270,000	4.00%, 06/01/26 (c)		265,307
	360,000	4.00%, 06/01/26 (c)		354,427
	220,000	4.00%, 06/01/26 (c)		218,966
	160,000	4.13%, 03/01/22 (c)		161,805
	485,000	4.13%, 11/01/26 (c)		488,298
	155,000	5.00%, 11/30/20 (c)		155,367
	1,285,000	5.00%, 11/01/21		1,314,182
	1,000,000	5.00%, 02/01/22		1,040,210
	1,020,000	5.00%, 02/01/22		1,061,014
	100,000	5.00%, 03/01/22 (c)		101,696
	305,000	5.00%, 03/01/22 (c)		309,499
	250,000	5.00%, 03/01/22 (c)		254,508
	140,000	5.00%, 03/01/22 (c)		144,200
	55,000	5.00%, 06/01/22		57,568
	100,000	5.00%, 07/01/22		104,822
	1,465,000	5.00%, 08/01/22		1,537,752
	1,830,000	5.00%, 08/01/22 (c)		1,912,185
	335,000	5.00%, 05/01/23		355,599
	475,000	5.00%, 07/01/23		505,571
	1,915,000	5.00%, 02/01/24		2,052,057
	1,105,000	5.00%, 02/01/24		1,184,085
	375,000	5.00%, 02/01/24 (c)		396,540
	1,100,000	5.00%, 02/01/24 (c)		1,172,908
	350,000	5.00%, 02/01/24 (c)		367,931
	585,000	5.00%, 04/01/24 (c)		616,069
	2,000,000	5.00%, 04/01/24 (c)		2,090,340
	6,635,000	5.00%, 05/01/24 (c)		6,769,093
	1,025,000	5.00%, 05/01/24 (c)		1,080,391
	175,000	5.00%, 05/01/24 (c)		180,539
	100,000	5.00%, 05/01/24 (c)		103,001
	2,005,000	5.00%, 05/01/24 (c)		2,105,290
	275,000	5.00%, 05/01/24 (c)		286,206
	200,000	5.00%, 11/01/24		214,034
	2,750,000	5.00%, 02/01/26		2,994,997
	125,000	5.00%, 06/01/26		136,274
	1,040,000	5.00%, 06/01/26 (c)		1,119,602
	800,000	5.00%, 06/01/26 (c)		866,288
	500,000	5.00%, 02/01/27		547,010

Principal
Amount			Value
Illinois: (continued)
$	510,000	5.25%, 07/01/23 (c)	$	532,318
	290,000	5.25%, 07/01/23 (c)		301,876
	550,000	5.25%, 07/01/23 (c)		575,822
	700,000	5.25%, 02/01/24 (c)		735,910
	560,000	5.50%, 07/01/23 (c)		577,119
	1,165,000	5.50%, 07/01/23 (c)		1,241,972
	4,000,000	5.75%, 05/01/30 (c)		4,432,680
	500,000	6.00%, 05/01/25		565,090
	880,000	6.00%, 05/01/26		1,002,971
		State of Illinois, Series A (GO)
	100,000	4.00%, 01/01/22 (c)		100,600
	320,000	4.00%, 01/01/22 (c)		323,802
	190,000	4.00%, 01/01/22 (c)		194,353
	110,000	5.00%, 04/01/23 (c)		111,817
	600,000	5.00%, 12/01/24		650,388
	100,000	5.00%, 12/01/27 (c)		105,113
	270,000	5.00%, 05/01/28 (c)		280,074
	365,000	5.00%, 05/01/28 (c)		377,563
	1,000,000	5.00%, 05/01/28 (c)		1,048,990
	215,000	5.25%, 05/01/22		225,477
	5,425,000	State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		5,804,370
		State of Illinois, Series D (GO)
	1,755,000	3.25%, 11/01/26		1,731,799
	3,270,000	5.00%, 11/01/23		3,456,423
	2,185,000	5.00%, 11/01/25		2,357,287
	1,690,000	5.00%, 11/01/26		1,826,349
	9,700,000	5.00%, 11/01/27 (c)		10,451,362
	7,000,000	5.00%, 11/01/27		7,596,820
	500,000	Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		496,875
	360,000	Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		319,817
		Village of Bridgeview, Series A (GO)
	1,175,000	5.50%, 11/30/20 (c)		1,110,210
	1,600,000	5.50%, 06/01/24 (c)		1,511,776
		Will County Community High School District No. 210, Series B (GO)
	90,000	0.00%, 01/01/29 ^		70,404
	245,000	0.00%, 01/01/31 ^		175,765
	540,000	0.00%, 01/01/33 ^		353,101
				343,639,362
Indiana: 1.0%
		Allen County, Storypoint Fort Wayne
		Project, Series A-1 (RB)
	300,000	6.75%, 01/15/24 (c)		294,582
	2,225,000	6.88%, 01/15/24 (c)		2,183,348
		Barrington of Carmel Project,
		Series A (RB)
	829,307	7.13%, 11/15/22 (c) (d)		8,293
	1,179,274	7.13%, 11/15/22 (c) (d)		11,793
		City of Anderson, Anderson University (RB)
	215,000	4.75%, 10/01/22 (c)		185,010
	1,000,000	6.00%, 10/01/22 (c)		883,120
	2,065,000	6.00%, 10/01/22 (c)		1,823,643
	1,000,000	City of Rockport, Indiana Steel Corp.
		Project, Series A (RB)
		7.00%, 02/01/22 (c)		966,940

See Notes to Financial Statements

18

Principal
Amount			Value
Indiana: (continued)
$	700,000	City of Valparaiso, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24	$	747,075
	1,200,000	County of Knox, Good Samaritian Hospital Project, Series A (RB) 5.00%, 04/01/22 (c)		1,229,196
	1,105,000	Indiana Finance Authority, Earlham College Project (RB) 5.00%, 10/01/23 (c)		1,110,293
	50,000	Indiana Finance Authority, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		50,845
		Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB)
	765,000	5.13%, 11/30/20 (c)		767,111
	725,000	5.50%, 11/30/20 (c)		726,247
	600,000	5.50%, 11/30/20 (c)		601,050
	250,000	Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) 5.00%, 07/01/23 (c)		266,405
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	1,000,000	3.00%, 11/01/30		997,280
	1,620,000	5.00%, 06/01/22 (c)		1,677,769
	11,000,000	Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c)		10,351,220
		Indiana Finance Authority, United States Steel Corp. Project (RB)
	1,370,000	5.75%, 08/01/22 (c)		1,234,918
	1,315,000	6.00%, 11/24/20 (c)		1,245,647
	500,000	Town of Chesterton, Economic Development, StoryPoint Chesterton Project, Series A (RB) 6.38%, 01/15/24 (c)		490,505
				27,852,290
Iowa: 1.5%
	25,000	City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		23,485
	1,500,000	Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c)		1,210,980
	5,195,000	Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c)		5,531,324
	8,550,000	Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/22 (c) (p)		9,014,179
		Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
	4,960,000	5.00%, 05/15/27 (c)		5,239,694
	505,000	5.00%, 05/15/27 (c)		537,658
		Iowa Higher Education Loan Authority, Wartburg College Project (RB)
	2,225,000	4.00%, 10/01/25		2,219,037
	3,615,000	5.00%, 10/01/25 (c)		3,581,055
	990,000	5.00%, 10/01/25 (c)		998,534

Principal
Amount			Value
Iowa: (continued)
$	180,000	Tobacco Settlement Authority, Series B (RB) 5.60%, 11/30/20 (c)	$	182,464
		Tobacco Settlement Authority, Series C (RB)
	3,190,000	5.38%, 11/30/20 (c)		3,233,671
	5,585,000	5.50%, 11/30/20 (c)		5,661,459
	4,650,000	5.63%, 11/30/20 (c)		4,713,658
	800,000	Tobacco Settlement Authority, Series D (RB) 0.00%, 11/30/20 (c) ^		165,800
				42,312,998
Kansas: 0.6%
	250,000	City of Hutchinson, Hutchinson Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		265,818
	255,000	City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c)		253,620
	250,000	City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		254,163
	1,500,000	Overland Park Development Corp., Overland Park Convention Center Hotel (RB) 5.00%, 03/01/29 (c)		1,508,640
	2,550,000	Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c)		1,391,203
	910,000	Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)		902,947
		Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
	390,000	5.00%, 09/01/25 (c)		375,773
	4,565,000	5.75%, 09/01/25 (c)		4,137,716
	2,125,000	6.00%, 09/01/25 (c)		1,924,272
	10,000,000	Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		4,257,400
				15,271,552
Kentucky: 0.7%
	1,000,000	Christian County, Jennie Stuart Medical Center (RB) 5.50%, 02/01/26 (c)		1,102,650
	275,000	Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB) (AGM) 6.00%, 11/15/26 (c)		241,766
		Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
	250,000	5.00%, 05/15/26 (c)		243,318
	350,000	5.00%, 05/15/26 (c)		352,177
	545,000	5.00%, 05/15/26 (c)		557,671

See Notes to Financial Statements

19

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Kentucky: (continued)
		Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
$	400,000	5.38%, 11/15/22 (c)	$	402,936
	250,000	5.50%, 11/15/22 (c)		250,423
		Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB)
	7,365,000	4.25%, 07/01/25 (c)		7,644,060
	2,585,000	5.00%, 07/01/25 (c)		2,754,860
	1,525,000	5.00%, 07/01/25 (c)		1,613,297
		Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
	175,000	5.00%, 06/01/26		198,958
	990,000	5.00%, 06/01/27 (c)		1,078,427
	750,000	5.25%, 06/01/27 (c)		833,520
	500,000	Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		546,060
		Kentucky Economic Development Finance Authority, Rosedale Green Project (RB)
	515,000	5.50%, 11/15/25 (c)		489,719
	500,000	5.75%, 11/15/25 (c)		463,210
	265,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/23		296,660
	335,000	Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)		363,120
		Louisville and Jefferson County, Metro Government, Catholic Health Initiatives, Series A (RB)
	150,000	5.00%, 06/01/22 (c)		160,989
	220,000	5.00%, 06/01/22 (c)		236,117
				19,829,938
Louisiana: 0.9%
		Calcasieu Parish Memorial Hospital Service District (RB)
	500,000	5.00%, 12/01/29 (c)		540,365
	1,000,000	5.00%, 12/01/29 (c)		1,103,860
		City of Shreveport, Water and Sewer Revenue, Series C (RB)
	1,470,000	4.00%, 12/01/28 (c)		1,687,633
	3,235,000	4.00%, 12/01/28 (c)		3,722,870
	100,000	5.00%, 12/01/25		118,882
	345,000	Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 11/30/20 (c)		313,802
	1,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.63%, 06/01/25 (c)		921,980

Principal
Amount			Value
Louisiana: (continued)
$	175,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)	$	125,984
	1,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c)		1,038,790
	1,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, The Glen Retirement System Project, Series A (RB) 5.00%, 01/01/26 (c)		873,340
		Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB)
	500,000	5.00%, 07/01/29 (c)		492,220
	500,000	5.00%, 07/01/29 (c)		470,930
	5,215,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		5,589,281
	500,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-1 (RB) 6.50%, 11/30/20 (c)		501,570
	400,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-2 (RB) 6.50%, 11/30/20 (c)		401,256
	1,647,254	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *		16
		Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)
	2,259,041	7.50%, 07/01/23 (d) *		23
	1,389,436	8.38%, 07/01/24 (c) (d) *		14
	350,000	Parish of St. Charles, Gulf Opportunity Zone, Valero Project (RB) 4.00%, 06/01/22 (p)		363,643
		Parish of St. James, NuStar Logistics, L.P. Project (RB)
	750,000	5.85%, 06/01/25 (p)		818,955
	1,000,000	6.35%, 06/01/30 (c)		1,185,420
	3,000,000	Parish of St. James, NuStar Logistics, L.P. Project, Series A (RB) 6.35%, 06/01/30 (c)		3,556,260
				23,827,094

See Notes to Financial Statements

20

Principal
Amount			Value
Maine: 0.5%
$	4,500,000	Maine Finance Authority, Solid Disposal Facility (RB) 5.38%, 12/15/26 (c) (d) *	$	2,475,000
	200,000	Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 6.95%, 07/01/21 (c)		204,944
		Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
	1,270,000	4.00%, 07/01/26 (c)		1,279,779
	2,710,000	5.00%, 07/01/23 (c)		2,813,820
	645,000	5.00%, 07/01/26 (c)		688,583
	1,000,000	5.00%, 07/01/26 (c)		1,076,210
		Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB)
	75,000	5.25%, 07/01/21		76,601
	1,735,000	6.00%, 07/01/21 (c)		1,773,586
	2,220,000	6.75%, 07/01/21 (c)		2,265,976
	50,000	6.95%, 07/01/21 (c)		51,147
	55,000	7.50%, 07/01/21 (c)		56,582
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 11/30/20 (c)		2,000,100
				14,762,328
Maryland: 1.4%
	1,000,000	Anne Arundel County Consolidated Special Taxing District, The Village at Two Rivers Project (ST) 5.25%, 07/01/24 (c)		1,015,550
		City of Baltimore, Convention Center Hotel (RB)
	915,000	5.00%, 09/01/27 (c)		803,782
	1,425,000	5.00%, 09/01/27 (c)		1,244,524
	3,000,000	5.00%, 09/01/27 (c)		2,612,490
	500,000	5.00%, 09/01/27 (c)		440,780
	655,000	5.00%, 09/01/27 (c)		584,024
	1,400,000	5.00%, 09/01/27 (c)		1,246,476
	1,000,000	5.00%, 09/01/27 (c)		888,960
	500,000	City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		524,105
	250,000	City of Baltimore, Harbor Point Project (RB) 5.13%, 06/01/26 (c)		257,828
	2,000,000	Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		2,078,960
	2,600,000	Frederick County, Urbana Community Development Authority, Series B (ST) 5.50%, 11/30/20 (c)		2,604,680
	500,000	Howard County, Series A (TA) 4.50%, 02/15/26 (c)		504,180
	7,785,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/30/20 (c)		7,804,696

Principal
Amount			Value
Maryland: (continued)
		Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
$	100,000	3.75%, 01/01/27 (c)	$	99,879
	470,000	4.38%, 01/01/27 (c)		458,776
	530,000	4.50%, 01/01/27 (c)		515,669
	3,000,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		2,982,240
	1,320,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.00%, 11/30/21 (c)		1,309,110
		Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
	400,000	4.00%, 07/01/26 (c)		420,760
	250,000	5.00%, 07/01/26 (c)		280,203
		Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
	210,000	4.00%, 07/01/25 (c)		230,311
	145,000	4.25%, 07/01/25 (c)		157,373
	1,500,000	5.00%, 07/01/25 (c)		1,660,590
	500,000	5.00%, 07/01/25 (c)		558,000
	625,000	5.00%, 07/01/25 (c)		709,325
		Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB)
	1,000,000	5.00%, 11/01/24 (c)		959,950
	2,705,000	5.00%, 11/01/24 (c)		2,658,934
		Prince George’s County, Collington Episcopal Life Care Community, Inc. (RB)
	1,000,000	5.25%, 04/01/27 (c)		1,006,980
	1,000,000	5.25%, 04/01/27 (c)		1,023,980
		Prince George’s County, Suitland-Naylor Road Project (TA)
	500,000	4.75%, 01/01/26 (c)		521,570
	500,000	5.00%, 01/01/26 (c)		524,055
				38,688,740
Massachusetts: 0.9%
	365,000	Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		386,382
		Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB)
	285,000	4.00%, 07/01/25 (c)		292,940
	2,105,000	5.00%, 07/01/25 (c)		2,321,941
	1,000,000	Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		977,580
	500,000	Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		547,430
		Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)
	445,000	5.00%, 07/01/22 (c)		479,318
	1,035,000	5.00%, 10/01/26 (c)		1,140,684

See Notes to Financial Statements

21

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Massachusetts: (continued)
$	100,000	Massachusetts Development Finance Agency, Lasell College Issue (RB) 6.00%, 07/01/21 (c)	$	99,289
		Massachusetts Development Finance Agency, Lawrence General Hospital (RB)
	2,000,000	5.00%, 07/01/27 (c)		1,759,500
	1,900,000	5.00%, 07/01/27 (c)		1,692,273
		Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)
	350,000	5.25%, 07/01/24 (c)		336,756
	550,000	5.50%, 07/01/24 (c)		511,269
		Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
	500,000	5.00%, 11/15/25 (c)		535,830
	500,000	5.13%, 11/15/25 (c)		532,305
		Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
	1,000,000	4.00%, 10/01/22 (c)		1,025,490
	3,820,000	5.00%, 10/01/22 (c)		4,053,287
	1,400,000	5.00%, 10/01/22 (c)		1,493,604
	1,930,000	Massachusetts Development Finance Agency, Provident Commonwealth Education Resources Issue, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,895,530
		Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
	510,000	5.00%, 07/01/26 (c)		576,427
	190,000	5.00%, 07/01/26 (c)		225,591
		Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)
	290,000	3.63%, 07/01/27 (c)		308,401
	1,550,000	4.00%, 07/01/27 (c)		1,670,590
	1,000,000	Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,166,110
	1,510,000	Massachusetts Educational Financing Authority, Series C (RB) 4.13%, 07/01/28 (c)		1,538,630
				25,567,157
Michigan: 0.9%
	290,000	Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		314,589
	425,000	City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c)		454,321
	2,630,000	Dearborn Economic Development Corp., Henry Ford Village, Inc. Project (RB) 7.00%, 11/30/20 (c)		2,000,536
	500,000	Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		522,280

Principal
Amount			Value
Michigan: (continued)
		Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB)
$	500,000	5.00%, 11/01/24 (c)	$	499,975
	500,000	5.00%, 11/01/24 (c)		501,460
		Michigan Finance Authority, Lawrence Technological University Project (RB)
	2,000,000	5.00%, 02/01/27 (c)		1,988,280
	1,000,000	5.00%, 02/01/27 (c)		1,013,840
	900,000	5.25%, 02/01/27 (c)		942,309
		Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
	785,000	4.75%, 11/15/25		828,803
	250,000	5.25%, 11/15/25 (c)		261,218
	300,000	5.50%, 11/15/25 (c)		312,003
		Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
	110,000	5.00%, 07/01/23		120,299
	3,575,000	5.00%, 07/01/24 (c)		3,799,975
	215,000	5.00%, 07/01/24 (c)		230,364
	165,000	5.00%, 07/01/24 (c)		184,122
		Michigan Finance Authority, Thomas M. Cooley Law School Project (RB)
	795,000	5.00%, 07/01/24 (c)		859,459
	1,030,000	6.75%, 07/01/24 (c)		1,054,267
	1,000,000	Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 11/30/20 (c)		1,000,370
	100,000	Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		104,770
		Michigan Strategic Fund, Canterbury Health Care, Inc. Project (RB)
	1,000,000	5.00%, 07/01/24 (c)		887,710
	500,000	5.00%, 07/01/24 (c)		436,515
		Michigan Strategic Fund, Evangelical Homes Project (RB)
	2,735,000	5.25%, 06/01/22 (c)		2,774,548
	2,000,000	5.50%, 06/01/22 (c)		2,017,620
	700,000	Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		829,360
	260,000	Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 11/16/20 (c) ^		26,021
	1,000,000	Waterford Township Economic Development Corp., Canterbury
		Health Care, Inc. Project, Series A (RB) 5.00%, 07/01/24 (c)		887,710
				24,852,724
Minnesota: 1.1%
	135,000	Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		138,006
	500,000	City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		509,825

See Notes to Financial Statements

22

Principal
Amount			Value
Minnesota: (continued)
		City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB)
$	1,000,000	5.00%, 01/01/22 (c)	$	615,250
	1,015,000	5.00%, 01/01/22 (c)		644,292
		City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB)
	2,920,000	4.38%, 09/01/23 (c)		2,920,467
	940,000	4.50%, 09/01/23 (c)		943,187
		City of Bethel, The Lodge at the Lakes at Stillwater Project (RB)
	500,000	5.00%, 06/01/23 (c)		502,010
	750,000	5.00%, 06/01/23 (c)		754,537
	350,000	5.00%, 06/01/23 (c)		356,577
		City of Blaine, Crest View Senior Communities Project, Series A (RB)
	1,355,000	5.75%, 07/01/25 (c)		1,248,903
	1,055,000	6.13%, 07/01/25 (c)		958,362
	400,000	6.13%, 07/01/25 (c)		370,576
		City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
	245,000	5.50%, 07/01/25 (c)		253,724
	250,000	5.50%, 07/01/25 (c)		260,818
	500,000	5.75%, 07/01/25 (c)		525,760
		City of Crookston, Health Care Facilities, Riverview Health Project (RB)
	2,000,000	5.00%, 05/01/29 (c)		1,913,900
	3,000,000	5.00%, 05/01/29 (c)		2,915,100
		City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
	500,000	5.25%, 07/01/25 (c)		542,230
	1,000,000	5.50%, 07/01/25 (c)		1,085,730
	500,000	City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		551,670
	750,000	City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c)		787,620
	115,000	City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		119,277
	500,000	City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c)		517,900
	1,000,000	City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) 5.00%, 05/01/23 (c)		1,065,290
		City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
	325,000	5.75%, 09/01/26 (c)		369,652
	500,000	6.00%, 09/01/26 (c)		573,870
		City of Wayzata, Folkestone Senior Living Community (RB)
	350,000	4.00%, 08/01/24 (c)		346,801
	500,000	5.00%, 08/01/24 (c)		520,455

Principal
Amount			Value
Minnesota: (continued)
$	500,000	City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)	$	497,720
	665,000	Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c)		682,443
	2,230,000	Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		2,227,435
	1,000,000	Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/20/20 (c)		935,380
	750,000	Rice County, Educational Facilities, Shattuck-St. Mary’s School Project (RB) 5.00%, 08/01/22		765,802
	2,500,000	Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c)		2,468,025
	250,000	Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		257,625
				30,146,219
Mississippi: 0.0%
	1,000,000	Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,160,510
Missouri: 0.9%
		Boone County, Boone Hospital Center (RB)
	410,000	3.00%, 08/01/26 (c)		405,306
	565,000	4.00%, 08/01/26 (c)		576,068
	1,000,000	Cape Girardeau County Industrial Development Authority, South Eastern Health, Series A (RB) 5.00%, 03/01/27 (c)		1,104,620
	1,000,000	Citizens Memorial Hospital District of Polk County (RB) 5.00%, 11/30/20 (c)		1,001,270
	400,000	City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		395,656
		City of Liberty, Liberty Commons Project, Series A (TA)
	500,000	5.75%, 06/01/25 (c)		482,765
	500,000	6.00%, 06/01/25 (c)		484,115
		City of St. Ann, Northwest Plaza Development Project, Series A (TA)
	1,600,000	4.63%, 11/01/27 (c)		1,536,224
	1,625,000	5.38%, 11/01/27 (c)		1,542,369
		City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)
	250,000	4.38%, 11/15/26 (c)		217,993
	500,000	4.75%, 11/15/26 (c)		439,885

See Notes to Financial Statements

23

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Missouri: (continued)
		Grandview Industrial Development Authority, Truman’s Marketplace Project, Series A (TA)
$	1,075,000	4.25%, 05/01/25 (c)	$	992,225
	930,000	5.00%, 05/01/25 (c)		905,253
	475,000	Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		489,454
		I-470 Western Gateway Transportation Development District, Series A (RB)
	500,000	4.50%, 12/01/26 (c)		509,235
	1,000,000	5.25%, 12/01/26 (c)		1,016,060
		Kansas City Industrial Development Authority, Kingswood Project (RB)
	2,400,000	5.75%, 11/15/25 (c) (d) *		841,200
	4,910,000	6.00%, 11/15/25 (c) (d) *		1,720,955
	2,810,000	6.00%, 11/15/25 (c) (d) *		984,905
		Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (AGM) (TA)
	3,525,000	5.00%, 02/01/28 (c)		3,615,169
	3,500,000	5.00%, 02/01/28 (c)		3,611,230
	500,000	Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) 5.25%, 05/15/27 (c)		533,245
	200,000	Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c)		205,038
	40,000	Nevada City, Regional Medical Center (RB) (ACA) 4.30%, 11/30/20 (c)		38,557
	860,000	Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)		860,163
	500,000	St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		541,970
	150,000	St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		147,192
				25,198,122
Montana: 0.0%
	500,000	Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c)		536,290
Nebraska: 0.1%
		Central Plains Energy Project, Gas Project Crossover, Series A (RB)
	125,000	5.00%, 09/01/30		159,090
	2,185,000	5.00%, 09/01/42		2,973,654
				3,132,744

Principal
Amount			Value
Nevada: 0.6%
		City of Las Vegas, Special Improvement District No. 814 (SA)
$	560,000	4.00%, 06/01/29 (c)	$	561,764
	250,000	4.00%, 06/01/29 (c)		252,148
	10,000,000	City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM) 0.00%, 07/01/38 (c) ^		1,375,400
	1,570,000	City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/30/20 (c)		1,417,773
	1,000,000	City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.75%, 06/15/28		976,400
	180,000	Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		188,978
	625,000	Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		627,150
		North Las Vegas, Special Improvement District No. 64 (SA)
	250,000	4.63%, 12/01/28 (c)		255,658
	500,000	4.63%, 12/01/28 (c)		514,485
	4,045,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 6.25%, 12/15/27 (c)		3,912,769
	2,125,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB) 6.95%, 08/15/28 (c)		2,161,656
		State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
	400,000	5.00%, 12/15/25 (c)		415,512
	500,000	5.00%, 12/15/25 (c)		514,280
	1,000,000	5.00%, 12/15/25 (c)		1,046,290
	1,000,000	5.13%, 12/15/25 (c)		1,035,630
				15,255,893
New Hampshire: 0.4%
		New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
	1,000,000	6.13%, 07/01/24 (c)		765,590
	1,500,000	6.13%, 07/01/24 (c)		1,261,830
	500,000	6.25%, 07/01/24 (c)		409,295
		New Hampshire National Finance Authority Resource Recovery, Covanta Project, Series B (RB)
	1,000,000	3.75%, 07/01/25 (c) (p)		987,620
	4,000,000	4.63%, 07/01/23 (c)		4,043,160
		New Hampshire National Finance Authority, The Vista Project, Series A (RB)
	1,600,000	5.63%, 07/01/25 (c)		1,639,344
	2,750,000	5.75%, 07/01/25 (c)		2,825,130
				11,931,969

See Notes to Financial Statements

24

Principal
Amount			Value
New Jersey: 8.1%
		Atlantic City (GO)
$	25,000	5.00%, 11/01/21	$	24,967
	50,000	5.00%, 12/01/21		49,936
	115,000	5.00%, 11/01/22		114,530
	65,000	5.00%, 12/01/23 (c)		64,920
	150,000	Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		165,702
		Casino Reinvestment Development Authority (RB)
	2,450,000	5.25%, 11/01/24 (c)		2,474,720
	1,410,000	5.25%, 11/01/24 (c)		1,433,829
	2,005,000	Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		2,094,243
	470,000	New Jersey Economic Development
		Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		508,897
	500,000	New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series A (RB) (SAW) 5.00%, 10/01/27 (c)		478,745
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	1,665,000	4.25%, 06/15/22 (c)		1,683,698
	535,000	5.00%, 06/15/22 (c)		545,481
	520,000	5.00%, 06/15/22 (c)		531,596
	1,150,000	5.00%, 06/15/22 (c)		1,184,454
	110,000	5.00%, 06/15/22		113,741
	1,020,000	5.00%, 06/15/22 (c)		1,052,701
	160,000	5.00%, 06/15/22 (c)		164,984
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	2,090,000	5.13%, 08/20/22 (c)		2,143,232
	9,075,000	5.25%, 08/20/22 (c)		9,272,290
	2,215,000	5.50%, 11/30/20 (c)		2,214,978
	60,000	5.50%, 06/20/23 (c)		61,495
	2,035,000	5.63%, 03/05/24 (c)		2,114,752
	285,000	5.63%, 03/05/24 (c)		296,169
	4,825,000	5.75%, 09/15/22 (c)		4,762,709
		New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB)
	500,000	5.00%, 12/15/27 (c)		554,055
	1,130,000	5.00%, 12/15/27 (c)		1,261,905
	55,000	New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		57,346
		New Jersey Economic Development Authority, Lions Gate Project (RB)
	655,000	4.88%, 01/01/24 (c)		656,382
	500,000	5.00%, 01/01/24 (c)		491,920
	1,800,000	5.25%, 01/01/24 (c)		1,727,676

Principal
Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
$	980,000	3.38%, 07/01/27 (c)	$	983,891
	3,055,000	4.00%, 07/01/27 (c)		3,182,149
	1,640,000	4.00%, 07/01/27 (c)		1,728,626
	1,275,000	5.00%, 07/01/27 (c)		1,415,250
	515,000	New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		478,317
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
	1,075,000	4.00%, 11/01/27		1,185,220
	780,000	5.00%, 11/01/27		910,221
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	120,000	4.00%, 11/01/25		130,955
	4,000,000	5.00%, 11/01/22		4,327,600
	500,000	5.00%, 11/01/24		564,665
		New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB)
	1,000,000	5.00%, 10/01/27 (c)		1,080,510
	1,000,000	5.00%, 10/01/27 (c)		1,100,370
	1,000,000	New Jersey Economic Development Authority, Provident Group - Rowan University Student Housing Project, Series A (RB) 5.00%, 01/01/25 (c)		931,560
	1,000,000	New Jersey Economic Development Authority, School Facilities Construction Refunding, Series EE (RB) 5.25%, 03/01/21 (c)		1,014,730
		New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
	1,740,000	5.00%, 12/15/26 (c)		1,922,944
	205,000	5.00%, 12/15/26 (c)		228,454
	650,000	5.00%, 12/15/26 (c)		726,622
		New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
	1,730,000	4.75%, 12/15/26 (c)		1,914,262
	165,000	5.50%, 12/15/26 (c)		192,713
		New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
	3,500,000	4.00%, 06/15/27 (c)		3,646,860
	780,000	5.00%, 06/15/27 (c)		888,584
	845,000	New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) 5.25%, 03/01/21 (c)		857,447

See Notes to Financial Statements

25

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB)
$	165,000	5.00%, 03/01/21 (c)	$	167,295
	360,000	5.25%, 03/01/21 (c)		365,303
	210,000	5.25%, 03/01/21 (c)		213,093
	105,000	5.25%, 03/01/21 (c)		106,547
		New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
	470,000	5.00%, 03/01/22 (c)		493,063
	515,000	5.00%, 03/01/22 (c)		547,548
	290,000	5.00%, 03/01/22 (c)		303,607
	435,000	5.00%, 03/01/22 (c)		458,294
		New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB)
	1,645,000	4.00%, 12/15/27 (c)		1,683,263
	685,000	5.00%, 09/01/22 (c)		744,431
	125,000	5.00%, 09/01/22 (c)		131,751
		New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
	1,000,000	5.00%, 12/15/29 (c)		1,122,830
	1,485,000	5.00%, 12/15/29 (c)		1,690,153
	600,000	5.00%, 12/15/29 (c)		685,008
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		530,795
		New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
	320,000	4.00%, 03/01/23 (c)		329,677
	3,050,000	5.00%, 03/01/22		3,217,140
	265,000	5.00%, 03/01/23 (c)		281,679
	230,000	5.00%, 03/01/23 (c)		245,127
	300,000	5.00%, 03/01/23 (c)		321,021
	1,725,000	5.00%, 03/01/23 (c)		1,859,998
	865,000	5.00%, 03/01/23 (c)		935,852
	1,175,000	5.00%, 03/01/23 (c)		1,246,745
	650,000	5.00%, 03/01/23 (c)		698,444
		New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
	140,000	5.00%, 06/15/24 (c)		152,783
	580,000	5.00%, 06/15/24 (c)		629,480
	920,000	5.00%, 06/15/24 (c)		1,024,889
	100,000	5.00%, 06/15/24 (c)		110,795
	120,000	New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c)		129,836
		New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
	875,000	5.00%, 06/15/24 (c)		944,212
	3,935,000	5.00%, 06/15/24 (c)		4,234,886

Principal Amount			Value
New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
$	405,000	5.00%, 06/15/25 (c)	$	441,539
	630,000	5.00%, 06/15/25 (c)		685,434
	1,235,000	5.00%, 06/15/25 (c)		1,352,597
	680,000	5.00%, 06/15/25 (c)		743,145
	435,000	5.25%, 06/15/25 (c)		488,218
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	220,000	4.00%, 06/15/24		238,262
	595,000	4.25%, 06/15/25 (c)		648,062
	125,000	4.38%, 06/15/25 (c)		135,954
	1,000,000	5.00%, 06/15/23		1,096,540
	1,080,000	5.00%, 06/15/24		1,207,429
		New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
	350,000	5.13%, 01/01/24 (c)		383,674
	1,000,000	5.25%, 01/01/24 (c)		1,118,880
	900,000	5.38%, 01/01/24 (c)		984,753
	500,000	5.50%, 01/01/24 (c)		559,955
		New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB)
	150,000	4.13%, 07/01/25 (c)		138,404
	2,065,000	5.00%, 07/01/25 (c)		1,940,233
		New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
	550,000	5.00%, 06/15/22		586,564
	515,000	5.00%, 06/15/23		564,718
	1,090,000	5.00%, 06/15/24		1,218,620
	265,000	New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		294,860
	1,000,000	New Jersey Educational Facilities Authority, Rider University, Series A (RB) 5.00%, 07/01/21 (c)		1,003,480
	2,490,000	New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c)		2,482,555
		New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
	940,000	5.00%, 04/01/28 (c)		1,029,601
	630,000	5.00%, 04/01/28 (c)		689,176
	500,000	5.00%, 04/01/28 (c)		566,980
	1,000,000	5.00%, 04/01/28 (c)		1,096,910
	170,000	New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 6.00%, 07/01/21 (c)		174,347
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	230,000	0.00%, 12/15/25 ^		202,883

See Notes to Financial Statements

26

Principal Amount			Value
New Jersey: (continued)
$	270,000	0.00%, 12/15/25 ^	$	238,167
	575,000	0.00%, 12/15/26 ^		489,170
	4,440,000	0.00%, 12/15/28 ^		3,498,898
	870,000	0.00%, 12/15/28 ^		685,595
	325,000	0.00%, 12/15/29 ^		245,460
	3,210,000	0.00%, 12/15/30 ^		2,325,484
	1,880,000	0.00%, 12/15/31 ^		1,305,980
	2,020,000	0.00%, 12/15/32 ^		1,342,411
	705,000	0.00%, 12/15/33 ^		448,824
	1,190,000	0.00%, 12/15/33 ^		757,590
	915,000	0.00%, 12/15/34 ^		559,285
	765,000	0.00%, 12/15/34 ^		467,599
	540,000	0.00%, 12/15/35 ^		315,657
	1,780,000	0.00%, 12/15/37 ^		950,093
	1,115,000	0.00%, 12/15/37 ^		595,142
	605,000	0.00%, 12/15/38 ^		308,405
	4,000,000	0.00%, 12/15/38 ^		2,039,040
	1,500,000	0.00%, 12/15/39 ^		729,720
	930,000	0.00%, 12/15/40 ^		431,297
	695,000	4.00%, 12/15/28 (c)		742,496
	2,295,000	4.00%, 12/15/29 (c)		2,397,059
	1,000,000	4.25%, 12/15/28 (c)		1,065,660
	360,000	5.00%, 06/15/21 (c)		368,399
	5,875,000	5.00%, 06/15/22 (c)		6,137,789
	665,000	5.00%, 06/15/24		743,463
	5,900,000	5.00%, 12/15/28 (c)		6,686,411
	1,000,000	5.00%, 12/15/28 (c)		1,142,360
	200,000	5.00%, 12/15/28		235,794
	385,000	5.00%, 12/15/29 (c)		437,529
	370,000	5.25%, 06/15/21 (c)		379,076
	430,000	5.25%, 12/15/21		451,027
	100,000	5.25%, 12/15/23		112,186
	310,000	5.50%, 12/15/21		326,021
	205,000	5.50%, 12/15/23		231,543
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	525,000	3.75%, 12/15/28 (c)		544,614
	220,000	4.00%, 06/15/22 (c)		224,583
	695,000	4.25%, 06/15/24 (c)		713,556
	150,000	4.75%, 06/15/25 (c)		160,733
	1,375,000	4.75%, 06/15/25 (c)		1,464,966
	345,000	5.00%, 06/15/22		367,936
	4,710,000	5.00%, 06/15/22 (c)		4,933,960
	265,000	5.00%, 06/15/22 (c)		278,738
	425,000	5.00%, 06/15/22 (c)		445,757
	1,940,000	5.00%, 06/15/22 (c)		2,033,857
	200,000	5.00%, 06/15/23 (c)		216,460
	135,000	5.00%, 06/15/23 (c)		145,480
	640,000	5.00%, 06/15/23 (c)		680,262
	1,115,000	5.00%, 06/15/23 (c)		1,181,209
	1,195,000	5.00%, 06/15/24 (c)		1,283,669
	1,620,000	5.00%, 06/15/24 (c)		1,744,772
	665,000	5.00%, 06/15/25 (c)		714,689
	340,000	5.00%, 06/15/25 (c)		365,031
	925,000	5.25%, 06/15/23 (c)		993,746
	130,000	5.25%, 06/15/23 (c)		139,187
	505,000	5.25%, 06/15/25 (c)		550,995
	835,000	New Jersey Transportation Trust Fund Authority, Series B (RB) 5.25%, 06/15/21 (c)		854,656

Principal Amount			Value
New Jersey: (continued)
		New Jersey Transportation Trust Fund Authority, Series BB (RB)
$	1,745,000	3.25%, 12/15/28 (c)	$	1,660,891
	9,095,000	3.50%, 12/15/28 (c)		8,642,433
	1,140,000	4.00%, 12/15/28 (c)		1,198,710
	1,000,000	5.00%, 12/15/28 (c)		1,167,500
		New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
	430,000	0.00%, 12/15/24 ^		392,723
	250,000	0.00%, 12/15/25 ^		222,205
	985,000	0.00%, 12/15/26 ^		845,593
	185,000	0.00%, 12/15/28 ^		147,547
	265,000	0.00%, 12/15/30 ^		195,840
	365,000	0.00%, 12/15/31 ^		259,165
	5,475,000	0.00%, 12/15/35 ^		3,272,517
	2,245,000	5.25%, 12/15/24 (c)		2,476,594
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	325,000	5.00%, 12/15/24		368,167
	960,000	5.00%, 12/15/24 (c)		1,047,370
	295,000	5.25%, 12/15/23		330,958
		Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB)
	120,000	5.00%, 01/01/32		139,355
	100,000	5.25%, 01/01/27		115,329
		South Jersey Port Corp., Marine Terminal, Series B (RB)
	4,000,000	5.00%, 01/01/28 (c)		4,341,560
	1,000,000	5.00%, 01/01/28 (c)		1,075,050
	360,000	5.00%, 01/01/28 (c)		399,564
	750,000	5.00%, 01/01/28 (c)		827,550
		Tobacco Settlement Financing Corp., Series A (RB)
	4,800,000	5.00%, 06/01/28 (c)		5,537,664
	4,000,000	5.25%, 06/01/28 (c)		4,682,840
		Tobacco Settlement Financing Corp., Series B (RB)
	1,705,000	3.20%, 06/01/27		1,742,817
	7,760,000	5.00%, 06/01/28 (c)		8,782,380
				224,495,129
New Mexico: 0.0%
	1,000,000	Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 11/30/20 (c)		1,009,690
New York: 8.1%
		Brooklyn Arena Local Development Corp., Barclays Center (RB)
	395,000	0.00%, 07/15/32 ^		257,516
	370,000	0.00%, 07/15/33 ^		229,678
	180,000	0.00%, 07/15/47 ^		57,350
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
	345,000	5.00%, 07/15/26		393,100
	5,040,000	5.00%, 01/15/27 (c)		5,495,969
		Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
	5,700,000	5.00%, 12/31/28		6,097,347
	9,700,000	5.25%, 12/31/28 (c)		10,266,383
	4,700,000	5.50%, 12/31/28 (c)		4,922,921

See Notes to Financial Statements

27

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New York: (continued)
$	250,000	Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c)	$	268,008
	660,000	Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 5.00%, 11/01/24 (c)		685,872
	1,000,000	Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c)		1,011,770
	65,000	Dutchess County Industrial Development Agency, Bard College Civic Facility, Series A (RB) 4.50%, 11/30/20 (c)		65,001
		Erie Tobacco Asset Securitization Corp., Series A (RB)
	1,295,000	5.00%, 11/30/20 (c)		1,295,712
	335,000	5.00%, 11/30/20 (c)		335,184
	20,000,000	Erie Tobacco Asset Securitization Corp., Series C (RB) 0.00%, 11/30/20 (c) ^		2,197,800
	10,000,000	Erie Tobacco Asset Securitization Corp., Series D (RB) 0.00%, 11/30/20 (c) ^		716,600
	2,175,000	Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/22 (c)		2,220,022
		Monroe County Industrial Development Corp., St. Ann’s Community Project (RB)
	500,000	4.00%, 01/01/26 (c)		500,325
	230,000	5.00%, 01/01/26 (c)		239,044
	3,285,000	Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 11/16/20 (c)		3,285,197
		Nassau County Tobacco Settlement Corp., Series A-3 (RB)
	3,655,000	5.00%, 11/16/20 (c)		3,655,256
	3,905,000	5.13%, 11/16/20 (c)		3,905,469
		New Rochelle Industrial Development Agency (RB)
	1,496,234	5.25%, 01/01/21 (c) (d)		29,925
	68,502	5.50%, 07/01/19 (d) *		1,370
	1,620,000	New York City Housing Development Corp., 8 Spruce Street, Class E (RB) 3.50%, 05/15/24 (c)		1,676,182
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	1,545,000	4.75%, 11/30/20 (c)		1,544,923
	110,000	5.00%, 11/30/20 (c)		110,007
	650,000	5.00%, 11/30/20 (c)		631,767
	100,000	5.00%, 11/30/20 (c)		100,014
	825,000	5.00%, 11/30/20 (c)		825,041
	120,000	5.00%, 11/30/20 (c)		120,008
		New York Counties Tobacco Trust IV (RB)
	10,525,000	0.00%, 11/16/20 (c) ^		761,799
	745,000	5.00%, 11/16/20 (c)		751,370
		New York Counties Tobacco Trust V (RB)
	1,640,000	0.00%, 11/16/20 (c) ^		580,347
	100,000,000	0.00%, 11/16/20 (c) ^		2,954,000
	64,000,000	0.00%, 11/16/20 (c) ^		3,536,000

Principal Amount			Value
New York: (continued)
		New York Counties Tobacco Trust VI (RB)
$	1,160,000	3.75%, 06/01/26 (c)	$	1,072,049
	5,500,000	5.00%, 06/01/26 (c)		5,655,980
		New York Liberty Development Corp., 3 World Trade Center Project (RB)
	22,275,000	5.00%, 11/15/24 (c)		22,821,628
	4,210,000	5.15%, 11/15/24 (c)		4,371,159
	3,700,000	5.38%, 11/15/24 (c)		3,829,167
	10,000,000	7.25%, 11/15/24 (c)		10,372,900
	255,000	New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c)		265,373
	480,000	New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		622,939
	150,000	New York State Dormitory Authority, Fit Student Housing Corp. (RB) 5.25%, 07/01/31		173,330
	200,000	New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c)		203,796
	50,000	New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 11/01/21 (c)		50,294
		New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
	6,640,000	5.00%, 08/01/21 (c)		6,614,834
	7,350,000	5.00%, 08/01/21 (c)		7,379,179
	3,250,000	5.25%, 08/01/30 (c)		3,349,742
	2,650,000	5.38%, 08/01/30 (c)		2,746,380
		New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
	2,085,000	4.00%, 10/01/30		2,141,691
	1,600,000	5.00%, 01/01/28 (c)		1,736,016
	160,000	5.00%, 01/01/28 (c)		173,182
	1,000,000	5.00%, 10/01/30 (c)		1,072,970
	3,650,000	5.00%, 10/01/30 (c)		3,986,712
		New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
	1,000,000	4.00%, 07/01/24 (c)		1,045,500
	420,000	5.00%, 07/01/24 (c)		461,517
	3,130,000	5.00%, 07/01/24 (c)		3,352,543
	230,000	5.00%, 07/01/24 (c)		249,907
	2,225,000	5.25%, 07/01/24 (c)		2,398,394
		New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB)
	2,550,000	5.00%, 01/01/22		2,646,492
	3,355,000	5.00%, 01/01/23		3,584,516
	4,000,000	Niagara Area Development Corp., New York Solid Waste Disposal Facility,Series A (RB) 4.75%, 07/01/23 (c)		4,055,640

See Notes to Financial Statements

28

Principal Amount			Value
New York: (continued)
$	700,000	Orange County Industrial Development Agency, The Glen Arden, Inc. Project (RB) 5.70%, 11/30/20 (c)	$	560,126
	355,000	Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c)		297,739
	110,000	Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) 6.00%, 12/01/20 (c)		110,448
		Suffolk Tobacco Asset Securitization Corp., Series B (RB)
	65,000	5.38%, 11/30/20 (c)		64,997
	4,150,000	6.00%, 11/30/20 (c)		4,154,357
	6,150,000	Suffolk Tobacco Asset Securitization Corp., Series C (RB) 6.63%, 06/01/22 (c)		6,343,110
		Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
	550,000	5.00%, 01/01/26 (c)		461,362
	200,000	5.00%, 01/01/26 (c)		165,508
	945,000	5.00%, 01/01/26 (c)		846,399
	2,465,000	5.00%, 01/01/26 (c)		2,171,123
	1,500,000	TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23		1,524,570
		TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
	13,285,000	5.00%, 06/01/27 (c)		13,727,922
	16,980,000	5.00%, 06/01/27 (c)		17,644,088
	5,000,000	Tuxedo Farms Local Development Corp. (RB) 6.55%, 05/01/27 (c)		5,595,500
		Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
	855,000	4.00%, 09/15/24 (c)		818,423
	400,000	5.00%, 09/15/24 (c)		375,244
	180,000	5.25%, 09/15/24 (c)		162,608
	1,000,000	5.25%, 09/15/24 (c)		942,890
	3,390,000	Westchester County Industrial Development Agency, Million Air Two LLC General Aviation Facilities Project, Series A (RB) 7.00%, 06/01/24 (c)		3,500,887
	255,000	Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c)		277,009
	4,575,000	Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c)		4,759,830
		Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)
	275,000	5.00%, 10/15/29 (c)		295,298
	315,000	5.00%, 10/15/29 (c)		346,456
				223,304,001

Principal Amount			Value
North Carolina: 0.6%
$	1,000,000	Columbus County Industrial Facilities and Pollution Control Financing Authority, Series C (RB) 2.10%, 10/01/24 (p)	$	1,044,440
		North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
	1,000,000	5.00%, 06/30/25 (c)		1,071,310
	1,430,000	5.00%, 06/30/25 (c)		1,505,418
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		247,656
	1,330,000	5.00%, 03/01/22 (c)		1,342,156
	820,000	5.00%, 03/01/22 (c)		829,504
	150,000	North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		159,363
		North Carolina Medical Care Commission, Retirement Facilities (RB)
	550,000	4.70%, 07/01/25 (c)		549,967
	250,000	5.00%, 10/01/24 (c)		257,593
	250,000	5.00%, 10/01/24 (c)		262,633
		North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)
	165,000	5.00%, 10/01/24 (c)		176,850
	385,000	5.00%, 07/01/26 (c)		407,149
	250,000	5.00%, 07/01/26 (c)		266,438
	465,000	North Carolina Medical Care Commission,Salemtowne Project (RB) 5.25%, 10/01/25 (c)		493,863
	1,225,000	North Carolina Medical Care Commission, Wake Forest University (RB) 5.00%, 01/01/27 (c)		1,278,912
		North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
	1,150,000	3.00%, 01/01/30 (c)		1,203,889
	1,250,000	4.00%, 01/01/30 (c)		1,362,075
	1,000,000	5.00%, 01/01/27 (c)		1,192,490
	100,000	5.00%, 01/01/29 (c)		125,668
	1,705,000	5.00%, 01/01/30 (c)		2,025,676
				15,803,050
North Dakota: 0.2%
	25,000	City of Grand Forks, Altru Health System Obligated Group (RB) 4.00%, 12/01/21 (c)		25,412
		City of Williston, Eagle Crest Apartments LLC Project (RB)
	615,000	6.25%, 09/01/23 (d) *		270,600
	1,285,000	7.75%, 09/01/23 (c) (d) *		565,400
	750,000	County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) 5.00%, 06/01/28 (c)		815,295
		Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB)
	1,000,000	5.75%, 09/15/26 (c)		916,770
	3,500,000	6.38%, 09/15/26 (c)		2,992,360
				5,585,837

See Notes to Financial Statements

29

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Northern Mariana Islands: 0.2%
$	5,320,000	Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM) 5.00%, 11/30/20 (c)	$	4,912,860
Ohio: 4.9%
	500,000	Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB) 5.25%, 11/15/26 (c)		583,525
		Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
	2,500,000	3.00%, 06/01/30 (c)		2,395,500
	9,075,000	4.00%, 06/01/30 (c)		9,844,288
	57,425,000	Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c)		61,483,225
	25,000,000	Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.00%, 06/01/30 (c) ^		3,542,750
		Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation Project (RB)
	1,000,000	5.00%, 12/01/28		1,039,640
	750,000	5.25%, 12/01/28 (c)		774,885
	3,000,000	5.50%, 12/01/28 (c)		3,108,630
	940,000	5.50%, 12/01/28 (c)		965,220
	1,750,000	County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.25%, 02/15/27 (c)		2,019,972
		County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
	550,000	3.00%, 11/15/29 (c)		528,115
	4,100,000	4.00%, 11/15/29 (c)		4,322,835
	3,940,000	4.00%, 11/15/29 (c)		4,185,501
	400,000	Franklin County, First Community Village Obligated Group (RB) 5.63%, 11/30/20 (c)		406,128
	890,000	Gallia County, Holzer Health System Obligated Group (RB) 8.00%, 07/01/22 (c)		962,802
	1,040,000	Marion County, Health Care Facilities, United Church Homes, Inc. (RB) 5.13%, 12/01/26 (c)		1,059,989
		Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB)
	490,000	5.00%, 02/15/23 (c)		505,641
	1,530,000	5.00%, 02/15/23 (c)		1,573,467
	490,000	5.00%, 02/15/23 (c)		511,864
	2,270,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		2,212,614
	2,500,000	Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/24 (c) (p)		2,566,675
	9,500,000	Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c)		9,686,675

Principal Amount			Value
Ohio: (continued)
		Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)
$	4,000,000	2.88%, 02/01/26	$	4,045,960
	6,000,000	3.25%, 09/01/29		6,062,940
		Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
	500,000	4.25%, 01/15/28 (c)		533,505
	4,000,000	4.50%, 01/15/28 (c)		4,286,640
	1,100,000	Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 11/30/20 (c)		1,100,990
	795,000	Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/01/21 (c)		761,427
	1,000,000	Port of Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c)		996,160
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
	250,000	5.00%, 12/01/24 (c)		251,073
	245,000	5.00%, 12/01/24 (c)		250,138
	70,000	5.50%, 12/01/24 (c)		72,469
	710,000	5.75%, 12/01/22 (c)		742,475
	570,000	6.00%, 12/01/22 (c)		588,799
	1,000,000	Southeastern Ohio Port Authority, Purecycle Project, Series A (RB) 7.00%, 12/01/27 (c)		1,002,780
				134,975,297
Oklahoma: 1.0%
		Comanche County Hospital Authority, Series A (RB)
	300,000	4.25%, 07/01/22 (c)		303,366
	210,000	5.00%, 07/01/22 (c)		218,961
		Holdenville Public Works Authority, Series A (RB) (AGM)
	780,000	4.30%, 11/01/24 (c)		712,031
	605,000	4.38%, 11/01/24 (c)		549,655
		Norman Regional Hospital Authority (RB)
	340,000	3.25%, 09/01/29 (c)		347,021
	150,000	4.00%, 09/01/26 (c)		160,788
		Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
	825,000	5.00%, 04/01/22 (c)		746,089
	135,000	5.00%, 04/01/23		134,449
		Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
	700,000	5.00%, 08/15/28 (c)		823,333
	7,000,000	5.25%, 08/15/28 (c)		8,087,870
	2,900,000	5.25%, 08/15/28 (c)		3,375,571
	7,320,000	5.50%, 08/15/28 (c)		8,500,204
	1,300,000	5.50%, 08/15/28 (c)		1,514,682

See Notes to Financial Statements

30

Principal Amount			Value
Oklahoma: (continued)
$	375,000	Rogers County Industrial Development Authority (RB) 3.63%, 04/01/25 (c)	$	389,535
	2,125,000	Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		2,150,904
				28,014,459
Oregon: 0.5%
		Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW)
	7,500,000	6.50%, 04/01/28 (c) (d) *		4,863,675
	8,500,000	6.50%, 04/01/28 (c) (d) *		5,512,165
	3,480,000	Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project, Series 248-G (RB) 9.00%, 04/01/30 (c)		3,027,252
				13,403,092
Pennsylvania: 3.4%
		Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB)
	200,000	4.88%, 11/01/24		190,308
	475,000	5.75%, 08/01/22 (c)		428,165
	500,000	6.75%, 12/01/21 (c)		490,390
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	2,000,000	5.00%, 05/01/27 (c)		2,083,180
	250,000	5.00%, 05/01/27 (c)		265,643
	1,000,000	5.00%, 05/01/28		1,071,830
	500,000	5.00%, 05/01/28 (c)		523,555
	250,000	5.00%, 05/01/28 (c)		265,940
		Allentown Neighborhood Improvement Zone Development Authority, Series A (RB)
	1,915,000	5.00%, 05/01/22 (c)		1,985,683
	150,000	5.00%, 05/01/22 (c)		155,921
	3,980,000	5.00%, 05/01/22 (c)		4,112,653
		Berks County Industrial Development Authority, Tower Health Project (RB)
	440,000	3.75%, 11/01/27 (c)		411,215
	120,000	5.00%, 11/01/26		133,870
	770,000	5.00%, 11/01/27 (c)		810,125
	110,000	5.00%, 11/01/27 (c)		119,513
	195,000	5.00%, 11/01/27 (c)		209,918
	1,170,000	Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 08/01/29 (c) (p)		1,302,631
	1,565,000	Blythe Township Solid Waste Authority (RB) 7.75%, 12/01/27 (c)		1,722,846
		Chester County Health and Education Facilities Authority, Immaculata University Project (RB)
	1,600,000	4.25%, 11/01/27 (c)		1,240,240
	430,000	5.00%, 11/01/27 (c)		321,115
	1,000,000	5.00%, 11/01/27 (c)		776,200

Principal Amount			Value
Pennsylvania: (continued)
$	3,000,000	Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB) 5.00%, 12/01/25 (c)	$	2,948,760
	440,000	Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		445,056
		Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
	400,000	5.00%, 03/01/28 (c)		404,128
	400,000	5.13%, 03/01/28 (c)		401,548
		Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
	1,440,000	6.00%, 06/01/26 (c)		1,549,613
	440,000	6.00%, 06/01/26 (c)		475,020
	400,000	Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group (RB) 5.25%, 01/01/22 (c)		401,804
	500,000	Cumberland County Municipal Authority, Diakon Lutheran Social Ministries Project (RB) 4.00%, 01/01/25 (c)		516,040
	500,000	Dauphin County General Authority, The Harrisburg University of Science and Technology Project (RB) 5.00%, 10/15/27		501,945
	315,000	Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c)		307,632
		Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB)
	395,000	5.13%, 06/01/26 (c)		402,169
	720,000	5.25%, 11/20/20 (c)		720,058
	800,000	6.13%, 11/20/20 (c)		800,264
		Delaware River Port Authority, Port District Project (RB)
	100,000	5.00%, 01/01/22		104,474
	840,000	5.00%, 01/01/23 (c)		894,785
	1,080,000	5.00%, 01/01/23 (c)		1,153,678
	2,000,000	Doylestown Hospital Authority, Series A (RB) 5.00%, 07/01/29 (c)		2,227,320
		Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
	215,000	5.00%, 12/01/25 (c)		221,912
	500,000	5.00%, 12/01/25 (c)		517,785
	1,000,000	5.00%, 12/01/25 (c)		1,032,810
	1,700,000	Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 5.00%, 07/01/26 (c)		1,725,245

See Notes to Financial Statements

31

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Pennsylvania: (continued)
$	1,000,000	Lancaster County Hospital Authority, Brethren Village Project (RB) 5.13%, 07/01/27 (c)	$	1,054,990
		Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
	425,000	5.00%, 03/01/27 (c)		439,000
	310,000	5.00%, 03/01/27 (c)		321,520
	425,000	5.00%, 03/01/27 (c)		445,311
	1,100,000	Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB) 5.25%, 07/01/22 (c)		1,120,229
		Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB)
	635,000	4.25%, 01/15/25 (c)		655,764
	4,235,000	5.25%, 01/15/25 (c)		4,423,457
		Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
	150,000	5.00%, 01/01/25 (c)		153,437
	870,000	5.25%, 01/01/25 (c)		881,928
	820,000	5.38%, 01/01/25 (c)		828,913
		Moon Industrial Development Authority, Baptist Homes Society (RB)
	300,000	5.63%, 07/01/25 (c)		314,415
	590,000	6.00%, 07/01/25 (c)		609,269
	1,000,000	Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) 5.25%, 06/01/26		989,030
	2,000,000	Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c)		1,651,700
		Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
	3,040,000	6.50%, 12/01/28 (c)		2,584,000
	5,470,000	6.75%, 12/01/28 (c)		4,649,500
		Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
	1,685,000	4.13%, 06/30/26 (c)		1,798,670
	45,000	5.00%, 12/31/22		48,849
	125,000	5.00%, 12/31/23		140,399
	550,000	5.00%, 12/31/24		637,549
	1,105,000	5.00%, 12/31/25		1,315,480
	575,000	5.00%, 06/30/26 (c)		677,563
	1,485,000	5.00%, 06/30/26 (c)		1,784,198
	500,000	5.00%, 06/30/26 (c)		561,465
	410,000	5.00%, 06/30/26 (c)		476,071
		Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB)
	230,000	4.00%, 11/01/22 (c)		212,773
	250,000	5.00%, 11/01/22 (c)		253,883

Principal Amount			Value
Pennsylvania: (continued)
$	1,000,000	Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)	$	1,114,070
		Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
	440,000	6.38%, 06/01/25 (c)		440,576
	440,000	6.50%, 06/01/25 (c)		440,141
	415,000	6.63%, 06/01/25 (c)		415,374
		Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW)
	350,000	4.00%, 12/15/26 (c)		359,552
	355,000	5.00%, 12/15/26 (c)		371,138
	5,000,000	Philadelphia Authority for Industrial Development, The University of the Arts (RB) 5.00%, 03/15/28 (c)		5,089,100
	2,000,000	Philadelphia Authority for Industrial Development, University Square Apartments Project (RB) 5.50%, 12/01/26 (c)		2,067,620
		Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)
	735,000	5.00%, 07/01/27 (c)		752,927
	2,500,000	5.00%, 07/01/27 (c)		2,433,000
	1,000,000	5.00%, 07/01/27 (c)		992,090
	1,000,000	Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c)		1,136,930
		Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
	1,240,000	5.00%, 07/01/27 (c)		1,422,863
	220,000	5.00%, 07/01/27 (c)		251,183
	5,020,000	5.63%, 07/01/22 (c)		5,307,847
	2,190,000	5.63%, 07/01/22 (c)		2,325,167
	250,000	Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c)		243,230
	1,650,000	Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c)		1,698,741
	1,210,000	Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c)		1,200,284
				93,464,183
Puerto Rico: 3.6%
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	25,000	4.00%, 07/01/22		25,503
	5,365,000	5.00%, 07/01/22 (c)		5,539,362

See Notes to Financial Statements

32

Principal Amount			Value
Puerto Rico: (continued)
$	100,000	5.00%, 07/01/22	$	104,000
	1,050,000	5.13%, 07/01/22 (c)		1,084,125
	5,520,000	5.25%, 07/01/22 (c)		5,699,400
	3,895,000	5.75%, 07/01/22 (c)		4,065,406
	1,000,000	6.00%, 11/30/20 (c)		1,015,000
	4,425,000	6.00%, 07/01/22 (c)		4,640,719
	200,000	6.13%, 07/01/24		212,000
	100,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 11/30/20 (c)		103,500
		Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB)
	100,000	5.13%, 04/01/22 (c)		98,902
	100,000	5.38%, 04/01/22 (c)		98,414
	20,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) 5.00%, 01/01/21 (c)		20,004
	80,064	Puerto Rico Sales Tax Financing Corp. (RB) (AMBAC) 0.00%, 08/01/47 ^		22,225
		Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
	2,127,000	0.00%, 07/01/24 ^		1,964,689
	2,000,000	4.50%, 07/01/25 (c)		2,094,000
	4,683,000	4.55%, 07/01/28 (c)		4,885,868
	11,374,000	4.75%, 07/01/28 (c)		11,967,382
	19,114,000	5.00%, 07/01/28 (c)		20,363,100
		Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
	9,835,000	4.33%, 07/01/28 (c)		10,118,051
	9,035,000	4.33%, 07/01/28 (c)		9,295,027
	6,237,000	4.54%, 07/01/28 (c)		6,475,004
	8,458,000	4.78%, 07/01/28 (c)		8,891,388
				98,783,069
Rhode Island: 0.4%
	100,000	Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) 5.00%, 09/01/26		107,198
		Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
	250,000	5.00%, 05/15/23		272,115
	690,000	5.00%, 05/15/26 (c)		763,161
	1,000,000	5.00%, 05/15/26 (c)		1,127,970
		Tobacco Settlement Financing Corp., Series A (RB)
	24,580,000	0.00%, 11/16/20 (c) ^		3,800,314
	1,650,000	5.00%, 06/01/25 (c)		1,785,003

Principal Amount			Value
Rhode Island: (continued)
		Tobacco Settlement Financing Corp., Series B (RB)
$	2,000,000	4.50%, 06/01/25 (c)	$	2,092,480
	2,000,000	5.00%, 06/01/25 (c)		2,143,940
				12,092,181
South Carolina: 0.7%
	800,000	Berkeley County (SA) 4.38%, 11/01/29 (c)		809,800
	9,878,170	Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^		899,111
		South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
	500,000	5.00%, 11/01/24 (c)		554,740
	650,000	5.00%, 11/01/24 (c)		726,505
	500,000	5.00%, 11/01/24 (c)		562,905
		South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
	500,000	5.75%, 12/15/26 (c)		541,400
	500,000	5.75%, 12/15/26 (c)		548,175
		South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB)
	1,750,000	5.00%, 04/01/25 (c)		1,842,977
	5,000,000	5.00%, 04/01/25 (c)		5,274,350
	1,000,000	South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes, Series A (RB) (AGM) 5.00%, 04/01/24 (c)		1,054,290
	320,000	South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c)		302,253
		South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
	795,000	4.00%, 11/15/24 (c)		760,505
	400,000	4.00%, 11/15/24 (c)		401,776
	3,755,000	5.25%, 11/15/24 (c)		3,891,044
				18,169,831
South Dakota: 0.0%
		City of Sioux Falls, Dow Rummel Village Project (RB)
	750,000	5.00%, 11/01/26 (c)		763,597
	500,000	5.00%, 11/01/26 (c)		489,320
				1,252,917
Tennessee: 0.8%
	240,000	Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		164,268
	900,000	Board of the City of Franklin, Health and Educational Facilities, Series A (RB) 7.50%, 06/01/27 (c) (d) *		585,000

See Notes to Financial Statements

33

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Tennessee: (continued)
		Bristol Industrial Development Board, Pinnacle Project, Series A (RB)
$	2,000,000	5.00%, 12/01/26 (c)	$	1,944,340
	8,100,000	5.13%, 12/01/26 (c)		7,653,042
	310,000	Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c)		366,829
	120,000	Johnson City, Health and Educational Facilities Board, Series A (RB) 0.00%, 07/01/27 ^		107,616
		Knox County Health Educational and Housing Facility Board (RB)
	295,000	4.00%, 09/01/26 (c)		313,682
	290,000	4.00%, 09/01/26 (c)		301,733
	380,000	5.00%, 04/01/27 (c)		436,677
		Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)
	635,000	4.75%, 07/01/27		591,560
	1,100,000	5.50%, 07/01/27 (c)		963,589
	1,500,000	5.63%, 07/01/27 (c)		1,273,575
		Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB)
	250,000	5.50%, 10/01/25 (c)		243,398
	2,000,000	5.75%, 10/01/25 (c)		1,849,020
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
	475,000	5.00%, 09/01/26 (c)		425,534
	205,000	5.38%, 09/01/23 (c)		189,861
	200,000	5.50%, 09/01/23 (c)		184,728
	4,200,000	Tennessee Energy Acquisition Corp., Series B (RB) 5.63%, 09/01/26		5,103,546
	160,000	Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/23		174,618
	200,000	The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		225,346
				23,097,962
Texas: 4.9%
		Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
	750,000	5.00%, 01/01/22		737,355
	800,000	5.00%, 01/01/23		783,328
	715,000	5.00%, 01/01/26		693,021
	500,000	5.00%, 01/01/27 (c)		479,755
	500,000	5.00%, 01/01/27 (c)		480,905
		Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
	215,000	5.00%, 12/01/25 (c)		221,005
	610,000	5.00%, 12/01/25 (c)		639,353
	700,000	5.25%, 12/01/25 (c)		766,017

Principal Amount			Value
Texas: (continued)
$	5,550,000	Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c)	$	5,601,448
	1,850,000	Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project, Series B (RB) (SBG) 7.00%, 03/01/26 (c)		1,870,646
		Central Texas Regional Mobility Authority, Senior Lien (RB)
	250,000	5.00%, 01/01/22		262,798
	200,000	5.00%, 01/01/26 (c)		226,126
	400,000	5.00%, 01/01/26 (c)		456,096
	850,000	5.00%, 01/01/26 (c)		999,234
	285,000	5.00%, 01/01/26 (c)		328,380
		Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
	1,305,000	5.00%, 01/01/23 (c)		1,435,226
	1,270,000	5.00%, 01/01/23 (c)		1,396,733
	565,000	5.00%, 07/01/25 (c)		633,551
	805,000	5.00%, 07/01/25 (c)		908,628
	120,000	5.00%, 07/01/25 (c)		139,272
		Central Texas Regional Mobility Authority, Subordinated Lien (RB)
	360,000	5.00%, 01/01/23 (c)		395,514
	400,000	5.00%, 01/01/23 (c)		439,460
	25,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		29,249
		City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB)
	3,140,000	5.00%, 07/15/27		3,292,416
	2,000,000	5.00%, 07/15/28		2,092,320
	2,050,000	City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c)		2,085,055
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	3,630,000	4.75%, 07/01/24		3,692,291
	1,000,000	5.00%, 07/15/28		1,046,160
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
	650,000	5.00%, 07/15/25 (c)		656,825
	2,600,000	5.00%, 07/15/25 (c)		2,667,652
		Clifton Higher Education Finance Corp., Series A (RB)
	730,000	5.13%, 08/15/25 (c)		824,644
	610,000	5.50%, 08/15/25 (c)		689,349
		Clifton Higher Education Finance Corp., Series D (RB)
	500,000	5.75%, 08/15/25 (c)		573,055
	500,000	6.00%, 08/15/25 (c)		573,070
	850,000	Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c)		882,988

See Notes to Financial Statements

34 

Principal Amount			Value
Texas: (continued)
$	2,265,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)	$	2,285,679
		Harris County, Houston Sports Authority, Junior Lien, Series H (RB)
	250,000	0.00%, 11/15/23 ^		230,910
	675,000	0.00%, 11/15/23 ^		662,641
	495,000	0.00%, 11/15/25 ^		431,145
	590,000	0.00%, 11/15/27 ^		475,381
	1,405,000	0.00%, 11/15/29 ^		1,033,715
	115,000	0.00%, 11/15/30 ^		80,911
	705,000	0.00%, 11/15/31 (c) ^		440,752
	350,000	0.00%, 11/15/31 (c) ^		159,128
	120,000	0.00%, 11/15/31 (c) ^		62,070
	145,000	0.00%, 11/15/31 (c) ^		57,914
	1,140,000	0.00%, 11/15/31 (c) ^		399,000
	170,000	0.00%, 11/15/31 (c) ^		63,561
		Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB)
	335,000	0.00%, 11/15/24 (c) ^		154,767
	100,000	0.00%, 11/15/24 (c) ^		59,083
	675,000	La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c)		713,090
	280,000	Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 11/01/22		298,385
	105,000	Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		126,715
	635,000	Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		761,797
		Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB)
	2,680,000	5.13%, 02/15/24 (c)		2,220,514
	700,000	5.13%, 02/15/24 (c)		646,954
	10,000,000	Mission Economic Development Corp., Natgasoline Project (RB) 4.63%, 10/01/21 (c)		10,596,400
	1,000,000	New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series A-1 (RB) 5.00%, 07/01/25 (c)		862,970
	235,000	New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c)		151,695
	1,935,000	New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series A (RB) 7.25%, 12/01/25 (c)		1,729,716
	750,000	New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB)  12.00%, 12/01/25 (c)		523,372
	1,030,000	New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB) 4.00%, 07/01/26 (c)		870,134

Principal Amount			Value
Texas: (continued)
$	1,595,000	New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c)	$	1,319,703
	230,000	New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		230,209
	1,150,000	New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB) 5.00%, 04/01/27 (c)		1,132,911
		New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
	250,000	4.25%, 08/15/21 (c)		251,310
	1,000,000	5.00%, 08/15/21 (c)		1,004,660
	1,000,000	5.13%, 08/15/21 (c)		1,005,530
	250,000	New Hope Cultural Education Facilities
		Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		266,250
	100,000	New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW)  6.25%, 01/01/23 (c)		104,418
		New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB)
	1,610,000	5.00%, 11/15/24 (c)		1,651,232
	100,000	5.00%, 11/15/24 (c)		105,779
		New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB)
	975,000	5.38%, 11/15/26 (c)		861,422
	750,000	5.50%, 11/15/26 (c)		625,395
		New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
	115,000	5.00%, 07/01/24		95,450
	440,000	5.00%, 07/01/25 (c)		365,200
	100,000	5.00%, 07/01/25 (c)		83,000
	500,000	5.00%, 07/01/25 (c)		415,000
	200,000	New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c)		200,890
	1,000,000	New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing, Series A (RB) 5.00%, 12/01/26 (c)		1,058,280
		New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
	250,000	5.00%, 01/01/26 (c)		249,980
	250,000	5.00%, 01/01/26 (c)		250,815
	1,050,000	North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c)		1,151,745

See Notes to Financial Statements

35 

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Texas: (continued)
		North East Texas Regional Mobility Authority, Series B (RB)
$	600,000	5.00%, 01/01/26 (c)	$	655,140
	400,000	5.00%, 01/01/26 (c)		440,012
	150,000	North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		179,507
	500,000	Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		521,935
	4,000,000	Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (SAW) 4.00%, 01/01/22 (c)		4,002,880
		Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
	400,000	5.00%, 08/15/26 (c)		411,288
	400,000	5.00%, 08/15/26 (c)		418,136
	2,425,000	Red River Health Facilities Development Corp., MRC The Crossings Project, Series A (RB) 8.00%, 11/15/24 (c)		2,518,290
	9,900,000	Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) (d) *		2,475,000
	125,000	Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c)		132,605
		Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series A (RB)
	100,000	5.25%, 11/15/25 (c) (d) *		65,000
	800,000	5.50%, 11/15/25 (c) (d) *		520,000
	690,000	Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB) 4.50%, 11/30/20 (c) (d) *		448,500
		Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB)
	2,850,000	6.63%, 05/15/27 (c)		2,990,476
	4,100,000	6.75%, 05/15/27 (c)		4,261,827
	500,000	Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c)		394,895
	2,180,000	Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB) 5.25%, 05/15/27 (c)		1,808,724
	1,000,000	Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB)  5.00%, 11/15/25 (c)		931,120

Principal Amount			Value
Texas: (continued)
		Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series B (RB)
$	100,000	4.00%, 11/15/25	$	93,606
	405,000	5.00%, 11/15/25 (c)		351,224
	884,836	Tarrant County Cultural Education Facilities Finance Corp., SQLC Senior Living Center at Corpus Christi, Inc., Series A (RB)  5.00%, 05/15/27 (c) (d) *		88
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	1,490,000	5.00%, 12/15/21		1,559,210
	175,000	5.00%, 12/15/22 (c)		186,158
	760,000	5.00%, 12/15/22 (c)		823,224
	1,280,000	5.00%, 12/15/22 (c)		1,390,682
	1,265,000	5.00%, 12/15/22 (c)		1,354,069
		Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)
	250,000	5.00%, 12/31/25 (c)		271,625
	460,000	5.00%, 12/31/25 (c)		501,124
	230,000	5.00%, 12/31/25 (c)		252,660
		Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
	5,420,000	5.00%, 06/30/29 (c)		6,174,464
	515,000	7.00%, 09/01/23 (c)		586,652
		Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)
	500,000	4.00%, 12/31/29 (c)		560,465
	1,000,000	5.00%, 12/31/29 (c)		1,224,670
		Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
	7,100,000	5.00%, 08/15/24 (c)		7,991,760
	1,500,000	5.00%, 08/15/24 (c)		1,675,875
	600,000	5.00%, 08/15/24 (c)		681,588
	850,000	5.00%, 08/15/24 (c)		961,885
		Town of Westlake, Solana Public Improvement District (SA)
	1,000,000	6.13%, 09/01/25 (c)		1,007,780
	1,000,000	6.25%, 09/01/25 (c)		1,008,580
	1,000,000	6.38%, 09/01/25 (c)		1,012,550
	4,980,000	Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 11/30/20 (c) (d) *		3,712,490
				134,084,267
Utah: 0.2%
		Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
	1,500,000	5.25%, 06/15/27 (c)		1,646,355
	3,195,000	5.38%, 06/15/27 (c)		3,470,473
				5,116,828

See Notes to Financial Statements

36 

Principal Amount			Value
Vermont: 0.1%
$	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c)	$	1,110,351
	910,000	Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c)		887,814
				1,998,165
Virgin Islands: 1.2%
	720,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) 4.25%, 11/30/20 (c)		727,999
		Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
	550,000	4.50%, 10/01/24 (c)		464,249
	1,700,000	5.00%, 10/01/24 (c)		1,601,672
	4,250,000	5.00%, 10/01/24 (c)		3,857,172
	180,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB) 6.00%, 11/30/20 (c)		172,148
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
	240,000	6.63%, 11/30/20 (c)		240,977
	1,840,000	6.75%, 11/30/20 (c)		1,846,882
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
	4,265,000	5.00%, 11/30/20 (c)		4,227,937
	3,870,000	5.00%, 11/30/20 (c)		3,855,642
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB)
	130,000	4.50%, 11/30/20 (c)		128,729
	1,125,000	5.00%, 11/30/20 (c)		1,115,224
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
	465,000	5.00%, 11/30/20 (c)		458,513
	970,000	5.00%, 11/30/20 (c)		966,401
	1,120,000	5.00%, 11/30/20 (c)		1,093,456
	3,180,000	5.25%, 11/30/20 (c)		3,126,608
	200,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 11/30/20 (c)		198,234
		Virgin Islands Water and Power Authority, Series A (RB)
	160,000	4.00%, 07/01/21		158,040
	330,000	5.00%, 11/30/20 (c)		319,028
	65,000	5.00%, 11/30/20 (c)		62,180
		Virgin Islands Water and Power Authority, Series B (RB)
	170,000	5.00%, 11/30/20 (c)		157,481
	5,560,000	5.00%, 11/30/20 (c)		5,023,349

Principal Amount			Value
Virgin Islands: (continued)
$	1,170,000	5.00%, 11/30/20 (c)	$	1,107,417
	1,070,000	5.00%, 11/30/20 (c)		1,001,980
				31,911,318
Virginia: 1.8%
		Albemarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		646,189
	1,000,000	5.00%, 01/01/23 (c)		1,008,490
	500,000	Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c)		420,885
	250,000	Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c)		165,145
		Cherry Hill Community Development Authority, Potomac Shores Project (SA)
	200,000	5.15%, 03/01/25 (c)		203,474
	495,000	5.40%, 03/01/25 (c)		502,583
		Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
	1,000,000	5.00%, 11/01/23		1,119,130
	1,000,000	5.00%, 07/01/26 (c)		1,133,070
	1,025,000	5.00%, 07/01/26 (c)		1,154,601
	650,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		650,812
	380,000	City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/22 (c)		394,603
	240,000	City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/21 (c)		246,574
	1,450,000	Fairfax County, Mosaic District Community Development Authority, Series A (SA) 6.63%, 03/01/21 (c)		1,479,290
		Farmville Industrial Development Authority, Longwood University Student Housing Projects, Series A (RB)
	2,800,000	5.00%, 07/01/30 (c)		2,904,104
	3,500,000	5.00%, 07/01/30 (c)		3,663,205
		Hanover County, Economic Development Authority (RB)
	500,000	5.00%, 07/01/24 (c)		505,610
	500,000	5.00%, 07/01/24 (c)		506,465
		Hanover County, Economic Development Authority, Series A (RB)
	1,500,000	5.00%, 07/01/22 (c)		1,507,020
	1,500,000	5.00%, 07/01/22 (c)		1,508,205
	1,000,000	Mosaic District Community Development Authority, Series A (SA) 6.88%, 03/01/21 (c)		1,020,080
	2,400,000	Norfolk Redevelopment and Housing Authority, Series A (RB) 5.25%, 01/01/24 (c)		2,491,152
		Peninsula Town Center Community Development Authority (RB)
	3,850,000	5.00%, 09/01/27 (c)		4,005,347
	500,000	5.00%, 09/01/27 (c)		521,420

See Notes to Financial Statements

37 

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Virginia: (continued)
$	2,000,000	Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c)	$	1,825,040
	1,000,000	Roanoke County Economic Development Authority, Series B (RB) 4.63%, 09/01/24 (c) (p)		981,820
	500,000	Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c)		470,355
		Virginia College Building Authority, Marymount University Project, Series A (RB)
	2,400,000	5.00%, 07/01/25 (c)		2,404,872
	1,000,000	5.00%, 07/01/25 (c)		1,016,970
		Virginia College Building Authority, Marymount University Project, Series B (RB)
	3,500,000	5.00%, 07/01/25 (c)		3,507,105
	2,300,000	5.25%, 07/01/25 (c)		2,392,253
	1,760,000	Virginia College Building Authority, Regent University Project (RB) 5.00%, 11/30/20 (c)		1,744,213
		Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
	760,000	5.50%, 07/01/22 (c)		793,653
	1,550,000	6.00%, 07/01/22 (c)		1,650,223
		Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
	1,070,000	5.00%, 01/01/22 (c)		1,104,326
	300,000	5.00%, 01/01/22 (c)		310,164
	2,000,000	Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/23 (c) (p)		2,034,240
	1,000,000	Wise County Industrial Development Authority, Solid Waste and Sewage Disposal, Virginia Electric and Power Company, Series A (RB) 0.75%, 09/02/25 (p)		999,200
				48,991,888
Washington: 1.2%
	1,000,000	Greater Wenatchee Regional Events Center, Public Facilities District, Series A (RB) 5.50%, 09/01/22 (c)		1,009,080
		Kalispel Tribe Indians Priority, Series A (RB)
	250,000	5.00%, 01/01/28 (c)		280,285
	250,000	5.25%, 01/01/28 (c)		278,493
		King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO)
	1,000,000	5.00%, 12/01/25 (c)		1,029,640
	500,000	5.75%, 12/01/25 (c)		546,350
	500,000	6.00%, 12/01/25 (c)		543,100
	250,000	6.25%, 12/01/25 (c)		269,420

Principal Amount			Value
Washington: (continued)
		Klickitat County Public Hospital District No. 2 (RB)
$	1,230,000	5.00%, 12/01/27 (c)	$	1,254,809
	1,170,000	5.00%, 12/01/27 (c)		1,215,139
	1,415,000	5.00%, 12/01/27 (c)		1,495,315
	100,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		108,453
	205,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		228,335
		Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
	1,000,000	5.00%, 07/01/24 (c)		1,024,680
	2,000,000	5.00%, 07/01/24 (c)		2,054,400
	150,000	5.00%, 07/01/24 (c)		156,443
	500,000	Washington State Housing Finance Commission, Hearthstone Project, Series A (RB) 5.00%, 07/01/26 (c)		496,780
		Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB)
	200,000	6.00%, 07/01/25		215,786
	1,640,000	6.75%, 07/01/25 (c)		1,766,346
	2,000,000	7.00%, 07/01/25 (c)		2,139,460
		Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB)
	50,000	5.50%, 11/20/20 (c)		50,032
	1,350,000	6.50%, 07/01/25 (c)		1,465,236
	1,100,000	Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c)		1,124,948
		Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
	150,000	3.75%, 07/01/26		149,843
	825,000	5.00%, 01/01/25 (c)		859,543
	2,495,000	5.00%, 01/01/25 (c)		2,546,522
	1,500,000	5.00%, 01/01/25 (c)		1,535,010
	1,000,000	Washington State Housing Finance Commission, Rockwood Retirement Communities Project (RB) 5.00%, 01/01/26 (c)		960,420
		Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB)
	6,175,000	5.00%, 07/01/26 (c)		6,327,275
	250,000	5.00%, 07/01/26 (c)		257,243

See Notes to Financial Statements

38

Principal Amount			Value
Washington: (continued)
		Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
$	1,250,000	5.00%, 07/01/26 (c)	$	1,257,875
	500,000	5.00%, 07/01/26 (c)		504,380
				33,150,641
West Virginia: 0.3%
	325,000	Brooke County Commission, Bethany College, Series A (RB) 6.75%, 04/01/21 (c)		320,151
	2,250,000	County Commission of Harrison County, Charles Point Economic Opportunity Development District, Series A (RB) 5.75%, 06/01/29 (c)		2,409,525
		County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
	280,000	3.00%, 06/01/22 (c)		276,352
	760,000	4.00%, 06/01/22 (c)		741,015
	5,000,000	West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 01/01/25 (c) (p)		5,145,200
				8,892,243
Wisconsin: 2.6%
		Public Finance Authority, American Dream at Meadowlands Project (RB)
	500,000	6.75%, 12/01/27 (c)		428,790
	9,000,000	7.00%, 12/01/27 (c)		7,773,030
	100,000	Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31		81,480
	1,000,000	Public Finance Authority, American Preparatory Academy (RB) 5.38%, 07/15/27 (c)		1,043,590
	250,000	Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.13%, 06/01/26 (c)		265,340
		Public Finance Authority, Cedars Obligated Group (RB)
	455,000	4.25%, 05/01/27 (c)		434,648
	2,000,000	5.50%, 05/01/27 (c)		1,952,400
		Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
	495,000	5.00%, 02/01/26 (c)		508,974
	500,000	5.13%, 02/01/26 (c)		509,740
		Public Finance Authority, Corvian Community School Project, Series A (RB)
	540,000	4.25%, 06/15/24 (c)		545,389
	500,000	5.00%, 06/15/26 (c)		512,760
	500,000	5.00%, 06/15/26 (c)		506,565
	1,000,000	5.13%, 06/15/24 (c)		1,013,600
	1,000,000	Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c)		997,750

Principal Amount			Value
Wisconsin: (continued)
$	100,000	Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/25	$	104,530
	2,500,000	Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c)		2,555,000
	5,790,000	Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB) 7.00%, 01/01/32 (c)		5,317,825
	889,711	Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c)		560,216
		Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB)
	500,000	6.25%, 01/01/28 (c)		406,020
	2,000,000	6.38%, 01/01/28 (c)		1,577,300
	1,000,000	Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c)		1,054,760
		Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)
	1,250,000	5.00%, 06/15/26 (c)		1,221,675
	6,000,000	5.00%, 06/15/26 (c)		6,043,440
		Public Finance Authority, Penick Village (RB)
	485,000	4.00%, 09/01/26 (c)		475,780
	500,000	5.00%, 09/01/26 (c)		495,130
	500,000	5.00%, 09/01/26 (c)		499,205
	500,000	5.00%, 09/01/26 (c)		507,815
	500,000	Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.88%, 06/15/24 (c)		502,465
	300,000	Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		313,254
	4,265,000	Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c)		4,193,689
		Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
	1,950,000	5.00%, 10/01/29 (c)		2,044,204
	2,000,000	5.00%, 10/01/29 (c)		2,125,460
	3,055,000	Public Finance Authority, Vista Grande Villa Project, Series A (RB) 6.50%, 07/01/25 (c)		1,875,617
	1,250,000	Public Finance Authority, Whitestone (RB) 5.00%, 03/01/28 (c)		1,313,250
	6,995,000	Public Finance Authority, Wonderful Foundations Charter School Portfolio Projects, Series A-1 (RB) 5.00%, 07/01/30 (c)		7,007,591
	750,000	Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c)		752,925

See Notes to Financial Statements

39

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Wisconsin: (continued)
		Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW)
$	105,000	4.00%, 07/01/23 (c)	$	99,116
	2,130,000	4.13%, 07/01/23 (c)		2,028,910
	1,150,000	Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c)		1,167,399
		Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
	2,725,000	5.00%, 11/01/26 (c)		2,728,897
	1,950,000	5.00%, 11/01/26 (c)		1,995,376

Principal Amount			Value
Wisconsin: (continued)
$	3,950,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.13%, 02/01/23 (c)	$	3,999,335
	1,750,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB) 8.25%, 06/01/21 (c)		1,827,945
				71,368,185
Total Municipal Bonds: 97.9% (Cost: $2,761,073,487)				2,704,324,701
Other assets less liabilities: 2.1%				56,740,104
NET ASSETS: 100.0%			$	2,761,064,805

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

See Notes to Financial Statements

40

Summary of Investments By Sector	% of Investments			Value
Education		9.5	%	$	258,248,039
Health Care		20.3			547,721,224
Housing		1.4			38,521,845
Industrial Revenue		16.8			454,836,414
Leasing		7.1			191,292,599
Local		8.1			219,251,446
Power		0.5			13,642,242
Solid Waste/Resource Recovery		0.1			3,892,899
Special Tax		11.5			310,168,200
State		3.3			90,027,780
Tobacco		11.6			313,089,538
Transportation		7.4			199,690,093
Water & Sewer		2.4			63,942,382
		100.0	%	$	2,704,324,701

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Total Municipal Bonds*		$	—	$	2,704,324,701		$	—	$	2,704,324,701

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

41

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.7%
Alabama: 0.7%
		Alabama Federal Aid Highway Finance Authority, Series A (RB)
$	340,000	5.00%, 09/01/26 (c)	$	417,925
	340,000	5.00%, 09/01/26 (c)		413,297
	10,000	5.00%, 09/01/26 (c)		12,248
	250,000	5.00%, 09/01/27 (c)		312,140
	460,000	5.00%, 09/01/27 (c)		579,770
	150,000	5.00%, 09/01/27		193,149
		Auburn University, Series A (RB)
	10,000	5.00%, 06/01/26 (c)		12,139
	25,000	5.00%, 06/01/26 (c)		30,532
	860,000	Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		925,799
		County of Jefferson (RB)
	1,250,000	4.00%, 03/15/27 (c)		1,402,275
	525,000	5.00%, 03/15/27 (c)		650,333
	100,000	5.00%, 03/15/27 (c)		120,523
	800,000	5.00%, 03/15/27 (c)		984,256
		Infirmary Health System, Special Care Facilities Financing Authority of Mobile, Series A (RB)
	530,000	3.00%, 02/01/26 (c)		559,431
	260,000	3.00%, 02/01/26 (c)		276,996
		Lower Alabama Gas District, Series A (RB)
	305,000	5.00%, 09/01/29		383,964
	375,000	5.00%, 09/01/31		482,779
	100,000	5.00%, 09/01/34		132,166
	675,000	State of Alabama, Series A (GO) 5.00%, 11/01/28 (c)		872,174
		UAB Medicine Finance Authority, Series B (RB)
	150,000	5.00%, 09/01/26 (c)		178,745
	225,000	5.00%, 09/01/26 (c)		270,473
	280,000	UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c)		339,346
		University of Alabama, Board of Trustee, Series A (RB)
	415,000	3.00%, 07/01/29 (c)		449,437
	820,000	4.00%, 07/01/29 (c)		967,083
		Water Works Board of the City of Birmingham, Series A (RB)
	595,000	5.00%, 01/01/27 (c)		728,726
	250,000	5.00%, 01/01/27 (c)		307,620
	775,000	5.00%, 01/01/27 (c)		968,091
				12,971,417
Alaska: 0.2%
		Alaska Housing Finance Corp., Series A (RB)
	900,000	4.00%, 06/01/27 (c)		1,028,394
	125,000	4.00%, 06/01/27 (c)		143,569
	590,000	5.00%, 06/01/27 (c)		720,714
	305,000	State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c)		357,240

Principal Amount			Value
Alaska: (continued)
$	635,000	State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)	$	735,578
	130,000	State of Alaska, Series A (GO) 5.00%, 08/01/25 (c)		155,094
		State of Alaska, Series B (GO)
	205,000	5.00%, 08/01/25 (c)		244,571
	525,000	5.00%, 08/01/25 (c)		630,404
	250,000	5.00%, 08/01/25 (c)		300,713
				4,316,277
Arizona: 1.1%
		Arizona Transportation Board, Highway Revenue (RB)
	150,000	5.00%, 07/01/24 (c)		173,154
	110,000	5.00%, 07/01/24 (c)		127,369
	1,050,000	5.00%, 07/01/26 (c)		1,289,053
	835,000	5.00%, 07/01/26 (c)		1,029,780
	240,000	Board of Regents, Arizona State University, Series B (RB) 5.00%, 07/01/25 (c)		288,715
		Board of Regents, University of Arizona (RB)
	215,000	3.00%, 06/01/26 (c)		227,373
	165,000	5.00%, 06/01/26 (c)		199,366
		City of Mesa, Utility System Revenue (RB)
	1,590,000	4.00%, 07/01/26 (c)		1,808,355
	705,000	5.00%, 07/01/26 (c)		873,424
	270,000	5.00%, 07/01/26 (c)		333,658
	355,000	City of Phoenix (GO) 5.00%, 07/01/26 (c)		442,266
		City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
	860,000	5.00%, 07/01/26 (c)		1,067,613
	120,000	5.00%, 07/01/26 (c)		147,694
	620,000	5.00%, 07/01/26 (c)		768,509
	150,000	5.00%, 07/01/26 (c)		184,058
	275,000	City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) 5.00%, 07/01/29 (c)		311,064
		City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
	250,000	5.00%, 07/01/27 (c)		297,238
	100,000	5.00%, 07/01/27 (c)		119,770
	250,000	5.00%, 07/01/27 (c)		302,700
		City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB)
	550,000	5.00%, 07/01/27 (c)		653,664
	120,000	5.00%, 07/01/27 (c)		146,082
	260,000	City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 5.00%, 07/01/25 (c)		314,421

See Notes to Financial Statements

42 

Principal Amount			Value
Arizona: (continued)
$	320,000	City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series B (RB) 5.00%, 07/01/26	$	400,691
	250,000	Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c)		308,178
		Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
	20,000	3.13%, 01/01/27 (c)		21,174
	215,000	5.00%, 01/01/28		272,925
	710,000	5.00%, 01/01/29		919,031
		Maricopa County Special Health Care District, Series C (GO)
	190,000	5.00%, 07/01/25		227,341
	240,000	5.00%, 07/01/26		294,343
	295,000	5.00%, 07/01/27		369,299
		Salt River Project Agricultural Improvement and Power District, Series A (RB)
	1,150,000	5.00%, 01/01/27 (c)		1,452,415
	250,000	5.00%, 01/01/28 (c)		315,315
	2,000,000	5.00%, 01/01/28 (c)		2,545,460
	100,000	University of Arizona (RB) 5.00%, 06/01/26 (c)		121,228
				18,352,726
Arkansas: 0.1%
	305,000	City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c)		314,190
	280,000	City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c)		348,166
	1,000,000	City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c)		1,198,240
				1,860,596
California: 16.1%
		Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM)
	125,000	3.00%, 10/01/26 (c)		130,739
	705,000	4.00%, 10/01/26 (c)		781,485
	815,000	Alameda County Joint Powers Authority (RB) 5.00%, 12/01/26 (c)		1,008,359
	270,000	Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		296,611
	935,000	Bay Area Toll Authority, Series S-7 (RB) 4.00%, 04/01/27 (c)		1,082,300
		California Department of Water Resources, Central Valley Project Water System, Series AV (RB)
	750,000	4.00%, 06/01/26 (c)		868,297
	725,000	4.00%, 06/01/26 (c)		844,821

Principal Amount				Value
California: (continued)
$	90,000		California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c)	$	102,566
			California Health Facilities Financing Authority, Cedars-Sinai Medical Center (RB)
	110,000		5.00%, 11/15/25 (c)		132,890
	100,000		5.00%, 11/15/25 (c)		121,943
	310,000		California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)		377,828
	400,000		California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)		430,488
	175,000		California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c)		195,115
	140,000		California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27		179,593
	160,000	��	California Health Facilities Financing Authority, Lucile Salter Packard Children Hospital, Series A (RB) 5.00%, 08/15/26 (c)		189,496
	880,000		California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 5.00%, 10/01/26 (c)		1,058,209
	750,000		California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		944,730
			California Health Facilities Financing Authority, Sutter Health, Series A (RB)
	450,000		5.00%, 11/15/27 (c)		555,579
	500,000		5.00%, 11/15/27 (c)		610,835
	150,000		5.00%, 11/15/27 (c)		184,098
			California Infrastructure and Economic Development Bank, Clean Water State (RB)
	100,000		5.00%, 10/01/25		122,783
	100,000		5.00%, 10/01/25		122,783
	130,000		5.00%, 04/01/26 (c)		159,190
	550,000		5.00%, 04/01/26 (c)		681,736
	935,000		5.00%, 04/01/26 (c)		1,156,137
	55,000		5.00%, 04/01/26 (c)		67,876
	150,000		5.00%, 10/01/26		189,644
	170,000		5.00%, 04/01/27 (c)		212,927
	840,000		California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		997,374
	925,000		California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c)		1,096,254

See Notes to Financial Statements

43 

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount				Value
California: (continued)
			California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
$	360,000		3.00%, 09/01/27 (c)	$	394,474
	500,000		3.00%, 09/01/27 (c)		550,900
	270,000		5.00%, 09/01/24 (c)		316,861
			California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB)
	655,000		2.50%, 10/01/26 (c)		698,695
	400,000		4.00%, 10/01/26 (c)		466,080
			California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB)
	270,000		3.00%, 12/01/25 (c)		297,918
	520,000		3.25%, 12/01/25 (c)		566,764
	345,000		3.38%, 12/01/25 (c)		375,833
	110,000		4.00%, 12/01/25 (c)		124,922
	225,000		5.00%, 12/01/25 (c)		274,313
			California State Public Works Board, Department of General Services, Series F (RB)
	75,000		5.00%, 05/01/25 (c)		89,074
	600,000		5.00%, 05/01/25 (c)		715,524
	330,000		5.00%, 05/01/25 (c)		394,670
			California State Public Works Board, Various Capital Projects, Series B (RB)
	120,000		5.00%, 10/01/27 (c)		151,379
	340,000		5.00%, 10/01/27 (c)		431,038
	445,000		5.00%, 10/01/27 (c)		567,967
			California State Public Works Board, Various Capital Projects, Series C (RB)
	100,000		3.38%, 03/01/27 (c)		110,673
	425,000		4.00%, 11/01/26 (c)		491,419
	45,000		5.00%, 11/01/26 (c)		55,872
	30,000		5.00%, 11/01/26 (c)		37,209
	30,000		5.00%, 11/01/26 (c)		37,288
	160,000		5.00%, 03/01/27		202,576
	400,000		California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c)		497,004
	950,000		California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c)		1,231,808
			California State University, Series A (RB)
	910,000		3.00%, 05/01/26 (c)		968,922
	400,000		4.00%, 05/01/26 (c)		453,080
	35,000		5.00%, 11/01/25 (c)		42,574
	300,000		5.00%, 11/01/25 (c)		363,606
	15,000		5.00%, 11/01/25 (c)		18,312
	10,000		5.00%, 05/01/26 (c)		12,301
	220,000		5.00%, 05/01/26 (c)		270,087
	160,000		5.00%, 05/01/26 (c)		200,146
	225,000		5.00%, 05/01/27 (c)		279,205
	510,000		5.00%, 05/01/27 (c)		635,679
	525,000	��	California State Veterans, Series CL (GO) 3.50%, 12/01/24 (c)		565,330

Principal Amount			Value
California: (continued)
		California Statewide Communities Development Authority, Enloe Medical Center (RB)
$	1,065,000	3.00%, 02/15/26 (c)	$	1,170,446
	450,000	3.25%, 02/15/26 (c)		490,468
	725,000	5.00%, 02/15/26 (c)		891,039
	735,000	5.00%, 02/15/26 (c)		899,243
	100,000	California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26		114,905
	1,500,000	California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p)		1,975,200
	1,000,000	California Statewide Communities Development Authority, Kaiser Permanente,, Series C-3 (RB) 5.00%, 11/01/29 (p)		1,316,800
		California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB)
	1,000,000	5.00%, 01/01/28 (c)		1,184,540
	760,000	5.00%, 01/01/28 (c)		906,703
	315,000	5.00%, 01/01/28 (c)		378,258
	300,000	Campbell Union High School District, Series B (GO) 5.00%, 08/01/26 (c)		369,579
	140,000	Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c)		161,336
	255,000	City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		274,982
	15,000	City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c)		18,122
	1,000,000	City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 4.00%, 05/15/30 (c)		1,175,010
	405,000	City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c)		482,039
	565,000	City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c)		712,657
	200,000	City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c)		262,870
	625,000	Coast Community College District (GO) 0.00%, 08/01/25 (c) ^		396,550
	20,000	Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c)		23,559
	250,000	Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		288,408

See Notes to Financial Statements

44 

Principal Amount			Value
California: (continued)
		County of Sacramento, Airport System, Series E (RB)
$	275,000	5.00%, 07/01/27	$	340,670
	150,000	5.00%, 07/01/28 (c)		183,162
		County of Santa Clara, Series C (GO)
	245,000	3.00%, 08/01/27 (c)		264,911
	125,000	5.00%, 08/01/27 (c)		160,228
	525,000	5.00%, 08/01/27 (c)		662,713
	145,000	Desert Community College District (GO) 5.00%, 08/01/27 (c)		182,281
	460,000	East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/27 (c)		576,808
		East Bay Municipal Utility District, Water System, Series B (RB)
	220,000	5.00%, 06/01/27 (c)		278,458
	145,000	5.00%, 06/01/27 (c)		186,296
	2,590,000	East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c)		2,780,935
		Eastern Municipal Water District, Financing Authority, Series B (RB)
	560,000	5.00%, 07/01/26 (c)		686,106
	145,000	5.00%, 07/01/26 (c)		178,282
		Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB)
	625,000	5.00%, 07/01/26 (c)		771,962
	250,000	5.00%, 07/01/26 (c)		308,005
	435,000	5.00%, 07/01/26 (c)		538,647
	25,000	5.00%, 07/01/26 (c)		31,146
	100,000	5.00%, 07/01/26 (c)		124,141
	250,000	El Camino Healthcare District (GO) 4.00%, 02/01/27 (c)		288,050
		El Dorado Irrigation District, Series C (RB)
	1,000,000	5.00%, 03/01/26 (c)		1,246,430
	250,000	5.00%, 03/01/26 (c)		311,608
	520,000	5.00%, 03/01/26 (c)		648,144
		Fontana Redevelopment Agency Successor Agency (TA)
	205,000	5.00%, 10/01/26		249,030
	760,000	5.00%, 10/01/27 (c)		904,552
		Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)
	330,000	3.25%, 06/01/25 (c)		355,799
	395,000	3.25%, 06/01/25 (c)		428,101
	220,000	5.00%, 06/01/25 (c)		257,818
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	1,420,000	5.00%, 06/01/27 (c)		1,728,183
	2,380,000	5.00%, 06/01/28 (c)		2,909,669
	1,000,000	5.00%, 06/01/28 (c)		1,236,090
		Imperial Irrigation District, Electric System, Series C (RB)
	215,000	5.00%, 05/01/26 (c)		263,431
	1,045,000	5.00%, 05/01/26 (c)		1,286,081

Principal Amount			Value
California: (continued)
$	135,000	5.00%, 05/01/26 (c)	$	166,720
	3,000,000	Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c)		3,069,450
	105,000	Long Beach Unified School District (GO) 5.00%, 08/01/26 (c)		131,967
		Los Angeles Community College District, Series A (GO)
	530,000	5.00%, 08/01/24 (c)		618,960
	175,000	5.00%, 08/01/24 (c)		203,877
	265,000	5.00%, 08/01/24 (c)		309,912
	330,000	5.00%, 08/01/24 (c)		387,275
	710,000	5.00%, 08/01/24 (c)		831,197
	170,000	Los Angeles Community College District, Series G (GO) 5.00%, 08/01/24 (c)		199,505
		Los Angeles Community College District, Series I (GO)
	775,000	2.13%, 08/01/26 (c)		816,788
	170,000	4.00%, 08/01/26 (c)		196,930
	25,000	4.00%, 08/01/26		30,084
	135,000	4.00%, 08/01/26 (c)		161,457
		Los Angeles Community College District, Series J (GO)
	750,000	4.00%, 08/01/27 (c)		885,540
	400,000	4.00%, 08/01/27 (c)		476,616
	100,000	5.00%, 08/01/27 (c)		128,956
		Los Angeles County Metropolitan Transportation Authority, Series A (RB)
	50,000	4.00%, 07/01/26 (c)		58,489
	820,000	5.00%, 07/01/25 (c)		995,865
	165,000	5.00%, 06/01/26 (c)		202,978
	375,000	5.00%, 06/01/26 (c)		462,236
	115,000	5.00%, 06/01/26 (c)		142,748
	795,000	5.00%, 07/01/27 (c)		1,003,155
	285,000	5.00%, 07/01/27 (c)		365,883
		Los Angeles County Public Works Financing Authority, Series B (RB)
	15,000	5.00%, 12/01/25 (c)		18,179
	435,000	5.00%, 12/01/25 (c)		531,801
	320,000	Los Angeles County Public Works Financing Authority, Series D (RB) 5.00%, 12/01/25 (c)		383,242
	450,000	Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c)		574,164
		Los Angeles Department of Water and Power, Series A (RB)
	245,000	5.00%, 01/01/26 (c)		300,904
	155,000	5.00%, 01/01/26 (c)		190,723
	1,010,000	5.00%, 01/01/27 (c)		1,253,996
	500,000	5.00%, 01/01/28 (c)		635,630
	500,000	5.00%, 01/01/28 (c)		638,545
	115,000	5.00%, 01/01/28 (c)		150,031
	1,000,000	5.00%, 07/01/29		1,346,550
		Los Angeles Department of Water and Power, Series B (RB)
	180,000	5.00%, 06/01/25 (c)		218,513

See Notes to Financial Statements

45 

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
California: (continued)
$	225,000	5.00%, 01/01/26 (c)	$	276,856
	35,000	5.00%, 01/01/26 (c)		43,047
	1,000,000	5.00%, 01/01/27 (c)		1,238,210
	275,000	5.00%, 01/01/27 (c)		339,147
	110,000	5.00%, 07/01/27		142,039
	110,000	5.00%, 07/01/28 (c)		142,529
		Los Angeles Department of Water and Power, Series C (RB)
	250,000	5.00%, 07/01/24 (c)		292,748
	100,000	5.00%, 07/01/24 (c)		116,820
	1,100,000	5.00%, 07/01/27 (c)		1,403,809
	500,000	5.00%, 07/01/27 (c)		625,760
	200,000	5.00%, 07/01/27 (c)		249,672
	125,000	Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c)		160,194
		Los Angeles Unified School District, Series A (GO)
	1,580,000	4.00%, 07/01/29 (c)		1,874,749
	20,000	5.00%, 07/01/21 (c)		20,624
	175,000	5.00%, 07/01/21 (c)		180,464
	25,000	5.00%, 07/01/25 (c)		29,901
	695,000	5.00%, 07/01/25 (c)		829,476
	135,000	5.00%, 07/01/25 (c)		162,150
	120,000	5.00%, 07/01/26		148,442
	550,000	5.00%, 07/01/27		697,015
		Los Angeles Unified School District, Series B (GO)
	270,000	2.00%, 07/01/26 (c)		279,345
	780,000	3.00%, 07/01/26 (c)		840,801
	1,055,000	3.00%, 07/01/26 (c)		1,127,943
	885,000	5.00%, 07/01/26 (c)		1,085,939
	915,000	5.00%, 07/01/26 (c)		1,117,087
		Los Angeles Unified School District, Series B-1 (GO)
	295,000	5.00%, 01/01/28 (c)		367,163
	585,000	5.00%, 01/01/28 (c)		734,672
	645,000	5.00%, 01/01/28 (c)		814,945
	3,675,000	Los Angeles Unified School District, Series RYQ (GO) 5.00%, 07/01/29		4,837,255
		Metropolitan Water District of Southern California, Series A (RB)
	1,005,000	2.50%, 07/01/27		1,107,912
	100,000	5.00%, 01/01/26 (c)		121,735
	100,000	Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c)		130,301
		Monterey Peninsula Community College District (GO)
	730,000	0.00%, 02/01/26 (c) ^		567,816
	865,000	0.00%, 02/01/26 (c) ^		702,380
	865,000	0.00%, 02/01/26 (c) ^		730,899
	200,000	Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/26 (c)		247,400
		Municipal Improvement Corp. of Los Angeles, Series B (RB)
	135,000	5.00%, 11/01/26 (c)		168,422

Principal Amount			Value
California: (continued)
$	615,000	5.00%, 11/01/26 (c)	$	765,626
	275,000	5.00%, 11/01/26		344,732
	265,000	5.00%, 11/01/26 (c)		331,489
		Northern California Transmission Agency Project, Series A (RB)
	20,000	5.00%, 05/01/26 (c)		24,098
	40,000	5.00%, 05/01/26 (c)		48,604
	45,000	5.00%, 05/01/26 (c)		54,996
		Oakland Unified School District (GO)
	175,000	5.00%, 08/01/26 (c)		211,559
	625,000	5.00%, 08/01/26 (c)		749,037
	385,000	5.00%, 08/01/26 (c)		468,333
	525,000	5.00%, 08/01/26		644,779
	975,000	5.00%, 08/01/26 (c)		1,193,926
	400,000	Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c)		484,256
	325,000	Palm Springs Unified School District (GO) 4.00%, 08/01/26 (c)		370,695
		Palm Springs Unified School District, Series D (GO)
	550,000	2.50%, 08/01/26 (c)		579,518
	160,000	3.00%, 08/01/26 (c)		176,200
	775,000	Palomar Health, Series B (GO) 5.00%, 08/01/26 (c)		924,087
	350,000	Pittsburg Successor Agency, Los Medanos Community, Series A (AGM) (TA) 5.00%, 09/01/26 (c)		428,375
	260,000	Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c)		295,079
		Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB)
	440,000	5.00%, 10/01/25 (c)		530,693
	475,000	5.00%, 10/01/25 (c)		572,650
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
	100,000	4.00%, 11/01/26 (c)		117,784
	230,000	5.00%, 05/01/25 (c)		277,803
	250,000	5.00%, 05/01/25 (c)		300,845
	1,215,000	5.00%, 11/01/26 (c)		1,496,576
	25,000	5.00%, 11/01/26 (c)		30,941
	170,000	5.00%, 11/01/26 (c)		214,819
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB)
	785,000	5.00%, 11/01/27 (c)		989,909
	255,000	5.00%, 11/01/27 (c)		330,095
	650,000	Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c)		779,213
		Regents of the University of California, Series AR (RB)
	500,000	5.00%, 05/15/26 (c)		614,720
	750,000	5.00%, 05/15/26 (c)		927,120

See Notes to Financial Statements

46

Principal Amount			Value
California: (continued)
$	455,000	Regents of the University of California, Series K (RB) 5.00%, 05/15/26 (c)	$	561,060
	170,000	Riverside Community College District (GO) 5.00%, 08/01/25 (c)		203,867
	160,000	Riverside County Public Financing Authority, Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects (TA) 3.00%, 10/01/25 (c)		168,661
	730,000	Riverside County Transportation Commission, Series A (RB) 2.00%, 06/01/24 (c)		749,294
	125,000	Riverside Redevelopment Agency Successor Agency, Series A (AGM) (TA) 5.00%, 09/01/26		155,575
		Sacramento City Financing Authority, Master Lease Program Facilities (RB)
	650,000	3.38%, 12/01/25 (c)		722,169
	210,000	5.00%, 12/01/25 (c)		258,985
	110,000	5.00%, 12/01/25 (c)		135,036
		Sacramento County Sanitation Districts Financing Authority, Series A (RB)
	170,000	5.00%, 06/01/24 (c)		199,087
	250,000	5.00%, 06/01/24 (c)		290,923
	1,000,000	Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/28		1,320,210
		San Diego Association of Governments, South Bay Expressway, Series A (RB)
	705,000	5.00%, 07/01/27 (c)		831,132
	500,000	5.00%, 07/01/27 (c)		594,955
		San Diego Community College District (GO)
	855,000	5.00%, 08/01/26 (c)		1,064,706
	65,000	5.00%, 08/01/26 (c)		81,317
	535,000	San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		672,693
		San Diego County Regional Airport Authority, Series B (RB)
	1,295,000	5.00%, 07/01/30 (c)		1,639,703
	2,075,000	5.00%, 07/01/30 (c)		2,659,237
	1,630,000	5.00%, 07/01/30 (c)		2,108,503
		San Diego County Regional Transportation Commission, Series A (RB)
	700,000	5.00%, 04/01/26 (c)		856,758
	105,000	5.00%, 04/01/26 (c)		128,764
		San Diego County Water Authority, Series A (RB)
	100,000	5.00%, 05/01/25 (c)		120,288
	75,000	5.00%, 05/01/25 (c)		90,476
	500,000	5.00%, 05/01/26 (c)		608,725
	165,000	5.00%, 05/01/26 (c)		201,770
	150,000	5.00%, 05/01/26 (c)		184,424
	100,000	San Diego County Water Authority, Series B (RB) 5.00%, 05/01/26 (c)		120,613

Principal Amount			Value
California: (continued)
$	150,000	San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c)	$	176,453
		San Diego Public Facilities Financing Authority (RB)
	365,000	5.00%, 10/15/25 (c)		425,955
	445,000	5.00%, 10/15/25 (c)		517,455
	150,000	5.00%, 10/15/25 (c)		176,958
	410,000	5.00%, 10/15/25 (c)		481,073
	435,000	San Diego Public Facilities Financing Authority, Ballpark Refunding (RB) 5.00%, 10/15/25 (c)		515,836
		San Diego Public Facilities Financing Authority, Series A (RB)
	210,000	5.00%, 05/15/26 (c)		260,627
	135,000	5.00%, 05/15/26 (c)		168,548
	185,000	San Diego Public Facilities Financing Authority, Series B (RB) 5.00%, 08/01/26		231,679
		San Diego Regional Building Authority, Series A (RB)
	555,000	5.00%, 10/15/25 (c)		652,869
	325,000	5.00%, 10/15/25 (c)		381,114
	510,000	San Diego Unified School District, Series F (GO) 5.00%, 07/01/25 (c)		613,612
		San Diego Unified School District, Series I (GO)
	115,000	0.00%, 07/01/25 (c) ^		71,417
	220,000	0.00%, 07/01/25 (c) ^		143,026
	650,000	5.00%, 07/01/27 (c)		818,896
		San Diego Unified School District, Series R-5 (GO)
	20,000	4.00%, 07/01/26 (c)		23,508
	520,000	5.00%, 07/01/26 (c)		652,111
	575,000	San Diego Unified School District, Series SR-1 (GO) 4.00%, 07/01/26 (c)		662,969
	210,000	San Francisco Bay Area Rapid Transit District, Series D (GO) 5.00%, 08/01/25 (c)		255,343
		San Francisco Bay Area Rapid Transit District, Series F-1 (GO)
	140,000	5.00%, 08/01/29 (c)		184,407
	110,000	5.00%, 08/01/29 (c)		146,637
	140,000	San Francisco Community College District (GO) 5.00%, 06/15/25		168,050
		San Francisco County Transportation Authority (RB)
	135,000	3.00%, 02/01/27 (c)		146,337
	500,000	3.00%, 02/01/27 (c)		530,820
	105,000	4.00%, 02/01/27		126,029
	325,000	4.00%, 02/01/27 (c)		382,759
		San Francisco Unified School District, Proposition A, Series C (GO)
	500,000	3.00%, 06/15/24 (c)		536,400
	445,000	3.25%, 06/15/24 (c)		472,968

See Notes to Financial Statements

47

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
California: (continued)
$	2,000,000	San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c)	$	2,369,880
	165,000	San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c)		204,762
		San Joaquin County, Administration Building Project (CP) (AGM)
	520,000	5.00%, 11/15/27 (c)		666,775
	500,000	5.00%, 11/15/27 (c)		646,650
	25,000	San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c)		30,228
	230,000	San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		282,564
		San Marcos Unified School District (GO)
	400,000	4.00%, 08/01/27 (c)		472,288
	350,000	5.00%, 08/01/27 (c)		433,030
	515,000	5.00%, 08/01/27 (c)		655,878
	360,000	5.00%, 08/01/27 (c)		455,756
	770,000	San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c)		893,462
		Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
	400,000	4.00%, 05/15/25 (c)		449,112
	760,000	4.00%, 05/15/25 (c)		856,064
		Santa Clara Unified School District (GO)
	1,535,000	3.00%, 07/01/26 (c)		1,655,344
	100,000	3.00%, 07/01/26 (c)		108,111
	25,000	Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c)		30,451
	500,000	Sequoia Union High School District (GO) 3.00%, 07/01/26 (c)		546,355
	100,000	Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29		134,358
	120,000	State of California (GO) 4.00%, 09/01/26 (c)		139,300
		State of California, Department of Water Resources, Central Valley Project, Series AW (RB)
	275,000	5.00%, 12/01/26 (c)		342,906
	50,000	5.00%, 12/01/26 (c)		62,853
		State of California, Department of Water Resources, Central Valley Project, Series AX (RB)
	100,000	5.00%, 12/01/27 (c)		127,592
	915,000	5.00%, 12/01/27 (c)		1,173,799
	365,000	State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c)		480,325
	100,000	State of California, Series CL (GO) 3.75%, 12/01/24 (c)		107,569

Principal Amount			Value
California: (continued)
		State of California, Various Purpose (GO)
$	400,000	2.00%, 09/01/26 (c)	$	419,084
	645,000	3.00%, 09/01/26 (c)		699,612
	150,000	3.00%, 09/01/26 (c)		159,119
	350,000	3.00%, 10/01/29 (c)		381,489
	1,575,000	3.13%, 04/01/29 (c)		1,737,965
	605,000	3.50%, 08/01/27		717,657
	700,000	4.00%, 08/01/26 (c)		804,608
	130,000	4.00%, 08/01/26 (c)		149,113
	650,000	4.00%, 09/01/26 (c)		751,023
	2,110,000	4.00%, 09/01/26 (c)		2,449,351
	250,000	4.00%, 09/01/26 (c)		287,800
	645,000	4.00%, 09/01/26 (c)		745,246
	1,200,000	4.00%, 09/01/26 (c)		1,415,880
	950,000	4.00%, 09/01/26 (c)		1,102,788
	100,000	4.00%, 11/01/27 (c)		118,561
	600,000	4.00%, 11/01/27		734,934
	2,000,000	4.00%, 03/01/29		2,486,940
	8,500,000	4.00%, 03/01/30 (c)		10,163,450
	2,000,000	4.00%, 03/01/30 (c)		2,390,060
	2,945,000	4.00%, 11/01/30 (c)		3,592,134
	355,000	5.00%, 09/01/21 (c)		368,632
	390,000	5.00%, 09/01/21 (c)		404,875
	330,000	5.00%, 09/01/21 (c)		342,530
	115,000	5.00%, 09/01/21 (c)		119,396
	140,000	5.00%, 09/01/21 (c)		145,305
	345,000	5.00%, 09/01/23 (c)		389,329
	500,000	5.00%, 04/01/24 (c)		573,905
	340,000	5.00%, 08/01/25 (c)		408,262
	765,000	5.00%, 08/01/25 (c)		912,668
	875,000	5.00%, 08/01/25 (c)		1,041,206
	30,000	5.00%, 09/01/25 (c)		36,342
	370,000	5.00%, 09/01/25 (c)		442,557
	1,565,000	5.00%, 09/01/25 (c)		1,894,182
	1,075,000	5.00%, 04/01/26 (c)		1,313,188
	600,000	5.00%, 08/01/26 (c)		735,756
	115,000	5.00%, 08/01/26 (c)		139,513
	190,000	5.00%, 08/01/26 (c)		231,091
	1,050,000	5.00%, 08/01/26 (c)		1,306,189
	510,000	5.00%, 08/01/26 (c)		629,575
	955,000	5.00%, 08/01/26 (c)		1,180,724
	150,000	5.00%, 08/01/26 (c)		185,645
	165,000	5.00%, 08/01/26 (c)		201,610
	1,165,000	5.00%, 08/01/26 (c)		1,440,359
	185,000	5.00%, 08/01/26 (c)		230,138
	835,000	5.00%, 09/01/26 (c)		1,031,175
	390,000	5.00%, 09/01/26 (c)		477,649
	320,000	5.00%, 09/01/26 (c)		395,181
	250,000	5.00%, 09/01/26 (c)		309,218
	2,260,000	5.00%, 09/01/26 (c)		2,777,969
	770,000	5.00%, 09/01/26 (c)		954,862
	2,640,000	5.00%, 09/01/26 (c)		3,216,602
	150,000	5.00%, 09/01/26 (c)		186,012
	1,000,000	5.00%, 09/01/26 (c)		1,238,790
	125,000	5.00%, 09/01/26 (c)		154,609
	15,000	5.00%, 09/01/26		18,815
	2,000,000	5.00%, 09/01/26 (c)		2,477,580
	1,030,000	5.00%, 04/01/27		1,312,107

See Notes to Financial Statements

48

Principal Amount			Value
California: (continued)
$	950,000	5.00%, 08/01/27 (c)	$	1,197,085
	3,395,000	5.00%, 08/01/27 (c)		4,331,647
	1,920,000	5.00%, 08/01/27 (c)		2,432,160
	285,000	5.00%, 10/01/27		367,753
	1,000,000	5.00%, 11/01/27 (c)		1,273,990
	2,645,000	5.00%, 11/01/27 (c)		3,336,985
	2,480,000	5.00%, 11/01/27 (c)		3,183,006
	1,020,000	5.00%, 11/01/27 (c)		1,293,248
	2,000,000	5.00%, 11/01/27		2,586,080
	710,000	5.00%, 04/01/28		924,725
	750,000	5.00%, 08/01/28		984,045
	1,445,000	5.00%, 08/01/28 (c)		1,820,859
	3,500,000	5.00%, 04/01/29 (c)		4,469,640
	1,735,000	5.00%, 04/01/29		2,299,742
	150,000	5.00%, 04/01/29 (c)		194,490
	1,390,000	5.00%, 10/01/29 (c)		1,845,447
	3,000,000	5.00%, 10/01/29 (c)		3,961,770
	1,000,000	5.00%, 10/01/29		1,337,900
	2,590,000	5.00%, 04/01/30		3,486,373
	380,000	5.00%, 04/01/31		517,123
	3,500,000	5.00%, 04/01/32		4,824,225
	250,000	5.25%, 08/01/25 (c)		301,935
		Stockton Unified School District (GO)
	100,000	5.00%, 02/01/26 (c)		119,603
	100,000	5.00%, 02/01/26 (c)		120,793
	335,000	Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c)		403,119
		Trustees of the California State University, Series A (RB)
	250,000	4.00%, 05/01/26 (c)		298,015
	410,000	5.00%, 05/01/26 (c)		507,834
	750,000	5.00%, 05/01/26 (c)		924,390
	830,000	5.00%, 05/01/26 (c)		1,029,573
		Tuolumne Wind Project Authority, Series A (RB)
	405,000	5.00%, 01/01/27 (c)		512,066
	125,000	5.00%, 01/01/27		159,300
	130,000	University of California, Series AO (RB) 5.00%, 05/15/25 (c)		156,520
	10,000	University of California, Series AR (RB) 5.00%, 05/15/26 (c)		12,331
	385,000	University of California, Series AY (RB) 5.00%, 05/15/27 (c)		485,897
		University of California, Series AZ (RB)
	310,000	5.00%, 05/15/28 (c)		395,672
	275,000	5.00%, 05/15/28 (c)		359,576
	1,500,000	University of California, Series BE (RB) 5.00%, 05/15/30 (c)		1,974,600
	1,170,000	University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,473,311
		West Basin Municipal Water District, Series A (RB)
	155,000	5.00%, 02/01/26 (c)		190,892
	100,000	5.00%, 02/01/26 (c)		123,507

Principal Amount			Value
California: (continued)
$	20,000	West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c)	$	23,674
				275,725,190
Colorado: 1.9%
	250,000	Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c)		315,615
	540,000	Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		672,251
		Adams and Weld Counties, School District No. 27J (GO) (SAW)
	365,000	4.00%, 12/01/25 (c)		414,027
	160,000	5.00%, 12/01/25 (c)		193,906
		Board of Governors of Colorado State University System (RB)
	935,000	5.00%, 03/01/28 (c)		1,175,809
	510,000	5.00%, 03/01/28 (c)		652,463
	1,050,000	Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 06/01/27 (c)		1,258,803
	1,000,000	Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c)		1,222,120
	150,000	City and County of Denver, Series A (RB) 5.00%, 08/01/26 (c)		182,534
	200,000	City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		134,028
		City of Aurora, Water Revenue, First Lien (RB)
	1,015,000	5.00%, 08/01/26 (c)		1,242,746
	500,000	5.00%, 08/01/26 (c)		615,020
		City of Colorado Springs, Utilities System, Series A-1 (RB)
	100,000	5.00%, 11/15/27 (c)		126,659
	120,000	5.00%, 11/15/27 (c)		152,754
	110,000	5.00%, 11/15/27 (c)		140,703
	1,000,000	Colorado Health Facilities Authority, AdventHealth Obligated Group, Series B (RB) 5.00%, 11/19/26 (p)		1,251,870
	545,000	Colorado Health Facilities Authority, Adventist Health System, Series B (RB) 5.00%, 05/15/26 (c)		652,479
	2,255,000	Colorado Health Facilities Authority, Adventist Health System, Series C (RB) 5.00%, 11/15/26 (p)		2,822,132
	155,000	Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c)		188,956
	2,000,000	Colorado Health Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 02/01/26 (c) (p)		2,369,480

See Notes to Financial Statements

49

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Colorado: (continued)
$	280,000	Colorado Health Facilities Authority, NCMC, Inc. Project (RB) 3.25%, 05/15/26 (c)	$	322,302
	115,000	Colorado Higher Education, Series A (CP) 5.00%, 11/01/26		143,701
	295,000	El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c)		365,228
		Garfield Pitkin and Eagle Counties School District No. RE-1 (GO)
	565,000	5.00%, 12/15/25 (c)		689,543
	975,000	5.00%, 12/15/25 (c)		1,193,224
	1,110,000	Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c)		1,452,091
		Mesa County Valley School District No. 51 (GO) (SAW)
	500,000	5.00%, 12/01/27 (c)		635,215
	500,000	5.00%, 12/01/27 (c)		638,310
	200,000	5.25%, 12/01/27 (c)		258,554
		Park Creek Metropolitan District, Series A (RB)
	105,000	5.00%, 12/01/25 (c)		122,679
	560,000	5.00%, 12/01/25 (c)		661,797
	250,000	5.00%, 12/01/25 (c)		296,525
		Regents of the University of Colorado, Series B-1 (RB)
	600,000	2.75%, 06/01/26 (c)		653,334
	1,000,000	4.00%, 06/01/26 (c)		1,142,420
	540,000	4.00%, 06/01/26 (c)		618,019
		Regional Transportation District, Series B (RB)
	1,995,000	5.00%, 11/01/27 (c)		2,450,937
	100,000	5.00%, 11/01/27 (c)		123,095
	410,000	State of Colorado, Series K (CP) 5.00%, 03/15/27 (c)		499,540
	190,000	State of Colorado, Series M (CP) 5.00%, 03/15/28 (c)		239,651
		University of Colorado, Series A-2 (RB)
	800,000	3.00%, 06/01/24 (c)		835,624
	500,000	4.00%, 06/01/28 (c)		586,975
	250,000	5.00%, 06/01/27		318,388
	155,000	5.00%, 06/01/28		202,100
	860,000	University of Colorado, Series B-1 (RB) 2.25%, 06/01/26 (c)		926,306
	1,480,000	Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c)		1,931,814
				33,091,727
Connecticut: 2.2%
	160,000	City of Hartford, Series C (GO) (AGM) 4.00%, 07/15/25 (c)		175,117
		Connecticut Housing Finance Authority, Series A-1 (RB)
	260,000	2.88%, 05/15/25 (c)		274,729
	350,000	3.65%, 11/15/26 (c)		380,471
	200,000	3.88%, 11/15/26 (c)		219,436

Principal Amount			Value
Connecticut: (continued)
$	500,000	Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c)	$	538,790
	200,000	Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c)		213,580
	335,000	Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c)		419,373
	250,000	Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c)		257,788
		Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
	525,000	4.00%, 07/01/29 (c)		576,187
	315,000	4.00%, 07/01/29 (c)		346,941
	2,200,000	5.00%, 07/01/29 (c)		2,665,322
	140,000	Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 3.13%, 06/01/26 (c)		146,796
	305,000	Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c)		353,394
		South Central Connecticut Regional Water Authority, Series B (RB)
	310,000	4.00%, 08/01/26 (c)		345,573
	500,000	4.00%, 08/01/26 (c)		558,820
	25,000	5.00%, 08/01/26 (c)		30,877
		State of Connecticut, Series A (GO)
	230,000	3.25%, 03/15/26 (c)		243,986
	110,000	5.00%, 03/15/26 (c)		130,485
	780,000	5.00%, 03/15/26 (c)		949,970
	680,000	5.00%, 04/15/27 (c)		842,908
	350,000	5.00%, 05/01/27 (c)		432,498
	1,000,000	5.00%, 04/15/28 (c)		1,212,650
	1,000,000	5.00%, 04/15/29		1,303,820
		State of Connecticut, Series B (GO)
	785,000	5.00%, 04/15/27		987,451
	135,000	5.00%, 04/15/27		169,817
	1,205,000	State of Connecticut, Series C (GO) 4.00%, 06/15/28 (c)		1,376,158
	710,000	State of Connecticut, Series D (GO) 4.00%, 08/15/26 (c)		797,728
		State of Connecticut, Series E (GO)
	395,000	3.00%, 10/15/26 (c)		417,298
	400,000	5.00%, 09/15/27		508,184
	1,335,000	5.00%, 09/15/28 (c)		1,700,697
		State of Connecticut, Series F (GO)
	335,000	3.25%, 11/15/25 (c)		362,875
	420,000	5.00%, 11/15/25 (c)		498,288
	290,000	5.00%, 11/15/25 (c)		350,909
	400,000	5.00%, 11/15/25 (c)		478,860

See Notes to Financial Statements

50

Principal Amount			Value
Connecticut: (continued)
		State of Connecticut, Special Tax Obligation, Series A (RB)
$	785,000	4.00%, 09/01/26 (c)	$	869,238
	590,000	5.00%, 08/01/25 (c)		697,545
	795,000	5.00%, 08/01/25 (c)		937,488
	520,000	5.00%, 08/01/25 (c)		623,594
	335,000	5.00%, 08/01/25 (c)		400,010
	255,000	5.00%, 08/01/25 (c)		301,872
	200,000	5.00%, 09/01/26 (c)		240,178
	475,000	5.00%, 09/01/26 (c)		573,382
	190,000	5.00%, 01/01/28 (c)		233,483
		State of Connecticut, Special Tax Obligation, Series B (RB)
	335,000	5.00%, 09/01/26 (c)		411,564
	275,000	5.00%, 09/01/26 (c)		340,139
	470,000	5.00%, 10/01/26		585,827
	1,025,000	5.00%, 10/01/28		1,328,759
	260,000	State of Connecticut, Special Tax Obligation, Series C (RB) 5.00%, 10/01/26		324,074
		State of Connecticut, State Revolving Fund, Series A (RB)
	1,000,000	5.00%, 05/01/27 (c)		1,239,150
	275,000	5.00%, 02/01/29 (c)		354,676
		University of Connecticut, Series A (RB)
	210,000	3.00%, 03/15/26 (c)		219,570
	265,000	5.00%, 03/15/26 (c)		311,950
	380,000	5.00%, 03/15/26 (c)		450,862
	280,000	5.00%, 03/15/26 (c)		335,860
	435,000	5.00%, 03/15/26 (c)		518,742
	1,000,000	5.00%, 11/01/26		1,238,310
	745,000	5.00%, 01/15/27 (c)		901,301
	460,000	5.00%, 01/15/27		570,970
	335,000	5.00%, 01/15/27 (c)		410,502
	1,000,000	5.00%, 04/15/28 (c)		1,256,480
	500,000	5.00%, 11/01/28 (c)		617,105
	500,000	5.00%, 11/01/28 (c)		620,805
				37,181,212
Delaware: 0.4%
	180,000	Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c)		195,349
	220,000	Delaware Transportation Authority (RB) 5.00%, 07/01/26 (c)		273,526
		State of Delaware (GO)
	505,000	3.13%, 03/01/27 (c)		550,692
	500,000	4.00%, 03/01/27 (c)		592,785
		State of Delaware, Series A (GO)
	650,000	2.00%, 01/01/30 (c)		652,385
	545,000	2.13%, 03/01/26 (c)		575,558
	100,000	5.00%, 02/01/27		127,386
	500,000	5.00%, 02/01/28 (c)		643,755
	500,000	5.00%, 02/01/28		653,245
	810,000	5.00%, 10/01/28		1,074,570
	1,000,000	5.00%, 01/01/30 (c)		1,350,840
				6,690,091

Principal Amount			Value
District of Columbia: 1.7%
$	2,250,000	District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c)	$	2,899,350
	130,000	District of Columbia, Children’s Hospital Obligated Group (RB) 5.00%, 01/15/26 (c)		153,897
		District of Columbia, Georgetown University Issue (RB)
	645,000	5.00%, 04/01/27 (c)		786,642
	105,000	5.00%, 04/01/27 (c)		129,692
		District of Columbia, Series A (GO)
	250,000	5.00%, 06/01/26 (c)		306,470
	290,000	5.00%, 06/01/26 (c)		354,090
	210,000	5.00%, 06/01/26 (c)		259,890
	30,000	5.00%, 06/01/26 (c)		37,016
	2,500,000	5.00%, 06/01/27 (c)		3,110,325
	580,000	5.00%, 06/01/27 (c)		722,680
	170,000	5.00%, 06/01/27 (c)		212,255
	750,000	5.00%, 06/01/28 (c)		951,277
	1,000,000	5.00%, 09/01/29 (c)		1,294,560
		District of Columbia, Series C (RB)
	225,000	5.00%, 10/01/27		291,035
	1,000,000	5.00%, 05/01/30 (c)		1,311,290
		District of Columbia, Series D (GO)
	500,000	4.00%, 06/01/27 (c)		583,770
	125,000	5.00%, 12/01/26 (c)		158,068
	20,000	5.00%, 12/01/26 (c)		24,979
	160,000	5.00%, 12/01/26 (c)		201,130
	1,500,000	5.00%, 06/01/27 (c)		1,912,740
	500,000	5.00%, 06/01/27 (c)		624,280
	25,000	District of Columbia, Series E (GO) 5.00%, 12/01/26 (c)		31,224
	195,000	District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series A (RB) 5.00%, 04/01/26 (c)		236,592
		District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series B (RB)
	400,000	5.00%, 10/01/25 (c)		481,376
	410,000	5.00%, 10/01/25 (c)		499,827
	430,000	5.00%, 04/01/26 (c)		523,237
	100,000	5.00%, 04/01/26 (c)		122,216
	560,000	Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28		722,523
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
	250,000	4.00%, 10/01/29 (c)		281,538
	250,000	4.00%, 10/01/29 (c)		282,730
	2,545,000	Washington Convention and Sports Authority, Senior Lien, Series A (RB) 5.00%, 10/01/27 (c)		2,841,136
		Washington Metropolitan Area Transit Authority (RB)
	175,000	5.00%, 07/01/27 (c)		220,887
	275,000	5.00%, 07/01/27		349,528

See Notes to Financial Statements

51

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
District of Columbia: (continued)
		Washington Metropolitan Area Transit Authority, Series A-1 (RB)
$	140,000	5.00%, 07/01/27 (c)	$	173,593
	330,000	5.00%, 07/01/27		419,433
		Washington Metropolitan Area Transit Authority, Series A-2 (RB)
	810,000	5.00%, 07/01/27 (c)		990,209
	550,000	5.00%, 07/01/27 (c)		674,844
	300,000	5.00%, 07/01/27 (c)		369,891
		Washington Metropolitan Area Transit Authority, Series B (RB)
	1,205,000	5.00%, 07/01/27 (c)		1,478,523
	880,000	5.00%, 07/01/27 (c)		1,075,782
	650,000	5.00%, 07/01/27 (c)		805,967
	240,000	5.00%, 07/01/27		305,042
	555,000	5.00%, 07/01/27 (c)		691,813
				29,903,347
Florida: 4.0%
	490,000	Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c)		614,450
	520,000	Central Florida Expressway Authority (RB) 3.00%, 07/01/27 (c)		549,604
		Central Florida Expressway Authority, Series A (RB)
	815,000	3.00%, 07/01/26 (c)		855,587
	395,000	3.25%, 07/01/26 (c)		415,153
	175,000	City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c)		220,215
		City of Gainesville, Utilities System, Series A (RB)
	200,000	5.00%, 10/01/26		251,396
	500,000	5.00%, 10/01/27 (c)		621,595
	195,000	5.00%, 10/01/27 (c)		243,920
	585,000	City of Jacksonville, Series B (RB) 5.00%, 10/01/27		748,051
		City of Jacksonville, Transportation Revenue (RB)
	600,000	3.00%, 10/01/25 (c)		641,676
	310,000	3.00%, 10/01/25 (c)		332,466
	450,000	3.25%, 10/01/25 (c)		481,725
	210,000	5.00%, 10/01/25 (c)		250,039
	295,000	City of Lakeland, Department of Electric Utilities (RB) 5.00%, 04/01/26 (c)		361,941
	540,000	City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c)		654,653
	375,000	City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/26		461,906
		City of Port St. Lucie, Utility System (RB)
	500,000	4.00%, 09/01/26 (c)		569,240
	585,000	5.00%, 09/01/26 (c)		722,814

Principal Amount			Value
Florida: (continued)
$	680,000	City of Tallahassee, Energy System Revenue (RB) 5.00%, 10/01/23 (c)	$	764,857
	100,000	County of Lee, Transportation Facilities (RB) (AGM) 5.00%, 10/01/24 (c)		117,043
		County of Miami-Dade (RB)
	565,000	0.00%, 10/01/26 (c) ^		418,162
	400,000	0.00%, 10/01/26 (c) ^		283,344
	640,000	5.00%, 10/01/26		787,718
	690,000	5.00%, 10/01/26 (c)		828,621
	510,000	5.00%, 10/01/26 (c)		620,497
	115,000	5.00%, 10/01/26 (c)		137,771
		County of Miami-Dade, Aviation Revenue, Series A (RB)
	750,000	5.00%, 10/01/26 (c)		879,262
	460,000	5.00%, 10/01/26 (c)		552,432
	100,000	5.00%, 10/01/26 (c)		120,920
		County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW)
	1,600,000	4.00%, 07/01/30 (c)		1,932,304
	100,000	5.00%, 07/01/25 (c)		120,623
	200,000	5.00%, 07/01/25		242,274
	555,000	5.00%, 07/01/26 (c)		681,013
	520,000	5.00%, 07/01/26 (c)		644,556
	100,000	5.00%, 07/01/26 (c)		125,152
	280,000	5.00%, 07/01/26 (c)		343,921
		County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
	260,000	3.13%, 04/01/26 (c)		279,622
	520,000	5.00%, 04/01/26 (c)		636,142
	400,000	County of Miami-Dade, Educational Facilities Authority, Series A (RB) 5.00%, 04/01/25 (c)		454,480
		County of Miami-Dade, Expressway Authority Toll System, Series A (RB)
	25,000	5.00%, 07/01/26 (c)		29,494
	105,000	5.00%, 07/01/26 (c)		126,012
	250,000	County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)		281,913
		County of Miami-Dade, Water and Sewer System (RB)
	270,000	5.00%, 10/01/25		329,889
	800,000	5.00%, 10/01/27 (c)		1,022,296
		County of Miami-Dade, Water and Sewer System, Series B (RB)
	370,000	3.00%, 10/01/27 (c)		404,062
	605,000	5.00%, 10/01/25 (c)		720,349
	125,000	Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27		159,715
		Florida Department of Management Services, Series A (CP)
	105,000	5.00%, 08/01/25		127,672
	425,000	5.00%, 09/01/27 (c)		542,036
	175,000	5.00%, 11/01/27		223,127

See Notes to Financial Statements

52

Principal Amount			Value
Florida: (continued)
$	500,000	Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project (RB) 5.00%, 04/01/26 (c)	$	566,665
		Florida Housing Finance Corp., Series 1 (RB)
	320,000	3.25%, 01/01/27 (c)		341,808
	600,000	3.60%, 01/01/27 (c)		639,036
	1,000,000	Florida Housing Finance Corp., Series 2 (RB) 2.10%, 01/01/30 (c)		996,470
		Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB)
	635,000	3.00%, 10/01/26 (c)		683,222
	125,000	5.00%, 10/01/26 (c)		152,134
	195,000	5.00%, 10/01/26 (c)		238,370
	470,000	5.00%, 10/01/27		599,184
	265,000	Florida State Department of Transportation, Turnpike Enterprise, Series B (RB) 5.00%, 07/01/25 (c)		320,059
	815,000	Halifax Hospital Medical Center (RB) 3.38%, 06/01/26 (c)		874,340
		Hernando County School District, Series A (CP) (AGM)
	245,000	3.00%, 07/01/26 (c)		261,297
	450,000	3.00%, 07/01/26 (c)		481,270
	470,000	3.00%, 07/01/26 (c)		504,070
		JEA Electric System, Series B (RB)
	175,000	3.38%, 10/01/22 (c)		180,026
	885,000	5.00%, 10/01/27 (c)		1,080,107
		JEA Electric System, Series Three B (RB)
	850,000	5.00%, 10/01/27 (c)		1,054,357
	610,000	5.00%, 10/01/27 (c)		761,780
	650,000	5.00%, 10/01/27		823,680
	605,000	Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c)		753,769
		Manatee County School District (RB) (AGM)
	290,000	5.00%, 10/01/26		354,322
	160,000	5.00%, 04/01/27 (c)		195,827
		Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA)
	815,000	5.00%, 02/01/24 (c)		925,791
	610,000	5.00%, 02/01/24 (c)		690,819
	860,000	5.00%, 02/01/24 (c)		978,990
	640,000	5.00%, 02/01/24 (c)		730,099
	145,000	5.00%, 02/01/24 (c)		164,961
		Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA)
	320,000	5.00%, 02/01/24 (c)		362,838
	425,000	5.00%, 02/01/24 (c)		482,332

Principal Amount			Value
Florida: (continued)
$	420,000	Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c)	$	464,323
	410,000	Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c)		499,692
	310,000	Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c)		370,955
		Orange County, Tourist Development Tax (RB)
	100,000	5.00%, 10/01/25 (c)		113,933
	190,000	5.00%, 10/01/26		227,213
	360,000	5.00%, 10/01/27		438,718
	280,000	5.00%, 10/01/29		349,986
	490,000	5.00%, 10/01/30		620,796
	120,000	Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c)		151,193
	10,000	Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c)		11,568
		Palm Beach County School Board, Series A (CP)
	125,000	5.00%, 08/01/26		155,979
	120,000	5.00%, 08/01/27		153,829
	695,000	Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c)		902,103
	1,000,000	Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c)		1,291,770
		Polk County School District (RB)
	100,000	5.00%, 10/01/29 (c)		130,388
	1,000,000	5.00%, 10/01/29 (c)		1,311,820
	175,000	Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c)		219,678
	200,000	School Board of Duval County, Series B (CP) 5.00%, 07/01/25 (c)		238,192
	125,000	School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c)		136,663
	720,000	School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c)		856,865
		School Board of Miami-Dade County, Series C (CP)
	540,000	3.25%, 02/01/21 (c)		542,128
	265,000	3.25%, 02/01/21 (c)		266,105
		School Board of Miami-Dade County, Series D (CP)
	140,000	4.00%, 02/01/26 (c)		155,378
	165,000	5.00%, 02/01/26		200,820
	265,000	5.00%, 02/01/26 (c)		322,529
	200,000	School District of Broward County, Series A (CP) 5.00%, 07/01/26 (c)		239,780

See Notes to Financial Statements

53

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Florida: (continued)
		South Broward Hospital District (RB)
$	500,000	4.00%, 05/01/26 (c)	$	558,530
	435,000	5.00%, 05/01/26 (c)		522,883
		South Florida Water Management District (CP)
	400,000	3.00%, 04/01/26 (c)		432,012
	210,000	5.00%, 04/01/26 (c)		254,545
		South Miami Health Facilities Authority (RB)
	800,000	5.00%, 08/15/27 (c)		964,224
	710,000	5.00%, 08/15/27 (c)		871,355
		State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
	650,000	4.00%, 06/01/28 (c)		778,557
	815,000	5.00%, 06/01/25 (c)		984,422
	795,000	5.00%, 06/01/28 (c)		1,032,618
	400,000	State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/27 (c)		511,840
		State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC)
	510,000	3.00%, 06/01/29 (c)		564,708
	500,000	4.00%, 06/01/26 (c)		587,440
	725,000	4.00%, 06/01/26 (c)		846,597
	780,000	4.00%, 06/01/27 (c)		924,823
	585,000	5.00%, 06/01/27		750,660
	145,000	5.00%, 06/01/28 (c)		189,208
		State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO)
	10,000	5.00%, 06/01/26 (c)		12,456
	105,000	5.00%, 06/01/28		137,897
		State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
	590,000	2.38%, 06/01/26 (c)		628,303
	200,000	4.00%, 06/01/25 (c)		227,592
	135,000	State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c)		168,161
	115,000	State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c)		146,863
	880,000	State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		1,173,242
		State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO)
	600,000	3.00%, 07/01/27 (c)		652,470

Principal Amount			Value
Florida: (continued)
$	555,000	3.00%, 07/01/27 (c)	$	615,179
	40,000	5.00%, 07/01/26 (c)		50,162
	750,000	State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series B (GO) 5.00%, 07/01/28 (c)		980,632
	580,000	State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c)		743,003
	555,000	State of Florida, Department of Transportation, Turnpike, Series B (RB) 2.63%, 07/01/25 (c)		599,605
	740,000	State of Florida, Department of Transportation, Turnpike, Series C (RB) 5.00%, 07/01/26 (c)		910,311
	280,000	Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c)		323,383
				68,647,418
Georgia: 2.1%
	420,000	Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c)		459,039
	500,000	City of Atlanta, Airport Passenger Facility Charge (RB) 5.00%, 07/01/29 (c)		631,985
	200,000	City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c)		242,924
	250,000	Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c)		297,383
	750,000	Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c)		898,695
	3,000,000	County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c)		3,318,870
		Forsyth County School District (GO)
	1,000,000	5.00%, 02/01/28 (c)		1,281,890
	1,000,000	5.00%, 02/01/28 (c)		1,297,330
	1,045,000	5.00%, 02/01/29		1,395,294
		Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)
	225,000	5.00%, 02/15/27 (c)		266,663
	100,000	5.00%, 02/15/27 (c)		121,136
	925,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c)		975,967
		Metropolitan Atlanta Rapid Transit Authority, Series B (RB)
	300,000	5.00%, 07/01/26 (c)		364,719
	30,000	5.00%, 07/01/26 (c)		36,633

See Notes to Financial Statements

54

Principal Amount			Value
Georgia: (continued)
		Metropolitan Atlanta Rapid Transit Authority, Series C (RB)
$	495,000	5.00%, 07/01/26 (c)	$	608,221
	235,000	5.00%, 07/01/26 (c)		290,535
		Municipal Electric Authority of Georgia, Series A (RB)
	200,000	5.00%, 07/01/26 (c)		242,816
	1,090,000	5.00%, 07/01/26 (c)		1,325,669
	500,000	Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c)		651,965
	350,000	Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		419,310
		Richmond County Hospital Authority, University Health Services, Inc. Project (RB)
	345,000	3.00%, 07/01/26 (c)		360,473
	835,000	5.00%, 07/01/26 (c)		1,012,972
	375,000	5.00%, 07/01/26 (c)		444,716
	250,000	5.00%, 07/01/26 (c)		300,778
		State of Georgia, Series A (GO)
	985,000	2.50%, 02/01/26 (c)		1,031,472
	935,000	4.00%, 08/01/30 (c)		1,165,075
	1,190,000	5.00%, 02/01/26 (c)		1,465,818
	125,000	5.00%, 02/01/26		155,116
	680,000	5.00%, 02/01/26 (c)		831,409
	1,200,000	5.00%, 02/01/27 (c)		1,484,976
	350,000	5.00%, 02/01/27 (c)		440,772
	1,000,000	5.00%, 02/01/27		1,275,270
	150,000	5.00%, 02/01/27 (c)		188,166
	2,500,000	5.00%, 08/01/28		3,308,750
	2,500,000	5.00%, 08/01/29		3,371,875
		State of Georgia, Series C (GO)
	3,000,000	5.00%, 07/01/27 (c)		3,805,590
	130,000	5.00%, 07/01/27		167,570
				35,937,842
Hawaii: 1.1%
	1,275,000	City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c)		1,701,475
	1,015,000	City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c)		1,268,760
		City and County of Honolulu, Series C (GO)
	750,000	4.00%, 08/01/29 (c)		893,737
	120,000	4.00%, 08/01/29 (c)		143,599
	1,000,000	5.00%, 10/01/29		1,341,930
		City and County of Honolulu, Wastewater System, Series A (RB)
	970,000	4.00%, 07/01/26 (c)		1,109,253
	1,015,000	5.00%, 07/01/26 (c)		1,239,802

Principal Amount			Value
Hawaii: (continued)
		City and County of Honolulu, Wastewater System, Series B (RB)
$	100,000	4.00%, 07/01/26 (c)	$	114,102
	395,000	5.00%, 07/01/29 (c)		523,229
	175,000	State of Hawaii, Department of Budget and Finance, Series A (RB) 5.00%, 07/01/25		209,038
	295,000	State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c)		361,797
	120,000	State of Hawaii, Series EY (GO) 5.00%, 10/01/25 (c)		145,705
		State of Hawaii, Series FB (GO)
	150,000	3.00%, 04/01/26 (c)		158,288
	200,000	4.00%, 04/01/26 (c)		233,242
		State of Hawaii, Series FH (GO)
	15,000	5.00%, 10/01/26 (c)		18,697
	375,000	5.00%, 10/01/26 (c)		469,384
		State of Hawaii, Series FK (GO)
	690,000	5.00%, 05/01/27 (c)		847,320
	130,000	5.00%, 05/01/27 (c)		160,083
		State of Hawaii, Series FN (GO)
	500,000	5.00%, 10/01/27 (c)		630,745
	105,000	5.00%, 10/01/27 (c)		134,096
		State of Hawaii, Series FT (GO)
	295,000	4.00%, 01/01/28 (c)		348,891
	1,020,000	5.00%, 10/01/27 (c)		1,280,447
	150,000	5.00%, 01/01/28 (c)		188,787
	1,150,000	5.00%, 01/01/28 (c)		1,454,830
		State of Hawaii, Series FW (GO)
	1,300,000	5.00%, 01/01/28		1,671,943
	1,180,000	5.00%, 01/01/29		1,555,323
		University of Hawaii, Series E (RB)
	285,000	5.00%, 10/01/26 (c)		346,343
	240,000	5.00%, 10/01/26 (c)		290,419
				18,841,265
Idaho: 0.0%
	500,000	Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c)		613,275
Illinois: 4.2%
	235,000	Chicago Board of Education (ST) 5.75%, 04/01/27 (c)		271,002
		Chicago O’Hare International Airport, Series A (RB)
	175,000	5.00%, 01/01/27 (c)		209,932
	1,000,000	5.00%, 01/01/30 (c)		1,230,200
		Chicago O’Hare International Airport, Series B (RB)
	1,060,000	5.00%, 01/01/25 (c)		1,227,332
	510,000	5.00%, 01/01/25 (c)		587,586
	135,000	5.00%, 01/01/25 (c)		155,123
	580,000	5.00%, 01/01/25 (c)		665,440
	1,590,000	5.00%, 01/01/25 (c)		1,846,626
	495,000	5.00%, 01/01/25 (c)		579,303
	470,000	5.00%, 01/01/27 (c)		552,414
	365,000	5.00%, 01/01/27 (c)		426,926

See Notes to Financial Statements

55

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Illinois: (continued)
$	135,000	Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c)	$	156,138
	500,000	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		604,750
	100,000	City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c)		115,667
		City of Chicago, Series A (GO) (SAW)
	200,000	5.00%, 01/01/29		210,820
	390,000	5.50%, 01/01/29 (c)		420,966
	845,000	5.63%, 01/01/27 (c)		916,377
	340,000	5.63%, 01/01/27 (c)		370,297
	510,000	City of Chicago, Series C (GO) 5.00%, 01/01/26 (c)		523,918
		City of Chicago, Water Revenue, Second Lien (RB)
	1,140,000	5.00%, 11/01/27 (c)		1,415,720
	180,000	5.25%, 11/01/27 (c)		218,783
		City of Chicago, Water Revenue, Second Lien, Series A-1 (RB)
	405,000	5.00%, 11/01/26 (c)		487,179
	420,000	5.00%, 11/01/26 (c)		507,406
		City of Springfield, Electric Revenue, Senior Lien (RB) (AGM)
	15,000	5.00%, 03/01/25 (c)		17,468
	540,000	5.00%, 03/01/25 (c)		631,082
	425,000	5.00%, 03/01/25 (c)		501,032
	1,000,000	Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/27		1,281,320
	210,000	Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c)		247,275
		Cook County, Series A (GO)
	325,000	5.00%, 11/15/26 (c)		382,034
	250,000	5.00%, 11/15/26 (c)		296,388
		Illinois Finance Authority, Clean Water Initiative (RB)
	165,000	4.00%, 01/01/26 (c)		189,161
	100,000	4.00%, 01/01/26 (c)		117,366
	135,000	5.00%, 01/01/26		166,502
	685,000	5.00%, 01/01/26 (c)		842,872
	175,000	5.00%, 01/01/27 (c)		216,998
	140,000	5.00%, 01/01/27 (c)		175,412
	400,000	5.00%, 01/01/27 (c)		505,412
	1,155,000	5.00%, 07/01/29 (c)		1,487,178
		Illinois Finance Authority, Mercy Health Corp. (RB)
	90,000	4.00%, 06/01/26 (c)		98,406
	1,000,000	4.00%, 06/01/26 (c)		1,088,580
	160,000	4.00%, 06/01/26 (c)		175,667
	325,000	5.00%, 12/01/25		390,455
	250,000	5.00%, 06/01/26 (c)		288,523

Principal Amount			Value
Illinois: (continued)
$	130,000	5.00%, 06/01/26 (c)	$	154,718
	1,000,000	Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 5.00%, 08/15/30 (c)		1,309,470
		Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB)
	1,325,000	3.00%, 01/15/28 (c)		1,430,854
	535,000	5.00%, 07/15/27		676,647
	260,000	Illinois Finance Authority, Northwestern University (RB) 5.00%, 12/01/28		343,548
	100,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB) 5.00%, 11/15/25 (c)		114,797
	1,010,000	Illinois Finance Authority, Presence Health Network, Series C (RB) 4.00%, 02/15/27 (c)		1,134,897
		Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB)
	100,000	5.00%, 05/15/25 (c)		113,591
	125,000	5.00%, 05/15/25 (c)		143,364
	195,000	5.00%, 05/15/25 (c)		227,553
	190,000	Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/24 (c)		220,505
	500,000	Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		541,750
		Illinois Housing Development Authority, Series C (RB)
	540,000	2.80%, 10/01/28 (c)		569,916
	355,000	3.10%, 02/01/26 (c)		373,353
		Illinois State Toll Highway Authority, Series A (RB)
	290,000	4.00%, 01/01/26 (c)		325,861
	555,000	5.00%, 01/01/26 (c)		664,102
	775,000	5.00%, 01/01/26 (c)		923,908
	510,000	5.00%, 01/01/28 (c)		627,881
	175,000	5.00%, 01/01/29		226,996
	1,000,000	Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c)		1,304,960
		Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO)
	215,000	5.00%, 01/01/24 (c)		243,425
	120,000	5.00%, 01/01/24 (c)		136,067
		Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO)
	190,000	5.00%, 01/01/24 (c)		215,631
	450,000	5.00%, 01/01/24 (c)		509,949
	410,000	5.00%, 01/01/24 (c)		466,974
	335,000	5.00%, 01/01/24 (c)		380,872

See Notes to Financial Statements

56

Principal Amount			Value
Illinois: (continued)
$	700,000	Kendall, Kane, and Will Counties Community Unit School District No. 308 (GO) 5.00%, 02/01/26 (c)	$	828,212
		Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)
	425,000	5.00%, 12/01/26 (c)		525,117
	115,000	5.00%, 12/01/26 (c)		143,551
	590,000	5.00%, 12/01/26		730,556
		Northern Illinois Municipal Power Agency, Series A (RB)
	1,235,000	4.00%, 12/01/26 (c)		1,378,791
	365,000	5.00%, 12/01/26 (c)		450,498
	535,000	5.00%, 12/01/26 (c)		658,189
	565,000	Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/26 (c)		683,125
		Regional Transportation Authority of Illinois, Series A (RB)
	500,000	5.00%, 07/01/27 (c)		622,275
	870,000	5.00%, 07/01/27 (c)		1,090,467
		Sales Tax Securitization Corp., Series A (RB)
	100,000	5.00%, 01/01/26		117,078
	415,000	5.00%, 01/01/27		494,634
	250,000	5.00%, 01/01/28 (c)		292,993
	570,000	5.00%, 01/01/28 (c)		665,578
	250,000	5.00%, 01/01/28 (c)		294,540
	585,000	5.00%, 01/01/28 (c)		701,895
	1,150,000	5.00%, 01/01/28 (c)		1,370,121
	155,000	5.00%, 01/01/30 (c)		185,710
		State of Illinois (RB)
	300,000	3.00%, 06/15/26 (c)		279,795
	320,000	3.00%, 06/15/26 (c)		298,448
	680,000	3.00%, 06/15/26 (c)		647,326
	710,000	3.00%, 06/15/26 (c)		683,865
	495,000	3.00%, 06/15/26 (c)		465,840
	380,000	4.00%, 06/15/26 (c)		407,421
	1,100,000	5.00%, 06/01/26 (c)		1,191,146
	270,000	5.00%, 06/01/26 (c)		290,666
	400,000	5.00%, 06/15/26 (c)		450,524
	305,000	5.00%, 11/01/26 (c)		318,582
	1,010,000	5.00%, 02/01/27		1,104,960
	1,890,000	5.00%, 02/01/27 (c)		2,054,676
	800,000	5.50%, 05/01/30		914,952
		State of Illinois, Series A (RB)
	235,000	5.00%, 06/15/26		266,821
	100,000	5.00%, 06/15/26 (c)		112,631
	1,000,000	5.00%, 12/01/27 (c)		1,048,120
	2,250,000	5.00%, 05/01/28 (c)		2,367,315
	1,200,000	5.25%, 12/01/27 (c)		1,311,816
	1,000,000	State of Illinois, Series B (GO) 5.00%, 11/01/29 (c)		1,096,120
	4,105,000	State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		4,392,063
		State of Illinois, Series D (GO)
	275,000	3.25%, 11/01/26		271,365
	620,000	5.00%, 06/15/26 (c)		692,689

Principal Amount			Value
Illinois: (continued)
$	2,910,000	5.00%, 11/01/27 (c)	$	3,135,409
				71,216,505
Indiana: 0.9%
	585,000	Ball State University, Series R (RB) 5.00%, 07/01/27		740,072
	15,000	Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c)		18,243
		Indiana Finance Authority Highway, Series C (RB)
	340,000	5.00%, 12/01/26 (c)		423,616
	160,000	5.00%, 12/01/26 (c)		200,731
	420,000	5.00%, 06/01/28		546,911
		Indiana Finance Authority, Series A (RB)
	200,000	5.00%, 02/01/28 (c)		253,858
	220,000	5.00%, 02/01/29 (c)		282,240
	175,000	5.00%, 02/01/29 (c)		225,545
	130,000	Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c)		159,829
		Indiana Finance Authority, Series C (RB)
	610,000	5.00%, 02/01/28 (c)		783,405
	1,000,000	5.00%, 02/01/28 (c)		1,293,260
		Indiana Finance Authority, Series E (RB)
	150,000	5.00%, 02/01/26		185,612
	160,000	5.00%, 08/01/26 (c)		200,157
	100,000	5.00%, 08/01/26 (c)		124,157
	1,000,000	5.00%, 08/01/26 (c)		1,238,340
	105,000	5.00%, 02/01/29 (c)		136,522
	750,000	5.00%, 02/01/29 (c)		962,182
	935,000	5.00%, 06/01/29		1,238,772
	300,000	Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)		315,036
		Indiana Municipal Power Agency, Series A (RB)
	1,330,000	5.00%, 07/01/26 (c)		1,596,598
	250,000	5.00%, 01/01/28 (c)		309,505
	205,000	Indiana Municipal Power Agency, Series C (RB) 5.00%, 07/01/26 (c)		252,747
		Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB)
	1,715,000	5.00%, 02/01/29 (c)		2,231,009
	710,000	5.00%, 02/01/29		939,358
	160,000	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c)		186,426
	185,000	Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c)		230,329
				15,074,460

See Notes to Financial Statements

57

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Iowa: 0.2%
		Iowa Finance Authority (RB)
$	110,000	5.00%, 08/01/26	$	138,323
	1,000,000	5.00%, 08/01/27 (c)		1,262,260
	1,000,000	5.00%, 08/01/27 (c)		1,279,670
	125,000	State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c)		154,115
				2,834,368
Kansas: 0.5%
		Butler County Unified School District No. 385 (GO)
	300,000	4.00%, 09/01/27 (c)		350,838
	500,000	4.00%, 09/01/27 (c)		594,085
	500,000	5.00%, 09/01/27 (c)		620,205
	250,000	5.00%, 09/01/27 (c)		311,945
	210,000	Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c)		240,637
	750,000	Johnson County, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c)		882,667
	380,000	Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c)		422,423
	125,000	Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c)		149,009
		State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
	775,000	5.00%, 09/01/27 (c)		955,621
	150,000	5.00%, 09/01/27 (c)		184,545
	400,000	5.00%, 09/01/27		512,912
	630,000	5.00%, 09/01/27 (c)		781,439
		State of Kansas, Department of Transportation, Highway Revenue, Series B (RB)
	120,000	5.00%, 09/01/25 (c)		144,018
	720,000	5.00%, 09/01/25 (c)		855,115
	295,000	5.00%, 09/01/25 (c)		356,971
	280,000	5.00%, 09/01/25 (c)		337,604
	250,000	Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c)		286,320
				7,986,354
Kentucky: 0.6%
		Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB)
	1,020,000	5.00%, 11/01/26 (c)		1,235,557
	1,885,000	5.00%, 11/01/26 (c)		2,304,243
	450,000	5.00%, 11/01/26		552,816
	695,000	Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB) 3.00%, 05/01/26 (c)		731,932

Principal Amount			Value
Kentucky: (continued)
$	200,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/25 (c)	$	237,008
		Kentucky State Property and Building Commission No. 119 (RB)
	1,000,000	5.00%, 05/01/28 (c)		1,234,890
	100,000	5.00%, 05/01/28		126,498
	165,000	Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c)		196,698
	380,000	Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/27		471,842
		Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
	975,000	4.00%, 10/01/26 (c)		1,075,064
	55,000	5.00%, 10/01/26 (c)		65,565
	290,000	5.00%, 10/01/26 (c)		342,768
	105,000	Louisville and Jefferson County, Metro Government, Water System (RB) 3.00%, 11/15/25 (c)		113,692
	20,000	Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26		24,552
		University of Kentucky, Series A (RB)
	770,000	3.00%, 04/01/26 (c)		813,274
	500,000	4.00%, 04/01/26 (c)		566,255
				10,092,654
Louisiana: 0.8%
	250,000	City of Shreveport, Water and Sewer Revenue, Series C (RB) 4.00%, 12/01/28 (c)		287,703
		Jefferson Sales Tax District, Series B (RB) (AGM)
	500,000	4.00%, 12/01/29 (c)		587,105
	280,000	5.00%, 12/01/27 (c)		341,135
	620,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		664,497
		Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB)
	200,000	3.25%, 10/01/27 (c)		213,982
	990,000	5.00%, 10/01/27 (c)		1,201,068
	295,000	Louisiana Public Facilities Authority Hospital, Franciscan Missionaries of Our Lady Health System, Series A (RB) 5.00%, 07/01/25 (c)		337,359

See Notes to Financial Statements

58

Principal Amount			Value
Louisiana: (continued)
$	505,000	Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB) 3.50%, 06/01/21 (c)	$	513,080
		Louisiana Public Facilities Authority, Hurricane Recovery Program (RB)
	700,000	5.00%, 06/01/24 (c)		795,711
	535,000	5.00%, 06/01/24 (c)		612,147
	1,000,000	Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c)		1,254,240
	340,000	Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/26		413,284
	350,000	State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB) 5.00%, 05/01/24 (c)		407,407
		State of Louisiana, Series A (GO)
	150,000	3.50%, 04/01/27 (c)		166,328
	640,000	5.00%, 09/01/26 (c)		777,709
	565,000	5.00%, 04/01/27 (c)		701,205
	115,000	5.00%, 03/01/29 (c)		148,656
	425,000	5.00%, 03/01/30 (c)		551,148
	910,000	5.00%, 03/01/30 (c)		1,193,729
	930,000	5.00%, 03/01/30 (c)		1,225,135
		State of Louisiana, Series B (GO)
	200,000	5.00%, 08/01/26 (c)		244,642
	205,000	5.00%, 08/01/26 (c)		254,136
	150,000	5.00%, 10/01/27		192,854
		State of Louisiana, Series D (GO)
	200,000	3.00%, 09/01/26 (c)		217,278
	100,000	5.00%, 09/01/26 (c)		122,381
				13,423,919
Maryland: 3.0%
		City of Baltimore, Consolidated Public Improvement, Series B (GO)
	250,000	5.00%, 10/15/26		314,548
	250,000	5.00%, 10/15/27 (c)		320,140
	280,000	5.00%, 10/15/27		361,648
		County of Baltimore (GO)
	1,925,000	4.00%, 03/01/29 (c)		2,323,956
	1,250,000	5.00%, 03/01/28		1,634,275
		County of Montgomery, Series A (GO)
	675,000	5.00%, 11/01/24 (c)		800,577
	20,000	5.00%, 12/01/24 (c)		23,566
	1,070,000	County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c)		1,285,006
	15,000	Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c)		17,503
		Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB)
	750,000	5.00%, 05/01/26 (c)		897,472
	250,000	5.00%, 05/01/26 (c)		295,610
	240,000	5.00%, 05/01/26		295,514

Principal Amount			Value
Maryland: (continued)
$	250,000	5.00%, 05/01/26 (c)	$	300,630
	1,000,000	Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)		1,230,040
	655,000	Maryland Water Quality Financing Administration (RB) 3.00%, 03/01/24 (c)		694,018
		Prince George’s County, Series A (GO) (SAW)
	1,000,000	4.00%, 07/15/28 (c)		1,223,560
	2,500,000	5.00%, 07/15/28 (c)		3,176,475
	1,000,000	5.00%, 07/15/28		1,318,640
	1,150,000	5.00%, 07/15/28 (c)		1,504,234
		State of Maryland, Department of Transportation (RB) (SAW)
	2,340,000	2.13%, 10/01/27 (c)		2,434,676
	520,000	3.00%, 11/01/24 (c)		560,165
	500,000	3.00%, 09/01/27 (c)		550,560
	855,000	3.13%, 05/01/25 (c)		928,273
	780,000	4.00%, 05/01/25 (c)		893,295
	750,000	4.00%, 05/01/28 (c)		907,117
	295,000	5.00%, 11/01/24 (c)		347,354
	435,000	State of Maryland, Department of Transportation, Third Issue (RB) 3.00%, 12/15/23 (c)		464,510
		State of Maryland, State and Local Facilities Loan, First Series (GO)
	350,000	3.00%, 06/01/24 (c)		372,134
	485,000	4.00%, 06/01/24 (c)		545,804
	2,385,000	5.00%, 03/15/28		3,123,014
	1,000,000	5.00%, 03/15/28 (c)		1,298,470
	3,000,000	5.00%, 03/15/29 (c)		3,928,050
		State of Maryland, State and Local Facilities Loan, First Series A (GO)
	250,000	3.13%, 03/15/28 (c)		281,248
	1,185,000	4.00%, 03/15/27 (c)		1,408,372
	680,000	5.00%, 03/15/28		890,419
	5,500,000	5.00%, 03/15/30 (c)		7,443,535
		State of Maryland, State and Local Facilities Loan, Second Series (GO)
	530,000	4.00%, 08/01/28 (c)		639,403
	125,000	5.00%, 08/01/27		161,190
	1,000,000	5.00%, 08/01/28 (c)		1,299,780
	1,000,000	State of Maryland, State and Local Facilities Loan, Second Series A (GO) 3.00%, 08/01/27 (c)		1,116,080
		State of Maryland, Transportation Authority (RB)
	300,000	3.00%, 07/01/27 (c)		325,905
	510,000	3.00%, 07/01/27 (c)		557,874
		Washington Suburban Sanitary District (GO)
	500,000	3.00%, 06/01/24 (c)		539,780
	115,000	3.00%, 06/01/24 (c)		124,667
	560,000	3.00%, 06/01/24 (c)		607,074

See Notes to Financial Statements

59

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Maryland: (continued)
		Washington Suburban Sanitary District, Second Series (GO)
$	750,000	5.00%, 06/01/26 (c)	$	909,300
	550,000	5.00%, 06/01/27 (c)		698,841
				51,374,302
Massachusetts: 3.4%
	100,000	City of Boston, Series A (GO) 5.00%, 03/01/29		134,324
		Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB)
	980,000	5.00%, 06/01/24 (c)		1,120,650
	15,000	5.00%, 06/01/25 (c)		17,960
	20,000	5.00%, 06/01/25 (c)		23,875
		Commonwealth of Massachusetts, Rail Enhancement Program, Series A (RB)
	145,000	3.00%, 06/01/25 (c)		155,659
	745,000	5.00%, 06/01/25 (c)		878,847
		Commonwealth of Massachusetts, Series A (GO)
	290,000	3.00%, 03/01/24 (c)		307,809
	850,000	5.00%, 03/01/24 (c)		976,582
	275,000	5.00%, 07/01/26 (c)		341,195
		Commonwealth of Massachusetts, Series B (GO)
	600,000	5.00%, 07/01/26 (c)		734,502
	1,860,000	5.00%, 07/01/26 (c)		2,259,323
	155,000	5.00%, 07/01/26 (c)		191,419
	1,925,000	5.00%, 07/01/28		2,522,809
		Commonwealth of Massachusetts, Series C (GO)
	400,000	3.00%, 02/01/24 (c)		424,916
	350,000	5.00%, 05/01/23 (c)		388,521
	205,000	5.00%, 05/01/23 (c)		227,995
	1,000,000	5.00%, 05/01/30		1,353,650
	2,665,000	5.00%, 05/01/31		3,672,636
		Commonwealth of Massachusetts, Series D (GO)
	100,000	3.00%, 09/01/25 (c)		108,036
	365,000	5.00%, 07/01/30 (c)		480,884
		Commonwealth of Massachusetts, Series E (GO)
	1,275,000	3.00%, 11/01/27 (c)		1,396,354
	250,000	5.00%, 11/01/26		315,740
	100,000	5.00%, 11/01/27 (c)		126,932
	440,000	Commonwealth of Massachusetts, Series F (GO) 5.00%, 05/01/27		562,069
		Commonwealth of Massachusetts, Series I (GO)
	500,000	5.00%, 12/01/26 (c)		615,620
	10,000	5.00%, 12/01/26 (c)		12,581
		Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB)
	450,000	4.00%, 12/01/27 (c)		519,417
	20,000	5.00%, 06/01/26 (c)		24,817

Principal Amount			Value
Massachusetts: (continued)
		Massachusetts Bay Transportation Authority, Series A (RB)
$	810,000	0.00%, 07/01/26 (c) ^	$	692,623
	130,000	0.00%, 07/01/26 (c) ^		107,522
	1,160,000	0.00%, 07/01/26 (c) ^		897,898
	890,000	0.00%, 07/01/26 (c) ^		786,956
	210,000	2.00%, 07/01/26 (c)		222,472
	475,000	4.00%, 07/01/25 (c)		527,962
		Massachusetts Clean Water Trust, Series 19 (RB)
	500,000	5.00%, 02/01/26 (c)		604,145
	1,100,000	5.00%, 02/01/26 (c)		1,334,113
	940,000	5.00%, 02/01/26 (c)		1,152,656
	1,000,000	Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c)		1,278,280
		Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW)
	1,000,000	5.00%, 01/01/29 (c)		1,268,050
	1,000,000	5.00%, 01/01/29		1,320,830
	255,000	Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c)		318,355
	2,905,000	Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 5.00%, 07/01/26 (c)		3,322,652
	530,000	Massachusetts Development Finance Agency, Brandeis University, Series S-1 (RB) 5.00%, 10/01/27		661,981
		Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB)
	910,000	3.00%, 07/01/26 (c)		950,358
	200,000	3.25%, 07/01/26 (c)		209,724
	1,860,000	5.00%, 07/01/26 (c)		2,250,005
	200,000	5.00%, 07/01/26 (c)		240,490
	130,000	Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		159,852
		Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
	2,065,000	4.00%, 07/15/26 (c)		2,389,267
	700,000	5.00%, 07/15/26 (c)		877,394
	480,000	5.00%, 07/15/26 (c)		589,661
		Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB)
	1,000,000	5.00%, 08/15/25 (c)		1,156,200
	125,000	5.00%, 08/15/25 (c)		145,953

See Notes to Financial Statements

60

Principal Amount			Value
Massachusetts: (continued)
		Massachusetts Development Finance Agency, Partners Healthcare System, Series Q (RB)
$	100,000	3.13%, 07/01/26 (c)	$	105,900
	300,000	5.00%, 07/01/26 (c)		360,822
	750,000	Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		801,510
	500,000	Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		569,075
	100,000	Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		119,641
	330,000	Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/27		400,108
	450,000	Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c)		483,480
	150,000	Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c)		157,260
	125,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c)		154,123
	1,250,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series D (RB) 5.00%, 08/15/25 (c)		1,490,225
	880,000	Massachusetts State College Building Authority, Series A (RB) 4.00%, 05/01/25 (c)		1,006,456
	1,500,000	Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c)		1,984,575
		Massachusetts Water Resources Authority, Series C (RB)
	685,000	5.00%, 08/01/26 (c)		844,016
	2,115,000	5.00%, 08/01/27 (c)		2,663,398
		University of Massachusetts Building Authority, Series 1 (RB)
	750,000	5.00%, 11/01/29 (c)		974,430
	475,000	5.00%, 11/01/29 (c)		618,649
	500,000	5.00%, 11/01/29 (c)		654,430
	1,020,000	University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c)		1,285,394
				58,034,013
Michigan: 1.1%
	285,000	Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c)		338,839

Principal Amount			Value
Michigan: (continued)
$	340,000	Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c)	$	431,987
		Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
	250,000	5.00%, 07/01/26 (c)		303,220
	250,000	5.00%, 07/01/26 (c)		304,445
		Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
	290,000	5.00%, 07/01/26 (c)		351,202
	570,000	5.00%, 07/01/26 (c)		695,890
	500,000	5.00%, 07/01/26 (c)		613,835
		Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)
	1,025,000	5.00%, 07/01/26 (c)		1,241,316
	30,000	5.00%, 07/01/26 (c)		36,998
	130,000	Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c)		157,595
		Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)
	155,000	5.00%, 07/01/26 (c)		192,030
	875,000	5.00%, 07/01/26 (c)		1,090,644
		Michigan Finance Authority, Clean Water, Series B (RB)
	110,000	5.00%, 10/01/25		135,061
	100,000	5.00%, 10/01/26		126,162
	140,000	Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		146,621
		Michigan Finance Authority, Local Government Loan Program, Series C (RB)
	500,000	5.00%, 07/01/25 (c)		593,710
	250,000	5.00%, 07/01/25 (c)		297,488
		Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB)
	725,000	5.00%, 10/01/24 (c)		838,433
	150,000	5.00%, 11/15/26 (c)		184,997
		Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB)
	105,000	5.00%, 06/01/22 (c)		112,692
	75,000	5.00%, 06/01/27 (c)		91,748
	260,000	5.00%, 12/01/27 (c)		316,766
		Michigan State Building Authority, Series I (RB)
	5,000	5.00%, 10/15/25 (c)		6,115
	25,000	5.00%, 10/15/25 (c)		30,576
	175,000	5.00%, 10/15/25 (c)		211,328
	10,000	5.00%, 10/15/25 (c)		12,027
	540,000	5.00%, 10/15/26 (c)		667,310
	570,000	5.00%, 10/15/26 (c)		699,561
	515,000	5.00%, 10/15/26 (c)		633,398

See Notes to Financial Statements

61

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Michigan: (continued)
$	120,000	5.00%, 10/15/26 (c)	$	146,270
	125,000	5.00%, 10/15/26 (c)		152,848
	100,000	Michigan State Hospital Finance Authority, Series B (RB) 5.00%, 12/01/26		125,029
	100,000	Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27		127,974
	480,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 3.35%, 12/01/25 (c)		514,483
		Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
	1,370,000	3.10%, 06/01/26 (c)		1,463,297
	170,000	3.35%, 06/01/26 (c)		181,633
	770,000	Regents of the University of Michigan (RB) 5.00%, 04/01/26 (c)		934,518
	410,000	State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		449,762
	10,000	State of Michigan, Environmental Program, Series A (GO) 5.00%, 12/01/25 (c)		12,270
	2,285,000	State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/27		2,876,495
	560,000	Wayne County Airport Authority, Detroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c)		699,905
				18,546,478
Minnesota: 1.5%
		City of Maple Grove, Minnesota Health Care Facilities (RB)
	180,000	3.38%, 05/01/27 (c)		186,694
	460,000	3.50%, 05/01/27 (c)		479,150
	125,000	City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		154,164
	520,000	City of St. Cloud, Health Care, CentraCare Health System, Series A (RB) 3.00%, 05/01/26 (c)		543,665
	760,000	County of Hennepin, First Lien, Sales Tax, Series A (RB) 5.00%, 12/15/23 (c)		857,858
	200,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c)		248,680
		Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)
	325,000	5.00%, 01/01/27 (c)		393,500
	515,000	5.00%, 01/01/27 (c)		626,235
	385,000	Minnesota Housing Finance Agency, Series A (RB) 3.30%, 07/01/25 (c)		418,318

Principal Amount			Value
Minnesota: (continued)
$	1,000,000	Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)	$	1,264,030
	450,000	Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG) 5.00%, 02/01/26 (c)		551,065
	500,000	Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c)		615,235
	750,000	Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) 5.00%, 02/01/25 (c)		894,622
		State of Minnesota, State Trunk Highway, Series B (GO)
	555,000	2.25%, 08/01/26 (c)		578,427
	500,000	3.00%, 08/01/26 (c)		558,620
	185,000	4.00%, 08/01/26		222,039
	585,000	4.00%, 08/01/26 (c)		696,723
	100,000	5.00%, 08/01/28		132,261
	120,000	State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c)		136,664
		State of Minnesota, Various Purpose, Series A (GO)
	1,025,000	5.00%, 08/01/27		1,324,115
	400,000	5.00%, 10/01/27 (c)		515,180
	400,000	5.00%, 08/01/29		539,100
	1,000,000	5.00%, 08/01/29 (c)		1,299,280
	1,000,000	5.00%, 08/01/29 (c)		1,313,360
	2,000,000	5.00%, 08/01/30 (c)		2,648,240
	2,000,000	5.00%, 08/01/30 (c)		2,658,300
	��	State of Minnesota, Various Purpose, Series D (GO)
	925,000	2.25%, 08/01/26 (c)		983,377
	1,000,000	3.00%, 10/01/27 (c)		1,124,320
	1,000,000	3.00%, 10/01/27 (c)		1,130,170
	805,000	University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,035,182
	1,000,000	Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c)		1,101,910
				25,230,484
Mississippi: 0.5%
	300,000	Mississippi Development Bank, Jackson Public School District, Series A (RB) 5.00%, 04/01/26 (c)		359,718
		State of Mississippi, Series A (GO)
	125,000	5.00%, 10/01/26		156,874
	500,000	5.00%, 10/01/27 (c)		626,190
	405,000	5.00%, 10/01/27 (c)		505,161
	300,000	5.00%, 10/01/27 (c)		373,407
	430,000	5.00%, 10/01/27 (c)		546,784
	880,000	5.00%, 10/01/27 (c)		1,113,464

See Notes to Financial Statements

62 

Principal Amount			Value
Mississippi: (continued)
$	650,000	5.00%, 10/01/27 (c)	$	818,434
	550,000	5.00%, 10/15/28 (c)		644,682
	1,000,000	5.00%, 10/15/28 (c)		1,180,850
		State of Mississippi, Series B (GO)
	295,000	4.00%, 10/01/29 (c)		353,643
	850,000	5.00%, 12/01/26 (c)		1,054,042
	155,000	5.00%, 12/01/26 (c)		190,740
	105,000	State of Mississippi, Series E (RB) 5.00%, 10/15/25		122,890
				8,046,879
Missouri: 0.8%
		City of Kansas City, Downtown Arena Project, Series E (RB)
	450,000	3.00%, 04/01/25 (c)		473,377
	290,000	5.00%, 04/01/25 (c)		334,698
	570,000	City of Kansas City, Sanitary Sewer System Revenue, Series A (RB) 5.00%, 01/01/25 (c)		668,291
	350,000	City of Kansas, Series C (RB) 5.00%, 09/01/27 (c)		437,164
	1,000,000	Curators of the University of Missouri, Series B (RB)  5.00%, 11/01/30		1,363,440
		Metropolitan St. Louis Sewer District, Wastewater System, Series B (RB)
	490,000	5.00%, 05/01/25 (c)		582,149
	1,165,000	5.00%, 05/01/25 (c)		1,387,830
	15,000	Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		16,838
		Platte County Park Hill School District (GO) (SAW)
	225,000	3.00%, 03/01/26 (c)		241,441
	105,000	3.00%, 03/01/26 (c)		113,129
		Springfield School District No. R-12 (GO) (SAW)
	1,035,000	4.00%, 03/01/28 (c)		1,258,808
	615,000	4.00%, 03/01/28 (c)		753,713
	1,415,000	4.00%, 03/01/29 (c)		1,721,899
	650,000	4.00%, 03/01/29 (c)		791,563
	450,000	5.00%, 03/01/29 (c)		580,792
		St. Louis County, Series A (RB)
	1,045,000	2.00%, 12/01/28 (c)		1,060,550
	1,000,000	4.00%, 12/01/28 (c)		1,227,930
				13,013,612
Montana: 0.0%
	150,000	Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29		192,818
Nebraska: 0.4%
		Central Plains Energy Project, Gas Project Crossover, Series A (RB)
	1,000,000	5.00%, 09/01/27		1,236,490
	1,280,000	5.00%, 09/01/32		1,662,566
		Douglas County Hospital Authority No. 2 (RB)
	500,000	3.00%, 05/15/26 (c)		522,030

Principal Amount			Value
Nebraska: (continued)
$	115,000	4.00%, 05/15/26 (c)	$	128,578
	260,000	Metropolitan Utilities District of Omaha, Water System (RB) 3.25%, 12/01/25 (c)		283,249
		Omaha Public Power District, Electric System, Series A (RB)
	100,000	5.00%, 12/01/27 (c)		125,673
	1,125,000	5.00%, 02/01/29 (c)		1,474,841
		Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB)
	1,295,000	3.00%, 07/01/26 (c)		1,373,671
	560,000	3.13%, 07/01/26 (c)		593,550
				7,400,648
Nevada: 1.5%
		City of Las Vegas, Series C (GO)
	125,000	5.00%, 03/01/26 (c)		150,139
	500,000	5.00%, 03/01/26 (c)		607,490
	525,000	Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 05/01/26 (c)		647,393
	300,000	Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c)		368,349
		Clark County School District, Series A (GO) (AGM)
	915,000	5.00%, 06/15/30 (c)		1,174,467
	1,000,000	5.00%, 06/15/30 (c)		1,295,790
		Clark County School District, Series B (GO)
	250,000	4.00%, 11/01/26 (c)		288,915
	155,000	4.00%, 11/01/26 (c)		179,998
	985,000	5.00%, 11/01/26		1,235,426
	1,000,000	5.00%, 06/15/29		1,296,190
		Clark County School District, Series C (GO)
	905,000	5.00%, 12/15/25 (c)		1,075,819
	200,000	5.00%, 12/15/25 (c)		238,626
	1,050,000	5.00%, 12/15/27 (c)		1,280,580
		Clark County School District, Series D (GO)
	200,000	4.00%, 12/15/25 (c)		223,252
	760,000	5.00%, 12/15/25 (c)		900,539
	630,000	Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c)		699,880
		Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB)
	1,200,000	5.00%, 07/01/29 (c)		1,499,376
	470,000	5.00%, 07/01/29 (c)		590,405
	1,000,000	Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c)		1,180,800
		Clark County, Limited Tax, Series A (GO)
	110,000	5.00%, 05/01/26 (c)		133,788
	150,000	5.00%, 06/01/28 (c)		187,139
	1,110,000	5.00%, 06/01/28 (c)		1,420,289

See Notes to Financial Statements

63 

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Nevada: (continued)
		Clark County, Limited Tax, Series C (GO)
$	270,000	3.00%, 07/01/27 (c)	$	288,006
	500,000	3.00%, 07/01/27 (c)		536,520
	305,000	3.00%, 07/01/27 (c)		328,137
	275,000	Clark County, McCarran International Airport, Series B (RB)  5.00%, 07/01/29 (c)		347,969
		Las Vegas Valley Water District, Series A (GO)
	500,000	4.00%, 02/01/27 (c)		577,160
	190,000	5.00%, 06/01/26 (c)		235,492
		State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
	325,000	3.38%, 06/01/28 (c)		364,891
	1,000,000	4.00%, 06/01/27 (c)		1,158,670
	760,000	4.00%, 06/01/28 (c)		897,932
	760,000	4.00%, 06/01/28 (c)		901,687
	1,370,000	5.00%, 06/01/26 (c)		1,698,019
	270,000	5.00%, 06/01/26 (c)		333,644
	255,000	5.00%, 06/01/26 (c)		318,434
	795,000	5.00%, 06/01/27 (c)		995,308
		Truckee Meadows Water Authority (RB)
	355,000	5.00%, 07/01/26 (c)		431,879
	30,000	5.00%, 07/01/26 (c)		36,700
				26,125,098
New Jersey: 3.4%
	500,000	Board of Education of the Toms River Regional School District (GO) 3.00%, 07/15/26 (c)		528,730
	600,000	County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c)		654,576
	335,000	New Brunswick Parking Authority, Series A (RB) 3.00%, 09/01/26 (c)		352,856
	275,000	New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c)		309,359
		New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
	755,000	3.13%, 07/01/27 (c)		766,182
	335,000	3.38%, 07/01/27 (c)		336,330
	615,000	4.00%, 07/01/27 (c)		640,596
	450,000	4.00%, 07/01/27 (c)		474,318
	365,000	5.00%, 07/01/27 (c)		405,150
	480,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		529,214
	680,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/25		775,941

Principal Amount			Value
New Jersey: (continued)
$	1,000,000	New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)	$	1,157,410
	380,000	New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		438,429
		New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
	420,000	4.75%, 12/15/26 (c)		464,734
	275,000	5.50%, 12/15/26 (c)		321,409
		New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
	935,000	5.00%, 06/15/27 (c)		1,048,444
	615,000	5.00%, 06/15/27 (c)		691,174
	340,000	5.00%, 06/15/27 (c)		383,459
	245,000	5.00%, 06/15/27		284,594
	250,000	5.00%, 06/15/27 (c)		284,803
	1,250,000	New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)		1,437,012
	1,080,000	New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		1,142,554
		New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
	180,000	5.00%, 06/15/25 (c)		197,140
	440,000	5.25%, 06/15/25 (c)		493,830
	100,000	5.25%, 06/15/25 (c)		110,813
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	830,000	4.25%, 06/15/25 (c)		904,019
	565,000	4.38%, 06/15/25 (c)		614,511
		New Jersey Economic Development Authority, State House Project, Series B (RB)
	1,290,000	4.00%, 12/15/28 (c)		1,414,072
	315,000	5.00%, 06/15/26		361,053
	230,000	New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c)		252,043
	400,000	New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB) 5.00%, 07/01/26 (c)		480,228
	500,000	New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c)		632,130

See Notes to Financial Statements

64 

Principal Amount			Value
New Jersey: (continued)
$	1,000,000	New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB) 5.00%, 07/01/26 (c)	$	1,166,050
	145,000	New Jersey Educational Facilities Authority, The College of New Jersey, Series G (RB) 5.00%, 07/01/25 (c)		168,742
	1,000,000	New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/27 (c)		1,240,330
	200,000	New Jersey Health Care Facilities Financing Authority, Hospital Corp., Series A (RB) (AGM) 5.00%, 07/01/25 (c)		225,908
		New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB)
	1,585,000	3.00%, 07/01/26 (c)		1,663,933
	360,000	3.38%, 07/01/27 (c)		384,916
	1,590,000	New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 4.00%, 07/01/26 (c)		1,767,190
	1,500,000	New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series B-3 (RB) 5.00%, 04/01/26 (c) (p)		1,837,950
		New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB)
	115,000	3.00%, 07/01/26 (c)		116,900
	150,000	3.13%, 07/01/26 (c)		152,874
	1,015,000	New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c)		1,126,203
		New Jersey State Turnpike Authority, Series B (RB)
	2,900,000	5.00%, 01/01/28 (c)		3,517,816
	1,080,000	5.00%, 01/01/28 (c)		1,312,502
	115,000	5.00%, 01/01/28 (c)		140,846
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	2,330,000	4.00%, 12/15/28 (c)		2,489,232
	435,000	5.00%, 06/15/26 (c)		497,971
	500,000	5.00%, 12/15/27		584,195
	1,000,000	5.00%, 12/15/28 (c)		1,133,290
	1,100,000	5.00%, 12/15/28 (c)		1,256,596
	500,000	5.00%, 12/15/28		589,485
	1,395,000	5.00%, 12/15/28 (c)		1,595,155
	780,000	New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c)		841,916

Principal Amount			Value
New Jersey: (continued)
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
$	320,000	4.63%, 06/15/25 (c)	$	345,664
	655,000	4.75%, 06/15/25 (c)		701,865
	300,000	5.25%, 06/15/25 (c)		337,836
	435,000	5.25%, 06/15/25 (c)		488,218
	550,000	5.25%, 06/15/25 (c)		615,565
		New Jersey Turnpike Authority, Series A (RB)
	135,000	4.00%, 01/01/27 (c)		151,073
	105,000	5.00%, 01/01/26 (c)		124,019
	375,000	5.00%, 01/01/26 (c)		438,232
	30,000	5.00%, 01/01/26 (c)		35,303
	1,625,000	5.00%, 01/01/27 (c)		1,963,162
	270,000	5.00%, 01/01/27 (c)		320,792
		New Jersey Turnpike Authority, Series E (RB)
	340,000	5.00%, 01/01/25 (c)		392,771
	150,000	5.00%, 01/01/27		186,012
	200,000	5.00%, 01/01/28 (c)		244,950
	115,000	5.00%, 01/01/28 (c)		144,346
		New Jersey Turnpike Authority, Series G (RB) (AGM)
	2,130,000	4.00%, 01/01/28 (c)		2,444,409
	1,000,000	5.00%, 01/01/28 (c)		1,206,170
		State of New Jersey, Various Purposes (GO)
	400,000	5.00%, 06/01/27 (c)		491,860
	625,000	5.00%, 06/01/27		773,775
	225,000	The State University of New Jersey, Rutgers, Series M (RB) 5.00%, 05/01/26 (c)		265,529
		Tobacco Settlement Financing Corp., Series A (RB)
	360,000	5.00%, 06/01/27		448,632
	250,000	5.00%, 06/01/28 (c)		305,868
	225,000	5.00%, 06/01/28 (c)		273,386
	2,000,000	5.00%, 06/01/28 (c)		2,460,940
	195,000	5.00%, 06/01/28 (c)		243,130
	500,000	5.00%, 06/01/28 (c)		619,625
				58,720,245
New Mexico: 0.1%
	520,000	Regents of the University of New Mexico, Series A (RB) 2.50%, 06/01/26 (c)		557,752
	250,000	State of New Mexico, Series A (GO) 5.00%, 03/01/27		315,995
	1,125,000	University of New Mexico, Series B (RB) 2.75%, 06/01/26 (c)		1,215,709
				2,089,456
New York: 15.0%
	1,555,000	Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 4.00%, 01/15/27 (c)		1,734,742

See Notes to Financial Statements

65 

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New York: (continued)
$	500,000	City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)	$	528,630
	110,000	City of New York, Series 1 (GO) 5.00%, 08/01/26		135,512
		City of New York, Series A (GO)
	485,000	4.00%, 08/01/26 (c)		547,701
	770,000	5.00%, 08/01/25 (c)		915,468
	380,000	5.00%, 08/01/25 (c)		451,596
	130,000	5.00%, 08/01/26		160,151
	1,810,000	5.00%, 08/01/26 (c)		2,173,520
	540,000	5.00%, 08/01/27 (c)		673,704
	550,000	5.00%, 08/01/27		690,217
		City of New York, Series B-1 (GO)
	250,000	4.00%, 12/01/26 (c)		278,995
	395,000	5.00%, 12/01/26 (c)		477,930
	100,000	5.00%, 10/01/27 (c)		121,198
	500,000	5.00%, 10/01/29 (c)		637,970
	1,125,000	5.00%, 10/01/29 (c)		1,424,857
	920,000	5.25%, 10/01/27 (c)		1,149,347
		City of New York, Series C (GO)
	735,000	5.00%, 08/01/26		905,469
	225,000	5.00%, 02/01/27 (c)		276,728
		City of New York, Series C and D (GO)
	625,000	5.00%, 02/01/26 (c)		754,600
	500,000	5.00%, 02/01/26 (c)		594,930
	110,000	5.00%, 02/01/26 (c)		132,497
	500,000	5.00%, 08/01/26		615,965
	1,250,000	5.00%, 02/01/28 (c)		1,522,200
	820,000	5.00%, 02/01/28 (c)		1,032,913
	1,290,000	City of New York, Series D-1 (GO) 5.00%, 03/01/30 (c)		1,609,456
		City of New York, Series E (GO)
	185,000	5.00%, 08/01/26		227,907
	540,000	5.00%, 08/01/26 (c)		648,454
	680,000	5.00%, 08/01/26		837,712
		City of New York, Series E-1 (GO)
	1,015,000	5.00%, 03/01/28 (c)		1,247,729
	1,000,000	5.25%, 03/01/28 (c)		1,237,440
	1,500,000	5.25%, 03/01/28 (c)		1,884,330
	250,000	City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c)		304,650
	400,000	City of New York, Series L (GO) 5.00%, 04/01/29 (c)		502,664
		City of New York, Series L-6 (GO)
	175,000	5.00%, 04/01/28		221,729
	1,000,000	5.00%, 04/01/29 (c)		1,275,070
		County of Nassau, Series C (GO)
	1,000,000	5.00%, 04/01/26 (c)		1,166,130
	600,000	5.00%, 10/01/27 (c)		729,180
	310,000	5.00%, 10/01/27		384,642
	250,000	County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26		307,150
	500,000	County of Suffolk, Series C (GO) 5.00%, 05/01/24 (c)		554,075
	345,000	County of Westchester, Series A (GO) 4.00%, 12/01/26 (c)		415,363

Principal Amount			Value
New York: (continued)
		Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
$	325,000	3.00%, 07/01/26 (c)	$	343,694
	205,000	3.00%, 07/01/26 (c)		210,553
	300,000	4.00%, 07/01/26 (c)		327,252
	275,000	5.00%, 07/01/26 (c)		324,088
	500,000	5.00%, 07/01/26 (c)		575,940
	300,000	5.00%, 07/01/26 (c)		349,764
	100,000	5.00%, 07/01/26 (c)		116,119
		Hudson Yards Infrastructure Corp., Series A (RB)
	1,700,000	5.00%, 02/15/27 (c)		2,015,180
	460,000	5.00%, 02/15/27 (c)		542,510
	3,025,000	5.00%, 02/15/27 (c)		3,622,195
	1,030,000	5.00%, 02/15/27 (c)		1,227,276
		Long Island Power Authority, Electric System (RB)
	750,000	5.00%, 09/01/27 (c)		925,897
	500,000	5.00%, 09/01/27 (c)		620,190
	305,000	5.00%, 09/01/27 (c)		380,539
	450,000	Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c)		480,663
	40,000	Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		49,706
		Metropolitan Transportation Authority, Series A (RB)
	340,000	4.00%, 11/15/26 (c)		342,536
	160,000	4.00%, 11/15/26		182,926
	205,000	5.25%, 11/15/26 (c)		242,300
	100,000	5.25%, 11/15/26 (c)		118,711
	1,605,000	5.25%, 11/15/26 (c)		1,899,855
	125,000	5.25%, 11/15/26 (c)		149,023
	290,000	5.25%, 11/15/26 (c)		348,363
	845,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		902,316
	155,000	Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c)		168,144
		Metropolitan Transportation Authority, Series B (RB)
	215,000	4.00%, 11/15/26 (c)		216,374
	1,825,000	4.00%, 11/15/26 (c)		1,833,723
	310,000	5.00%, 11/15/26 (c)		334,481
	250,000	5.00%, 11/15/26		270,500
	865,000	5.00%, 11/15/27		943,300
	380,000	5.00%, 11/15/28		416,913
	380,000	5.00%, 11/15/28		416,913
		Metropolitan Transportation Authority, Series B-1 (RB)
	225,000	5.00%, 11/15/26 (c)		260,136
	470,000	5.00%, 11/15/26 (c)		544,030
		Metropolitan Transportation Authority, Series B-2 (RB)
	1,070,000	4.00%, 11/15/27 (c)		1,194,088
	15,000	5.00%, 11/15/26 (c)		17,729

See Notes to Financial Statements

66

Principal Amount			Value
New York: (continued)
$	1,185,000	5.00%, 11/15/27 (c)	$	1,407,567
	200,000	5.00%, 11/15/27 (c)		239,518
		Metropolitan Transportation Authority, Series C-1 (RB)
	1,240,000	4.00%, 05/15/28 (c)		1,252,053
	395,000	4.00%, 05/15/28 (c)		398,065
	410,000	4.00%, 05/15/28 (c)		412,649
	1,110,000	5.00%, 11/15/25 (c)		1,184,381
	1,175,000	5.00%, 11/15/26 (c)		1,258,213
	155,000	5.00%, 11/15/26 (c)		167,240
	900,000	5.00%, 11/15/26 (c)		967,941
	500,000	5.00%, 11/15/27		545,260
	810,000	5.00%, 05/15/28 (c)		870,952
	470,000	5.00%, 05/15/28 (c)		512,540
	1,260,000	5.00%, 05/15/28 (c)		1,375,756
	1,445,000	5.00%, 05/15/28 (c)		1,569,487
	2,540,000	5.00%, 05/15/28 (c)		2,744,953
	1,035,000	Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		602,887
		Metropolitan Transportation Authority, Series D (RB)
	265,000	3.13%, 11/15/26 (c)		231,981
	400,000	4.00%, 11/15/26 (c)		403,200
	200,000	5.00%, 11/15/26		216,400
	1,115,000	5.00%, 11/15/26 (c)		1,197,934
	1,805,000	5.00%, 11/15/26 (c)		1,937,343
	535,000	5.00%, 05/15/28 (c)		578,169
	1,060,000	5.00%, 05/15/28 (c)		1,147,991
	1,085,000	5.00%, 05/15/28 (c)		1,181,793
		Metropolitan Transportation Authority, Series D-1 (RB)
	665,000	5.00%, 11/15/25 (c)		704,986
	800,000	5.00%, 11/15/25 (c)		850,504
		Metropolitan Transportation Authority, Series F (RB)
	450,000	5.00%, 11/15/25 (c)		476,086
	770,000	5.00%, 11/15/25 (c)		808,716
	1,000,000	5.00%, 11/15/25 (c)		1,067,010
	260,000	5.00%, 11/15/25 (c)		276,414
	110,000	Nassau County, New York General Improvement, Series B (GO) 5.00%, 10/01/26 (c)		132,028
	1,100,000	New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c)		1,111,594
	955,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB) 4.50%, 06/15/26 (c)		1,114,962
	600,000	New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 5.00%, 07/15/21 (c)		618,798
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW)
	135,000	5.00%, 07/15/25 (c)		163,125

Principal Amount			Value
New York: (continued)
$	1,010,000	5.00%, 07/15/28 (c)	$	1,267,863
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW)
	500,000	5.00%, 07/15/28 (c)		620,260
	100,000	5.00%, 07/15/28 (c)		125,531
	415,000	5.25%, 07/15/28 (c)		520,547
	3,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) 5.00%, 11/01/30 (c)		3,848,520
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
	630,000	4.00%, 05/01/26 (c)		713,393
	225,000	5.00%, 08/01/25 (c)		266,816
	160,000	5.00%, 05/01/26 (c)		191,472
	450,000	5.00%, 05/01/26 (c)		540,630
	725,000	5.00%, 05/01/26 (c)		874,016
	880,000	5.00%, 05/01/26 (c)		1,055,164
	260,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 08/01/24 (c)		301,748
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
	115,000	4.00%, 08/01/27 (c)		130,353
	450,000	5.00%, 11/01/25 (c)		541,233
	785,000	5.00%, 11/01/25 (c)		945,438
	185,000	5.00%, 11/01/25 (c)		223,112
	530,000	5.00%, 08/01/26 (c)		650,252
	690,000	5.00%, 08/01/26 (c)		840,517
	540,000	5.00%, 08/01/26 (c)		655,106
	895,000	5.00%, 08/01/26 (c)		1,082,458
	350,000	5.00%, 08/01/27 (c)		432,015
	125,000	5.00%, 08/01/27 (c)		157,971
	1,000,000	5.00%, 08/01/27 (c)		1,243,230
	500,000	5.00%, 08/01/28 (c)		617,905
	1,000,000	5.00%, 08/01/30 (c)		1,310,590
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
	20,000	5.00%, 11/01/25 (c)		24,295
	2,280,000	5.00%, 05/01/27 (c)		2,842,066
	610,000	5.00%, 05/01/27 (c)		748,915
	4,500,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/30 (c)		5,757,615
	100,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c)		108,833
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
	100,000	3.00%, 02/01/26 (c)		105,314

See Notes to Financial Statements

67

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New York: (continued)
$	155,000	5.00%, 02/01/25 (c)	$	181,035
	500,000	5.00%, 02/01/26 (c)		595,490
	720,000	5.00%, 02/01/26 (c)		866,434
	565,000	5.00%, 02/01/26 (c)		684,418
	525,000	5.00%, 02/01/26 (c)		632,971
	915,000	5.00%, 02/01/27 (c)		1,135,844
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB)
	685,000	4.00%, 02/01/26 (c)		765,563
	715,000	5.00%, 02/01/26 (c)		862,047
	830,000	5.00%, 02/01/26 (c)		998,341
	250,000	New York City Trust for Cultural Resources, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/26		303,790
		New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB)
	745,000	4.00%, 10/01/26 (c)		843,854
	850,000	4.00%, 10/01/26 (c)		973,284
	1,000,000	New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		1,310,160
		New York City Water and Sewer System, Series BB (RB)
	310,000	5.00%, 06/15/27 (c)		384,279
	595,000	5.00%, 06/15/27 (c)		755,918
	215,000	New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c)		265,215
	140,000	New York City Water and Sewer System, Series FF (RB) 5.00%, 06/15/25 (c)		167,062
	500,000	New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c)		642,165
		New York State Dormitory Authority, Columbia University (RB)
	170,000	5.00%, 04/01/26 (c)		211,232
	210,000	5.00%, 04/01/26 (c)		261,316
	115,000	New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28		152,355
	25,000	New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27		32,376
		New York State Dormitory Authority, Cornell University, Series A (RB)
	200,000	4.00%, 07/01/26 (c)		226,920
	230,000	5.00%, 07/01/26 (c)		285,379
		New York State Dormitory Authority, Cornell University, Series D (RB)
	110,000	5.00%, 07/01/33		155,381
	1,100,000	5.00%, 07/01/34		1,570,602
	800,000	New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c)		905,808

Principal Amount			Value
New York: (continued)
$	1,000,000	New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c)	$	1,172,910
	315,000	New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		380,265
	250,000	New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c)		297,563
		New York State Dormitory Authority, New York State University, Series B (RB)
	200,000	5.00%, 07/01/25 (c)		230,750
	20,000	5.00%, 07/01/25 (c)		23,222
		New York State Dormitory Authority, New York University, Series A (RB)
	260,000	5.00%, 07/01/26 (c)		317,265
	200,000	5.00%, 07/01/27 (c)		243,976
	250,000	5.00%, 07/01/27 (c)		306,633
	250,000	5.00%, 07/01/27 (c)		311,683
	385,000	5.00%, 07/01/28 (c)		483,025
	100,000	5.00%, 07/01/29 (c)		131,117
		New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
	200,000	5.00%, 10/01/26 (c)		237,678
	1,325,000	5.00%, 10/01/26 (c)		1,587,005
	370,000	5.00%, 10/01/26 (c)		447,356
	635,000	5.00%, 10/01/27 (c)		787,851
	100,000	5.00%, 10/01/27 (c)		122,636
		New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM)
	850,000	2.00%, 07/01/29 (c)		863,795
	525,000	4.00%, 07/01/27 (c)		606,816
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	475,000	4.00%, 02/15/27 (c)		534,489
	195,000	5.00%, 03/15/25 (c)		226,707
	150,000	5.00%, 03/15/25 (c)		177,056
	1,040,000	5.00%, 08/15/26 (c)		1,276,413
	1,000,000	5.00%, 02/15/27 (c)		1,228,920
	1,375,000	5.00%, 02/15/27 (c)		1,709,386
	595,000	5.00%, 02/15/27 (c)		727,423
	1,500,000	5.00%, 03/15/29 (c)		1,880,445
	100,000	5.00%, 03/15/29		129,315
	1,645,000	5.00%, 03/15/29 (c)		2,053,338
	3,910,000	5.00%, 03/15/29 (c)		4,857,979
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	420,000	5.00%, 02/15/27		523,950
	2,000,000	5.00%, 08/15/27 (c)		2,492,800
	640,000	5.00%, 08/15/27 (c)		813,472

See Notes to Financial Statements

68

Principal Amount			Value
New York: (continued)
$	385,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)	$	439,243
		New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
	940,000	5.00%, 08/15/26 (c)		1,131,356
	315,000	5.00%, 08/15/26 (c)		384,224
	540,000	5.00%, 08/15/26 (c)		662,753
	2,000,000	5.00%, 02/15/30 (c)		2,572,000
	115,000	5.00%, 02/15/30 (c)		148,839
		New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
	320,000	5.00%, 02/15/25 (c)		376,851
	955,000	5.00%, 09/15/25 (c)		1,131,599
	350,000	5.00%, 09/15/25 (c)		416,185
	315,000	5.00%, 09/15/25 (c)		375,889
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	115,000	5.00%, 03/15/24 (c)		130,997
	340,000	5.00%, 03/15/24 (c)		387,416
	140,000	5.00%, 09/15/26 (c)		171,157
	60,000	5.00%, 09/15/26 (c)		72,782
	1,010,000	5.00%, 09/15/26 (c)		1,256,874
	2,380,000	5.00%, 09/15/26 (c)		2,932,517
	1,000,000	5.00%, 03/15/27 (c)		1,219,390
	1,405,000	5.00%, 03/15/27 (c)		1,708,171
	305,000	5.00%, 03/15/27 (c)		377,681
	515,000	5.00%, 03/15/27 (c)		634,526
		New York State Dormitory Authority, State Sales Tax, Series B (RB)
	340,000	5.00%, 09/15/25 (c)		402,873
	680,000	5.00%, 09/15/25 (c)		802,910
	500,000	5.00%, 09/15/25 (c)		589,340
	120,000	5.00%, 09/15/25 (c)		145,813
	285,000	5.00%, 09/15/25 (c)		341,142
	170,000	5.00%, 09/15/25 (c)		202,773
	750,000	New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c)		922,327
	2,560,000	New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/27 (c)		3,190,067
	1,000,000	New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c)		1,177,870
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
	1,415,000	5.00%, 06/15/26 (c)		1,732,696
	765,000	5.00%, 06/15/26 (c)		941,470
	500,000	5.00%, 06/15/26 (c)		616,890
	150,000	5.00%, 06/15/27 (c)		186,629
	405,000	5.00%, 06/15/27 (c)		515,083

Principal Amount			Value
New York: (continued)
$	1,250,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c)	$	1,616,237
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
	495,000	3.00%, 06/15/27 (c)		542,931
	500,000	5.00%, 06/15/27 (c)		623,795
	1,000,000	5.00%, 06/15/27 (c)		1,250,820
	500,000	5.00%, 06/15/27		641,485
	1,000,000	New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c)		985,190
		New York State Thruway Authority, Series A (RB)
	600,000	5.00%, 01/01/26 (c)		705,408
	650,000	5.00%, 01/01/26 (c)		768,053
	800,000	New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		916,752
		New York State Thruway Authority, Series L (RB)
	1,500,000	5.00%, 01/01/28 (c)		1,848,525
	1,300,000	5.00%, 01/01/28 (c)		1,592,591
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	890,000	5.00%, 09/15/25 (c)		1,066,264
	170,000	5.00%, 09/15/25 (c)		204,119
	140,000	5.00%, 09/15/25 (c)		168,469
	1,110,000	5.00%, 03/15/26 (c)		1,354,444
	670,000	5.00%, 03/15/26 (c)		816,361
	750,000	5.00%, 03/15/27 (c)		920,445
	325,000	5.00%, 03/15/27 (c)		394,550
	645,000	5.00%, 03/15/27		809,894
	380,000	New York State Urban Development Corp., State Personal Income, Series B (RB) 5.00%, 09/15/25 (c)		457,881
		New York State Urban Development Corp., State Personal Income, Series C (RB)
	1,000,000	4.00%, 09/15/30 (c)		1,178,210
	1,000,000	4.00%, 09/15/30 (c)		1,161,850
	2,500,000	5.00%, 03/15/27		3,139,125
	2,000,000	5.00%, 09/15/27 (c)		2,459,960
	350,000	5.00%, 09/15/27 (c)		432,932
	250,000	5.00%, 09/15/30 (c)		320,935
		Port Authority of New York and New Jersey, Series 194 (RB)
	130,000	5.00%, 10/15/25 (c)		152,149
	100,000	5.00%, 10/15/25 (c)		117,194
	785,000	5.00%, 10/15/25 (c)		943,295
	300,000	Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c)		359,181

See Notes to Financial Statements

69

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New York: (continued)
		Port Authority of New York and New Jersey, Series 205 (RB)
$	2,500,000	5.00%, 11/15/27 (c)	$	3,042,900
	1,000,000	5.00%, 11/15/27 (c)		1,230,030
	840,000	5.00%, 11/15/27 (c)		1,044,666
		Port Authority of New York and New Jersey, Series 209 (RB)
	500,000	5.00%, 07/15/28 (c)		609,090
	255,000	5.00%, 07/15/28		326,369
	500,000	Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		615,280
	500,000	Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c)		622,810
		Port Authority of New York and New Jersey, Series 222 (RB)
	3,500,000	4.00%, 07/15/30 (c)		4,023,250
	2,000,000	4.00%, 07/15/30 (c)		2,309,840
	1,000,000	5.00%, 07/15/30 (c)		1,271,350
	470,000	State of New York Mortgage Agency, Series 192 (RB) 3.80%, 10/01/24 (c)		503,205
	615,000	State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		648,930
	775,000	State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c)		802,962
	460,000	State of New York Mortgage Agency, Series 205 (RB) 3.13%, 10/01/26 (c)		493,079
	830,000	State of New York Mortgage Agency, Series 208 (RB) 3.60%, 04/01/27 (c)		910,153
	285,000	State of New York Mortgage Agency, Series 54 (RB) 3.95%, 10/01/26 (c)		312,987
	10,000	Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c)		11,244
	20,000	Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c)		24,083
		Triborough Bridge and Tunnel Authority, Series B (RB)
	1,550,000	5.00%, 05/15/27 (c)		1,895,386
	1,070,000	5.00%, 05/15/27 (c)		1,300,317
	1,255,000	5.00%, 05/15/27 (c)		1,517,847
	1,000,000	5.00%, 05/15/27 (c)		1,251,300
	1,035,000	5.00%, 05/15/27 (c)		1,278,774
	1,350,000	5.00%, 05/15/27 (c)		1,660,446
	1,000,000	5.00%, 11/15/31		1,344,200
		Triborough Bridge and Tunnel Authority, Series C (RB)
	1,565,000	5.00%, 11/15/27		1,973,997
	500,000	5.00%, 11/15/28		641,280
	1,000,000	Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c)		1,292,200

Principal Amount				Value
New York: (continued)
			TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
$	500,000		5.00%, 06/01/27 (c)	$	590,580
	845,000		5.00%, 06/01/27 (c)		991,481
	1,140,000		5.00%, 06/01/27 (c)		1,353,294
	130,000		5.00%, 06/01/27 (c)		157,971
	285,000		5.00%, 06/01/27 (c)		344,648
			Utility Debt Securitization Authority (RB)
	1,210,000		3.00%, 12/15/25 (c)		1,303,944
	200,000		5.00%, 12/15/25 (c)		245,900
	1,685,000		5.00%, 12/15/25 (c)		2,048,825
			Utility Debt Securitization Authority, Series A (RB)
	140,000		5.00%, 06/15/23 (c)		157,128
	360,000		5.00%, 06/15/25 (c)		435,236
	310,000		5.00%, 12/15/25 (c)		381,145
	425,000		5.00%, 06/15/26 (c)		525,674
	610,000		5.00%, 06/15/26 (c)		748,080
	500,000		5.00%, 06/15/26 (c)		608,890
	1,135,000	��	Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c)		1,396,822
					256,723,571
North Carolina: 1.6%
	450,000		Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c)		523,755
	100,000		Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c)		112,360
	590,000		County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c)		651,372
	1,000,000		County of Guilford (GO) 5.00%, 03/01/27		1,278,210
			County of Mecklenburg, Series A (GO)
	900,000		4.00%, 04/01/27 (c)		1,071,828
	1,000,000		4.00%, 04/01/27 (c)		1,198,060
	250,000		County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c)		258,288
			County of New Hanover, New Hanover Regional Medical Center (RB)
	1,300,000		5.00%, 10/01/27 (c)		1,586,637
	590,000		5.00%, 10/01/27		738,692
			County of Wake, Series A (RB)
	150,000		3.13%, 08/01/28 (c)		165,645
	500,000		5.00%, 12/01/26 (c)		619,660
	130,000		North Carolina Capital Facilities Finance Agency, Wake Forest University (RB) 5.00%, 07/01/26 (c)		160,321
	10,000		North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		11,362

See Notes to Financial Statements

70

Principal Amount			Value
North Carolina: (continued)
$	365,000	North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27	$	461,101
	1,000,000	North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c)		1,275,120
		North Carolina Turnpike Authority, Triangle Expressway System (RB)
	500,000	5.00%, 01/01/27 (c)		588,810
	945,000	5.00%, 01/01/27 (c)		1,155,744
	380,000	5.00%, 01/01/29 (c)		477,538
		North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
	800,000	4.00%, 01/01/28 (c)		932,344
	360,000	4.00%, 01/01/28 (c)		420,520
	890,000	4.00%, 01/01/28 (c)		1,043,569
	625,000	State of North Carolina, Department of State Treasurer, Series B (GO) 2.13%, 06/01/29 (c)		644,644
	2,500,000	State of North Carolina, Grant Anticipation (RB) 5.00%, 03/01/29 (c)		3,274,000
		State of North Carolina, Series A (GO)
	1,000,000	3.00%, 06/01/28 (c)		1,118,040
	380,000	3.00%, 06/01/28 (c)		421,336
	1,440,000	5.00%, 05/01/28		1,870,517
	1,140,000	5.00%, 06/01/28 (c)		1,482,707
	1,000,000	5.00%, 05/01/29 (c)		1,310,490
		State of North Carolina, Series B (RB)
	800,000	3.00%, 05/01/27 (c)		887,992
	420,000	5.00%, 06/01/26 (c)		522,719
	215,000	5.00%, 05/01/27		274,174
	880,000	5.00%, 05/01/27 (c)		1,108,862
				27,646,417
North Dakota: 0.1%
	410,000	County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)		461,730
	375,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c)		408,952
	450,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c)		487,966
	400,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB) 3.35%, 01/01/27 (c)		436,584
		North Dakota Public Finance Authority, Series A (RB)
	365,000	5.00%, 10/01/24 (c)		427,514
	300,000	5.00%, 10/01/24 (c)		353,040
				2,575,786

Principal Amount				Value
Ohio: 2.7%
			Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
$	3,000,000		5.00%, 06/01/30 (c)	$	3,863,340
	2,000,000		5.00%, 06/01/30 (c)		2,585,960
	500,000		City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c)		622,450
		��	City of Columbus, Series 1 (GO)
	250,000		4.00%, 04/01/27		303,668
	200,000		4.00%, 10/01/27 (c)		238,118
	250,000		5.00%, 10/01/27 (c)		321,808
	750,000		5.00%, 10/01/27 (c)		958,357
			City of Columbus, Various Purpose, Series A (GO)
	960,000		3.00%, 08/15/25 (c)		1,040,736
	380,000		4.00%, 08/15/25 (c)		439,352
	1,245,000		City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c)		1,639,229
			County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
	1,030,000		5.00%, 02/01/28 (c)		1,293,299
	115,000		5.00%, 02/01/28 (c)		146,320
	1,000,000		5.00%, 06/01/30 (c)		1,319,670
			County of Butler (RB)
	400,000		4.00%, 11/15/27 (c)		443,132
	1,805,000		5.00%, 11/15/27 (c)		2,198,851
			County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	100,000		5.00%, 02/15/27 (c)		117,202
	250,000		5.00%, 02/15/27 (c)		296,743
			County of Franklin, Nationwide Children’s Hospital Project, Series A (RB)
	145,000		5.00%, 11/01/27 (c)		177,790
	125,000		5.00%, 11/01/27 (c)		154,105
	120,000		5.00%, 11/01/27 (c)		148,673
	340,000		County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/26 (c)		413,154
	1,000,000		County of Hamilton, Sewer System, Series A (RB) 5.00%, 12/01/29 (c)		1,324,820
	355,000		County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) 5.00%, 11/15/27		425,972
	165,000		County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c)		172,874
			Cuyahoga Community College District (GO)
	500,000		4.00%, 06/01/26 (c)		572,450
	350,000		4.00%, 06/01/26 (c)		402,500
	20,000		Kent State University (RB) 5.00%, 05/01/26 (c)		24,097
	1,000,000		Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		1,121,880

See Notes to Financial Statements

71

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Ohio: (continued)
$	295,000	Ohio Housing Finance Agency, Series A (RB) 2.50%, 03/01/29 (c)	$	307,012
		Ohio Turnpike and Infrastructure Commission, Series A (RB)
	500,000	5.00%, 02/15/28 (c)		621,105
	500,000	5.00%, 02/15/28 (c)		624,380
	500,000	5.00%, 02/15/28 (c)		627,515
	1,020,000	Ohio Water Development Authority, Fresh Water (RB) 5.00%, 03/01/28 (c)		1,330,998
	125,000	Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c)		154,929
		Ohio Water Development Authority, Fresh Water, Series B (RB)
	140,000	5.00%, 06/01/26 (c)		171,881
	1,000,000	5.00%, 12/01/26 (c)		1,247,600
	200,000	5.00%, 12/01/26 (c)		250,734
	960,000	Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/27 (c)		1,203,120
		Ohio Water Development Authority, Water Pollution Control, Series B (RB)
	20,000	5.00%, 12/01/25 (c)		24,609
	40,000	5.00%, 12/01/25 (c)		49,262
		State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
	760,000	4.00%, 01/01/28 (c)		881,608
	480,000	5.00%, 03/15/24 (c)		549,528
	165,000	5.00%, 01/01/27		207,535
	130,000	5.00%, 01/01/28 (c)		161,142
	135,000	5.00%, 01/01/28 (c)		170,352
	425,000	5.00%, 01/01/28 (c)		540,791
	140,000	5.00%, 01/01/28 (c)		175,577
		State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB)
	805,000	5.00%, 04/01/28 (c)		1,010,235
	640,000	5.00%, 04/01/28 (c)		807,264
	615,000	5.00%, 04/01/28 (c)		779,955
		State of Ohio, Common Schools, Series A (GO)
	660,000	5.00%, 03/15/23 (c)		730,607
	500,000	5.00%, 03/15/24 (c)		576,045
	25,000	5.00%, 03/15/24 (c)		28,603
	395,000	State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27		508,156
	165,000	State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		173,026
	550,000	State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c)		680,229
	1,000,000	State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,245,520

Principal Amount			Value
Ohio: (continued)
$	1,000,000	State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28	$	1,309,960
		State of Ohio, Infrastructure Project, Series 1 (RB)
	350,000	5.00%, 06/15/26 (c)		434,437
	200,000	5.00%, 12/15/30		271,474
	750,000	5.00%, 12/15/31		1,035,022
	225,000	State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c)		277,880
	100,000	State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c)		127,035
	500,000	State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c)		619,450
	2,225,000	The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29		2,979,631
	100,000	Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c)		112,356
				45,773,113
Oklahoma: 0.3%
		Canadian County Educational Facilities Authority, Mustang Public Schools (RB)
	330,000	3.00%, 09/01/26 (c)		358,812
	1,405,000	5.00%, 09/01/26 (c)		1,732,140
		Grand River Dam Authority, Series A (RB)
	130,000	5.00%, 12/01/26 (c)		159,049
	100,000	5.00%, 12/01/26 (c)		122,874
	155,000	Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c)		175,953
	565,000	Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)		689,498
	100,000	Oklahoma Turnpike Authority, Series D (RB) 5.00%, 01/01/27		126,123
		Oklahoma Turnpike Authority, Series E (RB)
	300,000	5.00%, 01/01/27 (c)		371,604
	155,000	5.00%, 01/01/27 (c)		194,696
	530,000	Tulsa County Industrial Authority (RB) 5.00%, 09/01/25 (c)		634,977
		Tulsa Public Facilities Authority (RB)
	1,075,000	4.00%, 10/01/26 (c)		1,255,600
	250,000	4.00%, 10/01/26		294,635
	30,000	University of Oklahoma, Series C (RB) 5.00%, 07/01/25 (c)		34,529
				6,150,490

See Notes to Financial Statements

72

Principal Amount			Value
Oregon: 1.0%
		Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM)
$	700,000	5.00%, 08/15/30 (c)	$	897,638
	720,000	5.00%, 08/15/30 (c)		926,201
	410,000	City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c)		471,500
	1,285,000	Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,623,842
		Hillsboro School District No. 1J (GO) (SBG)
	590,000	5.00%, 06/15/27 (c)		728,992
	1,000,000	5.00%, 06/15/27 (c)		1,253,830
	375,000	Medford School District No. 549C (GO) (SBG) 5.00%, 06/15/25 (c)		447,675
	1,045,000	Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c)		1,417,992
		Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)
	1,010,000	0.00%, 06/15/27 (c) ^		714,777
	1,215,000	0.00%, 06/15/27 (c) ^		902,611
	500,000	Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		582,055
	350,000	Oregon Health and Science University, Series B (RB) 5.00%, 07/01/26 (c)		418,831
		Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB)
	195,000	5.00%, 10/01/26 (c)		227,746
	430,000	5.00%, 10/01/26 (c)		504,549
	120,000	Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c)		152,291
	115,000	Portland Community College District (GO) 5.00%, 06/15/26 (c)		142,456
		Salem-Keizer School District No. 24J (GO) (SBG)
	475,000	4.00%, 06/15/28 (c)		561,075
	545,000	5.00%, 06/15/28 (c)		698,080
	125,000	Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c)		155,270
	690,000	State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c)		869,669
	1,000,000	State of Oregon, Department of Transportation, Series A (RB) 5.00%, 11/15/30 (c)		1,318,980
	450,000	State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c)		527,170

Principal Amount			Value
Oregon: (continued)
$	355,000	State of Oregon, Housing and Community Services Department, Series C (RB) (AGM) 3.55%, 07/01/27 (c)	$	387,142
	145,000	State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c)		181,402
	10,000	State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c)		12,398
		Tri-County Metropolitan Transportation District of Oregon, Series A (RB)
	570,000	3.25%, 04/01/28 (c)		617,287
	405,000	5.00%, 10/01/26		505,071
				17,246,530
Pennsylvania: 4.1%
		Allegheny County Hospital Development Authority, Series A (RB)
	100,000	5.00%, 04/01/27		123,494
	120,000	5.00%, 04/01/28 (c)		144,862
	1,000,000	5.00%, 04/01/28 (c)		1,238,910
	290,000	5.00%, 07/15/28		372,148
	810,000	5.00%, 07/15/29 (c)		1,017,895
		Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM)
	100,000	4.00%, 12/01/26 (c)		114,026
	290,000	5.00%, 12/01/25 (c)		351,294
	250,000	Berks County Industrial Development Authority, Tower Health Project (RB) 5.00%, 11/01/27 (c)		277,293
		City of Philadelphia (GO) (AGM)
	380,000	5.00%, 08/01/27 (c)		472,386
	320,000	5.00%, 08/01/27		409,002
	880,000	City of Philadelphia, Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c)		1,063,427
		City of Philadelphia, Series A (RB)
	1,000,000	4.00%, 07/01/30 (c)		1,140,570
	750,000	5.00%, 08/01/27 (c)		925,747
	100,000	5.00%, 08/01/27 (c)		122,078
	750,000	5.00%, 08/01/27 (c)		922,522
		City of Philadelphia, Series B (GO)
	415,000	5.00%, 02/01/28		527,062
	1,500,000	5.00%, 08/01/29 (c)		1,860,240
	100,000	5.00%, 08/01/29 (c)		125,998
	300,000	5.00%, 08/01/29 (c)		387,372
		Commonwealth Financing Authority, Series A (RB)
	800,000	5.00%, 06/01/28		1,019,520
	1,000,000	5.00%, 06/01/29		1,298,230
	250,000	5.00%, 06/01/30 (c)		328,070
		Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
	415,000	5.00%, 06/01/28 (c)		515,604
	265,000	5.00%, 06/01/28 (c)		333,161
	775,000	5.00%, 06/01/28 (c)		979,445

See Notes to Financial Statements

73

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Pennsylvania: (continued)
		Commonwealth of Pennsylvania, First Series (GO)
$	510,000	3.00%, 01/01/27 (c)	$	555,941
	900,000	3.00%, 05/01/30 (c)		978,750
	600,000	4.00%, 01/01/27 (c)		702,354
	500,000	5.00%, 02/01/26 (c)		609,985
	255,000	5.00%, 07/15/27		324,222
	1,300,000	5.00%, 07/15/28		1,684,904
		Commonwealth of Pennsylvania, Second Series (GO) (AGM)
	395,000	3.00%, 09/15/26 (c)		430,696
	1,055,000	3.00%, 09/15/26 (c)		1,121,560
	170,000	4.00%, 09/15/26 (c)		194,533
	610,000	4.00%, 09/15/26 (c)		707,149
	430,000	5.00%, 01/15/27 (c)		536,812
	695,000	County of Allegheny, Series C-75 (GO)  5.00%, 11/01/26 (c)		867,061
	750,000	County of Chester, Series A (GO)  4.00%, 07/15/26 (c)		880,837
		Dauphin County General Authority, Pinnacle Health System Project, Series A (RB)
	605,000	4.00%, 06/01/26 (c)		668,368
	20,000	4.00%, 06/01/26 (c)		22,191
	475,000	5.00%, 06/01/26 (c)		550,302
	350,000	Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB) 5.00%, 08/15/26		434,238
	630,000	Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c)		753,808
		Pennsylvania Economic Development Financing Authority, UPMC (RB)
	100,000	4.00%, 09/15/26 (c)		110,857
	215,000	4.00%, 09/15/26 (c)		239,043
	385,000	5.00%, 09/15/26 (c)		463,459
		Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)
	1,000,000	3.38%, 11/15/27 (c)		1,069,450
	205,000	4.00%, 11/15/27 (c)		231,156
	125,000	Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)		145,299
		Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)
	775,000	4.00%, 06/15/26 (c)		860,048
	785,000	5.00%, 06/15/26 (c)		933,726
		Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)
	150,000	3.13%, 08/15/27 (c)		163,094
	725,000	4.00%, 08/15/26 (c)		844,436
	1,000,000	5.00%, 08/15/27 (c)		1,262,740

Principal Amount			Value
Pennsylvania: (continued)
$	270,000	5.00%, 08/15/27 (c)	$	329,854
	275,000	5.00%, 08/15/27 (c)		340,750
	425,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)		451,116
	700,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		734,559
	590,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)		629,194
	1,730,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		1,870,614
	300,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c)		322,827
	20,000	Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c)		24,368
		Pennsylvania Turnpike Commission (RB)
	720,000	3.00%, 06/01/26 (c)		749,714
	550,000	5.00%, 12/01/25 (c)		650,545
	430,000	5.00%, 12/01/25 (c)		511,365
	1,000,000	5.00%, 12/01/27		1,248,650
	300,000	5.00%, 12/01/27 (c)		364,893
	250,000	5.00%, 12/01/27 (c)		305,893
	450,000	Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c)		549,598
		Pennsylvania Turnpike Commission, Second Series (RB)
	965,000	3.00%, 06/01/26 (c)		1,000,387
	690,000	4.00%, 06/01/26 (c)		757,461
		Pennsylvania Turnpike Commission, Series A (RB)
	750,000	5.00%, 12/01/26 (c)		912,712
	15,000	5.00%, 12/01/26 (c)		17,963
	110,000	5.00%, 12/01/26 (c)		137,280
	310,000	5.00%, 12/01/26 (c)		380,302
	500,000	5.00%, 12/01/29 (c)		640,255
		Pennsylvania Turnpike Commission, Series A-2 (RB)
	790,000	5.00%, 06/01/26 (c)		937,446
	175,000	5.00%, 12/01/27 (c)		218,398
	100,000	5.00%, 12/01/27 (c)		125,853
	510,000	Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c)		624,005
	760,000	Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c)		920,770

See Notes to Financial Statements

74 

Principal Amount			Value
Pennsylvania: (continued)
$	205,000	Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c)	$	247,933
	110,000	Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c)		125,436
	10,000	Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c)		11,532
		Philadelphia Gas Works Co., Fourteenth Series (RB)
	680,000	5.00%, 10/01/26 (c)		811,492
	970,000	5.00%, 10/01/26 (c)		1,163,020
	735,000	5.00%, 10/01/26 (c)		885,418
		Pittsburgh Water and Sewer Authority,Series B (RB) (AGM)
	1,460,000	5.00%, 09/01/31		1,970,723
	2,000,000	5.00%, 09/01/32		2,735,740
	2,000,000	5.00%, 09/01/33		2,772,360
	170,000	Reading School District of Berks County (GO) (AGM) (SAW) 5.00%, 03/01/27 (c)		202,897
		School District of Philadelphia, Series A (GO) (SAW)
	410,000	5.00%, 09/01/28 (c)		505,801
	450,000	5.00%, 09/01/28 (c)		561,780
	250,000	5.00%, 09/01/28 (c)		313,583
	485,000	School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c)		581,830
	220,000	School District of the City of Erie, Series A (GO) (AGM) (SAW) 5.00%, 04/01/29 (c)		276,047
	845,000	Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c)		1,044,952
		State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM) (SAW)
	260,000	5.00%, 12/01/26 (c)		311,069
	2,750,000	5.00%, 12/01/26 (c)		3,304,262
	880,000	5.00%, 12/01/26 (c)		1,074,515
	765,000	Westmoreland County Municipal Authority (RB) 5.00%, 08/15/25 (c)		925,359
				69,999,896
Rhode Island: 0.2%
		Rhode Island Commerce Corp., Department of Transportation, Series B (RB)
	380,000	5.00%, 06/15/26 (c)		459,523
	230,000	5.00%, 06/15/26 (c)		281,780
		Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB)
	880,000	4.00%, 05/15/26 (c)		1,021,486
	110,000	5.00%, 05/15/26 (c)		134,904

Principal Amount			Value
Rhode Island: (continued)
$	385,000	Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/25 (c)	$	454,608
	1,000,000	Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c)		1,003,880
	345,000	State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c)		375,595
	250,000	State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		313,155
	180,000	State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c)		209,556
				4,254,487
South Carolina: 0.6%
		Aiken County Consolidated School District, Series A (GO)
	535,000	4.00%, 04/01/29 (c)		640,791
	1,000,000	4.00%, 04/01/29 (c)		1,202,620
	185,000	County of York (GO) (SAW) 5.00%, 04/01/24 (c)		214,319
		Greenwood Fifty Schools Facilities, Inc., Greenwood School District No. 50 (RB)
	100,000	3.00%, 06/01/26 (c)		105,912
	135,000	3.13%, 06/01/26 (c)		143,266
	175,000	3.25%, 06/01/26 (c)		186,029
	250,000	5.00%, 06/01/26 (c)		298,188
	480,000	Kershaw County Public School District (RB) 3.38%, 12/01/25 (c)		519,936
		Lancaster County School District (GO)
	325,000	3.25%, 03/01/27 (c)		358,524
	1,000,000	4.00%, 03/01/27 (c)		1,197,720
	100,000	Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		123,585
	250,000	Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c)		264,973
		South Carolina Public Service Authority, Series A (RB)
	140,000	3.13%, 06/01/26 (c)		148,056
	200,000	5.00%, 06/01/26 (c)		241,706
	205,000	5.00%, 06/01/26 (c)		246,912
	185,000	5.00%, 06/01/26 (c)		221,948
	1,025,000	5.00%, 06/01/26 (c)		1,224,711
	1,000,000	South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c)		1,199,420
		South Carolina Transportation Infrastructure Bank, Series A (RB)
	655,000	2.25%, 10/01/25 (c)		663,063

See Notes to Financial Statements

75 

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
South Carolina: (continued)
$	100,000	5.00%, 10/01/28 (c)	$	126,139
		York County, South Carolina Fort Mill School District No. 4, Series B (GO)
	500,000	3.00%, 03/01/27 (c)		538,235
	325,000	3.00%, 03/01/27 (c)		351,972
				10,218,025
South Dakota: 0.1%
		South Dakota Health and Educational Facilities Authority (RB)
	1,075,000	4.00%, 09/01/27 (c)		1,210,600
	255,000	5.00%, 09/01/27 (c)		311,625
	100,000	5.00%, 09/01/27 (c)		121,621
				1,643,846
Tennessee: 1.3%
	250,000	Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28		312,068
		Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB)
	810,000	5.00%, 07/01/23 (c)		876,226
	915,000	5.00%, 07/01/23 (c)		991,640
	550,000	5.00%, 07/01/23 (c)		597,377
		Knox County Health Educational and Housing Facility Board (RB)
	700,000	5.00%, 04/01/27 (c)		818,608
	490,000	5.00%, 04/01/27 (c)		575,588
		Memphis-Shelby County Industrial Development Board, Series B (RB)
	150,000	5.00%, 11/01/26 (c)		182,276
	720,000	5.00%, 11/01/26 (c)		892,375
		Metropolitan Government of Nashville and Davidson County (GO)
	915,000	2.50%, 07/01/26 (c)		982,417
	580,000	4.00%, 07/01/26 (c)		669,714
	545,000	4.00%, 07/01/26 (c)		631,987
	590,000	4.00%, 07/01/27 (c)		710,915
	335,000	4.00%, 07/01/27		407,504
	275,000	4.00%, 07/01/27 (c)		320,763
	25,000	5.00%, 07/01/26 (c)		30,278
	235,000	5.00%, 07/01/26 (c)		285,809
		Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB)
	130,000	5.00%, 07/01/26 (c)		151,849
	600,000	5.00%, 07/01/26 (c)		712,644
		Shelby County, Public Improvement, Series B (GO)
	1,000,000	4.00%, 04/01/30 (c)		1,228,310
	3,000,000	4.00%, 04/01/30 (c)		3,703,260
	1,000,000	4.00%, 04/01/30 (c)		1,224,150
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB)
	100,000	5.00%, 05/01/26		121,625
	200,000	5.00%, 05/01/27 (c)		244,240

Principal Amount			Value
Tennessee: (continued)
		State of Tennessee, Series A (GO)
$	435,000	5.00%, 08/01/25 (c)	$	521,208
	500,000	5.00%, 08/01/26 (c)		614,130
	800,000	5.00%, 08/01/26 (c)		998,920
	485,000	Tennessee Housing Development Agency, Series 2 (RB) 3.50%, 07/01/27 (c)		533,752
	190,000	Tennessee Housing Development Agency, Series 2B (RB) 3.70%, 07/01/26 (c)		205,785
		Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB)
	285,000	5.00%, 11/01/27 (c)		357,601
	395,000	5.00%, 11/01/27 (c)		492,687
	365,000	5.00%, 11/01/27		471,960
	750,000	5.00%, 11/01/27 (c)		955,492
				21,823,158
Texas: 9.4%
	250,000	Alamo Community College District (GO) 5.00%, 08/15/26		312,743
		Aldine Independent School District, Series A (GO)
	910,000	4.00%, 02/15/27 (c)		1,063,016
	675,000	4.00%, 02/15/27 (c)		785,140
	140,000	5.00%, 02/15/25 (c)		166,764
	700,000	5.00%, 02/15/27 (c)		875,070
	880,000	5.00%, 02/15/27 (c)		1,107,550
		Allen Independent School District (GO)
	185,000	4.00%, 02/15/26 (c)		211,174
	400,000	5.00%, 02/15/26 (c)		482,452
	500,000	Alvin Independent School District, Series A (GO) 5.00%, 02/15/26 (c)		614,060
		Arlington Independent School District (GO)
	500,000	4.00%, 02/15/29 (c)		602,315
	1,000,000	4.00%, 02/15/29 (c)		1,208,050
		Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)
	145,000	5.00%, 01/01/27 (c)		147,485
	375,000	5.00%, 01/01/27 (c)		384,360
		Austin Independent School District (GO)
	500,000	4.00%, 08/01/26 (c)		575,865
	100,000	4.00%, 08/01/26 (c)		115,593
	500,000	Austin Independent School District, Series B (GO) 5.00%, 08/01/26 (c)		627,125
	100,000	Austin Independent School District, Series C (GO) 5.00%, 08/01/26 (c)		124,463
	315,000	Beaumont Independent School District (GO) 3.00%, 02/15/26 (c)		345,020
		Bexar County Hospital District (GO)
	385,000	3.00%, 02/15/26 (c)		414,106
	250,000	4.00%, 02/15/26 (c)		283,450
	115,000	4.00%, 02/15/26 (c)		132,543

See Notes to Financial Statements

76 

Principal Amount			Value
Texas: (continued)
$	1,315,000	5.00%, 02/15/26 (c)	$	1,598,159
	305,000	5.00%, 02/15/28		392,084
	250,000	Board of Regents of the University of North Texas System, Series A (RB) 5.00%, 04/15/27		315,190
	575,000	Board of Regents of the University of Texas System, Series A (RB) 5.00%, 07/01/25 (c)		681,036
		Board of Regents of the University of Texas System, Series B (RB)
	125,000	5.00%, 07/01/26 (c)		154,236
	500,000	5.00%, 08/15/29		668,880
	200,000	Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25		244,146
	520,000	Board of Regents of the University of Texas System, Series E (RB) 5.00%, 08/15/27		667,238
		Board of Regents of the University of Texas System, Series J (RB)
	215,000	5.00%, 08/15/25		262,457
	25,000	5.00%, 08/15/26 (c)		31,178
	330,000	Burleson Independent School District (GO) 3.50%, 02/01/26 (c)		361,928
		Central Texas Regional Mobility Authority, Senior Lien (RB)
	250,000	5.00%, 01/01/26 (c)		292,410
	625,000	5.00%, 01/01/26 (c)		734,731
	60,000	5.00%, 01/01/26 (c)		71,458
		Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
	100,000	5.00%, 07/01/25 (c)		114,513
	400,000	5.00%, 07/01/25 (c)		464,240
		City of Arlington, Senior Lien Special Tax (AGM) (ST)
	305,000	5.00%, 02/15/25 (c)		359,046
	150,000	5.00%, 02/15/25 (c)		177,135
	100,000	City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		118,161
	15,000	City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c)		18,323
		City of Austin, Water and Wastewater System (RB)
	360,000	5.00%, 11/15/26 (c)		446,458
	995,000	5.00%, 11/15/26 (c)		1,229,352
	2,180,000	5.00%, 11/15/26 (c)		2,728,270
	235,000	5.00%, 11/15/27 (c)		301,326
		City of Dallas (GO)
	420,000	5.00%, 02/15/25 (c)		489,401
	420,000	5.00%, 02/15/25 (c)		492,677
	500,000	5.00%, 02/15/27 (c)		625,805
		City of Dallas, Series A (GO)
	600,000	3.00%, 02/15/29 (c)		652,134
	2,600,000	5.00%, 02/15/30		3,458,910
		City of Dallas, Series B (GO)
	415,000	3.00%, 02/15/29 (c)		451,059
	500,000	4.00%, 02/15/29 (c)		588,190

Principal Amount			Value
Texas: (continued)
		City of Dallas, Waterworks and Sewer System, Series A (RB)
$	600,000	5.00%, 10/01/26 (c)	$	734,856
	565,000	5.00%, 10/01/26 (c)		694,939
	900,000	5.00%, 10/01/26 (c)		1,112,364
		City of Dallas, Waterworks and Sewer System, Series C (RB)
	1,000,000	5.00%, 10/01/30 (c)		1,325,790
	1,000,000	5.00%, 10/01/30 (c)		1,341,580
		City of Denton, Utility System (RB)
	1,000,000	5.00%, 12/01/26 (c)		1,236,230
	965,000	5.00%, 12/01/26 (c)		1,201,994
		City of El Paso (GO)
	110,000	4.00%, 08/15/26 (c)		127,353
	100,000	4.00%, 08/15/26 (c)		116,261
	125,000	5.00%, 08/15/25 (c)		151,863
	455,000	City of El Paso, Water and Sewer (RB) 5.00%, 03/01/24 (c)		524,893
	235,000	City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c)		292,284
		City of Houston, Airport System, Series D (RB)
	1,000,000	5.00%, 07/01/28 (c)		1,207,840
	125,000	5.00%, 07/01/28 (c)		154,248
	4,500,000	City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c)		6,051,510
		City of Houston, Combined Utility System, First Lien, Series B (RB)
	105,000	5.00%, 11/15/26 (c)		130,566
	180,000	5.00%, 11/15/26 (c)		220,268
	555,000	5.00%, 11/15/26		699,816
	220,000	5.00%, 11/15/26 (c)		274,740
	285,000	5.00%, 11/15/27		368,174
	1,500,000	City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c)		1,824,075
		City of Houston, Combined Utility System, First Lien, Series D (RB)
	750,000	5.00%, 11/15/28 (c)		957,810
	1,000,000	5.00%, 11/15/28 (c)		1,288,430
		City of Houston, Public Improvement, Series A (GO)
	2,000,000	4.00%, 03/01/27 (c)		2,272,640
	520,000	5.00%, 03/01/27 (c)		638,872
	500,000	5.00%, 03/01/27 (c)		617,875
	1,000,000	5.00%, 03/01/27 (c)		1,248,000
	1,000,000	5.00%, 03/01/29 (c)		1,288,100
		City of Houston, Series A (GO)
	535,000	5.00%, 03/01/26 (c)		636,420
	180,000	5.00%, 03/01/26 (c)		216,135
	515,000	5.00%, 03/01/26 (c)		621,044
	105,000	City of Lubbock (GO) 5.00%, 02/15/25 (c)		125,024
	205,000	City of San Antonio (GO) 5.00%, 08/01/28 (c)		263,306

See Notes to Financial Statements

77 

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Texas: (continued)
		City of San Antonio, Electric and Gas Systems (RB)
$	500,000	4.00%, 08/01/26 (c)	$	576,465
	1,000,000	4.00%, 02/01/30		1,255,970
	100,000	5.00%, 02/01/26 (c)		120,695
	110,000	5.00%, 08/01/26 (c)		135,178
	935,000	5.00%, 08/01/26 (c)		1,166,067
	125,000	5.00%, 08/01/26 (c)		154,403
	1,000,000	5.00%, 08/01/27 (c)		1,259,540
	100,000	5.00%, 08/01/27 (c)		125,530
		City of San Antonio, General Improvement (GO)
	350,000	5.00%, 02/01/24 (c)		403,315
	325,000	5.00%, 08/01/29 (c)		427,453
	1,395,000	City of San Antonio, Water System, Series A (RB) 5.00%, 05/15/26 (c)		1,711,665
		Collin County Community College District (GO)
	500,000	3.25%, 08/15/27 (c)		554,700
	925,000	4.00%, 08/15/27 (c)		1,095,477
	190,000	Colorado River Municipal Water District (RB) 5.00%, 01/01/28		244,513
		Conroe Independent School District (GO)
	665,000	5.00%, 02/15/27 (c)		831,829
	100,000	5.00%, 02/15/28 (c)		126,565
	320,000	Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c)		386,538
		County of Bexar (GO)
	150,000	4.00%, 06/15/25 (c)		172,715
	520,000	4.00%, 06/15/25 (c)		599,768
	880,000	5.00%, 06/15/26 (c)		1,078,114
	260,000	County of Dallas (GO) 5.00%, 08/15/26 (c)		326,599
	615,000	County of Denton (GO) 4.00%, 07/15/25 (c)		707,484
	750,000	County of Denton, Series A (GO) 4.00%, 07/15/28 (c)		922,117
		County of Fort Bend, Series B (GO)
	500,000	4.00%, 03/01/26 (c)		581,790
	20,000	5.00%, 03/01/26 (c)		24,533
		County of Harris, Toll Road, Senior Lien, Series A (RB)
	670,000	5.00%, 08/15/26 (c)		818,928
	160,000	5.00%, 08/15/26 (c)		196,573
	120,000	5.00%, 08/15/26 (c)		144,949
	675,000	5.00%, 08/15/26 (c)		822,069
	195,000	5.00%, 08/15/26 (c)		242,057
	115,000	5.00%, 08/15/26		143,195
	695,000	5.00%, 08/15/26 (c)		856,949
	190,000	5.00%, 08/15/26 (c)		234,637
		County of Harris, Toll Road, Senior Lien, Series B (RB)
	160,000	5.00%, 08/15/25 (c)		190,616
	335,000	5.00%, 08/15/25 (c)		398,409
	190,000	5.00%, 08/15/25 (c)		229,328
	600,000	5.00%, 08/15/25 (c)		721,362

Principal Amount			Value
Texas: (continued)
		County of Harris, Unlimited Tax Road, Series A (GO)
$	645,000	5.00%, 10/01/25 (c)	$	782,817
	395,000	5.00%, 10/01/25 (c)		479,613
	365,000	5.00%, 10/01/25 (c)		445,169
	250,000	County of Montgomery (GO) 5.00%, 03/01/26 (c)		307,258
		Cypress-Fairbanks Independent School District (GO)
	360,000	3.00%, 02/15/26 (c)		395,474
	125,000	5.00%, 02/15/26 (c)		152,714
	1,805,000	Cypress-Fairbanks Independent School District, Series A (GO) 5.00%, 02/15/29 (c)		2,359,893
	835,000	Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,088,656
		Dallas Area Rapid Transit, Senior Lien, Series A (RB)
	185,000	5.00%, 12/01/24 (c)		219,116
	165,000	5.00%, 12/01/25 (c)		201,440
	560,000	5.00%, 12/01/25 (c)		678,362
	545,000	5.00%, 12/01/25 (c)		669,042
	130,000	5.00%, 12/01/25 (c)		158,929
		Dallas County Hospital District (GO)
	285,000	5.00%, 08/15/27		362,668
	575,000	5.00%, 08/15/28		746,011
	540,000	Dallas County Utility and Reclamation District (GO) 5.00%, 02/15/28		688,943
	100,000	Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c)		113,516
		Eagle Mountain and Saginaw Independent School District (GO)
	335,000	4.00%, 02/15/26 (c)		391,367
	10,000	5.00%, 02/15/26 (c)		12,287
	250,000	El Paso County Hospital District (GO) 4.00%, 08/15/27 (c)		260,693
	115,000	El Paso Independent School District (GO) 5.00%, 08/15/24 (c)		135,318
		Fort Bend Independent School District (GO)
	635,000	4.00%, 08/15/27 (c)		756,139
	100,000	5.00%, 08/15/27 (c)		127,707
	255,000	5.00%, 08/15/27 (c)		323,309
	110,000	Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26		136,192
	500,000	Fort Worth Independent School District (GO) 5.00%, 02/15/26 (c)		613,185
		Frisco Independent School District (GO)
	500,000	4.00%, 02/15/27 (c)		585,330
	880,000	4.00%, 02/15/27 (c)		1,034,739
	2,000,000	5.00%, 02/15/29 (c)		2,550,340
		Garland Independent School District (GO)
	165,000	4.00%, 02/15/25 (c)		186,259
	120,000	5.00%, 02/15/25 (c)		141,708

See Notes to Financial Statements

78

Principal Amount			Value
Texas: (continued)
$	300,000	Garland Independent School District, Series A (GO) 5.00%, 02/15/25 (c)	$	356,790
	200,000	Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		256,428
	250,000	Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c)		300,698
	480,000	Harris County Flood Control District, Series A (GO) 5.00%, 10/01/25 (c)		582,821
		Harris County Hospital District (RB)
	365,000	3.00%, 02/15/26 (c)		379,812
	570,000	3.13%, 02/15/26 (c)		592,304
	100,000	4.00%, 02/15/26 (c)		109,358
	100,000	4.00%, 02/15/26 (c)		109,152
		Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB)
	385,000	3.00%, 05/15/26 (c)		399,395
	730,000	3.00%, 05/15/26 (c)		753,112
	210,000	4.00%, 05/15/26 (c)		235,681
	330,000	5.00%, 05/15/26 (c)		396,132
	245,000	5.00%, 11/15/27		303,790
	640,000	Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B-3 (RB) 5.00%, 09/01/26 (c) (p)		793,459
		Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB)
	950,000	4.00%, 11/15/27 (c)		1,094,552
	300,000	5.00%, 11/15/27 (c)		378,603
	850,000	5.00%, 11/15/27 (c)		1,067,540
	330,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29		431,680
		Harris County, Flood Control District, Series A (GO)
	275,000	5.00%, 10/01/25 (c)		334,505
	630,000	5.00%, 10/01/25 (c)		768,373
	210,000	5.00%, 10/01/27 (c)		260,522
	250,000	5.00%, 10/01/27 (c)		317,133
	400,000	Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c)		486,552
	260,000	Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 02/15/28 (c)		323,476
		Hays Consolidated Independent School District (GO)
	800,000	4.00%, 02/15/27 (c)		928,968
	500,000	4.00%, 02/15/27 (c)		582,430
		Houston Independent School District, Limited Tax School House (GO)
	540,000	5.00%, 02/15/27 (c)		663,536
	750,000	5.00%, 02/15/27 (c)		935,032
	900,000	5.00%, 02/15/27		1,142,559

Principal Amount			Value
Texas: (continued)
		Houston Independent School District, Limited Tax School House, Series A (GO)
$	215,000	4.00%, 02/15/26 (c)	$	247,919
	350,000	4.00%, 02/15/26 (c)		404,953
	270,000	5.00%, 02/15/26 (c)		331,752
	400,000	5.00%, 02/15/26 (c)		490,548
	135,000	5.00%, 02/15/26 (c)		164,931
	605,000	Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c)		773,765
	210,000	Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c)		239,480
	120,000	Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c)		149,609
	100,000	Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c)		119,305
	400,000	Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c)		465,196
		Lewisville Independent School District, Series B (GO)
	550,000	5.00%, 08/15/25 (c)		665,577
	145,000	5.00%, 08/15/25 (c)		176,007
	195,000	5.00%, 08/15/25		237,939
	400,000	Lone Star College System (GO) 5.00%, 02/15/26 (c)		481,996
		Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
	320,000	5.00%, 05/15/26 (c)		384,189
	275,000	5.00%, 05/15/26 (c)		336,925
	105,000	Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/25 (c)		125,584
	90,000	Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c)		114,092
	100,000	Montgomery Independent School District (GO) 5.00%, 02/15/25 (c)		118,883
		New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB)
	250,000	4.00%, 08/15/27 (c)		286,605
	250,000	5.00%, 08/15/27 (c)		309,773
		North Harris County Regional Water Authority (RB)
	250,000	5.00%, 12/15/26 (c)		310,690
	205,000	5.00%, 12/15/26 (c)		255,873
	245,000	5.00%, 12/15/26 (c)		306,297
	500,000	North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/26 (c)		614,595

See Notes to Financial Statements

79

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Texas: (continued)
$	715,000	5.00%, 09/01/26 (c)	$	872,514
	400,000	5.00%, 09/01/26 (c)		494,748
	45,000	5.00%, 09/01/26 (c)		55,486
		North Texas Tollway Authority, First Tier, Series A (RB)
	410,000	5.00%, 01/01/24 (c)		464,620
	500,000	5.00%, 01/01/26 (c)		590,300
	295,000	5.00%, 01/01/26 (c)		354,015
	425,000	5.00%, 01/01/26 (c)		508,028
	575,000	5.00%, 01/01/26 (c)		684,808
	640,000	5.00%, 01/01/26 (c)		772,032
	460,000	5.00%, 01/01/26 (c)		552,023
	635,000	5.00%, 01/01/26 (c)		759,054
	100,000	North Texas Tollway Authority, First Tier, Series B (RB) 4.00%, 01/01/25 (c)		110,484
		North Texas Tollway Authority, Second Tier, Series B (RB) (AGM)
	450,000	4.00%, 01/01/27 (c)		513,112
	185,000	5.00%, 01/01/26 (c)		224,361
	875,000	5.00%, 01/01/26 (c)		1,047,121
	880,000	Northside Independent School District (GO) 5.00%, 08/15/27 (c)		1,108,694
	105,000	Northwest Independent School District (GO) 5.00%, 02/15/25 (c)		125,270
	545,000	Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c)		650,888
		Plano Independent School District, Series A (GO)
	600,000	5.00%, 02/15/26 (c)		739,686
	100,000	5.00%, 02/15/26 (c)		123,693
	500,000	San Antonio Independent School District (GO) 4.00%, 08/15/28 (c)		597,415
		San Antonio Water System, Junior Lien, Series A (RB)
	400,000	5.00%, 05/15/26 (c)		492,996
	650,000	5.00%, 05/15/26 (c)		802,711
	500,000	5.00%, 05/15/28 (c)		641,505
	500,000	5.00%, 05/15/30 (c)		673,570
		Socorro Independent School District, Series B (GO)
	225,000	4.00%, 08/15/27 (c)		266,488
	780,000	5.00%, 08/15/27 (c)		984,844
	800,000	5.00%, 08/15/27 (c)		1,005,456
	45,000	Spring Independent School District (GO) 5.00%, 08/15/25 (c)		54,196
	15,000	State of Texas, Finance Authority (GO) 5.00%, 10/01/26		18,905
	130,000	State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c)		165,285
		State of Texas, Transportation Commission, Highway Improvement (GO)
	70,000	5.00%, 04/01/26 (c)		85,593
	125,000	5.00%, 04/01/26 (c)		153,290

Principal Amount			Value
Texas: (continued)
		State of Texas, Transportation Commission, Highway Improvement, Series A (GO)
$	400,000	5.00%, 04/01/26 (c)	$	490,528
	500,000	5.00%, 04/01/26 (c)		615,255
		State of Texas, Transportation Commission, Mobility Fund, Series A (GO)
	150,000	5.00%, 10/01/25 (c)		183,518
	150,000	5.00%, 10/01/27 (c)		189,020
		State of Texas, Transportation Commission, Mobility Fund, Series B (GO)
	240,000	5.00%, 10/01/27 (c)		302,431
	465,000	5.00%, 10/01/27 (c)		587,286
	105,000	State of Texas, Water Infrastructure Fund, Series B-1 (GO) 5.00%, 08/01/21 (c)		108,731
		Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB)
	80,000	5.00%, 05/15/26 (c)		96,722
	855,000	5.00%, 05/15/26 (c)		1,039,860
	140,000	Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28		177,293
		Tarrant Regional Water Control and Improvement District (RB)
	260,000	5.00%, 03/01/25 (c)		310,682
	440,000	5.00%, 03/01/25 (c)		527,652
		Texas A&M University, Series D (RB)
	10,000	4.00%, 05/15/26 (c)		11,742
	110,000	4.00%, 05/15/26 (c)		130,668
	295,000	5.00%, 05/15/26		367,213
	100,000	Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c)		126,340
		Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB)
	1,150,000	4.00%, 12/31/30 (c)		1,291,645
	1,000,000	4.00%, 12/31/30 (c)		1,131,560
	545,000	Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c)		683,970
		Texas State University System, Board of Regents, Series A (RB) (FHA)
	650,000	4.00%, 03/15/29 (c)		770,165
	160,000	5.00%, 03/15/25 (c)		190,757
	100,000	5.00%, 03/15/27 (c)		124,634
		Texas Water Development Board (RB)
	2,000,000	4.00%, 10/15/30 (c)		2,523,800
	125,000	5.00%, 04/15/26		155,250
	370,000	5.00%, 10/15/26 (c)		469,497
	600,000	5.00%, 10/15/26 (c)		756,114
	1,000,000	5.00%, 08/01/27 (c)		1,269,790
		Texas Water Development Board, Series A (RB)
	45,000	4.00%, 10/15/25 (c)		51,991
	400,000	4.00%, 10/15/27 (c)		474,008
	180,000	4.00%, 04/15/28 (c)		212,940
	600,000	4.00%, 04/15/28 (c)		713,934

See Notes to Financial Statements

80

Principal Amount			Value
Texas: (continued)
$	125,000	5.00%, 10/15/25 (c)	$	151,424
	1,040,000	5.00%, 10/15/25 (c)		1,274,645
	165,000	5.00%, 10/15/25 (c)		201,683
	250,000	5.00%, 10/15/27 (c)		319,890
	200,000	5.00%, 10/15/27 (c)		254,356
		Texas Water Development Board, Series B (RB)
	120,000	4.00%, 10/15/28 (c)		142,800
	1,000,000	4.00%, 10/15/28 (c)		1,199,170
	1,000,000	5.00%, 10/15/28 (c)		1,298,820
		Trinity River Authority, Regional Wastewater System (RB)
	285,000	5.00%, 08/01/27 (c)		354,913
	670,000	5.00%, 08/01/27 (c)		844,260
		University of North Texas, Series A (RB)
	140,000	5.00%, 04/15/27 (c)		171,227
	75,000	5.00%, 04/15/27 (c)		93,126
	165,000	5.00%, 04/15/27 (c)		206,295
		Via Metropolitan Transit Authority, Sales Tax (RB)
	645,000	5.00%, 01/15/27 (c)		797,207
	135,000	5.00%, 01/15/27 (c)		167,972
				160,478,915
Utah: 0.5%
	395,000	Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c)		464,184
		State of Utah (GO)
	1,140,000	5.00%, 01/01/27 (c)		1,445,155
	250,000	5.00%, 01/01/29 (c)		323,940
	1,275,000	State of Utah, Series B (GO) 5.00%, 01/01/29 (c)		1,693,391
	365,000	University of Utah, Series A (RB) 5.00%, 08/01/27 (c)		456,936
	1,000,000	University of Utah, Series B-1 (RB) 5.00%, 08/01/26		1,254,250
		Utah Transit Authority, Subordinated Sales Tax (RB)
	130,000	0.00%, 06/15/26 (c) ^		94,108
	865,000	3.00%, 06/15/26 (c)		932,868
	850,000	4.00%, 06/15/26 (c)		961,460
	255,000	Utah Transit Authority, Subordinated Sales Tax, Series A (RB) 5.00%, 06/15/25 (c)		309,777
				7,936,069
Vermont: 0.1%
	1,100,000	Vermont Educational and Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c)		1,284,822
Virginia: 2.2%
	650,000	Arlington County, Series B (GO) 5.00%, 08/15/26 (c)		818,610
	1,520,000	City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/26 (c)		1,865,298
		County of Arlington (GO)
	1,990,000	4.00%, 06/15/29 (c)		2,416,556
	1,130,000	5.00%, 08/15/27 (c)		1,444,863

Principal Amount			Value
Virginia: (continued)
		County of Fairfax, Public Improvement, Series A (GO) (SAW)
$	750,000	5.00%, 04/01/28 (c)	$	970,200
	1,755,000	5.00%, 04/01/29 (c)		2,312,388
	155,000	Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/26 (c)		188,055
	550,000	Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c)		666,649
	260,000	Hampton Roads Sanitation District, Series A (RB) 5.00%, 08/01/26 (c)		328,357
	1,500,000	Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c)		1,638,810
		Virginia Beach Development Authority, Series A (RB) (AGM)
	1,000,000	3.00%, 04/15/30 (c)		1,098,170
	1,000,000	3.00%, 04/15/30 (c)		1,104,180
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
	110,000	5.00%, 02/01/26 (c)		135,986
	130,000	5.00%, 02/01/26		160,863
	2,500,000	5.00%, 02/01/28		3,247,750
	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/28		324,775
	110,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c)		119,077
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
	145,000	5.00%, 02/01/26		178,916
	125,000	5.00%, 02/01/27		158,354
	450,000	5.00%, 02/01/28 (c)		572,521
	880,000	5.00%, 02/01/28 (c)		1,125,194
	120,000	5.00%, 02/01/28 (c)		154,508
		Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)
	775,000	3.00%, 09/01/27 (c)		838,875
	1,040,000	5.00%, 09/01/26 (c)		1,299,771
	1,000,000	5.00%, 09/01/26 (c)		1,247,840
		Virginia Commonwealth Transportation Board (RB)
	100,000	5.00%, 05/15/26 (c)		123,371
	510,000	5.00%, 09/15/26 (c)		635,659

See Notes to Financial Statements

81

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Virginia: (continued)
$	20,000	5.00%, 09/15/26 (c)	$	24,837
	400,000	5.00%, 05/15/27 (c)		508,324
		Virginia Commonwealth Transportation Board, Series A (RB)
	180,000	4.00%, 11/15/27 (c)		209,592
	250,000	5.00%, 05/15/27		319,128
	120,000	5.00%, 11/15/27 (c)		152,188
	800,000	5.00%, 11/15/27 (c)		1,008,648
		Virginia Public Building Authority, Series A (RB)
	695,000	3.00%, 08/01/26 (c)		757,341
	400,000	3.00%, 08/01/28 (c)		445,500
	1,050,000	3.13%, 08/01/28 (c)		1,175,716
	250,000	4.00%, 08/01/27 (c)		296,593
	325,000	5.00%, 08/01/26		408,262
	485,000	5.00%, 08/01/26		609,252
	870,000	5.00%, 08/01/28		1,143,780
	700,000	5.00%, 08/01/28 (c)		903,161
	1,000,000	5.00%, 08/01/30 (c)		1,332,990
	15,000	Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26		18,843
		Virginia Public School Authority (RB) (SAW)
	750,000	5.00%, 08/01/26 (c)		942,142
	30,000	5.00%, 08/01/26 (c)		37,647
	30,000	5.00%, 08/01/26		37,763
	575,000	5.00%, 08/01/26 (c)		723,425
	365,000	Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c)		443,811
	560,000	Virginia Resources Authority, Series C (RB) 4.00%, 11/01/26 (c)		647,242
				37,321,781
Washington: 3.4%
	600,000	Auburn School District No. 408 of King and Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c)		686,496
		Central Puget Sound Regional Transit Authority, Series S-1 (RB)
	830,000	5.00%, 11/01/25 (c)		997,826
	815,000	5.00%, 11/01/25 (c)		985,123
	590,000	5.00%, 11/01/25 (c)		714,443
	110,000	5.00%, 11/01/25 (c)		133,322
	110,000	5.00%, 11/01/26 (c)		137,453
		City of Seattle, Drainage and Wastewater System (RB)
	640,000	4.00%, 04/01/26 (c)		734,682
	500,000	4.00%, 07/01/27 (c)		583,090
	915,000	City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)		1,071,776
	135,000	City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 04/01/26 (c)		166,604
		City of Seattle, Water System Improvement (RB)
	115,000	4.00%, 02/01/27 (c)		134,823

Principal Amount			Value
Washington: (continued)
$	20,000	5.00%, 08/01/26	$	25,111
	500,000	5.00%, 02/01/27 (c)		621,040
	750,000	County of King (GO) 5.00%, 01/01/29 (c)		957,135
		Energy Northwest, Colombia Generating Station Electric, Series A (RB)
	235,000	5.00%, 07/01/25 (c)		282,141
	185,000	5.00%, 07/01/26 (c)		229,894
	400,000	5.00%, 07/01/27 (c)		496,540
	125,000	5.00%, 07/01/28 (c)		160,055
	1,000,000	5.00%, 07/01/29 (c)		1,289,480
	1,000,000	5.00%, 07/01/30 (c)		1,315,380
	715,000	Energy Northwest, Colombia Generating Station Electric, Series C (RB) 5.00%, 07/01/25 (c)		852,259
		Energy Northwest, Project 1 Electric, Series A (RB)
	340,000	5.00%, 07/01/25 (c)		410,118
	655,000	5.00%, 07/01/27 (c)		835,007
		Energy Northwest, Project 3 Electric, Series A (RB)
	105,000	5.00%, 07/01/25		127,466
	130,000	5.00%, 07/01/26 (c)		161,793
	270,000	Energy Northwest, Project 3 Electric, Series C (RB) 5.00%, 07/01/28		354,551
	760,000	FYI Properties (RB) 5.00%, 06/01/27		940,371
		Grant and Douglas Counties School District No. 144-101 (GO) (SBG)
	125,000	4.00%, 06/01/26 (c)		140,581
	520,000	4.00%, 06/01/26 (c)		591,973
	880,000	King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c)		1,036,174
		King County School District No. 401 (GO) (SBG)
	690,000	3.13%, 12/01/26 (c)		750,768
	700,000	5.00%, 12/01/26 (c)		875,203
		King County School District No. 405 (GO) (SBG)
	515,000	5.00%, 12/01/26 (c)		644,250
	360,000	5.00%, 12/01/26		455,234
	635,000	King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c)		730,250
	835,000	King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c)		1,040,443
	840,000	King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c)		999,281
	570,000	King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c)		672,463
		King County, Washington Limited Tax, Series E (GO)
	460,000	4.00%, 12/01/25 (c)		520,564
	500,000	5.00%, 12/01/25 (c)		610,145

See Notes to Financial Statements

82

Principal Amount			Value
Washington: (continued)
$	445,000	King County, Washington Sewer Revenue, Series B (RB) 5.00%, 07/01/24 (c)	$	518,078
		Kitsap County School District No. 401 (GO) (SBG)
	250,000	4.00%, 06/01/26 (c)		284,598
	15,000	4.00%, 06/01/26 (c)		17,452
	345,000	Klickitat County Public Utility District No. 1 (RB) 5.00%, 06/01/25 (c)		405,558
	845,000	Pasco School District No. 1, Franklin County (GO) (SBG) 5.00%, 12/01/27 (c)		1,072,187
	25,000	Pierce County School District No. 10 (GO) (SBG) 5.00%, 12/01/25 (c)		30,775
		Pierce County School District No. 403 (GO) (SBG)
	200,000	5.00%, 06/01/29 (c)		256,032
	500,000	5.00%, 06/01/29 (c)		652,130
	175,000	Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c)		200,233
		Port of Seattle, Intermediate Lien (RB)
	30,000	5.00%, 02/01/26 (c)		35,130
	130,000	5.00%, 02/01/26 (c)		153,955
		Port of Tacoma, Series A (GO)
	110,000	5.00%, 12/01/26 (c)		137,162
	500,000	5.00%, 12/01/26 (c)		626,495
		Puyallup School District No. 3 (GO) (SBG)
	565,000	5.00%, 06/01/27 (c)		703,182
	100,000	5.00%, 06/01/27 (c)		125,558
	1,735,000	Snohomish County School District No. 201 (GO) (SBG) 5.00%, 12/01/25 (c)		2,114,288
	125,000	State of Washington, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 01/01/26 (c)		152,310
	825,000	State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c)		1,028,404
		State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO)
	135,000	5.00%, 08/01/26 (c)		168,716
	835,000	5.00%, 08/01/26 (c)		1,046,222
	720,000	State of Washington, Motor Vehicle Fuel Tax, Series R-C (GO) 5.00%, 01/01/26 (c)		874,044
	520,000	State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO) 5.00%, 01/01/25 (c)		615,124
	545,000	State of Washington, Motor Vehicle Fuel Tax, Series R-H (GO) 5.00%, 01/01/25 (c)		644,697
		State of Washington, Series A (GO)
	115,000	5.00%, 08/01/26 (c)		141,817
	755,000	5.00%, 08/01/26 (c)		932,969
	150,000	State of Washington, Series B (GO) 5.00%, 01/01/26 (c)		183,969

Principal Amount			Value
Washington: (continued)
		State of Washington, Series C (GO)
$	175,000	5.00%, 02/01/25 (c)	$	208,990
	500,000	5.00%, 02/01/26 (c)		617,535
	1,545,000	5.00%, 08/01/27		1,985,248
	880,000	5.00%, 08/01/27 (c)		1,107,665
	170,000	5.00%, 02/01/28 (c)		218,188
		State of Washington, Series D (GO)
	100,000	5.00%, 02/01/27 (c)		123,953
	110,000	5.00%, 02/01/27		139,505
	880,000	5.00%, 08/01/27 (c)		1,113,420
		State of Washington, Various Purpose, Series A (GO)
	580,000	5.00%, 08/01/26 (c)		726,717
	245,000	5.00%, 08/01/26 (c)		306,189
	495,000	5.00%, 08/01/26 (c)		617,042
	200,000	5.00%, 08/01/26 (c)		249,950
	500,000	5.00%, 08/01/27 (c)		629,355
	500,000	5.00%, 08/01/27 (c)		627,055
	730,000	State of Washington, Various Purpose, Series A-1 (GO) 5.00%, 08/01/25 (c)		880,738
	20,000	State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/26 (c)		24,701
	25,000	State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c)		30,893
		State of Washington, Various Purpose, Series R-B (GO)
	20,000	5.00%, 01/01/26 (c)		24,370
	370,000	5.00%, 01/01/26 (c)		452,732
	105,000	5.00%, 01/01/26 (c)		129,320
	145,000	5.00%, 08/01/26 (c)		182,148
		State of Washington, Various Purpose, Series R-C (GO)
	360,000	5.00%, 01/01/25 (c)		427,327
	645,000	5.00%, 01/01/25 (c)		766,505
	880,000	5.00%, 08/01/27 (c)		1,103,617
	420,000	5.00%, 08/01/27 (c)		531,405
	1,000,000	5.00%, 08/01/27 (c)		1,270,500
		State of Washington, Various Purpose, Series R-E (GO)
	630,000	5.00%, 01/01/25 (c)		744,106
	250,000	5.00%, 01/01/25 (c)		294,600
	720,000	5.00%, 01/01/25 (c)		858,269
	550,000	5.00%, 01/01/25 (c)		651,607
	220,000	Tacoma School District No. 10 (GO) (SBG) 5.00%, 12/01/25 (c)		270,818
		Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB)
	225,000	5.00%, 10/01/28 (c)		279,119
	250,000	5.00%, 10/01/28 (c)		316,208
	130,000	5.00%, 10/01/28		166,709
	760,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		848,441

See Notes to Financial Statements

83

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Washington: (continued)
		Washington State Convention Center Public Facilities District (RB)
$	790,000	5.00%, 07/01/28 (c)	$	881,356
	520,000	5.00%, 07/01/28 (c)		581,750
				57,980,444
West Virginia: 0.2%
	270,000	State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c)		338,013
	500,000	State of West Virginia, Series A (GO) 5.00%, 06/01/29 (c)		643,185
	200,000	State of West Virginia, Series B (GO) 5.00%, 06/01/28 (c)		256,132
		West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB)
	1,055,000	3.00%, 06/01/26 (c)		1,098,993
	240,000	4.00%, 06/01/26 (c)		265,433
	240,000	5.00%, 06/01/26 (c)		288,763
				2,890,519
Wisconsin: 1.4%
	1,000,000	City of Madison, Series A (GO) 2.00%, 10/01/27 (c)		1,056,110
		City of Milwaukee, Series N4 (GO)
	200,000	5.00%, 04/01/26		244,076
	100,000	5.00%, 04/01/27		124,965
	350,000	Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		378,360
		Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB)
	165,000	5.00%, 03/01/26 (c)		192,812
	180,000	5.00%, 03/01/26 (c)		211,140
	390,000	5.00%, 03/01/26 (c)		459,810
	1,290,000	Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,409,622
	375,000	Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 3.00%, 06/01/26 (c)		389,681
		State of Wisconsin, Environmental Improvement Fund, Series A (RB)
	185,000	5.00%, 06/01/25 (c)		221,410
	100,000	5.00%, 06/01/25 (c)		119,531
	220,000	5.00%, 06/01/25 (c)		264,403
	185,000	5.00%, 06/01/25 (c)		222,710
	150,000	5.00%, 06/01/25 (c)		180,425
		State of Wisconsin, General Fund Annual Appropriation, Series B (RB)
	10,000	5.00%, 05/01/26 (c)		12,210
	20,000	5.00%, 05/01/26 (c)		24,505
		State of Wisconsin, Series 1 (GO)
	15,000	5.00%, 05/01/25 (c)		18,021
	460,000	5.00%, 05/01/27 (c)		574,660
	250,000	5.00%, 05/01/27 (c)		314,645
	405,000	5.00%, 05/01/27 (c)		516,569

Principal Amount			Value
Wisconsin: (continued)
		State of Wisconsin, Series 2 (GO)
$	510,000	5.00%, 05/01/26 (c)	$	634,506
	150,000	5.00%, 05/01/26 (c)		185,426
	635,000	5.00%, 11/01/26		800,271
	315,000	5.00%, 11/01/26		396,985
	660,000	5.00%, 05/01/27 (c)		841,817
		State of Wisconsin, Series 3 (GO)
	145,000	5.00%, 11/01/22 (c)		158,694
	500,000	5.00%, 05/01/27 (c)		621,440
	450,000	5.00%, 05/01/27 (c)		562,167
	295,000	5.00%, 05/01/27 (c)		373,871
		State of Wisconsin, Series A (GO)
	100,000	4.00%, 05/01/26 (c)		115,049
	930,000	5.00%, 05/01/25 (c)		1,102,255
	250,000	5.00%, 05/01/25 (c)		297,278
	890,000	5.00%, 05/01/25 (c)		1,054,410
	160,000	5.00%, 05/01/26		198,766
	400,000	5.00%, 05/01/28		523,648
	210,000	State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c)		249,713
	500,000	State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		553,710
	500,000	Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c)		561,805
		Wisconsin Department of Transportation, Series 1 (RB)
	565,000	5.00%, 07/01/24 (c)		652,213
	500,000	5.00%, 07/01/26		625,445
		Wisconsin Department of Transportation, Series 2 (RB)
	480,000	5.00%, 07/01/27 (c)		599,107
	115,000	5.00%, 07/01/27 (c)		144,946
		Wisconsin Department of Transportation, Series A (RB)
	940,000	5.00%, 07/01/24 (c)		1,088,793
	510,000	5.00%, 07/01/24 (c)		593,752
	140,000	5.00%, 07/01/24 (c)		163,047
		Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
	1,000,000	4.00%, 05/15/26 (c)		1,134,790
	1,500,000	4.00%, 05/15/26 (c)		1,689,150
	290,000	5.00%, 05/15/26 (c)		355,711
	35,000	5.00%, 05/15/26 (c)		42,673
	100,000	5.00%, 05/15/26 (c)		121,202
	500,000	Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		575,240
	125,000	Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c)		150,611
	355,000	Wisconsin Health and Educational Facilities Authority, Home Ownership, Series B (RB) 3.15%, 09/01/25 (c)		363,190

See Notes to Financial Statements

84

Principal Amount			Value
Wisconsin: (continued)
$	155,000	Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c)	$	179,175
				24,646,521
Total Municipal Bonds: 98.7% (Cost: $1,608,189,077)				1,690,129,066
Other assets less liabilities: 1.3%				22,026,427
NET ASSETS: 100.0%			$	1,712,155,493

Definitions:
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation
Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond

Summary of Investments By Sector	% of Investments			Value
Education		6.6	%	$	111,822,805
Health Care		7.8			131,384,682
Housing		1.6			27,413,786
Industrial Revenue		0.5			9,463,057
Leasing		6.4			108,558,267
Local		17.9			302,188,684
Power		4.5			76,357,274
Solid Waste/Resource Recovery		0.1			1,131,878
Special Tax		11.2			188,724,258
State		19.5			328,945,268
Tobacco		1.4			23,665,850
Transportation		13.1			221,128,526
Water & Sewer		9.4			159,344,731
		100.0	%	$	1,690,129,066

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

				Level 2		Level 3
	Level 1			Significant		Significant
	Quoted			Observable		Unobservable
	Prices			Inputs		Inputs			Value
Total Municipal Bonds*		$	—	$	1,690,129,066		$	—	$	1,690,129,066

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

85

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October 31, 2020 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.4%
Alabama: 1.6%
$	260,000	Infirmary Health System, Special Care Facilities Financing Authority of Mobile, Series A (RB) 4.00%, 02/01/26 (c)	$	268,289
	1,485,000	Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/46		2,036,366
	105,000	State of Alabama, Series A (GO) 5.00%, 11/01/28 (c)		133,346
	210,000	Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c)		231,393
	220,000	UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		256,375
	280,000	UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c)		306,457
	260,000	Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c)		310,084
				3,542,310
Arizona: 1.1%
	1,000,000	City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series A (RB) 5.00%, 07/01/29 (c)		1,177,490
	215,000	City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 4.00%, 07/01/27 (c)		234,851
	325,000	City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c)		380,325
		Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
	350,000	4.00%, 01/01/27 (c)		389,445
	270,000	5.00%, 01/01/27 (c)		319,585
				2,501,696
Arkansas: 0.1%
	110,000	City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c)		115,522
California: 16.1%
	300,000	Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series E (RB) 5.00%, 05/01/28 (c)		354,297
	500,000	Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series F (RB) 5.00%, 05/01/29 (c)		598,490

Principal Amount			Value
California: (continued)
$	230,000	Anaheim Elementary School District (GO) 3.00%, 08/01/26 (c)	$	239,023
	315,000	Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^		166,906
	250,000	California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		258,760
	1,350,000	California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series A (RB) 4.00%, 06/01/30 (c)		1,502,037
	320,000	California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c)		350,781
	750,000	California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c)		875,227
	230,000	California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford, Series A (RB) 4.00%, 11/15/27 (c)		253,449
		California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB)
	1,070,000	3.00%, 10/01/26 (c)		1,099,018
	680,000	3.00%, 10/01/26 (c)		704,419
	250,000	California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/25 (c)		306,827
		California Health Facilities Financing Authority, Sutter Health, Series B (RB)
	300,000	4.00%, 11/15/26 (c)		335,193
	155,000	4.00%, 11/15/26 (c)		170,578
	215,000	California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group, Series A (RB) 4.00%, 11/01/23 (c)		225,144
	160,000	California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c)		168,406
	200,000	California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c)		221,176

See Notes to Financial Statements

86

Principal
Amount			Value
California: (continued)
$	350,000	California Public Finance Authority, Henry Mayo Newhall Hospital (RB) 5.00%, 10/15/26 (c)	$	394,285
	455,000	California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (SAW) 5.00%, 05/01/49		715,055
		California State University, Series A (RB)
	250,000	4.00%, 05/01/26 (c)		276,597
	410,000	5.00%, 05/01/26 (c)		496,461
	800,000	5.00%, 05/01/27 (c)		981,592
	330,000	California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c)		390,265
		California Statewide Communities Development Authority, John Muir Health, Series A (RB)
	150,000	4.00%, 08/15/26 (c)		161,745
	385,000	4.00%, 08/15/26 (c)		418,764
	20,000	4.00%, 08/15/26 (c)		21,934
	200,000	California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c)		207,412
	455,000	Centinela Valley Union High School District, Series B (GO) (AGM) 4.00%, 08/01/26 (c)		504,377
	195,000	Cupertino Union School District, Series C (GO) 4.00%, 08/01/26 (c)		220,810
	300,000	Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB) 3.38%, 06/01/26 (c)		317,223
	390,000	Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) 5.00%, 07/01/26 (c)		466,627
	170,000	Elk Grove Unified School District (CP) 3.13%, 02/01/26 (c)		177,830
	300,000	Fairfield-Suisun Unified School District (GO) 2.75%, 08/01/26 (c)		306,411
	130,000	Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c)		147,489
	325,000	Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c)		340,528
	105,000	Grossmont Union High School District, Series B (GO) 3.00%, 08/01/26 (c)		109,270
	185,000	Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c)		207,396

Principal Amount			Value
California: (continued)
$	105,000	Imperial Irrigation District, Electric System, Series B-2 (RB) 5.00%, 11/01/26 (c)	$	127,764
	140,000	Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) 4.00%, 09/01/29 (c)		160,097
	185,000	Kaweah Delta Health Care District, Series B (RB) 5.00%, 06/01/25 (c)		206,808
		Livermore Valley Joint Unified School District (GO)
	215,000	3.00%, 08/01/26 (c)		223,434
	250,000	4.00%, 08/01/26 (c)		282,400
	440,000	Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c)		544,412
		Los Angeles Department of Water and Power, Series A (RB)
	105,000	5.00%, 01/01/26 (c)		125,523
	340,000	5.00%, 01/01/26 (c)		406,456
	300,000	5.00%, 01/01/26 (c)		355,161
	500,000	5.00%, 01/01/27 (c)		602,450
	250,000	5.00%, 01/01/28 (c)		309,225
	800,000	5.00%, 07/01/30 (c)		1,041,464
	275,000	Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c)		336,069
		Los Angeles Unified School District, Series A (GO)
	200,000	4.00%, 07/01/25 (c)		219,520
	335,000	5.00%, 07/01/25 (c)		390,610
	200,000	Marin Healthcare District, Series A (GO) 4.00%, 08/01/25 (c)		220,300
		Metropolitan Water District of Southern California, Series A (RB)
	345,000	5.00%, 07/01/25 (c)		410,008
	500,000	5.00%, 01/01/29 (c)		638,955
	530,000	Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c)		611,037
	100,000	Montebello Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		108,326
	380,000	Oxnard School District, Series A (GO) 4.00%, 08/01/27 (c)		423,468
	110,000	Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c)		121,431
	250,000	Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/25 (c)		278,395

See Notes to Financial Statements

87

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(unaudited) (continued)

Principal Amount			Value
California: (continued)
$	325,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c)	$	416,403
	500,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c)		527,090
	265,000	Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c)		311,791
	570,000	Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		658,658
	750,000	Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c)		898,740
	750,000	San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		911,797
	250,000	San Diego Unified School District, Series G (GO) 4.00%, 07/01/25 (c)		274,850
		San Diego Unified School District, Series I (GO)
	380,000	0.00%, 07/01/25 (c) ^		195,913
	240,000	3.13%, 07/01/27 (c)		253,135
	595,000	4.00%, 07/01/27 (c)		676,021
	610,000	San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c)		711,614
	150,000	San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		164,354
	1,000,000	Santa Ana Unified School District, Series A (GO) 4.00%, 08/01/28 (c)		1,143,160
	250,000	Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c)		309,600
	500,000	Saugus Union School District School Facilities Improvement District No. 2014-1, Series C (GO) 2.38%, 08/01/30 (c)		489,005
	110,000	State of California (GO) 4.00%, 10/01/29 (c)		130,172
		State of California, Various Purpose (GO)
	500,000	3.00%, 10/01/29 (c)		521,790
	105,000	4.00%, 09/01/26 (c)		117,611
	770,000	5.00%, 09/01/26 (c)		921,829
	515,000	5.00%, 11/01/27 (c)		626,837
	935,000	5.00%, 10/01/28 (c)		1,150,985
	240,000	Victor Valley Community College District (GO) 4.00%, 08/01/26 (c)		269,549

Principal Amount			Value
California: (continued)
$	235,000	West Hollywood Public Financing Authority (RB) 4.00%, 04/01/26 (c)	$	257,804
	250,000	West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c)		293,907
				35,067,730
Colorado: 2.5%
	550,000	Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c)		616,055
	230,000	City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c)		262,478
	285,000	City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c)		296,662
	120,000	City of Colorado Springs, Utilities System, Series A (RB) 4.00%, 11/15/25 (c)		132,043
	750,000	City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c)		918,255
	155,000	Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c)		180,566
	320,000	Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c)		354,634
	280,000	Colorado Health Facilities Authority, Children Hospital, Series A (RB) 5.00%, 06/01/26 (c)		322,160
	500,000	Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c)		482,730
	500,000	Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c)		603,340
	225,000	Colorado Health Facilities Authority, Vail Valley Center Project (RB) 4.00%, 01/15/26 (c)		242,100
		Colorado High Performance Transportation Enterprise (RB)
	250,000	5.00%, 12/31/24 (c)		269,408
	250,000	5.00%, 12/31/24 (c)		269,910
	160,000	Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c)		173,234
	230,000	University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c)		264,790
				5,388,365

See Notes to Financial Statements

88

Principal Amount			Value
Connecticut: 0.7%
$	100,000	Connecticut Housing Finance Authority, Series A-1 (RB) 3.50%, 05/15/25 (c)	$	105,350
	225,000	Connecticut Housing Finance Authority, Series B-1 (RB) 4.00%, 05/15/27 (c)		240,921
	10,000	Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c)		10,466
	300,000	Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c)		329,784
	250,000	Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c)		288,970
		University of Connecticut, Series A (RB)
	250,000	4.00%, 11/01/28 (c)		280,117
	275,000	4.00%, 11/01/28 (c)		309,037
				1,564,645
Delaware: 0.1%
	150,000	County of New Castle (GO) 4.00%, 04/01/27 (c)		169,157
	115,000	Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c)		127,168
				296,325
District of Columbia: 1.5%
		District of Columbia, Series A (RB)
	575,000	2.63%, 03/01/30 (c)		580,537
	275,000	3.00%, 03/01/30 (c)		297,396
	100,000	4.00%, 04/15/29 (c)		117,616
	1,000,000	4.00%, 04/15/29 (c)		1,159,280
	750,000	District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c)		928,365
	100,000	District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series A (RB) 5.00%, 04/01/26 (c)		120,567
				3,203,761
Florida: 4.7%
	345,000	Central Florida Expressway Authority (RB) 4.00%, 07/01/27 (c)		383,202
	500,000	City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c)		582,285
	250,000	City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c)		304,842
	250,000	City of Miami Beach, Series A (RB) 4.00%, 09/01/25 (c)		264,103

Principal Amount			Value
Florida: (continued)
		City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA)
$	180,000	3.00%, 07/01/26 (c)	$	189,950
	200,000	3.25%, 07/01/26 (c)		211,350
	255,000	City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB) 4.00%, 12/01/25 (c)		265,440
	345,000	City of Tampa, Baycare Health System, Series A (RB) 4.00%, 05/15/26 (c)		376,792
	900,000	Collier County Water and Sewer District (RB) 3.00%, 07/01/29 (c)		969,390
	275,000	County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c)		327,849
	1,000,000	County of Broward, Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		1,181,170
		County of Miami-Dade, Educational Facilities Authority, Series A (RB)
	240,000	4.00%, 04/01/25 (c)		251,453
	465,000	5.00%, 04/01/25 (c)		512,421
	210,000	County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c)		237,367
		County of Miami-Dade, Water and Sewer System, Series B (RB)
	310,000	3.00%, 10/01/29 (c)		326,817
	140,000	3.13%, 10/01/27 (c)		151,182
	360,000	4.00%, 10/01/27 (c)		414,392
	95,000	Florida Housing Finance Corp., Series 1 (RB) 3.20%, 07/01/28 (c)		100,050
	250,000	Florida Housing Finance Corp., Series 2 (RB) 4.05%, 01/01/28 (c)		277,422
	125,000	Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c)		145,083
	260,000	Halifax Hospital Medical Center (RB) 3.75%, 06/01/26 (c)		274,472
	135,000	Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (AGM) (TA) 5.00%, 02/01/24 (c)		152,608
	160,000	Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (AGM) (TA) 5.00%, 02/01/24 (c)		180,594
	265,000	Orange County Health Facilities Authority, Orlando Hospital, Series B (RB) 4.00%, 10/01/26 (c)		287,377

See Notes to Financial Statements

89

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Florida: (continued)
$	330,000	Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c)	$	320,628
	355,000	Palm Beach County, Public Improvement, Professional Sports Franchise Facility Project, Series D (RB) 5.00%, 12/01/25 (c)		420,789
	300,000	School District of Broward County (GO) 5.00%, 07/01/28 (c)		371,232
	145,000	State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AGM) 3.00%, 06/01/29 (c)		158,756
	500,000	State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 3.00%, 06/01/29 (c)		545,700
				10,184,716
Georgia: 2.5%
	260,000	Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c)		286,764
		County of Fulton, Water and Sewerage, Series A (RB)
	500,000	2.25%, 01/01/30 (c)		496,205
	1,400,000	2.38%, 01/01/30 (c)		1,403,416
	150,000	County of Paulding, Water and Sewerage Revenue (RB) 3.00%, 12/01/26 (c)		155,489
	90,000	Dahlonega Downtown Development Authority (RB) 3.13%, 07/01/23 (c)		92,052
	185,000	Dalton-Whitfield County Joint Development Authority (RB) 4.00%, 02/15/28 (c)		203,420
	270,000	Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW) 4.00%, 07/01/29 (c)		302,141
	115,000	Forsyth County School District (GO) 5.00%, 02/01/28 (c)		143,810
	165,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) (SAW) 3.35%, 06/01/28 (c)		177,776
	230,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series A-1 (RB) 3.35%, 12/01/25 (c)		240,688
	150,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) 3.55%, 12/01/26 (c)		158,729
	115,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c)		120,344

Principal Amount			Value
Georgia: (continued)
$	335,000	Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c)	$	427,088
	1,000,000	Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/30 (c)		1,051,470
	150,000	Private Colleges and Universities Authority, Emory University, Series B (RB) 3.00%, 10/01/24 (c)		153,249
				5,412,641
Hawaii: 0.8%
		City and County of Honolulu, Series C (GO)
	750,000	4.00%, 08/01/29 (c)		874,290
	200,000	5.00%, 08/01/29 (c)		252,502
	500,000	City and County of Honolulu, Wastewater System, Series A (RB) (FHA) 4.00%, 07/01/29 (c)		576,625
				1,703,417
Illinois: 3.9%
	100,000	Chicago Board of Education (ST) 6.00%, 04/01/27 (c)		114,896
	250,000	Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/26 (c)		282,137
	890,000	Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c)		967,474
	150,000	Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c)		172,316
		Chicago O’Hare International Airport, Series D (RB)
	150,000	5.00%, 01/01/27 (c)		169,919
	265,000	5.00%, 01/01/27 (c)		301,263
	250,000	Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c)		283,197
	220,000	Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c)		251,684
	510,000	City of Chicago, O’Hare International Airport, Senior Lien, Series D (RB) 5.00%, 01/01/25 (c)		578,921
		City of Chicago, Series A (GO)
	1,000,000	5.00%, 01/01/29 (c)		1,016,070
	350,000	6.00%, 01/01/27 (c)		383,071
		Cook County, Sales Tax (RB)
	150,000	4.00%, 11/15/27 (c)		163,839
	160,000	4.00%, 11/15/27 (c)		173,864
	200,000	Illinois Finance Authority, Advocate Health and Hospital Corp. (RB) 4.13%, 05/01/25 (c)		215,116
	655,000	Illinois Finance Authority, DePaul University, Series A (RB) 3.00%, 10/01/26 (c)		663,056

See Notes to Financial Statements

90

Principal Amount			Value
Illinois: (continued)
$	300,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB) 4.13%, 11/15/25 (c)	$	325,461
	170,000	Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c)		187,077
	370,000	Illinois State Toll Highway Authority, Series B (RB) 5.00%, 01/01/26 (c)		431,790
	165,000	Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/26 (c)		178,748
	750,000	State of Illinois (GO) 5.75%, 05/01/30 (c)		831,127
		State of Illinois, Series A (GO)
	630,000	5.00%, 05/01/28 (c)		651,685
	250,000	5.00%, 05/01/28 (c)		259,328
				8,602,039
Indiana: 0.1%
	190,000	Indiana Municipal Power Agency, Series A (RB) 5.00%, 07/01/26 (c)		222,957
Iowa: 0.3%
		Iowa Higher Education Loan Authority (RB)
	300,000	5.00%, 12/01/26 (c)		363,570
	250,000	5.00%, 12/01/26 (c)		305,260
				668,830
Kansas: 0.4%
	270,000	Lyon County Unified School District No. 253 (GO) 3.00%, 09/01/27 (c)		284,469
		Sedgwick County Unified School District No. 260, Series B (GO)
	150,000	4.00%, 10/01/26 (c)		170,619
	300,000	5.00%, 10/01/26 (c)		379,935
				835,023
Kentucky: 1.1%
	600,000	Commonwealth of Kentucky, Series A (CP) 4.00%, 04/15/28 (c)		660,396
	920,000	Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)		961,713
		Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB)
	345,000	3.00%, 11/15/25 (c)		358,165
	235,000	3.25%, 11/15/26 (c)		248,938
	140,000	University of Kentucky, Series A (RB) 3.25%, 04/01/25 (c)		146,530
				2,375,742
Louisiana: 0.7%
	230,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c)		252,296

Principal Amount			Value
Louisiana: (continued)
		Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB)
$	315,000	5.00%, 07/01/26 (c)	$	347,215
	340,000	5.00%, 07/01/26 (c)		375,707
	230,000	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c)		250,084
	240,000	New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c)		274,397
				1,499,699
Maine: 0.5%
	620,000	Maine Health and Higher Educational Facilities Authority, MaineHealth, Series A (RB) 5.00%, 07/01/28 (c)		747,832
	250,000	Maine Municipal Bond Bank, Series C (RB) 5.00%, 11/01/27 (c)		308,895
				1,056,727
Maryland: 1.2%
	225,000	City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c)		254,711
	250,000	County of Baltimore (GO) 4.00%, 03/01/28 (c)		288,842
	220,000	Maryland Health and Higher Educational Facilities Authority, Charlestown Community Issue, Series A (RB) 5.00%, 07/01/26 (c)		243,709
	260,000	Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c)		283,569
	270,000	Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) 4.00%, 07/01/26 (c)		284,013
	150,000	Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c)		163,185
	100,000	Prince George’s County, Regional Medical Center (CP) 3.25%, 10/01/27 (c)		106,477
	275,000	Prince George’s County, Series A (GO) 5.00%, 07/15/28 (c)		347,330
	270,000	Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c)		297,494
	390,000	Washington Suburban Sanitary District (GO) 4.00%, 06/01/24 (c)		422,432
				2,691,762

See Notes to Financial Statements

91

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Massachusetts: 3.9%
$	160,000	Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c)	$	164,298
	315,000	Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c)		385,028
		Commonwealth of Massachusetts, Series A (GO)
	430,000	5.00%, 03/01/24 (c)		487,022
	275,000	5.00%, 04/01/27 (c)		333,132
	200,000	5.00%, 01/01/28 (c)		243,340
	750,000	Commonwealth of Massachusetts, Series B (GO) 2.50%, 03/01/30 (c)		765,127
	360,000	Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c)		382,306
		Commonwealth of Massachusetts, Series E (GO)
	120,000	3.00%, 04/01/25 (c)		125,274
	275,000	3.25%, 09/01/25 (c)		294,495
	440,000	4.00%, 04/01/25 (c)		487,502
	375,000	4.00%, 09/01/25 (c)		420,311
	295,000	4.00%, 09/01/25 (c)		331,247
	245,000	Commonwealth of Massachusetts, Series G (GO) 3.00%, 09/01/26 (c)		255,138
	230,000	Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c)		258,571
	100,000	Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c)		119,896
	200,000	Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		195,516
	200,000	Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB) 5.00%, 12/01/26 (c)		230,200
	300,000	Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB) 5.00%, 08/15/25 (c)		337,896
	250,000	Massachusetts Development Finance Agency, Medical Center, Series E (RB) 4.00%, 07/01/26 (c)		261,925
	825,000	Massachusetts Development Finance Agency, Provident Commonwealth Education Resources Issue, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		810,265
	250,000	Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c)		261,500

Principal Amount			Value
Massachusetts: (continued)
$	250,000	Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c)	$	281,417
	850,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) 5.00%, 02/15/26 (c)		1,001,810
	150,000	Massachusetts Water Resources Authority, Series D (RB) 3.00%, 08/01/26 (c)		156,942
				8,590,158
Michigan: 2.2%
	700,000	Bloomfield Hills School District (GO) 4.00%, 05/01/30 (c)		819,161
	390,000	Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)		457,801
	320,000	Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		374,691
	225,000	Michigan Finance Authority, Henry Ford Health System (RB) 4.00%, 11/15/26 (c)		244,175
		Michigan Finance Authority, Henry Ford Health System, Series A (RB)
	250,000	4.00%, 11/02/29 (c)		274,385
	135,000	5.00%, 11/02/29 (c)		163,014
	150,000	Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/27 (c)		164,795
	1,005,000	Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c)		1,061,340
	545,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 4.00%, 06/01/28 (c)		587,145
	425,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) 2.95%, 12/01/28 (c)		445,782
	190,000	Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c)		222,093
				4,814,382
Missouri: 0.6%
	315,000	Health and Educational Facilities Authority, BJC Health System, Series C (RB) 4.00%, 07/01/26 (c) (p)		349,631

See Notes to Financial Statements

92

Principal Amount			Value
Missouri: (continued)
$	250,000	Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB) 5.00%, 02/01/24 (c)	$	275,078
	235,000	Health and Educational Facilities Authority, Mercy Health, Series C (RB) 4.00%, 11/15/27 (c)		264,081
		Health and Educational Facilities Authority, Saint Louis University (RB)
	130,000	5.00%, 10/01/25 (c)		150,426
	100,000	5.00%, 04/01/29 (c)		118,362
	250,000	Missouri Housing Development Commission, First Place Homeowner Loan Program, Series C (RB) 3.05%, 05/01/29 (c)		256,343
				1,413,921
Montana: 0.1%
	220,000	Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c)		235,968
Nebraska: 0.5%
	475,000	Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/37		638,139
	480,000	Sarpy County Hospital Authority No. 1 (RB) 3.00%, 05/15/26 (c)		491,203
				1,129,342
Nevada: 1.4%
	390,000	City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		443,949
	675,000	City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c)		784,357
	120,000	Clark County, Detention Center (GO) 3.00%, 06/01/29 (c)		127,260
	485,000	Clark County, Stadium Improvement, Series A (GO) 5.00%, 06/01/28 (c)		581,481
	250,000	County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c)		305,047
	275,000	Las Vegas Convention and Visitors Authority, Series B (RB) 5.00%, 07/01/28 (c)		316,272
	200,000	Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c)		207,520
	100,000	Las Vegas Redevelopment Agency (TA) 5.00%, 06/15/26 (c)		109,899
	100,000	Washoe County School District, Series C (GO) (AGM) 3.13%, 10/01/27 (c)		105,724
				2,981,509

Principal Amount			Value
New Hampshire: 0.2%
$	265,000	New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c)	$	299,702
	200,000	New Hampshire Municipal Bond Bank, Series D (RB) 4.00%, 08/15/26 (c)		223,576
				523,278
New Jersey: 2.5%
		Atlantic County Improvement Authority, Series A (RB) (AGM)
	140,000	3.25%, 07/01/26 (c)		143,249
	165,000	4.00%, 07/01/26 (c)		174,705
	320,000	New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c)		350,058
	55,000	New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/26 (c)		63,538
	500,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 4.00%, 07/01/26 (c)		521,755
	380,000	New Jersey Transportation Trust Fund Authority, Series A (RB) 4.25%, 12/15/28 (c)		404,951
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	910,000	4.50%, 12/15/28 (c)		965,892
	485,000	4.75%, 06/15/25 (c)		516,734
	190,000	5.00%, 06/15/25 (c)		204,197
	365,000	New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c)		346,838
	380,000	New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c)		420,447
	100,000	New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c)		119,282
	215,000	New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c)		243,683
	210,000	New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c)		232,071
	125,000	Rutgers, State University of New Jersey, Series M (RB) 3.13%, 05/01/21 (c)		125,838
	400,000	State of New Jersey, Various Purposes (GO) 5.00%, 12/01/27 (c)		476,408
	205,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c)		236,504
				5,546,150

See Notes to Financial Statements

93

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
New Mexico: 0.2%
$	250,000	New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c)	$	278,132
	245,000	New Mexico Mortgage Finance Authority, Series C (RB) 3.60%, 07/01/28 (c)		262,530
				540,662
New York: 18.3%
	1,000,000	Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c)		1,166,740
	110,000	Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 3.00%, 01/15/27 (c)		110,308
		Build NYC Resource Corp., New York Law School Project (RB)
	240,000	4.00%, 01/01/26 (c)		238,181
	500,000	5.00%, 01/01/26 (c)		527,540
		City of New York, Series B-1 (GO)
	110,000	3.00%, 10/01/29 (c)		111,767
	200,000	5.00%, 10/01/27 (c)		241,478
		City of New York, Series D-1 (GO)
	100,000	5.00%, 12/01/28 (c)		121,000
	1,000,000	5.00%, 03/01/30 (c)		1,220,900
	125,000	County of Nassau, Series C (GO) 5.00%, 04/01/26 (c)		144,648
	255,000	Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		284,223
		Hudson Yards Infrastructure Corp., Series A (RB)
	515,000	4.00%, 02/15/27 (c)		552,513
	645,000	5.00%, 02/15/27 (c)		741,389
	290,000	Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c)		285,041
	300,000	Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c)		357,330
	715,000	Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c)		836,757
	1,000,000	Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c)		1,094,350
		Metropolitan Transportation Authority, Series C-1 (RB)
	400,000	4.00%, 05/15/27 (c)		400,908
	500,000	4.00%, 05/15/28 (c)		501,610
	225,000	5.00%, 11/15/26 (c)		237,692
	370,000	5.25%, 11/15/26 (c)		395,745
	350,000	Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/40 ^		143,448

Principal
Amount			Value
New York: (continued)
$	250,000	Metropolitan Transportation Authority, Series D (RB) 4.00%, 05/15/28 (c)	$	250,480
	145,000	MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c)		157,534
	275,000	New York City Housing Development Corp., Multi-Family Housing, Series D (RB) 3.65%, 02/01/25 (c)		287,430
	500,000	New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c)		519,290
		New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB)
	425,000	3.45%, 11/01/25 (c)		450,071
	250,000	3.75%, 11/01/25 (c)		261,980
	375,000	New York City Municipal Water Finance Authority, Series BB-2 (RB) 5.00%, 06/15/25 (c)		436,170
	190,000	New York City Municipal Water Finance Authority, Series CC-1 (RB) 4.00%, 12/15/26 (c)		213,484
	175,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 4.00%, 06/15/27 (c)		197,227
	230,000	New York City Transitional Finance Authority Building Aid, Subseries S-4A (RB) (SAW) 4.00%, 07/15/28 (c)		260,852
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	350,000	3.00%, 07/15/29 (c)		360,020
	235,000	4.00%, 01/15/26 (c)		257,995
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
	155,000	4.00%, 05/01/26 (c)		169,623
	225,000	5.00%, 05/01/26 (c)		267,154
	260,000	5.00%, 08/01/28 (c)		313,643
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB)
	200,000	5.00%, 08/01/27 (c)		243,450
	1,000,000	5.00%, 05/01/29 (c)		1,238,780
	510,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c)		618,967
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
	400,000	4.00%, 08/01/27 (c)		443,324
	115,000	5.00%, 08/01/26 (c)		137,324

See Notes to Financial Statements

94

Principal
Amount			Value
New York: (continued)
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
$	1,120,000	4.00%, 05/01/29 (c)	$	1,258,891
	250,000	4.00%, 05/01/29 (c)		285,337
	1,775,000	4.00%, 11/01/30 (c)		2,049,894
	420,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c)		503,063
	175,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-3 (RB) 3.00%, 02/01/26 (c)		181,568
	200,000	New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		252,336
	350,000	New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c)		361,361
	660,000	New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c)		710,431
	500,000	New York City Water and Sewer System, Series CC-2 (RB) 4.00%, 12/15/29 (c)		576,460
	300,000	New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/29 (c)		374,532
		New York Convention Center Development Corp., Series A (RB)
	230,000	0.00%, 11/15/47 ^		83,021
	170,000	0.00%, 11/15/54 ^		45,390
	285,000	New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c)		346,645
	250,000	New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47		389,337
	405,000	New York State Dormitory Authority, New York Columbia University, Series B (RB) (FHA) 5.00%, 04/01/28 (c)		507,765
		New York State Dormitory Authority, New York University, Series A (RB)
	160,000	2.13%, 07/01/21 (c)		160,378
	375,000	4.00%, 07/01/26 (c)		416,085
	200,000	4.00%, 07/01/26 (c)		220,930
	600,000	5.00%, 07/01/28 (c)		734,178
	235,000	5.00%, 07/01/28 (c)		286,585
	400,000	5.00%, 07/01/28 (c)		486,520
	250,000	New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c)		303,630
	250,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 08/15/26 (c)		294,035

Principal
Amount			Value
New York: (continued)
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
$	800,000	4.00%, 03/15/27 (c)	$	873,872
	250,000	4.00%, 03/15/27 (c)		273,640
	150,000	5.00%, 03/15/27 (c)		177,330
		New York State Dormitory Authority, The New School, Series A (RB)
	225,000	4.00%, 01/01/27 (c)		236,547
	420,000	5.00%, 01/01/27 (c)		467,254
	500,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 4.00%, 06/15/29 (c)		578,435
	225,000	New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c)		240,201
	195,000	New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c)		205,659
	500,000	New York State Power Authority (RB) 4.00%, 05/15/30 (c)		572,025
		New York State Thruway Authority, Series B (RB) (AGM)
	500,000	4.00%, 01/01/30 (c)		571,760
	550,000	4.00%, 01/01/30 (c)		627,627
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	950,000	3.00%, 09/15/30 (c)		964,715
	260,000	5.00%, 09/15/25 (c)		306,592
	115,000	5.00%, 09/15/25 (c)		136,385
	500,000	5.00%, 09/15/28 (c)		600,615
	550,000	New York State Urban Development Corp., State Personal Income, Series C (RB) 3.00%, 09/15/30 (c)		557,991
	450,000	Port Authority of New York and New Jersey, Series 194 (RB) 5.00%, 10/15/25 (c)		520,834
	485,000	Port Authority of New York and New Jersey, Series 212 (RB) 4.00%, 09/01/29 (c)		550,024
	700,000	Port Authority of New York and New Jersey, Series 213 (RB) 5.00%, 09/01/29 (c)		862,659
	190,000	State of New York Mortgage Agency, Series 203 (RB) 3.50%, 04/01/26 (c)		200,885
	300,000	Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c)		347,295
	130,000	Triborough Bridge and Tunnel Authority, Series B-3 (RB) 5.00%, 11/15/25 (c)		152,718
		Triborough Bridge and Tunnel Authority, Series C (RB)
	1,000,000	3.00%, 11/15/29 (c)		1,026,390
	250,000	3.38%, 11/15/28 (c)		268,265

See Notes to Financial Statements

95

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
New York: (continued)
$	550,000	Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c)	$	682,192
	370,000	Westchester County Local Development Corp., Medical Center (RB) 3.75%, 11/01/25 (c)		379,383
				40,008,031
North Carolina: 1.9%
	100,000	North Carolina Agricultural and Technical State University, Series A (RB) 5.00%, 10/01/25 (c)		112,139
		North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB)
	135,000	3.85%, 07/01/27 (c)		148,511
	320,000	4.00%, 07/01/27 (c)		346,477
	350,000	North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		383,421
		North Carolina Medical Care Commission, Novant Health, Series A (RB)
	220,000	3.13%, 11/01/29 (c)		227,181
	750,000	4.00%, 11/01/29 (c)		839,640
		North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
	500,000	3.00%, 01/01/30 (c)		523,430
	500,000	5.00%, 01/01/30 (c)		597,470
	750,000	5.00%, 01/01/30 (c)		891,060
				4,069,329
North Dakota: 0.4%
	750,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.75%, 07/01/27 (c)		813,180
Ohio: 3.3%
		American Municipal Power, Inc., Series A (RB)
	190,000	4.00%, 02/15/26 (c)		208,310
	220,000	5.00%, 02/15/26 (c)		254,890
	440,000	City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB) 4.00%, 12/01/27 (c)		474,813
	100,000	City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c)		116,897
	375,000	Columbus City School District (GO) 5.00%, 12/01/26 (c)		451,792
	510,000	County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c)		559,291

Principal
Amount			Value
Ohio: (continued)
$	1,000,000	County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48	$	1,527,460
	260,000	County of Franklin, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c)		305,022
	1,000,000	County of Ross, Adena Health System Obligated Group Project (RB) 5.00%, 12/01/29 (c)		1,180,980
	150,000	Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c)		161,591
	250,000	Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		265,493
	190,000	North Royalton City School District (GO) 5.00%, 06/01/25 (c)		220,121
	350,000	Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		382,371
	190,000	Ohio Housing Finance Agency, Series D (RB) 3.63%, 09/01/26 (c)		200,125
	500,000	Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		640,105
	250,000	State of Ohio, Higher Education, Series A (GO) 5.00%, 02/01/26 (c)		301,272
				7,250,533
Oklahoma: 0.7%
	250,000	Edmond Public Works Authority (RB) 4.00%, 07/01/27 (c)		279,712
	750,000	Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c)		765,487
	350,000	Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/26 (c)		384,650
	110,000	University of Oklahoma, Series C (RB) 4.00%, 07/01/25 (c)		118,841
				1,548,690
Oregon: 1.4%
	190,000	Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		217,556
	295,000	Multnomah County School District No. 1J, Series B (GO) (SBG) 3.25%, 06/15/27 (c)		313,145
		North Clackamas School District No. 12, Series A (GO) (SBG)
	175,000	0.00%, 06/15/27 (c) ^		89,577
	465,000	0.00%, 06/15/27 (c) ^		250,491
	170,000	Oregon Health and Science University, Series B (RB) 4.00%, 07/01/26 (c)		186,519
	240,000	Salem Hospital Facility Authority, Series A (RB) 4.00%, 05/15/26 (c)		262,037

See Notes to Financial Statements

96

Principal
Amount			Value
Oregon: (continued)
$	510,000	Sherwood School District No. 88J, Series A (GO) (SBG) 0.00%, 06/15/28 (c) ^	$	182,402
	500,000	State of Oregon, Higher Education, Series G (GO) 3.00%, 08/01/29 (c)		540,825
	935,000	Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c)		1,000,787
				3,043,339
Pennsylvania: 4.2%
	685,000	Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 06/01/28 (c)		824,761
	495,000	Berks County Industrial Development Authority, Tower Health Project (RB) 5.00%, 11/01/27 (c)		519,171
		Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)
	180,000	4.00%, 10/01/27 (c)		198,439
	210,000	4.00%, 09/01/30 (c)		241,009
	1,000,000	Commonwealth of Pennsylvania, First Series (GO) 2.00%, 05/01/30 (c)		953,620
	1,170,000	Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c)		1,303,076
	220,000	County of Allegheny, Series C-77 (GO) 5.00%, 11/01/28 (c)		270,576
		Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB)
	140,000	3.75%, 04/01/27 (c)		150,311
	170,000	5.00%, 04/01/27 (c)		198,805
	280,000	DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c)		320,891
	230,000	Geisinger Authority, Health System, Series A-2 (RB) 4.00%, 02/15/27 (c)		255,576
	610,000	General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group, Series A (RB) 4.00%, 06/01/29 (c)		688,190
	145,000	Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		154,409
	190,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) 3.20%, 10/01/25 (c)		198,375
	260,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB) 3.65%, 04/01/27 (c)		272,795

Principal
Amount			Value
Pennsylvania: (continued)
$	100,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 128 B (RB) 3.85%, 10/01/27 (c)	$	107,766
		Pennsylvania Turnpike Commission, Motor License, Third Series (RB)
	250,000	4.00%, 12/01/27 (c)		280,345
	155,000	5.00%, 12/01/27 (c)		182,933
	290,000	Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM) 5.00%, 12/01/28 (c)		357,016
		Pennsylvania Turnpike Commission, Series A (RB) (AGM)
	125,000	4.00%, 12/01/26 (c)		139,088
	220,000	5.00%, 12/01/29 (c)		265,593
	150,000	Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c)		177,218
		Pennsylvania Turnpike Commission, Series B (RB)
	230,000	5.00%, 12/01/25 (c)		264,960
	205,000	5.00%, 12/01/25 (c)		238,161
	125,000	5.00%, 12/01/25 (c)		141,921
	305,000	Philadelphia Gas Works Co., Fifteenth Series (RB) 5.00%, 08/01/27 (c)		358,018
				9,063,023
South Carolina: 0.5%
	100,000	Brookland-Cayce School District No. 2, Lexington County (GO) 3.00%, 03/01/26 (c)		105,585
	100,000	Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c)		105,752
	185,000	South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/25 (c)		213,336
	665,000	South Carolina Transportation Infrastructure Bank, Series A (RB) 3.00%, 10/01/25 (c)		702,572
				1,127,245
Tennessee: 0.9%
	125,000	Metropolitan Nashville Airport Authority, Series A (RB) 5.00%, 07/01/25 (c)		141,928
		Sullivan County (GO)
	250,000	3.75%, 05/01/26 (c)		269,583
	230,000	4.00%, 05/01/26 (c)		256,441
	350,000	Tennessee Housing Development Agency, Series 1 (RB) 4.00%, 07/01/26 (c)		377,706
		Tennessee Housing Development Agency, Series 3 (RB)
	500,000	2.95%, 01/01/29 (c)		513,570
	365,000	3.60%, 01/01/27 (c)		387,875
				1,947,103

See Notes to Financial Statements

97

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Texas: 9.3%
$	190,000	Aldine Independent School District (GO) 3.13%, 02/15/25 (c)	$	201,630
	350,000	Alvin Independent School District (GO) 3.38%, 02/15/28 (c)		390,964
	500,000	Arlington Higher Education Finance Corp. (RB) 4.00%, 08/15/29 (c)		574,100
	55,000	Bexar County, Combined Venue Tax (RB) (AGM) 3.75%, 08/15/24 (c)		57,956
	150,000	Board of Regents of the University of Houston System, Series C (RB) 4.00%, 02/15/26 (c)		165,117
	650,000	Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)		731,633
	250,000	Central Texas Regional Mobility Authority, Senior Lien (RB) 5.00%, 01/01/26 (c)		285,060
	250,000	Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) 5.00%, 07/01/25 (c)		282,182
	165,000	City of Arlington, Senior Lien Special Tax, Series A (AGM) (ST) 4.00%, 02/15/28 (c)		177,619
	280,000	City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		326,110
	120,000	City of Denton (GO) 4.00%, 02/15/27 (c)		135,277
		City of El Paso (GO)
	125,000	4.00%, 08/15/26 (c)		141,279
	950,000	4.00%, 08/15/29 (c)		1,104,622
	440,000	City of Houston, Combined Utility System, First Lien, Series B (RB) 4.00%, 11/15/26 (c)		505,384
	220,000	City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c)		275,235
	265,000	Cleburne Independent School District (GO) 5.00%, 02/15/26 (c)		315,559
	250,000	College of the Mainland (GO) 3.75%, 08/15/28 (c)		274,560
	250,000	Coppell Independent School District (GO) 4.00%, 08/15/28 (c)		285,752
	220,000	County of Bexar (GO) 4.00%, 06/15/26 (c)		252,426
	400,000	County of Travis, Series A (GO) 5.00%, 03/01/29 (c)		509,904
	500,000	Crowley Independent School District (GO) 4.00%, 02/01/29 (c)		588,600
	250,000	Cypress-Fairbanks Independent School District, Series A (GO) 4.00%, 02/15/29 (c)		298,745

Principal
Amount			Value
Texas: (continued)
		Dallas Area Rapid Transit, Senior Lien, Series A (RB)
$	220,000	5.00%, 12/01/25 (c)	$	261,659
	175,000	5.00%, 12/01/25 (c)		209,477
		Frisco Independent School District (GO)
	1,000,000	3.00%, 08/15/29 (c)		1,087,820
	460,000	4.00%, 02/15/27 (c)		521,865
	250,000	Galena Park Independent School District (GO) 3.00%, 02/15/29 (c)		274,600
	640,000	Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		780,602
	195,000	Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB) 3.13%, 07/01/26 (c)		204,284
	350,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/29 (c)		373,516
	185,000	Harris County, Cultural Education Facilities Finance Corp., Thermal Utility Project (RB) 4.00%, 11/15/27 (c)		209,834
	340,000	Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c)		406,705
	200,000	Klein Independent School District (GO) 4.00%, 08/01/26 (c)		227,608
		Leander Independent School District, Series A (GO)
	900,000	0.00%, 08/16/26 (c) ^		426,339
	95,000	0.00%, 08/16/26 (c) ^		41,255
	30,000	0.00%, 08/16/26 (c) ^		13,959
		New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB)
	800,000	5.00%, 07/01/26 (c)		749,976
	520,000	5.00%, 07/01/26 (c)		506,038
	250,000	North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c)		294,522
	290,000	North Texas Tollway Authority, First Tier, Series A (RB) 4.00%, 01/01/26 (c)		319,560
	500,000	San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c)		609,700
	145,000	San Jacinto College District, Series B (GO) 3.38%, 02/15/26 (c)		153,831
	325,000	State of Texas, Water Financial Assistance, Series D (GO) 4.00%, 05/15/25 (c)		361,553

See Notes to Financial Statements

98

Principal Amount			Value
Texas: (continued)
$	115,000	Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB) 4.00%, 05/15/26 (c)	$	127,053
	250,000	Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c)		301,227
	220,000	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 4.00%, 08/15/26 (c)		239,461
	485,000	Texas Water Development Board (RB) 5.00%, 10/15/26 (c)		589,619
		Texas Water Development Board, Series A (RB)
	500,000	3.00%, 10/15/29 (c)		550,330
	325,000	4.00%, 04/15/28 (c)		373,633
	265,000	5.00%, 10/15/25 (c)		315,883
	840,000	5.00%, 04/15/28 (c)		1,044,683
		Texas Water Development Board, Series B (RB)
	225,000	5.00%, 10/15/28 (c)		280,834
	110,000	5.00%, 10/15/28 (c)		140,006
	250,000	West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c)		254,450
	230,000	West Travis County Public Utility Agency (RB) 4.00%, 08/15/27 (c)		257,499
				20,389,095
Utah: 0.5%
	360,000	Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c)		429,901
		Utah County, IHC Health Services, Inc., Series B (RB)
	210,000	3.00%, 05/15/26 (c)		217,396
	350,000	4.00%, 05/15/24 (c)		373,663
				1,020,960
Vermont: 0.1%
	220,000	Vermont Educational and Health Buildings Financing Agency, Series B (RB) 5.00%, 06/01/26 (c)		249,427
Virginia: 1.3%
	260,000	Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM) 5.00%, 07/01/26 (c)		306,275
	350,000	Chesterfield Economic Development Authority, County Projects, Series F (RB) 2.00%, 04/01/30 (c)		341,313
	250,000	Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c)		278,832

Principal Amount			Value
Virginia: (continued)
$	665,000	Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/30 (c)	$	793,744
	250,000	Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c)		279,345
	380,000	Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Series A (RB) 5.00%, 07/01/47		580,655
		Virginia Commonwealth Transportation Board (RB)
	105,000	3.00%, 05/15/26 (c)		111,544
	150,000	3.25%, 05/15/28 (c)		164,801
				2,856,509
Washington: 2.1%
	450,000	City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)		509,418
	230,000	City of Seattle, Municipal Light and Power Improvement, Series C (RB) 4.00%, 09/01/27 (c)		265,052
	500,000	King and Snohomish Counties, Northshore School District No. 417 (GO) (SBG) 4.00%, 06/01/29 (c)		596,155
	500,000	King County Housing Authority (RB) (SBG) 3.00%, 06/01/30 (c)		522,755
	590,000	King County Housing Authority, Ballinger Commons Apartments (RB) 3.50%, 05/01/28 (c)		641,973
	150,000	King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c)		172,052
	360,000	Port of Seattle (GO) 5.00%, 01/01/27 (c)		434,268
	340,000	State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/26 (c)		414,378
	475,000	University of Washington, Series A (RB) 4.00%, 12/01/26 (c)		531,330
	100,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB) 5.00%, 08/01/29 (c)		121,112
	205,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)		212,755
	125,000	Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c)		128,931
				4,550,179

See Notes to Financial Statements

99

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
West Virginia: 0.7%
		State of West Virginia, Series B (GO)
$	150,000	4.00%, 06/01/28 (c)	$	171,834
	100,000	5.00%, 06/01/28 (c)		124,790
	225,000	West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Series A (RB) 4.00%, 01/01/29 (c)		244,168
		West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB)
	160,000	3.25%, 06/01/26 (c)		165,931
	700,000	4.00%, 06/01/28 (c)		770,371
				1,477,094
Wisconsin: 1.2%
	750,000	Public Finance Authority, Acts Retirement-Life Communities, Inc. Obligated Group, Series A (RB) 5.00%, 11/15/27 (c)		878,985
	250,000	Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c)		288,735
		Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
	200,000	4.00%, 05/15/26 (c)		220,512

Principal
Amount			Value
Wisconsin: (continued)
$	75,000	4.00%, 05/15/26 (c)	$	89,263
	410,000	4.50%, 05/15/26 (c)		469,639
	205,000	Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c)		229,473
	225,000	Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 3.50%, 02/15/26 (c)		228,994
		Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)
	115,000	4.00%, 02/15/27 (c)		121,417
	105,000	4.00%, 02/15/27 (c)		112,015
				2,639,033
Wyoming: 0.1%
	160,000	Wyoming Municipal Power Agency, Inc., Series A (RB) 5.00%, 01/01/27 (c)		186,955
Total Municipal Bonds: 98.4% (Cost: $207,636,432)				214,949,002
Other assets less liabilities: 1.6%				3,460,181
NET ASSETS: 100.0%			$	218,409,183

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

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

See Notes to Financial Statements

100

Summary of Investments By Sector	% of Investments			Value
Education		8.2	%	$	17,634,224
Health Care		18.4			39,622,689
Housing		4.8			10,416,760
Industrial Revenue		1.5			3,291,374
Leasing		4.0			8,513,288
Local		15.5			33,326,887
Power		3.6			7,680,317
Special Tax		11.9			25,521,068
State		7.0			15,054,207
Tobacco		0.8			1,738,541
Transportation		13.7			29,360,594
Water & Sewer		10.6			22,789,053
		100.0	%	$	214,949,002

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Total Municipal Bonds*		$	—	$	214,949,002		$	—	$	214,949,002

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

101

VANECK VECTORS MUNI ALLOCATION ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Number
of Shares			Value
EXCHANGE TRADED FUNDS: 99.9% (a)
	24,515	VanEck Vectors High Yield Muni ETF ‡	$	1,463,627
	28,474	VanEck Vectors Intermediate Muni ETF ‡		1,453,159
	79,732	VanEck Vectors Long Muni ETF ‡		1,690,699
	10,089	VanEck Vectors Short High Yield Muni ETF ‡		244,851
Total Investments (Cost: $4,680,958)				4,852,336
Other assets less liabilities: 0.1%				3,806
NET ASSETS: 100.0%			$	4,856,142

Footnotes:

(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov.
‡	Affiliated issuer — as defined under the Investment Company Act of 1940.

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

Affiliates	Value 04/30/20		Purchases		Sales Proceeds			Realized Gain (Loss)		Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 10/31/20
VanEck Vectors High Yield Muni ETF	$	—	$	1,898,060	$	(507,220	)	$	22,442	$	22,878	$	50,345		$	1,463,627
VanEck Vectors Intermediate Muni ETF		—		2,339,640		(962,213	)		37,496		11,346		38,236			1,453,159
VanEck Vectors Long Muni ETF		—		2,534,972		(943,084	)		24,883		18,567		73,928			1,690,699
VanEck Vectors Short High Yield Muni ETF		—		474,817		(248,122	)		9,287		3,684		8,869			244,851
VanEck Vectors Short Muni ETF		4,591,294		—		(4,599,950	)		34,282		6,816		(25,626	)		—
	$	4,591,294	$	7,247,489	$	(7,260,589	)	$	128,390	$	63,291	$	145,752		$	4,852,336

Summary of Investments by Sector	% of Investments			Value
Exchange Traded Funds		100.0	%	$	4,852,336

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Exchange Traded Funds	$	4,852,336		$	—		$	—	$	4,852,336

See Notes to Financial Statements

102

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.4%
Alabama: 1.1%
$	500,000	Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22 (c)	$	543,380
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
	150,000	6.45%, 11/30/20 (c)		149,994
	150,000	6.45%, 11/30/20 (c)		149,994
	500,000	Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 09/01/25 (c) (p)		571,785
	1,000,000	Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 01/01/24 (c) (p)		1,097,600
				2,512,753
American Samoa: 0.3%
		American Samoa Economic Development Authority, Series A (RB)
	400,000	6.00%, 09/01/23		427,116
	250,000	6.50%, 09/01/28		301,307
				728,423
Arizona: 1.5%
		Arizona Industrial Development Authority, Basis School Projects, Series A (RB)
	225,000	4.75%, 07/01/23 (c)		239,663
	200,000	5.00%, 07/01/26		217,010
	500,000	Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c)		505,590
	500,000	Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)		511,945
	520,000	Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		544,388
	500,000	Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25		514,350
	240,000	Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		250,262
	250,000	Pima County Industrial Development Authority, American Leadership Academy Project (RB) 4.13%, 06/15/22 (c)		251,292

Principal Amount			Value
Arizona: (continued)
		Salt Verde Financial Corp. (RB)
$	65,000	5.25%, 12/01/21	$	67,945
	200,000	5.25%, 12/01/23		225,262
	65,000	5.25%, 12/01/24		75,692
	10,000	5.25%, 12/01/28		12,693
				3,416,092
California: 7.0%
	250,000	Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series A (RB) 5.00%, 05/01/23		276,527
		Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series H (RB)
	500,000	5.00%, 05/01/26		604,250
	500,000	5.00%, 05/01/27		615,800
	500,000	5.00%, 05/01/29		633,965
	375,000	Bay Area Toll Authority, Series S-4 (RB) 5.00%, 04/01/23 (c)		418,080
	320,000	California Health Facilities Financing Authority, Catholic Healthcare West, Series E (RB) 5.63%, 11/04/20 (c)		320,048
		California Municipal Finance Authority, Community Medical Centers, Series A (RB)
	50,000	5.00%, 02/01/27 (c)		60,459
	50,000	5.00%, 02/01/27		61,011
		California Municipal Finance Authority, LINXS APM Project, Series A (RB)
	545,000	5.00%, 06/30/27		656,921
	220,000	5.00%, 06/30/28		268,550
	2,210,000	California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB) 4.00%, 07/15/29		2,200,254
	1,000,000	California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		700,000
	400,000	California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) 3.38%, 07/01/25		441,232
	100,000	California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.00%, 11/01/22		100,109
	94,826	California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 11/30/20 (c)		87,240

See Notes to Financial Statements

103

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
California: (continued)
$	271,307	California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 11/30/20 (c)	$	249,603
	200,000	California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24		201,816
	350,000	California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)		402,244
	250,000	California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		250,122
	500,000	California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.63%, 12/01/23 (p)		523,190
	25,000	City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		25,096
	500,000	City of Oroville Hospital (RB) 5.00%, 04/01/29 (c)		553,235
	375,000	City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21		393,266
	250,000	County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		307,010
	115,000	County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		144,966
	580,000	El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c)		577,396
	145,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		155,919
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	110,000	5.00%, 06/01/23		122,362
	110,000	5.00%, 06/01/25		129,968
	250,000	5.00%, 06/01/26		302,605
	110,000	Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26		134,373

Principal Amount			Value
California: (continued)
$	230,000	Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24	$	263,026
	265,000	Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30		350,773
	165,000	Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c)		177,984
	1,250,000	Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,390,937
		Palomar Health (RB)
	250,000	5.00%, 11/01/25		296,377
	90,000	5.00%, 11/01/26 (c)		107,996
	250,000	Port of Oakland (RB) 5.00%, 11/01/23		282,715
	110,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		125,884
	110,000	Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23		125,560
	200,000	Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC) 5.25%, 12/01/22		220,850
		San Francisco Community College District (GO)
	85,000	5.00%, 06/15/22		91,539
	205,000	5.00%, 06/15/25 (c)		245,348
	120,000	San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c)		128,683
	370,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		222,000
	100,000	Westlands Water District, Series A (RB) (AGM) 5.00%, 09/01/22 (c)		108,560
				16,055,849
Colorado: 2.3%
	500,000	Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c)		524,310
	295,000	City and County of Denver, Airport System, Series A (RB) 5.00%, 12/01/28 (c)		367,691
	125,000	Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23		135,361
	120,000	Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/22		125,716

See Notes to Financial Statements

104

Principal Amount			Value
Colorado: (continued)
$	1,500,000	Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c)	$	1,567,395
	655,000	Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		641,291
	585,000	Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.25%, 09/01/25 (c)		605,522
	500,000	Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c)		512,385
	140,000	Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		177,804
	200,000	Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		204,432
	500,000	STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c)		502,685
				5,364,592
Connecticut: 1.2%
	405,000	City of Hartford, Series A (GO) 5.00%, 04/01/23 (c)		447,853
		Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)
	250,000	5.25%, 02/01/22		252,872
	250,000	5.50%, 02/01/23		257,252
	250,000	State of Connecticut, Series B (GO) 5.00%, 04/15/28		320,677
	100,000	State of Connecticut, Series D (GO) 5.00%, 11/01/21 (c)		104,540
	250,000	State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 09/01/26 (c)		309,217
	500,000	Town of Hamden (RB) 5.00%, 01/01/26 (c)		524,105
	380,000	University of Connecticut, Series A (RB) 5.00%, 03/15/25		451,603
				2,668,119
District of Columbia: 0.8%
	1,250,000	District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.13%, 07/01/24 (c)		1,230,275
	500,000	District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) 4.00%, 06/01/30		544,705
				1,774,980
Florida: 5.9%
	500,000	Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) 5.00%, 10/01/30		569,075

Principal Amount			Value
Florida: (continued)
$	470,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 4.00%, 09/15/27 (c)	$	488,001
	250,000	Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.13%, 06/15/27		255,997
		Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
	1,750,000	6.25%, 11/30/20 (c) (p)		1,521,747
	2,730,000	6.38%, 11/30/20 (c) (p)		2,343,869
	4,750,000	6.50%, 11/30/20 (c) (p)		4,069,847
	500,000	Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 05/01/22 (c)		533,570
	110,000	JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c)		137,370
	315,000	Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		305,890
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	250,000	5.00%, 10/01/23		276,910
	250,000	5.00%, 10/01/24		285,715
	125,000	Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24		130,815
	500,000	Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		520,815
	120,000	School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c)		144,611
	250,000	School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25		302,607
	415,000	Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.00%, 11/15/26 (c)		406,144
	500,000	Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		532,645
		Village Community Development District No. 13 (SA)
	500,000	2.63%, 05/01/24		506,375
	250,000	3.00%, 05/01/29		258,410
				13,590,413

See Notes to Financial Statements

105

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Georgia: 1.6%
$	250,000	Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23	$	163,520
		Burke County Development Authority (RB)
	250,000	2.25%, 05/25/23 (p)		258,900
	250,000	2.93%, 03/12/24 (p)		266,765
	1,000,000	Burke County Development Authority, Series E (RB) 3.25%, 02/03/25 (p)		1,084,130
	250,000	Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		239,455
	400,000	Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) 3.00%, 04/01/24		385,128
	280,000	Georgia Local Government (CP) (NATL) 4.75%, 06/01/28		314,182
	325,000	Greene County Development Authority, Glen-I, LLC Project, Series A (RB) 6.13%, 01/01/25 (d) *		231,563
		Main Street Natural Gas, Inc., Series A-1 (RB)
	130,000	5.50%, 09/15/23		147,264
	135,000	5.50%, 09/15/25		163,798
	250,000	Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		260,682
	250,000	White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c)		256,930
				3,772,317
Guam: 1.0%
		Guam Government, Business Privilege Tax, Series A (RB)
	300,000	5.00%, 01/01/22 (c)		310,146
	110,000	5.00%, 01/01/22 (c)		113,271
	360,000	Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		405,310
	250,000	Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) 3.63%, 02/01/25		250,505
	1,000,000	Guam Government, Series A (RB) 5.00%, 12/01/24		1,112,640
				2,191,872

Principal Amount			Value
Illinois: 18.3%
$		Chicago Board of Education, Series A (GO)
	250,000	0.00%, 12/01/22 ^	$	238,408
	310,000	0.00%, 12/01/24 ^		280,327
	310,000	0.00%, 12/01/26 ^		261,550
	435,000	0.00%, 12/01/28 ^		337,904
	500,000	4.00%, 12/01/22		517,980
	200,000	5.00%, 12/01/28 (c)		245,894
	250,000	5.00%, 12/01/28 (c)		278,260
	230,000	5.50%, 12/01/26		262,467
	200,000	7.00%, 12/01/25 (c)		242,724
	1,000,000	Chicago Board of Education, Series B (GO) 5.00%, 12/01/29 (c)		1,113,980
	350,000	Chicago Board of Education, Series B-1 (GO) 0.00%, 12/01/23 ^		325,153
	500,000	Chicago Board of Education, Series C (GO) 5.00%, 12/01/27		560,335
	260,000	Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c)		290,735
		Chicago O’Hare International Airport, Series B (RB)
	300,000	4.00%, 01/01/22 (c)		308,163
	190,000	5.00%, 01/01/25 (c)		220,666
	105,000	5.00%, 01/01/25 (c)		123,590
	575,000	Chicago School Reform Board of Trustees, Series A (GO) 0.00%, 12/01/29 ^		426,454
		Chicago School Reform Board of Trustees, Series B-1 (GO)
	515,000	0.00%, 12/01/24 ^		465,704
	560,000	0.00%, 12/01/25 ^		491,159
	490,000	0.00%, 12/01/26 ^		413,418
	1,515,000	0.00%, 12/01/28 ^		1,176,837
	585,000	0.00%, 12/01/29 ^		433,871
	190,000	0.00%, 12/01/30 ^		135,020
	200,000	Chicago Transit Authority (RB) 5.25%, 12/01/21 (c)		210,800
	115,000	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/24		131,570
	105,000	City of Chicago, Modern School Across Chicago Program, Series A (GO) 5.00%, 12/01/20 (c)		105,156
	100,000	City of Chicago, Motor Fuel Tax (RB) (AGM) 5.00%, 01/01/24 (c)		109,607
		City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
	280,000	5.00%, 01/01/25		294,986
	350,000	5.25%, 01/01/25 (c)		365,638
		City of Chicago, Series A (GO)
	715,000	5.00%, 01/01/24 (c)		742,456
	500,000	5.00%, 01/01/30		526,010

See Notes to Financial Statements

106

Principal Amount			Value
Illinois: (continued)
$	270,000	5.25%, 01/01/24 (c)	$	281,146
	180,000	5.25%, 01/01/24 (c)		186,800
		City of Chicago, Series C (GO)
	300,000	5.00%, 01/01/22 (c)		304,767
	95,000	5.00%, 01/01/22		100,080
	455,000	5.00%, 01/01/23		471,876
	400,000	5.00%, 01/01/24		418,908
	1,090,000	5.00%, 01/01/25		1,148,337
		City of Chicago, Water Revenue, Second Lien (RB)
	100,000	5.00%, 11/01/22 (c)		107,959
	150,000	5.00%, 11/01/24 (c)		171,842
	100,000	5.00%, 11/01/24 (c)		113,722
	270,000	5.00%, 11/01/24 (c)		307,938
	100,000	City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c)		120,811
	240,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		254,170
	500,000	Cook County, Series A (GO) 5.25%, 11/15/21 (c)		521,950
	1,190,000	Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27		1,168,544
	250,000	Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) 5.00%, 11/01/26 (c)		273,582
	1,700,000	Illinois Finance Authority, Navistar International Corp. Project (RB) 4.75%, 08/01/30 (p)		1,727,744
	100,000	Illinois Finance Authority, Roosevelt University (RB) 5.40%, 11/30/20 (c)		100,047
	250,000	Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)		235,743
	260,000	Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		221,637
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
	215,000	0.00%, 12/15/22 ^		208,049
	130,000	0.00%, 12/15/24 ^		119,701
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
	115,000	0.00%, 06/15/28 ^		93,711
	110,000	5.00%, 06/15/22 (c)		115,111
	970,000	5.00%, 06/15/22 (c)		1,008,635
	35,000	5.00%, 12/15/22		37,151
	500,000	5.00%, 12/15/27 (c)		572,690
	330,000	Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)		407,299
		State of Illinois (RB)
	100,000	3.75%, 06/15/21 (c)		101,202
	290,000	4.00%, 03/01/22 (c)		293,822

Principal Amount			Value
Illinois: (continued)
$	185,000	4.00%, 08/01/22 (c)	$	188,413
	430,000	4.00%, 06/15/26 (c)		461,029
	300,000	4.13%, 03/01/22 (c)		303,384
	100,000	4.13%, 11/01/26 (c)		100,680
	540,000	5.00%, 11/30/20 (c)		541,480
	1,355,000	5.00%, 11/01/21		1,385,772
	445,000	5.00%, 01/01/22 (c)		454,745
	200,000	5.00%, 02/01/22		208,042
	655,000	5.00%, 05/01/22		684,521
	180,000	5.00%, 06/15/22		189,533
	750,000	5.00%, 08/01/22		787,245
	195,000	5.00%, 08/01/22		207,505
	920,000	5.00%, 08/01/22 (c)		961,317
	190,000	5.00%, 06/15/23 (c)		204,381
	285,000	5.00%, 06/15/23 (c)		306,438
	525,000	5.00%, 06/15/23		566,674
	700,000	5.00%, 08/01/23		746,018
	120,000	5.00%, 02/01/24		128,588
	500,000	5.00%, 02/01/24		535,785
	150,000	5.00%, 02/01/24 (c)		159,942
	100,000	5.00%, 05/01/24 (c)		105,404
	705,000	5.00%, 11/01/24		754,470
	1,315,000	5.00%, 12/01/25		1,435,099
	200,000	5.00%, 01/01/26		218,098
	515,000	5.00%, 02/01/26		560,881
	455,000	5.00%, 06/01/26 (c)		492,701
	100,000	5.00%, 06/01/26		109,019
	500,000	5.00%, 02/01/27		547,010
	275,000	5.25%, 07/01/23 (c)		287,034
	270,000	5.50%, 07/01/23 (c)		289,613
	60,000	5.50%, 07/01/23 (c)		63,594
	500,000	5.50%, 07/01/23 (c)		533,035
		State of Illinois, Series A (GO)
	220,000	4.00%, 11/30/20 (c)		220,233
	100,000	4.00%, 01/01/22 (c)		101,188
	100,000	4.00%, 01/01/22 (c)		100,617
	170,000	4.00%, 01/01/22 (c)		173,290
	105,000	4.00%, 01/01/22		107,806
	50,000	4.00%, 01/01/22 (c)		51,146
	315,000	State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		337,028
		State of Illinois, Series D (GO)
	165,000	3.25%, 11/01/26		162,819
	500,000	5.00%, 11/01/25		539,425
	2,505,000	5.00%, 11/01/26		2,707,103
	130,000	5.00%, 11/01/27		141,084
	110,000	5.00%, 11/01/27 (c)		118,521
				42,109,506
Indiana: 0.3%
	290,000	City of Anderson, Anderson University (RB) 4.75%, 10/01/22 (c)		249,548
	165,861	City of Carmel (RB) 7.00%, 11/15/22 (c) (d) *		1,659
	500,000	Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.00%, 11/01/30		498,640
				749,847

See Notes to Financial Statements

107

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Iowa: 1.1%
$	270,000	City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)	$	253,638
		Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
	415,000	3.13%, 12/01/20 (c)		420,466
	500,000	5.25%, 12/01/23 (c)		532,370
	450,000	Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c)		484,816
	880,000	Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		877,642
				2,568,932
Kansas: 0.4%
	450,000	City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c)		442,111
	595,000	Kansas Development Finance Authority, Village Shalom Project, Series B (RB) 4.00%, 11/15/25		584,611
				1,026,722
Kentucky: 0.7%
	140,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		171,326
	325,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/26 (c)		393,682
	500,000	Kentucky Economic Development Finance Authority, Baptist Life Communities Project, Series A (RB) 5.50%, 11/15/26 (c)		469,245
	100,000	Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		104,565
	175,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/25 (c)		201,667
	140,000	Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c)		163,820
				1,504,305
Louisiana: 1.5%
		Calcasieu Parish Memorial Hospital Service District (RB)
	1,025,000	5.00%, 12/01/27		1,155,534
	150,000	5.00%, 12/01/29		170,748
	20,000	City of New Orleans, Sewerage Service (RB) 5.00%, 06/01/22		21,367

Principal Amount			Value
Louisiana: (continued)
$	600,000	Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 5.50%, 11/15/25	$	622,518
	329,665	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *		3
	521,317	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *		5
	910,000	Parish of St. Charles, Gulf Opportunity Zone, Valero Project (RB) 4.00%, 06/01/22 (p)		945,472
	500,000	Parish of St. James, NuStar Logistics, L.P. Project (RB) 6.10%, 06/01/30 (p)		589,390
				3,505,037
Maryland: 1.7%
	200,000	City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		206,800
	150,000	City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26		155,961
	200,000	County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		204,914
	350,000	Frederick County, Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		376,036
	695,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/30/20 (c)		696,758
	245,000	Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c)		244,704
	1,500,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		1,491,120
	425,000	Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		496,944
				3,873,237
Massachusetts: 0.9%
	490,000	Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		534,208

See Notes to Financial Statements

108

Principal Amount			Value
Massachusetts: (continued)
$	310,000	Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c)	$	372,759
	130,000	Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c)		140,026
	250,000	Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/22 (c)		265,495
	335,000	Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		405,725
	100,000	Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		119,641
	275,000	Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		312,425
				2,150,279
Michigan: 0.5%
	250,000	Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		250,605
	580,000	Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) 5.00%, 07/01/24 (c)		634,549
	155,000	Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		187,313
				1,072,467
Minnesota: 0.4%
	100,000	City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		101,965
	160,000	City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25		154,746
	350,000	City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c)		369,026
	250,000	Rice County, Educational Facilities, Shattuck-St. Mary’s School Project (RB) 5.00%, 08/01/22		255,267
	120,000	Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26		132,649
				1,013,653

Principal Amount			Value
Missouri: 0.6%
$	170,000	City of St. Ann, Northwest Plaza Redevelopment, Series A (TA) 4.00%, 11/01/26	$	167,418
	220,000	Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c)		199,404
	475,000	Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) 4.38%, 03/15/28 (c)		447,146
	500,000	St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		558,085
				1,372,053
Montana: 0.1%
	220,000	City of Forsyth, Rosebud County, Montana Pollution Control (RB) 2.00%, 08/01/23		226,343
Nebraska: 0.1%
	100,000	Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/28		124,910
	100,000	Nebraska Public Power District (RB) 5.00%, 01/01/22		105,528
				230,438
Nevada: 1.2%
	405,000	City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/30/20 (c)		365,731
	450,000	City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.50%, 06/15/24		446,143
		Clark County School District, Series B (GO) (AGM)
	250,000	5.00%, 06/15/29 (c)		321,822
	250,000	5.00%, 06/15/29		324,047
	115,000	Clark County School District, Series C (GO) 5.00%, 12/15/25 (c)		136,706
	100,000	County of Clark, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c)		115,318
	500,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		498,955
	535,000	State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c)		559,845
				2,768,567

See Notes to Financial Statements

109

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New Hampshire: 0.5%
$	250,000	National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c)	$	255,825
	290,000	New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c)		260,556
	700,000	New Hampshire Health and Education Facilities Authority, Rivermead Issue, Series A (RB) 6.63%, 07/01/21 (c)		729,071
				1,245,452
New Jersey: 12.1%
	240,000	Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM) 0.00%, 11/01/22 ^		235,471
	635,000	Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		663,264
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	345,000	4.25%, 06/15/22 (c)		348,874
	165,000	5.00%, 06/15/22		170,612
	150,000	5.00%, 06/15/22 (c)		154,809
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	175,000	5.13%, 08/20/22 (c)		179,457
	2,000,000	5.25%, 08/20/22 (c)		2,043,480
	300,000	5.75%, 09/15/22 (c)		296,127
	75,000	New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24		75,113
	210,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		231,531
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	500,000	4.00%, 11/01/25		545,645
	115,000	5.00%, 11/01/25		131,225
	110,000	New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		129,889
	115,000	New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		135,153
	100,000	New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		116,876

Principal Amount			Value
New Jersey: (continued)
$	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) 5.25%, 03/01/21 (c)	$	507,365
		New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB)
	520,000	5.25%, 03/01/21 (c)		527,660
	240,000	5.25%, 03/01/21 (c)		243,535
	225,000	New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 03/01/22 (c)		235,557
	145,000	New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB) 5.50%, 09/01/23		162,100
		New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
	655,000	5.00%, 03/01/23 (c)		694,994
	565,000	5.00%, 03/01/23 (c)		604,590
	640,000	5.00%, 03/01/23 (c)		680,282
	300,000	5.00%, 03/01/23 (c)		324,573
	200,000	5.00%, 03/01/23 (c)		215,652
	500,000	5.00%, 03/01/23 (c)		537,265
	340,000	New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/24 (c)		376,703
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	440,000	4.25%, 06/15/25 (c)		479,239
	130,000	4.38%, 06/15/25 (c)		141,392
	345,000	5.00%, 06/15/25 (c)		386,907
	750,000	New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c)		822,135
	175,000	New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) 4.13%, 07/01/25 (c)		161,471
		New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
	145,000	5.00%, 06/15/24 (c)		160,653
	175,000	5.00%, 06/15/24 (c)		194,952
	315,000	New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24		342,774
	500,000	New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26		614,715
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	120,000	0.00%, 12/15/25 ^		105,852

See Notes to Financial Statements

110

Principal Amount			Value
New Jersey: (continued)
$	360,000	0.00%, 12/15/26 ^	$	306,263
	330,000	5.00%, 06/15/21 (c)		337,699
	500,000	5.00%, 12/15/24		566,410
	500,000	5.00%, 12/15/25		571,655
	500,000	5.00%, 06/15/26 (c)		569,535
	1,050,000	5.00%, 12/15/26		1,211,479
	170,000	5.50%, 12/15/22		186,250
	110,000	New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/26 (c)		126,706
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	235,000	4.00%, 06/15/22 (c)		241,075
	605,000	5.00%, 06/15/22 (c)		635,722
	200,000	5.00%, 06/15/22		213,296
	205,000	5.00%, 06/15/22 (c)		217,154
	285,000	5.00%, 06/15/23 (c)		308,455
	275,000	5.00%, 06/15/25 (c)		308,404
	500,000	5.00%, 12/15/28 (c)		580,385
	100,000	5.25%, 06/15/25 (c)		112,612
	365,000	5.25%, 06/15/25 (c)		408,512
	100,000	New Jersey Transportation Trust Fund Authority, Series B (RB) 5.25%, 06/15/21 (c)		102,486
	1,500,000	New Jersey Transportation Trust Fund Authority, Series BB-1 (RB) 5.00%, 12/15/28 (c)		1,741,155
		New Jersey Transportation Trust Fund Authority, Series C (RB)
	1,300,000	0.00%, 12/15/27 ^		1,081,327
	1,415,000	0.00%, 12/15/28 ^		1,128,533
	290,000	0.00%, 12/15/29 ^		229,715
	540,000	0.00%, 12/15/30 ^		399,071
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	480,000	5.00%, 12/15/23		534,850
	130,000	5.25%, 12/15/23		145,846
	70,000	Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		73,259
		State of New Jersey, Various Purposes (GO)
	80,000	3.00%, 06/01/26		87,586
	110,000	4.00%, 06/01/23 (c)		117,879
	100,000	5.00%, 06/01/27		123,804
		Tobacco Settlement Financing Corp., Series A (RB)
	500,000	5.00%, 06/01/23		555,970
	500,000	5.00%, 06/01/28 (c)		623,410
	150,000	5.00%, 06/01/28 (c)		188,241
				28,012,636
New York: 8.9%
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
	1,600,000	5.00%, 07/15/23		1,719,824
	1,750,000	5.00%, 07/15/24		1,922,497
	100,000	5.00%, 07/15/26		113,942
	1,800,000	5.00%, 01/15/27 (c)		2,032,632

Principal Amount			Value
New York: (continued)
$	100,000	5.00%, 01/15/27 (c)	$	113,841
	100,000	5.00%, 01/15/27 (c)		114,458
	740,000	Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		791,585
	250,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		266,957
	250,000	Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)		272,627
		Metropolitan Transportation Authority, Series D (RB)
	125,000	5.00%, 11/15/21 (c)		131,204
	150,000	5.00%, 11/15/21 (c)		157,445
	500,000	5.00%, 11/15/26 (c)		535,410
		Metropolitan Transportation Authority, Series D-1 (RB)
	250,000	5.00%, 11/15/25 (c)		265,560
	250,000	5.00%, 11/15/25 (c)		266,017
	25,000	New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) 5.00%, 11/30/20 (c)		25,004
	105,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22		111,915
	250,000	New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24		283,085
		New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
	2,000,000	5.00%, 08/01/21 (c)		1,992,420
	410,000	5.00%, 08/01/21 (c)		411,628
	1,000,000	5.25%, 08/01/30 (c)		1,030,690
		New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
	1,000,000	4.00%, 10/01/30		1,027,190
	230,000	5.00%, 01/01/28 (c)		251,066
	160,000	5.00%, 01/01/28 (c)		173,602
	50,000	New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) 5.00%, 01/01/22		51,892
	500,000	Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c)		506,975

See Notes to Financial Statements

111

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New York: (continued)
$	25,000	Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/21 (c)	$	25,686
	1,000,000	Suffolk Tobacco Asset Securitization Corp., Series B (RB) 5.38%, 11/30/20 (c)		999,960
		Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
	1,130,000	5.00%, 01/01/26 (c)		1,028,526
	750,000	5.00%, 01/01/26 (c)		691,582
	665,000	Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		729,751
		Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
	120,000	4.00%, 05/15/23 (c)		118,723
	100,000	4.13%, 05/15/23 (c)		98,911
		TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
	1,500,000	5.00%, 06/01/23		1,524,570
	70,000	5.00%, 06/01/27		85,390
	70,000	5.00%, 06/01/27 (c)		85,061
	445,000	Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c)		425,963
	200,000	Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29		211,668
				20,595,257
North Carolina: 0.4%
	125,000	North Carolina Eastern Municipal Power Agency, Series B (RB) 6.00%, 01/01/25		153,566
	265,000	North Carolina Medical Care Commission, Retirement Facilities (RB) 5.13%, 07/01/23		270,878
	350,000	North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25		407,578
				832,022
North Dakota: 0.4%
	1,000,000	Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB) 5.75%, 09/15/26 (c)		916,770
Ohio: 2.0%
	500,000	American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		652,720
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	250,000	5.00%, 02/15/25		287,007
	50,000	5.00%, 02/15/26		58,812

Principal Amount			Value
Ohio: (continued)
$	110,000	5.00%, 02/15/27 (c)	$	130,567
	250,000	5.00%, 02/15/27		299,460
	375,000	County of Licking, Health Care Facilities, Series A (RB) 5.10%, 07/01/25 (d)		264,109
	50,000	County of Muskingum, Genesis HealthCare System (RB) 4.00%, 02/15/23		52,703
	260,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		253,427
	2,000,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,020,980
	550,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB) 2.88%, 02/01/26		556,319
				4,576,104
Oklahoma: 0.8%
	250,000	Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) 5.00%, 08/15/27		299,697
	1,500,000	Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		1,518,285
				1,817,982
Oregon: 1.2%
		Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) (SAW)
	1,000,000	6.50%, 04/01/28 (c) (d) *		648,490
	1,500,000	6.50%, 04/01/28 (c) (d) *		972,735
	500,000	11.50%, 04/01/26 (c) (d) *		355,910
	500,000	Port of Portland, International Airport Passenger Facility Charge, Series A (RB) 5.00%, 07/01/21 (c)		513,440
	325,000	Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c)		348,709
				2,839,284
Pennsylvania: 4.4%
	500,000	Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24		475,770
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	550,000	5.00%, 05/01/22		567,787
	555,000	5.00%, 05/01/23		583,810
	1,250,000	5.00%, 05/01/27		1,393,325
	250,000	5.00%, 05/01/28		277,140

See Notes to Financial Statements

112

Principal Amount			Value
Pennsylvania: (continued)
$	1,000,000	5.00%, 05/01/28	$	1,071,830
	200,000	Berks County Industrial Development Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c)		205,366
	80,000	City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25		95,607
	500,000	Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23		556,570
		Dauphin County General Authority, The Harrisburg University of Science and Technology Project (RB)
	245,000	4.00%, 10/15/22		242,283
	250,000	5.00%, 10/15/27		250,972
	135,000	Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22		141,040
	250,000	Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c)		268,387
	100,000	Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 4.00%, 07/01/26 (c)		105,318
	415,000	Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB) (AMBAC) 4.00%, 01/15/25 (c)		428,595
	1,000,000	Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) 5.25%, 06/01/26		989,030
		Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
	250,000	5.00%, 12/31/21		261,035
	125,000	5.00%, 12/31/23		140,399
	130,000	5.00%, 06/30/26		156,237
	100,000	Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)		118,961
	575,000	Philadelphia Authority for Industrial Development, The Pavilion, Series A (RB) 3.00%, 12/01/21 (c)		392,650
	100,000	Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26		121,925
	75,000	Redevelopment Authority of the City of Scranton, Series A (RB) 5.00%, 11/15/21		75,096
	200,000	State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		243,032

Principal Amount			Value
Pennsylvania: (continued)
$	500,000	Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c)	$	514,770
		The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
	115,000	5.00%, 07/01/26		133,713
	275,000	5.00%, 07/01/27 (c)		318,351
				10,128,999
Puerto Rico: 3.0%
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	485,000	5.25%, 07/01/22 (c)		507,431
	780,000	6.13%, 07/01/24		826,800
	185,000	Puerto Rico Convention Center District Authority, Series A (RB) (CIFG) 5.00%, 11/30/20 (c)		188,756
	250,000	Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 11/30/20 (c)		255,075
	100,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 11/30/20 (c)		103,500
	200,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) 5.00%, 11/30/20 (c)		200,000
	780,000	Puerto Rico Municipal Finance Agency (RB) (AGM) 5.00%, 11/30/20 (c)		795,842
		Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
	1,605,013	0.00%, 07/01/24 ^		1,482,534
	2,010,000	0.00%, 07/01/27 ^		1,703,194
	251,000	0.00%, 07/01/28 (c) ^		181,280
	808,000	0.00%, 07/01/28 (c) ^		634,143
				6,878,555
Rhode Island: 0.1%
	155,000	Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		191,236
	115,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		126,575
				317,811
South Carolina: 0.6%
	109,791	Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^		50,449
	500,000	South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		539,335

See Notes to Financial Statements

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(unaudited) (continued)

Principal Amount			Value
South Carolina: (continued)
$	425,000	South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)	$	426,887
	220,000	South Carolina Public Service Authority, Series C (RB) 5.00%, 12/01/24 (c)		254,602
				1,271,273
Tennessee: 0.8%
	500,000	Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		421,955
	25,000	Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/21		26,181
	2,000,000	Franklin Health and Educational Facilities Board, Provision CARES Proton Therapy Center, Nashville Project, Series A (RB) 6.50%, 06/01/27 (d) *		1,300,000
	220,000	Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27		204,950
				1,953,086
Texas: 5.7%
	200,000	Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		206,274
	120,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		140,394
	395,000	City of Austin, Airport System (RB) 5.00%, 11/15/24 (c)		451,070
	180,000	City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		222,206
	200,000	City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c)		203,420
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	1,000,000	4.75%, 07/01/24		1,017,160
	1,500,000	5.00%, 07/15/28		1,569,240
		Clifton Higher Education Finance Corp., Series A (RB)
	95,000	4.63%, 08/15/25		102,534
	200,000	5.13%, 08/15/25 (c)		225,930
	1,065,000	6.00%, 09/28/23 (c)		1,195,239
	500,000	Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		576,720
	335,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		338,059

Principal Amount			Value
Texas: (continued)
$	315,000	Harris County, Houston Sports Authority, Junior Lien, Series H (RB) 0.00%, 11/15/29 ^	$	231,758
	260,000	Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		311,917
	300,000	Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) 5.00%, 02/15/26 (c)		274,650
	600,000	New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB) 5.00%, 04/01/27 (c)		592,026
	1,000,000	New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c)		1,018,710
	100,000	New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 4.00%, 08/15/21 (c)		100,412
	250,000	New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		266,250
		New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
	100,000	5.00%, 07/01/23		83,000
	100,000	5.00%, 07/01/24		83,000
	75,000	New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB) 5.00%, 01/01/24		76,737
	145,000	North Texas Tollway Authority, First Tier, Series D (RB) 0.00%, 01/01/29 ^		127,816
	185,000	North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		224,361
		SA Energy Acquisition Public Facility Corp. (RB)
	85,000	5.50%, 08/01/22		92,133
	55,000	5.50%, 08/01/24		64,356
	125,000	5.50%, 08/01/25		151,251
	110,000	5.50%, 08/01/27		138,996
	190,000	Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB) 4.50%, 11/30/20 (c) (d) *		123,500

See Notes to Financial Statements

114

Principal Amount			Value
Texas: (continued)
$	230,000	Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) 5.00%, 11/15/25 (c)	$	214,158
	200,000	Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)		207,150
	500,000	Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) 6.00%, 05/15/27 (c)		531,415
		Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
	240,000	5.25%, 12/15/21		252,007
	155,000	5.25%, 12/15/22		169,486
	15,000	5.25%, 12/15/23		17,047
	60,000	5.25%, 12/15/24		70,537
	100,000	5.25%, 12/15/25		120,997
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	115,000	5.00%, 12/15/21		120,342
	70,000	5.00%, 12/15/22 (c)		75,965
	1,000,000	5.00%, 12/15/22 (c)		1,086,470
	105,000	5.00%, 12/15/22		114,148
				13,188,841
Virgin Islands: 1.3%
		Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
	1,000,000	5.00%, 10/01/24 (c)		942,160
	300,000	5.00%, 10/01/24		291,057
	500,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) 5.00%, 11/30/20 (c)		498,145
	215,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) 5.00%, 11/30/20 (c)		215,049
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
	140,000	5.00%, 11/30/20 (c)		138,047
	25,000	5.00%, 11/30/20 (c)		24,907
	515,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 11/30/20 (c)		510,453
		Virgin Islands Water and Power Authority, Series A (RB)
	225,000	4.00%, 07/01/21		222,244
	150,000	5.00%, 11/30/20 (c)		145,013
	75,000	5.00%, 11/30/20 (c)		71,746

Principal Amount			Value
Virgin Islands: (continued)
$	55,000	Virgin Islands Water and Power Authority, Series B (RB) 5.00%, 11/30/20 (c)	$	52,058
				3,110,879
Virginia: 1.0%
	140,000	Amherst Industrial Development Authority, Sweet Briar College (RB) 4.75%, 11/30/20 (c)		132,639
	500,000	Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23		559,565
	75,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		75,094
	325,000	Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		334,015
	500,000	Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c)		499,910
	250,000	Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c)		239,570
	500,000	Virginia College Building Authority, Regent University Project (RB) 5.00%, 11/30/20 (c)		495,515
				2,336,308
Washington: 1.7%
	155,000	King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		165,782
	1,000,000	Klickitat County Public Hospital District No. 2 (RB) 4.00%, 12/01/27		1,006,580
	480,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 02/01/25 (c) (p)		554,606
	475,000	Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25		512,492
	50,000	Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB) 5.50%, 11/20/20 (c)		50,032
		Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
	250,000	3.75%, 07/01/26		249,737
	500,000	4.00%, 01/01/25 (c)		516,980
	365,000	5.00%, 01/01/25 (c)		387,645

See Notes to Financial Statements

115

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Washington: (continued)
$	500,000	Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB) 2.38%, 07/01/21 (c)	$	481,200
				3,925,054
West Virginia: 0.4%
	100,000	Brooke County Commission, Bethany College, Series A (RB) 5.75%, 04/01/21 (c)		95,978
	545,000	County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 3.00%, 06/01/22 (c)		537,899
	150,000	West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26		182,240
				816,117
Wisconsin: 2.6%
	500,000	Public Finance Authority, Cedars Obligated Group (RB) 4.25%, 05/01/27 (c)		477,635
	1,000,000	Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)		1,090,260

Principal Amount			Value
Wisconsin: (continued)
		Public Finance Authority, Friends Homes (RB)
$	205,000	4.00%, 09/01/24	$	217,485
	500,000	4.00%, 09/01/26 (c)		551,380
	175,000	Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		174,386
	250,000	Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		251,795
	2,250,000	Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		2,458,642
	240,000	Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22		250,231
		Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)
	175,000	3.50%, 08/01/22		171,857
	250,000	5.00%, 08/01/24 (c)		250,975
				5,894,646
Total Municipal Bonds: 98.4% (Cost: $229,966,173)				226,903,872
Other assets less liabilities: 1.6%				3,653,184
NET ASSETS: 100.0%			$	230,557,056

Definitions:
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
CIFG	CDC Ixis Financial Guaranty
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation

Footnotes:
(c)	Callable Security — the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security — the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond
*	Non-income producing

See Notes to Financial Statements

116

Summary of Investments By Sector	% of Investments			Value
Education		8.3	%	$	18,723,068
Health Care		13.9			31,421,392
Housing		0.2			392,650
Industrial Revenue		23.3			52,850,039
Leasing		11.6			26,407,499
Local		8.3			18,798,581
Power		1.7			3,960,558
Special Tax		10.5			23,906,596
State		8.2			18,597,963
Tobacco		2.3			5,300,682
Transportation		10.0			22,691,019
Water & Sewer		1.7			3,853,825
		100.0	%	$	226,903,872

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Total Municipal Bonds*		$	—	$	226,903,872		$	—	$	226,903,872

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

117

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SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal
Amount			Value
MUNICIPAL BONDS: 98.5%
Alabama: 2.9%
$	250,000	Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22	$	271,785
	125,000	Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23		141,591
		Black Belt Energy Gas District, Series A (RB) (SAW)
	470,000	4.00%, 09/01/23 (c) (p)		512,140
	860,000	5.00%, 12/01/23		970,519
		County of Jefferson, Series A (GO)
	290,000	5.00%, 04/01/24		333,500
	340,000	5.00%, 04/01/25		405,161
	1,000,000	Industrial Development Board of the City of Mobile, Alabama Power Co. Barry Plant Project, Series A (RB) 1.00%, 06/26/25 (p)		1,002,010
	375,000	Jefferson County (RB) 5.00%, 09/15/22		407,486
	1,500,000	Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 09/01/25 (c) (p)		1,715,355
	250,000	Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 03/01/24 (c) (p)		276,063
	450,000	UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/23		503,626
				6,539,236
Alaska: 0.4%
	750,000	Alaska Municipal Bond Bank Authority, Series 3 (RB) 4.00%, 12/01/21		777,682
	125,000	Alaska Railroad Corp., Series B (RB) 5.00%, 08/01/23		139,899
				917,581
Arizona: 1.5%
	250,000	City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23		277,500
	125,000	City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/23		140,621
	200,000	City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) 5.00%, 07/01/24		230,480
	700,000	Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26		848,183
	250,000	Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24		289,673
	310,000	Pima County (GO) 4.00%, 07/01/23		340,616
		State of Arizona (CP)
	105,000	5.00%, 10/01/21		109,545
	500,000	5.00%, 09/01/22		543,280
	500,000	5.00%, 07/01/23		562,485
				3,342,383

Principal
Amount			Value
California: 11.7%
$	250,000	Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)	$	277,945
	400,000	Bay Area Toll Authority, Series B (RB) 2.85%, 10/01/24 (c) (p)		433,028
	475,000	Bay Area Toll Authority, Series G (RB) 2.00%, 10/01/23 (c) (p)		491,862
	250,000	California Health Facilities Financing Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/22 (p)		272,980
	335,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		357,991
	105,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) (SAW) 5.00%, 10/01/25 (p)		127,435
	100,000	California Infrastructure and Economic Development Bank, Clean Water State (RB) 5.00%, 10/01/24		118,322
	325,000	California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/22		341,822
	1,215,000	California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/23		1,372,585
	450,000	California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/22		491,089
	535,000	California Statewide Communities Development Authority, Enloe Medical Center (RB) 5.00%, 08/15/25		649,971
	100,000	California Statewide Communities Development Authority, Southern California Edison Company, Series D (RB) 2.63%, 12/01/23 (p)		104,638
	405,000	Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c)		475,628
	100,000	City and County of San Francisco, Series B (CP) 5.00%, 04/01/25		119,213
	500,000	City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26		616,550

See Notes to Financial Statements

118

Principal
Amount			Value
California: (continued)
$	240,000	County of Sacramento, Airport System, Series B (RB) 5.00%, 07/01/25	$	287,777
	500,000	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/22		537,040
	1,000,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) 5.00%, 06/01/23		1,112,380
	500,000	Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23		537,535
	250,000	Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/23		281,670
		Los Angeles Unified School District, Series A (GO)
	500,000	5.00%, 07/01/22		538,735
	750,000	5.00%, 07/01/24		873,165
	130,000	Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23		145,951
	125,000	Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/23		142,199
	250,000	Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/23		284,398
		Northern California Energy Authority, Series A (RB)
	1,000,000	4.00%, 07/01/24 (p)		1,112,750
	275,000	5.00%, 07/01/24		318,098
	430,000	Oakland Unified School District (GO) 5.00%, 08/01/23		480,878
	350,000	Oakland Unified School District, Series A (GO) 5.00%, 08/01/23		391,412
	205,000	Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c)		212,813
	530,000	Pittsburg Successor Agency, Los Medanos Community, Series A (AGM) (TA) 5.00%, 09/01/23		597,140
	930,000	Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 2.13%, 04/01/23 (c) (p)		962,290
	265,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/22		289,915
	250,000	Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25		302,223

Principal
Amount			Value
California: (continued)
$	300,000	Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23	$	335,703
	125,000	Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/24		147,224
	100,000	San Diego County Water Authority, Series A (RB) 5.00%, 05/01/23		111,907
	285,000	San Francisco Unified School District, Proposition A, Series C (GO) 2.00%, 06/15/22		293,276
	325,000	State of California (GO) 5.00%, 08/01/24		381,274
		State of California, Various Purpose (GO)
	750,000	3.00%, 03/01/26		849,607
	300,000	4.00%, 11/01/24		343,425
	600,000	4.00%, 10/01/25		704,922
	145,000	5.00%, 08/01/22		156,928
	265,000	5.00%, 09/01/22		287,838
	500,000	5.00%, 09/01/23		566,215
	600,000	5.00%, 09/01/23		679,458
	1,000,000	5.00%, 09/01/23		1,132,430
	250,000	5.00%, 10/01/23		284,075
	525,000	5.00%, 11/01/23		598,584
	100,000	5.00%, 10/01/24		118,065
	1,500,000	5.00%, 08/01/25		1,824,660
	500,000	5.00%, 11/01/25		613,460
	300,000	Stockton Unified School District (GO) 5.00%, 08/01/23		336,108
	480,000	Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) 5.00%, 06/01/23		533,419
				25,958,006
Colorado: 0.7%
	125,000	Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 12/01/23		139,211
	250,000	City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/22		270,473
	500,000	Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25		602,190
	385,000	State of Colorado, Series K (CP) 5.00%, 03/15/26		472,510
				1,484,384
Connecticut: 3.9%
	215,000	City of New Haven, Series A (GO) (AGM) 5.00%, 08/15/24		245,100
	1,000,000	Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/25		1,158,140

See Notes to Financial Statements

119

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Connecticut: (continued)
$	390,000	Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p)	$	430,603
		State of Connecticut, Series A (GO)
	280,000	5.00%, 03/15/23		310,514
	265,000	5.00%, 04/15/23		294,889
	375,000	State of Connecticut, Series B (GO) 4.00%, 05/15/23		409,177
		State of Connecticut, Series D (GO)
	300,000	5.00%, 08/15/23		338,304
	1,040,000	5.00%, 04/15/26		1,279,096
		State of Connecticut, Series E (GO)
	350,000	5.00%, 10/15/22		382,032
	270,000	5.00%, 09/15/25		327,499
		State of Connecticut, Special Tax Obligation, Series A (RB)
	305,000	5.00%, 01/01/22		321,638
	325,000	5.00%, 09/01/22		352,820
	300,000	5.00%, 01/01/23		329,808
	375,000	5.00%, 04/15/23		417,296
	300,000	5.00%, 08/01/23		337,776
	100,000	5.00%, 09/01/23		112,970
		State of Connecticut, Special Tax Obligation, Series B (RB)
	250,000	5.00%, 08/01/23		281,480
	200,000	5.00%, 10/01/23		226,696
		University of Connecticut, Series A (RB)
	170,000	5.00%, 01/15/22		179,204
	575,000	5.00%, 04/15/24		661,566
	285,000	5.00%, 03/15/26		347,763
				8,744,371
Delaware: 0.5%
	1,000,000	Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series A (RB) (AGM) 1.05%, 07/01/25 (p)		1,006,590
District of Columbia: 1.1%
	440,000	District of Columbia, Series A (GO) 5.00%, 06/01/22		473,106
	120,000	District of Columbia, Series B (GO) 5.00%, 06/01/25		145,249
	500,000	District of Columbia, Series E (GO) 5.00%, 06/01/25		605,205
		Washington Metropolitan Area Transit Authority, Series A-1 (RB)
	225,000	5.00%, 07/01/24		262,040
	100,000	5.00%, 07/01/25		120,572
		Washington Metropolitan Area Transit Authority, Series B (RB)
	300,000	5.00%, 07/01/25		361,716
	300,000	5.00%, 07/01/26		371,859
				2,339,747

Principal
Amount			Value
Florida: 3.8%
$	600,000	City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/22	$	654,060
		City of Jacksonville, Series B (RB)
	265,000	5.00%, 10/01/24		311,288
	1,020,000	5.00%, 10/01/25		1,240,147
	280,000	County of Miami-Dade (RB) 5.00%, 10/01/25		336,364
	495,000	County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/23		562,157
	375,000	Lee County School Board, Series A (CP) 5.00%, 08/01/24		438,401
	710,000	Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) 5.00%, 02/01/24		814,654
	100,000	Orange County Health Facilities Authority, Orlando Health Obligated Group, Series B (RB) 5.00%, 10/01/22		108,308
	340,000	School District of Broward County, Series C (CP) 5.00%, 07/01/24		394,223
		State of Florida, Board of Education, Lottery Revenue, Series A (RB)
	450,000	5.00%, 07/01/23		506,236
	650,000	5.00%, 07/01/24		761,143
	1,150,000	State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/24		1,343,177
	130,000	State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23		145,813
	150,000	State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/23		168,246
		State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
	225,000	5.00%, 06/01/23		252,369
	100,000	5.00%, 06/01/24		116,798
	180,000	State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23		204,001
				8,357,385
Georgia: 2.1%
	500,000	Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p)		522,480
	500,000	City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		592,850

See Notes to Financial Statements

120

Principal
Amount			Value
Georgia: (continued)
$	500,000	Main Street Natural Gas, Inc., Series A (RB) 4.00%, 06/01/23 (c) (p)	$	545,225
	500,000	Main Street Natural Gas, Inc., Series C (RB) 4.00%, 06/01/23		545,410
	225,000	Municipal Gas Authority of Georgia, Gas Portfolio IV Project, Series A (RB) 5.00%, 10/01/23		254,333
		State of Georgia, Series A (GO)
	160,000	5.00%, 02/01/23		177,115
	700,000	5.00%, 08/01/26		880,691
	1,000,000	State of Georgia, Series E (GO) 5.00%, 12/01/24		1,192,470
				4,710,574
Hawaii: 0.6%
	115,000	City and County of Honolulu, Wastewater System, Series A (RB) 5.00%, 07/01/24		134,435
	120,000	State of Hawaii, Series EZ (GO) 5.00%, 10/01/23		136,206
	700,000	State of Hawaii, Series FE (GO) 5.00%, 10/01/23		794,535
	110,000	State of Hawaii, Series FN (GO) 5.00%, 10/01/24		129,824
	100,000	State of Hawaii, Series FT (GO) 5.00%, 01/01/23		110,050
				1,305,050
Illinois: 5.3%
		Chicago O’Hare International Airport, Series B (RB)
	100,000	5.00%, 01/01/22		105,467
	445,000	5.00%, 01/01/24		506,984
	500,000	5.00%, 01/01/26		606,975
		Chicago O’Hare International Airport, Series C (RB)
	250,000	5.00%, 01/01/22		262,138
	100,000	5.00%, 01/01/22		104,855
	650,000	5.00%, 01/01/23		712,952
	115,000	5.00%, 01/01/24		131,018
		Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
	380,000	5.00%, 06/01/22		405,156
	350,000	5.00%, 06/01/23		387,125
		City of Springfield, Electric Revenue, Senior Lien (RB)
	165,000	5.00%, 03/01/23		181,634
	235,000	5.00%, 03/01/24		268,323
	325,000	5.00%, 03/01/25		384,820
	200,000	Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25		244,506
		Illinois Finance Authority, Clean Water Initiative (RB)
	310,000	4.00%, 01/01/23		334,626
	100,000	4.00%, 07/01/25		116,728
	340,000	5.00%, 07/01/22		366,636

Principal
Amount			Value
Illinois: (continued)
$	250,000	5.00%, 01/01/23	$	275,183
	155,000	5.00%, 01/01/24		177,749
	500,000	5.00%, 07/01/24		584,700
	600,000	5.00%, 01/01/25		714,948
	250,000	Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23		279,538
	285,000	Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/25		345,870
	115,000	Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/22		123,027
	495,000	Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24		568,111
	370,000	Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23		398,838
		State of Illinois (GO)
	400,000	5.00%, 06/01/22		418,676
	350,000	5.00%, 02/01/23		369,891
	250,000	5.50%, 05/01/24		273,058
	335,000	5.50%, 05/01/25		371,599
		State of Illinois, Series B (GO)
	130,000	5.00%, 12/01/24		140,917
	400,000	5.00%, 09/01/25		436,436
	395,000	State of Illinois, Series C (RB) 5.00%, 06/15/22		415,919
		State of Illinois, Series D (GO)
	470,000	5.00%, 11/01/22		489,571
	345,000	5.00%, 11/01/25		372,203
				11,876,177
Indiana: 1.0%
	500,000	City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25		610,090
	215,000	Indiana Finance Authority, Indiana University Health Obligated Group, Series A (RB) 5.00%, 12/01/23		243,896
	250,000	Indiana Finance Authority, Series C (RB) 5.00%, 12/01/23		286,245
		Indiana Finance Authority, Series E (RB)
	500,000	5.00%, 02/01/24		576,155
	250,000	5.00%, 02/01/25		299,140
	250,000	Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/22		263,458
				2,278,984
Iowa: 0.3%
	250,000	Iowa Finance Authority (RB) 5.00%, 08/01/23		282,435
	250,000	State of Iowa, Prison Infrastructure Fund (RB) 5.00%, 06/15/23		280,725
				563,160

See Notes to Financial Statements

121

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Kansas: 0.2%
$	350,000	Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22	$	380,366
Kentucky: 1.4%
	220,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/24		255,268
	500,000	Kentucky Public Energy Authority, Gas Supply, Series A (RB) 4.00%, 01/02/24 (c) (p)		550,210
		Kentucky Public Energy Authority, Gas Supply, Series B (RB)
	200,000	4.00%, 07/01/23		216,912
	465,000	4.00%, 10/01/24 (c) (p)		518,484
		Kentucky State Property and Building Commission No. 112, Series B (RB)
	570,000	5.00%, 11/01/22		621,796
	320,000	5.00%, 11/01/23		361,978
		Kentucky Turnpike Authority, Series B (RB)
	310,000	5.00%, 07/01/22		332,348
	125,000	5.00%, 07/01/24		143,414
				3,000,410
Louisiana: 0.4%
	175,000	Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB) 5.00%, 10/01/22		189,259
	590,000	Louisiana State Citizens Property Insurance Corp. (RB) 5.00%, 06/01/23		652,581
				841,840
Maryland: 3.2%
	450,000	County of Baltimore (CP) 5.00%, 03/01/26		554,391
	500,000	Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c)		626,105
	320,000	Maryland State Stadium Authority, Baltimore City Public Schools (RB) 5.00%, 05/01/23		356,234
	410,000	Montgomery County, Consolidated Public Improvement, Series B (GO) 5.00%, 12/01/23		469,848
	165,000	State of Maryland, Department of Transportation (RB) 5.00%, 09/01/24		194,533
	200,000	State of Maryland, Department of Transportation, Third Issue (RB) 5.00%, 12/15/23		229,286
	790,000	State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22		849,574
	2,730,000	State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24		3,161,122

Principal Amount			Value
Maryland: (continued)
$	145,000	State of Maryland, State and Local Facilities Loan, Second Series (GO) 5.00%, 08/01/22	$	157,087
	500,000	State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25		609,540
				7,207,720
Massachusetts: 2.4%
	860,000	Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c)		966,494
	900,000	Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/23		1,013,247
	750,000	Commonwealth of Massachusetts, Series E (GO) 3.00%, 12/01/25		848,730
	125,000	Massachusetts Bay Transportation Authority, Series A (RB) 4.00%, 12/01/21		130,056
		Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
	1,025,000	5.00%, 07/15/26		1,290,014
	500,000	5.00%, 10/15/26		633,445
		Massachusetts Water Resources Authority, Series C (RB)
	250,000	5.00%, 08/01/22		270,795
	220,000	5.00%, 08/01/23		248,477
				5,401,258
Michigan: 1.1%
	200,000	Michigan Finance Authority, Henry Ford Health System (RB) 5.00%, 11/15/21		208,818
	100,000	Michigan State Building Authority, Series I (RB) 5.00%, 04/15/23		111,331
	500,000	Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23		556,660
		State of Michigan, Grant Anticipation (RB)
	175,000	5.00%, 03/15/24		201,044
	1,065,000	5.00%, 03/15/26		1,307,703
	145,000	Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23		163,256
				2,548,812
Minnesota: 1.4%
	200,000	Duluth Independent School District No. 709, Series A (CP) (SD CRED PROG) 5.00%, 02/01/25		234,506
	480,000	Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22		527,237

See Notes to Financial Statements

122

Principal Amount			Value
Minnesota: (continued)
$	370,000	Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG) 5.00%, 02/01/22	$	391,774
	1,200,000	State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,410,228
	510,000	State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/22		552,514
				3,116,259
Missouri: 1.5%
	1,000,000	City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23		1,112,810
	150,000	Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25		178,326
	260,000	Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 5.00%, 11/15/22		283,917
	500,000	Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25		612,630
	1,000,000	Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c)		1,207,360
				3,395,043
Nebraska: 1.7%
	500,000	Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 10/01/23 (c) (p)		560,290
		Central Plains Energy Project, Gas Supply (RB)
	825,000	2.50%, 05/01/25 (c) (p)		887,617
	1,500,000	4.00%, 05/01/25 (c) (p)		1,718,340
	525,000	Metropolitan Utilities District of Omaha, Water System (RB) 5.00%, 12/01/21		550,888
				3,717,135
Nevada: 1.5%
		Clark County Limited Tax Bond Bank, Series A (GO)
	100,000	5.00%, 11/01/23		113,823
	385,000	5.00%, 11/01/25		470,443
	250,000	Clark County School District, Series A (GO) 5.00%, 06/15/23		277,945
		Clark County School District, Series D (GO)
	250,000	5.00%, 06/15/23		277,945
	290,000	5.00%, 06/15/24		334,126
	250,000	Clark County Water Reclamation District (GO) 5.00%, 07/01/22		269,585

Principal Amount			Value
Nevada: (continued)
$	300,000	Clark County, McCarran International Airport, Series A (RB) 5.00%, 07/01/23	$	334,266
	450,000	Clark County, Series B (GO) 5.00%, 11/01/23		512,203
	300,000	Las Vegas Valley Water District, Series A (GO) 5.00%, 06/01/22		322,326
	300,000	State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24		357,069
				3,269,731
New Jersey: 2.0%
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	435,000	5.00%, 11/01/23		482,854
	100,000	5.00%, 11/01/24		112,933
	160,000	New Jersey Economic Development Authority, Princeton University, Series B (RB) 5.00%, 07/01/22		172,646
	300,000	New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. Issue (RB) 5.00%, 07/01/23		332,412
	605,000	New Jersey Sports and Exposition Authority, Series A (RB) 5.00%, 09/01/24		665,754
	890,000	New Jersey Transportation Trust Fund Authority, Series A (RB) 5.00%, 06/15/24		1,003,626
	120,000	New Jersey Turnpike Authority, Series C (RB) 5.00%, 01/01/22		126,301
	335,000	State of New Jersey, Series T (GO) 5.00%, 06/01/22		356,467
	800,000	State of New Jersey, Various Purposes (GO) 5.00%, 06/01/22		851,264
	290,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		322,463
				4,426,720
New Mexico: 1.4%
	325,000	New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22		349,187
	1,165,000	New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 02/01/25 (c) (p)		1,378,649
	320,000	State of New Mexico, Series A (GO) 5.00%, 03/01/23		354,621
		State of New Mexico, Series B (RB)
	505,000	4.00%, 07/01/23		555,015
	340,000	5.00%, 03/01/23		376,785
				3,014,257

See Notes to Financial Statements

123

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
New York: 13.7%
		City of New York, Series A (GO)
$	250,000	4.00%, 08/01/23	$	273,580
	670,000	5.00%, 08/01/22		723,030
	375,000	5.00%, 08/01/22		404,681
	100,000	5.00%, 08/01/23		112,153
	230,000	5.00%, 08/01/24		267,674
	500,000	City of New York, Series B-1 (GO) 5.00%, 10/01/22		543,340
		City of New York, Series C (GO)
	750,000	5.00%, 08/01/24		872,850
	750,000	5.00%, 08/01/25		901,747
	320,000	City of New York, Series C and D (GO) 5.00%, 08/01/23		358,890
	100,000	City of New York, Series D-3 (GO) 5.00%, 08/01/23 (c) (p)		111,093
	255,000	City of New York, Series E (GO) 5.00%, 08/01/24		296,769
	100,000	City of Yonkers, Series C (GO) 5.00%, 10/01/23		112,665
		County of Nassau, Series C (GO)
	775,000	5.00%, 10/01/22		836,295
	200,000	5.00%, 10/01/24		231,812
		Hudson Yards Infrastructure Corp., Series A (RB)
	100,000	3.00%, 02/15/22		103,285
	210,000	5.00%, 02/15/22		222,268
	100,000	5.00%, 02/15/23		109,221
	500,000	Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/22		542,995
		Metropolitan Transportation Authority, Series A (RB)
	1,125,000	4.00%, 11/15/25		1,267,031
	1,055,000	5.00%, 11/15/24		1,116,475
	1,500,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p)		1,568,985
	750,000	Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p)		781,125
		Metropolitan Transportation Authority, Series B (RB)
	135,000	5.00%, 11/15/21		137,199
	290,000	5.00%, 11/15/23		303,094
	250,000	5.00%, 11/15/23		261,288
	390,000	5.00%, 11/15/24		412,725
		Metropolitan Transportation Authority, Series C-1 (RB)
	500,000	5.00%, 11/15/23		522,575
	875,000	5.00%, 11/15/25		936,749
		Metropolitan Transportation Authority, Series F (RB)
	200,000	5.00%, 11/15/23		209,030
	235,000	5.00%, 11/15/25		251,584
	250,000	Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23		277,910

Principal Amount			Value
New York: (continued)
$	640,000	New York City Housing Development Corp., Multi-Family Housing, Series C-2 (RB) 2.20%, 11/16/20 (c)	$	640,326
	250,000	New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 5.00%, 07/15/24		292,193
	1,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB) 5.00%, 11/01/22		1,093,390
	310,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.00%, 11/01/21		324,489
	500,000	New York City Transitional Finance Authority, Series S-3 (RB) (SAW) 5.00%, 07/15/21 (c)		516,275
	530,000	New York City Water and Sewer System, Series CC-2 (RB) 5.00%, 12/15/21 (c)		558,101
	125,000	New York State Dormitory Authority, Columbia University (RB) 5.00%, 10/01/24		148,009
	240,000	New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 07/01/25		284,981
	300,000	New York State Dormitory Authority, New York City Issue, Series 1 (RB) (SAW) 5.00%, 01/15/23		327,426
	110,000	New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24		128,239
		New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
	250,000	5.00%, 10/01/22		270,023
	365,000	5.00%, 10/01/23		408,858
	385,000	5.00%, 10/01/25		459,628
	300,000	New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB) 5.00%, 10/01/24		347,466
	1,000,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 02/15/23		1,104,700
		New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
	770,000	5.00%, 02/15/22		816,215
	815,000	5.00%, 02/15/23		900,330
	1,000,000	5.00%, 02/15/25		1,187,080

See Notes to Financial Statements

124

Principal Amount			Value
New York: (continued)
$	350,000	New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 03/15/25	$	416,657
	445,000	New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23		493,389
	100,000	New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 03/15/23		110,874
		New York State Dormitory Authority, State Sales Tax, Series C (RB)
	155,000	5.00%, 03/15/24		178,692
	775,000	5.00%, 03/15/25		924,815
	495,000	New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		607,716
	500,000	New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		594,975
	250,000	New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 02/01/22 (c)		253,225
	165,000	New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24		187,259
	790,000	New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/23		875,905
	500,000	TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22		530,860
	320,000	Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c)		351,933
				30,404,147
North Carolina: 1.3%
		Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB)
	115,000	4.00%, 01/15/23		123,982
	105,000	5.00%, 01/15/22		110,411
	290,000	County of Durham (GO) 4.00%, 10/01/24		332,227
	350,000	Mecklenburg County, Series B (GO) 5.00%, 12/01/21		368,039
	665,000	State of North Carolina, Department of State Treasurer, Series B (GO) 5.00%, 06/01/25		807,623
	500,000	State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/23		553,480
	500,000	State of North Carolina, Series A (GO) 5.00%, 06/01/24		584,770
				2,880,532

Principal Amount			Value
Ohio: 3.0%
$	530,000	American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/23	$	585,231
	260,000	City of Cleveland, Airport System Revenue, Series B (RB) (AGM) 5.00%, 01/01/23		283,884
	100,000	County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/25		119,974
		County of Hamilton, Sales Tax, Series A (RB)
	100,000	5.00%, 12/01/21		105,042
	500,000	5.00%, 12/01/25		603,460
	155,000	Hamilton County, Sales Tax Revenue, Series A (RB) 5.00%, 12/01/23		175,578
	200,000	Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/24		233,674
	1,325,000	State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/25		1,571,596
	100,000	State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25		122,266
	560,000	State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23		631,596
	200,000	State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/22		214,350
	675,000	State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22		739,172
	1,000,000	State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23		1,118,540
	115,000	State of Ohio, Miami University (RB) 5.00%, 09/01/25		139,802
				6,644,165
Oklahoma: 0.8%
		Oklahoma County Independent School District No. 89, Series A (GO)
	500,000	0.05%, 07/01/22		498,015
	450,000	1.25%, 07/01/24		459,747
	500,000	Oklahoma Development Finance Authority, Integris Obligated Group, Series A (RB) 5.00%, 08/15/22		538,775
	350,000	Tulsa Public Facilities Authority (RB) 3.00%, 06/01/25		383,362
				1,879,899
Oregon: 0.2%
	365,000	State of Oregon, Series A (GO) 5.00%, 05/01/22		391,017

See Notes to Financial Statements

125

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Pennsylvania: 4.7%
$	300,000	Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/25	$	359,562
	385,000	Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 12/01/22		422,299
	250,000	Berks County Industrial Development Authority, Tower Health Project (RB) 5.00%, 11/01/25		276,505
		City of Philadelphia, Series A (GO)
	200,000	5.00%, 08/01/24		231,550
	245,000	5.00%, 08/01/25		293,174
	300,000	5.00%, 08/01/25		358,989
	310,000	City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22		337,494
	250,000	Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23		278,285
	100,000	Commonwealth of Pennsylvania, First Series (GO) 5.00%, 09/15/23		113,085
		Commonwealth of Pennsylvania, Second Series (GO)
	880,000	5.00%, 01/15/22		929,720
	590,000	5.00%, 09/15/22		641,348
	370,000	5.00%, 01/15/23		407,248
		Delaware River Port Authority, Series B (RB)
	350,000	5.00%, 01/01/25		412,440
	1,170,000	5.00%, 01/01/26		1,422,966
	270,000	Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB) 5.00%, 08/15/22		290,939
	330,000	Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project, Series B (RB) 1.80%, 08/15/22 (p)		333,643
	500,000	Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23		558,835
	150,000	Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23		169,629
	310,000	Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 03/15/24		355,127
		Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)
	175,000	5.00%, 06/15/23		195,046
	100,000	5.00%, 06/15/25		119,632
	350,000	Pennsylvania State University, Series B (RB) 5.00%, 09/01/22		379,960

Principal Amount			Value
Pennsylvania: (continued)
$	400,000	Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24	$	456,980
	660,000	Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25		785,631
		School District of Philadelphia, Series F (GO) (SAW)
	100,000	5.00%, 09/01/22		107,852
	120,000	5.00%, 09/01/24		139,040
	115,000	Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/23		128,074
				10,505,053
Rhode Island: 0.6%
	235,000	Rhode Island Commerce Corp., Department of Transportation, Series A (RB) 5.00%, 06/15/22		251,847
	1,000,000	Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) 5.00%, 05/15/23		1,088,460
				1,340,307
South Carolina: 1.6%
	510,000	County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24		606,048
	500,000	County of York (GO) (SAW) 5.00%, 04/01/24		580,720
	1,500,000	Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 11/01/23 (c) (p)		1,652,790
	350,000	State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24		406,504
	330,000	York County, South Carolina Fort Mill School District No. 4, Series B (GO) 5.00%, 03/01/23		365,950
				3,612,012
Tennessee: 1.7%
		Metropolitan Government of Nashville and Davidson County (GO)
	200,000	5.00%, 07/01/24		234,358
	525,000	5.00%, 07/01/26		657,715
	450,000	Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/26		547,312
	500,000	Tennergy Corp., Series A (RB) 5.00%, 07/01/24 (c) (p)		580,840
	1,050,000	Tennessee Energy Acquisition Corp. (RB) 4.00%, 08/01/25 (c) (p)		1,193,976
	560,000	Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 02/01/23 (c) (p)		601,098
				3,815,299

See Notes to Financial Statements

126

Principal Amount			Value
Texas: 8.8%
$	300,000	Aldine Independent School District, Series A (GO) 5.00%, 02/15/23	$	332,715
	500,000	Austin Independent School District (GO) 5.00%, 08/01/26		627,770
	725,000	Bexar County Hospital District (GO) 5.00%, 02/15/24		833,880
	250,000	Board of Regents of the University of North Texas System, Series A (RB) 5.00%, 04/15/22		266,835
	275,000	Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23		311,509
	1,000,000	Brazosport Independent School District (GO) 5.00%, 02/15/23		1,107,110
		City of Austin, Water and Wastewater System (RB)
	200,000	5.00%, 05/15/22		214,562
	290,000	5.00%, 11/15/22		317,982
	105,000	City of Fort Worth (GO) 5.00%, 03/01/24		121,242
	350,000	City of Fort Worth, Series A (GO) 5.00%, 03/01/23		388,213
	250,000	City of Houston, Airport System, Series D (RB) 5.00%, 07/01/24		290,165
		City of Houston, Public Improvement, Series A (GO)
	500,000	5.00%, 03/01/22		531,390
	250,000	5.00%, 03/01/22		265,695
	250,000	City of Houston, Series A (GO) 5.00%, 03/01/23		276,618
	500,000	City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		609,275
		Colorado River Municipal Water District (RB)
	115,000	5.00%, 01/01/24		131,683
	405,000	5.00%, 01/01/26		496,716
	150,000	Conroe Independent School District (GO) 5.00%, 02/15/23		166,103
	125,000	Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/24		144,216
	375,000	Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23		423,885
	150,000	Fort Worth Independent School District (GO) 5.00%, 02/15/24		173,060
	325,000	Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23		354,998
	320,000	Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) 5.00%, 11/15/23		358,803

Principal Amount			Value
Texas: (continued)
$	500,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24	$	585,000
	320,000	Harris County, Series A (GO) 5.00%, 10/01/22		349,219
		Houston Independent School District, Limited Tax School House (GO)
	440,000	5.00%, 02/15/22		466,937
	155,000	5.00%, 02/15/24		178,664
		Houston Independent School District, Limited Tax School House, Series A (GO)
	650,000	5.00%, 02/15/23		719,621
	165,000	5.00%, 02/15/24		190,191
	455,000	Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26		568,563
	500,000	Irving Independent School District, Series A (GO) 5.00%, 02/15/24		577,400
	250,000	Judson Independent School District (GO) 5.00%, 02/01/25		299,025
	290,000	Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/24		342,331
	160,000	New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23		179,243
	150,000	North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/25		178,190
	500,000	North Texas Tollway Authority, First Tier, Series B (RB) 5.00%, 01/01/25 (c)		590,105
	390,000	Northwest Independent School District, Series B (GO) 5.00%, 02/15/23		431,866
	425,000	Plano Independent School District (GO) 5.00%, 02/15/22		451,018
		Port of Houston Authority of Harris County, Series A-2 (GO)
	500,000	5.00%, 10/01/24		590,750
	500,000	5.00%, 10/01/25		612,000
	430,000	State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c)		506,566
	500,000	State of Texas, Water Infrastructure Fund, Series B-3 (GO) 5.00%, 08/01/25		609,275
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
	250,000	5.00%, 02/15/24		285,343
	250,000	5.00%, 02/15/25		295,575

See Notes to Financial Statements

127

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Texas: (continued)
$	315,000	Texas Transportation Commission, State Highway Fund, First Tier, Series B (RB) 4.00%, 10/01/21 (p)	$	325,420
		Texas Water Development Board (RB)
	350,000	5.00%, 08/01/23		395,510
	225,000	5.00%, 08/01/25		273,818
	340,000	Texas Water Development Board, Series A (RB) 5.00%, 04/15/23		379,501
	345,000	Trinity River Authority, Regional Wastewater System (RB) 3.00%, 08/01/22		361,688
				19,487,244
Utah: 1.3%
		State of Utah (GO)
	500,000	5.00%, 07/01/23		563,340
	290,000	5.00%, 07/01/25		353,400
	500,000	5.00%, 07/01/26		627,985
	100,000	University of Utah, Series A (RB) 5.00%, 08/01/23		113,003
	1,000,000	Utah County, IHC Health Services, Inc., Series B-1 (RB) 5.00%, 02/01/24 (c) (p)		1,164,670
				2,822,398
Virginia: 2.4%
	240,000	City of Alexandria, Series C (GO) (SAW) 5.00%, 07/01/23		270,336
	125,000	City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25		149,851
	1,000,000	County of Chesterfield, Series B (GO) (SAW) 5.00%, 01/01/23		1,102,790
	125,000	Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24		144,689
	1,000,000	Louisa Industrial Development Authority, Virginia Electric and Power Company Project, Series A (RB) (SAW) 1.90%, 06/01/23 (p)		1,031,990
	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/22		264,875
	135,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/24		155,419

Principal Amount			Value
Virginia: (continued)
$	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23	$	276,683
	125,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) 5.00%, 09/01/22		135,893
		Virginia Commonwealth Transportation Board (RB)
	150,000	5.00%, 09/15/22		163,260
	400,000	5.00%, 09/15/23		453,448
	325,000	5.00%, 09/15/24		382,922
	175,000	Virginia Commonwealth Transportation Board, Series C (RB) 5.00%, 05/15/23		195,687
		Virginia Public Building Authority, Series A (RB)
	160,000	5.00%, 08/01/23		180,805
	120,000	5.00%, 08/01/24		141,170
	265,000	5.00%, 08/01/26		332,890
				5,382,708
Washington: 2.0%
	500,000	Clark County Public Utility District No. 1 (RB) 5.00%, 01/01/26		614,660
	100,000	County of King (GO) 5.00%, 07/01/24		117,179
		Energy Northwest, Colombia Generating Station Electric, Series A (RB)
	465,000	5.00%, 07/01/22		501,428
	100,000	5.00%, 07/01/23		112,497
	455,000	5.00%, 07/01/24		532,800
	100,000	State of Washington, Certificates of Participation, State and Local Agency Real and Personal Property, Series A (CP) 5.00%, 07/01/21		103,129
	200,000	State of Washington, Series D (GO) 5.00%, 02/01/24		230,392
	750,000	State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		881,085
	1,000,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 02/01/24 (c) (p)		1,122,590
	270,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25		303,442
				4,519,202

See Notes to Financial Statements

128

Principal Amount			Value
West Virginia: 0.2%
$	410,000	State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23	$	463,673
Wisconsin: 2.2%
	545,000	City of Madison, Series A (GO) 4.00%, 10/01/22		584,267
		City of Milwaukee, Series N2 (GO)
	100,000	4.00%, 03/01/23		108,138
	750,000	4.00%, 03/01/25		859,567
		City of Milwaukee, Series N4 (GO)
	225,000	5.00%, 04/01/24		258,833
	125,000	5.00%, 04/01/25		149,016
	500,000	5.00%, 04/01/26		610,190
		State of Wisconsin, Series 1 (GO)
	125,000	5.00%, 11/01/21		130,933
	210,000	5.00%, 11/01/21		219,967
	500,000	5.00%, 11/01/22		547,430
	310,000	5.00%, 05/01/25 (c)		373,817
	815,000	State of Wisconsin, Series C (GO) 5.00%, 05/01/24 (c)		948,676
	120,000	Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24		140,567
				4,931,401
Total Municipal Bonds: 98.5% (Cost: $213,959,791)				218,822,236
Other assets less liabilities: 1.5%				3,373,027
NET ASSETS: 100.0%			$	222,195,263

See Notes to Financial Statements

129

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

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

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

Summary of Investments By Sector	% of Investments			Value
Education		5.4	%	$	11,721,772
Health Care		7.7			16,878,386
Housing		0.4			893,551
Industrial Revenue		8.8			19,333,637
Leasing		6.0			13,235,010
Local		16.9			36,977,587
Power		3.2			6,946,810
Special Tax		10.2			22,380,026
State		20.5			44,852,641
Tobacco		1.6			3,437,474
Transportation		13.0			28,361,431
Water & Sewer		6.3			13,803,911
		100.0	%	$	218,822,236

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Total Municipal Bonds*		$	—	$	218,822,236		$	—	$	218,822,236

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

130

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VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2020 (unaudited)

	CEF Municipal Income ETF			High Yield Muni ETF			Intermediate Muni ETF
Assets:
Investments, at value
Unaffiliated issuers (1)	$	147,585,398		$	2,704,324,701		$	1,690,129,066
Affiliated issuers (2)		—			—			—
Cash		542			15,606,013			3,670,504
Receivables:
Investment securities sold		—			2,159,391			—
Shares of beneficial interest sold		—			—			15,308,140
Dividends and interest		457,974			42,466,420			18,632,542
Total assets		148,043,914			2,764,556,525			1,727,740,252
Liabilities:
Payables:
Investment securities purchased		—			2,679,520			15,238,153
Line of credit		143,452			—			—
Due to Adviser		53,178			809,016			343,606
Deferred Trustee fees		4,195			3,184			3,000
Accrued expenses		117			—			—
Total liabilities		200,942			3,491,720			15,584,759
NET ASSETS	$	147,842,972		$	2,761,064,805		$	1,712,155,493
Shares outstanding		5,525,000			46,246,401			33,548,916
Net asset value, redemption and offering price per share	$	26.76		$	59.70		$	51.03
Net assets consist of:
Aggregate paid in capital	$	154,516,155		$	2,913,826,797		$	1,617,171,561
Total distributable earnings (loss)		(6,673,183	)		(152,761,992	)		94,983,932
NET ASSETS	$	147,842,972		$	2,761,064,805		$	1,712,155,493
(1)   Cost of investments – Unaffiliated issuers	$	149,126,670		$	2,761,073,487		$	1,608,189,077
(2)   Cost of investments – Affiliated issuers	$	—		$	—		$	—

See Notes to Financial Statements

132

Long Muni ETF		Muni Allocation ETF			Short High Yield Muni ETF			Short Muni ETF
$	214,949,002	$	—		$	226,903,872		$	218,822,236
	—		4,852,336			—			—
	1,114,271		4,136			1,114,876			675,685
	—		—			—			1,769,499
	—		—			—			—
	2,391,483		—			3,150,316			2,631,370
	218,454,756		4,856,472			231,169,064			223,898,790
	—		—			543,420			1,664,408
	—		—			—			—
	44,056		330			68,491			37,519
	1,517		—			—			1,600
	—		—			97			—
	45,573		330			612,008			1,703,527
$	218,409,183	$	4,856,142		$	230,557,056		$	222,195,263
	10,300,000		200,000			9,500,000			12,350,000
$	21.20	$	24.28		$	24.27		$	17.99
$	209,810,089	$	5,416,478		$	241,172,491		$	217,715,820
	8,599,094		(560,336	)		(10,615,435	)		4,479,443
$	218,409,183	$	4,856,142		$	230,557,056		$	222,195,263
$	207,636,432	$	—		$	229,966,173		$	213,959,791
$	—	$	4,680,958		$	—		$	—

See Notes to Financial Statements

133

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

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

	CEF Municipal Income ETF			High Yield Muni ETF			Intermediate Muni ETF
Income:
Interest	$	23		$	61,091,219		$	18,252,585
Dividends – unaffiliated issuers		3,606,705			—			—
Dividends – affiliated issuers		—			—			—
Total income		3,606,728			61,091,219			18,252,585
Expenses:
Management fees		311,163			4,883,897			1,986,281
Interest		1,829			—			109
Total expenses		312,992			4,883,897			1,986,390
Net investment income		3,293,736			56,207,322			16,266,195
Net realized gain (loss) on:
Investments – unaffiliated issuers		(569,074	)		(15,514,062	)		3,478,185
Investments – affiliated issuers		—			—			—
In-kind redemptions		613,632			(47,438,116	)		7,939,888
Net realized gain (loss)		44,558			(62,952,178	)		11,418,073
Net change in unrealized appreciation (depreciation) on:
Investments – unaffiliated issuers		13,766,185			230,166,532			54,306,066
Investments – affiliated issuers		—			—			—
Net change in unrealized appreciation (depreciation)		13,766,185			230,166,532			54,306,066
Net Increase in Net Assets Resulting from Operations	$	17,104,479		$	223,421,676		$	81,990,334

See Notes to Financial Statements

134

Long Muni ETF		Muni Allocation ETF		Short High Yield Muni ETF			Short Muni ETF
$	2,930,652	$	—	$	3,964,746		$	1,694,348
	—		—		—			—
	—		63,291		—			—
	2,930,652		63,291		3,964,746			1,694,348
	252,479		1,951		412,032			212,589
	664		—		1,523			505
	253,143		1,951		413,555			213,094
	2,677,509		61,340		3,551,191			1,481,254
	597,607		—		(641,563	)		450,736
	—		128,390		—			—
	392,830		—		(2,760,437	)		3,652
	990,437		128,390		(3,402,000	)		454,388
	9,012,300		—		15,071,957			4,727,845
	—		145,752		—			—
	9,012,300		145,752		15,071,957			4,727,845
$	12,680,246	$	335,482	$	15,221,148		$	6,663,487

See Notes to Financial Statements

135

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Municipal Income ETF						High Yield Muni ETF
	Six Months Ended October 31, 2020			Year Ended April 30, 2020			Six Months Ended October 31, 2020			Year Ended April 30, 2020
	(unaudited)						(unaudited)
Operations:
Net investment income	$	3,293,736		$	6,418,465		$	56,207,322		$	135,063,522
Net realized gain (loss)		44,558			(1,348,736	)		(62,952,178	)		(73,112,724	)
Net change in unrealized appreciation (depreciation)		13,766,185			(12,581,766	)		230,166,532			(329,370,475	)
Net increase (decrease) in net assets resulting from operations		17,104,479			(7,512,037	)		223,421,676			(267,419,677	)
Distributions to shareholders:
From distributable earnings		(3,105,755	)		(6,488,575	)		(57,432,392	)		(130,789,239	)
Share transactions:**
Proceeds from sale of shares		4,712,718			55,048,993			446,865,245			1,221,086,378
Cost of shares redeemed		(13,254,860	)		(42,631,985	)		(422,156,285	)		(908,446,635	)
Increase (decrease) in net assets resulting from share transactions		(8,542,142	)		12,417,008			24,708,960			312,639,743
Total increase (decrease) in net assets		5,456,582			(1,583,604	)		190,698,244			(85,569,173	)
Net Assets, beginning of period		142,386,390			143,969,994			2,570,366,561			2,655,935,734
Net Assets, end of period	$	147,842,972		$	142,386,390		$	2,761,064,805		$	2,570,366,561
** Shares of Common Stock Issued (no par value)
Shares sold		175,000			2,050,000			7,600,000			18,950,000
Shares redeemed		(500,000	)		(1,700,000	)		(7,150,000	)		(15,450,000	)
Net increase (decrease)		(325,000	)		350,000			450,000			3,500,000

* Commencement of operations

See Notes to Financial Statements

136

Intermediate Muni ETF						Long Muni ETF						Muni Allocation ETF
Six Months Ended October 31, 2020			Year Ended April 30, 2020			Six Months Ended October 31, 2020			Year Ended April 30, 2020			Six Months Ended October 31, 2020			For the Period May 15, 2019* through April 30, 2020
(unaudited)						(unaudited)						(unaudited)
$	16,266,195		$	39,019,165		$	2,677,509		$	5,189,400		$	61,340		$	116,669
	11,418,073			21,694,749			990,437			1,034,127			128,390			(833,509	)
	54,306,066			(15,398,761	)		9,012,300			(5,040,336	)		145,752			25,626
	81,990,334			45,315,153			12,680,246			1,183,191			335,482			(691,214	)
	(16,589,914	)		(41,718,531	)		(2,657,750	)		(5,352,305	)		(71,500	)		(95,420	)
	232,714,852			357,137,377			19,070,197			76,206,819			—			7,683,791
	(167,639,202	)		(499,235,628	)		(10,481,539	)		(25,241,268	)		—			(2,304,997	)
	65,075,650			(142,098,251	)		8,588,658			50,965,551			—			5,378,794
	130,476,070			(138,501,629	)		18,611,154			46,796,437			263,982			4,592,160
	1,581,679,423			1,720,181,052			199,798,029			153,001,592			4,592,160			—
$	1,712,155,493		$	1,581,679,423		$	218,409,183		$	199,798,029		$	4,856,142		$	4,592,160
	4,550,000			7,100,000			900,000			3,600,000			—			300,000
	(3,300,000	)		(9,950,000	)		(500,000	)		(1,200,000	)		—			(100,000	)
	1,250,000			(2,850,000	)		400,000			2,400,000			—			200,000

See Notes to Financial Statements

137

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Short High Yield Muni ETF						Short Muni ETF
	Six Months Ended October 31, 2020			Year Ended April 30, 2020			Six Months Ended October 31, 2020			Year Ended April 30, 2020
	(unaudited)						(unaudited)
Operations:
Net investment income	$	3,551,191		$	8,443,972		$	1,481,254		$	3,108,014
Net realized gain (loss)		(3,402,000	)		(1,555,306	)		454,388			824,500
Net change in unrealized appreciation (depreciation)		15,071,957			(20,189,964	)		4,727,845			(757,914	)
Net increase (decrease) in net assets resulting from operations		15,221,148			(13,301,298	)		6,663,487			3,174,600
Distributions to shareholders:
From distributable earnings		(3,680,050	)		(7,999,685	)		(1,606,160	)		(3,177,000	)
Share transactions:**
Proceeds from sale of shares		2,437,596			97,158,157			15,345,620			9,788,193
Cost of shares redeemed		(46,687,411	)		(15,135,972	)		(1,805,548	)		(7,062,607	)
Increase (decrease) in net assets resulting from share transactions		(44,249,815	)		82,022,185			13,540,072			2,725,586
Total increase (decrease) in net assets		(32,708,717	)		60,721,202			18,597,399			2,723,186
Net Assets, beginning of period		263,265,773			202,544,571			203,597,864			200,874,678
Net Assets, end of period	$	230,557,056		$	263,265,773		$	222,195,263		$	203,597,864
** Shares of Common Stock Issued (no par value)
Shares sold		100,000			3,850,000			850,000			550,000
Shares redeemed		(2,000,000	)		(650,000	)		(100,000	)		(400,000	)
Net increase (decrease)		(1,900,000	)		3,200,000			750,000			150,000

See Notes to Financial Statements

138

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CEF Municipal Income ETF
	For the Six Months Ended October 31,				For the Year Ended April 30,
	2020				2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	24.34			$	26.18			$	24.97			$	26.58			$	28.50			$	26.62
Income from investment operations:
Net investment income			0.57	(a)			1.09	(a)			1.16	(a)			1.27	(a)			1.37				1.39
Net realized and unrealized gain (loss) on investments			2.38				(1.83	)			1.21				(1.61	)			(1.90	)			1.88
Total from investment operations			2.95				(0.74	)			2.37				(0.34	)			(0.53	)			3.27
Less:
Dividends from net investment income			(0.53	)			(1.10	)			(1.16	)			(1.27	)			(1.39	)			(1.39	)
Net asset value, end of period		$	26.76			$	24.34			$	26.18			$	24.97			$	26.58			$	28.50
Total return (b)			12.17	%(c)			(3.17	)%			9.83	%			(1.45	)%			(1.93	)%			12.87	%
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	147,843			$	142,386			$	143,970			$	94,876			$	83,719			$	95,475
Ratio of gross expenses to average net assets (f)			0.40	%(d)			0.45	%			0.48	%			0.50	%			0.51	%			0.54	%
Ratio of net expenses to average net assets (f)			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense (f)			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets (f)			4.24	%(d)			4.02	%			4.67	%			4.78	%			4.98	%			5.38	%
Portfolio turnover rate (e)			7	%(c)			10	%			13	%			9	%			12	%			10	%
	High Yield Muni ETF #
	For the Six Months Ended October 31,				For the Year Ended April 30,
	2020				2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	56.13			$	62.79			$	62.16			$	61.52			$	63.18			$	62.12
Income from investment operations:
Net investment income			1.20	(a)			2.69	(a)			2.67	(a)			2.72	(a)			2.68				2.96
Net realized and unrealized gain (loss) on investments			3.60				(6.73	)			0.64				0.60				(1.64	)			0.98
Total from investment operations			4.80				(4.04	)			3.31				3.32				1.04				3.94
Less:
Dividends from net investment income			(1.23	)			(2.62	)			(2.68	)			(2.68	)			(2.70	)			(2.88	)
Net asset value, end of period		$	59.70			$	56.13			$	62.79			$	62.16			$	61.52			$	63.18
Total return (b)			8.61	%(c)			(6.86	)%			5.46	%			5.48	%			1.69	%			6.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	2,761,065			$	2,570,367			$	2,655,936			$	2,436,743			$	2,106,741			$	1,882,555
Ratio of expenses to average net assets			0.35	%(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of expenses to average net assets excluding interest expense			0.35	%(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of net investment income to average net assets			4.03	%(d)			4.26	%			4.31	%			4.37	%			4.36	%			4.86	%
Portfolio turnover rate (e)			5	%(c)			12	%			10	%			14	%			10	%			8	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(f)	The ratios represented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.

See Notes to Financial Statements

139

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Intermediate Muni ETF #
	For the Six Months Ended October 31,				For the Year Ended April 30,
	2020				2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	48.97			$	48.94			$	46.83			$	47.40			$	48.84			$	46.98
Income from investment operations:
Net investment income			0.51	(a)			1.09	(a)			1.12	(a)			1.08	(a)			1.06				1.10
Net realized and unrealized gain (loss) on investments			2.07				0.10				2.11				(0.59	)			(1.44	)			1.86
Total from investment operations			2.58				1.19				3.23				0.49				(0.38	)			2.96
Less:
Dividends from net investment income			(0.52	)			(1.10	)			(1.12	)			(1.06	)			(1.06	)			(1.10	)
Distributions from net realized capital gains			—				(0.06	)			—				—				—				—
Total dividends and distributions			(0.52	)			(1.16	)			(1.12	)			(1.06	)			(1.06	)			(1.10	)
Net asset value, end of period		$	51.03			$	48.97			$	48.94			$	46.83			$	47.40			$	48.84
Total return (b)			5.28	%(c)			2.40	%			6.98	%			1.04	%			(0.80	)%			6.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	1,712,155			$	1,581,679			$	1,720,181			$	1,697,602			$	1,592,512			$	1,418,799
Ratio of expenses to average net assets			0.24	%(d)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of expenses to average net assets excluding interest expense			0.24	%(d)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of net investment income to average net assets			1.96	%(d)			2.17	%			2.37	%			2.24	%			2.22	%			2.32	%
Portfolio turnover rate (e)			6	%(c)			7	%			7	%			9	%			7	%			2	%
	Long Muni ETF
	For the Six Months Ended October 31,				For the Year Ended April 30,
	2020				2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	20.18			$	20.40			$	19.63			$	19.63			$	20.43			$	19.60
Income from investment operations:
Net investment income			0.27	(a)			0.57	(a)			0.60	(a)			0.59	(a)			0.60				0.66
Net realized and unrealized gain (loss) on investments			1.02				(0.20	)			0.77				0.01				(0.79	)			0.83
Total from investment operations			1.29				0.37				1.37				0.60				(0.19	)			1.49
Less:
Dividends from net investment income			(0.27	)			(0.57	)			(0.60	)			(0.60	)			(0.61	)			(0.66	)
Distributions from net realized capital gains			—				(0.02	)			—				—				—				—
Total dividends and distributions			(0.27	)			(0.59	)			(0.60	)			(0.60	)			(0.61	)			(0.66	)
Net asset value, end of period		$	21.20			$	20.18			$	20.40			$	19.63			$	19.63			$	20.43
Total return (b)			6.42	%(c)			1.75	%			7.15	%			3.02	%			(0.99	)%			7.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	218,409			$	199,798			$	153,002			$	154,107			$	161,965			$	156,292
Ratio of expenses to average net assets			0.24	%(d)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of expenses to average net assets excluding interest expense			0.24	%(d)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of net investment income to average net assets			2.54	%(d)			2.72	%			3.06	%			2.96	%			2.99	%			3.36	%
Portfolio turnover rate (e)			11	%(c)			22	%			22	%			33	%			17	%			3	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split.

See Notes to Financial Statements

140

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Muni Allocation ETF
	For the Six Months Ended October 31, 2020				For the Period May 15, 2019(a) through April 30, 2020
	(unaudited)
Net asset value, beginning of period		$	22.96			$	25.05
Income from investment operations:
Net investment income (b)			0.31				0.72
Net realized and unrealized gain (loss) on investments			1.37				(2.20	)
Total from investment operations			1.68				(1.48	)
Less:
Dividends from net investment income			(0.36	)			(0.61	)
Net asset value, end of period		$	24.28			$	22.96
Total return (c)			7.34	%(d)			(6.13	)%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	4,856			$	4,592
Ratio of gross expenses to average net assets (g)			0.08	%(e)			1.28	%(e)
Ratio of net expenses to average net assets (g)			0.08	%(e)			0.08	%(e)
Ratio of net expenses to average net assets excluding interest expense (g)			0.08	%(e)			0.08	%(e)
Ratio of net investment income to average net assets (g)			2.52	%(e)			3.02	%(e)
Portfolio turnover rate (f)			150	%(d)			162	%(d)
	Short High Yield Muni ETF
	For the Six Months Ended October 31,				For the Year Ended April 30,
	2020				2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	23.09			$	24.70			$	24.24			$	24.26			$	25.15			$	25.43
Income from investment operations:
Net investment income			0.37	(b)			0.84	(b)			0.80	(b)			0.76	(b)			0.72				0.87
Net realized and unrealized gain (loss) on investments			1.18				(1.64	)			0.43				(0.02	)			(0.92	)			(0.34	)
Total from investment operations			1.55				(0.80	)			1.23				0.74				(0.20	)			0.53
Less:
Dividends from net investment income			(0.37	)			(0.81	)			(0.77	)			(0.76	)			(0.69	)			(0.81	)
Net asset value, end of period		$	24.27			$	23.09			$	24.70			$	24.24			$	24.26			$	25.15
Total return (c)			6.73	%(d)			(3.44	)%			5.16	%			3.07	%			(0.81	)%			2.14	%
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	230,557			$	263,266			$	202,545			$	134,537			$	114,033			$	110,672
Ratio of expenses to average net assets			0.35	%(e)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of expenses to average net assets excluding interest expense			0.35	%(e)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of net investment income to average net assets			3.02	%(e)			3.37	%			3.28	%			3.11	%			2.93	%			3.55	%
Portfolio turnover rate (f)			6	%(d)			17	%			22	%			27	%			20	%			16	%

(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 includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(g)	The ratios represented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.

See Notes to Financial Statements

141

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short Muni ETF
	For the Six Months Ended October 31,				For the Year Ended April 30,
	2020				2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	17.55			$	17.54			$	17.18			$	17.52			$	17.68			$	17.54
Income from investment operations:
Net investment income			0.13	(a)			0.27	(a)			0.27	(a)			0.22	(a)			0.20				0.20
Net realized and unrealized gain (loss) on investments			0.45				0.02				0.36				(0.34	)			(0.17	)			0.14
Total from investment operations			0.58				0.29				0.63				(0.12	)			0.03				0.34
Less:
Dividends from net investment income			(0.14	)			(0.28	)			(0.27	)			(0.22	)			(0.19	)			(0.20	)
Net asset value, end of period		$	17.99			$	17.55			$	17.54			$	17.18			$	17.52			$	17.68
Total return (b)			3.30	%(c)			1.66	%			3.70	%			(0.70	)%			0.20	%			1.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	222,195			$	203,598			$	200,875			$	219,867			$	267,138			$	264,291
Ratio of expenses to average net assets			0.20	%(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Ratio of expenses to average net assets excluding interest expense			0.20	%(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Ratio of net investment income to average net assets			1.39	%(d)			1.54	%			1.57	%			1.26	%			1.11	%			1.13	%
Portfolio turnover rate (e)			15	%(c)			34	%			33	%			41	%			12	%			3	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 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

142

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 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”).

Fund	Diversification Classification
CEF Municipal Income ETF (“CEF Municipal”)	Diversified
High Yield Muni ETF1 (“High Yield”)	Diversified
Intermediate Muni ETF2 (“Intermediate”)	Diversified
Long Muni ETF3 (“Long”)	Diversified
Muni Allocation ETF4 (“Muni Allocation”)	Non-Diversified
Short High Yield Muni ETF5 (“Short High Yield”)	Diversified
Short Muni ETF6 (“Short”)	Diversified

1	Formerly known as High-Yield Municipal Index ETF
2	Formerly known as AMT-Free Intermediate Municipal Index ETF
3	Formerly known as AMT-Free Long Municipal Index ETF
4	Formerly known as Municipal Allocation ETF
5	Formerly known as Short High-Yield Municipal Index ETF
6	Formerly known as AMT-Free Short Municipal Index ETF

Each Fund’s investment objective (except for Muni Allocation) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The investment objective of Muni Allocation is to maximize long-term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Municipal and Muni Allocation) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Municipal seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The Muni Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck Vectors ETFs that invest in publicly traded municipal bonds.

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

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges

143

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of 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 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.	Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP.
D.	Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

144

E.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.
	The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented 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 Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

The management fee rates for the period ended October 31, 2020 are as follows:

Fund	Unitary Management Fee Rate
CEF Municipal		0.40	%
High Yield		0.35
Intermediate		0.24
Long		0.24
Muni Allocation		0.08
Short High Yield		0.35
Short		0.20

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

At October 31, 2020, the Adviser owned 13,600 shares of High Yield, 250,000 shares of Intermediate and 24,500 shares of Short High Yield.

Note 4—Capital Share Transactions—As of October 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”).

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.

145

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 October 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
CEF Municipal	$	10,729,552	$	10,575,524	$	4,712,645	$	13,248,501
High Yield		341,635,284		147,004,252		239,587,940		407,063,718
Intermediate		124,780,284		92,161,210		219,398,955		177,951,054
Long		29,415,145		22,623,211		13,483,897		10,418,521
Muni Allocation		7,247,488		7,260,587		—		—
Short High Yield		16,275,478		14,266,603		2,240,655		47,389,381
Short		43,534,868		30,364,662		3,537,835		1,831,566

Note 6—Income Taxes—As of October 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:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CEF Municipal	$	149,088,239	$	1,957,459	$	(3,460,300	)	$	(1,502,841	)
High Yield		2,757,891,418		73,166,826		(126,733,543	)		(53,566,717	)
Intermediate		1,608,112,598		86,858,301		(4,841,833	)		82,016,468
Long		207,636,175		8,354,521		(1,041,694	)		7,312,827
Muni Allocation		4,706,330		171,378		(25,372	)		146,006
Short High Yield		229,873,033		5,061,993		(8,031,154	)		(2,969,161	)
Short		214,032,243		5,407,689		(617,696	)		4,789,993

The tax character of distributions paid to shareholders during the year ended April 30, 2020 were as follows:

Fund	Tax-Exempt Income		Ordinary Income		Long-Term Capital Gains
CEF Municipal	$	6,401,122	$	87,453	$	—
High Yield		128,217,138		2,572,101		—
Intermediate		39,297,148		157,745		2,263,638
Long		5,122,752		14,744		214,809
Muni Allocation		90,364		5,056		—
Short High Yield		7,783,491		216,194		—
Short		3,159,608		17,392		—

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

At April 30, 2020, the following Funds had capital loss carryforwards available to offset future capital gains:

	Short-Term Capital Losses with No Expirations			Long-Term Capital Losses with No Expirations			Total
CEF Municipal	$	(1,482,521	)	$	(4,212,192	)	$	(5,694,713	)
High Yield		(13,227,918	)		(35,524,408	)		(48,752,326	)
Muni Allocation		(845,822	)		—			(845,822	)
Short High Yield		(1,175,566	)		(3,898,190	)		(5,073,756	)
Short		(307,252	)		(607,689	)		(914,941	)

146

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

Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.

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

CEF Municipal invests in closed-end funds and Muni Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, CEF Municipal may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.

The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, 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 negatively impacted the economies of many nations, individual companies, and the market. 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.

A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010 for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Municipal and Muni Allocation Funds. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Amounts accrued after these dates, including those from Short High Yield, are presented in “Due to Adviser”.

147

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 9—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (“Facility”) to be utilized for temporary financing for the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2020, the following Funds borrowed under this facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
CEF Municipal		96	$	353,775		1.42	%
Intermediate		1		1,624,786		1.43
Long		10		108,626		1.41
Short High Yield		32		383,333		1.40
Short		4		394,817		1.45

As of October 31, 2020, outstanding loan balances, if any, are reflected in the Statements of Assets and Liabilities.

Note 10—Share Split—The Board of Trustees approved a 1 for 2 reverse share split for Intermediate Muni ETF and High Yield Muni ETF. On October 26, 2018 shares began trading on a split adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.

Note 11—Recent Accounting Pronouncements—The Funds adopted all provisions of the Accounting Standards Update No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. Based on management’s evaluation, the adoption of the ASU 2018-13 had no material impact on the financial statements and related disclosures.

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.

148

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2020 (unaudited)

At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors Intermediate Muni ETF (formerly AMT-Free Intermediate Municipal Index ETF), Long Muni ETF (formerly AMT-Free Long Municipal Index ETF), Short Muni ETF (formerly AMT-Free Short Municipal Index ETF), CEF Municipal Income ETF (the “CEF Muni Fund”), High Yield Muni ETF (formerly High-Yield Municipal Index ETF) and Short High Yield Muni ETF (formerly Short High-Yield Municipal Index ETF) (each, a “Fund” and together, the “Funds”).

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2020. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2020 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund had management fees (after the effect of any applicable fee waiver) below or equal to the average and median of its respective peer group of funds, except for the CEF Muni Fund, which had management fees greater than the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, except for the CEF Muni Fund, which had a total expense ratio greater than the average and median of its respective peer group of funds. The Trustees noted that, although the CEF Muni Fund had

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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2020 (unaudited) (continued)

above average fees compared to its peer group, the only peer fund with a similar strategy of investing in closed-end municipal funds had a higher fee. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2020 meeting, as part of their consideration of the Investment Management Agreements.

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

VanEck Vectors Muni Allocation ETF

At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Muni Allocation ETF (formerly Municipal Allocation ETF) (the “Fund”).

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2020. At that meeting, the Trustees discussed the information that the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

150

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 Renewal Meeting and with the Adviser at the May 7, 2020 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding performance of the Fund against its benchmark and the Adviser’s statement that the Fund’s performance against its benchmark is more relevant than performance against its peer group, given the small number of funds with directly competing strategies. The Trustees noted that the Fund had underperformed its benchmark for the period from its inception on May 16, 2019 through May 27, 2020, as well as the unusual market environment during a portion of this relatively short period. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees below the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and median of its respective peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2020 meeting as part of their consideration of the Investment Management Agreement.

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

151

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2020 (unaudited) (continued)

VanEck Vectors Sustainable Muni ETF

At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Sustainable Muni ETF (the “Fund”).

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2020. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2020 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2020 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2020 meeting as part of their consideration of the Investment Management Agreement.

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

152

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

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

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

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

SEMI-ANNUAL REPORT October 31, 2020 (unaudited)

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

800.826.2333 vaneck.com

President’s Letter	1
Explanation of Expenses	2
Schedule of Investments
BDC Income ETF	4
ChinaAMC China Bond ETF	5
Emerging Markets Aggregate Bond ETF	7
Emerging Markets High Yield Bond ETF	14
Fallen Angel High Yield Bond ETF	29
Green Bond ETF	34
International High Yield Bond ETF	39
Investment Grade Floating Rate ETF	53
J.P. Morgan EM Local Currency Bond ETF	60
Mortgage REIT Income ETF	65
Preferred Securities ex Financials ETF	66
Statements of Assets and Liabilities	70
Statements of Operations	72
Statements of Changes in Net Assets	74
Financial Highlights
BDC Income ETF	79
ChinaAMC China Bond ETF	79
Emerging Markets Aggregate Bond ETF	80
Emerging Markets High Yield Bond ETF	80
Fallen Angel High Yield Bond ETF	81
Green Bond ETF	81
International High Yield Bond ETF	82
Investment Grade Floating Rate ETF	82
J.P. Morgan EM Local Currency Bond ETF	83
Mortgage REIT Income ETF	83
Preferred Securities ex Financials ETF	84
Notes to Financial Statements	85
Approval of Investment Management Agreements	94

Certain information contained in this President’s letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2020.

VANECK VECTORS ETFs

PRESIDENT’S LETTER

October 31, 2020 (unaudited)

Dear Fellow Shareholders:

The level of stimulus from the U.S. Federal Reserve (Fed) this year has been almost unprecedented and has had investment consequences. Financial markets have benefited from the Fed stimulus and the case for gold investing has become more solid.

Perhaps the surprise from this summer’s data is that the global economy is doing quite well, supporting the markets, despite the social distancing that we all feel in our personal lives. Important commodities like copper have regained pre-COVID-19 highs. In addition, China’s industrial recovery is pointing to all-time highs in activity, even though consumer activity is lagging a little.

One beneficiary is high yield bonds, particularly “fallen angels”—bonds that have been downgraded from investment grade. In a recessionary environment, some bonds are going to default or be downgraded. Fixed income markets this year generally started recovering after the Fed announced plans to intervene. We have already seen a record amount of new fallen angel bond volume—over $140B as of July 31, 2020¹—and expect more through the remainder of the calendar year.

Similar to 2016, when crude oil also swooned, we have seen a lot of energy companies become fallen angels, and the fallen angel strategy is buying those downgraded bonds. As reviewed in a recent blog, New Fallen Angel Bonds Drive Performance, these new energy fallen angels are among the top contributors to performance of the fallen angel strategy so far this year. As long as the Fed remains supportive, we believe this strategy should continue to do well.

We do, however, see two particular risks to this scenario: 1) an unforeseen rise in interest rates in the U.S. triggered by higher global growth or other factors; and 2) a bump in the return to full employment. An incredible number of people have been laid off in the U.S. and, regardless of GDP numbers, people are unlikely to quickly return to work at the same levels as the start of the year. Concern may be high enough for policy makers to take additional steps (any of which, however, remain, as yet, uncertain) that may impact the financial recovery.

The investing outlook sometimes does change suddenly, as it certainly has at times this year. 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 a financial statement for each of the funds for the six month period ended October 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

November 4, 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 Source: FactSet, ICE Data Indices, LLC and Morningstar.

1

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

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

2

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio During Period			Expenses Paid During the Period* May 1, 2020 — October 31, 2020
BDC Income ETF
Actual	$	1,000.00	$	1,118.20		0.41	%	$	2.19
Hypothetical**	$	1,000.00	$	1,023.14		0.41	%	$	2.09
ChinaAMC China Bond ETF
Actual	$	1,000.00	$	1,047.90		0.51	%	$	2.63
Hypothetical**	$	1,000.00	$	1,022.63		0.51	%	$	2.60
Emerging Markets Aggregate Bond ETF
Actual	$	1,000.00	$	1,084.50		0.35	%	$	1.84
Hypothetical**	$	1,000.00	$	1,023.44		0.35	%	$	1.79
Emerging Markets High Yield Bond ETF
Actual	$	1,000.00	$	1,130.80		0.40	%	$	2.15
Hypothetical**	$	1,000.00	$	1,023.19		0.40	%	$	2.04
Fallen Angel High Yield Bond ETF
Actual	$	1,000.00	$	1,136.90		0.35	%	$	1.89
Hypothetical**	$	1,000.00	$	1,023.44		0.35	%	$	1.79
Green Bond ETF
Actual	$	1,000.00	$	1,034.30		0.20	%	$	1.03
Hypothetical**	$	1,000.00	$	1,024.20		0.20	%	$	1.02
International High Yield Bond ETF
Actual	$	1,000.00	$	1,120.40		0.40	%	$	2.14
Hypothetical**	$	1,000.00	$	1,023.19		0.40	%	$	2.04
Investment Grade Floating Rate ETF
Actual	$	1,000.00	$	1,032.40		0.14	%	$	0.72
Hypothetical**	$	1,000.00	$	1,024.50		0.14	%	$	0.71
J.P. Morgan EM Local Currency Bond ETF
Actual	$	1,000.00	$	1,070.60		0.30	%	$	1.57
Hypothetical**	$	1,000.00	$	1,023.69		0.30	%	$	1.53
Mortgage REIT Income ETF
Actual	$	1,000.00	$	1,245.70		0.41	%	$	2.32
Hypothetical**	$	1,000.00	$	1,023.14		0.41	%	$	2.09
Preferred Securities ex Financials ETF
Actual	$	1,000.00	$	1,084.80		0.41	%	$	2.15
Hypothetical**	$	1,000.00	$	1,023.14		0.41	%	$	2.09

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 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

See Notes to Financial Statements

3

VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Diversified Financials: 100.4%
	799,374	Apollo Investment Corp. †	$	6,051,261
	1,824,638	Ares Capital Corp. †		25,234,744
	542,130	Bain Capital Specialty Finance, Inc.		4,965,911
	390,341	Barings BDC, Inc.		2,931,461
	746,266	BlackRock TCP Capital Corp.		6,902,961
	213,714	Capital Southwest Corp. †		2,838,122
	293,593	Fidus Investment Corp.		3,103,278
	624,926	FS KKR Capital Corp. †		9,123,920
	742,027	FS KKR Capital Corp. II †		10,826,174
	402,959	Gladstone Capital Corp. †		2,945,630
	428,956	Gladstone Investment Corp.		3,573,203
	1,101,287	Goldman Sachs BDC, Inc. †		16,849,691
	773,076	Golub Capital BDC, Inc. †		9,825,796
	885,959	Hercules Capital, Inc. †		9,922,741
	329,214	Main Street Capital Corp. †		9,017,171
	873,079	New Mountain Finance Corp. †		7,914,461
	259,974	Newtek Business Services Corp. †		4,310,369
	1,566,058	Oaktree Specialty Lending Corp.		7,141,224
	1,112,774	Owl Rock Capital Corp. †		12,663,368
	470,826	PennantPark Floating Rate Capital Ltd. †		3,672,443
	866,121	PennantPark Investment Corp.		2,520,412
	1,994,289	Prospect Capital Corp. †		9,871,731

Number of Shares			Value
Diversified Financials: (continued)
	530,324	Sixth Street Specialty Lending, Inc.	$	8,729,133
	447,678	Solar Capital Ltd.		7,082,266
	727,423	TCG BDC, Inc. †		5,979,417
	373,826	TriplePoint Venture Growth BDC Corp. †		3,943,864
Total Common Stocks (Cost: $256,263,112)				197,940,752
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 11.2% (Cost: $22,192,566)
Money Market Fund: 11.2%
	22,192,566	State Street Navigator Securities Lending Government Money Market Portfolio		22,192,566
Total Investments: 111.6% (Cost: $278,455,678)				220,133,318
Liabilities in excess of other assets: (11.6)%				(22,888,928	)
NET ASSETS: 100.0%			$	197,244,390

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $54,904,576.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer, Non-cyclical		2.2	%	$	4,310,369
Financial		97.8			193,630,383
Total		100	%	$	197,940,752

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	197,940,752		$	—		$	—	$	197,940,752
Money Market Fund		22,192,566			—			—		22,192,566
Total	$	220,133,318		$	—		$	—	$	220,133,318

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

4

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 63.8%
Basic Materials: 3.2%
CNY	2,000,000	Aluminum Corp. of China Ltd. 3.50%, 09/05/22	$	298,372
	5,000,000	Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24		744,953
				1,043,325
Consumer, Cyclical: 3.3%
	6,600,000	Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23		1,006,398
	500,000	Sinochem International Corp. 3.61%, 06/06/21		74,708
				1,081,106
Consumer, Non-cyclical: 1.0%
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23		175,812
	1,000,000	Port of Dalian Corp. 3.94%, 11/26/20		149,355
				325,167
Diversified: 2.3%
	5,000,000	State Development & Investment Corp. Ltd. 3.79%, 06/03/23		750,951
Energy: 6.8%
	5,000,000	China Oilfield Services Ltd. 3.35%, 10/24/23		747,017
	1,200,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		183,468
	4,000,000	Hubei Energy Group Co. Ltd. 3.55%, 11/11/21		598,202
	1,500,000	PetroChina Co. Ltd. 3.50%, 01/19/26		221,782
	3,000,000	Yanzhou Coal Mining Co. Ltd. 3.43%, 03/12/25		437,064
				2,187,533
Financial: 26.3%
	2,000,000	Beijing Capital Land Ltd. 4.89%, 09/14/23		302,504
	4,900,000	Beijing E-Town International Investment & Development Co. Ltd. 4.58%, 07/27/23		738,069
	3,000,000	Beijing Urban Construction Investment & Development Co. Ltd. 4.40%, 07/20/22		448,028
	1,000,000	China Chengtong Holdings Group Ltd. 4.67%, 07/10/21		150,434
		China Development Bank Corp.
	7,487,000	3.87%, 08/01/23		1,146,889
	5,400,000	3.91%, 04/06/22		817,711
	1,000,000	4.59%, 08/01/38		162,586
		China Fortune Land Development Co. Ltd.
	1,000,000	5.10%, 10/20/22		149,168
	1,000,000	7.00%, 03/03/21		150,306
	1,000,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		156,425

Principal Amount			Value
Financial: (continued)
CNY	1,000,000	China Overseas Enterprise Development Group Co. Ltd. 3.85%, 11/19/22	$	148,962
		Chongqing Longhu Development Co. Ltd.
	2,000,000	3.68%, 01/25/24		298,883
	1,600,000	5.60%, 03/21/23		240,923
	3,000,000	Cinda Investment Co. Ltd. 3.80%, 12/22/23		448,473
	3,000,000	CITIC Securities Co. Ltd. 3.78%, 09/10/24		447,556
	500,000	Dalian Wanda Commercial Management Group Co. Ltd. 4.70%, 07/27/21		75,019
	1,000,000	Financial Street Holdings Co. Ltd. 4.74%, 08/20/21		150,983
		Guangzhou R&F Properties Co. Ltd.
	6,000,000	6.58%, 12/04/22		885,198
	3,000,000	7.20%, 01/11/21		435,630
	1,000,000	Seazen Holdings Co. Ltd. 5.90%, 03/20/24		149,822
	3,000,000	Shanghai Shimao Co. Ltd. 4.65%, 01/15/22		452,779
	3,000,000	Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23		460,886
	800,000	Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23		122,778
				8,540,012
Industrial: 10.4%
	3,000,000	CCCC Dredging Group Co. Ltd. 3.80%, 07/05/21		448,701
	5,000,000	China Communications Construction Co. Ltd. 3.97%, 07/26/26		751,300
	2,000,000	China COSCO Shipping Corp. Ltd. 4.50%, 04/24/21		300,323
	1,000,000	China Merchants Expressway Network & Technology Holdings Co. Ltd. 4.78%, 08/07/22		152,656
	1,248,200	China Railway Corp. 4.63%, 08/25/21		188,542
		Guangzhou Metro Group Co. Ltd.
	1,500,000	4.84%, 08/09/27		229,438
	1,800,000	6.05%, 06/03/24 #		282,601
	500,000	Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24		81,551
	1,500,000	Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23		223,760
	1,000,000	Power Construction Corp. of China Ltd. 5.20%, 10/29/22		154,333
	810,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #		123,751
	2,000,000	Xiamen C&D, Inc. 3.50%, 10/15/21		299,018

See Notes to Financial Statements

5

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Industrial: (continued)
CNY	1,000,000	Xiamen C&D Corp. Ltd. 4.14% (ChinaBond Government Security Yield Curve 3Y YTM+4.29%), 12/17/22	$	149,696
				3,385,670
Utilities: 10.5%
	3,000,000	China Datang Corp. Renewable Power Co. Ltd. 3.58%, 09/26/22		448,733
	5,000,000	Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24		746,054
	6,000,000	Huaneng Power International, Inc. 5.17% (ChinaBond Government Security Yield Curve 5Y YTM+5.02%), 09/25/22		919,321
	5,000,000	Shenzhen Energy Group Co. Ltd. 5.25%, 11/20/22		748,733
	1,500,000	State Grid Corp. of China 5.14%, 12/08/21		228,751

Principal Amount			Value
Utilities: (continued)
CNY	2,000,000	State Power Investment Corp. Ltd. 3.57% (ChinaBond Government Security Yield Curve 3Y YTM+4.08%), 07/06/23	$	295,172
				3,386,764
Total Corporate Bonds (Cost: $20,345,649)				20,700,528
GOVERNMENT OBLIGATIONS: 11.3%
		China Government Bonds
	846,000	2.90%, 05/05/26		125,184
	6,069,000	3.27%, 08/22/46		836,053
	10,347,000	3.40%, 04/17/23		1,563,581
	7,541,000	4.26%, 07/31/21		1,139,059
Total Government Obligations (Cost: $3,712,223)				3,663,877
Total Investments: 75.1% (Cost: $24,057,872)				24,364,405
Other assets less liabilities: 24.9%				8,094,207
NET ASSETS: 100.0%			$	32,458,612

Definitions:

CNY Chinese Yuan

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $406,352 which represents 1.3% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		4.3	%	$	1,043,325
Consumer, Cyclical		4.4			1,081,106
Consumer, Non-cyclical		1.3			325,167
Diversified		3.1			750,951
Energy		9.0			2,187,533
Financial		35.1			8,540,012
Government		15.0			3,663,877
Industrial		13.9			3,385,670
Utilities		13.9			3,386,764
		100.0	%	$	24,364,405

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

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*		$	—	$	20,700,528		$	—	$	20,700,528
Government Obligations*			—		3,663,877			—		3,663,877
Total		$	—	$	24,364,405		$	—	$	24,364,405

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

6

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal
Amount			Value
CORPORATE BONDS: 32.8%
Argentina: 0.1%
USD	25,000	YPF SA Reg S 8.50%, 07/28/25	$	15,025
Austria: 0.7%
	100,000	Suzano Austria GmbH 6.00%, 01/15/29		116,201
Bermuda: 0.7%
		Digicel Group 0.5 Ltd. 144A
	15,607	7.00% 12/31/99		2,185
	10,466	8.00% 04/01/25		3,558
	100,000	Ooredoo International Finance Ltd. Reg S 3.25%, 02/21/23		104,545
				110,288
Brazil: 0.7%
	50,000	Banco do Brasil SA Reg S 5.88%, 01/26/22		52,150
	50,000	Itau Unibanco Holding SA Reg S 5.13%, 05/13/23		53,018
				105,168
British Virgin Islands: 2.7%
	100,000	China Cinda Finance I Ltd. Reg S 4.25%, 04/23/25		110,296
	57,000	CNOOC Finance Ltd. Reg S 3.88%, 05/02/22		59,425
	25,000	Gerdau Trade, Inc. Reg S 4.88%, 10/24/27		27,569
	200,000	Huarong Finance II Co. Ltd. Reg S 5.50%, 01/16/25		223,315
				420,605
Canada: 0.3%
	50,000	First Quantum Minerals Ltd. 144A 7.50%, 04/01/25		50,281
Cayman Islands: 4.7%
	100,000	Alibaba Group Holding Ltd. 144A 3.60%, 11/28/24		109,521
	75,000	CK Hutchison International 17 Ltd. Reg S 2.88%, 04/05/22		76,942
	50,000	Comunicaciones Celulares SA Reg S 6.88%, 02/06/24		51,255
	75,000	Hutchison Whampoa International 11 Ltd. Reg S 4.63%, 01/13/22		78,303
	100,000	Saudi Electricity Global Sukuk Co. 2 144A 3.47%, 04/08/23		105,340
	200,000	Swire Pacific MTN Financing Ltd. Reg S 4.50%, 10/09/23		217,604
	75,000	Vale Overseas Ltd. 6.88%, 11/21/36		100,789
				739,754

Principal
Amount			Value
China / Hong Kong: 0.7%
USD	100,000	Bank of China Ltd. Reg S 5.00%, 11/13/24	$	111,096
Colombia: 0.9%
	100,000	Bancolombia SA 4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 † (o)		98,476
	40,000	Ecopetrol SA 5.38%, 06/26/26		44,100
				142,576
Curacao: 0.1%
	10,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		9,611
Czech Republic: 0.4%
EUR	50,000	CEZ AS Reg S 4.88%, 04/16/25		70,507
India: 2.5%
USD	50,000	ICICI Bank Ltd. Reg S 4.00%, 03/18/26		53,213
	200,000	Reliance Industries Ltd. 144A 4.13%, 01/28/25		219,952
	100,000	State Bank of India 144A 4.88%, 04/17/24		109,802
				382,967
Indonesia: 1.2%
	70,000	Pertamina Persero PT 144A 4.30%, 05/20/23		75,197
	100,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara Reg S 4.13%, 05/15/27		108,356
				183,553
Ireland: 0.8%
EUR	100,000	Vnesheconombank Via VEB Finance Plc Reg S 4.03%, 02/21/23		122,713
Luxembourg: 1.5%
USD	60,000	Gaz Capital SA Reg S 8.63%, 04/28/34		89,766
	100,000	Gazprom PJSC Via Gaz Capital SA Reg S 7.29%, 08/16/37		140,450
				230,216
Malaysia: 0.7%
	100,000	Petronas Capital Ltd. Reg S 7.88%, 05/22/22		110,769
Mexico: 4.3%
	125,000	America Movil SAB de CV 6.13%, 03/30/40		177,680
	100,000	Cemex SAB de CV 144A 5.70%, 01/11/25		102,800

See Notes to Financial Statements

7

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Mexico: (continued)
USD	50,000	Comision Federal de Electricidad Reg S 4.88%, 01/15/24	$	54,558
		Petróleos Mexicanos
	75,000	6.50%, 03/13/27		69,835
	50,000	6.50%, 06/02/41		38,788
	64,000	6.63%, 06/15/38		50,080
	50,000	6.75%, 09/21/47		38,895
EUR	110,000	Petróleos Mexicanos Reg S 5.50%, 02/24/25		131,612
				664,248
Netherlands: 3.2%
USD	100,000	Lukoil International Finance BV Reg S 6.66%, 06/07/22		108,025
	75,000	MDGH - GMTN BV Reg S 5.50%, 03/01/22		79,914
	50,000	Metinvest BV 144A 7.75%, 04/23/23 †		51,291
		Petrobras Global Finance BV 50,000 6.00%, 01/27/28		56,177
	60,000	6.75%, 01/27/41		66,863
EUR	100,000	Teva Pharmaceutical Finance Netherlands II BV Reg S 1.13%, 10/15/24		102,305
		Teva Pharmaceutical Finance Netherlands III BV
USD	20,000	2.80%, 07/21/23		19,005
	20,000	3.15%, 10/01/26		17,638
				501,218
Peru: 0.9%
	125,000	Banco de Credito del Peru Reg S 4.25%, 04/01/23		133,516
Poland: 0.4%
EUR	50,000	mBank SA Reg S 2.00%, 11/26/21		59,186
Saudi Arabia: 0.5%
USD	75,000	Saudi Arabian Oil Co 144A 4.25%, 04/16/39		85,538
Turkey: 0.9%
	50,000	Turkiye Garanti Bankasi AS Reg S 5.25%, 09/13/22		49,375
	100,000	Yapi ve Kredi Bankasi AS 144A 6.10%, 03/16/23 †		97,898
				147,273
United Arab Emirates: 1.7%
	100,000	DP World Ltd. Reg S 6.85%, 07/02/37		125,880
EUR	100,000	Emirates Telecommunications Group Co. PJSC Reg S 2.75%, 06/18/26		132,811
				258,691

Principal
Amount			Value
United Kingdom: 1.2%
		Anglo American Capital Plc Reg S
USD	50,000	3.63%, 09/11/24	$	53,882
	50,000	4.75%, 04/10/27		57,519
	50,000	AngloGold Ashanti Holdings Plc 5.13%, 08/01/22 †		52,869
	25,000	DTEK Finance Plc 10.75%, 12/31/24 (d) *		16,500
				180,770
United States: 1.0%
	100,000	DAE Funding LLC Reg S 5.00%, 08/01/24		100,187
	35,000	Southern Copper Corp. 7.50%, 07/27/35		51,422
				151,609
Total Corporate Bonds (Cost: $4,783,396)				5,103,379
GOVERNMENT OBLIGATIONS: 65.0%
Angola: 0.3%
	50,000	Angolan Government International Bonds 144A 8.25%, 05/09/28		39,476
Argentina: 0.3%
EUR	120,000	Provincia de Buenos Aires Reg S 1.00%, 05/15/35 (d) *		50,322
Bahrain: 0.8%
		Bahrain Government International Bonds 144A
USD	64,000	6.13%, 08/01/23		68,336
	50,000	6.75%, 09/20/29		54,244
				122,580
Brazil: 4.3%
		Brazil Government International Bonds
	25,000	4.25%, 01/07/25		27,227
	25,000	5.00%, 01/27/45		25,745
	50,000	7.13%, 01/20/37		63,027
		Brazil Letras do Tesouro Nacional
BRL	520,000	0.00%, 01/01/24 ^		74,212
	270,000	0.00%, 01/01/22 ^		44,998
	280,000	0.00%, 07/01/22 ^		45,167
	440,000	0.00%, 07/01/23 ^		65,527
		Brazil Notas do Tesouro Nacional, Series F
	515,000	10.00%, 01/01/23		97,845
	420,000	10.00%, 01/01/25		81,549
	320,000	10.00%, 01/01/27		62,563
	175,000	10.00%, 01/01/29		34,535
	250,000	10.00%, 01/01/31		49,435
				671,830

See Notes to Financial Statements

8

Principal
Amount			Value
Cayman Islands: 0.7%
		KSA Sukuk Ltd. 144A
USD	50,000	2.89%, 04/20/22	$	51,518
	50,000	3.63%, 04/20/27		55,670
				107,188
Chile: 3.2%
		Bonos de la Tesoreria de la Republica de Chile
CLP	25,000,000	4.50%, 03/01/26		37,296
	25,000,000	5.00%, 03/01/35		38,911
	20,000,000	6.00%, 01/01/43		35,826
USD	100,000	Chile Government International Bonds 3.13%, 03/27/25		109,500
	100,000	Corp. Nacional del Cobre de Chile Reg S 2.25%, 07/09/24		124,284
EUR	100,000	Empresa de Transporte de Pasajeros Metro SA Reg S 4.70%, 05/07/50		121,075
USD	25,000	Empresa Nacional del Petroleo Reg S 4.75%, 12/06/21		25,978
				492,870
China / Hong Kong: 0.8%
CNY	100,000	China Government Bonds 2.94%, 10/17/24		14,949
USD	100,000	Export-Import Bank of China Reg S 3.63%, 07/31/24		109,504
				124,453
Colombia: 2.3%
		Colombia Government International Bonds
	25,000	4.00%, 02/26/24		26,695
	50,000	5.00%, 06/15/45		58,237
	25,000	6.13%, 01/18/41		32,238
		Colombian TES
COP	132,200,000	6.00%, 04/28/28		35,842
	88,000,000	6.25%, 11/26/25		24,868
	135,600,000	7.00%, 05/04/22		37,465
	91,000,000	7.00%, 06/30/32		25,185
	158,100,000	7.50%, 08/26/26		46,950
	100,500,000	7.75%, 09/18/30		29,862
	139,400,000	10.00%, 07/24/24		44,060
				361,402
Croatia: 0.6%
USD	75,000	Croatia Government International Bonds 144A 6.00%, 01/26/24		86,558
Czech Republic: 1.6%
		Czech Republic Government Bonds
CZK	510,000	0.25%, 02/10/27		21,108
	370,000	1.25%, 02/14/25		16,304
	460,000	2.00%, 10/13/33		21,841
	430,000	2.75%, 07/23/29		21,231

Principal
Amount			Value
Czech Republic: (continued)
		Czech Republic Government Bonds Reg S
CZK	500,000	0.45%, 10/25/23	$	21,503
	420,000	0.95%, 05/15/30		17,894
	480,000	1.00%, 06/26/26		20,889
	440,000	2.40%, 09/17/25		20,475
	440,000	2.50%, 08/25/28		21,176
EUR	50,000	3.88%, 05/24/22		62,276
				244,697
Dominican Republic: 0.3%
		Dominican Republic International Bonds Reg S
USD	25,000	5.95%, 01/25/27		27,313
	25,000	6.85%, 01/27/45		26,908
				54,221
Ecuador: 0.3%
		Ecuador Government International Bonds 144A
	4,391	0.00% 07/31/30 ^		2,020
	24,450	0.50%, 07/31/30 (s)		16,382
	49,530	0.50%, 07/31/35 (s)		27,303
	17,150	0.50%, 07/31/40 (s)		8,575
				54,280
Egypt: 0.3%
	50,000	Egypt Government International Bonds 144A 7.50%, 01/31/27		53,201
El Salvador: 0.2%
	30,000	El Salvador Government International Bonds Reg S 7.65%, 06/15/35		23,955
Hungary: 1.8%
		Hungary Government Bonds
HUF	7,400,000	1.75%, 10/26/22		23,851
	8,650,000	2.50%, 10/24/24		28,697
	5,500,000	3.00%, 06/26/24		18,529
	7,450,000	3.00%, 10/27/27		25,550
	6,520,000	5.50%, 06/24/25		24,517
	6,600,000	6.00%, 11/24/23		23,942
	6,100,000	7.00%, 06/24/22		21,391
USD	100,000	Hungary Government International Bonds 5.38%, 03/25/24		114,828
				281,305
Indonesia: 6.1%
		Indonesia Government International Bonds Reg S
	75,000	7.75%, 01/17/38		115,900
	100,000	8.50%, 10/12/35		160,385
		Indonesia Treasury Bonds
IDR	579,000,000	5.63%, 05/15/23		40,481
	487,000,000	6.13%, 05/15/28		32,477
	598,000,000	6.63%, 05/15/33		39,398
	435,000,000	7.00%, 05/15/22		31,011
	696,000,000	7.00%, 05/15/27		49,312

See Notes to Financial Statements

9

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Indonesia: (continued)
IDR	560,000,000	7.00%, 09/15/30	$	39,458
	244,000,000	8.13%, 05/15/24		18,232
	550,000,000	8.25%, 05/15/29		41,443
	345,000,000	8.25%, 06/15/32		25,381
	425,000,000	8.25%, 05/15/36		31,245
	610,000,000	8.38%, 03/15/24		45,843
	559,000,000	8.38%, 09/15/26		42,618
	628,000,000	8.38%, 03/15/34		46,751
	268,000,000	8.75%, 05/15/31		20,637
	480,000,000	9.00%, 03/15/29		37,515
	214,000,000	10.50%, 08/15/30		18,608
	100,000	Perusahaan Gas Negara Tbk PT Reg S 5.13%, 05/16/24		109,750
				946,445
Israel: 2.6%
		Israel Government Bonds
ILS	120,000	1.75%, 08/31/25		37,567
	110,000	2.00%, 03/31/27		35,216
	100,000	3.75%, 03/31/24		32,851
	20,000	3.75%, 03/31/47		8,245
	125,000	4.25%, 03/31/23		40,288
	130,000	5.50%, 01/31/22		40,755
	90,000	5.50%, 01/31/42		45,222
	100,000	6.25%, 10/30/26		39,455
		Israel Government International Bonds
USD	50,000	4.00%, 06/30/22		52,977
	50,000	4.50%, 01/30/43		64,939
				397,515
Jamaica: 0.4%
	50,000	Jamaica Government International Bonds 6.75%, 04/28/28		57,800
Kazakhstan: 0.4%
	50,000	Kazakhstan Government International Bonds Reg S 5.13%, 07/21/25		58,226
Kuwait: 0.3%
	40,000	Kuwait International Government Bonds 144A 3.50%, 03/20/27		45,306
Malaysia: 3.8%
		Malaysia Government Bonds
MYR	85,000	3.42%, 08/15/22		21,086
	125,000	3.48%, 03/15/23		31,282
	50,000	3.50%, 05/31/27		12,877
	130,000	3.73%, 06/15/28		33,924
	70,000	3.80%, 09/30/22		17,519
	28,000	3.80%, 08/17/23		7,111
	45,000	3.83%, 07/05/34		11,691
	180,000	3.84%, 04/15/33		47,012
	64,000	3.89%, 08/15/29		16,897
	175,000	3.89%, 03/15/27		46,030
	92,000	3.90%, 11/16/27		24,219
	60,000	3.91%, 07/15/26		15,737

Principal
Amount			Value
Malaysia: (continued)
MYR	147,000	3.96%, 09/15/25	$	38,485
	125,000	4.06%, 09/30/24		32,454
	123,000	4.18%, 07/15/24		31,978
	130,000	4.23%, 06/30/31		35,390
	125,000	4.39%, 04/15/26		33,480
	125,000	4.50%, 04/15/30		34,514
	60,000	4.64%, 11/07/33		16,843
	133,000	4.74%, 03/15/46		36,324
	130,000	4.76%, 04/07/37		36,520
	35,000	4.89%, 06/08/38		9,906
				591,279
Mexico: 5.6%
		Mexican Bonos
MXN	864,000	5.75%, 03/05/26		41,354
	1,150,000	6.50%, 06/09/22		55,735
	1,110,000	7.25%, 12/09/21		53,801
	1,190,100	7.50%, 06/03/27		61,569
	546,000	7.75%, 05/29/31		28,600
	477,000	7.75%, 11/23/34		24,747
	762,000	7.75%, 11/13/42		38,404
	906,000	8.00%, 12/07/23		46,557
	787,000	8.00%, 09/05/24		40,885
	756,000	8.00%, 11/07/47		38,705
	1,170,000	8.50%, 05/31/29		64,204
	735,000	8.50%, 11/18/38		40,135
	1,095,000	10.00%, 12/05/24		60,921
	430,000	10.00%, 11/20/36		26,455
		Mexico Government International Bonds
USD	77,000	4.00%, 10/02/23		83,783
	75,000	4.75%, 03/08/44		83,197
	60,000	6.05%, 01/11/40		75,561
				864,613
Nigeria: 1.0%
NGN	18,470,000	Nigeria Government Bonds 16.39%, 01/27/22		56,357
USD	100,000	Nigeria Government International Bonds 144A 6.50%, 11/28/27		97,366
				153,723
Oman: 0.7%
		Oman Government International Bonds 144A
	75,000	5.63%, 01/17/28		68,714
	50,000	6.75%, 01/17/48		41,087
				109,801
Panama: 0.3%
		Panama Government International Bonds
	20,000	3.88%, 03/17/28		22,722
	19,400	7.13%, 01/29/26		24,586
				47,308
Peru: 2.1%
		Peru Government Bonds
PEN	52,000	5.35%, 08/12/40		14,077
	64,000	5.40%, 08/12/34		18,658

See Notes to Financial Statements

10

Principal
Amount			Value
Peru: (continued)
PEN	45,000	5.70%, 08/12/24	$	14,646
	74,000	5.94%, 02/12/29		24,449
	70,000	6.15%, 08/12/32		22,339
	90,000	6.35%, 08/12/28		30,443
	60,000	6.85%, 02/12/42		19,205
	60,000	6.90%, 08/12/37		19,660
	65,000	6.95%, 08/12/31		22,207
	55,000	8.20%, 08/12/26		20,471
		Peru Government International Bonds
USD	62,000	7.35%, 07/21/25		79,431
	25,000	8.75%, 11/21/33		42,305
				327,891
Philippines: 1.9%
		Philippine Government International Bonds
	50,000	5.00%, 01/13/37		65,365
	25,000	6.38%, 10/23/34		36,251
	25,000	9.50%, 02/02/30		41,009
	25,000	10.63%, 03/16/25		35,510
	100,000	Power Sector Assets & Liabilities Management Corp. Reg S 7.39%, 12/02/24		125,489
				303,624
Poland: 2.8%
		Republic of Poland Government Bonds
PLN	140,000	2.25%, 04/25/22		36,503
	118,000	2.25%, 10/25/24		32,186
	154,000	2.50%, 01/25/23		40,999
	108,000	2.50%, 04/25/24		29,487
	175,000	2.50%, 07/25/26		48,848
	175,000	2.50%, 07/25/27		49,051
	130,000	2.75%, 04/25/28		37,101
	144,000	2.75%, 10/25/29		41,469
	130,000	3.25%, 07/25/25		37,211
	135,000	4.00%, 10/25/23		38,078
	120,000	5.75%, 09/23/22		33,581
	50,000	5.75%, 04/25/29		17,615
				442,129
Qatar: 1.0%
USD	100,000	Qatar Government International Bonds Reg S 6.40%, 01/20/40		154,576
Romania: 1.8%
		Romania Government Bonds
RON	60,000	3.25%, 04/29/24		14,551
	80,000	3.40%, 03/08/22		19,319
	70,000	4.40%, 09/25/23		17,478
	70,000	4.50%, 06/17/24		17,677
	80,000	4.75%, 02/24/25		20,493
	55,000	4.85%, 04/22/26		14,299
	55,000	5.00%, 02/12/29		14,881
	60,000	5.80%, 07/26/27		16,608
	70,000	5.85%, 04/26/23		17,973

Principal
Amount			Value
Romania: (continued)
		Romanian Government International Bonds Reg S
EUR	25,000	2.75%, 10/29/25	$	31,815
	45,000	3.88%, 10/29/35		61,037
USD	25,000	4.88%, 01/22/24		27,809
				273,940
Russia: 3.3%
		Russian Federal Bonds
RUB	1,800,000	6.50%, 02/28/24		23,652
	1,690,000	6.90%, 05/23/29		22,607
	2,000,000	7.00%, 12/15/21		25,863
	1,200,000	7.00%, 08/16/23		15,925
	2,000,000	7.05%, 01/19/28		27,038
	2,300,000	7.10%, 10/16/24		30,897
	1,800,000	7.15%, 11/12/25		24,334
	1,500,000	7.25%, 05/10/34		20,382
	2,400,000	7.40%, 12/07/22		31,901
	1,410,000	7.40%, 07/17/24		19,077
	1,200,000	7.60%, 07/20/22		15,875
	2,600,000	7.70%, 03/23/33		36,488
	2,100,000	7.75%, 09/16/26		29,405
	1,800,000	7.95%, 10/07/26		25,413
	2,080,000	8.15%, 02/03/27		29,653
	1,700,000	8.50%, 09/17/31		25,132
		Russian Foreign Bonds Reg S
USD	25,500	7.50%, 03/31/30 (s)		29,401
	45,000	12.75%, 06/24/28		76,872
				509,915
Saudi Arabia: 1.8%
	50,000	Saudi Government International Bonds 144A 4.50%, 10/26/46		59,409
	200,000	Saudi Government International Bonds Reg S 3.25%, 10/26/26		218,317
				277,726
South Africa: 3.5%
		Republic of South Africa Government Bonds
ZAR	493,000	6.25%, 03/31/36		19,932
	700,000	7.00%, 02/28/31		35,293
	375,000	7.75%, 02/28/23		24,874
	870,000	8.00%, 01/31/30		49,303
	600,000	8.25%, 03/31/32		31,755
	700,000	8.50%, 01/31/37		33,805
	720,000	8.75%, 01/31/44		33,818
	1,175,000	8.75%, 02/28/48		54,987
	550,000	8.88%, 02/28/35		28,317
	547,000	9.00%, 01/31/40		26,932
	1,050,000	10.50%, 12/21/26		75,192
		Republic of South Africa Government International Bonds
USD	50,000	4.30%, 10/12/28		48,688
	75,000	5.88%, 09/16/25		82,071
				544,967

See Notes to Financial Statements

11

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
Sri Lanka: 0.3%
		Sri Lanka Government International Bonds 144A
USD	50,000	5.75%, 04/18/23	$	28,750
	40,000	6.85%, 11/03/25		22,398
				51,148
Thailand: 3.8%
		Thailand Government Bonds
THB	1,300,000	1.88%, 06/17/22		42,598
	1,300,000	2.00%, 12/17/22		42,944
	1,400,000	2.13%, 12/17/26		47,912
	445,000	2.40%, 12/17/23		15,037
	634,000	2.88%, 12/17/28		22,879
	1,350,000	3.40%, 06/17/36		53,669
	1,033,000	3.63%, 06/16/23		35,752
	825,000	3.65%, 12/17/21		27,390
	1,300,000	3.65%, 06/20/31		50,811
	779,000	3.78%, 06/25/32		31,052
	1,250,000	3.85%, 12/12/25		46,038
	350,000	4.00%, 06/17/66		16,047
	1,000,000	4.68%, 06/29/44		48,018
	230,000	4.85%, 06/17/61		11,876
	1,400,000	4.88%, 06/22/29		57,662
	900,000	Thailand Government Bonds Reg S 4.26%, 12/12/37		39,005
				588,690
Turkey: 2.3%
		Turkey Government International Bonds
USD	75,000	5.75%, 05/11/47		58,377
	50,000	6.00%, 03/25/27		47,334
	90,000	6.88%, 03/17/36		83,137
TRY	100,000	7.10%, 03/08/23		10,223
USD	80,000	7.38%, 02/05/25		81,920
TRY	100,000	8.00%, 03/12/25		9,567
	130,000	10.50%, 08/11/27		13,212
	118,000	10.60%, 02/11/26		12,415
	100,000	10.70%, 08/17/22		11,249
	130,000	11.00%, 03/02/22		14,934
	42,000	12.20%, 01/18/23		4,812
	110,000	12.40%, 03/08/28		12,118
				359,298

Principal
Amount			Value
United Arab Emirates: 0.8%
		Abu Dhabi Government International Bonds 144A
USD	50,000	2.50%, 10/11/22	$	51,806
	65,000	3.13%, 10/11/27		72,392
				124,198
Uruguay: 0.6%
	77,000	Uruguay Government International Bonds 4.50%, 08/14/24		84,596
		Uruguay Government International Bonds Reg S
UYU	370,000	8.50%, 03/15/28		9,070
	300,000	9.88%, 06/20/22		7,236
				100,902
Total Government Obligations (Cost: $10,306,001)				10,099,358
Total Investments Before Collateral for Securities Loaned: 97.8% (Cost: $15,089,397)				15,202,737
Number
of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6% (Cost: $99,853)
Money Market Fund: 0.6%
	99,853	State Street Navigator Securities Lending Government Money Market Portfolio		99,853
Total Investments: 98.4% (Cost: $15,189,250)				15,302,590
Other assets less liabilities: 1.6%				246,570
NET ASSETS: 100.0%			$	15,549,160

See Notes to Financial Statements

12

Definitions:

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

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
^	Zero Coupon Bond
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $238,998.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,963,874, or 12.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		4.5	%	$	686,107
Communications		3.8			581,555
Consumer, Non-cyclical		1.8			274,439
Diversified		2.5			372,849
Energy		9.5			1,442,975
Financial		10.8			1,639,283
Government		62.0			9,432,956
Industrial		2.1			324,062
Utilities		3.0			448,511
		100.0	%	$	15,202,737

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	5,103,379		$	—	$	5,103,379
Government Obligations*		—		10,099,358			—		10,099,358
Money Market Fund		99,853		—			—		99,853
Total	$	99,853	$	15,202,737		$	—	$	15,302,590

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

13

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 94.9%
Argentina: 2.7%
$	360,374	Aeropuertos Argentina 2000 SA 144A 9.38%02/01/27	$	228,837
	350,000	AES Argentina Generacion SA 144A 7.75%, 02/02/24		237,125
	625,000	Agua y Saneamientos Argentinos SA Reg S 6.63%, 02/01/23		285,938
	640,000	Arcor SAIC 144A 6.00%, 07/06/23		595,686
	350,000	Banco Macro SA 144A 6.75% (USD Swap Semi 30/360 5 Year+5.46%), 11/04/26		231,004
	150,000	Banco Macro SA Reg S 6.75% (USD Swap Semi 30/360 5 Year+5.46%), 11/04/26		99,002
	375,000	Capex SA 144A 6.88%, 05/15/24		290,160
	300,000	Generacion Mediterranea SA 144A 9.63%, 07/27/23		136,223
	150,000	Generacion Mediterranea SA Reg S 9.63%, 07/27/23		68,111
	585,000	Genneia SA 144A 8.75%, 01/20/22		448,988
	50,000	Genneia SA Reg S 8.75%, 01/20/22		38,375
	450,000	IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23		340,155
	50,000	IRSA Propiedades Comerciales SA Reg S 8.75%, 03/23/23		37,795
	550,000	MSU Energy SA 144A 6.88%, 02/01/25		299,750
	150,000	MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		81,750
		Pampa Energia SA 144A
	550,000	7.38%, 07/21/23		461,989
	825,000	7.50%, 01/24/27		574,303
	300,000	9.13%, 04/15/29		219,000
	75,000	Pampa Energia SA Reg S 7.38%, 07/21/23		62,999
	640,000	Tecpetrol SA 144A 4.88%, 12/12/22		599,680
	50,000	Tecpetrol SA Reg S 4.88%, 12/12/22		46,850
		Telecom Argentina SA 144A
	500,000	8.00%, 07/18/26		413,505
	475,000	8.50%, 08/06/25		390,830
	50,000	Telecom Argentina SA Reg S 8.00%, 07/18/26		41,350
	560,000	Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		462,000
	575,000	YPF Energia Electrica SA 144A 10.00%, 07/25/26		350,756
		YPF SA 144A
	1,100,000	6.95%, 07/21/27		592,625

Principal
Amount			Value
Argentina: (continued)
$	850,000	7.00%, 12/15/47	$	431,936
	730,000	8.50%, 03/23/25		470,850
	2,005,000	8.50%, 07/28/25		1,205,005
	662,000	8.50%, 06/27/29		371,713
	1,850,000	8.75%, 04/04/24		1,224,515
	300,000	YPF SA Reg S 6.95%, 07/21/27		161,625
				11,500,430
Austria: 0.4%
	200,000	BRF GmbH 144A 4.35%, 09/29/26		202,052
		JBS Investments II GmbH 144A
	400,000	5.75%, 01/15/28		421,000
	500,000	7.00%, 01/15/26		535,015
		Klabin Austria GmbH 144A
	300,000	5.75%, 04/03/29		332,025
	300,000	7.00%, 04/03/49		343,275
				1,833,367
Azerbaijan: 0.7%
	2,375,000	Southern Gas Corridor CJSC 144A 6.88%, 03/24/26		2,713,312
	200,000	Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26		228,489
				2,941,801
Bahrain: 0.8%
	700,000	BBK BSC Reg S 5.50%, 07/09/24		712,075
		Oil and Gas Holding Co. BSCC 144A
	1,175,000	7.50%, 10/25/27		1,242,772
	650,000	7.63%, 11/07/24		695,935
	600,000	8.38%, 11/07/28		660,865
	200,000	Oil and Gas Holding Co. BSCC Reg S 7.50%, 10/25/27		211,536
				3,523,183
Bermuda: 1.3%
		China Oil & Gas Group Ltd. Reg S
	200,000	4.63%, 04/20/22		200,997
	200,000	5.50%, 01/25/23		205,240
	400,000	Cosan Ltd. 144A 5.50%, 09/20/29		412,910
	1,087,142	Digicel Group 0.5 Ltd. 10.00%, 04/01/24		828,946
		Digicel Group 0.5 Ltd. 144A
	217,595	7.00%12/31/99		30,463
	513,396	8.00%04/01/25		174,555
	437,000	Digicel Group Two Ltd. 144A 8.25%, 09/30/22 *		1,097
	1,000,000	Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/24		1,002,500
	1,075,000	Digicel Ltd. 144A 6.75%, 03/01/23		666,779
	200,000	Digicel Ltd. Reg S 6.75%, 03/01/23		124,052
	400,000	Geopark Ltd. 144A 5.50%, 01/17/27		349,004

See Notes to Financial Statements

14

Principal Amount			Value
Bermuda: (continued)
$	200,000	Hopson Development Holdings Ltd. Reg S 7.50%, 06/27/22	$	201,750
	766,000	Inkia Energy Ltd. 144A 5.88%, 11/09/27		800,700
	750,000	Li & Fung Ltd. Reg S 5.25%, 12/29/49 (o)		553,125
				5,552,118
Brazil: 3.3%
		Banco Bradesco SA 144A
	300,000	2.85%, 01/27/23		304,725
	400,000	3.20%, 01/27/25		408,400
	450,000	5.75%, 03/01/22		471,492
	200,000	Banco Bradesco SA Reg S 2.85%, 01/27/23		203,150
		Banco BTG Pactual SA 144A
	200,000	4.50%, 01/10/25		203,500
	175,000	5.75%, 09/28/22		183,621
		Banco BTG Pactual SA Reg S
	200,000	5.50%, 01/31/23 †		210,250
	100,000	5.75%, 09/28/22		104,926
	150,000	Banco Daycoval SA Reg S 4.25%, 12/13/24		151,904
	900,000	Banco do Brasil SA 3.88%, 10/10/22		927,405
		Banco do Brasil SA 144A
	550,000	4.63%, 01/15/25 †		585,205
	300,000	4.75%, 03/20/24		319,128
	200,000	4.88%, 04/19/23		211,400
	630,000	5.88%, 01/26/22		657,090
	300,000	5.88%, 01/19/23		320,328
	50,000	Banco do Estado do Rio Grande do Sul SA 144A 7.38%, 02/02/22		51,924
	200,000	Banco do Estado do Rio Grande do Sul SA Reg S 7.38%, 02/02/22		207,697
	200,000	Banco Safra SA 144A 4.13%, 02/08/23		206,860
		Banco Votorantim SA 144A
	200,000	4.00%, 09/24/22		205,000
	200,000	4.38%, 07/29/25		208,250
	200,000	4.50%, 09/24/24		206,752
	100,000	8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/31/99		102,400
		BRF SA 144A
	300,000	4.88%, 01/24/30 †		301,206
	200,000	5.75%, 09/21/50		191,025
	200,000	Caixa Economica Federal 144A 3.50%, 11/07/22		206,202
	735,000	Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 †		827,794
		Centrais Eletricas Brasileiras SA 144A
	200,000	3.63%, 02/04/25		200,212
	400,000	4.63%, 02/04/30		405,500
	300,000	CSN Resources SA 144A 7.63%, 04/17/26 †		308,550

Principal Amount			Value
Brazil: (continued)
$	350,000	Globo Comunicacao e Participacoes SA 144A 4.84%, 06/08/25	$	363,041
		Itau Unibanco Holding SA 144A
	500,000	2.90%, 01/24/23		504,505
	200,000	3.25%, 01/24/25		202,900
	300,000	4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		295,578
	400,000	4.63% (US Treasury Yield Curve Rate T 5 Year+3.22%), 12/31/99 (o)		346,704
	925,000	5.13%, 05/13/23		980,824
	700,000	5.50%, 08/06/22		737,450
	500,000	5.65%, 03/19/22		521,380
	400,000	6.20%, 12/21/21		415,600
	200,000	Light Servicos de Eletricidade SA / Light Energia SA 144A 7.25%, 05/03/23		209,277
	300,000	Natura Cosmeticos SA 144A 5.38%, 02/01/23 †		309,000
				13,778,155
British Virgin Islands: 4.4%
	674,000	Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		694,641
	1,116,000	Central American Bottling Corp. 144A 5.75%, 01/31/27		1,171,800
	200,000	Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 12/31/99 (o)		194,500
	300,000	Champion Sincerity Holdings Ltd. Reg S 8.13% (US Treasury Yield Curve Rate T 3 Year+10.58%), 12/31/99 (o)		314,238
		Easy Tactic Ltd. Reg S
	700,000	5.75%, 01/13/22		649,247
	200,000	5.88%, 02/13/23		169,993
	400,000	8.13%, 02/27/23		351,994
	200,000	8.13%, 07/11/24		168,239
		Fortune Star BVI Ltd. Reg S
	1,000,000	5.25%, 03/23/22		1,004,990
	200,000	5.95%, 01/29/23		203,613
	200,000	6.75%, 07/02/23		207,101
	200,000	6.85%, 07/02/24		209,603
		Franshion Brilliant Ltd. Reg S
	200,000	4.88% (US Treasury Yield Curve Rate T 5 Year+2.75%), 12/31/99		169,944
	200,000	5.75% (USD Swap Semi 30/360 5 Year+3.86%), 12/29/49 (o)		189,999
	200,000	Gemstones International Ltd. Reg S 12.00%, 03/10/23		197,746
		Gold Fields Orogen Holdings BVI Ltd. 144A
	750,000	5.13%, 05/15/24		820,744
	550,000	6.13%, 05/15/29		657,250
		Greenland Global Investment Ltd. Reg S
	550,000	5.88%, 07/03/24		503,781
	200,000	6.25%, 12/16/22		198,499

See Notes to Financial Statements

15

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
British Virgin Islands: (continued)
$	300,000	6.75%, 06/25/22	$	298,875
	200,000	6.75%, 09/26/23		193,976
	300,000	6.75%, 03/03/24		287,232
	450,000	Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24		455,063
	200,000	Haimen Zhongnan Investment Development International Co. Ltd. Reg S 10.88%, 06/18/22		208,496
	500,000	Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23		472,474
	425,000	LS Finance 2022 Ltd. Reg S 4.25%, 10/16/22		421,267
	400,000	LS Finance 2025 Ltd. Reg S 4.50%, 06/26/25		384,361
	400,000	New Metro Global Ltd. Reg S 6.50%, 05/20/22		409,250
	200,000	Oriental Capital Co. Ltd. Reg S 7.00%, 10/17/22		198,500
	220,000	Prime Bloom Holdings Ltd. Reg S 6.95%, 07/05/22		42,350
	250,000	RKI Overseas Finance 2017 A Ltd. Reg S 7.00%, 12/31/99 (o)		224,915
	200,000	RKP Overseas Finance 2016 A Ltd. Reg S 7.95%, 12/31/99 (o)		195,934
		RKPF Overseas 2019 A Ltd. Reg S
	200,000	6.00%, 09/04/25		200,293
	200,000	6.70%, 09/30/24		206,730
	200,000	7.88%, 02/01/23		210,660
	200,000	RongXingDa Development BVI Ltd. Reg S 8.00%, 04/24/22		196,752
		Scenery Journey Ltd. Reg S
	200,000	11.50%, 10/24/22		170,035
	600,000	12.00%, 10/24/23		490,499
	600,000	13.00%, 11/06/22		520,587
	500,000	13.75%, 11/06/23		431,225
	200,000	Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 12/31/99 (o)		167,995
	680,250	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		751,358
		Studio City Finance Ltd. 144A
	650,000	6.00%, 07/15/25		654,062
	650,000	6.50%, 01/15/28		643,630
	800,000	7.25%, 02/11/24		824,484
	300,000	Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		295,170
	200,000	Wanda Properties Overseas Ltd. Reg S 6.95%, 12/05/22		198,992
	200,000	Yingde Gases Investment Ltd. 144A 6.25%, 01/19/23		206,484
	200,000	Zhaojin Mining International Finance Ltd. Reg S 5.50%, 03/01/22		204,994
	200,000	Zhuji Development Ltd. Reg S 7.00%, 12/11/21		206,999
				18,451,564

Principal Amount			Value
Canada: 2.0%
$	400,000	Canacol Energy Ltd. 144A 7.25%, 05/03/25 †	$	410,750
		First Quantum Minerals Ltd. 144A
	1,050,000	6.50%, 03/01/24		1,044,094
	1,261,000	6.88%, 03/01/26		1,253,907
	1,600,000	6.88%, 10/15/27		1,594,000
	1,689,000	7.50%, 04/01/25		1,698,501
	2,100,000	First Quantum Minerals Ltd. 144A 7.25%, 04/01/23		2,113,702
	500,000	Frontera Energy Corp. 144A 9.70%, 06/25/23		399,328
				8,514,282
Cayman Islands: 13.8%
		Agile Group Holdings Ltd. Reg S
	200,000	5.75%, 01/02/25		199,498
	200,000	6.70%, 03/07/22		206,984
	200,000	7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 12/31/99		204,748
	400,000	8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/31/99 (o)		415,500
	500,000	Alpha Star Holding III Ltd. Reg S 6.25%, 04/20/22		477,460
	600,000	Alpha Star Holding V Ltd. Reg S 6.63%, 04/18/23		564,000
	600,000	Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		562,500
	350,000	Braskem Finance Ltd. 6.45%, 02/03/24		373,625
	200,000	CAR, Inc. Reg S 8.88%, 05/10/22		172,748
		Central China Real Estate Ltd. Reg S
	400,000	6.88%, 08/08/22		404,240
	200,000	7.25%, 04/24/23		201,358
	200,000	7.65%, 08/27/23		201,603
		CFLD Cayman Investment Ltd. Reg S
	200,000	6.90%, 01/13/23		186,246
	200,000	7.13%, 04/08/22		193,998
	200,000	8.05%, 01/13/25		176,494
	500,000	8.60%, 04/08/24		461,250
	400,000	China Aoyuan Group Ltd. Reg S 8.50%, 01/23/22		411,000
		China Evergrande Group Reg S
	850,000	7.50%, 06/28/23		643,865
	1,100,000	8.25%, 03/23/22		926,750
	1,900,000	8.75%, 06/28/25		1,406,000
	600,000	9.50%, 04/11/22 †		512,994
	500,000	9.50%, 03/29/24		376,979
	200,000	11.50%, 01/22/23		167,492
	200,000	China SCE Group Holdings Ltd. Reg S 7.25%, 04/19/23		205,353
	500,000	China SCE Property Holdings Ltd. Reg S 5.88%, 03/10/22		502,245
		CIFI Holdings Group Co. Ltd. Reg S
	200,000	5.50%, 01/23/22		202,999
	200,000	6.00%, 07/16/25		206,497
	200,000	6.45%, 11/07/24		210,487
	400,000	6.55%, 03/28/24		422,979

See Notes to Financial Statements

16

Principal Amount			Value
Cayman Islands: (continued)
$	400,000	7.63%, 02/28/23	$	423,001
	925,000	Comcel Trust 144A 6.88%, 02/06/24		948,222
	200,000	Comunicaciones Celulares SA Reg S 6.88%, 02/06/24		205,021
	350,000	CSN Islands XI Corp. 144A 6.75%, 01/28/28		345,097
	200,000	CSN Islands XI Corp. Reg S 6.75%, 01/28/28		197,198
		Dar Al-Arkan Sukuk Co. Ltd. Reg S
	800,000	6.75%, 02/15/25		767,024
	700,000	6.88%, 03/21/23		689,206
	400,000	6.88%, 02/26/27		378,730
	950,000	DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 12/31/99 (o)		1,002,677
	1,900,000	DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 12/31/99		1,996,520
	200,000	eHi Car Services Ltd. Reg S 5.88%, 08/14/22		170,996
	200,000	E-House China Enterprise Holdings Ltd. Reg S 7.63%, 04/18/22		201,497
		Emaar Sukuk Ltd. Reg S
	900,000	3.64%, 09/15/26		876,548
	700,000	3.88%, 09/17/29		661,514
	300,000	Embraer Overseas Ltd. 144A 5.70%, 09/16/23		305,790
	400,000	Emirates REIT Sukuk Ltd. Reg S 5.13%, 12/12/22		178,000
	400,000	Energuate Trust 144A 5.88%, 05/03/27		412,604
	600,000	Ezdan Sukuk Co. Ltd. Reg S 4.88%, 04/05/22		530,524
		Fantasia Holdings Group Co. Ltd. Reg S
	400,000	10.88%, 01/09/23		411,484
	200,000	11.88%, 06/01/23		207,481
	200,000	12.25%, 10/18/22		210,493
	400,000	GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		361,853
	200,000	Golden Eagle Retail Group Ltd. 144A 4.63%, 05/21/23		201,500
	200,000	Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25		207,934
		Grupo Aval Ltd. 144A
	1,200,000	4.38%, 02/04/30		1,170,000
	1,275,000	4.75%, 09/26/22		1,327,594
	200,000	Guorui Properties Ltd. Reg S 13.50%, 02/27/22		190,519
	600,000	Industrial Senior Trust 144A 5.50%, 11/01/22		627,000
	400,000	Jiayuan International Group Ltd. Reg S 13.75%, 02/18/23		391,500
	400,000	Kaisa Group Holdings Ltd. 144A 11.95%, 10/22/22		410,090
		Kaisa Group Holdings Ltd. Reg S
	600,000	8.50%, 06/30/22		586,488

Principal
Amount			Value
Cayman Islands: (continued)
$	1,150,000	9.38%, 06/30/24	$	1,044,850
	300,000	10.88%, 07/23/23		298,496
	200,000	11.25%, 04/09/22		204,498
	200,000	11.25%, 04/16/25		190,210
	400,000	11.50%, 01/30/23		404,975
		KWG Group Holdings Ltd. Reg S
	200,000	7.40%, 03/05/24		209,500
	400,000	7.88%, 09/01/23		420,499
		KWG Property Holding Ltd. Reg S
	200,000	5.88%, 11/10/24		200,491
	300,000	6.00%, 09/15/22		305,241
	700,000	Lamar Funding Ltd. 144A 3.96%, 05/07/25		642,944
	550,000	Lamar Funding Ltd. Reg S 3.96%, 05/07/25		505,171
	200,000	Logan Group Co. Ltd. Reg S 7.50%, 08/25/22		207,494
		Logan Property Holdings Co. Ltd. Reg S
	200,000	5.25%, 02/23/23		202,491
	200,000	6.50%, 07/16/23		207,427
		MAF Global Securities Ltd. Reg S
	550,000	5.50% (USD Swap Semi 30/360 5 Year+3.48%), 12/31/99 (o)		541,465
	500,000	6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/31/99 (o)		497,471
		Melco Resorts Finance Ltd. 144A
	1,200,000	4.88%, 06/06/25		1,208,127
	600,000	5.25%, 04/26/26 †		604,718
	900,000	5.38%, 12/04/29		867,898
	928,000	5.63%, 07/17/27		944,187
	1,000,000	5.75%, 07/21/28		997,769
	200,000	Melco Resorts Finance Ltd. Reg S 5.38%, 12/04/29		193,073
		MGM China Holdings Ltd. 144A
	200,000	5.25%, 06/18/25		201,940
	300,000	5.38%, 05/15/24		300,692
	300,000	5.88%, 05/15/26		303,720
		Mumtalakat Sukuk Holding Co. Reg S
	500,000	4.00%, 11/25/21		505,159
	400,000	4.10%, 01/21/27		398,278
	1,000,000	5.63%, 02/27/24		1,054,035
	400,000	NagaCorp Ltd. Reg S 7.95%, 07/06/24		401,678
	550,000	OmGrid Funding Ltd. 144A 5.20%, 05/16/27		509,647
		Powerlong Real Estate Holdings Ltd. Reg S
	200,000	6.25%, 08/10/24		202,495
	200,000	6.95%, 07/23/23		206,997
		Redsun Properties Group Ltd. Reg S
	200,000	9.70%, 04/16/23		205,740
	200,000	9.95%, 04/11/22		206,239
		Ronshine China Holdings Ltd. Reg S
	400,000	8.75%, 10/25/22		410,986
	200,000	8.95%, 01/22/23		206,482
	400,000	10.50%, 03/01/22		418,997
	450,000	Sagicor Finance 2015 Ltd. 144A 8.88%, 08/11/22		461,250

See Notes to Financial Statements

17

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount				Value
Cayman Islands: (continued)
$	200,000	Seazen Group Ltd. Reg S 6.45%, 06/11/22		$	203,875
	900,000	Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25			300,375
	450,000	Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/22			461,138
		Sunac China Holdings Ltd. Reg S
	200,000	6.50%, 01/10/25			192,493
	400,000	7.50%, 02/01/24			400,974
	500,000	7.88%, 02/15/22			508,746
	600,000	7.95%, 08/08/22			612,735
	400,000	7.95%, 10/11/23			406,973
	200,000	8.35%, 04/19/23			205,359
	700,000	Termocandelaria Power Ltd. 144A 7.88%, 01/30/29			761,512
	200,000	Times China Holdings Ltd. Reg S 7.63%, 02/21/22			204,240
	600,000	Times Property Holdings Ltd. Reg S 6.60%, 03/02/23			612,883
	701,000	WTT Investment Ltd. 144A 5.50%, 11/21/22 †			721,154
		Wynn Macau Ltd. 144A
	825,000	4.88%, 10/01/24 †			793,902
	1,275,000	5.13%, 12/15/29	��		1,182,307
	1,250,000	5.50%, 01/15/26			1,204,687
	900,000	5.50%, 10/01/27			845,730
	750,000	5.63%, 08/26/28			721,875
	400,000	Yankuang Group Cayman Ltd. Reg S 6.00%, 01/30/22			414,500
		Yuzhou Group Holdings Co. Ltd. Reg S
	200,000	7.38%, 01/13/26			193,000
	200,000	8.38%, 10/30/24			207,700
		Yuzhou Properties Co. Ltd. Reg S
	300,000	6.00%, 01/25/22			302,248
	500,000	6.00%, 10/25/23			495,864
	400,000	8.30%, 05/27/25			406,890
	200,000	8.50%, 02/26/24			208,485
		Zhenro Properties Group Ltd. Reg S
	200,000	8.65%, 01/21/23			204,991
	200,000	9.15%, 03/08/22			205,498
	200,000	9.15%, 05/06/23			207,496
					57,872,957
Chile: 0.9%
	550,000	AES Gener SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79			555,019
	800,000	7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 †			828,473
	478,900	Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27			484,288
	500,000	Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25			401,352
	250,000	Empresa Electrica Guacolda SA Reg S 4.56%, 04/30/25			200,676
	500,000	Geopark Ltd. 144A 6.50%, 09/21/24 †			471,250
	750,000	VTR Comunicaciones SpA 144A 5.13%, 01/15/28			792,450
					3,733,508

Principal Amount			Value
China / Hong Kong: 1.9%
$	200,000	Agile Group Holdings Ltd. Reg S 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 12/31/99 (o)	$	200,992
	400,000	Bank of China Ltd. Reg S 3.60% (US Treasury Yield Curve Rate T 5 Year+2.45%), 12/31/99 (o)		400,000
	250,000	Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 12/31/99		250,938
	1,600,000	Bank of East Asia Ltd. Reg S  5.88% (US Treasury Yield Curve Rate  T 5 Year+4.26%), 12/31/99 (o)		1,625,637
	200,000	Chalieco Hong Kong Corp. Ltd. Reg S  5.00% (US Treasury Yield Curve Rate  T 3 Year+6.38%), 12/31/99 (o)		202,993
	200,000	Chengdu Airport Xingcheng Investment Group Co. Ltd. Reg S 6.50%, 07/18/22		205,500
	200,000	Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 7.50%, 02/12/22		204,748
	200,000	China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)		215,957
	400,000	China South City Holdings Ltd. Reg S 11.50%, 02/12/22		396,250
	650,000	Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 12/31/99 (o)		648,146
	500,000	CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 12/31/99 (o)		530,519
	1,500,000	Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 12/31/99 (o)		1,496,250
	200,000	Yancoal International Resources Development Co. Ltd. Reg S 6.00%, 11/29/21		206,999
		Yango Justice International Ltd. Reg S
	200,000	8.25%, 11/25/23		204,218
	200,000	9.25%, 04/15/23		209,231
		Yanlord Land HK Co. Ltd. Reg S
	200,000	5.88%, 01/23/22		203,624
	200,000	6.75%, 04/23/23		207,738
	200,000	6.80%, 02/27/24		210,483
	200,000	Zhangzhou Transportation Development Group Co. Ltd. Reg S 6.50%, 06/26/22		205,000
	200,000	Zoomlion HK SPV Co. Ltd. 144A 6.13%, 12/20/22		210,203
				8,035,426
Colombia: 1.5%
	400,000	Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		421,600

See Notes to Financial Statements

18

Principal Amount			Value
Colombia: (continued)
$	200,000	Banco Bilbao Vizcaya Argentaria Colombia SA Reg S 4.88%, 04/21/25 †	$	210,800
	650,000	Banco Davivienda SA 144A 5.88%, 07/09/22		690,453
		Banco de Bogota SA 144A
	775,000	5.38%, 02/19/23		814,920
	1,133,000	6.25%, 05/12/26 †		1,244,895
	200,000	Banco de Bogota SA Reg S 6.25%, 05/12/26		219,752
	400,000	Banco GNB Sudameris SA 144A 6.50% (US Treasury Yield Curve Rate T 5 Year+4.56%), 04/03/27		397,000
	700,000	Bancolombia SA 4.63% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		684,687
	900,000	5.13%, 09/11/22		944,100
	600,000	Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		639,750
	200,000	Credivalores-Crediservicios SAS 144A 8.88%, 02/07/25		144,500
				6,412,457
Costa Rica: 0.4%
	600,000	Banco Nacional de Costa Rica 144A 6.25%, 11/01/23		609,000
		Instituto Costarricense de Electricidad 144A
	550,000	6.38%, 05/15/43		378,125
	700,000	6.95%, 11/10/21		688,632
				1,675,757
Croatia: 0.2%
	800,000	Hrvatska Elektroprivreda 144A 5.88%, 10/23/22		870,421
Curacao: 0.3%
	800,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		768,860
	500,000	Teva Pharmaceutical Finance IV BV 3.65%, 11/10/21		496,138
				1,264,998
Dominican Republic: 0.2%
	300,000	Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		275,571
	500,000	Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23		517,500
				793,071
Georgia: 0.4%
	400,000	Bank of Georgia JSC 144A 6.00%, 07/26/23		416,000
	200,000	Georgia Capital JSC 144A 6.13%, 03/09/24		196,000
	700,000	Georgian Railway JSC 144A 7.75%, 07/11/22		732,375
	500,000	TBC Bank JSC 144A 5.75%, 06/19/24		506,875
				1,851,250

Principal Amount			Value
Greece: 0.2%
$	600,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc. 144A 10.75%, 07/01/25 †	$	634,500
India: 4.0%
	600,000	Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.25%, 12/10/24		650,070
	600,000	Axis Bank Ltd. 144A 3.00%, 08/08/22		606,750
		Bank of Baroda Reg S
	650,000	3.50%, 04/04/22		663,328
	400,000	3.88%, 04/04/24		414,789
		Canara Bank Reg S
	700,000	3.25%, 08/10/22		713,597
	500,000	3.88%, 03/28/24		517,607
		Delhi International Airport Ltd. 144A
	700,000	6.13%, 10/31/26		713,871
	500,000	6.45%, 06/04/29 †		505,350
	200,000	Delhi International Airport Ltd. Reg S 6.45%, 06/04/29		202,140
	600,000	Future Retail Ltd. 144A 5.60%, 01/22/25		414,000
		GMR Hyderabad International Airport Ltd. 144A
	500,000	4.25%, 10/27/27		452,500
	400,000	5.38%, 04/10/24		397,426
	800,000	HPCL-Mittal Energy Ltd. Reg S 5.25%, 04/28/27		815,489
	500,000	IIFL Finance Ltd. Reg S 5.88%, 04/20/23		444,975
	500,000	Indiabulls Housing Finance Ltd. Reg S 6.38%, 05/28/22		433,118
	600,000	IndusInd Bank Ltd. Reg S 3.88%, 04/15/22		602,241
		JSW Steel Ltd. Reg S
	700,000	5.25%, 04/13/22		712,678
	600,000	5.38%, 04/04/25		600,380
	400,000	5.95%, 04/18/24		410,975
	600,000	5.95%, 04/18/24		616,462
	400,000	Manappuram Finance Ltd. Reg S 5.90%, 01/13/23		403,991
		Muthoot Finance Ltd. 144A
	650,000	4.40%, 09/02/23 †		649,876
	600,000	6.13%, 10/31/22		620,454
		ReNew Power Private Ltd. 144A
	500,000	5.88%, 03/05/27		513,264
	300,000	6.45%, 09/27/22		308,625
	200,000	ReNew Power Private Ltd. Reg S 6.45%, 09/27/22		205,750
	700,000	ReNew Power Synthetic 144A 6.67%, 03/12/24		733,971
		Shriram Transport Finance Co. Ltd. 144A
	600,000	5.10%, 07/16/23		577,424
	900,000	5.95%, 10/24/22		878,043

See Notes to Financial Statements

19

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
India: (continued)
$	400,000	Shriram Transport Finance Co. Ltd. Reg S 5.70%, 02/27/22	$	393,000
	400,000	Tata Motors Ltd. Reg S 5.88%, 05/20/25		412,064
	200,000	Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23		194,247
				16,778,455
Indonesia: 0.8%
	500,000	ABM Investama Tbk PT 144A 7.13%, 08/01/22		326,250
	900,000	Adaro Indonesia PT 144A 4.25%, 10/31/24		896,625
	400,000	Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		401,985
	500,000	Bayan Resources Tbk PT 144A 6.13%, 01/24/23		487,760
	360,000	Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/13/22		299,250
	900,000	Saka Energi Indonesia PT 144A 4.45%, 05/05/24		832,500
				3,244,370
Ireland: 2.6%
	400,000	Borets Finance DAC 144A 6.00%, 09/17/26		402,820
	489,000	Celtic Resources Holdings DAC 144A 4.13%, 10/09/24		517,308
	400,000	Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24		415,520
		Credit Bank of Moscow Via CBOM Finance Plc 144A
	600,000	4.70%, 01/29/25		604,500
	400,000	5.55%, 02/14/23		414,962
	500,000	7.12%, 06/25/24		549,070
	900,000	Eurochem Finance DAC 144A 5.50%, 03/13/24		984,692
	400,000	Eurotorg LLC via Bonitron DAC 144A 8.75%, 10/30/22		403,474
		Gtlk Europe Capital DAC Reg S
	1,100,000	4.65%, 03/10/27		1,088,362
	700,000	4.95%, 02/18/26		714,175
	600,000	5.95%, 04/17/25		639,269
	800,000	GTLK Europe DAC Reg S 5.13%, 05/31/24		834,817
		Hacienda Investments Ltd. Via DME Airport DAC Reg S
	600,000	5.08%, 02/15/23		600,582
	200,000	5.88%, 11/11/21		201,116
	900,000	Metalloinvest Finance DAC 144A 4.85%, 05/02/24		976,320
	200,000	Metalloinvest Finance DAC Reg S 4.85%, 05/02/24		216,960
	1,100,000	SCF Capital Designated Activity Co. 144A 5.38%, 06/16/23		1,178,171
				10,742,118

Principal Amount			Value
Israel: 0.7%
		Leviathan Bond Ltd. Reg S 144A
$	600,000	5.75%, 06/30/23	$	615,390
	750,000	6.13%, 06/30/25		778,612
	750,000	6.50%, 06/30/27		774,862
	650,000	6.75%, 06/30/30		669,110
				2,837,974
Kazakhstan: 1.0%
	476,206	Halyk Savings Bank of Kazakhstan JSC 144A 5.50%, 12/21/22		478,100
	183,156	Halyk Savings Bank of Kazakhstan JSC Reg S 5.50%, 12/21/22		183,885
		KazMunayGas National Co. JSC 144A
	1,200,000	4.75%, 04/19/27		1,355,076
	1,500,000	5.75%, 04/19/47		1,866,276
	200,000	KazMunayGas National Co. JSC Reg S 3.88%, 04/19/22		207,828
				4,091,165
Luxembourg: 4.3%
	600,000	Adecoagro SA 144A 6.00%, 09/21/27		602,895
	200,000	Aegea Finance SARL 144A 5.75%, 10/10/24		207,575
	240,000	Atento Luxco 1 SA 144A 6.13%, 08/10/22		222,000
		Consolidated Energy Finance SA 144A
	400,000	6.50%, 05/15/26		371,000
	650,000	6.88%, 06/15/25		605,719
	300,000	Cosan Luxembourg SA 144A 7.00%, 01/20/27 †		319,316
	400,000	CSN Resources SA 144A 7.63%, 02/13/23		415,600
	500,000	Gilex Holding SARL 144A 8.50%, 05/02/23		502,188
	300,000	Gol Finance SA 144A 7.00%, 01/31/25		223,506
	300,000	Hidrovias International Finance SARL 144A 5.95%, 01/24/25		301,950
	300,000	JSL Europe SA 144A 7.75%, 07/26/24		308,175
	200,000	JSM Global SARL 144A 4.75%, 10/20/30		202,300
	600,000	Kenbourne Invest SA 144A 6.88%, 11/26/24		627,000
		Kernel Holding SA 144A
	300,000	6.50%, 10/17/24		302,775
	400,000	6.75%, 10/27/27		399,000
	200,000	Klabin Finance SA 144A 4.88%, 09/19/27		214,015
		MHP Lux SA 144A
	300,000	6.25%, 09/19/29		288,150
	750,000	6.95%, 04/03/26		755,700
	200,000	MHP Lux SA Reg S 6.25%, 09/19/29		192,100

See Notes to Financial Statements

20

Principal Amount			Value
Luxembourg: (continued)
		Minerva Luxembourg SA 144A
$	400,000	5.88%, 01/19/28	$	416,104
	450,000	6.50%, 09/20/26		468,567
		Nexa Resources SA 144A
	300,000	5.38%, 05/04/27		316,425
	200,000	6.50%, 01/18/28		223,125
		Puma International Financing SA 144A
	1,000,000	5.00%, 01/24/26		828,500
	700,000	5.13%, 10/06/24		595,735
		Rede D’or Finance SARL 144A
	550,000	4.50%, 01/22/30		541,750
	200,000	4.95%, 01/17/28		206,315
		Rumo Luxembourg SARL 144A
	200,000	5.25%, 01/10/28		209,800
	300,000	5.88%, 01/18/25		314,660
	332,000	7.38%, 02/09/24		347,438
	2,500,000	Sberbank of Russia Via SB Capital SA 144A 5.13%, 10/29/22		2,626,250
	600,000	TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27		589,398
	200,000	Tupy Overseas SA 144A 6.63%, 07/17/24		203,969
		Ultrapar International SA 144A
	300,000	5.25%, 10/06/26		323,196
	400,000	5.25%, 06/06/29		420,100
	200,000	Unigel Luxembourg SA 144A 8.75%, 10/01/26		193,750
	400,000	Usiminas International SARL 144A 5.88%, 07/18/26		416,880
	1,700,000	VTB Bank SA 144A 6.95%, 10/17/22		1,799,951
				18,102,877
Mauritius: 2.1%
	575,000	Azure Power Energy Ltd. 144A 5.50%, 11/03/22		589,749
	465,000	Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		490,575
	700,000	Greenko Investment Co. 144A 4.88%, 08/16/23 †		704,330
	500,000	Greenko Mauritius Ltd. 144A 6.25%, 02/21/23		519,370
		Greenko Solar Mauritius Ltd. 144A
	500,000	5.55%, 01/29/25		515,356
	600,000	5.95%, 07/29/26		635,758
	200,000	Greenko Solar Mauritius Ltd. Reg S 5.55%, 01/29/25		206,142
		MTN Mauritius Investments Ltd. 144A
	900,000	4.76%, 11/11/24		927,225
	500,000	5.37%, 02/13/22		514,293
	700,000	6.50%, 10/13/26		783,280
	200,000	MTN Mauritius Investments Ltd. Reg S 5.37%, 02/13/22		205,717
	500,000	Neerg Energy Ltd. 144A 6.00%, 02/13/22		508,749
	200,000	Neerg Energy Ltd. Reg S 6.00%, 02/13/22		203,500

Principal Amount			Value
Mauritius: (continued)
$	1,300,000	Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 12/31/99 (o)	$	1,305,200
	600,000	UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 12/31/99 (o)		566,130
				8,675,374
Mexico: 7.4%
		Alpha Holding SA de CV 144A
	500,000	9.00%, 02/10/25		372,625
	200,000	10.00%, 12/19/22		166,752
	600,000	Axtel SAB de CV 144A 6.38%, 11/14/24		624,900
	1,950,000	BBVA Bancomer SA 144A 6.75%, 09/30/22		2,101,612
	1,100,000	Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,041,722
		Cemex SAB de CV 144A
	1,300,000	5.20%, 09/17/30		1,374,932
	1,175,000	5.45%, 11/19/29		1,244,971
	1,300,000	5.70%, 01/11/25		1,336,400
	1,150,000	7.38%, 06/05/27		1,268,174
	1,391,000	7.75%, 04/16/26		1,473,417
	200,000	Cemex SAB de CV Reg S 7.38%, 06/05/27		220,552
		Credito Real SAB de CV SOFOM ER 144A
	500,000	7.25%, 07/20/23		490,678
	400,000	9.50%, 02/07/26 †		392,400
	600,000	Cydsa SAB de CV 144A 6.25%, 10/04/27		597,000
	560,000	Elementia SAB de CV 144A 5.50%, 01/15/25		561,960
	800,000	Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 12/31/99 (o)		851,000
	585,000	Grupo KUO SAB De CV 144A 5.75%, 07/07/27		587,194
	500,000	Metalsa SA de CV 144A 4.90%, 04/24/23		504,952
	350,000	Mexarrend SAPI de CV 144A 10.25%, 07/24/24		269,938
	600,000	Nemak SAB de CV 144A 4.75%, 01/23/25		617,025
	200,000	Nemak SAB de CV Reg S 4.75%, 01/23/25		205,675
	400,000	Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25		370,830
		Petróleos Mexicanos
	300,000	3.50%, 01/30/23 †		294,240
	200,000	4.25%, 01/15/25		186,525
	350,000	4.50%, 01/23/26		309,155
	150,000	4.63%, 09/21/23		148,481
	300,000	4.88%, 01/18/24		294,825
	700,000	5.35%, 02/12/28		598,808
	200,000	5.50%, 06/27/44		146,150
	200,000	5.63%, 01/23/46		148,150
	1,000,000	5.95%, 01/28/31		838,250

See Notes to Financial Statements

21

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Mexico: (continued)
$	800,000	6.35%, 02/12/48	$	612,000
	325,000	6.38%, 01/23/45		246,794
	550,000	6.49%, 01/23/27		512,325
	1,375,000	6.50%, 03/13/27		1,280,317
	500,000	6.50%, 01/23/29		446,575
	450,000	6.50%, 06/02/41		349,088
	675,000	6.63%, 06/15/35		556,953
	1,600,000	6.75%, 09/21/47		1,244,632
	1,000,000	6.84%, 01/23/30		894,900
	725,000	6.88%, 08/04/26		697,740
	1,050,000	6.95%, 01/28/60		822,439
	1,900,000	7.69%, 01/23/50		1,581,398
	400,000	Sixsigma Networks Mexico SA  de CV 144A   7.50%, 05/02/25		348,958
	450,000	TV Azteca SAB de CV Reg S   8.25%, 08/09/24		264,938
		Unifin Financiera SAB de CV 144A
	650,000	7.00%, 01/15/25		528,531
	500,000	7.25%, 09/27/23		440,005
	300,000	7.38%, 02/12/26		240,003
	500,000	8.38%, 01/27/28		398,500
	200,000	Unifin Financiera SAB de CV Reg S   7.38%, 02/12/26		160,002
				31,265,391
Mongolia: 0.2%
	400,000	Mongolian Mining Corp. / Energy  Resources LLC 144A   9.25%, 04/15/24		325,929
	300,000	Mongolian Mortgage Corp.  HFC LLC 144A   9.75%, 01/29/22		298,514
				624,443
Morocco: 1.0%
		OCP SA 144A
	1,150,000	4.50%, 10/22/25		1,220,057
	1,400,000	5.63%, 04/25/24		1,525,147
	710,000	6.88%, 04/25/44		892,797
		OCP SA Reg S
	200,000	4.50%, 10/22/25		212,184
	200,000	5.63%, 04/25/24		217,878
				4,068,063
Netherlands: 8.5%
	470,000	Ajecorp BV 144A   6.50%, 05/14/22		470,712
	400,000	Ardshinbank CJSC Via Dilijan  Finance BV 144A   6.50%, 01/28/25		360,000
		Braskem Netherlands Finance BV 144A
	550,000	4.50%, 01/10/28		530,348
	740,000	4.50%, 01/31/30		684,352
	300,000	5.88%, 01/31/50		279,078
	250,000	8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		254,315
	800,000	Cikarang Listrindo Tbk PT 144A   4.95%, 09/14/26		824,000

Principal Amount			Value
Netherlands: (continued)
		Embraer Netherlands Finance BV
$	500,000	5.05%, 06/15/25	$	483,750
	400,000	5.40%, 02/01/27		381,008
	200,000	Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		201,700
	400,000	First Bank of Nigeria Ltd Via FBN Finance Co BV 144A 8.63%, 10/27/25		394,500
		Greenko Dutch BV 144A
	200,000	4.88%, 07/24/22		201,400
	1,100,000	5.25%, 07/24/24		1,132,076
		IHS Netherlands Holdco BV 144A
	600,000	7.13%, 03/18/25		609,000
	1,100,000	8.00%, 09/18/27		1,124,750
	200,000	IHS Netherlands Holdco BV Reg S 8.00%, 09/18/27		204,500
	400,000	InterCement Financial Operations BV 144A 5.75%, 07/17/24		276,250
	390,000	Jababeka International BV 144A 6.50%, 10/05/23		330,504
	1,250,000	Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42		1,717,162
		Metinvest BV 144A
	700,000	7.75%, 04/23/23 †		718,074
	700,000	7.75%, 10/17/29		672,805
	1,000,000	8.50%, 04/23/26		1,013,850
	487,570	MV24 Capital BV 144A 6.75%, 06/01/34		491,232
		Petrobras Global Finance BV
	750,000	5.09%, 01/15/30		784,219
	525,000	5.30%, 01/27/25		586,036
	325,000	5.60%, 01/03/31		350,586
	125,000	5.63%, 05/20/43		128,406
	325,000	5.75%, 02/01/29		362,021
	550,000	6.00%, 01/27/28		617,944
	225,000	6.25%, 03/17/24		253,348
	250,000	6.75%, 01/27/41		278,596
	350,000	6.75%, 06/03/50		384,535
	525,000	6.85%, 12/31/99		565,687
	217,000	6.88%, 01/20/40		244,724
	450,000	6.90%, 03/19/49		509,913
	350,000	7.25%, 03/17/44		405,081
	450,000	7.38%, 01/17/27		542,812
	430,000	8.75%, 05/23/26		548,787
		Teva Pharmaceutical Finance Netherlands III BV
	2,800,000	2.80%, 07/21/23		2,660,728
	3,200,000	3.15%, 10/01/26		2,822,000
	1,825,000	4.10%, 10/01/46		1,521,539
	1,187,000	6.00%, 04/15/24		1,196,496
	1,200,000	6.75%, 03/01/28		1,262,640
	950,000	7.13%, 01/31/25		986,318
		VEON Holdings BV 144A
	1,245,000	4.00%, 04/09/25		1,300,546
	600,000	4.95%, 06/16/24 †		648,561
	700,000	5.95%, 02/13/23		758,411

See Notes to Financial Statements

22

Principal Amount			Value
Netherlands: (continued)
$	925,000	7.25%, 04/26/23 †	$	1,023,285
	500,000	7.50%, 03/01/22		540,332
	825,000	VTR Finance NV 144A 6.38%, 07/15/28		879,656
				35,518,573
Nigeria: 0.3%
	400,000	Fidelity Bank Plc 144A 10.50%, 10/16/22		410,720
	400,000	Seplat Petroleum Development Co. Plc 144A 9.25%, 04/01/23		403,100
	600,000	United Bank for Africa Plc 144A 7.75%, 06/08/22		600,504
				1,414,324
Oman: 0.5%
	700,000	Bank Muscat SAOG Reg S 4.88%, 03/14/23		705,891
	550,000	Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		546,506
	700,000	National Bank of Oman SAOG Reg S 5.63%, 09/25/23		700,245
				1,952,642
Panama: 0.4%
	375,000	AES El Salvador Trust II 144A 6.75%, 03/28/23		342,617
	700,000	Cable Onda SA 144A 4.50%, 01/30/30 †		738,062
	300,000	Multibank, Inc. 144A 4.38%, 11/09/22		306,683
	200,000	Multibank, Inc. Reg S 4.38%, 11/09/22		204,455
				1,591,817
Paraguay: 0.2%
	700,000	Telefónica Celular del Paraguay SA 144A 5.88%, 04/15/27		743,225
Peru: 1.5%
		Banco Internacional del Peru SAA Interbank 144A
	400,000	4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		405,500
	375,000	6.63% (ICE LIBOR USD 3 Month+5.76%), 03/19/29		415,298
	400,000	Camposol SA 144A 6.00%, 02/03/27		423,376
	750,000	Hunt Oil Co. of Peru LLC 144A 6.38%, 06/01/28		753,750
	500,000	Inretail Pharma SA 144A 5.38%, 05/02/23		521,822
	600,000	Minsur SA 144A 6.25%, 02/07/24		662,187
	600,000	Orazul Energy Egenor SCA 144A 5.63%, 04/28/27		623,142
	400,000	Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 144A 5.75%, 04/03/28		425,600

Principal Amount			Value
Peru: (continued)
$	1,000,000	Peru LNG Srl 144A 5.38%, 03/22/30	$	768,560
	200,000	Peru LNG Srl Reg S 5.38%, 03/22/30		153,712
	400,000	San Miguel Industrias Pet SA 144A 4.50%, 09/18/22		405,018
	750,000	Volcan Cia Minera SAA 144A 5.38%, 02/02/22		757,650
				6,315,615
Philippines: 0.1%
	400,000	Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 12/31/99		400,380
Poland: 0.1%
	500,000	CANPACK SA / Eastern PA Land Investment Holding LLC 144A 3.13%, 11/01/25		506,875
Russia: 0.2%
	400,000	Global Ports Finance Plc 144A 6.50%, 09/22/23		440,075
	525,000	MHP SE 144A 7.75%, 05/10/24		549,832
				989,907
Saudi Arabia: 0.1%
	600,000	Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 04/10/22		598,812
Singapore: 2.2%
		ABJA Investment Co. Pte Ltd. Reg S
	400,000	4.45%, 07/24/23		399,180
	1,200,000	5.45%, 01/24/28		1,161,584
	1,300,000	5.95%, 07/31/24		1,358,045
	400,000	Alam Synergy Pte Ltd. Reg S 6.63%, 04/24/22		281,413
	400,000	APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		277,385
	111,000	Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		1,457
	400,000	Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		384,986
	600,000	Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		568,459
	200,000	Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24		189,486
	400,000	Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		399,874
	600,000	Marble II Pte Ltd. 144A 5.30%, 06/20/22		604,125
	700,000	Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		619,850
	800,000	Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		777,834
	650,000	Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		632,377
	400,000	SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23		236,994
	400,000	TBG Global Pte Ltd. Reg S 5.25%, 02/10/22		402,500

See Notes to Financial Statements

23

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Singapore: (continued)
		Theta Capital Pte Ltd. Reg S
$	800,000	6.75%, 10/31/26	$	662,000
	200,000	8.13%, 01/22/25		180,994
				9,138,543
South Africa: 1.9%
	600,000	Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/28		619,500
		Eskom Holdings SOC Ltd. 144A
	1,075,000	6.35%, 08/10/28		1,113,780
	1,230,000	6.75%, 08/06/23		1,170,366
	1,450,000	7.13%, 02/11/25		1,361,979
	600,000	8.45%, 08/10/28		573,852
	300,000	Eskom Holdings SOC Ltd. Reg S 6.35%, 08/10/28		310,822
	650,000	FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28		671,125
	600,000	Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23		626,397
	400,000	Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29		413,100
	1,200,000	Transnet SOC Ltd. 144A 4.00%, 07/26/22		1,195,573
				8,056,494
South Korea: 0.3%
		Woori Bank 144A
	800,000	4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 12/31/99 (o)		825,995
	500,000	5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 12/31/99 (o)		518,718
				1,344,713
Spain: 0.4%
	975,000	AI Candelaria Spain SLU 144A 7.50%, 12/15/28		1,054,716
	498,842	International Airport Finance SA 144A 12.00%, 03/15/33		446,992
				1,501,708
Thailand: 0.6%
	1,400,000	Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,373,651
	200,000	Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		196,555
	1,000,000	Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		982,000
				2,552,206
Togo: 0.2%
	500,000	Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		529,626
	200,000	Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24		211,850
				741,476

Principal Amount			Value
Trinidad and Tobago: 0.6%
$	400,000	National Gas Co. of Trinidad &  Tobago Ltd. 144A   6.05%, 01/15/36	$	403,000
	100,000	National Gas Co. of Trinidad &  Tobago Ltd. Reg S   6.05%, 01/15/36		100,750
	400,000	Telecommunications Services of  Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		398,500
	800,000	Trinidad Generation Unlimited 144A 5.25%, 11/04/27		824,848
	613,000	Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26		691,096
	100,000	Trinidad Petroleum Holdings Ltd. Reg S 9.75%, 06/15/26		112,740
				2,530,934
Turkey: 8.1%
		Akbank T.A.S. 144A
	550,000	5.00%, 10/24/22		539,365
	500,000	5.13%, 03/31/25		463,345
	500,000	6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28		445,134
	500,000	6.80%, 02/06/26		485,699
	675,000	7.20% (USD Swap Semi 30/360 5 Year+5.03%), 03/16/27		618,469
	200,000	Akbank T.A.S. Reg S   5.13%, 03/31/25		185,338
	600,000	Anadolu Efes Biracilik Ve Malt  Sanayii AS 144A   3.38%, 11/01/22		601,778
	580,000	Arcelik AS 144A   5.00%, 04/03/23		578,994
	600,000	Coca-Cola Icecek AS 144A   4.22%, 09/19/24		608,418
		Fibabanka AS Reg S
	650,000	6.00%, 01/25/23		627,839
	200,000	7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27		183,700
		KOC Holding AS 144A
	825,000	5.25%, 03/15/23		824,084
	925,000	6.50%, 03/11/25		935,730
	200,000	KOC Holding AS Reg S    5.25%, 03/15/23		199,778
	700,000	KT Kira Sertifikalari Varlik Kiralama AS Reg S 5.14%, 11/02/21		697,819
	700,000	Mersin Uluslararasi Liman Isletmeciligi AS 144A   5.38%, 11/15/24 †		712,962
	600,000	Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23		590,519
		QNB Finansbank AS 144A
	1,080,000	4.88%, 05/19/22		1,074,794
	700,000	6.88%, 09/07/24		714,876
	250,000	Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23		214,868
		TC Ziraat Bankasi AS 144A
	800,000	5.13%, 05/03/22		777,720
	500,000	5.13%, 09/29/23		469,900

See Notes to Financial Statements

24

Principal Amount			Value
Turkey: (continued)
$	800,000	Tupras Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24	$	735,224
	200,000	Tupras Turkiye Petrol Rafinerileri AS Reg S 4.50%, 10/18/24		183,806
		Turk Telekomunikasyon AS 144A
	600,000	4.88%, 06/19/24		581,258
	660,000	6.88%, 02/28/25 †		674,520
		Turkcell Iletisim Hizmetleri AS 144A
	600,000	5.75%, 10/15/25		598,920
	800,000	5.80%, 04/11/28 †		775,536
		Turkiye Garanti Bankasi AS 144A
	950,000	5.25%, 09/13/22		938,125
	700,000	5.88%, 03/16/23		692,473
	950,000	6.13% (USD Swap Semi 30/360 5 Year+4.22%), 05/24/27		854,891
		Turkiye Is Bankasi AS 144A
	800,000	5.50%, 04/21/22		790,616
	1,200,000	6.00%, 10/24/22		1,168,536
	1,600,000	6.13%, 04/25/24		1,519,680
	700,000	7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28		634,297
	655,000	7.85%, 12/10/23		661,304
	800,000	Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		734,576
	400,000	Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25		373,612
		Turkiye Sinai Kalkinma Bankasi AS Reg S
	350,000	5.50%, 01/16/23		335,349
	400,000	7.63% (USD Swap Semi 30/360 5 Year+5.54%), 03/29/27		374,198
	900,000	Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 †		913,310
		Turkiye Vakiflar Bankasi TAO 144A
	1,000,000	5.25%, 02/05/25 †		903,700
	650,000	5.63%, 05/30/22		637,097
	750,000	5.75%, 01/30/23 †		720,975
	800,000	6.00%, 11/01/22		775,261
	750,000	8.13%, 03/28/24		754,492
	200,000	Turkiye Vakiflar Bankasi TAO Reg S 5.75%, 01/30/23		192,260
		Yapi ve Kredi Bankasi AS 144A
	1,525,000	5.50%, 12/06/22		1,483,779
	600,000	5.75%, 02/24/22		596,248
	750,000	5.85%, 06/21/24		712,162
	430,000	6.10%, 03/16/23 †		420,961
	475,000	8.25%, 10/15/24		484,782
	200,000	Yapi ve Kredi Bankasi AS Reg S 6.10%, 03/16/23		195,796
				33,968,873
Ukraine: 0.1%
	600,000	VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		598,500

Principal Amount			Value
United Arab Emirates: 1.9%
$	500,000	ADES International Holding Plc 144A 8.63%, 04/24/24 †	$	477,000
	1,000,000	DIFC Sukuk Ltd. Reg S 4.33%, 11/12/24		1,044,500
	1,350,000	Emirates NBD Bank PJSC Reg S 6.13% (USD Swap Semi 30/360 6 Year+3.66%), 12/31/99 (o)		1,395,874
	1,100,000	GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.13%, 07/31/26		1,090,375
		Kuwait Projects Co. SPC Ltd. Reg S
	600,000	4.23%, 10/29/26		599,349
	600,000	4.50%, 02/23/27		599,386
	700,000	5.00%, 03/15/23		723,582
		Oztel Holdings SPC Ltd. 144A
	900,000	5.63%, 10/24/23		901,710
	850,000	6.63%, 04/24/28		838,228
	200,000	Oztel Holdings SPC Ltd. Reg S 6.63%, 04/24/28		197,230
				7,867,234
United Kingdom: 4.3%
		AngloGold Ashanti Holdings Plc
	1,000,000	5.13%, 08/01/22 †		1,057,370
	400,000	6.50%, 04/15/40 †		493,663
		Evraz Plc 144A
	1,000,000	5.25%, 04/02/24		1,088,915
	974,000	5.38%, 03/20/23		1,047,732
	600,000	Evraz Plc Reg S 6.75%, 01/31/22		637,932
	1,800,000	Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+.00%), 10/15/99		1,800,821
	800,000	Liquid Telecommunications Financing Plc 144A 8.50%, 07/13/22		816,991
	200,000	Liquid Telecommunications Financing Plc Reg S 8.50%, 07/13/22		204,248
		MARB BondCo Plc 144A
	465,000	6.88%, 01/19/25		481,182
	300,000	7.00%, 03/15/24		308,103
	600,000	NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.63%, 11/08/26		565,056
	400,000	NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.38%, 07/19/22		405,942
	500,000	Petropavlovsk 2016 Ltd. 144A 8.13%, 11/14/22		504,252
	200,000	Petropavlovsk 2016 Ltd. Reg S 8.13%, 11/14/22		201,701
		Polyus Finance Plc 144A
	550,000	4.70%, 03/28/22		570,667
	450,000	4.70%, 01/29/24		482,524
	1,000,000	5.25%, 02/07/23		1,068,900
	200,000	Polyus Finance Plc Reg S 4.70%, 01/29/24		214,455

See Notes to Financial Statements

25

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
United Kingdom: (continued)
$	1,300,000	Sasol Financing International Ltd. 4.50%, 11/14/22	$	1,268,476
		Tullow Oil Plc 144A
	1,000,000	6.25%, 04/15/22 †		625,000
	650,000	7.00%, 03/01/25		342,875
	850,000	Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24		848,725
		Vedanta Resources Finance II Plc 144A
	800,000	8.00%, 04/23/23		506,400
	600,000	9.25%, 04/23/26		376,800
		Vedanta Resources Ltd. 144A
	1,450,000	6.13%, 08/09/24		852,278
	1,350,000	6.38%, 07/30/22		955,800
	525,000	7.13%, 05/31/23		325,500
				18,052,308
United States: 2.5%
	200,000	Azul Investments LLP 144A 5.88%, 10/26/24 †		159,542
	500,000	Braskem America Finance Co. 144A 7.13%, 07/22/41		534,375
	200,000	Cielo USA, Inc. 144A 3.75%, 11/16/22		202,915
		JBS USA LUX SA / JBS USA Finance, Inc. 144A
	450,000	5.75%, 06/15/25		463,725
	400,000	6.75%, 02/15/28		440,440
		JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A
	500,000	5.50%, 01/15/30		544,375
	775,000	6.50%, 04/15/29		871,976
	800,000	Kosmos Energy Ltd. 144A 7.13%, 04/04/26		666,432
		NBM US Holdings, Inc. 144A
	200,000	6.63%, 08/06/29		216,021
	500,000	7.00%, 05/14/26 †		531,250
	438,983	Rio Oil Finance Trust 144A 9.25%, 07/06/24		482,886
	109,053	Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		124,593
	294,000	Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		327,443
		Sasol Financing USA LLC
	1,900,000	5.88%, 03/27/24		1,842,525
	825,000	6.50%, 09/27/28		795,712
		Stillwater Mining Co. 144A
	400,000	6.13%, 06/27/22		406,504
	500,000	7.13%, 06/27/25		529,427
	750,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		752,437
	700,000	VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24		666,750
				10,559,328

Principal Amount			Value
Uzbeksitan: 0.1%
$	450,000	Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24	$	462,938
Vietnam: 0.3%
	800,000	Mong Duong Finance Holdings BV 144A 5.13%, 05/07/29		815,938
	400,000	Vietnam Prosperity JSC Bank Reg S 6.25%, 07/17/22		405,000
				1,220,938
Total Corporate Bonds (Cost: $404,572,972)				398,297,838
GOVERNMENT OBLIGATIONS: 2.6%
Argentina: 0.6%
	1,150,000	Ciudad Autonoma de Buenos Aires 144A 7.50%, 06/01/27		859,636
	350,000	Province of Salta 144A 9.13%, 07/07/24		166,254
	1,530,000	Provincia de Buenos Aires 144A 9.13%, 03/16/24 *		516,375
	150,000	Provincia de Buenos Aires Reg S 9.13%, 03/16/24 *		50,625
		Provincia de Cordoba 144A
	500,000	7.13%, 08/01/27		247,505
	600,000	7.45%, 09/01/24		318,006
	150,000	Provincia de Cordoba Reg S 7.13%, 08/01/27		74,252
	500,000	Provincia de Neuquen 144A 7.50%, 04/27/25		252,505
	75,000	Provincia de Neuquen Reg S 7.50%, 04/27/25		37,876
	383,333	Provincia del Chubut 144A 7.75%, 07/26/26		196,458
				2,719,492
Azerbaijan: 0.6%
		State Oil Co. of the Azerbaijan Republic Reg S
	1,250,000	4.75%, 03/13/23		1,306,169
	900,000	6.95%, 03/18/30		1,071,554
				2,377,723
Belarus: 0.1%
	600,000	Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24		574,968
Brazil: 0.2%
		Banco Nacional de Desenvolvimento Economico e Social 144A
	400,000	4.75%, 05/09/24		431,462
	400,000	5.75%, 09/26/23		442,458
				873,920
Cayman Islands: 0.1%
	480,000	Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		510,000

See Notes to Financial Statements

26

Principal Amount			Value
Mongolia: 0.2%
$	600,000	Development Bank of Mongolia LLC 144A 7.25%, 10/23/23	$	627,667
Turkey: 0.6%
		Turkiye Ihracat Kredi Bankasi AS 144A
	550,000	4.25%, 09/18/22		523,875
	600,000	5.38%, 10/24/23		569,700
	600,000	6.13%, 05/03/24		574,025
	665,000	8.25%, 01/24/24		676,112
	200,000	Turkiye Ihracat Kredi Bankasi AS Reg S 5.38%, 10/24/23		189,900
				2,533,612
Ukraine: 0.2%
	650,000	Ukreximbank 144A 9.75%, 01/22/25		670,800
Total Government Obligations (Cost: $13,039,941)				10,888,182
Total Investments Before Collateral for Securities Loaned: 97.5% (Cost: $417,612,913)			$	409,186,020

Number of Shares			Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% (Cost: $9,198,123)
Money Market Fund: 2.2%
	9,198,123	State Street Navigator Securities Lending Government Money Market Portfolio	$	9,198,123
Total Investments: 99.7% (Cost: $426,811,036)				418,384,143
Other assets less liabilities: 0.3%				1,442,895
NET ASSETS: 100.0%			$	419,827,038

See Notes to Financial Statements

27

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

USD United States Dollar

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity - the date shown is the next call date
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $12,486,537.
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 $262,188,987, or 62.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		12.0	%	$	49,219,689
Communications		6.1			24,897,526
Consumer, Cyclical		5.0			20,491,231
Consumer, Non-cyclical		8.4			34,229,117
Diversified		1.0			4,263,368
Energy		16.6			67,893,515
Financial		36.0			147,553,738
Government		2.7			10,888,182
Industrial		6.6			26,848,780
Technology		0.2			810,855
Utilities		5.4			22,090,019
		100.0	%	$	409,186,020

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	398,297,838		$	—	$	398,297,838
Government Obligations*		—		10,888,182			—		10,888,182
Money Market Fund		9,198,123		—			—		9,198,123
Total	$	9,198,123	$	409,186,020		$	—	$	418,384,143

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

28

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 98.3%
Australia: 0.2%
$	7,580,000	Adani Abbot Point Terminal Pty Ltd. 144A 4.45%, 12/15/22	$	7,129,561
Canada: 3.2%
	3,694,000	Bombardier, Inc. 144A 7.45%, 05/01/34 †		2,637,608
		Cenovus Energy, Inc.
	7,408,000	3.00%, 08/15/22		7,340,217
	6,665,000	3.80%, 09/15/23		6,772,969
	14,187,000	4.25%, 04/15/27		14,443,057
	8,645,000	5.25%, 06/15/37		8,444,473
	12,313,000	5.40%, 06/15/47		12,143,890
	20,561,000	6.75%, 11/15/39		22,822,623
		Methanex Corp.
	4,447,000	4.25%, 12/01/24		4,472,570
	10,370,000	5.25%, 12/15/29		10,526,599
	4,438,000	5.65%, 12/01/44		4,274,349
		TransAlta Corp.
	5,926,000	4.50%, 11/15/22		6,148,225
	4,446,000	6.50%, 03/15/40		4,634,955
				104,661,535
Cayman Islands: 0.0%
		Transocean, Inc.
	8,144,000	6.80%, 03/15/38		1,089,260
	5,309,000	7.50%, 04/15/31		716,715
				1,805,975
Finland: 0.3%
	7,419,000	Nokia Oyj 6.63%, 05/15/39		9,290,101
France: 1.7%
		Electricite de France SA 144A
	31,061,000	5.25% (USD Swap Semi 30/360 10 Year+3.71%), 01/29/49 †		32,213,052
	22,220,000	5.63% (USD Swap Semi 30/360 10 Year+3.04%), 12/29/49		23,346,443
				55,559,495
Germany: 1.3%
		Deutsche Bank AG
	22,174,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28		21,521,810
	22,188,000	4.50%, 04/01/25		22,641,175
				44,162,985
Ireland: 0.2%
	4,450,000	Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/25		5,406,750
Italy: 1.0%
	29,570,000	Intesa Sanpaolo SpA 144A 5.02%, 06/26/24		31,220,345
Liberia: 2.0%
		Royal Caribbean Cruises Ltd.
	7,395,000	3.70%, 03/15/28		5,412,216
	4,450,000	7.50%, 10/15/27 †		3,879,844

Principal Amount			Value
Liberia: (continued)
		Royal Caribbean Cruises Ltd. 144A
$	14,790,000	10.88%, 06/01/23	$	16,156,374
	34,325,000	11.50%, 06/01/25		39,345,031
				64,793,465
Luxembourg: 3.8%
		ArcelorMittal SA
	11,110,000	3.60%, 07/16/24		11,569,679
	7,395,000	4.25%, 07/16/29 †		7,762,941
	11,110,000	4.55%, 03/11/26		11,968,449
	6,435,000	7.00%, 03/01/41		7,763,518
	10,143,000	7.25%, 10/15/39		12,411,377
		Telecom Italia Capital SA
	14,798,000	6.00%, 09/30/34		17,254,468
	14,786,000	6.38%, 11/15/33		17,523,998
	14,804,000	7.20%, 07/18/36		18,724,099
	14,796,000	7.72%, 06/04/38		20,091,784
				125,070,313
Panama: 2.0%
	59,170,000	Carnival Corp. 144A 11.50%, 04/01/23		65,468,942
Sweden: 0.5%
	14,962,000	Ericsson LM 4.13%, 05/15/22		15,476,319
United Kingdom: 2.5%
		Lloyds Banking Group Plc 144A
	5,560,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 01/29/49 (o) †		6,591,630
	6,429,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 12/29/49 (o)		7,814,739
	4,410,000	Marks & Spencer Plc 144A 7.13%, 12/01/37		4,651,181
	14,955,000	Rolls-Royce Plc 144A 3.63%, 10/14/25		14,282,025
	11,100,000	Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/29/49 (o)		13,520,188
	29,637,000	Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		35,196,738
				82,056,501
United States: 79.6%
		ADT Security Corp.
	14,792,000	3.50%, 07/15/22		15,078,299
	10,342,000	4.13%, 06/15/23		10,771,193
	7,575,000	Allegheny Technologies, Inc. 7.88%, 08/15/23		7,666,317
		Apache Corp.
	8,577,000	4.25%, 01/15/30		7,596,006
	8,500,000	4.25%, 01/15/44		7,225,000
	14,685,000	4.38%, 10/15/28 †		13,519,011
	16,975,000	4.75%, 04/15/43 †		15,065,312
	19,869,000	5.10%, 09/01/40		18,277,294
	6,140,000	5.25%, 02/01/42		5,689,815
	5,775,000	5.35%, 07/01/49		5,038,688
	6,919,000	6.00%, 01/15/37		6,555,753

See Notes to Financial Statements

29

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
United States: (continued)
		Arconic, Inc.
$	7,048,000	5.87%, 02/23/22	$	7,442,688
	9,248,000	5.90%, 02/01/27		10,161,240
	9,245,000	5.95%, 02/01/37		10,088,606
	4,436,000	6.75%, 01/15/28 †		5,067,775
	7,391,000	Avon Products, Inc. 7.00%, 03/15/23 †		7,996,138
		Bed Bath & Beyond, Inc.
	4,452,000	3.75%, 08/01/24		4,301,522
	10,003,000	5.17%, 08/01/44		8,171,201
		Buckeye Partners LP
	8,876,000	3.95%, 12/01/26		8,254,680
	5,927,000	4.13%, 12/01/27		5,589,902
	7,398,000	4.15%, 07/01/23		7,300,901
	4,428,000	4.35%, 10/15/24		4,308,998
	4,451,000	5.60%, 10/15/44		3,852,897
	5,925,000	5.85%, 11/15/43		5,262,141
	4,455,000	Carpenter Technology Corp. 4.45%, 03/01/23		4,599,691
		CBL & Associates LP
	4,458,000	4.60%, 10/15/24		1,633,166
	6,433,000	5.25%, 12/01/23		2,444,540
	9,036,000	5.95%, 12/15/26		3,410,375
	7,552,000	CDK Global, Inc. 5.00%, 10/15/24		8,250,560
		CenturyLink, Inc.
	6,285,000	6.88%, 01/15/28 †		6,998,725
	8,016,000	7.60%, 09/15/39		9,035,796
		CF Industries, Inc.
	11,098,000	3.45%, 06/01/23		11,361,577
	11,111,000	4.95%, 06/01/43 †		13,339,589
	11,101,000	5.15%, 03/15/34		13,027,745
	11,092,000	5.38%, 03/15/44		13,636,227
	3,835,000	Cleveland-Cliffs, Inc. 6.25%, 10/01/40 †		3,279,673
	14,825,000	Continental Resources, Inc. 3.80%, 06/01/24 †		13,833,578
	10,380,000	Continental Resources, Inc. 4.90%, 06/01/44		8,634,863
	5,159,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		6,199,416
		DCP Midstream Operating LP
	7,401,000	3.88%, 03/15/23		7,382,498
	5,177,000	4.95%, 04/01/22		5,272,852
	5,916,000	5.60%, 04/01/44		5,179,428
	4,443,000	8.13%, 08/16/30		5,080,837
		DCP Midstream Operating LP 144A
	4,440,000	6.45%, 11/03/36		4,303,670
	6,656,000	6.75%, 09/15/37		6,351,788
		Dell, Inc.
	3,914,000	5.40%, 09/10/40 †		4,243,931
	5,757,000	6.50%, 04/15/38		6,902,988
	4,448,000	7.10%, 04/15/28 †		5,648,960
		Delta Air Lines, Inc.
	13,310,000	2.90%, 10/28/24		11,596,585
	14,798,000	3.63%, 03/15/22		14,507,346
	8,865,000	3.75%, 10/28/29		7,412,951
	7,390,000	3.80%, 04/19/23		6,997,487
	7,383,000	4.38%, 04/19/28		6,370,395

Principal Amount			Value
United States: (continued)
		Diversified Healthcare Trust
$	3,702,000	4.75%, 05/01/24	$	3,535,410
	7,401,000	4.75%, 02/15/28		6,586,890
	4,434,000	6.75%, 12/15/21		4,511,595
	6,068,000	DPL, Inc.  4.35%, 04/15/29		6,586,541
	14,775,000	Dresdner Funding Trust I 144A 8.15%, 06/30/31		21,676,048
	7,576,000	Edgewell Personal Care Co. 4.70%, 05/24/22		7,817,485
	21,233,000	Embarq Corp. 8.00%, 06/01/36		24,935,504
	14,816,000	EMC Corp. 3.38%, 06/01/23		15,142,688
		EnLink Midstream Partners LP
	10,650,000	4.15%, 06/01/25		9,187,861
	7,705,000	4.40%, 04/01/24		7,003,152
	6,653,000	5.05%, 04/01/45		4,219,965
	5,186,000	5.60%, 04/01/44		3,224,629
		EPR Properties
	7,350,000	3.75%, 08/15/29		6,225,385
	4,400,000	4.50%, 04/01/25		4,020,514
	6,650,000	4.50%, 06/01/27		5,967,491
	6,650,000	4.75%, 12/15/26		5,991,061
	5,900,000	4.95%, 04/15/28		5,317,509
	4,000,000	5.25%, 07/15/23		3,861,008
		EQM Midstream Partners LP
	7,399,000	4.00%, 08/01/24		7,176,031
	7,404,000	4.13%, 12/01/26		6,994,596
	16,275,000	4.75%, 07/15/23		16,217,295
	12,583,000	5.50%, 07/15/28		12,770,235
	8,138,000	6.50%, 07/15/48		7,712,342
		EQT Corp.
	11,106,000	3.00%, 10/01/22 †		11,109,332
	18,510,000	3.90%, 10/01/27		17,810,229
	14,813,000	7.88%, 02/01/25 †		16,500,127
	11,104,000	8.75%, 02/01/30		13,810,600
		Fluor Corp.
	7,435,000	3.50%, 12/15/24		6,754,842
	8,920,000	4.25%, 09/15/28		7,992,728
	2,980,000	Ford Holdings LLC 9.30%, 03/01/30		3,606,396
		Ford Motor Co.
	15,321,000	4.35%, 12/08/26 †		15,455,059
	20,085,000	4.75%, 01/15/43		18,641,391
	13,051,000	5.29%, 12/08/46		12,362,038
	2,601,000	6.38%, 02/01/29		2,716,419
	6,441,000	6.63%, 10/01/28		7,221,971
	4,005,000	7.40%, 11/01/46		4,402,997
	18,015,000	7.45%, 07/16/31		21,494,147
		Ford Motor Credit Co. LLC
	9,235,000	2.98%, 08/03/22		9,186,886
	15,325,000	3.09%, 01/09/23		15,200,484
	10,225,000	3.10%, 05/04/23		10,109,969
	7,555,000	3.22%, 01/09/22		7,526,744
	8,730,000	3.34%, 03/28/22		8,719,087
	12,820,000	3.35%, 11/01/22		12,789,360
	6,030,000	3.55%, 10/07/22		6,010,794

See Notes to Financial Statements

30

Principal Amount			Value
United States: (continued)
$	7,705,000	3.66%, 09/08/24	$	7,652,799
	7,700,000	3.81%, 01/09/24		7,700,462
	7,720,000	3.82%, 11/02/27		7,473,925
	15,325,000	4.06%, 11/01/24		15,387,066
	14,295,000	4.13%, 08/04/25		14,226,170
	9,250,000	4.14%, 02/15/23		9,342,500
	10,265,000	4.25%, 09/20/22		10,427,159
	9,250,000	4.27%, 01/09/27		9,255,781
	10,281,000	4.38%, 08/06/23		10,474,797
	12,265,000	4.39%, 01/08/26		12,374,281
	7,705,000	4.54%, 08/01/26		7,849,469
	6,025,000	4.69%, 06/09/25		6,180,897
	15,200,000	5.11%, 05/03/29		15,808,000
	15,325,000	5.58%, 03/18/24		16,126,651
	14,300,000	5.60%, 01/07/22		14,678,950
		Freeport-McMoRan, Inc.
	7,737,000	3.55%, 03/01/22		7,870,270
	14,752,000	3.88%, 03/15/23		15,268,320
	10,831,000	4.55%, 11/14/24		11,663,633
	11,111,000	5.40%, 11/14/34		12,742,928
	27,624,000	5.45%, 03/15/43		31,572,298
		Genworth Holdings, Inc.
	5,694,000	4.80%, 02/15/24 †		5,220,686
	5,617,000	4.90%, 08/15/23		5,213,278
	4,420,000	6.50%, 06/15/34		4,162,955
	2,830,000	Global Marine, Inc. 7.00%, 06/01/28		587,225
	17,345,000	Goldman Sachs Capital I 6.35%, 02/15/34		23,458,331
	4,631,000	HB Fuller Co. 4.00%, 02/15/27 †		4,739,991
	4,329,000	HCA, Inc. 7.69%, 06/15/25		5,178,112
	5,585,000	Hillenbrand, Inc. 5.00%, 09/15/26		6,108,594
		Ingram Micro, Inc.
	4,468,000	5.00%, 08/10/22		4,609,993
	7,427,000	5.45%, 12/15/24		7,950,005
		Kraft Heinz Foods Co.
	29,217,000	3.00%, 06/01/26		29,712,469
	9,220,000	3.50%, 06/06/22 †		9,549,739
	23,499,000	3.95%, 07/15/25		25,451,629
	6,515,000	4.00%, 06/15/23		6,900,541
	43,680,000	4.38%, 06/01/46		44,730,518
	16,190,000	4.63%, 01/30/29		18,056,570
	14,708,000	5.00%, 07/15/35		16,942,393
	29,033,000	5.00%, 06/04/42		31,845,793
	29,410,000	5.20%, 07/15/45		32,512,859
	11,578,000	6.50%, 02/09/40		14,697,477
	6,395,000	6.75%, 03/15/32		8,416,371
	12,930,000	6.88%, 01/26/39		17,286,505
		Kraft Heinz Foods Co. 144A
	14,720,000	3.75%, 04/01/30		15,460,059
	7,372,000	4.63%, 10/01/39		7,904,523
	21,905,000	4.88%, 10/01/49		23,102,465
	13,564,000	7.13%, 08/01/39		18,293,209
	5,167,000	L Brands, Inc. 6.95%, 03/01/33		4,766,558

Principal Amount			Value
United States: (continued)
		Mack-Cali Realty LP
$	4,136,000	3.15%, 05/15/23 †	$	3,801,493
	4,504,000	4.50%, 04/18/22		4,348,024
		Macy’s Retail Holdings, Inc.
	9,481,000	2.88%, 02/15/23		7,869,230
	7,400,000	3.63%, 06/01/24 †		5,678,797
	6,643,000	3.88%, 01/15/22 †		6,227,813
	3,674,000	4.30%, 02/15/43		2,039,070
	5,440,000	4.50%, 12/15/34		3,046,400
	3,659,000	5.13%, 01/15/42		2,103,925
	5,962,000	Magellan Health, Inc. 4.90%, 09/22/24		6,289,910
		Mattel, Inc.
	3,709,000	3.15%, 03/15/23 †		3,703,974
	4,442,000	5.45%, 11/01/41		4,478,447
	3,709,000	6.20%, 10/01/40		3,891,835
		MDC Holdings, Inc.
	3,702,000	5.50%, 01/15/24 †		3,974,634
	7,395,000	6.00%, 01/15/43		9,263,901
	6,840,000	Michael Kors USA, Inc. 144A 4.25%, 11/01/24 †		6,703,200
	4,083,002	Midland Cogeneration Venture LP 144A 6.00%, 03/15/25		4,199,741
		Murphy Oil Corp.
	3,841,000	4.00%, 06/01/22		3,718,530
	4,705,000	4.95%, 12/01/22		4,512,636
	5,166,000	6.38%, 12/01/42		3,861,585
	3,711,000	7.05%, 05/01/29		3,167,561
	8,852,000	Navient Corp. 5.63%, 08/01/33		7,604,886
		Newell Brands, Inc.
	3,740,000	4.00%, 06/15/22		3,852,200
	20,644,000	4.35%, 04/01/23		21,572,394
	29,622,000	4.70%, 04/01/26		31,589,789
	6,246,000	5.88%, 04/01/36		7,339,050
	9,890,000	6.00%, 04/01/46		11,722,617
		Nordstrom, Inc.
	5,185,000	4.00%, 03/15/27 †		4,345,727
	7,410,000	4.38%, 04/01/30 †		5,688,039
	14,291,000	5.00%, 01/15/44		10,183,822
	4,450,000	6.95%, 03/15/28		4,184,420
	6,104,000	NortonLifeLock, Inc. 3.95%, 06/15/22		6,279,490
	3,875,000	NuStar Logistics LP 4.75%, 02/01/22 †		3,883,913
		Occidental Petroleum Corp.
	33,623,000	0.00%, 10/10/36 ^		15,312,587
	28,105,000	2.70%, 08/15/22		26,032,256
	16,868,000	2.70%, 02/15/23		15,128,487
	44,400,000	2.90%, 08/15/24		37,029,600
	11,103,000	3.00%, 02/15/27		8,403,583
	12,040,000	3.13%, 02/15/22		11,468,100
	14,794,000	3.20%, 08/15/26		11,456,104
	17,027,000	3.40%, 04/15/26		13,350,104
	11,103,000	3.50%, 06/15/25		8,934,584
	22,190,000	3.50%, 08/15/29		16,044,701
	11,101,000	4.10%, 02/15/47		7,274,485
	14,790,000	4.20%, 03/15/48		9,810,207

See Notes to Financial Statements

31

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
United States: (continued)
$	11,104,000	4.30%, 08/15/39	$	7,599,300
	17,770,000	4.40%, 04/15/46		11,975,647
	11,085,000	4.40%, 08/15/49 †		7,447,734
	9,230,000	4.50%, 07/15/44		6,343,687
	11,108,000	4.63%, 06/15/45		7,525,670
	16,010,000	5.55%, 03/15/26		13,951,434
	10,925,000	6.20%, 03/15/40		8,896,227
	25,670,000	6.45%, 09/15/36		20,831,205
	16,260,000	6.60%, 03/15/46		13,492,385
	8,628,000	6.95%, 07/01/24		8,175,030
	12,879,000	7.50%, 05/01/31		11,784,285
	7,177,000	7.88%, 09/15/31		6,562,469
	4,775,000	7.95%, 06/15/39		4,413,891
		Oceaneering International, Inc.
	7,390,000	4.65%, 11/15/24 †		6,004,375
	4,427,000	6.00%, 02/01/28 †		3,287,048
		Ovintiv, Inc.
	8,895,000	3.90%, 11/15/21 †		8,916,227
	11,095,000	6.50%, 08/15/34		10,413,737
	7,485,000	6.50%, 02/01/38		6,837,022
	6,835,000	6.63%, 08/15/37		6,307,490
	5,175,000	7.20%, 11/01/31		5,132,343
	7,415,000	7.38%, 11/01/31		7,461,991
	4,415,000	8.13%, 09/15/30		4,581,160
	4,138,000	Pactiv LLC 7.95%, 12/15/25		4,587,573
		Pitney Bowes, Inc.
	5,575,000	4.63%, 03/15/24 †		5,428,656
	4,086,000	5.95%, 04/01/23		4,080,463
		PulteGroup, Inc.
	4,473,000	6.00%, 02/15/35		5,557,703
	5,961,000	6.38%, 05/15/33		7,624,268
	4,479,000	7.88%, 06/15/32		6,355,813
		Qwest Corp.
	14,047,000	6.75%, 12/01/21		14,763,811
	3,695,000	7.25%, 09/15/25		4,252,735
	3,682,000	Rite Aid Corp.  7.70%, 02/15/27		2,844,713
		Rockies Express Pipeline LLC 144A
	5,925,000	3.60%, 05/15/25		5,925,000
	5,190,000	4.80%, 05/15/30		4,928,554
	8,148,000	4.95%, 07/15/29		7,951,430
	7,400,000	6.88%, 04/15/40		7,622,000
	3,720,000	7.50%, 07/15/38		3,924,600
	7,639,144	Ruby Pipeline LLC 144A 7.75%, 04/01/22		6,559,137
	3,990,000	Safeway, Inc. 7.25%, 02/01/31 †		4,522,904
		Sealed Air Corp. 144A
	5,000	4.88%, 12/01/22		5,272
	6,691,000	6.88%, 07/15/33		8,652,299
		Service Properties Trust
	5,925,000	3.95%, 01/15/28		4,662,234
	12,225,000	4.35%, 10/01/24		10,834,406
	5,929,000	4.38%, 02/15/30 †		4,846,958
	2,945,000	4.50%, 06/15/23		2,840,084
	5,189,000	4.50%, 03/15/25		4,472,269
	9,985,000	4.65%, 03/15/24		8,992,741

Principal Amount			Value
United States: (continued)
$	6,660,000	4.75%, 10/01/26	$	5,710,950
	5,925,000	4.95%, 02/15/27		4,991,813
	6,288,000	4.95%, 10/01/29		5,167,950
	7,397,000	5.00%, 08/15/22		7,323,030
	5,162,000	5.25%, 02/15/26		4,503,845
	6,090,000	Southeast Supply Header LLC 144A 4.25%, 06/15/24		5,992,697
	12,737,000	Southwestern Energy Co. 6.45%, 01/23/25		12,784,764
		Spirit AeroSystems, Inc.
	4,440,000	3.85%, 06/15/26		4,259,847
	4,458,000	3.95%, 06/15/23		3,987,124
	10,374,000	4.60%, 06/15/28		8,647,351
		Sprint Capital Corp.
	36,649,000	6.88%, 11/15/28		46,383,891
	29,596,000	8.75%, 03/15/32		44,318,826
	5,402,000	Tenet Healthcare Corp. 6.88%, 11/15/31		5,421,231
	9,657,729	Topaz Solar Farms LLC 144A 5.75%, 09/30/39		10,965,372
	6,079,000	Trinity Industries, Inc. 4.55%, 10/01/24		6,285,686
	9,059,000	Under Armour, Inc. 3.25%, 06/15/26 †		8,769,248
	8,200,000	United States Cellular Corp. 6.70%, 12/15/33		10,824,000
	5,378,000	United States Steel Corp. 6.65%, 06/01/37 †		3,737,710
	11,040,000	Washington Prime Group LP 6.45%, 08/15/24		5,741,959
		Western Midstream Operating LP
	7,390,000	3.95%, 06/01/25		6,886,593
	8,595,000	4.00%, 07/01/22		8,611,116
	14,790,000	4.10%, 02/01/25		13,957,471
	5,930,000	4.50%, 03/01/28		5,514,900
	7,395,000	4.65%, 07/01/26		7,117,688
	5,912,000	4.75%, 08/15/28		5,542,500
	17,765,000	5.05%, 02/01/30		16,876,750
	10,372,000	5.30%, 03/01/48		8,401,320
	8,895,000	5.45%, 04/01/44		7,577,428
	5,186,000	5.50%, 08/15/48		4,200,660
	14,800,000	6.25%, 02/01/50		13,621,032
		Wyndham Destinations, Inc.
	5,928,000	3.90%, 03/01/23		5,761,275
	9,615,000	4.25%, 03/01/22		9,663,075
	4,432,000	5.65%, 04/01/24		4,545,659
	5,921,000	6.00%, 04/01/27		6,117,133
	5,192,000	6.60%, 10/01/25		5,548,405
		Xerox Corp.
	4,451,000	3.80%, 05/15/24 †		4,588,758
	4,008,000	4.07%, 03/17/22		4,108,220
	14,798,000	4.38%, 03/15/23		15,428,395
	3,720,000	4.80%, 03/01/35 †		3,549,977
	5,192,000	6.75%, 12/15/39 †		5,481,688
	4,586,000	XPO CNW, Inc. 6.70%, 05/01/34		5,119,925
		Yum! Brands, Inc. 5,188,000 3.75%, 11/01/21		5,258,687

See Notes to Financial Statements

32

Principal Amount			Value
United States: (continued)
$	4,826,000	3.88%, 11/01/23	$	5,036,631
	4,073,000	5.35%, 11/01/43		4,470,118
	4,817,000	6.88%, 11/15/37		5,885,387
				2,596,492,569
Total Corporate Bonds (Cost: $3,064,207,361)				3,208,594,856
Number
of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6% (Cost: $50,950,023)
Money Market Fund: 1.6%
	50,950,023	State Street Navigator Securities Lending Government Money Market Portfolio		50,950,023
Total Investments: 99.9% (Cost: $3,115,157,384)				3,259,544,879
Other assets less liabilities: 0.1%				2,622,848
NET ASSETS: 100.0%			$	3,262,167,727

Definitions:

USD United States Dollar

Footnotes:

(o)	Perpetual Maturity — the date shown is the next call date
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $99,951,437.
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 $434,898,183, or 13.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		8.2	%	$	263,422,510
Communications		9.4			301,350,285
Consumer, Cyclical		23.7			758,731,285
Consumer, Non-cyclical		11.9			383,250,468
Energy		29.0			929,963,127
Financial		9.5			305,995,167
Industrial		3.3			105,897,773
Technology		2.6			82,855,284
Utilities		2.4			77,128,957
		100.0	%	$	3,208,594,856

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	3,208,594,856		$	—	$	3,208,594,856
Money Market Fund		50,950,023		—			—		50,950,023
Total	$	50,950,023	$	3,208,594,856		$	—	$	3,259,544,879

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

33

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 70.6%
Australia: 0.6%
$	225,000	National Australia Bank Ltd. 3.63%, 06/20/23 †	$	243,732
Austria: 0.7%
	50,000	Klabin Austria GmbH 144A 7.00%, 04/03/49		57,213
	200,000	Suzano Austria GmbH 144A 5.75%, 07/14/26		229,052
				286,265
Brazil: 0.3%
	100,000	Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		107,866
British Virgin Islands: 1.7%
	200,000	Beijing Capital Polaris Investment Co. Ltd. Reg S 4.25%, 03/26/21		201,767
	200,000	LTC GB Ltd. Reg S 2.75%, 05/26/21		201,398
	200,000	Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24		211,283
	90,700	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		100,181
				714,629
Canada: 0.3%
	125,000	Bank of Nova Scotia 2.38%, 01/18/23		130,175
Cayman Islands: 4.4%
	175,000	Fibria Overseas Finance Ltd. 5.50%, 01/17/27		197,971
	200,000	Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26		213,684
	200,000	MAF Sukuk Ltd Reg S 3.93%, 02/28/30		212,250
	200,000	MAF Sukuk Ltd. Reg S 4.64%, 05/14/29		219,313
	225,000	Modern Land China Co. Ltd. Reg S 7.95%, 03/05/21		224,719
	400,000	MTR Corp. Ltd. Reg S 2.50%, 11/02/26		426,385
	300,000	Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		303,788
				1,798,110
Chile: 0.6%
	100,000	AES Gener SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		100,913
	150,000	Inversiones CMPC SA 144A 4.38%, 04/04/27		167,411
				268,324

Principal Amount			Value
China / Hong Kong: 10.8%
$	300,000	Bank of China Ltd. Reg S 1.14% (ICE LIBOR USD 3 Month+.88%), 11/22/22	$	300,639
	450,000	2.25%, 07/12/21		453,744
	200,000	CGNPC International Ltd. Reg S 2.75%, 07/02/24		208,943
	200,000	China Construction Bank Corp. Reg S 0.88% (ICE LIBOR USD 3 Month+.66%), 10/22/22		199,436
	200,000	1.00%, 08/04/23		199,644
	200,000	1.25%, 08/04/25		198,820
	200,000	China Development Bank Reg S 2.75%, 11/16/22		207,772
	200,000	China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		197,820
	200,000	ICBCIL Finance Co. Ltd. Reg S 1.30% (ICE LIBOR USD 3 Month+1.05%), 11/20/24		196,608
		Industrial & Commercial Bank of China Ltd. Reg S
	200,000	0.91% (ICE LIBOR USD 3 Month+.67%), 09/16/22		199,719
	275,000	0.93% (ICE LIBOR USD 3 Month+.72%), 04/25/22		274,885
	300,000	0.98% (ICE LIBOR USD 3 Month+.73%), 06/14/21		300,053
	200,000	1.02% (ICE LIBOR USD 3 Month+.78%), 09/16/24		199,252
	500,000	1.04% (ICE LIBOR USD 3 Month+.83%), 04/25/24		499,667
	200,000	1.08% (ICE LIBOR USD 3 Month+.83%), 06/14/23		199,969
	200,000	Industrial Bank Co. Ltd. Reg S 1.10% (ICE LIBOR USD 3 Month+.85%), 11/20/21		199,949
	200,000	Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		215,480
	200,000	Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		207,983
				4,460,383
Costa Rica: 0.2%
	100,000	Banco Nacional de Costa Rica 144A 5.88%, 04/25/21		100,814
France: 0.9%
	350,000	Electricite de France SA 144A 3.63%, 10/13/25		391,295
Germany: 4.3%
		Kreditanstalt fuer Wiederaufbau
	300,000	0.75%, 09/30/30		293,276
	650,000	1.75%, 09/14/29		696,889
	300,000	2.00%, 11/30/21		305,857
	250,000	2.00%, 09/29/22		258,591
	200,000	Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22		206,423
				1,761,036

See Notes to Financial Statements

34

Principal Amount			Value
India: 3.1%
$	200,000	Adani Green Energy Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energy Pvt. Ltd. Reg S 6.25%, 12/10/24	$	216,690
	200,000	Indian Railway Finance Corp. Ltd. Reg S 3.84%, 12/13/27		214,315
	200,000	REC Ltd. Reg S 3.88%, 07/07/27		203,954
	100,000	ReNew Power Private Ltd. 144A 5.88%, 03/05/27		102,653
	300,000	ReNew Power Synthetic 144A 6.67%, 03/12/24		314,559
	200,000	State Bank of India Reg S 4.50%, 09/28/23		215,145
				1,267,316
Ireland: 0.5%
	200,000	Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		199,017
Japan: 0.5%
	200,000	Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23		210,697
Luxembourg: 1.4%
	340,000	Klabin Finance SA 144A 4.88%, 09/19/27		363,825
	200,000	Rumo Luxembourg SARL 144A 5.25%, 01/10/28		209,800
				573,625
Mauritius: 1.7%
	200,000	Azure Power Energy Ltd. 144A 5.50%, 11/03/22		205,130
	200,000	Greenko Investment Co. 144A 4.88%, 08/16/23 †		201,237
	200,000	Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		211,919
	100,000	Neerg Energy Ltd. 144A 6.00%, 02/13/22		101,750
				720,036
Mexico: 0.4%
	150,000	Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		150,305
Netherlands: 4.8%
	250,000	Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+.73%), 09/24/26		249,129
	350,000	Greenko Dutch BV 144A 4.88%, 07/24/22		352,450
	300,000	ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		302,683
	350,000	4.63%, 01/06/26		409,101

Principal Amount			Value
Netherlands: (continued)
		Nederlandse Waterschapsbank NV 144A
$	200,000	1.00%, 05/28/30	$	198,120
	100,000	2.13%, 11/15/21		101,914
	350,000	3.13%, 12/05/22		370,705
				1,984,102
Peru: 0.6%
	200,000	Consorcio Transmantaro SA 144A 4.70%, 04/16/34		237,902
Philippines: 0.5%
	200,000	Bank of the Philippine Islands Reg S 2.50%, 09/10/24		206,124
Singapore: 1.0%
	200,000	DBS Group Holdings Ltd. 144A 0.83% (ICE LIBOR USD 3 Month+.62%), 07/25/22		200,792
	200,000	Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25		199,333
				400,125
South Korea: 2.7%
	50,000	Hyundai Capital Services, Inc. 144A 2.88%, 03/16/21		50,360
	100,000	Korea Development Bank 0.96% (ICE LIBOR USD 3 Month+.72%), 07/06/22		100,676
	100,000	Korea Electric Power Corp. 144A 2.50%, 06/24/24		105,410
	150,000	Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23		162,210
	200,000	Korea Midland Power Co. Ltd. Reg S 3.38%, 01/22/22		206,685
	200,000	Korea Water Resources Corp. Reg S 3.88%, 05/15/23		216,249
	250,000	LG Chem Ltd. 144A 3.63%, 04/15/29		275,060
				1,116,650
United Arab Emirates: 1.0%
	200,000	Axis Bank Ltd. 144A 2.88%, 06/01/21		201,000
	200,000	First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22		206,497
				407,497
United States: 27.6%
		Alexandria Real Estate Equities, Inc.
	100,000	3.80%, 04/15/26		114,277
	200,000	4.00%, 01/15/24		219,742
		Apple, Inc.
	250,000	2.85%, 02/23/23		263,370
	450,000	3.00%, 06/20/27		503,283
		Avangrid, Inc.
	150,000	3.15%, 12/01/24		163,442
	150,000	3.20%, 04/15/25		164,595
	300,000	3.80%, 06/01/29		343,641

See Notes to Financial Statements

35

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
United States: (continued)
$	625,000	Bank of America Corp. 3.50% (ICE LIBOR USD 3 Month+.63%), 05/17/22	$	635,367
		Boston Properties LP
	100,000	3.40%, 06/21/29		108,456
	450,000	4.50%, 12/01/28		527,091
	400,000	Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24		409,778
	250,000	Clearway Energy Operating LLC 144A 4.75%, 03/15/28		263,047
	175,000	DTE Electric Co. 3.95%, 03/01/49		215,487
	250,000	Duke Energy Carolinas LLC 3.95%, 11/15/28		297,720
	350,000	Duke Energy Florida LLC 2.50%, 12/01/29		377,831
	100,000	Duke Energy Progress LLC 3.45%, 03/15/29		114,572
	100,000	Duke Realty LP 2.88%, 11/15/29		109,129
	100,000	ERP Operating LP 4.15%, 12/01/28		117,695
	100,000	Evergy Kansas Central, Inc. 2.55%, 07/01/26		107,995
	100,000	Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22		102,848
		HAT Holdings I LLC / HAT Holdings II LLC 144A
	150,000	5.25%, 07/15/24		154,797
	150,000	6.00%, 04/15/25		159,375
	150,000	Host Hotels & Resorts LP 3.38%, 12/15/29		142,887
		Interstate Power & Light Co.
	100,000	3.50%, 09/30/49		109,956
	50,000	3.60%, 04/01/29		57,545
	175,000	4.10%, 09/26/28		206,798
	180,000	Kaiser Foundation Hospitals 3.15%, 05/01/27		198,539
	150,000	Kilroy Realty LP 4.75%, 12/15/28		173,252
	100,000	Massachusetts Institute of Technology 3.96%, 07/01/38		120,330
		MidAmerican Energy Co.
	100,000	3.10%, 05/01/27		111,631
	200,000	3.15%, 04/15/50		219,429
	225,000	3.65%, 08/01/48		262,802
	200,000	3.95%, 08/01/47		242,764
	375,000	4.25%, 07/15/49		479,322
	200,000	Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		204,053
		Northern States Power Co.
	200,000	2.60%, 06/01/51		201,100
	150,000	2.90%, 03/01/50		157,881
	100,000	NSTAR Electric Co. 3.25%, 05/15/29		113,353
	125,000	Owens Corning 3.95%, 08/15/29		140,022

Principal Amount			Value
United States: (continued)
$	200,000	Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28	$	208,901
	100,000	Piedmont Operating Partnership LP 3.15%, 08/15/30		99,195
	210,000	PNC Financial Services Group, Inc. 2.20%, 11/01/24		222,500
	200,000	Prologis LP 1.25%, 10/15/30 †		193,633
		Public Service Co. of Colorado
	200,000	3.20%, 03/01/50		221,425
	100,000	3.70%, 06/15/28		115,722
	135,000	4.10%, 06/15/48		168,736
	75,000	Regency Centers LP 3.75%, 06/15/24		79,462
	350,000	Southern Power Co. 4.15%, 12/01/25		401,769
	100,000	Southwestern Public Service Co. 3.15%, 05/01/50		106,325
	150,000	Toyota Motor Credit Corp. 2.15%, 02/13/30		157,519
	100,000	Tucson Electric Power Co. 1.50%, 08/01/30		98,224
		Verizon Communications, Inc.
	200,000	1.50%, 09/18/30		195,973
	350,000	3.88%, 02/08/29		409,761
	100,000	Welltower, Inc. 2.70%, 02/15/27		105,391
				11,399,738
Total Corporate Bonds (Cost: $28,319,802)				29,135,763
GOVERNMENT OBLIGATIONS: 28.5%
Chile: 2.3%
		Chile Government International Bond
	200,000	2.55%, 01/27/32		208,500
	650,000	3.50%, 01/25/50		718,250
				926,750
China / Hong Kong: 0.6%
	250,000	Hong Kong Government International Bond 144A 2.50%, 05/28/24		263,864
Finland: 0.1%
	50,000	Municipality Finance Plc 144A 1.38%, 09/21/21		50,500
Indonesia: 2.1%
		Perusahaan Penerbit SBSN Indonesia III 144A
	300,000	2.30%, 06/23/25		311,250
	300,000	3.75%, 03/01/23		319,366
	200,000	3.90%, 08/20/24		219,779
				850,395
Netherlands: 0.5%
	200,000	Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		214,992

See Notes to Financial Statements

36

Principal Amount			Value
Norway: 0.5%
$	200,000	Kommunalbanken AS 144A 2.13%, 02/11/25	$	213,686
South Korea: 0.2%
	100,000	Export-Import Bank of Korea 2.13%, 02/11/21		100,487
Supranational: 12.5%
	150,000	African Development Bank 3.00%, 12/06/21		154,597
		Asian Development Bank
	150,000	1.75%, 08/14/26		160,086
	300,000	1.88%, 08/10/22		308,996
	200,000	2.13%, 03/19/25		214,676
	100,000	2.38%, 08/10/27		110,857
	150,000	3.13%, 09/26/28		176,202
		European Bank for Reconstruction & Development
	250,000	1.50%, 02/13/25		259,071
	150,000	1.63%, 09/27/24		157,352
	225,000	1.88%, 07/15/21		227,523
		European Investment Bank
	350,000	0.75%, 09/23/30		340,851
	250,000	1.63%, 10/09/29		264,551
	400,000	2.13%, 04/13/26		434,658
	100,000	2.38%, 05/24/27		110,921
	300,000	2.50%, 10/15/24		325,623
	500,000	European Investment Bank 144A 2.88%, 06/13/25		555,134
		International Bank for Reconstruction & Development
	280,000	2.13%, 03/03/25		299,953
	250,000	3.13%, 11/20/25		281,917
		International Finance Corp.
	270,000	2.00%, 10/24/22		279,578
	370,000	2.13%, 04/07/26		401,633
	100,000	Nordic Investment Bank 2.25%, 09/30/21		101,878
				5,166,057
Sweden: 1.2%
		Kommuninvest I Sverige AB 144A
	300,000	1.63%, 04/24/23		309,971
	175,000	1.88%, 06/01/21		176,667
				486,638

Principal Amount			Value
United States: 8.5%
$	250,000	City of San Francisco Public Utilities Commission Water Revenue 3.47%, 11/01/43	$	262,303
	20,000	District of Columbia Water & Sewer Authority 4.81%, 10/01/14		28,004
		Fannie Mae-ACES
	44,000	2.52%, 08/25/29		47,945
	200,000	2.56%, 07/25/24		213,355
	100,000	2.80%, 02/25/27		110,422
	400,000	2.90%, 01/25/28		449,498
	260,000	2.96%, 09/25/27		291,047
	800,000	3.05%, 03/25/28		906,812
	144,000	3.09%, 02/25/30		164,208
	200,000	3.33%, 06/25/28		229,794
	500,000	3.55%, 09/25/28		586,365
	200,000	Metropolitan Transportation Authority 5.18%, 11/15/49		204,630
				3,494,383
Total Government Obligations (Cost: $11,434,472)				11,767,752
Total Investments Before Collateral for Securities Loaned: 99.1% (Cost: $39,754,274)				40,903,515
Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% (Cost: $196,665)
Money Market Fund: .0.5%
	196,665	State Street Navigator Securities Lending Government Money Market Portfolio	$	196,665
Total Investments: 99.6% (Cost: $39,950,939)				41,100,180
Other assets less liabilities: 0.4%				165,375
NET ASSETS: 100.0%			$	41,265,555

See Notes to Financial Statements

37

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $443,222.
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 $9,587,826, or 23.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.0	%	$	1,233,319
Communications		1.5			605,734
Consumer, Cyclical		1.6			633,996
Consumer, Non-cyclical		1.2			469,174
Diversified		0.5			201,767
Energy		3.9			1,607,999
Financial		34.7			14,206,489
Government		21.4			8,768,306
Industrial		3.0			1,240,420
Mortgage Securities		7.3			2,999,446
Technology		1.9			766,653
Utilities		20.0			8,170,212
		100.0	%	$	40,903,515

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	29,135,763		$	—	$	29,135,763
Government Obligations*		—		11,767,752			—		11,767,752
Money Market Fund		196,665		—			—		196,665
Total	$	196,665	$	40,903,515		$	—	$	41,100,180

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

38

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 97.4%
Argentina: 0.7%
USD	75,000	Arcor SAIC 144A 6.00%, 07/06/23	$	69,807
	100,000	Genneia SA 144A 8.75%, 01/20/22		76,750
		Pampa Energia SA 144A
	50,000	7.38%, 07/21/23		41,999
	75,000	7.50%, 01/24/27		52,209
	100,000	Telecom Argentina SA 144A 8.00%, 07/18/26		82,701
		YPF SA 144A
	170,000	6.95%, 07/21/27		91,588
	25,000	7.00%, 12/15/47		12,704
	150,000	8.50%, 07/28/25		90,150
	175,000	8.75%, 04/04/24		115,832
				633,740
Australia: 0.5%
		FMG Resources August 2006 Pty Ltd. 144A
	25,000	4.50%, 09/15/27		26,816
	200,000	5.13%, 05/15/24 †		214,352
	100,000	Mineral Resources Ltd. 144A 8.13%, 05/01/27		109,250
	100,000	Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26		101,356
				451,774
Austria: 0.9%
	100,000	ams AG 144A 7.00%, 07/31/25		106,062
		JBS Investments II GmbH 144A
	100,000	5.75%, 01/15/28		105,250
	100,000	7.00%, 01/15/26		107,003
	200,000	Klabin Austria GmbH 144A 5.75%, 04/03/29		221,350
EUR	100,000	Novomatic AG 1.63%, 09/20/23		107,866
	100,000	Sappi Papier Holding GmbH Reg S 3.13%, 04/15/26		99,468
	100,000	Wienerberger AG Reg S 2.75%, 06/04/25		120,546
				867,545
Bahamas: 0.1%
	100,000	Nouryon Holding BV Reg S 6.50%, 10/01/26		118,885
Bermuda: 0.6%
USD	200,000	China Oil & Gas Group Ltd. Reg S 4.63%, 04/20/22		200,997
	50,403	Digicel Group 0.5 Ltd. 10.00%, 04/01/24		38,432
		Digicel Group 0.5 Ltd. 144A
	65,077	7.00%, 12/31/99		9,111
	57,891	8.00%, 04/01/25		19,683
	100,000	Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/24		100,250

Principal Amount			Value
Bermuda: (continued)
USD	200,000	Inkia Energy Ltd. 144A 5.88%, 11/09/27	$	209,060
				577,533
Brazil: 2.6%
		Banco Bradesco SA 144A
	100,000	2.85%, 01/27/23		101,575
	100,000	3.20%, 01/27/25		102,100
	100,000	5.75%, 03/01/22		104,776
	200,000	Banco BTG Pactual SA 144A 5.50%, 01/31/23		210,250
	350,000	Banco do Brasil SA 3.88%, 10/10/22		360,657
		Banco do Brasil SA 144A
	100,000	4.63%, 01/15/25		106,401
	200,000	5.88%, 01/19/23		213,552
	100,000	Banco Votorantim SA 144A 4.50%, 09/24/24 †		103,376
	200,000	BRF SA 144A 4.75%, 05/22/24		211,729
	100,000	Caixa Economica Federal 144A 3.50%, 11/07/22		103,101
	200,000	Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 †		225,250
		Itau Unibanco Holding SA 144A
	125,000	2.90%, 01/24/23		126,126
	200,000	5.13%, 05/13/23		212,070
	100,000	5.50%, 08/06/22		105,350
	175,000	5.65%, 03/19/22		182,483
	100,000	6.20%, 12/21/21		103,900
				2,572,696
British Virgin Islands: 2.9%
	105,000	Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		108,216
	100,000	Central American Bottling Corp. 144A 5.75%, 01/31/27		105,000
	200,000	Champion Sincerity Holdings Ltd. Reg S 8.13% (US Treasury Yield Curve Rate T 3 Year+10.58%), 12/31/99 (o)		209,492
		Easy Tactic Ltd. Reg S
	200,000	5.75%, 01/13/22		185,499
	200,000	5.88%, 02/13/23		169,993
		Fortune Star BVI Ltd. Reg S
	100,000	5.25%, 03/23/22		100,499
	200,000	6.75%, 07/02/23		207,101
	100,000	Gold Fields Orogen Holdings BVI Ltd. 144A 5.13%, 05/15/24		109,432
		Greenland Global Investment Ltd. Reg S
	200,000	5.88%, 07/03/24		183,193
	200,000	6.75%, 09/26/23		193,976
	200,000	New Metro Global Ltd. Reg S 6.80%, 08/05/23		207,433

See Notes to Financial Statements

39

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
British Virgin Islands: (continued)
USD	250,000	RKI Overseas Finance 2017 A Ltd. Reg S 7.00%, 12/31/99 (o)	$	224,915
		Scenery Journey Ltd. Reg S
	200,000	13.00%, 11/06/22		173,529
	200,000	13.75%, 11/06/23		172,490
	100,000	Studio City Finance Ltd. 144A 7.25%, 02/11/24		103,060
	200,000	Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		196,780
	200,000	Wealth Driven Ltd. Reg S 5.50%, 08/17/23		201,654
				2,852,262
Canada: 6.0%
	100,000	Athabasca Oil Corp. 144A 9.88%, 02/24/22		34,102
	50,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26		52,491
	75,000	Baytex Energy Corp. 144A 5.63%, 06/01/24		41,711
		Bombardier, Inc. 144A
	125,000	6.00%, 10/15/22 †		113,828
	150,000	6.13%, 01/15/23		129,562
	100,000	7.50%, 12/01/24		75,500
	125,000	7.50%, 03/15/25		91,094
	150,000	7.88%, 04/15/27		109,500
	100,000	8.75%, 12/01/21		99,542
	150,000	Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 144A 6.25%, 09/15/27 †		153,986
	100,000	Cascades, Inc. / Cascades USA, Inc. 144A 5.38%, 01/15/28 †		104,437
		Cenovus Energy, Inc.
	125,000	4.25%, 04/15/27		127,256
	50,000	5.38%, 07/15/25 †		52,740
	150,000	5.40%, 06/15/47		147,940
	175,000	6.75%, 11/15/39		194,249
	100,000	Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76		110,924
	100,000	Ensign Drilling, Inc. 144A 9.25%, 04/15/24		34,812
	50,000	Fairstone Financial, Inc. 144A 7.88%, 07/15/24		51,401
		First Quantum Minerals Ltd. 144A
	100,000	6.88%, 03/01/26		99,438
	200,000	7.50%, 04/01/25		201,125
	200,000	First Quantum Minerals Ltd. 144A 7.25%, 04/01/23		201,305
	100,000	Garda World Security Corp. 144A 4.63%, 02/15/27		97,750
		GFL Environmental, Inc. 144A
	50,000	3.75%, 08/01/25		50,094
	75,000	5.13%, 12/15/26		78,866
	75,000	7.00%, 06/01/26		78,328

Principal Amount			Value
Canada: (continued)
		Gibson Energy, Inc.
CAD	25,000	2.85%, 07/14/27	$	19,290
	75,000	3.60%, 09/17/29		59,670
USD	50,000	goeasy Ltd. 144A 5.38%, 12/01/24		50,599
		Hudbay Minerals, Inc. 144A
	25,000	6.13%, 04/01/29		25,625
	100,000	7.63%, 01/15/25		103,937
CAD	50,000	Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79		38,240
USD	256,000	Lightstream Resources Ltd. 144A 8.63%, 02/01/20 (d) *		1,756
		Mattamy Group Corp. 144A
	50,000	4.63%, 03/01/30		50,836
	50,000	5.25%, 12/15/27 †		53,031
		MEG Energy Corp. 144A
	50,000	7.00%, 03/31/24		47,625
	150,000	7.13%, 02/01/27		135,334
		Methanex Corp.
	50,000	5.13%, 10/15/27		50,978
	150,000	5.25%, 12/15/29		152,265
	50,000	New Gold, Inc. 144A 7.50%, 07/15/27		54,181
		New Red Finance, Inc. 144A
	50,000	3.88%, 01/15/28		50,450
	180,000	4.25%, 05/15/24		183,870
	281,000	5.00%, 10/15/25		288,123
	50,000	Norbord, Inc. 144A 5.75%, 07/15/27		52,678
	300,000	NOVA Chemicals Corp. 144A 5.25%, 08/01/23		299,434
		Open Text Corp. 144A
	100,000	3.88%, 02/15/28		101,750
	150,000	5.88%, 06/01/26		156,187
CAD	50,000	Parkland Fuel Corp. 5.63%, 05/09/25		39,193
		Parkland Fuel Corp. 144A
USD	50,000	5.88%, 07/15/27		51,698
	100,000	6.00%, 04/01/26		103,437
	100,000	Precision Drilling Corp. 144A 7.13%, 01/15/26		63,356
	100,000	Quebecor Media, Inc. 5.75%, 01/15/23		107,600
CAD	125,000	Quebecor Media, Inc. 144A 6.63%, 01/15/23		101,141
USD	50,000	Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25		51,531
	50,000	Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23		46,531
	150,000	Seven Generations Energy Ltd. 144A 6.75%, 05/01/23		150,469
CAD	50,000	SNC-Lavalin Group, Inc. 3.24%, 03/02/23		37,456
USD	100,000	Superior Plus LP / Superior General Partner, Inc. 144A 7.00%, 07/15/26		107,285

See Notes to Financial Statements

40

Principal Amount			Value
Canada: (continued)
		Telesat Canada / Telesat LLC 144A
USD	50,000	4.88%, 06/01/27	$	51,031
	50,000	6.50%, 10/15/27		49,820
	50,000	Tervita Corp. 144A 7.63%, 12/01/21		48,125
		TransAlta Corp.
	25,000	4.50%, 11/15/22		25,938
	75,000	6.50%, 03/15/40		78,188
		Videotron Ltd.
CAD	75,000	4.50%, 01/15/30		59,359
	200,000	5.63%, 06/15/25		163,939
	50,000	Videotron Ltd. Reg S 5.75%, 01/15/26		38,584
				5,882,521
Cayman Islands: 9.7%
USD	200,000	Agile Group Holdings Ltd. Reg S 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/31/99 (o)		207,750
	200,000	Alpha Star Holding III Ltd. Reg S 6.25%, 04/20/22		190,984
	75,000	Braskem Finance Ltd. 6.45%, 02/03/24		80,063
	25,000	Braskem Finance Ltd. 144A 5.38%, 05/02/22		25,781
	200,000	Central China Real Estate Ltd. Reg S 7.25%, 04/24/23		201,358
	200,000	CFLD Cayman Investment Ltd. Reg S 8.60%, 04/08/24		184,500
	200,000	China Aoyuan Property Group Ltd. Reg S 5.38%, 09/13/22		199,994
		China Evergrande Group Reg S
	200,000	8.25%, 03/23/22		168,500
	600,000	8.75%, 06/28/25		444,000
	200,000	9.50%, 04/11/22 †		170,998
	300,000	9.50%, 03/29/24		226,188
	200,000	China SCE Property Holdings Ltd. Reg S 5.88%, 03/10/22		200,898
		CIFI Holdings Group Co. Ltd. Reg S
	200,000	5.38% (US Treasury Yield Curve Rate T 5 Year+8.57%), 12/31/99 (o)		200,495
	200,000	5.50%, 01/23/22		202,999
	100,000	Comcel Trust 144A 6.88%, 02/06/24		102,511
	200,000	CSN Islands XI Corp. 144A 6.75%, 01/28/28		197,198
	200,000	Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23		196,916
	200,000	DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 12/31/99		210,160
	200,000	Emaar Sukuk Ltd. Reg S 3.64%, 09/15/26		194,788
	100,000	Embraer Overseas Ltd. 144A 5.70%, 09/16/23		101,930

Principal Amount			Value
Cayman Islands: (continued)
USD	200,000	Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23	$	205,742
	207,250	Global Aircraft Leasing Co. Ltd. 144A 7.25%, 09/15/24		139,376
	100,000	Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25		35,250
		Grupo Aval Ltd. 144A
	100,000	4.38%, 02/04/30		97,500
	100,000	4.75%, 09/26/22		104,125
		Kaisa Group Holdings Ltd. Reg S
	200,000	8.50%, 06/30/22		195,496
	250,000	9.38%, 06/30/24		227,141
	200,000	11.25%, 04/09/22		204,498
	350,000	KWG Property Holding Ltd. Reg S 5.88%, 11/10/24		350,859
	225,000	Lamar Funding Ltd. Reg S 3.96%, 05/07/25		206,661
	200,000	Logan Property Holdings Co. Ltd. Reg S 5.25%, 02/23/23		202,491
	200,000	MAF Global Securities Ltd. Reg S 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 12/31/99 (o)		196,896
		Melco Resorts Finance Ltd. 144A
	200,000	4.88%, 06/06/25		201,355
	100,000	5.38%, 12/04/29		96,433
	200,000	MGM China Holdings Ltd. 144A 5.88%, 05/15/26		202,480
	93,450	Odebrecht Offshore Drilling Finance Ltd. 144A 6.72%, 12/01/22		85,040
	200,000	Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24		202,495
	200,000	Redsun Properties Group Ltd. Reg S 9.95%, 04/11/22		206,239
	200,000	Ronshine China Holdings Ltd. Reg S 8.75%, 10/25/22		205,493
	100,000	Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25		33,375
	200,000	Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/22		204,950
		Sunac China Holdings Ltd. Reg S
	200,000	7.00%, 07/09/25		194,198
	400,000	7.95%, 08/08/22		408,490
	200,000	Times China Holdings Ltd. Reg S 6.75%, 07/16/23		206,499
EUR	90,000	UPCB Finance IV Ltd. Reg S 4.00%, 01/15/27		106,147
USD	200,000	WTT Investment Ltd. 144A 5.50%, 11/21/22 †		205,750
		Wynn Macau Ltd. 144A
	100,000	5.13%, 12/15/29		92,730
	100,000	5.50%, 01/15/26		96,375
	200,000	5.50%, 10/01/27		187,940

See Notes to Financial Statements

41

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Cayman Islands: (continued)
USD	200,000	Yankuang Group Cayman Ltd. Reg S 6.00%, 01/30/22	$	207,250
	200,000	Yuzhou Group Holdings Co. Ltd. Reg S 7.38%, 01/13/26		193,000
	300,000	Yuzhou Properties Co. Ltd. Reg S 6.00%, 10/25/23		297,519
				9,507,804
Chile: 0.3%
	100,000	AES Gener SA 144A 7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		103,559
	100,000	Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25		80,270
	100,000	VTR Comunicaciones SpA 144A 5.13%, 01/15/28		105,660
				289,489
China / Hong Kong: 1.1%
	200,000	Agile Group Holdings Ltd. Reg S 6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 12/31/99 (o)		200,992
	250,000	Bank of East Asia Ltd. Reg S 5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 12/31/99 (o)		254,006
	200,000	Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 12/31/99 (o)		199,500
	200,000	Yango Justice International Ltd. Reg S 10.25%, 03/18/22		210,231
	200,000	Yanlord Land HK Co. Ltd. Reg S 5.88%, 01/23/22		203,624
				1,068,353
Colombia: 0.6%
	100,000	Banco Davivienda SA Reg S 5.88%, 07/09/22		106,223
		Banco de Bogota SA 144A
	100,000	5.38%, 02/19/23		105,151
	100,000	6.25%, 05/12/26		109,876
	50,000	Banco GNB Sudameris SA 144A 7.50%, 07/30/22		50,751
	80,000	Banco GNB Sudameris SA Reg S 7.50%, 07/30/22		81,201
	150,000	Bancolombia SA 5.13%, 09/11/22		157,350
				610,552
Curacao: 0.2%
	100,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		96,108
	90,000	Teva Pharmaceutical Finance IV BV 3.65%, 11/10/21		89,305
				185,413
Czech Republic: 0.1%
EUR	100,000	Energo-Pro AS Reg S 4.00%, 12/07/22		112,105

Principal Amount			Value
Denmark: 0.4%
EUR	275,000	DKT Finance ApS Reg S 7.00%, 06/17/23	$	323,343
	100,000	Norican A/S Reg S 4.50%, 05/15/23 †		95,486
				418,829
Finland: 0.7%
		Nokia Oyj
USD	100,000	3.38%, 06/12/22		102,375
	100,000	4.38%, 06/12/27		106,875
	100,000	6.63%, 05/15/39		125,220
EUR	100,000	Nokia Oyj Reg S 2.00%, 03/15/24		119,395
	175,000	Teollisuuden Voima Oyj Reg S 2.13%, 02/04/25		202,192
				656,057
France: 7.0%
		Accor SA Reg S
	100,000	1.75%, 02/04/26		113,073
	100,000	2.63% (EUR Swap Annual 5 Year+3.25%), 12/31/99 (o)		95,918
		Altice France SA 144A
USD	100,000	5.50%, 01/15/28		101,438
	700,000	7.38%, 05/01/26		731,360
	300,000	8.13%, 02/01/27		326,593
EUR	175,000	Altice France SA Reg S 3.38%, 01/15/28		193,079
USD	100,000	Banijay Entertainment SASU 144A 5.38%, 03/01/25		101,813
		Casino Guichard Perrachon SA Reg S
EUR	100,000	1.87%, 06/13/22		111,187
	100,000	4.50%, 03/07/24		95,711
	100,000	4.56%, 01/25/23		110,389
	100,000	CMA CGM SA Reg S 5.25%, 01/15/25		107,295
	200,000	Constellium SE Reg S 4.25%, 02/15/26		234,694
USD	250,000	Electricite de France SA 144A 5.63% (USD Swap Semi 30/360 10 Year+3.04%), 12/29/49		262,674
		Electricite de France SA Reg S
EUR	200,000	3.00% (EUR Swap Annual 5 Year+3.20%), 12/31/99		229,270
	200,000	4.00% (EUR Swap Annual 6 Year+3.44%), 12/31/99		242,585
	100,000	4.13% (EUR Swap Annual 8 Year+2.44%), 01/29/49		120,755
	100,000	5.00% (+3.04%), 01/22/49		127,016
	100,000	5.38% (+3.79%), 01/29/49		128,056
GBP	100,000	6.00% (+3.96%), 12/29/49		140,517
		Elis SA Reg S
EUR	100,000	1.63%, 04/03/28		107,865
	100,000	1.88%, 02/15/23		115,659
		Europcar Mobility Group Reg S
	100,000	4.00%, 04/30/26		52,698
	100,000	4.13%, 11/15/24		52,442
	100,000	Faurecia SE Reg S 2.63%, 06/15/25		116,909

See Notes to Financial Statements

42

Principal Amount			Value
France: (continued)
EUR	100,000	3.13%, 06/15/26	$	117,912
	100,000	3.75%, 06/15/28		118,330
	125,000	Fnac Darty SA Reg S 1.88%, 05/30/24		145,235
	150,000	La Financiere Atalian SASU Reg S 4.00%, 05/15/24		152,393
	100,000	La Poste SA Reg S 3.13% (EUR Swap Annual 5 Year+2.44%), 12/31/99 (o)		121,654
		Loxam SAS Reg S
	100,000	2.88%, 04/15/26		107,079
	100,000	4.25%, 04/15/24		113,299
	100,000	New AREVA Holding SA 4.88%, 09/23/24		128,570
	100,000	New AREVA Holding SA Reg S 3.13%, 03/20/23		119,397
	100,000	Paprec Holding SA Reg S 4.00%, 03/31/25		109,816
	100,000	RCI Banque SA Reg S 2.63% (EUR Swap Annual 5 Year+2.85%), 02/18/30		112,662
		Renault SA Reg S
	100,000	1.00%, 04/18/24		111,224
	100,000	1.00%, 11/28/25		109,853
	100,000	1.25%, 06/24/25		108,554
	100,000	2.00%, 09/28/26		110,287
	100,000	Rexel SA Reg S 2.13%, 06/15/25		113,967
	150,000	Solvay Finance SACA Reg S 5.43% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o)		189,384
USD	100,000	SPCM SA 144A 4.88%, 09/15/25		103,005
EUR	100,000	SPIE SA Reg S 2.63%, 06/18/26		115,277
	100,000	Tereos Finance Groupe I SA Reg S 4.13%, 06/16/23		107,776
		Valeo SA Reg S
	100,000	0.38%, 09/12/22		115,117
	100,000	1.63%, 03/18/26		115,055
	100,000	3.25%, 01/22/24		123,328
	100,000	Vallourec SA Reg S 2.25%, 09/30/24		68,242
				6,856,412
Germany: 4.8%
		ADLER Real Estate AG Reg S
	100,000	1.50%, 12/06/21		114,637
	100,000	1.88%, 04/27/23		113,603
	100,000	Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75		116,778
	100,000	Cheplapharm Arzneimittel GmbH Reg S 3.50%, 02/11/27		111,856
		Commerzbank AG Reg S
	150,000	4.00%, 03/23/26		185,064
	100,000	4.00%, 03/30/27		123,798
	100,000	DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24		107,120

Principal Amount			Value
Germany: (continued)
		Deutsche Bank AG
USD	150,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28	$	145,588
	250,000	4.50%, 04/01/25		255,106
	125,000	4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32		121,196
EUR	135,000	Deutsche Bank AG Reg S 2.75%, 02/17/25		157,892
	100,000	Deutsche Pfandbriefbank AG Reg S 2.88% (EUR Swap Annual 5 Year+2.75%), 06/28/27		112,128
	110,000	Hapag-Lloyd AG Reg S 5.13%, 07/15/24		132,247
USD	200,000	IHO Verwaltungs GmbH 144A 5.50% 09/15/26		202,500
		IHO Verwaltungs GmbH Reg S
EUR	100,000	4.38% 05/15/25		116,537
	100,000	4.50% 09/15/26		116,496
	100,000	INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27		109,176
	100,000	Infineon Technologies AG Reg S 3.63% (EUR Swap Annual 5 Year+4.00%), 12/31/99		118,862
	200,000	K+S AG Reg S 3.00%, 06/20/22		232,377
	100,000	LANXESS AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76		123,201
	140,000	Metro Wholesale & Food Reg S 1.50%, 03/19/25		166,352
	200,000	Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24		227,728
	100,000	Platin 1426 GmbH Reg S 5.38%, 06/15/23		110,265
	130,000	ProGroup AG Reg S 3.00%, 03/31/26		149,530
USD	100,000	RWE AG Reg S 6.63% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75		114,999
		Schaeffler AG Reg S
EUR	150,000	1.88%, 03/26/24		173,787
	100,000	2.88%, 03/26/27		116,591
	100,000	Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25		110,814
	100,000	Tele Columbus AG Reg S 3.88%, 05/02/25		110,016
		thyssenkrupp AG Reg S
	200,000	1.38%, 03/03/22		228,031
	100,000	2.50%, 02/25/25		106,287
	100,000	2.88%, 02/22/24		108,352
	100,000	Vertical Midco GmbH Reg S 4.38%, 07/15/27		118,087
				4,657,001
India: 1.2%
USD	200,000	Canara Bank Reg S 3.88%, 03/28/24		207,043

See Notes to Financial Statements

43

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
India: (continued)
USD	200,000	Delhi International Airport Ltd. Reg S 6.13%, 02/03/22	$	204,745
	200,000	GMR Hyderabad International Airport Ltd. 144A 5.38%, 04/10/24		198,713
	200,000	JSW Steel Ltd. Reg S 5.95%, 04/18/24		205,487
	100,000	ReNew Power Synthetic 144A 6.67%, 03/12/24		104,853
	200,000	Tata Motors Ltd. Reg S 5.75%, 10/30/24		203,070
				1,123,911
Indonesia: 0.4%
	200,000	Adaro Indonesia PT 144A 4.25%, 10/31/24		199,250
	200,000	Saka Energi Indonesia PT 144A 4.45%, 05/05/24		185,000
				384,250
Ireland: 2.3%
EUR	100,000	AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29		113,748
GBP	100,000	Bank of Ireland Group Plc Reg S 3.13% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.70%), 09/19/27		129,514
USD	200,000	C&W Senior Financing DAC 144A 6.88%, 09/15/27 †		211,100
	200,000	Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25		201,500
EUR	200,000	eircom Finance DAC Reg S 3.50%, 05/15/26		233,512
USD	200,000	GTLK Europe DAC Reg S 5.13%, 05/31/24		208,704
	150,000	James Hardie International Finance DAC 144A 5.00%, 01/15/28		159,534
	200,000	LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27		212,750
	100,000	Metalloinvest Finance DAC 144A 4.85%, 05/02/24		108,480
	200,000	Motion Bondco DAC 144A 6.63%, 11/15/27 †		173,690
	100,000	SCF Capital Designated Activity Co. 144A 5.38%, 06/16/23		107,106
EUR	300,000	Smurfit Kappa Acquisitions ULC Reg S 2.38%, 02/01/24		361,905
				2,221,543
Israel: 0.2%
		Leviathan Bond Ltd. Reg S 144A
USD	50,000	5.75%, 06/30/23		51,283
	50,000	6.13%, 06/30/25		51,908
	50,000	6.50%, 06/30/27		51,658
	50,000	6.75%, 06/30/30		51,470
				206,319

Principal Amount			Value
Italy: 7.4%
		Assicurazioni Generali SpA Reg S
EUR	125,000	4.60% (Euribor 3 Month ACT/360+4.50%), 11/30/49	$	154,343
GBP	50,000	6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/29/49		70,145
		Atlantia SpA Reg S
EUR	100,000	1.63%, 02/03/25		115,588
	100,000	1.88%, 07/13/27		112,816
		Autostrade per l’Italia SpA
	100,000	1.63%, 06/12/23		115,436
	100,000	5.88%, 06/09/24		133,382
		Autostrade per l’Italia SpA Reg S
	100,000	1.75%, 06/26/26		113,934
	100,000	1.75%, 02/01/27		113,819
	100,000	1.88%, 09/26/29		114,082
	50,000	4.38%, 09/16/25		65,377
	100,000	Banca IFIS SpA Reg S 4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27		101,808
	100,000	Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24		117,926
		Banco BPM SpA Reg S
	100,000	1.75%, 04/24/23		119,396
	100,000	2.00%, 03/08/22		119,008
	100,000	2.50%, 06/21/24		121,867
	100,000	4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27		116,971
	100,000	BPER Banca Reg S 5.13% (EUR Swap Annual 5 Year+4.91%), 05/31/27		119,324
	100,000	Esselunga SpA Reg S 0.88%, 10/25/23		116,433
	100,000	Iccrea Banca SpA Reg S 1.50%, 10/11/22		117,447
	100,000	Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26		121,086
	100,000	International Design Group SPA Reg S 6.50%, 11/15/25		111,615
		Intesa Sanpaolo SpA 144A
USD	100,000	5.02%, 06/26/24		105,581
	150,000	5.71%, 01/15/26		163,482
		Intesa Sanpaolo SpA Reg S
EUR	100,000	2.86%, 04/23/25		120,287
	100,000	3.93%, 09/15/26		125,716
	200,000	6.63%, 09/13/23		264,383
	100,000	Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o)		121,271
		Leonardo Finmeccanica SpA
	100,000	4.88%, 03/24/25		130,718
	100,000	5.25%, 01/21/22		122,735
	100,000	Nexi SpA Reg S 1.75%, 10/31/24		116,427
	68,750	Sisal Group SpA Reg S 7.00%, 07/31/23		78,697

See Notes to Financial Statements

44

Principal Amount			Value
Italy: (continued)
EUR	100,000	Societa Cattolica di Assicurazioni SC Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47	$	118,800
		Telecom Italia SpA
	100,000	5.25%, 03/17/55		138,219
GBP	150,000	5.88%, 05/19/23		211,483
USD	200,000	Telecom Italia SpA 144A 5.30%, 05/30/24		216,695
		Telecom Italia SpA Reg S
EUR	100,000	2.38%, 10/12/27		117,610
	200,000	2.88%, 01/28/26		241,878
	100,000	3.00%, 09/30/25		122,021
	250,000	3.63%, 05/25/26		313,591
	200,000	4.00%, 04/11/24		249,372
	150,000	5.25%, 02/10/22		185,894
		UniCredit SpA Reg S
	200,000	2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29		217,406
	200,000	2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32		216,728
	200,000	4.38% (EUR Swap Annual 5 Year+4.32%), 01/03/27		240,576
	200,000	6.95%, 10/31/22		258,934
		Unione di Banche Italiane SpA Reg S
	150,000	4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/27		181,782
	100,000	5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29		127,738
	200,000	Unipol Gruppo SpA Reg S 3.00%, 03/18/25		241,418
	100,000	UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o)		121,869
				7,263,114
Japan: 1.5%
		SoftBank Group Corp. Reg S
USD	200,000	4.75%, 09/19/24		203,479
	200,000	5.13%, 09/19/27		202,498
	200,000	5.38%, 07/30/22		206,623
	250,000	6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 12/31/99 (o)		232,125
	350,000	6.25%, 04/15/28		380,316
	200,000	6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 12/31/99 (o)		191,040
				1,416,081
Kazakhstan: 0.3%
		KazMunayGas National Co. JSC 144A
	100,000	4.75%, 04/19/27		112,923
	125,000	5.75%, 04/19/47		155,523
				268,446
Luxembourg: 8.4%
	150,000	Adecoagro SA 144A 6.00%, 09/21/27		150,724

Principal Amount			Value
Luxembourg: (continued)
EUR	100,000	ADLER Group SA Reg S 3.25%, 08/05/25	$	115,174
		Altice Financing SA 144A
USD	250,000	5.00%, 01/15/28		242,829
	200,000	7.50%, 05/15/26		209,000
EUR	100,000	Altice Finco SA Reg S 4.75%, 01/15/28		105,438
	100,000	Altice France Holding SA Reg S 8.00%, 05/15/27		122,528
GBP	100,000	Amigo Luxembourg SA Reg S 7.63%, 01/15/24		81,073
		ArcelorMittal SA
USD	100,000	3.60%, 07/16/24		104,138
	100,000	4.55%, 03/11/26		107,727
	75,000	7.00%, 03/01/41		90,484
	75,000	7.25%, 10/15/39		91,773
		ArcelorMittal SA Reg S
EUR	100,000	1.00%, 05/19/23		116,236
	100,000	1.75%, 11/19/25		116,423
	100,000	2.25%, 01/17/24		119,893
	200,000	ARD Finance SA Reg S 5.75% 06/30/27		226,009
		Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
USD	150,000	4.13%, 08/15/26		153,187
	125,000	5.25%, 08/15/27		128,839
	100,000	6.00%, 02/15/25		103,475
EUR	175,000	Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.13%, 08/15/26		199,956
GBP	101,000	Cabot Financial Luxembourg SA Reg S 7.50%, 10/01/23		132,552
EUR	150,000	Cirsa Finance International SARL 144A 6.25%, 12/20/23		155,536
	100,000	Codere Finance SA Reg S 6.75%, 11/01/21		57,194
USD	150,000	Consolidated Energy Finance SA 144A 6.88%, 06/15/25		139,781
	100,000	Cosan Luxembourg SA 144A 7.00%, 01/20/27 †		106,438
EUR	100,000	CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 12/31/99		112,807
	100,000	Crystal Almond SARL Reg S 4.25%, 10/15/24		113,270
USD	100,000	CSN Resources SA 144A 7.63%, 02/13/23		103,900
EUR	100,000	Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+5.17%), 12/31/99		114,630
	250,000	Fiat Chrysler Finance Europe SENC Reg S 4.75%, 07/15/22		309,644
	200,000	Garfunkelux Holdco 3 SA Reg S 7.50%, 08/01/22		232,877

See Notes to Financial Statements

45

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Luxembourg: (continued)
EUR	100,000	Gestamp Funding Luxembourg SA Reg S 3.50%, 05/15/23	$	115,314
	100,000	Holcim Finance Luxembourg SA Reg S 3.00% (Euribor ICE Swap Rate 5 Year+3.07%), 12/31/99 (o)		118,846
	200,000	INEOS Group Holdings SA Reg S 5.38%, 08/01/24		232,756
	200,000	Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24		76,618
	150,000	Lincoln Financing SARL Reg S 3.63%, 04/01/24		166,865
		Matterhorn Telecom SA Reg S
	100,000	3.13%, 09/15/26		110,678
	100,000	4.00%, 11/15/27		114,160
USD	200,000	MHP Lux SA 144A 6.95%, 04/03/26		201,520
		Millicom International Cellular SA 144A
	100,000	5.13%, 01/15/28		105,150
	100,000	6.25%, 03/25/29		110,781
		Minerva Luxembourg SA 144A
	75,000	5.88%, 01/19/28		78,020
	150,000	6.50%, 09/20/26		156,189
EUR	100,000	Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24		118,861
USD	100,000	Nexa Resources SA 144A 6.50%, 01/18/28		111,562
	250,000	Puma International Financing SA 144A 5.00%, 01/24/26		207,125
	200,000	Rede D’or Finance SARL 144A 4.50%, 01/22/30		197,000
EUR	100,000	Rossini SARL Reg S 6.75%, 10/30/25		121,802
USD	200,000	Rumo Luxembourg SARL 144A 7.38%, 02/09/24		209,300
	250,000	Sberbank of Russia Via SB Capital SA 144A 5.13%, 10/29/22		262,625
EUR	100,000	SES SA Reg S 4.63% (EUR Swap Annual 5 Year+4.66%), 12/29/49 (o)		118,494
	100,000	SIG Combibloc Purchase Co. SARL Reg S 2.13%, 06/18/25		119,062
	100,000	Summer BC Holdco B SARL Reg S 5.75%, 10/31/26		115,325
	100,000	Telecom Italia Finance SA 7.75%, 01/24/33		167,945
USD	200,000	Telenet Finance Luxembourg Notes SARL 144A 5.50%, 03/01/28		211,100
EUR	100,000	TLG Finance SARL Reg S 3.38% (EUR Swap Annual 5 Year+3.98%), 12/31/99 (o)		114,560
USD	11,000	Trafigura Funding SA 144A 5.25%, 03/19/23		10,928
	100,000	Ultrapar International SA 144A 5.25%, 10/06/26		107,732

Principal Amount			Value
Luxembourg: (continued)
EUR	100,000	Vivion Investments SARL Reg S 3.00%, 08/08/24	$	103,654
USD	100,000	VTB Bank SA 144A 6.95%, 10/17/22		105,879
				8,153,386
Malta: 0.0%
	32,000	Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^		21,240
Marshall Islands: 0.1%
	100,000	Teekay Offshore Partners LP / Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23		84,761
Mauritius: 0.4%
	200,000	MTN Mauritius Investments Ltd. 144A 4.76%, 11/11/24		206,050
	200,000	Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 12/31/99 (o)		200,800
				406,850
Mexico: 4.6%
	100,000	Axtel SAB de CV 144A 6.38%, 11/14/24		104,150
	150,000	BBVA Bancomer SA 144A 6.75%, 09/30/22		161,662
	200,000	Braskem Idesa SAPI 144A 7.45%, 11/15/29		189,404
		Cemex SAB de CV 144A
	200,000	5.70%, 01/11/25		205,600
	100,000	7.38%, 06/05/27		110,276
	100,000	7.75%, 04/16/26		105,925
EUR	150,000	Cemex SAB de CV Reg S 2.75%, 12/05/24		173,663
USD	100,000	Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 †		98,100
	100,000	Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 12/31/99 (o)		106,375
	200,000	Nemak SAB de CV 144A 4.75%, 01/23/25		205,675
		Petróleos Mexicanos
	50,000	4.50%, 01/23/26		44,165
	175,000	5.35%, 02/12/28		149,702
	225,000	5.95%, 01/28/31		188,606
	200,000	6.35%, 02/12/48		153,000
	75,000	6.38%, 01/23/45		56,952
	175,000	6.49%, 01/23/27		163,012
	250,000	6.50%, 03/13/27		232,785
	125,000	6.50%, 01/23/29		111,644
	200,000	6.63%, 06/15/35		165,023
	350,000	6.75%, 09/21/47		272,263
	300,000	6.84%, 01/23/30		268,470
	200,000	6.88%, 08/04/26		192,480
	200,000	6.95%, 01/28/60		156,655
	450,000	7.69%, 01/23/50		374,542

See Notes to Financial Statements

46

Principal Amount			Value
Mexico: (continued)
		Petróleos Mexicanos Reg S
EUR	100,000	2.75%, 04/21/27	$	95,027
	100,000	4.75%, 02/26/29		102,507
	100,000	4.88%, 02/21/28		103,870
	50,000	5.50%, 02/24/25		59,824
		Unifin Financiera SAB de CV 144A
USD	100,000	7.00%, 01/15/25		81,313
	100,000	7.25%, 09/27/23		88,001
				4,520,671
Morocco: 0.3%
		OCP SA 144A
	150,000	5.63%, 04/25/24		163,409
	100,000	6.88%, 04/25/44		125,746
				289,155
Netherlands: 11.5%
		Braskem Netherlands Finance BV 144A
	100,000	4.50%, 01/10/28		96,427
	125,000	4.50%, 01/31/30		115,600
	50,000	8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		50,863
EUR	125,000	Dufry One BV Reg S 2.50%, 10/15/24		132,061
	100,000	ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 12/31/99		121,436
USD	125,000	Embraer Netherlands Finance BV 5.40%, 02/01/27		119,065
	200,000	Fiat Chrysler Automobiles NV 5.25%, 04/15/23		213,500
EUR	200,000	Fiat Chrysler Automobiles NV Reg S 3.75%, 03/29/24		250,391
USD	200,000	Greenko Dutch BV 144A 5.25%, 07/24/24		205,832
	200,000	IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		204,500
	114,000	Indo Energy Finance II BV 144A 6.38%, 01/24/23		114,434
EUR	100,000	Intertrust Group BV Reg S 3.38%, 11/15/25		116,925
	100,000	IPD 3 BV Reg S 4.50%, 07/15/22		108,331
USD	150,000	Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42		206,059
	125,000	Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73		131,032
		Metinvest BV 144A
	50,000	7.75%, 04/23/23 †		51,291
	100,000	8.50%, 04/23/26		101,385
	195,028	MV24 Capital BV 144A 6.75%, 06/01/34		196,493
EUR	100,000	Naturgy Finance BV Reg S 4.13% (EUR Swap Annual 8 Year+3.35%), 11/29/49 (o)		121,376

Principal Amount			Value
Netherlands: (continued)
EUR	100,000	OCI NV Reg S 3.13%, 11/01/24	$	115,086
		Petrobras Global Finance BV
USD	75,000	4.38%, 05/20/23		79,714
EUR	100,000	4.75%, 01/14/25		129,560
USD	331,000	5.09%, 01/15/30		346,102
	200,000	5.30%, 01/27/25		223,252
	150,000	5.75%, 02/01/29		167,086
	250,000	6.00%, 01/27/28		280,884
	200,000	6.25%, 03/17/24		225,198
	150,000	6.75%, 01/27/41		167,158
	275,000	6.85%, 12/31/99		296,312
	100,000	6.88%, 01/20/40		112,776
	150,000	6.90%, 03/19/49		169,971
	150,000	7.25%, 03/17/44		173,606
	275,000	7.38%, 01/17/27		331,719
	175,000	8.75%, 05/23/26		223,344
EUR	41,000	Phoenix PIB Dutch Finance BV Reg S 3.63%, 07/30/21		49,000
	200,000	PPF Telecom Group BV Reg S 3.13%, 03/27/26		235,182
	100,000	Q-Park Holding I BV Reg S 2.00%, 03/01/27		100,017
	225,000	Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75		271,920
	150,000	Saipem Finance International BV Reg S 3.75%, 09/08/23		178,135
	125,000	Samvardhana Motherson Automotive Systems Group BV Reg S 1.80%, 07/06/24		133,567
	100,000	Sigma Holdco BV Reg S 5.75%, 05/15/26		111,807
USD	100,000	Stars Group Holdings BV / Stars Group US Co-Borrower LLC 144A 7.00%, 07/15/26		105,900
EUR	104,875	Summer BidCo BV Reg S 9.75% 11/15/25 †		123,547
		Telefonica Europe BV Reg S
	100,000	2.63% (EUR Swap Annual 5 Year+2.33%), 12/31/99		114,592
	100,000	3.00% (EUR Swap Annual 5 Year+2.45%), 12/31/99 (o)		115,247
	100,000	3.75% (EUR Swap Annual 5 Year+3.86%), 12/31/49 (o)		118,364
	100,000	3.88% (EUR Swap Annual 8 Year+2.97%), 12/31/99 (o)		118,604
	200,000	4.38% (EUR Swap Annual 6 Year+4.11%), 12/31/99 (o)		242,144
	100,000	5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49		126,674
	175,000	TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 12/31/99 (o)		210,693

See Notes to Financial Statements

47

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Netherlands: (continued)
		Teva Pharmaceutical Finance Netherlands II BV Reg S
EUR	100,000	1.13%, 10/15/24	$	102,305
	100,000	1.25%, 03/31/23		108,652
		Teva Pharmaceutical Finance Netherlands III BV
USD	350,000	2.80%, 07/21/23		332,591
	350,000	3.15%, 10/01/26		308,656
	250,000	4.10%, 10/01/46		208,430
	150,000	6.00%, 04/15/24		151,200
	200,000	6.75%, 03/01/28 †		210,440
	125,000	7.13%, 01/31/25		129,779
EUR	200,000	Trivium Packaging Finance BV Reg S 3.75%, 08/15/26		231,032
	100,000	United Group BV Reg S 4.88%, 07/01/24		116,850
USD	100,000	UPC Holding BV 144A 5.50%, 01/15/28		103,437
		VEON Holdings BV 144A
	100,000	4.00%, 04/09/25		104,461
	100,000	7.25%, 04/26/23		110,625
	100,000	7.50%, 03/01/22		108,066
EUR	100,000	VZ Vendor Financing BV Reg S 2.50%, 01/31/24		114,155
		ZF Europe Finance BV Reg S
	100,000	2.00%, 02/23/26		108,864
	100,000	3.00%, 10/23/29		106,147
USD	314,000	Ziggo BV 144A 5.50%, 01/15/27		326,354
		Ziggo BV Reg S
EUR	100,000	2.88%, 01/15/30		113,968
	90,000	4.25%, 01/15/27		108,040
				11,258,214
Norway: 0.2%
USD	150,000	Aker BP ASA 144A 5.88%, 03/31/25		155,003
Peru: 0.4%
	100,000	Orazul Energy Egenor SCA 144A 5.63%, 04/28/27		103,857
	200,000	Peru LNG Srl 144A 5.38%, 03/22/30		153,712
	100,000	Volcan Cia Minera SAA 144A 5.38%, 02/02/22		101,020
				358,589
Portugal: 0.5%
EUR	100,000	Banco Comercial Portugues SA Reg S 3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30		103,695
	100,000	Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28		125,594
	200,000	EDP - Energias de Portugal SA Reg S 4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79		251,853
				481,142

Principal Amount			Value
Romania: 0.1%
EUR	100,000	RCS & RDS SA Reg S 2.50%, 02/05/25	$	111,474
Singapore: 0.7%
USD	250,000	ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24		261,162
	150,000	Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		1,969
	200,000	Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		194,577
	200,000	Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26		165,500
EUR	34,000	Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 12/31/99 (o)		38,717
				661,925
South Africa: 0.4%
		Eskom Holdings SOC Ltd. 144A
USD	100,000	6.75%, 08/06/23		95,152
	100,000	7.13%, 02/11/25		93,930
	100,000	8.45%, 08/10/28		95,642
	134,202	South Africa Ltd. 144A 3.00%12/31/22		1,342
	100,000	Transnet SOC Ltd. 144A 4.00%, 07/26/22		99,631
				385,697
South Korea: 0.1%
	100,000	Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 12/31/99 (o)		103,249
Spain: 1.8%
EUR	100,000	Abanca Corp. Bancaria SA Reg S 6.13% (EUR Swap Annual 5 Year+5.93%), 01/18/29		121,272
	100,000	Abengoa SA 0.00%, 03/31/27 (s) *		584
		Banco de Sabadell SA Reg S
	100,000	1.75%, 05/10/24		115,004
	100,000	5.63%, 05/06/26		123,548
		Bankia SA Reg S
	100,000	1.13%, 11/12/26		117,674
	100,000	3.38% (EUR Swap Annual 5 Year+3.35%), 03/15/27		118,801
	100,000	3.75% (EUR Swap Annual 5 Year+3.62%), 02/15/29		122,699
	100,000	Cellnex Telecom SA Reg S 2.38%, 01/16/24		122,600
	200,000	Cellnex Telecom SAU Reg S 3.13%, 07/27/22		244,966
	100,000	El Corte Ingles SA Reg S 3.00%, 03/15/24		115,535
	275,000	Grifols SA Reg S 3.20%, 05/01/25		319,999
	125,000	Grupo Antolin-Irausa SA Reg S 3.25%, 04/30/24		129,137
		Grupo Isolux Corsan SA
	302	0.25%, 12/30/21 (d) *		1
	56,417	6.00%, 12/30/21 (d) *		526

See Notes to Financial Statements

48

Principal Amount			Value
Spain: (continued)
EUR	100,000	Obrascon Huarte Lain SA Reg S 5.50%, 03/15/23	$	56,030
				1,708,376
Sweden: 1.5%
	175,000	Akelius Residential Property AB Reg S 3.88% (Euribor ICE Swap Rate 5 Year+3.49%), 10/05/78		210,064
	100,000	Dometic Group AB Reg S 3.00%, 05/08/26		116,445
USD	100,000	Ericsson LM 4.13%, 05/15/22		103,437
EUR	100,000	Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 12/31/99		115,391
	300,000	Intrum AB Reg S 3.13%, 07/15/24		330,658
USD	100,000	Stena AB 144A 7.00%, 02/01/24		95,365
EUR	100,000	Telefonaktiebolaget LM Ericsson Reg S 1.88%, 03/01/24		122,320
	200,000	Verisure Midholding AB Reg S 5.75%, 12/01/23		232,202
	100,000	Volvo Car AB Reg S 2.00%, 01/24/25		116,631
				1,442,513
Thailand: 0.2%
USD	200,000	Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		196,236
Turkey: 2.2%
	150,000	Akbank T.A.S. 144A 5.13%, 03/31/25		139,003
	100,000	Arcelik AS 144A 5.00%, 04/03/23		99,827
	200,000	KOC Holding AS 144A 5.25%, 03/15/23		199,778
	200,000	QNB Finansbank AS 144A 4.88%, 05/19/22		199,036
	200,000	TC Ziraat Bankasi AS 144A 5.13%, 05/03/22		194,430
	100,000	Turk Telekomunikasyon AS 144A 4.88%, 06/19/24		96,876
	200,000	Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 †		193,884
	200,000	Turkiye Garanti Bankasi AS 144A 5.25%, 09/13/22		197,500
		Turkiye Is Bankasi AS 144A
	100,000	6.00%, 10/24/22		97,378
	250,000	6.13%, 04/25/24		237,450
	100,000	Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 †		101,479
		Turkiye Vakiflar Bankasi TAO 144A
	100,000	5.75%, 01/30/23		96,130
	100,000	6.00%, 11/01/22		96,908
		Yapi ve Kredi Bankasi AS 144A
	100,000	5.50%, 12/06/22		97,297
	50,000	5.75%, 02/24/22		49,687

Principal Amount			Value
Turkey: (continued)
EUR	100,000	5.85%, 06/21/24	$	94,955
				2,191,618
United Arab Emirates: 0.4%
	200,000	Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26		199,783
	200,000	Oztel Holdings SPC Ltd. 144A 5.63%, 10/24/23		200,380
				400,163
United Kingdom: 8.1%
GBP	100,000	Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26		127,574
USD	50,000	AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 †		61,708
GBP	100,000	Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23		133,315
USD	100,000	Aston Martin Capital Holdings Ltd. 144A 6.50%, 04/15/22 †		100,631
GBP	100,000	Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75		136,088
USD	200,000	Connect Finco SARL / Connect US Finco LLC 144A 6.75%, 10/01/26		201,750
GBP	100,000	Co-Operative Group Ltd. Reg S 5.13%, 05/17/24		135,862
USD	100,000	Drax Finco Plc 144A 6.63%, 11/01/25		104,875
	200,000	eG Global Finance Plc 144A 6.75%, 02/07/25		196,300
EUR	100,000	eG Global Finance Plc Reg S 4.38%, 02/07/25		106,881
	100,000	Ellaktor Value Plc Reg S 6.38%, 12/15/24		99,449
USD	200,000	Evraz Plc 144A 5.38%, 03/20/23		215,140
		FCE Bank Plc Reg S
EUR	150,000	1.13%, 02/10/22		172,159
	150,000	1.62%, 05/11/23		170,460
GBP	100,000	Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26		132,683
USD	200,000	Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+.00%), 10/15/99		200,091
GBP	100,000	GKN Holdings Ltd. Reg S 4.63%, 05/12/32		125,583
	150,000	Heathrow Finance Plc Reg S 5.75%, 03/03/25		195,890
		Jaguar Land Rover Automotive Plc Reg S
EUR	100,000	2.20%, 01/15/24		99,019
GBP	125,000	3.88%, 03/01/23		150,110
	100,000	Jerrold Finco Plc Reg S 6.13%, 01/15/24		124,369
	100,000	Ladbrokes Group Finance Plc Reg S 5.13%, 09/16/22		133,528

See Notes to Financial Statements

49

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
United Kingdom: (continued)
EUR	100,000	LHC3 Plc Reg S 9.00% 08/15/24	$	116,805
		Lloyds Banking Group Plc 144A
USD	50,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 01/29/49 (o) †		59,277
	50,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 12/29/49 (o)		60,777
	200,000	MARB BondCo Plc 144A 6.88%, 01/19/25		206,960
GBP	150,000	Marks & Spencer Plc Reg S 6.00%, 06/12/25		210,808
	100,000	Mclaren Finance Plc Reg S 5.00%, 08/01/22		119,061
EUR	100,000	NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.13%, 07/19/24		112,071
GBP	100,000	Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25		128,662
EUR	100,000	Playtech Plc Reg S 3.75%, 10/12/23		115,266
USD	200,000	Polyus Finance Plc 144A 5.25%, 02/07/23		213,780
		Rolls-Royce Plc Reg S
EUR	100,000	0.88%, 05/09/24		105,503
	300,000	1.63%, 05/09/28		296,250
GBP	100,000	Shop Direct Funding Plc Reg S 7.75%, 11/15/22		126,859
USD	100,000	Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/29/49 (o)		121,803
GBP	100,000	Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25		121,542
	100,000	Stretford 79 Plc Reg S 6.75%, 07/15/24		130,901
USD	200,000	Tullow Oil Plc 144A 7.00%, 03/01/25		105,500
	18,000	Ukraine Railways Via Shortline Plc Reg S 9.88%, 09/15/21		18,244
	200,000	Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		125,600
	150,000	Vedanta Resources Ltd. 144A 6.13%, 08/09/24		88,167
	250,000	Virgin Media Finance Plc 144A 5.00%, 07/15/30		249,062
		Virgin Media Secured Finance Plc 144A
	125,000	5.50%, 08/15/26		130,278
	100,000	5.50%, 05/15/29		107,000
GBP	200,000	Virgin Media Secured Finance Plc Reg S 5.00%, 04/15/27		268,265
EUR	100,000	Viridian Group FinanceCo Plc / Viridian Power & Energy Reg S 4.00%, 09/15/25		115,669
USD	200,000	Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31		200,500
	175,000	Vodafone Group Plc

Principal Amount			Value
United Kingdom: (continued)
		7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	$	207,829
		Vodafone Group Plc Reg S
EUR	400,000	3.67% (EUR Swap Annual 5 Year+2.67%), 01/03/79		472,929
USD	200,000	6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78		216,250
EUR	100,000	Walnut Bidco Plc Reg S 6.75%, 08/01/24		113,239
GBP	100,000	William Hill Plc Reg S 4.88%, 09/07/23		138,028
				7,926,350
United States: 3.0%
USD	150,000	AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45		133,125
	50,000	Braskem America Finance Co. 144A 7.13%, 07/22/41		53,438
EUR	100,000	CGG Holding US, Inc. Reg S 7.88%, 05/01/23		115,843
USD	100,000	Cott Holdings, Inc. 144A 5.50%, 04/01/25		103,375
	150,000	Dresdner Funding Trust I 144A 8.15%, 06/30/31		220,061
		JBS USA LUX SA / JBS USA Finance, Inc. 144A
	100,000	5.75%, 06/15/25		103,050
	100,000	6.75%, 02/15/28		110,110
		JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A
	100,000	5.50%, 01/15/30		108,875
	150,000	6.50%, 04/15/29		168,769
	100,000	Kronos Acquisition Holdings, Inc. 144A 9.00%, 08/15/23		101,438
		Mercer International, Inc.
	41,000	5.50%, 01/15/26 †		38,924
	50,000	6.50%, 02/01/24		50,375
	160,000	Navios Maritime Holdings, Inc. / Navios Maritime Finance II US, Inc. 144A 7.38%, 01/15/22		76,800
	100,000	NBM US Holdings, Inc. 144A 6.63%, 08/06/29		108,010
	50,000	Resolute Forest Products, Inc. 5.88%, 05/15/23		49,557
	207,297	Rio Oil Finance Trust 144A 9.25%, 07/06/24		228,029
	300,000	Sasol Financing USA LLC 5.88%, 03/27/24		290,925
	100,000	Stillwater Mining Co. 144A 7.13%, 06/27/25		105,885
	50,000	Terraform Global Operating LLC 144A 6.13%, 03/01/26		50,678
	100,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		100,325
	200,000	Vertical US Newco, Inc. 144A 5.25%, 07/15/27		206,215
	275,000	ZF North America Capital, Inc. 144A 4.75%, 04/29/25		284,969

See Notes to Financial Statements

 50

Principal Amount			Value
United States: (continued)
EUR	100,000	ZF North America Capital, Inc. Reg S 2.75%, 04/27/23	$	117,460
				2,926,236
Total Corporate Bonds (Cost: $95,385,677)				94,985,483
Number of Shares
GOVERNMENT OBLIGATIONS: 0.5%
Azerbaijan: 0.2%
USD	200,000	State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		238,123
Costa Rica: 0.1%
	100,000	Instituto Costarricense de Electricidad Reg S 6.95%, 11/10/21		98,376
Turkey: 0.2%
		Turkiye Ihracat Kredi Bankasi AS 144A
	100,000	6.13%, 05/03/24		95,671
	100,000	8.25%, 01/24/24		101,671
				197,342
Total Government Obligations (Cost: $534,022)				533,841

Number of Shares			Value
COMMON STOCK: 0.0% (Cost: $5,626)
Canada: 0.0%
	988	Tervita Corp. *	$	1,297
WARRANTS: 0.0% (Cost: $10,977)
Spain: 0.0%
	138	Grupo Isolux Corsan SA (EUR 0.00, expiring 12/30/21) * # ∞		0
Total Investments Before Collateral for Securities Loaned: 97.9% (Cost: $95,936,302)				95,520,621
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0% (Cost: $1,894,265)
Money Market Fund: 2.0%
	1,894,265	State Street Navigator Securities Lending Government Money Market Portfolio		1,894,265
Total Investments: 99.9% (Cost: $97,830,567)				97,414,886
Other assets less liabilities: 0.1%				132,204
NET ASSETS: 100.0%			$	97,547,090

See Notes to Financial Statements

 51

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity - the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
^	Zero Coupon Bond
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,777,290.
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets.
∞	Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $33,259,040, or 34.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		8.9	%	$	8,479,301
Communications		16.3			15,534,260
Consumer, Cyclical		10.8			10,300,838
Consumer, Non-cyclical		9.6			9,162,097
Diversified		0.5			444,673
Energy		11.8			11,282,006
Financial		27.8			26,552,246
Government		0.5			533,841
Industrial		8.3			7,890,473
Technology		0.7			706,458
Utilities		4.8			4,634,428
		100.0	%	$	95,520,621

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	94,985,483		$	—	$	94,985,483
Government Obligations*		—		533,841			—		533,841
Common Stock*		1,297		—			—		1,297
Warrants*		—		—			0		0
Money Market Fund		1,894,265		—			—		1,894,265
Total	$	1,895,562	$	95,519,324		$	0	$	97,414,886

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

 52

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal
Amount			Value
FLOATING RATE NOTES: 99.7%
Australia: 5.6%
		Australia & New Zealand Banking Group Ltd. 144A
$	800,000	0.74% (ICE LIBOR USD 3 Month+.49%), 11/21/22	$	805,089
	625,000	0.74% (ICE LIBOR USD 3 Month+.46%), 05/17/21		626,556
	800,000	0.98% (ICE LIBOR USD 3 Month+.71%), 05/19/22		806,844
		Commonwealth Bank of Australia 144A
	2,750,000	0.94% (ICE LIBOR USD 3 Month+.70%), 03/16/23		2,780,831
	950,000	0.95% (ICE LIBOR USD 3 Month+.70%), 03/10/22		957,019
	1,825,000	1.07% (ICE LIBOR USD 3 Month+.82%), 06/04/24		1,857,091
	500,000	1.08% (ICE LIBOR USD 3 Month+.83%), 09/06/21		503,379
	425,000	Macquarie Bank Ltd. 144A 0.71% (ICE LIBOR USD 3 Month+.45%), 11/24/21		426,737
	2,025,000	Macquarie Group Ltd. 144A 1.58% (ICE LIBOR USD 3 Month+1.35%), 03/27/24		2,044,218
		National Australia Bank Ltd. 144A
	1,575,000	0.66% (ICE LIBOR USD 3 Month+.41%), 12/13/22		1,581,708
	1,825,000	0.82% (ICE LIBOR USD 3 Month+.60%), 04/12/23		1,842,109
	500,000	0.96% (ICE LIBOR USD 3 Month+.71%), 11/04/21		503,116
	800,000	0.98% (ICE LIBOR USD 3 Month+.72%), 05/22/22		807,311
	400,000	1.11% (ICE LIBOR USD 3 Month+.89%), 01/10/22		403,552
	425,000	1.22% (ICE LIBOR USD 3 Month+1.00%), 07/12/21		427,864
		Westpac Banking Corp.
	1,175,000	0.61% (ICE LIBOR USD 3 Month+.39%), 01/13/23		1,181,258
	800,000	0.79% (ICE LIBOR USD 3 Month+.57%), 01/11/23		806,688
	800,000	0.94% (ICE LIBOR USD 3 Month+.71%), 06/28/22		807,474
	2,750,000	1.00% (ICE LIBOR USD 3 Month+.72%), 05/15/23		2,784,237
	1,825,000	1.00% (ICE LIBOR USD 3 Month+.77%), 02/26/24		1,851,699
	400,000	1.07% (ICE LIBOR USD 3 Month+.85%), 01/11/22		403,393
	425,000	1.12% (ICE LIBOR USD 3 Month+.85%), 08/19/21		427,869
				24,636,042
Canada: 4.3%
		Bank of Montreal 400,000 0.65% (ICE LIBOR USD 3 Month+.40%), 09/10/21		401,287

Principal
Amount			Value
Canada: (continued)
$	800,000	0.80% (ICE LIBOR USD 3 Month+.57%), 03/26/22	$	804,689
	400,000	1.04% (ICE LIBOR USD 3 Month+.79%), 08/27/21		402,618
	800,000	Bank of Nova Scotia 0.89% (ICE LIBOR USD 3 Month+.64%), 03/07/22		805,789
		Canadian Imperial Bank of Commerce
	4,550,000	0.89% (United States Secured Overnight Financing Rate+.80%), 03/17/23		4,581,436
	1,825,000	0.91% (ICE LIBOR USD 3 Month+.66%), 09/13/23		1,846,177
	800,000	0.96% (ICE LIBOR USD 3 Month+.72%), 06/16/22		807,325
	1,175,000	Enbridge, Inc. 0.77% (ICE LIBOR USD 3 Month+.50%), 02/18/22		1,175,148
	1,175,000	Rogers Communications, Inc. 0.83% (ICE LIBOR USD 3 Month+.60%), 03/22/22		1,181,900
		Royal Bank of Canada
	1,325,000	0.58% (ICE LIBOR USD 3 Month+.36%), 01/17/23		1,329,489
	800,000	0.68% (ICE LIBOR USD 3 Month+.47%), 04/29/22		803,982
	400,000	0.94% (ICE LIBOR USD 3 Month+.73%), 02/01/22		403,537
		Toronto-Dominion Bank
	3,650,000	0.57% (United States Secured Overnight Financing Rate+.48%), 01/27/23†		3,661,674
	600,000	0.68% (ICE LIBOR USD 3 Month+.43%), 06/11/21		601,573
				18,806,624
Cayman Islands: 0.8%
		Tencent Holdings Ltd. 144A
	800,000	0.82% (ICE LIBOR USD 3 Month+.60%), 01/19/23		793,616
	2,750,000	1.13% (ICE LIBOR USD 3 Month+.91%), 04/11/24		2,739,811
				3,533,427
China / Hong Kong: 0.1%
	400,000	AIA Group Ltd. 144A 0.75% (ICE LIBOR USD 3 Month+.52%), 09/20/21		399,944
France: 1.3%
	1,025,000	BPCE SA 1.14% (ICE LIBOR USD 3 Month+.88%), 05/31/22		1,035,907
		BPCE SA 144A
	800,000	1.48% (ICE LIBOR USD 3 Month+1.22%), 05/22/22		809,258
	1,825,000	1.49% (ICE LIBOR USD 3 Month+1.24%), 09/12/23†		1,855,611

See Notes to Financial Statements

53

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal
Amount			Value
France: (continued)
$	1,850,000	Credit Agricole SA 144A 1.23% (ICE LIBOR USD 3 Month+1.02%), 04/24/23	$	1,867,720
				5,568,496
Germany: 0.2%
	750,000	Deutsche Bank AG 1.47% (ICE LIBOR USD 3 Month+1.19%), 11/16/22		745,719
Japan: 8.9%
		Mitsubishi UFJ Financial Group, Inc.
	600,000	0.86% (ICE LIBOR USD 3 Month+.65%), 07/26/21		602,536
	800,000	0.95% (ICE LIBOR USD 3 Month+.70%), 03/07/22		804,898
	2,750,000	0.98% (ICE LIBOR USD 3 Month+.74%), 03/02/23		2,766,612
	1,575,000	1.00% (ICE LIBOR USD 3 Month+.79%), 07/25/22		1,588,760
	6,025,000	1.07% (ICE LIBOR USD 3 Month+.86%), 07/26/23		6,079,730
	800,000	1.18% (ICE LIBOR USD 3 Month+.92%), 02/22/22		807,589
	725,000	1.31% (ICE LIBOR USD 3 Month+1.06%), 09/13/21		731,070
		Mizuho Financial Group, Inc.
	4,000,000	0.88% (ICE LIBOR USD 3 Month+.63%), 05/25/24		4,000,264
	3,100,000	1.04% (ICE LIBOR USD 3 Month+.79%), 03/05/23		3,120,025
	1,850,000	1.07% (ICE LIBOR USD 3 Month+.84%), 07/16/23		1,859,795
	1,850,000	1.10% (ICE LIBOR USD 3 Month+.85%), 09/13/23		1,860,834
	1,800,000	1.13% (ICE LIBOR USD 3 Month+.88%), 09/11/22		1,816,148
	1,950,000	1.20% (ICE LIBOR USD 3 Month+.94%), 02/28/22		1,969,776
	2,375,000	1.25% (ICE LIBOR USD 3 Month+1.00%), 09/11/24		2,404,100
	825,000	1.39% (ICE LIBOR USD 3 Month+1.14%), 09/13/21		832,411
		Sumitomo Mitsui Financial Group, Inc.
	800,000	0.96% (ICE LIBOR USD 3 Month+.74%), 10/18/22		806,449
	800,000	0.96% (ICE LIBOR USD 3 Month+.74%), 01/17/23		804,604
	800,000	1.00% (ICE LIBOR USD 3 Month+.78%), 07/12/22		806,164
	3,100,000	1.03% (ICE LIBOR USD 3 Month+.80%), 10/16/23†		3,119,551
	1,825,000	1.08% (ICE LIBOR USD 3 Month+.86%), 07/19/23		1,841,471
	425,000	1.34% (ICE LIBOR USD 3 Month+1.11%), 07/14/21		428,105
	400,000	1.36% (ICE LIBOR USD 3 Month+1.14%), 10/19/21		403,921
				39,454,813

Principal
Amount			Value
Netherlands: 1.9%
$	800,000	ABN AMRO Bank NV 144A 0.82% (ICE LIBOR USD 3 Month+.57%), 08/27/21	$	803,758
	775,000	BMW Finance NV 144A 1.05% (ICE LIBOR USD 3 Month+.79%), 08/12/22		780,183
	400,000	Cooperatieve Rabobank UA 1.05% (ICE LIBOR USD 3 Month+.83%), 01/10/22		403,504
		ING Groep NV
	1,850,000	1.23% (ICE LIBOR USD 3 Month+1.00%), 10/02/23†		1,877,628
	1,575,000	1.37% (ICE LIBOR USD 3 Month+1.15%), 03/29/22		1,591,422
	1,825,000	Shell International Finance BV 0.65% (ICE LIBOR USD 3 Month+.40%), 11/13/23		1,828,529
	1,325,000	Siemens Financieringsmaatschappij NV 144A 0.85% (ICE LIBOR USD 3 Month+.61%), 03/16/22		1,333,229
				8,618,253
New Zealand: 0.4%
	1,825,000	ASB Bank Ltd. 144A 1.22% (ICE LIBOR USD 3 Month+.97%), 06/14/23		1,856,147
Norway: 0.2%
	950,000	DNB Bank ASA 144A 0.86% (ICE LIBOR USD 3 Month+.62%), 12/02/22		957,706
Singapore: 0.7%
		BOC Aviation Ltd. 144A
	425,000	1.26% (ICE LIBOR USD 3 Month+1.05%), 05/02/21		423,916
	1,825,000	1.36% (ICE LIBOR USD 3 Month+1.12%), 09/26/23		1,793,218
	775,000	DBS Group Holdings Ltd. 144A 0.83% (ICE LIBOR USD 3 Month+.62%), 07/25/22		778,070
				2,995,204
Spain: 1.0%
		Banco Santander SA
	1,800,000	1.34% (ICE LIBOR USD 3 Month+1.12%), 04/12/23		1,809,928
	1,800,000	1.35% (ICE LIBOR USD 3 Month+1.09%), 02/23/23		1,806,955
	800,000	1.78% (ICE LIBOR USD 3 Month+1.56%), 04/11/22		807,906
				4,424,789
Sweden: 0.8%
		Skandinaviska Enskilda Banken AB 144A
	900,000	0.71% (ICE LIBOR USD 3 Month+.43%), 05/17/21		902,064
	800,000	0.89% (ICE LIBOR USD 3 Month+.65%), 12/12/22		807,578

See Notes to Financial Statements

54

Principal
Amount			Value
Sweden: (continued)
$	1,000,000	Svenska Handelsbanken AB 0.73% (ICE LIBOR USD 3 Month+.47%), 05/24/21	$	1,002,680
	800,000	Swedbank AB 144A 0.95% (ICE LIBOR USD 3 Month+.70%), 03/14/22		805,736
				3,518,058
Switzerland: 3.4%
	1,600,000	Credit Suisse AG 0.54% (United States Secured Overnight Financing Rate+.45%), 02/04/22		1,601,727
		Credit Suisse Group AG 144A
	1,800,000	1.45% (ICE LIBOR USD 3 Month+1.20%), 12/14/23		1,815,869
	2,725,000	1.49% (ICE LIBOR USD 3 Month+1.24%), 06/12/24		2,751,809
		UBS Group AG 144A
	4,550,000	1.23% (ICE LIBOR USD 3 Month+.95%), 08/15/23		4,587,295
	3,650,000	1.48% (ICE LIBOR USD 3 Month+1.22%), 05/23/23		3,689,450
	400,000	1.74% (ICE LIBOR USD 3 Month+1.53%), 02/01/22		406,724
				14,852,874
United Kingdom: 8.9%
		Barclays Plc
	5,450,000	1.66% (ICE LIBOR USD 3 Month+1.38%), 05/16/24		5,482,902
	2,725,000	1.71% (ICE LIBOR USD 3 Month+1.43%), 02/15/23		2,739,111
	1,150,000	1.85% (ICE LIBOR USD 3 Month+1.62%), 01/10/23		1,159,673
	592,000	GlaxoSmithKline Capital Plc 0.61% (ICE LIBOR USD 3 Month+.35%), 05/14/21		593,148
		HSBC Holdings Plc
	7,275,000	1.27% (ICE LIBOR USD 3 Month+1.00%), 05/18/24		7,285,566
	1,825,000	1.48% (ICE LIBOR USD 3 Month+1.23%), 03/11/25		1,827,891
	600,000	1.73% (ICE LIBOR USD 3 Month+1.50%), 01/05/22		607,812
	450,000	1.91% (ICE LIBOR USD 3 Month+1.66%), 05/25/21		453,782
	425,000	Lloyds Bank Plc 0.73% (ICE LIBOR USD 3 Month+.49%), 05/07/21		425,907
	400,000	Lloyds Banking Group Plc 1.03% (ICE LIBOR USD 3 Month+.80%), 06/21/21		401,717
	1,175,000	Reckitt Benckiser Treasury Services Plc 144A 0.78% (ICE LIBOR USD 3 Month+.56%), 06/24/22		1,179,610

Principal
Amount			Value
United Kingdom: (continued)
		Royal Bank of Scotland Group Plc
$	5,475,000	1.75% (ICE LIBOR USD 3 Month+1.47%), 05/15/23	$	5,511,693
	2,750,000	1.78% (ICE LIBOR USD 3 Month+1.55%), 06/25/24		2,772,662
	600,000	Santander UK Plc 0.87% (ICE LIBOR USD 3 Month+.62%), 06/01/21		601,756
		Standard Chartered Plc 144A
	2,175,000	1.37% (ICE LIBOR USD 3 Month+1.15%), 01/20/23†		2,182,114
	2,325,000	1.45% (ICE LIBOR USD 3 Month+1.20%), 09/10/22		2,332,883
	3,650,000	Vodafone Group Plc 1.22% (ICE LIBOR USD 3 Month+.99%), 01/16/24		3,688,037
				39,246,264
United States: 61.2%
		AbbVie, Inc. 144A
	625,000	0.60% (ICE LIBOR USD 3 Month+.35%), 05/21/21		625,644
	600,000	0.73% (ICE LIBOR USD 3 Month+.46%), 11/19/21		601,477
	1,175,000	0.90% (ICE LIBOR USD 3 Month+.65%), 11/21/22		1,180,676
		American Express Co.
	650,000	0.81% (ICE LIBOR USD 3 Month+.53%), 05/17/21		651,517
	825,000	0.85% (ICE LIBOR USD 3 Month+.60%), 11/05/21		828,929
	1,400,000	0.87% (ICE LIBOR USD 3 Month+.62%), 05/20/22		1,408,460
	1,825,000	0.97% (ICE LIBOR USD 3 Month+.75%), 08/03/23		1,847,600
		American Honda Finance Corp.
	825,000	0.60% (ICE LIBOR USD 3 Month+.35%), 06/11/21		826,656
	800,000	0.73% (ICE LIBOR USD 3 Month+.45%), 02/15/22		802,540
	800,000	0.77% (ICE LIBOR USD 3 Month+.54%), 06/27/22		804,749
		Apple, Inc.
	1,175,000	0.60% (ICE LIBOR USD 3 Month+.35%), 05/11/22		1,180,978
	825,000	0.74% (ICE LIBOR USD 3 Month+.50%), 02/09/22		830,030
	5,900,000	AT&T, Inc. 1.43% (ICE LIBOR USD 3 Month+1.18%), 06/12/24		6,036,522
	875,000	Athene Global Funding 144A 1.46% (ICE LIBOR USD 3 Month+1.23%), 07/01/22		881,519
	400,000	Aviation Capital Group LLC 144A 1.20% (ICE LIBOR USD 3 Month+.95%), 06/01/21		394,243

See Notes to Financial Statements

55

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
United States: (continued)
		Bank of America Corp.
$	400,000	0.59% (ICE LIBOR USD 3 Month+.38%), 01/23/22	$	400,240
	1,325,000	0.88% (ICE LIBOR USD 3 Month+.65%), 06/25/22		1,329,525
	5,475,000	1.02% (ICE LIBOR USD 3 Month+.77%), 02/05/26		5,478,584
	5,475,000	1.04% (ICE LIBOR USD 3 Month+.79%), 03/05/24		5,511,623
	1,850,000	1.17% (ICE LIBOR USD 3 Month+.96%), 07/23/24		1,872,765
	5,475,000	1.21% (ICE LIBOR USD 3 Month+1.00%), 04/24/23		5,529,583
	1,175,000	1.38% (ICE LIBOR USD 3 Month+1.16%), 01/20/23		1,188,051
	800,000	1.39% (ICE LIBOR USD 3 Month+1.18%), 10/21/22		807,801
	1,175,000	BAT Capital Corp. 1.16% (ICE LIBOR USD 3 Month+.88%), 08/15/22		1,181,487
		Bayer US Finance II LLC 144A
	1,025,000	0.86% (ICE LIBOR USD 3 Month+.63%), 06/25/21		1,027,334
	4,575,000	1.26% (ICE LIBOR USD 3 Month+1.01%), 12/15/23		4,614,641
	600,000	BMW US Capital LLC 144A 0.75% (ICE LIBOR USD 3 Month+.50%), 08/13/21		601,258
		Caterpillar Financial Services Corp.
	400,000	0.45% (ICE LIBOR USD 3 Month+.22%), 01/06/22		400,527
	600,000	0.46% (ICE LIBOR USD 3 Month+.20%), 11/12/21		601,000
	625,000	0.67% (ICE LIBOR USD 3 Month+.39%), 05/17/21		626,321
	1,825,000	Chevron USA, Inc. 0.46% (ICE LIBOR USD 3 Month+.20%), 08/11/23		1,827,909
		Cigna Corp.
	800,000	0.90% (ICE LIBOR USD 3 Month+.65%), 09/17/21		800,160
	2,550,000	1.13% (ICE LIBOR USD 3 Month+.89%), 07/15/23		2,577,727
		Citibank NA
	600,000	0.78% (ICE LIBOR USD 3 Month+.57%), 07/23/21		601,781
	800,000	0.80% (ICE LIBOR USD 3 Month+.53%), 02/19/22		801,251
	2,350,000	0.85% (ICE LIBOR USD 3 Month+.60%), 05/20/22		2,355,917
		Citigroup, Inc.
	1,925,000	0.80% (ICE LIBOR USD 3 Month+.55%), 08/25/36		1,472,089
	2,750,000	1.16% (ICE LIBOR USD 3 Month+.95%), 07/24/23		2,770,876
	1,975,000	1.17% (ICE LIBOR USD 3 Month+.96%), 04/25/22		1,995,591

Principal Amount			Value
United States: (continued)
$	3,650,000	1.27% (ICE LIBOR USD 3 Month+1.02%), 06/01/24	$	3,685,497
	600,000	1.32% (ICE LIBOR USD 3 Month+1.07%), 12/08/21		605,741
	5,475,000	1.38% (ICE LIBOR USD 3 Month+1.10%), 05/17/24		5,538,286
	600,000	1.40% (ICE LIBOR USD 3 Month+1.19%), 08/02/21†		604,971
	2,375,000	1.48% (ICE LIBOR USD 3 Month+1.25%), 07/01/26		2,411,689
	7,300,000	1.68% (ICE LIBOR USD 3 Month+1.43%), 09/01/23		7,420,029
	1,825,000	Comcast Corp. 0.87% (ICE LIBOR USD 3 Month+.63%), 04/15/24		1,845,820
	800,000	ConocoPhillips Co. 1.18% (ICE LIBOR USD 3 Month+.90%), 05/15/22		804,909
	525,000	Consolidated Edison Co. of New York, Inc. 0.63% (ICE LIBOR USD 3 Month+.40%), 06/25/21		526,070
	525,000	Constellation Brands, Inc. 0.98% (ICE LIBOR USD 3 Month+.70%), 11/15/21		525,131
		Daimler Finance North America LLC 144A
	575,000	0.80% (ICE LIBOR USD 3 Month+.55%), 05/04/21		575,850
	425,000	0.92% (ICE LIBOR USD 3 Month+.67%), 11/05/21		426,038
	1,100,000	1.14% (ICE LIBOR USD 3 Month+.88%), 02/22/22		1,106,672
	2,350,000	1.18% (ICE LIBOR USD 3 Month+.90%), 02/15/22		2,365,721
	425,000	Dominion Energy Gas Holdings LLC 0.85% (ICE LIBOR USD 3 Month+.60%), 06/15/21		426,344
	3,650,000	Dominion Energy, Inc. 0.78% (ICE LIBOR USD 3 Month+.53%), 09/15/23		3,660,721
	400,000	Duke Energy Corp. 144A 0.76% (ICE LIBOR USD 3 Month+.50%), 05/14/21		400,893
	1,100,000	Duke Energy Progress LLC 0.43% (ICE LIBOR USD 3 Month+.18%), 02/18/22		1,100,248
		Exxon Mobil Corp.
	1,150,000	0.61% (ICE LIBOR USD 3 Month+.33%), 08/16/22†		1,155,186
	775,000	0.62% (ICE LIBOR USD 3 Month+.37%), 03/06/22†		778,637
	4,550,000	Florida Power & Light Co. 0.60% (ICE LIBOR USD 3 Month+.38%), 07/28/23		4,552,315
	400,000	General Dynamics Corp. 0.63% (ICE LIBOR USD 3 Month+.38%), 05/11/21		400,795

See Notes to Financial Statements

56

Principal Amount			Value
United States: (continued)
$	3,425,000	General Electric Capital Corp. 0.63% (ICE LIBOR USD 3 Month+.38%), 05/05/26	$	3,174,246
	2,225,000	General Electric Co. 1.25% (ICE LIBOR USD 3 Month+1.00%), 03/15/23		2,229,160
		General Motors Financial Co., Inc.
	775,000	1.53% (ICE LIBOR USD 3 Month+1.31%), 06/30/22		776,166
	400,000	1.78% (ICE LIBOR USD 3 Month+1.55%), 01/14/22		401,972
		Gilead Sciences, Inc.
	425,000	0.37% (ICE LIBOR USD 3 Month+.15%), 09/17/21		425,309
	1,850,000	0.74% (ICE LIBOR USD 3 Month+.52%), 09/29/23		1,853,286
		Goldman Sachs Group, Inc.
	1,950,000	0.99% (ICE LIBOR USD 3 Month+.78%), 10/31/22		1,957,965
	8,750,000	1.01% (ICE LIBOR USD 3 Month+.75%), 02/23/23		8,793,754
	2,750,000	1.21% (ICE LIBOR USD 3 Month+1.00%), 07/24/23		2,773,898
	2,750,000	1.30% (ICE LIBOR USD 3 Month+1.05%), 06/05/23		2,773,016
	2,725,000	1.32% (ICE LIBOR USD 3 Month+1.11%), 04/26/22		2,735,460
	1,025,000	1.45% (ICE LIBOR USD 3 Month+1.17%), 11/15/21		1,025,417
	5,475,000	1.45% (ICE LIBOR USD 3 Month+1.17%), 05/15/26		5,533,365
	6,575,000	1.86% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		6,770,906
	3,650,000	1.97% (ICE LIBOR USD 3 Month+1.75%), 10/28/27		3,797,399
	1,800,000	Hartford Financial Services Group, Inc. 144A 2.41% (ICE LIBOR USD 3 Month+2.12%), 02/12/47		1,573,734
	650,000	Hewlett Packard Enterprise Co. 0.95% (ICE LIBOR USD 3 Month+.72%), 10/05/21		650,089
		Honeywell International, Inc.
	800,000	0.50% (ICE LIBOR USD 3 Month+.23%), 08/19/22		801,126
	950,000	0.61% (ICE LIBOR USD 3 Month+.37%), 08/08/22		953,929
	525,000	Hyundai Capital America 144A 1.17% (ICE LIBOR USD 3 Month+.94%), 07/08/21		525,278
	1,250,000	Intel Corp. 0.60% (ICE LIBOR USD 3 Month+.35%), 05/11/22		1,255,950
		International Business Machines Corp.
	1,225,000	0.65% (ICE LIBOR USD 3 Month+.40%), 05/13/21		1,227,389
	900,000	0.83% (ICE LIBOR USD 3 Month+.58%), 11/06/21†		904,864

Principal Amount			Value
United States: (continued)
		Jackson National Life Global Funding 144A
$	1,225,000	0.69% (United States Secured Overnight Financing Rate+.60%), 01/06/23	$	1,227,813
	425,000	0.73% (ICE LIBOR USD 3 Month+.48%), 06/11/21		425,899
		JPMorgan Chase & Co.
	1,850,000	0.94% (ICE LIBOR USD 3 Month+.73%), 04/23/24		1,860,877
	1,825,000	1.07% (ICE LIBOR USD 3 Month+.85%), 01/10/25†		1,844,681
	3,650,000	1.10% (ICE LIBOR USD 3 Month+.89%), 07/23/24		3,695,144
	4,575,000	1.11% (ICE LIBOR USD 3 Month+.90%), 04/25/23		4,612,634
	800,000	1.24% (ICE LIBOR USD 3 Month+1.00%), 01/15/23		807,101
	2,175,000	1.28% (ICE LIBOR USD 3 Month+1.00%), 05/15/47		1,663,783
	425,000	1.35% (ICE LIBOR USD 3 Month+1.10%), 06/07/21		427,378
	7,300,000	1.44% (ICE LIBOR USD 3 Month+1.23%), 10/24/23		7,425,116
	2,400,000	LYB International Finance III LLC 1.23% (ICE LIBOR USD 3 Month+1.00%), 10/01/23		2,401,742
	425,000	MassMutual Global Funding II 144A 0.37% (ICE LIBOR USD 3 Month+.15%), 01/07/22		425,415
	400,000	McDonald’s Corp. 0.65% (ICE LIBOR USD 3 Month+.43%), 10/28/21		401,424
	800,000	Met Tower Global Funding 144A 0.64% (United States Secured Overnight Financing Rate+.55%), 01/17/23		803,603
		Metropolitan Life Global Funding I 144A
	1,025,000	0.59% (United States Secured Overnight Financing Rate+.50%), 05/28/21		1,027,086
	1,550,000	0.66% (United States Secured Overnight Financing Rate+.57%), 01/13/23		1,556,917
		Morgan Stanley
	3,125,000	1.15% (ICE LIBOR USD 3 Month+.93%), 07/22/22		3,140,226
	2,400,000	1.40% (ICE LIBOR USD 3 Month+1.18%), 01/20/22		2,405,348
	6,375,000	1.46% (ICE LIBOR USD 3 Month+1.22%), 05/08/24		6,474,917
	8,650,000	1.61% (ICE LIBOR USD 3 Month+1.40%), 10/24/23		8,806,329
	1,550,000	MPLX LP 1.34% (ICE LIBOR USD 3 Month+1.10%), 09/09/22		1,550,181

See Notes to Financial Statements

57

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
United States: (continued)
		New York Life Global Funding 144A
$	625,000	0.49% (ICE LIBOR USD 3 Month+.28%), 01/21/22	$	626,674
	800,000	0.50% (ICE LIBOR USD 3 Month+.28%), 01/10/23		799,835
	425,000	Nissan Motor Acceptance Corp. 144A 1.11% (ICE LIBOR USD 3 Month+.89%), 01/13/22		421,271
	1,825,000	Otis Worldwide Corp. 0.68% (ICE LIBOR USD 3 Month+.45%), 04/05/23		1,825,573
	775,000	Pacific Gas and Electric Co. 1.72% (ICE LIBOR USD 3 Month+1.48%), 06/16/22		775,899
		PNC Bank NA
	3,650,000	0.58% (ICE LIBOR USD 3 Month+.33%), 02/24/23		3,658,433
	1,400,000	0.67% (ICE LIBOR USD 3 Month+.45%), 07/22/22		1,403,632
	1,175,000	0.67% (ICE LIBOR USD 3 Month+.43%), 12/09/22		1,179,088
	800,000	0.72% (ICE LIBOR USD 3 Month+.50%), 07/27/22		804,909
	1,825,000	QUALCOMM, Inc. 0.94% (ICE LIBOR USD 3 Month+.73%), 01/30/23		1,843,555
	475,000	TD Ameritrade Holding Corp. 0.64% (ICE LIBOR USD 3 Month+.43%), 11/01/21		476,719
	475,000	The Charles Schwab Corp. 0.57% (ICE LIBOR USD 3 Month+.32%), 05/21/21		475,603
		Toyota Motor Credit Corp.
	925,000	0.29% (ICE LIBOR USD 3 Month+.06%), 10/01/21		925,128
	900,000	0.38% (ICE LIBOR USD 3 Month+.12%), 08/13/21†		900,762
	1,175,000	0.41% (ICE LIBOR USD 3 Month+.15%), 02/14/22		1,175,457
	675,000	0.51% (ICE LIBOR USD 3 Month+.29%), 10/07/21		676,521
	950,000	0.73% (ICE LIBOR USD 3 Month+.48%), 09/08/22		955,254
	1,025,000	Truist Bank 0.87% (ICE LIBOR USD 3 Month+.59%), 05/17/22		1,031,144
	800,000	TWDC Enterprises 18 Corp. 0.64% (ICE LIBOR USD 3 Month+.39%), 03/04/22		802,775
	1,825,000	United Parcel Service, Inc. 0.68% (ICE LIBOR USD 3 Month+.45%), 04/01/23		1,837,475

Principal Amount			Value
United States: (continued)
		US Bank NA
$	1,100,000	0.39% (ICE LIBOR USD 3 Month+.18%), 01/21/22	$	1,101,698
	950,000	0.64% (ICE LIBOR USD 3 Month+.40%), 12/09/22		954,822
	1,125,000	0.70% (ICE LIBOR USD 3 Month+.44%), 05/23/22		1,130,936
	2,100,000	Valero Energy Corp. 1.40% (ICE LIBOR USD 3 Month+1.15%), 09/15/23		2,099,431
		Verizon Communications, Inc.
	1,775,000	1.24% (ICE LIBOR USD 3 Month+1.00%), 03/16/22		1,798,352
	6,525,000	1.38% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		6,688,518
		Volkswagen Group of America Finance LLC 144A
	400,000	1.08% (ICE LIBOR USD 3 Month+.86%), 09/24/21		401,923
	600,000	1.20% (ICE LIBOR USD 3 Month+.94%), 11/12/21		603,897
	600,000	Walmart, Inc. 0.45% (ICE LIBOR USD 3 Month+.23%), 06/23/21		601,006
		Walt Disney Co.
	400,000	0.50% (ICE LIBOR USD 3 Month+.25%), 09/01/21		400,763
	800,000	0.64% (ICE LIBOR USD 3 Month+.39%), 09/01/22 †		803,928
		Wells Fargo & Co.
	1,600,000	1.18% (ICE LIBOR USD 3 Month+.93%), 02/11/22		1,603,367
	950,000	1.24% (ICE LIBOR USD 3 Month+1.02%), 07/26/21		956,251
	4,550,000	1.32% (ICE LIBOR USD 3 Month+1.11%), 01/24/23		4,585,405
	7,275,000	1.44% (ICE LIBOR USD 3 Month+1.23%), 10/31/23		7,374,993
		Wells Fargo Bank NA
	800,000	0.73% (ICE LIBOR USD 3 Month+.51%), 10/22/21		803,265
	1,550,000	0.87% (ICE LIBOR USD 3 Month+.62%), 05/27/22		1,554,360
	1,550,000	0.90% (ICE LIBOR USD 3 Month+.66%), 09/09/22		1,557,417
				269,706,475
Total Floating Rate Notes (Cost: $437,942,221)				439,320,835

See Notes to Financial Statements

58

Number of Shares			Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6%
(Cost: $2,513,027)
Money Market Fund: 0.6%
	2,513,027	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,513,027
Total Investments: 100.3% (Cost: $440,455,248)				441,833,862
Liabilities in excess of other assets: (0.3)%				(1,497,110	)
NET ASSETS: 100.0%			$	440,336,752

Definitions:

USD United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,957,128.
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 $80,248,054, or 18.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		0.5	%	$	2,401,742
Communications		6.1			26,780,042
Consumer, Cyclical		3.9			17,055,726
Consumer, Non-cyclical		3.9			17,185,630
Energy		2.6			11,219,930
Financial		76.5			336,168,202
Industrial		2.1			9,174,218
Technology		1.8			7,892,855
Utilities		2.6			11,442,490
		100.0	%	$	439,320,835

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Floating Rate Notes*	$	—	$	439,320,835		$	—	$	439,320,835
Money Market Fund		2,513,027		—			—		2,513,027
Total	$	2,513,027	$	439,320,835		$	—	$	441,833,862

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

59

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

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 0.7%
Colombia: 0.1%
COP	3,596,000,000	Empresas Públicas de Medellín ESP Reg S 7.63%, 09/10/24	$	979,033
	12,300,000,000	Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24		3,491,358
				4,470,391
Ireland: 0.1%
RUB	134,900,000	RusHydro Via RusHydro Capital Markets DAC Reg S 8.13%, 09/28/22		1,780,286
Mexico: 0.1%
		Petróleos Mexicanos Reg S
MXN	28,330,000	7.19%, 09/12/24		1,161,330
	50,200,000	7.65%, 11/24/21		2,347,297
				3,508,627
South Africa: 0.4%
		Eskom Holdings Ltd.
ZAR	82,330,000	0.00%, 08/18/27^		2,120,412
	11,000,000	7.50%, 09/15/33		484,387
	25,350,000	7.85%, 04/02/26		1,546,169
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,344,199
	85,800,000	10.80%, 11/06/23		5,946,533
	5,000,000	13.50%, 04/18/28		378,398
				11,820,098
Total Corporate Bonds (Cost: $35,832,519)				21,579,402
FOREIGN GOVERNMENT OBLIGATIONS: 97.4%
Brazil: 9.1%
		Brazil Government International Bonds
BRL	6,200,000	8.50%, 01/05/24		1,179,333
	9,540,000	10.25%, 01/10/28		1,975,389
	4,290,000	12.50%, 01/05/22		829,668
		Brazil Letras do Tesouro Nacional
	155,530,000	0.00%, 01/01/22^		25,920,394
	141,350,000	0.00%, 07/01/22^		22,801,332
	260,190,000	0.00%, 07/01/23^		38,748,854
	361,410,000	0.00%, 01/01/24^		51,579,055
		Brazil Notas do Tesouro Nacional, Series F
	235,533,000	10.00%, 01/01/23		44,721,267
	196,085,000	10.00%, 01/01/25		38,041,527
	150,890,000	10.00%, 01/01/27		29,517,186
	77,380,000	10.00%, 01/01/29		15,270,397
	21,270,000	10.00%, 01/01/31		4,228,184
				274,812,586

Principal Amount			Value
Chile: 3.0%
		Bonos de la Tesoreria de la Republica de Chile
CLP	14,695,000,000	2.50%, 03/01/25	$	19,981,254
	10,390,000,000	4.50%, 03/01/26		15,499,593
	11,400,000,000	5.00%, 03/01/35		17,738,828
	9,005,000,000	6.00%, 01/01/43		16,118,636
		Bonos de la Tesoreria de la Republica de Chile Reg S 144A
	5,085,000,000	4.00%, 03/01/23		7,094,708
	8,485,000,000	4.70%, 09/01/30		12,951,668
				89,384,687
China / Hong Kong: 7.8%
		China Government Bonds
CNY	162,230,000	1.99%, 04/09/25		23,178,585
	130,710,000	2.36%, 07/02/23		19,225,989
	138,230,000	2.68%, 05/21/30		19,790,657
	127,300,000	2.85%, 06/04/27		18,554,466
	109,650,000	2.94%, 10/17/24		16,382,040
	122,460,000	3.12%, 12/05/26		18,231,236
	119,790,000	3.13%, 11/21/29		17,757,482
	139,010,000	3.19%, 04/11/24		20,963,057
	101,970,000	3.22%, 12/06/25		15,378,332
	137,860,000	3.25%, 06/06/26		20,749,215
	89,890,000	3.25%, 11/22/28		13,416,450
	85,420,000	3.29%, 10/18/23		12,910,136
	137,370,000	3.29%, 05/23/29		20,617,344
				237,154,989
Colombia: 4.4%
		Colombia Government International Bonds
COP	2,825,000,000	4.38%, 03/21/23		746,753
	4,334,000,000	9.85%, 06/28/27		1,459,786
		Colombian TES
	27,950,000,000	5.75%, 11/03/27		7,513,535
	68,993,100,000	6.00%, 04/28/28		18,705,152
	43,361,000,000	6.25%, 11/26/25		12,253,218
	62,761,900,000	7.00%, 05/04/22		17,340,289
	51,301,700,000	7.00%, 06/30/32		14,197,943
	48,755,000,000	7.25%, 10/18/34		13,608,839
	10,400,000,000	7.25%, 10/26/50		2,774,758
	62,426,700,000	7.50%, 08/26/26		18,538,498
	44,212,100,000	7.75%, 09/18/30		13,137,133
	41,988,800,000	10.00%, 07/24/24		13,271,400
				133,547,304
Czech Republic: 3.7%
		Czech Republic Government Bonds
CZK	279,190,000	0.25%, 02/10/27		11,555,182
	140,990,000	1.20%, 03/13/31		6,124,225
	246,410,000	2.00%, 10/13/33		11,699,763
	205,410,000	2.75%, 07/23/29		10,141,881

See Notes to Financial Statements

60

Principal Amount			Value
Czech Republic: (continued)
		Czech Republic Government Bonds Reg S
CZK	251,770,000	0.45%, 10/25/23	$	10,827,642
	236,090,000	0.95%, 05/15/30		10,058,465
	290,280,000	1.00%, 06/26/26		12,632,563
	222,280,000	2.40%, 09/17/25		10,343,813
	253,130,000	2.50%, 08/25/28		12,182,270
	180,560,000	4.70%, 09/12/22		8,395,432
	160,860,000	5.70%, 05/25/24		8,209,440
				112,170,676
Dominican Republic: 1.4%
DOP	1,406,150,000	Dominican Republic International Bonds 144A 9.75%, 06/05/26		24,872,543
		Dominican Republic International Bonds Reg S
	871,650,000	8.90%, 02/15/23		15,070,448
	69,800,000	9.75%, 06/05/26		1,234,650
				41,177,641
Germany: 0.0%
ZAR	8,300,000	Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23		550,524
Hungary: 3.6%
		Hungary Government Bonds
HUF	2,740,000,000	1.00%, 11/26/25		8,483,768
	1,525,870,000	1.50%, 08/23/23		4,895,274
	2,285,770,000	1.75%, 10/26/22		7,367,318
	2,807,140,000	2.50%, 10/24/24		9,312,834
	2,392,500,000	2.75%, 12/22/26		8,053,080
	2,053,970,000	3.00%, 06/26/24		6,919,467
	3,070,860,000	3.00%, 10/27/27		10,531,408
	2,562,170,000	3.00%, 08/21/30		8,726,058
	915,000,000	3.00%, 10/27/38		3,128,665
	2,251,050,000	3.25%, 10/22/31		7,828,923
	3,188,920,000	5.50%, 06/24/25		11,991,114
	2,479,940,000	6.00%, 11/24/23		8,996,170
	1,411,260,000	6.75%, 10/22/28		6,102,032
	1,479,680,000	7.00%, 06/24/22		5,188,902
				107,525,013
Indonesia: 9.3%
		Indonesia Treasury Bonds
IDR	36,700,000,000	5.50%, 04/15/26		2,507,891
	109,370,000,000	5.63%, 05/15/23		7,646,552
	197,521,000,000	6.13%, 05/15/28		13,172,118
	232,470,000,000	6.50%, 06/15/25		16,559,017
	36,400,000,000	6.50%, 02/15/31		2,475,814
	162,433,000,000	6.63%, 05/15/33		10,701,697
	12,337,000,000	7.00%, 05/15/22		879,491
	219,798,000,000	7.00%, 05/15/27		15,572,970
	246,520,000,000	7.00%, 09/15/30		17,370,178
	79,320,000,000	7.50%, 08/15/32		5,559,180
	78,050,000,000	7.50%, 06/15/35		5,507,528
	134,750,000,000	7.50%, 05/15/38		9,329,768
	60,110,000,000	7.50%, 04/15/40		4,221,469
	182,870,000,000	8.13%, 05/15/24		13,664,297
	196,360,000,000	8.25%, 05/15/29		14,795,810

Principal Amount				Value
Indonesia: (continued)
IDR	90,514,000,000	8.25%, 06/15/32	$	6,659,045
	231,555,000,000	8.25%, 05/15/36		17,023,449
	221,243,000,000	8.38%, 03/15/24		16,626,884
	270,017,000,000	8.38%, 09/15/26		20,585,911
	266,234,000,000	8.38%, 03/15/34		19,819,642
	116,740,000,000	8.38%, 04/15/39		8,663,106
	120,387,000,000	8.75%, 05/15/31		9,270,416
	173,292,000,000	9.00%, 03/15/29		13,544,029
	51,661,000,000	9.50%, 07/15/31		4,168,557
	43,142,000,000	10.50%, 08/15/30		3,751,414
	39,712,000,000	11.00%, 09/15/25		3,302,409
		Perusahaan Penerbit SBSN
	11,200,000,000	6.63%, 10/15/24		801,116
	76,089,000,000	8.25%, 09/15/23		5,614,978
	37,310,000,000	8.75%, 08/15/23		2,795,125
	122,980,000,000	8.88%, 11/15/31		9,555,861
				282,145,722
Malaysia: 5.6%
		Malaysia Government Bonds
MYR	15,730,000	3.48%, 06/14/24		3,993,339
	32,690,000	3.48%, 03/15/23		8,180,889
	22,630,000	3.50%, 05/31/27		5,828,354
	23,546,000	3.73%, 06/15/28		6,144,457
	22,468,000	3.76%, 04/20/23		5,664,361
	28,352,000	3.80%, 08/17/23		7,200,562
	31,658,000	3.83%, 07/05/34		8,224,587
	38,996,000	3.89%, 08/15/29		10,295,635
	32,211,000	3.90%, 11/16/27		8,479,418
	21,464,000	3.90%, 11/30/26		5,644,049
	19,811,000	3.91%, 07/15/26		5,195,935
	23,423,000	3.95%, 04/14/22		5,820,255
	33,204,000	3.96%, 09/15/25		8,693,005
	21,652,000	4.06%, 09/30/24		5,621,593
	23,836,000	4.09%, 11/30/23		6,114,117
	28,418,000	4.13%, 08/15/25		7,454,281
	23,036,000	4.18%, 07/15/24		5,988,956
	33,775,000	4.26%, 07/26/27		9,092,867
	24,413,000	4.37%, 10/31/28		6,590,183
	25,994,000	4.76%, 04/07/37		7,302,408
		Malaysia Government Investment Issue
	5,180,000	3.15%, 05/15/23		1,288,515
	15,210,000	3.42%, 09/30/27		3,904,594
	20,372,000	3.47%, 10/15/30		5,274,500
	21,315,000	3.66%, 10/15/24		5,456,691
	17,289,000	3.73%, 03/31/26		4,489,567
	10,315,000	3.73%, 03/31/22		2,556,098
	27,417,000	4.13%, 07/09/29		7,308,140
				167,807,356
Mexico: 8.5%
		Mexican Bonos
MXN	354,739,400	5.75%, 03/05/26		16,978,976
	507,987,000	6.50%, 06/09/22		24,619,827
	289,986,000	6.75%, 03/09/23		14,296,300
	342,183,000	7.25%, 12/09/21		16,585,359
	304,758,300	7.50%, 06/03/27		15,766,363
	270,954,000	7.75%, 05/29/31		14,192,883

See Notes to Financial Statements

61

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

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value
Mexico: (continued)
MXN	164,931,700	7.75%, 11/23/34	$	8,556,760
	359,824,300	7.75%, 11/13/42		18,134,536
	449,173,500	8.00%, 12/07/23		23,081,744
	241,702,000	8.00%, 09/05/24		12,556,577
	314,855,000	8.00%, 11/07/47		16,119,718
	375,557,100	8.50%, 05/31/29		20,608,646
	336,496,900	8.50%, 11/18/38		18,374,605
	497,290,200	10.00%, 12/05/24		27,666,887
	134,318,000	10.00%, 11/20/36		8,263,548
				255,802,729
Peru: 3.0%
		Peru Government Bonds
PEN	21,065,000	5.35%, 08/12/40		5,702,432
	25,640,000	5.40%, 08/12/34		7,474,796
	17,295,000	5.70%, 08/12/24		5,628,801
	36,375,000	5.94%, 02/12/29		12,017,983
	34,730,000	6.15%, 08/12/32		11,083,174
	36,930,000	6.35%, 08/12/28		12,491,733
	37,480,000	6.90%, 08/12/37		12,280,677
	36,832,000	6.95%, 08/12/31		12,583,368
	31,745,000	8.20%, 08/12/26		11,815,513
				91,078,477
Philippines: 1.4%
		Philippine Government International Bonds
PHP	602,500,000	3.90%, 11/26/22		12,743,845
	5,500,000	4.95%, 01/15/21		113,977
	1,074,500,000	6.25%, 01/14/36		28,645,259
				41,503,081
Poland: 5.3%
		Republic of Poland Government Bonds
PLN	79,206,000	2.25%, 04/25/22		20,651,921
	47,942,000	2.25%, 10/25/24		13,076,795
	62,338,000	2.50%, 01/25/23		16,595,916
	28,187,000	2.50%, 04/25/24		7,695,792
	48,494,000	2.50%, 07/25/26		13,536,305
	64,985,000	2.50%, 07/25/27		18,214,702
	58,915,000	2.75%, 04/25/28		16,813,747
	64,793,000	2.75%, 10/25/29		18,658,821
	56,691,000	3.25%, 07/25/25		16,227,071
	51,811,000	4.00%, 10/25/23		14,613,821
	10,816,000	5.75%, 09/23/22		3,026,772
				159,111,663
Romania: 3.1%
		Romania Government Bonds
RON	32,610,000	3.25%, 04/29/24		7,908,677
	25,615,000	3.40%, 03/08/22		6,185,573
	27,025,000	3.50%, 12/19/22		6,566,871
	23,150,000	3.65%, 07/28/25		5,681,664
	21,765,000	3.65%, 09/24/31		5,300,954
	12,920,000	4.00%, 10/25/23		3,194,435
	8,000,000	4.15%, 01/26/28		2,027,906
	27,500,000	4.25%, 06/28/23		6,824,090
	23,055,000	4.40%, 09/25/23		5,756,459
	26,570,000	4.50%, 06/17/24		6,709,697

Principal Amount			Value
Romania: (continued)
RON	26,700,000	4.75%, 02/24/25	$	6,839,593
	27,530,000	4.85%, 04/22/26		7,157,174
	27,385,000	5.00%, 02/12/29		7,409,199
	31,370,000	5.80%, 07/26/27		8,683,164
	27,580,000	5.85%, 04/26/23		7,081,167
				93,326,623
Russia: 4.7%
		Russian Federal Bonds
RUB	448,400,000	4.50%, 07/16/25		5,447,175
	787,875,000	6.00%, 10/06/27		10,041,879
	398,807,000	6.50%, 02/28/24		5,240,370
	822,977,000	6.90%, 05/23/29		11,008,919
	41,864,000	7.00%, 12/15/21		541,371
	365,909,000	7.00%, 08/16/23		4,856,031
	812,564,000	7.05%, 01/19/28		10,985,139
	417,086,000	7.10%, 10/16/24		5,602,928
	374,096,000	7.15%, 11/12/25		5,057,416
	702,406,000	7.25%, 05/10/34		9,544,238
	74,310,000	7.40%, 12/07/22		987,726
	443,602,000	7.40%, 07/17/24		6,001,953
	4,742,000	7.60%, 07/20/22		62,733
	755,040,000	7.65%, 04/10/30		10,560,824
	705,419,000	7.70%, 03/23/33		9,899,694
	586,432,000	7.70%, 03/16/39		8,395,633
	704,709,000	7.75%, 09/16/26		9,867,566
	704,808,000	7.95%, 10/07/26		9,950,846
	699,119,000	8.15%, 02/03/27		9,966,714
	524,511,000	8.50%, 09/17/31		7,754,033
				141,773,188
South Africa: 6.3%
		Republic of South Africa Government Bonds
ZAR	194,106,000	6.25%, 03/31/36		7,847,557
	163,614,000	6.50%, 02/28/41		6,181,561
	236,255,000	7.00%, 02/28/31		11,911,803
	150,370,000	7.75%, 02/28/23		9,974,231
	486,936,000	8.00%, 01/31/30		27,594,819
	324,378,588	8.25%, 03/31/32		17,167,622
	364,699,000	8.50%, 01/31/37		17,612,410
	320,561,164	8.75%, 01/31/44		15,056,407
	573,233,000	8.75%, 02/28/48		26,825,840
	305,998,000	8.88%, 02/28/35		15,754,435
	215,102,000	9.00%, 01/31/40		10,590,650
	327,878,346	10.50%, 12/21/26		23,479,913
				189,997,248
Supranational: 5.1%
RUB	662,800,000	Asian Development Bank 7.00%, 03/14/22		8,703,224
		European Bank for Reconstruction and Development
IDR	67,170,000,000	6.25%, 07/25/22		4,686,973
	5,600,000,000	6.45%, 12/13/22		393,781
	25,360,000,000	7.50%, 05/15/22		1,790,615

See Notes to Financial Statements

62

Principal Amount			Value
Supranational: (continued)
IDR	62,000,000	European Bank for Reconstruction and Development Reg S 6.00%, 07/24/23	$	821,477
		European Investment Bank
PLN	34,160,000	4.25%, 10/25/22		9,340,709
ZAR	5,200,000	7.25%, 02/28/23		343,450
MXN	44,420,000	7.63%, 01/12/22		2,164,894
	17,210,000	7.75%, 01/30/25		884,543
ZAR	214,265,000	8.13%, 12/21/26		14,714,215
	49,700,000,000	European Investment Bank 144A 5.75%, 01/24/25		3,468,550
		European Investment Bank Reg S
PLN	35,358,000	2.75%, 08/25/26		9,930,694
	47,302,000	3.00%, 05/24/24		13,096,748
IDR	83,100,000,000	5.20%, 03/01/22		5,706,768
ZAR	17,500,000	8.00%, 05/05/27		1,192,569
	7,600,000	8.50%, 09/17/24		527,163
		Inter-American Development Bank
MXN	129,870,000	7.50%, 12/05/24		6,536,744
IDR	61,840,000,000	7.88%, 03/14/23		4,516,117
MXN	52,500,000	Inter-American Development Bank Reg S 7.70%, 02/12/24		2,631,477
		International Bank for Reconstruction & Development
RUB	160,000,000	5.00%, 01/28/25		2,089,486
	535,000,000	6.00%, 07/31/24		7,177,195
	198,500,000	6.14%, 06/27/22		2,562,656
	541,500,000	6.75%, 11/14/22		7,217,729
IDR	31,850,000,000	7.25%, 03/15/24		2,338,062
		International Finance Corp.
RUB	136,000,000	5.25%, 03/22/22		1,745,421
	540,000,000	5.50%, 03/20/23		7,030,955
	290,000,000	6.38%, 04/11/22		3,782,713
	480,000,000	6.50%, 02/04/26		6,669,426
BRL	1,800,000	7.00%, 02/14/24		329,644
MXN	175,100,000	7.00%, 07/20/27		8,725,580
	2,500,000	7.25%, 02/02/24		124,721
	97,100,000	7.50%, 01/18/28		4,921,969
	113,780,000	7.75%, 01/18/30		5,862,658
IDR	8,100,000,000	8.00%, 10/09/23		600,009
ZAR	3,000,000	8.00%, 07/27/27		197,525
MXN	50,500,000	International Finance Corp. Reg S 8.38%, 05/31/29		2,699,742
				155,526,202
Thailand: 7.8%
		Thailand Government Bonds
THB	55,660,000	0.95%, 06/17/25		1,800,921
	470,998,000	1.45%, 12/17/24		15,520,436
	297,010,000	1.60%, 12/17/29		9,736,598

Principal Amount			Value
Thailand: (continued)
THB	158,548,000	1.60%, 06/17/35	$	5,086,677
	287,763,000	1.88%, 06/17/22		9,429,260
	355,036,000	2.00%, 12/17/22		11,728,071
	448,645,000	2.13%, 12/17/26		15,353,881
	391,904,000	2.40%, 12/17/23		13,242,613
	360,636,000	2.88%, 12/17/28		13,013,952
	357,432,000	2.88%, 06/17/46		13,288,197
	443,377,000	3.30%, 06/17/38		17,265,026
	423,891,000	3.40%, 06/17/36		16,851,630
	383,943,000	3.63%, 06/16/23		13,288,255
	407,116,000	3.65%, 12/17/21		13,516,352
	389,053,000	3.65%, 06/20/31		15,206,326
	478,373,000	3.78%, 06/25/32		19,068,650
	420,463,000	3.85%, 12/12/25		15,485,747
	824,000	4.75%, 12/20/24		30,686
	437,001,000	4.88%, 06/22/29		17,998,755
				236,912,033
Turkey: 2.9%
		Turkey Government International Bonds
TRY	64,908,000	7.10%, 03/08/23		6,635,591
	56,411,000	8.00%, 03/12/25		5,396,830
	40,330,000	8.50%, 09/14/22		4,375,538
	75,333,000	9.00%, 07/24/24		7,692,359
	40,294,000	9.50%, 01/12/22		4,575,914
	28,408,000	10.40%, 03/20/24		3,051,581
	69,843,000	10.50%, 08/11/27		7,098,442
	94,454,000	10.60%, 02/11/26		9,937,782
	58,659,000	10.70%, 08/17/22		6,598,525
	64,266,000	11.00%, 03/02/22		7,382,579
	61,319,000	11.00%, 02/24/27		6,407,664
	76,498,000	12.20%, 01/18/23		8,764,921
	41,710,000	12.40%, 03/08/28		4,594,917
	40,507,000	16.20%, 06/14/23		5,010,827
				87,523,470
Uruguay: 1.4%
		Uruguay Government International Bonds 144A
UYU	181,114,000	8.50%, 03/15/28		4,439,874
	129,198,000	9.88%, 06/20/22		3,116,084
		Uruguay Government International Bonds Reg S
	626,302,000	8.50%, 03/15/28		15,353,325
	771,946,000	9.88%, 06/20/22		18,618,314
				41,527,597
Total Foreign Government Obligations (Cost: $3,129,236,787)				2,940,358,809
Total Investments: 98.1% (Cost: $3,165,069,306)				2,961,938,211
Other assets less liabilities: 1.9%				56,864,847
NET ASSETS: 100.0%			$	3,018,803,058

See Notes to Financial Statements

63

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

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

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

Footnotes:

^	Zero Coupon Bond
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 $55,943,427, or 1.9% of net assets.

Summary of Investments by Sector	% of Investments			Value
Energy		0.1	%	$	3,508,627
Financial		0.1			3,491,358
Government		99.3			2,940,358,809
Industrial		0.3			7,669,130
Utilities		0.2			6,910,287
		100.0	%	$	2,961,938,211

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	21,579,402		$	—	$	21,579,402
Government Obligations*		—		2,940,358,809			—		2,940,358,809
Total	$	—	$	2,961,938,211		$	—	$	2,961,938,211

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

64

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Real Estate Investment Trusts: 99.9%
	1,531,698	AGNC Investment Corp.	$	21,397,821
	3,819,622	Annaly Capital Management, Inc.		27,081,120
	703,737	Apollo Commercial Real Estate Finance, Inc.		6,122,512
	701,273	Arbor Realty Trust, Inc.†		8,289,047
	336,330	ARMOUR Residential REIT, Inc.		3,208,588
	387,987	Blackstone Mortgage Trust, Inc.†		8,419,318
	744,783	Broadmark Realty Capital, Inc.†		7,425,487
	404,030	Capstead Mortgage Corp.		2,064,593
	932,630	Chimera Investment Corp.		7,787,460
	529,249	Colony Credit Real Estate, Inc.†		2,773,265
	130,336	Dynex Capital, Inc.†		2,134,904
	271,865	Ellington Financial, Inc.		3,327,628
	216,598	Hannon Armstrong Sustainable Infrastructure Capital, Inc.†		9,064,626
	942,750	Invesco Mortgage Capital, Inc.†		2,545,425
	154,394	KKR Real Estate Finance Trust, Inc.		2,579,924
	664,429	Ladder Capital Corp.		4,983,217
	2,193,262	MFA Financial, Inc.†		6,184,999
	1,217,954	New Residential Investment Corp.		9,134,655
	2,371,356	New York Mortgage Trust, Inc.		6,023,244

Number of Shares			Value
Real Estate Investment Trusts: (continued)
	412,366	Orchid Island Capital, Inc.†	$	2,140,180
	475,823	PennyMac Mortgage Investment Trust		7,123,070
	257,556	Ready Capital Corp.		2,894,929
	381,810	Redwood Trust, Inc.		3,245,385
	833,341	Starwood Property Trust, Inc.		11,641,774
	1,553,202	Two Harbors Investment Corp.		7,859,202
Total Common Stocks (Cost: $224,415,880)				175,452,373
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.6% (Cost: $1,072,434)
Money Market Fund: 0.6%
	1,072,434	State Street Navigator Securities Lending Government Money Market Portfolio		1,072,434
Total Investments: 100.5% (Cost: $225,488,314)				176,524,807
Liabilities in excess of other assets: (0.5)%				(857,108	)
NET ASSETS: 100.0%			$	175,667,699

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $17,640,682.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		100.0	%	$	175,452,373

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	175,452,373		$	—		$	—	$	175,452,373
Money Market Fund		1,072,434			—			—		1,072,434
Total	$	176,524,807		$	—		$	—	$	176,524,807

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

65

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

October 31, 2020 (unaudited)

Number of Shares			Value
PREFERRED SECURITIES: 99.8%
Basic Materials: 3.0%
	480,680	ArcelorMittal SA 5.50%, 05/18/23 †	$	16,674,789
	158,624	International Flavors & Fragrances, Inc. 6.00%, 09/15/21		6,129,231
				22,804,020
Communications: 13.0%
		AT&T, Inc.
	672,952	4.75%, 02/18/25 †		17,018,956
	461,453	5.00%, 12/12/24 †		12,039,309
	508,559	5.35%, 11/01/66		13,359,845
	317,249	5.63%, 08/01/67 †		8,568,895
	288,408	eBay, Inc. 6.00%, 02/01/56 †		7,368,824
		Qwest Corp.
	298,022	6.13%, 06/01/53 †		7,516,115
	375,892	6.50%, 09/01/56		9,551,416
	253,799	6.75%, 06/15/57 †		6,631,768
	115,363	Telephone & Data Systems, Inc. 7.00%, 03/15/60 †		2,910,608
		United States Cellular Corp.
	192,272	6.25%, 09/01/69		5,054,831
	131,514	6.95%, 05/15/60 †		3,348,346
	105,750	7.25%, 12/01/63 †		2,722,005
	115,363	7.25%, 12/01/64 †		2,927,913
				99,018,831
Consumer, Cyclical: 6.7%
	110,556	Aptiv Plc 5.50%, 06/15/23		13,310,942
		Ford Motor Co.
	307,635	6.00%, 12/01/59 †		7,777,013
	288,408	6.20%, 06/01/59 †		7,391,897
	120,172	Qurate Retail, Inc. 8.00%, 03/15/31		11,755,225
	192,368	QVC, Inc. 6.25%, 11/26/68 †		4,537,961
	207,765	WESCO International, Inc. 10.63% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		6,021,030
				50,794,068
Consumer, Non-cyclical: 9.1%
	199,001	Avantor, Inc. 6.25%, 05/15/22 †		14,946,965
	288,408	Becton Dickinson and Co. 6.00%, 06/01/23 †		15,020,289
	96,737	Boston Scientific Corp. 5.50%, 06/01/23		10,020,018
		CHS, Inc.
	189,388	6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 †		5,016,888
	161,508	7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 †		4,431,780
	199,001	7.50%, 01/21/25 †		5,576,008
	199,622	7.88%, 09/26/23		5,583,427

Number of Shares			Value
Consumer, Non-cyclical: (continued)
	117,978	8.00%, 07/18/23 †	$	3,421,362
	105,750	Elanco Animal Health, Inc. 5.00%, 02/01/23 †		5,115,128
				69,131,865
Energy: 4.1%
	289,827	Blueknight Energy Partners LP 11.00%, Perpetual Maturity		1,736,064
	685,040	Crestwood Equity Partners LP 9.25%, Perpetual Maturity		4,212,996
	230,726	Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 †		5,888,128
		Energy Transfer Operating LP
	173,045	7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 †		3,164,993
	307,635	7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 †		5,983,501
	171,122	7.63% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 †		3,206,826
	120,993	NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22		1,270,427
	148,049	NuStar Energy LP 7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22		2,450,211
	154,779	NuStar Logistics LP 6.97% (ICE LIBOR USD 3 Month+6.73%), 01/15/43		2,900,558
				30,813,704
Finance - Other Services: 0.3%
	96,136	National Rural Utilities Cooperative Finance Corp. 5.50%, 05/15/64 †		2,614,899
Government: 0.4%
	105,137	Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		2,703,072
Industrial: 1.0%
	149,011	GFL Environmental, Inc. 6.00%, 03/15/23		7,396,906
Real Estate Investment Trusts: 17.8%
		AGNC Investment Corp.
	221,113	6.13% (ICE LIBOR USD 3 Month+4.70%), 04/15/25		4,787,096
	154,779	6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24		3,431,450
	124,977	7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 †		2,855,724
	103,346	American Homes 4 Rent 6.50%, 05/24/21		2,674,594
		Annaly Capital Management, Inc.
	163,431	6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 †		3,428,782
	170,161	6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 †		3,832,026

See Notes to Financial Statements

66

Number of Shares			Value
Real Estate Investment Trusts: (continued)
	276,872	6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22	$	6,232,389
	176,890	7.50%, 12/01/20 †		4,484,162
	96,136	Brookfield Property REIT, Inc. 6.38%, 12/01/20 †		1,797,743
	99,299	Capstead Mortgage Corp. 7.50%, 12/01/20 †		2,294,800
		Chimera Investment Corp.
	99,981	7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 †		1,931,633
	124,977	8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 †		2,587,024
		Colony Capital, Inc.
	121,131	7.13%, 09/22/22 †		2,646,712
	110,556	7.13%, 12/01/20		2,420,071
	132,668	7.15%, 06/05/22 †		2,930,636
	132,668	Digital Realty Trust, Inc. 5.20%, 10/10/24		3,528,969
		Diversified Healthcare Trust
	134,590	5.63%, 08/01/42 †		2,524,908
	96,136	6.25%, 02/01/46 †		1,940,024
	110,556	Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 †		2,321,676
	101,712	Kimco Realty Corp. 5.25%, 12/20/22		2,606,879
	105,750	MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 †		1,858,028
	165,056	Monmouth Real Estate Investment Corp. 6.13%, 09/15/21		4,109,894
	132,668	National Retail Properties, Inc. 5.20%, 10/11/21		3,392,321
		New Residential Investment Corp.
	154,779	6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 †		2,744,232
	108,634	7.13% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 †		2,116,190
	119,209	Office Properties Income Trust 5.88%, 05/01/46 †		3,007,643
	124,977	PS Business Parks, Inc. 4.88%, 11/04/24		3,245,653
		Public Storage
	108,634	3.88%, 10/06/25 †		2,711,505
	217,267	4.63%, 06/17/25 †		5,738,021
	99,501	4.70%, 11/15/24 †		2,666,627
	121,612	4.88%, 09/12/24 †		3,284,740
	134,590	4.90%, 10/14/21 †		3,457,617
	124,977	4.95%, 07/20/21		3,201,911
	115,363	5.05%, 08/09/22 †		3,015,589
	107,672	5.15%, 06/02/22 †		2,837,157
	115,363	5.40%, 01/20/21 †		2,940,603
	109,595	5.60%, 03/11/24 †		3,101,539
	123,818	RLJ Lodging Trust 1.95%, Perpetual Maturity †		2,776,000

Number of Shares			Value
Real Estate Investment Trusts: (continued)
		Two Harbors Investment Corp.
	113,440	7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25	$	2,166,704
	110,556	7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27		2,268,609
	181,421	VEREIT, Inc. 6.70%, 12/01/20 †		4,562,738
		Vornado Realty Trust
	122,862	5.25%, 12/13/22		2,990,461
	115,363	5.40%, 12/01/20		2,796,399
	115,363	5.70%, 12/01/20 †		2,840,237
				135,087,716
Reinsurance: 3.9%
		Aspen Insurance Holdings Ltd.
	96,136	5.63%, 10/01/24 †		2,408,207
	96,136	5.63%, 01/01/27 †		2,455,313
	105,750	5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 †		2,769,593
	211,499	Axis Capital Holdings Ltd. 5.50%, 11/07/21 †		5,388,995
	112,996	PartnerRe Ltd. 7.25%, 04/29/21 †		2,952,585
		Reinsurance Group of America, Inc.
	153,818	5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/56		4,186,926
	153,818	6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/42 †		4,057,719
		RenaissanceRe Holdings Ltd.
	105,750	5.38%, 12/01/20 †		2,665,958
	96,136	5.75%, 06/30/23 †		2,590,865
				29,476,161
Technology: 0.4%
	163,431	Pitney Bowes, Inc. 6.70%, 03/07/43 †		3,119,898
Utilities: 40.1%
	96,136	Alabama Power Co. 5.00%, 10/01/22 †		2,627,397
		Algonquin Power & Utilities Corp.
	134,590	6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79		3,623,163
	110,556	6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 †		2,952,951
		American Electric Power Co., Inc.
	154,779	6.13%, 03/15/22		8,263,651
	163,431	6.13%, 08/15/23		8,750,096
	187,946	CenterPoint Energy, Inc. 7.00%, 09/01/21 †		7,474,612
		CMS Energy Corp.
	107,672	5.88%, 10/15/78 †		2,957,750
	242,263	5.88%, 03/01/79 †		6,647,697
		Dominion Energy, Inc.
	307,635	5.25%, 07/30/76 †		7,893,914
	154,779	7.25%, 06/01/22		16,075,347
		DTE Energy Co.
	153,818	5.25%, 12/01/77 †		4,086,944
	115,363	5.38%, 06/01/76 †		2,965,983

See Notes to Financial Statements

67

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number of Shares			Value
Utilities: (continued)
	107,672	6.00%, 12/15/76	$	2,831,774
	249,954	6.25%, 11/01/22		11,892,811
		Duke Energy Corp.
	192,272	5.13%, 01/15/73 †		4,941,390
	192,272	5.63%, 09/15/78 †		5,304,784
	384,544	5.75%, 06/15/24		10,844,141
	157,663	Entergy Arkansas, LLC 4.88%, 09/01/66		4,083,472
	103,827	Entergy Louisiana, LLC 4.88%, 09/01/66 †		2,677,698
	99,981	Entergy Mississippi, LLC 4.90%, 10/01/66		2,655,495
	103,827	Georgia Power Co. 5.00%, 10/01/77 †		2,720,267
		NextEra Energy Capital Holdings, Inc.
	219,190	5.25%, 06/01/76 †		5,668,253
	264,374	5.65%, 03/01/79 †		7,410,403
		NextEra Energy, Inc.
	288,408	4.87%, 09/01/22		16,439,256
	480,680	5.28%, 03/01/23		23,769,626
	384,544	6.22%, 09/01/23		18,969,556
	192,272	NiSource, Inc. 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 †		5,337,471
	153,818	PG&E Corp. 5.50%, 08/16/23		15,323,349
	173,045	PPL Capital Funding, Inc. 5.90%, 04/30/73 †		4,395,343
	105,750	SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24		2,337,075
	124,977	SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 †		2,770,740

Number of Shares			Value
Utilities: (continued)
	115,363	SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 †	$	2,618,740
	182,658	SCE Trust VI 5.00%, 06/26/22 †		4,171,909
		Sempra Energy
	291,292	5.75%, 07/01/79		7,754,193
	165,835	6.00%, 01/15/21		16,966,579
		Southern Co.
	288,408	4.20%, 10/15/60		7,311,143
	384,544	4.95%, 01/30/80 †		10,144,271
	307,635	5.25%, 10/01/76 †		7,980,052
	173,045	5.25%, 12/01/77 †		4,618,571
	331,669	6.75%, 08/01/22		16,032,879
	96,136	Spire, Inc. 5.90%, 08/15/24		2,630,281
				304,921,027
Total Preferred Securities (Cost: $759,806,762)				757,882,167
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% (Cost: $17,028,590)
Money Market Fund: 2.2%
	17,028,590	State Street Navigator Securities Lending Government Money Market Portfolio		17,028,590
Total Investments: 102.0% (Cost: $776,835,352)				774,910,757
Liabilities in excess of other assets: (2.0)%				(15,323,372	)
NET ASSETS: 100.0%			$	759,587,385

See Notes to Financial Statements

68

Definitions:

USD United States Dollar

Footnotes:

† Security fully or partially on loan. Total market value of securities on loan is $20,925,855.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.0	%	$	22,804,020
Communications		13.1			99,018,831
Consumer, Cyclical		6.7			50,794,068
Consumer, Non-cyclical		9.1			69,131,865
Energy		4.1			30,813,704
Financial		0.7			5,326,404
Government		0.3			2,703,072
Industrial		1.0			7,396,906
Real Estate Investment Trusts		17.5			132,376,211
Reinsurance		3.9			29,476,161
Technology		0.4			3,119,898
Utilities		40.2			304,921,027
		100.0	%	$	757,882,167

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Preferred Securities*	$	757,882,167		$	—		$	—	$	757,882,167
Money Market Fund		17,028,590			—			—		17,028,590
Total	$	774,910,757		$	—		$	—	$	774,910,757

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

69

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2020 (unaudited)

	BDC Income ETF				ChinaAMC China Bond ETF				Emerging Markets Aggregate Bond ETF				Emerging Markets High Yield Bond ETF
Assets:
Investments, at value Unaffiliated issuers (1) (2)		$	197,940,752			$	24,364,405			$	15,202,737			$	409,186,020
Short-term investments held as collateral for securities loaned (3)			22,192,566				—				99,853				9,198,123
Cash			86				43				94,018				9,846,223
Cash denominated in foreign currency, at value (4)			—				8,192,203	(a)			100,413				—
Receivables:
Investment securities sold			2,303,687				—				—				4,281,499
Shares of beneficial interest sold			—				—				—				—
Due from Adviser			—				—				7,956				—
Dividends and interest			789,355				418,367				222,247				6,190,684
Prepaid expenses			3,498				1,160				1,169				5,811
Total assets			223,229,944				32,976,178				15,728,393				438,708,360
Liabilities:
Payables:
Investment securities purchased			646,329				—				—				9,447,903
Collateral for securities loaned			22,192,566				—				99,853				9,198,123
Line of credit			1,046,723				458,790				—				—
Shares of beneficial interest redeemed			1,975,222				—				—				—
Due to Adviser			61,422				518				—				125,457
Deferred Trustee fees			5,227				205				1,590				28,231
Accrued expenses			58,065				58,053				77,790				81,608
Total liabilities			25,985,554				517,566				179,233				18,881,322
NET ASSETS		$	197,244,390			$	32,458,612			$	15,549,160			$	419,827,038
Shares outstanding			17,475,000				1,400,000				750,000				18,600,000
Net asset value, redemption and offering price per share		$	11.29			$	23.18			$	20.73			$	22.57
Net assets consist of:
Aggregate paid in capital		$	310,580,925			$	32,234,859			$	17,531,402			$	483,423,534
Total distributable earnings (loss)			(113,336,535	)			223,753				(1,982,242	)			(63,596,496	)
NET ASSETS		$	197,244,390			$	32,458,612			$	15,549,160			$	419,827,038
(1) Value of securities on loan		$	54,904,576			$	—			$	238,998			$	12,486,537
(2) Cost of investments		$	256,263,112			$	24,057,872			$	15,089,397			$	417,612,913
(3) Cost of short-term investments held as collateral for securities loaned		$	22,192,566			$	—			$	99,853			$	9,198,123
(4) Cost of cash denominated in foreign currency		$	—			$	8,163,136			$	101,372			$	—

(a) Includes $1,909 of foreign investor minimum settlement reserve funds (See Note 2H)

See Notes to Financial Statements

70

Fallen Angel High Yield Bond ETF			Green Bond ETF			International High Yield Bond ETF				Investment Grade Floating Rate ETF			J.P. Morgan EM Local Currency Bond ETF				Mortgage REIT Income ETF				Preferred Securities ex Financials ETF
	$	3,208,594,856		$	40,903,515		$	95,520,621			$	439,320,835		$	2,961,938,211			$	175,452,373			$	757,882,167
		50,950,023			196,665			1,894,265				2,513,027			—				1,072,434				17,028,590
		10,162,153			86,051			951,826				489,746			403,519				23,662				101,299
		—			—			701,700				—			4,884,608				—				—
		32,022,850			1,405,433			1,787,081				25,572,993			159,991,906				—				6,035,622
		10,417,641			—			—				—			—				—				—
		—			6,060			—				—			—				—				—
		42,697,027			297,113			1,471,144				645,484			54,113,437				300,391				2,019,368
		114,230			1,175			2,337				5,804			17,370				3,497				5,818
		3,354,958,780			42,896,012			102,328,974				468,547,889			3,181,349,051				176,852,357				783,072,864
		40,864,668			1,388,874			2,750,477				25,567,190			134,416,948				—				6,119,691
		50,950,023			196,665			1,894,265				2,513,027			—				1,072,434				17,028,590
		—			—			—				—			—				—				—
		—			—			—				—			24,603,288				—				—
		906,648			—			20,353				39,262			613,063				47,079				244,485
		17,057			357			25,984				13,873			175,773				11,436				22,491
		52,657			44,561			90,805				77,785			2,736,921				53,709				70,222
		92,791,053			1,630,457			4,781,884				28,211,137			162,545,993				1,184,658				23,485,479
	$	3,262,167,727		$	41,265,555		$	97,547,090			$	440,336,752		$	3,018,803,058			$	175,667,699			$	759,587,385
		109,700,000			1,500,000			4,000,000				17,450,000			98,122,682				12,950,000				39,350,000
	$	29.74		$	27.51		$	24.39			$	25.23		$	30.77			$	13.57			$	19.30
	$	3,248,697,452		$	40,144,417		$	109,397,677			$	439,726,464		$	3,722,445,431			$	290,621,937			$	813,777,212
		13,470,275			1,121,138			(11,850,587	)			610,288			(703,642,373	)			(114,954,238	)			(54,189,827	)
	$	3,262,167,727		$	41,265,555		$	97,547,090			$	440,336,752		$	3,018,803,058			$	175,667,699			$	759,587,385
	$	99,951,437		$	443,222		$	2,777,290			$	4,957,128		$	—			$	17,640,682			$	20,925,855
	$	3,064,207,361		$	39,754,274		$	95,936,302			$	437,942,221		$	3,165,069,306			$	224,415,880			$	759,806,762
	$	50,950,023		$	196,665		$	1,894,265			$	2,513,027		$	—			$	1,072,434			$	17,028,590
	$	—		$	—		$	703,960			$	—		$	4,963,215			$	—			$	—

See Notes to Financial Statements

71

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

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

	BDC Income ETF				ChinaAMC China Bond ETF				Emerging Markets Aggregate Bond ETF				Emerging Markets High Yield Bond ETF
Income:
Interest		$	156			$	183,139			$	364,341			$	11,816,553
Dividends			12,648,794				—				—				—
Securities lending income			806,125				—				305				23,499
Foreign taxes withheld			—				—				(2,019	)			(1,167	)
Total income			13,455,075				183,139				362,627				11,838,885
Expenses:
Management fees			412,474				19,768				27,398				770,183
Professional fees			33,508				30,538				37,683				36,983
Custody and accounting fees			9,294				9,679				17,293				26,907
Reports to shareholders			11,653				1,629				691				10,672
IOPV fees			1,459				5,842				5,842				4,743
Trustees’ fees and expenses			3,220				32				558				5,196
Registration fees			3,439				3,418				3,429				3,490
Insurance			3,084				817				866				4,419
Interest			7,574				361				121				125
Other			1,786				295				315				2,620
Total expenses			487,491				72,379				94,196				865,338
Waiver of management fees			(67,142	)			(19,768	)			(27,398	)			(93,836	)
Expenses assumed by the Adviser			—				(26,912	)			(39,279	)			—
Net expenses			420,349				25,699				27,519				771,502
Net investment income			13,034,726				157,440				335,108				11,067,383
Net realized gain (loss) on:
Investments			(16,977,615	)			(115,605	)			(152,252	)(a)			(9,185,695	)
In-kind redemptions			1,855,703				—				—				96,856
Capital gain distributions received			—				—				—				—
Foreign currency transactions and foreign denominated assets and liabilities			—				46,408				(2,910	)			—
Net realized gain (loss)			(15,121,912	)			(69,197	)			(155,162	)			(9,088,839	)
Net change in unrealized appreciation (depreciation) on:
Investments			23,028,459				480,416				1,049,249	(b)			38,892,313
Foreign currency transactions and foreign denominated assets and liabilities			—				37,817				7,516				—
Net change in unrealized appreciation (depreciation)			23,028,459				518,233				1,056,765				38,892,313
Net Increase in Net Assets Resulting from Operations		$	20,941,273			$	606,476			$	1,236,711			$	40,870,857

(a)	Net of foreign taxes of $268
(b)	Net of foreign taxes of $4,018
(c)	Net of foreign taxes of $207,519
(d)	Net of foreign taxes of $1,691,222

See Notes to Financial Statements

72

Fallen Angel High Yield Bond ETF				Green Bond ETF				International High Yield Bond ETF				Investment Grade Floating Rate ETF				J.P. Morgan EM Local Currency Bond ETF				Mortgage REIT Income ETF				Preferred Securities ex Financials ETF
	$	74,365,384			$	444,768			$	2,474,661			$	2,957,805			$	88,448,860			$	53			$	526
		—				—				—				—				—				6,539,152				22,015,814
		249,530				964				11,248				6,456				—				106,397				353,731
		—				—				(68	)			—				(832,463	)			—				—
		74,614,914				445,732				2,485,841				2,964,261				87,616,397				6,645,602				22,370,071
		5,167,507				63,536				193,897				825,369				4,417,201				338,183				1,458,736
		39,545				45,057				35,872				33,950				37,461				37,615				37,983
		17,726				10,362				18,939				16,276				385,481				9,426				15,533
		146,100				3,472				4,842				6,919				263,795				15,816				23,018
		5,842				4,741				4,743				5,842				5,842				1,893				1,459
		27,389				483				1,665				7,831				66,278				2,661				10,794
		13,152				3,437				3,466				3,444				12,105				3,423				4,239
		10,088				898				2,028				5,844				29,527				2,948				9,754
		2,522				21				123				3,420				15,887				11,017				25,663
		11,345				441				1,127				4,013				35,909				1,542				6,037
		5,441,216				132,448				266,702				912,908				5,269,486				424,524				1,593,216
		(897,933	)			(63,536	)			(72,683	)			(579,727	)			(352,764	)			(74,892	)			(108,389	)
		—				(32,526	)			—				—				—				—				—
		4,543,283				36,386				194,019				333,181				4,916,722				349,632				1,484,827
		70,071,631				409,346				2,291,822				2,631,080				82,699,675				6,295,970				20,885,244
		(40,155,808	)			40,065				(2,216,647	)			(160,421	)			(104,799,587	)(c)			(22,928,821	)			(8,256,791	)
		16,352,171				—				—				546,152				3,694,680				5,185,060				877,426
		—				—				—				—				—				466,035				—
		—				—				31,846				—				(2,752,719	)			—				—
		(23,803,637	)			40,065				(2,184,801	)			385,731				(103,857,626	)			(17,277,726	)			(7,379,365	)
		219,003,803				589,270				10,570,707				11,835,116				240,185,118	(d)			43,274,549				44,615,607
		—				—				2,562				—				4,419,129				—				—
		219,003,803				589,270				10,573,269				11,835,116				244,604,247				43,274,549				44,615,607
	$	265,271,797			$	1,038,681			$	10,680,290			$	14,851,927			$	223,446,296			$	32,292,793			$	58,121,486

See Notes to Financial Statements

73

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF								ChinaAMC China Bond ETF
	Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020
	(unaudited)								(unaudited)
Operations:
Net investment income		$	13,034,726			$	21,567,462			$	157,440			$	174,642
Net realized loss			(15,121,912	)			(15,333,020	)			(69,197	)			(78,353	)
Net change in unrealized appreciation (depreciation)			23,028,459				(74,503,250	)			518,233				(19,846	)
Net increase (decrease) in net assets resulting from operations			20,941,273				(68,268,808	)			606,476				76,443
Distributions to shareholders:
From distributable earnings			(12,988,050	)			(21,186,560	)			(98,900	)			(156,654	)
Return of capital			—				—				—				(18,386	)
Total distributions			(12,988,050	)			(21,186,560	)			(98,900	)			(175,040	)
Share transactions:*
Proceeds from sale of shares			31,490,798				101,879,369				27,472,633				—
Cost of shares redeemed			(11,998,634	)			(49,439,986	)			—				—
Increase in net assets resulting from share transactions			19,492,164				52,439,383				27,472,633				—
Total increase (decrease) in net assets			27,445,387				(37,015,985	)			27,980,209				(98,597	)
Net Assets, beginning of period			169,799,003				206,814,988				4,478,403				4,577,000
Net Assets, end of period		$	197,244,390			$	169,799,003			$	32,458,612			$	4,478,403
* Shares of Common Stock Issued (no par value)
Shares sold			2,725,000				6,750,000				1,200,000				—
Shares redeemed			(1,050,000	)			(3,450,000	)			—				—
Net increase			1,675,000				3,300,000				1,200,000				—

See Notes to Financial Statements

 74

Emerging Markets Aggregate Bond ETF								Emerging Markets High Yield Bond ETF								Fallen Angel High Yield Bond ETF
Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020
(unaudited)								(unaudited)								(unaudited)
	$	335,108			$	705,316			$	11,067,383			$	19,644,282			$	70,071,631			$	70,986,954
		(155,162	)			(212,326	)			(9,088,839	)			(8,789,257	)			(23,803,637	)			(101,499,902	)
		1,056,765				(695,902	)			38,892,313				(38,751,872	)			219,003,803				(55,587,496	)
		1,236,711				(202,912	)			40,870,857				(27,896,847	)			265,271,797				(86,100,444	)
		(280,950	)			(604,973	)			(10,706,500	)			(19,713,460	)			(63,102,720	)			(69,209,400	)
		—				(105,837	)			—				—				—				—
		(280,950	)			(710,810	)			(10,706,500	)			(19,713,460	)			(63,102,720	)			(69,209,400	)
		—				949,367				86,083,236				122,700,933				1,478,761,869				1,381,802,023
		—				—				(4,513,314	)			(28,453,692	)			(101,554,806	)			(519,616,958	)
		—				949,367				81,569,922				94,247,241				1,377,207,063				862,185,065
		955,761				35,645				111,734,279				46,636,934				1,579,376,140				706,875,221
		14,593,399				14,557,754				308,092,759				261,455,825				1,682,791,587				975,916,366
	$	15,549,160			$	14,593,399			$	419,827,038			$	308,092,759			$	3,262,167,727			$	1,682,791,587
		—				50,000				3,800,000				5,200,000				50,500,000				47,150,000
		—				—				(200,000	)			(1,400,000	)			(3,500,000	)			(18,100,000	)
		—				50,000				3,600,000				3,800,000				47,000,000				29,050,000

See Notes to Financial Statements

 75

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Green Bond ETF								International High Yield Bond ETF
	Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020
	(unaudited)								(unaudited)
Operations:
Net investment income		$	409,346			$	604,222			$	2,291,822			$	5,673,344
Net realized gain (loss)			40,065				411,300				(2,184,801	)			(3,161,281	)
Net change in unrealized appreciation (depreciation)			589,270				576,621				10,573,269				(7,595,399	)
Net increase (decrease) in net assets resulting from operations			1,038,681				1,592,143				10,680,290				(5,083,336	)
Distributions to shareholders:
From distributable earnings			(339,730	)			(518,700	)			(1,966,400	)			(5,231,217	)
Return of capital			—				(119,670	)			—				(396,663	)
Total distributions			(339,730	)			(638,370	)			(1,966,400	)			(5,627,880	)
Share transactions:*
Proceeds from sale of shares			8,341,324				8,084,836				—				9,904,641
Cost of shares redeemed			—				(2,683,565	)			—				(23,238,685	)
Increase (decrease) in net assets resulting from share transactions			8,341,324				5,401,271				—				(13,334,044	)
Total increase (decrease) in net assets			9,040,275				6,355,044				8,713,890				(24,045,260	)
Net Assets, beginning of period			32,225,280				25,870,236				88,833,200				112,878,460
Net Assets, end of period		$	41,265,555			$	32,225,280			$	97,547,090			$	88,833,200
* Shares of Common Stock Issued (no par value)
Shares sold			300,000				300,000				—				400,000
Shares redeemed			—				(100,000	)			—				(1,000,000	)
Net increase (decrease)			300,000				200,000				—				(600,000	)

See Notes to Financial Statements

 76

Investment Grade Floating Rate ETF								J.P. Morgan EM Local Currency Bond ETF								Mortgage REIT Income ETF
Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020				Six Months Ended October 31, 2020				Year Ended April 30, 2020
(unaudited)								(unaudited)								(unaudited)
	$	2,631,080			$	13,664,047			$	82,699,675			$	282,892,930			$	6,295,970			$	12,365,684
		385,731				(3,594,118	)			(103,857,626	)			(429,422,888	)			(17,277,726	)			(10,033,682	)
		11,835,116				(9,868,517	)			244,604,247				(57,775,966	)			43,274,549				(97,091,800	)
		14,851,927				201,412				223,446,296				(204,305,924	)			32,292,793				(94,759,798	)
		(3,165,310	)			(14,425,000	)			(69,635,813	)			(70,848,577	)			(8,260,375	)			(12,368,685	)
		—				—				—				(210,852,975	)			—				(2,747,765	)
		(3,165,310	)			(14,425,000	)			(69,635,813	)	��		(281,701,552	)			(8,260,375	)			(15,116,450	)
		7,570,494				44,286,437				210,510,578				512,534,822				50,468,511				83,580,336
		(40,336,816	)			(110,153,612	)			(684,022,117	)			(2,019,935,636	)			(18,136,703	)			(29,272,023	)
		(32,766,322	)			(65,867,175	)			(473,511,539	)			(1,507,400,814	)			32,331,808				54,308,313
		(21,079,705	)			(80,090,763	)			(319,701,056	)			(1,993,408,290	)			56,364,226				(55,567,935	)
		461,416,457				541,507,220				3,338,504,114				5,331,912,404				119,303,473				174,871,408
	$	440,336,752			$	461,416,457			$	3,018,803,058			$	3,338,504,114			$	175,667,699			$	119,303,473
		300,000				1,750,000				6,700,000				15,300,000				3,850,000				4,500,000
		(1,600,000	)			(4,450,000	)			(22,300,000	)			(62,600,000	)			(1,350,000	)			(1,450,000	)
		(1,300,000	)			(2,700,000	)			(15,600,000	)			(47,300,000	)			2,500,000				3,050,000

See Notes to Financial Statements

 77

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Preferred Securities ex Financials ETF
	Six Months Ended October 31, 2020				Year Ended April 30, 2020
	(unaudited)
Operations:
Net investment income		$	20,885,244			$	37,582,809
Net realized loss			(7,379,365	)			(12,134,058	)
Net change in unrealized appreciation (depreciation)			44,615,607				(43,552,343	)
Net increase (decrease) in net assets resulting from operations			58,121,486				(18,103,592	)
Distributions to shareholders:
From distributable earnings			(17,527,465	)			(38,840,821	)
Share transactions:*
Proceeds from sale of shares			51,382,501				211,329,479
Cost of shares redeemed			(21,418,176	)			(49,472,034	)
Increase in net assets resulting from share transactions			29,964,325				161,857,445
Total increase in net assets			70,558,346				104,913,032
Net Assets, beginning of period			689,029,039				584,116,007
Net Assets, end of period		$	759,587,385			$	689,029,039
* Shares of Common Stock Issued (no par value)
Shares sold			2,700,000				10,600,000
Shares redeemed			(1,150,000	)			(2,950,000	)
Net increase			1,550,000				7,650,000

See Notes to Financial Statements

 78

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC Income ETF
	For the Six Months Ended October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	10.75			$	16.55			$	16.10			$	19.17			$	16.43			$	18.56
Income from investment operations:
Net investment income			0.76	(a)			1.54	(a)			1.59	(a)			1.52	(a)			1.54				1.59
Net realized and unrealized gain (loss) on investments			0.53				(5.86	)			0.41				(3.04	)			2.67				(2.20	)
Total from investment operations			1.29				(4.32	)			2.00				(1.52	)			4.21				(0.61	)
Less:
Dividends from net investment income			(0.75	)			(1.48	)			(1.55	)			(1.55	)			(1.47	)			(1.52	)
Net asset value, end of period		$	11.29			$	10.75			$	16.55			$	16.10			$	19.17			$	16.43
Total return (b)			11.82	%(c)			(27.77	)%			13.27	%			(8.08	)%			26.67	%			(2.98	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$197,244				$169,799				$206,815				$177,926				$183,067				$85,454
Ratio of gross expenses to average net assets			0.47	%(d)			0.48	%			0.47	%			0.49	%			0.52	%			0.58	%
Ratio of net expenses to average net assets			0.41	%(d)			0.41	%			0.41	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			12.63	%(d)			9.95	%			9.73	%			8.85	%			9.12	%			9.87	%
Portfolio turnover rate (e)			19	%(c)			22	%			13	%			19	%			23	%			23	%
	ChinaAMC China Bond ETF
	For the Six Months Ended October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	22.39			$	22.89			$	24.14			$	22.16			$	24.28			$	24.94
Income from investment operations:
Net investment income			0.36	(a)			0.87	(a)			0.75	(a)			0.74	(a)			0.21				0.70
Net realized and unrealized gain (loss) on investments			0.70				(0.49	)			(1.24	)			2.07				(1.64	)			(0.65	)
Total from investment operations			1.06				0.38				(0.49	)			2.81				(1.43	)			0.05
Less:
Dividends from net investment income			(0.27	)			(0.79	)			(0.38	)			—				—				(0.37	)
Return of capital			—				(0.09	)			(0.38	)			(0.83	)			(0.69	)			(0.34	)
Total dividends and distributions			(0.27	)			(0.88	)			(0.76	)			(0.83	)			(0.69	)			(0.71	)
Net asset value, end of period		$	23.18			$	22.39			$	22.89			$	24.14			$	22.16			$	24.28
Total return (b)			4.79	%(c)			1.76	%			(1.98	)%			12.94	%			(6.00	)%			0.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$32,459				$4,478				$4,577				$4,828				$6,649				$12,140
Ratio of gross expenses to average net assets			1.43	%(d)			3.53	%			2.25	%			2.59	%			1.90	%			1.12	%
Ratio of net expenses to average net assets			0.51	%(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Ratio of net expenses to average net assets excluding interest expense			0.50	%(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Ratio of net investment income to average net assets			3.11	%(d)			3.93	%			3.29	%			3.21	%			3.04	%			2.88	%
Portfolio turnover rate (e)			1	%(c)			21	%			22	%			39	%			9	%			58	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 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

79

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Emerging Markets Aggregate Bond ETF
	For the Six Months Ended October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	19.46			$	20.80			$	21.42			$	21.64			$	21.68			$	22.41
Income from investment operations:
Net investment income			0.45	(a)			1.00	(a)			1.00	(a)			0.96	(a)			0.98				0.95
Net realized and unrealized gain (loss) on investments			1.19				(1.33	)			(0.63	)			(0.15	)			(0.08	)			(0.70	)
Total from investment operations			1.64				(0.33	)			0.37				0.81				0.90				0.25
Less:
Dividends from net investment income			(0.37	)			(0.86	)			(0.48	)			(0.71	)			(0.62	)			(0.37	)
Return of capital			—				(0.15	)			(0.51	)			(0.32	)			(0.32	)			(0.61	)
Total dividends and distributions			(0.37	)			(1.01	)			(0.99	)			(1.03	)			(0.94	)			(0.98	)
Net asset value, end of period		$	20.73			$	19.46			$	20.80			$	21.42			$	21.64			$	21.68
Total return (b)			8.45	%(c)			(1.83	)%			1.91	%			3.78	%			4.27	%			1.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$15,549				$14,593				$14,558				$14,993				$15,150				$15,179
Ratio of gross expenses to average net assets			1.20	%(d)			1.49	%			0.92	%			1.12	%			1.26	%			1.21	%
Ratio of net expenses to average net assets			0.35	%(d)			0.35	%			0.36	%			0.49	%			0.49	%			0.49	%
Ratio of net expenses to average net assets excluding interest expense			0.35	%(d)			0.35	%			0.36	%			0.49	%			0.49	%			0.49	%
Ratio of net investment income to average net assets			4.28	%(d)			4.75	%			4.85	%			4.38	%			4.60	%			4.61	%
Portfolio turnover rate (e)			6	%(c)			12	%			25	%			20	%			11	%			13	%
	Emerging Markets High Yield Bond ETF
	For the Six Months Ended October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	20.54			$	23.34			$	23.83			$	24.86			$	23.37			$	24.51
Income from investment operations:
Net investment income			0.65	(a)			1.42	(a)			1.33	(a)			1.33	(a)			1.46				1.64
Net realized and unrealized gain (loss) on investments			2.02				(2.77	)			(0.46	)			(1.01	)			1.50				(1.13	)
Total from investment operations			2.67				(1.35	)			0.87				0.32				2.96				0.51
Less:
Dividends from net investment income			(0.64	)			(1.45	)			(1.36	)			(1.35	)			(1.47	)			(1.65	)
Net asset value, end of period		$	22.57			$	20.54			$	23.34			$	23.83			$	24.86			$	23.37
Total return (b)			13.08	%(c)			(6.27	)%			3.93	%			1.28	%			13.04	%			2.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$419,827				$308,093				$261,456				$371,678				$372,926				$247,709
Ratio of gross expenses to average net assets			0.45	%(d)			0.47	%			0.46	%			0.45	%			0.47	%			0.50	%
Ratio of net expenses to average net assets			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.74	%(d)			6.19	%			5.81	%			5.43	%			6.13	%			6.93	%
Portfolio turnover rate (e)			15	%(c)			28	%			27	%			40	%			39	%			42	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 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

80

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fallen Angel High Yield Bond ETF
	For the Six Months Ended October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	26.84			$	29.00			$	29.19			$	29.65			$	27.14			$	27.66
Income from investment operations:
Net investment income			0.80	(a)			1.54	(a)			1.64	(a)			1.54	(a)			1.56				1.39
Net realized and unrealized gain (loss) on investments			2.85				(2.16	)			(0.24	)			(0.40	)			2.62				(0.51	)
Total from investment operations			3.65				(0.62	)			1.40				1.14				4.18				0.88
Less:
Dividends from net investment income			(0.75	)			(1.54	)			(1.59	)			(1.51	)			(1.58	)			(1.34	)
Distributions from net realized capital gains			—				—				—				(0.09	)			(0.09	)			(0.06	)
Total dividends and distributions			(0.75	)			(1.54	)			(1.59	)			(1.60	)			(1.67	)			(1.40	)
Net asset value, end of period		$	29.74			$	26.84			$	29.00			$	29.19			$	29.65			$	27.14
Total return (b)			13.69	%(c)			(2.38	)%			5.04	%			3.86	%			15.86	%			3.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$3,262,168				$1,682,792				$975,916				$1,223,107				$855,380				$145,182
Ratio of gross expenses to average net assets			0.42	%(d)			0.43	%			0.45	%			0.44	%			0.46	%			0.65	%
Ratio of net expenses to average net assets			0.35	%(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.35	%(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.40	%
Ratio of net investment income to average net assets			5.40	%(d)			5.35	%			5.76	%			5.16	%			5.61	%			6.27	%
Portfolio turnover rate (e)			18	%(c)			68	%			29	%			20	%			32	%			39	%
	Green Bond ETF
	For the Six Months Ended October 31,					For the Year Ended April 30,												For the Period March 3, 2017(f) through April 30,
	2020					2020				2019				2018				2017
		(unaudited)
Net asset value, beginning of period		$	26.85			$	25.87			$	26.54			$	25.44			$	24.75
Income from investment operations:
Net investment income			0.31	(a)			0.58	(a)			0.34	(a)			0.29	(a)			0.04
Net realized and unrealized gain (loss) on investments			0.61				1.00				(0.68	)			1.16				0.67
Total from investment operations			0.92				1.58				(0.34	)			1.45				0.71
Less:
Dividends from net investment income			(0.26	)			(0.50	)			(0.29	)			(0.35	)			(0.02	)
Distributions from net realized capital gains			—				—				—				0.00	(g)			—
Return of capital			—				(0.10	)			(0.04	)			—				—
Total dividends and distributions			(0.26	)			(0.60	)			(0.33	)			(0.35	)			(0.02	)
Net asset value, end of period		$	27.51			$	26.85			$	25.87			$	26.54			$	25.44
Total return (b)			3.43	%(c)			6.17	%			(1.25	)%			5.72	%			2.86	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$41,266				$32,225				$25,870				$17,254				$5,088
Ratio of gross expenses to average net assets			0.73	%(d)			0.83	%			1.02	%			1.56	%			5.49	%(d)
Ratio of net expenses to average net assets			0.20	%(d)			0.23	%			0.33	%			0.40	%			0.40	%(d)
Ratio of net expenses to average net assets excluding interest expense			0.20	%(d)			0.23	%			0.33	%			0.40	%			0.40	%(d)
Ratio of net investment income to average net assets			2.25	%(d)			2.17	%			1.32	%			1.10	%			1.03	%(d)
Portfolio turnover rate (e)			11	%(c)			83	%			28	%			26	%			0	%(c)

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

See Notes to Financial Statements

81

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	International High Yield Bond ETF
	For the Six
	Months Ended
	October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	22.21			$	24.54			$	25.20			$	24.90			$	24.20			$	25.00
Income from investment operations:
Net investment income			0.57	(a)			1.26	(a)			1.13	(a)			1.07	(a)			1.24				1.30
Net realized and unrealized gain (loss) on investments			2.10				(2.33	)			(0.65	)			0.39				0.65				(0.80	)
Total from investment operations			2.67				(1.07	)			0.48				1.46				1.89				0.50
Less:
Dividends from net investment income			(0.49	)			(1.17	)			(1.08	)			(1.02	)			(0.83	)			(1.00	)
Return of capital			—				(0.09	)			(0.06	)			(0.14	)			(0.36	)			(0.30	)
Total dividends and distributions			(0.49	)			(1.26	)			(1.14	)			(1.16	)			(1.19	)			(1.30	)
Net asset value, end of period		$	24.39			$	22.21			$	24.54			$	25.20			$	24.90			$	24.20
Total return (b)			12.04	%(c)			(4.67	)%			2.08	%			5.91	%			8.04	%			2.29	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$97,547				$88,833				$112,878				$171,358				$129,478				$130,686
Ratio of gross expenses to average net assets			0.55	%(d)			0.62	%			0.54	%			0.52	%			0.54	%			0.61	%
Ratio of net expenses to average net assets			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			4.73	%(d)			5.17	%			4.66	%			4.19	%			4.95	%			5.48	%
Portfolio turnover rate (e)			17	%(c)			37	%			32	%			41	%			34	%			20	%
	Investment Grade Floating Rate ETF
	For the Six
	Months Ended
	October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	24.61			$	25.25			$	25.32			$	25.14			$	24.77			$	24.94
Income from investment operations:
Net investment income			0.14	(a)			0.68	(a)			0.77	(a)			0.52	(a)			0.33				0.20
Net realized and unrealized gain (loss) on investments			0.65				(0.61	)			(0.10	)			0.13				0.36				(0.18	)
Total from investment operations			0.79				0.07				0.67				0.65				0.69				0.02
Less:
Dividends from net investment income			(0.17	)			(0.71	)			(0.74	)			(0.47	)			(0.32	)			(0.19	)
Net asset value, end of period		$	25.23			$	24.61			$	25.25			$	25.32			$	25.14			$	24.77
Total return (b)			3.24	%(c)			0.26	%			2.71	%			2.59	%			2.80	%			0.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$440,337				$461,416				$541,507				$377,199				$148,322				$79,273
Ratio of gross expenses to average net assets			0.39	%(d)			0.40	%			0.40	%			0.41	%			0.46	%			0.48	%
Ratio of net expenses to average net assets			0.14	%(d)			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Ratio of net expenses to average net assets excluding interest expense			0.14	%(d)			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Ratio of net investment income to average net assets			1.12	%(d)			2.70	%			3.05	%			2.06	%			1.40	%			0.81	%
Portfolio turnover rate (e)			32	%(c)			40	%			30	%			28	%			46	%			36	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 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

82

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	J.P. Morgan EM Local Currency Bond ETF #
	For the Six
	Months Ended
	October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	29.36			$	33.11			$	37.56			$	37.24			$	37.90			$	41.10
Income from investment operations:
Net investment income			0.79	(a)			2.00	(a)			2.14	(a)			2.18	(a)			2.56				2.08	(a)
Net realized and unrealized gain (loss) on investments			1.29				(3.75	)			(4.45	)			0.40				(1.34	)			(3.24	)
Total from investment operations			2.08				(1.75	)			(2.31	)			2.58				1.22				(1.16	)
Less:
Dividends from net investment income			(0.67	)			(0.48	)			(1.36	)			(1.98	)			(0.60	)			—
Return of capital			—				(1.52	)			(0.78	)			(0.28	)			(1.28	)			(2.04	)
Total dividends and distributions			(0.67	)			(2.00	)			(2.14	)			(2.26	)			(1.88	)			(2.04	)
Net asset value, end of period		$	30.77			$	29.36			$	33.11			$	37.56			$	37.24			$	37.90
Total return (b)			7.06	%(c)			(5.79	)%			(6.05	)%			7.05	%			3.41	%			(2.47	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$3,018,803				$3,338,504				$5,331,912				$5,645,038				$3,354,751				$1,489,642
Ratio of gross expenses to average net assets			0.32	%(d)			0.36	%			0.41	%			0.46	%			0.48	%			0.51	%
Ratio of net expenses to average net assets			0.30	%(d)			0.30	%			0.31	%			0.44	%			0.47	%			0.47	%
Ratio of net expenses to average net assets excluding interest expense			0.30	%(d)			0.30	%			0.31	%			0.44	%			0.47	%			0.47	%
Ratio of net investment income to average net assets			5.06	%(d)			6.05	%			6.35	%			5.69	%			5.60	%			5.69	%
Portfolio turnover rate (e)			20	%(c)			39	%			36	%			28	%			37	%			34	%
	Mortgage REIT Income ETF
	For the Six
	Months Ended
	October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	11.42			$	23.63			$	22.71			$	24.49			$	20.03			$	23.59
Income from investment operations:
Net investment income			0.50	(a)			1.45	(a)			1.68	(a)			1.70	(a)			1.81				2.12
Net realized and unrealized gain (loss) on investments			2.29				(11.90	)			0.94				(1.59	)			4.38				(3.71	)
Total from investment operations			2.79				(10.45	)			2.62				0.11				6.19				(1.59	)
Less:
Dividends from net investment income			(0.64	)			(1.45	)			(1.67	)			(1.81	)			(1.73	)			(1.90	)
Return of capital			—				(0.31	)			(0.03	)			(0.08	)			—				(0.07	)
Total dividends and distributions			(0.64	)			(1.76	)			(1.70	)			(1.89	)			(1.73	)			(1.97	)
Net asset value, end of period		$	13.57			$	11.42			$	23.63			$	22.71			$	24.49			$	20.03
Total return (b)			24.57	%(c)			(46.63	)%			12.00	%			0.32	%			32.15	%			(6.66	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$175,668				$119,303				$174,871				$131,732				$148,143				$96,150
Ratio of gross expenses to average net assets			0.50	%(d)			0.50	%			0.49	%			0.49	%			0.54	%			0.57	%
Ratio of net expenses to average net assets			0.41	%(d)			0.41	%			0.42	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			7.44	%(d)			6.70	%			7.19	%			7.13	%			8.25	%			10.27	%
Portfolio turnover rate (e)			20	%(c)			16	%			35	%			21	%			24	%			16	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data prior to October 26, 2018 has been adjusted to reflect the reverse share split.

See Notes to Financial Statements

83

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Preferred Securities ex Financials ETF
	For the Six
	Months Ended
	October 31,					For the Year Ended April 30,
	2020					2020				2019				2018				2017				2016
	(unaudited)
Net asset value, beginning of period		$	18.23			$	19.37			$	19.09			$	20.12			$	20.34			$	20.75
Income from investment operations:
Net investment income			0.55	(a)			1.06	(a)			1.13	(a)			1.10	(a)			1.15				1.20
Net realized and unrealized gain (loss) on investments			0.98				(1.12	)			0.32				(0.98	)			(0.19	)			(0.48	)
Total from investment operations			1.53				(0.06	)			1.45				0.12				0.96				0.72
Less:
Dividends from net investment income			(0.46	)			(1.08	)			(1.17	)			(1.14	)			(1.18	)			(1.13	)
Return of capital			—				—				—				(0.01	)			—				—
Total dividends and distributions			(0.46	)			(1.08	)			(1.17	)			(1.15	)			(1.18	)			(1.13	)
Net asset value, end of period		$	19.30			$	18.23			$	19.37			$	19.09			$	20.12			$	20.34
Total return (b)			8.48	%(c)			(0.54	)%			7.90	%			0.57	%			4.88	%			3.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$759,587				$689,029				$584,116				$498,248				$437,716				$310,138
Ratio of gross expenses to average net assets			0.44	%(d)			0.44	%			0.46	%			0.45	%			0.46	%			0.49	%
Ratio of net expenses to average net assets			0.41	%(d)			0.41	%			0.41	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%(d)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.73	%(d)			5.41	%			5.92	%			5.57	%			5.70	%			6.05	%
Portfolio turnover rate (e)			22	%(c)			45	%			31	%			47	%			31	%			27	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 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

84

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 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”).

Fund	Diversification Classification
BDC Income ETF (“BDC Income”)	Diversified
ChinaAMC China Bond ETF (“ChinaAMC China Bond”)	Non-Diversified
Emerging Markets Aggregate Bond ETF (“Emerging Markets Aggregate”)	Non-Diversified
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”)	Diversified
Fallen Angel High Yield Bond ETF (“Fallen Angel”)	Diversified
Green Bond ETF (“Green Bond”)	Non-Diversified
International High Yield Bond ETF (“International High Yield”)	Diversified
Investment Grade Floating Rate ETF (“Floating Rate”)	Non-Diversified
J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”)	Non-Diversified
Mortgage REIT Income ETF (“Mortgage REIT”)	Non-Diversified
Preferred Securities ex Financials ETF (“Preferred Securities”)	Non-Diversified

Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC China Bond. ChinaAMC China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.

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

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

The following summarizes the Funds’ significant accounting policies.

A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. 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.

85

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

	The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
	Level 1 — Quoted prices in active markets for identical securities.
	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.	Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required.
C.	Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.
D.	Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net

86

	change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.
E.	Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
F.	Warrants—The Funds may invest in warrants whose values are linked to indices or underlying instruments. The Funds may use these warrants to gain exposure to markets that might be difficult to invest in through conventional securities. Warrants may be more volatile than their linked indices or underlying instruments. Potential losses are limited to the amount of the original investment. Warrants are obligations of the issuer and are not secured by any collateral. Warrants may be exercised by the Funds during the exercise period. If not exercised prior to the last day of the exercise period, the warrants will be automatically exercised on that day. Warrants held at October 31, 2020, if any, are reflected in the Schedules 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 received for securities lending in the form of money market fund investments, if any, at October 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. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.
	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.
	At October 31, 2020, ChinaAMC China Bond included $1,909 in cash denominated in foreign currency, at value on the Statements of Assets and Liabilities which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 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.

87

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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

Fund	Expense Limitations			Management Fee
BDC Income		0.40	%		0.40	%
ChinaAMC China Bond		0.50			0.40
Emerging Markets Aggregate		0.35			0.35
Emerging Markets High Yield		0.40			0.40
Fallen Angel		0.35			0.40
Green Bond		0.20			0.35
International High Yield		0.40			0.40
Floating Rate		0.14			0.35
J.P. Morgan EM		0.30			0.27
Mortgage REIT		0.40			0.40
Preferred Securities		0.40			0.40

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.

Note 4—Capital Share Transactions—As of October 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”).

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 October 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
BDC Income	$	39,155,070	$	37,549,063	$	30,897,255	$	11,414,133
ChinaAMC China Bond		18,008,650		100,222		—		—
Emerging Markets Aggregate		907,145		940,188		—		—
Emerging Markets High Yield		73,426,750		57,037,268		67,633,264		4,274,241
Fallen Angel		611,649,386		452,945,645		1,288,161,244		99,217,905
Green Bond		7,027,979		3,883,199		5,626,270		—
International High Yield		15,811,909		15,644,912		—		—
Floating Rate		148,259,440		146,067,755		1,265,498		39,136,370
J.P. Morgan EM		626,246,909		765,261,069		137,190,071		450,417,769
Mortgage REIT		33,600,136		33,145,084		50,459,309		17,994,805
Preferred Securities		157,122,113		154,875,125		48,118,815		19,424,265

88

Note 6—Income Taxes—As of October 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:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	280,229,938	$	479,435	$	(60,576,055	)	$	(60,096,620	)
ChinaAMC China Bond		24,057,872		434,019		(127,486	)		306,533
Emerging Markets Aggregate		15,197,238		1,040,088		(934,736	)		105,352
Emerging Markets High Yield		427,172,888		9,799,373		(18,588,118	)		(8,788,745	)
Fallen Angel		3,122,381,743		168,919,919		(31,756,783	)		137,163,136
Green Bond		39,954,994		1,239,434		(94,248	)		1,145,186
International High Yield		97,978,849		3,467,461		(4,031,424	)		(563,963	)
Floating Rate		440,670,011		2,070,869		(907,018	)		1,163,851
J.P. Morgan EM		3,235,517,003		78,506,768		(352,085,560	)		(273,578,792	)
Mortgage REIT		226,925,682		7,374,300		(57,775,175	)		(50,400,875	)
Preferred Securities		783,100,604		26,457,386		(34,647,233	)		(8,189,847	)

The tax character of dividends and distributions paid to shareholders during the year ended April 30, 2020 was as follows:

Fund	Ordinary Income		Return of Capital
BDC Income	$	21,186,560	$	—
ChnaAMC China Bond		156,654		18,386
Emerging Markets Aggregate		604,973		105,837
Emerging Markets High Yield		19,713,460		—
Fallen Angel		69,209,400		—
Green Bond		518,700		119,670
International High Yield		5,231,217		396,663
Floating Rate		14,425,000		—
J.P. Morgan EM		70,848,577		210,852,975
Mortgage REIT		12,368,685		2,747,765
Preferred Securities		38,840,821		—

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

At April 30, 2020, the Funds had capital loss carryforwards available to offset future capital gains as follows:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
BDC Income	$	(11,393,066	)	$	(27,547,241	)	$	(38,940,307	)
ChinaAMC China Bond		(26,183	)		(18,716	)		(44,899	)
Emerging Markets Aggregate		(1,617,568	)		(337,011	)		(1,954,579	)
Emerging Markets High Yield		(10,137,637	)		(37,571,122	)		(47,708,759	)
Fallen Angel		(45,845,939	)		(68,021,138	)		(113,867,077	)
International High Yield		(782,218	)		(8,141,953	)		(8,924,171	)
Floating Rate		(584,121	)		(607,518	)		(1,191,639	)
J.P. Morgan EM		(55,911,420	)		(112,027,911	)		(167,939,331	)
Mortgage REIT		(11,073,830	)		(34,926,786	)		(46,000,616	)
Preferred Securities		(10,716,855	)		(29,786,217	)		(40,503,072	)

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2020 to October 31, 2020, the net realized gains (losses) from foreign currency translations were as follows:

89

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

ChinaAMC China Bond	$	112,907
Emerging Markets Aggregate		(5,194	)
International High Yield		21,031
J.P. Morgan EM		(3,854,702	)

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

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

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

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

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

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

Note 7—Principal 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.

Investments in bonds or in Funds holding bonds involve risks including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

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

90

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

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

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

Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. This may require the Fund to account for the distribution that has been deferred or suspended for tax purposes even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.

Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Floating Rate, Green Bond, Preferred Securities and International High Yield invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.

Should the Chinese government impose restrictions on the ability of ChinaAMC China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.

Certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, 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, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.

91

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

At October 31, 2020, the Adviser owned approximately 45% and 2% of Emerging Markets Aggregate and Floating Rate, respectively.

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.

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. 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 October 31, 2020 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2020:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	54,904,576	$	22,192,566	$	34,762,414	$	56,954,980
Emerging Markets Aggregate		238,998		99,853		144,911		244,764
Emerging Markets High Yield		12,486,537		9,198,123		3,749,091		12,947,214
Fallen Angel		99,951,437		50,950,023		51,721,349		102,671,372
Green Bond		443,222		196,665		260,036		456,701
International High Yield		2,777,290		1,894,265		965,075		2,859,340
Floating Rate		4,957,128		2,513,027		2,556,696		5,069,723
Mortgage REIT		17,640,682		1,072,434		17,070,850		18,143,284
Preferred Securities		20,925,855		17,028,590		4,475,321		21,503,911

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

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund		Corporate Bonds			Equity Securities
BDC Income			$	—		$	22,192,566
Emerging Markets Aggregate				99,853			—
Emerging Markets High Yield				9,198,123			—
Fallen Angel				50,950,023			—
Green Bond				196,665			—
International High Yield				1,894,265			—
Floating Rate				2,513,027			—
Mortgage REIT				—			1,072,434
Preferred Securities				—			17,028,590

* Remaining contractual maturity: overnight and continuous

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

	Days		Average Daily		Average
Fund	Outstanding		Loan Balance		Interest Rate
BDC Income		148	$	1,033,780		1.41	%
ChinaAMC China Bond		11		4,816,549		1.40
Fallen Angel		14		3,819,622		1.42
Green Bond		1		117,983		1.41
International High Yield		7		335,322		1.41
J.P. Morgan EM		21		5,619,506		1.40
Mortgage REIT		86		1,297,225		1.42
Preferred Securities		75		1,468,318		1.42

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

Note 11—Share Split—The Board of Trustees of the Trust approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.

Note 12—Recent Accounting Pronouncements—The Funds adopted all provisions of the Accounting Standards Update No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. Based on management’s evaluation, the adoption of the ASU 2018-13 had no material impact on the financial statements and related disclosures.

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

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VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

October 31, 2020 (unaudited)

At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors BDC Income ETF, ChinaAMC China Bond ETF (the “China Fund”), Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2020. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2020 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.

The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.

94

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, except for each of VanEck Vectors BDC Income ETF and Mortgage REIT Income ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average, but below the median, of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and median of its respective peer group of funds, except for each of the VanEck Vectors BDC Income ETF, International High Yield Bond ETF and Mortgage REIT Income ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and/or median of its respective peer group of funds. With respect to these Funds, the Trustees reviewed the amount by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such benefit.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Fund since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2020 meeting as part of their consideration of the Agreements.

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

VanEck Vectors Dynamic Put Write ETF

At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors^® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Dynamic Put Write ETF (the “Fund”).

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

95

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

(unaudited) (continued)

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2020. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2020 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2020 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2020 meeting as part of their consideration of the Investment Management Agreement.

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

VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF and VanEck Vectors Moody’s Analytics IG Corporate Bond ETF

At a meeting held on September 9, 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 Moody’s Analytics BBB Corporate Bond ETF and VanEck Vectors Moody’s Analytics IG Corporate Bond ETF (the “Funds”).

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 Funds’ 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 Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

96

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 Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds have not yet commenced operations. In addition, because the Funds have 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 Funds 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 Funds and the Funds’ shareholders.

97

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

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

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

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

Item 2. CODE OF ETHICS.

Not applicable.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

Item 6. SCHEDULE OF INVESTMENTS.

Information included in Item 1.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

Item 11. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. EXHIBITS.

(a)(1)	Not applicable.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK VECTORS ETF TRUST

By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 8, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	(Signature and Title)   /s/ Jan F. van Eck, Chief Executive Officer
Date	January 8, 2021
By	(Signature and Title)   /s/ John J. Crimmins, Treasurer & Chief Financial Officer
Date	January 8, 2021