VanEck Vectors ETF Trust (Form: N-CSR, Received: 07/08/2021 10:07:01)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

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

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

Van Eck Associates Corporation
666 THIRD AVENUE, NEW YORK, NY 10017

(Name and address of agent for service)

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

Date of fiscal year end: APRIL 30

Date of reporting period: APRIL 30, 2021

Item 1.

REPORTS TO SHAREHOLDERS

ANNUAL REPORT
April 30, 2021

VANECK VECTORS^®

CEF Municipal Income ETF	XMPT^®

High Yield Muni ETF	HYD^®

Intermediate Muni ETF	ITM^®

Long Muni ETF	MLN^®

Muni Allocation ETF	MAAX^TM

Short High Yield Muni ETF	SHYD^®

Short Muni ETF	SMB^®

800.826.2333

vaneck.com

President’s Letter	1
Management Discussion	2
Performance Comparison
CEF Municipal Income ETF	3
High Yield Muni ETF	4
Intermediate Muni ETF	5
Long Muni ETF	6
Muni Allocation ETF	7
Short High Yield Muni ETF	8
Short Muni ETF	9
Explanation of Expenses	11
Schedule of Investments
CEF Municipal Income ETF	12
High Yield Muni ETF	14
Intermediate Muni ETF	53
Long Muni ETF	93
Muni Allocation ETF	108
Short High Yield Muni ETF	109
Short Muni ETF	124
Statements of Assets and Liabilities	138
Statements of Operations	140
Statements of Changes in Net Assets	142
Financial Highlights
CEF Municipal Income ETF	145
High Yield Muni ETF	145
Intermediate Muni ETF	146
Long Muni ETF	146
Muni Allocation ETF	147
Short High Yield Muni ETF	147
Short Muni ETF	148
Notes to Financial Statements	149
Report of Independent Registered Public Accounting Firm	155
Tax Information	157
Board of Trustees and Officers	159
Funds’ Liquidity Risk Management Program	161

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of April 30, 2021.

VANECK VECTORS ETFs

PRESIDENT’S LETTER

April 30, 2021 (unaudited)

Dear Fellow Shareholders:

The way we think about the financial markets—since no one knows the future for sure—is to identify potential scenarios. Last year, we said that roaring global growth would push interest rates to 1.5%-2.0% during 2021. This already happened in the first quarter! Now what?

The mainstream, high-probability scenario (“Goldilocks”) is that the rate increases pause and stock markets continue to make new highs. To support this idea of strong-but-tapering growth, the first major country that went through the COVID-19 cycle is now leveling off after its boom. Following some temporary weakness in February, China’s manufacturing PMI (Purchasing Managers’ Index) rose more than expected in March and the services PMI soared, only confirming that the recovery is getting more balanced. For updates on this, please follow Natalia Gurushina’s daily emails or our monthly China updates.

Another scenario is the “Wage Inflation” scenario. I like to distinguish between commodity price inflation and wage inflation. Commodity prices have been rallying strongly since last summer with almost all commodity prices at multi-year highs. But wage inflation is more important for financial markets. Wage inflation is the driver of a longer-lasting inflation and can be hard to extinguish. The level of stimulus from the U.S. Federal Reserve we saw in 2020 was unprecedented, as is the spending planned by the new Biden administration. We may find that we are witnessing a paradigm change in the “environment” of the financial markets and a new “dynamic” compared with the last 10 years. And a burst of commodity price inflation isn’t the concern in this “Wage Inflation” scenario, rather the concern is that investment consequences could endure not only through 2021, but also well into 2022. This, then, is the risk that wage inflation takes off, triggered by super-heated growth and rising rates. After all, the U.S. economy hasn’t seen GDP growth rates like this since the 1950s. My investment colleagues are divided on whether wage inflation is possible in an over-stimulated yet deflationary world. We’ll see in 2022.

The final scenario remains that, with this tremendous stimulus, we expect to see interest rates rise unexpectedly further in the second half of 2021. In fact, I believe there is a chance that 10-year U.S. interest rates can exceed 2.5% by the end of 2021—“Rate Surprise”—and that investors should have this scenario on their radar screens. This could lead to turbulence in financial markets. By definition, bonds will fall further. But again, this may be okay for equities.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2021. 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 Funds

PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

May 3, 2021

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.

VANECK VECTORS ETFs

MANAGEMENT DISCUSSION

April 30, 2021 (unaudited)

Market Review

Following the immediate market impact sparked by the COVID-19 pandemic, monetary and fiscal stimulus implemented in most major economies resulted in a strong and sustained recovery in financial markets that began in April 2020. Short-term U.S. interest rates remained anchored near zero, while long-term rates began to move meaningfully upwards following the U.S. election results in late-2020 and into 2021. The U.S. dollar’s strength faded through most of the year following a sharp rally in March 2020, but found support later in the year as yields increased. Risk appetite returned following a wave of credit deterioration early in the pandemic, with spreads tightening to below pre-pandemic levels by April 2021 as the search for yield continued.

CEF Municipal Income ETF

The CEF Municipal Income ETF gained 24.38% over the 12 months under review due both to tightening municipal closed-end fund (CEF) discounts and price increases in the underlying bonds themselves. During the period the discount at which CEFs traded fluctuated hugely. Starting the fund’s fiscal year at –8.36% on May 1, 2020, the discount widened to –9.28% on May 19, 2020 and, thereafter, tightened in fits and starts to –2.71% on April 30, 2021—only a little more than its lowest of –2.59% on April 13, 2021.

High Yield Muni ETF/Short High Yield Muni ETF

In the High Yield Municipal Index ETF, the industrial revenue, healthcare and special tax sectors contributed the most to the fund’s gain of 15.84%. No one sector detracted from performance. In terms of state/U.S. territory, the top three contributing states to performance were California, Illinois and New Jersey. Also grouped by states/U.S. territories, municipal bonds from the Northern Mariana Islands, Maine, West Virginia and Oregon detracted the most from performance.

The industrial revenue and leasing sectors were the largest contributors to the 11.89% gain recorded by the Short High Yield Municipal Index ETF. Only the housing sector detracted from performance and then only minimally. Grouped by state/U.S. territory, Illinois was the greatest contributor to the fund’s total return, while municipal bonds from Tennessee and Oregon detracted the most from performance.

Intermediate Muni ETF

In terms of state/U.S. territory, municipal bonds from New York and California contributed the most to the fund’s positive total return of 7.59%. While neither any state nor U.S. territory detracted from performance, bonds from Montana contributed the least. The transportation and state sectors were the two largest contributing sectors to the fund’s performance.

Long Muni ETF

The healthcare and transportation sectors contributed most to the fund’s gain of 10.31% for the 12 month period. No one sector detracted from performance. In terms of state/U.S. territory, municipal bonds issued by New York and California contributed the most to performance and Minnesota was the only state or U.S. territory to detract from performance.

Muni Allocation ETF

The Municipal Allocation ETF returned +11.70% over the 12 month period versus +7.75% for the Bloomberg Barclays Municipal Bond Index. The largest contributors to performance were high yield, with a return of +12.48%, long-duration investment grade, with a return of +11.20%, and intermediate-term investment grade, with a return of +8.93%. The smallest contributors to performance were the Fund’s exposures to short-duration investment grade and short-duration high yield, which returned +2.61% and +12.15%, respectively.

Tactically, the Fund made one successful duration call. At the end of February, 2021, the Fund reduced its exposure to long-duration due to the rapid surge in interest rates, increased correlations between stocks and bonds and an uptick in the volatility of interest rates. The Fund cut duration on February 26, 2021 when the yield on the U.S. 10-year Treasury note was 1.40%. The yield on the U.S. 10-year Treasury note eventually reached a near-term high of 1.74%. The Fund added to duration on April 6, 2021 when the U.S. 10-year Treasury note yield was 1.66%. Since then, the U.S. 10-year Treasury note yield has been in the range of 1.50% to 1.60%.

Short Muni ETF

Among short municipal bonds, the transportation and state sectors contributed the greatest positive return to the fund, which overall gained 4.27% for the year. No one sector detracted from performance. In terms of state/U.S. territory, New York and California contributed the most to the total return of the fund. Three states detracted from performance, with Louisiana detracting the most, but then only minimally.

VANECK VECTORS CEF MUNICIPAL INCOME ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			CEFMXTR¹			LBUSTRUU²
One Year		24.10	%		24.38	%		24.86	%		(0.27	)%
Five Year		5.02	%		5.04	%		5.38	%		3.19	%
Life*		6.72	%		6.73	%		7.12	%		3.25	%

*	Commencement of Fund: 7/12/2011; First Day of Secondary Market Trading: 7/13/2011
¹	S-Network Municipal Bond Closed-End Fund Index^SM(CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

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

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			LMEHTR¹			LBUSTRUU²
One Year		19.13	%		15.84	%		19.54	%		(0.27	)%
Five Year		4.09	%		4.07	%		6.11	%		3.19	%
Ten Year		5.84	%		5.86	%		7.39	%		3.39	%

¹	Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS INTERMEDIATE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			LMT2TR¹			LBUSTRUU²
One Year		9.86	%		7.59	%		8.78	%		(0.27	)%
Five Year		3.38	%		3.39	%		3.93	%		3.19	%
Ten Year		4.38	%		4.38	%		5.03	%		3.39	%

¹	Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS LONG MUNI ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			LMT3TR¹			LBUSTRUU²
One Year		12.17	%		10.31	%		11.50	%		(0.27	)%
Five Year		4.02	%		4.17	%		4.82	%		3.19	%
Ten Year		5.76	%		5.73	%		6.49	%		3.39	%

¹	Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS MUNI ALLOCATION ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			LMBITR¹			SPTR²
One Year		12.41	%		11.70	%		7.75	%		45.98	%
Life*		2.46	%		2.45	%		4.52	%		23.77	%

*	Commencement of Fund: 5/15/2019; First Day of Secondary Market Trading: 5/16/2019.
¹	Bloomberg Barclays Municipal Bond Index (LMBITR) is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year.
²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			BMHYTR¹			LBUSTRUU²
One Year		17.61	%		11.89	%		12.78	%		(0.27	)%
Five Year		3.09	%		3.04	%		4.27	%		3.19	%
Life*		3.23	%		3.17	%		4.80	%		3.42	%

*	Commencement of Fund: 1/13/2014; First Day of Secondary Market Trading: 1/14/2014.
¹	Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS SHORT MUNI ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
	Share Price			NAV			LMT1TR¹			LBUSTRUU²
One Year		4.25	%		4.27	%		4.88	%		(0.27	)%
Five Year		1.85	%		1.81	%		2.17	%		3.19	%
Ten Year		1.84	%		1.80	%		2.30	%		3.39	%

¹	Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 10 for more information.

VANECK VECTORS ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

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

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

The LMEHTR Index, LMT2TR Index, LMT3TR Index, LMBITR Index, BMHYTR Index, LMT1TR Index and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (Bloomberg). CEFMX Index is published by S-Network Global Indexes, LLC (S-Network).

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

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2020 to April 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period* November 1, 2020 – April 30, 2021
CEF Municipal Income ETF
Actual	$1,000.00	$1,108.90	0.40%	$2.09
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
High Yield Muni ETF
Actual	$1,000.00	$1,066.50	0.35%	$1.79
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Intermediate Muni ETF
Actual	$1,000.00	$1,022.00	0.24%	$1.20
Hypothetical**	$1,000.00	$1,023.60	0.24%	$1.20
Long Muni ETF
Actual	$1,000.00	$1,036.50	0.24%	$1.21
Hypothetical**	$1,000.00	$1,023.60	0.24%	$1.20
Muni Allocation ETF
Actual	$1,000.00	$1,040.60	0.08%	$0.40
Hypothetical**	$1,000.00	$1,024.40	0.08%	$0.40
Short High Yield Muni ETF
Actual	$1,000.00	$1,048.30	0.35%	$1.78
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Short Muni ETF
Actual	$1,000.00	$1,009.40	0.20%	$1.00
Hypothetical**	$1,000.00	$1,023.80	0.20%	$1.00

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2021) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period).
**	Assumes annual return of 5% before expenses.

VANECK VECTORS CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Number of Shares			Value

CLOSED-END FUNDS: 100.3% (a)
	143,285	AllianceBernstein National Municipal Income Fund, Inc.	$	2,064,737
	43,161	BlackRock Investment Quality Municipal Trust, Inc.		828,691
	49,102	BlackRock Long-Term Municipal Advantage Trust		648,146
	191,988	BlackRock Muni Intermediate Duration Fund, Inc.		2,897,099
	113,520	BlackRock MuniAssets Fund, Inc.		1,732,315
	316,294	BlackRock Municipal 2030 Target Term Trust		8,223,644
	119,111	BlackRock Municipal Income Quality Trust		1,879,572
	139,505	BlackRock Municipal Income Trust		2,099,550
	73,280	BlackRock Municipal Income Trust II		1,107,261
	267,535	BlackRock MuniHoldings Fund, Inc.		4,368,846
	187,258	BlackRock MuniHoldings Investment Quality Fund		2,698,388
	111,910	BlackRock MuniHoldings Quality Fund II, Inc.		1,517,500
	94,826	BlackRock MuniVest Fund II, Inc.		1,436,614
	325,255	BlackRock MuniVest Fund, Inc.		3,060,650
	211,782	BlackRock MuniYield Fund, Inc.		3,096,253
	99,574	BlackRock MuniYield Quality Fund II, Inc.		1,386,070
	346,129	BlackRock MuniYield Quality Fund III, Inc.		4,960,029
	266,227	BlackRock MuniYield Quality Fund, Inc.		4,238,334
	65,881	BNY Mellon Municipal Bond Infrastructure Fund, Inc.		956,592
	94,963	BNY Mellon Municipal Income, Inc.		848,969
	245,018	BNY Mellon Strategic Municipal Bond Fund, Inc.		1,950,343
	224,309	BNY Mellon Strategic Municipals, Inc.		1,944,759
	217,818	DWS Municipal Income Trust		2,589,856
	359,087	Eaton Vance Municipal Bond Fund		4,833,311
	26,900	Eaton Vance Municipal Income 2028 Term Trust		595,835
	174,452	Eaton Vance Municipal Income Trust		2,395,226
	62,884	Eaton Vance National Municipal Opportunities Trust		1,427,467
	194,698	Invesco Advantage Municipal Income Trust II		2,344,164
	145,345	Invesco Municipal Income Opportunities Trust		1,158,400
	297,467	Invesco Municipal Opportunity Trust		4,012,830
	246,243	Invesco Municipal Trust		3,275,032
	260,717	Invesco Quality Municipal Income Trust		3,431,036

Number of Shares			Value

CLOSED-END FUNDS: (continued)
	242,694	Invesco Trust for Investment Grade Municipals	$	3,332,189
	234,023	Invesco Value Municipal Income Trust		3,730,327
	72,972	MainStay MacKay DefinedTerm Municipal Opportunities Fund		1,619,978
	141,879	MFS High Income Municipal Trust		747,702
	228,429	MFS Municipal Income Trust		1,576,160
	54,124	Neuberger Berman Municipal Fund, Inc.		902,247
	830,794	Nuveen AMT-Free Municipal Credit Income Fund		14,289,657
	80,951	Nuveen AMT-Free Municipal Value Fund		1,355,929
	942,555	Nuveen AMT-Free Quality Municipal Income Fund		14,185,453
	76,536	Nuveen Enhanced Municipal Value Fund		1,318,715
	167,943	Nuveen Intermediate Duration Municipal Term Fund		2,411,661
	47,192	Nuveen Intermediate Duration Quality Municipal Term Fund		694,666
	629,753	Nuveen Municipal Credit Income Fund		10,428,710
	236,067	Nuveen Municipal Credit Opportunities Fund		3,491,431
	261,031	Nuveen Municipal High Income Opportunity Fund		3,873,700
	543,845	Nuveen Municipal Value Fund, Inc.		6,129,133
	924,161	Nuveen Quality Municipal Income Fund		14,158,146
	42,014	Nuveen Select Tax-Free Income Portfolio		713,818
	53,379	Nuveen Select Tax-Free Income Portfolio 2		845,523
	63,098	PIMCO Municipal Income Fund		915,552
	81,566	PIMCO Municipal Income Fund III		1,008,156
	104,160	Pioneer Municipal High Income Advantage Fund, Inc.		1,261,378
	101,364	Pioneer Municipal High Income Fund, Inc.		1,278,200
	174,982	Putnam Managed Municipal Income Trust		1,445,351
	122,818	Putnam Municipal Opportunities Trust		1,685,063
	218,874	Western Asset Managed Municipals Fund, Inc.		2,884,759
	42,518	Western Asset Municipal Defined Opportunity Trust, Inc.		900,956
Total Closed-End Funds: 100.3% (Cost: $167,029,305)				177,192,079
Liabilities in excess of other assets: (0.3)%				(613,947	)
NET ASSETS: 100.0%			$	176,578,132

See Notes to Financial Statements

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	%		$	177,192,079

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs					Level 3 Significant Unobservable Inputs					Value
Closed-End Funds		$	177,192,079				$	—				$	—			$	177,192,079

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

MUNICIPAL BONDS: 98.5%
Alabama: 1.9%
$	615,000	Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 06/01/21 (c)	$	615,825
		Alabama Special Care Facilities Financing Authority, Methodist Home for Aging, Series 1 (RB)
	500,000	5.25%, 06/01/25		517,637
	2,000,000	5.75%, 06/01/26 (c)		2,085,512
	1,400,000	5.75%, 06/01/26 (c)		1,484,421
	5,900,000	6.00%, 06/01/26 (c)		6,196,337
		Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG)
	4,025,000	5.75%, 10/01/29 (c)		4,705,151
	1,500,000	6.38%, 11/01/30 (p)		1,895,622
		Jefferson County, Sewer Revenue, Series D (RB)
	10,000,000	6.00%, 10/01/23 (c)		11,680,064
	9,000,000	6.50%, 10/01/23 (c)		10,620,192
		Jefferson County, Sewer Revenue, Series E (RB)
	60,000	0.00%, 10/01/23 (c) ^		23,941
	100,000	0.00%, 10/01/23 (c) ^		47,096
		Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
	12,000,000	4.50%, 05/01/29 (c)		13,719,436
	10,000,000	5.25%, 05/01/29 (c)		11,642,310
				65,233,544
Alaska: 0.2%
		Northern Tobacco Securitization Corp., Series A (RB)
	4,460,000	5.00%, 05/17/21 (c)		4,516,093
	760,000	5.00%, 05/17/21 (c)		772,336
				5,288,429
American Samoa: 0.1%
		American Samoa Economic Development Authority, Series A (RB)
	250,000	6.50%, 09/01/28		301,433
	1,000,000	6.63%, 09/01/25 (c)		1,152,707
	500,000	7.13%, 09/01/28 (c)		620,634
				2,074,774
Arizona: 2.7%
	200,000	Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)		231,248
		Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
	2,940,000	6.00%, 07/01/27 (c)		3,548,065
	1,320,000	6.00%, 07/01/27 (c)		1,620,169

Principal Amount			Value

Arizona: (continued)
		Arizona Industrial Development Authority, Basis School Project, Series A (RB)
$	250,000	5.13%, 07/01/26 (c)	$	282,083
	500,000	5.25%, 07/01/26 (c)		559,204
		Arizona Industrial Development Authority, Basis School Project, Series D (RB)
	515,000	5.00%, 07/01/27 (c)		578,353
	270,000	5.00%, 07/01/27 (c)		303,864
	500,000	Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		562,712
		Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB)
	300,000	5.00%, 07/15/27 (c)		337,480
	400,000	5.00%, 07/15/27 (c)		456,080
		Arizona Industrial Development Authority, Economic Development, Legacy Cares, Inc., Series A (RB) (AGM)
	1,000,000	6.63%, 07/01/27		1,081,838
	5,500,000	7.75%, 07/01/27 (c)		6,097,456
		Arizona Industrial Development Authority, Education Facility, Series A (RB)
	1,000,000	4.00%, 12/15/29 (c)		1,069,898
	1,050,000	5.25%, 07/01/23 (c)		1,140,225
	2,100,000	5.50%, 07/01/23 (c)		2,274,584
	3,005,000	Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series B (RB) 5.13%, 07/01/29 (c)		2,887,503
		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)		2,825,501
	1,420,000	5.00%, 07/01/29 (c)		1,269,543
	3,465,000	5.50%, 07/01/29 (c)		3,135,659
	1,000,000	Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c)		1,124,033
	5,000,000	Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		5,468,291
		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)		525,065
	500,000	5.00%, 07/01/24 (c)		528,547
	445,000	Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		475,979
	5,855,957	Arizona Industrial Development Authority, Series A (RB) 3.63%, 05/20/33		6,723,901

See Notes to Financial Statements

Principal Amount			Value

Arizona: (continued)
$	250,000	Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c)	$	265,321
		Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)
	600,000	5.00%, 11/15/26 (c)		603,154
	700,000	5.25%, 11/15/26 (c)		700,319
		Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
	500,000	4.00%, 07/01/25		526,115
	1,000,000	5.00%, 07/01/25 (c)		1,087,395
	900,000	5.00%, 07/01/25 (c)		992,804
	500,000	5.00%, 07/01/25 (c)		543,903
	750,000	Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		858,422
	675,000	Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		722,742
	750,000	Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		835,576
	1,000,000	Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c)		1,030,178
	1,000,000	Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)		1,182,732
		Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
	125,000	5.00%, 07/01/29 (c)		149,533
	1,300,000	5.00%, 07/01/29 (c)		1,558,868
		Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
	500,000	5.00%, 07/01/29 (c)		568,770
	500,000	5.00%, 07/01/29 (c)		570,706
	500,000	5.00%, 07/01/29 (c)		582,093
	1,750,000	Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,918,650
	330,000	Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		336,547
		Pima County Industrial Development Authority, American Leadership Academy Project (RB)
	1,250,000	4.13%, 06/15/22 (c)		1,268,559

Principal Amount			Value

Arizona: (continued)
$	2,000,000	4.75%, 06/15/22 (c)	$	2,034,913
	2,000,000	5.00%, 06/15/22 (c)		2,035,495
	500,000	5.00%, 06/15/25 (c)		528,975
	750,000	5.00%, 06/15/25 (c)		792,434
	1,250,000	5.63%, 06/15/25 (c)		1,361,399
		Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
	250,000	5.25%, 07/01/26 (c)		267,320
	250,000	5.38%, 07/01/26 (c)		263,841
	250,000	5.50%, 07/01/26 (c)		264,333
	5,520,000	Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project (RB) 7.25%, 10/01/23 (c)		6,117,225
		Salt Verde Financial Corp. (RB)
	7,590,000	5.00%, 12/01/37		10,681,287
	290,000	5.25%, 12/01/23		323,185
	305,000	5.25%, 12/01/24		351,803
	265,000	5.25%, 12/01/25		315,028
	215,000	5.25%, 12/01/27		268,326
	245,000	5.25%, 12/01/28		311,598
		Tempe Industrial Development Authority, Friendship Village of Tempe (RB)
	355,000	5.00%, 12/01/26 (c)		363,439
	250,000	5.00%, 12/01/26 (c)		256,574
		Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
	600,000	6.13%, 10/01/27 (c)		649,220
	3,900,000	6.13%, 10/01/27 (c)		4,231,174
				92,827,237
Arkansas: 0.4%
		Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB)
	815,000	4.00%, 12/01/27 (c)		838,714
	635,000	4.00%, 12/01/27 (c)		657,928
	12,095,000	Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c)		13,227,998
				14,724,640
California: 13.3%
		Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
	2,055,000	5.00%, 10/01/26 (c)		2,428,939
	5,000,000	5.00%, 10/01/26 (c)		5,892,716
	3,000,000	5.00%, 10/01/26 (c)		3,558,730
	1,650,000	5.00%, 10/01/26 (c)		1,954,225
		Anaheim Community Facilities District No. 08-1 (ST)
	420,000	4.00%, 09/01/23 (c)		447,629
	615,000	4.00%, 09/01/23 (c)		657,412
	160,000	4.00%, 09/01/23 (c)		171,653
		Antelope Valley Healthcare District, Series A (RB)
	300,000	5.00%, 03/01/26 (c)		303,545
	1,480,000	5.25%, 03/01/26 (c)		1,535,962

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	500,000	California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)	$	551,243
	9,235,000	California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		9,858,581
	19,650,000	California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)		22,521,209
	3,100,000	California Community Housing Agency, Essential Housing, The Arbors, Series A (RB) 5.00%, 08/01/30 (c)		3,575,401
	5,250,000	California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB) 5.00%, 08/01/29 (c)		6,003,181
	10,000,000	California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		10,647,390
	8,250,000	California Community Housing Agency, Workforce Housing, Series A (RB) 5.00%, 04/01/29 (c)		9,323,158
	30,000	California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 06/01/21 (c)		30,043
		California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB)
	4,115,000	5.00%, 05/17/21 (c)		4,116,616
	15,000	5.00%, 05/17/21 (c)		15,006
	2,965,000	California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series A (RB) 4.00%, 06/01/30 (c)		3,438,859
	18,250,000	California County Tobacco Securitization Agency, Stanislaus County Tobacco, Series D (RB) 0.00%, 05/17/21 (c) ^		1,612,163
		California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
	250,000	4.00%, 08/15/27 (c)		275,953
	500,000	4.20%, 08/15/27 (c)		560,624
	80,000	4.25%, 11/15/22 (c)		83,041
	460,000	5.00%, 08/15/27 (c)		546,694
	990,000	5.00%, 08/15/27 (c)		1,165,920
		California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
	1,000,000	3.00%, 04/01/30 (c)		1,051,568
	1,715,000	4.00%, 04/01/30 (c)		2,009,644
		California Housing Finance Agency, Series A (RB)
	998,825	3.50%, 11/20/35		1,162,440
	979,680	4.00%, 03/20/33		1,148,854

Principal Amount			Value

California: (continued)
		California Municipal Finance Authority, California Baptist University, Series A (RB)
$	500,000	5.50%, 11/01/25 (c)	$	561,998
	1,000,000	6.13%, 11/01/23 (c)		1,108,023
		California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB)
	150,000	4.00%, 11/15/28 (c)		168,989
	500,000	5.00%, 11/15/28 (c)		601,279
		California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
	250,000	5.00%, 07/01/27 (c)		299,909
	200,000	5.00%, 07/01/27 (c)		240,770
	3,500,000	California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c)		4,246,024
		California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
	500,000	5.00%, 10/01/27 (c)		530,322
	500,000	5.00%, 10/01/27 (c)		532,655
	500,000	5.00%, 10/01/27 (c)		540,320
	2,900,000	California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.63%, 03/01/25 (c)		2,995,162
		California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
	1,950,000	3.00%, 06/30/28 (c)		2,123,708
	650,000	3.25%, 06/30/28 (c)		709,438
	975,000	3.50%, 06/30/28 (c)		1,071,773
	2,040,000	4.00%, 06/30/28 (c)		2,291,261
	2,490,000	5.00%, 06/30/28 (c)		3,010,176
	2,040,000	5.00%, 06/30/28 (c)		2,500,363
	3,405,000	5.00%, 06/30/28 (c)		4,096,790
	500,000	5.00%, 06/30/28 (c)		626,043
	600,000	5.00%, 06/30/28 (c)		754,003
	1,035,000	5.00%, 06/30/28 (c)		1,281,133
	1,000,000	5.00%, 06/30/28 (c)		1,219,567
	700,000	5.00%, 06/30/28 (c)		859,900
	1,600,000	California Municipal Finance Authority, LINXS APM Project, Series B (RB) (AGM) 5.00%, 06/01/28 (c)		1,921,076
	230,000	California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		261,981
		California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
	500,000	5.00%, 07/01/26 (c)		551,716
	1,000,000	5.00%, 07/01/28 (c)		1,127,253
	130,000	5.00%, 07/01/28 (c)		149,248

See Notes to Financial Statements

Principal Amount			Value

California: (continued)
$	930,000	California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c)	$	999,800
	1,500,000	California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)		1,564,786
	250,000	California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) 4.00%, 11/15/28 (c)		281,648
	15,000,000	California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB) 4.00%, 07/15/29		17,296,438
		California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
	1,000,000	7.00%, 07/01/22 (d) *		650,000
	10,500,000	7.50%, 07/01/22 (c) (d) *		6,825,000
	7,000,000	7.50%, 12/01/29 (c) (d) *		2,135,000
	1,000,000	7.50%, 07/01/32		927,365
	6,635,000	8.00%, 07/01/27 (c) (d) *		4,312,750
	2,350,000	California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c)		2,438,923
		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
	1,000,000	California School Finance Authority Educational Facility, River Spring School, Series A (RB) 5.00%, 07/01/27 (c)		1,088,184
	400,000	California School Finance Authority, Bright Star Schools Obligated Group (RB) 5.00%, 06/01/27 (c)		442,480
	2,000,000	California School Finance Authority, River Springs Charter School Project, Series A (RB) 6.38%, 07/01/25 (c)		2,257,768
		California School Finance Authority, Rocketship Education Obligated Group, Series A (RB)
	250,000	5.13%, 06/01/26 (c)		275,945
	250,000	5.25%, 06/01/26 (c)		276,788
		California Statewide Communities Development Authority, California Baptist University, Series A (RB)
	2,500,000	3.50%, 11/01/27		2,719,501
	1,000,000	5.00%, 11/01/27 (c)		1,147,657
	1,000,000	6.38%, 11/01/23 (c)		1,103,764

Principal Amount			Value

California: (continued)
$	250,000	California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)	$	262,670
		California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
	648,015	5.50%, 06/01/21 (c)		615,615
	123,983	5.75%, 06/01/21 (c)		117,783
	324,008	5.75%, 06/01/21 (c)		307,807
	18,184	California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 06/01/21 (c)		17,275
	920,000	California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c)		1,084,976
	385,000	California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c)		453,326
		California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)
	500,000	5.00%, 06/01/29 (c)		565,487
	435,000	5.00%, 06/01/29 (c)		501,350
	75,000	California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c)		81,176
		California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
	350,000	5.00%, 06/01/26 (c)		414,049
	1,100,000	5.00%, 06/01/26 (c)		1,293,828
	1,595,000	5.00%, 06/01/26 (c)		1,815,475
	2,090,000	5.00%, 06/01/26 (c)		2,358,429
	1,740,000	5.25%, 12/01/24 (c)		1,967,883
	8,380,000	5.25%, 06/01/26 (c)		9,445,857
	1,000,000	5.25%, 06/01/28 (c)		1,175,301
	9,360,000	5.50%, 12/01/24 (c)		10,488,141
	6,500,000	5.50%, 06/01/28 (c)		7,705,809
		California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
	3,230,000	5.00%, 06/01/26 (c)		3,623,751
	125,000	5.75%, 01/15/23 (c)		130,324
	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)		3,705,759

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
		California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB)
$	23,000,000	0.00%, 05/17/21 (c) ^	$	2,204,230
	24,250,000	0.00%, 06/01/21 (c) ^		1,553,322
	3,175,000	6.00%, 06/01/21 (c)		3,203,655
	900,000	6.00%, 06/01/21 (c)		908,123
		City of Dublin, Community Facilities District No. 2015-1 (ST)
	500,000	5.00%, 09/01/26 (c)		576,714
	500,000	5.00%, 09/01/26 (c)		579,237
	500,000	5.00%, 09/01/26 (c)		584,708
	1,150,000	5.00%, 09/01/27 (c)		1,360,524
	1,840,000	5.00%, 09/01/27 (c)		2,146,055
	250,000	City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		280,823
		City of Irvine, Community Facilities District No. 2013-3 (ST)
	1,000,000	4.00%, 09/01/23 (c)		1,074,687
	1,800,000	4.00%, 09/01/23 (c)		1,924,312
	250,000	4.00%, 09/01/23 (c)		271,052
	230,000	4.00%, 09/01/23 (c)		250,245
	250,000	4.00%, 09/01/23 (c)		271,590
	750,000	City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		857,607
	6,000,000	City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)		6,869,515
	840,000	City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		948,727
		City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
	500,000	3.75%, 09/01/27 (c)		547,617
	155,000	5.00%, 09/01/27 (c)		184,433
	135,000	5.00%, 09/01/27 (c)		160,181
	200,000	City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		226,931
	1,050,000	City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,186,902
	4,750,000	CMFA Special Finance Agency, Essential Housing, Series A (RB) 4.00%, 04/01/31 (c)		5,037,207
		Compton Public Finance Authority (RB)
	1,000,000	4.00%, 09/01/24 (c)		1,071,345
	1,585,000	4.50%, 09/01/24 (c)		1,702,281
		CSCDA Community Improvement Authority, Atlanta-Glendale, Series A (RB)
	1,000,000	3.50%, 10/01/31 (c)		1,034,431
	1,000,000	4.00%, 10/01/31 (c)		1,071,697
		CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A (RB)
	1,000,000	2.88%, 08/01/31 (c)		996,167
	5,000,000	3.13%, 08/01/31 (c)		4,820,376

Principal Amount			Value

California: (continued)
$	7,075,000	CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A (RB) 4.00%, 10/01/31 (c)	$	7,565,802
	2,000,000	CSCDA Community Improvement Authority, Oceanaire-Long Beach, Series A (RB) 4.00%, 09/01/31 (c)		2,153,227
		CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB)
	3,450,000	4.00%, 08/01/31 (c)		3,709,821
	11,800,000	5.00%, 01/01/31 (c)		13,754,931
	5,085,000	El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 5.50%, 07/01/26 (c)		5,614,571
	1,300,000	Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c)		1,503,548
		Folsom Ranch Financing Authority (ST)
	1,000,000	5.00%, 09/01/27 (c)		1,160,562
	2,000,000	5.00%, 09/01/27 (c)		2,358,296
	1,100,000	5.00%, 09/01/27 (c)		1,315,955
		Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
	2,650,000	4.00%, 01/15/31 (c)		3,117,595
	1,000,000	5.75%, 01/15/24 (c)		1,150,680
	2,860,000	6.00%, 01/15/24 (c)		3,306,819
		Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)
	100,000	3.95%, 07/15/27 (c)		112,502
	1,115,000	6.00%, 01/15/24 (c)		1,289,197
	350,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		391,243
	6,525,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		6,910,643
	1,000,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,153,816
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	1,500,000	3.50%, 06/01/22 (c)		1,526,833
	2,585,000	5.00%, 06/01/27		3,201,561
	3,000,000	5.00%, 06/01/27 (c)		3,683,719
	4,000,000	5.00%, 06/01/28 (c)		4,924,165
	3,815,000	5.25%, 06/01/22 (c)		3,953,204
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB)
	12,750,000	5.00%, 06/01/22 (c)		13,173,964
	14,585,000	5.30%, 06/01/22 (c)		15,136,988

See Notes to Financial Statements

Principal Amount			Value

California: (continued)
$	40,470,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.00%, 05/17/21 (c) ^	$	8,974,959
		Hastings Campus Housing Finance Authority, Series A (RB)
	3,000,000	5.00%, 07/01/30 (c)		3,438,441
	4,350,000	5.00%, 07/01/30 (c)		5,057,111
	250,000	Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		258,211
	9,410,000	Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 05/17/21 (c) ^		1,667,264
	51,150,000	Inland Empire Tobacco Securitization Authority, Series D (RB) 0.00%, 05/17/21 (c) ^		4,255,122
	25,000,000	Inland Empire Tobacco Securitization Authority, Series E (RB) 0.00%, 05/17/21 (c) ^		1,598,737
	50,500,000	Inland Empire Tobacco Securitization Authority, Series F (RB) 0.00%, 05/17/21 (c) ^		2,596,877
	1,000,000	Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/27 (c)		1,179,271
	405,000	Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		457,445
	47,000	Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c)		47,823
		MSR Energy Authority, Series A (RB)
	505,000	6.13%, 11/01/29		645,821
	1,575,000	6.50%, 11/01/39		2,581,632
	1,500,000	7.00%, 11/01/34		2,370,560
		Orange County Community Facilities District No. 1, Series A (ST)
	975,000	4.25%, 08/15/25 (c)		1,060,914
	455,000	5.25%, 08/15/25 (c)		517,085
	250,000	Palomar Health (RB) 5.00%, 11/01/26 (c)		290,651
	125,000	Palomar Pomerado Health, Series A (GO) 0.00%, 08/01/25 ^		120,079
	1,000,000	Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,115,216
	750,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		863,295
	180,000	Rancho Cordova Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		197,590
		River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (AGM) (ST)
	500,000	5.00%, 09/01/26 (c)		570,286
	500,000	5.00%, 09/01/26 (c)		567,416

Principal Amount			Value

California: (continued)
$	500,000	5.00%, 09/01/26 (c)	$	575,949
	3,000,000	5.50%, 09/01/22 (c)		3,169,049
		River Islands Public Financing Authority, Phase 2 Public Improvements (ST)
	1,000,000	4.00%, 09/01/26 (c)		1,075,561
	750,000	5.00%, 09/01/26 (c)		859,826
	500,000	Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		571,901
		Sacramento County, Community Facilities District No. 2005-2 (ST)
	495,000	5.00%, 09/01/26 (c)		566,022
	345,000	5.00%, 09/01/26 (c)		397,426
	3,120,000	San Buenaventura, Community Memorial Health System (RB) 7.50%, 12/01/21 (c)		3,225,186
		San Diego County, Area No. 2, Series A (ST)
	635,000	4.00%, 09/01/26 (c)		697,415
	665,000	4.00%, 09/01/26 (c)		733,154
	300,000	San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		347,508
		San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)
	145,000	0.00%, 01/15/32 ^		115,099
	105,000	0.00%, 01/15/36 ^		74,101
	1,750,000	5.00%, 01/15/25 (c)		1,962,845
	3,780,000	5.00%, 01/15/25 (c)		4,215,605
	500,000	5.00%, 01/15/25 (c)		572,732
	2,300,000	5.00%, 01/15/25 (c)		2,602,900
	200,000	San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		223,728
	1,815,000	San Mateo Union High School District, Series A (GO) 5.00%, 09/01/23 (c)		2,015,181
		Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)
	500,000	5.00%, 03/01/26 (c)		565,247
	500,000	5.00%, 03/01/26 (c)		568,543
	9,000,000	Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 06/01/21 (c) ^		3,902,035
	8,015,000	Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.00%, 05/17/21 (c) ^		910,217
	18,050,000	South California Tobacco Securitization Authority, Series C (RB) 0.00%, 05/17/21 (c) ^		3,719,818
	1,035,000	Thousand Oaks Community Facilities District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,080,804
	2,250,000	Tobacco Securitization Authority of Southern California, Series A (RB) 4.00%, 12/01/30 (c)		2,626,264

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	10,485,000	Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 05/17/21 (c) ^	$	2,241,362
	16,440,000	Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 05/17/21 (c) ^		2,859,168
		Tustin Community Facilities District, Series A (ST)
	100,000	5.00%, 09/01/25 (c)		112,968
	100,000	5.00%, 09/01/25 (c)		113,574
	750,000	Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		842,365
		Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
	850,000	4.00%, 09/01/21 (d) *		578,000
	530,000	5.30%, 09/01/22 (c) (d) *		360,400
	445,000	William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		507,559
				461,160,601
Colorado: 3.4%
		Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
	500,000	5.00%, 12/01/23 (c)		540,234
	750,000	5.13%, 12/01/23 (c)		806,942
	2,010,000	Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,331,707
		Aurora Adams County, Transport Metropolitan District No. 3, Series A (GO)
	1,000,000	5.00%, 03/01/26 (c)		1,098,469
	500,000	5.00%, 03/01/26 (c)		554,462
	1,000,000	Aviation Station North Metropolitan District No. 2, Series A (GO) 5.00%, 09/01/24 (c)		1,074,063
	1,000,000	Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c)		1,043,962
		Brighton Crossing Metropolitan District No. 6 Series A-3 (GO)
	1,000,000	5.00%, 12/01/25 (c)		1,098,346
	500,000	5.00%, 12/01/25 (c)		554,500
	500,000	5.00%, 12/01/25 (c)		559,433
		Broadway Station Metropolitan District No. 3, Series A (GO)
	3,500,000	5.00%, 06/01/24 (c)		3,840,341
	1,250,000	5.00%, 06/01/24 (c)		1,377,842
		Centerra Metropolitan District No. 1 (TA)
	500,000	5.00%, 12/01/22 (c)		527,502
	500,000	5.00%, 12/01/22 (c)		529,651
	500,000	5.00%, 12/01/22 (c)		532,919
	5,195,000	City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,550,441

Principal Amount			Value

Colorado: (continued)
$	4,250,000	City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)	$	4,612,943
	1,035,000	City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,068,058
	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)		1,084,925
	500,000	Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		550,238
	2,000,000	Colorado Health Facilities Authority, Capella of Grand Junction Project (RB) 5.00%, 12/01/26 (c)		2,019,369
	500,000	Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c)		555,049
		Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
	3,120,000	4.00%, 08/01/29 (c)		3,584,761
	1,400,000	4.00%, 08/01/29 (c)		1,586,095
	1,100,000	4.00%, 08/01/29 (c)		1,273,625
	1,270,000	4.00%, 08/01/29 (c)		1,464,652
		Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
	315,000	3.25%, 08/01/29 (c)		334,203
	7,000,000	4.00%, 08/01/29 (c)		7,900,345
	2,420,000	5.00%, 08/01/29 (c)		2,982,388
	1,160,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 06/01/21 (c)		1,126,823
		Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB)
	2,900,000	5.75%, 11/01/25 (c)		2,563,788
	3,835,000	6.00%, 11/01/25 (c)		3,466,122
	2,650,000	Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB) 6.13%, 12/01/25 (c)		2,731,156
		Colorado High Performance Transportation Enterprise (RB)
	250,000	5.00%, 12/31/24 (c)		286,385
	350,000	5.00%, 12/31/24 (c)		401,620
	2,500,000	Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c)		2,715,063
	1,000,000	County of Larimer, Kinston Metropolitan District No. 5, Series A (GO) 5.13%, 12/01/25 (c)		1,110,890

See Notes to Financial Statements

Principal Amount			Value

Colorado: (continued)
		Creekwalk Marketplace Business Improvement District, Series A (RB)
$	500,000	5.50%, 12/01/26 (c)	$	555,915
	500,000	5.75%, 12/01/26 (c)		555,616
		Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)
	1,000,000	5.63%, 12/01/23 (c)		1,090,767
	1,500,000	5.75%, 12/01/23 (c)		1,629,765
		Dominion Water and Sanitation District (RB)
	895,000	5.25%, 12/01/21 (c)		934,347
	3,500,000	5.75%, 12/01/21 (c)		3,652,533
	485,000	6.00%, 12/01/21 (c)		506,077
	1,000,000	Elbert County, Elbert and Highway 86 Commercial Metropolitan District, Series A (GO) 5.00%, 06/01/26 (c)		1,076,713
		Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
	910,000	4.50%, 11/01/25 (c)		934,182
	2,345,000	5.25%, 11/01/25 (c)		2,471,314
	1,865,000	5.50%, 11/01/25 (c)		1,980,543
	1,000,000	Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,104,487
	1,000,000	Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c)		1,084,835
	1,000,000	Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,062,154
	1,000,000	Jefferson County, Verve Metropolitan District No. 1 (GO) 5.00%, 03/01/26 (c)		1,089,046
		Lambertson Farms Metropolitan District No. 1 (GO)
	500,000	5.75%, 12/15/23 (c)		410,429
	500,000	6.00%, 12/15/23 (c)		420,965
		Mirabelle Metropolitan District No. 2, Series A (GO) (SAW)
	1,000,000	5.00%, 03/01/25 (c)		1,079,112
	700,000	5.00%, 03/01/25 (c)		762,335
		North Range Metropolitan District No. 3, Series A (GO)
	1,000,000	5.00%, 12/01/25 (c)		1,110,344
	1,500,000	5.25%, 12/01/25 (c)		1,664,690
		Painted Prairie Public Improvement Authority (RB)
	1,500,000	5.00%, 12/01/24 (c)		1,631,726
	1,000,000	5.00%, 12/01/24 (c)		1,097,510
	1,000,000	Peak Metropolitan District No. 1, Series A (GO) 5.00%, 03/01/26 (c)		1,094,212
	4,030,000	Pueblo Urban Renewal Authority Tax Increment, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c)		4,511,784

Principal Amount			Value

Colorado: (continued)
$	880,000	Raindance Metropolitan District No. 2, Series A (GO) 5.00%, 12/01/24 (c)	$	953,709
	1,000,000	Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c)		1,038,667
	500,000	Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		562,115
		STC Metropolitan District No. 2, Series A (GO)
	1,000,000	4.00%, 12/01/24 (c)		1,083,130
	1,000,000	5.00%, 12/01/24 (c)		1,084,969
	2,000,000	5.00%, 12/01/24 (c)		2,188,538
		Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
	1,000,000	4.25%, 12/01/25 (c)		1,112,413
	1,000,000	5.00%, 12/01/22 (c)		1,070,206
	5,000,000	5.00%, 12/01/22 (c)		5,307,245
	500,000	5.00%, 12/01/22 (c)		532,664
		Velocity Metropolitan District No. 3 (GO)
	500,000	5.13%, 12/01/23 (c)		540,414
	500,000	5.38%, 12/01/23 (c)		540,928
	1,500,000	5.50%, 12/01/23 (c)		1,617,086
	1,000,000	Westerly Metropolitan District No. 4, Series A (GO) 5.00%, 03/01/26 (c)		1,092,335
				117,675,132
Connecticut: 0.7%
	630,000	Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/11/21 (c)		630,078
	2,000,000	Connecticut Airport Authority, Customer Facility, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,240,840
		Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
	3,000,000	5.00%, 09/01/26 (c)		3,293,136
	2,500,000	5.00%, 09/01/26 (c)		2,753,332
	3,000,000	Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		3,133,845
	2,000,000	Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,200,986
		Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)
	935,000	4.25%, 07/01/22 (c)		967,096
	655,000	4.50%, 07/01/22 (c)		677,143
	380,000	5.00%, 07/01/22 (c)		396,131

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Connecticut: (continued)
$	470,000	5.00%, 07/01/22 (c)	$	488,404
	100,000	5.00%, 07/01/22 (c)		104,112
		Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)
	250,000	4.00%, 07/01/29 (c)		268,381
	250,000	4.00%, 07/01/29 (c)		269,604
	1,040,000	Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c)		845,811
		Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)
	250,000	5.75%, 02/01/24		262,695
	1,000,000	6.25%, 02/01/26 (c)		1,099,403
		Town of Hamden (RB)
	2,720,000	5.00%, 01/01/26 (c)		2,881,194
	500,000	5.00%, 01/01/26 (c)		536,395
				23,048,586
Delaware: 0.0%
		Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
	1,000,000	5.00%, 06/01/26 (c)		1,076,878
	250,000	5.00%, 06/01/26 (c)		273,493
				1,350,371
District of Columbia: 1.0%
		District of Columbia Tobacco Settlement Financing Corp. (RB)
	29,055,000	0.00%, 06/01/21 (c) ^		6,194,357
	39,000	6.50%, 05/15/33		43,302
		District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
	1,180,000	5.00%, 07/01/24 (c)		1,245,104
	250,000	5.00%, 07/01/24 (c)		267,518
		District of Columbia, Latin American Montessori Bilingual Public Charter School (RB)
	1,000,000	5.00%, 06/01/30 (c)		1,160,425
	500,000	5.00%, 06/01/30 (c)		590,238
	395,000	District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c)		404,264
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB)
	13,825,000	0.00%, 10/01/37 ^		8,098,778
	1,895,000	5.00%, 04/01/22 (c)		1,965,198
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
	5,520,000	0.00%, 10/01/37 ^		3,728,404
	7,750,000	4.00%, 10/01/29 (c)		8,891,755
	1,675,000	4.00%, 10/01/29 (c)		1,901,805
	250,000	4.00%, 10/01/29 (c)		293,252
	245,000	6.50%, 10/01/28 (c)		328,532
				35,112,932

Principal Amount			Value

Florida: 5.2%
$	805,000	Alachua County, Health Facilities Authority, East Ridge Retirement Village, Inc. (RB) 6.00%, 11/15/24 (c)	$	804,926
	300,000	Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		325,051
	295,000	Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		314,353
		Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)
	500,000	5.00%, 07/15/26 (c)		547,395
	250,000	5.00%, 07/15/26 (c)		276,234
		Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
	500,000	4.50%, 01/01/29 (c)		543,976
	500,000	5.13%, 01/01/29 (c)		561,285
	500,000	5.25%, 01/01/29 (c)		556,182
	500,000	5.38%, 01/01/29 (c)		558,563
		Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
	480,000	4.38%, 06/15/27		507,119
	500,000	5.25%, 06/15/27 (c)		553,657
	1,000,000	Capital Trust Agency, Educational Growth LLC Chatter School, Series A (RB) 5.00%, 07/01/31 (c)		1,127,980
	1,000,000	Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c)		277,500
	1,000,000	Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB) (AMBAC) 7.50%, 05/21/21 (c)		301,832
		Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
	2,200,000	4.00%, 12/01/28		2,397,126
	3,700,000	5.25%, 12/01/28 (c)		4,211,786
	4,500,000	5.25%, 12/01/28 (c)		5,181,411
	2,250,000	Capital Trust Agency, Wonderful Foundations Charter School Portfolio Projects, Series A-1 (RB) 5.00%, 07/01/30 (c)		2,511,654
	750,000	City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c)		876,178
	500,000	City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27		620,398

See Notes to Financial Statements

Principal Amount			Value

Florida: (continued)
		City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
$	230,000	4.00%, 06/01/25 (c)	$	245,212
	300,000	5.00%, 06/01/25 (c)		334,471
	460,000	5.00%, 06/01/25 (c)		515,320
		Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
	590,000	7.00%, 05/15/24 (d) *		401,200
	460,000	8.13%, 05/15/24 (c) (d) *		312,800
		Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB)
	550,000	4.00%, 02/15/30 (c)		625,664
	2,020,000	4.00%, 02/15/30 (c)		2,306,403
	23,750,000	Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB) 7.38%, 01/01/24 (c)		24,700,000
	1,000,000	Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.13%, 06/15/27 (c)		1,071,065
	360,000	Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) 5.63%, 06/15/24 (c)		349,156
		Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
	1,000,000	5.75%, 06/15/24 (c)		1,094,863
	500,000	6.00%, 06/15/25 (c)		569,045
	3,000,000	6.13%, 06/15/22 (c)		3,099,138
	685,000	6.13%, 06/15/25 (c)		771,845
	1,000,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,116,275
	1,000,000	Florida Development Finance Corp., The Mayflower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c)		1,120,471
		Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
	15,000,000	6.25%, 06/01/21 (c) (p)		15,063,628
	18,195,000	6.38%, 06/01/21 (c) (p)		18,245,840
	29,125,000	6.50%, 06/01/21 (c) (p)		29,161,365
		Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB)
	2,710,000	4.50%, 06/01/28 (c)		3,186,713
	750,000	5.00%, 06/01/28 (c)		878,839
		FRERC Community Development District (AGM) (SA)
	1,500,000	5.38%, 11/01/29 (c)		1,607,666
	2,450,000	5.50%, 11/01/29 (c)		2,630,947

Principal Amount			Value

Florida: (continued)
$	2,000,000	Lake County, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c)	$	2,139,241
	3,500,000	Lake County, Lakeside at Waterman Village Project, Series B-1 (RB) 4.25%, 05/15/22 (c)		3,528,428
	2,700,000	Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.13%, 01/01/27 (c)		2,436,576
	500,000	Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c)		508,268
	1,000,000	Lee County Industrial Development Authority, Health Care Facility, Series A (RB) 5.75%, 12/01/22 (c)		1,025,242
	300,000	Leon County Educational Facilities Authority, Heritage Grove Project (RB) (ACA) 5.13%, 06/01/21 (c)		299,984
	380,000	Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		419,009
	250,000	Miami World Center Community Development District (SA) 5.25%, 11/01/27 (c)		277,969
	665,000	Miami-Dade County Industrial Development Authority, NCCD- Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		672,296
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	500,000	5.00%, 10/01/25 (c)		569,520
	500,000	5.00%, 10/01/25 (c)		573,603
	1,000,000	Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,129,954
	445,000	Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c)		464,255
		Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
	1,350,000	4.25%, 05/01/23 (c)		1,408,415
	1,480,000	5.00%, 05/01/23 (c)		1,535,937
	155,000	North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		187,409
		Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
	200,000	5.00%, 08/01/27 (c)		224,858
	200,000	5.00%, 08/01/27 (c)		227,797
	500,000	Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) (AGM) 5.00%, 11/15/26 (c)		577,545

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Florida: (continued)
$	310,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)	$	332,541
		Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
	2,500,000	5.00%, 04/01/29 (c)		2,746,159
	1,000,000	5.00%, 04/01/29 (c)		1,118,192
	185,000	Palm Cost Park Community Development District (SA) 5.70%, 06/01/21 (c)		185,206
		Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
	500,000	5.50%, 11/15/26 (c)		488,039
	1,000,000	5.75%, 11/15/26 (c)		1,001,980
		Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB)
	3,600,000	4.25%, 05/15/22 (c)		3,554,585
	2,000,000	5.25%, 11/15/26 (c)		1,965,101
	785,000	Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c)		809,018
		Village Community Development District No. 12 (SA)
	245,000	3.25%, 05/01/26		258,031
	2,410,000	3.63%, 05/01/26 (c)		2,595,926
	2,410,000	3.88%, 05/01/26 (c)		2,558,660
	965,000	4.25%, 05/01/28 (c)		1,072,712
	1,210,000	4.38%, 05/01/28 (c)		1,344,861
		Village Community Development District No. 13 (SA)
	750,000	3.00%, 05/01/29		799,550
	1,000,000	3.38%, 05/01/29 (c)		1,080,149
	2,885,000	3.55%, 05/01/29 (c)		3,101,101
	4,730,000	3.70%, 05/01/29 (c)		5,034,728
				180,715,377
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)		1,458,021
	2,000,000	6.75%, 01/01/28 (c)		1,290,492
	6,000,000	7.00%, 01/01/28 (c)		3,876,020
	1,000,000	Burke County Development Authority, Series C (RB) (SAW) 4.13%, 02/01/28 (c)		1,120,174
	720,000	Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c)		806,525
		Cobb County Development Authority, Provident Village at Creekside Project, Series A (RB)
	1,000,000	6.00%, 07/01/23 (c) (d) *		703,224
	1,000,000	6.00%, 07/01/23 (c) (d) *		753,020

Principal Amount			Value

Georgia: (continued)
$	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)	$	863,535
		Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG)
	1,250,000	5.50%, 12/01/24 (c)		1,240,788
	1,500,000	5.75%, 12/01/24 (c)		1,468,431
	4,000,000	6.25%, 12/01/24 (c)		3,872,264
	1,000,000	6.50%, 12/01/24 (c)		993,235
		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)		509,460
	500,000	5.00%, 04/01/26 (c)		511,781
	3,000,000	GEO. L. Smith II Georgia World Congress Center Authority, Convention Center Hotel, Series A (RB) 4.00%, 01/01/31 (c)		3,412,176
	416,000	Georgia Local Government (CP) (NATL) 4.75%, 06/01/28		468,158
		Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)
	250,000	5.75%, 06/15/27 (c)		272,801
	1,000,000	6.00%, 06/15/27 (c)		1,084,900
		Marietta Development Authority, Life University, Inc. Project, Series A (RB)
	1,000,000	5.00%, 11/01/27 (c)		1,073,814
	2,750,000	5.00%, 11/01/27 (c)		3,006,046
		Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
	375,000	5.00%, 07/01/25 (c)		423,973
	1,000,000	5.00%, 07/01/28 (c)		1,182,234
	1,000,000	Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c)		1,003,524
	500,000	Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c)		494,799
	3,850,000	Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c)		4,307,322
		White County Development Authority, Truett McConnell University Project, Series A (RB)
	500,000	5.13%, 10/01/26 (c)		527,385
	500,000	5.25%, 10/01/26 (c)		522,784
				37,246,886
Guam: 0.5%
	200,000	A. B. Won Pat International Airport Authority, Series C (RB) 6.25%, 10/01/23 (c)		215,369

See Notes to Financial Statements

Principal Amount			Value

Guam: (continued)
$	500,000	Guam Government Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30	$	637,410
		Guam Government, Business Privilege Tax, Series A (RB)
	500,000	5.00%, 01/01/22 (c)		513,803
	1,390,000	5.13%, 01/01/22 (c)		1,430,160
		Guam Government, Business Privilege Tax, Series B (RB)
	1,280,000	5.00%, 01/01/22 (c)		1,315,761
	330,000	5.00%, 01/01/22 (c)		339,264
		Guam Government, Business Privilege Tax, Series D (RB)
	600,000	4.00%, 11/15/25 (c)		633,435
	585,000	5.00%, 11/15/25 (c)		655,655
	500,000	5.00%, 11/15/25 (c)		565,138
	1,100,000	5.00%, 11/15/25 (c)		1,240,281
		Guam Government, Department of Education, John F. Kennedy Project, Series A (CP)
	500,000	4.25%, 02/01/30		530,760
	500,000	5.00%, 02/01/30 (c)		542,673
	620,000	Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		700,812
		Guam Government, Waterworks Authority, Water and Wastewater System (RB)
	1,375,000	5.00%, 07/01/26 (c)		1,552,470
	550,000	5.25%, 07/01/23 (c)		608,273
	1,000,000	5.50%, 07/01/23 (c)		1,111,323
	3,205,000	Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,905,449
		Guam Power Authority, Series A (RB)
	345,000	5.00%, 10/01/22 (c)		358,655
	500,000	5.00%, 10/01/27 (c)		578,014
				17,434,705
Hawaii: 0.2%
	1,775,000	Kuakini, Hawaii Health System, Series A (RB) 6.38%, 06/01/21 (c)		1,769,908
		State of Hawaii, Department of Budget and Finance, Series A (RB)
	1,400,000	6.25%, 07/01/23 (c)		1,526,275
	2,085,000	6.63%, 07/01/23 (c)		2,269,126
				5,565,309
Idaho: 0.1%
		Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
	450,000	3.50%, 09/01/26 (c)		470,011
	1,135,000	5.00%, 09/01/26 (c)		1,264,056
		Idaho Health Facilities Authority, Terraces of Boise Project, Series A (RB)
	100,000	7.00%, 10/01/24		85,657
	900,000	7.38%, 10/01/24 (c)		772,235
				2,591,959

Principal Amount			Value

Illinois: 11.9%
$	435,000	Board of Trustees of Northeastern Illinois University, Certificates of Participation, Capital Improvement Projects (CP) 4.00%, 10/01/22 (c)	$	376,573
		Chicago Board of Education, Series A (GO)
	760,000	0.00%, 12/01/27 ^		675,900
	390,000	0.00%, 12/01/28 ^		335,476
	55,000	0.00%, 12/01/30 ^		44,151
	6,230,000	5.00%, 12/01/21 (c)		6,339,001
	10,000,000	5.00%, 12/01/22 (c)		10,433,255
	300,000	5.00%, 12/01/23		333,154
	1,000,000	5.00%, 12/01/25		1,181,570
	250,000	5.00%, 12/01/28 (c)		305,315
	250,000	5.00%, 12/01/28 (c)		301,279
	100,000	5.00%, 12/01/30 (c)		123,859
	150,000	5.00%, 12/01/30 (c)		186,528
	145,000	5.00%, 12/01/30 (c)		179,817
	600,000	5.00%, 12/01/30 (c)		748,961
	7,850,000	5.00%, 12/01/30 (c)		9,624,225
	5,750,000	5.00%, 12/01/30 (c)		7,066,202
	1,600,000	5.00%, 12/01/30 (c)		1,963,165
	2,860,000	5.00%, 12/01/30 (c)		3,525,720
	100,000	5.00%, 12/01/30 (c)		123,657
	1,100,000	5.00%, 12/01/30 (c)		1,344,394
	435,000	5.25%, 12/01/21 (c)		443,245
	5,730,000	5.50%, 12/01/21 (c)		5,849,449
	145,000	5.50%, 12/01/25		173,631
	355,000	5.50%, 12/01/26		417,588
	175,000	5.50%, 12/01/26		215,402
	2,500,000	5.50%, 12/01/30		3,331,462
	14,210,000	7.00%, 12/01/25 (c)		17,148,655
	5,200,000	7.00%, 12/01/25 (c)		6,519,135
	2,250,000	7.00%, 12/01/27 (c)		2,885,736
		Chicago Board of Education, Series B (GO)
	150,000	4.00%, 12/01/22 (c)		154,984
	100,000	5.00%, 12/01/21		102,664
	3,235,000	5.00%, 12/01/22 (c)		3,394,653
	100,000	5.00%, 12/01/22		106,621
	1,105,000	5.00%, 12/01/22 (c)		1,160,121
	1,500,000	5.00%, 12/01/27		1,811,511
	500,000	5.00%, 12/01/29 (c)		620,202
	200,000	5.00%, 12/01/29 (c)		245,018
	100,000	5.00%, 12/01/30 (c)		125,313
	1,650,000	5.00%, 12/01/30		2,079,871
	100,000	5.00%, 12/01/30 (c)		123,657
	1,100,000	6.50%, 12/01/26 (c)		1,339,882
		Chicago Board of Education, Series C (GO)
	500,000	5.00%, 12/01/23		551,361
	2,000,000	5.00%, 12/01/27		2,415,347
	2,625,000	5.00%, 12/01/27 (c)		3,109,661
	3,485,000	5.25%, 12/01/24 (c)		3,868,202
	4,430,000	5.25%, 12/01/24 (c)		4,897,097
	1,160,000	6.00%, 12/01/24 (c)		1,319,118
	750,000	Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/23 (c)		800,744

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Illinois: (continued)
$	2,415,000	Chicago Board of Education, Series E (GO) 5.13%, 12/01/24 (c)	$	2,686,464
	1,100,000	Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c)		1,302,784
	8,500,000	Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		9,796,825
	400,000	Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		430,877
		Chicago School Reform Board of Trustees, Series A (GO)
	300,000	0.00%, 12/01/23 ^		292,661
	355,000	0.00%, 12/01/25 ^		333,258
	1,460,000	0.00%, 12/01/29 ^		1,213,395
		Chicago School Reform Board of Trustees, Series B-1 (GO)
	180,000	0.00%, 12/01/22 ^		177,748
	1,165,000	0.00%, 12/01/24 ^		1,117,408
	1,650,000	0.00%, 12/01/25 ^		1,548,947
	1,630,000	0.00%, 12/01/26 ^		1,492,625
	1,030,000	0.00%, 12/01/27 ^		916,023
	690,000	0.00%, 12/01/28 ^		593,535
	645,000	0.00%, 12/01/29 ^		536,055
	1,025,000	0.00%, 12/01/30 ^		822,809
	520,000	0.00%, 12/01/31 ^		403,436
	100,000	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		121,107
		City of Chicago (GO)
	345,000	0.00%, 01/01/28 ^		301,943
	1,180,000	0.00%, 01/01/33 ^		867,336
	290,000	0.00%, 01/01/34 ^		205,619
	420,000	City of Chicago, City Colleges of Chicago Capital Improvement Project, Series 1999 (GO) 0.00%, 01/01/30 ^		342,815
		City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
	235,000	5.00%, 01/01/25		268,302
	1,910,000	5.25%, 01/01/25 (c)		2,158,255
	945,000	5.25%, 01/01/25 (c)		1,072,560
	3,980,000	5.50%, 01/01/25 (c)		4,459,756
	855,000	5.50%, 01/01/25 (c)		967,619
	115,000	5.50%, 01/01/25 (c)		130,515
	1,585,000	City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c)		1,712,492
		City of Chicago, Series A (GO)
	140,000	0.00%, 01/01/29 ^		118,505
	905,000	4.63%, 06/01/21 (c)		906,599
	4,160,000	5.00%, 06/01/21 (c)		4,168,046
	865,000	5.00%, 01/01/22 (c)		882,965
	3,540,000	5.00%, 01/01/22 (c)		3,614,786
	395,000	5.00%, 01/01/23		422,025
	640,000	5.00%, 01/01/24 (c)		691,898

Principal Amount			Value

Illinois: (continued)
$	1,920,000	5.00%, 01/01/24 (c)	$	2,073,761
	2,935,000	5.00%, 01/01/24 (c)		3,166,673
	200,000	5.00%, 01/01/27		238,561
	1,000,000	5.00%, 01/01/27		1,192,803
	2,775,000	5.00%, 01/01/29		3,431,629
	2,000,000	5.00%, 01/01/29 (c)		2,357,216
	2,110,000	5.25%, 06/01/21 (c)		2,114,776
	3,340,000	5.25%, 01/01/24 (c)		3,646,476
	150,000	5.25%, 01/01/24 (c)		164,277
	1,120,000	5.25%, 01/01/24 (c)		1,221,392
	600,000	5.25%, 01/01/24 (c)		653,405
	1,150,000	5.25%, 01/01/24 (c)		1,263,604
	880,000	5.38%, 01/01/25 (c)		998,274
	905,000	5.50%, 01/01/25 (c)		1,011,408
	475,000	5.50%, 01/01/25 (c)		534,534
	1,320,000	5.50%, 01/01/25 (c)		1,488,115
	750,000	5.63%, 01/01/27 (c)		902,966
	1,000,000	5.63%, 01/01/27 (c)		1,216,468
	1,000,000	5.75%, 01/01/27 (c)		1,204,227
	1,180,000	5.75%, 01/01/27 (c)		1,424,540
	3,750,000	6.00%, 01/01/27 (c)		4,550,837
	870,000	City of Chicago, Series B (GO) 5.00%, 01/01/23		929,524
		City of Chicago, Series C (GO)
	195,000	0.00%, 01/01/32 ^		142,740
	1,800,000	5.00%, 01/01/22 (c)		1,849,656
	195,000	5.00%, 01/01/22 (c)		199,962
	110,000	5.00%, 01/01/22 (c)		112,886
	1,110,000	5.00%, 01/01/24		1,229,249
	1,760,000	5.00%, 01/01/25		2,009,409
	3,800,000	5.00%, 01/01/26 (c)		4,285,652
	250,000	5.00%, 01/01/26 (c)		290,333
	380,000	5.00%, 01/01/26		443,510
		City of Chicago, Series D (GO)
	1,045,000	5.50%, 01/01/25 (c)		1,170,966
	1,135,000	5.50%, 01/01/25 (c)		1,267,135
	520,000	5.50%, 01/01/25 (c)		586,227
	2,715,000	5.50%, 01/01/25 (c)		3,055,282
		City of Chicago, Series E (GO)
	1,680,000	5.50%, 01/01/25 (c)		1,870,780
	915,000	5.50%, 01/01/25 (c)		1,028,413
	1,635,000	City of Chicago, Series F (GO) 5.50%, 01/01/25 (c)		1,837,655
	1,020,000	City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,251,631
		City of Harvey, Series A (GO)
	465,000	5.50%, 06/01/21 (c) (d) *		318,525
	3,600,000	5.63%, 06/01/21 (c) (d) *		2,466,000
	625,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		690,164
		Illinois Finance Authority, Admiral Lake Project (RB)
	1,120,000	5.00%, 05/15/24 (c)		1,127,511
	390,000	5.13%, 05/15/24 (c)		391,698
	1,350,000	5.25%, 05/15/24 (c)		1,331,211
	2,000,000	5.50%, 05/15/24 (c)		2,016,273

See Notes to Financial Statements

Principal Amount			Value

Illinois: (continued)
$	35,000	Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 06/01/21 (c)	$	35,012
		Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
	1,000,000	5.00%, 07/01/25 (c)		932,533
	1,000,000	5.00%, 07/01/25 (c)		956,700
	500,000	Illinois Finance Authority, Clare Oaks, Series A (RB) 4.00%, 11/15/24 (c)		503,585
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	615,000	4.75%, 05/15/23 (c)		640,983
	230,000	5.13%, 05/15/23 (c)		240,019
	750,000	5.25%, 05/15/23 (c)		784,051
		Illinois Finance Authority, Friendship Village of Schaumburg (RB)
	6,500,000	5.00%, 02/15/27 (c)		4,754,250
	3,000,000	5.00%, 02/15/27		2,184,394
	6,130,000	5.13%, 02/15/27 (c)		4,494,743
	100,000	Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		94,920
	500,000	Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		557,551
		Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
	1,525,000	5.00%, 11/01/26 (c)		1,701,490
	4,210,000	5.00%, 11/01/26 (c)		4,649,793
	500,000	5.00%, 11/01/26 (c)		563,294
	500,000	5.00%, 11/01/26 (c)		577,137
	250,000	5.00%, 11/01/26 (c)		287,029
	6,750,000	Illinois Finance Authority, Navistar International Corp. Project (RB) 4.75%, 08/01/30 (p)		7,157,887
	475,000	Illinois Finance Authority, Roosevelt University (RB) 5.50%, 06/01/21 (c)		475,973
		Illinois Finance Authority, Roosevelt University, Series A (RB)
	1,600,000	6.00%, 10/01/28 (c)		1,945,676
	8,000,000	6.13%, 10/01/28 (c)		9,616,592
	3,000,000	6.13%, 10/01/28 (c)		3,586,453
		Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB)
	230,000	5.00%, 08/15/25 (c)		261,424
	525,000	5.00%, 08/15/25 (c)		589,594
	100,000	Illinois Finance Authority, Uno Chapter School Network, Inc. Project, Series B (RB) 7.13%, 10/01/21 (c)		101,697
	2,695,000	Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c)		2,824,969

Principal Amount			Value

Illinois: (continued)
		Illinois Sports Facilities Authority (RB) (AMBAC)
$	690,000	0.00%, 06/15/26 ^	$	626,455
	1,000,000	5.00%, 06/15/24 (c)		1,118,930
	1,000,000	5.00%, 06/15/28		1,207,549
	3,055,000	5.00%, 06/15/29 (c)		3,690,728
	1,000,000	5.00%, 06/15/29		1,219,857
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
	840,000	0.00%, 06/15/29 ^		714,449
	555,000	0.00%, 06/15/30 ^		456,027
	475,000	0.00%, 12/15/30 ^		383,770
	125,000	0.00%, 06/15/31 ^		99,364
	190,000	0.00%, 06/15/34 ^		136,932
	590,000	0.00%, 12/15/34 ^		418,073
	185,000	0.00%, 06/15/37 ^		119,031
	115,000	0.00%, 06/15/39 ^		68,452
	1,500,000	0.00%, 06/15/40 ^		858,432
	3,000,000	4.00%, 12/15/29 (c)		3,368,978
	3,210,000	5.00%, 06/15/22 (c)		3,330,324
	250,000	5.00%, 12/15/27 (c)		294,546
	5,625,000	5.00%, 12/15/29 (c)		6,766,646
	1,400,000	5.50%, 12/15/25 (c)		1,613,894
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
	1,080,000	0.00%, 06/15/28 ^		948,717
	740,000	0.00%, 12/15/54 ^		240,861
	290,000	5.00%, 06/15/22 (c)		303,113
	1,450,000	5.00%, 06/15/22 (c)		1,518,892
	3,765,000	5.00%, 06/15/22 (c)		3,925,356
	335,000	5.00%, 12/15/22		357,118
	410,000	5.70%, 06/15/23		455,725
	230,000	Southwestern Illinois Development Authority (RB) 5.35%, 06/01/21 (c)		152,503
	1,500,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c)		1,553,930
		State of Illinois (RB)
	100,000	3.00%, 06/15/26 (c)		103,778
	175,000	3.50%, 06/01/26 (c)		188,605
	935,000	3.50%, 06/01/26 (c)		1,024,263
	150,000	4.00%, 08/01/22 (c)		156,108
	660,000	4.00%, 05/01/24		724,782
	500,000	4.00%, 01/01/26 (c)		549,132
	1,000,000	4.00%, 06/01/26 (c)		1,098,606
	360,000	4.00%, 06/01/26 (c)		394,484
	460,000	4.00%, 06/01/26 (c)		499,612
	270,000	4.00%, 06/01/26 (c)		295,348
	220,000	4.00%, 06/01/26 (c)		241,896
	160,000	4.13%, 03/01/22 (c)		164,406
	485,000	4.13%, 11/01/26 (c)		542,403
	305,000	5.00%, 03/01/22 (c)		315,925
	100,000	5.00%, 03/01/22 (c)		103,599
	250,000	5.00%, 03/01/22 (c)		258,997
	140,000	5.00%, 03/01/22 (c)		144,836

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Illinois: (continued)
$	55,000	5.00%, 06/01/22	$	57,705
	100,000	5.00%, 07/01/22		105,286
	1,465,000	5.00%, 08/01/22		1,547,810
	1,830,000	5.00%, 08/01/22 (c)		1,930,617
	335,000	5.00%, 05/01/23		364,698
	475,000	5.00%, 07/01/23		520,395
	1,915,000	5.00%, 02/01/24		2,141,196
	350,000	5.00%, 02/01/24 (c)		388,140
	375,000	5.00%, 02/01/24 (c)		416,655
	1,100,000	5.00%, 02/01/24 (c)		1,226,616
	1,105,000	5.00%, 02/01/24		1,235,520
	585,000	5.00%, 04/01/24 (c)		652,194
	2,000,000	5.00%, 04/01/24 (c)		2,213,567
	100,000	5.00%, 05/01/24 (c)		109,994
	275,000	5.00%, 05/01/24 (c)		303,691
	1,025,000	5.00%, 05/01/24 (c)		1,145,723
	2,005,000	5.00%, 05/01/24 (c)		2,231,750
	175,000	5.00%, 05/01/24 (c)		192,631
	5,035,000	5.00%, 05/01/24 (c)		5,515,863
	200,000	5.00%, 11/01/24		227,680
	2,750,000	5.00%, 02/01/26		3,261,031
	125,000	5.00%, 06/01/26		149,287
	1,040,000	5.00%, 06/01/26 (c)		1,228,023
	800,000	5.00%, 06/01/26 (c)		950,319
	500,000	5.00%, 02/01/27		604,408
	1,615,500	5.13%, 05/15/26 (c)		1,618,777
	290,000	5.25%, 07/01/23 (c)		314,664
	510,000	5.25%, 07/01/23 (c)		555,019
	550,000	5.25%, 07/01/23 (c)		599,843
	700,000	5.25%, 02/01/24 (c)		775,454
	560,000	5.50%, 07/01/23 (c)		607,760
	1,165,000	5.50%, 07/01/23 (c)		1,284,567
	4,000,000	5.75%, 05/01/30 (c)		5,134,796
	500,000	6.00%, 05/01/25		601,505
	880,000	6.00%, 05/01/26		1,091,927
		State of Illinois, Series A (GO)
	100,000	4.00%, 01/01/22 (c)		102,070
	320,000	4.00%, 01/01/22 (c)		326,857
	190,000	4.00%, 01/01/22 (c)		194,390
	110,000	5.00%, 04/01/23 (c)		117,164
	820,000	5.00%, 12/01/24		942,388
	100,000	5.00%, 12/01/27 (c)		118,948
	270,000	5.00%, 05/01/28 (c)		319,244
	365,000	5.00%, 05/01/28 (c)		430,641
	1,000,000	5.00%, 05/01/28 (c)		1,192,287
	3,000,000	5.00%, 03/01/31 (c)		3,823,674
	1,500,000	5.00%, 03/01/31 (c)		1,920,316
	1,000,000	5.00%, 03/01/31 (c)		1,229,401
	215,000	5.25%, 05/01/22		225,321
	5,425,000	State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		6,465,786
		State of Illinois, Series D (GO)
	1,755,000	3.25%, 11/01/26		1,931,901
	3,270,000	5.00%, 11/01/23		3,614,139
	3,955,000	5.00%, 11/01/25		4,612,153
	1,690,000	5.00%, 11/01/26		2,016,429
	9,700,000	5.00%, 11/01/27 (c)		11,659,543
	7,000,000	5.00%, 11/01/27		8,490,783

Principal Amount			Value

Illinois: (continued)
$	500,000	Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)	$	524,790
	360,000	Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		344,629
		Village of Bridgeview, Series A (GO)
	1,175,000	5.50%, 06/01/21 (c)		1,174,919
	1,600,000	5.50%, 06/01/24 (c)		1,601,505
		Will County Community High School District No. 210, Series B (GO)
	90,000	0.00%, 01/01/29 ^		74,753
	245,000	0.00%, 01/01/31 ^		188,306
	540,000	0.00%, 01/01/33 ^		385,669
				412,865,157
Indiana: 0.8%
		City of Anderson, Anderson University (RB)
	215,000	4.75%, 10/01/22 (c)		216,994
	1,000,000	6.00%, 10/01/22 (c)		1,023,621
	2,065,000	6.00%, 10/01/22 (c)		2,113,777
	1,000,000	City of Rockport, Indiana Steel Corp. Project, Series A (RB) 7.00%, 02/01/22 (c)		1,024,512
	600,000	City of Valparaiso, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		643,272
	1,105,000	Indiana Finance Authority, Earlham College Project (RB) 5.00%, 10/01/23 (c)		1,153,068
	50,000	Indiana Finance Authority, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		52,591
		Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB)
	765,000	5.13%, 06/01/21 (c)		767,185
	725,000	5.50%, 06/01/21 (c)		726,399
	600,000	5.50%, 06/01/21 (c)		601,161
	250,000	Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) 5.00%, 07/01/23 (c)		272,123
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	1,000,000	3.00%, 11/01/30		1,050,457
	3,500,000	3.00%, 11/01/30		3,676,599
	1,620,000	5.00%, 06/01/22 (c)		1,672,305
	11,000,000	Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c)		10,383,300
	1,370,000	Indiana Finance Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c)		1,419,256
				26,796,620

See Notes to Financial Statements

Principal Amount			Value

Iowa: 1.4%
$	25,000	City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)	$	24,408
	1,500,000	Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c)		1,280,347
	5,195,000	Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c)		5,694,898
	8,550,000	Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/22 (c) (p)		9,453,140
		Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
	1,000,000	5.00%, 11/15/26 (c)		1,152,265
	505,000	5.00%, 05/15/27 (c)		578,306
	5,960,000	5.00%, 05/15/27 (c)		6,792,832
		Iowa Higher Education Loan Authority, Wartburg College Project (RB)
	2,225,000	4.00%, 10/01/25		2,299,138
	3,615,000	5.00%, 10/01/25 (c)		3,799,918
	990,000	5.00%, 10/01/25 (c)		1,051,393
	1,000,000	Tobacco Settlement Authority, Series A (RB) 4.00%, 06/01/31 (c)		1,142,422
		Tobacco Settlement Authority, Series B (RB)
	550,000	4.00%, 06/01/31 (c)		631,516
	180,000	5.60%, 05/06/21 (c)		180,055
		Tobacco Settlement Authority, Series C (RB)
	3,190,000	5.38%, 05/06/21 (c)		3,190,938
	5,585,000	5.50%, 05/06/21 (c)		5,586,681
	4,650,000	5.63%, 05/06/21 (c)		4,651,432
	800,000	Tobacco Settlement Authority, Series D (RB) 0.00%, 05/06/21 (c) ^		171,013
				47,680,702
Kansas: 0.5%
	250,000	City of Hutchinson, Hutchinson Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		273,693
	255,000	City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c)		265,348
	250,000	City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		263,510
	1,000,000	Kansas Development Finance Authority, Village Shalom Project, Series A (RB) 5.25%, 11/15/23 (c)		1,026,235
	2,500,000	Overland Park Development Corp., Overland Park Convention Center Hotel (RB) 5.00%, 03/01/29 (c)		2,574,466
	2,550,000	Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c)		1,441,241

Principal Amount			Value

Kansas: (continued)
$	900,000	Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)	$	937,330
		Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
	365,000	5.00%, 09/01/25 (c)		368,109
	4,565,000	5.75%, 09/01/25 (c)		4,611,841
	2,125,000	6.00%, 09/01/25 (c)		2,146,664
	10,000,000	Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		3,150,773
				17,059,210
Kentucky: 0.6%
	1,000,000	Christian County, Jennie Stuart Medical Center (RB) 5.50%, 02/01/26 (c)		1,105,968
		Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
	250,000	5.00%, 05/15/26 (c)		252,986
	350,000	5.00%, 05/15/26 (c)		359,220
	545,000	5.00%, 05/15/26 (c)		568,092
		Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
	400,000	5.38%, 11/15/22 (c)		405,055
	250,000	5.50%, 11/15/22 (c)		252,071
		Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB)
	7,365,000	4.25%, 07/01/25 (c)		8,023,627
	2,585,000	5.00%, 07/01/25 (c)		2,884,614
	1,525,000	5.00%, 07/01/25 (c)		1,692,366
		Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
	175,000	5.00%, 06/01/26		202,106
	990,000	5.00%, 06/01/27 (c)		1,111,742
	750,000	5.25%, 06/01/27 (c)		854,889
	500,000	Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		562,538
		Kentucky Economic Development Finance Authority, Rosedale Green Project (RB)
	515,000	5.50%, 11/15/25 (c)		525,524
	500,000	5.75%, 11/15/25 (c)		508,947
	265,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/23		291,661

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Kentucky: (continued)
$	335,000	Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)	$	369,617
		Louisville and Jefferson County, Metro Government, Catholic Health Initiatives, Series A (RB)
	150,000	5.00%, 06/01/22 (c)		157,728
	220,000	5.00%, 06/01/22 (c)		231,334
				20,360,085
Louisiana: 0.7%
		Calcasieu Parish Memorial Hospital Service District (RB)
	500,000	5.00%, 12/01/29 (c)		542,922
	1,000,000	5.00%, 12/01/29 (c)		1,107,509
		City of Shreveport, Water and Sewer Revenue, Series C (RB)
	1,470,000	4.00%, 12/01/28 (c)		1,707,606
	3,235,000	4.00%, 12/01/28 (c)		3,771,416
	100,000	5.00%, 12/01/25		119,795
	345,000	Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 06/01/21 (c)		316,882
	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)		1,044,828
	1,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Gomesa Project (RB) 4.00%, 11/01/30 (c)		1,038,443
	175,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)		137,561
	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)		1,088,920
	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)		936,019
		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)		514,475
	500,000	5.00%, 07/01/29 (c)		505,812

Principal Amount			Value

Louisiana: (continued)
$	5,260,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)	$	5,832,767
	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)		363,492
		Parish of St. James, NuStar Logistics, L.P. Project (RB)
	750,000	5.85%, 06/01/25 (p)		856,127
	1,000,000	6.35%, 06/01/30 (c)		1,292,015
	3,000,000	Parish of St. James, NuStar Logistics, L.P. Project, Series A (RB) 6.35%, 06/01/30 (c)		3,876,044
				25,052,686
Maine: 0.3%
	4,500,000	Maine Finance Authority, Solid Disposal Facility (RB) 5.38%, 12/15/26 (c) (d) *		2,475,000
		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)		1,295,697
	2,710,000	5.00%, 07/01/23 (c)		2,829,171
	645,000	5.00%, 07/01/26 (c)		697,982
	1,000,000	5.00%, 07/01/26 (c)		1,088,980
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 06/01/21 (c)		2,002,683
				10,389,513
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)		1,041,510
		City of Baltimore, Convention Center Hotel (RB)
	1,500,000	5.00%, 09/01/27 (c)		1,574,461
	1,425,000	5.00%, 09/01/27 (c)		1,495,887
	3,000,000	5.00%, 09/01/27 (c)		3,150,891
	500,000	5.00%, 09/01/27 (c)		524,760
	655,000	5.00%, 09/01/27 (c)		686,734
	1,400,000	5.00%, 09/01/27 (c)		1,467,713
	1,000,000	5.00%, 09/01/27 (c)		1,048,425

See Notes to Financial Statements

Principal Amount			Value

Maryland: (continued)
$	500,000	City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)	$	545,757
	250,000	City of Baltimore, Harbor Point Project (RB) 5.13%, 06/01/26 (c)		270,303
	2,000,000	Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c)		2,192,572
	500,000	Howard County, Series A (TA) 4.50%, 02/15/26 (c)		524,961
	7,785,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 06/01/21 (c)		7,865,585
		Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
	100,000	3.75%, 01/01/27 (c)		108,313
	470,000	4.38%, 01/01/27 (c)		502,881
	530,000	4.50%, 01/01/27 (c)		567,366
		Maryland Economic Development Corp., Port Covington Project (TA)
	1,000,000	4.00%, 09/01/30 (c)		1,103,036
	500,000	4.00%, 09/01/30 (c)		562,469
	3,600,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		3,690,543
	3,820,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.00%, 11/30/21 (c)		3,916,076
		Maryland Economic Development Corp., Purple Line Light Rail Project, Series C (RB)
	1,640,000	5.00%, 11/30/21 (c)		1,681,247
	1,500,000	5.00%, 11/30/21 (c)		1,537,726
		Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
	400,000	4.00%, 07/01/26 (c)		438,533
	250,000	5.00%, 07/01/26 (c)		294,055
		Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
	210,000	4.00%, 07/01/25 (c)		230,020
	145,000	4.25%, 07/01/25 (c)		157,934
	1,500,000	5.00%, 07/01/25 (c)		1,697,097
	500,000	5.00%, 07/01/25 (c)		569,138
	625,000	5.00%, 07/01/25 (c)		718,241
	750,000	Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue, Series A (RB) 4.00%, 06/01/31 (c)		842,163
		Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB)
	1,000,000	5.00%, 11/01/24 (c)		1,039,281
	2,705,000	5.00%, 11/01/24 (c)		2,828,400

Principal Amount			Value

Maryland: (continued)
		Prince George’s County, Collington Episcopal Life Care Community, Inc. (RB)
$	1,000,000	5.25%, 04/01/27 (c)	$	1,031,686
	1,000,000	5.25%, 04/01/27 (c)		1,048,000
	500,000	Prince George’s County, Maryland Chesapeake Lighthouse Chapter School project, Series A (RB) 7.00%, 11/01/25 (c)		576,192
		Prince George’s County, Suitland-Naylor Road Project (TA)
	500,000	4.75%, 01/01/26 (c)		540,017
	500,000	5.00%, 01/01/26 (c)		542,044
				48,612,017
Massachusetts: 1.0%
	365,000	Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		403,002
	1,220,000	Commonwealth of Massachusetts (RB) 5.50%, 01/01/25		1,437,908
		Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)
	285,000	4.00%, 07/01/25 (c)		299,562
	2,105,000	5.00%, 07/01/25 (c)		2,375,224
	1,000,000	Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,075,847
	500,000	Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		559,076
		Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)
	445,000	5.00%, 07/01/22 (c)		469,968
	1,035,000	5.00%, 10/01/26 (c)		1,196,293
	100,000	Massachusetts Development Finance Agency, Lasell College Issue (RB) 6.00%, 07/01/21 (c)		100,287
		Massachusetts Development Finance Agency, Lawrence General Hospital (RB)
	2,000,000	5.00%, 07/01/27 (c)		1,883,570
	1,900,000	5.00%, 07/01/27 (c)		1,808,868
	1,000,000	5.00%, 07/01/27 (c)		984,770
		Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)
	350,000	5.25%, 07/01/24 (c)		350,880
	550,000	5.50%, 07/01/24 (c)		550,754
		Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
	500,000	5.00%, 11/15/25 (c)		551,336
	500,000	5.13%, 11/15/25 (c)		549,025
		Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
	1,000,000	4.00%, 10/01/22 (c)		1,079,644

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Massachusetts: (continued)
$	3,820,000	5.00%, 10/01/22 (c)	$	4,171,991
	1,400,000	5.00%, 10/01/22 (c)		1,531,095
	1,930,000	Massachusetts Development Finance Agency, Provident Commonwealth Education Resources Issue, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		2,092,238
	4,000,000	Massachusetts Development Finance Agency, Provident Commonwealth Education Resources Issue, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		4,361,189
		Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
	510,000	5.00%, 07/01/26 (c)		604,787
	190,000	5.00%, 07/01/26 (c)		226,951
		Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)
	290,000	3.63%, 07/01/27 (c)		314,598
	1,550,000	4.00%, 07/01/27 (c)		1,719,949
	1,000,000	Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,227,484
	1,510,000	Massachusetts Educational Financing Authority, Series C (RB) 4.13%, 07/01/28 (c)		1,591,133
				33,517,429
Michigan: 1.2%
	290,000	Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		316,776
	1,000,000	City of Detroit, Series A (GO) 5.00%, 04/01/31 (c)		1,211,459
	425,000	City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c)		449,971
	500,000	Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		539,835
		Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB)
	500,000	5.00%, 11/01/24 (c)		527,460
	500,000	5.00%, 11/01/24 (c)		528,923
		Grand Rapids Economic Development Corp., Clark Retirement Community, Inc., Series A (RB) (AGM)
	3,000,000	5.50%, 04/01/26 (c)		3,015,106
	1,000,000	5.75%, 04/01/26 (c)		1,001,197
	2,000,000	5.75%, 04/01/26 (c)		2,008,700
		Michigan Finance Authority, Lawrence Technological University Project (RB)
	2,000,000	5.00%, 02/01/27 (c)		2,114,188
	1,000,000	5.00%, 02/01/27 (c)		1,074,129
	900,000	5.25%, 02/01/27 (c)		990,167

Principal Amount			Value

Michigan: (continued)
		Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
$	670,000	4.75%, 11/15/25	$	722,263
	250,000	5.25%, 11/15/25 (c)		265,810
	300,000	5.50%, 11/15/25 (c)		318,474
		Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
	110,000	5.00%, 07/01/23		119,518
	3,575,000	5.00%, 07/01/24 (c)		3,829,749
	215,000	5.00%, 07/01/24 (c)		231,655
	165,000	5.00%, 07/01/24 (c)		183,538
		Michigan Finance Authority, Thomas M. Cooley Law School Project (RB)
	795,000	5.00%, 07/01/24 (c)		862,678
	1,200,000	6.00%, 07/01/24		1,251,189
	2,000,000	6.25%, 07/01/24 (c)		2,134,591
	4,030,000	6.75%, 07/01/24 (c)		4,270,070
	1,000,000	Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 06/01/21 (c)		1,001,471
	100,000	Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		104,738
		Michigan Strategic Fund, Canterbury Health Care, Inc. Project (RB)
	1,000,000	5.00%, 07/01/24 (c)		946,554
	1,080,000	5.00%, 07/01/24 (c)		1,009,878
		Michigan Strategic Fund, Evangelical Homes Project (RB)
	2,735,000	5.25%, 06/01/22 (c)		2,800,724
	2,000,000	5.50%, 06/01/22 (c)		2,041,144
		Michigan Strategic Fund, I-75 Improvement Project (RB)
	1,250,000	5.00%, 12/31/28 (c)		1,504,099
	700,000	5.00%, 12/31/28 (c)		872,712
	600,000	5.00%, 12/31/28 (c)		752,649
	260,000	Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/17/21 (c) ^		28,440
	2,895,000	Waterford Township Economic Development Corp., Canterbury Health Care, Inc. Project, Series A (RB) 5.00%, 07/01/24 (c)		2,740,274
				41,770,129
Minnesota: 1.1%
	135,000	Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		142,299
	500,000	City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		518,937
		City of Apple Valley, Minnesota Senior Living LLC Project, Series B (RB)
	1,000,000	5.00%, 01/01/22 (c)		665,286
	1,015,000	5.00%, 01/01/22 (c)		695,823

See Notes to Financial Statements

Principal Amount			Value

Minnesota: (continued)
		City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB)
$	2,920,000	4.38%, 09/01/23 (c)	$	3,000,330
	940,000	4.50%, 09/01/23 (c)		966,727
		City of Bethel, The Lodge at the Lakes at Stillwater Project (RB)
	500,000	5.00%, 06/01/23 (c)		511,251
	750,000	5.00%, 06/01/23 (c)		768,282
	350,000	5.00%, 06/01/23 (c)		362,630
		City of Blaine, Crest View Senior Communities Project, Series A (RB)
	1,355,000	5.75%, 07/01/25 (c)		1,280,881
	1,055,000	6.13%, 07/01/25 (c)		987,810
	400,000	6.13%, 07/01/25 (c)		378,548
	2,000,000	City of Brooklyn Center, Sanctuary at Brooklyn Center Project, Series A (RB) 5.50%, 11/01/21 (c)		1,906,310
		City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
	245,000	5.50%, 07/01/25 (c)		262,035
	250,000	5.50%, 07/01/25 (c)		269,482
	500,000	5.75%, 07/01/25 (c)		535,956
		City of Crookston, Health Care Facilities, Riverview Health Project (RB)
	2,000,000	5.00%, 05/01/29 (c)		2,065,141
	3,000,000	5.00%, 05/01/29 (c)		3,140,112
		City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
	500,000	5.25%, 07/01/25 (c)		553,135
	1,000,000	5.50%, 07/01/25 (c)		1,106,907
	500,000	City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)		570,795
	750,000	City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c)		808,503
	115,000	City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		121,653
	500,000	City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c)		530,096
	2,000,000	City of St. Louis, Minnesota Housing, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (p)		2,119,911
	1,000,000	City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) 5.00%, 05/01/23 (c)		1,066,095
		City of St. Paul, Housing and Redevelopment Authority, Series A (RB)
	325,000	5.75%, 09/01/26 (c)		378,754
	500,000	6.00%, 09/01/26 (c)		587,542

Principal Amount			Value

Minnesota: (continued)
		City of Wayzata, Folkestone Senior Living Community (RB)
$	350,000	4.00%, 08/01/24 (c)	$	356,953
	500,000	5.00%, 08/01/24 (c)		528,378
	500,000	City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)		508,031
	990,000	Duluth Economic Development Authority, Cambia Hills of East Bethel Project (RB) 5.63%, 12/01/23 (c) (d) *		792,000
	665,000	Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c)		706,604
	3,730,000	Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,880,098
	1,000,000	Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/21/21 (c)		994,836
	750,000	Rice County, Educational Facilities, Shattuck-St. Mary’s School Project (RB) 5.00%, 08/01/22		768,780
	2,500,000	Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c)		2,523,549
	250,000	Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		266,155
				37,626,615
Mississippi: 0.0%
	1,000,000	Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)		1,148,858
Missouri: 1.1%
		Boone County, Boone Hospital Center (RB)
	410,000	3.00%, 08/01/26 (c)		407,920
	565,000	4.00%, 08/01/26 (c)		583,999
	1,000,000	Cape Girardeau County Industrial Development Authority, South Eastern Health, Series A (RB) 5.00%, 03/01/27 (c)		1,149,937
	1,000,000	Citizens Memorial Hospital District of Polk County (RB) 5.00%, 06/01/21 (c)		1,001,360
	340,000	City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		346,577
	2,500,000	City of Lees Summit, Summit Project (TA) 4.88%, 11/01/27 (c)		2,488,497

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Missouri: (continued)
		City of Liberty, Liberty Commons Project, Series A (TA)
$	500,000	5.75%, 06/01/25 (c)	$	518,494
	500,000	6.00%, 06/01/25 (c)		521,008
		City of St. Ann, Northwest Plaza Development Project, Series A (TA)
	1,600,000	4.63%, 11/01/27 (c)		1,627,363
	1,625,000	5.38%, 11/01/27 (c)		1,653,893
		City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)
	250,000	4.38%, 11/15/26 (c)		251,838
	500,000	4.75%, 11/15/26 (c)		509,361
		Grandview Industrial Development Authority, Truman’s Marketplace Project, Series A (TA)
	1,075,000	4.25%, 05/01/25 (c)		1,074,461
	930,000	5.00%, 05/01/25 (c)		941,904
	475,000	Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		520,298
		I-470 Western Gateway Transportation Development District, Series A (RB)
	400,000	4.50%, 12/01/26 (c)		424,419
	1,100,000	5.25%, 12/01/26 (c)		1,163,562
		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)
	5,975,000	5.00%, 02/01/28 (c)		6,397,561
	4,500,000	5.00%, 02/01/28 (c)		4,848,761
		Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
	1,000,000	5.25%, 05/15/27 (c)		1,088,718
	500,000	5.25%, 05/15/27 (c)		556,675
		Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
	1,550,000	5.00%, 08/15/24 (c)		1,699,319
	2,000,000	5.00%, 08/15/25 (c)		2,229,518
	40,000	Nevada City, Regional Medical Center (RB) (ACA) 4.30%, 06/01/21 (c)		39,766
	860,000	Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)		887,528
	500,000	St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		561,965

Principal Amount			Value

Missouri: (continued)
$	150,000	St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)	$	160,874
				37,202,636
Montana: 0.0%
	500,000	Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c)		541,593
Nebraska: 0.1%
	2,185,000	Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/42		3,138,804
Nevada: 0.5%
		City of Las Vegas, Special Improvement District No. 814 (SA)
	560,000	4.00%, 06/01/29 (c)		596,739
	250,000	4.00%, 06/01/29 (c)		267,788
	10,000,000	City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM) 0.00%, 07/01/38 (c) ^		1,632,262
	1,570,000	City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/21 (c)		1,470,152
	2,750,000	City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.75%, 06/15/28		2,832,940
	175,000	Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		190,227
	625,000	Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		657,968
		North Las Vegas, Special Improvement District No. 64 (SA)
	245,000	4.63%, 12/01/28 (c)		272,495
	500,000	4.63%, 12/01/28 (c)		560,102
	4,045,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 6.25%, 12/15/27 (c)		4,003,498
	2,125,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB) 6.95%, 08/15/28 (c)		2,186,918
		State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
	400,000	5.00%, 12/15/25 (c)		443,864
	500,000	5.00%, 12/15/25 (c)		546,833
	1,000,000	5.00%, 12/15/25 (c)		1,115,207
	1,000,000	5.13%, 12/15/25 (c)		1,100,402
				17,877,395

See Notes to Financial Statements

Principal Amount			Value

New Hampshire: 0.5%
		New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
$	1,000,000	6.13%, 07/01/24 (c) (d) *	$	750,000
	1,500,000	6.13%, 07/01/24 (c) (d) *		1,125,000
	500,000	6.25%, 07/01/24 (c) (d) *		375,000
		New Hampshire National Finance Authority Resource Recovery, Covanta Project, Series B (RB)
	1,000,000	3.75%, 07/01/25 (c) (p)		1,037,816
	4,000,000	4.63%, 07/01/23 (c)		4,175,677
	2,275,000	New Hampshire National Finance Authority, Series A (RB) 3.63%, 07/01/25 (c) (p)		2,359,007
		New Hampshire National Finance Authority, Springpoint Senior Living Project (RB)
	2,000,000	4.00%, 01/01/26 (c)		2,191,072
	975,000	4.00%, 01/01/26 (c)		1,079,155
		New Hampshire National Finance Authority, The Vista Project, Series A (RB)
	1,600,000	5.63%, 07/01/25 (c)		1,677,083
	2,750,000	5.75%, 07/01/25 (c)		2,889,500
				17,659,310
New Jersey: 8.2%
		Atlantic City (GO)
	115,000	5.00%, 11/01/22		117,363
	65,000	5.00%, 12/01/23 (c)		67,015
	150,000	Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		165,998
		Casino Reinvestment Development Authority (RB)
	2,450,000	5.25%, 11/01/24 (c)		2,607,706
	1,410,000	5.25%, 11/01/24 (c)		1,507,939
	1,815,000	Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		1,903,726
	470,000	New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		524,956
	500,000	New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series A (RB) (SAW) 5.00%, 10/01/27 (c)		502,363
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	1,665,000	4.25%, 06/15/22 (c)		1,711,748
	535,000	5.00%, 06/15/22 (c)		553,996
	520,000	5.00%, 06/15/22 (c)		539,197
	1,150,000	5.00%, 06/15/22 (c)		1,198,650
	110,000	5.00%, 06/15/22		115,120
	1,020,000	5.00%, 06/15/22 (c)		1,066,626
	160,000	5.00%, 06/15/22 (c)		167,100

Principal Amount			Value

New Jersey: (continued)
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
$	7,090,000	5.13%, 08/20/22 (c)	$	7,522,163
	9,075,000	5.25%, 08/20/22 (c)		9,632,882
	2,215,000	5.50%, 06/01/21 (c)		2,222,731
	60,000	5.50%, 06/20/23 (c)		65,423
	2,035,000	5.63%, 03/05/24 (c)		2,283,989
	285,000	5.63%, 03/05/24 (c)		319,871
	4,825,000	5.75%, 09/15/22 (c)		5,019,585
		New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB)
	500,000	5.00%, 12/15/27 (c)		595,931
	1,130,000	5.00%, 12/15/27 (c)		1,356,386
	55,000	New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		58,994
		New Jersey Economic Development Authority, Lions Gate Project (RB)
	655,000	4.88%, 01/01/24 (c)		667,627
	500,000	5.00%, 01/01/24 (c)		505,419
	2,000,000	5.25%, 01/01/24 (c)		2,019,097
		New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
	4,025,000	4.00%, 07/01/22		4,195,145
	2,000,000	4.00%, 07/01/27 (c)		2,241,353
	1,640,000	4.00%, 07/01/27 (c)		1,847,338
	1,275,000	5.00%, 07/01/27 (c)		1,502,029
		New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA)
	515,000	0.00%, 07/01/26 ^		482,606
	1,000,000	0.00%, 07/01/27 ^		915,499
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
	1,115,000	4.00%, 11/01/27		1,321,669
	780,000	5.00%, 11/01/27		973,417
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	120,000	4.00%, 11/01/25		137,608
	4,000,000	5.00%, 11/01/22		4,282,712
	500,000	5.00%, 11/01/24		577,870
	2,000,000	New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		2,517,691
	1,000,000	New Jersey Economic Development Authority, Provident Group - Rowan University Student Housing Project, Series A (RB) 5.00%, 01/01/25 (c)		1,060,916

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
$	1,740,000	5.00%, 12/15/26 (c)	$	2,042,189
	305,000	5.00%, 12/15/26 (c)		360,495
	725,000	5.00%, 12/15/26 (c)		859,059
		New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
	1,830,000	4.75%, 12/15/26 (c)		2,153,416
	165,000	5.50%, 12/15/26 (c)		203,720
		New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
	3,500,000	4.00%, 06/15/27 (c)		3,919,886
	780,000	5.00%, 06/15/27 (c)		946,568
		New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)
	470,000	5.00%, 03/01/22 (c)		488,216
	435,000	5.00%, 03/01/22 (c)		451,943
	290,000	5.00%, 03/01/22 (c)		301,253
		New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB)
	1,680,000	4.00%, 12/15/27 (c)		1,878,433
	685,000	5.00%, 09/01/22 (c)		729,432
	125,000	5.00%, 09/01/22 (c)		131,884
		New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)
	1,000,000	5.00%, 12/15/29 (c)		1,212,897
	1,485,000	5.00%, 12/15/29 (c)		1,832,860
	600,000	5.00%, 12/15/29 (c)		743,426
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		581,873
		New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
	320,000	4.00%, 03/01/23 (c)		337,095
	300,000	5.00%, 03/01/23 (c)		324,932
	230,000	5.00%, 03/01/23 (c)		248,727
	265,000	5.00%, 03/01/23 (c)		286,066
	1,275,000	5.00%, 03/01/23 (c)		1,373,369
	1,750,000	5.00%, 03/01/23 (c)		1,898,500
	970,000	5.00%, 03/01/23 (c)		1,051,984
	1,565,000	5.00%, 03/01/23 (c)		1,698,715
		New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
	140,000	5.00%, 06/15/24 (c)		158,309
	580,000	5.00%, 06/15/24 (c)		653,776
	920,000	5.00%, 06/15/24 (c)		1,048,127
	100,000	5.00%, 06/15/24 (c)		113,800
		New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)
	580,000	4.00%, 12/15/30 (c)		672,861

Principal Amount			Value

New Jersey: (continued)
$	600,000	4.00%, 12/15/30 (c)	$	694,014
	2,715,000	4.00%, 12/15/30 (c)		3,081,208
	700,000	4.00%, 12/15/30 (c)		825,960
	2,290,000	4.00%, 12/15/30 (c)		2,692,964
	600,000	4.00%, 12/15/30 (c)		699,001
	120,000	New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c)		135,059
		New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)
	875,000	5.00%, 06/15/24 (c)		981,231
	2,500,000	5.00%, 06/15/24 (c)		2,784,317
		New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
	505,000	5.00%, 06/15/25 (c)		577,029
	630,000	5.00%, 06/15/25 (c)		719,100
	1,235,000	5.00%, 06/15/25 (c)		1,413,249
	680,000	5.00%, 06/15/25 (c)		777,873
	435,000	5.25%, 06/15/25 (c)		510,189
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	220,000	4.00%, 06/15/24		244,110
	595,000	4.25%, 06/15/25 (c)		679,835
	125,000	4.38%, 06/15/25 (c)		142,583
	1,000,000	5.00%, 06/15/22		1,052,800
	1,000,000	5.00%, 06/15/23		1,098,696
	1,080,000	5.00%, 06/15/24		1,231,714
	105,000	5.00%, 06/15/25 (c)		123,157
		New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
	350,000	5.13%, 01/01/24 (c)		390,323
	1,000,000	5.25%, 01/01/24 (c)		1,127,063
	900,000	5.38%, 01/01/24 (c)		1,008,077
	500,000	5.50%, 01/01/24 (c)		565,364
	150,000	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)		151,106
		New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
	550,000	5.00%, 06/15/22		579,040
	515,000	5.00%, 06/15/23		565,828
	1,090,000	5.00%, 06/15/24		1,243,118
	330,000	New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c)		378,298
	1,000,000	New Jersey Educational Facilities Authority, Rider University, Series A (RB) 5.00%, 07/01/21 (c)		1,002,059

See Notes to Financial Statements

Principal Amount			Value

New Jersey: (continued)
$	2,490,000	New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c)	$	2,595,598
		New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)
	940,000	5.00%, 04/01/28 (c)		1,123,553
	630,000	5.00%, 04/01/28 (c)		751,409
	500,000	5.00%, 04/01/28 (c)		624,427
	1,000,000	5.00%, 04/01/28 (c)		1,198,161
	170,000	New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 6.00%, 07/01/21 (c)		171,072
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	270,000	0.00%, 12/15/25 ^		256,784
	230,000	0.00%, 12/15/25 ^		218,742
	575,000	0.00%, 12/15/26 ^		533,747
	4,440,000	0.00%, 12/15/28 ^		3,890,413
	1,450,000	0.00%, 12/15/28 ^		1,270,518
	1,905,000	0.00%, 12/15/29 ^		1,616,710
	3,210,000	0.00%, 12/15/30 ^		2,638,263
	1,880,000	0.00%, 12/15/31 ^		1,497,216
	3,020,000	0.00%, 12/15/32 ^		2,332,691
	1,190,000	0.00%, 12/15/33 ^		890,357
	705,000	0.00%, 12/15/33 ^		527,480
	915,000	0.00%, 12/15/34 ^		663,361
	1,265,000	0.00%, 12/15/34 ^		917,106
	1,535,000	0.00%, 12/15/35 ^		1,076,599
	1,780,000	0.00%, 12/15/37 ^		1,158,252
	1,115,000	0.00%, 12/15/37 ^		725,534
	605,000	0.00%, 12/15/38 ^		379,300
	4,000,000	0.00%, 12/15/38 ^		2,507,766
	930,000	0.00%, 12/15/40 ^		541,248
	695,000	4.00%, 12/15/28 (c)		815,476
	2,295,000	4.00%, 12/15/29 (c)		2,628,849
	1,180,000	4.25%, 12/15/28 (c)		1,366,127
	360,000	5.00%, 06/15/21 (c)		361,942
	5,875,000	5.00%, 06/15/22 (c)		6,141,730
	1,100,000	5.00%, 06/15/24		1,254,523
	600,000	5.00%, 12/15/26		735,861
	200,000	5.00%, 12/15/28		254,190
	1,000,000	5.00%, 12/15/28 (c)		1,243,082
	6,400,000	5.00%, 12/15/28 (c)		7,903,661
	385,000	5.00%, 12/15/29 (c)		474,752
	370,000	5.25%, 06/15/21 (c)		372,099
	100,000	5.25%, 12/15/23		112,741
	205,000	5.50%, 12/15/23		232,452
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	525,000	3.75%, 12/15/28 (c)		589,650
	220,000	4.00%, 06/15/22 (c)		227,431
	5,100,000	4.00%, 12/15/30 (c)		5,787,904
	5,000,000	4.00%, 12/15/30 (c)		5,705,357
	695,000	4.25%, 06/15/24 (c)		749,975
	150,000	4.75%, 06/15/25 (c)		168,947
	1,375,000	4.75%, 06/15/25 (c)		1,540,916

Principal Amount			Value

New Jersey: (continued)
$	345,000	5.00%, 06/15/22	$	363,216
	265,000	5.00%, 06/15/22 (c)		278,319
	425,000	5.00%, 06/15/22 (c)		444,974
	4,710,000	5.00%, 06/15/22 (c)		4,926,347
	1,940,000	5.00%, 06/15/22 (c)		2,030,377
	135,000	5.00%, 06/15/23 (c)		147,876
	640,000	5.00%, 06/15/23 (c)		693,573
	200,000	5.00%, 06/15/23 (c)		219,418
	1,115,000	5.00%, 06/15/23 (c)		1,203,186
	1,195,000	5.00%, 06/15/24 (c)		1,325,309
	1,620,000	5.00%, 06/15/24 (c)		1,807,803
	340,000	5.00%, 06/15/25 (c)		385,922
	665,000	5.00%, 06/15/25 (c)		755,194
	2,000,000	5.00%, 12/15/30 (c)		2,467,316
	130,000	5.25%, 06/15/23 (c)		141,818
	925,000	5.25%, 06/15/23 (c)		1,011,890
	505,000	5.25%, 06/15/25 (c)		579,185
	5,040,000	5.25%, 12/15/28 (c)		6,200,312
		New Jersey Transportation Trust Fund Authority, Series B (RB)
	835,000	5.25%, 06/15/21 (c)		839,541
	5,000,000	5.50%, 06/15/21 (c)		5,029,786
		New Jersey Transportation Trust Fund Authority, Series BB (RB)
	1,985,000	3.25%, 12/15/28 (c)		2,105,382
	5,000,000	3.50%, 12/15/28 (c)		5,318,620
	1,140,000	4.00%, 12/15/28 (c)		1,310,016
	505,000	5.00%, 12/15/28 (c)		640,087
	1,000,000	5.00%, 12/15/28 (c)		1,260,843
		New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)
	430,000	0.00%, 12/15/24 ^		419,956
	250,000	0.00%, 12/15/25 ^		239,956
	985,000	0.00%, 12/15/26 ^		924,592
	185,000	0.00%, 12/15/28 ^		164,443
	365,000	0.00%, 12/15/31 ^		295,299
	5,475,000	0.00%, 12/15/35 ^		3,924,087
	2,245,000	5.25%, 12/15/24 (c)		2,591,151
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	325,000	5.00%, 12/15/24		377,187
	1,470,000	5.00%, 12/15/24 (c)		1,683,619
	295,000	5.25%, 12/15/23		332,586
	100,000	Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) 5.25%, 01/01/27		117,035
		South Jersey Port Corp., Marine Terminal, Series B (RB)
	4,000,000	5.00%, 01/01/28 (c)		4,658,789
	1,000,000	5.00%, 01/01/28 (c)		1,155,984
	360,000	5.00%, 01/01/28 (c)		426,643
	750,000	5.00%, 01/01/28 (c)		885,074
		South Jersey Transportation Authority, Series A (RB)
	3,000,000	5.00%, 11/01/30 (c)		3,751,894
	500,000	5.00%, 11/01/30 (c)		637,001

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New Jersey: (continued)
		Tobacco Settlement Financing Corp., Series A (RB)
$	9,400,000	5.00%, 06/01/28 (c)	$	11,149,424
	4,000,000	5.25%, 06/01/28 (c)		4,838,933
		Tobacco Settlement Financing Corp., Series B (RB)
	1,705,000	3.20%, 06/01/27		1,748,376
	8,510,000	5.00%, 06/01/28 (c)		9,971,898
				283,807,839
New Mexico: 0.2%
	5,480,000	New Mexico Hospital Equipment Loan Council, La Vida Expansion Project, Series A (RB) 5.00%, 07/01/26 (c)		6,102,336
	1,000,000	Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 06/01/21 (c)		1,020,785
				7,123,121
New York: 8.4%
		Brooklyn Arena Local Development Corp., Barclays Center (RB)
	395,000	0.00%, 07/15/32 ^		298,743
	370,000	0.00%, 07/15/33 ^		271,630
	180,000	0.00%, 07/15/47 ^		79,170
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
	345,000	5.00%, 07/15/26		416,465
	5,040,000	5.00%, 01/15/27 (c)		5,876,773
		Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
	5,700,000	5.00%, 12/31/28		6,277,816
	9,700,000	5.25%, 12/31/28 (c)		10,572,658
	4,700,000	5.50%, 12/31/28 (c)		5,070,779
	250,000	Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c)		275,758
	1,560,000	Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 5.00%, 11/01/24 (c)		1,682,572
	5,700,000	Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.63%, 12/01/28 (c)		6,505,800
	1,000,000	Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c)		1,031,904
		Dutchess County Local Development Corp., Bard College Project, Series A (RB)
	7,575,000	5.00%, 07/01/30 (c)		9,007,025
	1,000,000	5.00%, 07/01/30 (c)		1,194,438
	1,500,000	5.00%, 07/01/30 (c)		1,814,774
		Erie Tobacco Asset Securitization Corp., Series A (RB)
	1,295,000	5.00%, 06/01/21 (c)		1,296,451
	335,000	5.00%, 06/01/21 (c)		335,377

Principal Amount			Value

New York: (continued)
$	20,250,000	Erie Tobacco Asset Securitization Corp., Series C (RB) 0.00%, 06/01/21 (c) ^	$	2,966,153
	10,000,000	Erie Tobacco Asset Securitization Corp., Series D (RB) 0.00%, 06/01/21 (c) ^		997,649
	500,000	Monroe County Industrial Development Agency, Rochester Regional Health Project, Series A (RB) 5.00%, 12/01/30 (c)		648,578
		Monroe County Industrial Development Corp., St. Ann’s Community Project (RB)
	1,650,000	4.00%, 01/01/26 (c)		1,777,834
	2,000,000	5.00%, 01/01/26 (c)		2,174,341
	1,230,000	5.00%, 01/01/26 (c)		1,350,106
	3,285,000	Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 05/17/21 (c)		3,367,372
		Nassau County Tobacco Settlement Corp., Series A-3 (RB)
	3,655,000	5.00%, 05/17/21 (c)		3,703,396
	3,905,000	5.13%, 05/17/21 (c)		3,978,136
		New Rochelle Industrial Development Agency (RB)
	1,421,884	5.25%, 07/01/21 (c) (d) *		28,438
	65,098	5.50%, 07/01/19 (c) (d) *		1,302
	4,500,000	New York City Housing Development Corp., Multi-Family Mortgage, Series F (RB) 4.50%, 05/15/24 (c)		4,684,070
		New York Counties Tobacco Trust IV (RB)
	10,525,000	0.00%, 05/17/21 (c) ^		1,060,455
	745,000	5.00%, 05/17/21 (c)		751,564
		New York Counties Tobacco Trust V (RB)
	1,640,000	0.00%, 05/17/21 (c) ^		598,017
	64,000,000	0.00%, 05/17/21 (c) ^		6,448,166
		New York Counties Tobacco Trust VI (RB)
	1,160,000	3.75%, 06/01/26 (c)		1,173,354
	5,500,000	5.00%, 06/01/26 (c)		5,835,759
	1,175,000	New York Counties Tobacco Trust VI, Series C (RB) 2.45%, 06/01/26 (c)		1,170,650
		New York Liberty Development Corp., 3 World Trade Center Project (RB)
	22,275,000	5.00%, 11/15/24 (c)		24,382,360
	5,710,000	5.15%, 11/15/24 (c)		6,382,237
	3,700,000	5.38%, 11/15/24 (c)		4,130,305
	10,000,000	7.25%, 11/15/24 (c)		11,112,218
	255,000	New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c)		264,156
	7,000,000	New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c)		7,009,757

See Notes to Financial Statements

Principal Amount			Value

New York: (continued)
$	480,000	New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35	$	622,548
	150,000	New York State Dormitory Authority, Fit Student Housing Corp. (RB) 5.25%, 07/01/31		174,662
	200,000	New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c)		207,594
	1,370,000	New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c)		1,645,279
	50,000	New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 11/01/21 (c)		50,321
		New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
	8,640,000	5.00%, 08/01/21 (c)		8,728,209
	7,350,000	5.00%, 08/01/21 (c)		7,427,662
	3,250,000	5.25%, 08/01/30 (c)		4,067,203
	2,650,000	5.38%, 08/01/30 (c)		3,277,569
		New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
	8,665,000	4.00%, 10/01/30		10,261,895
	3,000,000	4.38%, 10/01/30 (c)		3,516,134
	1,600,000	5.00%, 01/01/28 (c)		1,963,676
	160,000	5.00%, 01/01/28 (c)		195,890
	8,650,000	5.00%, 10/01/30 (c)		11,046,593
	8,500,000	5.00%, 10/01/30 (c)		10,672,485
		New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
	1,000,000	4.00%, 07/01/24 (c)		1,092,233
	420,000	5.00%, 07/01/24 (c)		477,591
	3,130,000	5.00%, 07/01/24 (c)		3,526,981
	230,000	5.00%, 07/01/24 (c)		260,340
	2,225,000	5.25%, 07/01/24 (c)		2,518,600
	1,000,000	New York Transportation Development Corp., New York State Thruway Service Areas (RB) 4.00%, 10/31/31 (c)		1,143,568
	3,355,000	New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) 5.00%, 01/01/23		3,603,768
	4,000,000	Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c)		4,188,694
	355,000	Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c)		362,581

Principal Amount			Value

New York: (continued)
		Suffolk Tobacco Asset Securitization Corp., Series B (RB)
$	65,000	5.38%, 06/01/21 (c)	$	65,073
	4,150,000	6.00%, 06/01/21 (c)		4,156,759
	6,150,000	Suffolk Tobacco Asset Securitization Corp., Series C (RB) 6.63%, 06/01/22 (c)		6,331,931
		Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
	550,000	5.00%, 01/01/26 (c)		552,003
	200,000	5.00%, 01/01/26 (c)		200,481
	945,000	5.00%, 01/01/26 (c)		956,284
	2,465,000	5.00%, 01/01/26 (c)		2,483,158
	1,500,000	TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23		1,542,493
		TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
	13,285,000	5.00%, 06/01/27 (c)		14,419,697
	16,980,000	5.00%, 06/01/27 (c)		18,586,198
		Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
	855,000	4.00%, 09/15/24 (c)		837,532
	400,000	5.00%, 09/15/24 (c)		396,010
	180,000	5.25%, 09/15/24 (c)		174,807
	1,000,000	5.25%, 09/15/24 (c)		1,001,004
	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)		3,623,201
	255,000	Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c)		286,765
	4,575,000	Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c)		4,795,312
		Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)
	275,000	5.00%, 10/15/29 (c)		310,296
	315,000	5.00%, 10/15/29 (c)		363,985
				290,119,571
North Carolina: 0.5%
	1,000,000	Columbus County Industrial Facilities and Pollution Control Financing Authority, Series C (RB) 2.10%, 10/01/24 (p)		1,050,182
		North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
	1,000,000	5.00%, 06/30/25 (c)		1,115,443
	1,430,000	5.00%, 06/30/25 (c)		1,573,038
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		247,717

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

North Carolina: (continued)
$	1,330,000	5.00%, 03/01/22 (c)	$	1,343,312
	820,000	5.00%, 03/01/22 (c)		829,476
	150,000	North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		159,630
		North Carolina Medical Care Commission, Retirement Facilities (RB)
	550,000	4.70%, 07/01/25 (c)		569,063
	250,000	5.00%, 10/01/24 (c)		270,511
	250,000	5.00%, 10/01/24 (c)		272,989
		North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)
	165,000	5.00%, 10/01/24 (c)		178,425
	385,000	5.00%, 07/01/26 (c)		426,329
	250,000	5.00%, 07/01/26 (c)		277,725
	465,000	North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c)		500,322
	1,225,000	North Carolina Medical Care Commission, Wake Forest University (RB) 5.00%, 01/01/27 (c)		1,373,723
		North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
	1,150,000	3.00%, 01/01/30 (c)		1,221,535
	1,250,000	4.00%, 01/01/30 (c)		1,410,947
	1,000,000	5.00%, 01/01/27 (c)		1,202,461
	100,000	5.00%, 01/01/29 (c)		127,483
	1,705,000	5.00%, 01/01/30 (c)		2,079,513
				16,229,824
North Dakota: 0.2%
	25,000	City of Grand Forks, Altru Health System Obligated Group (RB) 4.00%, 12/01/21 (c)		25,238
		City of Williston, Eagle Crest Apartments LLC Project (RB)
	615,000	6.25%, 09/01/23 (d) *		370,538
	1,285,000	7.75%, 09/01/23 (c) (d) *		774,213
	750,000	County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) 5.00%, 06/01/28 (c)		857,833
		Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB)
	1,000,000	5.75%, 09/15/26 (c)		954,879
	3,500,000	6.38%, 09/15/26 (c)		3,208,707
				6,191,408
Northern Mariana Islands: 0.1%
	5,320,000	Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM) 5.00%, 06/01/21 (c)		4,907,968

Principal Amount			Value

Ohio: 4.7%
$	500,000	Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB) 5.25%, 11/15/26 (c)	$	584,618
		Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
	4,300,000	3.00%, 06/01/30 (c)		4,420,637
	4,000,000	4.00%, 06/01/30 (c)		4,522,544
	78,450,000	Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c)		88,191,733
	25,000,000	Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.00%, 06/01/30 (c) ^		3,902,717
	1,000,000	Cleveland-Cuyahoga County Port Authority, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		1,086,404
		Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG)
	1,000,000	6.50%, 03/01/25 (c)		1,075,655
	4,000,000	6.50%, 03/01/25 (c)		4,309,910
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	340,000	4.75%, 02/15/27 (c)		377,166
	1,750,000	5.25%, 02/15/27 (c)		2,039,782
		County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
	550,000	3.00%, 11/15/29 (c)		566,049
	2,250,000	4.00%, 11/15/29 (c)		2,495,489
	3,940,000	4.00%, 11/15/29 (c)		4,396,587
		Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project (RB)
	1,000,000	5.00%, 12/01/29 (c)		1,160,308
	2,500,000	5.00%, 12/01/29 (c)		2,923,646
	400,000	Franklin County, First Community Village Obligated Group (RB) 5.63%, 06/01/21 (c)		400,569
		Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB)
	490,000	5.00%, 02/15/23 (c)		509,435
	1,530,000	5.00%, 02/15/23 (c)		1,588,658
	490,000	5.00%, 02/15/23 (c)		512,633
	2,270,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		2,321,533
	2,500,000	Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/24 (c) (p)		2,658,365
	6,000,000	Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c)		6,647,135

See Notes to Financial Statements

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	$	4,189,932
	4,500,000	3.25%, 09/01/29		4,829,260
		Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
	500,000	4.25%, 01/15/28 (c)		562,497
	4,000,000	4.50%, 01/15/28 (c)		4,529,929
	1,100,000	Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 06/01/21 (c)		1,103,753
	500,000	Ohio Housing Finance Agency, Sanctuary at Springboro Project (RB) 5.45%, 10/01/25 (c)		501,649
	795,000	Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/01/21 (c)		813,157
	3,000,000	Port of Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c)		3,004,762
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
	250,000	5.00%, 12/01/24 (c)		265,824
	245,000	5.00%, 12/01/24 (c)		263,639
	70,000	5.50%, 12/01/24 (c)		76,225
	710,000	5.75%, 12/01/22 (c)		747,957
	570,000	6.00%, 12/01/22 (c)		588,136
	4,000,000	Southeastern Ohio Port Authority, Purecycle Project, Series A (RB) 7.00%, 12/01/27 (c)		4,532,546
				162,700,839
Oklahoma: 0.9%
		Comanche County Hospital Authority, Series A (RB)
	300,000	4.25%, 07/01/22 (c)		303,258
	210,000	5.00%, 07/01/22 (c)		216,650
		Holdenville Public Works Authority, Series A (RB) (AGM)
	780,000	4.30%, 11/01/24 (c)		708,545
	605,000	4.38%, 11/01/24 (c)		542,172
		Norman Regional Hospital Authority (RB)
	340,000	3.25%, 09/01/29 (c)		365,720
	150,000	4.00%, 09/01/26 (c)		164,579
		Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
	825,000	5.00%, 04/01/22 (c)		768,763
	90,000	5.00%, 04/01/23		90,245
		Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
	700,000	5.00%, 08/15/28 (c)		853,372
	6,000,000	5.25%, 08/15/28 (c)		7,275,499
	2,900,000	5.25%, 08/15/28 (c)		3,534,264
	8,320,000	5.50%, 08/15/28 (c)		10,194,512
	1,300,000	5.50%, 08/15/28 (c)		1,596,539

Principal Amount			Value

Oklahoma: (continued)
$	1,000,000	Oklahoma Development Finance Authority, Proton Center, Series A (RB) (AGM) 7.25%, 03/01/31 (c)	$	1,010,336
	375,000	Rogers County Industrial Development Authority (RB) 3.63%, 04/01/25 (c)		389,406
	2,125,000	Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		2,375,803
				30,389,663
Pennsylvania: 3.7%
		Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB)
	200,000	4.88%, 11/01/24		218,168
	475,000	5.75%, 08/01/22 (c)		492,078
	500,000	6.75%, 12/01/21 (c)		513,763
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	2,000,000	5.00%, 05/01/27 (c)		2,310,319
	250,000	5.00%, 05/01/27 (c)		293,075
	1,000,000	5.00%, 05/01/28		1,201,352
	500,000	5.00%, 05/01/28 (c)		591,690
	250,000	5.00%, 05/01/28 (c)		297,990
	1,000,000	5.38%, 05/01/28 (c)		1,174,265
		Allentown Neighborhood Improvement Zone Development Authority, Series A (RB)
	1,915,000	5.00%, 05/01/22 (c)		1,985,240
	150,000	5.00%, 05/01/22 (c)		155,686
	2,500,000	5.00%, 05/01/22 (c)		2,585,083
		Berks County Industrial Development Authority, Tower Health Project (RB)
	1,075,000	3.75%, 11/01/27 (c)		1,010,903
	4,845,000	4.00%, 11/01/27 (c)		4,711,671
	120,000	5.00%, 11/01/26		131,781
	7,270,000	5.00%, 11/01/27 (c)		7,333,052
	500,000	5.00%, 11/01/27 (c)		535,647
	110,000	5.00%, 11/01/27 (c)		116,214
	1,195,000	5.00%, 11/01/27 (c)		1,244,085
		Berks County Municipal Authority, The Reading Hospital and Medical Center Project, Series A (RB)
	305,000	4.25%, 05/01/22 (c)		302,915
	1,000,000	5.00%, 05/01/22 (c)		1,002,547
	860,000	Berks County Municipal Authority, Tower Health Project, Series A (RB) 5.00%, 02/01/30		954,404
	1,000,000	Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 08/01/26 (c) (p)		1,033,130
	670,000	Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 08/01/29 (c) (p)		698,867
	1,565,000	Blythe Township Solid Waste Authority (RB) 7.75%, 12/01/27 (c)		1,797,890

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Pennsylvania: (continued)
$	1,000,000	Bucks County Industrial Development Authority Hospital (RB) 4.00%, 07/01/31 (c)	$	1,096,502
	1,000,000	Chambersburg Area Municipal Authority Education Facility, Wilson College (RB) 6.00%, 10/01/24 (c)		1,107,771
		Chester County Health and Education Facilities Authority, Immaculata University Project (RB)
	430,000	5.00%, 11/01/27 (c)		388,726
	1,000,000	5.00%, 11/01/27 (c)		930,858
	3,650,000	Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB) 5.00%, 12/01/25 (c)		3,679,620
	440,000	Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c)		449,660
	1,250,000	Chester County Industrial Development Authority, University Student Housing, LLC Project, Series A (RB) 5.00%, 08/01/23 (c)		1,287,296
		Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
	400,000	5.00%, 03/01/28 (c)		462,646
	400,000	5.13%, 03/01/28 (c)		461,424
		Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
	1,440,000	6.00%, 06/01/26 (c)		1,559,922
	440,000	6.00%, 06/01/26 (c)		478,039
	400,000	Cumberland County Municipal Authority, Asbury Pennsylvania (RB) 5.25%, 01/01/22 (c)		406,702
	430,000	Cumberland County Municipal Authority, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c)		458,928
		Dauphin County General Authority, The Harrisburg University of Science and Technology Project (RB)
	500,000	5.00%, 10/15/27		543,845
	2,000,000	5.13%, 10/15/27 (c)		2,003,310
	1,000,000	6.25%, 10/15/28 (c)		1,060,311
	315,000	Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c)		320,761
		Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB)
	395,000	5.13%, 06/01/26 (c)		434,428
	720,000	5.25%, 05/21/21 (c)		720,288
	800,000	6.13%, 05/21/21 (c)		800,545

Principal Amount			Value

Pennsylvania: (continued)
		Delaware River Port Authority, Port District Project (RB)
$	840,000	5.00%, 01/01/23 (c)	$	888,451
	1,080,000	5.00%, 01/01/23 (c)		1,144,955
	2,000,000	Doylestown Hospital Authority, Series A (RB) 5.00%, 07/01/29 (c)		2,316,051
		Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
	215,000	5.00%, 12/01/25 (c)		228,347
	500,000	5.00%, 12/01/25 (c)		532,719
	1,900,000	5.00%, 12/01/25 (c)		2,019,181
	1,000,000	Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 5.00%, 07/01/26 (c)		1,078,370
	1,000,000	Lancaster County Hospital Authority, Brethren Village Project (RB) 5.13%, 07/01/27 (c)		1,097,988
		Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
	425,000	5.00%, 03/01/27 (c)		459,858
	310,000	5.00%, 03/01/27 (c)		337,644
	425,000	5.00%, 03/01/27 (c)		467,150
	1,000,000	Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project, Series A (RB) 5.00%, 04/01/22 (c)		1,021,837
	1,100,000	Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB) 5.25%, 07/01/22 (c)		1,126,531
		Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB)
	635,000	4.25%, 01/15/25 (c)		693,405
	4,235,000	5.25%, 01/15/25 (c)		4,706,985
		Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
	150,000	5.00%, 01/01/25 (c)		158,713
	870,000	5.25%, 01/01/25 (c)		913,269
	820,000	5.38%, 01/01/25 (c)		857,973
		Moon Industrial Development Authority, Baptist Homes Society (RB)
	300,000	5.63%, 07/01/25 (c)		322,772
	2,000,000	5.75%, 07/01/25 (c)		2,141,443
	590,000	6.00%, 07/01/25 (c)		629,864
	912,969	Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) 5.25%, 06/01/26		547,781

See Notes to Financial Statements

Principal Amount			Value

Pennsylvania: (continued)
$	2,000,000	Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c)	$	1,809,125
		Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
	3,040,000	6.50%, 12/01/28 (c)		1,793,600
	6,470,000	6.75%, 12/01/28 (c)		3,817,300
		Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
	1,685,000	4.13%, 06/30/26 (c)		1,879,678
	45,000	5.00%, 12/31/22		48,426
	125,000	5.00%, 12/31/23		139,726
	550,000	5.00%, 12/31/24		636,775
	1,105,000	5.00%, 12/31/25		1,319,837
	575,000	5.00%, 06/30/26 (c)		686,818
	1,485,000	5.00%, 06/30/26 (c)		1,794,707
	500,000	5.00%, 06/30/26 (c)		580,208
	410,000	5.00%, 06/30/26 (c)		485,096
		Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB)
	425,000	4.00%, 11/01/22 (c)		428,000
	250,000	5.00%, 11/01/22 (c)		257,721
		Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
	2,995,000	5.00%, 11/01/22 (c)		3,065,434
	1,915,000	5.00%, 11/01/22 (c)		1,965,661
	1,000,000	Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c)		1,150,171
		Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
	440,000	6.38%, 06/01/25 (c)		470,048
	440,000	6.50%, 06/01/25 (c)		469,210
	415,000	6.63%, 06/01/25 (c)		443,502
		Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW)
	350,000	4.00%, 12/15/26 (c)		378,858
	355,000	5.00%, 12/15/26 (c)		391,035
		Philadelphia Authority for Industrial Development, Philadelphia Performing Arts: A String Theory Charter School Project (RB)
	1,000,000	5.00%, 06/15/28 (c)		1,152,244
	500,000	5.00%, 06/15/28 (c)		584,183

Principal Amount			Value

Pennsylvania: (continued)
$	5,240,000	Philadelphia Authority for Industrial Development, The University of the Arts (RB) 5.00%, 03/15/28 (c)	$	5,580,593
	2,000,000	Philadelphia Authority for Industrial Development, University Square Apartments Project (RB) 5.50%, 12/01/26 (c)		2,137,163
		Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)
	2,500,000	5.00%, 07/01/27 (c)		2,597,773
	735,000	5.00%, 07/01/27 (c)		789,249
	2,000,000	5.00%, 07/01/27 (c)		2,123,809
	2,000,000	5.00%, 07/01/27 (c)		2,101,424
	1,000,000	Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c)		1,163,399
		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)		1,450,246
	220,000	5.00%, 07/01/27 (c)		256,627
	5,020,000	5.63%, 07/01/22 (c)		5,272,679
	2,190,000	5.63%, 07/01/22 (c)		2,303,845
	250,000	Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c)		256,491
	1,650,000	Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c)		1,719,122
	1,210,000	Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c)		1,227,077
				129,761,544
Puerto Rico: 3.8%
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	25,000	4.00%, 07/01/22		26,088
	5,365,000	5.00%, 07/01/22 (c)		5,662,179
	100,000	5.00%, 07/01/22		105,539
	1,050,000	5.13%, 07/01/22 (c)		1,109,721
	5,520,000	5.25%, 07/01/22 (c)		5,842,147
	3,895,000	5.75%, 07/01/22 (c)		4,145,461
	4,425,000	6.00%, 07/01/22 (c)		4,722,576
	200,000	6.13%, 07/01/24		220,368
	100,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 06/01/21 (c)		103,500

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Puerto Rico: (continued)
		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)	$	101,575
	100,000	5.38%, 04/01/22 (c)		101,750
	20,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) 5.00%, 07/01/21 (c)		20,175
	80,064	Puerto Rico Sales Tax Financing Corp. (RB) (AMBAC) 0.00%, 08/01/47 ^		24,273
		Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
	2,127,000	0.00%, 07/01/24 ^		2,017,545
	3,400,000	0.00%, 07/01/28 (c) ^		2,463,457
	500,000	0.00%, 07/01/28 (c) ^		114,993
	2,000,000	4.50%, 07/01/25 (c)		2,187,240
	6,662,000	4.55%, 07/01/28 (c)		7,393,647
	20,174,000	4.75%, 07/01/28 (c)		22,441,558
	25,714,000	5.00%, 07/01/28 (c)		29,032,649
		Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
	10,185,000	4.33%, 07/01/28 (c)		11,158,712
	14,358,000	4.33%, 07/01/28 (c)		15,730,409
	4,537,000	4.54%, 07/01/28 (c)		4,978,872
	11,034,000	4.78%, 07/01/28 (c)		12,305,233
				132,009,667
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		115,768
		Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
	250,000	5.00%, 05/15/23		271,267
	690,000	5.00%, 05/15/26 (c)		789,925
	1,000,000	5.00%, 05/15/26 (c)		1,148,231
		Tobacco Settlement Financing Corp., Series A (RB)
	24,580,000	0.00%, 05/17/21 (c) ^		3,987,075
	1,650,000	5.00%, 06/01/25 (c)		1,849,154
		Tobacco Settlement Financing Corp., Series B (RB)
	2,000,000	4.50%, 06/01/25 (c)		2,166,135
	2,000,000	5.00%, 06/01/25 (c)		2,216,766
				12,544,321
South Carolina: 0.5%
	800,000	Berkeley County (SA) 4.38%, 11/01/29 (c)		891,439
	4,878,170	Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^		577,671

Principal Amount			Value

South Carolina: (continued)
		South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
$	500,000	5.00%, 11/01/24 (c)	$	554,712
	650,000	5.00%, 11/01/24 (c)		724,717
	500,000	5.00%, 11/01/24 (c)		560,387
		South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
	500,000	5.75%, 12/15/26 (c)		563,107
	500,000	5.75%, 12/15/26 (c)		569,983
		South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB)
	1,750,000	5.00%, 04/01/25 (c)		1,874,285
	5,000,000	5.00%, 04/01/25 (c)		5,360,808
	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)		1,068,225
	320,000	South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c)		324,109
		South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
	795,000	4.00%, 11/15/24 (c)		815,682
	350,000	4.00%, 11/15/24 (c)		363,241
	3,755,000	5.25%, 11/15/24 (c)		4,026,702
				18,275,068
South Dakota: 0.0%
		City of Sioux Falls, Dow Rummel Village Project (RB)
	750,000	5.00%, 11/01/26 (c)		803,440
	500,000	5.00%, 11/01/26 (c)		509,607
				1,313,047
Tennessee: 0.9%
	240,000	Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		180,387
		Bristol Industrial Development Board, Pinnacle Project, Series A (RB)
	2,000,000	5.00%, 12/01/26 (c)		2,008,609
	8,100,000	5.13%, 12/01/26 (c)		8,063,024
	310,000	Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c)		382,041
	540,000	Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) 5.00%, 10/01/24 (c)		591,410
		Knox County Health Educational and Housing Facility Board (RB)
	295,000	4.00%, 09/01/26 (c)		315,880

See Notes to Financial Statements

Principal Amount			Value

Tennessee: (continued)
$	290,000	4.00%, 09/01/26 (c)	$	304,883
	380,000	5.00%, 04/01/27 (c)		443,586
		Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)
	635,000	4.75%, 07/01/27		634,221
	1,100,000	5.50%, 07/01/27 (c)		1,106,152
	1,500,000	5.63%, 07/01/27 (c)		1,510,454
		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)		255,043
	5,755,000	5.75%, 10/01/25 (c)		5,792,756
	1,595,000	5.75%, 10/01/25 (c)		1,632,241
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
	475,000	5.00%, 09/01/26 (c)		438,277
	205,000	5.38%, 09/01/23 (c)		195,230
	200,000	5.50%, 09/01/23 (c)		188,562
	4,200,000	Tennessee Energy Acquisition Corp., Series B (RB) 5.63%, 09/01/26		5,162,113
	160,000	Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/23		172,565
	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)		231,568
				29,609,002
Texas: 4.6%
		Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) (AGM)
	800,000	5.00%, 01/01/23		817,654
	715,000	5.00%, 01/01/26		744,291
	500,000	5.00%, 01/01/27 (c)		501,311
		Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
	215,000	5.00%, 12/01/25 (c)		224,558
	610,000	5.00%, 12/01/25 (c)		643,143
	700,000	5.25%, 12/01/25 (c)		766,206
	5,550,000	Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c)		5,543,839
	1,850,000	Brazoria County Industrial Development Corp., Gladieux Metal Recycling, LLC Project, Series B (RB) (SBG) 7.00%, 03/01/26 (c)		1,991,512
		Central Texas Regional Mobility Authority, Senior Lien (RB)
	200,000	5.00%, 01/01/26 (c)		232,167
	400,000	5.00%, 01/01/26 (c)		464,547
	850,000	5.00%, 01/01/26 (c)		998,466
	285,000	5.00%, 01/01/26 (c)		331,423

Principal Amount			Value

Texas: (continued)
		Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
$	1,305,000	5.00%, 01/01/23 (c)	$	1,410,926
	1,270,000	5.00%, 01/01/23 (c)		1,373,085
	565,000	5.00%, 07/01/25 (c)		647,640
	805,000	5.00%, 07/01/25 (c)		923,116
	120,000	5.00%, 07/01/25 (c)		138,975
		Central Texas Regional Mobility Authority, Senior Lien, Series B (RB)
	4,000,000	4.00%, 01/01/31 (c)		4,662,174
	1,000,000	5.00%, 01/01/31 (c)		1,267,359
		Central Texas Regional Mobility Authority, Senior Lien, Series E (RB)
	2,525,000	4.00%, 01/01/30 (c)		2,908,306
	1,635,000	5.00%, 01/01/30 (c)		2,036,518
		Central Texas Regional Mobility Authority, Subordinated Lien (RB)
	360,000	5.00%, 01/01/23 (c)		389,221
	400,000	5.00%, 01/01/23 (c)		432,468
	775,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		896,186
		City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB)
	3,140,000	5.00%, 07/15/27		3,717,799
	2,000,000	5.00%, 07/15/28		2,407,550
	2,050,000	City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c)		2,082,405
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	3,630,000	4.75%, 07/01/24		3,810,913
	1,000,000	5.00%, 07/15/28		1,177,316
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
	650,000	5.00%, 07/15/25 (c)		719,868
	2,600,000	5.00%, 07/15/25 (c)		2,907,809
		Clifton Higher Education Finance Corp., Series A (RB)
	730,000	5.13%, 08/15/25 (c)		836,686
	610,000	5.50%, 08/15/25 (c)		700,664
		Clifton Higher Education Finance Corp., Series D (RB)
	500,000	5.75%, 08/15/25 (c)		581,449
	500,000	6.00%, 08/15/25 (c)		581,640
	850,000	Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c)		878,868
	2,265,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		2,319,923
		Harris County, Houston Sports Authority, Junior Lien, Series H (RB)
	250,000	0.00%, 11/15/23 ^		239,152

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Texas: (continued)
$	675,000	0.00%, 11/15/23 ^	$	667,703
	495,000	0.00%, 11/15/25 ^		449,461
	590,000	0.00%, 11/15/27 ^		502,077
	1,405,000	0.00%, 11/15/29 ^		1,105,113
	115,000	0.00%, 11/15/30 ^		86,788
	705,000	0.00%, 11/15/31 (c) ^		477,998
	350,000	0.00%, 11/15/31 (c) ^		171,829
	120,000	0.00%, 11/15/31 (c) ^		67,095
	145,000	0.00%, 11/15/31 (c) ^		62,475
	1,140,000	0.00%, 11/15/31 (c) ^		431,113
	170,000	0.00%, 11/15/31 (c) ^		68,576
		Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB)
	335,000	0.00%, 11/15/24 (c) ^		159,474
	100,000	0.00%, 11/15/24 (c) ^		60,603
	675,000	La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c)		728,412
	280,000	Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 11/01/22		299,180
	3,000,000	Matagorda County Navigation District No. 1, Central Power and Light Company Project, Series A (RB) 2.60%, 11/01/29		3,227,560
		Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB)
	2,680,000	5.13%, 02/15/24 (c)		2,090,400
	700,000	5.13%, 02/15/24 (c)		546,000
	10,000,000	Mission Economic Development Corp., Natgasoline Project (RB) 4.63%, 10/01/21 (c)		10,612,715
	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)		895,373
	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)		155,475
	5,935,000	New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series A (RB) 7.25%, 12/01/25 (c)		5,367,861
	750,000	New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB) 12.00%, 12/01/25 (c)		533,973
		New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB)
	1,030,000	4.00%, 07/01/26 (c)		831,978
	1,700,000	4.25%, 07/01/26 (c)		1,266,074
	1,000,000	5.00%, 07/01/26 (c)		732,188

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)	$	1,201,536
	230,000	New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c)		240,394
	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)		1,432,694
		New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB)
	250,000	4.25%, 08/15/21 (c)		251,153
	1,000,000	5.00%, 08/15/21 (c)		1,004,484
	1,000,000	5.13%, 08/15/21 (c)		1,004,801
	250,000	New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		273,077
	100,000	New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c)		105,715
		New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB)
	1,610,000	5.00%, 11/15/24 (c)		1,697,055
	100,000	5.00%, 11/15/24 (c)		107,542
		New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB)
	975,000	5.38%, 11/15/26 (c)		913,030
	750,000	5.50%, 11/15/26 (c)		671,674
		New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
	115,000	5.00%, 07/01/24		99,475
	440,000	5.00%, 07/01/25 (c)		378,400
	100,000	5.00%, 07/01/25 (c)		86,500
	500,000	5.00%, 07/01/25 (c)		432,500
	200,000	New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c)		209,353
		New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation, Series A-1 (RB)
	1,000,000	5.00%, 12/01/26 (c)		1,086,326
	2,045,000	5.00%, 12/01/26 (c)		2,221,256
		New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
	250,000	5.00%, 01/01/26 (c)		257,680
	250,000	5.00%, 01/01/26 (c)		258,498

See Notes to Financial Statements

Principal Amount			Value

Texas: (continued)
$	1,050,000	North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c)	$	1,190,451
		North East Texas Regional Mobility Authority, Series B (RB)
	600,000	5.00%, 01/01/26 (c)		677,404
	400,000	5.00%, 01/01/26 (c)		454,630
	500,000	Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c)		550,908
	10,260,000	Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (SAW) 4.00%, 01/01/22 (c)		10,634,083
		Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
	400,000	5.00%, 08/15/26 (c)		433,090
	400,000	5.00%, 08/15/26 (c)		440,219
	2,425,000	Red River Health Facilities Development Corp., MRC The Crossings Project, Series A (RB) 8.00%, 11/15/24 (c)		2,705,868
	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)		134,853
		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) *		45,250
	800,000	5.50%, 11/15/25 (c) (d) *		362,000
	690,000	Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB) 4.50%, 06/01/21 (c) (d) *		312,225
		Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB)
	3,850,000	6.63%, 05/15/27 (c)		4,310,160
	2,100,000	6.75%, 05/15/27 (c)		2,333,057
	535,000	Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c)		434,148
	2,180,000	Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB) 5.25%, 05/15/27 (c)		1,999,310

Principal Amount			Value

Texas: (continued)
		Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB)
$	1,100,000	5.00%, 11/15/25 (c)	$	978,996
	1,000,000	5.00%, 11/15/25 (c)		988,055
		Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series B (RB)
	100,000	4.00%, 11/15/25		97,530
	1,405,000	5.00%, 11/15/25 (c)		1,330,836
		Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)
	250,000	5.00%, 12/31/25 (c)		281,683
	460,000	5.00%, 12/31/25 (c)		519,780
	230,000	5.00%, 12/31/25 (c)		261,522
		Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)
	5,420,000	5.00%, 06/30/29 (c)		6,524,761
	515,000	7.00%, 09/01/23 (c)		587,883
		Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)
	500,000	4.00%, 12/31/29 (c)		581,515
	1,000,000	5.00%, 12/31/29 (c)		1,259,439
		Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
	7,100,000	5.00%, 08/15/24 (c)		7,945,418
	1,500,000	5.00%, 08/15/24 (c)		1,670,122
	600,000	5.00%, 08/15/24 (c)		676,027
	850,000	5.00%, 08/15/24 (c)		955,115
		Town of Westlake, Solana Public Improvement District (SA)
	1,000,000	6.13%, 09/01/25 (c)		1,038,856
	1,000,000	6.25%, 09/01/25 (c)		1,038,937
	1,000,000	6.38%, 09/01/25 (c)		1,040,242
	4,980,000	Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) *		3,448,748
				159,555,891
Utah: 0.5%
	5,000,000	Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area No. 2 (SA) 4.00%, 08/01/31 (c)		5,155,260
		Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA)
	2,500,000	4.50%, 08/01/30 (c)		2,807,396
	4,000,000	5.00%, 08/01/30 (c)		4,498,059

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Utah: (continued)
		Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
$	1,500,000	5.25%, 06/15/27 (c)	$	1,682,746
	3,195,000	5.38%, 06/15/27 (c)		3,544,294
				17,687,755
Vermont: 0.1%
	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c)		1,132,365
	910,000	Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c)		977,604
				2,109,969
Virgin Islands: 0.9%
	720,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) 4.25%, 06/01/21 (c)		727,997
		Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
	550,000	4.50%, 10/01/24 (c)		475,314
	1,700,000	5.00%, 10/01/24 (c)		1,624,442
	4,250,000	5.00%, 10/01/24 (c)		3,935,450
	180,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB) 6.00%, 06/01/21 (c)		180,412
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
	240,000	6.63%, 06/01/21 (c)		241,955
	1,840,000	6.75%, 06/01/21 (c)		1,854,988
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB)
	4,365,000	5.00%, 06/01/21 (c)		4,375,239
	3,870,000	5.00%, 06/01/21 (c)		3,879,077
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB)
	130,000	4.50%, 06/01/21 (c)		128,541
	1,125,000	5.00%, 06/01/21 (c)		1,127,639
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
	465,000	5.00%, 06/01/21 (c)		458,070
	970,000	5.00%, 06/01/21 (c)		972,275
	1,120,000	5.00%, 06/01/21 (c)		1,122,627
	3,180,000	5.25%, 06/01/21 (c)		3,130,608
	200,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 06/01/21 (c)		199,293

Principal Amount			Value

Virgin Islands: (continued)
		Virgin Islands Water and Power Authority, Series A (RB)
$	65,000	5.00%, 06/01/21 (c)	$	63,807
	330,000	5.00%, 06/01/21 (c)		325,871
		Virgin Islands Water and Power Authority, Series B (RB)
	170,000	5.00%, 06/01/21 (c)		164,050
	5,560,000	5.00%, 06/01/21 (c)		5,270,772
	1,170,000	5.00%, 06/01/21 (c)		1,141,653
	1,070,000	5.00%, 06/01/21 (c)		1,037,776
				32,437,856
Virginia: 1.4%
		Albemarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		650,234
	1,000,000	5.00%, 01/01/23 (c)		1,015,035
	500,000	Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c)		454,146
	250,000	Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c)		175,459
		Cherry Hill Community Development Authority, Potomac Shores Project (SA)
	200,000	5.15%, 03/01/25 (c)		211,708
	495,000	5.40%, 03/01/25 (c)		523,825
		Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
	1,000,000	5.00%, 11/01/23		1,112,947
	1,000,000	5.00%, 07/01/26 (c)		1,159,276
	1,025,000	5.00%, 07/01/26 (c)		1,184,076
	380,000	City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/22 (c)		399,164
	240,000	City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/21 (c)		241,871
		Farmville Industrial Development Authority, Longwood University Student Housing Projects, Series A (RB)
	2,800,000	5.00%, 07/01/30 (c)		3,287,076
	3,655,000	5.00%, 07/01/30 (c)		4,318,653
		Hanover County, Economic Development Authority (RB)
	500,000	5.00%, 07/01/24 (c)		540,696
	500,000	5.00%, 07/01/24 (c)		541,171
		Hanover County, Economic Development Authority, Series A (RB)
	1,500,000	5.00%, 07/01/22 (c)		1,534,879
	1,500,000	5.00%, 07/01/22 (c)		1,536,780
	2,400,000	Norfolk Redevelopment and Housing Authority, Series A (RB) 5.25%, 01/01/24 (c)		2,552,364

See Notes to Financial Statements

Principal Amount			Value

Virginia: (continued)
		Peninsula Town Center Community Development Authority (RB)
$	3,850,000	5.00%, 09/01/27 (c)	$	4,190,798
	500,000	5.00%, 09/01/27 (c)		545,786
	3,000,000	Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c)		3,032,857
	1,000,000	Roanoke County Economic Development Authority, Series B (RB) 4.63%, 09/01/24 (c) (p)		977,314
	500,000	Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c)		503,673
		Virginia College Building Authority, Marymount University Project, Series A (RB)
	2,400,000	5.00%, 07/01/25 (c)		2,519,116
	1,000,000	5.00%, 07/01/25 (c)		1,061,911
		Virginia College Building Authority, Marymount University Project, Series B (RB)
	3,500,000	5.00%, 07/01/25 (c)		3,673,710
	2,300,000	5.25%, 07/01/25 (c)		2,494,244
	1,760,000	Virginia College Building Authority, Regent University Project (RB) 5.00%, 06/01/21 (c)		1,763,062
		Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
	760,000	5.50%, 07/01/22 (c)		800,367
	1,550,000	6.00%, 07/01/22 (c)		1,644,030
		Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
	1,070,000	5.00%, 01/01/22 (c)		1,099,725
	300,000	5.00%, 01/01/22 (c)		308,415
	2,000,000	Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/23 (c) (p)		2,090,602
	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)		1,006,327
				49,151,297
Washington: 1.4%
	1,000,000	Greater Wenatchee Regional Events Center, Public Facilities District, Series A (RB) 5.50%, 09/01/22 (c)		1,021,447
		Kalispel Tribe Indians Priority, Series A (RB)
	250,000	5.00%, 01/01/28 (c)		288,109
	250,000	5.25%, 01/01/28 (c)		286,308

Principal Amount			Value

Washington: (continued)
		King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO)
$	1,000,000	5.00%, 12/01/25 (c)	$	1,037,293
	500,000	5.75%, 12/01/25 (c)		552,326
	500,000	6.00%, 12/01/25 (c)		553,733
	250,000	6.25%, 12/01/25 (c)		277,394
		Klickitat County Public Hospital District No. 2 (RB)
	1,230,000	5.00%, 12/01/27 (c)		1,272,996
	1,170,000	5.00%, 12/01/27 (c)		1,227,244
	1,415,000	5.00%, 12/01/27 (c)		1,504,137
	100,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c)		113,293
	205,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		243,283
		Washington State Convention Center Public Facilities District (RB)
	5,035,000	4.00%, 07/01/28 (c)		5,468,245
	1,000,000	4.00%, 07/01/31		1,140,128
	475,000	5.00%, 07/01/28 (c)		554,377
	5,500,000	5.00%, 07/01/28 (c)		6,379,930
		Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
	1,000,000	5.00%, 07/01/24 (c)		1,054,949
	2,000,000	5.00%, 07/01/24 (c)		2,112,975
	150,000	5.00%, 07/01/24 (c)		160,054
	500,000	Washington State Housing Finance Commission, Hearthstone Project, Series A (RB) 5.00%, 07/01/26 (c)		514,817
		Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB)
	200,000	6.00%, 07/01/25		219,183
	1,640,000	6.75%, 07/01/25 (c)		1,797,924
	2,000,000	7.00%, 07/01/25 (c)		2,181,999
	1,350,000	Washington State Housing Finance Commission, Herons Key Senior Living, Series B (RB) 6.50%, 07/01/25 (c)		1,478,025
		Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
	150,000	3.75%, 07/01/26		152,094
	825,000	5.00%, 01/01/25 (c)		893,828
	2,495,000	5.00%, 01/01/25 (c)		2,668,086
	1,500,000	5.00%, 01/01/25 (c)		1,606,744
	1,000,000	Washington State Housing Finance Commission, Rockwood Retirement Communities Project (RB) 5.00%, 01/01/26 (c)		1,033,993

See Notes to Financial Statements

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Washington: (continued)
		Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB)
$	7,000,000	5.00%, 07/01/26 (c)	$	7,659,892
	1,250,000	5.00%, 07/01/26 (c)		1,371,590
	1,395,000	5.00%, 07/01/26 (c)		1,535,598
		Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
	1,250,000	5.00%, 07/01/26 (c)		1,284,784
	500,000	5.00%, 07/01/26 (c)		515,077
				50,161,855
West Virginia: 0.5%
	325,000	Brooke County Commission, Bethany College, Series A (RB) 6.75%, 06/01/21 (c)		318,979
	2,250,000	County Commission of Harrison County, Charles Point Economic Opportunity Development District, Series A (RB) 5.75%, 06/01/29 (c)		2,543,547
		County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)
	280,000	3.00%, 06/01/22 (c)		283,487
	760,000	4.00%, 06/01/22 (c)		768,852
	2,550,000	Glenville State College Board of Governors (RB) 5.25%, 06/01/27 (c)		2,657,872
		Harrison County Building Commission, General Services Administration Building Project (RB)
	700,000	3.13%, 10/01/27 (c)		700,997
	820,000	3.25%, 10/01/27 (c)		816,132
	1,000,000	3.50%, 10/01/27 (c)		1,062,516
	2,130,000	Ohio County Development Authority, Ohio County Sports Complex Project (RB) 4.60%, 09/01/28 (c)		2,133,814
		West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW)
	1,500,000	4.13%, 01/01/25 (c) (p)		1,540,179
	5,000,000	5.00%, 01/01/25 (c) (p)		5,283,379
				18,109,754
Wisconsin: 2.7%
		Public Finance Authority, American Dream at Meadowlands Project (RB)
	500,000	6.75%, 12/01/27 (c)		573,497
	9,000,000	7.00%, 12/01/27 (c)		10,395,230
	7,825,000	Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31		8,751,480
	1,000,000	Public Finance Authority, American Preparatory Academy (RB) 5.38%, 07/15/27 (c)		1,104,767

Principal Amount			Value

Wisconsin: (continued)
$	250,000	Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.13%, 06/01/26 (c)	$	274,707
		Public Finance Authority, Cedars Obligated Group (RB)
	455,000	4.25%, 05/01/27 (c)		445,938
	2,000,000	5.50%, 05/01/27 (c)		2,030,980
		Public Finance Authority, Charter Day School, Inc. Project, Series A (RB)
	500,000	5.00%, 12/01/27 (c)		558,470
	500,000	5.00%, 12/01/27 (c)		560,051
	500,000	5.00%, 12/01/27 (c)		572,241
		Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
	495,000	5.00%, 02/01/26 (c)		532,307
	500,000	5.13%, 02/01/26 (c)		533,162
		Public Finance Authority, Corvian Community School Project, Series A (RB)
	540,000	4.25%, 06/15/24 (c)		560,236
	500,000	5.00%, 06/15/26 (c)		535,789
	500,000	5.00%, 06/15/26 (c)		529,535
	1,000,000	5.13%, 06/15/24 (c)		1,041,509
	1,000,000	Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c)		1,046,836
	100,000	Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/25		107,698
	2,500,000	Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c)		2,635,428
	5,790,000	Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB) 7.00%, 01/01/32 (c)		5,449,948
	889,711	Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c)		612,643
		Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB)
	500,000	6.25%, 01/01/28 (c)		425,481
	2,000,000	6.38%, 01/01/28 (c)		1,663,626
	1,000,000	Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c)		1,075,567
		Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)
	1,250,000	5.00%, 06/15/26 (c)		1,281,076
	6,000,000	5.00%, 06/15/26 (c)		6,238,166

See Notes to Financial Statements

Principal Amount			Value

Wisconsin: (continued)
		Public Finance Authority, Penick Village (RB)
$	485,000	4.00%, 09/01/26 (c)	$	489,774
	500,000	5.00%, 09/01/26 (c)		514,369
	500,000	5.00%, 09/01/26 (c)		516,116
	500,000	5.00%, 09/01/26 (c)		524,081
	500,000	Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.88%, 06/15/24 (c)		512,296
	300,000	Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c)		327,477
	4,265,000	Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c)		4,302,276
		Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
	1,950,000	5.00%, 10/01/29 (c)		2,333,923
	2,000,000	5.00%, 10/01/29 (c)		2,417,463
	1,250,000	Public Finance Authority, Whitestone (RB) 5.00%, 03/01/28 (c)		1,364,484
	11,695,000	Public Finance Authority, Wonderful Foundations Charter School Portfolio Projects, Series A-1 (RB) 5.00%, 07/01/30 (c)		13,055,019
	750,000	Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c)		810,304

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)	$	111,157
	2,315,000	4.13%, 07/01/23 (c)		2,454,251
	1,900,000	5.00%, 07/01/23 (c)		2,076,083
	1,150,000	Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c)		1,175,046
		Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
	2,725,000	5.00%, 11/01/26 (c)		2,857,517
	1,950,000	5.00%, 11/01/26 (c)		2,095,034
	3,950,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.13%, 02/01/23 (c)		4,027,802
	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)		1,791,174
				93,292,014
Total Municipal Bonds: 98.5% (Cost: $3,305,094,729)				3,408,838,514
Other assets less liabilities: 1.5%				52,483,850
NET ASSETS: 100.0%			$	3,461,322,364

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

VANECK VECTORS HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments By Sector	% of Investments			Value
Education		9.9	%	$	337,355,609
Health Care		19.1			651,717,398
Housing		3.8			128,309,806
Industrial Revenue		16.2			552,285,570
Leasing		7.8			265,132,134
Local		8.0			272,577,269
Power		0.4			15,096,872
Solid Waste/Resource Recovery		0.1			3,932,943
Special Tax		11.6			395,676,885
State		3.0			101,030,739
Tobacco		10.2			348,720,117
Transportation		8.0			272,286,151
Water & Sewer		1.9			64,717,021
		100.0	%	$	3,408,838,514

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices					Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs					Value
Total Municipal Bonds*		$	—			$	3,408,838,514			$	—			$	3,408,838,514

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

MUNICIPAL BONDS: 98.7%
Alabama: 1.3%
		Alabama Federal Aid Highway Finance Authority, Series A (RB)
$	340,000	5.00%, 09/01/26 (c)	$	414,863
	340,000	5.00%, 09/01/26 (c)		412,078
	10,000	5.00%, 09/01/26 (c)		12,203
	250,000	5.00%, 09/01/27 (c)		311,143
	460,000	5.00%, 09/01/27 (c)		574,338
	150,000	5.00%, 09/01/27		190,263
		Alabama Public School and College Authority, Series A (RB)
	2,000,000	4.00%, 11/01/30 (c)		2,460,803
	715,000	5.00%, 11/01/30 (c)		955,549
	525,000	5.00%, 11/01/30 (c)		710,719
	1,500,000	5.00%, 11/01/30 (c)		2,021,120
	1,750,000	5.00%, 11/01/30 (c)		2,347,232
		Auburn University, Series A (RB)
	10,000	5.00%, 06/01/26 (c)		12,134
	25,000	5.00%, 06/01/26 (c)		30,399
	2,000,000	Black Belt Energy Gas District, Series A (RB) 4.00%, 09/01/31 (c) (p)		2,480,975
	860,000	Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c)		932,845
		County of Jefferson (RB)
	1,250,000	4.00%, 03/15/27 (c)		1,451,907
	100,000	5.00%, 03/15/27 (c)		122,470
	250,000	5.00%, 03/15/27 (c)		309,138
	525,000	5.00%, 03/15/27 (c)		644,920
	800,000	5.00%, 03/15/27 (c)		980,024
		Lower Alabama Gas District, Series A (RB)
	290,000	5.00%, 09/01/28		365,509
	305,000	5.00%, 09/01/29		389,348
	100,000	5.00%, 09/01/34		135,373
	675,000	State of Alabama, Series A (GO) 5.00%, 11/01/28 (c)		867,184
		UAB Medicine Finance Authority, Series B (RB)
	150,000	5.00%, 09/01/26 (c)		179,732
	225,000	5.00%, 09/01/26 (c)		271,024
	280,000	UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c)		341,606
		University of Alabama, Board of Trustee, Series A (RB)
	415,000	3.00%, 07/01/29 (c)		451,803
	820,000	4.00%, 07/01/29 (c)		971,795
		Water Works Board of the City of Birmingham, Series A (RB)
	595,000	5.00%, 01/01/27 (c)		726,776
	250,000	5.00%, 01/01/27 (c)		305,359
	775,000	5.00%, 01/01/27 (c)		953,822
				23,334,454

Principal Amount			Value

Alaska: 0.2%
		Alaska Housing Finance Corp., Series A (RB)
$	900,000	4.00%, 06/01/27 (c)	$	1,042,984
	125,000	4.00%, 06/01/27 (c)		145,251
	590,000	5.00%, 06/01/27 (c)		721,013
	305,000	State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c)		359,539
	635,000	State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c)		744,037
	130,000	State of Alaska, Series A (GO) 5.00%, 08/01/25 (c)		153,028
		State of Alaska, Series B (GO)
	205,000	5.00%, 08/01/25 (c)		241,313
	525,000	5.00%, 08/01/25 (c)		619,201
	250,000	5.00%, 08/01/25 (c)		295,548
				4,321,914
Arizona: 1.0%
		Arizona Transportation Board, Highway Revenue (RB)
	1,050,000	5.00%, 07/01/26 (c)		1,272,204
	835,000	5.00%, 07/01/26 (c)		1,014,534
		City of Mesa, Utility System Revenue (RB)
	1,590,000	4.00%, 07/01/26 (c)		1,816,037
	705,000	5.00%, 07/01/26 (c)		857,779
	270,000	5.00%, 07/01/26 (c)		327,290
	355,000	City of Phoenix (GO) 5.00%, 07/01/26 (c)		434,758
		City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)
	860,000	5.00%, 07/01/26 (c)		1,050,764
	120,000	5.00%, 07/01/26 (c)		145,733
	620,000	5.00%, 07/01/26 (c)		754,008
	150,000	5.00%, 07/01/26 (c)		181,406
		City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
	275,000	5.00%, 07/01/29 (c)		330,063
	1,000,000	5.00%, 07/01/29 (c)		1,207,778
		City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB)
	250,000	5.00%, 07/01/27 (c)		304,662
	100,000	5.00%, 07/01/27 (c)		122,471
	250,000	5.00%, 07/01/27 (c)		308,071
		City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB)
	550,000	5.00%, 07/01/27 (c)		669,971
	120,000	5.00%, 07/01/27 (c)		148,354
	320,000	City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series B (RB) 5.00%, 07/01/26		392,809

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Arizona: (continued)
$	250,000	Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c)	$	307,860
		Maricopa County Industrial Development Authority, Banner Health, Series A (RB)
	20,000	3.13%, 01/01/27 (c)		21,477
	215,000	5.00%, 01/01/28		273,881
	710,000	5.00%, 01/01/29		922,603
		Maricopa County Special Health Care District, Series C (GO)
	190,000	5.00%, 07/01/25		223,511
	240,000	5.00%, 07/01/26		290,789
	295,000	5.00%, 07/01/27		365,725
		Salt River Project Agricultural Improvement and Power District, Series A (RB)
	1,150,000	5.00%, 01/01/27 (c)		1,431,651
	250,000	5.00%, 01/01/28 (c)		311,975
	2,000,000	5.00%, 01/01/28 (c)		2,509,862
				17,998,026
Arkansas: 0.1%
	305,000	City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c)		313,019
	280,000	City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c)		353,823
	1,000,000	City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c)		1,221,787
				1,888,629
California: 16.3%
		Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM)
	125,000	3.00%, 10/01/26 (c)		134,025
	705,000	4.00%, 10/01/26 (c)		794,912
	815,000	Alameda County Joint Powers Authority (RB) 5.00%, 12/01/26 (c)		1,002,042
	270,000	Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		293,461
	1,085,000	Bay Area Toll Authority, Series S-7 (RB) 4.00%, 04/01/27 (c)		1,274,654
		California Department of Water Resources, Central Valley Project Water System, Series AV (RB)
	750,000	4.00%, 06/01/26 (c)		866,136
	725,000	4.00%, 06/01/26 (c)		838,410
	90,000	California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c)		102,854

Principal Amount			Value

California: (continued)
$	310,000	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c)	$	378,103
	400,000	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c)		431,664
	1,060,000	California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) 4.00%, 04/01/30 (c)		1,251,389
	175,000	California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c)		195,226
	140,000	California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27		178,844
	880,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 5.00%, 10/01/26 (c)		1,060,921
	750,000	California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c)		948,811
		California Health Facilities Financing Authority, Sutter Health, Series A (RB)
	450,000	5.00%, 11/15/27 (c)		563,783
	825,000	5.00%, 11/15/27 (c)		1,027,878
	150,000	5.00%, 11/15/27 (c)		187,257
		California Infrastructure and Economic Development Bank, Clean Water State (RB)
	100,000	5.00%, 10/01/25		120,432
	100,000	5.00%, 10/01/25		120,432
	550,000	5.00%, 04/01/26 (c)		668,562
	130,000	5.00%, 04/01/26 (c)		157,251
	935,000	5.00%, 04/01/26 (c)		1,135,542
	55,000	5.00%, 04/01/26 (c)		66,737
	150,000	5.00%, 10/01/26		186,474
	170,000	5.00%, 04/01/27 (c)		210,197
	775,000	5.00%, 08/01/29 (c)		1,003,429
	840,000	California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c)		1,021,837
	925,000	California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c)		1,113,562
	515,000	California State Educational Facilities Authority, Santa Clara University, Series B (RB) 5.00%, 04/01/27 (c)		633,400

See Notes to Financial Statements

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)	$	397,700
	500,000	3.00%, 09/01/27 (c)		553,934
	270,000	5.00%, 09/01/24 (c)		311,472
		California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB)
	655,000	2.50%, 10/01/26 (c)		706,611
	500,000	4.00%, 10/01/26 (c)		585,195
	110,000	California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB) 4.00%, 12/01/25 (c)		125,434
	330,000	California State Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 (c)		389,602
		California State Public Works Board, Various Capital Projects, Series B (RB)
	120,000	5.00%, 10/01/27 (c)		150,598
	340,000	5.00%, 10/01/27 (c)		429,038
	445,000	5.00%, 10/01/27 (c)		562,573
		California State Public Works Board, Various Capital Projects, Series C (RB)
	100,000	3.38%, 03/01/27 (c)		111,387
	425,000	4.00%, 11/01/26 (c)		496,688
	30,000	5.00%, 11/01/26 (c)		37,001
	45,000	5.00%, 11/01/26 (c)		55,530
	30,000	5.00%, 11/01/26 (c)		37,056
	400,000	California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c)		493,887
	950,000	California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c)		1,226,610
		California State University, Series A (RB)
	910,000	3.00%, 05/01/26 (c)		976,892
	400,000	4.00%, 05/01/26 (c)		457,092
	35,000	5.00%, 11/01/25 (c)		41,786
	160,000	5.00%, 05/01/26 (c)		195,429
	220,000	5.00%, 05/01/26 (c)		265,215
	10,000	5.00%, 05/01/26 (c)		12,066
	225,000	5.00%, 05/01/27 (c)		277,758
	510,000	5.00%, 05/01/27 (c)		632,719
	1,500,000	California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p)		1,988,812
	1,000,000	California Statewide Communities Development Authority, Kaiser Permanente,, Series C-3 (RB) 5.00%, 11/01/29 (p)		1,325,875
		California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB)
	1,000,000	5.00%, 01/01/28 (c)		1,199,406
	760,000	5.00%, 01/01/28 (c)		915,750
	315,000	5.00%, 01/01/28 (c)		380,864

Principal Amount			Value

California: (continued)
$	300,000	Campbell Union High School District, Series B (GO) 5.00%, 08/01/26 (c)	$	363,281
	140,000	Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c)		160,880
	480,000	City and County of San Francisco, Multiple Capital Improvement Projects, Series R-1 (CP) 5.00%, 04/01/27		605,048
	255,000	City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c)		272,600
	15,000	City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c)		17,865
		City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
	1,000,000	4.00%, 05/15/30 (c)		1,217,991
	1,400,000	5.00%, 05/15/31 (c)		1,862,033
	500,000	5.00%, 05/15/31 (c)		671,338
	405,000	City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c)		476,712
	565,000	City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c)		703,526
	200,000	City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c)		258,996
	20,000	Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c)		23,338
	250,000	Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		288,535
		County of Sacramento, Airport System, Series E (RB)
	275,000	5.00%, 07/01/27		345,419
	150,000	5.00%, 07/01/28 (c)		187,325
		County of Santa Clara, Series C (GO)
	245,000	3.00%, 08/01/27 (c)		266,686
	125,000	5.00%, 08/01/27 (c)		157,944
	525,000	5.00%, 08/01/27 (c)		656,222
	145,000	Desert Community College District (GO) 5.00%, 08/01/27 (c)		180,843
	460,000	East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/27 (c)		574,075
		East Bay Municipal Utility District, Water System, Series B (RB)
	220,000	5.00%, 06/01/27 (c)		275,568
	145,000	5.00%, 06/01/27 (c)		183,252
	2,590,000	East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c)		2,816,337

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	1,070,000	Eastern Municipal Water District Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c)	$	1,423,063
		Eastern Municipal Water District Financing Authority, Water and Wastewater, Series B (RB)
	560,000	5.00%, 07/01/26 (c)		680,089
	145,000	5.00%, 07/01/26 (c)		176,259
		Eastern Municipal Water District, Water and Wastewater, Series A (RB)
	625,000	5.00%, 07/01/26 (c)		759,028
	250,000	5.00%, 07/01/26 (c)		303,188
	435,000	5.00%, 07/01/26 (c)		529,022
	25,000	5.00%, 07/01/26 (c)		30,574
	100,000	5.00%, 07/01/26 (c)		121,898
	250,000	El Camino Healthcare District (GO) 4.00%, 02/01/27 (c)		285,646
	250,000	El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c)		304,632
		Fontana Redevelopment Agency Successor Agency (TA)
	205,000	5.00%, 10/01/26		253,487
	760,000	5.00%, 10/01/27 (c)		944,741
	220,000	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c)		258,337
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	1,420,000	5.00%, 06/01/27 (c)		1,726,909
	2,380,000	5.00%, 06/01/28 (c)		2,915,661
	1,000,000	5.00%, 06/01/28 (c)		1,238,638
	3,000,000	Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c)		3,087,743
	1,600,000	Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c)		1,656,383
	105,000	Long Beach Unified School District (GO) 5.00%, 08/01/26 (c)		129,513
		Los Angeles Community College District, Series A (GO)
	175,000	5.00%, 08/01/24 (c)		202,128
	265,000	5.00%, 08/01/24 (c)		306,079
	330,000	5.00%, 08/01/24 (c)		381,155
	170,000	Los Angeles Community College District, Series G (GO) 5.00%, 08/01/24 (c)		196,353
		Los Angeles Community College District, Series I (GO)
	775,000	2.13%, 08/01/26 (c)		811,497
	170,000	4.00%, 08/01/26 (c)		198,759
	25,000	4.00%, 08/01/26		29,601
	135,000	4.00%, 08/01/26 (c)		159,727
		Los Angeles Community College District, Series J (GO)
	750,000	4.00%, 08/01/27 (c)		892,004
	400,000	4.00%, 08/01/27 (c)		476,239
	100,000	5.00%, 08/01/27 (c)		126,663

Principal Amount			Value

California: (continued)
		Los Angeles County Metropolitan Transportation Authority, Series A (RB)
$	50,000	4.00%, 07/01/26 (c)	$	58,015
	820,000	5.00%, 07/01/25 (c)		979,150
	165,000	5.00%, 06/01/26 (c)		201,855
	375,000	5.00%, 06/01/26 (c)		459,183
	115,000	5.00%, 06/01/26 (c)		141,140
	795,000	5.00%, 07/01/27 (c)		1,000,998
	285,000	5.00%, 07/01/27 (c)		360,989
	435,000	Los Angeles County Public Works Financing Authority, Series B (RB) 5.00%, 12/01/25 (c)		522,200
	450,000	Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c)		586,258
		Los Angeles Department of Water and Power, Series A (RB)
	245,000	5.00%, 01/01/26 (c)		295,632
	155,000	5.00%, 01/01/26 (c)		187,271
	1,010,000	5.00%, 01/01/27 (c)		1,251,588
	500,000	5.00%, 01/01/28 (c)		630,267
	500,000	5.00%, 01/01/28 (c)		631,341
	115,000	5.00%, 01/01/28 (c)		147,584
	1,000,000	5.00%, 07/01/29		1,327,332
		Los Angeles Department of Water and Power, Series B (RB)
	180,000	5.00%, 06/01/25 (c)		214,153
	225,000	5.00%, 01/01/26 (c)		271,845
	35,000	5.00%, 01/01/26 (c)		42,305
	1,000,000	5.00%, 01/01/27 (c)		1,236,690
	275,000	5.00%, 01/01/27 (c)		339,416
	110,000	5.00%, 07/01/27		139,685
	110,000	5.00%, 07/01/28 (c)		140,994
		Los Angeles Department of Water and Power, Series C (RB)
	100,000	5.00%, 07/01/24 (c)		114,903
	250,000	5.00%, 07/01/24 (c)		287,514
	1,100,000	5.00%, 07/01/27 (c)		1,394,459
	500,000	5.00%, 07/01/27 (c)		627,230
	200,000	5.00%, 07/01/27 (c)		250,452
	1,420,000	5.00%, 07/01/29 (c)		1,845,430
	1,500,000	5.00%, 07/01/30 (c)		1,989,131
	1,125,000	5.00%, 07/01/30 (c)		1,499,949
	125,000	Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c)		159,214
		Los Angeles Unified School District, Series A (GO)
	1,580,000	4.00%, 07/01/29 (c)		1,932,129
	20,000	5.00%, 07/01/21 (c)		20,155
	175,000	5.00%, 07/01/21 (c)		176,354
	695,000	5.00%, 07/01/25 (c)		823,866
	135,000	5.00%, 07/01/25 (c)		160,769
	25,000	5.00%, 07/01/25 (c)		29,681
	120,000	5.00%, 07/01/26		147,716
	820,000	5.00%, 07/01/27		1,037,314
	250,000	5.00%, 07/01/28		324,006
	1,720,000	5.00%, 07/01/29 (c)		2,265,636

See Notes to Financial Statements

Principal Amount			Value

California: (continued)
		Los Angeles Unified School District, Series B (GO)
$	270,000	2.00%, 07/01/26 (c)	$	282,011
	780,000	3.00%, 07/01/26 (c)		853,934
	1,055,000	3.00%, 07/01/26 (c)		1,146,772
	885,000	5.00%, 07/01/26 (c)		1,086,868
	915,000	5.00%, 07/01/26 (c)		1,119,528
		Los Angeles Unified School District, Series B-1 (GO)
	295,000	5.00%, 01/01/28 (c)		369,030
	585,000	5.00%, 01/01/28 (c)		736,086
	645,000	5.00%, 01/01/28 (c)		816,976
		Los Angeles Unified School District, Series C (GO)
	1,880,000	3.00%, 07/01/30 (c)		2,099,439
	2,000,000	4.00%, 07/01/30 (c)		2,458,028
		Los Angeles Unified School District, Series RYQ (GO)
	1,000,000	4.00%, 07/01/30 (c)		1,223,038
	3,675,000	5.00%, 07/01/29		4,867,740
		Metropolitan Water District of Southern California, Series A (RB)
	1,005,000	2.50%, 07/01/27		1,102,460
	100,000	5.00%, 01/01/26 (c)		119,392
	100,000	Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c)		129,093
		Monterey Peninsula Community College District (GO)
	730,000	0.00%, 02/01/26 (c) ^		576,274
	865,000	0.00%, 02/01/26 (c) ^		710,375
	865,000	0.00%, 02/01/26 (c) ^		737,697
	200,000	Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/26 (c)		243,660
		Municipal Improvement Corp. of Los Angeles, Series B (RB)
	615,000	5.00%, 11/01/26 (c)		752,948
	135,000	5.00%, 11/01/26 (c)		166,097
	265,000	5.00%, 11/01/26 (c)		327,653
	325,000	Norman Y Mineta San Jose International Airport (RB) 4.00%, 03/01/31 (c)		403,232
		Northern California Transmission Agency Project, Series A (RB)
	40,000	5.00%, 05/01/26 (c)		48,501
	45,000	5.00%, 05/01/26 (c)		54,704
		Oakland Unified School District (GO)
	175,000	5.00%, 08/01/26 (c)		212,353
	625,000	5.00%, 08/01/26 (c)		756,316
	975,000	5.00%, 08/01/26 (c)		1,188,185
	385,000	5.00%, 08/01/26 (c)		468,370
	400,000	Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c)		493,668
	325,000	Palm Springs Unified School District (GO) 4.00%, 08/01/26 (c)		373,817

Principal Amount			Value

California: (continued)
		Palm Springs Unified School District, Series A (GO) (AGM)
$	1,265,000	1.25%, 08/01/29 (c)	$	1,231,723
	4,000,000	1.25%, 08/01/29 (c)		3,960,064
	3,000,000	1.50%, 08/01/29 (c)		2,918,940
	2,500,000	1.50%, 08/01/29 (c)		2,459,812
	3,000,000	1.75%, 08/01/29 (c)		2,983,569
		Palm Springs Unified School District, Series D (GO)
	550,000	2.50%, 08/01/26 (c)		577,413
	160,000	3.00%, 08/01/26 (c)		175,481
	775,000	Palomar Health, Series B (GO) 5.00%, 08/01/26 (c)		914,228
	260,000	Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c)		295,522
		Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB)
	440,000	5.00%, 10/01/25 (c)		524,149
	475,000	5.00%, 10/01/25 (c)		566,300
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
	100,000	4.00%, 11/01/26 (c)		117,440
	230,000	5.00%, 05/01/25 (c)		271,541
	1,215,000	5.00%, 11/01/26 (c)		1,482,418
	25,000	5.00%, 11/01/26 (c)		30,608
	170,000	5.00%, 11/01/26 (c)		210,400
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB)
	785,000	5.00%, 11/01/27 (c)		983,955
	255,000	5.00%, 11/01/27 (c)		323,590
	650,000	Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c)		781,974
		Regents of the University of California, Series AR (RB)
	500,000	5.00%, 05/15/26 (c)		608,923
	750,000	5.00%, 05/15/26 (c)		915,467
	455,000	Regents of the University of California, Series K (RB) 5.00%, 05/15/26 (c)		554,372
	170,000	Riverside Community College District (GO) 5.00%, 08/01/25 (c)		201,443
	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)		168,215
	730,000	Riverside County Transportation Commission, Series A (RB) 2.00%, 06/01/24 (c)		746,011
	250,000	Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c)		315,405

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	125,000	Riverside Redevelopment Agency Successor Agency, Series A (AGM) (TA) 5.00%, 09/01/26	$	154,045
		Sacramento City Financing Authority, Master Lease Program Facilities (RB)
	110,000	5.00%, 12/01/25 (c)		132,272
	210,000	5.00%, 12/01/25 (c)		253,577
		Sacramento County Sanitation Districts Financing Authority, Series A (RB)
	170,000	5.00%, 06/01/24 (c)		194,276
	250,000	5.00%, 06/01/24 (c)		284,462
	1,000,000	Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/28		1,298,017
		San Diego Association of Governments, South Bay Expressway, Series A (RB)
	705,000	5.00%, 07/01/27 (c)		863,458
	500,000	5.00%, 07/01/27 (c)		613,978
		San Diego Community College District (GO)
	855,000	5.00%, 08/01/26 (c)		1,047,648
	65,000	5.00%, 08/01/26 (c)		79,834
	535,000	San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		682,781
		San Diego County Regional Airport Authority, Series B (RB)
	1,295,000	5.00%, 07/01/30 (c)		1,679,305
	2,075,000	5.00%, 07/01/30 (c)		2,714,034
	1,630,000	5.00%, 07/01/30 (c)		2,151,900
		San Diego County Regional Transportation Commission, Series A (RB)
	700,000	5.00%, 04/01/26 (c)		847,114
	105,000	5.00%, 04/01/26 (c)		127,180
	75,000	San Diego County Water Authority, Series A (RB) 5.00%, 05/01/25 (c)		88,775
	2,000,000	San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c)		2,520,188
	150,000	San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c)		173,126
		San Diego Public Facilities Financing Authority (RB)
	365,000	5.00%, 10/15/25 (c)		432,119
	445,000	5.00%, 10/15/25 (c)		526,081
	150,000	5.00%, 10/15/25 (c)		178,081
	410,000	5.00%, 10/15/25 (c)		486,032
		San Diego Public Facilities Financing Authority, Series A (RB)
	210,000	5.00%, 05/15/26 (c)		256,564
	135,000	5.00%, 05/15/26 (c)		165,311
	185,000	San Diego Public Facilities Financing Authority, Series B (RB) 5.00%, 08/01/26		228,190

Principal Amount			Value

California: (continued)
$	555,000	San Diego Regional Building Authority, Series A (RB) 5.00%, 10/15/25 (c)	$	656,171
	650,000	San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c)		817,144
		San Diego Unified School District, Series R-5 (GO)
	20,000	4.00%, 07/01/26 (c)		23,305
	520,000	5.00%, 07/01/26 (c)		638,016
	575,000	San Diego Unified School District, Series SR-1 (GO) 4.00%, 07/01/26 (c)		663,944
	210,000	San Francisco Bay Area Rapid Transit District, Series D (GO) 5.00%, 08/01/25 (c)		249,912
		San Francisco Bay Area Rapid Transit District, Series F-1 (GO)
	900,000	5.00%, 08/01/28		1,173,832
	140,000	5.00%, 08/01/29 (c)		183,464
	110,000	5.00%, 08/01/29 (c)		145,364
	140,000	San Francisco Community College District (GO) 5.00%, 06/15/25		165,902
		San Francisco County Transportation Authority (RB)
	135,000	3.00%, 02/01/27 (c)		148,447
	500,000	3.00%, 02/01/27 (c)		541,716
	105,000	4.00%, 02/01/27		125,208
	325,000	4.00%, 02/01/27 (c)		382,068
	2,000,000	San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c)		2,365,272
	165,000	San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c)		203,551
		San Joaquin County, Administration Building Project (CP) (AGM)
	520,000	5.00%, 11/15/27 (c)		655,511
	500,000	5.00%, 11/15/27 (c)		635,448
	25,000	San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c)		29,636
	230,000	San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c)		282,302
		San Marcos Unified School District (GO)
	400,000	4.00%, 08/01/27 (c)		468,044
	350,000	5.00%, 08/01/27 (c)		435,543
	515,000	5.00%, 08/01/27 (c)		644,104
	360,000	5.00%, 08/01/27 (c)		449,923
	770,000	San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c)		896,454
		Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
	400,000	4.00%, 05/15/25 (c)		449,202
	760,000	4.00%, 05/15/25 (c)		855,406

See Notes to Financial Statements

Principal Amount			Value

California: (continued)
		Santa Clara Unified School District (GO)
$	1,535,000	3.00%, 07/01/26 (c)	$	1,662,922
	100,000	3.00%, 07/01/26 (c)		108,744
	25,000	Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c)		29,986
	500,000	Sequoia Union High School District (GO) 3.00%, 07/01/26 (c)		546,868
	100,000	Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29		132,641
		State of California, Department of Water Resources, Central Valley Project, Series AW (RB)
	275,000	5.00%, 12/01/26 (c)		338,772
	50,000	5.00%, 12/01/26 (c)		61,841
		State of California, Department of Water Resources, Central Valley Project, Series AX (RB)
	100,000	5.00%, 12/01/27 (c)		127,113
	915,000	5.00%, 12/01/27 (c)		1,165,063
	365,000	State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c)		477,483
	10,000	State of California, Series CL (GO) 3.75%, 12/01/24 (c)		10,340
		State of California, Various Purpose (GO)
	400,000	2.00%, 09/01/26 (c)		426,127
	150,000	3.00%, 09/01/26 (c)		161,057
	350,000	3.00%, 10/01/29 (c)		388,236
	1,575,000	3.13%, 04/01/29 (c)		1,772,184
	605,000	3.50%, 08/01/27		710,728
	130,000	4.00%, 08/01/26 (c)		150,756
	700,000	4.00%, 08/01/26 (c)		812,955
	2,110,000	4.00%, 09/01/26 (c)		2,463,395
	600,000	4.00%, 11/01/27		726,672
	100,000	4.00%, 11/01/27 (c)		119,154
	2,000,000	4.00%, 03/01/29		2,472,619
	9,500,000	4.00%, 03/01/30 (c)		11,534,151
	2,000,000	4.00%, 03/01/30 (c)		2,420,316
	3,445,000	4.00%, 11/01/30 (c)		4,258,115
	345,000	5.00%, 09/01/23 (c)		383,190
	500,000	5.00%, 04/01/24 (c)		565,170
	30,000	5.00%, 09/01/25 (c)		35,942
	1,075,000	5.00%, 04/01/26 (c)		1,303,245
	1,050,000	5.00%, 08/01/26 (c)		1,293,295
	955,000	5.00%, 08/01/26 (c)		1,172,395
	600,000	5.00%, 08/01/26 (c)		732,763
	150,000	5.00%, 08/01/26 (c)		184,320
	1,165,000	5.00%, 08/01/26 (c)		1,430,199
	115,000	5.00%, 08/01/26 (c)		139,389
	190,000	5.00%, 08/01/26 (c)		230,839
	510,000	5.00%, 08/01/26 (c)		625,504
	915,000	5.00%, 08/01/26 (c)		1,115,355
	185,000	5.00%, 08/01/26 (c)		227,866
	390,000	5.00%, 09/01/26 (c)		476,491
	1,615,000	5.00%, 09/01/26 (c)		1,981,689

Principal Amount			Value

California: (continued)
$	2,260,000	5.00%, 09/01/26 (c)	$	2,767,827
	320,000	5.00%, 09/01/26 (c)		392,657
	770,000	5.00%, 09/01/26 (c)		948,462
	150,000	5.00%, 09/01/26 (c)		184,765
	250,000	5.00%, 09/01/26 (c)		307,352
	1,000,000	5.00%, 09/01/26 (c)		1,230,587
	125,000	5.00%, 09/01/26 (c)		153,676
	2,000,000	5.00%, 09/01/26 (c)		2,461,175
	1,920,000	5.00%, 08/01/27 (c)		2,417,991
	3,395,000	5.00%, 08/01/27 (c)		4,283,603
	950,000	5.00%, 08/01/27 (c)		1,189,465
	285,000	5.00%, 10/01/27		362,476
	2,645,000	5.00%, 11/01/27 (c)		3,327,228
	1,000,000	5.00%, 11/01/27 (c)		1,267,385
	2,480,000	5.00%, 11/01/27 (c)		3,148,867
	1,020,000	5.00%, 11/01/27 (c)		1,285,892
	2,000,000	5.00%, 11/01/27		2,549,077
	710,000	5.00%, 04/01/28		912,562
	2,445,000	5.00%, 08/01/28 (c)		3,111,142
	275,000	5.00%, 08/01/28 (c)		353,753
	750,000	5.00%, 08/01/28		971,440
	300,000	5.00%, 10/01/28 (c)		388,964
	400,000	5.00%, 11/01/28		520,997
	150,000	5.00%, 04/01/29 (c)		194,840
	3,500,000	5.00%, 04/01/29 (c)		4,514,584
	1,735,000	5.00%, 04/01/29		2,279,912
	2,340,000	5.00%, 10/01/29 (c)		3,091,547
	1,000,000	5.00%, 10/01/29		1,327,524
	3,000,000	5.00%, 10/01/29 (c)		3,955,076
	2,590,000	5.00%, 04/01/30		3,466,013
	1,000,000	5.00%, 11/01/30		1,354,632
	1,610,000	5.00%, 11/01/30 (c)		2,144,861
	380,000	5.00%, 04/01/31		518,729
	3,500,000	5.00%, 04/01/32		4,855,711
		Stockton Unified School District (GO)
	100,000	5.00%, 02/01/26 (c)		119,736
	100,000	5.00%, 02/01/26 (c)		120,357
	335,000	Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c)		398,874
		Trustees of the California State University, Series A (RB)
	250,000	4.00%, 05/01/26 (c)		293,015
	410,000	5.00%, 05/01/26 (c)		497,850
	750,000	5.00%, 05/01/26 (c)		905,366
	830,000	5.00%, 05/01/26 (c)		1,011,037
		Tuolumne Wind Project Authority, Series A (RB)
	405,000	5.00%, 01/01/27 (c)		502,915
	125,000	5.00%, 01/01/27		156,454
		Turlock Irrigation District (RB)
	500,000	5.00%, 01/01/30 (c)		648,897
	1,000,000	5.00%, 01/01/30 (c)		1,305,485
	130,000	University of California, Series AO (RB) 5.00%, 05/15/25 (c)		153,967
	10,000	University of California, Series AR (RB) 5.00%, 05/15/26 (c)		12,195
	385,000	University of California, Series AY (RB) 5.00%, 05/15/27 (c)		482,305

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
		University of California, Series AZ (RB)
$	310,000	5.00%, 05/15/28 (c)	$	395,273
	275,000	5.00%, 05/15/28 (c)		354,563
	1,500,000	University of California, Series BE (RB) 5.00%, 05/15/30 (c)		1,989,543
	1,170,000	University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,478,847
		West Basin Municipal Water District, Series A (RB)
	155,000	5.00%, 02/01/26 (c)		187,119
	100,000	5.00%, 02/01/26 (c)		121,035
	20,000	West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c)		23,617
				293,812,391
Colorado: 1.6%
	250,000	Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c)		309,533
	540,000	Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c)		664,893
		Board of Governors of Colorado State University System (RB)
	935,000	5.00%, 03/01/28 (c)		1,171,552
	510,000	5.00%, 03/01/28 (c)		648,515
	1,050,000	Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 06/01/27 (c)		1,251,046
	1,000,000	Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c)		1,198,880
	150,000	City and County of Denver, Series A (RB) 5.00%, 08/01/26 (c)		183,277
	200,000	City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^		134,087
		City of Aurora, Water Revenue, First Lien (RB)
	1,015,000	5.00%, 08/01/26 (c)		1,236,083
	500,000	5.00%, 08/01/26 (c)		610,348
		City of Colorado Springs, Utilities System, Series A-1 (RB)
	100,000	5.00%, 11/15/27 (c)		125,784
	120,000	5.00%, 11/15/27 (c)		151,439
	110,000	5.00%, 11/15/27 (c)		139,464
	545,000	Colorado Health Facilities Authority, Adventist Health System, Series B (RB) 5.00%, 05/15/26 (c)		651,244
	155,000	Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c)		194,604
	115,000	Colorado Higher Education, Series A (CP) 5.00%, 11/01/26		141,281
	2,000,000	Denver City and County School District No. 1 (GO) (SAW) 4.00%, 12/01/30 (c)		2,470,131

Principal Amount			Value

Colorado: (continued)
		Denver Convention Center Hotel Authority (RB)
$	680,000	5.00%, 12/01/26 (c)	$	791,186
	570,000	5.00%, 12/01/26 (c)		677,385
	250,000	5.00%, 12/01/26 (c)		299,117
	295,000	El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c)		363,602
	1,110,000	Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c)		1,437,474
		Mesa County Valley School District No. 51 (GO) (SAW)
	500,000	5.00%, 12/01/27 (c)		631,756
	500,000	5.00%, 12/01/27 (c)		634,635
	200,000	5.25%, 12/01/27 (c)		255,110
	500,000	Pueblo City Schools (GO) (SAW) 3.00%, 12/15/29 (c)		561,540
		Regents of the University of Colorado, Series B-1 (RB)
	600,000	2.75%, 06/01/26 (c)		648,723
	1,000,000	4.00%, 06/01/26 (c)		1,137,534
	540,000	4.00%, 06/01/26 (c)		615,685
	1,000,000	Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,306,150
		Regional Transportation District, Series B (RB)
	1,995,000	5.00%, 11/01/27 (c)		2,473,686
	100,000	5.00%, 11/01/27 (c)		124,247
	410,000	State of Colorado, Series K (CP) 5.00%, 03/15/27 (c)		499,835
	190,000	State of Colorado, Series M (CP) 5.00%, 03/15/28 (c)		238,664
		University of Colorado, Series A-2 (RB)
	800,000	3.00%, 06/01/24 (c)		837,193
	500,000	4.00%, 06/01/28 (c)		589,403
	250,000	5.00%, 06/01/27		314,705
	155,000	5.00%, 06/01/28		199,630
	860,000	University of Colorado, Series B-1 (RB) 2.25%, 06/01/26 (c)		921,087
	1,480,000	Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c)		1,932,338
				28,772,846
Connecticut: 2.1%
	160,000	City of Hartford, Series C (GO) (AGM) 4.00%, 07/15/25 (c)		178,951
		Connecticut Housing Finance Authority, Series A-1 (RB)
	260,000	2.88%, 05/15/25 (c)		273,773
	270,000	3.65%, 11/15/26 (c)		293,926
	110,000	3.88%, 11/15/26 (c)		120,748
	500,000	Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c)		537,460
	200,000	Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c)		212,442

See Notes to Financial Statements

Principal Amount			Value

Connecticut: (continued)
$	335,000	Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c)	$	420,448
		Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
	525,000	4.00%, 07/01/29 (c)		602,256
	315,000	4.00%, 07/01/29 (c)		362,343
	2,200,000	5.00%, 07/01/29 (c)		2,761,671
	1,000,000	Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29		1,325,480
		South Central Connecticut Regional Water Authority, Series B (RB)
	310,000	4.00%, 08/01/26 (c)		350,986
	500,000	4.00%, 08/01/26 (c)		566,919
	25,000	5.00%, 08/01/26 (c)		30,460
	250,000	State of Connecticut, Health & Educational Facilities Authority, Series F (RB) 4.00%, 07/01/26 (c)		268,915
		State of Connecticut, Series A (GO)
	1,000,000	3.00%, 01/15/31 (c)		1,114,282
	1,655,000	4.00%, 01/15/31		2,058,065
	680,000	5.00%, 04/15/27 (c)		840,861
	350,000	5.00%, 05/01/27 (c)		430,992
	1,000,000	5.00%, 04/15/28 (c)		1,240,577
	1,000,000	5.00%, 04/15/29		1,310,619
		State of Connecticut, Series B (GO)
	785,000	5.00%, 04/15/27		983,763
	135,000	5.00%, 04/15/27		169,182
		State of Connecticut, Series C (GO)
	1,205,000	4.00%, 06/15/28 (c)		1,404,603
	850,000	4.00%, 06/01/30 (c)		1,023,158
	710,000	State of Connecticut, Series D (GO) 4.00%, 08/15/26 (c)		813,011
		State of Connecticut, Series E (GO)
	395,000	3.00%, 10/15/26 (c)		428,735
	400,000	5.00%, 09/15/27		506,723
	1,335,000	5.00%, 09/15/28 (c)		1,706,225
		State of Connecticut, Special Tax Obligation, Series A (RB)
	785,000	4.00%, 09/01/26 (c)		896,734
	200,000	5.00%, 09/01/26 (c)		240,297
	475,000	5.00%, 09/01/26 (c)		573,166
	190,000	5.00%, 01/01/28 (c)		236,094
	2,000,000	5.00%, 05/01/30 (c)		2,586,578
		State of Connecticut, Special Tax Obligation, Series B (RB)
	335,000	5.00%, 09/01/26 (c)		408,706
	275,000	5.00%, 09/01/26 (c)		337,116
	1,025,000	5.00%, 10/01/28		1,324,929
		State of Connecticut, State Revolving Fund, Series A (RB)
	1,000,000	5.00%, 05/01/27 (c)		1,233,068
	275,000	5.00%, 02/01/29 (c)		352,742

Principal Amount			Value

Connecticut: (continued)
		University of Connecticut, Series A (RB)
$	210,000	3.00%, 03/15/26 (c)	$	224,839
	265,000	5.00%, 03/15/26 (c)		317,028
	380,000	5.00%, 03/15/26 (c)		455,712
	280,000	5.00%, 03/15/26 (c)		336,457
	435,000	5.00%, 03/15/26 (c)		521,647
	745,000	5.00%, 01/15/27 (c)		913,146
	335,000	5.00%, 01/15/27 (c)		411,792
	460,000	5.00%, 01/15/27		569,091
	1,000,000	5.00%, 04/15/28 (c)		1,265,869
	500,000	5.00%, 11/01/28 (c)		628,123
	730,000	5.00%, 11/01/28 (c)		921,180
				37,091,888
Delaware: 0.5%
	180,000	Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c)		195,900
		State of Delaware (GO)
	1,000,000	2.00%, 02/01/31 (c)		1,036,890
	1,000,000	2.00%, 02/01/31 (c)		1,033,437
	1,000,000	3.00%, 02/01/31 (c)		1,161,798
	505,000	3.13%, 03/01/27 (c)		558,438
	500,000	4.00%, 03/01/27 (c)		587,492
		State of Delaware, Series A (GO)
	650,000	2.00%, 01/01/30 (c)		669,667
	500,000	5.00%, 02/01/28		643,128
	500,000	5.00%, 02/01/28 (c)		634,585
	810,000	5.00%, 10/01/28		1,058,506
	1,000,000	5.00%, 01/01/30 (c)		1,332,556
				8,912,397
District of Columbia: 1.6%
	2,250,000	District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c)		2,903,323
		District of Columbia, Georgetown University Issue (RB)
	645,000	5.00%, 04/01/27 (c)		773,848
	105,000	5.00%, 04/01/27 (c)		127,732
		District of Columbia, Series A (GO)
	250,000	5.00%, 06/01/26 (c)		302,352
	290,000	5.00%, 06/01/26 (c)		350,247
	210,000	5.00%, 06/01/26 (c)		255,143
	30,000	5.00%, 06/01/26 (c)		36,349
	2,500,000	5.00%, 06/01/27 (c)		3,097,583
	580,000	5.00%, 06/01/27 (c)		719,172
	170,000	5.00%, 06/01/27 (c)		210,900
	750,000	5.00%, 06/01/28 (c)		946,255
	1,000,000	5.00%, 09/01/29 (c)		1,297,360
		District of Columbia, Series C (RB)
	225,000	5.00%, 10/01/27		286,489
	1,000,000	5.00%, 05/01/30 (c)		1,314,242
	250,000	5.00%, 05/01/30		336,595
		District of Columbia, Series D (GO)
	500,000	4.00%, 06/01/27 (c)		583,428
	125,000	5.00%, 12/01/26 (c)		155,689
	20,000	5.00%, 12/01/26 (c)		24,613
	160,000	5.00%, 12/01/26 (c)		197,695
	1,500,000	5.00%, 06/01/27 (c)		1,885,505

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

District of Columbia: (continued)
$	500,000	5.00%, 06/01/27 (c)	$	620,294
	25,000	District of Columbia, Series E (GO) 5.00%, 12/01/26 (c)		30,767
	560,000	Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28		727,122
		Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
	250,000	4.00%, 10/01/29 (c)		293,252
	250,000	4.00%, 10/01/29 (c)		294,368
	2,545,000	Washington Convention and Sports Authority, Senior Lien, Series A (RB) 5.00%, 10/01/27 (c)		3,138,603
		Washington Metropolitan Area Transit Authority (RB)
	175,000	5.00%, 07/01/27 (c)		219,373
	275,000	5.00%, 07/01/27		345,796
		Washington Metropolitan Area Transit Authority, Series A-1 (RB)
	140,000	5.00%, 07/01/27 (c)		173,228
	330,000	5.00%, 07/01/27		414,956
		Washington Metropolitan Area Transit Authority, Series A-2 (RB)
	810,000	5.00%, 07/01/27 (c)		994,642
	550,000	5.00%, 07/01/27 (c)		676,924
	300,000	5.00%, 07/01/27 (c)		370,220
		Washington Metropolitan Area Transit Authority, Series B (RB)
	1,205,000	5.00%, 07/01/27 (c)		1,483,079
	880,000	5.00%, 07/01/27 (c)		1,080,599
	650,000	5.00%, 07/01/27 (c)		804,273
	240,000	5.00%, 07/01/27		301,786
	555,000	5.00%, 07/01/27 (c)		689,150
				28,462,952
Florida: 4.4%
	490,000	Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c)		625,006
	520,000	Central Florida Expressway Authority (RB) 3.00%, 07/01/27 (c)		564,296
		Central Florida Expressway Authority, Series A (RB)
	815,000	3.00%, 07/01/26 (c)		882,073
	395,000	3.25%, 07/01/26 (c)		425,009
	175,000	City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c)		219,252
		City of Gainesville, Utilities System, Series A (RB)
	500,000	5.00%, 10/01/27 (c)		623,106
	195,000	5.00%, 10/01/27 (c)		243,497
		City of Jacksonville, Series A (RB)
	1,095,000	5.00%, 10/01/29 (c)		1,437,519
	1,000,000	5.00%, 10/01/29		1,316,179
		City of Jacksonville, Series B (RB)
	250,000	5.00%, 10/01/26 (c)		307,481
	585,000	5.00%, 10/01/27		737,746

Principal Amount			Value

Florida: (continued)
$	210,000	City of Jacksonville, Transportation Revenue (RB) 5.00%, 10/01/25 (c)	$	249,657
	540,000	City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c)		653,903
	560,000	City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c)		691,777
		City of Port St. Lucie, Utility System (RB)
	500,000	4.00%, 09/01/26 (c)		581,514
	585,000	5.00%, 09/01/26 (c)		716,107
		County of Miami-Dade (RB)
	565,000	0.00%, 10/01/26 (c) ^		441,358
	400,000	0.00%, 10/01/26 (c) ^		299,352
	640,000	5.00%, 10/01/26		780,678
	690,000	5.00%, 10/01/26 (c)		841,717
	510,000	5.00%, 10/01/26 (c)		625,588
	1,115,000	5.00%, 10/01/26 (c)		1,362,318
		County of Miami-Dade, Aviation Revenue, Series A (RB)
	750,000	5.00%, 10/01/26 (c)		899,516
	460,000	5.00%, 10/01/26 (c)		558,335
	100,000	5.00%, 10/01/26 (c)		121,769
		County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW)
	1,600,000	4.00%, 07/01/30 (c)		1,957,163
	100,000	5.00%, 07/01/25 (c)		118,315
	555,000	5.00%, 07/01/26 (c)		671,825
	520,000	5.00%, 07/01/26 (c)		633,573
	100,000	5.00%, 07/01/26 (c)		122,925
	280,000	5.00%, 07/01/26 (c)		339,570
		County of Miami-Dade, Capital Asset Acquisition, Series B (RB)
	260,000	3.13%, 04/01/26 (c)		278,804
	520,000	5.00%, 04/01/26 (c)		629,565
	1,000,000	County of Miami-Dade, Expressway Authority Toll System, Series 4B (RB) 5.00%, 07/01/24 (c)		1,138,160
		County of Miami-Dade, Expressway Authority Toll System, Series A (RB)
	25,000	5.00%, 07/01/26 (c)		30,024
	105,000	5.00%, 07/01/26 (c)		126,512
	250,000	County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c)		288,915
	2,000,000	County of Miami-Dade, Public Health Trust Program, Series A (GO) 5.00%, 07/01/30 (c)		2,561,231
		County of Miami-Dade, Water and Sewer System (RB)
	800,000	5.00%, 10/01/27 (c)		1,016,526
	3,500,000	5.00%, 04/01/31 (c)		4,736,779
		County of Miami-Dade, Water and Sewer System, Series B (RB)
	370,000	3.00%, 10/01/27 (c)		402,583
	605,000	5.00%, 10/01/25 (c)		718,961

See Notes to Financial Statements

Principal Amount			Value

Florida: (continued)
		County of Orange, Water and Wastewater Utility System (RB)
$	1,000,000	5.00%, 10/01/30 (c)	$	1,332,307
	1,000,000	5.00%, 10/01/30 (c)		1,333,361
	125,000	Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27		157,094
		Florida Department of Management Services, Series A (CP)
	105,000	5.00%, 08/01/25		124,810
	425,000	5.00%, 09/01/27 (c)		537,677
	175,000	5.00%, 11/01/27		221,519
	500,000	Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project (RB) 5.00%, 04/01/26 (c)		573,048
		Florida Housing Finance Corp., Series 1 (RB)
	245,000	3.25%, 01/01/27 (c)		261,474
	445,000	3.60%, 01/01/27 (c)		475,443
		Florida Housing Finance Corp., Series 2 (RB)
	1,000,000	2.10%, 01/01/30 (c)		1,023,690
	375,000	3.20%, 07/01/25 (c)		390,022
		Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB)
	635,000	3.00%, 10/01/26 (c)		678,615
	125,000	5.00%, 10/01/26 (c)		152,389
	195,000	5.00%, 10/01/26 (c)		237,921
	470,000	5.00%, 10/01/27		593,054
		Hernando County School District, Series A (CP) (AGM)
	245,000	3.00%, 07/01/26 (c)		260,358
	450,000	3.00%, 07/01/26 (c)		479,405
	470,000	3.00%, 07/01/26 (c)		501,412
		JEA Electric System, Series B (RB)
	175,000	3.38%, 10/01/22 (c)		178,812
	885,000	5.00%, 10/01/27 (c)		1,093,331
		JEA Electric System, Series Three B (RB)
	850,000	5.00%, 10/01/27 (c)		1,061,331
	610,000	5.00%, 10/01/27 (c)		764,978
	650,000	5.00%, 10/01/27		818,792
	605,000	Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c)		760,480
	160,000	Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c)		197,666
		Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA)
	815,000	5.00%, 02/01/24 (c)		913,124
	610,000	5.00%, 02/01/24 (c)		682,555
	860,000	5.00%, 02/01/24 (c)		964,544
	640,000	5.00%, 02/01/24 (c)		720,044
	145,000	5.00%, 02/01/24 (c)		162,881

Principal Amount			Value

Florida: (continued)
		Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series B (TA)
$	355,000	5.00%, 02/01/24 (c)	$	396,915
	320,000	5.00%, 02/01/24 (c)		358,248
	425,000	5.00%, 02/01/24 (c)		476,169
	420,000	Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c)		464,179
	410,000	Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c)		495,081
	310,000	Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c)		365,196
		Orange County, Tourist Development Tax (RB)
	100,000	5.00%, 10/01/25 (c)		117,745
	190,000	5.00%, 10/01/26		233,458
	360,000	5.00%, 10/01/27		453,229
	280,000	5.00%, 10/01/29		365,125
	490,000	5.00%, 10/01/30		648,195
	500,000	Orange County, Tourist Development Tax, Series B (RB) 5.00%, 10/01/26 (c)		605,430
	120,000	Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c)		150,183
	350,000	Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c)		413,557
		Palm Beach County School Board, Series A (CP)
	120,000	5.00%, 08/01/27		151,213
	275,000	5.00%, 08/01/30 (c)		361,466
	695,000	Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c)		887,611
	1,000,000	Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c)		1,283,405
		Polk County School District (RB)
	100,000	5.00%, 10/01/29 (c)		131,272
	1,000,000	5.00%, 10/01/29 (c)		1,320,230
	175,000	Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c)		218,259
	125,000	School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c)		135,999
	720,000	School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c)		843,172
		School Board of Miami-Dade County, Series C (CP)
	540,000	3.25%, 06/01/21 (c)		540,662
	265,000	3.25%, 06/01/21 (c)		265,337

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Florida: (continued)
		School Board of Miami-Dade County, Series D (CP)
$	265,000	5.00%, 02/01/26 (c)	$	317,711
	165,000	5.00%, 02/01/26		198,418
	200,000	School District of Broward County, Series A (CP) 5.00%, 07/01/26 (c)		240,082
		South Broward Hospital District (RB)
	500,000	4.00%, 05/01/26 (c)		557,740
	435,000	5.00%, 05/01/26 (c)		519,881
		South Miami Health Facilities Authority (RB)
	800,000	5.00%, 08/15/27 (c)		980,151
	710,000	5.00%, 08/15/27 (c)		880,271
		State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
	650,000	4.00%, 06/01/28 (c)		780,466
	815,000	5.00%, 06/01/25 (c)		967,087
	795,000	5.00%, 06/01/28 (c)		1,020,422
	400,000	State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/27 (c)		504,704
		State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC)
	510,000	3.00%, 06/01/29 (c)		580,040
	500,000	4.00%, 06/01/26 (c)		580,661
	725,000	4.00%, 06/01/26 (c)		840,532
	780,000	4.00%, 06/01/27 (c)		917,569
	585,000	5.00%, 06/01/27		738,797
	145,000	5.00%, 06/01/28 (c)		186,878
		State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO)
	10,000	5.00%, 06/01/26 (c)		12,194
	105,000	5.00%, 06/01/28		135,986
	590,000	State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 2.38%, 06/01/26 (c)		624,022
	135,000	State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c)		164,624
	1,000,000	State of Florida, Department of Transportation Financing Corp. (RB) 3.00%, 07/01/30 (c)		1,140,471
	115,000	State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c)		146,489
	880,000	State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		1,170,123

Principal Amount			Value

Florida: (continued)
		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)	$	654,431
	555,000	3.00%, 07/01/27 (c)		616,232
	40,000	5.00%, 07/01/26 (c)		49,538
	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)		973,905
	580,000	State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c)		740,596
	555,000	State of Florida, Department of Transportation, Turnpike, Series B (RB) 2.63%, 07/01/25 (c)		598,027
	740,000	State of Florida, Department of Transportation, Turnpike, Series C (RB) 5.00%, 07/01/26 (c)		899,526
	280,000	Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c)		320,375
				80,367,606
Georgia: 2.1%
	420,000	Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c)		462,223
	500,000	City of Atlanta, Airport Passenger Facility Charge (RB) 5.00%, 07/01/29 (c)		637,286
	200,000	City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c)		243,516
	250,000	Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c)		300,574
	750,000	Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c)		905,869
	3,000,000	County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c)		3,370,151
		Forsyth County School District (GO)
	1,000,000	5.00%, 02/01/28 (c)		1,260,184
	1,000,000	5.00%, 02/01/28 (c)		1,275,179
	1,045,000	5.00%, 02/01/29		1,373,001
		Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)
	225,000	5.00%, 02/15/27 (c)		270,528
	100,000	5.00%, 02/15/27 (c)		122,070
	925,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c)		976,390

See Notes to Financial Statements

Principal Amount			Value

Georgia: (continued)
		Georgia State Road and Tollway Authority (RB)
$	2,000,000	5.00%, 06/01/30 (c)	$	2,661,945
	2,550,000	5.00%, 06/01/30 (c)		3,406,583
	500,000	Georgia State Road and Tollway Authority, Highway Grant Anticipation (RB) 5.00%, 06/01/28		644,366
	200,000	Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/26 (c)		240,766
	500,000	Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c)		650,030
	350,000	Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c)		427,503
		Richmond County Hospital Authority, University Health Services, Inc. Project (RB)
	345,000	3.00%, 07/01/26 (c)		368,500
	835,000	5.00%, 07/01/26 (c)		1,018,200
	375,000	5.00%, 07/01/26 (c)		450,244
	250,000	5.00%, 07/01/26 (c)		303,629
		State of Georgia, Series A (GO)
	985,000	2.50%, 02/01/26 (c)		1,033,039
	935,000	4.00%, 08/01/30 (c)		1,165,520
	680,000	5.00%, 02/01/26 (c)		818,988
	125,000	5.00%, 02/01/26		152,081
	150,000	5.00%, 02/01/27 (c)		186,437
	1,200,000	5.00%, 02/01/27 (c)		1,479,825
	350,000	5.00%, 02/01/27 (c)		433,905
	2,815,000	5.00%, 08/01/28		3,657,633
	2,500,000	5.00%, 08/01/29		3,319,418
		State of Georgia, Series C (GO)
	3,000,000	5.00%, 07/01/27 (c)		3,768,030
	130,000	5.00%, 07/01/27		164,722
				37,548,335
Hawaii: 1.1%
		City and County of Honolulu, Rail Transit Project, Series B (GO)
	1,275,000	5.00%, 03/01/30 (c)		1,691,457
	350,000	5.00%, 03/01/30		467,663
	1,015,000	City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c)		1,258,912
		City and County of Honolulu, Series C (GO)
	750,000	4.00%, 08/01/29 (c)		900,078
	120,000	4.00%, 08/01/29 (c)		144,966
	1,000,000	5.00%, 10/01/29		1,325,625
		City and County of Honolulu, Wastewater System, Series A (RB)
	970,000	4.00%, 07/01/26 (c)		1,107,940
	1,015,000	5.00%, 07/01/26 (c)		1,228,082

Principal Amount			Value

Hawaii: (continued)
		City and County of Honolulu, Wastewater System, Series B (RB)
$	100,000	4.00%, 07/01/26 (c)	$	113,994
	395,000	5.00%, 07/01/29 (c)		515,445
	175,000	State of Hawaii, Department of Budget and Finance, Series A (RB) 5.00%, 07/01/25		207,051
	295,000	State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c)		357,595
		State of Hawaii, Series FB (GO)
	150,000	3.00%, 04/01/26 (c)		158,026
	200,000	4.00%, 04/01/26 (c)		231,016
		State of Hawaii, Series FH (GO)
	15,000	5.00%, 10/01/26 (c)		18,440
	375,000	5.00%, 10/01/26 (c)		462,344
		State of Hawaii, Series FK (GO)
	690,000	5.00%, 05/01/27 (c)		846,069
	130,000	5.00%, 05/01/27 (c)		159,789
		State of Hawaii, Series FN (GO)
	500,000	5.00%, 10/01/27 (c)		627,137
	105,000	5.00%, 10/01/27 (c)		132,367
		State of Hawaii, Series FT (GO)
	295,000	4.00%, 01/01/28 (c)		347,112
	1,020,000	5.00%, 10/01/27 (c)		1,275,047
	150,000	5.00%, 01/01/28 (c)		188,240
	280,000	5.00%, 01/01/28 (c)		354,680
	1,150,000	5.00%, 01/01/28 (c)		1,447,804
		State of Hawaii, Series FW (GO)
	1,300,000	5.00%, 01/01/28		1,656,992
	1,180,000	5.00%, 01/01/29		1,535,366
		University of Hawaii, Series E (RB)
	285,000	5.00%, 10/01/26 (c)		346,770
	240,000	5.00%, 10/01/26 (c)		292,019
				19,398,026
Idaho: 0.0%
	500,000	Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c)		612,659
Illinois: 4.0%
	235,000	Chicago Board of Education (ST) 5.75%, 04/01/27 (c)		284,419
		Chicago O’Hare International Airport, Series A (RB)
	175,000	5.00%, 01/01/27 (c)		213,207
	1,000,000	5.00%, 01/01/30 (c)		1,282,477
		Chicago O’Hare International Airport, Series B (RB)
	495,000	5.00%, 01/01/25 (c)		575,638
	470,000	5.00%, 01/01/27 (c)		570,050
	365,000	5.00%, 01/01/27 (c)		442,767
	135,000	Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c)		160,611
	100,000	City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c)		121,328
		City of Chicago, Series A (GO) (SAW)
	200,000	5.00%, 01/01/29		247,325
	390,000	5.50%, 01/01/29 (c)		484,252

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Illinois: (continued)
$	845,000	5.63%, 01/01/27 (c)	$	1,017,342
	340,000	5.63%, 01/01/27 (c)		411,052
	750,000	City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c)		905,270
		City of Chicago, Water Revenue, Second Lien (RB)
	1,140,000	5.00%, 11/01/27 (c)		1,433,310
	180,000	5.25%, 11/01/27 (c)		227,540
		City of Chicago, Water Revenue, Second Lien, Series A-1 (RB)
	405,000	5.00%, 11/01/26 (c)		494,980
	420,000	5.00%, 11/01/26 (c)		513,520
		City of Springfield, Electric Revenue, Senior Lien (RB) (AGM)
	15,000	5.00%, 03/01/25 (c)		17,349
	425,000	5.00%, 03/01/25 (c)		495,414
	1,000,000	Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/27		1,260,333
	210,000	Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c)		244,377
		Cook County, Series A (GO)
	325,000	5.00%, 11/15/26 (c)		397,272
	250,000	5.00%, 11/15/26 (c)		306,475
		Illinois Finance Authority, Clean Water Initiative (RB)
	165,000	4.00%, 01/01/26 (c)		189,506
	100,000	4.00%, 01/01/26 (c)		116,329
	750,000	4.00%, 01/01/31 (c)		927,626
	685,000	5.00%, 01/01/26 (c)		826,562
	135,000	5.00%, 01/01/26		163,176
	435,000	5.00%, 01/01/27 (c)		534,187
	400,000	5.00%, 01/01/27 (c)		496,540
	140,000	5.00%, 01/01/27 (c)		173,084
	1,400,000	5.00%, 07/01/29 (c)		1,830,708
	1,155,000	5.00%, 07/01/29 (c)		1,501,893
	750,000	5.00%, 01/01/31 (c)		1,003,155
		Illinois Finance Authority, Mercy Health Corp. (RB)
	1,000,000	4.00%, 06/01/26 (c)		1,102,460
	160,000	4.00%, 06/01/26 (c)		177,260
	90,000	4.00%, 06/01/26 (c)		99,448
	250,000	5.00%, 06/01/26 (c)		300,169
	130,000	5.00%, 06/01/26 (c)		157,161
	1,365,000	Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 5.00%, 08/15/30 (c)		1,802,479
		Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB)
	1,325,000	3.00%, 01/15/28 (c)		1,439,231
	535,000	5.00%, 07/15/27		675,243
	1,010,000	Illinois Finance Authority, Presence Health Network, Series C (RB) 4.00%, 02/15/27 (c)		1,151,429

Principal Amount			Value

Illinois: (continued)
		Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB)
$	125,000	5.00%, 05/15/25 (c)	$	144,297
	195,000	5.00%, 05/15/25 (c)		227,370
	500,000	Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c)		538,366
		Illinois Housing Development Authority, Series C (RB)
	540,000	2.80%, 10/01/28 (c)		578,806
	695,000	3.10%, 02/01/26 (c)		729,097
		Illinois State Toll Highway Authority, Series A (RB)
	510,000	5.00%, 01/01/28 (c)		637,057
	175,000	5.00%, 01/01/29		226,205
	1,000,000	Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c)		1,314,131
		Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO)
	215,000	5.00%, 01/01/24 (c)		240,328
	120,000	5.00%, 01/01/24 (c)		134,272
		Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO)
	190,000	5.00%, 01/01/24 (c)		212,651
	450,000	5.00%, 01/01/24 (c)		503,267
	410,000	5.00%, 01/01/24 (c)		460,738
	335,000	5.00%, 01/01/24 (c)		375,412
		Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)
	780,000	5.00%, 12/01/26 (c)		963,281
	115,000	5.00%, 12/01/26 (c)		143,019
		Northern Illinois Municipal Power Agency, Series A (RB)
	1,235,000	4.00%, 12/01/26 (c)		1,428,589
	365,000	5.00%, 12/01/26 (c)		448,298
	990,000	5.00%, 12/01/26 (c)		1,213,508
	565,000	Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/26 (c)		674,758
		Regional Transportation Authority of Illinois, Series A (RB)
	500,000	5.00%, 07/01/27 (c)		626,961
	1,335,000	5.00%, 07/01/27 (c)		1,679,904
		Sales Tax Securitization Corp., Series A (RB)
	250,000	5.00%, 01/01/28 (c)		303,512
	570,000	5.00%, 01/01/28 (c)		690,127
	250,000	5.00%, 01/01/28 (c)		304,384
	585,000	5.00%, 01/01/28 (c)		723,105
	1,150,000	5.00%, 01/01/28 (c)		1,411,553
	155,000	5.00%, 01/01/30 (c)		194,647
		State of Illinois (RB)
	710,000	3.00%, 06/15/26 (c)		736,820
	680,000	3.00%, 06/15/26 (c)		703,410

See Notes to Financial Statements

Principal Amount			Value

Illinois: (continued)
$	495,000	3.00%, 06/15/26 (c)	$	510,411
	320,000	3.00%, 06/15/26 (c)		329,267
	300,000	3.00%, 06/15/26 (c)		308,697
	685,000	3.50%, 06/01/26 (c)		750,396
	380,000	4.00%, 06/15/26 (c)		427,830
	360,000	4.13%, 11/01/26 (c)		402,609
	1,100,000	5.00%, 06/01/26 (c)		1,306,688
	370,000	5.00%, 06/01/26 (c)		436,893
	400,000	5.00%, 06/15/26 (c)		472,169
	305,000	5.00%, 11/01/26 (c)		354,668
	1,890,000	5.00%, 02/01/27 (c)		2,261,786
	800,000	5.50%, 05/01/30		1,037,015
		State of Illinois, Series A (RB)
	100,000	5.00%, 06/15/26 (c)		118,042
	1,000,000	5.00%, 12/01/27 (c)		1,187,048
	2,250,000	5.00%, 05/01/28 (c)		2,689,401
	1,000,000	5.00%, 03/01/31 (c)		1,269,115
	500,000	5.00%, 03/01/31		642,962
	1,200,000	5.25%, 12/01/27 (c)		1,463,247
		State of Illinois, Series B (GO)
	515,000	5.00%, 09/01/27		629,386
	1,000,000	5.00%, 11/01/29 (c)		1,252,738
	4,105,000	State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		4,892,544
		State of Illinois, Series D (GO)
	275,000	3.25%, 11/01/26		302,720
	620,000	5.00%, 06/15/26 (c)		723,470
	2,910,000	5.00%, 11/01/27 (c)		3,497,863
				72,608,792
Indiana: 0.7%
	585,000	Ball State University, Series R (RB) 5.00%, 07/01/27		731,202
	15,000	Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c)		18,284
		Indiana Finance Authority Highway, Series C (RB)
	340,000	5.00%, 12/01/26 (c)		421,796
	160,000	5.00%, 12/01/26 (c)		198,758
	420,000	5.00%, 06/01/28		541,268
	250,000	Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27		317,362
		Indiana Finance Authority, Series A (RB)
	200,000	5.00%, 02/01/28 (c)		253,336
	220,000	5.00%, 02/01/29 (c)		283,176
	175,000	5.00%, 02/01/29 (c)		225,819
	130,000	Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c)		157,675
		Indiana Finance Authority, Series C (RB)
	610,000	5.00%, 02/01/28 (c)		779,242
	1,000,000	5.00%, 02/01/28 (c)		1,281,983
		Indiana Finance Authority, Series E (RB)
	160,000	5.00%, 08/01/26 (c)		197,610
	100,000	5.00%, 08/01/26 (c)		122,850
	1,000,000	5.00%, 08/01/26 (c)		1,226,762
	105,000	5.00%, 02/01/29 (c)		136,282
	750,000	5.00%, 02/01/29 (c)		965,374
	935,000	5.00%, 06/01/29		1,229,492

Principal Amount			Value

Indiana: (continued)
$	280,000	Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c)	$	294,319
	250,000	Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c)		312,829
		Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB)
	1,715,000	5.00%, 02/01/29 (c)		2,216,023
	710,000	5.00%, 02/01/29		929,746
	160,000	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c)		185,090
	185,000	Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c)		225,803
				13,252,081
Iowa: 0.2%
		Iowa Finance Authority (RB)
	110,000	5.00%, 08/01/26		135,745
	1,000,000	5.00%, 08/01/27 (c)		1,256,007
	1,000,000	5.00%, 08/01/27 (c)		1,268,732
	1,000,000	Southeast Polk Community School District, Series A (GO) 2.00%, 05/01/28 (c)		1,010,701
	125,000	State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c)		152,276
				3,823,461
Kansas: 0.4%
		Butler County Unified School District No. 385 (GO)
	300,000	4.00%, 09/01/27 (c)		351,563
	500,000	4.00%, 09/01/27 (c)		590,668
	500,000	5.00%, 09/01/27 (c)		636,338
	250,000	5.00%, 09/01/27 (c)		318,169
	210,000	Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c)		241,661
	750,000	Johnson County, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c)		888,637
	380,000	Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c)		415,308
	125,000	Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c)		149,511
		State of Kansas, Department of Transportation, Highway Revenue, Series A (RB)
	775,000	5.00%, 09/01/27 (c)		965,619
	150,000	5.00%, 09/01/27 (c)		186,489
	400,000	5.00%, 09/01/27		504,822
	630,000	5.00%, 09/01/27 (c)		785,761

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Kansas: (continued)
$	295,000	State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/25 (c)	$	351,588
	250,000	Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c)		288,392
				6,674,526
Kentucky: 0.3%
	695,000	Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB) 3.00%, 05/01/26 (c)		734,642
	200,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/25 (c)		238,418
		Kentucky State Property and Building Commission No. 119 (RB)
	1,000,000	5.00%, 05/01/28 (c)		1,247,271
	100,000	5.00%, 05/01/28		126,758
	165,000	Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c)		199,021
	380,000	Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/27		473,160
		Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)
	975,000	4.00%, 10/01/26 (c)		1,083,807
	55,000	5.00%, 10/01/26 (c)		66,426
	290,000	5.00%, 10/01/26 (c)		349,114
	20,000	Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26		24,161
		University of Kentucky, Series A (RB)
	770,000	3.00%, 04/01/26 (c)		814,572
	500,000	4.00%, 04/01/26 (c)		568,924
				5,926,274
Louisiana: 0.7%
	250,000	City of Shreveport, Water and Sewer Revenue, Series C (RB) 4.00%, 12/01/28 (c)		291,454
		Jefferson Sales Tax District, Series B (RB) (AGM)
	500,000	4.00%, 12/01/29 (c)		604,227
	280,000	5.00%, 12/01/27 (c)		351,073
	620,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		687,512
		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)		215,020
	990,000	5.00%, 10/01/27 (c)		1,203,871

Principal Amount			Value

Louisiana: (continued)
$	295,000	Louisiana Public Facilities Authority Hospital, Franciscan Missionaries of Our Lady Health System, Series A (RB) 5.00%, 07/01/25 (c)	$	342,419
	505,000	Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB) 3.50%, 06/01/21 (c)		506,268
	1,000,000	Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c)		1,276,056
	340,000	Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/26		408,009
	350,000	State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB) 5.00%, 05/01/24 (c)		399,972
		State of Louisiana, Series A (GO)
	150,000	3.50%, 04/01/27 (c)		167,434
	640,000	5.00%, 09/01/26 (c)		780,505
	565,000	5.00%, 04/01/27 (c)		699,147
	385,000	5.00%, 09/01/27		485,619
	115,000	5.00%, 03/01/29 (c)		148,073
	930,000	5.00%, 03/01/30 (c)		1,220,859
	425,000	5.00%, 03/01/30 (c)		551,437
	910,000	5.00%, 03/01/30 (c)		1,190,513
		State of Louisiana, Series B (GO)
	200,000	5.00%, 08/01/26 (c)		243,723
	205,000	5.00%, 08/01/26 (c)		251,363
	150,000	5.00%, 10/01/27		190,777
		State of Louisiana, Series D (GO)
	200,000	3.00%, 09/01/26 (c)		216,888
	100,000	5.00%, 09/01/26 (c)		122,203
				12,554,422
Maryland: 3.4%
		City of Baltimore, Consolidated Public Improvement, Series B (GO)
	250,000	5.00%, 10/15/27 (c)		316,532
	280,000	5.00%, 10/15/27		356,668
		County of Baltimore (GO)
	1,925,000	4.00%, 03/01/29 (c)		2,329,190
	1,140,000	4.00%, 03/01/30 (c)		1,403,031
	1,250,000	5.00%, 03/01/28		1,608,240
	325,000	5.00%, 03/01/30 (c)		433,087
	945,000	5.00%, 03/01/30		1,266,461
		County of Montgomery, Series A (GO)
	750,000	3.00%, 08/01/30 (c)		870,794
	20,000	5.00%, 12/01/24 (c)		23,238
	1,070,000	County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c)		1,279,286
	15,000	Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c)		17,811
		Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB)
	250,000	5.00%, 05/01/26 (c)		297,301
	750,000	5.00%, 05/01/26 (c)		896,595
	250,000	5.00%, 05/01/26 (c)		299,781

See Notes to Financial Statements

Principal Amount			Value

Maryland: (continued)
$	1,000,000	Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c)	$	1,259,868
		Maryland Transportation Authority (RB)
	300,000	3.00%, 07/01/27 (c)		329,112
	510,000	3.00%, 07/01/27 (c)		561,049
	500,000	3.00%, 09/01/27 (c)		555,867
	2,000,000	3.00%, 07/01/31 (c)		2,160,246
		Prince George’s County, Series A (GO) (SAW)
	1,000,000	4.00%, 07/15/28 (c)		1,212,273
	2,500,000	5.00%, 07/15/28 (c)		3,159,683
	1,000,000	5.00%, 07/15/28		1,299,617
	1,150,000	5.00%, 07/15/28 (c)		1,482,967
		State of Maryland, Department of Transportation (RB) (SAW)
	2,340,000	2.13%, 10/01/27 (c)		2,470,670
	1,000,000	3.00%, 11/01/24 (c)		1,093,806
	520,000	3.00%, 11/01/24 (c)		564,333
	855,000	3.13%, 05/01/25 (c)		920,825
	780,000	4.00%, 05/01/25 (c)		881,661
	750,000	4.00%, 05/01/28 (c)		899,987
		State of Maryland, State and Local Facilities Loan, First Series (GO)
	350,000	3.00%, 06/01/24 (c)		374,885
	485,000	4.00%, 06/01/24 (c)		539,598
	2,385,000	5.00%, 03/15/28		3,069,538
	1,000,000	5.00%, 03/15/28 (c)		1,280,375
	3,000,000	5.00%, 03/15/29 (c)		3,889,886
		State of Maryland, State and Local Facilities Loan, First Series A (GO)
	250,000	3.13%, 03/15/28 (c)		280,417
	1,185,000	4.00%, 03/15/27 (c)		1,393,353
	2,000,000	5.00%, 03/01/28		2,571,645
	680,000	5.00%, 03/15/28		875,172
	1,000,000	5.00%, 03/15/29		1,315,509
	5,500,000	5.00%, 03/15/30 (c)		7,335,367
		State of Maryland, State and Local Facilities Loan, Second Series (GO)
	530,000	4.00%, 08/01/28 (c)		641,736
	125,000	5.00%, 08/01/27		158,387
	1,000,000	5.00%, 08/01/28 (c)		1,284,756
	1,000,000	State of Maryland, State and Local Facilities Loan, Second Series A (GO) 3.00%, 08/01/27 (c)		1,113,762
	2,000,000	State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/28		2,597,037
		Washington Suburban Sanitary District, Second Series (RB)
	525,000	4.00%, 12/01/30 (c)		661,161
	750,000	5.00%, 06/01/26 (c)		904,597
	550,000	5.00%, 06/01/27 (c)		686,696
				61,223,856

Principal Amount			Value

Massachusetts: 3.0%
$	100,000	City of Boston, Series A (GO) 5.00%, 03/01/29	$	131,711
	980,000	Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c)		1,112,511
		Commonwealth of Massachusetts, Series B (GO)
	600,000	5.00%, 07/01/26 (c)		730,673
	1,860,000	5.00%, 07/01/26 (c)		2,254,563
	155,000	5.00%, 07/01/26 (c)		189,146
	1,925,000	5.00%, 07/01/28		2,493,294
		Commonwealth of Massachusetts, Series C (GO)
	400,000	3.00%, 02/01/24 (c)		421,809
	350,000	5.00%, 05/01/23 (c)		381,787
	205,000	5.00%, 05/01/23 (c)		223,833
	495,000	5.00%, 05/01/27		622,739
	1,000,000	5.00%, 05/01/30		1,339,260
	2,665,000	5.00%, 05/01/31		3,637,978
		Commonwealth of Massachusetts, Series D (GO)
	2,000,000	4.00%, 11/01/30 (c)		2,452,945
	365,000	5.00%, 07/01/30 (c)		480,324
		Commonwealth of Massachusetts, Series E (GO)
	1,275,000	3.00%, 11/01/27 (c)		1,403,883
	100,000	5.00%, 11/01/27 (c)		126,441
	1,000,000	5.00%, 11/01/30 (c)		1,342,089
	440,000	Commonwealth of Massachusetts, Series F (GO) 5.00%, 05/01/27		553,546
		Commonwealth of Massachusetts, Series I (GO)
	500,000	5.00%, 12/01/26 (c)		614,547
	10,000	5.00%, 12/01/26 (c)		12,389
		Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB)
	450,000	4.00%, 12/01/27 (c)		529,077
	20,000	5.00%, 06/01/26 (c)		24,372
		Massachusetts Bay Transportation Authority, Series A (RB)
	1,160,000	0.00%, 07/01/26 (c) ^		917,569
	130,000	0.00%, 07/01/26 (c) ^		110,168
	810,000	0.00%, 07/01/26 (c) ^		710,642
	890,000	0.00%, 07/01/26 (c) ^		806,994
	210,000	2.00%, 07/01/26 (c)		220,797
	1,000,000	Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c)		1,267,030
		Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW)
	1,000,000	5.00%, 01/01/29 (c)		1,273,996
	1,000,000	5.00%, 01/01/29		1,308,915
	255,000	Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c)		322,995

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Massachusetts: (continued)
$	2,905,000	Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 5.00%, 07/01/26 (c)	$	3,399,462
	530,000	Massachusetts Development Finance Agency, Brandeis University, Series S-1 (RB) 5.00%, 10/01/27		664,622
		Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB)
	910,000	3.00%, 07/01/26 (c)		953,779
	200,000	3.25%, 07/01/26 (c)		210,853
	1,860,000	5.00%, 07/01/26 (c)		2,264,623
	200,000	5.00%, 07/01/26 (c)		242,302
	130,000	Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c)		161,425
		Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
	2,065,000	4.00%, 07/15/26 (c)		2,401,095
	700,000	5.00%, 07/15/26 (c)		861,648
	480,000	5.00%, 07/15/26 (c)		584,186
	750,000	Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/26 (c)		831,899
	500,000	Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)		600,834
	100,000	Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		119,863
	330,000	Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/27		408,004
	450,000	Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c)		481,043
	150,000	Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c)		159,990
	125,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c)		152,368
	1,500,000	Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c)		1,978,758
		Massachusetts Water Resources Authority, Series C (RB)
	685,000	5.00%, 08/01/26 (c)		832,103
	2,115,000	5.00%, 08/01/27 (c)		2,646,213

Principal Amount			Value

Massachusetts: (continued)
		University of Massachusetts Building Authority, Series 1 (RB)
$	1,220,000	5.00%, 05/01/29 (c)	$	1,573,344
	750,000	5.00%, 11/01/29 (c)		979,218
	475,000	5.00%, 11/01/29 (c)		621,767
	500,000	5.00%, 11/01/29 (c)		656,742
	1,020,000	University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c)		1,285,892
				53,090,056
Michigan: 0.9%
	285,000	Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c)		343,367
	340,000	Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c)		435,566
		Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)
	250,000	5.00%, 07/01/26 (c)		301,921
	250,000	5.00%, 07/01/26 (c)		302,061
		Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)
	290,000	5.00%, 07/01/26 (c)		351,534
	570,000	5.00%, 07/01/26 (c)		692,234
	500,000	5.00%, 07/01/26 (c)		607,505
		Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)
	1,025,000	5.00%, 07/01/26 (c)		1,242,491
	30,000	5.00%, 07/01/26 (c)		36,552
	130,000	Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c)		156,999
		Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)
	155,000	5.00%, 07/01/26 (c)		189,382
	875,000	5.00%, 07/01/26 (c)		1,071,086
	1,000,000	Michigan Finance Authority, 2006 Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30 (c)		1,272,214
		Michigan Finance Authority, Clean Water, Series B (RB)
	110,000	5.00%, 10/01/25		132,208
	100,000	5.00%, 10/01/26		123,893
	140,000	Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c)		149,956
		Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB)
	725,000	5.00%, 10/01/24 (c)		832,964
	150,000	5.00%, 11/15/26 (c)		184,598

See Notes to Financial Statements

Principal Amount			Value

Michigan: (continued)
		Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB)
$	105,000	5.00%, 06/01/22 (c)	$	110,526
	75,000	5.00%, 06/01/27 (c)		92,467
	260,000	5.00%, 12/01/27 (c)		320,610
		Michigan State Building Authority, Series I (RB)
	5,000	5.00%, 10/15/25 (c)		6,008
	25,000	5.00%, 10/15/25 (c)		30,040
	10,000	5.00%, 10/15/25 (c)		11,912
	540,000	5.00%, 10/15/26 (c)		657,121
	120,000	5.00%, 10/15/26 (c)		145,104
	515,000	5.00%, 10/15/26 (c)		626,087
	570,000	5.00%, 10/15/26 (c)		692,275
	125,000	5.00%, 10/15/26 (c)		151,667
	100,000	Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27		127,204
	480,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 3.35%, 12/01/25 (c)		511,342
		Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
	1,370,000	3.10%, 06/01/26 (c)		1,461,178
	170,000	3.35%, 06/01/26 (c)		180,977
	410,000	State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c)		448,608
		State of Michigan, Environmental Program, Series A (GO)
	750,000	3.00%, 05/15/30 (c)		846,744
	10,000	5.00%, 12/01/25 (c)		12,040
	560,000	Wayne County Airport Authority, Detroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c)		719,283
				15,577,724
Minnesota: 1.4%
		City of Maple Grove, Minnesota Health Care Facilities (RB)
	180,000	3.38%, 05/01/27 (c)		190,414
	460,000	3.50%, 05/01/27 (c)		488,609
	125,000	City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c)		155,748
	520,000	City of St. Cloud, Health Care, CentraCare Health System, Series A (RB) 3.00%, 05/01/26 (c)		545,223
	760,000	County of Hennepin, First Lien, Sales Tax, Series A (RB) 5.00%, 12/15/23 (c)		854,048
	1,000,000	County of Hennepin, Series B (GO) 5.00%, 12/15/28 (c)		1,301,560
	200,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c)		254,827

Principal Amount			Value

Minnesota: (continued)
		Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)
$	325,000	5.00%, 01/01/27 (c)	$	393,873
	515,000	5.00%, 01/01/27 (c)		626,805
	125,000	Minnesota Housing Finance Agency, Series A (RB) 3.30%, 07/01/25 (c)		130,873
	1,000,000	Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,255,036
	450,000	Rosemount-Apple Valley-Eagan Independent School District No. 196 (GO) (SD CRED PROG) 5.00%, 02/01/26 (c)		543,013
	500,000	Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c)		611,354
	750,000	Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) 5.00%, 02/01/25 (c)		877,060
		State of Minnesota, State Trunk Highway, Series B (GO)
	555,000	2.25%, 08/01/26 (c)		581,419
	500,000	3.00%, 08/01/26 (c)		557,553
	585,000	4.00%, 08/01/26 (c)		688,163
	100,000	5.00%, 08/01/28		130,261
	120,000	State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c)		136,645
		State of Minnesota, Various Purpose, Series A (GO)
	1,025,000	5.00%, 08/01/27		1,302,366
	400,000	5.00%, 10/01/27 (c)		507,688
	400,000	5.00%, 08/01/29		532,230
	1,000,000	5.00%, 08/01/29 (c)		1,302,021
	1,000,000	5.00%, 08/01/29 (c)		1,312,347
	2,000,000	5.00%, 08/01/30 (c)		2,650,606
	2,000,000	5.00%, 08/01/30 (c)		2,659,091
		State of Minnesota, Various Purpose, Series D (GO)
	925,000	2.25%, 08/01/26 (c)		986,831
	1,000,000	3.00%, 10/01/27 (c)		1,123,402
	1,000,000	3.00%, 10/01/27 (c)		1,130,503
	805,000	University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c)		1,019,480
	1,000,000	Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c)		1,097,023
				25,946,072
Mississippi: 0.4%
		State of Mississippi, Series A (GO)
	500,000	5.00%, 10/01/27 (c)		623,646
	405,000	5.00%, 10/01/27 (c)		504,071
	300,000	5.00%, 10/01/27 (c)		373,653
	430,000	5.00%, 10/01/27 (c)		540,771
	880,000	5.00%, 10/01/27 (c)		1,100,651
	650,000	5.00%, 10/01/27 (c)		812,530

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Mississippi: (continued)
$	550,000	5.00%, 10/15/28 (c)	$	679,160
	1,000,000	5.00%, 10/15/28 (c)		1,235,270
	400,000	5.00%, 10/15/28 (c)		495,196
		State of Mississippi, Series B (GO)
	295,000	4.00%, 10/01/29 (c)		357,050
	850,000	5.00%, 12/01/26 (c)		1,041,254
	155,000	5.00%, 12/01/26 (c)		189,184
				7,952,436
Missouri: 0.6%
	350,000	Bi-State Development Agency of the Missouri-Illinois Metropolitan District (RB) 5.00%, 10/01/27		442,385
		City of Kansas City, Downtown Arena Project, Series E (RB)
	450,000	3.00%, 04/01/25 (c)		471,843
	290,000	5.00%, 04/01/25 (c)		337,739
	350,000	City of Kansas, Series C (RB) 5.00%, 09/01/27 (c)		441,804
	1,000,000	Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,354,632
	250,000	Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c)		315,486
	15,000	Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c)		17,138
		Platte County Park Hill School District (GO) (SAW)
	225,000	3.00%, 03/01/26 (c)		242,323
	105,000	3.00%, 03/01/26 (c)		113,491
		Springfield School District No. R-12 (GO) (SAW)
	1,035,000	4.00%, 03/01/28 (c)		1,245,492
	615,000	4.00%, 03/01/28 (c)		745,024
	1,415,000	4.00%, 03/01/29 (c)		1,701,645
	650,000	4.00%, 03/01/29 (c)		784,322
	450,000	5.00%, 03/01/29 (c)		575,769
		St. Louis County, Series A (RB)
	1,045,000	2.00%, 12/01/28 (c)		1,052,247
	1,000,000	4.00%, 12/01/28 (c)		1,229,026
				11,070,366
Montana: 0.0%
	150,000	Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29		194,531
Nebraska: 0.4%
		Central Plains Energy Project, Gas Project Crossover, Series A (RB)
	1,000,000	5.00%, 09/01/27		1,231,465
	1,280,000	5.00%, 09/01/32		1,691,546
	300,000	5.00%, 09/01/34		404,444
		Douglas County Hospital Authority No. 2 (RB)
	500,000	3.00%, 05/15/26 (c)		524,845
	115,000	4.00%, 05/15/26 (c)		130,632

Principal Amount			Value

Nebraska: (continued)
		Omaha Public Power District, Electric System, Series A (RB)
$	100,000	5.00%, 12/01/27 (c)	$	124,961
	1,125,000	5.00%, 02/01/29 (c)		1,453,660
		Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB)
	1,295,000	3.00%, 07/01/26 (c)		1,368,711
	560,000	3.13%, 07/01/26 (c)		591,922
				7,522,186
Nevada: 1.1%
	525,000	Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 05/01/26 (c)		638,067
	300,000	Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c)		363,876
		Clark County School District, Series A (GO) (AGM)
	915,000	5.00%, 06/15/30 (c)		1,196,523
	1,000,000	5.00%, 06/15/30 (c)		1,320,948
		Clark County School District, Series B (GO)
	250,000	4.00%, 11/01/26 (c)		286,812
	155,000	4.00%, 11/01/26 (c)		178,261
	1,000,000	5.00%, 06/15/29		1,308,691
		Clark County School District, Series C (GO)
	200,000	5.00%, 12/15/25 (c)		237,467
	1,050,000	5.00%, 12/15/27 (c)		1,284,181
	630,000	Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c)		699,715
		Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB)
	1,200,000	5.00%, 07/01/29 (c)		1,537,023
	470,000	5.00%, 07/01/29 (c)		606,160
	1,000,000	Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c)		1,191,994
		Clark County, Limited Tax, Series A (GO)
	150,000	5.00%, 06/01/28 (c)		187,487
	1,110,000	5.00%, 06/01/28 (c)		1,405,261
		Clark County, Limited Tax, Series C (GO)
	270,000	3.00%, 07/01/27 (c)		292,525
	500,000	3.00%, 07/01/27 (c)		542,592
	305,000	3.00%, 07/01/27 (c)		331,770
	275,000	Clark County, McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c)		354,668
		Las Vegas Valley Water District, Series A (GO)
	500,000	4.00%, 02/01/27 (c)		576,478
	190,000	5.00%, 06/01/26 (c)		232,226
		State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)
	325,000	3.38%, 06/01/28 (c)		363,319
	1,000,000	4.00%, 06/01/27 (c)		1,155,877
	760,000	4.00%, 06/01/28 (c)		894,268

See Notes to Financial Statements

Principal Amount			Value

Nevada: (continued)
$	760,000	4.00%, 06/01/28 (c)	$	896,923
	795,000	5.00%, 06/01/27 (c)		981,026
		Truckee Meadows Water Authority (RB)
	355,000	5.00%, 07/01/26 (c)		429,326
	30,000	5.00%, 07/01/26 (c)		36,366
				19,529,830
New Jersey: 5.2%
	500,000	Board of Education of the Toms River Regional School District (GO) 3.00%, 07/15/26 (c)		532,842
	410,000	City of Newark, Series A (GO) (AGM) (SAW) 5.00%, 10/01/27		506,090
	250,000	City of Ocean City (GO) 2.25%, 09/15/26 (c)		261,448
		County of Hudson (GO)
	685,000	2.00%, 11/15/28 (c)		697,582
	2,000,000	2.00%, 11/15/28 (c)		2,041,641
	265,000	2.13%, 11/15/28 (c)		271,394
	600,000	County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c)		653,606
	335,000	New Brunswick Parking Authority, Series A (RB) 3.00%, 09/01/26 (c)		353,595
	275,000	New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c)		315,654
	755,000	New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) 3.13%, 07/01/27 (c)		821,755
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)
	755,000	4.00%, 11/01/27		894,942
	260,000	5.00%, 11/01/29 (c)		329,151
	1,000,000	New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		1,258,845
		New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
	380,000	5.50%, 12/15/26 (c)		461,962
	1,000,000	5.50%, 12/15/26 (c)		1,250,042
		New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)
	420,000	4.75%, 12/15/26 (c)		494,227
	275,000	5.50%, 12/15/26 (c)		337,681
		New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)
	935,000	5.00%, 06/15/27 (c)		1,123,578
	615,000	5.00%, 06/15/27 (c)		737,106

Principal Amount			Value

New Jersey: (continued)
$	340,000	5.00%, 06/15/27 (c)	$	410,121
	245,000	5.00%, 06/15/27		303,142
	250,000	5.00%, 06/15/27 (c)		303,387
	1,250,000	New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c)		1,561,844
	1,080,000	New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c)		1,252,986
		New Jersey Economic Development Authority, State House Project, Series B (RB)
	1,290,000	4.00%, 12/15/28 (c)		1,541,845
	315,000	5.00%, 06/15/26		381,159
	315,000	5.00%, 12/15/28 (c)		393,016
	230,000	New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c)		260,614
	400,000	New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB) 5.00%, 07/01/26 (c)		483,628
		New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
	6,000,000	2.00%, 03/01/31 (c)		6,096,333
	1,975,000	2.00%, 03/01/31 (c)		2,013,314
	1,000,000	2.00%, 03/01/31 (c)		1,023,305
	500,000	New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c)		626,860
	1,000,000	New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB) 5.00%, 07/01/26 (c)		1,185,645
	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)		1,240,643
		New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB)
	1,585,000	3.00%, 07/01/26 (c)		1,686,886
	360,000	3.38%, 07/01/27 (c)		392,810
	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)		1,805,784
		New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB)
	115,000	3.00%, 07/01/26 (c)		121,749

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New Jersey: (continued)
$	150,000	3.13%, 07/01/26 (c)	$	159,349
	970,000	New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c)		1,070,780
		New Jersey State Turnpike Authority, Series B (RB)
	2,900,000	5.00%, 01/01/28 (c)		3,562,497
	1,080,000	5.00%, 01/01/28 (c)		1,330,346
	115,000	5.00%, 01/01/28 (c)		142,065
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	2,330,000	4.00%, 12/15/28 (c)		2,733,897
	435,000	5.00%, 06/15/26 (c)		516,349
	500,000	5.00%, 12/15/27		625,668
	1,000,000	5.00%, 12/15/28 (c)		1,234,947
	1,100,000	5.00%, 12/15/28 (c)		1,367,390
	500,000	5.00%, 12/15/28		635,475
	1,395,000	5.00%, 12/15/28 (c)		1,737,863
	780,000	New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c)		883,478
		New Jersey Turnpike Authority, Series A (RB)
	135,000	4.00%, 01/01/27 (c)		153,576
	105,000	5.00%, 01/01/26 (c)		125,202
	30,000	5.00%, 01/01/26 (c)		35,742
	1,625,000	5.00%, 01/01/27 (c)		1,977,784
	270,000	5.00%, 01/01/27 (c)		326,867
		New Jersey Turnpike Authority, Series E (RB)
	200,000	5.00%, 01/01/28 (c)		247,070
	115,000	5.00%, 01/01/28 (c)		144,234
		New Jersey Turnpike Authority, Series G (RB) (AGM)
	2,130,000	4.00%, 01/01/28 (c)		2,473,807
	1,000,000	5.00%, 01/01/28 (c)		1,223,539
	250,000	State of New Jersey, Series A (GO) 3.00%, 06/01/32		283,790
		State of New Jersey, Various Purposes (GO)
	3,000,000	2.00%, 12/01/29 (c)		3,119,287
	3,000,000	2.00%, 12/01/29 (c)		2,949,414
	3,000,000	2.00%, 12/01/29 (c)		2,958,305
	625,000	5.00%, 06/01/27		779,585
	400,000	5.00%, 06/01/27 (c)		495,541
	5,000,000	5.00%, 12/01/29 (c)		6,340,888
	5,000,000	5.00%, 12/01/29 (c)		6,373,762
	5,000,000	5.00%, 12/01/29 (c)		6,394,105
		Tobacco Settlement Financing Corp., Series A (RB)
	360,000	5.00%, 06/01/27		447,407
	250,000	5.00%, 06/01/28 (c)		308,635
	225,000	5.00%, 06/01/28 (c)		276,162
	2,000,000	5.00%, 06/01/28 (c)		2,479,118
	195,000	5.00%, 06/01/28 (c)		243,766
	500,000	5.00%, 06/01/28 (c)		621,935
				93,207,837

Principal Amount			Value

New York: 14.6%
$	1,555,000	Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 4.00%, 01/15/27 (c)	$	1,736,304
	500,000	City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c)		539,150
		City of New York, Series A (GO)
	485,000	4.00%, 08/01/26 (c)		558,671
	380,000	5.00%, 08/01/25 (c)		452,398
	1,810,000	5.00%, 08/01/26 (c)		2,198,012
	540,000	5.00%, 08/01/27 (c)		678,335
	550,000	5.00%, 08/01/27		690,006
	1,000,000	City of New York, Series A-1 (GO) 5.00%, 08/01/29		1,307,385
		City of New York, Series B-1 (GO)
	250,000	4.00%, 12/01/26 (c)		286,577
	395,000	5.00%, 12/01/26 (c)		483,936
	100,000	5.00%, 10/01/27 (c)		123,833
	1,125,000	5.00%, 10/01/29 (c)		1,455,977
	500,000	5.00%, 10/01/29 (c)		650,296
	1,000,000	5.00%, 11/01/30		1,333,349
	920,000	5.25%, 10/01/27 (c)		1,156,488
		City of New York, Series C (GO)
	225,000	5.00%, 02/01/27 (c)		278,125
	275,000	5.00%, 08/01/27		345,003
		City of New York, Series C and D (GO)
	110,000	5.00%, 02/01/26 (c)		132,737
	1,250,000	5.00%, 02/01/28 (c)		1,549,762
	820,000	5.00%, 02/01/28 (c)		1,039,061
		City of New York, Series C-1 (GO) (SBG)
	1,000,000	5.00%, 08/01/28		1,282,284
	2,000,000	5.00%, 08/01/30		2,653,591
	1,565,000	City of New York, Series D-1 (GO) 5.00%, 03/01/30 (c)		2,002,200
	540,000	City of New York, Series E (GO) 5.00%, 08/01/26 (c)		655,760
		City of New York, Series E-1 (GO)
	1,015,000	5.00%, 03/01/28 (c)		1,266,503
	1,000,000	5.25%, 03/01/28 (c)		1,259,946
	1,500,000	5.25%, 03/01/28 (c)		1,901,989
	250,000	City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c)		310,620
	2,000,000	City of New York, Series I-A (GO) 4.00%, 10/01/30 (c)		2,393,704
	400,000	City of New York, Series L (GO) 5.00%, 04/01/29 (c)		513,280
	1,865,000	City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c)		2,466,649
		City of New York, Series L-6 (GO)
	175,000	5.00%, 04/01/28		222,765
	1,000,000	5.00%, 04/01/29 (c)		1,293,852
		County of Nassau, Series C (GO)
	1,000,000	5.00%, 04/01/26 (c)		1,177,808
	600,000	5.00%, 10/01/27 (c)		737,459
	310,000	5.00%, 10/01/27		389,840
	345,000	County of Westchester, Series A (GO) 4.00%, 12/01/26 (c)		410,435

See Notes to Financial Statements

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)	$	347,936
	205,000	3.00%, 07/01/26 (c)		214,024
	300,000	4.00%, 07/01/26 (c)		327,654
	275,000	5.00%, 07/01/26 (c)		326,274
	500,000	5.00%, 07/01/26 (c)		582,430
	300,000	5.00%, 07/01/26 (c)		352,096
	100,000	5.00%, 07/01/26 (c)		117,014
		Hudson Yards Infrastructure Corp., Series A (RB)
	1,700,000	5.00%, 02/15/27 (c)		2,065,552
	460,000	5.00%, 02/15/27 (c)		556,916
	3,025,000	5.00%, 02/15/27 (c)		3,702,123
	1,030,000	5.00%, 02/15/27 (c)		1,255,500
		Long Island Power Authority, Electric System (RB)
	750,000	5.00%, 09/01/27 (c)		932,908
	500,000	5.00%, 09/01/27 (c)		621,884
	305,000	5.00%, 09/01/27 (c)		379,962
	450,000	Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c)		488,116
	40,000	Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c)		48,894
		Metropolitan Transportation Authority, Series A (RB)
	340,000	4.00%, 11/15/26 (c)		381,176
	125,000	5.25%, 11/15/26 (c)		154,196
	155,000	Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c)		191,676
		Metropolitan Transportation Authority, Series B (RB)
	215,000	4.00%, 11/15/26 (c)		240,608
	1,825,000	4.00%, 11/15/26 (c)		2,034,425
	310,000	5.00%, 11/15/26 (c)		378,405
	865,000	5.00%, 11/15/27		1,086,220
	380,000	5.00%, 11/15/28		485,254
	380,000	5.00%, 11/15/28		485,254
		Metropolitan Transportation Authority, Series B-1 (RB)
	225,000	5.00%, 11/15/26 (c)		269,740
	470,000	5.00%, 11/15/26 (c)		564,663
		Metropolitan Transportation Authority, Series B-2 (RB)
	15,000	5.00%, 11/15/26 (c)		18,204
	1,185,000	5.00%, 11/15/27 (c)		1,464,429
	200,000	5.00%, 11/15/27 (c)		248,292
	400,000	5.00%, 11/15/27		507,190
		Metropolitan Transportation Authority, Series C-1 (RB)
	1,240,000	4.00%, 05/15/28 (c)		1,429,350
	395,000	4.00%, 05/15/28 (c)		451,803
	410,000	4.00%, 05/15/28 (c)		467,651
	155,000	5.00%, 11/15/26 (c)		189,203
	900,000	5.00%, 11/15/26 (c)		1,092,784

Principal Amount			Value

New York: (continued)
$	1,175,000	5.00%, 11/15/26 (c)	$	1,408,025
	500,000	5.00%, 11/15/27		627,873
	470,000	5.00%, 05/15/28 (c)		587,214
	810,000	5.00%, 05/15/28 (c)		992,331
	1,445,000	5.00%, 05/15/28 (c)		1,784,518
	1,260,000	5.00%, 05/15/28 (c)		1,589,663
	2,540,000	5.00%, 05/15/28 (c)		3,116,569
	1,035,000	Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		770,483
		Metropolitan Transportation Authority, Series D (RB)
	265,000	3.13%, 11/15/26 (c)		279,907
	400,000	4.00%, 11/15/26 (c)		450,449
	1,115,000	5.00%, 11/15/26 (c)		1,346,563
	1,805,000	5.00%, 11/15/26 (c)		2,171,259
	535,000	5.00%, 05/15/28 (c)		656,443
	1,060,000	5.00%, 05/15/28 (c)		1,304,489
	1,085,000	5.00%, 05/15/28 (c)		1,346,479
	1,100,000	New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c)		1,117,295
	1,000,000	New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.10%, 05/01/29 (c)		993,527
	600,000	New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 5.00%, 07/15/21 (c)		605,506
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW)
	135,000	5.00%, 07/15/25 (c)		160,856
	1,010,000	5.00%, 07/15/28 (c)		1,284,531
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW)
	500,000	5.00%, 07/15/28 (c)		631,251
	100,000	5.00%, 07/15/28 (c)		127,181
	415,000	5.25%, 07/15/28 (c)		529,736
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
	2,000,000	3.00%, 11/01/30 (c)		2,161,546
	3,000,000	5.00%, 11/01/30 (c)		3,925,902
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
	630,000	4.00%, 05/01/26 (c)		724,579
	880,000	5.00%, 05/01/26 (c)		1,059,900
	160,000	5.00%, 05/01/26 (c)		192,709
	450,000	5.00%, 05/01/26 (c)		542,484
	280,000	5.00%, 05/01/26 (c)		338,615
	725,000	5.00%, 05/01/26 (c)		874,002
	260,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 08/01/24 (c)		297,944

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New York: (continued)
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
$	115,000	4.00%, 08/01/27 (c)	$	132,909
	895,000	5.00%, 08/01/26 (c)		1,086,349
	540,000	5.00%, 08/01/26 (c)		655,451
	530,000	5.00%, 08/01/26 (c)		645,442
	690,000	5.00%, 08/01/26 (c)		838,707
	350,000	5.00%, 08/01/27 (c)		434,584
	125,000	5.00%, 08/01/27 (c)		156,555
	1,000,000	5.00%, 08/01/27 (c)		1,243,677
	500,000	5.00%, 08/01/28 (c)		625,627
	1,000,000	5.00%, 08/01/30 (c)		1,329,559
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)
	20,000	5.00%, 11/01/25 (c)		24,055
	2,280,000	5.00%, 05/01/27 (c)		2,819,228
	610,000	5.00%, 05/01/27 (c)		751,663
	4,500,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/30 (c)		5,878,840
	100,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c)		110,134
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
	155,000	5.00%, 02/01/25 (c)		180,316
	915,000	5.00%, 02/01/27 (c)		1,126,246
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB)
	685,000	4.00%, 02/01/26 (c)		779,170
	715,000	5.00%, 02/01/26 (c)		857,590
	830,000	5.00%, 02/01/26 (c)		994,666
	6,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30		7,525,915
	250,000	New York City Trust for Cultural Resources, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/26		305,374
		New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB)
	745,000	4.00%, 10/01/26 (c)		857,681
	850,000	4.00%, 10/01/26 (c)		989,276
	1,000,000	New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		1,315,728
		New York City Water and Sewer System, Series BB (RB)
	310,000	5.00%, 06/15/27 (c)		381,891
	595,000	5.00%, 06/15/27 (c)		747,444

Principal Amount			Value

New York: (continued)
$	1,865,000	New York City Water and Sewer System, Series DD (RB) 5.00%, 06/15/31	$	2,563,148
	215,000	New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c)		264,440
	500,000	New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c)		644,670
		New York State Dormitory Authority, Columbia University (RB)
	170,000	5.00%, 04/01/26 (c)		207,107
	510,000	5.00%, 04/01/26 (c)		622,154
	115,000	New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28		150,668
	25,000	New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27		31,958
		New York State Dormitory Authority, Cornell University, Series A (RB)
	200,000	4.00%, 07/01/26 (c)		229,933
	230,000	5.00%, 07/01/26 (c)		280,234
		New York State Dormitory Authority, Cornell University, Series D (RB)
	110,000	5.00%, 07/01/33		156,968
	1,100,000	5.00%, 07/01/34		1,591,687
	800,000	New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c)		918,582
	1,000,000	New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c)		1,181,442
	315,000	New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		388,063
	250,000	New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c)		304,792
	20,000	New York State Dormitory Authority, New York State University, Series B (RB) 5.00%, 07/01/25 (c)		23,233
		New York State Dormitory Authority, New York University, Series A (RB)
	260,000	5.00%, 07/01/26 (c)		316,491
	200,000	5.00%, 07/01/27 (c)		247,362
	250,000	5.00%, 07/01/27 (c)		310,201
	250,000	5.00%, 07/01/27 (c)		313,651
	385,000	5.00%, 07/01/28 (c)		489,811
	100,000	5.00%, 07/01/29 (c)		131,173
		New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
	200,000	5.00%, 10/01/26 (c)		241,959

See Notes to Financial Statements

Principal Amount			Value

New York: (continued)
$	1,325,000	5.00%, 10/01/26 (c)	$	1,610,768
	370,000	5.00%, 10/01/26 (c)		451,549
	635,000	5.00%, 10/01/27 (c)		802,318
	100,000	5.00%, 10/01/27 (c)		124,581
		New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM)
	850,000	2.00%, 07/01/29 (c)		875,094
	525,000	4.00%, 07/01/27 (c)		606,793
	1,330,000	5.00%, 07/01/27		1,677,885
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	475,000	4.00%, 02/15/27 (c)		544,455
	195,000	5.00%, 03/15/25 (c)		227,837
	150,000	5.00%, 03/15/25 (c)		175,950
	1,040,000	5.00%, 08/15/26 (c)		1,273,310
	1,375,000	5.00%, 02/15/27 (c)		1,695,795
	1,000,000	5.00%, 02/15/27 (c)		1,224,589
	595,000	5.00%, 02/15/27 (c)		727,792
	3,910,000	5.00%, 03/15/29 (c)		4,943,847
	100,000	5.00%, 03/15/29		130,181
	1,500,000	5.00%, 03/15/29 (c)		1,910,446
	1,645,000	5.00%, 03/15/29 (c)		2,089,707
	3,000,000	5.00%, 03/15/30		3,965,074
	4,000,000	5.00%, 03/15/31 (c)		5,320,414
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	420,000	5.00%, 02/15/27		523,041
	2,000,000	5.00%, 08/15/27 (c)		2,486,838
	640,000	5.00%, 08/15/27 (c)		805,743
	385,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c)		435,403
		New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
	940,000	5.00%, 08/15/26 (c)		1,144,873
	315,000	5.00%, 08/15/26 (c)		384,933
	540,000	5.00%, 08/15/26 (c)		661,142
	2,000,000	5.00%, 02/15/30 (c)		2,601,640
	115,000	5.00%, 02/15/30 (c)		150,367
	320,000	New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 02/15/25 (c)		374,305
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	115,000	5.00%, 03/15/24 (c)		130,232
	340,000	5.00%, 03/15/24 (c)		385,138
	60,000	5.00%, 09/15/26 (c)		73,242
	140,000	5.00%, 09/15/26 (c)		171,227
	2,380,000	5.00%, 09/15/26 (c)		2,916,487
	250,000	5.00%, 01/01/27 (c)		296,771
	1,405,000	5.00%, 03/15/27 (c)		1,720,301
	515,000	5.00%, 03/15/27 (c)		634,418
	305,000	5.00%, 03/15/27 (c)		376,984

Principal Amount			Value

New York: (continued)
$	1,000,000	5.00%, 03/15/27 (c)	$	1,226,711
		New York State Dormitory Authority, State Sales Tax, Series B (RB)
	170,000	5.00%, 09/15/25 (c)		202,307
	120,000	5.00%, 09/15/25 (c)		143,780
	750,000	New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c)		937,072
	2,560,000	New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/27 (c)		3,203,861
	1,000,000	New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c)		1,224,192
	385,000	New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c)		461,227
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
	1,415,000	5.00%, 06/15/26 (c)		1,721,849
	765,000	5.00%, 06/15/26 (c)		932,185
	500,000	5.00%, 06/15/26 (c)		610,681
	150,000	5.00%, 06/15/27 (c)		186,187
	405,000	5.00%, 06/15/27 (c)		509,731
	1,250,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c)		1,616,949
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)
	495,000	3.00%, 06/15/27 (c)		542,740
	500,000	5.00%, 06/15/27 (c)		621,566
	1,000,000	5.00%, 06/15/27 (c)		1,244,679
	500,000	5.00%, 06/15/27		633,469
	1,000,000	New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c)		1,004,627
		New York State Thruway Authority, Series A (RB)
	600,000	5.00%, 01/01/26 (c)		719,318
	650,000	5.00%, 01/01/26 (c)		780,069
	800,000	New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		933,071
		New York State Thruway Authority, Series L (RB)
	1,120,000	3.50%, 01/01/28 (c)		1,236,984
	1,500,000	5.00%, 01/01/28 (c)		1,874,729
	1,300,000	5.00%, 01/01/28 (c)		1,619,147
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	325,000	5.00%, 03/15/27 (c)		399,508
	750,000	5.00%, 03/15/27 (c)		927,977

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New York: (continued)
		New York State Urban Development Corp., State Personal Income, Series C (RB)
$	1,000,000	4.00%, 09/15/30 (c)	$	1,194,918
	1,000,000	4.00%, 09/15/30 (c)		1,210,402
	350,000	5.00%, 09/15/27 (c)		438,122
	2,000,000	5.00%, 09/15/27 (c)		2,496,421
	250,000	5.00%, 09/15/30 (c)		327,370
	1,000,000	New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c)		1,287,484
		New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)
	1,000,000	5.00%, 12/01/30 (c)		1,293,340
	750,000	5.00%, 12/01/30 (c)		976,278
	300,000	Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c)		367,116
		Port Authority of New York and New Jersey, Series 205 (RB)
	2,500,000	5.00%, 11/15/27 (c)		3,112,891
	1,000,000	5.00%, 11/15/27 (c)		1,250,645
	840,000	5.00%, 11/15/27 (c)		1,059,510
		Port Authority of New York and New Jersey, Series 209 (RB)
	500,000	5.00%, 07/15/28 (c)		626,447
	255,000	5.00%, 07/15/28		327,075
	500,000	Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c)		631,693
	500,000	Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c)		644,596
		Port Authority of New York and New Jersey, Series 222 (RB)
	3,500,000	4.00%, 07/15/30 (c)		4,179,914
	2,000,000	4.00%, 07/15/30 (c)		2,400,134
	1,000,000	5.00%, 07/15/30 (c)		1,297,146
	470,000	State of New York Mortgage Agency, Series 192 (RB) 3.80%, 10/01/24 (c)		499,869
	615,000	State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c)		645,186
	735,000	State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c)		762,267
	460,000	State of New York Mortgage Agency, Series 205 (RB) 3.13%, 10/01/26 (c)		490,890
	825,000	State of New York Mortgage Agency, Series 208 (RB) 3.60%, 04/01/27 (c)		901,529
	10,000	Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c)		11,306
	20,000	Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c)		24,202

Principal Amount			Value

New York: (continued)
		Triborough Bridge and Tunnel Authority, Series B (RB)
$	1,550,000	5.00%, 05/15/27 (c)	$	1,901,520
	1,070,000	5.00%, 05/15/27 (c)		1,308,517
	1,255,000	5.00%, 05/15/27 (c)		1,530,875
	1,000,000	5.00%, 05/15/27 (c)		1,254,400
	1,035,000	5.00%, 05/15/27 (c)		1,279,814
	1,350,000	5.00%, 05/15/27 (c)		1,661,246
	1,000,000	5.00%, 11/15/31		1,365,088
		Triborough Bridge and Tunnel Authority, Series C (RB)
	1,565,000	5.00%, 11/15/27		1,990,829
	500,000	5.00%, 11/15/28		650,089
	1,000,000	Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c)		1,315,534
		TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
	500,000	5.00%, 06/01/27 (c)		605,695
	845,000	5.00%, 06/01/27 (c)		1,018,354
	1,140,000	5.00%, 06/01/27 (c)		1,385,597
	130,000	5.00%, 06/01/27 (c)		160,920
	285,000	5.00%, 06/01/27 (c)		350,895
	200,000	Utility Debt Securitization Authority (RB) 5.00%, 12/15/25 (c)		241,398
		Utility Debt Securitization Authority, Series A (RB)
	140,000	5.00%, 06/15/23 (c)		154,273
	360,000	5.00%, 06/15/25 (c)		427,253
	310,000	5.00%, 12/15/25 (c)		374,166
	425,000	5.00%, 06/15/26 (c)		520,762
	610,000	5.00%, 06/15/26 (c)		741,938
	500,000	5.00%, 06/15/26 (c)		605,903
	1,135,000	Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c)		1,384,325
				263,649,757
North Carolina: 2.0%
	450,000	Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c)		523,386
	100,000	Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c)		111,699
	250,000	City of Charlotte (GO) 5.00%, 06/01/27		316,237
	590,000	County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c)		652,139
		County of Mecklenburg, Series A (GO)
	900,000	4.00%, 04/01/27 (c)		1,061,963
	1,000,000	4.00%, 04/01/27 (c)		1,184,303
	250,000	County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c)		258,725
		County of New Hanover, New Hanover Regional Medical Center (RB)
	1,300,000	5.00%, 10/01/27 (c)		1,640,405
	590,000	5.00%, 10/01/27		744,491

See Notes to Financial Statements

Principal Amount			Value

North Carolina: (continued)
$	1,000,000	County of Union, Enterprise Systems (RB) 4.00%, 06/01/31 (c)	$	1,268,330
		County of Wake, Series A (RB)
	150,000	3.13%, 08/01/28 (c)		168,345
	500,000	5.00%, 12/01/26 (c)		617,064
	130,000	North Carolina Capital Facilities Finance Agency, Wake Forest University (RB) 5.00%, 07/01/26 (c)		157,961
	10,000	North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		11,301
	365,000	North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27		456,998
	1,000,000	North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c)		1,296,481
		North Carolina Turnpike Authority, Triangle Expressway System (RB)
	500,000	5.00%, 01/01/27 (c)		597,024
	945,000	5.00%, 01/01/27 (c)		1,158,723
	380,000	5.00%, 01/01/29 (c)		484,437
		North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
	800,000	4.00%, 01/01/28 (c)		942,504
	360,000	4.00%, 01/01/28 (c)		424,947
	890,000	4.00%, 01/01/28 (c)		1,053,501
	1,500,000	State of North Carolina (RB) 5.00%, 03/01/28		1,919,533
	625,000	State of North Carolina, Department of State Treasurer, Series B (GO) 2.13%, 06/01/29 (c)		646,812
	2,500,000	State of North Carolina, Grant Anticipation (RB) 5.00%, 03/01/29 (c)		3,231,503
		State of North Carolina, Series A (GO)
	1,000,000	3.00%, 06/01/28 (c)		1,118,214
	380,000	3.00%, 06/01/28 (c)		422,381
	1,440,000	5.00%, 05/01/28		1,855,602
	1,140,000	5.00%, 06/01/28 (c)		1,461,116
	1,000,000	5.00%, 05/01/29 (c)		1,297,916
	1,100,000	5.00%, 06/01/30 (c)		1,479,634
		State of North Carolina, Series B (RB)
	800,000	3.00%, 05/01/27 (c)		886,614
	420,000	5.00%, 06/01/26 (c)		513,219
	2,355,000	5.00%, 05/01/27		2,961,149
	215,000	5.00%, 05/01/27		270,338
	880,000	5.00%, 05/01/27 (c)		1,095,196
	1,200,000	5.00%, 05/01/28		1,546,335
				35,836,526

Principal Amount			Value

North Dakota: 0.1%
$	410,000	County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c)	$	480,659
	305,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c)		331,663
	390,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c)		422,128
	100,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB) 3.35%, 01/01/27 (c)		108,262
		North Dakota Public Finance Authority, Series A (RB)
	365,000	5.00%, 10/01/24 (c)		421,113
	300,000	5.00%, 10/01/24 (c)		346,452
				2,110,277
Ohio: 3.0%
		Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
	3,000,000	5.00%, 06/01/30 (c)		3,840,670
	2,000,000	5.00%, 06/01/30 (c)		2,573,596
	500,000	City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c)		619,371
		City of Columbus, Series 1 (GO)
	200,000	4.00%, 10/01/27 (c)		236,218
	250,000	5.00%, 10/01/27 (c)		317,720
	750,000	5.00%, 10/01/27 (c)		949,066
		City of Columbus, Various Purpose, Series A (GO)
	960,000	3.00%, 08/15/25 (c)		1,031,449
	380,000	4.00%, 08/15/25 (c)		434,614
	1,000,000	5.00%, 04/01/30		1,342,259
	1,245,000	City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c)		1,623,775
		County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
	1,030,000	5.00%, 02/01/28 (c)		1,286,869
	115,000	5.00%, 02/01/28 (c)		145,636
	1,250,000	5.00%, 12/01/29		1,645,562
	1,000,000	5.00%, 06/01/30 (c)		1,318,958
		County of Butler (RB)
	400,000	4.00%, 11/15/27 (c)		458,536
	1,805,000	5.00%, 11/15/27 (c)		2,212,737
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	100,000	5.00%, 02/15/27 (c)		118,977
	250,000	5.00%, 02/15/27 (c)		301,218
		County of Franklin, Nationwide Children’s Hospital Project, Series A (RB)
	145,000	5.00%, 11/01/27 (c)		177,690
	125,000	5.00%, 11/01/27 (c)		153,611
	120,000	5.00%, 11/01/27 (c)		148,124

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Ohio: (continued)
$	340,000	County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/26 (c)	$	411,807
	1,000,000	County of Hamilton, Sewer System, Series A (RB) 5.00%, 12/01/29 (c)		1,315,945
	355,000	County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) 5.00%, 11/15/27		441,600
	165,000	County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c)		173,589
		Cuyahoga Community College District (GO)
	500,000	4.00%, 06/01/26 (c)		566,777
	350,000	4.00%, 06/01/26 (c)		397,654
	20,000	Kent State University (RB) 5.00%, 05/01/26 (c)		24,149
	1,000,000	Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		1,129,200
		Ohio Turnpike and Infrastructure Commission, Series A (RB)
	500,000	5.00%, 02/15/28 (c)		622,085
	500,000	5.00%, 02/15/28 (c)		624,016
	500,000	5.00%, 02/15/28 (c)		626,909
	1,020,000	Ohio Water Development Authority, Fresh Water (RB) 5.00%, 03/01/28 (c)		1,312,195
	125,000	Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c)		153,343
		Ohio Water Development Authority, Fresh Water, Series B (RB)
	1,000,000	5.00%, 12/01/26 (c)		1,234,976
	200,000	5.00%, 12/01/26 (c)		247,737
		Ohio Water Development Authority, Water Pollution Control, Series A (RB)
	960,000	5.00%, 06/01/27 (c)		1,190,603
	2,000,000	5.00%, 12/01/27		2,558,839
	1,000,000	5.00%, 12/01/27		1,279,419
	1,000,000	5.00%, 06/01/30 (c)		1,331,019
		Ohio Water Development Authority, Water Pollution Control, Series B (RB)
	20,000	5.00%, 12/01/25 (c)		24,140
	40,000	5.00%, 12/01/25 (c)		48,341
		State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)
	760,000	4.00%, 01/01/28 (c)		892,323
	480,000	5.00%, 03/15/24 (c)		542,252
	130,000	5.00%, 01/01/28 (c)		162,671
	135,000	5.00%, 01/01/28 (c)		170,800
	140,000	5.00%, 01/01/28 (c)		176,254
	425,000	5.00%, 01/01/28 (c)		541,509
	770,000	5.00%, 01/01/28		983,748
		State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB)
	805,000	5.00%, 04/01/28 (c)		1,007,787
	640,000	5.00%, 04/01/28 (c)		803,627
	615,000	5.00%, 04/01/28 (c)		774,566

Principal Amount			Value

Ohio: (continued)
		State of Ohio, Common Schools, Series A (GO)
$	660,000	5.00%, 03/15/23 (c)	$	717,461
	500,000	5.00%, 03/15/24 (c)		566,225
	25,000	5.00%, 03/15/24 (c)		28,235
	395,000	State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27		500,225
	165,000	State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c)		176,658
	550,000	State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c)		668,149
	1,000,000	State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c)		1,238,980
	1,000,000	State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28		1,289,399
		State of Ohio, Infrastructure Project, Series 1 (RB)
	200,000	5.00%, 12/15/30		271,609
	750,000	5.00%, 12/15/31		1,038,943
	225,000	State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c)		273,666
	100,000	State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c)		125,905
	500,000	State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c)		611,357
	2,225,000	The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29		2,939,760
	100,000	Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c)		112,716
				53,265,824
Oklahoma: 0.4%
		Canadian County Educational Facilities Authority, Mustang Public Schools (RB)
	330,000	3.00%, 09/01/26 (c)		363,783
	1,405,000	5.00%, 09/01/26 (c)		1,715,304
		Grand River Dam Authority, Series A (RB)
	130,000	5.00%, 12/01/26 (c)		160,348
	100,000	5.00%, 12/01/26 (c)		123,507
	410,000	5.00%, 12/01/26 (c)		507,875
	155,000	Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c)		178,114
	565,000	Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c)		686,331

See Notes to Financial Statements

Principal Amount			Value

Oklahoma: (continued)
		Oklahoma Turnpike Authority, Series E (RB)
$	300,000	5.00%, 01/01/27 (c)	$	367,905
	155,000	5.00%, 01/01/27 (c)		191,502
	530,000	Tulsa County Industrial Authority (RB) 5.00%, 09/01/25 (c)		629,554
		Tulsa Public Facilities Authority (RB)
	1,075,000	4.00%, 10/01/26 (c)		1,266,045
	250,000	4.00%, 10/01/26		293,205
				6,483,473
Oregon: 1.1%
		Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A
	700,000	5.00%, 08/15/30 (c)		918,041
	720,000	5.00%, 08/15/30 (c)		947,183
	410,000	City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c)		472,464
	1,285,000	Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c)		1,619,845
		Hillsboro School District No. 1J (GO) (SBG)
	590,000	5.00%, 06/15/27 (c)		722,893
	1,000,000	5.00%, 06/15/27 (c)		1,236,489
	375,000	Medford School District No. 549C (GO) (SBG) 5.00%, 06/15/25 (c)		442,865
	1,045,000	Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c)		1,401,367
		Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)
	1,010,000	0.00%, 06/15/27 (c) ^		722,949
	1,215,000	0.00%, 06/15/27 (c) ^		912,799
	500,000	Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		581,833
	1,280,000	Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c)		1,460,490
		Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB)
	195,000	5.00%, 10/01/26 (c)		230,152
	430,000	5.00%, 10/01/26 (c)		508,718
	120,000	Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c)		149,625
	115,000	Portland Community College District (GO) 5.00%, 06/15/26 (c)		140,522
		Salem-Keizer School District No. 24J (GO) (SBG)
	475,000	4.00%, 06/15/28 (c)		561,112
	545,000	5.00%, 06/15/28 (c)		696,437
	125,000	Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c)		153,744

Principal Amount			Value

Oregon: (continued)
$	690,000	State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c)	$	857,360
	1,000,000	State of Oregon, Department of Transportation, Series A (RB) 5.00%, 11/15/30 (c)		1,327,366
	450,000	State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c)		527,125
	305,000	State of Oregon, Housing and Community Services Department, Series C (RB) (AGM) 3.55%, 07/01/27 (c)		329,459
	905,000	State of Oregon, Housing and Community Services Department, Series D (RB) 3.80%, 01/01/28 (c)		1,000,447
	145,000	State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c)		179,174
	10,000	State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c)		12,099
		Tri-County Metropolitan Transportation District of Oregon, Series A (RB)
	570,000	3.25%, 04/01/28 (c)		619,556
	405,000	5.00%, 10/01/26		496,428
				19,228,542
Pennsylvania: 4.2%
		Allegheny County Hospital Development Authority, Series A (RB)
	100,000	5.00%, 04/01/27		123,428
	1,120,000	5.00%, 04/01/28 (c)		1,383,728
	1,000,000	5.00%, 04/01/28 (c)		1,257,234
	290,000	5.00%, 07/15/28		372,200
	810,000	5.00%, 07/15/29 (c)		1,042,007
	360,000	5.00%, 07/15/29 (c)		468,370
	100,000	Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) 4.00%, 12/01/26 (c)		115,926
		City of Philadelphia (GO) (AGM)
	380,000	5.00%, 08/01/27 (c)		472,127
	320,000	5.00%, 08/01/27		403,013
	880,000	City of Philadelphia, Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c)		1,066,684
		City of Philadelphia, Series A (RB)
	1,000,000	4.00%, 07/01/30 (c)		1,197,570
	750,000	5.00%, 08/01/27 (c)		935,708
	100,000	5.00%, 08/01/27 (c)		123,616
	750,000	5.00%, 08/01/27 (c)		931,830
		City of Philadelphia, Series B (GO)
	415,000	5.00%, 02/01/28		525,656
	1,500,000	5.00%, 08/01/29 (c)		1,904,198
	100,000	5.00%, 08/01/29 (c)		128,478
	300,000	5.00%, 08/01/29 (c)		391,418

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Pennsylvania: (continued)
		Commonwealth Financing Authority, Series A (RB)
$	800,000	5.00%, 06/01/28	$	1,009,012
	1,000,000	5.00%, 06/01/29		1,281,838
	250,000	5.00%, 06/01/30 (c)		329,681
		Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)
	415,000	5.00%, 06/01/28 (c)		511,258
	265,000	5.00%, 06/01/28 (c)		328,837
	775,000	5.00%, 06/01/28 (c)		965,612
		Commonwealth of Pennsylvania, First Series (GO)
	510,000	3.00%, 01/01/27 (c)		550,952
	900,000	3.00%, 05/01/30 (c)		995,517
	600,000	4.00%, 01/01/27 (c)		696,297
	500,000	5.00%, 02/01/26 (c)		602,307
	255,000	5.00%, 07/15/27		321,315
	1,300,000	5.00%, 07/15/28		1,675,806
		Commonwealth of Pennsylvania, Second Series (GO)
	1,055,000	3.00%, 09/15/26 (c)		1,127,153
	395,000	3.00%, 09/15/26 (c)		429,214
	170,000	4.00%, 09/15/26 (c)		195,419
	610,000	4.00%, 09/15/26 (c)		709,362
	400,000	5.00%, 09/15/26 (c)		492,061
	430,000	5.00%, 01/15/27 (c)		534,793
	695,000	County of Allegheny, Series C-75 (GO) 5.00%, 11/01/26 (c)		856,778
	750,000	County of Chester, Series A (GO) 4.00%, 07/15/26 (c)		875,058
		Dauphin County General Authority, Pinnacle Health System Project, Series A (RB)
	605,000	4.00%, 06/01/26 (c)		679,303
	20,000	4.00%, 06/01/26 (c)		22,643
	475,000	5.00%, 06/01/26 (c)		558,238
	1,750,000	Geisinger Authority Health System, Series A (RB) 5.00%, 04/01/30 (c)		2,265,031
	2,000,000	Geisinger Authority Health System, Series C (RB) 5.00%, 10/01/29 (c) (p)		2,593,195
	630,000	Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c)		790,861
		Pennsylvania Economic Development Financing Authority, UPMC (RB)
	100,000	4.00%, 09/15/26 (c)		114,321
	215,000	4.00%, 09/15/26 (c)		246,266
	385,000	5.00%, 09/15/26 (c)		466,045
		Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)
	1,000,000	3.38%, 11/15/27 (c)		1,107,076
	205,000	4.00%, 11/15/27 (c)		238,790

Principal Amount			Value

Pennsylvania: (continued)
$	125,000	Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c)	$	147,850
		Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)
	775,000	4.00%, 06/15/26 (c)		880,528
	785,000	5.00%, 06/15/26 (c)		947,581
		Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)
	150,000	3.13%, 08/15/27 (c)		164,468
	725,000	4.00%, 08/15/26 (c)		841,007
	1,000,000	5.00%, 08/15/27 (c)		1,258,776
	270,000	5.00%, 08/15/27 (c)		335,993
	275,000	5.00%, 08/15/27 (c)		343,923
	425,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c)		447,083
	700,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c)		735,108
	590,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c)		626,885
	1,730,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c)		1,862,975
	300,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c)		319,704
	20,000	Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c)		24,288
		Pennsylvania Turnpike Commission (RB)
	720,000	3.00%, 06/01/26 (c)		761,708
	550,000	5.00%, 12/01/25 (c)		655,068
	430,000	5.00%, 12/01/25 (c)		513,145
	1,000,000	5.00%, 12/01/27		1,241,577
	300,000	5.00%, 12/01/27 (c)		371,995
	250,000	5.00%, 12/01/27 (c)		311,297
	450,000	Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c)		554,563
		Pennsylvania Turnpike Commission, Second Series (RB)
	965,000	3.00%, 06/01/26 (c)		1,018,564
	690,000	4.00%, 06/01/26 (c)		774,399
		Pennsylvania Turnpike Commission, Series A (RB)
	750,000	5.00%, 12/01/26 (c)		922,616
	15,000	5.00%, 12/01/26 (c)		18,297
	110,000	5.00%, 12/01/26 (c)		136,691

See Notes to Financial Statements

Principal Amount			Value

Pennsylvania: (continued)
$	310,000	5.00%, 12/01/26 (c)	$	381,651
	500,000	5.00%, 12/01/29 (c)		652,105
		Pennsylvania Turnpike Commission, Series A-2 (RB)
	790,000	5.00%, 06/01/26 (c)		948,571
	175,000	5.00%, 12/01/27 (c)		220,987
	100,000	5.00%, 12/01/27 (c)		127,378
	510,000	Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c)		622,804
	760,000	Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c)		934,515
	205,000	Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c)		251,311
	110,000	Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c)		127,640
	10,000	Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c)		11,650
		Philadelphia Gas Works Co., Fourteenth Series (RB)
	680,000	5.00%, 10/01/26 (c)		822,261
	970,000	5.00%, 10/01/26 (c)		1,174,068
	735,000	5.00%, 10/01/26 (c)		890,492
		Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)
	1,460,000	5.00%, 09/01/31		1,968,210
	2,000,000	5.00%, 09/01/32		2,746,196
	2,000,000	5.00%, 09/01/33		2,793,224
	170,000	Reading School District of Berks County (GO) (AGM) (SAW) 5.00%, 03/01/27 (c)		206,335
		School District of Philadelphia, Series A (GO) (SAW)
	410,000	5.00%, 09/01/28 (c)		515,665
	450,000	5.00%, 09/01/28 (c)		569,833
	250,000	5.00%, 09/01/28 (c)		317,607
	485,000	School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c)		586,073
	220,000	School District of the City of Erie, Series A (GO) (AGM) (SAW) 5.00%, 04/01/29 (c)		278,222
	845,000	Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c)		1,052,744
		State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM) (SAW)
	260,000	5.00%, 12/01/26 (c)		315,539
	2,750,000	5.00%, 12/01/26 (c)		3,340,754
	880,000	5.00%, 12/01/26 (c)		1,079,212
	765,000	Westmoreland County Municipal Authority (RB) 5.00%, 08/15/25 (c)		906,903
				76,471,269

Principal Amount			Value

Rhode Island: 0.2%
		Rhode Island Commerce Corp., Department of Transportation, Series B (RB)
$	380,000	5.00%, 06/15/26 (c)	$	459,849
	230,000	5.00%, 06/15/26 (c)		279,618
		Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB)
	880,000	4.00%, 05/15/26 (c)		1,007,830
	110,000	5.00%, 05/15/26 (c)		133,841
	1,000,000	Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c)		1,018,320
	345,000	State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c)		380,255
	250,000	State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c)		311,930
	180,000	State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c)		206,772
				3,798,415
South Carolina: 0.4%
		Aiken County Consolidated School District, Series A (GO)
	535,000	4.00%, 04/01/29 (c)		639,481
	1,000,000	4.00%, 04/01/29 (c)		1,198,627
	185,000	County of York (GO) (SAW) 5.00%, 04/01/24 (c)		210,324
		Lancaster County School District (GO)
	325,000	3.25%, 03/01/27 (c)		362,436
	1,000,000	4.00%, 03/01/27 (c)		1,185,309
	100,000	Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c)		123,527
	250,000	Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c)		270,411
	1,000,000	South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c)		1,193,253
		South Carolina Transportation Infrastructure Bank, Series A (RB)
	655,000	2.25%, 10/01/25 (c)		666,161
	100,000	5.00%, 10/01/28 (c)		125,925
		York County, South Carolina Fort Mill School District No. 4, Series B (GO)
	500,000	3.00%, 03/01/27 (c)		547,750
	325,000	3.00%, 03/01/27 (c)		356,923
				6,880,127
South Dakota: 0.1%
		South Dakota Health and Educational Facilities Authority (RB)
	1,075,000	4.00%, 09/01/27 (c)		1,215,620
	255,000	5.00%, 09/01/27 (c)		309,328
	100,000	5.00%, 09/01/27 (c)		120,892
	400,000	South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c)		430,247
				2,076,087

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Tennessee: 1.2%
$	250,000	Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28	$	316,770
	300,000	County of Hamilton, Series A (GO) 5.00%, 04/01/28		386,289
		Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB)
	810,000	5.00%, 07/01/23 (c)		873,027
	915,000	5.00%, 07/01/23 (c)		986,198
	550,000	5.00%, 07/01/23 (c)		592,796
		Knox County Health Educational and Housing Facility Board (RB)
	700,000	5.00%, 04/01/27 (c)		827,995
	490,000	5.00%, 04/01/27 (c)		582,690
		Memphis-Shelby County Industrial Development Board, Series B (RB)
	150,000	5.00%, 11/01/26 (c)		182,500
	720,000	5.00%, 11/01/26 (c)		883,414
		Metropolitan Government of Nashville and Davidson County (GO)
	915,000	2.50%, 07/01/26 (c)		976,759
	580,000	4.00%, 07/01/26 (c)		671,102
	545,000	4.00%, 07/01/26 (c)		631,648
	590,000	4.00%, 07/01/27 (c)		704,971
	275,000	4.00%, 07/01/27 (c)		325,735
	335,000	4.00%, 07/01/27		402,441
	235,000	5.00%, 07/01/26 (c)		285,524
		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)		156,491
	600,000	5.00%, 07/01/26 (c)		725,412
		Shelby County, Public Improvement, Series B (GO)
	1,000,000	4.00%, 04/01/30 (c)		1,227,707
	3,000,000	4.00%, 04/01/30 (c)		3,696,112
	1,000,000	4.00%, 04/01/30 (c)		1,225,100
	200,000	Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/27 (c)		242,388
		State of Tennessee, Series A (GO)
	500,000	5.00%, 08/01/26 (c)		608,557
	800,000	5.00%, 08/01/26 (c)		980,621
	460,000	Tennessee Housing Development Agency, Series 2 (RB) 3.50%, 07/01/27 (c)		499,722
	170,000	Tennessee Housing Development Agency, Series 2B (RB) 3.70%, 07/01/26 (c)		183,531
		Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB)
	285,000	5.00%, 11/01/27 (c)		355,877

Principal Amount			Value

Tennessee: (continued)
$	395,000	5.00%, 11/01/27 (c)	$	490,895
	365,000	5.00%, 11/01/27		464,409
	750,000	5.00%, 11/01/27 (c)		943,506
				21,430,187
Texas: 8.9%
		Aldine Independent School District, Series A (GO)
	910,000	4.00%, 02/15/27 (c)		1,058,258
	675,000	4.00%, 02/15/27 (c)		783,479
	140,000	5.00%, 02/15/25 (c)		163,529
	700,000	5.00%, 02/15/27 (c)		867,327
	880,000	5.00%, 02/15/27 (c)		1,092,967
		Alvin Independent School District, Series A (GO)
	500,000	5.00%, 02/15/26 (c)		601,956
	645,000	5.00%, 02/15/26 (c)		779,908
		Arlington Independent School District (GO)
	500,000	4.00%, 02/15/29 (c)		608,217
	1,000,000	4.00%, 02/15/29 (c)		1,218,935
	2,000,000	5.00%, 02/15/29		2,619,268
		Austin Independent School District (GO)
	500,000	4.00%, 08/01/26 (c)		578,518
	100,000	4.00%, 08/01/26 (c)		116,037
	500,000	Austin Independent School District, Series B (GO) 5.00%, 08/01/26 (c)		615,564
	100,000	Austin Independent School District, Series C (GO) 5.00%, 08/01/26 (c)		122,416
	315,000	Beaumont Independent School District (GO) 3.00%, 02/15/26 (c)		341,657
		Bexar County Hospital District (GO)
	385,000	3.00%, 02/15/26 (c)		413,155
	250,000	4.00%, 02/15/26 (c)		284,049
	115,000	4.00%, 02/15/26 (c)		131,703
	1,315,000	5.00%, 02/15/26 (c)		1,577,649
	305,000	5.00%, 02/15/28		388,957
	250,000	Board of Regents of the University of North Texas System, Series A (RB) 5.00%, 04/15/27		312,472
	575,000	Board of Regents of the University of Texas System, Series A (RB) 5.00%, 07/01/25 (c)		677,452
		Board of Regents of the University of Texas System, Series B (RB)
	125,000	5.00%, 07/01/26 (c)		151,523
	500,000	5.00%, 08/15/29		662,999
	200,000	Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25		238,972
	520,000	Board of Regents of the University of Texas System, Series E (RB) 5.00%, 08/15/27		658,817
		Board of Regents of the University of Texas System, Series J (RB)
	215,000	5.00%, 08/15/25		256,895
	25,000	5.00%, 08/15/26 (c)		30,623

See Notes to Financial Statements

Principal Amount			Value

Texas: (continued)
		Central Texas Regional Mobility Authority, Senior Lien (RB)
$	250,000	5.00%, 01/01/26 (c)	$	292,990
	625,000	5.00%, 01/01/26 (c)		734,166
		City of Arlington, Senior Lien Special Tax (AGM) (ST)
	305,000	5.00%, 02/15/25 (c)		354,389
	150,000	5.00%, 02/15/25 (c)		174,718
	100,000	City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		120,045
	15,000	City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c)		17,978
		City of Austin, Water and Wastewater System (RB)
	360,000	5.00%, 11/15/26 (c)		448,474
	995,000	5.00%, 11/15/26 (c)		1,235,232
	2,180,000	5.00%, 11/15/26 (c)		2,702,313
	235,000	5.00%, 11/15/27 (c)		297,804
	500,000	City of Dallas (GO) 5.00%, 02/15/27 (c)		619,724
		City of Dallas, Series A (GO)
	600,000	3.00%, 02/15/29 (c)		654,365
	2,600,000	5.00%, 02/15/30		3,417,401
		City of Dallas, Series B (GO)
	415,000	3.00%, 02/15/29 (c)		452,602
	500,000	4.00%, 02/15/29 (c)		592,642
		City of Dallas, Waterworks and Sewer System, Series A (RB)
	600,000	5.00%, 10/01/26 (c)		738,313
	565,000	5.00%, 10/01/26 (c)		695,583
	900,000	5.00%, 10/01/26 (c)		1,110,704
		City of Dallas, Waterworks and Sewer System, Series C (RB)
	1,000,000	5.00%, 10/01/30 (c)		1,329,181
	1,000,000	5.00%, 10/01/30 (c)		1,338,831
		City of Denton, Utility System (RB)
	1,000,000	5.00%, 12/01/26 (c)		1,197,726
	965,000	5.00%, 12/01/26 (c)		1,164,217
		City of El Paso (GO)
	110,000	4.00%, 08/15/26 (c)		127,306
	100,000	4.00%, 08/15/26 (c)		116,013
	125,000	5.00%, 08/15/25 (c)		149,122
	455,000	City of El Paso, Water and Sewer (RB) 5.00%, 03/01/24 (c)		515,801
	235,000	City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c)		296,819
		City of Houston, Airport System, Series D (RB)
	1,000,000	5.00%, 07/01/28 (c)		1,243,227
	125,000	5.00%, 07/01/28 (c)		157,445
	4,500,000	City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c)		6,007,285
		City of Houston, Combined Utility System, First Lien, Series B (RB)
	105,000	5.00%, 11/15/26 (c)		129,193
	220,000	5.00%, 11/15/26 (c)		271,227

Principal Amount			Value

Texas: (continued)
$	555,000	5.00%, 11/15/26	$	688,657
	285,000	5.00%, 11/15/27		362,964
	1,500,000	City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c)		1,846,651
		City of Houston, Combined Utility System, First Lien, Series D (RB)
	750,000	5.00%, 11/15/28 (c)		959,047
	1,000,000	5.00%, 11/15/28 (c)		1,280,340
		City of Houston, Public Improvement, Series A (GO)
	2,000,000	4.00%, 03/01/27 (c)		2,260,714
	500,000	5.00%, 03/01/27 (c)		614,004
	520,000	5.00%, 03/01/27 (c)		637,186
	1,000,000	5.00%, 03/01/27 (c)		1,236,667
	1,000,000	5.00%, 03/01/29 (c)		1,297,820
	1,000,000	5.00%, 03/01/29 (c)		1,284,999
		City of Houston, Series A (GO)
	535,000	5.00%, 03/01/26 (c)		633,986
	180,000	5.00%, 03/01/26 (c)		215,852
	515,000	5.00%, 03/01/26 (c)		618,015
	105,000	City of Lubbock (GO) 5.00%, 02/15/25 (c)		122,646
	205,000	City of San Antonio (GO) 5.00%, 08/01/28 (c)		262,682
		City of San Antonio, Electric and Gas Systems (RB)
	500,000	4.00%, 08/01/26 (c)		574,922
	1,000,000	4.00%, 02/01/30		1,237,401
	125,000	5.00%, 08/01/26 (c)		152,118
	110,000	5.00%, 08/01/26 (c)		133,546
	1,000,000	5.00%, 08/01/27 (c)		1,243,337
	100,000	5.00%, 08/01/27 (c)		124,015
		City of San Antonio, General Improvement (GO)
	350,000	5.00%, 02/01/24 (c)		396,013
	325,000	5.00%, 08/01/29 (c)		426,742
		Collin County Community College District (GO)
	500,000	3.25%, 08/15/27 (c)		555,172
	925,000	4.00%, 08/15/27 (c)		1,087,937
	190,000	Colorado River Municipal Water District (RB) 5.00%, 01/01/28		241,328
		Conroe Independent School District (GO)
	665,000	5.00%, 02/15/27 (c)		820,165
	100,000	5.00%, 02/15/28 (c)		125,827
	320,000	Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c)		384,772
		County of Bexar (GO)
	520,000	4.00%, 06/15/25 (c)		590,480
	150,000	4.00%, 06/15/25 (c)		169,938
	290,000	5.00%, 06/15/26 (c)		353,377
	880,000	5.00%, 06/15/26 (c)		1,071,327
		County of Dallas (GO)
	250,000	5.00%, 08/15/26 (c)		308,277
	260,000	5.00%, 08/15/26 (c)		321,373

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Texas: (continued)
$	615,000	County of Denton (GO) 4.00%, 07/15/25 (c)	$	702,241
	750,000	County of Denton, Series A (GO) 4.00%, 07/15/28 (c)		909,640
		County of Fort Bend, Series B (GO)
	500,000	4.00%, 03/01/26 (c)		574,962
	20,000	5.00%, 03/01/26 (c)		24,143
		County of Harris, Toll Road, Senior Lien, Series A (RB)
	670,000	5.00%, 08/15/26 (c)		810,617
	160,000	5.00%, 08/15/26 (c)		193,764
	120,000	5.00%, 08/15/26 (c)		144,019
	675,000	5.00%, 08/15/26 (c)		815,505
	195,000	5.00%, 08/15/26 (c)		238,179
	115,000	5.00%, 08/15/26		141,605
	695,000	5.00%, 08/15/26 (c)		842,463
	190,000	5.00%, 08/15/26 (c)		230,752
	190,000	County of Harris, Toll Road, Senior Lien, Series B (RB) 5.00%, 08/15/25 (c)		224,802
		County of Harris, Unlimited Tax Road, Series A (GO)
	645,000	5.00%, 10/01/25 (c)		769,597
	395,000	5.00%, 10/01/25 (c)		472,257
		Cypress-Fairbanks Independent School District (GO)
	360,000	3.00%, 02/15/26 (c)		393,627
	125,000	5.00%, 02/15/26 (c)		150,228
		Cypress-Fairbanks Independent School District, Series A (GO)
	500,000	3.00%, 02/15/31 (c)		580,275
	1,805,000	5.00%, 02/15/29 (c)		2,339,070
	835,000	Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c)		1,090,344
		Dallas Area Rapid Transit, Senior Lien, Series A (RB)
	185,000	5.00%, 12/01/24 (c)		214,889
	165,000	5.00%, 12/01/25 (c)		197,415
	130,000	5.00%, 12/01/25 (c)		155,734
	545,000	5.00%, 12/01/25 (c)		655,345
		Dallas County Hospital District (GO)
	285,000	5.00%, 08/15/27		358,683
	575,000	5.00%, 08/15/28		740,720
	540,000	Dallas County Utility and Reclamation District (GO) 5.00%, 02/15/28		678,106
	1,000,000	Dallas Independent School District (GO) 4.00%, 02/15/30 (c)		1,241,856
		Eagle Mountain and Saginaw Independent School District (GO)
	335,000	4.00%, 02/15/26 (c)		386,205
	10,000	5.00%, 02/15/26 (c)		12,076
	250,000	El Paso County Hospital District (GO) 4.00%, 08/15/27 (c)		271,205
	115,000	El Paso Independent School District (GO) 5.00%, 08/15/24 (c)		132,917
		Fort Bend Independent School District (GO)
	635,000	4.00%, 08/15/27 (c)		752,787

Principal Amount			Value

Texas: (continued)
$	100,000	5.00%, 08/15/27 (c)	$	125,948
	255,000	5.00%, 08/15/27 (c)		319,323
	110,000	Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26		133,471
	500,000	Fort Worth Independent School District (GO) 5.00%, 02/15/26 (c)		602,742
		Frisco Independent School District (GO)
	500,000	4.00%, 02/15/27 (c)		583,450
	880,000	4.00%, 02/15/27 (c)		1,029,510
	1,350,000	4.00%, 08/15/30 (c)		1,680,385
	2,000,000	5.00%, 02/15/29 (c)		2,554,330
		Garland Independent School District (GO)
	165,000	4.00%, 02/15/25 (c)		186,493
	120,000	5.00%, 02/15/25 (c)		140,364
	200,000	Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		252,408
	250,000	Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c)		297,542
	480,000	Harris County Flood Control District, Series A (GO) 5.00%, 10/01/25 (c)		574,346
		Harris County Hospital District (RB)
	365,000	3.00%, 02/15/26 (c)		383,525
	570,000	3.13%, 02/15/26 (c)		599,109
	100,000	4.00%, 02/15/26 (c)		110,366
	100,000	4.00%, 02/15/26 (c)		110,221
		Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB)
	385,000	3.00%, 05/15/26 (c)		401,973
	730,000	3.00%, 05/15/26 (c)		758,661
	210,000	4.00%, 05/15/26 (c)		234,776
	245,000	5.00%, 11/15/27		301,126
	640,000	Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B-3 (RB) 5.00%, 09/01/26 (c) (p)		786,732
		Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB)
	950,000	4.00%, 11/15/27 (c)		1,111,923
	300,000	5.00%, 11/15/27 (c)		377,312
	850,000	5.00%, 11/15/27 (c)		1,064,719
	330,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29		434,650
		Harris County, Flood Control District, Series A (GO)
	275,000	5.00%, 10/01/25 (c)		329,319
	630,000	5.00%, 10/01/25 (c)		756,272
	210,000	5.00%, 10/01/27 (c)		263,740
	250,000	5.00%, 10/01/27 (c)		317,617
	400,000	Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c)		479,009

See Notes to Financial Statements

Principal Amount			Value

Texas: (continued)
$	260,000	Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 02/15/28 (c)	$	325,922
		Hays Consolidated Independent School District (GO)
	800,000	4.00%, 02/15/27 (c)		920,822
	500,000	4.00%, 02/15/27 (c)		576,911
		Houston Independent School District, Limited Tax School House (GO)
	540,000	5.00%, 02/15/27 (c)		664,745
	750,000	5.00%, 02/15/27 (c)		927,384
	900,000	5.00%, 02/15/27		1,125,115
		Houston Independent School District, Limited Tax School House, Series A (GO)
	215,000	4.00%, 02/15/26 (c)		245,685
	350,000	4.00%, 02/15/26 (c)		400,836
	270,000	5.00%, 02/15/26 (c)		326,331
	400,000	5.00%, 02/15/26 (c)		482,193
	135,000	5.00%, 02/15/26 (c)		161,964
	605,000	Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c)		770,948
	210,000	Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c)		239,338
	120,000	Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c)		147,481
	100,000	Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c)		116,970
	400,000	Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c)		458,966
		Lewisville Independent School District, Series B (GO)
	550,000	5.00%, 08/15/25 (c)		653,562
	145,000	5.00%, 08/15/25 (c)		173,255
	400,000	Lone Star College System (GO) 5.00%, 02/15/26 (c)		476,364
		Lower Colorado River Authority (RB)
	1,000,000	5.00%, 05/15/30		1,316,187
	750,000	5.00%, 05/15/30 (c)		964,901
		Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)
	320,000	5.00%, 05/15/26 (c)		384,428
	275,000	5.00%, 05/15/26 (c)		333,386
	90,000	Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c)		111,773
	100,000	Montgomery Independent School District (GO) 5.00%, 02/15/25 (c)		116,806
		New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB)
	250,000	4.00%, 08/15/27 (c)		287,844
	250,000	5.00%, 08/15/27 (c)		308,528

Principal Amount			Value

Texas: (continued)
$		North Harris County Regional Water Authority (RB)
	250,000	5.00%, 12/15/26 (c)	$	307,828
	205,000	5.00%, 12/15/26 (c)		253,817
	245,000	5.00%, 12/15/26 (c)		304,259
		North Texas Municipal Water District, Water System (RB)
	500,000	5.00%, 09/01/26 (c)		610,009
	715,000	5.00%, 09/01/26 (c)		867,316
	400,000	5.00%, 09/01/26 (c)		488,709
	45,000	5.00%, 09/01/26 (c)		54,953
		North Texas Tollway Authority, First Tier, Series A (RB)
	500,000	5.00%, 01/01/26 (c)		591,101
	295,000	5.00%, 01/01/26 (c)		350,819
	425,000	5.00%, 01/01/26 (c)		504,974
	575,000	5.00%, 01/01/26 (c)		681,334
	640,000	5.00%, 01/01/26 (c)		764,538
	460,000	5.00%, 01/01/26 (c)		547,039
	635,000	5.00%, 01/01/26 (c)		754,491
		North Texas Tollway Authority, Second Tier, Series B (RB) (AGM)
	450,000	4.00%, 01/01/27 (c)		509,303
	185,000	5.00%, 01/01/26 (c)		221,715
	875,000	5.00%, 01/01/26 (c)		1,039,681
	880,000	Northside Independent School District (GO) 5.00%, 08/15/27 (c)		1,096,218
	105,000	Northwest Independent School District (GO) 5.00%, 02/15/25 (c)		123,598
	545,000	Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c)		647,301
	100,000	Plano Independent School District, Series A (GO) 5.00%, 02/15/26 (c)		121,232
	740,000	Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c)		991,361
	500,000	San Antonio Independent School District (GO) 4.00%, 08/15/28 (c)		596,638
		San Antonio Water System, Junior Lien, Series A (RB)
	500,000	5.00%, 05/15/28 (c)		630,942
	500,000	5.00%, 05/15/30 (c)		667,283
		Socorro Independent School District, Series B (GO)
	225,000	4.00%, 08/15/27 (c)		264,073
	780,000	5.00%, 08/15/27 (c)		976,754
	800,000	5.00%, 08/15/27 (c)		999,395
	45,000	Spring Independent School District (GO) 5.00%, 08/15/25 (c)		53,494
	15,000	State of Texas, Finance Authority (GO) 5.00%, 10/01/26		18,575
	130,000	State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c)		163,332

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Texas: (continued)
		State of Texas, Transportation Commission, Highway Improvement (GO)
$	70,000	5.00%, 04/01/26 (c)	$	84,561
	125,000	5.00%, 04/01/26 (c)		151,136
		State of Texas, Transportation Commission, Highway Improvement, Series A (GO)
	400,000	5.00%, 04/01/26 (c)		483,635
	500,000	5.00%, 04/01/26 (c)		605,351
	150,000	State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c)		187,115
		State of Texas, Transportation Commission, Mobility Fund, Series B (GO)
	240,000	5.00%, 10/01/27 (c)		299,383
	465,000	5.00%, 10/01/27 (c)		581,629
	105,000	State of Texas, Water Infrastructure Fund, Series B-1 (GO) 5.00%, 08/01/21 (c)		106,248
		Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB)
	80,000	5.00%, 05/15/26 (c)		96,121
	855,000	5.00%, 05/15/26 (c)		1,030,178
	140,000	Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28		177,866
	440,000	Tarrant Regional Water Control and Improvement District (RB) 5.00%, 03/01/25 (c)		518,573
	820,000	Tarrant Regional Water District (RB) 2.00%, 03/01/30 (c)		862,700
		Texas A&M University, Series D (RB)
	10,000	4.00%, 05/15/26 (c)		11,571
	110,000	4.00%, 05/15/26 (c)		128,639
	100,000	Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c)		124,510
	775,000	Texas Department of Housing and Community Affairs, Series A (RB) 2.70%, 09/01/28 (c)		815,637
		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)		1,343,711
	1,000,000	4.00%, 12/31/30 (c)		1,172,453
	545,000	Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c)		676,861
		Texas State University System, Board of Regents, Series A (RB) (FHA)
	650,000	4.00%, 03/15/29 (c)		768,389
	160,000	5.00%, 03/15/25 (c)		187,595
	100,000	5.00%, 03/15/27 (c)		123,917

Principal Amount			Value

Texas: (continued)
		Texas Water Development Board (RB)
$	500,000	3.00%, 10/15/30 (c)	$	573,172
	250,000	3.00%, 10/15/30 (c)		283,687
	950,000	3.00%, 10/15/30 (c)		1,083,389
	250,000	3.00%, 10/15/30 (c)		287,859
	2,000,000	4.00%, 10/15/30 (c)		2,515,304
	370,000	5.00%, 10/15/26 (c)		463,211
	600,000	5.00%, 10/15/26 (c)		746,381
	1,000,000	5.00%, 08/01/27 (c)		1,258,999
		Texas Water Development Board, Series A (RB)
	45,000	4.00%, 10/15/25 (c)		51,572
	400,000	4.00%, 10/15/27 (c)		475,418
	180,000	4.00%, 04/15/28 (c)		215,018
	600,000	4.00%, 04/15/28 (c)		719,378
	165,000	5.00%, 10/15/25 (c)		198,648
	250,000	5.00%, 10/15/27 (c)		316,687
	200,000	5.00%, 10/15/27 (c)		251,986
		Texas Water Development Board, Series B (RB)
	120,000	4.00%, 10/15/28 (c)		144,556
	1,000,000	4.00%, 10/15/28 (c)		1,210,629
	1,000,000	5.00%, 10/15/28 (c)		1,290,721
		Trinity River Authority, Regional Wastewater System (RB)
	285,000	5.00%, 08/01/27 (c)		356,039
	670,000	5.00%, 08/01/27 (c)		843,529
		University of North Texas, Series A (RB)
	140,000	5.00%, 04/15/27 (c)		172,320
	75,000	5.00%, 04/15/27 (c)		92,742
	165,000	5.00%, 04/15/27 (c)		205,396
		Via Metropolitan Transit Authority, Sales Tax (RB)
	645,000	5.00%, 01/15/27 (c)		784,137
	135,000	5.00%, 01/15/27 (c)		165,161
				159,908,270
Utah: 0.4%
	395,000	Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c)		465,664
		State of Utah (GO)
	1,140,000	5.00%, 01/01/27 (c)		1,420,166
	250,000	5.00%, 01/01/29 (c)		322,431
		State of Utah, Series B (GO)
	750,000	5.00%, 07/01/28		973,232
	1,275,000	5.00%, 01/01/29 (c)		1,668,684
	365,000	University of Utah, Series A (RB) 5.00%, 08/01/27 (c)		453,913
		Utah Transit Authority, Subordinated Sales Tax (RB)
	130,000	0.00%, 06/15/26 (c) ^		96,367
	865,000	3.00%, 06/15/26 (c)		941,413
	850,000	4.00%, 06/15/26 (c)		963,902
				7,305,772
Virginia: 2.3%
	650,000	Arlington County, Series B (GO) 5.00%, 08/15/26 (c)		804,582
	1,520,000	City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/26 (c)		1,825,387

See Notes to Financial Statements

Principal Amount			Value

Virginia: (continued)
$	1,020,000	Commonwealth of Virginia, Series A (GO) 2.00%, 06/01/31 (c)	$	1,045,362
		County of Arlington (GO)
	1,990,000	4.00%, 06/15/29 (c)		2,415,880
	1,130,000	5.00%, 08/15/27 (c)		1,425,025
		County of Fairfax, Public Improvement, Series A (GO)
	375,000	2.00%, 04/01/31 (c)		394,292
	750,000	5.00%, 04/01/28 (c)		958,599
	1,755,000	5.00%, 04/01/29 (c)		2,297,508
	155,000	Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/26 (c)		186,178
	550,000	Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c)		656,841
	1,500,000	Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c)		1,687,736
	750,000	Loudoun County, Series A (GO) (SAW) 5.00%, 12/01/29 (c)		1,002,147
		Virginia Beach Development Authority, Series A (RB) (AGM)
	1,000,000	3.00%, 04/15/30 (c)		1,112,214
	1,000,000	3.00%, 04/15/30 (c)		1,115,821
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
	1,500,000	4.00%, 02/01/30 (c)		1,825,686
	130,000	5.00%, 02/01/26		157,686
	110,000	5.00%, 02/01/26 (c)		133,196
	2,500,000	5.00%, 02/01/28		3,202,351
	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/28		320,235
	110,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c)		120,359
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)
	450,000	5.00%, 02/01/28 (c)		567,752
	880,000	5.00%, 02/01/28 (c)		1,115,551
	120,000	5.00%, 02/01/28 (c)		153,203
		Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)
	775,000	3.00%, 09/01/27 (c)		854,307
	1,020,000	5.00%, 09/01/26 (c)		1,252,794
	970,000	5.00%, 09/01/26 (c)		1,190,241

Principal Amount			Value

Virginia: (continued)
$	20,000	5.00%, 09/01/26 (c)	$	24,581
	30,000	5.00%, 09/01/26 (c)		36,872
		Virginia Commonwealth Transportation Board (RB)
	100,000	5.00%, 05/15/26 (c)		122,062
	20,000	5.00%, 09/15/26 (c)		24,532
	400,000	5.00%, 05/15/27 (c)		501,137
		Virginia Commonwealth Transportation Board, Series A (RB)
	180,000	4.00%, 11/15/27 (c)		212,047
	250,000	5.00%, 05/15/27		315,177
	120,000	5.00%, 11/15/27 (c)		151,151
	800,000	5.00%, 11/15/27 (c)		999,127
		Virginia Public Building Authority, Series A (RB)
	695,000	3.00%, 08/01/26 (c)		758,094
	400,000	3.00%, 08/01/28 (c)		443,748
	1,050,000	3.13%, 08/01/28 (c)		1,170,737
	250,000	4.00%, 08/01/27 (c)		293,641
	325,000	5.00%, 08/01/26		400,685
	870,000	5.00%, 08/01/28		1,127,579
	700,000	5.00%, 08/01/28 (c)		896,334
	1,000,000	5.00%, 08/01/30 (c)		1,324,615
	1,000,000	Virginia Public Building Authority, Series A-2 (RB) 4.00%, 08/01/31 (c)		1,250,868
		Virginia Public School Authority (RB) (SAW)
	30,000	5.00%, 08/01/26 (c)		36,986
	750,000	5.00%, 08/01/26 (c)		925,532
	575,000	5.00%, 08/01/26 (c)		710,920
	365,000	Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c)		435,730
	560,000	Virginia Resources Authority, Series C (RB) 4.00%, 11/01/26 (c)		651,407
				40,634,495
Washington: 2.9%
	600,000	Auburn School District No. 408 of King and Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c)		681,800
		Central Puget Sound Regional Transit Authority, Series S-1 (RB)
	590,000	5.00%, 11/01/25 (c)		703,519
	815,000	5.00%, 11/01/25 (c)		971,411
	110,000	5.00%, 11/01/25 (c)		131,218
	110,000	5.00%, 11/01/26 (c)		136,074
		City of Seattle, Drainage and Wastewater System (RB)
	640,000	4.00%, 04/01/26 (c)		730,728
	500,000	4.00%, 07/01/27 (c)		583,043
	915,000	City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)		1,068,422
		City of Seattle, Water System Improvement (RB)
	115,000	4.00%, 02/01/27 (c)		133,447
	20,000	5.00%, 08/01/26		24,634
	500,000	5.00%, 02/01/27 (c)		611,468

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Washington: (continued)
$	750,000	County of King (GO) 5.00%, 01/01/29 (c)	$	961,472
		Energy Northwest, Colombia Generating Station Electric, Series A (RB)
	185,000	5.00%, 07/01/26 (c)		225,616
	400,000	5.00%, 07/01/27 (c)		495,264
	125,000	5.00%, 07/01/28 (c)		159,425
	1,000,000	5.00%, 07/01/29 (c)		1,293,126
	1,000,000	5.00%, 07/01/30 (c)		1,316,965
	655,000	Energy Northwest, Project 1 Electric, Series A (RB) 5.00%, 07/01/27 (c)		824,223
	130,000	Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/26 (c)		159,133
		Energy Northwest, Project 3 Electric, Series C (RB)
	270,000	5.00%, 07/01/28		349,273
	1,000,000	5.00%, 07/01/30 (c)		1,321,193
	760,000	FYI Properties (RB) 5.00%, 06/01/27		935,308
		Grant and Douglas Counties School District No. 144-101 (GO) (SBG)
	125,000	4.00%, 06/01/26 (c)		142,576
	520,000	4.00%, 06/01/26 (c)		596,322
	880,000	King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c)		1,031,005
		King County School District No. 401 (GO) (SBG)
	690,000	3.13%, 12/01/26 (c)		750,755
	700,000	5.00%, 12/01/26 (c)		859,750
	515,000	King County School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c)		636,330
	635,000	King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c)		728,201
	835,000	King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c)		1,035,577
	840,000	King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c)		993,461
	570,000	King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c)		663,760
	500,000	King County, Washington Limited Tax, Series E (GO) 5.00%, 12/01/25 (c)		601,989
		Kitsap County School District No. 401 (GO) (SBG)
	250,000	4.00%, 06/01/26 (c)		284,083
	15,000	4.00%, 06/01/26 (c)		17,336
	845,000	Pasco School District No. 1, Franklin County (GO) (SBG) 5.00%, 12/01/27 (c)		1,067,667
		Pierce County School District No. 403 (GO) (SBG)
	200,000	5.00%, 06/01/29 (c)		256,851

Principal Amount			Value

Washington: (continued)
$	500,000	5.00%, 06/01/29 (c)	$	649,202
	175,000	Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c)		202,092
		Port of Seattle, Intermediate Lien (RB)
	30,000	5.00%, 02/01/26 (c)		36,014
	130,000	5.00%, 02/01/26 (c)		156,330
		Port of Tacoma, Series A (GO)
	110,000	5.00%, 12/01/26 (c)		135,171
	500,000	5.00%, 12/01/26 (c)		615,949
		Puyallup School District No. 3 (GO) (SBG)
	565,000	5.00%, 06/01/27 (c)		698,964
	100,000	5.00%, 06/01/27 (c)		124,399
		State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO)
	825,000	5.00%, 08/01/26 (c)		1,004,224
	1,000,000	5.00%, 06/01/30 (c)		1,341,021
		State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO)
	135,000	5.00%, 08/01/26 (c)		164,872
	835,000	5.00%, 08/01/26 (c)		1,026,048
		State of Washington, Series A (GO)
	115,000	5.00%, 08/01/26 (c)		139,785
	755,000	5.00%, 08/01/26 (c)		918,150
		State of Washington, Series C (GO)
	175,000	5.00%, 02/01/25 (c)		204,861
	1,545,000	5.00%, 08/01/27		1,956,577
	880,000	5.00%, 08/01/27 (c)		1,096,852
	170,000	5.00%, 02/01/28 (c)		215,504
		State of Washington, Series D (GO)
	100,000	5.00%, 02/01/27 (c)		122,689
	880,000	5.00%, 08/01/27 (c)		1,097,993
		State of Washington, Series E (GO)
	1,000,000	5.00%, 06/01/31 (c)		1,355,947
	750,000	5.00%, 06/01/31 (c)		1,019,822
		State of Washington, Various Purpose, Series A (GO)
	580,000	5.00%, 08/01/26 (c)		712,704
	245,000	5.00%, 08/01/26 (c)		299,212
	495,000	5.00%, 08/01/26 (c)		602,534
	200,000	5.00%, 08/01/26 (c)		244,254
	500,000	5.00%, 08/01/27 (c)		623,211
	500,000	5.00%, 08/01/27 (c)		622,547
	1,000,000	State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c)		1,341,875
	25,000	State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c)		30,402
		State of Washington, Various Purpose, Series R-B (GO)
	105,000	5.00%, 01/01/26 (c)		126,538
	145,000	5.00%, 08/01/26 (c)		178,429
		State of Washington, Various Purpose, Series R-C (GO)
	360,000	5.00%, 01/01/25 (c)		419,359
	880,000	5.00%, 08/01/27 (c)		1,095,684
	420,000	5.00%, 08/01/27 (c)		524,042
	1,000,000	5.00%, 08/01/27 (c)		1,255,898

See Notes to Financial Statements

Principal Amount			Value

Washington: (continued)
$	720,000	State of Washington, Various Purpose, Series R-E (GO) 5.00%, 01/01/25 (c)	$	841,294
	1,250,000	University of Washington, Series C (RB) 5.00%, 04/01/30		1,684,145
	2,000,000	Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) 5.00%, 02/15/28 (c)		2,458,153
		Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB)
	225,000	5.00%, 10/01/28 (c)		283,367
	250,000	5.00%, 10/01/28 (c)		318,027
	130,000	5.00%, 10/01/28		168,040
	760,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c)		903,900
				52,498,506
West Virginia: 0.3%
	270,000	State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c)		337,726
		State of West Virginia, Series A (GO)
	500,000	5.00%, 06/01/29 (c)		644,857
	1,000,000	5.00%, 06/01/29 (c)		1,307,334
		State of West Virginia, Series B (GO)
	200,000	5.00%, 06/01/28 (c)		255,313
	675,000	5.00%, 06/01/28 (c)		865,987
		West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB)
	1,055,000	3.00%, 06/01/26 (c)		1,104,183
	240,000	4.00%, 06/01/26 (c)		265,623
	240,000	5.00%, 06/01/26 (c)		286,665
				5,067,688
Wisconsin: 1.6%
	1,000,000	City of Madison, Series A (GO) 2.00%, 10/01/27 (c)		1,050,487
		City of Milwaukee, Series N4 (GO)
	200,000	5.00%, 04/01/26		241,387
	100,000	5.00%, 04/01/27		124,012
	1,500,000	5.00%, 04/01/28		1,904,818
	350,000	Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c)		377,521
		Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB)
	165,000	5.00%, 03/01/26 (c)		197,431
	180,000	5.00%, 03/01/26 (c)		215,344
	390,000	5.00%, 03/01/26 (c)		466,564
	1,155,000	Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		1,280,101

Principal Amount			Value

Wisconsin: (continued)
$	375,000	Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 3.00%, 06/01/26 (c)	$	397,453
	1,000,000	State of West Virginia, Series B (GO) 5.00%, 05/01/28		1,289,399
		State of Wisconsin, Environmental Improvement Fund, Series A (RB)
	185,000	5.00%, 06/01/25 (c)		218,124
	100,000	5.00%, 06/01/25 (c)		117,772
	220,000	5.00%, 06/01/25 (c)		260,074
	185,000	5.00%, 06/01/25 (c)		218,781
	150,000	5.00%, 06/01/25 (c)		177,390
		State of Wisconsin, General Fund Annual Appropriation, Series B (RB)
	10,000	5.00%, 05/01/26 (c)		12,066
	20,000	5.00%, 05/01/26 (c)		24,154
		State of Wisconsin, Series 1 (GO)
	15,000	5.00%, 05/01/25 (c)		17,709
	460,000	5.00%, 05/01/27 (c)		570,057
	250,000	5.00%, 05/01/27 (c)		311,815
	655,000	5.00%, 05/01/27 (c)		821,249
		State of Wisconsin, Series 2 (GO)
	510,000	5.00%, 05/01/26 (c)		622,647
	150,000	5.00%, 05/01/26 (c)		182,470
	635,000	5.00%, 11/01/26		787,456
	315,000	5.00%, 11/01/26		390,628
	660,000	5.00%, 05/01/27 (c)		827,518
		State of Wisconsin, Series 3 (GO)
	145,000	5.00%, 11/01/22 (c)		155,588
	500,000	5.00%, 05/01/27 (c)		618,337
	450,000	5.00%, 05/01/27 (c)		557,664
	295,000	5.00%, 05/01/27 (c)		369,158
		State of Wisconsin, Series A (GO)
	100,000	4.00%, 05/01/26 (c)		114,835
	930,000	5.00%, 05/01/25 (c)		1,095,541
	250,000	5.00%, 05/01/25 (c)		294,500
	890,000	5.00%, 05/01/25 (c)		1,047,261
	160,000	5.00%, 05/01/26		194,899
	400,000	5.00%, 05/01/28		515,760
	210,000	State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c)		247,380
	500,000	State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c)		552,050
	500,000	Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c)		564,008
	2,705,000	Wisconsin Center District, Series C (RB) (AGM) 0.00%, 12/15/30 (c) ^		2,187,098
	565,000	Wisconsin Department of Transportation, Series 1 (RB) 5.00%, 07/01/24 (c)		642,488
		Wisconsin Department of Transportation, Series 2 (RB)
	480,000	5.00%, 07/01/27 (c)		596,234
	115,000	5.00%, 07/01/27 (c)		143,655
		Wisconsin Department of Transportation, Series A (RB)
	940,000	5.00%, 07/01/24 (c)		1,073,051
	510,000	5.00%, 07/01/24 (c)		583,226

See Notes to Financial Statements

VANECK VECTORS INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Wisconsin: (continued)
$	140,000	5.00%, 07/01/24 (c)	$	160,149
		Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
	1,000,000	4.00%, 05/15/26 (c)		1,134,101
	1,500,000	4.00%, 05/15/26 (c)		1,692,015
	290,000	5.00%, 05/15/26 (c)		352,233
	35,000	5.00%, 05/15/26 (c)		42,344
	100,000	5.00%, 05/15/26 (c)		120,809
	500,000	Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c)		587,410

Principal Amount			Value

Wisconsin: (continued)
$	125,000	Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c)	$	151,724
	155,000	Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c)		177,064
				29,075,009
Total Municipal Bonds: 98.7% (Cost: $1,689,816,657)				1,778,396,797
Other assets less liabilities: 1.3%				22,950,167
NET ASSETS: 100.0%			$	1,801,346,964


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	%	$	117,117,387
Health Care		7.2			128,624,238
Housing		1.6			28,696,898
Industrial Revenue		1.0			17,124,531
Leasing		6.4			113,237,279
Local		19.2			341,749,095
Power		3.8			68,516,999
Solid Waste/Resource Recovery		0.1			1,113,125
Special Tax		10.4			185,314,896
State		20.8			369,460,050
Tobacco		1.4			24,204,974
Transportation		12.0			213,949,446
Water & Sewer		9.5			169,287,879
		100.0	%	$	1,778,396,797

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Total Municipal Bonds*

—

1,778,396,797

—

1,778,396,797

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

MUNICIPAL BONDS: 98.8%
Alabama: 0.5%
$	210,000	Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c)	$	239,652
	220,000	UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c)		258,714
	280,000	UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c)		313,244
	260,000	Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c)		315,513
				1,127,123
Alaska: 0.1%
	300,000	Alaska Housing Finance Corp., Series A (RB) 3.70%, 06/01/27 (c)		325,686
Arizona: 1.1%
	1,000,000	City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series A (RB) 5.00%, 07/01/29 (c)		1,239,392
	215,000	City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 4.00%, 07/01/27 (c)		245,512
	325,000	City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c)		390,209
	625,000	Glendale Industrial Development Authority, Sun Health Services (RB) 5.00%, 11/15/26 (c)		728,970
				2,604,083
Arkansas: 0.0%
	100,000	City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c)		104,509
California: 15.5%
	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)		367,259
	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)		619,855
	230,000	Anaheim Elementary School District (GO) 3.00%, 08/01/26 (c)		239,901
	315,000	Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^		171,023

Principal Amount			Value

California: (continued)
$	1,350,000	California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series A (RB) 4.00%, 06/01/30 (c)	$	1,565,754
	320,000	California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c)		356,848
	750,000	California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c)		897,031
	230,000	California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford, Series A (RB) 4.00%, 11/15/27 (c)		261,149
		California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB)
	570,000	3.00%, 10/01/26 (c)		592,483
	680,000	3.00%, 10/01/26 (c)		713,351
		California Health Facilities Financing Authority, Sutter Health, Series B (RB)
	300,000	4.00%, 11/15/26 (c)		340,420
	155,000	4.00%, 11/15/26 (c)		175,035
	160,000	California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c)		170,423
	200,000	California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c)		222,553
	250,000	California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (SAW) 5.00%, 05/01/49		390,455
		California State University, Series A (RB)
	250,000	4.00%, 05/01/26 (c)		282,431
	410,000	5.00%, 05/01/26 (c)		486,743
	800,000	5.00%, 05/01/27 (c)		985,961
	330,000	California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c)		396,441
		California Statewide Communities Development Authority, John Muir Health, Series A (RB)
	150,000	4.00%, 08/15/26 (c)		166,598
	385,000	4.00%, 08/15/26 (c)		428,958
	20,000	4.00%, 08/15/26 (c)		22,429
	200,000	California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c)		208,124

See Notes to Financial Statements

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	455,000	Centinela Valley Union High School District, Series B (GO) (AGM) 4.00%, 08/01/26 (c)	$	505,330
	300,000	Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB) 3.38%, 06/01/26 (c)		316,045
	390,000	Eastern Municipal Water District, Water and Wastewater, Series A (RB) 5.00%, 07/01/26 (c)		461,689
	170,000	Elk Grove Unified School District (CP) 3.13%, 02/01/26 (c)		177,896
	300,000	Fairfield-Suisun Unified School District (GO) 2.75%, 08/01/26 (c)		312,235
	130,000	Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c)		147,902
	325,000	Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c)		345,001
	105,000	Grossmont Union High School District, Series B (GO) 3.00%, 08/01/26 (c)		109,647
	185,000	Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c)		207,443
	105,000	Imperial Irrigation District, Electric System, Series B-2 (RB) 5.00%, 11/01/26 (c)		126,298
	140,000	Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) 4.00%, 09/01/29 (c)		164,798
		Livermore Valley Joint Unified School District (GO)
	215,000	3.00%, 08/01/26 (c)		224,255
	250,000	4.00%, 08/01/26 (c)		281,235
	440,000	Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c)		551,861
		Los Angeles Department of Water and Power, Series A (RB)
	340,000	5.00%, 01/01/26 (c)		405,415
	300,000	5.00%, 01/01/26 (c)		355,602
	105,000	5.00%, 01/01/26 (c)		124,989
	500,000	5.00%, 01/01/27 (c)		611,827
	250,000	5.00%, 01/01/28 (c)		309,855
	775,000	5.00%, 01/01/29 (c)		969,760
	800,000	5.00%, 07/01/30 (c)		1,042,864
	275,000	Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c)		341,028
		Los Angeles Unified School District, Series A (GO)
	200,000	4.00%, 07/01/25 (c)		220,482
	335,000	5.00%, 07/01/25 (c)		391,831

Principal Amount			Value

California: (continued)
$	500,000	Metropolitan Water District of Southern California, Series A (RB) 5.00%, 01/01/29 (c)	$	639,217
	530,000	Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c)		616,697
	100,000	Montebello Unified School District, Series A (GO) 4.00%, 08/01/26 (c)		109,447
	380,000	Oxnard School District, Series A (GO) 4.00%, 08/01/27 (c)		433,298
	110,000	Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c)		120,793
	250,000	Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/25 (c)		281,663
	325,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c)		421,433
	500,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c)		535,624
	265,000	Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c)		312,630
	570,000	Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c)		671,499
	250,000	Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c)		303,781
	750,000	San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c)		935,019
		San Diego Unified School District, Series I (GO)
	240,000	3.13%, 07/01/27 (c)		256,668
	595,000	4.00%, 07/01/27 (c)		686,383
	610,000	San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c)		726,582
	150,000	San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c)		169,750
	825,000	San Jose Evergreen Community College District (GO) 3.00%, 09/01/28 (c)		897,113
	1,000,000	Santa Ana Unified School District, Series A (GO) 4.00%, 08/01/28 (c)		1,144,164
	250,000	Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c)		312,461

See Notes to Financial Statements

Principal Amount			Value

California: (continued)
$	1,000,000	Saugus Union School District School Facilities Improvement District No. 2014-1, Series C (GO) 2.38%, 08/01/30 (c)	$	998,130
	110,000	State of California (GO) 4.00%, 10/01/29 (c)		132,300
		State of California, Various Purpose (GO)
	500,000	3.00%, 10/01/29 (c)		533,262
	105,000	4.00%, 09/01/26 (c)		119,780
	515,000	5.00%, 11/01/27 (c)		632,800
	935,000	5.00%, 10/01/28 (c)		1,172,923
	1,000,000	University of California, Series BE (RB) 4.00%, 05/15/30 (c)		1,204,000
	1,000,000	University of California, Series O (RB) 5.00%, 05/15/28 (c)		1,231,136
	240,000	Victor Valley Community College District (GO) 4.00%, 08/01/26 (c)		268,776
	235,000	West Hollywood Public Financing Authority (RB) 4.00%, 04/01/26 (c)		258,914
	250,000	West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c)		294,347
				35,187,103
Colorado: 2.5%
	550,000	Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c)		627,943
	230,000	City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c)		263,579
	750,000	City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c)		919,450
	155,000	Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c)		186,369
	320,000	Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c)		364,539
	280,000	Colorado Health Facilities Authority, Children Hospital, Series A (RB) 5.00%, 06/01/26 (c)		323,951
	500,000	Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c)		530,481
	500,000	Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c)		630,244
		Colorado High Performance Transportation Enterprise (RB)
	250,000	5.00%, 12/31/24 (c)		286,385
	250,000	5.00%, 12/31/24 (c)		286,871
	160,000	Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c)		184,860

Principal Amount			Value

Colorado: (continued)
$	850,000	Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c)	$	849,924
	230,000	University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c)		268,634
				5,723,230
Connecticut: 0.4%
	10,000	Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c)		10,547
	300,000	Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c)		342,899
		University of Connecticut, Series A (RB)
	250,000	4.00%, 11/01/28 (c)		291,164
	250,000	5.00%, 02/15/30 (c)		317,840
				962,450
Delaware: 0.1%
	150,000	County of New Castle (GO) 4.00%, 04/01/27 (c)		168,989
	115,000	Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c)		128,248
				297,237
District of Columbia: 1.4%
		District of Columbia, Series A (RB)
	575,000	2.63%, 03/01/30 (c)		591,954
	275,000	3.00%, 03/01/30 (c)		303,079
	100,000	4.00%, 04/15/29 (c)		119,215
	1,000,000	4.00%, 04/15/29 (c)		1,178,251
	750,000	District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c)		929,440
	100,000	District of Columbia, Water and Sewer Authority, Public Utility, Subordinated Lien, Series A (RB) 5.00%, 04/01/26 (c)		118,567
				3,240,506
Florida: 4.7%
	345,000	Central Florida Expressway Authority (RB) 4.00%, 07/01/27 (c)		395,806
	500,000	City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c)		605,076
	250,000	City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c)		314,171
		City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA)
	180,000	3.00%, 07/01/26 (c)		190,152
	200,000	3.25%, 07/01/26 (c)		211,766
	345,000	City of Tampa, Baycare Health System, Series A (RB) 4.00%, 05/15/26 (c)		378,884

See Notes to Financial Statements

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Florida: (continued)
$	275,000	City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c)	$	349,542
	900,000	Collier County Water and Sewer District (RB) 3.00%, 07/01/29 (c)		982,132
	275,000	County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c)		333,189
	1,000,000	County of Broward, Port Facilities, Series A (RB) 5.00%, 09/01/29 (c)		1,212,735
	210,000	County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c)		239,046
		County of Miami-Dade, Water and Sewer System, Series B (RB)
	310,000	3.00%, 10/01/29 (c)		331,857
	140,000	3.13%, 10/01/27 (c)		151,336
	360,000	4.00%, 10/01/27 (c)		422,692
	80,000	Florida Housing Finance Corp., Series 1 (RB) 3.20%, 07/01/28 (c)		84,009
	205,000	Florida Housing Finance Corp., Series 2 (RB) 4.05%, 01/01/28 (c)		224,078
	125,000	Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c)		149,507
	1,000,000	Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 3.50%, 02/01/31 (c)		1,072,221
	265,000	Orange County Health Facilities Authority, Orlando Hospital, Series B (RB) 4.00%, 10/01/26 (c)		289,535
	750,000	Orlando Utilities Commission, Series A (RB) 2.38%, 04/01/31 (c)		756,976
	330,000	Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c)		358,824
	300,000	School District of Broward County (GO) 5.00%, 07/01/28 (c)		372,429
	145,000	State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AGM) 3.00%, 06/01/29 (c)		164,080
	500,000	State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 3.00%, 06/01/29 (c)		566,856
	500,000	State of Florida, Department of Transportation, Turnpike, Series B (RB) 2.00%, 07/01/30 (c)		493,335
				10,650,234

Principal Amount			Value

Georgia: 2.2%
$	260,000	Burke County Development Authority, Series D (RB) 4.13%, 02/01/28 (c)	$	291,245
		County of Fulton, Water and Sewerage, Series A (RB)
	500,000	2.25%, 01/01/30 (c)		502,050
	900,000	2.38%, 01/01/30 (c)		908,993
	150,000	County of Paulding, Water and Sewerage Revenue (RB) 3.00%, 12/01/26 (c)		157,809
	90,000	Dahlonega Downtown Development Authority (RB) 3.13%, 07/01/23 (c)		92,797
	185,000	Dalton-Whitfield County Joint Development Authority (RB) 4.00%, 02/15/28 (c)		205,703
	270,000	Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW) 4.00%, 07/01/29 (c)		313,041
	165,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) (SAW) 3.35%, 06/01/28 (c)		178,308
	230,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series A-1 (RB) 3.35%, 12/01/25 (c)		241,106
	150,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) 3.55%, 12/01/26 (c)		159,633
	215,000	Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c)		225,382
	335,000	Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c)		426,833
	1,000,000	Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/30 (c)		1,069,530
	150,000	Private Colleges and Universities Authority, Emory University, Series B (RB) 3.00%, 10/01/24 (c)		154,869
				4,927,299
Hawaii: 0.5%
		City and County of Honolulu, Series C (GO)
	750,000	4.00%, 08/01/29 (c)		884,991
	200,000	5.00%, 08/01/29 (c)		253,616
				1,138,607
Illinois: 3.8%
	100,000	Chicago Board of Education (ST) 6.00%, 04/01/27 (c)		120,208
	250,000	Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/26 (c)		293,539

See Notes to Financial Statements

Principal Amount			Value

Illinois: (continued)
$	890,000	Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c)	$	1,011,888
	150,000	Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c)		180,721
		Chicago O’Hare International Airport, Series D (RB)
	150,000	5.00%, 01/01/27 (c)		179,567
	265,000	5.00%, 01/01/27 (c)		319,557
	250,000	Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c)		299,278
	220,000	Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c)		254,330
	1,000,000	City of Chicago, Series A (GO) 5.00%, 01/01/29 (c)		1,188,966
	160,000	Cook County, Sales Tax (RB) 4.00%, 11/15/27 (c)		181,751
	500,000	Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c)		591,141
	500,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB) 3.00%, 11/15/30 (c)		522,789
	170,000	Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c)		190,889
	500,000	Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c)		636,726
	165,000	Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/26 (c)		180,831
	750,000	State of Illinois (GO) 5.75%, 05/01/30 (c)		962,774
		State of Illinois, Series A (GO)
	500,000	4.00%, 03/01/31 (c)		573,182
	250,000	5.00%, 05/01/28 (c)		295,596
	630,000	5.00%, 05/01/28 (c)		743,299
				8,727,032
Iowa: 0.3%
		Iowa Higher Education Loan Authority (RB)
	300,000	5.00%, 12/01/26 (c)		364,809
	250,000	5.00%, 12/01/26 (c)		304,008
				668,817
Kansas: 0.2%
	270,000	Lyon County Unified School District No. 253 (GO) 3.00%, 09/01/27 (c)		285,663
	150,000	Sedgwick County Unified School District No. 260, Series B (GO) 4.00%, 10/01/26 (c)		169,558
				455,221

Principal Amount			Value

Kentucky: 0.7%
$	920,000	Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c)	$	1,020,022
		Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB)
	345,000	3.00%, 11/15/25 (c)		361,481
	235,000	3.25%, 11/15/26 (c)		251,648
				1,633,151
Louisiana: 0.9%
	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)		256,108
	500,000	Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project, Series A (RB) (AGM) 3.00%, 06/01/30 (c)		527,213
		Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB)
	315,000	5.00%, 07/01/26 (c)		358,438
	340,000	5.00%, 07/01/26 (c)		387,777
	230,000	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c)		259,637
	240,000	New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c)		286,344
				2,075,517
Maine: 0.3%
	620,000	Maine Health and Higher Educational Facilities Authority, MaineHealth, Series A (RB) 5.00%, 07/01/28 (c)		759,563
Maryland: 0.9%
	225,000	City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c)		262,068
	250,000	County of Baltimore (GO) 4.00%, 03/01/28 (c)		293,718
	220,000	Maryland Health and Higher Educational Facilities Authority, Charlestown Community Issue, Series A (RB) 5.00%, 07/01/26 (c)		250,119
	260,000	Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c)		290,379
	150,000	Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c)		165,062

See Notes to Financial Statements

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Maryland: (continued)
$	100,000	Prince George’s County, Regional Medical Center (CP) 3.25%, 10/01/27 (c)	$	107,784
	275,000	Prince George’s County, Series A (GO) 5.00%, 07/15/28 (c)		345,897
	270,000	Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c)		304,006
				2,019,033
Massachusetts: 3.5%
	160,000	Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c)		167,127
	315,000	Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c)		392,581
		Commonwealth of Massachusetts, Series A (GO)
	275,000	5.00%, 04/01/27 (c)		337,852
	1,000,000	5.00%, 01/01/28 (c)		1,240,361
	200,000	5.00%, 01/01/28 (c)		248,243
	750,000	Commonwealth of Massachusetts, Series B (GO) 2.50%, 03/01/30 (c)		763,576
	360,000	Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c)		384,584
		Commonwealth of Massachusetts, Series E (GO)
	120,000	3.00%, 04/01/25 (c)		126,644
	440,000	4.00%, 04/01/25 (c)		492,573
	245,000	Commonwealth of Massachusetts, Series G (GO) 3.00%, 09/01/26 (c)		258,221
	230,000	Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c)		265,213
	100,000	Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c)		122,673
	700,000	Massachusetts Clean Water Trust, Series 22 (RB) (AGM) 5.00%, 08/01/29 (c)		899,557
	200,000	Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB) 5.00%, 12/01/26 (c)		235,757
	250,000	Massachusetts Development Finance Agency, Medical Center, Series E (RB) 4.00%, 07/01/26 (c)		268,633
	250,000	Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c)		281,831
	250,000	Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c)		282,510

Principal Amount			Value

Massachusetts: (continued)
$	850,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) 5.00%, 02/15/26 (c)	$	1,010,427
	150,000	Massachusetts Water Resources Authority, Series D (RB) 3.00%, 08/01/26 (c)		157,611
				7,935,974
Michigan: 2.3%
	700,000	Bloomfield Hills School District (GO) 4.00%, 05/01/30 (c)		819,709
	390,000	Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c)		462,331
	320,000	Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c)		379,349
	225,000	Michigan Finance Authority, Henry Ford Health System (RB) 4.00%, 11/15/26 (c)		251,434
		Michigan Finance Authority, Henry Ford Health System, Series A (RB)
	250,000	4.00%, 11/02/29 (c)		283,739
	135,000	5.00%, 11/02/29 (c)		167,597
	150,000	Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/27 (c)		168,433
	500,000	Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c)		528,868
	470,000	Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 4.00%, 06/01/28 (c)		498,622
		Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB)
	425,000	2.95%, 12/01/28 (c)		449,063
	145,000	3.50%, 06/01/26 (c)		153,608
	750,000	Saginaw City School District (GO) (Q-SBLF) 4.00%, 05/01/31 (c)		897,234
	190,000	Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c)		230,754
				5,290,741
Minnesota: 0.7%
		Minnesota Housing Finance Agency, Series I (RB)
	995,000	2.15%, 01/01/30 (c)		1,001,881
	500,000	3.00%, 01/01/30 (c)		547,517
				1,549,398
Missouri: 1.0%
	315,000	Health and Educational Facilities Authority, BJC Health System, Series C (RB) 4.00%, 07/01/26 (c) (p)		348,439

See Notes to Financial Statements

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)	$	278,078
	350,000	Health and Educational Facilities Authority, Mercy Health (RB) 3.00%, 06/01/30 (c)		366,685
	100,000	Health and Educational Facilities Authority, Saint Louis University (RB) 5.00%, 04/01/29 (c)		122,830
	750,000	Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 3.00%, 11/15/30 (c)		781,882
	250,000	Missouri Housing Development Commission, First Place Homeowner Loan Program, Series C (RB) 3.05%, 05/01/29 (c)		258,936
				2,156,850
Montana: 0.1%
	220,000	Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.13%, 07/01/28 (c)		238,301
Nebraska: 0.4%
	500,000	Douglas County School District No. 0001 (GO) 2.00%, 03/30/31 (c)		486,546
	480,000	Sarpy County Hospital Authority No. 1 (RB) 3.00%, 05/15/26 (c)		496,692
				983,238
Nevada: 1.5%
	390,000	City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c)		465,617
	675,000	City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c)		796,894
	120,000	Clark County, Detention Center (GO) 3.00%, 06/01/29 (c)		131,348
	280,000	Clark County, Limited Tax, Series C (GO) 3.00%, 07/01/29 (c)		305,924
	485,000	Clark County, Stadium Improvement, Series A (GO) 5.00%, 06/01/28 (c)		591,329
	250,000	County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c)		310,428
	275,000	Las Vegas Convention and Visitors Authority, Series B (RB) 5.00%, 07/01/28 (c)		327,699
	200,000	Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c)		216,685
	100,000	Las Vegas Redevelopment Agency (TA) 5.00%, 06/15/26 (c)		112,534

Principal Amount			Value

Nevada: (continued)
$	100,000	Washoe County School District, Series C (GO) (AGM) 3.13%, 10/01/27 (c)	$	108,413
				3,366,871
New Hampshire: 0.5%
	265,000	New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c)		303,759
	200,000	New Hampshire Municipal Bond Bank, Series D (RB) 4.00%, 08/15/26 (c)		226,388
	500,000	New Hampshire National Finance Authority, Springpoint Senior Living Project (RB) 4.00%, 01/01/26 (c)		553,413
				1,083,560
New Jersey: 2.6%
		Atlantic County Improvement Authority, Series A (RB) (AGM)
	140,000	3.25%, 07/01/26 (c)		146,861
	165,000	4.00%, 07/01/26 (c)		177,930
	320,000	New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c)		381,668
	55,000	New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/26 (c)		65,843
	500,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 4.00%, 07/01/26 (c)		550,809
	790,000	New Jersey Transportation Trust Fund Authority, Series A (RB) 4.25%, 12/15/28 (c)		914,610
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	910,000	4.50%, 12/15/28 (c)		1,054,005
	250,000	5.00%, 12/15/30 (c)		308,415
	250,000	5.00%, 12/15/30 (c)		314,063
	365,000	New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c)		388,259
	380,000	New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c)		435,323
	100,000	New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c)		121,332
	210,000	New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c)		238,757
	400,000	State of New Jersey, Various Purposes (GO) 5.00%, 12/01/27 (c)		491,456

See Notes to Financial Statements

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New Jersey: (continued)
$	205,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c)	$	243,152
				5,832,483
New Mexico: 0.4%
	250,000	New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c)		285,517
	235,000	New Mexico Mortgage Finance Authority, Series C (RB) 3.60%, 07/01/28 (c)		253,237
	370,000	New Mexico Mortgage Finance Authority, Series F (RB) 3.05%, 01/01/29 (c)		387,712
				926,466
New York: 19.8%
	1,000,000	Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c)		1,190,413
	110,000	Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 3.00%, 01/15/27 (c)		112,177
		City of New York, Series B-1 (GO)
	110,000	3.00%, 10/01/29 (c)		115,418
	200,000	5.00%, 10/01/27 (c)		246,031
	250,000	5.00%, 10/01/29 (c)		315,507
	500,000	City of New York, Series C (GO) 5.00%, 08/01/30 (c)		632,993
		City of New York, Series D-1 (GO)
	470,000	4.00%, 12/01/28 (c)		545,268
	100,000	5.00%, 12/01/28 (c)		124,759
	1,000,000	5.00%, 03/01/30 (c)		1,256,085
	125,000	County of Nassau, Series C (GO) 5.00%, 04/01/26 (c)		145,928
	255,000	Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c)		289,947
	645,000	Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c)		765,165
	330,000	Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c)		350,678
	300,000	Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c)		365,742
	715,000	Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c)		867,600
	350,000	Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c)		425,411
	1,000,000	Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c)		1,141,807

Principal Amount			Value

New York: (continued)
$	550,000	5.00%, 11/15/29 (c)	$	680,545
		Metropolitan Transportation Authority, Series C-1 (RB)
	400,000	4.00%, 05/15/27 (c)		442,746
	500,000	4.00%, 05/15/28 (c)		564,822
	225,000	5.00%, 11/15/26 (c)		265,343
	370,000	5.25%, 11/15/26 (c)		436,288
	1,245,000	Metropolitan Transportation Authority, Series D (RB) 4.00%, 05/15/28 (c)		1,397,673
	900,000	Monroe County Industrial Development Agency, Rochester Regional Health Project, Series A (RB) 4.00%, 07/01/30 (c)		1,044,059
	145,000	MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c)		157,213
	275,000	New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 3.00%, 05/01/28 (c)		282,772
	275,000	New York City Housing Development Corp., Multi-Family Housing, Series D (RB) 3.65%, 02/01/25 (c)		291,780
	500,000	New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c)		526,391
	1,000,000	New York City Housing Development Corp., Sustainable Development Bonds, Series C (RB) 2.75%, 02/01/29 (c)		1,011,961
	565,000	New York City Housing Development Corp., Sustainable Development Bonds, Series J (RB) 3.05%, 09/01/27 (c)		589,031
	250,000	New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) 3.75%, 11/01/25 (c)		266,420
	190,000	New York City Municipal Water Finance Authority, Series CC-1 (RB) 4.00%, 12/15/26 (c)		219,121
	175,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 4.00%, 06/15/27 (c)		201,407
	350,000	New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 3.00%, 07/15/29 (c)		365,578
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
	155,000	4.00%, 05/01/26 (c)		172,080
	225,000	5.00%, 05/01/26 (c)		270,264
	260,000	5.00%, 08/01/28 (c)		319,698

See Notes to Financial Statements

100

Principal Amount			Value

New York: (continued)
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB)
$	200,000	5.00%, 08/01/27 (c)	$	247,906
	1,000,000	5.00%, 05/01/29 (c)		1,260,381
	510,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c)		632,234
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
	400,000	4.00%, 08/01/27 (c)		455,378
	115,000	5.00%, 08/01/26 (c)		139,061
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
	1,120,000	4.00%, 05/01/29 (c)		1,305,102
	250,000	4.00%, 05/01/29 (c)		294,144
	500,000	4.00%, 11/01/30 (c)		591,170
	1,775,000	4.00%, 11/01/30 (c)		2,106,324
	420,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c)		515,903
	200,000	New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c)		255,225
	350,000	New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c)		371,595
	660,000	New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c)		712,572
	300,000	New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/29 (c)		378,065
		New York Convention Center Development Corp., Series A (RB)
	230,000	0.00%, 11/15/47 ^		104,847
	170,000	0.00%, 11/15/54 ^		59,878
	285,000	New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c)		353,395
	250,000	New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47		386,868
	405,000	New York State Dormitory Authority, New York Columbia University, Series B (RB) (FHA) 5.00%, 04/01/28 (c)		508,225
		New York State Dormitory Authority, New York University, Series A (RB)
	160,000	2.13%, 07/01/21 (c)		160,202
	375,000	4.00%, 07/01/26 (c)		420,061
	200,000	4.00%, 07/01/26 (c)		223,164
	600,000	5.00%, 07/01/28 (c)		753,484
	235,000	5.00%, 07/01/28 (c)		294,506

Principal Amount			Value

New York: (continued)
$	400,000	5.00%, 07/01/28 (c)	$	500,446
	250,000	New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c)		311,134
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	500,000	3.00%, 09/15/30 (c)		530,880
	250,000	5.00%, 08/15/26 (c)		298,056
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	800,000	4.00%, 03/15/27 (c)		897,727
	250,000	4.00%, 03/15/27 (c)		280,980
	150,000	5.00%, 03/15/27 (c)		180,357
	1,000,000	New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c)		1,235,539
		New York State Dormitory Authority, The New School, Series A (RB)
	225,000	4.00%, 01/01/27 (c)		249,567
	420,000	5.00%, 01/01/27 (c)		490,846
	500,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 4.00%, 06/15/29 (c)		580,347
	225,000	New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c)		244,273
	195,000	New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c)		208,545
	500,000	New York State Power Authority (RB) 4.00%, 05/15/30 (c)		584,223
	500,000	New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c)		584,826
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	950,000	3.00%, 09/15/30 (c)		997,676
	500,000	5.00%, 09/15/28 (c)		617,506
	550,000	New York State Urban Development Corp., State Personal Income, Series C (RB) 3.00%, 09/15/30 (c)		579,092
	925,000	New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c)		1,085,892
	485,000	Port Authority of New York and New Jersey, Series 212 (RB) 4.00%, 09/01/29 (c)		572,552
	700,000	Port Authority of New York and New Jersey, Series 213 (RB) 5.00%, 09/01/29 (c)		893,681

See Notes to Financial Statements

101

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New York: (continued)
$	190,000	State of New York Mortgage Agency, Series 203 (RB) 3.50%, 04/01/26 (c)	$	201,180
		Triborough Bridge and Tunnel Authority, Series C (RB)
	1,000,000	3.00%, 11/15/29 (c)		1,060,504
	250,000	3.38%, 11/15/28 (c)		275,104
	550,000	Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c)		688,160
				45,074,904
North Carolina: 1.7%
	500,000	Board of Governors of the University of North Carolina (RB) 5.00%, 02/01/49		754,112
		North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB)
	125,000	3.85%, 07/01/27 (c)		137,023
	295,000	4.00%, 07/01/27 (c)		319,675
	350,000	North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c)		385,197
	220,000	North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.13%, 11/01/29 (c)		233,009
		North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)
	500,000	3.00%, 01/01/30 (c)		531,102
	500,000	5.00%, 01/01/30 (c)		613,915
	750,000	5.00%, 01/01/30 (c)		914,742
				3,888,775
North Dakota: 0.5%
	1,025,000	North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.75%, 07/01/27 (c)		1,097,941
Ohio: 3.2%
		American Municipal Power, Inc., Series A (RB)
	190,000	4.00%, 02/15/26 (c)		210,210
	220,000	5.00%, 02/15/26 (c)		259,963
	440,000	City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB) 4.00%, 12/01/27 (c)		491,509
	100,000	City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c)		121,068
	375,000	Columbus City School District (GO) 5.00%, 12/01/26 (c)		452,169
	510,000	County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c)		578,498
	1,000,000	County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48		1,485,283

Principal Amount			Value

Ohio: (continued)
$	260,000	County of Franklin, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c)	$	310,451
	1,000,000	County of Ross, Adena Health System Obligated Group Project (RB) 5.00%, 12/01/29 (c)		1,230,532
	150,000	Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c)		163,396
	250,000	Gahanna-Jefferson City School District (GO) (AGM) 2.00%, 12/01/30 (c)		234,667
	250,000	Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c)		270,108
	190,000	North Royalton City School District (GO) 5.00%, 06/01/25 (c)		218,052
	350,000	Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c)		387,887
	150,000	Ohio Housing Finance Agency, Series D (RB) 3.63%, 09/01/26 (c)		158,585
	500,000	Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c)		641,241
				7,213,619
Oklahoma: 0.7%
	250,000	Edmond Public Works Authority (RB) 4.00%, 07/01/27 (c)		287,122
	750,000	Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c)		806,736
	350,000	Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/26 (c)		389,676
				1,483,534
Oregon: 1.3%
	190,000	Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c)		218,390
		Multnomah County School District No. 1J, Series B (GO) (SBG)
	550,000	2.00%, 06/15/30 (c)		538,598
	295,000	3.25%, 06/15/27 (c)		318,372
		North Clackamas School District No. 12, Series A (GO) (SBG)
	175,000	0.00%, 06/15/27 (c) ^		92,385
	465,000	0.00%, 06/15/27 (c) ^		258,304
	240,000	Salem Hospital Facility Authority, Series A (RB) 4.00%, 05/15/26 (c)		263,179
	510,000	Sherwood School District No. 88J, Series A (GO) (SBG) 0.00%, 06/15/28 (c) ^		190,779
	935,000	Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c)		1,014,724
				2,894,731

See Notes to Financial Statements

102

Principal Amount			Value

Pennsylvania: 4.8%
$	685,000	Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 06/01/28 (c)	$	851,618
		Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)
	180,000	4.00%, 10/01/27 (c)		204,545
	645,000	4.00%, 09/01/30 (c)		751,622
	210,000	4.00%, 09/01/30 (c)		248,417
	500,000	Commonwealth of Pennsylvania, First Series (GO) 2.00%, 05/01/30 (c)		503,638
	1,170,000	Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c)		1,309,271
	220,000	County of Allegheny, Series C-77 (GO) 5.00%, 11/01/28 (c)		273,627
		Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB)
	140,000	3.75%, 04/01/27 (c)		151,317
	170,000	5.00%, 04/01/27 (c)		204,260
	280,000	DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c)		332,336
	1,000,000	Geisinger Authority Health System, Series A (RB) 5.00%, 04/01/30 (c)		1,254,903
	230,000	Geisinger Authority, Health System, Series A-2 (RB) 4.00%, 02/15/27 (c)		260,026
	145,000	Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c)		160,876
	285,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 3.20%, 10/01/25 (c)		295,965
	175,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) 3.20%, 10/01/25 (c)		181,365
	260,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB) 3.65%, 04/01/27 (c)		278,088
	100,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 128 B (RB) 3.85%, 10/01/27 (c)		109,913
		Pennsylvania Turnpike Commission, Motor License, Third Series (RB)
	250,000	4.00%, 12/01/27 (c)		285,173
	155,000	5.00%, 12/01/27 (c)		189,458
	290,000	Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM) 5.00%, 12/01/28 (c)		360,117

Principal Amount			Value

Pennsylvania: (continued)
		Pennsylvania Turnpike Commission, Series A (RB)
$	900,000	4.00%, 06/01/31 (c)	$	1,056,608
	220,000	5.00%, 12/01/29 (c)		273,014
	150,000	Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c)		182,297
	700,000	Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c)		861,551
	305,000	Philadelphia Gas Works Co., Fifteenth Series (RB) 5.00%, 08/01/27 (c)		363,563
				10,943,568
South Carolina: 0.1%
	100,000	Brookland-Cayce School District No. 2, Lexington County (GO) 3.00%, 03/01/26 (c)		107,751
	100,000	Lexington County School District No. 2 (GO) 3.00%, 03/01/26 (c)		107,727
				215,478
Tennessee: 0.9%
		Sullivan County (GO)
	250,000	3.75%, 05/01/26 (c)		277,755
	230,000	4.00%, 05/01/26 (c)		259,446
	280,000	Tennessee Housing Development Agency, Series 1 (RB) 4.00%, 07/01/26 (c)		300,415
		Tennessee Housing Development Agency, Series 3 (RB)
	500,000	2.95%, 01/01/29 (c)		518,493
	355,000	3.60%, 01/01/27 (c)		378,308
	275,000	Tennessee Housing Development Agency, Series 4B (RB) 3.45%, 01/01/27 (c)		293,147
				2,027,564
Texas: 10.1%
	350,000	Alvin Independent School District (GO) 3.38%, 02/15/28 (c)		392,354
	675,000	Arlington Higher Education Finance Corp. (RB) 4.00%, 08/15/29 (c)		781,062
	150,000	Board of Regents of the University of Houston System, Series C (RB) 4.00%, 02/15/26 (c)		167,496
	650,000	Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c)		762,496
	250,000	Central Texas Regional Mobility Authority, Senior Lien (RB) 5.00%, 01/01/26 (c)		290,342
	750,000	Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c)		934,183
	285,000	City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c)		315,284

See Notes to Financial Statements

103

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Texas: (continued)
$	165,000	City of Arlington, Senior Lien Special Tax, Series A (AGM) (ST) 4.00%, 02/15/28 (c)	$	188,285
	280,000	City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c)		335,906
	500,000	City of Austin, Electric Utility System, Series A (RB) 5.00%, 11/15/30 (c)		643,716
	1,375,000	City of Austin, Electric Utility System, Series B (RB) 5.00%, 11/15/29 (c)		1,734,724
	295,000	City of Corpus Christi, Utility System (RB) (SBG) 4.00%, 07/15/30 (c)		349,976
	120,000	City of Denton (GO) 4.00%, 02/15/27 (c)		135,100
		City of El Paso (GO)
	125,000	4.00%, 08/15/26 (c)		139,802
	950,000	4.00%, 08/15/29 (c)		1,118,571
	220,000	City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c)		277,253
	265,000	Cleburne Independent School District (GO) 5.00%, 02/15/26 (c)		313,545
	250,000	College of the Mainland (GO) 3.75%, 08/15/28 (c)		278,430
	250,000	Coppell Independent School District (GO) 4.00%, 08/15/28 (c)		288,232
	220,000	County of Bexar (GO) 4.00%, 06/15/26 (c)		249,315
	500,000	Crowley Independent School District (GO) 4.00%, 02/01/29 (c)		593,627
	600,000	Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c)		613,731
	460,000	Frisco Independent School District (GO) 4.00%, 02/15/27 (c)		524,252
	250,000	Galena Park Independent School District (GO) 3.00%, 02/15/29 (c)		274,799
	640,000	Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c)		787,164
	770,000	Grand Parkway Transportation Corp., Series C (RB) 4.00%, 04/01/30 (c)		895,662
	195,000	Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series A (RB) 3.13%, 07/01/26 (c)		205,674
	350,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/29 (c)		380,293

Principal Amount			Value

Texas: (continued)
$	340,000	Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c)	$	403,441
	200,000	Klein Independent School District (GO) 4.00%, 08/01/26 (c)		227,123
		Leander Independent School District, Series A (GO)
	900,000	0.00%, 08/16/26 (c) ^		441,573
	95,000	0.00%, 08/16/26 (c) ^		42,741
	520,000	New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB) 5.00%, 07/01/26 (c)		540,062
	250,000	North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c)		298,787
	290,000	North Texas Tollway Authority, First Tier, Series A (RB) 4.00%, 01/01/26 (c)		322,223
	500,000	San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c)		623,021
	115,000	Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series A (RB) 4.00%, 05/15/26 (c)		127,912
	250,000	Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c)		306,545
	220,000	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 4.00%, 08/15/26 (c)		241,079
		Tarrant Regional Water District (RB)
	400,000	2.00%, 03/01/30 (c)		389,821
	750,000	2.00%, 03/01/30 (c)		735,107
	750,000	2.00%, 03/01/30 (c)		742,359
	485,000	Texas Water Development Board (RB) 5.00%, 10/15/26 (c)		588,753
		Texas Water Development Board, Series A (RB)
	500,000	3.00%, 10/15/29 (c)		558,741
	325,000	4.00%, 04/15/28 (c)		378,701
	840,000	5.00%, 04/15/28 (c)		1,051,460
		Texas Water Development Board, Series B (RB)
	225,000	5.00%, 10/15/28 (c)		283,642
	110,000	5.00%, 10/15/28 (c)		140,570
	250,000	West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c)		264,988
	230,000	West Travis County Public Utility Agency (RB) 4.00%, 08/15/27 (c)		257,265
				22,937,188

See Notes to Financial Statements

104

Principal Amount			Value

Utah: 0.6%
$	360,000	Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c)	$	438,334
	250,000	Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c)		315,914
		Utah County, IHC Health Services, Inc., Series B (RB)
	210,000	3.00%, 05/15/26 (c)		219,309
	350,000	4.00%, 05/15/24 (c)		374,884
				1,348,441
Vermont: 0.1%
	220,000	Vermont Educational and Health Buildings Financing Agency, Series B (RB) 5.00%, 06/01/26 (c)		255,716
Virginia: 1.8%
	260,000	Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM) 5.00%, 07/01/26 (c)		309,510
	350,000	Chesterfield Economic Development Authority, County Projects, Series F (RB) 2.00%, 04/01/30 (c)		348,896
	250,000	Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c)		285,126
		Hampton Roads Transportation Accountability Commission, Series A (RB)
	665,000	4.00%, 07/01/30 (c)		799,644
	500,000	5.00%, 07/01/30 (c)		628,234
	250,000	Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c)		282,829
	380,000	Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Series A (RB) 5.00%, 07/01/47		569,278
		Virginia Commonwealth Transportation Board (RB)
	105,000	3.00%, 05/15/26 (c)		112,432
	150,000	3.25%, 05/15/28 (c)		167,108
	500,000	Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c)		552,710
				4,055,767
Washington: 2.4%
	450,000	City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c)		515,824
	230,000	City of Seattle, Municipal Light and Power Improvement, Series C (RB) 4.00%, 09/01/27 (c)		265,346

Principal Amount			Value

Washington: (continued)
$	500,000	King and Snohomish Counties, Northshore School District No. 417 (GO) (SBG) 4.00%, 06/01/29 (c)	$	600,745
	590,000	King County Housing Authority, Ballinger Commons Apartments (RB) 3.50%, 05/01/28 (c)		654,117
	150,000	King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c)		184,865
	650,000	King County Public Hospital District No. 2, EvergreenHealth, Series A (GO) 4.00%, 12/01/29 (c)		750,959
	340,000	State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/26 (c)		411,137
	800,000	State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c)		989,890
	475,000	University of Washington, Series A (RB) 4.00%, 12/01/26 (c)		540,910
	100,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series A-2 (RB) 5.00%, 08/01/29 (c)		124,880
	205,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c)		224,175
	125,000	Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c)		137,294
				5,400,142
West Virginia: 0.5%
		State of West Virginia, Series B (GO)
	150,000	4.00%, 06/01/28 (c)		175,087
	100,000	5.00%, 06/01/28 (c)		125,856
		West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB)
	160,000	3.25%, 06/01/26 (c)		167,211
	700,000	4.00%, 06/01/28 (c)		772,862
				1,241,016
Wisconsin: 1.1%
	750,000	Public Finance Authority, Acts Retirement-Life Communities, Inc. Obligated Group, Series A (RB) 5.00%, 11/15/27 (c)		904,279
	250,000	Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c)		296,441
		Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
	200,000	4.00%, 05/15/26 (c)		222,076
	410,000	4.50%, 05/15/26 (c)		471,416

See Notes to Financial Statements

105

VANECK VECTORS LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Wisconsin: (continued)
$	205,000	Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c)	$	231,166
	225,000	Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 3.50%, 02/15/26 (c)		236,931
		Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)

Principal Amount			Value

Wisconsin: (continued)
$	115,000	4.00%, 02/15/27 (c)	$	125,346
	105,000	4.00%, 02/15/27 (c)		115,436
				2,603,091
Wyoming: 0.1%
	160,000	Wyoming Municipal Power Agency, Inc., Series A (RB) 5.00%, 01/01/27 (c)		198,805
Total Municipal Bonds: 98.8% (Cost: $214,399,322)				224,870,563
Other assets less liabilities: 1.2%				2,783,153
NET ASSETS: 100.0%			$	227,653,716

Definitions:

AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
Q-SBLF	Qualified School Board Loan Fund
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

106

Summary of Investments
By Sector	% of Investments			Value
Education		7.6	%	$	17,135,724
Health Care		18.0			40,567,303
Housing		6.0			13,535,509
Industrial Revenue		0.7			1,480,579
Leasing		3.4			7,588,862
Local		15.5			34,761,009
Power		4.8			10,830,638
Special Tax		12.1			27,291,223
State		6.2			14,008,649
Tobacco		0.8			1,808,906
Transportation		14.5			32,602,289
Water & Sewer		10.4			23,259,872
		100.0	%	$	224,870,563

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

		Level 1 Quoted Prices					Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs						Value
Total Municipal Bonds*			$	—			$	224,870,563				$	—				$	224,870,563

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

107

VANECK VECTORS MUNI ALLOCATION ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Number of Shares			Value

EXCHANGE TRADED FUNDS: 99.9% (a)
	24,243	VanEck Vectors High Yield Muni ETF ‡	$	1,519,551
	28,474	VanEck Vectors Intermediate Muni ETF ‡		1,470,825
	80,484	VanEck Vectors Long Muni ETF ‡		1,740,869
	10,089	VanEck Vectors Short High Yield Muni ETF ‡		253,940
Total Exchange Traded Funds (Cost: $4,695,763)				4,985,185
Other assets less liabilities: 0.1%				3,882
NET ASSETS: 100.0%			$	4,989,067

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 April 30, 2021 is set forth below:

Affiliates	Value 04/30/20		Purchases		Sales Proceeds			Realized Gain (Loss)				Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 04/30/21
VanEck Vectors High Yield Muni ETF	$	—	$	1,898,058	$	(523,937	)		$	23,480		$	51,308	$	121,950		$	1,519,551
VanEck Vectors Intermediate Muni ETF		—		2,339,639		(962,213	)			39,529	*		24,646		55,903			1,470,825
VanEck Vectors Long Muni ETF		—		3,034,868		(1,421,889	)			37,555	**		36,974		93,612			1,740,869
VanEck Vectors Short High Yield Muni ETF		—		474,817		(248,122	)			9,287			7,486		17,958			253,940
VanEck Vectors Short Muni ETF		4,591,294		491,169		(5,090,979	)			34,143			7,734		(25,627	)		—
	$	4,591,294	$	8,238,551	$	(8,247,140	)		$	143,994		$	128,148	$	263,796		$	4,985,185

*	Includes $2,033 of capital gains distributions from the underlying affiliated investment company.
**	Includes $3,277 of capital gains distributions from the underlying affiliated investment company.

Summary of Investments
by Sector	% of Investments			Value
Exchange Traded Funds		100.0	%	$	4,985,185

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs					Level 3 Significant Unobservable Inputs					Value
Exchange Traded Funds		$	4,985,185				$	—				$	—			$	4,985,185

See Notes to Financial Statements

108

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

MUNICIPAL BONDS: 98.5%
Alabama: 1.9%
$	500,000	Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22 (c)	$	532,432
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
	150,000	6.45%, 06/01/21 (c)		150,201
	150,000	6.45%, 06/01/21 (c)		150,201
	500,000	Alabama Special Care Facilities Financing Authority, Methodist Home for Aging, Series 1 (RB) 5.50%, 06/01/26 (c)		531,998
	500,000	Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		631,874
	500,000	Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 09/01/25 (c) (p)		572,358
	1,000,000	Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 01/01/24 (c) (p)		1,094,669
	1,775,000	Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c)		2,029,333
				5,693,066
American Samoa: 0.2%
		American Samoa Economic Development Authority, Series A (RB)
	400,000	6.00%, 09/01/23		423,613
	250,000	6.50%, 09/01/28		301,433
				725,046
Arizona: 1.6%
		Arizona Industrial Development Authority, Basis School Projects, Series A (RB)
	225,000	4.75%, 07/01/23 (c)		242,894
	200,000	5.00%, 07/01/26		221,366
	500,000	Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c)		546,410
	1,000,000	Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		1,093,658
	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)		525,065
	520,000	Arizona Industrial Development Authority, Pinecrest Academy of Nevada- Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		569,243

Principal Amount			Value

Arizona: (continued)
$	500,000	Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25	$	525,988
	240,000	Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		266,139
	250,000	Pima County Industrial Development Authority, American Leadership Academy Project (RB) 4.13%, 06/15/22 (c)		253,712
		Salt Verde Financial Corp. (RB)
	200,000	5.25%, 12/01/23		222,886
	65,000	5.25%, 12/01/24		74,974
	10,000	5.25%, 12/01/28		12,718
	370,000	5.50%, 12/01/29		485,561
				5,040,614
California: 6.5%
	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		273,525
		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		606,037
	500,000	5.00%, 05/01/27		621,703
	500,000	5.00%, 05/01/29		645,676
		Bay Area Toll Authority, Series S-4 (RB)
	375,000	5.00%, 04/01/23 (c)		410,099
	265,000	5.25%, 04/01/23 (c)		291,066
		California Municipal Finance Authority, Community Medical Centers, Series A (RB)
	50,000	5.00%, 02/01/27 (c)		61,595
	50,000	5.00%, 02/01/27		61,741
		California Municipal Finance Authority, LINXS APM Project, Series A (RB)
	610,000	5.00%, 06/30/27		755,769
	220,000	5.00%, 06/30/28		278,615
	2,210,000	California Municipal Finance Authority, United Airlines, Inc. Los Angeles International Airport Project (RB) 4.00%, 07/15/29		2,548,342
	1,000,000	California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		650,000
	400,000	California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) 3.38%, 07/01/25		447,442
	1,000,000	California School Finance Authority, Grimmway Schools - Obligated Group, Series A (RB) 4.25%, 07/01/26 (c)		1,084,234

See Notes to Financial Statements

109

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	50,000	California Statewide Communities Development Authority, California Baptist University, Series A (RB) 3.00%, 11/01/22	$	50,847
	59,512	California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 06/01/21 (c)		56,536
	170,269	California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 06/01/21 (c)		161,756
	200,000	California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24		206,160
	350,000	California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c)		414,049
	250,000	California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		265,132
	500,000	California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.63%, 12/01/23 (p)		529,300
	20,000	City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23		20,193
	500,000	City of Oroville Hospital (RB) 5.00%, 04/01/29 (c)		587,276
	1,000,000	Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c)		1,073,995
	250,000	County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27		309,767
	115,000	County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28		147,565
	580,000	El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c)		610,362
	145,000	Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		153,570
		Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
	110,000	5.00%, 06/01/23		120,373
	110,000	5.00%, 06/01/25		129,101
	250,000	5.00%, 06/01/26		301,840

Principal Amount			Value

California: (continued)
$	110,000	Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26	$	135,820
	230,000	Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24		263,024
	265,000	Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30		355,875
	165,000	Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c)		175,816
	290,000	MSR Energy Authority, Series A (RB) 6.13%, 11/01/29		370,868
	1,250,000	Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p)		1,386,161
	380,000	Oakland Unified School District (GO) 5.00%, 08/01/26		463,645
		Palomar Health (RB)
	250,000	5.00%, 11/01/25		291,099
	90,000	5.00%, 11/01/26 (c)		106,697
	250,000	Port of Oakland (RB) 5.00%, 11/01/23		277,445
	110,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		126,975
	110,000	Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23		123,037
		San Francisco Community College District (GO)
	85,000	5.00%, 06/15/22		89,636
	1,000,000	5.00%, 06/15/25		1,185,014
	205,000	5.00%, 06/15/25 (c)		243,112
	120,000	San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c)		127,067
	370,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		251,600
	100,000	Westlands Water District, Series A (RB) (AGM) 5.00%, 09/01/22 (c)		106,376
				19,952,933
Colorado: 2.3%
	500,000	Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c)		540,194
	1,000,000	Aurora Adams County, Transport Metropolitan District No. 3, Series A (GO) 4.13%, 03/01/26 (c)		1,086,567
	295,000	City and County of Denver, Airport System, Series A (RB) 5.00%, 12/01/28 (c)		374,243

See Notes to Financial Statements

110

Principal Amount			Value

Colorado: (continued)
$	400,000	City and County of Denver, Airport System, Series D (RB) 5.00%, 11/15/22 (p)	$	428,815
	100,000	Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23		108,587
		Denver Convention Center Hotel Authority (RB)
	120,000	5.00%, 12/01/22		127,929
	600,000	5.00%, 12/01/26 (c)		717,880
	1,345,000	Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c)		1,404,130
	645,000	Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c)		662,140
	500,000	Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c)		541,017
	140,000	Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		175,961
	200,000	Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27		215,522
	500,000	STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c)		541,565
				6,924,550
Connecticut: 1.3%
	405,000	City of Hartford, Series A (GO) 5.00%, 04/01/23 (c)		440,775
	250,000	Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) 5.50%, 02/01/23		258,233
	120,000	State of Connecticut, Health & Educational Facilities Authority, Series F (RB) 4.00%, 07/01/26 (c)		129,079
	250,000	State of Connecticut, Series B (GO) 5.00%, 04/15/28		321,028
	100,000	State of Connecticut, Series D (GO) 5.00%, 11/01/21 (c)		102,358
	305,000	State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 01/01/23 (c)		328,673
		State of Connecticut, Special Tax Obligation, Series B (RB)
	900,000	5.00%, 08/01/24		1,037,328
	250,000	5.00%, 09/01/26 (c)		306,469
	500,000	Town of Hamden (RB) 5.00%, 01/01/26 (c)		548,137
	380,000	University of Connecticut, Series A (RB) 5.00%, 03/15/25		445,581
				3,917,661

Principal Amount			Value

Delaware: 0.2%
$	500,000	Delaware Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)	$	502,663
District of Columbia: 0.6%
	1,250,000	District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.13%, 07/01/24 (c)		1,307,110
	500,000	District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) 4.00%, 06/01/30		562,940
				1,870,050
Florida: 5.8%
	500,000	Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) 5.00%, 10/01/30		620,784
	500,000	Capital Trust Agency, Educational Growth Fund, LLC Chapter School Portfolio Project, Series A (RB) 3.38%, 07/01/31		519,664
	500,000	Capital Trust Agency, Senior Living Facilities, Elim Senior Housing, Inc. (RB) 5.00%, 08/01/24 (c)		480,774
	500,000	City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27		620,398
	500,000	Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c)		642,491
	470,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 4.00%, 09/15/27 (c)		508,353
	250,000	Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.13%, 06/15/27		260,774
		Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
	2,015,000	6.25%, 06/01/21 (c) (p)		2,023,547
	2,730,000	6.38%, 06/01/21 (c) (p)		2,737,628
	4,750,000	6.50%, 06/01/21 (c) (p)		4,755,931
	500,000	Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 05/01/22 (c)		539,009
	110,000	JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c)		137,947
	315,000	Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c)		318,456

See Notes to Financial Statements

111

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Florida: (continued)
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
$	250,000	5.00%, 10/01/23	$	276,258
	250,000	5.00%, 10/01/24		286,145
	125,000	Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24		131,063
	500,000	Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		561,327
	120,000	School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c)		142,266
	250,000	School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25		296,612
	415,000	Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.00%, 11/15/26 (c)		423,368
	490,000	Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		539,022
		Village Community Development District No. 13 (SA)
	500,000	2.63%, 05/01/24		509,818
	250,000	3.00%, 05/01/29		266,517
				17,598,152
Georgia: 1.3%
	250,000	Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23		168,598
		Burke County Development Authority (RB)
	250,000	2.25%, 05/25/23 (p)		259,498
	250,000	2.93%, 03/12/24 (p)		267,334
	1,000,000	Burke County Development Authority, Series E (RB) 3.25%, 02/03/25 (p)		1,090,580
	250,000	Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		248,158
	380,000	Georgia Local Government (CP) (NATL) 4.75%, 06/01/28		427,644
		Georgia State Road and Tollway Authority, Highway Grant Anticipation (RB)
	300,000	5.00%, 06/01/25		355,715
	250,000	5.00%, 06/01/28		322,183
		Main Street Natural Gas, Inc., Series A-1 (RB)
	130,000	5.50%, 09/15/23		145,559
	135,000	5.50%, 09/15/25		162,330

Principal Amount			Value

Georgia: (continued)
$	250,000	Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27	$	274,914
	250,000	White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c)		264,776
				3,987,289
Guam: 1.0%
	250,000	Guam Government Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28		310,235
		Guam Government, Business Privilege Tax, Series A (RB)
	300,000	5.00%, 01/01/22 (c)		308,282
	110,000	5.00%, 01/01/22 (c)		113,046
	360,000	Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c)		413,857
	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		260,065
	1,000,000	Guam Government, Series A (RB) 5.00%, 12/01/24		1,136,339
	500,000	Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c)		555,662
				3,097,486
Hawaii: 0.1%
	295,000	State of Hawaii Department of Transportation, United Airlines Inc. (RB) 5.63%, 06/01/21 (c)		296,061
Illinois: 17.2%
		Chicago Board of Education, Series A (GO)
	250,000	0.00%, 12/01/22 ^		246,872
	310,000	0.00%, 12/01/24 ^		297,336
	310,000	0.00%, 12/01/26 ^		283,873
	795,000	0.00%, 12/01/28 ^		683,856
	500,000	4.00%, 12/01/22		525,295
	200,000	5.00%, 12/01/28 (c)		251,096
	250,000	5.00%, 12/01/28 (c)		306,315
	900,000	5.00%, 12/01/30 (c)		1,123,442
	230,000	5.50%, 12/01/26		283,099
	200,000	7.00%, 12/01/25 (c)		250,736
		Chicago Board of Education, Series B (GO)
	1,000,000	5.00%, 12/01/29 (c)		1,240,404
	1,500,000	5.00%, 12/01/30 (c)		1,879,695
	2,000,000	5.00%, 12/01/30		2,521,056
	350,000	Chicago Board of Education, Series B-1 (GO) 0.00%, 12/01/23 ^		341,438

See Notes to Financial Statements

112

Principal Amount			Value

Illinois: (continued)
$	500,000	Chicago Board of Education, Series C (GO) 5.00%, 12/01/27	$	603,837
	260,000	Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c)		291,070
		Chicago O’Hare International Airport, Series B (RB)
	300,000	4.00%, 01/01/22 (c)		306,129
	190,000	5.00%, 01/01/25 (c)		220,201
	105,000	5.00%, 01/01/25 (c)		122,313
	575,000	Chicago School Reform Board of Trustees, Series A (GO) 0.00%, 12/01/29 ^		477,878
		Chicago School Reform Board of Trustees, Series B-1 (GO)
	515,000	0.00%, 12/01/24 ^		493,961
	560,000	0.00%, 12/01/25 ^		525,703
	490,000	0.00%, 12/01/26 ^		448,703
	1,515,000	0.00%, 12/01/28 ^		1,303,197
	585,000	0.00%, 12/01/29 ^		486,189
	190,000	0.00%, 12/01/30 ^		152,521
	200,000	Chicago Transit Authority (RB) 5.25%, 12/01/21 (c)		205,943
		Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
	115,000	5.00%, 06/01/24		130,701
	1,000,000	5.00%, 06/01/25		1,175,066
	100,000	City of Chicago, Motor Fuel Tax (RB) (AGM) 5.00%, 01/01/24 (c)		108,026
		City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
	280,000	5.00%, 01/01/25		319,679
	350,000	5.25%, 01/01/25 (c)		395,492
		City of Chicago, Series A (GO)
	715,000	5.00%, 01/01/24 (c)		783,499
	500,000	5.00%, 01/01/30		627,107
	270,000	5.25%, 01/01/24 (c)		296,672
	180,000	5.25%, 01/01/24 (c)		197,133
		City of Chicago, Series C (GO)
	300,000	5.00%, 01/01/22 (c)		307,633
	455,000	5.00%, 01/01/23		486,131
	400,000	5.00%, 01/01/24		442,973
	1,090,000	5.00%, 01/01/25		1,244,463
		City of Chicago, Water Revenue, Second Lien (RB)
	100,000	5.00%, 11/01/22 (c)		106,327
	150,000	5.00%, 11/01/24 (c)		171,386
	100,000	5.00%, 11/01/24 (c)		113,573
	270,000	5.00%, 11/01/24 (c)		307,273
	100,000	City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c)		122,267
	240,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		264,359
	500,000	Cook County, Series A (GO) 5.25%, 11/15/21 (c)		513,491

Principal Amount			Value

Illinois: (continued)
$	1,190,000	Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27	$	866,476
	250,000	Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) 5.00%, 11/01/26 (c)		289,554
	2,700,000	Illinois Finance Authority, Navistar International Corp. Project (RB) 4.75%, 08/01/30 (p)		2,863,155
	100,000	Illinois Finance Authority, Roosevelt University (RB) 5.40%, 06/01/21 (c)		100,231
	250,000	Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c)		245,557
		Illinois Sports Facilities Authority (RB) (AMBAC)
	260,000	0.00%, 06/15/26 ^		236,056
	395,000	5.00%, 06/15/28		476,982
	545,000	5.00%, 06/15/29		664,822
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
	215,000	0.00%, 12/15/22 ^		212,035
	130,000	0.00%, 12/15/24 ^		124,521
		Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)
	115,000	0.00%, 06/15/28 ^		101,021
	110,000	5.00%, 06/15/22 (c)		115,226
	970,000	5.00%, 06/15/22 (c)		1,011,313
	35,000	5.00%, 12/15/22		37,311
	500,000	5.00%, 12/15/27 (c)		608,550
	330,000	Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c)		405,311
		State of Illinois (GO)
	620,000	3.50%, 06/01/26 (c)		668,202
	100,000	3.75%, 06/15/21 (c)		100,288
	290,000	4.00%, 03/01/22 (c)		297,738
	185,000	4.00%, 08/01/22 (c)		192,533
	430,000	4.00%, 06/15/26 (c)		484,124
	300,000	4.13%, 03/01/22 (c)		308,262
	100,000	4.13%, 11/01/26 (c)		111,836
	445,000	5.00%, 01/01/22 (c)		457,926
	655,000	5.00%, 05/01/22		684,823
	180,000	5.00%, 06/15/22		187,927
	750,000	5.00%, 08/01/22		792,394
	195,000	5.00%, 08/01/22		206,217
	920,000	5.00%, 08/01/22 (c)		970,583
	285,000	5.00%, 06/15/23 (c)		309,661
	525,000	5.00%, 06/15/23		567,096
	190,000	5.00%, 06/15/23 (c)		206,902
	700,000	5.00%, 08/01/23		769,299
	150,000	5.00%, 02/01/24 (c)		167,266
	500,000	5.00%, 02/01/24		559,059
	120,000	5.00%, 02/01/24		134,174
	100,000	5.00%, 05/01/24 (c)		111,778

See Notes to Financial Statements

113

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Illinois: (continued)
$	705,000	5.00%, 11/01/24	$	802,571
	1,315,000	5.00%, 12/01/25		1,554,106
	200,000	5.00%, 01/01/26		236,720
	515,000	5.00%, 02/01/26		610,702
	100,000	5.00%, 06/01/26		119,429
	455,000	5.00%, 06/01/26 (c)		540,494
	500,000	5.00%, 02/01/27		604,408
	275,000	5.25%, 07/01/23 (c)		299,275
	60,000	5.50%, 07/01/23 (c)		66,065
	500,000	5.50%, 07/01/23 (c)		551,316
	270,000	5.50%, 07/01/23 (c)		297,834
	600,000	State of Illinois (GO) 5.00%, 02/01/27 (c)		713,459
		State of Illinois, Series A (GO)
	100,000	4.00%, 01/01/22 (c)		102,143
	100,000	4.00%, 01/01/22 (c)		102,104
	50,000	4.00%, 01/01/22 (c)		51,155
	170,000	4.00%, 01/01/22 (c)		173,757
	500,000	5.00%, 03/01/29		624,973
	500,000	5.00%, 03/01/30		634,374
		State of Illinois, Series B (GO)
	500,000	4.00%, 10/01/30 (c)		585,401
	600,000	5.00%, 09/01/27		733,265
	315,000	State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		375,433
		State of Illinois, Series D (GO)
	165,000	3.25%, 11/01/26		181,632
	500,000	5.00%, 11/01/25		583,079
	1,005,000	5.00%, 11/01/26		1,199,119
	130,000	5.00%, 11/01/27		157,686
	110,000	5.00%, 11/01/27 (c)		132,222
				52,664,340
Indiana: 1.1%
	290,000	City of Anderson, Anderson University (RB) 4.75%, 10/01/22 (c)		292,690
	1,000,000	Indiana Finance Authority, Environmental Improvement, Series A (RB) 4.13%, 12/01/26		1,088,951
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	1,000,000	3.00%, 11/01/30		1,050,457
	1,000,000	3.00%, 11/01/30		1,050,457
				3,482,555
Iowa: 0.8%
	270,000	City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		263,610
		Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)
	330,000	3.13%, 05/21/21 (c)		336,654
	500,000	5.25%, 12/01/23 (c)		548,113
	400,000	Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c)		440,263
	880,000	Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25		909,322
				2,497,962

Principal Amount			Value

Kansas: 0.2%
$	400,000	City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c)	$	404,336
	295,000	Kansas Development Finance Authority, Village Shalom Project, Series B (RB) 4.00%, 11/15/25		300,137
				704,473
Kentucky: 0.7%
	140,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26		170,897
	325,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/26 (c)		396,876
		Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB)
	600,000	5.00%, 09/01/23		665,380
	250,000	5.25%, 09/01/23		278,627
	250,000	5.25%, 09/01/23 (c)		278,379
	100,000	Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		106,341
	175,000	Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/25 (c)		207,486
	140,000	Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c)		164,755
				2,268,741
Louisiana: 2.0%
		Calcasieu Parish Memorial Hospital Service District (RB)
	1,025,000	5.00%, 12/01/27		1,154,845
	150,000	5.00%, 12/01/29		171,079
	1,000,000	City of Alexandre Utilities, Series A (RB) 5.00%, 05/01/23 (c)		1,097,048
	20,000	City of New Orleans, Sewerage Service (RB) 5.00%, 06/01/22		20,988
	305,000	City of New Orleans, Water System (RB) 5.00%, 12/01/25 (c)		365,623
	525,000	City of Shreveport, Water & Sewer Revenue, Series C (RB) 5.00%, 12/01/26		647,392
	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		645,651
	329,665	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *		3

See Notes to Financial Statements

114

Principal Amount			Value

Louisiana: (continued)
$	521,317	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *	$	5
	275,000	Louisiana State Citizens Property Insurance Corp. (RB) (AGM) 5.00%, 06/01/22		289,474
	910,000	Parish of St. Charles, Gulf Opportunity Zone, Valero Project (RB) 4.00%, 06/01/22 (p)		945,079
	500,000	Parish of St. James, NuStar Logistics, L.P. Project (RB) 6.10%, 06/01/30 (p)		636,006
				5,973,193
Maryland: 1.5%
	200,000	City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		215,378
	150,000	City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26		163,933
	200,000	County of Howard, Series A (TA) 4.00%, 02/15/26 (c)		213,843
	350,000	Frederick County, Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		388,314
	695,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 06/01/21 (c)		702,194
	245,000	Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c)		265,366
	500,000	Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30		550,236
	1,500,000	Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		1,537,726
	425,000	Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		509,186
				4,546,176
Massachusetts: 0.7%
	490,000	Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		554,232
	310,000	Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c)		375,568
	130,000	Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c)		137,294
	250,000	Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/22 (c)		272,298

Principal Amount			Value

Massachusetts: (continued)
$	335,000	Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c)	$	414,260
	100,000	Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c)		119,863
	275,000	Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c)		310,644
				2,184,159
Michigan: 0.8%
	500,000	City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c)		620,463
	250,000	Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c)		264,042
	500,000	Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c)		612,049
	580,000	Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) 5.00%, 07/01/24 (c)		634,482
	155,000	Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c)		195,519
				2,326,555
Minnesota: 0.7%
	100,000	City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		103,787
	660,000	City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25		650,381
	350,000	City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c)		378,138
	640,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25		746,290
	250,000	Rice County, Educational Facilities, Shattuck-St. Mary’s School Project (RB) 5.00%, 08/01/22		256,260
	120,000	Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26		134,008
				2,268,864
Missouri: 1.2%
	170,000	City of St. Ann, Northwest Plaza Redevelopment, Series A (TA) 4.00%, 11/01/26		172,226
	220,000	Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c)		221,640

See Notes to Financial Statements

115

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Missouri: (continued)
$	2,000,000	Kansas City, Land Clearance Redevelopment Authority Project, Convention Center Hotel Project, Series B (AMBAC) (TA) 4.38%, 02/01/28 (c)	$	2,151,460
	430,000	Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) 4.38%, 03/15/28 (c)		412,280
	500,000	St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		576,055
				3,533,661
Montana: 0.1%
	220,000	City of Forsyth, Rosebud County, Montana Pollution Control (RB) 2.00%, 08/01/23		225,670
Nebraska: 0.1%
		Central Plains Energy Project, Gas Project Crossover, Series A (RB)
	100,000	5.00%, 09/01/28		125,481
	125,000	5.00%, 09/01/30		161,040
	100,000	Nebraska Public Power District (RB) 5.00%, 01/01/22		103,136
				389,657
Nevada: 1.3%
	405,000	City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/21 (c)		379,243
		City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)
	450,000	2.50%, 06/15/24		455,260
	1,000,000	2.75%, 06/15/28		1,030,160
		Clark County School District, Series B (GO) (AGM)
	250,000	5.00%, 06/15/29 (c)		325,779
	250,000	5.00%, 06/15/29		327,173
	115,000	Clark County School District, Series C (GO) 5.00%, 12/15/25 (c)		135,914
	100,000	County of Clark, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c)		114,630
	500,000	State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		506,176
	500,000	State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c)		552,961
				3,827,296
New Hampshire: 0.2%
	250,000	National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c)		261,262

Principal Amount			Value

New Hampshire: (continued)
$	290,000	New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) *	$	217,500
				478,762
New Jersey: 9.9%
	240,000	Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM) 0.00%, 11/01/22 ^		237,908
	575,000	Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		603,109
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	345,000	4.25%, 06/15/22 (c)		354,686
	165,000	5.00%, 06/15/22		172,679
	150,000	5.00%, 06/15/22 (c)		156,857
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	175,000	5.13%, 08/20/22 (c)		185,667
	2,000,000	5.25%, 08/20/22 (c)		2,122,949
	300,000	5.75%, 09/15/22 (c)		312,099
	55,000	New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24		55,717
	260,000	New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) 4.00%, 07/01/27 (c)		292,871
	210,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27		248,924
		New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)
	500,000	4.00%, 11/01/25		573,369
	115,000	5.00%, 11/01/25		136,954
	110,000	New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c)		140,288
	115,000	New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c)		142,862
	100,000	New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c)		122,793
	225,000	New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 03/01/22 (c)		233,730
	145,000	New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB) 5.50%, 09/01/23		162,578

See Notes to Financial Statements

116

Principal Amount			Value

New Jersey: (continued)
		New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
$	655,000	5.00%, 03/01/23 (c)	$	705,534
	565,000	5.00%, 03/01/23 (c)		611,955
	640,000	5.00%, 03/01/23 (c)		690,876
	300,000	5.00%, 03/01/23 (c)		325,632
	200,000	5.00%, 03/01/23 (c)		216,971
	500,000	5.00%, 03/01/23 (c)		542,260
		New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
	325,000	5.00%, 06/15/24 (c)		366,340
	340,000	5.00%, 06/15/24 (c)		386,921
		New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
	440,000	4.25%, 06/15/25 (c)		502,735
	130,000	4.38%, 06/15/25 (c)		148,286
	345,000	5.00%, 06/15/25 (c)		404,658
	750,000	New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c)		896,422
	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)		176,290
		New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)
	145,000	5.00%, 06/15/24 (c)		165,011
	175,000	5.00%, 06/15/24 (c)		199,372
	315,000	New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24		363,042
	500,000	New Jersey State Turnpike Authority, Series A (RB) (AGM)
		5.25%, 01/01/26		608,047
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	120,000	0.00%, 12/15/25 ^		114,126
	360,000	0.00%, 12/15/26 ^		334,172
	330,000	5.00%, 06/15/21 (c)		331,780
	500,000	5.00%, 12/15/24		580,287
	500,000	5.00%, 12/15/25		597,670
	500,000	5.00%, 06/15/26 (c)		591,718
	1,050,000	5.00%, 12/15/26		1,287,757
	170,000	5.50%, 12/15/22		184,365
		New Jersey Transportation Trust Fund Authority, Series A-1 (RB)
	110,000	5.00%, 06/15/26 (c)		131,243
	845,000	5.00%, 06/15/26 (c)		1,019,955
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	535,000	4.00%, 06/15/22 (c)		554,289
	605,000	5.00%, 06/15/22 (c)		634,511
	200,000	5.00%, 06/15/22		210,560

Principal Amount			Value

New Jersey: (continued)
$	205,000	5.00%, 06/15/22 (c)	$	215,700
	285,000	5.00%, 06/15/23 (c)		312,670
	275,000	5.00%, 06/15/25 (c)		322,554
	500,000	5.00%, 12/15/28 (c)		627,774
	100,000	5.25%, 06/15/25 (c)		117,841
	365,000	5.25%, 06/15/25 (c)		426,098
	100,000	New Jersey Transportation Trust Fund Authority, Series B (RB) 5.25%, 06/15/21 (c)		100,568
	1,500,000	New Jersey Transportation Trust Fund Authority, Series BB-1 (RB) 5.00%, 12/15/28 (c)		1,883,321
		New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM)
	290,000	0.00%, 12/15/29 ^		252,931
	805,000	0.00%, 12/15/30 ^		673,698
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	480,000	5.00%, 12/15/23		538,038
	355,000	5.00%, 12/15/24 (c)		406,588
	130,000	5.25%, 12/15/23		146,564
	120,000	Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) 5.00%, 01/01/32		144,248
	65,000	Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		68,738
		State of New Jersey, Various Purposes (GO)
	2,000,000	2.00%, 12/01/29 (c)		2,079,524
	80,000	3.00%, 06/01/26		89,145
	110,000	4.00%, 06/01/23 (c)		117,571
	100,000	5.00%, 06/01/27		124,734
		Tobacco Settlement Financing Corp., Series A (RB)
	500,000	5.00%, 06/01/23		547,697
	500,000	5.00%, 06/01/28 (c)		625,040
	150,000	5.00%, 06/01/28 (c)		189,045
				30,148,912
New York: 8.5%
		Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
	1,600,000	5.00%, 07/15/23		1,751,949
	1,750,000	5.00%, 07/15/24		1,985,702
	100,000	5.00%, 07/15/26		120,714
	1,800,000	5.00%, 01/15/27 (c)		2,155,797
	100,000	5.00%, 01/15/27 (c)		121,171
	100,000	5.00%, 01/15/27 (c)		121,911
	740,000	Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28		815,015
	1,000,000	Huntington Local Development Corp., Gurwin Independent Housing, Inc., Series B (RB) 4.00%, 07/01/27		1,020,770
	250,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c)		296,279

See Notes to Financial Statements

117

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New York: (continued)
$	250,000	Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c)	$	312,348
	500,000	Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/26 (c)		599,159
		Metropolitan Transportation Authority, Series D-1 (RB)
	250,000	5.00%, 11/15/25 (c)		292,250
	250,000	5.00%, 11/15/25 (c)		294,330
	500,000	Monroe County Industrial Development Agency, Rochester Regional Health Project, Series A (RB) 5.00%, 12/01/30 (c)		648,578
	105,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22		111,214
	250,000	New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24		283,883
		New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
	2,000,000	5.00%, 08/01/21 (c)		2,020,419
	760,000	5.00%, 08/01/21 (c)		768,030
	1,000,000	5.25%, 08/01/30 (c)		1,251,447
		New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
	2,000,000	4.00%, 10/01/30		2,368,585
	780,000	5.00%, 01/01/28 (c)		959,043
	160,000	5.00%, 01/01/28 (c)		196,368
	500,000	Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c)		520,718
	500,000	Port Authority of New York and New Jersey, Consolidated Bonds (RB) 5.00%, 10/15/25 (c)		598,295
	25,000	Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/21 (c)		25,187
	1,000,000	Suffolk Tobacco Asset Securitization Corp., Series B (RB) 5.38%, 06/01/21 (c)		1,001,126
		Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)
	1,130,000	5.00%, 01/01/26 (c)		1,149,638
	750,000	5.00%, 01/01/26 (c)		765,873
	665,000	Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c)		736,756
		Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
	120,000	4.00%, 05/15/23 (c)		121,065

Principal Amount			Value

New York: (continued)
$	100,000	4.13%, 05/15/23 (c)	$	101,078
		TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
	1,500,000	5.00%, 06/01/23		1,542,493
	70,000	5.00%, 06/01/27		87,280
	70,000	5.00%, 06/01/27 (c)		86,649
	445,000	Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
		4.00%, 09/15/24 (c)		435,908
	200,000	Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)
		4.00%, 10/15/29		219,839
				25,886,867
North Carolina: 0.8%
	125,000	North Carolina Eastern Municipal Power Agency, Series B (RB) 6.00%, 01/01/25		150,092
	265,000	North Carolina Medical Care Commission, Retirement Facilities (RB) 5.13%, 07/01/23		271,390
		North Carolina Turnpike Authority, Triangle Expressway System (RB)
	750,000	5.00%, 02/01/24		845,340
	350,000	5.00%, 01/01/25		407,294
	500,000	5.00%, 01/01/29 (c)		637,417
				2,311,533
North Dakota: 0.3%
	1,000,000	Grand Forks County, Solid Waste Disposal, Red River Biorefinery LLC (RB) 5.75%, 09/15/26 (c)		954,879
Ohio: 2.1%
	500,000	American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29		645,683
		County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
	250,000	5.00%, 02/15/25		286,543
	50,000	5.00%, 02/15/26		58,904
	110,000	5.00%, 02/15/27 (c)		132,536
	250,000	5.00%, 02/15/27		301,625
	50,000	County of Muskingum, Genesis HealthCare System (RB) 4.00%, 02/15/23		52,351
	260,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		265,902
	2,000,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,146,338
	550,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB) 2.88%, 02/01/26		576,116

See Notes to Financial Statements

118

Principal Amount			Value

Ohio: (continued)
$	2,000,000	Port of Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c)	$	2,003,175
				6,469,173
Oklahoma: 0.6%
	250,000	Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) 5.00%, 08/15/27		304,859
	1,500,000	Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p)		1,677,037
				1,981,896
Oregon: 0.3%
	500,000	Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) *		107,500
	500,000	Port of Portland, International Airport Passenger Facility Charge, Series A (RB) 5.00%, 07/01/21 (c)		503,781
	325,000	Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c)		352,012
				963,293
Pennsylvania: 5.4%
	500,000	Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24		545,419
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	550,000	5.00%, 05/01/22		571,179
	555,000	5.00%, 05/01/23		596,905
	1,250,000	5.00%, 05/01/27		1,492,079
	250,000	5.00%, 05/01/28		303,256
	1,000,000	5.00%, 05/01/28		1,201,352
		Berks County Industrial Development Authority, Tower Health Project (RB)
	200,000	4.00%, 11/01/27 (c)		204,239
	1,000,000	5.00%, 11/01/25		1,088,857
	400,000	5.00%, 11/01/26		439,269
	425,000	Berks County Municipal Authority, Tower Health Project, Series A (RB)
		5.00%, 02/01/31		473,158
	1,500,000	Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 08/01/26 (c) (p)		1,549,695
	500,000	Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 08/01/29 (c) (p)		521,543
	80,000	City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25		94,134

Principal Amount			Value

Pennsylvania: (continued)
$	500,000	Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23	$	548,100
		Dauphin County General Authority, The Harrisburg University of Science and Technology Project (RB)
	245,000	4.00%, 10/15/22		248,720
	500,000	4.25%, 10/15/26		525,025
	250,000	5.00%, 10/15/27		271,922
	500,000	5.00%, 10/15/28 (c)		527,304
	250,000	Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c)		267,651
	650,000	Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 4.00%, 07/01/26 (c)		683,366
	1,000,000	Geisinger Authority Health System, Series C (RB) 5.00%, 10/01/29 (c) (p)		1,296,598
	415,000	Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network Issue, Series A (RB) (AMBAC) 4.00%, 01/15/25 (c)		453,410
	912,969	Pennsylvania Economic Development Financing Authority, CarbonLite P, LLC Project (RB) 5.25%, 06/01/26		547,781
		Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
	125,000	5.00%, 12/31/23		139,726
	130,000	5.00%, 06/30/26		157,570
	100,000	Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c)		120,107
	550,000	Philadelphia Authority for Industrial Development, The Pavilion, Series A (RB) 3.00%, 12/01/21 (c)		380,080
	100,000	Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26		121,155
	200,000	State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c)		243,570
	500,000	Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c)		520,946
		The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
	115,000	5.00%, 07/01/26		134,572
	275,000	5.00%, 07/01/27 (c)		324,665
				16,593,353

See Notes to Financial Statements

119

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Puerto Rico: 3.6%
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
$	485,000	5.25%, 07/01/22 (c)	$	513,306
	780,000	6.13%, 07/01/24		859,435
	185,000	Puerto Rico Convention Center District Authority, Series A (RB) (CIFG) 5.00%, 06/01/21 (c)		190,159
	250,000	Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 06/01/21 (c)		256,972
	1,000,000	Puerto Rico Highway and Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32		1,206,702
	100,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.63%, 06/01/21 (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%, 06/01/21 (c)		200,288
	780,000	Puerto Rico Municipal Finance Agency (RB) (AGM) 5.00%, 06/01/21 (c)		801,753
		Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
	1,605,013	0.00%, 07/01/24 ^		1,522,420
	2,010,000	0.00%, 07/01/27 ^		1,793,369
	3,751,000	0.00%, 07/01/28 (c) ^		2,932,106
	808,000	0.00%, 07/01/28 (c) ^		680,679
				11,060,689
Rhode Island: 0.1%
	155,000	Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26		189,136
	115,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		126,047
				315,183
South Carolina: 0.7%
	109,791	Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^		55,588
	500,000	South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c)		556,986
	375,000	South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c)		389,187
	220,000	South Carolina Public Service Authority, Series C (RB) 5.00%, 12/01/24 (c)		252,674

Principal Amount			Value

South Carolina: (continued)
$	755,000	South Carolina State Ports Authority (RB) 5.25%, 07/01/25 (c)	$	902,401
				2,156,836
Tennessee: 0.2%
	500,000	Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c)		446,448
	25,000	Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/21		25,720
	220,000	Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27		219,730
				691,898
Texas: 6.7%
	250,000	Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		283,249
	500,000	Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) 5.00%, 01/01/27 (c)		506,872
	2,000,000	Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c)		2,377,678
	120,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		138,764
	395,000	City of Austin, Airport System (RB) 5.00%, 11/15/24 (c)		453,308
	180,000	City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		224,373
	250,000	City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c)		273,389
	200,000	City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c)		203,161
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	1,000,000	4.75%, 07/01/24		1,049,838
	1,500,000	5.00%, 07/15/28		1,765,974
		Clifton Higher Education Finance Corp., Series A (RB)
	95,000	4.63%, 08/15/25		102,740
	200,000	5.13%, 08/15/25 (c)		229,229
	1,065,000	6.00%, 03/01/24 (c)		1,166,627
	500,000	Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c)		584,237
	335,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		343,123

See Notes to Financial Statements

120

Principal Amount			Value

Texas: (continued)
$	315,000	Harris County, Houston Sports Authority, Junior Lien, Series H (RB) 0.00%, 11/15/29 ^	$	247,766
	105,000	Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30		128,304
	2,000,000	Matagorda County Navigation District No. 1, Central Power and Light Company Project, Series A (RB) 2.60%, 11/01/29		2,151,707
	895,000	Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,092,508
	300,000	Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) 5.00%, 02/15/26 (c)		234,000
	600,000	New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Island Campus, LLC, Series A (RB) 5.00%, 04/01/27 (c)		747,492
	1,000,000	New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c)		1,053,015
	100,000	New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 4.00%, 08/15/21 (c)		100,424
	250,000	New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c)		273,077
		New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
	100,000	5.00%, 07/01/23		86,500
	100,000	5.00%, 07/01/24		86,500
	405,000	North Texas Tollway Authority, First Tier, Series D (RB) 0.00%, 01/01/29 ^		365,389
	185,000	North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c)		221,715
		SA Energy Acquisition Public Facility Corp. (RB)
	85,000	5.50%, 08/01/22		90,387
	55,000	5.50%, 08/01/24		63,410
	125,000	5.50%, 08/01/25		148,880
	110,000	5.50%, 08/01/27		137,914
	190,000	Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc. Project, Series B-1 (RB) 4.50%, 06/01/21 (c) (d) *		85,975
	230,000	Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) 5.00%, 11/15/25 (c)		227,253

Principal Amount			Value

Texas: (continued)
$	225,000	Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c)	$	240,365
		Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB)
	500,000	6.00%, 05/15/27 (c)		559,105
	250,000	6.25%, 11/15/27 (c)		281,188
		Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)
	155,000	5.25%, 12/15/22		167,284
	15,000	5.25%, 12/15/23		16,870
	60,000	5.25%, 12/15/24		69,947
	100,000	5.25%, 12/15/25		120,265
		Texas Municipal Gas Acquisition and Supply Corp. III (RB)
	350,000	5.00%, 12/15/28		443,495
	1,015,000	5.00%, 12/15/32		1,364,626
				20,507,923
Utah: 0.3%
	700,000	Utah Transit Authority Sales Tax, Series A (RB) 5.00%, 06/15/25 (c)		833,146
Virgin Islands: 1.1%
		Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)
	1,000,000	5.00%, 10/01/24 (c)		955,554
	300,000	5.00%, 10/01/24		293,359
	500,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) 5.00%, 06/01/21 (c)		501,173
	215,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A-1 (RB) 5.00%, 06/01/21 (c)		215,504
		Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
	140,000	5.00%, 06/01/21 (c)		137,913
	25,000	5.00%, 06/01/21 (c)		25,059
	515,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Subordinate Lien, Series C (RB) 5.00%, 06/01/21 (c)		513,180
		Virgin Islands Water and Power Authority, Series A (RB)
	75,000	5.00%, 06/01/21 (c)		73,623
	150,000	5.00%, 06/01/21 (c)		148,123
		Virgin Islands Water and Power Authority, Series B (RB)
	620,000	5.00%, 06/01/21 (c)		598,300
	55,000	5.00%, 06/01/21 (c)		53,667
				3,515,455

See Notes to Financial Statements

121

VANECK VECTORS SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Virginia: 1.2%
$	140,000	Amherst Industrial Development Authority, Sweet Briar College (RB) 4.75%, 06/01/21 (c)	$	134,611
	500,000	Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23		556,473
	55,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		55,546
	325,000	Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c)		348,405
	500,000	Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c)		511,357
	1,525,000	Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c)		1,511,057
	500,000	Virginia College Building Authority, Regent University Project (RB) 5.00%, 06/01/21 (c)		500,870
				3,618,319
Washington: 2.3%
	155,000	King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		164,993
	1,000,000	Klickitat County Public Hospital District No. 2 (RB) 4.00%, 12/01/27		1,009,978
	480,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 02/01/25 (c) (p)		558,625
	2,000,000	Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,280,255
	1,150,000	Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25		1,260,300
		Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
	250,000	3.75%, 07/01/26		253,491
	500,000	4.00%, 01/01/25 (c)		530,497
	365,000	5.00%, 01/01/25 (c)		399,721
	500,000	Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB) 2.38%, 07/01/21 (c)		499,997
				6,957,857
West Virginia: 0.5%
	100,000	Brooke County Commission, Bethany College, Series A (RB) 5.75%, 06/01/21 (c)		97,079

Principal Amount			Value

West Virginia: (continued)
$	545,000	County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 3.00%, 06/01/22 (c)	$	551,788
	680,000	County of Ohio, West Virginia Tax Increment Refunding and Improvement, Highlands Project (TA) 4.75%, 06/01/22 (c)		694,004
	150,000	West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26		181,911
				1,524,782
Wisconsin: 2.5%
	1,275,000	Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31		1,425,960
	500,000	Public Finance Authority, Cedars Obligated Group (RB) 4.25%, 05/01/27 (c)		490,042
	1,000,000	Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c)		1,113,778
		Public Finance Authority, Friends Homes (RB)
	205,000	4.00%, 09/01/24		217,221
	500,000	4.00%, 09/01/26 (c)		562,937
	175,000	Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26		177,736
	580,000	Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c)		585,709
	250,000	Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c)		256,430
	2,015,000	Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		2,233,250
	240,000	Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22		246,912
		Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB)
	125,000	3.50%, 08/01/22		125,595
	250,000	5.00%, 08/01/24 (c)		270,101
				7,705,671
Total Municipal Bonds: 98.5% (Cost: $293,226,326)				301,175,300
Other assets less liabilities: 1.5%				4,536,888
NET ASSETS: 100.0%			$	305,712,188

See Notes to Financial Statements

122

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
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

Summary of Investments By Sector	% of Investments			Value
Education		7.3	%	$	21,984,067
Health Care		13.0			39,320,650
Housing		0.1			380,080
Industrial Revenue		22.8			68,572,817
Leasing		9.7			29,181,218
Local		9.3			28,183,728
Power		1.8			5,435,931
Special Tax		12.5			37,618,591
State		7.1			21,299,172
Tobacco		1.8			5,304,791
Transportation		12.6			37,988,460
Water & Sewer		2.0			5,905,795
		100.0	%	$	301,175,300

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices					Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs					Value
Total Municipal Bonds*		$	—			$	301,175,300			$	—			$	301,175,300

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

123

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

MUNICIPAL BONDS: 98.4%
Alabama: 3.0%
$	250,000	Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22	$	266,285
	125,000	Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23		138,961
		Black Belt Energy Gas District, Series A (RB) (SAW)
	470,000	4.00%, 09/01/23 (c) (p)		510,237
	860,000	5.00%, 12/01/23		962,087
	375,000	County of Jefferson (RB) 5.00%, 09/15/22		399,610
		County of Jefferson, Series A (GO)
	290,000	5.00%, 04/01/24		329,063
	340,000	5.00%, 04/01/25		399,704
	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)		1,015,580
	1,500,000	Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 09/01/25 (c) (p)		1,717,073
	250,000	Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 03/01/24 (c) (p)		275,316
		Tuscaloosa City Board of Education (RB)
	1,055,000	5.00%, 08/01/26 (c)		1,302,152
	825,000	5.00%, 08/01/26 (c)		1,018,271
	450,000	UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/23		499,702
				8,834,041
Alaska: 0.0%
	125,000	Alaska Railroad Corp., Series B (RB) 5.00%, 08/01/23		137,473
Arizona: 1.3%
	250,000	City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23		275,659
	125,000	City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/23		137,973
	200,000	City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) 5.00%, 07/01/24		229,738
	400,000	Gilbert Water Resource Municipal Property Corp. (RB) 5.00%, 07/01/25		475,988
	700,000	Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26		843,944
	250,000	Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24		285,471

Principal Amount			Value

Arizona: (continued)
$	310,000	Pima County (GO) 4.00%, 07/01/23	$	335,497
	500,000	Salt River Project Agricultural Improvement and Power District, Series A (RB) 5.00%, 01/01/26		604,871
	500,000	State of Arizona (RB) 5.00%, 07/01/23		552,120
				3,741,261
California: 13.4%
	250,000	Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c)		272,728
	400,000	Bay Area Toll Authority, Series B (RB) 2.85%, 10/01/24 (c) (p)		433,856
	475,000	Bay Area Toll Authority, Series G (RB) 2.00%, 10/01/23 (c) (p)		493,307
	250,000	California Health Facilities Financing Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/22 (p)		268,059
	335,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p)		356,313
	1,105,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) (SAW) 5.00%, 10/01/25 (p)		1,319,523
	100,000	California Infrastructure and Economic Development Bank, Clean Water State (RB) 5.00%, 10/01/24		116,186
	770,000	California State University Systemwide (RB) 5.00%, 11/01/24		897,370
	100,000	California Statewide Communities Development Authority, Southern California Edison Company, Series D (RB) 2.63%, 12/01/23 (p)		105,860
	405,000	Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c)		465,947
		City and County of San Francisco, Series B (CP)
	100,000	5.00%, 04/01/25		117,603
	305,000	5.00%, 10/01/25 (c)		364,130
	500,000	City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26		612,541
	240,000	County of Sacramento, Airport System, Series B (RB) 5.00%, 07/01/25		285,374
	345,000	County of San Bernardino, Arrowhead Project, Series A (CP) 5.00%, 10/01/26		423,911

See Notes to Financial Statements

124

Principal Amount			Value

California: (continued)
$	225,000	El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c)	$	274,169
	500,000	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/22		525,912
	1,000,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) 5.00%, 06/01/23		1,094,301
	265,000	Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24		306,274
	500,000	Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23		532,147
	250,000	Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/23		276,519
		Los Angeles Department of Water and Power, Series B (RB)
	550,000	5.00%, 07/01/23		607,836
	250,000	5.00%, 07/01/24		287,771
	250,000	Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/24		287,771
		Los Angeles Unified School District, Series A (GO)
	500,000	5.00%, 07/01/22		528,415
	250,000	5.00%, 07/01/23		276,232
	750,000	5.00%, 07/01/24		863,312
	800,000	5.00%, 07/01/26		984,773
	130,000	Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23		143,641
	1,250,000	Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25		1,490,890
	450,000	Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/23 (c)		497,114
	125,000	Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/23		139,781
	250,000	Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/23		279,563
		Northern California Energy Authority, Series A (RB)
	1,000,000	4.00%, 07/01/24 (p)		1,108,929
	275,000	5.00%, 07/01/24		315,608
	430,000	Oakland Unified School District (GO) 5.00%, 08/01/23		474,434
	350,000	Oakland Unified School District, Series A (GO) 5.00%, 08/01/23		386,167
	205,000	Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c)		211,517

Principal Amount			Value

California: (continued)
$	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)	$	962,575
		Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB)
	265,000	5.00%, 11/01/22		284,391
	630,000	5.00%, 11/01/24		732,775
	200,000	Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series B (RB) 5.00%, 11/01/24 (c)		233,006
	250,000	Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25		296,095
	300,000	Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23		331,272
	485,000	Sacramento Municipal Utility District, Series B (RB) 5.00%, 04/18/25 (c) (p)		571,477
	125,000	Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/24		144,368
	725,000	Southern California Public Power Authority, Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c)		817,404
	325,000	State of California (GO) 5.00%, 08/01/24		375,391
	500,000	State of California, Department of Water Resources, Central Valley Project, Series BB (RB) 5.00%, 12/01/26		625,253
	1,215,000	State of California, Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/23		1,351,001
		State of California, Public Works Board, Various Capital Projects, Series B (RB)
	450,000	5.00%, 10/01/22		480,891
	275,000	5.00%, 10/01/26		340,208
	320,000	State of California, State Public Works Board, Various Capital Projects, Series C (RB) 5.00%, 03/01/25		376,475
		State of California, Various Purpose (GO)
	1,000,000	3.00%, 03/01/26		1,123,917
	300,000	4.00%, 11/01/24		339,312
	600,000	4.00%, 10/01/25		696,355
	285,000	4.00%, 08/01/26		337,290
	265,000	5.00%, 09/01/22		282,262
	1,000,000	5.00%, 09/01/23		1,112,927
	600,000	5.00%, 09/01/23		667,756
	250,000	5.00%, 10/01/23		279,198
	525,000	5.00%, 11/01/23		588,340
	100,000	5.00%, 10/01/24		116,223
	300,000	5.00%, 04/01/25		355,116

See Notes to Financial Statements

125

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

California: (continued)
$	1,500,000	5.00%, 08/01/25	$	1,796,274
	300,000	5.00%, 09/01/25		360,278
	835,000	5.00%, 10/01/25		1,005,609
	500,000	5.00%, 11/01/25		603,849
	460,000	5.00%, 12/01/25		557,083
	295,000	5.00%, 08/01/26		364,388
	935,000	5.00%, 09/01/26		1,157,799
	915,000	5.00%, 11/01/26		1,138,605
	480,000	Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) 5.00%, 06/01/23		527,361
				39,758,308
Colorado: 1.6%
	125,000	Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 12/01/23		137,146
	530,000	City and County of Denver, Airport System, Series A (RB) 5.00%, 11/15/25		637,193
	250,000	City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/22		265,229
	500,000	City of Colorado, Springs Utilities System Revenue, Series A (RB) 5.00%, 11/15/25		602,872
	530,000	Colorado Health Facilities Authority Hospital, Adventist Health System, Series C (RB) 5.00%, 11/15/23 (p)		594,029
	500,000	Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25		597,673
	1,000,000	Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24		1,169,000
	250,000	Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23		281,497
	385,000	State of Colorado, Series K (CP) 5.00%, 03/15/26		466,112
				4,750,751
Connecticut: 2.9%
	215,000	City of New Haven, Series A (GO) (AGM) 5.00%, 08/15/24		246,940
	1,000,000	Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/25		1,173,229
	390,000	Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p)		422,816
		State of Connecticut, Series A (GO)
	375,000	5.00%, 04/15/23		410,350
	265,000	5.00%, 04/15/23		289,981
		State of Connecticut, Series B (GO)
	375,000	4.00%, 05/15/23		404,260

Principal Amount			Value

Connecticut: (continued)
$	250,000	5.00%, 01/15/23	$	270,544
	275,000	5.00%, 06/01/26		337,509
	300,000	State of Connecticut, Series C (GO) 5.00%, 06/15/26		367,767
		State of Connecticut, Series D (GO)
	300,000	5.00%, 08/15/23		332,893
	1,040,000	5.00%, 04/15/26		1,268,523
		State of Connecticut, Series E (GO)
	350,000	5.00%, 10/15/22		374,636
	270,000	5.00%, 09/15/25		323,635
		State of Connecticut, Special Tax Obligation, Series A (RB)
	325,000	5.00%, 09/01/22		346,036
	300,000	5.00%, 01/01/23		324,089
	375,000	5.00%, 04/15/23		410,350
	100,000	5.00%, 09/01/23		111,218
	200,000	State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23		223,204
		University of Connecticut, Series A (RB)
	575,000	5.00%, 04/15/24		653,420
	285,000	5.00%, 03/15/26		344,739
				8,636,139
Delaware: 0.7%
	1,000,000	Delaware Economic Development Authority, Delmarva Power and Light Co. Project, Series A (RB) (AGM) 1.05%, 07/01/25 (p)		1,021,621
	500,000	Delaware Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p)		502,663
	500,000	Delaware Transportation Authority (RB) 5.00%, 07/01/26		614,909
				2,139,193
District of Columbia: 1.3%
	785,000	District of Columbia Income Tax, Series C (RB) 5.00%, 10/01/26		972,559
	440,000	District of Columbia, Series A (GO) 5.00%, 06/01/22		463,257
	120,000	District of Columbia, Series B (GO) 5.00%, 06/01/25		142,823
		District of Columbia, Series D (GO)
	250,000	5.00%, 06/01/24		286,946
	315,000	5.00%, 06/01/25		374,909
	500,000	District of Columbia, Series E (GO) 5.00%, 06/01/25		595,094
		Washington Metropolitan Area Transit Authority, Series A-1 (RB)
	225,000	5.00%, 07/01/24		257,688
	100,000	5.00%, 07/01/25		118,587
		Washington Metropolitan Area Transit Authority, Series B (RB)
	300,000	5.00%, 07/01/25		355,762
	300,000	5.00%, 07/01/26		367,058
				3,934,683

See Notes to Financial Statements

126

Principal Amount			Value

Florida: 2.4%
$	600,000	City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/22	$	641,011
		City of Jacksonville, Series B (RB)
	265,000	5.00%, 10/01/24		305,740
	1,020,000	5.00%, 10/01/25		1,216,546
	280,000	County of Miami-Dade (RB) 5.00%, 10/01/25		331,937
	350,000	County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/25		411,908
	375,000	Lee County School Board, Series A (CP) 5.00%, 08/01/24		430,381
	710,000	Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) 5.00%, 02/01/24		799,839
	100,000	Orange County Health Facilities Authority, Orlando Health Obligated Group, Series B (RB) 5.00%, 10/01/22		106,615
	340,000	School District of Broward County, Series C (CP) 5.00%, 07/01/24		388,933
		State of Florida, Board of Education, Lottery Revenue, Series A (RB)
	450,000	5.00%, 07/01/23		497,217
	650,000	5.00%, 07/01/24		747,759
	130,000	State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23		143,192
	150,000	State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/23		165,221
		State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)
	225,000	5.00%, 06/01/23		247,831
	100,000	5.00%, 06/01/24		114,679
	180,000	State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23		199,881
	275,000	State of Florida, Department of Transportation Financing Corp. (RB) 5.00%, 07/01/22		290,662
				7,039,352
Georgia: 3.2%
	500,000	Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p)		521,291
	500,000	City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24		582,327
	280,000	County of Forsyth (GO) 5.00%, 09/01/25		335,859
	500,000	Main Street Natural Gas, Inc., Series A (RB) 4.00%, 06/01/23 (c) (p)		539,803

Principal Amount			Value

Georgia: (continued)
$	1,000,000	Main Street Natural Gas, Inc., Series B (RB) 4.00%, 09/01/24 (c) (p)	$	1,118,109
	500,000	Main Street Natural Gas, Inc., Series C (RB) 4.00%, 06/01/23		539,288
	225,000	Municipal Gas Authority of Georgia, Gas Portfolio IV Project, Series A (RB) 5.00%, 10/01/23		250,700
	360,000	Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/26		443,649
		State of Georgia, Series A (GO)
	160,000	5.00%, 02/01/23		173,639
	250,000	5.00%, 02/01/25		293,883
	350,000	5.00%, 08/01/25		418,640
	1,500,000	5.00%, 02/01/26 (c)		1,813,830
	700,000	5.00%, 08/01/26		865,058
	250,000	State of Georgia, Series C (GO) 5.00%, 07/01/24		287,771
	1,000,000	State of Georgia, Series E (GO) 5.00%, 12/01/24		1,168,945
				9,352,792
Hawaii: 0.3%
	700,000	State of Hawaii, Series FE (GO) 5.00%, 10/01/23		781,035
	110,000	State of Hawaii, Series FN (GO) 5.00%, 10/01/24		127,520
	100,000	State of Hawaii, Series FT (GO) 5.00%, 01/01/23		108,047
				1,016,602
Illinois: 5.0%
	500,000	Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26		599,752
		Chicago O’Hare International Airport, Series C (RB)
	650,000	5.00%, 01/01/23		701,287
	115,000	5.00%, 01/01/24		129,068
	315,000	5.00%, 01/01/26		377,844
		Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
	380,000	5.00%, 06/01/22		398,393
	350,000	5.00%, 06/01/23		382,981
	500,000	City of Chicago, Series A (GO) 5.00%, 01/01/27		596,401
	200,000	Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25		239,591
	300,000	County of Cook, Series A (GO) 5.00%, 11/15/26		368,209
		Illinois Finance Authority, Clean Water Initiative (RB)
	310,000	4.00%, 01/01/23		329,974
	100,000	4.00%, 07/01/25		114,787
	340,000	5.00%, 07/01/22		359,322

See Notes to Financial Statements

127

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Illinois: (continued)
$	250,000	5.00%, 01/01/23	$	270,249
	155,000	5.00%, 01/01/24		174,667
	500,000	5.00%, 07/01/24		574,516
	600,000	5.00%, 01/01/25		701,317
	250,000	Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23		276,568
	220,000	Illinois State Toll Highway Authority Toll Highway , Series A (RB) 5.00%, 01/01/27		272,032
	350,000	Illinois State Toll Highway Authority Toll Highway , Series C (RB) 5.00%, 01/01/27		432,779
	285,000	Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/25		339,144
	115,000	Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/22		120,653
	495,000	Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24		561,887
	370,000	Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23		397,076
		State of Illinois (GO)
	400,000	5.00%, 06/01/22		419,672
	350,000	5.00%, 02/01/23		377,339
	250,000	5.50%, 05/01/24		285,625
	335,000	5.50%, 05/01/25		396,444
		State of Illinois, Series B (GO)
	130,000	5.00%, 12/01/24		149,403
	400,000	5.00%, 09/01/25		470,154
	395,000	State of Illinois, Series C (RB) 5.00%, 06/15/22		412,396
		State of Illinois, Series D (GO)
	470,000	5.00%, 11/01/22		500,809
	500,000	5.00%, 11/01/23		552,621
	1,345,000	5.00%, 11/01/25		1,568,482
	800,000	5.00%, 11/01/26		954,523
				14,805,965
Indiana: 0.9%
	500,000	City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25		597,552
		Indiana Finance Authority Highway, Series C (RB)
	250,000	5.00%, 12/01/23		280,914
	575,000	5.00%, 12/01/24		671,023
	260,000	5.00%, 12/01/25		313,952
		Indiana Finance Authority, Series E (RB)
	500,000	5.00%, 02/01/24		566,061
	250,000	5.00%, 02/01/25		293,883
				2,723,385
Iowa: 0.8%
	250,000	Iowa Finance Authority (RB) 5.00%, 08/01/23		277,083
	1,500,000	PEFA, Inc. (RB) 5.00%, 06/01/26 (c) (p)		1,817,395

Principal Amount			Value

Iowa: (continued)
$	250,000	State of Iowa, Prison Infrastructure Fund (RB) 5.00%, 06/15/23	$	275,431
				2,369,909
Kansas: 0.1%
	350,000	Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22		372,654
Kentucky: 1.5%
		Kentucky Public Energy Authority, Gas Supply, Series A (RB)
	500,000	4.00%, 01/02/24 (c) (p)		548,366
	1,000,000	4.00%, 03/01/26 (c) (p)		1,155,377
		Kentucky Public Energy Authority, Gas Supply, Series B (RB)
	200,000	4.00%, 07/01/23		215,412
	1,085,000	4.00%, 10/01/24 (c) (p)		1,210,306
	1,100,000	Kentucky Public Energy Authority, Gas Supply, Series C (RB) 4.00%, 03/01/25 (c) (p)		1,240,347
	125,000	Kentucky Turnpike Authority, Economic Development Road, Series B (RB) 5.00%, 07/01/24		142,735
				4,512,543
Louisiana: 0.5%
	250,000	East Baton Rouge Sewerage Commission, Series A (RB) 5.00%, 02/01/27		309,339
	175,000	Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB) 5.00%, 10/01/22		186,704
	590,000	Louisiana State Citizens Property Insurance Corp. (RB) 5.00%, 06/01/23		643,025
	335,000	State of Louisiana, Series A (GO) 5.00%, 03/01/26		407,419
				1,546,487
Maryland: 3.6%
		County of Baltimore, Maryland Certificates of Participation, Equipment Acquisition Program (CP)
	295,000	5.00%, 03/01/25		347,432
	1,125,000	5.00%, 03/01/26		1,367,597
	210,000	County of Montgomery, Consolidated Public Improvement, Series D (GO) 4.00%, 11/01/24		237,283
	425,000	County of Prince George’s, Consolidated Public Improvement, Series A (GO) 5.00%, 07/15/25		507,379
		Maryland Department of Consolidated Transportation (RB)
	500,000	5.00%, 05/01/23		548,419
	250,000	5.00%, 10/01/26		310,034
	500,000	Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c)		611,616

See Notes to Financial Statements

128

Principal Amount			Value

Maryland: (continued)
$	320,000	Maryland State Stadium Authority, Baltimore City Public Schools (RB) 5.00%, 05/01/23	$	349,709
	165,000	State of Maryland, Department of Transportation (RB) 5.00%, 09/01/24		190,939
	790,000	State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22		831,756
	2,730,000	State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24		3,105,880
	250,000	State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24		288,586
	145,000	State of Maryland, State and Local Facilities Loan, Second Series (GO) 5.00%, 08/01/22		153,852
	500,000	State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25		597,356
		State of Maryland, State and Local Facilities Loan, Second Series B (GO)
	550,000	5.00%, 08/01/24		634,889
	500,000	5.00%, 08/01/25		597,356
				10,680,083
Massachusetts: 3.0%
	860,000	Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c)		946,767
		Commonwealth of Massachusetts, Series A (GO)
	250,000	5.00%, 01/01/26		302,436
	300,000	5.00%, 01/01/27		373,971
	250,000	Commonwealth of Massachusetts, Series B (GO) 5.00%, 07/01/22		264,238
	300,000	Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26		371,317
	900,000	Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/23		993,815
		Commonwealth of Massachusetts, Series E (GO)
	750,000	3.00%, 12/01/25		837,726
	250,000	5.00%, 09/01/26		308,682
	275,000	Massachusetts Department of Transportation, Metropolitan Highway System Series A (RB) 5.00%, 01/01/23 (c) (p)		296,698
		Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)
	900,000	5.00%, 10/15/25		1,084,418
	1,025,000	5.00%, 07/15/26		1,264,986
	500,000	5.00%, 10/15/26		621,680

Principal Amount			Value

Massachusetts: (continued)
$	250,000	Massachusetts Development Finance Agency, Partners Healthcare System, Series S-4 (RB) 5.00%, 01/25/24 (p)	$	281,962
	450,000	Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 5.00%, 04/01/26		547,981
		Massachusetts Water Resources Authority, Series C (RB)
	250,000	5.00%, 08/01/22		265,229
	220,000	5.00%, 08/01/23		243,886
				9,005,792
Michigan: 1.0%
	250,000	Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26		304,933
	500,000	Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23		547,000
		State of Michigan, Grant Anticipation (RB)
	650,000	5.00%, 03/15/24		737,892
	1,065,000	5.00%, 03/15/26		1,295,659
	145,000	Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23		162,611
				3,048,095
Minnesota: 1.7%
	200,000	Duluth Independent School District No. 709, Series A (CP) (SD CRED PROG) 5.00%, 02/01/25		230,336
	1,000,000	Metropolitan Council, Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,246,014
	500,000	Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25		583,039
	480,000	Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22		517,085
	1,200,000	State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24		1,385,635
		State of Minnesota, Various Purpose, Series D (GO)
	510,000	5.00%, 08/01/22		541,134
	400,000	5.00%, 08/01/26		493,851
				4,997,094
Mississippi: 0.3%
	400,000	County of Warren, Mississippi Gulf Opportunity Zone, International Paper Company Project, Series A (RB) 1.38%, 06/16/25 (p)		411,101
	400,000	County of Warren, Mississippi Gulf Opportunity Zone, International Paper Company Project, Series C (RB) 1.38%, 06/16/25 (c) (p)		411,101
				822,202

See Notes to Financial Statements

129

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Missouri: 0.9%
$	1,000,000	City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23	$	1,102,635
	150,000	Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25		176,990
	260,000	Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 5.00%, 11/15/22		278,979
	500,000	Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25		600,135
	500,000	Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c)		595,999
				2,754,738
Nebraska: 1.2%
		Central Plains Energy Project, Gas Project, Series A (RB)
	500,000	5.00%, 10/01/23 (c) (p)		556,603
	350,000	5.00%, 01/01/24		392,717
		Central Plains Energy Project, Gas Supply (RB)
	825,000	2.50%, 05/01/25 (c) (p)		886,938
	1,500,000	4.00%, 05/01/25 (c) (p)		1,706,610
				3,542,868
Nevada: 0.7%
	100,000	Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 11/01/23		111,905
	250,000	Clark County School District, Series A (GO) 5.00%, 06/15/23		274,871
	250,000	Clark County Water Reclamation District (GO) 5.00%, 07/01/22		264,208
	300,000	Clark County, McCarran International Airport, Series A (RB) 5.00%, 07/01/23		330,859
	450,000	Clark County, Series B (GO) 5.00%, 11/01/23		503,572
	300,000	Las Vegas Valley Water District, Series A (GO) 5.00%, 06/01/22		315,857
	300,000	State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24		350,449
				2,151,721
New Jersey: 3.2%
	300,000	City of Newark, Series A (GO) (AGM) (SAW) 5.00%, 10/01/26		362,762
	435,000	New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/23		485,256

Principal Amount			Value

New Jersey: (continued)
$	100,000	5.00%, 11/01/24	$	115,574
	160,000	New Jersey Economic Development Authority, Princeton University, Series B (RB) 5.00%, 07/01/22		169,112
	1,000,000	New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25		1,195,002
	225,000	New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25		268,875
	300,000	New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. Issue (RB) 5.00%, 07/01/23		327,990
	500,000	New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/26		609,933
	300,000	New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated Group (RB) 5.00%, 07/01/26		365,863
	500,000	New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23		559,764
	890,000	New Jersey Sports and Exposition Authority, Series A (RB) 5.00%, 09/01/24		1,021,385
	890,000	New Jersey Transportation Trust Fund Authority, Series A (RB) 5.00%, 06/15/24		1,013,773
		State of New Jersey, Various Purposes (GO)
	500,000	2.00%, 06/01/25		528,955
	500,000	2.00%, 06/01/26		530,987
	800,000	5.00%, 06/01/22		841,481
	675,000	5.00%, 06/01/24		770,945
	290,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		317,664
				9,485,321
New Mexico: 1.0%
	325,000	New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22		342,178
	1,165,000	New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 02/01/25 (c) (p)		1,362,531
	320,000	State of New Mexico, Series A (GO) 5.00%, 03/01/23		348,336
		State of New Mexico, Series B (RB)
	505,000	4.00%, 07/01/23		546,536
	340,000	5.00%, 03/01/23		370,107
				2,969,688

See Notes to Financial Statements

130

Principal Amount			Value

New York: 13.2%
$	270,000	Build NYC Resource Corp., The Chapin School Ltd. Project (RB) 5.00%, 11/01/26	$	335,154
		City of New York, Series A (GO)
	250,000	4.00%, 08/01/23		271,138
	670,000	5.00%, 08/01/22		710,727
	100,000	5.00%, 08/01/23		110,690
	965,000	5.00%, 08/01/24		1,109,201
	500,000	City of New York, Series B-1 (GO) 5.00%, 10/01/22		534,323
		City of New York, Series C (GO)
	750,000	5.00%, 08/01/24		862,073
	850,000	5.00%, 08/01/25		1,009,971
		City of New York, Series C and D (GO)
	320,000	5.00%, 08/01/23		354,208
	325,000	5.00%, 08/01/26		398,794
	100,000	City of New York, Series D-3 (GO) 5.00%, 08/01/23 (c) (p)		109,840
	255,000	City of New York, Series E (GO) 5.00%, 08/01/24		293,105
	100,000	City of Yonkers, Series C (GO) 5.00%, 10/01/23		111,397
	200,000	County of Nassau, Series C (GO) 5.00%, 10/01/24		231,041
	100,000	Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23		108,265
	500,000	Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/22		532,086
	1,055,000	Metropolitan Transportation Authority, Series A (RB) 5.00%, 11/15/24		1,224,981
	1,500,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p)		1,722,838
	750,000	Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p)		847,544
		Metropolitan Transportation Authority, Series B (RB)
	290,000	5.00%, 11/15/23		324,022
	250,000	5.00%, 11/15/23		279,329
	390,000	5.00%, 11/15/24		452,837
		Metropolitan Transportation Authority, Series C-1 (RB)
	500,000	5.00%, 11/15/23		558,659
	875,000	5.00%, 11/15/25		1,048,970
	235,000	Metropolitan Transportation Authority, Series F (RB) 5.00%, 11/15/25		281,723
	250,000	Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23		273,262
	750,000	New York City Industrial Development Agency Pilot, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27		926,914

Principal Amount			Value

New York: (continued)
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
$	250,000	5.00%, 07/15/24	$	287,715
	315,000	5.00%, 07/15/26		386,840
	1,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB) 5.00%, 11/01/22		1,073,332
	320,000	New York City Transitional Finance Authority, Future Tax, Series C-1 (RB) 5.00%, 05/01/23		350,920
	350,000	New York City Transitional Finance Authority, Future Tax, Series D-1 (RB) 5.00%, 11/01/25		420,786
	500,000	New York City Transitional Finance Authority, Series S-3 (RB) (SAW) 5.00%, 07/15/21 (c)		504,719
	265,000	New York City Trust for Cultural Resources, Museum of Modern Art, Series E (RB) 4.00%, 04/01/25		300,620
	430,000	New York City Water and Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c)		502,162
	530,000	New York City Water and Sewer System, Series CC-2 (RB) 5.00%, 12/15/21 (c)		545,969
	125,000	New York State Dormitory Authority, Columbia University (RB) 5.00%, 10/01/24		145,233
	700,000	New York State Dormitory Authority, Cornell University, Series A (RB) 5.00%, 07/01/26		861,275
	200,000	New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center (RB) 5.00%, 07/01/26		245,734
	300,000	New York State Dormitory Authority, New York City Issue, Series 1 (RB) (SAW) 5.00%, 01/15/23		323,531
	110,000	New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24		126,318
		New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)
	250,000	5.00%, 10/01/22		266,978
	365,000	5.00%, 10/01/23		403,151
	385,000	5.00%, 10/01/25		458,630
	805,000	5.00%, 02/15/26		975,279
	400,000	5.00%, 10/01/26		490,299
	300,000	New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB) 5.00%, 10/01/24		346,452

See Notes to Financial Statements

131

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SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

New York: (continued)
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
$	1,000,000	5.00%, 02/15/23	$	1,086,583
	455,000	5.00%, 02/15/25		534,002
	430,000	5.00%, 03/15/26		522,309
	435,000	New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/26		527,014
		New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
	1,070,000	5.00%, 02/15/23		1,162,643
	250,000	5.00%, 02/15/25		293,408
	1,000,000	5.00%, 02/15/25		1,173,631
	1,260,000	5.00%, 08/15/26 (c)		1,544,868
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	445,000	5.00%, 03/15/23		485,331
	290,000	5.00%, 03/15/23		316,283
	475,000	5.00%, 03/15/24		539,862
	100,000	New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 03/15/23		109,063
		New York State Dormitory Authority, State Sales Tax, Series C (RB)
	155,000	5.00%, 03/15/24		176,166
	775,000	5.00%, 03/15/25		912,829
	495,000	New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26		601,795
	500,000	New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25		587,962
	250,000	New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 02/01/22 (c)		252,668
	165,000	New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24		185,419
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	790,000	5.00%, 03/15/23		861,598
	500,000	5.00%, 03/15/25		588,500
		Town of Oyster Bay, Public Improvement (GO)
	500,000	4.00%, 03/01/24		550,740
	250,000	4.00%, 03/01/26		290,053
	530,000	Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26		595,169
	500,000	TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22		524,951
	285,000	Utility Debt Securitization Authority (RB) 5.00%, 06/15/22 (c)		300,529

Principal Amount			Value

New York: (continued)
$	320,000	Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c)	$	345,157
				39,107,568
North Carolina: 1.5%
	115,000	Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23		122,482
	290,000	County of Durham (GO) 4.00%, 10/01/24		326,678
	375,000	County of Wake (RB) 5.00%, 09/01/26		462,578
	1,000,000	North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 02/01/24		1,127,120
		State of North Carolina, Department of State Treasurer, Series B (GO)
	575,000	5.00%, 06/01/23		633,094
	665,000	5.00%, 06/01/25		790,582
	500,000	State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/23		543,312
	500,000	State of North Carolina, Series A (GO) 5.00%, 06/01/24		573,393
				4,579,239
Ohio: 2.9%
	530,000	American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/23		575,292
	260,000	City of Cleveland, Airport System Revenue, Series B (RB) (AGM) 5.00%, 01/01/23		279,702
		County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
	100,000	5.00%, 08/01/25		118,866
	410,000	5.00%, 08/01/26		502,618
		County of Hamilton, Ohio Sales Tax, Series A (RB)
	155,000	5.00%, 12/01/23		173,187
	500,000	5.00%, 12/01/25		595,734
	300,000	Lancaster Port Authority, Gas Supply (RB) (SBG) 5.00%, 11/01/24 (c) (p)		347,427
	250,000	Ohio Water Development Authority, Water Pollution Control Loan, Series B (RB) 5.00%, 06/01/26		306,544
	1,325,000	State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/25		1,548,215
	460,000	State of Ohio Turnpike, Series A (RB) 5.00%, 02/15/26		557,425
	500,000	State of Ohio University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/22		538,630
	100,000	State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25		119,961

See Notes to Financial Statements

132

Principal Amount			Value

Ohio: (continued)
$	560,000	State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23	$	627,706
	200,000	State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/22		209,773
	675,000	State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22		724,499
	1,000,000	State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23		1,097,048
	115,000	State of Ohio, Miami University (RB) 5.00%, 09/01/25		137,449
				8,460,076
Oklahoma: 0.5%
		Oklahoma County Independent School District No. 89, Series A (GO)
	500,000	0.05%, 07/01/22		499,653
	450,000	1.25%, 07/01/24		463,876
	350,000	Tulsa Public Facilities Authority (RB) 3.00%, 06/01/25		384,349
				1,347,878
Oregon: 0.8%
		City of Portland, Sewer System, Series A (RB) (AGM)
	500,000	5.00%, 03/01/26		608,088
	350,000	5.00%, 05/01/26		427,887
	350,000	Greater Albany School District No. 8J Linn (GO) (SBG) 5.00%, 06/15/26		429,458
	500,000	Multnomah County, School District No. 1, Portland Public School (GO) (SBG) 5.00%, 06/15/25		594,309
	365,000	State of Oregon, Series A (GO) 5.00%, 05/01/22		382,798
				2,442,540
Pennsylvania: 3.7%
	300,000	Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/25		356,078
		City of Philadelphia, Series A (GO)
	200,000	5.00%, 08/01/24		229,397
	245,000	5.00%, 08/01/25		290,655
	300,000	5.00%, 08/01/25		355,904
	310,000	City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22		330,961
	250,000	Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23		274,050
	315,000	Commonwealth of Pennsylvania (GO) 5.00%, 01/01/27		391,279
		Commonwealth of Pennsylvania, First Series (GO)
	100,000	5.00%, 09/15/23		111,372
	400,000	5.00%, 01/01/26		483,074
	415,000	5.00%, 02/01/26		502,512

Principal Amount			Value

Pennsylvania: (continued)
$		Commonwealth of Pennsylvania, Second Series (GO)
	590,000	5.00%, 09/15/22	$	629,308
	370,000	5.00%, 01/15/23		400,538
		Delaware River Port Authority, Series B (RB)
	350,000	5.00%, 01/01/25		408,266
	1,170,000	5.00%, 01/01/26		1,407,598
	270,000	Lancaster County Hospital Authority, University of Pennsylvania Health System, Series B (RB) 5.00%, 08/15/22		286,962
	330,000	Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project, Series B (RB) 1.80%, 08/15/22 (p)		336,193
	600,000	Lehigh County, Lehigh Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		735,830
	500,000	Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23		552,019
	150,000	Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23		167,260
	310,000	Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 03/15/24		351,345
		Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)
	175,000	5.00%, 06/15/23		192,410
	100,000	5.00%, 06/15/25		118,142
	350,000	Pennsylvania State University, Series B (RB) 5.00%, 09/01/22		372,751
	400,000	Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24		457,687
	660,000	Philadelphia School District, Series F (GO) (SAW)
		5.00%, 09/01/25		772,736
		School District of Philadelphia, Series F (GO) (SAW)
	100,000	5.00%, 09/01/22		106,293
	120,000	5.00%, 09/01/24		136,633
	115,000	Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/23		126,442
				10,883,695
Rhode Island: 0.5%
	235,000	Rhode Island Commerce Corp., Department of Transportation, Series A (RB) 5.00%, 06/15/22		247,653
	1,000,000	Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) 5.00%, 05/15/23		1,085,066
				1,332,719

See Notes to Financial Statements

133

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

South Carolina: 1.3%
$	510,000	County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24	$	593,974
	500,000	County of Richland, Transportation Sales and Use Tax, Series A (GO) (SAW) 5.00%, 03/01/26		609,692
	1,765,000	Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 11/01/23 (c) (p)		1,926,880
	350,000	State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24		398,897
	330,000	York County, South Carolina Fort Mill School District No. 4, Series B (GO) 5.00%, 03/01/23		359,158
				3,888,601
Tennessee: 1.6%
		Metropolitan Government of Nashville and Davidson County (GO)
	200,000	5.00%, 07/01/24		229,738
	525,000	5.00%, 07/01/26		645,053
	450,000	Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/26		541,261
	900,000	Tennergy Corp., Series A (RB) 5.00%, 07/01/24 (c) (p)		1,032,273
	1,550,000	Tennessee Energy Acquisition Corp. (RB) 4.00%, 08/01/25 (c) (p)		1,765,859
	560,000	Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 02/01/23 (c) (p)		597,893
				4,812,077
Texas: 7.9%
	300,000	Aldine Independent School District, Series A (GO) 5.00%, 02/15/23		326,200
	500,000	Austin Independent School District (GO) 5.00%, 08/01/26		615,855
		Bexar County Hospital District (GO)
	725,000	5.00%, 02/15/24		819,684
	350,000	5.00%, 02/15/26		423,574
	275,000	Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23		305,218
	1,000,000	Brazosport Independent School District (GO) 5.00%, 02/15/23		1,086,771
	750,000	City of Austin, Electric Utility System, Series A (RB) 5.00%, 11/15/30 (c)		963,413
		City of Austin, Water and Wastewater System (RB)
	290,000	5.00%, 11/15/22		311,820
	790,000	5.00%, 11/15/25		951,748
	310,000	City of Denton, Utility System (RB) 5.00%, 12/01/26		383,034

Principal Amount			Value

Texas: (continued)
$	105,000	City of Fort Worth (GO) 5.00%, 03/01/24	$	118,984
		City of Houston, Airport System, Series D (RB)
	500,000	5.00%, 07/01/23		551,318
	250,000	5.00%, 07/01/24		286,746
	250,000	City of Houston, Series A (GO) 5.00%, 03/01/23		272,234
	630,000	City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c)		772,224
	500,000	City of San Antonio, General Improvement (GO) 5.00%, 08/01/25		596,191
		Colorado River Municipal Water District (RB)
	115,000	5.00%, 01/01/24		129,264
	405,000	5.00%, 01/01/26		487,453
	150,000	Conroe Independent School District (GO) 5.00%, 02/15/23		162,959
	125,000	Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/24		141,549
	375,000	Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23		415,934
	200,000	Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25		239,660
	150,000	Fort Worth Independent School District (GO) 5.00%, 02/15/24		169,903
	325,000	Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23		349,972
	320,000	Harris County, Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) 5.00%, 11/15/23		354,789
	500,000	Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24		578,157
	320,000	Harris County, Series A (GO) 5.00%, 10/01/22		342,297
	500,000	Hays Consolidated Independent School District, Series A (GO) 3.00%, 02/15/26		559,484
		Houston Independent School District, Limited Tax School House (GO)
	155,000	5.00%, 02/15/24		175,613
	250,000	5.00%, 02/15/26		303,741
		Houston Independent School District, Limited Tax School House, Series A (GO)
	650,000	5.00%, 02/15/23		706,523
	165,000	5.00%, 02/15/24		186,943
	455,000	Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26		558,113

See Notes to Financial Statements

134

Principal Amount			Value

Texas: (continued)
$	250,000	Judson Independent School District (GO) 5.00%, 02/01/25	$	293,066
	290,000	Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/24		337,309
	160,000	New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23		176,922
	150,000	North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/25		174,674
	500,000	Northside Independent School District (GO) 0.70%, 06/01/25 (p)		502,602
		Port of Houston Authority of Harris County, Series A-2 (GO)
	500,000	5.00%, 10/01/24		579,449
	500,000	5.00%, 10/01/25		599,245
	570,000	Round Rock Independent School District (GO) 5.00%, 08/01/26		701,742
	300,000	San Antonio Water System, Junior Lien, Series A (RB) 2.00%, 05/15/25		318,976
	430,000	State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c)		496,217
		State of Texas, Water Infrastructure Fund, Series B-3 (GO)
	400,000	5.00%, 08/01/23		443,619
	250,000	5.00%, 08/01/24		288,410
	500,000	5.00%, 08/01/25		596,890
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB)
	250,000	5.00%, 02/15/24		282,500
	250,000	5.00%, 02/15/25		292,734
		Texas Water Development Board (RB)
	350,000	5.00%, 08/01/23		388,167
	225,000	5.00%, 08/01/25		269,125
	340,000	Texas Water Development Board, Series A (RB) 5.00%, 04/15/23		372,401
	345,000	Trinity River Authority, Regional Wastewater System (RB) 3.00%, 08/01/22		357,456
	1,000,000	University of Houston, Series A (RB) 5.00%, 02/15/26		1,211,793
				23,330,665
Utah: 1.4%
	955,000	Central Utah Water Conservancy District, Series B (RB) 5.00%, 10/01/25		1,145,948
		State of Utah (GO)
	500,000	5.00%, 07/01/23		552,693
	300,000	5.00%, 07/01/25		358,088
	290,000	5.00%, 07/01/25		346,152

Principal Amount			Value

Utah: (continued)
$	500,000	5.00%, 07/01/26	$	615,771
	100,000	University of Utah, Series A (RB) 5.00%, 08/01/23		110,881
	1,000,000	Utah County, IHC Health Services, Inc., Series B-1 (RB) 5.00%, 02/01/24 (c) (p)		1,148,692
				4,278,225
Virginia: 2.5%
	240,000	City of Alexandria, Series C (GO) (SAW) 5.00%, 07/01/23		265,183
	500,000	City of Richmond, Public Improvement, Series B (GO) 5.00%, 07/15/22		529,494
	125,000	City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25		146,659
	350,000	Commonwealth of Virginia, Series B (GO) 5.00%, 06/01/26		430,150
		County of Fairfax, Public Improvement, Series A (GO) (SAW)
	275,000	4.00%, 10/01/23		300,649
	285,000	4.00%, 10/01/24		321,045
	500,000	4.00%, 10/01/25		578,631
	700,000	4.00%, 10/01/25		809,418
	300,000	County of Henrico, Water and Sewer (RB) 5.00%, 05/01/25		355,494
	125,000	Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24		142,615
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)
	235,000	5.00%, 02/01/24		265,633
	350,000	5.00%, 02/01/27		437,315
	250,000	5.00%, 02/01/27		312,368
	250,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23		271,265
		Virginia Commonwealth Transportation Board (RB)
	150,000	5.00%, 09/15/22		160,015
	400,000	5.00%, 09/15/23		445,487
	325,000	5.00%, 09/15/24		376,388
		Virginia Public Building Authority, Series A (RB)
	160,000	5.00%, 08/01/23		177,448
	120,000	5.00%, 08/01/24		138,395
	265,000	5.00%, 08/01/26		326,712
	300,000	Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26		369,863
	300,000	Virginia Public School Authority, Series B (RB) (SAW) 5.00%, 08/01/23		332,643
				7,492,870

See Notes to Financial Statements

135

VANECK VECTORS SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Washington: 3.0%
$	400,000	City of Seattle, Washington Municipal Light and Power, Series B (RB) 5.00%, 02/01/26	$	484,977
	500,000	Clark County Public Utility District No. 1 (RB) 5.00%, 01/01/26		602,305
	100,000	County of King (GO) 5.00%, 07/01/24		114,903
		County of King, Series B (RB)
	575,000	5.00%, 07/01/25		684,233
	200,000	5.00%, 07/01/26		245,734
		Energy Northwest, Colombia Generating Station Electric, Series A (RB)
	465,000	5.00%, 07/01/22		491,538
	100,000	5.00%, 07/01/23		110,447
	455,000	5.00%, 07/01/24		523,120
		Energy Northwest, Project 3 Electric, Series C (RB)
	450,000	5.00%, 07/01/24		517,372
	1,375,000	5.00%, 07/01/25		1,636,210
	200,000	State of Washington, Series D (GO) 5.00%, 02/01/24		226,306
	750,000	State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24		865,230
	800,000	University of Washington, Series C (RB) (AGM) 5.00%, 04/01/26		977,670
	1,000,000	Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 02/01/24 (c) (p)		1,124,740
	270,000	Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25		314,109
				8,918,894

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	$	455,589
Wisconsin: 1.9%
	545,000	City of Madison, Series A (GO) 4.00%, 10/01/22		574,985
		City of Milwaukee, Series N2 (GO)
	100,000	4.00%, 03/01/23		106,805
	750,000	4.00%, 03/01/25		846,557
		City of Milwaukee, Series N4 (GO)
	225,000	5.00%, 04/01/24		254,396
	125,000	5.00%, 04/01/25		146,261
	750,000	5.00%, 04/01/26		905,201
	500,000	5.00%, 04/01/26		603,468
	500,000	State of Wisconsin, Series 1 (GO) 5.00%, 11/01/22		536,666
		State of Wisconsin, Series 2 (GO)
	380,000	5.00%, 11/01/25		457,417
	355,000	5.00%, 11/01/25		427,324
	425,000	State of Wisconsin, Series A (GO) 5.00%, 05/01/25		503,058
	120,000	Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24		137,925
				5,500,063
Total Municipal Bonds: 98.4% (Cost: $287,181,734)				291,959,839
Other assets less liabilities: 1.6%				4,855,083
NET ASSETS: 100.0%			$	296,814,922


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


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

See Notes to Financial Statements

136

Summary of Investments
By Sector	% of Investments			Value
Education		6.8	%	$	19,892,945
Health Care		6.3			18,329,173
Housing		0.1			252,668
Industrial Revenue		10.1			29,429,018
Leasing		6.1			17,780,008
Local		15.8			46,108,497
Power		4.9			14,333,607
Special Tax		9.8			28,572,997
State		21.4			62,431,132
Tobacco		1.1			3,384,892
Transportation		10.8			31,624,591
Water & Sewer		6.8			19,820,311
		100.0	%	$	291,959,839

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Total Municipal Bonds*

—

291,959,839

—

291,959,839

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

137

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2021

	CEF Municipal Income ETF			High Yield Muni ETF			Intermediate Muni ETF

Assets:
Investments, at value
Unaffiliated issuers (1)		$	177,192,079		$	3,408,838,514		$	1,778,396,797
Affiliated issuers (2)			—			—			—
Cash			9			3,635,297			6,775,014
Receivables:
Investment securities sold			—			2,361,046			—
Shares of beneficial interest sold			—			6,273,881			—
Dividends and interest			475,421			49,428,248			18,917,701
Total assets			177,667,509			3,470,536,986			1,804,089,512

Liabilities:
Payables:
Investment securities purchased			904,436			8,139,988			2,369,767
Line of credit			120,332			—			—
Due to Adviser			60,318			1,071,450			369,781
Deferred Trustee fees			4,195			3,184			3,000
Accrued expenses			96			—			—
Total liabilities			1,089,377			9,214,622			2,742,548
NET ASSETS		$	176,578,132		$	3,461,322,364		$	1,801,346,964
Shares outstanding			6,075,000			55,396,401			34,898,916
Net asset value, redemption and offering price per share		$	29.07		$	62.48		$	51.62

Net Assets consist of:
Aggregate paid in capital		$	171,887,824		$	3,430,387,389		$	1,709,742,983
Total distributable earnings (loss)			4,690,308			30,934,975			91,603,981
NET ASSETS		$	176,578,132		$	3,461,322,364		$	1,801,346,964
(1) Cost of investments – Unaffiliated issuers		$	167,029,305		$	3,305,094,729		$	1,689,816,657
(2) Cost of investments – Affiliated issuers		$	—		$	—		$	—

See Notes to Financial Statements

138

Long Muni ETF			Muni Allocation ETF				Short High Yield Muni ETF				Short Muni ETF



	$	224,870,563		$	—			$	301,175,300			$	291,959,839
		—			4,985,185				—				—
		886,404			4,211				804,677				3,769,320

		—			—				—				—
		—			—				—				1,804,344
		2,518,840			—				3,826,987				3,480,074
		228,275,807			4,989,396				305,806,964				301,013,577

		573,417			—				—				4,141,837
		—			—				—				—
		47,157			329				94,776				55,185
		1,517			—				—				1,600
		—			—				—				33
		622,091			329				94,776				4,198,655
	$	227,653,716		$	4,989,067			$	305,712,188			$	296,814,922
		10,500,000			200,000				12,200,000				16,450,000
	$	21.68		$	24.95			$	25.06			$	18.04

	$	215,892,851		$	5,416,478			$	305,868,567			$	291,867,122
		11,760,865			(427,411	)			(156,379	)			4,947,800
	$	227,653,716		$	4,989,067			$	305,712,188			$	296,814,922
	$	214,399,322		$	—			$	293,226,326			$	287,181,734
	$	—		$	4,695,763			$	—			$	—

See Notes to Financial Statements

139

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2021

	CEF Municipal Income ETF				High Yield Muni ETF				Intermediate Muni ETF

Income:
Interest		$	48			$	127,006,942			$	36,452,022
Dividends – unaffiliated issuers			7,247,980				—				—
Dividends – affiliated issuers			—				—				—
Total income			7,248,028				127,006,942				36,452,022

Expenses:
Management fees			633,357				10,439,300				4,087,387
Interest			3,473				—				122
Total expenses			636,830				10,439,300				4,087,509
Net investment income			6,611,198				116,567,642				32,364,513

Net realized gain (loss) on:
Investments – unaffiliated issuers			(395,401	)			(40,667,669	)			3,609,000
Investments – affiliated issuers			—				—				—
In-kind redemptions – unaffiliated issuers			1,520,401				(45,979,456	)			22,163,251
Capital gain distributions from investment companies – unaffiliated issuers			92,584				—				—
Capital gain distributions from investment companies – affiliated issuers			—				—				—
Net realized gain (loss)			1,217,584				(86,647,125	)			25,772,251

Net change in unrealized appreciation (depreciation) on:
Investments – unaffiliated issuers			25,470,232				390,659,103				60,943,861
Investments – affiliated issuers			—				—				—
Net change in unrealized appreciation (depreciation)			25,470,232				390,659,103				60,943,861
Net Increase in Net Assets Resulting from Operations		$	33,299,014			$	420,579,620			$	119,080,625

See Notes to Financial Statements

140

Long Muni ETF			Muni Allocation ETF			Short High Yield Muni ETF				Short Muni ETF


	$	5,933,112		$	9		$	8,180,188			$	3,394,902
		—			—			—				—
		—			128,148			—				—
		5,933,112			128,157			8,180,188				3,394,902

		529,294			3,920			860,132				465,944
		1,052			—			1,594				694
		530,346			3,920			861,726				466,638
		5,402,766			124,237			7,318,462				2,928,264

		1,427,746			—			(3,886,900	)			1,167,630
		—			138,684			—				—
		1,419,597			—			(2,760,437	)			3,652
		—			—			—				—
		—			5,310			—				—
		2,847,343			143,994			(6,647,337	)			1,171,282

		12,170,970			—			26,083,232				4,643,506
		—			263,796			—				—
		12,170,970			263,796			26,083,232				4,643,506
	$	20,421,079		$	532,027		$	26,754,357			$	8,743,052

See Notes to Financial Statements

141

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Municipal Income ETF								High Yield Muni ETF

	Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020

Operations:
Net investment income		$	6,611,198			$	6,418,465			$	116,567,642			$	135,063,522
Net realized gain (loss)			1,217,584				(1,348,736	)			(86,647,125	)			(73,112,724	)
Net change in unrealized appreciation (depreciation)			25,470,232				(12,581,766	)			390,659,103				(329,370,475	)
Net increase (decrease) in net assets resulting from operations			33,299,014				(7,512,037	)			420,579,620				(267,419,677	)

Distributions to shareholders:
From distributable earnings			(6,430,030	)			(6,488,575	)			(116,872,827	)			(130,789,239	)

Share transactions:**
Proceeds from sale of shares			31,098,244				55,048,993				1,105,042,152				1,221,086,378
Cost of shares redeemed			(23,775,486	)			(42,631,985	)			(517,793,142	)			(908,446,635	)
Increase (decrease) in net assets resulting from share transactions			7,322,758				12,417,008				587,249,010				312,639,743
Total increase (decrease) in net assets			34,191,742				(1,583,604	)			890,955,803				(85,569,173	)
Net Assets, beginning of year			142,386,390				143,969,994				2,570,366,561				2,655,935,734
Net Assets, end of year		$	176,578,132			$	142,386,390			$	3,461,322,364			$	2,570,366,561

** Shares of Common Stock Issued (no par value)
Shares sold			1,100,000				2,050,000				18,300,000				18,950,000
Shares redeemed			(875,000	)			(1,700,000	)			(8,700,000	)			(15,450,000	)
Net increase (decrease)			225,000				350,000				9,600,000				3,500,000

*	Commencement of operations

See Notes to Financial Statements

142

Intermediate Muni ETF								Long Muni ETF								Muni Allocation ETF
Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				For the Period May 15, 2019* through April 30, 2020

	$	32,364,513			$	39,019,165			$	5,402,766			$	5,189,400			$	124,237			$	116,669
		25,772,251				21,694,749				2,847,343				1,034,127				143,994				(833,509	)
		60,943,861				(15,398,761	)			12,170,970				(5,040,336	)			263,796				25,626

		119,080,625				45,315,153				20,421,079				1,183,191				532,027				(691,214	)

		(34,896,906	)			(41,718,531	)			(5,817,215	)			(5,352,305	)			(135,120	)			(95,420	)

		535,463,826				357,137,377				52,826,059				76,206,819				—				7,683,791
		(399,980,004	)			(499,235,628	)			(39,574,236	)			(25,241,268	)			—				(2,304,997	)

		135,483,822				(142,098,251	)			13,251,823				50,965,551				—				5,378,794
		219,667,541				(138,501,629	)			27,855,687				46,796,437				396,907				4,592,160
		1,581,679,423				1,720,181,052				199,798,029				153,001,592				4,592,160				—
	$	1,801,346,964			$	1,581,679,423			$	227,653,716			$	199,798,029			$	4,989,067			$	4,592,160

		10,400,000				7,100,000				2,450,000				3,600,000				—				300,000
		(7,800,000	)			(9,950,000	)			(1,850,000	)			(1,200,000	)			—				(100,000	)
		2,600,000				(2,850,000	)			600,000				2,400,000				—				200,000

See Notes to Financial Statements

143

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Short High Yield Muni ETF								Short Muni ETF
	Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020

Operations:
Net investment income		$	7,318,462			$	8,443,972			$	2,928,264			$	3,108,014
Net realized gain (loss)			(6,647,337	)			(1,555,306	)			1,171,282				824,500
Net change in unrealized appreciation (depreciation)			26,083,232				(20,189,964	)			4,643,506				(757,914	)
Net increase (decrease) in net assets resulting from operations			26,754,357				(13,301,298	)			8,743,052				3,174,600

Distributions to shareholders:
From distributable earnings			(7,514,640	)			(7,999,685	)			(3,213,715	)			(3,177,000	)

Share transactions:**
Proceeds from sale of shares			69,894,109				97,158,157				89,493,269				9,788,193
Cost of shares redeemed			(46,687,411	)			(15,135,972	)			(1,805,548	)			(7,062,607	)
Increase in net assets resulting from share transactions			23,206,698				82,022,185				87,687,721				2,725,586
Total increase in net assets			42,446,415				60,721,202				93,217,058				2,723,186
Net Assets, beginning of year			263,265,773				202,544,571				203,597,864				200,874,678
Net Assets, end of year		$	305,712,188			$	263,265,773			$	296,814,922			$	203,597,864

** Shares of Common Stock Issued (no par value)
Shares sold			2,800,000				3,850,000				4,950,000				550,000
Shares redeemed			(2,000,000	)			(650,000	)			(100,000	)			(400,000	)
Net increase			800,000				3,200,000				4,850,000				150,000

See Notes to Financial Statements

144

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		CEF Municipal Income ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	24.34			$	26.18			$	24.97			$	26.58			$	28.50
Income from investment operations:
Net investment income			1.14	(a)			1.09	(a)			1.16	(a)			1.27	(a)			1.37
Net realized and unrealized gain (loss) on investments			4.71				(1.83	)			1.21				(1.61	)			(1.90	)
Total from investment operations			5.85				(0.74	)			2.37				(0.34	)			(0.53	)
Less distributions from:
Net investment income			(1.12	)			(1.10	)			(1.16	)			(1.27	)			(1.39	)
Net asset value, end of year		$	29.07			$	24.34			$	26.18			$	24.97			$	26.58
Total return (b)			24.38	%			(3.17	)%			9.83	%			(1.45	)%			(1.93	)%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$176,578				$142,386				$143,970				$94,876				$83,719
Ratio of gross expenses to average net assets (d)(e)			0.40	%			0.45	%			0.48	%			0.50	%			0.51	%
Ratio of net expenses to average net assets (d)(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense (d)(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			4.17	%			4.02	%			4.67	%			4.78	%			4.98	%
Portfolio turnover rate (c)			11	%			10	%			13	%			9	%			12	%


		High Yield Muni ETF #
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	56.13			$	62.79			$	62.16			$	61.52			$	63.18
Income from investment operations:
Net investment income			2.36	(a)			2.69	(a)			2.67	(a)			2.72	(a)			2.68
Net realized and unrealized gain (loss) on investments			6.38				(6.73	)			0.64				0.60				(1.64	)
Total from investment operations			8.74				(4.04	)			3.31				3.32				1.04
Less distributions from:
Net investment income			(2.39	)			(2.62	)			(2.68	)			(2.68	)			(2.70	)
Net asset value, end of year		$	62.48			$	56.13			$	62.79			$	62.16			$	61.52
Total return (b)			15.84	%			(6.86	)%			5.46	%			5.48	%			1.69	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$3,461,322				$2,570,367				$2,655,936				$2,436,743				$2,106,741
Ratio of expenses to average net assets			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of expenses to average net assets excluding interest expense			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of net investment income to average net assets			3.91	%			4.26	%			4.31	%			4.37	%			4.36	%
Portfolio turnover rate (c)			9	%			12	%			10	%			14	%			10	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	The ratios represented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
#	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.
(e)	Periods after November 1, 2019 reflect a unitary management fee structure.

See Notes to Financial Statements

145

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		Intermediate Muni ETF #
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	48.97			$	48.94			$	46.83			$	47.40			$	48.84
Income from investment operations:
Net investment income			0.98	(a)			1.09	(a)			1.12	(a)			1.08	(a)			1.06
Net realized and unrealized gain (loss) on investments			2.72				0.10				2.11				(0.59	)			(1.44	)
Total from investment operations			3.70				1.19				3.23				0.49				(0.38	)
Less distributions from:
Net investment income			(0.98	)			(1.10	)			(1.12	)			(1.06	)			(1.06	)
Net realized capital gains			(0.07	)			(0.06	)			—				—				—
Total dividends and distributions			(1.05	)			(1.16	)			(1.12	)			(1.06	)			(1.06	)
Net asset value, end of year		$	51.62			$	48.97			$	48.94			$	46.83			$	47.40
Total return (b)			7.59	%			2.40	%			6.98	%			1.04	%			(0.80	)%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$1,801,347				$1,581,679				$1,720,181				$1,697,602				$1,592,512
Ratio of expenses to average net assets			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of expenses to average net assets excluding interest expense			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of net investment income to average net assets			1.90	%			2.17	%			2.37	%			2.24	%			2.22	%
Portfolio turnover rate (c)			6	%			7	%			7	%			9	%			7	%


		Long Muni ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	20.18			$	20.40			$	19.63			$	19.63			$	20.43
Income from investment operations:
Net investment income			0.52	(a)			0.57	(a)			0.60	(a)			0.59	(a)			0.60
Net realized and unrealized gain (loss) on investments			1.54				(0.20	)			0.77				0.01				(0.79	)
Total from investment operations			2.06				0.37				1.37				0.60				(0.19	)
Less distributions from:
Net investment income			(0.52	)			(0.57	)			(0.60	)			(0.60	)			(0.61	)
Net realized capital gains			(0.04	)			(0.02	)			—				—				—
Total dividends and distributions			(0.56	)			(0.59	)			(0.60	)			(0.60	)			(0.61	)
Net asset value, end of year		$	21.68			$	20.18			$	20.40			$	19.63			$	19.63
Total return (b)			10.31	%			1.75	%			7.15	%			3.02	%			(0.99	)%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$227,654				$199,798				$153,002				$154,107				$161,965
Ratio of expenses to average net assets			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of expenses to average net assets excluding interest expense			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Ratio of net investment income to average net assets			2.45	%			2.72	%			3.06	%			2.96	%			2.99	%
Portfolio turnover rate (c)			23	%			22	%			22	%			33	%			17	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	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

146

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Muni Allocation ETF
	For the Year Ended April 30, 2021				For the Period May 15, 2019(a) through April 30, 2020
Net asset value, beginning of period		$	22.96			$	25.05
Income from investment operations:
Net investment income (b)			0.62				0.72
Net realized and unrealized gain (loss) on investments			2.05				(2.20	)
Total from investment operations			2.67				(1.48	)
Less distributions from:
Net investment income			(0.68	)			(0.61	)
Net asset value, end of period		$	24.95			$	22.96
Total return (c)			11.70	%			(6.13	)%(d)


Ratios/Supplemental Data
Net assets, end of period (000’s)	$4,989				$4,592
Ratio of gross expenses to average net assets (g)(h)			0.08	%			1.28	%(e)
Ratio of net expenses to average net assets (g)(h)			0.08	%			0.08	%(e)
Ratio of net expenses to average net assets excluding interest expense (g)(h)			0.08	%			0.08	%(e)
Ratio of net investment income to average net assets (g)			2.54	%			3.02	%(e)
Portfolio turnover rate (f)			169	%			162	%(d)

		Short High Yield Muni ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	23.09			$	24.70			$	24.24			$	24.26			$	25.15
Income from investment operations:
Net investment income			0.73	(b)			0.84	(b)			0.80	(b)			0.76	(b)			0.72
Net realized and unrealized gain (loss) on investments			1.99				(1.64	)			0.43				(0.02	)			(0.92	)
Total from investment operations			2.72				(0.80	)			1.23				0.74				(0.20	)
Less distributions from:
Net investment income			(0.75	)			(0.81	)			(0.77	)			(0.76	)			(0.69	)
Net asset value, end of year		$	25.06			$	23.09			$	24.70			$	24.24			$	24.26
Total return (c)			11.89	%			(3.44	)%			5.16	%			3.07	%			(0.81	)%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$305,712				$263,266				$202,545				$134,537				$114,033
Ratio of expenses to average net assets			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of expenses to average net assets excluding interest expense			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of net investment income to average net assets			2.98	%			3.37	%			3.28	%			3.11	%			2.93	%
Portfolio turnover rate (f)			14	%			17	%			22	%			27	%			20	%

(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.
(h)	Periods after November 1, 2019 reflect a unitary management fee structure.

See Notes to Financial Statements

147

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		Short Muni ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	17.55			$	17.54			$	17.18			$	17.52			$	17.68
Income from investment operations:
Net investment income			0.23	(a)			0.27	(a)			0.27	(a)			0.22	(a)			0.20
Net realized and unrealized gain (loss) on investments			0.51				0.02				0.36				(0.34	)			(0.17	)
Total from investment operations			0.74				0.29				0.63				(0.12	)			0.03
Less distributions from:
Net investment income			(0.25	)			(0.28	)			(0.27	)			(0.22	)			(0.19	)
Net asset value, end of year		$	18.04			$	17.55			$	17.54			$	17.18			$	17.52
Total return (b)			4.27	%			1.66	%			3.70	%			(0.70	)%			0.20	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$296,815				$203,598				$200,875				$219,867				$267,138
Ratio of expenses to average net assets			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Ratio of expenses to average net assets excluding interest expense			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Ratio of net investment income to average net assets			1.26	%			1.54	%			1.57	%			1.26	%			1.11	%
Portfolio turnover rate (c)			30	%			34	%			33	%			41	%			12	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

148

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2021

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.

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 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.

149

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	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.

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.

150

	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 year ended April 30, 2021 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 April 30, 2021, the Adviser owned 13,600 shares of High Yield, 300,000 shares of Intermediate and 24,500 shares of Short High Yield.

Note 4—Capital Share Transactions—As of April 30, 2021, 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.

151

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 5—Investments—For the year ended April 30, 2021, 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	$	18,946,258	$	17,758,252	$	31,104,894	$	23,776,414
High Yield		745,833,701		259,464,976		615,159,885		501,495,911
Intermediate		202,071,698		98,602,400		455,262,940		405,219,498
Long		75,881,528		49,492,827		29,561,382		40,097,875
Muni Allocation		8,238,551		8,247,140		—		—
Short High Yield		82,205,730		33,854,899		23,414,564		47,389,381
Short		139,007,039		69,770,502		23,310,937		1,831,566

Note 6—Income Taxes—As of April 30, 2021, 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	$	167,004,113	$	10,707,506	$	(519,540	)	$	10,187,966
High Yield		3,302,203,936		181,636,535		(75,001,957	)		106,634,578
Intermediate		1,689,713,692		91,751,634		(3,068,529	)		88,683,105
Long		214,396,410		10,905,367		(431,214	)		10,474,153
Muni Allocation		4,709,105		290,638		(14,558	)		276,080
Short High Yield		293,267,955		11,792,663		(3,885,318	)		7,907,345
Short		287,569,893		4,910,126		(520,180	)		4,389,946

At April 30, 2021, the components of distributable earnings (loss) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Tax-Exempt Income		Undistributed Realized Gains / Accumulated Capital (Losses)			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)		Total Distributable Earnings (Loss)
CEF Municipal	$	505,674	$	(5,996,190	)	$	(7,142	)	$	10,187,966	$	4,690,308
High Yield		13,143,323		(88,660,025	)		(182,901	)		106,634,578		30,934,975
Intermediate		3,019,428		25,589			(124,141	)		88,683,105		91,603,981
Long		471,962		830,177			(15,427	)		10,474,153		11,760,865
Muni Allocation		10,442		(713,857	)		(76	)		276,080		(427,411	)
Short High Yield		848,672		(8,905,741	)		(6,655	)		7,907,345		(156,379	)
Short		339,052		252,182			(33,380	)		4,389,946		4,947,800

The tax character of dividends paid to shareholders during the years ended April 30, 2021 and April 30, 2020 was as follows:

	April 30, 2021						April 30, 2020
Fund	Tax-Exempt Income		Ordinary Income		Long-Term Capital Gains		Tax-Exempt Income		Ordinary Income		Long-Term Capital Gains
CEF Municipal	$	6,346,474	$	83,556	$	—	$	6,401,122	$	87,453	$	—
High Yield		116,187,078		685,749		—		128,217,138		2,572,101		—
Intermediate		32,472,877		21,496		2,402,533		39,297,148		157,745		2,263,638
Long		5,373,134		4,311		439,770		5,122,752		14,744		214,809
Muni Allocation		134,686		434		—		90,364		5,056		—
Short High Yield		7,454,678		59,962		—		7,783,491		216,194		—
Short		3,212,507		1,208		—		3,159,608		17,392		—

152

At April 30, 2021, the following Funds had capital loss carryforwards available to offset future capital gains:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
CEF Municipal	$	(1,486,406	)	$	(4,509,784	)	$	(5,996,190	)
High Yield		(30,927,276	)		(57,732,749	)		(88,660,025	)
Muni Allocation		(713,857	)		—			(713,857	)
Short High Yield		(1,758,615	)		(7,147,126	)		(8,905,741	)

During the year ended April 30, 2021, Muni Allocation and Short utilized $131,965 and $914,941, respectively, of their capital loss carryover available from prior years.

During the year ended April 30, 2021, as a result of permanent book to tax differences primarily due to the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
CEF Municipal	$	(1,506,769	)	$	1,506,769
High Yield		45,979,458			(45,979,458	)
Intermediate		(22,163,250	)		22,163,250
Long		(1,419,597	)		1,419,597
Short High Yield		2,760,437			(2,760,437	)
Short		(3,653	)		3,653

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2021, 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.

153

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

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.

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”.

Note 9—Bank Line of Credit—The Funds participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
CEF Municipal		245	$	313,605		1.44	%
Intermediate		1		313,867		1.43
Long		38		282,240		1.44
Short High Yield		34		408,105		1.40
Short		14		453,042		1.45

Outstanding loan balances as of April 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.

Note 10—Share Split—In 2018, 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.

154

VANECK VECTORS ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Vectors CEF Municipal Income ETF, VanEck Vectors High Yield Muni ETF, VanEck Vectors Intermediate Muni ETF, VanEck Vectors Long Muni ETF, VanEck Vectors Muni Allocation ETF, VanEck Vectors Short High Yield Muni ETF and VanEck Vectors Short Muni ETF and the Board of Trustees of VanEck Vectors ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Vectors CEF Municipal Income ETF, VanEck Vectors High Yield Muni ETF, VanEck Vectors Intermediate Muni ETF, VanEck Vectors Long Muni ETF, VanEck Vectors Muni Allocation ETF, VanEck Vectors Short High Yield Muni ETF and VanEck Vectors Short Muni ETF (collectively referred to as the “Funds”) (seven of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the series constituting VanEck Vectors ETF Trust) at April 30, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the VanEck Vectors ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights

VanEck Vectors CEF Municipal Income ETF	For the year ended April 30, 2021	For each of the two years in the period ended April 30, 2021	For each of the five years in the period ended April 30, 2021

VanEck Vectors High Yield Muni ETF

VanEck Vectors Intermediate Muni ETF

VanEck Vectors Long Muni ETF

VanEck Vectors Short High Yield Muni ETF

VanEck Vectors Short Muni ETF

VanEck Vectors Muni Allocation ETF	For the year ended April 30, 2021	For the year ended April 30, 2021 and for the period from May 15, 2019 (commencement of operations) through April 30, 2020	For the year ended April 30, 2021 and for the period from May 15, 2019 (commencement of operations) through April 30, 2020

Basis for Opinion

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

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

155

VANECK VECTORS ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York

June 23, 2021

156

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited)

The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2021 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022.

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

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

Fund Name	Ticker Symbol	Payable Date	Tax-Exempt Interest Per Share			Taxable Ordinary Income Per Share			Long-Term Capital Gains Per Share			Total Distribution Per Share
CEF Municipal	XMPT	05/07/2020		$	0.073121		$	0.000879		$	—		$	0.074000
		06/05/2020			0.092305			0.001295			—			0.093600
		07/08/2020			0.091911			0.001289			—			0.093200
		08/07/2020			0.090234			0.001266			—			0.091500
		09/08/2020			0.088854			0.001246			—			0.090100
		10/07/2020			0.089643			0.001257			—			0.090900
		11/06/2020			0.099406			0.001394			—			0.100800
		12/07/2020			0.092207			0.001293			—			0.093500
		01/05/2021			0.106802			0.001498			—			0.108300
		02/05/2021			0.090202			0.001198			—			0.091400
		03/05/2021			0.092275			0.001225			—			0.093500
		04/08/2021			0.094545			0.001255			—			0.095800
CEF Municipal Total				$	1.101505		$	0.015095		$	—		$	1.116600

High Yield	HYD	05/07/2020		$	0.198284		$	0.008716		$	—		$	0.207000
		06/05/2020			0.214676			0.004724			—			0.219400
		07/08/2020			0.187306			0.000894			—			0.188200
		08/07/2020			0.190989			0.000911			—			0.191900
		09/08/2020			0.212188			0.001012			—			0.213200
		10/07/2020			0.208406			0.000994			—			0.209400
		11/06/2020			0.196562			0.000938			—			0.197500
		12/07/2020			0.186411			0.000889			—			0.187300
		01/05/2021			0.206316			0.000984			—			0.207300
		02/05/2021			0.194125			0.001775			—			0.195900
		03/05/2021			0.179954			0.001646			—			0.181600
		04/08/2021			0.192638			0.001762			—			0.194400
High Yield Total				$	2.367855		$	0.025245		$	—		$	2.393100

Intermediate	ITM	05/07/2020		$	0.090811		$	0.000289		$	—		$	0.091100
		06/05/2020			0.094118			0.000082			—			0.094200
		07/08/2020			0.082037			0.000063			—			0.082100
		08/07/2020			0.088432			0.000068			—			0.088500
		09/08/2020			0.082837			0.000063			—			0.082900
		10/07/2020			0.078240			0.000060			—			0.078300
		11/06/2020			0.084635			0.000065			—			0.084700
		12/07/2020			0.076142			0.000058			—			0.076200
		01/05/2021			0.082437			0.000063			0.071400			0.153900
		02/05/2021			0.076052			0.000048			—			0.076100
		03/05/2021			0.067257			0.000043			—			0.067300
		04/08/2021			0.080249			0.000051			—			0.080300
Intermediate Total				$	0.983247		$	0.000953		$	0.071400		$	1.055600

157

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited) (continued)

Fund Name	Ticker Symbol	Payable Date	Tax-Exempt Interest Per Share			Taxable Ordinary Income Per Share			Long-Term Capital Gains Per Share			Total Distribution Per Share
Long	MLN	05/07/2020		$	0.043720		$	0.000080		$	—		$	0.043800
		06/05/2020			0.047051			0.000049			—			0.047100
		07/08/2020			0.043955			0.000045			—			0.044000
		08/07/2020			0.047751			0.000049			—			0.047800
		09/08/2020			0.045354			0.000046			—			0.045400
		10/07/2020			0.042657			0.000043			—			0.042700
		11/06/2020			0.045753			0.000047			—			0.045800
		12/07/2020			0.042157			0.000043			—			0.042200
		01/05/2021			0.044055			0.000045			0.041100			0.085200
		02/05/2021			0.040880			0.000020			—			0.040900
		03/05/2021			0.035782			0.000018			—			0.035800
		04/08/2021			0.044878			0.000022			—			0.044900
Long Total				$	0.523993		$	0.000507		$	0.041100		$	0.565600

Muni Allocation	MAAX	05/07/2020		$	0.103808		$	0.002392		$	—		$	0.106200
		06/05/2020			0.027950			0.001350			—			0.029300
		07/08/2020			0.043831			0.002169			—			0.046000
		08/07/2020			0.054884			0.002716			—			0.057600
		09/08/2020			0.057837			0.002863			—			0.060700
		10/07/2020			0.054979			0.002721			—			0.057700
		11/06/2020			0.052787			0.002613			—			0.055400
		12/07/2020			0.053550			0.002650			—			0.056200
		01/05/2021			0.049548			0.002452			—			0.052000
		02/05/2021			0.056300			—			—			0.056300
		03/05/2021			0.052800			—			—			0.052800
		04/08/2021			0.045400			—			—			0.045400
Muni Allocation Total				$	0.653674		$	0.021926		$	—		$	0.675600

Short	SMB	05/07/2020		$	0.023553		$	0.000047		$	—		$	0.023600
		06/05/2020			0.024498			0.000002			—			0.024500
		07/08/2020			0.021600			—			—			0.021600
		08/07/2020			0.024800			—			—			0.024800
		09/08/2020			0.022600			—			—			0.022600
		10/07/2020			0.020700			—			—			0.020700
		11/06/2020			0.023200			—			—			0.023200
		12/07/2020			0.019900			—			—			0.019900
		01/05/2021			0.022200			—			—			0.022200
		02/05/2021			0.017772			0.000028			—			0.017800
		03/05/2021			0.014777			0.000023			—			0.014800
		04/08/2021			0.018871			0.000029			—			0.018900
Short Total				$	0.254471		$	0.000129		$	—		$	0.254600

Short High Yield	SHYD	05/07/2020		$	0.052489		$	0.003211		$	—		$	0.055700
		06/05/2020			0.067615			0.002385			—			0.070000
		07/08/2020			0.055232			0.000668			—			0.055900
		08/07/2020			0.061061			0.000739			—			0.061800
		09/08/2020			0.063729			0.000771			—			0.064500
		10/07/2020			0.063037			0.000763			—			0.063800
		11/06/2020			0.063927			0.000773			—			0.064700
		12/07/2020			0.060765			0.000735			—			0.061500
		01/05/2021			0.064025			0.000775			—			0.064800
		02/05/2021			0.063121			0.000179			—			0.063300
		03/05/2021			0.063819			0.000181			—			0.064000
		04/08/2021			0.058434			0.000166			—			0.058600
Short High Yield Total				$	0.737254		$	0.011346		$	—		$	0.748600

158

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2021 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held Outside the Fund Complex³During Past Five Years
*Independent Trustees*
David H. Chow, 1957*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	58	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	58	Trustee, First Eagle Senior Loan Fund. Formerly, Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	69	Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	58	Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	69	Director, Food and Friends, Inc., 2013 to present.
*Interested Trustee*
Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust	69	Director, National Committee on US- China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

159

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BOARD OF TRUSTEES AND OFFICERS

(continued)

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² and Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Arian Neiron, 1979	Vice President	Since 2018	Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.
Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

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

160

VANECK VECTORS ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

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

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

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

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

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2020 to December 31, 2020 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted significant market volatility occurring during a portion of the Review Period and the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

161

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

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

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



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

ANNUAL REPORT
April 30, 2021

VANECK VECTORS^®

BDC Income ETF	BIZD^TM

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^®

Moody’s Analytics^®BBB Corporate Bond ETF	MBBB

Moody’s Analytics^®IG Corporate Bond ETF	MIG

Mortgage REIT Income ETF	MORT^®

Preferred Securities ex Financials ETF	PFXF^®

800.826.2333

vaneck.com

President’s Letter	1
Management Discussion	2
Performance Comparison
BDC Income ETF	6
ChinaAMC China Bond ETF	7
Emerging Markets Aggregate Bond ETF	8
Emerging Markets High Yield Bond ETF	9
Fallen Angel High Yield Bond ETF	10
Green Bond ETF	11
International High Yield Bond ETF	12
Investment Grade Floating Rate ETF	13
J.P. Morgan EM Local Currency Bond ETF	14
Mortgage REIT Income ETF	15
Preferred Securities ex Financials ETF	16
Explanation of Expenses	18
Schedule of Investments
BDC Income ETF	20
ChinaAMC China Bond ETF	21
Emerging Markets Aggregate Bond ETF	25
Emerging Markets High Yield Bond ETF	32
Fallen Angel High Yield Bond ETF	47
Green Bond ETF	52
International High Yield Bond ETF	58
Investment Grade Floating Rate ETF	76
J.P. Morgan EM Local Currency Bond ETF	83
Moody’s Analytics BBB Corporate Bond ETF	88
Moody’s Analytics IG Corporate Bond ETF	91
Mortgage REIT Income ETF	95
Preferred Securities ex Financials ETF	96
Statements of Assets and Liabilities	100
Statements of Operations	104
Statements of Changes in Net Assets	108
Financial Highlights
BDC Income ETF	113
ChinaAMC China Bond ETF	113
Emerging Markets Aggregate Bond ETF	114
Emerging Markets High Yield Bond ETF	114
Fallen Angel High Yield Bond ETF	115
Green Bond ETF	115
International High Yield Bond ETF	116
Investment Grade Floating Rate ETF	116
J.P. Morgan EM Local Currency Bond ETF	117
Moody’s Analytics BBB Corporate Bond ETF	117
Moody’s Analytics IG Corporate Bond ETF	118
Mortgage REIT Income ETF	118
Preferred Securities ex Financials ETF	119
Notes to Financial Statements	120
Report of Independent Registered Public Accounting Firm	131
Tax Information	133
Board of Trustees and Officers	140
Approval of Investment Management Agreements	142
Funds’ Liquidity Risk Management Program	143

VANECK VECTORS ETFs

PRESIDENT’S LETTER

April 30, 2021 (unaudited)

Dear Fellow Shareholders:

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for the funds for the twelve month period ended April 30, 2021. 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 Funds

May 3, 2021

VANECK VECTORS ETFs

MANAGEMENT DISCUSSION

April 30, 2021 (unaudited)

MARKET REVIEW

CORPORATE BOND

Fallen Angel Bonds

VanEck Vectors Fallen Angel High Yield Bond ETF, which gained 25.95% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds provide a distinct value proposition that sets them apart from the broad high yield market. Contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus have provided long term outperformance. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by over 240 basis points annually.¹

While the energy sector (which is the ETF’s largest sector exposure) was by far the largest positive contributor to the performance of the fund during the period under review, all other sectors contributed positively to performance. The insurance sector contributed the least.

Investment Grade Floating Rate Notes

Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. In addition, as short term interest rates fall, portfolio securities reset to lower yields. This was seen over the last 12 months, as three month LIBOR rates dropped from 0.56% to under 0.20% by April 30, 2021. VanEck Vectors Investment Grade Floating Rate ETF gained 4.07% over this period.

All sectors provided positive returns, with the financial sector (the ETF’s largest sector exposure) contributing by far the most. The basic materials sector contributed the least.

Investment Grade Corporate Bonds

The U.S. investment grade corporate bond market is both large and diverse and, with the increase in corporate leverage over the past decade coinciding with lower overall spreads, investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. In particular, focusing on bonds that are priced attractively relative to their risk has provided significant outperformance historically. VanEck Vectors Moody’s Analytics IG Corporate Bond ETF selects the most attractively valued bonds from the broad investment grade universe, while VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market. Both ETFs track indices which use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while also avoiding bonds with the highest probability of being downgraded to high yield.

The Moody’s Analytics BBB Corporate Bond ETF commenced on December 1, 2020 and had, therefore, not traded for a full 12 months by April 30, 2021. However, in the period in which it did trade before its fiscal year end, the fund was down 0.30%.

The Moody’s Analytics IG Corporate Bond ETF commenced on December 1, 2020 and had, therefore, not traded for a full 12 months by April 30, 2021. However, in the period in which it did trade before its fiscal year end, the fund was down 0.97%.

EQUITY INCOME

Business Development Companies (BDCs)

BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. The VanEck Vectors BDC Income ETF returned 73.81% for the 12 month period, with the Fund benefiting from improving credit conditions and liquidity on the heels of a promising COVID-19 vaccine rollout and the prospects of a reopening U.S. economy.

While companies across the range of capitalizations contributed to fund returns, those in mid-range contributed the most and the very largest the least.

Mortgage REITs

Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. Credit risk and liquidity were major concerns for mortgage REIT investors leading into the beginning of the 12 month period ending April 30, 2021. However, intervention from the U.S. Federal Reserve and improving credit conditions during the period led to a significant rebound by mortgage REITs from their lows of early-2021. The VanEck Vectors Mortgage REIT Income ETF returned 85.71% for the 12 month period.

While companies across the range of capitalizations contributed to fund returns, those with the smallest capitalization contributed the most.

Preferred Securities ex Financials

Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the Wells Fargo^®Hybrid and Preferred Securities ex Financials Index, which excludes traditional financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.

Over the 12 month period ending April 30, 2020, the fund registered a gain of 20.78%. Utilities, financial and basic materials preferred securities contributed most positively to the fund’s performance, while only government preferred securities detracted from performance and, then, only minimally.

INTERNATIONAL BOND

China Onshore Bonds

Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $17.3 trillion.² While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

The VanEck Vectors ChinaAMC China Bond ETF, recorded a gain of 10.56% over the 12 month period ending April 30, 2021. All sectors contributed positively to performance, with the financial and industrial sectors contributing the most and the diversified and consumer non-cyclical sectors contributing the least.

Emerging Markets Local Currency Bonds

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

Following a significant decline toward the end of the last fiscal year, the VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, recorded a gain of 11.42% over the 12 month period. Currency appreciation accounted for more than half of the total return over the period, adding to positive returns from local interest rates.

VANECK VECTORS ETFs

MANAGEMENT DISCUSSION

(unaudited) (continued)

While bonds denominated in South African rand, Mexican peso and Indonesian rupiah contributed most to the fund’s total return, bonds denominated in Peruvian new sol and Turkish lira were the only detractors from performance.

Emerging Markets Aggregate Bonds

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

In terms of currency, bonds denominated in U.S. dollars, euro and South African rand were the greatest positive contributors to the performance of the VanEck Vectors Emerging Markets Aggregate Bond ETF, which gained 11.31% overall during the 12 month period. Only three currencies detracted from performance: Turkish lira, Peruvian new sol and Nigerian naira. While all sectors contributed positively to performance, government sector bonds contributed by far the most. Bonds of issuers in the industrial sector contributed the least.

Emerging Markets High Yield Bonds

Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.

The VanEck Vectors Emerging Markets High Yield Bond ETF gained 21.53% over the 12 month period. Bonds from India, Mexico and Argentina were the greatest contributors to the fund’s total return in terms of country of risk, while issuers from Spain, Poland and the U.K. contributed the least. Energy bonds provided the greatest contribution to total return, while bonds issued by companies in the technology sector contributed the least.

International High Yield Bonds

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

Over the period, the VanEck Vectors International High Yield Bond ETF had a positive return of 21.30%. Bonds from financial and energy issuers contributed the most to the fund’s total return, while those from the diversified and government sectors contributed the least. All currency groups contributed to performance, with bonds denominated in U.S. dollars contributing the most and those in Canadian dollars the least. U.K., Canadian and Italian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chilean, Qatari and Polish issuers detracted the most from performance.

Green Bonds

Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 and, in 2020, cumulative issuance reached $1 trillion. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Vectors Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.

The VanEck Vectors Green Bond ETF had a positive return of 3.07% for the 12 month period. From a country of risk perspective, issuers from India, Brazil and China contributed most to total return, while bonds from the U.S., supranational issuers and Germany detracted the most from performance. Financial-, energy- and basic materials-related bonds made the greatest positive contributions to returns, while mortgage securities-, consumer, not-cyclical- and communications-related bonds detracted the most from performance.

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

^†All fund assets referenced are Total Net Assets as of April 30, 2021, unless otherwise stated.

All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund.

Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.

Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofAML US High Yield Index from 12/31/2003 to 4/30/2021. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.

The Bank for International Settlements: Debt securities statistics, 3rd Quarter 2020

VANECK VECTORS BDC INCOME ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		MVBIZDTG¹		SPTR²
One Year		73.56%		73.81%		73.61%		45.98%
Five Year		10.65%		10.61%		10.45%		17.42%
Life*		6.98%		6.96%		6.94%		15.43%

*	Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13.
¹	MVIS^®US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of BDCs. To be eligible for the BDC Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act.
²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS CHINAAMC CHINA BOND ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		CHQU01TR¹		LBUSTRUU²
One Year		10.52%		10.56%		9.51%		(0.27)%
Five Year		3.43%		3.20%		3.97%		3.19%
Life*		2.66%		2.61%		3.50%		3.22%

*	Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14.
¹	ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index.
	As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		MVEMAG¹		LBUSTRUU²
One Year		14.26%		11.31%		13.31%		(0.27)%
Five Year		4.31%		3.79%		5.00%		3.19%
Life*		2.80%		2.76%		4.01%		3.34%

*	Commencement of Fund: 5/11/11; First Day of Secondary Market Trading: 5/12/11.
¹	MVIS^®EM Aggregate Bond Index (MVEMAG) is comprised of emerging market sovereign bonds and corporate bonds denominated in U.S. dollars, euros or local emerging market currencies. MVEMAG includes both investment grade and below investment grade rated securities.

	Effective December 10, 2013, Market Vectors^®LatAm Aggregate Bond ETF (BONO) changed its name to VanEck Vectors Emerging Markets Aggregate Bond ETF (EMAG). The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVEMAG, from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 9, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. All Index history reflects a blend of the performance of the aforementioned Indexes (MVEMAG and LATS). LATS is a trademark of Merrill Lynch, Pierce, Fenner & Smith Incorporation, which neither sponsors nor endorses EMAG and makes no warranty or representation as to the accuracy and/or completeness of this Index.

²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		EMLH¹		LBUSTRUU²
One Year		23.03%		21.53%		22.98%		(0.27)%
Five Year		6.46%		6.27%		6.75%		3.19%
Life*		5.64%		5.57%		6.17%		2.91%

*	Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12.
¹	ICE BOFA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets.

	Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		H0CF¹		LBUSTRUU²
One Year		24.33%		25.95%		27.19%		(0.27)%
Five Year		9.15%		9.22%		9.84%		3.19%
Life*		8.81%		8.81%		9.81%		2.96%

*	Commencement of Fund: 4/10/12; First Day of Secondary Market Trading: 4/11/12.
¹	ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers.

	Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS GREEN BOND ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		SPGRUSST¹		LBUSTRUU²
One Year		2.99%		3.07%		3.88%		(0.27)%
Life*		4.05%		3.95%		4.57%		3.98%

*	Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/6/17.
¹	S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to measure the performance of U.S. dollar-denominated, green-labeled bonds. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index.

	Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the S&P Green Bond U.S. Dollar Select Index. All Index history reflects a blend of the performance of the aforementioned Indexes.

²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		HXUS¹		LBUSTRUU²
One Year		23.96%		21.30%		23.55%		(0.27)%
Five Year		6.36%		6.19%		6.92%		3.19%
Life*		5.66%		5.63%		6.35%		3.03%

*	Commencement of Fund: 4/2/12; First Day of Secondary Market Trading: 4/3/12.
¹	ICE BOFA Global ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		MVFLTR¹		LBUSTRUU²
One Year		4.47%		4.07%		4.35%		(0.27)%
Five Year		2.63%		2.48%		2.78%		3.19%
Life*		1.59%		1.60%		1.98%		3.39%

*	Commencement of Fund: 4/25/11; First Day of Secondary Market Trading: 4/26/11.
¹	MVIS^®US Investment Grade Floating Rate Index (MVFLTR) is designed to track the performance of U.S. investment grade floating rate notes with outstanding issue sizes of greater than or equal to $500 million. The Index is comprised of U.S. dollar-denominated floating rate notes issued by corporate entities or similar commercial entities that are public reporting companies in the United States. Index securities must have an investment grade rating (in accordance with the provider’s methodology).
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

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

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		GBIEMCOR¹		LBUSTRUU²
One Year		13.07%		11.42%		11.94%		(0.27)%
Five Year		1.75%		1.77%		2.35%		3.19%
Ten Year		(0.46)%		(0.38)%		0.27%		3.39%

¹	J.P. Morgan GBI-EM Global Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer.
²	The Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

		Hypothetical Growth of $10,000

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS MORTGAGE REIT INCOME ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		MVMORTTG¹		SPTR²
One Year		85.97%		85.71%		86.68%		45.98%
Five Year		8.24%		8.03%		8.33%		17.42%
Life*		7.30%		7.30%		7.76%		16.14%

*	Commencement of Fund: 8/16/11; First Day of Secondary Market Trading: 8/17/11.
¹	MVIS^®US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues from mortgage-related activity.
²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

PERFORMANCE COMPARISON

April 30, 2021 (unaudited)

Average Annual Total Returns
Total Return	Share Price		NAV		WHPSL¹		SPTR²
One Year		21.29%		20.78%		21.18%		45.98%
Five Year		6.48%		6.45%		6.50%		17.42%
Life*		6.42%		6.38%		6.44%		16.02%

*	Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12.
¹	Wells Fargo^®Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges.
²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

		Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VECTORS ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

The Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark published by Bloomberg Index Services Limited (Bloomberg). The S&P 500 Index is a broad-based benchmark published by S&P.

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

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2020 to April 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period* – November 1, 2020 April 30, 2021
BDC Income ETF
Actual	$1,000.00	$1,554.40	0.40%	$2.53
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
ChinaAMC China Bond ETF
Actual	$1,000.00	$1,055.00	0.50%	$2.55
Hypothetical**	$1,000.00	$1,022.32	0.50%	$2.51
Emerging Markets Aggregate Bond ETF
Actual	$1,000.00	$1,026.40	0.35%	$1.76
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$1,074.70	0.40%	$2.06
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$1,107.80	0.35%	$1.83
Hypothetical**	$1,000.00	$1,023.06	0.35%	$1.76
Green Bond ETF
Actual	$1,000.00	$ 996.50	0.20%	$0.99
Hypothetical**	$1,000.00	$1,023.80	0.20%	$1.00
International High Yield Bond ETF
Actual	$1,000.00	$1,082.60	0.40%	$2.07
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
Investment Grade Floating Rate ETF
Actual	$1,000.00	$1,008.00	0.14%	$0.70
Hypothetical**	$1,000.00	$1,024.10	0.14%	$0.70
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$1,040.50	0.30%	$1.52
Hypothetical**	$1,000.00	$1,023.31	0.30%	$1.51
Moody’s Analytics BBB Corporate Bond ETF
Actual ***	$1,000.00	$ 997.00	0.25%	$1.03
Hypothetical**	$1,000.00	$1,023.55	0.25%	$1.25
Moody’s Analytics IG Corporate Bond ETF
Actual ***	$1,000.00	$ 990.30	0.20%	$0.82
Hypothetical**	$1,000.00	$1,023.80	0.20%	$1.00
Mortgage REIT Income ETF
Actual	$1,000.00	$1,490.90	0.40%	$2.47
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01
Preferred Securities ex Financials ETF
Actual	$1,000.00	$1,113.40	0.40%	$2.10
Hypothetical**	$1,000.00	$1,022.81	0.40%	$2.01

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2021) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period).
**	Assumes annual return of 5% before expenses.
***	Expenses are equal to the Fund’s annualized expense ratio (for the period from December 2, 2020 (commencement of operations) to April 30, 2021), multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Number of Shares			Value

COMMON STOCKS: 99.9%
Diversified Financials: 99.9%
	1,164,763	Apollo Investment Corp. †	$	16,924,006
	1,986,883	Ares Capital Corp. †		38,247,498
	814,166	Bain Capital Specialty Finance, Inc. †		13,002,231
	925,021	Barings BDC, Inc.		9,601,718
	1,120,731	BlackRock TCP Capital Corp.		16,385,087
	362,314	Capital Southwest Corp. †		8,869,447
	445,664	Fidus Investment Corp.		7,389,109
	950,730	FS KKR Capital Corp. †		19,765,677
	975,072	FS KKR Capital Corp. II †		19,959,724
	630,314	Gladstone Capital Corp. †		6,952,363
	644,205	Gladstone Investment Corp. †		9,167,037
	1,014,862	Goldman Sachs BDC, Inc. †		19,870,998
	1,314,644	Golub Capital BDC, Inc.		20,587,325
	1,218,834	Hercules Capital, Inc. †		21,219,900
	516,193	Main Street Capital Corp. †		21,984,660
	1,352,739	New Mountain Finance Corp.		17,788,518
	401,460	Newtek Business Services Corp. †		11,192,705
	3,042,835	Oaktree Specialty Lending Corp.		20,265,281
	1,441,906	Owl Rock Capital Corp.		20,835,542
	714,584	PennantPark Floating Rate Capital Ltd. †		8,989,467
	1,300,720	PennantPark Investment Corp. †		8,571,745
	2,611,594	Prospect Capital Corp. †		21,023,332
	778,940	Sixth Street Specialty Lending, Inc. †		17,354,783
	655,920	Solar Capital Ltd.		12,114,842
	1,067,980	TCG BDC, Inc. †		14,695,405
	563,177	TriplePoint Venture Growth BDC Corp. †		9,022,095
Total Common Stocks (Cost: $363,391,579)				411,780,495

Number of Shares				Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.7% (Cost: $31,604,946)

Money Market Fund: 7.7%
	31,604,946	State Street Navigator Securities Lending Government Money Market Portfolio	$	31,604,946
Total Investments: 107.6% (Cost: $394,996,525)				443,385,441
Liabilities in excess of other assets: (7.6)%				(31,425,148	)
NET ASSETS: 100.0%				$411,960,293

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $44,959,053.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Financial			100.0	%		$	411,780,495

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	411,780,495		$	—		$	—	$	411,780,495
Money Market Fund		31,604,946			—			—		31,604,946
Total	$	443,385,441		$	—		$	—	$	443,385,441

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 71.6%
Basic Materials: 6.1%
CNY	6,000,000	Aluminum Corp. of China Ltd. 3.50%, 09/05/22	$	931,310
	15,000,000	Anshan Iron And Steel Group Co. Ltd. 4.28% (China Bond Government Security Yield Curve 3Y YTM+4.81%) (o)		2,293,081
	5,000,000	Beijing State-Owned Capital Operation & Management Center 3.85%, 01/14/24		780,669
	1,000,000	China Chengtong Holdings Group Ltd. 4.67%, 07/10/21		155,101
	3,000,000	China National Building Material Co. Ltd. 4.89%, 07/17/24		473,868
	10,000,000	Hesteel Co. Ltd. 4.08%, 11/26/24		1,518,573
	1,294,000	Jihua Group Corp. Ltd. 4.10%, 09/15/22		202,603
				6,355,205
Consumer Cyclicals: 5.4%
	14,600,000	Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23		2,226,194
		Beijing Haidian State-Owned Assets Operation & Management Center
	10,000,000	3.70%, 10/24/24		1,480,732
	9,000,000	4.14%, 12/17/23		1,375,234
	3,501,000	Hangzhou Commerce Tourism Group Co. Ltd. 4.71%, 07/11/22		551,026
				5,633,186
Energy: 2.6%
	1,200,000	China Petroleum & Chemical Corp. 4.90%, 06/01/22		189,338
	1,500,000	PetroChina Co. Ltd. 3.50%, 01/19/26		231,473
	15,000,000	Yanzhou Coal Mining Co. Ltd.
		3.43%, 03/12/25		2,267,382
				2,688,193
Financials: 31.9%
	4,900,000	Beijing E-Town International Investment & Development Co. Ltd. 4.58%, 07/27/23		760,706
	3,500,000	Beijing Infrastructure Investment Co. Ltd. 4.20%, 08/20/23		543,498
	15,000,000	Beijing Public Housing Center 3.19%, 04/16/40		2,265,114

Principal Amount			Value

Financials: (continued)
CNY	500,000	Beijing State-Owned Assets Management Co. Ltd. 4.68%, 08/01/22	$	78,871
		China Development Bank
	6,080,000	2.90%, 12/06/22		944,586
	8,361,000	2.92%, 11/27/22		1,300,371
	8,904,000	3.39%, 02/03/27		1,386,928
	20,267,000	3.87%, 08/01/23		3,211,275
	29,529,000	3.91%, 04/06/22		4,628,516
	15,125,000	4.59%, 08/01/38		2,597,064
	2,000,000	China Everbright Ltd. 3.80%, 11/23/23		311,955
		China Fortune Land Development Co. Ltd.
	1,000,000	5.50%, 10/20/22		61,904
	1,000,000	7.00%, 03/03/21 (d) # *		61,665
	1,000,000	China Merchants Securities Co. Ltd. 5.08%, 05/26/25		162,786
		Chongqing Longhu Development Co. Ltd.
	1,600,000	3.75%, 03/21/23		249,102
	8,000,000	4.44%, 01/25/24		1,263,537
	3,000,000	Cinda Investment Co. Ltd. 4.30%, 12/22/23		465,288
	3,000,000	CITIC Securities Co. Ltd. 3.78%, 09/10/24		468,265
	15,000,000	Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24		2,324,457
	5,000,000	Guangzhou City Construction & Development Co. Ltd. 3.60%, 09/27/24		778,272
	1,500,000	Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23		232,160
	10,000,000	Nanjing Yangzi State-Owned Investment Group Co. Ltd. 3.63%, 10/21/24		1,553,982
	1,001,000	Ping An Real Estate Co. Ltd. 3.28%, 08/05/23		154,791
	5,000,000	Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25		775,763
	15,000,000	Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23		2,392,790
		Sichuan Development Holding Co. Ltd.
	5,000,000	4.30%, 03/26/24		788,833
	5,000,000	4.55%, 08/06/25		792,641
	5,000,000	State Development & Investment Corp. Ltd. 3.79%, 06/03/23		781,809
	10,000,000	Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24		1,550,497

See Notes to Financial Statements

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Financials: (continued)
CNY	800,000	Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23	$	127,119
				33,014,545
Industrials: 10.0%
	10,000,000	Beijing Capital Co Ltd 4.24%, 11/27/23		1,578,876
	2,000,000	Beijing Capital Land Ltd. 4.89%, 09/14/23		311,232
	3,000,000	Beijing Urban Construction Investment & Development Co. Ltd. 4.40%, 07/20/22		470,477
	1,000,000	China Merchants Expressway Network & Technology Holdings Co. Ltd. 4.78%, 08/07/22		157,866
	5,000,000	China Railway Group Ltd. 3.99%, 07/16/24		784,095
		China State Railway Group Co. Ltd.
	3,008,000	4.46%, 06/07/23		477,151
	1,248,200	4.63%, 08/25/21		194,232
	500,000	Dalian Wanda Commercial Management Group Co. Ltd. 4.70%, 07/27/21		76,847
		Guangzhou Metro Group Co. Ltd.
	1,500,000	4.84%, 08/09/27		236,900
	1,800,000	6.05%, 06/03/24 #		290,337
	500,000	Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24		83,879
	1,135,000	Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23		181,959
	759,600	Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd. 5.60%, 03/06/23 #		121,148
	1,000,000	Power Construction Corp. of China Ltd. 5.20%, 10/29/22		159,348
	1,000,000	Seazen Holdings Co. Ltd. 5.90%, 03/20/24		154,879
	17,000,000	Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24		2,664,832
	540,000	Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 #		84,059
	13,000,000	Xiamen C&D Corp. Ltd. 4.14% (China Bond Government Security Yield Curve 3Y YTM+4.29%) (o)		2,018,004

Principal Amount			Value

Industrials: (continued)
CNY	2,000,000	Xiamen C&D, Inc. 3.50%, 10/15/21	$	309,832
				10,355,953

Real Estate: 2.9%
	1,000,000	Financial Street Holdings Co. Ltd. 4.74%, 08/20/21		155,479
	10,000,000	Gemdale Corp. 3.95%, 10/12/25		1,554,113
	5,000,000	Hefei Xingtai Finance Holding Group Co. Ltd. 4.10%, 06/14/22		779,896
	3,000,000	Shanghai Shimao Co. Ltd. 4.65%, 01/15/22		463,815
				2,953,303
Technology: 1.8%
	7,000,000	Anhui Provincial Investment Group Holdings Co. Ltd. 3.70%, 07/23/24		1,088,860
	5,000,000	Overseas Chinese Town Enterprises Co. Ltd. 4.40%, 07/25/23		775,960
				1,864,820
Utilities: 10.9%
		China Datang Corp. Renewable Power Co. Ltd.
	3,000,000	3.58%, 09/26/22		466,836
	10,000,000	3.81% (China Bond Government Security Yield Curve 3Y YTM+3.91%) (o)		1,556,419
	15,000,000	China Huaneng Group Co. Ltd. 3.55% (China Bond Government Security Yield Curve 5Y YTM+3.56%) (o)		2,294,150
		China Southern Power Grid Co. Ltd.
	3,710,000	3.95%, 04/25/22		579,245
	900,000	5.90%, 03/19/24		148,768
	5,000,000	Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24		778,404
	6,000,000	Huaneng Power International, Inc. 5.17% (China Bond Government Security Yield Curve 5Y YTM+5.02%) (o)		950,854
	10,000,000	Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26		1,551,983
	5,000,000	Shenzhen Energy Group Co. Ltd. 3.60%, 11/20/22		779,007
	6,750,000	State Grid Corp. of China 5.14%, 12/08/21		1,057,965

See Notes to Financial Statements

Principal Amount			Value

Utilities: (continued)
		State Power Investment Corp. Ltd.
CNY	2,000,000	3.57% (China Bond Government Security Yield Curve 3Y YTM+4.08%) (o)	$	309,529
	4,995,000	4.20%, 11/20/23		787,895
				11,261,055
Total Corporate Bonds (Cost: $72,938,545)				74,126,260
GOVERNMENT OBLIGATIONS: 15.9%
		China Government Bonds
	846,000	2.90%, 05/05/26		130,187
	500,000	3.27%, 08/22/46		72,267
	32,966,000	3.27%, 08/22/46		4,764,726
	61,831,000	3.40%, 04/17/23		9,707,171
	4,000,000	3.52%, 04/25/46		603,063
	7,541,000	4.26%, 07/31/21		1,171,961
Total Government Obligations (Cost: $16,171,655)				16,449,375
Total Investments: 87.5% (Cost: $89,110,200)				90,575,635
Other assets less liabilities: 12.5%				12,927,717
NET ASSETS: 100.0%			$	103,503,352

See Notes to Financial Statements

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

CNY	Chinese Yuan

Footnotes:

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
*	Non-income producing
#	Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $557,209 which represents 0.5% of net assets.

Summary of Investments by Sector	% of Investments			Value
Basic Materials		7.0	%	$	6,355,205
Consumer Cyclicals		6.2			5,633,186
Energy		3.0			2,688,193
Financials		36.4			33,014,545
Government		18.2			16,449,375
Industrials		11.4			10,355,953
Real Estate		3.3			2,953,303
Technology		2.1			1,864,820
Utilities		12.4			11,261,055
		100.0	%	$	90,575,635

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*		$	—	$	74,126,260		$	—	$	74,126,260
Government Obligations*			—		16,449,375			—		16,449,375
Total		$	—	$	90,575,635		$	—	$	90,575,635

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 36.2%
Argentina: 0.1%
USD	25,000	YPF SA Reg S 8.50%, 07/28/25	$	18,176
Bermuda: 0.1%
	10,884	Digicel Group 0.5 Ltd. 144A 8.00% 04/01/25		9,139
Brazil: 3.4%
	50,000	Banco do Brasil SA Reg S 9.00% (US Treasury Yield Curve Rate T 10 Year+6.36%), 06/18/24 (o)		54,726
	50,000	Braskem Netherlands Finance BV Reg S 4.50%, 01/31/30		50,873
	25,000	Gerdau Trade, Inc. Reg S 4.88%, 10/24/27		27,976
	50,000	Itau Unibanco Holding SA Reg S 5.13%, 05/13/23		53,063
		Petrobras Global Finance BV
	50,000	6.00%, 01/27/28 †		56,561
	60,000	6.75%, 01/27/41		68,258
	100,000	Suzano Austria GmbH 6.00%, 01/15/29		117,075
	75,000	Vale Overseas Ltd. 6.88%, 11/21/36		102,010
				530,542
Chile: 1.7%
EUR	100,000	Corp. Nacional del Cobre de Chile Reg S 2.25%, 07/09/24		128,627
USD	100,000	Empresa de Transporte de Pasajeros Metro SA Reg S 4.70%, 05/07/50		114,015
	25,000	Empresa Nacional del Petroleo Reg S 5.25%, 11/06/29		28,006
				270,648
China / Hong Kong: 4.2%
	100,000	Alibaba Group Holding Ltd. 144A 3.60%, 11/28/24		108,556
	100,000	Bank of China Ltd. Reg S 5.00%, 11/13/24		111,769
	100,000	China Cinda Finance I Ltd. Reg S 4.25%, 04/23/25		106,687
	100,000	Export-Import Bank of China Reg S 3.63%, 07/31/24		109,450
	200,000	Huarong Finance II Co. Ltd. Reg S 5.50%, 01/16/25		157,000
	50,000	Tencent Holdings Ltd. Reg S 3.60%, 01/19/28		53,775
				647,237

Principal Amount			Value

Colombia: 0.9%
USD	100,000	Bancolombia SA 4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 †	$	101,885
	40,000	Ecopetrol SA 5.38%, 06/26/26		44,938
				146,823
Czech Republic: 0.5%
EUR	50,000	CEZ AS Reg S 4.88%, 04/16/25		71,645
India: 2.5%
USD	50,000	ICICI Bank Ltd. Reg S 4.00%, 03/18/26		53,803
	200,000	Reliance Industries Ltd. 144A 4.13%, 01/28/25		217,928
	100,000	State Bank of India 144A 4.88%, 04/17/24		110,189
				381,920
Indonesia: 1.9%
	70,000	Pertamina Persero PT 144A 4.30%, 05/20/23		74,550
	100,000	Perusahaan Gas Negara Tbk PT Reg S 5.13%, 05/16/24		110,303
	100,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara Reg S 4.13%, 05/15/27		107,439
				292,292
Israel: 1.0%
	10,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		10,069
EUR	100,000	Teva Pharmaceutical Finance Netherlands II BV Reg S 1.13%, 10/15/24		113,753
		Teva Pharmaceutical Finance Netherlands III BV
USD	20,000	2.80%, 07/21/23		19,828
	20,000	3.15%, 10/01/26		18,805
				162,455
Kazakhstan: 0.4%
	50,000	KazMunayGas National Co. JSC 144A 5.75%, 04/19/47		60,245
Malaysia: 0.8%
	100,000	Petronas Capital Ltd. Reg S 4.55%, 04/21/50		118,970
Mexico: 4.2%
	125,000	America Movil SAB de CV 6.13%, 03/30/40		173,777
	50,000	Comision Federal de Electricidad Reg S 4.88%, 01/15/24		54,745

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Mexico: (continued)
		Petróleos Mexicanos
USD	75,000	6.50%, 03/13/27	$	79,406
	50,000	6.50%, 06/02/41 †		44,973
	64,000	6.63%, 06/15/38		59,498
	50,000	6.75%, 09/21/47		44,273
	110,000	Petróleos Mexicanos Reg S 5.50%, 02/24/25		143,489
	35,000	Southern Copper Corp. 7.50%, 07/27/35		50,200
				650,361
Netherlands: 0.3%
	50,000	Lukoil Securities BV 144A 3.88%, 05/06/30		52,603
Peru: 0.8%
	125,000	Banco de Credito del Peru Reg S 4.25%, 04/01/23		131,250
Philippines: 0.8%
	100,000	Power Sector Assets & Liabilities Management Corp. Reg S 7.39%, 12/02/24		122,500
Qatar: 0.7%
	100,000	Ooredoo International Finance Ltd. Reg S 3.25%, 02/21/23		104,588
Russia: 2.3%
	60,000	Gaz Capital SA Reg S 8.63%, 04/28/34		89,493
	100,000	Gazprom PJSC Via Gaz Capital SA Reg S 7.29%, 08/16/37		139,270
EUR	100,000	Vnesheconombank Via VEB Finance Plc Reg S 4.03%, 02/21/23		126,920
				355,683
Saudi Arabia: 1.2%
USD	75,000	Saudi Arabian Oil Co. 144A 4.25%, 04/16/39		81,936
	100,000	Saudi Electricity Global Sukuk Co. 2 144A 3.47%, 04/08/23		105,038
				186,974
South Africa: 0.7%
		Anglo American Capital Plc Reg S
	50,000	3.63%, 09/11/24		54,110
	50,000	4.75%, 04/10/27		57,609
				111,719
Turkey: 1.0%
	50,000	Turkiye Garanti Bankasi AS Reg S 5.25%, 09/13/22		51,398
	100,000	Yapi ve Kredi Bankasi AS 144A 6.10%, 03/16/23		102,544
				153,942
Ukraine: 0.3%
	50,000	Metinvest BV 144A 7.75%, 04/23/23		52,750

Principal Amount			Value

United Arab Emirates: 3.4%
USD	100,000	DAE Funding LLC Reg S 5.00%, 08/01/24	$	102,813
	100,000	DP World Ltd. Reg S 6.85%, 07/02/37		133,250
	100,000	Emirates Telecommunications Group Co. PJSC Reg S 2.75%, 06/18/26		136,380
	150,000	MDGH - GMTN BV 144A 3.70%, 11/07/49		156,167
				528,610
United Kingdom: 2.7%
	50,000	AngloGold Ashanti Holdings Plc 5.13%, 08/01/22 †		52,400
	150,000	CK Hutchison Capital Securities 17 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+2.07%), 05/12/22 (o)		152,962
	200,000	Swire Pacific MTN Financing Ltd. Reg S 4.50%, 10/09/23		216,861
				422,223
Zambia: 0.3%
	50,000	First Quantum Minerals Ltd. 144A 7.50%, 04/01/25		51,969
Total Corporate Bonds (Cost: $5,345,432)				5,635,264

GOVERNMENT OBLIGATIONS: 62.1%
Angola: 0.3%
	50,000	Angolan Government International Bonds 144A 8.25%, 05/09/28		51,500
Argentina: 0.3%
EUR	120,000	Provincia de Buenos Aires Reg S 4.00%, 05/15/35		52,726
Bahrain: 0.8%
		Bahrain Government International Bonds 144A
USD	64,000	6.13%, 08/01/23		69,219
	50,000	6.75%, 09/20/29		55,159
				124,378
Brazil: 4.6%
		Brazil Government International Bonds
	25,000	4.25%, 01/07/25		27,009
	25,000	5.00%, 01/27/45		24,725
	50,000	7.13%, 01/20/37		63,442
		Brazil Letras do Tesouro Nacional
BRL	250,000	0.00%, 07/01/22 ^		43,214
	440,000	0.00%, 07/01/23 ^		69,935
	900,000	0.00%, 01/01/24 ^		136,788
		Brazil Notas do Tesouro Nacional, Series F
	515,000	10.00%, 01/01/23		100,038
	470,000	10.00%, 01/01/25		92,328

See Notes to Financial Statements

Principal Amount			Value

Brazil: (continued)
BRL	420,000	10.00%, 01/01/27	$	82,393
	285,000	10.00%, 01/01/29		55,701
	120,000	10.00%, 01/01/31		23,327
				718,900
Chile: 1.4%
		Bonos de la Tesoreria de la Republica de Chile
CLP	25,000,000	4.50%, 03/01/26		37,937
	25,000,000	5.00%, 03/01/35		37,683
	20,000,000	6.00%, 01/01/43		33,612
USD	100,000	Chile Government International Bonds 3.13%, 03/27/25		107,871
				217,103
China / Hong Kong: 0.1%
CNY	100,000	China Government Bonds 2.94%, 10/17/24		15,513
Colombia: 2.2%
		Colombia Government International Bonds
USD	25,000	4.00%, 02/26/24		26,689
	50,000	5.00%, 06/15/45		53,397
	25,000	6.13%, 01/18/41		30,050
		Colombian TES
COP	70,000,000	5.75%, 11/03/27		18,283
	132,200,000	6.00%, 04/28/28		34,685
	88,000,000	6.25%, 11/26/25		24,522
	103,000,000	7.00%, 06/30/32		27,089
	67,000,000	7.25%, 10/18/34		17,674
	158,100,000	7.50%, 08/26/26		45,832
	100,500,000	7.75%, 09/18/30		28,362
	139,400,000	10.00%, 07/24/24		43,472
				350,055
Croatia: 0.6%
USD	75,000	Croatia Government International Bonds 144A 6.00%, 01/26/24		85,802
Czech Republic: 1.3%
		Czech Republic Government Bonds
CZK	510,000	0.25%, 02/10/27		22,121
	470,000	1.25%, 02/14/25		21,898
	460,000	2.00%, 10/13/33		21,721
	430,000	2.75%, 07/23/29		21,747
		Czech Republic Government Bonds Reg S
	500,000	0.45%, 10/25/23		22,985
	530,000	0.95%, 05/15/30		23,104
	480,000	1.00%, 06/26/26		21,869
	440,000	2.40%, 09/17/25		21,441
	440,000	2.50%, 08/25/28		21,779
				198,665
Dominican Republic: 0.4%
		Dominican Republic International Bonds Reg S
USD	25,000	5.95%, 01/25/27		28,438
	25,000	6.85%, 01/27/45		28,500
				56,938

Principal Amount			Value

Ecuador: 0.4%
		Ecuador Government International Bonds 144A
USD	4,391	0.00%, 07/31/30 ^	$	2,415
	24,450	0.50%, 07/31/30 (s)		20,538
	49,530	0.50%, 07/31/35 (s)		33,929
	17,150	0.50%, 07/31/40 (s)		10,290
				67,172
Egypt: 0.4%
	50,000	Egypt Government International Bond 144A 7.50%, 01/31/27		55,339
El Salvador: 0.2%
	30,000	El Salvador Government International Bonds Reg S 7.65%, 06/15/35		31,542
Hungary: 1.9%
		Hungary Government Bonds
HUF	7,400,000	1.75%, 10/26/22		25,190
	8,650,000	2.50%, 10/24/24		30,139
	9,000,000	3.00%, 06/26/24		31,790
	7,450,000	3.00%, 10/27/27		26,691
	6,520,000	5.50%, 06/24/25		25,302
	6,600,000	6.00%, 11/24/23		24,873
	6,100,000	7.00%, 06/24/22		21,893
USD	100,000	Hungary Government International Bonds 5.38%, 03/25/24		113,562
				299,440
Indonesia: 5.4%
		Indonesia Government International Bonds Reg S
USD	75,000	7.75%, 01/17/38		111,597
	100,000	8.50%, 10/12/35		157,979
		Indonesia Treasury Bonds
IDR	399,000,000	5.63%, 05/15/23		28,084
	487,000,000	6.13%, 05/15/28		33,563
	210,000,000	6.50%, 06/15/25		15,059
	598,000,000	6.63%, 05/15/33		41,184
	526,000,000	7.00%, 05/15/27		38,342
	560,000,000	7.00%, 09/15/30		40,098
	210,000,000	7.50%, 06/15/35		15,038
	499,000,000	8.13%, 05/15/24		37,417
	550,000,000	8.25%, 05/15/29		42,354
	345,000,000	8.25%, 06/15/32		26,311
	425,000,000	8.25%, 05/15/36		32,403
	610,000,000	8.38%, 03/15/24		45,819
	559,000,000	8.38%, 09/15/26		43,212
	628,000,000	8.38%, 03/15/34		48,229
	393,000,000	8.75%, 05/15/31		31,247
	480,000,000	9.00%, 03/15/29		38,461
	214,000,000	10.50%, 08/15/30		18,738
				845,135
Israel: 2.7%
		Israel Government Bonds
ILS	70,000	0.50%, 04/30/25		21,671
	70,000	1.00%, 03/31/30		21,352
	120,000	1.75%, 08/31/25		39,085

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Israel: (continued)
ILS	110,000	2.00%, 03/31/27	$	36,539
	100,000	3.75%, 03/31/24		33,948
	65,000	3.75%, 03/31/47		25,928
	125,000	4.25%, 03/31/23		41,567
	90,000	5.50%, 01/31/42		44,459
	100,000	6.25%, 10/30/26		40,272
		Israel Government International Bonds
USD	50,000	4.00%, 06/30/22		52,192
	50,000	4.50%, 01/30/43		61,150
				418,163
Jamaica: 0.4%
	50,000	Jamaica Government International Bonds 6.75%, 04/28/28		59,415
Kazakhstan: 0.4%
	50,000	Kazakhstan Government International Bonds Reg S 5.13%, 07/21/25		58,358
Kuwait: 0.3%
	40,000	Kuwait International Government Bonds 144A 3.50%, 03/20/27		44,358
Malaysia: 3.8%
		Malaysia Government Bonds
MYR	45,000	3.42%, 08/15/22		11,184
	125,000	3.48%, 03/15/23		31,283
	50,000	3.50%, 05/31/27		12,598
	130,000	3.73%, 06/15/28		33,184
	70,000	3.80%, 09/30/22		17,516
	28,000	3.80%, 08/17/23		7,078
	90,000	3.83%, 07/05/34		21,920
	180,000	3.84%, 04/15/33		44,041
	64,000	3.89%, 08/15/29		16,385
	175,000	3.89%, 03/15/27		45,253
	92,000	3.90%, 11/16/27		23,785
	60,000	3.91%, 07/15/26		15,469
	147,000	3.96%, 09/15/25		37,879
	125,000	4.06%, 09/30/24		32,119
	123,000	4.18%, 07/15/24		31,663
	130,000	4.23%, 06/30/31		33,845
	125,000	4.39%, 04/15/26		33,053
	125,000	4.50%, 04/15/30		33,376
	60,000	4.64%, 11/07/33		15,775
	133,000	4.74%, 03/15/46		34,257
	130,000	4.76%, 04/07/37		34,172
	35,000	4.89%, 06/08/38		9,250
	88,000	Malaysia Government Investment Issue 4.47%, 09/15/39		22,099
				597,184
Mexico: 5.4%
		Mexican Bonos
MXN	1,247,000	5.75%, 03/05/26		61,313
	859,000	6.50%, 06/09/22		43,377
	1,190,100	7.50%, 06/03/27		62,679

Principal Amount			Value

Mexico: (continued)
MXN	697,000	7.75%, 05/29/31	$	36,697
	477,000	7.75%, 11/23/34		24,779
	762,000	7.75%, 11/13/42		37,646
	906,000	8.00%, 12/07/23		47,971
	968,000	8.00%, 09/05/24		51,532
	756,000	8.00%, 11/07/47		38,010
	1,170,000	8.50%, 05/31/29		64,679
	735,000	8.50%, 11/18/38		39,575
	1,095,000	10.00%, 12/05/24		61,964
	430,000	10.00%, 11/20/36		26,503
		Mexico Government International Bonds
USD	77,000	4.00%, 10/02/23		83,653
	75,000	4.75%, 03/08/44		80,175
	60,000	6.05%, 01/11/40		73,517
				834,070
Nigeria: 1.0%
NGN	18,470,000	Nigeria Government Bonds 16.39%, 01/27/22		46,084
USD	100,000	Nigeria Government International Bonds 144A 6.50%, 11/28/27		105,940
				152,024
Oman: 0.8%
		Oman Government International Bonds 144A
	75,000	5.63%, 01/17/28		79,047
	50,000	6.75%, 01/17/48		50,013
				129,060
Panama: 0.6%
		Panama Government International Bonds
	20,000	3.88%, 03/17/28		22,047
	35,000	6.70%, 01/26/36		47,086
	19,400	7.13%, 01/29/26		24,140
				93,273
Peru: 2.0%
		Peru Government Bonds
PEN	52,000	5.35%, 08/12/40		12,177
	114,000	5.40%, 08/12/34		28,730
	45,000	5.70%, 08/12/24		13,325
	74,000	5.94%, 02/12/29		21,262
	70,000	6.15%, 08/12/32		19,307
	90,000	6.35%, 08/12/28		26,536
	60,000	6.85%, 02/12/42		16,575
	80,000	6.90%, 08/12/37		22,527
	65,000	6.95%, 08/12/31		19,222
	55,000	8.20%, 08/12/26		18,404
		Peru Government International Bonds
USD	62,000	7.35%, 07/21/25		76,253
	25,000	8.75%, 11/21/33		38,711
				313,029

See Notes to Financial Statements

Principal Amount			Value

Philippines: 1.1%
		Philippine Government International Bonds
USD	50,000	5.00%, 01/13/37	$	62,776
	25,000	6.38%, 10/23/34		34,959
	25,000	9.50%, 02/02/30		39,283
	25,000	10.63%, 03/16/25		34,259
				171,277
Poland: 2.9%
		Republic of Poland Government Bonds
PLN	73,000	0.75%, 04/25/25		19,380
	74,000	1.25%, 10/25/30		18,756
	118,000	2.25%, 10/25/24		33,048
	154,000	2.50%, 01/25/23		42,338
	108,000	2.50%, 04/25/24		30,327
	175,000	2.50%, 07/25/26		49,935
	175,000	2.50%, 07/25/27		49,877
	130,000	2.75%, 04/25/28		37,559
	144,000	2.75%, 10/25/29		41,525
	130,000	3.25%, 07/25/25		37,932
	135,000	4.00%, 10/25/23		39,023
	120,000	5.75%, 09/23/22		34,185
	50,000	5.75%, 04/25/29		17,503
				451,388
Qatar: 1.2%
		Qatar Government International Bonds Reg S
USD	100,000	6.40%, 01/20/40		143,941
	30,000	9.75%, 06/15/30		47,886
				191,827
Romania: 2.3%
		Romania Government Bonds
RON	60,000	3.25%, 04/29/24		15,064
	75,000	3.65%, 07/28/25		19,184
	30,000	4.00%, 10/25/23		7,644
	70,000	4.40%, 09/25/23		17,971
	70,000	4.50%, 06/17/24		18,221
	80,000	4.75%, 02/24/25		21,183
	55,000	4.85%, 04/22/26		14,844
	55,000	5.00%, 02/12/29		15,391
	60,000	5.80%, 07/26/27		17,265
	70,000	5.85%, 04/26/23		18,305
		Romanian Government International Bonds Reg S
EUR	25,000	2.75%, 10/29/25		33,383
	50,000	3.63%, 04/24/24		66,682
	45,000	3.88%, 10/29/35		62,985
USD	25,000	4.88%, 01/22/24		27,785
				355,907
Russia: 3.1%
		Russian Federal Bonds
RUB	1,800,000	6.50%, 02/28/24		24,282
	2,190,000	6.90%, 05/23/29		29,255
	1,200,000	7.00%, 08/16/23		16,380
	2,000,000	7.05%, 01/19/28		27,145
	2,300,000	7.10%, 10/16/24		31,494
	1,800,000	7.15%, 11/12/25		24,723
	2,200,000	7.25%, 05/10/34		29,778

Principal Amount			Value

Russia: (continued)
RUB	1,300,000	7.40%, 12/07/22	$	17,775
	2,110,000	7.40%, 07/17/24		29,099
	1,200,000	7.60%, 07/20/22		16,381
	1,900,000	7.70%, 03/23/33		26,632
	2,100,000	7.75%, 09/16/26		29,511
	1,800,000	7.95%, 10/07/26		25,518
	2,080,000	8.15%, 02/03/27		29,759
	1,700,000	8.50%, 09/17/31		25,169
		Russian Foreign Bonds Reg S
USD	22,500	7.50%, 03/31/30 (s)		26,021
	45,000	12.75%, 06/24/28		75,038
				483,960
Saudi Arabia: 1.7%
	50,000	Saudi Government International Bonds 144A 4.50%, 10/26/46		55,937
	200,000	Saudi Government International Bonds Reg S 3.25%, 10/26/26		215,369
				271,306
South Africa: 4.1%
		Republic of South Africa Government Bonds
ZAR	493,000	6.25%, 03/31/36		22,775
	700,000	7.00%, 02/28/31		40,082
	480,000	7.75%, 02/28/23		34,844
	930,000	8.00%, 01/31/30		59,296
	600,000	8.25%, 03/31/32		36,438
	700,000	8.50%, 01/31/37		39,182
	720,000	8.75%, 01/31/44		39,652
	1,175,000	8.75%, 02/28/48		64,534
	550,000	8.88%, 02/28/35		32,636
	547,000	9.00%, 01/31/40		31,234
	1,245,000	10.50%, 12/21/26		98,081
		Republic of South Africa Government International Bonds
USD	50,000	4.30%, 10/12/28		50,329
	75,000	5.88%, 09/16/25		83,725
				632,808
Sri Lanka: 0.4%
		Sri Lanka Government International Bonds 144A
	50,000	5.75%, 04/18/23		36,544
	40,000	6.85%, 11/03/25		26,919
				63,463
Thailand: 3.8%
		Thailand Government Bonds
THB	1,300,000	1.88%, 06/17/22		42,430
	1,300,000	2.00%, 12/17/22		42,782
	1,400,000	2.13%, 12/17/26		47,268
	730,000	2.40%, 12/17/23		24,535
	894,000	2.88%, 12/17/28		31,478
	1,350,000	3.40%, 06/17/36		49,767
	1,033,000	3.63%, 06/16/23		35,351
	1,300,000	3.65%, 06/20/31		48,984
	1,089,000	3.78%, 06/25/32		41,407

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Thailand: (continued)
THB	1,250,000	3.85%, 12/12/25	$	45,346
	350,000	4.00%, 06/17/66		14,607
	1,000,000	4.68%, 06/29/44		43,164
	655,000	4.85%, 06/17/61		31,241
	1,400,000	4.88%, 06/22/29		56,203
	900,000	Thailand Government Bonds Reg S 4.26%, 12/12/37		34,814
				589,377
Turkey: 2.4%
		Turkey Government Bonds
TRY	100,000	7.10%, 03/08/23		10,160
	100,000	8.00%, 03/12/25		8,876
	145,000	9.00%, 07/24/24		13,902
	130,000	10.50%, 08/11/27		11,437
	118,000	10.60%, 02/11/26		10,950
	100,000	10.70%, 08/17/22		11,222
	62,000	12.20%, 01/18/23		6,972
	110,000	12.40%, 03/08/28		10,483
		Turkey Government International Bonds
USD	75,000	5.75%, 05/11/47		61,975
	50,000	6.00%, 03/25/27		49,915
	90,000	6.88%, 03/17/36		88,417
	80,000	7.38%, 02/05/25		85,147
				369,456
United Arab Emirates: 0.8%
		Abu Dhabi Government International Bonds 144A
	50,000	2.50%, 10/11/22		51,563
	65,000	3.13%, 10/11/27		70,729
				122,292

Principal Amount			Value

Uruguay: 0.6%
USD	77,000	Uruguay Government International Bonds 4.50%, 08/14/24	$	83,645
		Uruguay Government International Bonds Reg S
UYU	370,000	8.50%, 03/15/28		8,805
	300,000	9.88%, 06/20/22		7,086
				99,536
Total Government Obligations (Cost: $9,823,103)				9,671,739
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $15,168,535)				15,307,003

Number of Shares

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $55,227)
Money Market Fund: 0.3%
	55,227	State Street Navigator Securities Lending Government Money Market Portfolio		55,227
Total Investments: 98.6% (Cost: $15,223,762)				15,362,230
Other assets less liabilities: 1.4%				211,877
NET ASSETS: 100.0%			$	15,574,107

See Notes to Financial Statements

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:
(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
†	Security fully or partially on loan. Total market value of securities on loan is $241,488.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $2,088,855, or 13.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		4.5	%	$	692,849
Energy		8.1			1,243,868
Financials		13.5			2,057,951
Government		63.2			9,671,739
Healthcare		1.1			162,455
Industrials		2.3			350,078
Real Estate		1.4			216,861
Technology		2.9			449,835
Utilities		3.0			461,367
		100.0	%	$	15,307,003

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*		$	—		$	5,635,264		$	—		$	5,635,264
Government Obligations*			—			9,671,739			—			9,671,739
Money Market Fund			55,227			—			—			55,227
Total		$	55,227		$	15,307,003		$	—		$	15,362,230

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 97.5%
Argentina: 2.7%
$	610,285	Aeropuertos Argentina 2000 SA 144A 9.38% 02/01/27	$	496,256
	975,000	Agua y Saneamientos Argentinos SA Reg S 6.63%, 02/01/23		485,063
	1,100,000	Arcor SAIC 144A 6.00%, 07/06/23		1,067,594
	650,000	Capex SA 144A 6.88%, 05/15/24		589,225
	450,000	Generacion Mediterranea SA 144A 9.63%, 07/27/23		299,468
	150,000	Generacion Mediterranea SA Reg S 9.63%, 07/27/23		99,823
	700,000	IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23		622,563
	50,000	IRSA Propiedades Comerciales SA Reg S 8.75%, 03/23/23		44,469
		MercadoLibre, Inc.
	900,000	2.38%, 01/14/26		899,303
	1,500,000	3.13%, 01/14/31 †		1,436,730
	1,025,000	MSU Energy SA 144A 6.88%, 02/01/25		699,557
	150,000	MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		102,374
		Pampa Energia SA 144A
	850,000	7.38%, 07/21/23		797,164
	1,375,000	7.50%, 01/24/27		1,128,263
	650,000	9.13%, 04/15/29		550,875
		Telecom Argentina SA 144A
	850,000	8.00%, 07/18/26		760,053
	825,000	8.50%, 08/06/25		760,477
	1,085,000	Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		942,615
	850,000	YPF Energia Electrica SA 144A 10.00%, 07/25/26		692,963
		YPF SA 144A
	600,000	1.50%, 09/30/33 (s)		276,240
	1,550,000	2.50%, 06/30/29 (s)		852,516
	1,600,000	4.00%, 02/12/26 (s)		1,294,456
	2,100,000	6.95%, 07/21/27		1,297,107
	850,000	7.00%, 12/15/47		483,446
	3,050,000	8.50%, 07/28/25		2,217,502
	912,000	8.50%, 06/27/29		580,597
	2,450,000	8.75%, 04/04/24		2,000,045
				21,476,744
Armenia: 0.1%
	600,000	Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		597,750
Azerbaijan: 1.3%
	1,000,000	Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23		1,025,372
	3,825,000	Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 †		4,601,972

Principal Amount			Value

Azerbaijan: (continued)
$	400,000	Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26	$	481,252
		State Oil Co. of the Azerbaijan Republic Reg S
	2,150,000	4.75%, 03/13/23		2,281,623
	1,700,000	6.95%, 03/18/30		2,112,437
				10,502,656
Bahrain: 1.3%
	1,100,000	BBK BSC Reg S 5.50%, 07/09/24		1,168,320
	1,000,000	GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		1,004,250
		Mumtalakat Sukuk Holding Co. Reg S
	1,000,000	4.10%, 01/21/27		1,017,910
	1,400,000	5.63%, 02/27/24		1,498,710
		Oil and Gas Holding Co. BSCC 144A
	2,225,000	7.50%, 10/25/27		2,503,826
	1,550,000	7.63%, 11/07/24		1,742,518
	1,000,000	8.38%, 11/07/28		1,169,455
				10,104,989
Belarus: 0.1%
	1,000,000	Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24		981,000
Bermuda: 0.8%
	48,757	Digicel Group 0.5 Ltd. 10.00%, 04/01/24		47,751
	663,931	Digicel Group 0.5 Ltd. 144A 8.00% 04/01/25		557,503
	1,950,000	Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/24		2,045,062
	500,000	Digicel International Finance Ltd. / Digicel international Holdings Ltd. 144A 13.00% 12/31/25		508,125
	1,400,000	Digicel Ltd. 144A 6.75%, 03/01/23		1,323,259
	200,000	Digicel Ltd. Reg S 6.75%, 03/01/23		189,037
	1,600,000	Eurochem Finance DAC 144A 5.50%, 03/13/24		1,746,848
				6,417,585
Brazil: 9.9%
	900,000	Adecoagro SA 144A 6.00%, 09/21/27		949,383
	150,000	Adecoagro SA Reg S 6.00%, 09/21/27		158,231
	300,000	Aegea Finance SARL 144A 5.75%, 10/10/24		313,716
	800,000	Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		837,220
	1,174,000	Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		1,240,290
	400,000	Atento Luxco 1 SA 144A 8.00%, 02/10/26		435,698

See Notes to Financial Statements

Principal Amount			Value

Brazil: (continued)
$	300,000	Azul Investments LLP 144A 5.88%, 10/26/24	$	285,806
	400,000	B2W Digital Lux Sarl 144A 4.38%, 12/20/30		395,200
		Banco Bradesco SA 144A
	750,000	2.85%, 01/27/23 †		767,299
	600,000	3.20%, 01/27/25		615,750
	100,000	Banco Bradesco SA Reg S 2.85%, 01/27/23		102,307
		Banco BTG Pactual SA 144A
	400,000	2.75%, 01/11/26		381,004
	800,000	4.50%, 01/10/25		825,268
	200,000	5.50%, 01/31/23		211,750
	175,000	5.75%, 09/28/22		184,575
		Banco BTG Pactual SA Reg S
	300,000	5.50%, 01/31/23		317,625
	100,000	5.75%, 09/28/22		105,472
	350,000	Banco Daycoval SA Reg S 4.25%, 12/13/24		357,000
	1,650,000	Banco do Brasil SA 3.88%, 10/10/22		1,706,389
		Banco do Brasil SA 144A
	1,050,000	4.63%, 01/15/25 †		1,121,956
	650,000	4.75%, 03/20/24		691,792
	650,000	4.88%, 04/19/23		692,094
	650,000	5.88%, 01/19/23		694,086
		Banco Nacional de Desenvolvimento Economico e Social 144A
	400,000	4.75%, 05/09/24		432,982
	1,100,000	5.75%, 09/26/23		1,223,920
	400,000	Banco Safra SA 144A 4.13%, 02/08/23		415,742
		Banco Votorantim SA 144A
	400,000	4.00%, 09/24/22		413,320
	500,000	4.38%, 07/29/25		523,270
	300,000	4.50%, 09/24/24 †		315,482
	300,000	8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/07/22 (o)		311,945
	700,000	Braskem America Finance Co. 144A 7.13%, 07/22/41 †		817,226
	675,000	Braskem Finance Ltd. 6.45%, 02/03/24		751,710
	2,000,000	Braskem Idesa SAPI 144A 7.45%, 11/15/29		2,028,580
		Braskem Netherlands Finance BV 144A
	1,050,000	4.50%, 01/10/28		1,093,775
	1,340,000	4.50%, 01/31/30		1,363,383
	700,000	5.88%, 01/31/50 †		732,102
	650,000	8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 †		752,408
	805,000	Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		872,427
	400,000	BRF GmbH 144A 4.35%, 09/29/26		414,024
		BRF SA 144A
	600,000	4.88%, 01/24/30		616,908
	800,000	5.75%, 09/21/50		785,928

Principal Amount			Value

Brazil: (continued)
$	400,000	Caixa Economica Federal 144A 3.50%, 11/07/22	$	413,278
	1,335,000	Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 †		1,541,878
		Centrais Eletricas Brasileiras SA 144A
	400,000	3.63%, 02/04/25		406,388
	800,000	4.63%, 02/04/30		809,760
	400,000	Cielo USA, Inc. 144A 3.75%, 11/16/22		410,154
	600,000	Cosan Ltd. 144A 5.50%, 09/20/29		640,116
	600,000	Cosan Luxembourg SA 144A 7.00%, 01/20/27		639,867
	1,050,000	CSN Islands XI Corp. 144A
		6.75%, 01/28/28		1,142,521
	200,000	CSN Islands XI Corp. Reg S 6.75%, 01/28/28		217,623
		CSN Resources SA 144A
	800,000	7.63%, 02/13/23		831,000
	500,000	7.63%, 04/17/26 †		538,853
		Embraer Netherlands Finance BV
	900,000	5.05%, 06/15/25		948,375
	700,000	5.40%, 02/01/27		737,625
	700,000	Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		789,250
	400,000	Embraer Overseas Ltd. 144A 5.70%, 09/16/23		425,040
	300,000	Embraer SA 5.15%, 06/15/22		310,331
	500,000	FS Luxembourg Sarl 144A 10.00%, 12/15/25		546,738
		Globo Comunicacao e Participacoes SA 144A
	350,000	4.84%, 06/08/25		366,625
	500,000	4.88%, 01/22/30		508,185
	500,000	Gol Finance SA 144A 7.00%, 01/31/25		460,300
	700,000	Guara Norte Sarl 144A 5.20%, 06/15/34		706,283
	400,000	InterCement Financial Operations BV 144A 5.75%, 07/17/24		380,584
		Itau Unibanco Holding SA 144A
	850,000	2.90%, 01/24/23		868,921
	450,000	3.25%, 01/24/25 †		463,523
	400,000	3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		388,940
	800,000	4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		809,688
	625,000	4.63% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o) †		597,619
	1,625,000	5.13%, 05/13/23		1,724,531
	1,250,000	5.50%, 08/06/22		1,308,500
	400,000	JSM Global SARL 144A 4.75%, 10/20/30		405,484
		Klabin Austria GmbH 144A
	400,000	3.20%, 01/12/31		381,840
	650,000	5.75%, 04/03/29		723,476
	700,000	7.00%, 04/03/49		860,412

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Brazil: (continued)
$	400,000	Klabin Finance SA 144A 4.88%, 09/19/27	$	437,708
	300,000	Light Servicos de Eletricidade SA / Light Energia SA 144A 7.25%, 05/03/23		311,178
	1,200,000	MARB BondCo Plc 144A 3.95%, 01/29/31		1,141,902
	400,000	Minerva Luxembourg SA 144A 5.88%, 01/19/28		425,678
	1,040,952	MV24 Capital BV 144A 6.75%, 06/01/34		1,105,553
	700,000	Natura Cosmeticos SA 144A 5.38%, 02/01/23 †		719,075
		NBM US Holdings, Inc. 144A
	550,000	6.63%, 08/06/29 †		611,218
	900,000	7.00%, 05/14/26		969,435
		Nexa Resources SA 144A
	700,000	5.38%, 05/04/27		751,142
	500,000	6.50%, 01/18/28		558,615
		Petrobras Global Finance BV
	450,000	4.38%, 05/20/23 †		477,950
	1,800,000	5.09%, 01/15/30		1,904,427
	425,000	5.30%, 01/27/25		471,754
	1,125,000	5.60%, 01/03/31		1,216,125
	250,000	5.63%, 05/20/43		265,296
	500,000	5.75%, 02/01/29		559,425
	1,000,000	6.00%, 01/27/28 †		1,131,210
	375,000	6.25%, 03/17/24 †		420,889
	400,000	6.75%, 01/27/41		455,054
	800,000	6.75%, 06/03/50 †		876,568
	1,000,000	6.85%, 06/05/15		1,058,350
	492,000	6.88%, 01/20/40		564,263
	1,000,000	6.90%, 03/19/49		1,127,350
	750,000	7.25%, 03/17/44		876,653
	825,000	7.38%, 01/17/27		999,290
	530,000	8.75%, 05/23/26		678,533
		Rede D’or Finance SARL 144A
	950,000	4.50%, 01/22/30		934,325
	500,000	4.95%, 01/17/28		517,420
	765,510	Rio Oil Finance Trust 144A 9.25%, 07/06/24		851,630
	483,293	Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		569,078
	480,000	Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		549,605
		Rumo Luxembourg SARL 144A
	400,000	5.25%, 01/10/28		425,796
	500,000	5.88%, 01/18/25 †		527,875
	500,000	Simpar Europe SA 144A 5.20%, 01/26/31		505,065
	300,000	Tupy Overseas SA 144A 4.50%, 02/16/31		299,094
		Ultrapar International SA 144A
	500,000	5.25%, 10/06/26		546,155
	700,000	5.25%, 06/06/29		738,423
	500,000	Unigel Luxembourg SA 144A 8.75%, 10/01/26		541,360
	800,000	Usiminas International SARL 144A 5.88%, 07/18/26		861,408
				77,540,626

Principal Amount			Value

British Virgin Islands: 1.0%
$	200,000	Bright Scholar Education Holdings Ltd. Reg S 7.45%, 07/31/22	$	208,500
		Central China Real Estate Ltd. Reg S
	200,000	6.88%, 08/08/22		199,500
	200,000	7.25%, 04/24/23		197,000
	200,000	7.25%, 08/13/24		183,735
	200,000	7.65%, 08/27/23		195,500
	300,000	7.75%, 05/24/24		284,979
		China Aoyuan Group Ltd. Reg S
	400,000	6.20%, 03/24/26		378,024
	400,000	6.35%, 02/08/24		399,500
		China SCE Group Holdings Ltd. Reg S
	400,000	7.00%, 05/02/25		404,989
	400,000	7.25%, 04/19/23		414,500
	400,000	7.38%, 04/09/24		417,500
		Fantasia Holdings Group Co. Ltd. Reg S
	200,000	9.25%, 07/28/23		187,500
	200,000	9.88%, 10/19/23		187,326
	400,000	10.88%, 01/09/23		399,000
	400,000	11.88%, 06/01/23		401,000
	200,000	12.25%, 10/18/22		204,000
	200,000	Health & Happiness H&H International Holdings Ltd. Reg S 5.63%, 10/24/24		208,229
	400,000	Hopson Development Holdings Ltd. Reg S 7.50%, 06/27/22		409,000
	1,400,000	Metalloinvest Finance DAC 144A 4.85%, 05/02/24		1,500,237
	400,000	Metalloinvest Finance DAC Reg S 4.85%, 05/02/24		428,639
	200,000	New Metro Global Ltd. Reg S 4.50%, 05/02/26		195,708
	400,000	Yingde Gases Investment Ltd. 144A 6.25%, 01/19/23		413,314
				7,817,680
Cambodia: 0.1%
	800,000	NagaCorp Ltd. Reg S 7.95%, 07/06/24		833,996
Canada: 0.3%
	1,075,000	Azure Power Energy Ltd. 144A 5.50%, 11/03/22		1,096,532
	865,000	Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 †		918,544
	650,000	Sagicor Finance 2015 Ltd. 144A 8.88%, 08/11/22		667,124
				2,682,200
Cayman Islands: 0.8%
	1,450,000	Arabian Centres Sukuk II Ltd. 144A 5.63%, 10/07/26		1,498,104
	1,250,000	Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		1,298,812
	1,150,000	Oryx Funding Ltd 144A 5.80%, 02/03/31		1,220,708
	700,000	Poinsettia Finance Ltd. Reg S 6.63%, 06/17/31		675,248

See Notes to Financial Statements

Principal Amount			Value

Cayman Islands: (continued)
		Ronshine China Holdings Ltd. Reg S
$	400,000	7.35%, 12/15/23	$	387,500
	200,000	8.10%, 06/09/23		199,000
	400,000	8.75%, 10/25/22		403,512
	500,000	8.95%, 01/22/23		507,500
				6,190,384
Chile: 0.5%
	1,000,000	Kenbourne Invest SA 144A 6.88%, 11/26/24		1,066,100
		VTR Comunicaciones SpA 144A
	700,000	4.38%, 04/15/29		705,600
	1,239,000	5.13%, 01/15/28		1,300,950
	1,125,000	VTR Finance NV 144A 6.38%, 07/15/28 †		1,218,133
				4,290,783
China / Hong Kong: 11.8%
		Agile Group Holdings Ltd. Reg S
	400,000	5.75%, 01/02/25		405,000
	200,000	6.05%, 10/13/25		203,967
	450,000	6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o)		453,938
	450,000	7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 07/31/24 (o)		459,813
	400,000	8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/04/23 (o)		417,032
	200,000	Anton Oilfield Services Group/ Hong Kong Reg S 7.50%, 12/02/22		190,000
	2,000,000	Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/25 (o)		2,065,894
	500,000	Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 03/03/25 (o)		510,775
		Bank of East Asia Ltd. Reg S
	1,300,000	5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o)		1,390,402
	1,600,000	5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 09/19/24 (o)		1,702,360
	200,000	CAR, Inc. Reg S 8.88%, 05/10/22		203,810
	1,300,000	CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 07/12/26 (o)		1,303,250
	400,000	Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/24 (o)		381,035
		CFLD Cayman Investment Ltd. Reg S
	200,000	6.90%, 01/13/23		68,000
	200,000	7.13%, 04/08/22		68,000
	200,000	8.05%, 01/13/25		68,000
	500,000	8.60%, 04/08/24		175,000
	200,000	Chalieco Hong Kong Corp. Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 05/21/23 (o)		201,750

Principal Amount			Value

China / Hong Kong: (continued)
$	1,203,000	Champion Path Holdings Ltd. Reg S 4.50%, 01/27/26	$	1,255,631
	1,050,000	4.85%, 01/27/28		1,106,021
	200,000	Changde Economic Construction Investment Group Co. Ltd. Reg S 6.60%, 08/15/22		201,200
	400,000	Chengdu Airport Xingcheng Investment Group Co. Ltd. Reg S 6.50%, 07/18/22		411,000
	400,000	China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/06/23 (o)		435,986
		China Evergrande Group Reg S
	1,050,000	7.50%, 06/28/23		921,375
	3,300,000	8.75%, 06/28/25		2,697,750
	700,000	9.50%, 03/29/24		607,250
	600,000	10.00%, 04/11/23		555,000
	450,000	10.50%, 04/11/24		403,875
	600,000	11.50%, 01/22/23		577,500
	800,000	12.00%, 01/22/24		750,000
	200,000	China Hongqiao Group Ltd. Reg S 7.13%, 07/22/22		204,250
	400,000	China Oil & Gas Group Ltd. Reg S 5.50%, 01/25/23		412,500
	300,000	China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26		288,750
		China South City Holdings Ltd. Reg S
	200,000	10.75%, 04/11/23		176,750
	200,000	10.88%, 06/26/22		187,750
	900,000	Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 07/15/24 (o)		936,005
	200,000	Chongqing Hechuan City Construction Investment Group Co. Ltd. Reg S 6.30%, 07/18/22		199,013
		CIFI Holdings Group Co. Ltd. Reg S
	200,000	4.38%, 04/12/27		196,372
	200,000	5.25%, 05/13/26		204,764
	200,000	5.50%, 01/23/23		204,973
	400,000	5.95%, 10/20/25		424,000
	500,000	6.00%, 07/16/25		528,750
	200,000	6.45%, 11/07/24		212,751
	400,000	6.55%, 03/28/24		422,500
	400,000	7.63%, 02/28/23		416,531
	1,000,000	CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 01/24/24 (o)		1,077,130
	600,000	DaFa Properties Group Ltd. Reg S 12.38%, 07/30/22		570,750
		Easy Tactic Ltd. Reg S
	500,000	5.88%, 02/13/23		470,625
	600,000	8.13%, 02/27/23		585,000
	400,000	8.13%, 07/11/24		369,000
	300,000	8.63%, 02/27/24		283,500
	200,000	8.63%, 03/05/24		189,000
	200,000	9.13%, 07/28/22		202,500
	400,000	11.75%, 08/02/23		416,500
	200,000	12.38%, 11/18/22		209,500

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

China / Hong Kong: (continued)
$	200,000	eHi Car Services Ltd. Reg S 5.88%, 08/14/22	$	198,750
	200,000	Fantasia Holdings Group Co. Ltd. Reg S 7.95%, 07/05/22		195,750
		Fortune Star BVI Ltd. Reg S
	300,000	5.05%, 01/27/27		298,417
	200,000	5.95%, 01/29/23		205,750
	700,000	5.95%, 10/19/25		729,178
	450,000	6.75%, 07/02/23		471,933
	400,000	6.85%, 07/02/24		425,500
	200,000	Franshion Brilliant Ltd. Reg S 4.88% (US Treasury Yield Curve Rate T 5 Year+2.75%), 11/06/23		168,843
	400,000	Gemstones International Ltd. Reg S 12.00%, 03/10/23		396,000
	200,000	Golden Eagle Retail Group Ltd. 144A 4.63%, 05/21/23		204,050
		Greenland Global Investment Ltd. Reg S
	300,000	5.60%, 11/13/22		280,800
	550,000	5.88%, 07/03/24		467,463
	200,000	5.90%, 02/12/23		180,750
	200,000	6.13%, 04/22/23		178,750
	400,000	6.25%, 12/16/22		391,500
	300,000	6.75%, 06/25/22		287,625
	400,000	6.75%, 09/26/23		353,500
	300,000	6.75%, 03/03/24		260,625
		Greentown China Holdings Ltd. Reg S
	200,000	4.70%, 04/29/25		200,400
	200,000	5.65%, 07/13/25		207,000
	200,000	Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S 7.00%, 09/30/22		190,000
	400,000	Haimen Zhongnan Investment Development International Co. Ltd. Reg S 10.88%, 06/18/22		410,500
		Hejun Shunze Investment Co. Ltd. Reg S
	200,000	10.40%, 03/09/23		125,003
	200,000	11.00%, 06/04/22		134,000
	200,000	Hong Kong Red Star Macalline Universal Home Furnishings Ltd. Reg S 3.38%, 09/21/22		174,750
	200,000	Huai An Traffic Holding Co. Ltd. Reg S 6.00%, 09/19/22		200,183
		Jiayuan International Group Ltd. Reg S
	200,000	12.50%, 07/21/23		200,236
	400,000	13.75%, 02/18/23		413,332
	300,000	Jingrui Holdings Ltd. Reg S 14.50%, 02/19/23		298,125
	400,000	Kaisa Group Holdings Ltd. 144A 11.95%, 10/22/22		422,850
		Kaisa Group Holdings Ltd. Reg S
	800,000	8.50%, 06/30/22		820,400
	2,150,000	9.38%, 06/30/24		2,139,250
	300,000	9.75%, 09/28/23		309,000
	350,000	9.95%, 07/23/25		338,625
	400,000	10.50%, 01/15/25		399,000

Principal Amount			Value

China / Hong Kong: (continued)
$	500,000	10.88%, 07/23/23	$	523,750
	600,000	11.25%, 04/16/25		610,500
	600,000	11.50%, 01/30/23		625,050
	350,000	11.95%, 11/12/23		371,875
	400,000	Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S 5.80%, 10/17/22		378,042
		KWG Group Holdings Ltd. Reg S
	300,000	6.30%, 02/13/26		304,893
	200,000	7.40%, 03/05/24		211,500
	200,000	7.40%, 01/13/27		205,768
	400,000	7.88%, 09/01/23		413,000
		KWG Property Holding Ltd. Reg S
	500,000	5.88%, 11/10/24		511,250
	500,000	6.00%, 09/15/22		508,125
	700,000	Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23		677,250
	200,000	Liang Shan International Development Ltd. Reg S 7.00%, 06/27/22		196,024
		Logan Group Co. Ltd. Reg S
	200,000	4.50%, 01/13/28		193,426
	300,000	4.85%, 12/14/26		299,920
	200,000	5.25%, 10/19/25		203,466
	200,000	5.75%, 01/14/25		207,004
	200,000	7.50%, 08/25/22		204,900
		Logan Property Holdings Co. Ltd. Reg S
	400,000	5.25%, 02/23/23		406,009
	400,000	6.50%, 07/16/23		411,220
		Melco Resorts Finance Ltd. 144A
	2,250,000	4.88%, 06/06/25		2,311,537
	1,050,000	5.25%, 04/26/26		1,098,888
	2,425,000	5.38%, 12/04/29		2,586,384
	1,391,000	5.63%, 07/17/27		1,475,155
	1,800,000	5.75%, 07/21/28		1,938,447
		Modern Land China Co. Ltd. Reg S
	200,000	9.80%, 04/11/23		192,533
	200,000	11.50%, 11/13/22		203,000
	2,600,000	Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o)		2,640,623
		New Metro Global Ltd. Reg S
	200,000	4.80%, 12/15/24		200,228
	400,000	6.50%, 05/20/22		409,000
	300,000	6.80%, 08/05/23		312,750
	200,000	Oriental Capital Co. Ltd. Reg S 7.00%, 10/17/22		193,500
		Powerlong Real Estate Holdings Ltd. Reg S
	400,000	5.95%, 04/30/25		415,012
	200,000	6.25%, 08/10/24		208,500
	200,000	6.95%, 07/23/23		209,000
	300,000	7.13%, 11/08/22		313,500
	220,000	Prime Bloom Holdings Ltd. Reg S 6.95%, 07/05/22		41,800
		Redsun Properties Group Ltd. Reg S
	200,000	7.30%, 01/13/25		193,754
	400,000	9.70%, 04/16/23		418,500

See Notes to Financial Statements

Principal Amount			Value

China / Hong Kong: (continued)
$	250,000	RKI Overseas Finance 2017 A Ltd. Reg S 7.00%, 06/23/22 (o)	$	224,375
		RKPF Overseas 2019 A Ltd. Reg S
	600,000	6.00%, 09/04/25		624,025
	400,000	6.70%, 09/30/24		424,618
	200,000	7.88%, 02/01/23		208,529
	250,000	RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/24 (o)		243,875
	200,000	RKPF Overseas 2020 A Ltd Reg S 5.20%, 01/12/26		201,463
		Scenery Journey Ltd. Reg S
	1,400,000	11.50%, 10/24/22		1,333,500
	1,200,000	12.00%, 10/24/23		1,116,000
	600,000	13.00%, 11/06/22		583,500
	500,000	13.75%, 11/06/23		476,875
		Seazen Group Ltd. Reg S
	200,000	4.45%, 07/13/25		197,221
	400,000	6.45%, 06/11/22		409,800
	200,000	Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23		200,744
	850,000	Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/22		862,994
	550,000	Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o)		478,500
		Studio City Finance Ltd. 144A
	1,600,000	5.00%, 01/15/29		1,638,000
	1,025,000	6.00%, 07/15/25		1,083,938
	1,075,000	6.50%, 01/15/28		1,163,827
		Sunac China Holdings Ltd. Reg S
	700,000	5.95%, 04/26/24		709,136
	400,000	6.50%, 07/09/23		412,513
	400,000	6.50%, 01/10/25		409,750
	200,000	6.50%, 01/26/26		201,463
	600,000	6.65%, 08/03/24		619,500
	600,000	7.00%, 07/09/25		618,000
	400,000	7.25%, 06/14/22		413,800
	400,000	7.50%, 02/01/24		421,000
	600,000	7.95%, 08/08/22		619,200
	400,000	7.95%, 10/11/23		422,800
	500,000	8.35%, 04/19/23		523,500
		Times China Holdings Ltd. Reg S
	200,000	5.75%, 01/14/27		191,117
	400,000	6.20%, 03/22/26		395,423
	400,000	6.75%, 07/16/23		408,500
	400,000	6.75%, 07/08/25		408,942
	200,000	Times Property Holdings Ltd. Reg S 6.60%, 03/02/23		203,300
	200,000	Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23		191,994
	500,000	Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		496,438
		Wanda Properties Overseas Ltd. Reg S
	400,000	6.88%, 07/23/23		393,995
	200,000	6.95%, 12/05/22		199,250

Principal Amount			Value

China / Hong Kong: (continued)
$	300,000	Wealth Driven Ltd. Reg S 5.50%, 08/17/23	$	302,625
	200,000	Xinjiang Zhongtai Group Co. Ltd. Reg S 7.00%, 06/06/22		165,000
	400,000	Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23		403,237
		Yango Justice International Ltd. Reg S
	200,000	7.50%, 04/15/24		201,750
	200,000	8.25%, 11/25/23		203,493
	200,000	9.25%, 04/15/23		207,000
	200,000	Yangzhou Economic & Technological Development Zone Development Corp. Reg S 5.50%, 06/27/22		204,250
	200,000	Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23		201,000
		Yuzhou Group Holdings Co. Ltd. Reg S
	300,000	5.38% (US Treasury Yield Curve Rate T 5 Year+8.53%), 09/29/22		272,625
	200,000	6.35%, 01/13/27		166,736
	400,000	7.38%, 01/13/26		337,483
	200,000	7.70%, 02/20/25		176,246
	200,000	7.85%, 08/12/26		168,750
	200,000	8.38%, 10/30/24		183,752
	500,000	8.50%, 02/04/23		489,375
		Yuzhou Properties Co. Ltd. Reg S
	500,000	6.00%, 10/25/23		456,875
	400,000	8.30%, 05/27/25		357,010
	400,000	8.50%, 02/26/24		375,500
	400,000	Zhangzhou Transportation Development Group Co. Ltd. Reg S 6.50%, 06/26/22		413,500
		Zhenro Properties Group Ltd. Reg S
	200,000	6.63%, 01/07/26		186,510
	200,000	6.70%, 08/04/26		186,014
	200,000	7.35%, 02/05/25		197,250
	400,000	8.65%, 01/21/23		413,000
	200,000	8.70%, 08/03/22		205,750
	200,000	9.15%, 05/06/23		208,500
	300,000	Zhongliang Holdings Group Co. Ltd. Reg S 9.50%, 07/29/22		297,837
	400,000	Zoomlion HK SPV Co. Ltd. 144A 6.13%, 12/20/22		420,906
				92,216,078
Colombia: 2.9%
		Banco Davivienda SA 144A
	1,050,000	5.88%, 07/09/22		1,101,702
	1,100,000	6.65% (US Treasury Yield Curve Rate T 10 Year+5.10%), 04/22/31 (o) †		1,124,860
		Banco de Bogota SA 144A
	1,025,000	5.38%, 02/19/23		1,088,714
	2,383,000	6.25%, 05/12/26		2,663,598
		Bancolombia SA
	1,200,000	4.63% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		1,212,606
	1,500,000	5.13%, 09/11/22		1,571,985

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Colombia: (continued)
$	1,300,000	Cable Onda SA 144A 4.50%, 01/30/30	$	1,381,529
	700,000	Canacol Energy Ltd. 144A 7.25%, 05/03/25		737,156
	700,000	Frontera Energy Corp. 144A 9.70%, 06/25/23		695,058
	1,000,000	Geopark Ltd. 144A 5.50%, 01/17/27 †		1,029,865
	700,000	Gilex Holding SARL 144A 8.50%, 05/02/23		725,760
		Grupo Aval Ltd. 144A
	2,200,000	4.38%, 02/04/30		2,211,638
	2,125,000	4.75%, 09/26/22		2,212,656
	500,000	Multibank, Inc. 144A 4.38%, 11/09/22		513,083
	200,000	Multibank, Inc. Reg S 4.38%, 11/09/22		205,233
	1,200,000	Orazul Energy Egenor SCA 144A 5.63%, 04/28/27		1,216,500
	1,300,000	Telefónica Celular del Paraguay SA 144A 5.88%, 04/15/27		1,384,961
	1,295,000	Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		1,405,703
				22,482,607
Costa Rica: 0.3%
	1,000,000	Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 †		1,062,440
	1,100,000	Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43		957,000
				2,019,440
Croatia: 0.2%
	1,200,000	Hrvatska Elektroprivreda 144A 5.88%, 10/23/22		1,294,740
Cyprus: 0.8%
	1,100,000	Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25		1,114,782
	800,000	Eurotorg LLC Via Bonitron DAC 144A 9.00%, 10/22/25		875,160
		MHP Lux SA 144A
	800,000	6.25%, 09/19/29		778,576
	1,150,000	6.95%, 04/03/26		1,180,946
	1,125,000	MHP SE 144A 7.75%, 05/10/24 †		1,191,892
	1,000,000	TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27		1,009,230
				6,150,586
Dominican Republic: 0.1%
	650,000	Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23		677,381
El Salvador: 0.1%
	850,000	Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24		882,139

Principal Amount			Value

France: 0.1%
$	600,000	Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29	$	636,000
Georgia: 0.4%
	800,000	Bank of Georgia JSC 144A 6.00%, 07/26/23		854,736
	200,000	Georgia Capital JSC 144A 6.13%, 03/09/24		203,040
	1,100,000	Georgian Railway JSC 144A 7.75%, 07/11/22		1,166,000
	900,000	TBC Bank JSC 144A 5.75%, 06/19/24		964,958
				3,188,734
Ghana: 0.5%
	1,300,000	Kosmos Energy Ltd. 144A 7.13%, 04/04/26		1,270,542
		Tullow Oil Plc 144A
	1,300,000	6.25%, 04/15/22 †		1,283,750
	1,700,000	7.00%, 03/01/25		1,485,375
				4,039,667
Greece: 0.1%
	1,000,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc. 144A 10.75%, 07/01/25		1,105,000
Guatamala: 0.3%
	800,000	Banco Industrial SA/Guatemala 144A 4.88% (US Treasury Yield Curve
		Rate T 5 Year+4.44%), 01/29/31		825,236
	1,441,000	Central American Bottling Corp. 144A 5.75%, 01/31/27		1,520,284
				2,345,520
India: 6.2%
		ABJA Investment Co. Pte Ltd. Reg S
	600,000	4.45%, 07/24/23		618,750
	2,225,000	5.45%, 01/24/28		2,308,728
	2,200,000	5.95%, 07/31/24		2,394,590
	1,100,000	Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.25%, 12/10/24		1,219,625
	1,000,000	Axis Bank Ltd. 144A 3.00%, 08/08/22		1,019,730
	650,000	Bank of Baroda Reg S 3.88%, 04/04/24		688,317
		Canara Bank Reg S
	1,300,000	3.25%, 08/10/22		1,330,387
	900,000	3.88%, 03/28/24		949,879
		Delhi International Airport Ltd. 144A
	1,100,000	6.13%, 10/31/26		1,106,875
	900,000	6.45%, 06/04/29 †		894,893
	200,000	Delhi International Airport Ltd. Reg S 6.45%, 06/04/29		198,865
	600,000	Future Retail Ltd. 144A 5.60%, 01/22/25		480,654

See Notes to Financial Statements

Principal Amount			Value

India: (continued)
		GMR Hyderabad International Airport Ltd. 144A
$	700,000	4.25%, 10/27/27	$	656,015
	600,000	4.75%, 02/02/26		590,285
	800,000	5.38%, 04/10/24		821,945
		HPCL-Mittal Energy Ltd. Reg S
	800,000	5.25%, 04/28/27		826,750
	600,000	5.45%, 10/22/26		627,750
	900,000	IIFL Finance Ltd. Reg S 5.88%, 04/20/23		869,625
	700,000	India Green Energy Holdings 144A 5.38%, 04/29/24		734,148
	700,000	Indiabulls Housing Finance Ltd. Reg S 6.38%, 05/28/22		662,375
		JSW Steel Ltd. Reg S
	800,000	5.38%, 04/04/25		847,977
	1,000,000	5.95%, 04/18/24		1,074,785
	600,000	Manappuram Finance Ltd. Reg S 5.90%, 01/13/23		617,205
		Muthoot Finance Ltd. 144A
	1,250,000	4.40%, 09/02/23		1,265,437
	1,000,000	6.13%, 10/31/22		1,036,350
	2,200,000	Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o)		2,347,950
	1,700,000	Periama Holdings LLC/DE Reg S 5.95%, 04/19/26		1,813,441
		ReNew Power Private Ltd. 144A
	1,000,000	5.88%, 03/05/27		1,064,207
	700,000	6.45%, 09/27/22		726,250
	1,100,000	ReNew Power Synthetic 144A 6.67%, 03/12/24		1,154,857
	1,200,000	ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries 144A 4.50%, 07/14/28		1,195,233
		Shriram Transport Finance Co. Ltd. 144A
	1,400,000	4.40%, 03/13/24 †		1,393,210
	1,100,000	5.10%, 07/16/23		1,111,275
	1,600,000	5.95%, 10/24/22		1,634,424
	700,000	Tata Motors Ltd. Reg S 5.88%, 05/20/25		747,250
	700,000	TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		723,975
	1,000,000	UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 02/27/25 (o)		991,250
		Vedanta Resources Finance II Plc 144A
	800,000	8.00%, 04/23/23		768,304
	1,400,000	9.25%, 04/23/26		1,267,000
	2,150,000	13.88%, 01/21/24		2,361,237
		Vedanta Resources Ltd. 144A
	2,250,000	6.13%, 08/09/24		1,914,187
	2,150,000	6.38%, 07/30/22		2,114,901
	1,025,000	7.13%, 05/31/23		961,250
	600,000	Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23		591,000
				48,723,141

Principal Amount			Value

Indonesia: 2.3%
$	700,000	ABM Investama Tbk PT 144A 7.13%, 08/01/22	$	651,350
	1,750,000	Adaro Indonesia PT 144A 4.25%, 10/31/24		1,800,750
	600,000	APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		426,102
	111,000	Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		1,457
	600,000	Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		611,928
	900,000	Bayan Resources Tbk PT 144A 6.13%, 01/24/23		943,997
	900,000	Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		936,442
	1,200,000	Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		1,233,600
	800,000	Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		835,904
	1,200,000	Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		1,215,300
	1,400,000	Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		1,496,950
	590,000	Jababeka International BV 144A 6.50%, 10/05/23		567,994
	1,250,000	Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		1,284,875
	1,450,000	Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		1,578,905
	1,050,000	Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		1,119,079
	1,300,000	Saka Energi Indonesia PT 144A 4.45%, 05/05/24		1,097,571
	600,000	SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23		444,211
	800,000	Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26		810,934
	1,000,000	8.13%, 01/22/25 †		1,063,750
				18,121,099
Ireland: 0.2%
	1,000,000	Hacienda Investments Ltd Via DME Airport DAC 144A 5.35%, 02/08/28		1,038,410
	600,000	SCF Capital Designated Activity Co. 144A 3.85%, 04/26/28		602,539
				1,640,949
Israel: 3.6%
		Leviathan Bond Ltd. Reg S 144A
	1,050,000	5.75%, 06/30/23		1,105,939
	1,300,000	6.13%, 06/30/25		1,426,750
	1,350,000	6.50%, 06/30/27		1,503,319
	1,150,000	6.75%, 06/30/30		1,294,026
	1,425,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		1,434,797
	1,350,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		1,439,795

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Israel: (continued)
		Teva Pharmaceutical Finance Netherlands III BV
$	5,125,000	2.80%, 07/21/23	$	5,080,822
	6,050,000	3.15%, 10/01/26		5,688,512
	3,450,000	4.10%, 10/01/46		2,945,886
	2,142,000	6.00%, 04/15/24		2,262,487
	2,150,000	6.75%, 03/01/28 †		2,346,187
	1,700,000	7.13%, 01/31/25		1,856,306
				28,384,826
Jamaica: 0.0%
	437,000	Digicel Group Two Ltd. 144A 8.25%, 09/30/22		10,925
Kazakhstan: 1.1%
	2,000,000	Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42		2,690,000
		KazMunayGas National Co. JSC 144A
	2,100,000	4.75%, 04/19/27		2,397,194
	2,700,000	5.75%, 04/19/47		3,253,216
				8,340,410
Kuwait: 0.4%
		Kuwait Projects Co. SPC Ltd. Reg S
	1,000,000	4.23%, 10/29/26		985,000
	1,100,000	4.50%, 02/23/27		1,083,583
	1,100,000	5.00%, 03/15/23		1,136,962
				3,205,545
Luxembourg: 1.3%
	1,625,000	AI Candelaria Spain SLU 144A 7.50%, 12/15/28		1,856,684
		Energean Israel Finance Ltd. Reg S 144A
	1,335,000	4.50%, 03/30/24		1,371,526
	1,335,000	4.88%, 03/30/26		1,380,811
	1,350,000	5.38%, 03/30/28		1,399,059
	1,335,000	5.88%, 03/30/31		1,380,951
	400,000	Hidrovias International Finance SARL 144A 4.95%, 02/08/31		406,580
	1,150,000	Kenbourne Invest SA 144A 4.70%, 01/22/28 †		1,181,958
	1,000,000	Minerva Luxembourg SA 144A 4.38%, 03/18/31		975,390
	400,000	Movida Europe SA 144A 5.25%, 02/08/31		393,200
				10,346,159
Macao: 0.1%
	500,000	MGM China Holdings Ltd. 144A 4.75%, 02/01/27		518,750
Mauritius: 1.2%
	900,000	Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		907,200
	1,000,000	Cliffton Ltd. 144A 6.25%, 10/25/25		999,250
		IHS Netherlands Holdco BV 144A
	1,000,000	7.13%, 03/18/25		1,048,750
	1,850,000	8.00%, 09/18/27		2,021,125
	200,000	IHS Netherlands Holdco BV Reg S 8.00%, 09/18/27		218,500

Principal Amount			Value

Mauritius: (continued)
$	950,000	India Green Power Holdings 144A 4.00%, 02/22/27	$	951,900
	600,000	India Toll Roads 144A 5.50%, 08/19/24		575,250
	1,300,000	Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		1,374,750
	1,000,000	Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 03/03/26 (o) †		1,006,025
				9,102,750
Mexico: 6.4%
		Alpha Holding SA de CV 144A
	850,000	9.00%, 02/10/25		214,625
	500,000	10.00%, 12/19/22		117,505
	1,018,000	Axtel SAB de CV 144A 6.38%, 11/14/24		1,063,810
		Cemex SAB de CV 144A
	3,900,000	3.88%, 07/11/31		3,865,231
	2,150,000	5.20%, 09/17/30		2,342,436
	2,150,000	5.45%, 11/19/29		2,361,055
	2,150,000	7.38%, 06/05/27		2,441,497
		Credito Real SAB de CV SOFOM ER 144A
	900,000	8.00%, 01/21/28 †		880,875
	900,000	9.50%, 02/07/26 †		919,980
	1,000,000	Cydsa SAB de CV 144A 6.25%, 10/04/27		1,046,305
	1,200,000	Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o)		1,276,200
	985,000	Grupo KUO SAB De CV 144A 5.75%, 07/07/27		1,036,481
	800,000	Metalsa SA de CV 144A 4.90%, 04/24/23		845,916
	650,000	Mexarrend SAPI de CV 144A 10.25%, 07/24/24		616,363
	1,000,000	Nemak SAB de CV 144A 4.75%, 01/23/25		1,035,180
	100,000	Nemak SAB de CV Reg S 4.75%, 01/23/25		103,518
	1,000,000	Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25		984,000
		Petróleos Mexicanos
	475,000	3.50%, 01/30/23		484,975
	325,000	4.25%, 01/15/25 †		329,404
	575,000	4.50%, 01/23/26 †		579,313
	375,000	4.63%, 09/21/23		389,563
	425,000	4.88%, 01/18/24 †		442,383
	1,000,000	5.35%, 02/12/28		983,650
	350,000	5.50%, 06/27/44		285,201
	375,000	5.63%, 01/23/46		304,759
	1,525,000	5.95%, 01/28/31		1,474,446
	1,175,000	6.35%, 02/12/48		1,002,939
	650,000	6.38%, 01/23/45		561,581
	950,000	6.49%, 01/23/27		1,005,813

See Notes to Financial Statements

Principal Amount			Value

Mexico: (continued)
$	2,200,000	6.50%, 03/13/27	$	2,329,250
	825,000	6.50%, 01/23/29		840,675
	650,000	6.50%, 06/02/41		584,652
	1,100,000	6.63%, 06/15/35		1,064,663
	200,000	6.63%, 06/15/38		185,931
	2,425,000	6.75%, 09/21/47		2,147,240
	1,800,000	6.84%, 01/23/30		1,851,750
	1,175,000	6.88%, 08/04/26		1,278,694
	1,525,000	6.95%, 01/28/60		1,351,691
	3,275,000	7.69%, 01/23/50		3,157,919
	625,000	Petróleos Mexicanos 144A 6.88%, 10/16/25		683,100
	700,000	Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25		613,767
	1,200,000	Total Play Telecomunicaciones SA de CV 144A 7.50%, 11/12/25		1,201,500
		Unifin Financiera SAB de CV 144A
	950,000	7.00%, 01/15/25		909,829
	800,000	7.25%, 09/27/23		785,560
	500,000	7.38%, 02/12/26 †		472,500
	900,000	8.38%, 01/27/28		849,159
	950,000	9.88%, 01/28/29		939,607
	100,000	Unifin Financiera SAB de CV Reg S 7.38%, 02/12/26		94,500
				50,336,991
Mongolia: 0.2%
	1,100,000	Development Bank of Mongolia LLC 144A 7.25%, 10/23/23		1,186,326
	800,000	Mongolian Mining Corp. / Energy Resources LLC 144A 9.25%, 04/15/24		748,400
				1,934,726
Morocco: 0.9%
		OCP SA 144A
	2,250,000	4.50%, 10/22/25		2,407,536
	2,650,000	5.63%, 04/25/24		2,892,721
	1,250,000	6.88%, 04/25/44		1,511,569
	200,000	OCP SA Reg S 4.50%, 10/22/25		214,003
				7,025,829
Netherlands: 0.4%
	1,900,000	Greenko Dutch BV 144A 3.85%, 03/29/26		1,935,625
	1,090,000	Tecpetrol SA 144A 4.88%, 12/12/22		1,072,031
				3,007,656
Nigeria: 0.6%
	700,000	EBN Finance Co BV 144A 7.13%, 02/16/26		706,125
	800,000	Fidelity Bank Plc 144A 10.50%, 10/16/22		853,520
	800,000	First Bank of Nigeria Ltd Via FBN Finance Co. BV 144A 8.63%, 10/27/25		843,600

Principal Amount			Value

Nigeria: (continued)
$	1,300,000	SEPLAT Petroleum Development Co. Plc 144A 7.75%, 04/01/26	$	1,335,750
	1,000,000	United Bank for Africa Plc 144A 7.75%, 06/08/22		1,035,370
				4,774,365
Oman: 1.5%
	2,150,000	Bank Muscat SAOG Reg S 4.88%, 03/14/23		2,246,673
	2,100,000	Lamar Funding Ltd. 144A 3.96%, 05/07/25		2,129,660
	350,000	Lamar Funding Ltd. Reg S 3.96%, 05/07/25		354,943
	1,150,000	Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		1,211,576
	1,100,000	National Bank of Oman SAOG Reg S 5.63%, 09/25/23		1,159,293
	950,000	OmGrid Funding Ltd. 144A 5.20%, 05/16/27		994,460
		Oztel Holdings SPC Ltd. 144A
	1,300,000	5.63%, 10/24/23		1,391,702
	1,800,000	6.63%, 04/24/28		2,012,107
				11,500,414
Panama: 0.7%
		Aeropuerto Internacional de Tocumen SA 144A
	300,000	5.63%, 05/18/36		321,000
	1,932,497	6.00%, 11/18/48		2,076,913
	875,000	Aeropuerto Internacional de Tocumen SA Reg S 5.63%, 05/18/36		936,250
	850,000	Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		888,250
	1,000,000	Industrial Senior Trust 144A 5.50%, 11/01/22		1,042,360
				5,264,773
Paraguay: 0.1%
	600,000	Banco Continental SAECA 144A
		2.75%, 12/10/25		588,048
Peru: 1.3%
	600,000	Auna SAA 144A 6.50%, 11/20/25		605,451
		Banco Internacional del Peru SAA Interbank 144A
	700,000	4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		680,383
	575,000	6.63% (ICE LIBOR USD 3 Month+5.76%), 03/19/29		600,401
	800,000	Camposol SA 144A 6.00%, 02/03/27 †		819,116
	1,250,000	Hunt Oil Co. of Peru LLC 144A 6.38%, 06/01/28		1,276,562
	1,300,000	InRetail Consumer 144A 3.25%, 03/22/28		1,245,270
	950,000	Minsur SA 144A 6.25%, 02/07/24		1,014,738

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Peru: (continued)
$	700,000	Patrimonio EN Fideicomiso DS 093-2002-EF-Inretail Shopping Malls 144A 5.75%, 04/03/28	$	704,298
	1,600,000	Peru LNG Srl 144A 5.38%, 03/22/30		1,344,696
	300,000	Peru LNG Srl Reg S 5.38%, 03/22/30		252,131
	600,000	San Miguel Industrias Pet SA 144A 4.50%, 09/18/22		606,813
	1,100,000	Volcan Cia Minera SAA 144A 4.38%, 02/11/26		1,086,487
				10,236,346
Philippines: 0.1%
	600,000	Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 08/27/25 (o)		619,319
Poland: 0.1%
	900,000	CANPACK SA / Eastern PA Land Investment Holding LLC 144A 3.13%, 11/01/25 †		915,188
Qatar: 0.4%
		QNB Finansbank AS 144A
	1,480,000	4.88%, 05/19/22		1,506,628
	1,600,000	6.88%, 09/07/24 †		1,701,250
				3,207,878
Russia: 4.9%
	700,000	Borets Finance DAC 144A 6.00%, 09/17/26		720,741
	950,000	Celtic Resources Holdings DAC 144A 4.13%, 10/09/24		996,595
	600,000	Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24		620,676
		Evraz Plc 144A
	1,650,000	5.25%, 04/02/24		1,785,473
	1,600,000	5.38%, 03/20/23		1,704,448
	3,000,000	Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o)		3,063,000
	600,000	Global Ports Finance Plc 144A 6.50%, 09/22/23		663,000
		Gtlk Europe Capital DAC Reg S
	1,300,000	4.65%, 03/10/27		1,341,977
	1,100,000	4.80%, 02/26/28		1,138,225
	1,200,000	4.95%, 02/18/26		1,277,129
	1,050,000	5.95%, 04/17/25		1,151,871
	1,000,000	GTLK Europe DAC Reg S 5.13%, 05/31/24		1,063,020
	900,000	Petropavlovsk 2016 Ltd. 144A 8.13%, 11/14/22		926,262
	200,000	Petropavlovsk 2016 Ltd. Reg S 8.13%, 11/14/22		205,836
	600,000	PJSC Koks via IMH Capital DAC 144A 5.90%, 09/23/25		641,112
		Polyus Finance Plc 144A
	950,000	4.70%, 01/29/24		1,011,988
	1,600,000	5.25%, 02/07/23		1,688,195

Principal Amount			Value

Russia: (continued)
$	200,000	Polyus Finance Plc Reg S 4.70%, 01/29/24	$	213,050
	4,275,000	Sberbank of Russia Via SB Capital SA 144A 5.13%, 10/29/22		4,478,426
	1,000,000	SCF Capital Designated Activity Co. 144A 5.38%, 06/16/23		1,068,762
	600,000	Sovcombank Via SovCom Capital DAC 144A 3.40%, 01/26/25		602,508
		VEON Holdings BV 144A
	2,700,000	3.38%, 11/25/27		2,722,869
	2,295,000	4.00%, 04/09/25		2,414,971
	1,100,000	4.95%, 06/16/24		1,180,536
	1,100,000	5.95%, 02/13/23		1,172,363
	1,525,000	7.25%, 04/26/23		1,655,011
	3,050,000	VTB Bank SA 144A 6.95%, 10/17/22		3,230,877
				38,738,921
Saudi Arabia: 0.7%
	700,000	ADES International Holding Plc 144A 8.63%, 04/24/24		722,085
	1,000,000	Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		1,035,000
		Dar Al-Arkan Sukuk Co. Ltd. Reg S
	1,300,000	6.75%, 02/15/25		1,351,213
	1,050,000	6.88%, 03/21/23		1,109,719
	1,000,000	6.88%, 02/26/27		1,009,235
				5,227,252
Singapore: 1.7%
	1,300,000	Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		1,330,498
	1,000,000	Greenko Investment Co. 144A 4.88%, 08/16/23		1,029,450
	900,000	Greenko Mauritius Ltd. 144A 6.25%, 02/21/23		930,375
		Greenko Solar Mauritius Ltd. 144A
	1,050,000	5.55%, 01/29/25		1,082,025
	1,150,000	5.95%, 07/29/26		1,237,112
	100,000	Greenko Solar Mauritius Ltd. Reg S 5.55%, 01/29/25		103,050
	1,266,000	Inkia Energy Ltd. 144A 5.88%, 11/09/27		1,286,572
	1,200,000	Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		1,273,140
		Puma International Financing SA 144A
	1,500,000	5.00%, 01/24/26		1,514,430
	1,300,000	5.13%, 10/06/24		1,323,452
	1,197,045	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		1,359,161
		Yanlord Land HK Co. Ltd. Reg S
	200,000	6.75%, 04/23/23		207,627
	400,000	6.80%, 02/27/24		420,033
				13,096,925

See Notes to Financial Statements

Principal Amount			Value

South Africa: 3.7%
$	800,000	Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/28 $		844,000
		Eskom Holdings SOC Ltd. 144A
	2,175,000	6.35%, 08/10/28		2,369,162
	2,180,000	6.75%, 08/06/23		2,279,737
	2,700,000	7.13%, 02/11/25		2,833,852
	1,100,000	8.45%, 08/10/28		1,219,547
	1,050,000	FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28		1,112,832
		Gold Fields Orogen Holdings BVI Ltd. 144A
	1,050,000	5.13%, 05/15/24		1,149,860
	1,150,000	6.13%, 05/15/29 †		1,359,875
	1,000,000	Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23		1,071,500
		MTN Mauritius Investments Ltd. 144A
	1,550,000	4.76%, 11/11/24		1,648,324
	1,100,000	6.50%, 10/13/26		1,250,770
	2,200,000	Sasol Financing International Ltd. 4.50%, 11/14/22		2,255,000
		Sasol Financing USA LLC
	3,200,000	5.88%, 03/27/24		3,418,720
	1,550,000	6.50%, 09/27/28		1,723,623
	800,000	Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29		852,672
		Stillwater Mining Co. 144A
	800,000	6.13%, 06/27/22		805,540
	800,000	7.13%, 06/27/25		835,072
	2,200,000	Transnet SOC Ltd. 144A 4.00%, 07/26/22		2,249,707
				29,279,793
South Korea: 0.5%
	1,200,000	SK Innovation Co. Ltd. Reg S 4.13%, 07/13/23		1,267,911
		Woori Bank 144A
	1,250,000	4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o)		1,302,937
	1,050,000	5.25% (US Treasury Yield Curve Rate T 5 Year+3.35%), 05/16/22 (o)		1,083,807
				3,654,655
Spain: 0.8%
	750,000	Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		801,851
	100,000	Banco Bilbao Vizcaya Argentaria Colombia SA Reg S 4.88%, 04/21/25 †		106,914
	3,325,000	BBVA Bancomer SA 144A 6.75%, 09/30/22		3,578,864
	1,100,000	Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 †		1,164,399
	798,147	International Airport Finance SA 144A 12.00%, 03/15/33		806,950
				6,458,978

Principal Amount			Value

Switzerland: 0.3%
		Consolidated Energy Finance SA 144A
$	700,000	6.50%, 05/15/26 †	$	696,500
	1,250,000	6.88%, 06/15/25		1,257,031
				1,953,531
Tanzania: 0.3%
		AngloGold Ashanti Holdings Plc
	1,575,000	5.13%, 08/01/22 †		1,650,613
	650,000	6.50%, 04/15/40		794,625
				2,445,238
Thailand: 0.6%
	2,500,000	Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		2,548,250
	200,000	Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		203,810
	1,800,000	Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,841,995
				4,594,055
Togo: 0.1%
	800,000	Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		861,698
	200,000	Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24		215,424
				1,077,122
Trinidad and Tobago: 0.5%
	800,000	National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		844,496
	100,000	National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36		105,562
	700,000	Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		736,194
	1,200,000	Trinidad Generation Unlimited 144A 5.25%, 11/04/27		1,238,400
	1,063,000	Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26		1,196,438
	100,000	Trinidad Petroleum Holdings Ltd. Reg S 9.75%, 06/15/26		112,553
				4,233,643
Turkey: 7.8%
		Akbank TAS 144A
	750,000	5.00%, 10/24/22		764,128
	1,000,000	5.13%, 03/31/25		997,993
	900,000	6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28		895,257
	1,050,000	6.80%, 02/06/26		1,090,072
	300,000	Akbank TAS Reg S 5.00%, 10/24/22		305,651
	1,000,000	Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 11/01/22		1,015,040
	1,100,000	Arcelik AS 144A 5.00%, 04/03/23		1,141,459

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Turkey: (continued)
$	1,000,000	Coca-Cola Icecek AS 144A 4.22%, 09/19/24	$	1,048,950
		Fibabanka AS Reg S
	650,000	6.00%, 01/25/23		652,470
	700,000	7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27		699,646
		KOC Holding AS 144A
	1,325,000	5.25%, 03/15/23		1,366,645
	1,575,000	6.50%, 03/11/25		1,688,872
	400,000	KOC Holding AS Reg S 5.25%, 03/15/23		412,572
	400,000	Odea Bank AS 144A 7.63% (USD ICE Swap Rate 11:00am NY 5 Year+5.72%), 08/01/27		309,264
	650,000	Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23		621,751
		TC Ziraat Bankasi AS 144A
	1,300,000	5.13%, 05/03/22		1,317,265
	1,100,000	5.13%, 09/29/23		1,116,929
	1,200,000	5.38%, 03/02/26		1,159,090
		Turk Telekomunikasyon AS 144A
	1,000,000	4.88%, 06/19/24		1,038,162
	1,060,000	6.88%, 02/28/25		1,160,965
		Turkcell Iletisim Hizmetleri AS 144A
	1,100,000	5.75%, 10/15/25		1,177,299
	1,000,000	5.80%, 04/11/28 †		1,050,251
		Turkiye Garanti Bankasi AS 144A
	1,550,000	5.25%, 09/13/22		1,593,338
	1,100,000	5.88%, 03/16/23		1,142,889
	1,550,000	6.13% (USD Swap Semi 30/360 5 Year+4.22%), 05/24/27		1,544,877
		Turkiye Ihracat Kredi Bankasi AS 144A
	1,000,000	4.25%, 09/18/22		1,003,145
	1,150,000	5.38%, 10/24/23		1,158,889
	1,050,000	6.13%, 05/03/24		1,069,394
	1,165,000	8.25%, 01/24/24		1,242,339
		Turkiye Is Bankasi AS 144A
	2,100,000	6.00%, 10/24/22		2,126,399
	2,800,000	6.13%, 04/25/24		2,861,018
	1,100,000	7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28		1,106,129
	955,000	7.85%, 12/10/23		999,140
	1,600,000	Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		1,621,416
	1,400,000	Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24		1,391,650
	200,000	Turkiye Petrol Rafinerileri AS Reg S 4.50%, 10/18/24		198,807
		Turkiye Sinai Kalkinma Bankasi AS 144A
	600,000	5.88%, 01/14/26 †		592,272
	900,000	6.00%, 01/23/25		901,244
	750,000	Turkiye Sinai Kalkinma Bankasi AS Reg S 5.50%, 01/16/23		758,438
	1,600,000	Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 †		1,770,643
		Turkiye Vakiflar Bankasi TAO 144A
	1,600,000	5.25%, 02/05/25 †		1,567,456
	1,050,000	5.63%, 05/30/22		1,070,139

Principal Amount			Value

Turkey: (continued)
$	1,450,000	5.75%, 01/30/23 †	$	1,471,750
	1,500,000	6.00%, 11/01/22		1,519,858
	1,650,000	6.50%, 01/08/26 †		1,656,112
	1,250,000	8.13%, 03/28/24		1,332,887
	1,500,000	Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		1,621,956
		Yapi ve Kredi Bankasi AS 144A
	2,125,000	5.50%, 12/06/22		2,139,535
	1,025,000	5.85%, 06/21/24		1,040,375
	1,030,000	6.10%, 03/16/23		1,056,203
	1,100,000	7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 †		1,115,876
	1,225,000	8.25%, 10/15/24		1,318,406
				61,022,311
Ukraine: 1.2%
		Kernel Holding SA 144A
	700,000	6.50%, 10/17/24		736,316
	650,000	6.75%, 10/27/27 †		686,563
		Metinvest BV 144A
	700,000	7.65%, 10/01/27		750,372
	650,000	7.75%, 04/23/23		685,750
	1,100,000	7.75%, 10/17/29		1,177,935
	1,400,000	8.50%, 04/23/26		1,553,916
	1,100,000	NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.63%, 11/08/26		1,102,595
	600,000	NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.38%, 07/19/22		609,750
	1,250,000	Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24		1,285,000
	800,000	VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		816,200
				9,404,397
United Arab Emirates: 2.3%
	800,000	Alpha Star Holding V Ltd. Reg S 6.63%, 04/18/23		802,620
	1,650,000	DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 01/22/25 (o)		1,813,218
	3,250,000	DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o)		3,570,125
		Emaar Sukuk Ltd. Reg S
	1,600,000	3.64%, 09/15/26		1,650,856
	1,100,000	3.88%, 09/17/29		1,119,816
	2,150,000	Emirates NBD Bank PJSC Reg S 6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o)		2,317,431
	900,000	Emirates REIT Sukuk Ltd. Reg S 5.13%, 12/12/22		573,417
	2,000,000	GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.13%, 07/31/26		2,112,210
		MAF Global Securities Ltd. Reg S
	1,200,000	5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) †		1,240,903

See Notes to Financial Statements

Principal Amount			Value

United Arab Emirates: (continued)
$	800,000	6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 03/20/26 (o)	$	867,945
		Shelf Drilling Holdings Ltd. 144A
	1,900,000	8.25%, 02/15/25		1,447,562
	600,000	8.88%, 11/15/24		618,387
				18,134,490
United Kingdom: 0.3%
	2,600,000	Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		2,582,541
United States: 4.0%
	550,000	AES Argentina Generacion SA 144A 7.75%, 02/02/24		450,313
	650,000	AES El Salvador Trust II 144A 6.75%, 03/28/23		651,433
		AES Gener SA 144A
	950,000	6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		1,013,826
	1,200,000	7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		1,271,538
	857,660	Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27		886,673
	1,100,000	Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25		868,057
	800,000	Energuate Trust 144A 5.88%, 05/03/27 †		845,320
	1,600,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,592,376
	1,500,000	Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		1,602,750
		JBS Investments II GmbH 144A
	700,000	5.75%, 01/15/28		744,772
	950,000	7.00%, 01/15/26		1,012,748
	1,000,000	Kosmos Energy Ltd. 144A 7.50%, 03/01/28		955,000
	1,200,000	Marble II Pte Ltd. 144A 5.30%, 06/20/22		1,204,500
		MGM China Holdings Ltd. 144A
	400,000	5.25%, 06/18/25		418,000
	600,000	5.38%, 05/15/24		618,063
	500,000	5.88%, 05/15/26		526,170
	1,450,000	Mong Duong Finance Holdings BV 144A 5.13%, 05/07/29		1,464,739
		Sasol Financing USA LLC
	1,350,000	4.38%, 09/18/26 †		1,383,277
	1,900,000	5.50%, 03/18/31		1,934,181
	1,400,000	VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24		1,510,250
		Wynn Macau Ltd. 144A
	1,525,000	4.88%, 10/01/24		1,553,052
	2,175,000	5.13%, 12/15/29		2,216,923
	2,000,000	5.50%, 01/15/26		2,105,000
	1,500,000	5.50%, 10/01/27		1,575,750
	2,900,000	5.63%, 08/26/28		3,055,918
				31,460,629

Principal Amount			Value

Uzbekistan: 0.3%
$	600,000	Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25	$	622,128
	600,000	National Bank of Uzbekistan Reg S 4.85%, 10/21/25		623,119
	500,000	Uzauto Motors AJ 144A 4.85%, 05/04/26		502,125
	650,000	Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		676,387
				2,423,759
Vietnam: 0.1%
	600,000	Vietnam Prosperity JSC Bank Reg S 6.25%, 07/17/22		615,750
Zambia: 1.8%
		First Quantum Minerals Ltd. 144A
	1,825,000	6.50%, 03/01/24		1,874,485
	2,136,000	6.88%, 03/01/26		2,247,873
	3,200,000	6.88%, 10/15/27		3,516,000
	3,000,000	7.50%, 04/01/25		3,118,125
	3,450,000	First Quantum Minerals Ltd. 144A 7.25%, 04/01/23		3,519,000
				14,275,483
Total Corporate Bonds (Cost: $754,812,522)				764,959,845
GOVERNMENT OBLIGATIONS: 0.8% Argentina: 0.7%
	1,925,000	Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,496,707
		Provincia de Cordoba 144A
	932,201	3.00%, 06/01/27 (s)		554,669
	956,927	3.00%, 02/01/29		552,625
	152,078	Provincia de Cordoba Reg S 3.00%, 02/01/29 (s)		87,825
	1,125,000	Provincia de Mendoza 144A 2.75%, 03/19/29 (s)		666,563
		Provincia de Neuquen 144A
	725,000	2.50%, 04/27/30 (s)		391,507
	635,355	5.17%, 05/12/30 (s)		555,942
	75,000	Provincia de Neuquen Reg S 2.50%, 04/27/30 (s)		40,501
	1,090,583	Provincia del Chubut 144A 7.24%, 07/26/30 (s)		774,314
				5,120,653
Turkey: 0.1%
	1,200,000	Istanbul Metropolitan Municipality 144A 6.38%, 12/09/25		1,168,140
Total Government Obligations (Cost: $7,168,276)				6,288,793
Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $761,980,798)				771,248,638

See Notes to Financial Statements

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $14,533,630)
Money Market Fund: 1.9%
	14,533,630	State Street Navigator Securities Lending Government Money Market Portfolio	$	14,533,630
Total Investments: 100.2% (Cost: $776,514,428)				785,782,268
Liabilities in excess of other assets: (0.2)%				(1,375,218	)
NET ASSETS: 100.0%			$	784,407,050

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
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $32,047,729.
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 $517,047,094, or 65.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Academic & Educational Services		0.0	%	$	208,500
Basic Materials		11.3			87,005,927
Consumer Cyclicals		3.2			24,587,258
Consumer Non-Cyclicals		4.3			32,857,178
Energy		12.5			96,288,264
Financials		42.3			326,325,766
Government		0.8			6,288,793
Healthcare		3.3			25,320,217
Industrials		7.6			58,591,041
Real Estate		5.8			44,664,676
Technology		3.8			29,480,644
Utilities		5.1			39,630,374
		100.0	%	$	771,248,638

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*		$	—	$	764,959,845		$	—	$	764,959,845
Government Obligations*			—		6,288,793			—		6,288,793
Money Market Fund			14,533,630		—			—		14,533,630
Total		$	14,533,630	$	771,248,638		$	—	$	785,782,268

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 98.7%
Australia: 1.1%
		Buckeye Partners LP
$	13,057,000	3.95%, 12/01/26	$	13,073,321
	8,710,000	4.13%, 12/01/27		8,628,344
	10,882,000	4.15%, 07/01/23		11,296,876
	6,530,000	4.35%, 10/15/24		6,836,094
	6,563,000	5.60%, 10/15/44		6,329,193
	8,732,000	5.85%, 11/15/43		8,622,894
				54,786,722
Brazil: 0.2%
	10,471,000	Avon Products, Inc. 6.50%, 03/15/23		11,249,781
Canada: 1.1%
	5,461,000	Bombardier, Inc. 144A 7.45%, 05/01/34 †		5,638,483
		Methanex Corp.
	6,527,000	4.25%, 12/01/24 †		6,894,144
	15,276,000	5.25%, 12/15/29		16,154,370
	6,518,000	5.65%, 12/01/44 †		6,646,893
		TransAlta Corp.
	8,713,000	4.50%, 11/15/22		9,080,384
	6,539,000	6.50%, 03/15/40		7,503,503
				51,917,777
Cayman Islands: 0.2%
	11,339,000	Adani Abbot Point Terminal Pty Ltd. 144A 4.45%, 12/15/22 †		10,682,850
China / Hong Kong: 0.4%
		Ingram Micro, Inc.
	6,577,000	5.00%, 08/10/22		6,803,135
	10,914,000	5.45%, 12/15/24		12,484,845
				19,287,980
Finland: 0.3%
	11,013,000	Nokia Oyj 6.63%, 05/15/39		14,154,789
France: 1.7%
		Electricite de France SA 144A
	45,806,000	5.25% (USD Swap Semi 30/360 10 Year+3.71%), 01/29/23 (o)		47,998,733
	32,785,000	5.63% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)		35,325,837
				83,324,570
Germany: 2.1%
		Deutsche Bank AG
	32,681,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28		33,934,735
	32,681,000	4.50%, 04/01/25		35,352,654
	21,843,000	Dresdner Funding Trust I 144A 8.15%, 06/30/31		31,161,770
				100,449,159

Principal Amount			Value

Italy: 3.1%
$	43,599,000	Intesa Sanpaolo SpA 144A 5.02%, 06/26/24	$	47,383,317
		Telecom Italia Capital SA
	21,824,000	6.00%, 09/30/34		24,598,922
	21,805,000	6.38%, 11/15/33		25,694,467
	21,821,000	7.20%, 07/18/36		27,103,100
	21,815,000	7.72%, 06/04/38		28,632,187
				153,411,993
Luxembourg: 1.7%
		ArcelorMittal SA
	16,331,000	3.60%, 07/16/24		17,405,108
	10,924,000	4.25%, 07/16/29		11,885,163
	16,333,000	4.55%, 03/11/26		18,146,091
	9,455,000	7.00%, 03/01/41		13,145,969
	14,958,000	7.25%, 10/15/39		21,120,785
				81,703,116
United Kingdom: 2.6%
		Lloyds Banking Group Plc 144A
	8,204,000	6.41%, 10/01/35 (o) (s)		11,018,341
	9,505,000	6.66%, 05/21/37 (o) (s)		13,062,674
	6,469,000	Marks & Spencer Plc 144A 7.13%, 12/01/37 †		7,541,819
	21,963,000	Rolls-Royce Plc 144A 3.63%, 10/14/25 †		22,206,130
	16,300,000	Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) †		21,964,250
	43,939,000	Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		53,600,360
				129,393,574
United States: 84.2%
		ADT Security Corp.
	21,790,000	3.50%, 07/15/22		22,348,369
	15,245,000	4.13%, 06/15/23		15,986,669
	11,040,000	Allegheny Technologies, Inc. 7.88%, 08/15/23		12,048,559
		Apache Corp.
	12,647,000	4.25%, 01/15/30 †		12,707,832
	12,064,000	4.25%, 01/15/44		11,260,538
	21,665,000	4.38%, 10/15/28		22,124,840
	24,526,000	4.75%, 04/15/43 †		24,386,815
	29,067,000	5.10%, 09/01/40		29,866,342
	9,076,000	5.25%, 02/01/42		9,430,418
	8,434,000	5.35%, 07/01/49		8,455,085
	10,170,000	6.00%, 01/15/37 †		11,492,100
		Arconic, Inc.
	13,596,000	5.90%, 02/01/27		15,703,380
	13,651,000	5.95%, 02/01/37		16,418,058
	6,542,000	6.75%, 01/15/28		7,850,400

See Notes to Financial Statements

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United States: (continued)
		Bed Bath & Beyond, Inc.
$	6,562,000	3.75%, 08/01/24 †	$	6,746,556
	14,727,000	5.17%, 08/01/44 †		13,585,657
	87,425,000	Carnival Corp. 144A 11.50%, 04/01/23		100,578,091
	6,974,000	Carpenter Technology Corp. 4.45%, 03/01/23		7,279,283
	11,310,000	CDK Global, Inc. 5.00%, 10/15/24		12,461,923
		CenturyLink, Inc.
	9,249,000	6.88%, 01/15/28 †		10,440,271
	11,782,000	7.60%, 09/15/39		13,541,406
		CF Industries, Inc.
	16,381,000	3.45%, 06/01/23		17,153,364
	16,376,000	4.95%, 06/01/43		19,124,057
	16,372,000	5.15%, 03/15/34		19,206,321
	16,371,000	5.38%, 03/15/44		20,045,962
	5,698,000	Cleveland-Cliffs, Inc. 6.25%, 10/01/40		5,777,744
	21,787,000	Continental Resources, Inc. 3.80%, 06/01/24		22,849,116
	15,248,000	Continental Resources, Inc. 4.90%, 06/01/44		16,024,123
	7,980,000	Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		9,724,109
		DCP Midstream Operating LP
	10,925,000	3.88%, 03/15/23		11,441,479
	8,735,000	5.60%, 04/01/44 †		8,997,050
	6,565,000	8.13%, 08/16/30		8,557,871
		DCP Midstream Operating LP 144A
	6,581,000	6.45%, 11/03/36		7,456,405
	9,821,000	6.75%, 09/15/37		11,392,360
		Dell, Inc.
	5,772,000	5.40%, 09/10/40 †		6,619,301
	8,443,000	6.50%, 04/15/38		10,617,072
	6,562,000	7.10%, 04/15/28		8,300,930
		Delta Air Lines, Inc.
	19,623,000	2.90%, 10/28/24		19,806,027
	13,074,000	3.75%, 10/28/29 †		13,034,989
	10,906,000	3.80%, 04/19/23		11,225,162
	10,897,000	4.38%, 04/19/28		11,586,304
		Diversified Healthcare Trust
	5,438,000	4.75%, 05/01/24		5,628,330
	10,891,000	4.75%, 02/15/28		10,914,688
	9,087,000	DPL, Inc. 4.35%, 04/15/29		9,866,983
	31,268,000	Embarq Corp. 8.00%, 06/01/36		36,456,768
	21,807,000	EMC Corp. 3.38%, 06/01/23		22,634,140
		EnLink Midstream Partners LP
	15,644,000	4.15%, 06/01/25		15,809,279
	11,351,000	4.40%, 04/01/24		11,665,082
	9,745,000	5.05%, 04/01/45		8,039,625
	7,589,000	5.60%, 04/01/44		6,578,107
		EPR Properties
	10,932,000	3.75%, 08/15/29		10,642,175
	6,540,000	4.50%, 04/01/25		6,887,237
	9,818,000	4.50%, 06/01/27		10,119,523

Principal Amount			Value

United States: (continued)
$	9,804,000	4.75%, 12/15/26 †	$	10,312,479
	8,716,000	4.95%, 04/15/28		9,120,964
	5,999,000	5.25%, 07/15/23 †		6,259,622
		EQM Midstream Partners LP
	10,882,000	4.00%, 08/01/24		11,140,447
	10,879,000	4.13%, 12/01/26		11,004,816
	13,056,000	4.75%, 07/15/23		13,700,509
	18,507,000	5.50%, 07/15/28		19,681,269
	11,979,000	6.50%, 07/15/48		12,171,562
		EQT Corp.
	12,379,000	3.00%, 10/01/22 †		12,626,580
	27,262,000	3.90%, 10/01/27		28,457,166
	21,756,000	7.63%, 02/01/25		25,073,790
	16,362,000	8.50%, 02/01/30		20,943,360
		FirstEnergy Corp.
	6,529,000	1.60%, 01/15/26		6,356,587
	6,534,000	2.05%, 03/01/25		6,590,097
	9,786,000	2.25%, 09/01/30		9,234,809
	13,074,000	2.65%, 03/01/30		12,799,790
	10,917,000	3.35%, 07/15/22		11,139,288
	18,501,000	3.40%, 03/01/50		17,158,584
	32,705,000	4.40%, 07/15/27		35,849,420
	18,555,000	4.75%, 03/15/23		19,686,212
	21,740,000	5.35%, 07/15/47		25,254,859
	32,689,000	7.38%, 11/15/31		44,281,643
	10,869,000	FirstEnergy Transmission LLC 144A 4.55%, 04/01/49		12,138,490
		Fluor Corp.
	10,997,000	3.50%, 12/15/24 †		11,379,696
	13,190,000	4.25%, 09/15/28 †		13,616,037
	4,788,000	Ford Holdings LLC 9.30%, 03/01/30		6,394,374
		Ford Motor Co.
	24,282,000	4.35%, 12/08/26		25,708,567
	32,351,000	4.75%, 01/15/43		32,672,084
	21,055,000	5.29%, 12/08/46		22,219,447
	4,211,000	6.38%, 02/01/29		4,768,958
	10,354,000	6.63%, 10/01/28		12,173,715
	6,405,000	7.40%, 11/01/46		7,979,509
	29,028,000	7.45%, 07/16/31		37,394,740
		Ford Motor Credit Co. LLC
	14,577,000	2.98%, 08/03/22		14,829,547
	24,276,000	3.09%, 01/09/23		24,766,511
	16,198,000	3.10%, 05/04/23		16,582,387
	20,239,000	3.35%, 11/01/22		20,740,624
	9,728,000	3.55%, 10/07/22		9,959,040
	12,162,000	3.66%, 09/08/24		12,686,608
	12,166,000	3.81%, 01/09/24		12,637,432
	12,161,000	3.82%, 11/02/27		12,482,902
	24,276,000	4.06%, 11/01/24		25,589,574
	22,663,000	4.13%, 08/04/25		23,909,465
	14,572,000	4.14%, 02/15/23		15,138,632
	16,187,000	4.25%, 09/20/22		16,748,527
	14,584,000	4.27%, 01/09/27		15,342,149
	16,203,000	4.38%, 08/06/23		17,139,371
	19,429,000	4.39%, 01/08/26		20,776,790
	12,146,000	4.54%, 08/01/26		13,056,950
	9,735,000	4.69%, 06/09/25		10,477,294
	24,057,000	5.11%, 05/03/29		26,319,801
	24,276,000	5.58%, 03/18/24		26,502,837

See Notes to Financial Statements

Principal Amount			Value

United States: (continued)
		Freeport-McMoRan, Inc.
$	21,728,000	3.88%, 03/15/23	$	22,734,984
	15,936,000	4.55%, 11/14/24		17,430,000
	16,325,000	5.40%, 11/14/34		19,676,849
	40,632,000	5.45%, 03/15/43		49,672,620
		Genworth Holdings, Inc.
	8,368,000	4.80%, 02/15/24 †		8,190,180
	8,251,000	4.90%, 08/15/23		8,158,589
	6,547,000	6.50%, 06/15/34 †		6,541,468
	5,599,000	Global Marine, Inc. 7.00%, 06/01/28		3,177,433
	25,725,000	Goldman Sachs Capital I 6.35%, 02/15/34		35,398,816
	6,855,000	HB Fuller Co. 4.00%, 02/15/27 †		7,105,379
	6,753,000	HCA, Inc. 7.69%, 06/15/25		8,077,567
		Hexcel Corp.
	8,715,000	4.20%, 02/15/27 †		9,254,475
	6,530,000	4.95%, 08/15/25		7,130,551
	8,539,000	Hillenbrand, Inc. 5.00%, 09/15/26		9,488,964
		Kraft Heinz Foods Co.
	41,667,000	3.00%, 06/01/26		44,087,161
	13,737,000	3.50%, 06/06/22 †		14,149,080
	21,703,000	3.75%, 04/01/30		23,240,591
	17,350,000	3.95%, 07/15/25 †		19,229,004
	9,562,000	4.00%, 06/15/23		10,203,611
	65,064,000	4.38%, 06/01/46		69,876,007
	23,981,000	4.63%, 01/30/29		27,047,736
	10,856,000	4.63%, 10/01/39		12,141,908
	32,621,000	4.88%, 10/01/49		37,504,607
	21,829,000	5.00%, 07/15/35		25,532,791
	43,044,000	5.00%, 06/04/42		49,788,386
	43,611,000	5.20%, 07/15/45		51,701,141
	17,117,000	6.50%, 02/09/40		22,662,722
	9,540,000	6.75%, 03/15/32		12,612,620
	19,164,000	6.88%, 01/26/39		26,346,174
	20,264,000	Kraft Heinz Foods Co. 144A 7.13%, 08/01/39		28,812,170
	7,586,000	L Brands, Inc. 6.95%, 03/01/33		8,913,550
	6,395,000	Mack-Cali Realty LP 3.15%, 05/15/23 †		6,523,361
		Macy’s Retail Holdings, Inc.
	10,954,000	2.88%, 02/15/23		10,982,590
	7,606,000	3.63%, 06/01/24 †		7,701,455
	5,413,000	4.30%, 02/15/43		4,260,031
	7,956,000	4.50%, 12/15/34 †		7,170,067
	5,413,000	5.13%, 01/15/42		4,668,713
	8,053,000	Magellan Health, Inc. 4.90%, 09/22/24		8,802,936
		Mattel, Inc.
	5,460,000	3.15%, 03/15/23 †		5,617,658
	6,537,000	5.45%, 11/01/41 †		7,474,929
	5,458,000	6.20%, 10/01/40		6,645,115
	9,939,000	Michael Kors USA, Inc. 144A 4.50%, 11/01/24		10,541,552

Principal Amount			Value

United States: (continued)
		Murphy Oil Corp.
$	7,604,000	6.38%, 12/01/42 †	$	7,147,760
	5,432,000	7.05%, 05/01/29		5,811,860
	13,404,000	Navient Corp. 5.63%, 08/01/33		12,567,925
		Newell Brands, Inc.
	5,474,000	4.00%, 06/15/22		5,651,905
	23,847,000	4.35%, 04/01/23		25,164,785
	43,597,000	4.70%, 04/01/26		48,665,151
	9,155,000	5.88%, 04/01/36		11,418,116
	14,525,000	6.00%, 04/01/46		18,587,642
	8,875,000	NortonLifeLock, Inc. 3.95%, 06/15/22		9,030,313
		Occidental Petroleum Corp.
	47,080,000	0.00%, 10/10/36 ^		24,010,800
	12,989,000	2.70%, 08/15/22		13,086,417
	19,037,000	2.70%, 02/15/23		19,125,808
	61,770,000	2.90%, 08/15/24		61,692,787
	15,464,000	3.00%, 02/15/27		14,791,084
	20,610,000	3.20%, 08/15/26		20,120,512
	23,691,000	3.40%, 04/15/26		23,458,591
	15,419,000	3.50%, 06/15/25		15,515,369
	30,910,000	3.50%, 08/15/29		29,557,687
	15,473,000	4.10%, 02/15/47		12,901,697
	20,564,000	4.20%, 03/15/48		17,355,193
	15,459,000	4.30%, 08/15/39		13,676,886
	24,652,000	4.40%, 04/15/46		21,766,360
	15,438,000	4.40%, 08/15/49		13,382,816
	12,837,000	4.50%, 07/15/44 †		11,500,412
	15,475,000	4.63%, 06/15/45		14,055,710
	22,290,000	5.55%, 03/15/26		23,961,750
	15,174,000	6.20%, 03/15/40		16,160,310
	35,611,000	6.45%, 09/15/36		40,508,225
	22,589,000	6.60%, 03/15/46		24,938,030
	11,971,000	6.95%, 07/01/24		13,274,043
	17,914,000	7.50%, 05/01/31		21,361,818
	9,977,000	7.88%, 09/15/31 †		12,153,532
	6,632,000	7.95%, 06/15/39		8,107,620
		Oceaneering International, Inc.
	10,894,000	4.65%, 11/15/24		10,648,939
	6,503,000	6.00%, 02/01/28		6,366,925
		Ovintiv, Inc.
	16,283,000	6.50%, 08/15/34		20,800,740
	10,609,000	6.50%, 02/01/38		13,434,679
	10,079,000	6.63%, 08/15/37		12,750,297
	7,629,000	7.20%, 11/01/31		9,947,034
	10,882,000	7.38%, 11/01/31		14,393,065
	6,534,000	8.13%, 09/15/30		8,799,024
	6,224,000	Pactiv LLC 7.95%, 12/15/25		6,939,760
		Patterson-UTI Energy, Inc.
	11,225,000	3.95%, 02/01/28		10,712,939
	7,755,000	5.15%, 11/15/29 †		7,808,830
	6,022,000	Pitney Bowes, Inc. 4.63%, 03/15/24		6,270,408
	5,409,000	Qwest Corp. 7.25%, 09/15/25		6,396,143

See Notes to Financial Statements

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United States: (continued)
$	5,433,000	Rite Aid Corp. 7.70%, 02/15/27	$	5,351,614
		Rockies Express Pipeline LLC 144A
	8,694,000	3.60%, 05/15/25		8,655,790
	7,607,000	4.80%, 05/15/30		7,502,404
	12,005,000	4.95%, 07/15/29		12,252,603
	10,864,000	6.88%, 04/15/40		11,692,380
	5,484,000	7.50%, 07/15/38		6,114,660
		Royal Caribbean Cruises Ltd.
	10,919,000	3.70%, 03/15/28 †		10,385,443
	6,564,000	7.50%, 10/15/27 †		7,759,928
		Royal Caribbean Cruises Ltd. 144A
	21,798,000	10.88%, 06/01/23		25,051,351
	50,565,000	11.50%, 06/01/25		58,639,725
	5,980,000	Safeway, Inc. 7.25%, 02/01/31 †		6,958,089
		Seagate HDD Cayman
	10,433,000	4.75%, 01/01/25		11,368,162
	10,878,000	4.88%, 03/01/24		11,761,837
	10,980,000	4.88%, 06/01/27		12,236,386
	10,666,000	5.75%, 12/01/34		12,224,836
		Seagate HDD Cayman 144A
	10,910,000	4.09%, 06/01/29		11,199,333
	10,904,000	4.13%, 01/15/31		11,056,601
	9,919,000	Sealed Air Corp. 144A 6.88%, 07/15/33		12,404,949
		Service Properties Trust
	8,701,000	3.95%, 01/15/28		8,064,739
	17,996,000	4.35%, 10/01/24		17,928,515
	8,694,000	4.38%, 02/15/30 †		8,106,546
	2,324,000	4.50%, 06/15/23		2,375,148
	7,627,000	4.50%, 03/15/25		7,514,349
	16,399,000	4.65%, 03/15/24		16,552,741
	9,829,000	4.75%, 10/01/26		9,602,835
	8,746,000	4.95%, 02/15/27		8,604,577
	9,250,000	4.95%, 10/01/29		8,955,156
	10,915,000	5.00%, 08/15/22		11,083,746
	7,617,000	5.25%, 02/15/26		7,650,324
	8,954,000	Southeast Supply Header LLC 144A 4.25%, 06/15/24 †		8,970,789
	18,661,000	Southwestern Energy Co. 6.45%, 01/23/25		20,177,206
		Spirit AeroSystems, Inc.
	6,519,000	3.85%, 06/15/26		6,751,239
	6,525,000	3.95%, 06/15/23		6,480,141
	15,284,000	4.60%, 06/15/28		14,975,340
		Sprint Capital Corp.
	54,027,000	6.88%, 11/15/28		68,143,023
	43,613,000	8.75%, 03/15/32		64,720,602
	8,135,000	Tenet Healthcare Corp. 6.88%, 11/15/31		9,099,486
	13,839,107	Topaz Solar Farms LLC 144A 5.75%, 09/30/39		16,095,206
		Transocean, Inc.
	13,100,000	6.80%, 03/15/38		6,274,966
	8,460,000	7.50%, 04/15/31		4,499,663
	7,652,000	Travel + Leisure Co. 6.60%, 10/01/25		8,685,020

Principal Amount			Value

United States: (continued)
$	8,945,000	Trinity Industries, Inc. 4.55%, 10/01/24	$	9,470,519
	13,419,000	Under Armour, Inc. 3.25%, 06/15/26		13,653,832
	12,018,000	United States Cellular Corp. 6.70%, 12/15/33		15,057,653
	8,046,000	United States Steel Corp. 6.65%, 06/01/37 †		8,256,121
	16,209,000	Washington Prime Group LP 6.45%, 08/15/24		10,103,151
		Western Midstream Operating LP
	10,874,000	3.95%, 06/01/25		11,363,330
	12,704,000	4.00%, 07/01/22		13,029,540
	21,828,000	4.35%, 02/01/25		23,110,395
	8,703,000	4.50%, 03/01/28 †		9,290,453
	10,869,000	4.65%, 07/01/26		11,657,002
	8,711,000	4.75%, 08/15/28 †		9,386,102
	26,181,000	5.30%, 02/01/30		28,602,742
	15,209,000	5.30%, 03/01/48		15,644,814
	13,034,000	5.45%, 04/01/44		13,750,870
	7,617,000	5.50%, 08/15/48		7,807,425
	21,717,000	6.50%, 02/01/50		24,600,149
		Wyndham Destinations, Inc.
	8,705,000	3.90%, 03/01/23		9,004,234
	6,523,000	5.65%, 04/01/24		7,117,539
	8,708,000	6.00%, 04/01/27		9,764,629
		Xerox Corp.
	6,561,000	3.80%, 05/15/24 †		6,847,125
	21,801,000	4.38%, 03/15/23		22,874,699
	5,475,000	4.80%, 03/01/35		5,443,765
	7,666,000	6.75%, 12/15/39		8,509,260
	6,790,000	XPO CNW, Inc. 6.70%, 05/01/34		8,124,405
		Yum! Brands, Inc.
	7,070,000	3.88%, 11/01/23 †		7,440,433
	6,001,000	5.35%, 11/01/43		6,241,040
	7,087,000	6.88%, 11/15/37		8,641,144
				4,140,643,243
Total Corporate Bonds (Cost: $4,538,608,305)				4,851,005,554

Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3% (Cost: $66,462,727)
Money Market Fund: 1.3%
	66,462,727	State Street Navigator Securities Lending Government Money Market Portfolio		66,462,727
Total Investments: 100.0% (Cost: $4,605,071,032)				4,917,468,281
Liabilities in excess of other assets: (0.0)%				(2,052,047	)
NET ASSETS: 100.0%			$	4,915,416,234

See Notes to Financial Statements

Definitions:
USD	United States Dollar

Footnotes:
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule.
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $124,439,962.
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 $614,539,063, or 12.5% of net assets.

Summary of Investments by Sector
Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		7.3	%	$	353,930,025
Consumer Cyclicals		19.8			958,755,983
Consumer Non-Cyclicals		10.3			498,495,193
Energy		27.6			1,340,766,953
Financials		5.6			271,130,862
Healthcare		0.5			25,979,989
Industrials		5.5			269,508,467
Real Estate		4.0			192,950,206
Technology		13.0			629,222,657
Utilities		6.4			310,265,219
		100.0	%	$	4,851,005,554

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Corporate Bonds*	$	—	$	4,851,005,554		$	—	$	4,851,005,554
Money Market Fund		66,462,727		—			—		66,462,727
Total	$	66,462,727	$	4,851,005,554		$	—	$	4,917,468,281

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 93.1%
Australia: 0.4%
$	325,000	National Australia Bank Ltd. 3.63%, 06/20/23 †	$	347,139
Brazil: 2.9%
	200,000	Banco BTG Pactual SA 144A 2.75%, 01/11/26		190,502
	250,000	Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24		270,614
	325,000	Fibria Overseas Finance Ltd. 5.50%, 01/17/27		371,637
	300,000	FS Luxembourg Sarl 144A 10.00%, 12/15/25		328,042
	150,000	Klabin Austria GmbH 144A 7.00%, 04/03/49		184,374
	465,000	Klabin Finance SA 144A 4.88%, 09/19/27		508,836
	250,000	Rumo Luxembourg SARL 144A 5.25%, 01/10/28		266,123
	250,000	Suzano Austria GmbH 144A 5.75%, 07/14/26		293,158
				2,413,286
British Virgin Islands: 0.2%
	200,000	Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23		202,060
Canada: 1.8%
	400,000	Azure Power Energy Ltd. 144A 5.50%, 11/03/22		408,012
	225,000	Bank of Nova Scotia 2.38%, 01/18/23		233,048
	200,000	Brookfield Finance, Inc. 2.72%, 04/15/31		200,991
	250,000	Canadian Imperial Bank of Commerce 0.95%, 10/23/25		249,608
	300,000	Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		284,958
	150,000	Tucson Electric Power Co. 1.50%, 08/01/30		140,385
				1,517,002
Cayman Islands: 0.2%
	200,000	Saudi Electricity Global Sukuk Co. 4 Reg S 1.74%, 09/17/25		201,769
Chile: 0.3%
	250,000	Inversiones CMPC SA 144A 4.38%, 04/04/27		277,961
China / Hong Kong: 12.1%
		Bank of China Ltd. Reg S
	250,000	0.95%, 09/21/23		251,081
	200,000	0.96% (United States Secured Overnight Financing Rate+.95%), 10/17/22		200,760
	200,000	1.01% (ICE LIBOR USD 3 Month+.83%), 06/07/23		200,873

Principal Amount			Value

China / Hong Kong: (continued)
$	300,000	1.06% (ICE LIBOR USD 3 Month+.88%), 11/22/22	$	301,077
	450,000	2.25%, 07/12/21		451,237
	200,000	Capital Environment Holdings Ltd. Reg S 5.63%, 09/11/21		202,135
		China Construction Bank Corp. Reg S
	400,000	0.84% (ICE LIBOR USD 3 Month+.66%), 10/22/22		400,852
	200,000	1.00%, 08/04/23		200,318
	400,000	1.25%, 08/04/25		396,499
	200,000	China Development Bank Reg S 2.75%, 11/16/22		206,347
	200,000	China Everbright Bank Co. Ltd. Reg S 1.04% (ICE LIBOR USD 3 Month+.85%), 09/19/21		200,063
	400,000	China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25		395,878
	200,000	CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25		212,000
	200,000	ICBCIL Finance Co. Ltd. Reg S 1.23% (ICE LIBOR USD 3 Month+1.05%), 11/20/24		198,377
		Industrial & Commercial Bank of China Ltd. Reg S
	400,000	0.86% (ICE LIBOR USD 3 Month+.67%), 09/16/22		400,602
	275,000	0.90% (ICE LIBOR USD 3 Month+.72%), 04/25/22		275,194
	600,000	0.97% (ICE LIBOR USD 3 Month+.78%), 09/16/24		602,067
	500,000	1.01% (ICE LIBOR USD 3 Month+.83%), 04/25/24		502,247
	400,000	1.01% (ICE LIBOR USD 3 Month+.83%), 06/14/23		401,562
	200,000	2.25%, 09/16/22		203,912
	300,000	2.88%, 10/12/22		308,224
		Industrial Bank Co. Ltd. Reg S
	200,000	1.03% (ICE LIBOR USD 3 Month+.85%), 11/20/21		200,134
	200,000	1.13%, 11/06/23		199,862
	200,000	Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22		203,000
	200,000	Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26		208,293
		Modern Land China Co. Ltd. Reg S
	300,000	11.50%, 11/13/22		304,500
	200,000	12.85%, 10/25/21		205,500
		MTR Corp. Ltd. Reg S
	400,000	1.63%, 08/19/30		378,876
	400,000	2.50%, 11/02/26		423,946
	200,000	Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24		211,424

See Notes to Financial Statements

Principal Amount			Value

China / Hong Kong: (continued)
$	200,000	Shanghai Pudong Development Bank Co. Ltd. Reg S 0.88% (ICE LIBOR USD 3 Month+.70%), 10/29/22	$	199,781
	200,000	Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24		206,817
	200,000	Yango Justice International Ltd. Reg S 7.50%, 02/17/25		195,246
		Yuzhou Group Holdings Co. Ltd. Reg S
	200,000	6.35%, 01/13/27		166,736
	200,000	7.85%, 08/12/26		168,750
		Zhenro Properties Group Ltd. Reg S
	200,000	6.63%, 01/07/26		186,510
	200,000	7.35%, 02/05/25		197,250
				10,167,930
Colombia: 0.4%
	300,000	Consorcio Transmantaro SA 144A 4.70%, 04/16/34		324,864
Dominican Republic: 0.1%
	98,597	UEP Penonome II SA 144A 6.50%, 10/01/38		99,030
Finland: 0.2%
	150,000	Municipality Finance Plc 144A 1.38%, 09/21/21		150,691
France: 0.8%
	600,000	Electricite de France SA 144A 3.63%, 10/13/25		659,176
Germany: 3.9%
		Kreditanstalt fuer Wiederaufbau
	850,000	0.75%, 09/30/30		784,125
	1,500,000	1.75%, 09/14/29		1,524,415
	300,000	2.00%, 11/30/21		303,240
	300,000	2.00%, 09/29/22		307,778
	350,000	Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22		357,966
				3,277,524
India: 2.8%
	200,000	Adani Green Energy Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energy Pvt. Ltd. Reg S 6.25%, 12/10/24		221,750
	189,000	Adani Renewable Energy RJ Ltd/ Kodangal Solar Parks Pvt Ltd/ Wardha Solar Maharash 144A 4.63%, 10/15/39		192,232
	250,000	India Green Energy Holdings 144A 5.38%, 04/29/24		262,196
	200,000	Indian Railway Finance Corp. Ltd. Reg S 3.84%, 12/13/27		215,350
	200,000	Power Finance Corp Ltd. Reg S 3.75%, 12/06/27		206,667
	200,000	REC Ltd. Reg S 3.88%, 07/07/27		208,077
	100,000	ReNew Power Private Ltd. 144A 5.88%, 03/05/27		106,421

Principal Amount			Value

India: (continued)
$	500,000	ReNew Power Synthetic 144A 6.67%, 03/12/24	$	524,935
	200,000	ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries 144A 4.50%, 07/14/28		199,205
	200,000	State Bank of India Reg S 4.50%, 09/28/23		215,116
				2,351,949
Indonesia: 2.2%
		Perusahaan Penerbit SBSN Indonesia III 144A
	300,000	2.30%, 06/23/25		310,128
	450,000	3.75%, 03/01/23		474,658
	450,000	3.90%, 08/20/24		490,772
	550,000	Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38		609,848
				1,885,406
Japan: 1.5%
	200,000	Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		196,947
	250,000	Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23		261,806
	200,000	Sumitomo Mitsui Financial Group, Inc. 0.51%, 01/12/24		199,679
	225,000	Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26		228,019
	350,000	Toyota Motor Credit Corp. 2.15%, 02/13/30		352,089
				1,238,540
Mauritius: 0.2%
	200,000	India Green Power Holdings 144A 4.00%, 02/22/27		200,400
Mexico: 0.3%
	300,000	Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		279,485
Netherlands: 4.6%
		Cooperatieve Rabobank UA 144A
	450,000	1.00% (US Treasury Yield Curve Rate T 1 Year+.73%), 09/24/26		446,504
	500,000	1.11% (US Treasury Yield Curve Rate T 1 Year+.55%), 02/24/27		493,389
	250,000	Greenko Dutch BV 144A 3.85%, 03/29/26		254,688
		ING Groep NV 144A
	450,000	1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26		451,927
	550,000	4.63%, 01/06/26		629,066
	200,000	Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24		212,851
		Nederlandse Waterschapsbank NV 144A
	200,000	1.00%, 05/28/30		187,103

See Notes to Financial Statements

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Netherlands: (continued)
$	750,000	2.38%, 03/24/26	$	800,905
	350,000	3.13%, 12/05/22		366,058
				3,842,491
Norway: 0.6%
	475,000	Kommunalbanken AS 144A 2.13%, 02/11/25		500,785
Philippines: 0.2%
	200,000	Bank of the Philippine Islands Reg S 2.50%, 09/10/24		207,850
Portugal: 0.5%
	400,000	EDP Finance BV 144A 1.71%, 01/24/28		390,075
Qatar: 0.2%
	200,000	QNB Finance Ltd. Reg S 1.63%, 09/22/25		200,257
Saudi Arabia: 0.3%
	300,000	Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		301,147
Singapore: 1.6%
	250,000	Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		255,865
	200,000	DBS Group Holdings Ltd. 144A 0.80% (ICE LIBOR USD 3 Month+.62%), 07/25/22		201,044
	200,000	Greenko Investment Co. 144A 4.88%, 08/16/23		205,890
	400,000	Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26		430,300
	221,675	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		251,696
				1,344,795
South Korea: 4.7%
	200,000	Export-Import Bank of Korea Reg S 0.93% (ICE LIBOR USD 3 Month+.74%), 03/22/23		201,677
	150,000	Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22		153,340
	300,000	Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26		294,632
	300,000	Kia Corp. 144A 1.75%, 10/16/26		301,206
		Korea Development Bank
	300,000	0.40%, 06/19/24		298,515
	100,000	0.92% (ICE LIBOR USD 3 Month+.72%), 07/06/22		100,596
	250,000	Korea Electric Power Corp. 144A 2.50%, 06/24/24		264,458
	250,000	Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23		267,510
	200,000	Korea Midland Power Co. Ltd. Reg S 3.38%, 01/22/22		204,108

Principal Amount			Value

South Korea: (continued)
$	200,000	Korea South-East Power Co. Ltd. Reg S 2.13%, 02/03/25	$	206,369
	200,000	Korea Southern Power Co. Ltd. 144A 0.75%, 01/27/26		194,626
	200,000	Korea Water Resources Corp. Reg S 3.88%, 05/15/23		213,685
		LG Chem Ltd. 144A
	250,000	3.25%, 10/15/24		270,012
	250,000	3.63%, 04/15/29		272,132
	200,000	LG Display Co. Ltd. Reg S 3.88%, 11/15/21		203,500
	500,000	SK Hynix, Inc. 144A 2.38%, 01/19/31		480,879
				3,927,245
Spain: 1.3%
		Avangrid, Inc.
	625,000	3.20%, 04/15/25		673,997
	350,000	3.80%, 06/01/29 †		389,640
				1,063,637
Supranational: 10.4%
	150,000	African Development Bank 3.00%, 12/06/21 †		152,550
		Asian Development Bank
	275,000	1.75%, 08/14/26		286,319
	300,000	2.13%, 03/19/25		317,190
	300,000	2.38%, 08/10/27		320,774
	400,000	3.13%, 09/26/28		446,670
	200,000	Central American Bank for Economic Integration Reg S 1.04% (ICE LIBOR USD 3 Month+.85%), 11/15/24		202,188
		European Bank for Reconstruction &Development
	500,000	1.50%, 02/13/25		516,608
	500,000	1.63%, 09/27/24		518,513
	225,000	1.88%, 07/15/21		225,767
		European Investment Bank
	500,000	0.75%, 09/23/30		460,832
	750,000	1.63%, 10/09/29		754,966
	800,000	2.13%, 04/13/26 †		848,759
	700,000	2.38%, 05/24/27		752,343
	300,000	2.50%, 10/15/24 †		320,628
	500,000	European Investment Bank 144A 2.88%, 06/13/25		545,428
		International Bank for Reconstruction & Development
	430,000	2.13%, 03/03/25		454,416
	375,000	3.13%, 11/20/25		412,752
		International Finance Corp.
	270,000	2.00%, 10/24/22		277,283
	770,000	2.13%, 04/07/26		816,789
	100,000	Nordic Investment Bank 2.25%, 09/30/21		100,872
				8,731,647

See Notes to Financial Statements

Principal Amount			Value

Sweden: 1.1%
		Kommuninvest I Sverige AB 144A
$	400,000	0.38%, 06/19/24	$	399,075
	500,000	1.63%, 04/24/23		513,500
				912,575
United Arab Emirates: 1.0%
	200,000	First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22		205,105
		MAF Sukuk Ltd. Reg S
	200,000	3.93%, 02/28/30		215,490
	400,000	4.64%, 05/14/29		449,352
				869,947
United Kingdom: 1.0%
	300,000	Natwest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24		309,852
	300,000	Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		290,197
	200,000	Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		214,218
				814,267
United States: 35.3%
		AES Corp. 144A
	450,000	1.38%, 01/15/26		442,890
	400,000	2.45%, 01/15/31		386,860
	200,000	AES Gener SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		213,437
	200,000	Agricultural Bank of China Ltd./New York Reg S 1.25%, 01/19/26		198,320
		Alexandria Real Estate Equities, Inc.
	250,000	2.00%, 05/18/32		237,714
	300,000	3.80%, 04/15/26		333,009
		Apple, Inc.
	100,000	2.85%, 02/23/23		104,331
	1,050,000	3.00%, 06/20/27		1,153,311
		Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A
	300,000	3.25%, 09/01/28		296,250
	475,000	4.00%, 09/01/29		473,523
	150,000	Arizona Public Service Co. 2.65%, 09/15/50		137,452
	1,025,000	Bank of America Corp. 3.50% (ICE LIBOR USD 3 Month+.63%), 05/17/22		1,026,174
		Boston Properties LP
	350,000	2.55%, 04/01/32		338,797
	350,000	3.40%, 06/21/29		374,797
	550,000	4.50%, 12/01/28		633,034
	750,000	Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24		767,213
		Clearway Energy Operating LLC 144A
	400,000	3.75%, 02/15/31 †		394,776
	425,000	4.75%, 03/15/28		445,997

Principal Amount			Value

United States: (continued)
$	400,000	Deutsche Bank AG/New York NY 1.69%, 03/19/26	$	401,743
		DTE Electric Co.
	250,000	1.90%, 04/01/28		250,888
	200,000	3.25%, 04/01/51		206,851
	275,000	3.95%, 03/01/49		318,528
		Duke Energy Carolinas LLC
	50,000	3.35%, 05/15/22		51,578
	350,000	3.95%, 11/15/28		398,129
	350,000	Duke Energy Florida LLC 2.50%, 12/01/29		361,283
	350,000	Duke Energy Progress LLC 3.45%, 03/15/29		384,396
		Duke Realty LP
	200,000	1.75%, 02/01/31		189,062
	225,000	2.88%, 11/15/29		233,290
		Equinix, Inc.
	425,000	1.00%, 09/15/25		419,531
	200,000	1.55%, 03/15/28		193,007
	200,000	ERP Operating LP 4.15%, 12/01/28		226,926
	150,000	Evergy Kansas Central, Inc. 2.55%, 07/01/26		157,635
		Fannie Mae-ACES
	37,200	2.44%, 10/25/29		39,489
	464,000	2.52%, 08/25/29		494,669
	198,196	2.64%, 07/25/24		208,710
	335,591	2.89%, 02/25/27		364,762
	10,000	2.94%, 04/25/29		10,973
	415,000	3.00%, 01/25/28		454,834
	275,000	3.06%, 09/25/27		301,595
	450,000	3.15%, 03/25/28		497,322
	225,000	3.15%, 03/25/28		247,549
	388,000	3.19%, 02/25/30		432,238
	15,000	3.20%, 11/25/27		16,002
	200,000	3.44%, 06/25/28		224,687
	1,165,000	3.67%, 09/25/28		1,327,250
	15,000	3.82%, 09/25/30		17,388
	200,000	Federal Realty Investment Trust 1.25%, 02/15/26		199,516
		Freddie Mac Multifamily Structured Pass Through Certificates
	20,000	1.30%, 06/25/30		19,388
	285,000	2.88%, 04/25/26		307,465
		HAT Holdings I LLC / HAT Holdings II LLC 144A
	300,000	5.25%, 07/15/24		310,479
	300,000	6.00%, 04/15/25		318,000
	350,000	Host Hotels & Resorts LP 3.38%, 12/15/29		356,090
		Interstate Power & Light Co.
	150,000	3.50%, 09/30/49		157,317
	150,000	3.60%, 04/01/29		165,516
	250,000	4.10%, 09/26/28		283,483
	300,000	Johnson Controls International Plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		284,091

See Notes to Financial Statements

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United States: (continued)
$	450,000	JPMorgan Chase & Co. 0.65% (United States Secured Overnight Financing Rate+.60%), 09/16/24	$	450,873
	280,000	Kaiser Foundation Hospitals 3.15%, 05/01/27		308,171
	350,000	Kilroy Realty LP 4.75%, 12/15/28		401,845
	150,000	Massachusetts Institute of Technology 3.96%, 07/01/38		178,773
	350,000	Metropolitan Life Global Funding I 144A 0.95%, 07/02/25		348,822
		MidAmerican Energy Co.
	275,000	3.10%, 05/01/27		300,596
	200,000	3.15%, 04/15/50		205,338
	400,000	3.65%, 04/15/29		448,367
	200,000	3.65%, 08/01/48		221,094
	300,000	3.95%, 08/01/47		344,776
	425,000	4.25%, 07/15/49		512,779
		Northern States Power Co.
	100,000	2.60%, 06/01/51		92,305
	250,000	2.90%, 03/01/50		244,382
	200,000	3.20%, 04/01/52		206,096
	200,000	NSTAR Electric Co. 3.25%, 05/15/29		217,074
	225,000	Owens Corning 3.95%, 08/15/29		250,194
	350,000	Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		355,250
	150,000	Piedmont Operating Partnership LP 3.15%, 08/15/30		147,984
	310,000	PNC Financial Services Group, Inc. 2.20%, 11/01/24		327,473
	375,000	Prologis LP 1.25%, 10/15/30		345,762
		Public Service Co. of Colorado
	250,000	3.20%, 03/01/50		256,052
	550,000	3.70%, 06/15/28		611,301
	360,000	4.10%, 06/15/48		420,792
	125,000	Regency Centers LP 3.75%, 06/15/24		134,159
	150,000	Seattle Children’s Hospital 2.72%, 10/01/50		139,055
		SK Battery America, Inc. Reg S
	250,000	1.63%, 01/26/24		250,465
	200,000	2.13%, 01/26/26		196,831
	700,000	Southern Power Co. 4.15%, 12/01/25		784,072
	100,000	Southwestern Public Service Co. 3.15%, 05/01/50		100,815
	150,000	UDR, Inc. 1.90%, 03/15/33		137,940
	275,000	Union Electric Co. 2.63%, 03/15/51		253,904

Principal Amount			Value

United States: (continued)
$	200,000	Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25	$	201,494
		Verizon Communications, Inc.
	200,000	1.50%, 09/18/30		186,177
	725,000	3.88%, 02/08/29		817,260
	250,000	Visa, Inc. 0.75%, 08/15/27		242,445
	250,000	Welltower, Inc. 2.70%, 02/15/27		264,264
				29,694,525
Total Corporate Bonds (Cost: $78,247,903)				78,395,455

GOVERNMENT OBLIGATIONS: 5.6%
Chile: 2.1%
		Chile Government International Bonds
	650,000	2.55%, 01/27/32		665,931
	1,050,000	3.50%, 01/25/50		1,090,110
				1,756,041
China / Hong Kong: 1.8%
		Hong Kong Government International Bond 144A
	500,000	0.63%, 02/02/26		492,097
	500,000	1.38%, 02/02/31		478,911
	200,000	2.38%, 02/02/51		186,243
	350,000	2.50%, 05/28/24		371,099
				1,528,350
Egypt: 0.5%
	200,000	Egypt Government International Bond 144A 5.25%, 10/06/25		208,608
	200,000	Egypt Government International Bond Reg S 5.25%, 10/06/25		208,608
				417,216
United States: 1.2%
		City of San Francisco Public Utilities Commission Water Revenue
	100,000	2.83%, 11/01/41		101,970
	100,000	3.30%, 11/01/39		106,771
	250,000	3.47%, 11/01/43		264,908
	100,000	Commonwealth of Massachusetts 3.28%, 06/01/46		109,585
	20,000	District of Columbia Water & Sewer Authority 4.81%, 10/01/14		26,797
	300,000	Metropolitan Transportation Authority 5.18%, 11/15/49		380,364
				990,395
Total Government Obligations (Cost: $4,715,405)				4,692,002

See Notes to Financial Statements

Number of Shares			Value

PREFERRED SECURITIES: 0.2% (Cost: $173,320)

Canada: 0.2%
	7,000	Brookfield Finance, Inc. 4.63%, 10/16/80 †	$	173,600
Total Investments Before Collateral for Securities Loaned: 98.9% (Cost: $83,136,628)				83,261,057
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $107,102)
Money Market Fund: 0.1%
	107,102	State Street Navigator Securities Lending Government Money Market Portfolio		107,102
Total Investments: 99.0% (Cost: $83,243,730)				83,368,159
Other assets less liabilities: 1.0%				830,430
NET ASSETS: 100.0%			$	84,198,589

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $1,815,563.
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 $23,410,073, or 27.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Academic & Educational Services		0.2	%	$	178,773
Basic Materials		3.6			2,947,883
Consumer Cyclicals		1.0			846,032
Consumer Non-Cyclicals		0.3			279,485
Energy		1.6			1,282,899
Financials		49.8			41,486,640
Government		5.6			4,692,002
Healthcare		0.6			447,226
Industrials		5.1			4,273,450
Real Estate		8.1			6,752,156
Technology		4.0			3,341,243
Utilities		20.1			16,733,268
		100.0	%	$	83,261,057

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	78,395,455		$	—	$	78,395,455
Government Obligations*		—		4,692,002			—		4,692,002
Preferred Securities*		173,600		—			—		173,600
Money Market Fund		107,102		—			—		107,102
Total	$	280,702	$	83,087,457		$	—	$	83,368,159

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount				Value

CORPORATE BONDS: 98.8%
Argentina: 0.7%
USD	50,000	Arcor SAIC 144A 6.00%, 07/06/23	$	48,527
	100,000	MercadoLibre, Inc. 3.13%, 01/14/31 †		95,782
		Pampa Energia SA 144A
	50,000	7.38%, 07/21/23		46,892
	50,000	7.50%, 01/24/27		41,028
	75,000	Telecom Argentina SA 144A 8.00%, 07/18/26		67,064
	35,000	YPF Energia Electrica SA 144A 10.00%, 07/25/26		28,534
		YPF SA 144A
	75,000	2.50%, 06/30/29 (s)		41,251
	75,000	4.00%, 02/12/26 (s)		60,678
	100,000	6.95%, 07/21/27		61,767
	150,000	8.50%, 07/28/25		109,057
	75,000	8.75%, 04/04/24		61,226
				661,806
Australia: 0.4%
		FMG Resources August 2006 Pty Ltd. 144A
	150,000	4.38%, 04/01/31		156,016
	25,000	4.50%, 09/15/27		27,210
	75,000	5.13%, 05/15/24 †		81,989
	100,000	Mineral Resources Ltd. 144A 8.13%, 05/01/27		111,004
	50,000	Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26		51,507
				427,726
Austria: 0.3%
	100,000	ams AG 144A 7.00%, 07/31/25		106,769
EUR	50,000	Novomatic AG 1.63%, 09/20/23		57,761
	100,000	Wienerberger AG Reg S 2.75%, 06/04/25		129,702
				294,232
Azerbaijan: 0.3%
USD	200,000	State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		248,522
Bahamas: 0.2%
EUR	175,000	Akelius Residential Property AB Reg S 3.88% (Euribor ICE Swap Rate 5 Year+3.49%), 10/05/78		223,568
Bahrain: 0.1%
GBP	100,000	Mclaren Finance Plc Reg S 5.00%, 08/01/22		137,421
Belgium: 0.4%
EUR	150,000	La Financiere Atalian SASU Reg S 4.00%, 05/15/24		177,182
	150,000	Solvay Finance SACA Reg S 5.43% (EUR Swap Annual 5 Year+3.70%), 11/12/23 (o)		199,476
				376,658

Principal Amount			Value

Bermuda: 0.2%
USD	52,923	Digicel Group 0.5 Ltd. 10.00%, 04/01/24	$	51,831
	60,206	Digicel Group 0.5 Ltd. 144A 8.00% 04/01/25		50,555
	100,000	Digicel International Finance Ltd. / Digicel Holdings Bermuda Ltd. 144A 8.75%, 05/25/24		104,875
				207,261
Brazil: 7.8%
	150,000	Adecoagro SA 144A 6.00%, 09/21/27		158,230
	105,000	Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		110,929
		Banco Bradesco SA 144A
	100,000	2.85%, 01/27/23 †		102,307
	100,000	3.20%, 01/27/25		102,625
	200,000	Banco BTG Pactual SA 144A 5.50%, 01/31/23		211,750
	200,000	Banco do Brasil SA 3.88%, 10/10/22		206,835
		Banco do Brasil SA 144A
	100,000	4.63%, 01/15/25		106,853
	150,000	5.88%, 01/19/23		160,174
	100,000	Banco Votorantim SA 144A 4.50%, 09/24/24 †		105,161
	50,000	Braskem America Finance Co. 144A 7.13%, 07/22/41 †		58,373
	75,000	Braskem Finance Ltd. 6.45%, 02/03/24		83,523
		Braskem Netherlands Finance BV 144A
	100,000	4.50%, 01/10/28		104,169
	125,000	4.50%, 01/31/30		127,181
	100,000	5.88%, 01/31/50 †		104,586
	50,000	8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 †		57,878
	200,000	BRF SA 144A 4.75%, 05/22/24		211,400
	50,000	Caixa Economica Federal 144A 3.50%, 11/07/22		51,660
	200,000	Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 †		230,993
	100,000	Centrais Eletricas Brasileiras SA 144A 4.63%, 02/04/30		101,220
	100,000	Cosan Ltd. 144A 5.50%, 09/20/29		106,686
	100,000	Cosan Luxembourg SA 144A 7.00%, 01/20/27		106,644
	200,000	CSN Islands XI Corp. 144A 6.75%, 01/28/28		217,623

See Notes to Financial Statements

Principal Amount			Value

Brazil: (continued)
USD	100,000	CSN Resources SA 144A 7.63%, 02/13/23	$	103,875
		Embraer Netherlands Finance BV
	100,000	5.05%, 06/15/25		105,375
	125,000	5.40%, 02/01/27		131,719
	100,000	Embraer Overseas Ltd. 144A 5.70%, 09/16/23		106,260
	100,000	Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30		101,637
	100,000	Guara Norte Sarl 144A 5.20%, 06/15/34		100,898
		Itau Unibanco Holding SA 144A
	125,000	2.90%, 01/24/23		127,782
	100,000	4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		101,211
	200,000	5.13%, 05/13/23		212,250
	100,000	5.50%, 08/06/22		104,680
	200,000	Klabin Austria GmbH 144A 5.75%, 04/03/29		222,608
	100,000	MARB BondCo Plc 144A 3.95%, 01/29/31		95,159
	75,000	Minerva Luxembourg SA 144A 5.88%, 01/19/28 †		79,815
	94,632	MV24 Capital BV 144A 6.75%, 06/01/34		100,505
		NBM US Holdings, Inc. 144A
	100,000	6.63%, 08/06/29 †		111,130
	100,000	7.00%, 05/14/26		107,715
	100,000	Nexa Resources SA 144A 6.50%, 01/18/28		111,723
		Petrobras Global Finance BV
EUR	100,000	4.25%, 10/02/23		130,607
USD	75,000	4.38%, 05/20/23		79,658
EUR	100,000	4.75%, 01/14/25		134,679
USD	250,000	5.09%, 01/15/30		264,504
	150,000	5.30%, 01/27/25		166,501
	100,000	5.75%, 02/01/29		111,885
	150,000	6.00%, 01/27/28 †		169,681
	100,000	6.25%, 03/17/24 †		112,237
	100,000	6.75%, 01/27/41		113,763
	125,000	6.75%, 06/03/50 †		136,964
	175,000	6.85%, 06/05/15 †		185,211
	100,000	6.88%, 01/20/40		114,687
	150,000	6.90%, 03/19/49		169,102
	100,000	7.25%, 03/17/44		116,887
	150,000	7.38%, 01/17/27		181,689
	100,000	8.75%, 05/23/26		128,025
	200,000	Rede D’or Finance SARL 144A 4.50%, 01/22/30		196,700
	185,910	Rio Oil Finance Trust 144A 9.25%, 07/06/24		206,824
	100,000	Ultrapar International SA 144A 5.25%, 10/06/26		109,231
	100,000	Usiminas International SARL 144A 5.88%, 07/18/26		107,676
				7,787,653

Principal Amount			Value

British Virgin Islands: 0.9%
USD	200,000	Central China Real Estate Ltd. Reg S 7.25%, 04/24/23	$	197,000
	200,000	China Aoyuan Property Group Ltd. Reg S 5.38%, 09/13/22		198,750
	200,000	China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24		208,750
	200,000	Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23		199,500
	100,000	Metalloinvest Finance DAC 144A 4.85%, 05/02/24		107,160
				911,160
Bulgaria: 0.1%
EUR	100,000	Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25		129,876
Burkina Faso: 0.0%
USD	25,000	IAMGOLD Corp. 144A 5.75%, 10/15/28 †		26,032
Canada: 5.2%
	50,000	ATS Automation Tooling Systems, Inc. 144A 4.13%, 12/15/28		50,469
	50,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26		53,274
	75,000	Baytex Energy Corp. 144A 5.63%, 06/01/24		70,266
		Bombardier, Inc. 144A
	125,000	6.00%, 10/15/22		125,187
	150,000	6.13%, 01/15/23		157,429
	100,000	7.50%, 12/01/24		101,625
	125,000	7.50%, 03/15/25		124,922
	150,000	7.88%, 04/15/27		149,812
	150,000	Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 144A 6.25%, 09/15/27		159,427
	100,000	Cascades, Inc. / Cascades USA, Inc. 144A 5.38%, 01/15/28 †		104,353
	100,000	Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76		115,934
	25,000	Empire Communities Corp. 144A 7.00%, 12/15/25		26,818
	50,000	Ensign Drilling, Inc. 144A 9.25%, 04/15/24		40,406
	50,000	Fairstone Financial, Inc. 144A 7.88%, 07/15/24		52,526
		GFL Environmental, Inc. 144A
	150,000	3.50%, 09/01/28		144,769
	50,000	3.75%, 08/01/25 †		50,971
	75,000	5.13%, 12/15/26		78,656

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Canada: (continued)
		Gibson Energy, Inc.
CAD	25,000	2.85%, 07/14/27	$	20,846
	75,000	3.60%, 09/17/29		64,146
USD	50,000	goeasy Ltd. 144A 5.38%, 12/01/24		51,875
	100,000	Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 †		101,645
	40,000	Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC 144A 6.00%, 09/15/28		41,383
CAD	65,000	Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79		57,352
USD	25,000	Intertape Polymer Group, Inc. 144A 7.00%, 10/15/26		26,308
CAD	75,000	Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79		66,986
USD	256,000	Lightstream Resources Ltd. 144A 8.63%, 02/01/20 (d) # ∞ *		0
		Mattamy Group Corp. 144A
	50,000	4.63%, 03/01/30		50,605
	50,000	5.25%, 12/15/27		52,531
		MEG Energy Corp. 144A
	50,000	5.88%, 02/01/29		51,315
	150,000	7.13%, 02/01/27		160,354
		Methanex Corp.
	50,000	5.13%, 10/15/27		52,864
	75,000	5.25%, 12/15/29		79,313
	50,000	New Gold, Inc. 144A 7.50%, 07/15/27		54,318
		New Red Finance, Inc. 144A
	40,000	3.50%, 02/15/29		39,053
	50,000	3.88%, 01/15/28		50,736
	250,000	4.00%, 10/15/30		244,076
	93,000	4.25%, 05/15/24		94,332
	100,000	4.38%, 01/15/28		101,495
	25,000	5.75%, 04/15/25		26,552
	50,000	Norbord, Inc. 144A 5.75%, 07/15/27		54,610
	50,000	Northriver Midstream Finance LP 144A 5.63%, 02/15/26		51,625
		Open Text Corp. 144A
	100,000	3.88%, 02/15/28		101,378
	100,000	5.88%, 06/01/26		103,250
CAD	50,000	Parkland Corp. 6.00%, 06/23/28		43,860
	50,000	Parkland Fuel Corp. 5.63%, 05/09/25		41,937
USD	50,000	Parkland Fuel Corp. 144A 5.88%, 07/15/27		53,303

Principal Amount			Value

Canada: (continued)
CAD	50,000	Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81	$	39,990
USD	100,000	Precision Drilling Corp. 144A 7.13%, 01/15/26		99,188
	100,000	Quebecor Media, Inc. 5.75%, 01/15/23		107,125
CAD	125,000	Quebecor Media, Inc. 144A 6.63%, 01/15/23		109,262
USD	50,000	Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25		51,544
	50,000	Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23		50,719
	100,000	Seven Generations Energy Ltd. 144A 6.75%, 05/01/23		100,313
EUR	100,000	SIG Combibloc Purchase Co. SARL Reg S 2.13%, 06/18/25		127,138
CAD	50,000	SNC-Lavalin Group, Inc. 3.24%, 03/02/23		40,828
USD	100,000	Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29		102,140
	25,000	Taseko Mines Ltd. 144A 7.00%, 02/15/26		26,037
	100,000	Teekay Offshore Partners LP / Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23		91,309
	50,000	Terraform Global Operating LLC 144A 6.13%, 03/01/26		51,428
	50,000	Tervita Corp. 144A 11.00%, 12/01/25		56,759
		TransAlta Corp.
	25,000	4.50%, 11/15/22 †		26,054
	75,000	6.50%, 03/15/40		86,063
EUR	200,000	Trivium Packaging Finance BV Reg S 3.75%, 08/15/26		247,471
USD	25,000	Vermilion Energy, Inc. 144A 5.63%, 03/15/25		23,904
		Videotron Ltd.
CAD	75,000	4.50%, 01/15/30		64,998
	150,000	5.63%, 06/15/25		136,678
	50,000	Videotron Ltd. Reg S 5.75%, 01/15/26		42,066
				5,225,906
Cayman Islands: 0.4%
USD	100,000	Adani Abbot Point Terminal Pty Ltd. 144A 4.45%, 12/15/22 †		94,213
	200,000	Ronshine China Holdings Ltd. Reg S 8.75%, 10/25/22		201,756

See Notes to Financial Statements

Principal Amount			Value

Cayman Islands: (continued)
EUR	100,000	UPCB Finance VII Ltd. Reg S 3.63%, 06/15/29	$	123,869
				419,838
Chile: 0.2%
USD	50,000	Kenbourne Invest SA 144A 6.88%, 11/26/24		53,305
	100,000	VTR Comunicaciones SpA 144A 5.13%, 01/15/28 †		105,000
				158,305
China / Hong Kong: 9.1%
		Agile Group Holdings Ltd. Reg S
	200,000	6.88%, 03/07/23 (o) (s)		201,750
	200,000	8.38%, 12/04/23 (o) (s)		208,516
	400,000	Bank of Communications Co. Ltd. Reg S 3.80%, 11/18/25 (o) (s)		413,179
	250,000	Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o)		267,385
	200,000	CFLD Cayman Investment Ltd. Reg S 8.60%, 04/08/24		70,000
		China Evergrande Group Reg S
	400,000	8.75%, 06/28/25		327,000
	300,000	9.50%, 03/29/24		260,250
		CIFI Holdings Group Co. Ltd. Reg S
	200,000	6.00%, 07/16/25		211,500
	200,000	6.55%, 03/28/24		211,250
	200,000	Easy Tactic Ltd. Reg S 5.88%, 02/13/23		188,250
	200,000	Fortune Star BVI Ltd. Reg S 6.75%, 07/02/23		209,748
	214,762	Global Aircraft Leasing Co. Ltd. 144A 7.25% 09/15/24		215,030
		Greenland Global Investment Ltd. Reg S
	200,000	5.88%, 07/03/24		169,987
	200,000	6.75%, 09/26/23		176,750
	200,000	Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25		207,000
		Kaisa Group Holdings Ltd. Reg S
	200,000	8.50%, 06/30/22		205,100
	250,000	9.38%, 06/30/24		248,750
	200,000	10.50%, 01/15/25		199,500
	350,000	KWG Property Holding Ltd. Reg S 5.88%, 11/10/24		357,875
	200,000	Logan Property Holdings Co. Ltd. Reg S 5.25%, 02/23/23		203,005

Principal Amount			Value

China / Hong Kong: (continued)
		Melco Resorts Finance Ltd. 144A
USD	100,000	4.88%, 06/06/25	$	102,735
	100,000	5.38%, 12/04/29 †		106,655
	100,000	5.75%, 07/21/28		107,691
	200,000	Nanyang Commercial Bank Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 5 Year+3.21%), 06/02/22 (o)		203,125
	200,000	New Metro Global Ltd. Reg S 6.80%, 08/05/23		208,500
	200,000	Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24		208,500
	250,000	RKI Overseas Finance 2017 A Ltd. Reg S 7.00%, 06/23/22 (o)		224,375
		Scenery Journey Ltd. Reg S
	200,000	13.00%, 11/06/22		194,500
	200,000	13.75%, 11/06/23		190,750
	200,000	Seazen Group Ltd. Reg S 6.00%, 08/12/24		208,000
	200,000	Shimao Property Holdings Ltd. Reg S 4.75%, 07/03/22		203,058
	200,000	Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o)		174,000
		Studio City Finance Ltd. 144A
	100,000	5.00%, 01/15/29		102,375
	100,000	6.50%, 01/15/28		108,263
		Sunac China Holdings Ltd. Reg S
	200,000	7.00%, 07/09/25		206,000
	400,000	7.95%, 08/08/22		412,800
	200,000	Times China Holdings Ltd. Reg S 6.75%, 07/16/23		204,250
EUR	100,000	Volvo Car AB Reg S 2.13%, 04/02/24		125,490
USD	200,000	Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		198,575
	200,000	Wealth Driven Ltd. Reg S 5.50%, 08/17/23		201,750
	200,000	Yango Justice International Ltd. Reg S 9.25%, 04/15/23		207,000
	200,000	Yuzhou Group Holdings Co. Ltd. Reg S 7.38%, 01/13/26		168,741
	300,000	Yuzhou Properties Co. Ltd. Reg S 6.00%, 10/25/23		274,125
	200,000	Zhenro Properties Group Ltd. Reg S 8.65%, 01/21/23		206,500
				9,099,583

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Colombia: 1.0%
		Banco de Bogota SA 144A
USD	100,000	5.38%, 02/19/23	$	106,216
	100,000	6.25%, 05/12/26		111,775
	100,000	Bancolombia SA 5.13%, 09/11/22		104,799
	100,000	Cable Onda SA 144A 4.50%, 01/30/30		106,271
	50,000	Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25		42,665
		Grupo Aval Ltd. 144A
	100,000	4.38%, 02/04/30		100,529
	100,000	4.75%, 09/26/22		104,125
		Millicom International Cellular SA 144A
	54,000	5.13%, 01/15/28 †		57,066
	90,000	6.25%, 03/25/29		100,767
	100,000	Orazul Energy Egenor SCA 144A 5.63%, 04/28/27		101,375
	92,500	Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		100,407
				1,035,995
Curacao: 0.1%
	31,629	Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^		20,855
	11,000	Trafigura Funding SA 144A 5.25%, 03/19/23		11,372
EUR	34,000	Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 07/31/24 (o)		44,328
				76,555
Cyprus: 0.5%
USD	200,000	Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25		202,688
	200,000	MHP Lux SA 144A 6.95%, 04/03/26		205,382
EUR	100,000	Vivion Investments SARL Reg S 3.00%, 08/08/24 †		117,992
				526,062
Czech Republic: 0.3%
	100,000	CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 07/16/25 (o)		126,777
	100,000	Sazka Group AS Reg S 3.88%, 02/15/27		119,086
				245,863
Denmark: 0.2%
	175,000	DKT Finance ApS Reg S 7.00%, 06/17/23		215,444

Principal Amount			Value

Finland: 0.7%
		Nokia Oyj
USD	100,000	3.38%, 06/12/22	$	102,845
	100,000	4.38%, 06/12/27		109,500
	100,000	6.63%, 05/15/39		128,528
EUR	100,000	Nokia Oyj Reg S 2.00%, 03/15/24		125,650
	175,000	Teollisuuden Voima Oyj Reg S 2.13%, 02/04/25		219,558
				686,081
France: 6.6%
		Accor SA Reg S
	100,000	2.63% (EUR Swap Annual 5 Year+3.25%), 01/30/25 (o)		116,630
	100,000	3.00%, 02/04/26		127,629
USD	200,000	Altice France SA 144A 5.13%, 07/15/29		200,500
		Altice France SA Reg S
EUR	100,000	2.50%, 01/15/25		118,965
	100,000	4.13%, 01/15/29		122,304
	100,000	5.88%, 02/01/27		128,503
USD	100,000	Banijay Entertainment SASU 144A 5.38%, 03/01/25		103,563
EUR	100,000	CAB SELAS Reg S 3.38%, 02/01/28		119,994
		Casino Guichard Perrachon SA Reg S
	100,000	4.05%, 08/05/26		117,635
	100,000	4.50%, 03/07/24		123,409
	100,000	CMA CGM SA Reg S 5.25%, 01/15/25		123,161
	100,000	eircom Finance DAC Reg S 3.50%, 05/15/26		123,328
USD	250,000	Electricite de France SA 144A 5.63% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)		269,375
		Electricite de France SA Reg S
EUR	200,000	3.00% (EUR Swap Annual 5 Year+3.20%), 09/03/27 (o)		253,344
	200,000	4.00% (EUR Swap Annual 6 Year+3.44%), 07/04/24 (o)		259,949
	100,000	5.00% (EUR Swap Annual 12 Year+3.04%), 01/22/26 (o)		136,908
	200,000	5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/25 (o)		273,005
		Elis SA Reg S
	100,000	1.63%, 04/03/28		118,337
	100,000	1.88%, 02/15/23		122,850
		Faurecia SE Reg S
	100,000	2.63%, 06/15/25		122,298
	100,000	3.13%, 06/15/26		124,834
	100,000	3.75%, 06/15/28		127,810
	125,000	Fnac Darty SA Reg S 1.88%, 05/30/24		151,795

See Notes to Financial Statements

Principal Amount			Value

France: (continued)
EUR	100,000	Getlink SE Reg S 3.50%, 10/30/25	$	125,376
	100,000	La Poste SA Reg S 3.13% (EUR Swap Annual 5 Year+2.44%), 10/29/25 (o)		127,241
		Loxam SAS Reg S
	100,000	2.88%, 04/15/26		118,488
	100,000	3.25%, 01/14/25		120,371
	100,000	Matterhorn Telecom SA Reg S 3.13%, 09/15/26		120,425
	150,000	New AREVA Holding SA 4.88%, 09/23/24		204,891
	100,000	New AREVA Holding SA Reg S 3.13%, 03/20/23		125,937
	100,000	Paprec Holding SA Reg S 4.00%, 03/31/25		122,538
	100,000	Quatrim SASU Reg S 5.88%, 01/15/24		125,797
	100,000	RCI Banque SA Reg S 2.63% (EUR Swap Annual 5 Year+2.85%), 02/18/30		120,830
		Renault SA Reg S
	100,000	1.00%, 04/18/24		119,788
	100,000	1.00%, 11/28/25		118,665
	100,000	1.25%, 06/24/25		118,612
	100,000	2.00%, 09/28/26		119,391
	100,000	Rexel SA Reg S 2.13%, 06/15/25		121,786
USD	100,000	SPCM SA 144A 4.88%, 09/15/25		102,658
EUR	100,000	SPIE SA Reg S 2.63%, 06/18/26		125,624
	100,000	Tereos Finance Groupe I SA Reg S 4.13%, 06/16/23		121,957
		Unibail-Rodamco-Westfield SE Reg S
	100,000	2.13% (EUR Swap Annual 5 Year+1.68%), 07/25/23 (o)		117,379
	100,000	2.88% (EUR Swap Annual 5 Year+2.11%), 01/25/26 (o)		118,701
		Valeo SA Reg S
	100,000	0.38%, 09/12/22		120,928
	100,000	1.63%, 03/18/26		124,845
	100,000	3.25%, 01/22/24		130,062
		Veolia Environnement SA Reg S
	100,000	2.25% (EUR Swap Annual 5 Year+2.71%), 01/20/26 (o)		123,448
	100,000	2.50% (EUR Swap Annual 5 Year+2.84%), 01/20/29 (o)		121,439
				6,603,303
Georgia: 0.1%
USD	100,000	Bank of Georgia JSC 144A 6.00%, 07/26/23		106,842
Germany: 5.5%
		ADLER Group SA Reg S
EUR	100,000	2.75%, 11/13/26		123,150
	100,000	3.25%, 08/05/25		125,731

Principal Amount			Value

Germany: (continued)
EUR	100,000	ADLER Real Estate AG Reg S 1.88%, 04/27/23	$	121,928
	100,000	Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75		125,039
	100,000	Cheplapharm Arzneimittel GmbH Reg S 3.50%, 02/11/27		121,584
		Commerzbank AG Reg S
	75,000	4.00%, 03/23/26		100,906
	100,000	4.00%, 03/30/27		136,539
	100,000	Consus Real Estate AG Reg S 9.63%, 05/15/24		126,764
		Deutsche Bank AG
USD	140,000	3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32		138,893
	150,000	4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28		155,754
	250,000	4.50%, 04/01/25		270,437
	125,000	4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32		135,202
	25,000	5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31		28,740
EUR	75,000	Deutsche Bank AG Reg S 2.75%, 02/17/25		95,278
	150,000	Deutsche Lufthansa AG 0.25%, 09/06/24		173,697
	100,000	Deutsche Lufthansa AG Reg S 3.00%, 05/29/26		120,682
USD	150,000	Dresdner Funding Trust I 144A 8.15%, 06/30/31		213,994
	200,000	IHO Verwaltungs GmbH 144A 5.50% 09/15/26		205,632
EUR	100,000	IHO Verwaltungs GmbH Reg S 4.38% 05/15/25		122,812
	100,000	Infineon Technologies AG Reg S 3.63% (EUR Swap Annual 5 Year+4.00%), 01/01/28 (o)		131,929
	200,000	K+S AG Reg S 3.00%, 06/20/22		243,593
	100,000	KION Group AG Reg S 1.63%, 09/24/25		126,038
	100,000	LANXESS AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76		129,103
USD	41,000	Mercer International, Inc. 5.50%, 01/15/26 †		42,108
	50,000	Mercer International, Inc. 144A 5.13%, 02/01/29		51,750
EUR	75,000	Metro Wholesale & Food Reg S 1.50%, 03/19/25		93,737

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Germany: (continued)
EUR	41,000	Phoenix PIB Dutch Finance BV Reg S 3.63%, 07/30/21	$	49,791
	130,000	ProGroup AG Reg S 3.00%, 03/31/26		158,843
USD	100,000	RWE AG Reg S 6.63% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75		116,342
		Schaeffler AG Reg S
EUR	100,000	1.88%, 03/26/24		125,002
	50,000	2.88%, 03/26/27		64,303
	100,000	3.38%, 10/12/28		131,837
	100,000	Tele Columbus AG Reg S 3.88%, 05/02/25		123,030
		thyssenkrupp AG Reg S
	100,000	1.88%, 03/06/23		120,723
	100,000	2.50%, 02/25/25		123,328
	100,000	2.88%, 02/22/24		122,958
	100,000	TLG Finance SARL Reg S 3.38% (EUR Swap Annual 5 Year+3.98%), 09/23/24 (o)		126,862
	100,000	WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27		120,606
		ZF Europe Finance BV Reg S
	100,000	2.00%, 02/23/26		121,721
	100,000	3.00%, 10/23/29		126,580
	100,000	ZF Finance GmbH Reg S 3.75%, 09/21/28		131,657
USD	175,000	ZF North America Capital, Inc. 144A 4.75%, 04/29/25		188,988
EUR	100,000	ZF North America Capital, Inc. Reg S 2.75%, 04/27/23		125,681
				5,539,272
Ghana: 0.2%
USD	200,000	Tullow Oil Plc 144A 7.00%, 03/01/25		174,750
Greece: 0.6%
EUR	100,000	Crystal Almond SARL Reg S 4.25%, 10/15/24		123,170
	100,000	Ellaktor Value Plc Reg S 6.38%, 12/15/24		112,730
	200,000	Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24		148,559
	100,000	Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24		124,408
	100,000	National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26		125,131
				633,998

Principal Amount			Value

Guatamala: 0.1%
USD	100,000	Central American Bottling Corp. 144A 5.75%, 01/31/27	$	105,502
Hungary: 0.1%
EUR	100,000	OTP Bank Nyrt Reg S 2.88% (Euribor ICE Swap Rate 5 Year+3.20%), 07/15/29		123,552
India: 2.2%
USD	250,000	ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24		272,112
	200,000	Bank of Baroda Reg S 3.88%, 04/04/24		211,790
	200,000	Canara Bank Reg S 3.88%, 03/28/24		211,084
	100,000	Delhi International Airport Ltd. 144A 6.45%, 06/04/29 †		99,433
		Jaguar Land Rover Automotive Plc Reg S
EUR	100,000	2.20%, 01/15/24		118,512
GBP	125,000	3.88%, 03/01/23		175,180
USD	200,000	JSW Steel Ltd. Reg S 5.95%, 04/18/24		214,957
	100,000	Muthoot Finance Ltd. 144A 4.40%, 09/02/23		101,235
	100,000	Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o)		106,725
	100,000	ReNew Power Synthetic 144A 6.67%, 03/12/24		104,987
	200,000	Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24		199,030
	200,000	Tata Motors Ltd. Reg S 5.75%, 10/30/24		211,700
	100,000	Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		90,500
	150,000	Vedanta Resources Ltd. 144A 6.13%, 08/09/24		127,612
				2,244,857
Indonesia: 0.7%
	100,000	Adaro Indonesia PT 144A 4.25%, 10/31/24		102,900
	150,000	Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		1,969
	100,000	Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		101,275
	200,000	Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		213,158
	100,000	Saka Energi Indonesia PT 144A 4.45%, 05/05/24		84,429

See Notes to Financial Statements

Principal Amount			Value

Indonesia: (continued)
USD	200,000	Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26	$	202,734
				706,465
Ireland: 0.9%
	150,000	AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45		159,937
EUR	100,000	AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29		123,590
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		141,315
USD	200,000	C&W Senior Financing DAC 144A 6.88%, 09/15/27 †		212,501
	100,000	Stars Group Holdings BV / Stars Group US Co-Borrower LLC 144A 7.00%, 07/15/26		104,810
GBP	100,000	Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28		142,436
				884,589
Israel: 1.9%
		Leviathan Bond Ltd. Reg S 144A
USD	50,000	5.75%, 06/30/23		52,664
	50,000	6.13%, 06/30/25		54,875
	50,000	6.50%, 06/30/27		55,679
	50,000	6.75%, 06/30/30		56,262
	100,000	Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22		100,688
	100,000	Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		106,651
EUR	100,000	Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25		131,395
		Teva Pharmaceutical Finance Netherlands II BV Reg S
	100,000	1.13%, 10/15/24		113,753
	100,000	1.25%, 03/31/23		117,798
		Teva Pharmaceutical Finance Netherlands III BV
USD	275,000	2.80%, 07/21/23		272,629
	325,000	3.15%, 10/01/26		305,581
	200,000	4.10%, 10/01/46 †		170,776
	150,000	6.00%, 04/15/24		158,437
	100,000	6.75%, 03/01/28 †		109,125
	100,000	7.13%, 01/31/25		109,194
				1,915,507

Principal Amount			Value

Italy: 8.4%
EUR	200,000	Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/25 (o)	$	247,482
		Assicurazioni Generali SpA Reg S
	125,000	4.60% (Euribor 3 Month ACT/360+4.50%), 11/21/25 (o)		168,811
GBP	50,000	6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/16/26 (o)		79,248
		Atlantia SpA Reg S
EUR	100,000	1.63%, 02/03/25		123,344
	100,000	1.88%, 07/13/27		124,154
		Autostrade per l’Italia SpA
	100,000	1.63%, 06/12/23		122,305
	100,000	5.88%, 06/09/24		138,821
GBP	50,000	6.25%, 06/09/22		72,530
		Autostrade per l’Italia SpA Reg S
EUR	100,000	1.75%, 06/26/26		123,644
	125,000	1.75%, 02/01/27		154,369
	100,000	1.88%, 09/26/29		122,743
	50,000	4.38%, 09/16/25		68,830
	100,000	Azzurra Aeroporti SpA Reg S 2.13%, 05/30/24		122,473
	100,000	Banca IFIS SpA Reg S 4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27		122,243
		Banca Monte dei Paschi di Siena SpA Reg S
	150,000	3.63%, 09/24/24		191,686
	100,000	5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28		108,553
	100,000	Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24		126,657
		Banco BPM SpA Reg S
	100,000	1.75%, 04/24/23		123,884
	100,000	2.50%, 06/21/24		127,548
	100,000	4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27		125,396
	100,000	BPER Banca Reg S 5.13% (EUR Swap Annual 5 Year+4.91%), 05/31/27		126,472
	100,000	Esselunga SpA Reg S 0.88%, 10/25/23		122,408
	100,000	Iccrea Banca SpA Reg S 1.50%, 10/11/22		122,282
	100,000	Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26		126,402
	100,000	International Design Group SPA Reg S 6.50%, 11/15/25		125,925
		Intesa Sanpaolo SpA 144A
USD	200,000	5.02%, 06/26/24		217,360
	150,000	5.71%, 01/15/26		168,345
		Intesa Sanpaolo SpA Reg S
EUR	100,000	2.86%, 04/23/25		127,819
	100,000	3.93%, 09/15/26		136,061

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Italy: (continued)
EUR	150,000	4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/27	$	190,156
	100,000	5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29		135,993
	200,000	6.63%, 09/13/23		273,944
	100,000	Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (o)		133,291
	50,000	Leonardo Finmeccanica SpA 4.88%, 03/24/25		69,349
	100,000	Leonardo SpA Reg S 1.50%, 06/07/24		123,400
	100,000	SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/25 (o)		125,683
	150,000	Saipem Finance International BV Reg S 3.75%, 09/08/23		191,095
	100,000	Societa Cattolica Di Assicurazione SPA Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47		129,975
	100,000	Sofima Holding SPA 144A 3.75%, 01/15/28		121,150
	100,000	Telecom Italia Finance SA 7.75%, 01/24/33		178,747
		Telecom Italia SpA
	100,000	5.25%, 03/17/55		149,260
GBP	100,000	5.88%, 05/19/23		151,058
USD	100,000	Telecom Italia SpA 144A 5.30%, 05/30/24		109,345
		Telecom Italia SpA Reg S
EUR	100,000	1.63%, 01/18/29		118,531
	100,000	2.38%, 10/12/27		126,020
	100,000	2.50%, 07/19/23		126,030
	200,000	2.88%, 01/28/26		256,880
	100,000	3.00%, 09/30/25		129,709
	150,000	3.63%, 05/25/26		200,864
	200,000	4.00%, 04/11/24		260,515
		UniCredit SpA Reg S
	200,000	2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29		242,082
	200,000	2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32		246,632
	200,000	6.95%, 10/31/22		264,773
	200,000	Unipol Gruppo SpA Reg S 3.00%, 03/18/25		257,649
	100,000	UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (o)		132,042
	100,000	Webuild SpA Reg S 1.75%, 10/26/24		119,268
				8,431,236

Principal Amount			Value

Japan: 1.6%
		Rakuten Group, Inc. 144A
USD	150,000	5.13% (US Treasury Yield Curve Rate T 5 Year+4.58%), 04/22/26 (o)	$	153,112
	150,000	6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/31 (o)		153,937
		SoftBank Group Corp. Reg S
	200,000	4.75%, 09/19/24		214,498
	200,000	5.13%, 09/19/27		211,976
	250,000	6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (o)		254,375
	350,000	6.25%, 04/15/28		394,573
	200,000	6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 07/19/27 (o)		208,325
				1,590,796
Jersey, Channel Islands: 0.6%
	200,000	EG Global Finance Plc 144A 6.75%, 02/07/25		206,199
EUR	100,000	EG Global Finance Plc Reg S 4.38%, 02/07/25		116,979
GBP	100,000	Shop Direct Funding Plc Reg S 7.75%, 11/15/22		140,630
EUR	100,000	Walnut Bidco Plc Reg S 6.75%, 08/01/24		126,174
				589,982
Kazakhstan: 0.4%
USD	100,000	Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42		134,500
		KazMunayGas National Co. JSC 144A
	100,000	4.75%, 04/19/27		114,152
	125,000	5.75%, 04/19/47		150,612
				399,264
Kuwait: 0.2%
	200,000	Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26		197,000
Liechtenstein: 0.1%
EUR	100,000	Louis Dreyfus Co BV Reg S 2.38%, 11/27/25		126,626
Luxembourg: 5.4%
		Altice Financing SA 144A
USD	250,000	5.00%, 01/15/28		247,084
	200,000	7.50%, 05/15/26		208,040
EUR	100,000	Altice Finco SA Reg S 4.75%, 01/15/28		118,504
	100,000	Altice France Holding SA Reg S 8.00%, 05/15/27		131,190
		Altice France SA 144A
USD	100,000	5.50%, 01/15/28		103,149
	840,000	7.38%, 05/01/26		871,962
	300,000	8.13%, 02/01/27		329,250
EUR	100,000	Altice France SA Reg S 3.38%, 01/15/28		118,875

See Notes to Financial Statements

Principal Amount			Value

Luxembourg: (continued)
		ArcelorMittal SA
USD	50,000	3.60%, 07/16/24	$	53,289
	50,000	4.55%, 03/11/26		55,550
	25,000	7.00%, 03/01/41		34,759
	50,000	7.25%, 10/15/39		70,600
		ArcelorMittal SA Reg S
EUR	100,000	0.95%, 01/17/23		121,840
	100,000	1.00%, 05/19/23		122,336
	100,000	1.75%, 11/19/25		126,254
	100,000	2.25%, 01/17/24		126,237
	200,000	ARD Finance SA Reg S 5.75% 06/30/27		246,731
		Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A
USD	150,000	4.13%, 08/15/26		154,500
	125,000	5.25%, 08/15/27		127,917
	100,000	6.00%, 02/15/25		103,277
EUR	175,000	Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.13%, 08/15/26		211,149
	100,000	Centurion Bidco SpA Reg S 5.88%, 09/30/26		126,279
		Energean Israel Finance Ltd. Reg S 144A
USD	60,000	4.50%, 03/30/24		61,642
	60,000	4.88%, 03/30/26		62,059
	60,000	5.38%, 03/30/28		62,180
	60,000	5.88%, 03/30/31		62,065
EUR	100,000	Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/25 (o)		127,772
GBP	100,000	Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26		146,935
USD	50,000	Kenbourne Invest SA 144A 4.70%, 01/22/28 †		51,390
	125,000	Minerva Luxembourg SA 144A 4.38%, 03/18/31		121,924
EUR	100,000	Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24		121,133
	100,000	Rossini SARL Reg S 6.75%, 10/30/25		127,599
	100,000	SES SA Reg S 5.63% (EUR Swap Annual 5 Year+5.40%), 01/29/24 (o)		132,871
	68,750	Sisal Group SpA Reg S 7.00%, 07/31/23		84,102
	100,000	Summer BC Holdco B SARL Reg S 5.75%, 10/31/26		125,392
	100,000	TK Elevator Midco GmbH Reg S 4.38%, 07/15/27		126,701
USD	200,000	Vertical US Newco, Inc. 144A 5.25%, 07/15/27		209,626
				5,432,163

Principal Amount			Value

Mauritius: 0.2%
USD	200,000	IHS Netherlands Holdco BV 144A 8.00%, 09/18/27	$	218,500
Mexico: 4.2%
	82,000	Axtel SAB de CV 144A 6.38%, 11/14/24		85,690
		Cemex SAB de CV 144A
	200,000	3.88%, 07/11/31		198,217
	100,000	5.20%, 09/17/30		108,950
	100,000	7.38%, 06/05/27		113,558
EUR	150,000	Cemex SAB de CV Reg S 2.75%, 12/05/24		183,269
USD	100,000	Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26		102,220
	50,000	Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o)		53,175
	100,000	Nemak SAB de CV 144A 4.75%, 01/23/25		103,518
		Petróleos Mexicanos
	75,000	3.50%, 01/30/23		76,575
	50,000	4.50%, 01/23/26 †		50,375
	125,000	5.35%, 02/12/28		122,956
	50,000	5.63%, 01/23/46		40,635
	175,000	5.95%, 01/28/31		169,199
	150,000	6.35%, 02/12/48		128,035
	75,000	6.38%, 01/23/45		64,798
	100,000	6.49%, 01/23/27		105,875
	250,000	6.50%, 03/13/27		264,687
	125,000	6.50%, 01/23/29		127,375
	100,000	6.50%, 06/02/41 †		89,947
	150,000	6.63%, 06/15/35		145,181
	275,000	6.75%, 09/21/47		243,501
	200,000	6.84%, 01/23/30		205,750
	125,000	6.88%, 08/04/26		136,031
	200,000	6.95%, 01/28/60		177,271
	350,000	7.69%, 01/23/50 †		337,487
	50,000	Petróleos Mexicanos 144A 6.88%, 10/16/25		54,648
		Petróleos Mexicanos Reg S
EUR	100,000	2.75%, 04/21/27		110,981
	100,000	3.75%, 02/21/24		123,028
	100,000	4.75%, 02/26/29		119,703
	100,000	4.88%, 02/21/28		122,014
	50,000	5.50%, 02/24/25		65,222
		Unifin Financiera SAB de CV 144A
USD	100,000	7.00%, 01/15/25		95,772
	100,000	7.25%, 09/27/23		98,195
				4,223,838
Morocco: 0.3%
		OCP SA 144A
	150,000	5.63%, 04/25/24		163,739
	100,000	6.88%, 04/25/44		120,925
				284,664

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Netherlands: 2.1%
EUR	100,000	ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 09/03/25 (o)	$	129,935
USD	100,000	Greenko Dutch BV 144A 3.85%, 03/29/26		101,875
EUR	100,000	Intertrust Group BV Reg S 3.38%, 11/15/25		123,625
USD	125,000	Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73		133,906
EUR	150,000	Lincoln Financing SARL Reg S 3.63%, 04/01/24		183,242
	200,000	OCI NV Reg S 3.13%, 11/01/24		246,846
		PPF Telecom Group BV Reg S
	100,000	3.13%, 03/27/26		129,234
	100,000	3.50%, 05/20/24		128,520
USD	55,000	Tecpetrol SA 144A 4.88%, 12/12/22		54,093
EUR	175,000	TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (o)		222,196
	100,000	Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o)		117,808
	125,000	Ziggo Bond Co. BV Reg S 3.38%, 02/28/30		149,162
		Ziggo BV 144A
USD	100,000	4.88%, 01/15/30		102,899
	200,000	5.50%, 01/15/27		208,383
EUR	80,000	Ziggo BV Reg S 4.25%, 01/15/27		100,335
				2,132,059
Norway: 0.3%
	100,000	Adevinta ASA Reg S 2.63%, 11/15/25		123,991
	100,000	Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/24 (o)		125,368
				249,359
Oman: 0.5%
USD	225,000	Lamar Funding Ltd. Reg S 3.96%, 05/07/25		228,178
	200,000	Oztel Holdings SPC Ltd. 144A 5.63%, 10/24/23		214,108
				442,286
Panama: 0.1%
	99,102	Aeropuerto Internacional de Tocumen SA 144A 6.00%, 11/18/48		106,508
Peru: 0.3%
	75,000	Banco Internacional del Peru SAA Interbank 144A 6.63% (ICE LIBOR USD 3 Month+5.76%), 03/19/29		78,313

Principal Amount			Value

Peru: (continued)
USD	25,000	Hudbay Minerals, Inc. 144A 6.13%, 04/01/29	$	26,614
	100,000	Peru LNG Srl 144A 5.38%, 03/22/30		84,044
	100,000	Volcan Cia Minera SAA 144A 4.38%, 02/11/26		98,772
				287,743
Poland: 0.1%
EUR	100,000	CANPACK SA / Eastern PA Land Investment Holding LLC Reg S 2.38%, 11/01/27		122,848
Portugal: 0.5%
	100,000	Banco Comercial Portugues SA Reg S 3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30		118,483
	100,000	Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28		132,062
	200,000	EDP - Energias de Portugal SA Reg S 4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79		263,031
				513,576
Qatar: 0.2%
USD	200,000	QNB Finansbank AS 144A 4.88%, 05/19/22		203,598
Romania: 0.1%
EUR	100,000	RCS & RDS SA Reg S 2.50%, 02/05/25		120,618
Russia: 1.5%
USD	200,000	Evraz Plc 144A 5.38%, 03/20/23		213,056
	200,000	Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o)		204,200
	200,000	GTLK Europe DAC Reg S 5.13%, 05/31/24		212,604
	100,000	Polyus Finance Plc 144A 5.25%, 02/07/23		105,512
	150,000	Sberbank of Russia Via SB Capital SA 144A 5.13%, 10/29/22		157,138
	100,000	SCF Capital Designated Activity Co. 144A 5.38%, 06/16/23		106,876
		VEON Holdings BV 144A
	100,000	4.00%, 04/09/25		105,227
	100,000	4.95%, 06/16/24		107,321
	100,000	7.25%, 04/26/23		108,525
	200,000	VTB Bank SA 144A 6.95%, 10/17/22		211,861
				1,532,320

See Notes to Financial Statements

Principal Amount			Value

Saudi Arabia: 0.2%
USD	200,000	Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23	$	211,375
Singapore: 1.0%
	200,000	Greenko Investment Co. 144A 4.88%, 08/16/23		205,890
	100,000	Inkia Energy Ltd. 144A 5.88%, 11/09/27		101,625
	100,000	Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		106,095
	250,000	Puma International Financing SA 144A 5.00%, 01/24/26		252,405
	88,670	Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		100,679
	200,000	Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24		210,017
				976,711
South Africa: 1.2%
		Eskom Holdings SOC Ltd. 144A
	100,000	6.75%, 08/06/23		104,575
	100,000	7.13%, 02/11/25		104,958
	100,000	Gold Fields Orogen Holdings BVI Ltd. 144A 5.13%, 05/15/24 †		109,510
	150,000	MTN Mauritius Investments Ltd. 144A 4.76%, 11/11/24		159,515
EUR	100,000	Sappi Papier Holding GmbH Reg S 3.13%, 04/15/26		121,554
	100,000	Sasol Financing International Ltd. 4.50%, 11/14/22		102,500
	300,000	Sasol Financing USA LLC 5.88%, 03/27/24		320,505
	136,215	South Africa Ltd. 144A 3.00% 12/31/22		463
	100,000	Stillwater Mining Co. 144A 7.13%, 06/27/25		104,384
	100,000	Transnet SOC Ltd. 144A 4.00%, 07/26/22		102,259
				1,230,223
South Korea: 0.1%
	100,000	Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o)		104,235
Spain: 3.5%
	100,000	Abanca Corp. Bancaria SA Reg S 6.13% (EUR Swap Annual 5 Year+5.93%), 01/18/29		132,653
	100,000	Abengoa SA 0.00%, 03/31/27 (s)		603
	100,000	ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25		122,255

Principal Amount			Value

Spain: (continued)
		Banco de Sabadell SA Reg S
EUR	100,000	1.75%, 05/10/24	$	124,799
	100,000	5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28		132,042
	100,000	5.63%, 05/06/26		140,769
USD	150,000	BBVA Bancomer SA 144A 6.75%, 09/30/22		161,452
EUR	100,000	Cellnex Telecom SA 1.88%, 06/26/29		122,476
		Cellnex Telecom SA Reg S
	100,000	1.75%, 10/23/30		118,948
	100,000	2.38%, 01/16/24		126,763
	200,000	Cellnex Telecom SAU Reg S 3.13%, 07/27/22		250,278
	100,000	El Corte Ingles SA Reg S 3.00%, 03/15/24		122,284
	100,000	Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 02/14/23 (o)		119,944
	100,000	Gestamp Funding Luxembourg SA Reg S 3.50%, 05/15/23		120,533
		Grifols SA Reg S
	100,000	2.25%, 11/15/27		122,637
	100,000	3.20%, 05/01/25		121,442
	125,000	Grupo Antolin-Irausa SA Reg S 3.25%, 04/30/24		151,256
	100,000	Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27		122,927
	100,000	Naturgy Finance BV Reg S 4.13% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (o)		126,677
	225,000	Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75		296,801
		Telefonica Europe BV Reg S
	100,000	2.63% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (o)		122,914
	100,000	3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (o)		124,079
	100,000	3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o)		129,851
	200,000	4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/24 (o)		261,844
	100,000	5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/24 (o)		134,524
				3,510,751
Sweden: 0.8%
	100,000	Dometic Group AB Reg S 3.00%, 05/08/26		127,422
	100,000	Heimstaden Bostad AB Reg S 3.38% (EUR Swap Annual 5 Year+3.91%), 01/15/26 (o)		125,673
	200,000	Intrum AB Reg S 3.13%, 07/15/24		242,691
	100,000	Norican A/S Reg S 4.50%, 05/15/23		116,521

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Sweden: (continued)
EUR	100,000	Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 01/30/25 (o)	$	121,640
USD	100,000	Stena AB 144A 7.00%, 02/01/24 †		101,615
				835,562
Switzerland: 0.6%
	75,000	Consolidated Energy Finance SA 144A 6.88%, 06/15/25		75,422
EUR	125,000	Dufry One BV Reg S 2.50%, 10/15/24		148,909
	100,000	Holcim Finance Luxembourg SA Reg S 3.00% (Euribor ICE Swap Rate 5 Year+3.07%), 07/05/24 (o)		126,491
	100,000	Peach Property Finance GmbH Reg S 4.38%, 11/15/25		126,373
	100,000	Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25		119,372
				596,567
Tanzania: 0.1%
		AngloGold Ashanti Holdings Plc
USD	50,000	5.13%, 08/01/22 †		52,400
	50,000	6.50%, 04/15/40		61,125
				113,525
Thailand: 0.2%
	200,000	Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		203,860
Trinidad and Tobago: 0.2%
	100,000	Trinidad Generation Unlimited 144A 5.25%, 11/04/27		103,200
	75,000	Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26		84,415
				187,615
Turkey: 2.2%
	150,000	Akbank TAS 144A 5.13%, 03/31/25		149,699
	200,000	KOC Holding AS 144A 5.25%, 03/15/23		206,286
	200,000	TC Ziraat Bankasi AS 144A 5.13%, 05/03/22		202,656
	100,000	Turk Telekomunikasyon AS 144A 4.88%, 06/19/24		103,816
	100,000	Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 †		105,025
	200,000	Turkiye Garanti Bankasi AS 144A 5.25%, 09/13/22		205,592
		Turkiye Ihracat Kredi Bankasi AS 144A

Principal Amount			Value

Turkey: (continued)
USD	100,000	6.13%, 05/03/24	$	101,847
	100,000	8.25%, 01/24/24		106,638
		Turkiye Is Bankasi AS 144A
	100,000	6.00%, 10/24/22		101,257
	150,000	6.13%, 04/25/24		153,269
	100,000	7.85%, 12/10/23		104,622
	100,000	Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 †		110,665
		Turkiye Vakiflar Bankasi TAO 144A
	100,000	5.25%, 02/05/25		97,966
	100,000	5.75%, 01/30/23		101,500
	100,000	6.00%, 11/01/22		101,324
		Yapi ve Kredi Bankasi AS 144A
	100,000	5.50%, 12/06/22		100,684
	50,000	5.85%, 06/21/24		50,750
	50,000	7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 †		50,722
				2,154,318
Ukraine: 0.4%
		Metinvest BV 144A
	150,000	7.75%, 04/23/23		158,250
	100,000	8.50%, 04/23/26		110,994
EUR	100,000	NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.13%, 07/19/24		121,975
USD	9,000	Ukraine Railways Via Shortline Plc Reg S 9.88%, 09/15/21		9,103
				400,322
United Arab Emirates: 1.0%
	200,000	DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o)		219,700
	200,000	Emaar Sukuk Ltd. Reg S 3.64%, 09/15/26		206,357
	200,000	Emirates NBD Bank PJSC Reg S 6.13% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o)		215,575
	250,000	NOVA Chemicals Corp. 144A 5.25%, 08/01/23		253,125
	100,000	Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25		76,188
				970,945
United Kingdom: 8.1%
GBP	100,000	Amigo Luxembourg SA Reg S 7.63%, 01/15/24		118,379
	100,000	Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26		140,965

See Notes to Financial Statements

Principal Amount			Value

United Kingdom: (continued)
GBP	100,000	Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23	$	143,294
USD	50,000	Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25		54,370
GBP	200,000	Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26		278,260
	100,000	Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75		150,639
USD	200,000	Connect Finco SARL / Connect US Finco LLC 144A 6.75%, 10/01/26		209,190
GBP	100,000	Co-Operative Group Ltd. Reg S 5.13%, 05/17/24		148,842
USD	100,000	Drax Finco Plc 144A 6.63%, 11/01/25		103,438
EUR	100,000	G4S International Finance Plc Reg S 1.88%, 05/24/25		120,500
	100,000	Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25		125,245
GBP	100,000	GKN Holdings Ltd. Reg S 4.63%, 05/12/32		149,460
	150,000	Heathrow Finance Plc Reg S 6.25%, 03/03/25		230,268
	100,000	Iceland Bondco Plc Reg S 4.63%, 03/15/25		136,872
EUR	200,000	INEOS Group Holdings SA Reg S 5.38%, 08/01/24		243,672
	200,000	INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27		235,696
		International Consolidated Airlines Group SA Reg S
	100,000	0.50%, 07/04/23		116,362
	100,000	1.50%, 07/04/27		109,410
GBP	100,000	Jerrold Finco Plc Reg S 4.88%, 01/15/26		142,412
	100,000	Ladbrokes Group Finance Plc Reg S 5.13%, 09/16/22		145,222
		Lloyds Banking Group Plc 144A
USD	50,000	6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o)		67,152
	50,000	6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o)		68,715
EUR	100,000	Louvre Bidco SAS Reg S 4.25%, 09/30/24		121,075
GBP	150,000	Marks & Spencer Plc Reg S 6.00%, 06/12/25		234,343
USD	200,000	Motion Bondco DAC 144A 6.63%, 11/15/27 †		203,000
EUR	200,000	Nexi SpA Reg S 1.75%, 10/31/24		245,311

Principal Amount			Value

United Kingdom: (continued)
		NGG Finance Plc Reg S
EUR	100,000	2.13% (EUR Swap Annual 5 Year+2.53%), 09/05/82	$	122,997
GBP	100,000	5.63% (GBP Swap 12 Year+3.48%), 06/18/73		155,680
	100,000	Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25		141,138
EUR	100,000	Playtech Plc Reg S 3.75%, 10/12/23		122,507
		Rolls-Royce Plc Reg S
	100,000	0.88%, 05/09/24		116,846
	200,000	1.63%, 05/09/28		221,770
GBP	100,000	5.75%, 10/15/27		150,838
USD	100,000	Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) †		134,750
GBP	100,000	Stonegate Pub Co Financing 2019 PLC Reg S 8.00%, 07/13/25		144,762
EUR	104,875	Summer BidCo BV Reg S 9.75% 11/15/25		129,478
USD	200,000	Telenet Finance Luxembourg Notes SARL 144A 5.50%, 03/01/28		212,300
GBP	100,000	Travis Perkins Plc Reg S 4.50%, 09/07/23		148,241
EUR	100,000	United Group BV Reg S 4.88%, 07/01/24		122,354
USD	100,000	UPC Holding BV 144A 5.50%, 01/15/28		104,063
	200,000	Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		198,657
	150,000	Virgin Media Finance Plc 144A 5.00%, 07/15/30		149,749
		Virgin Media Secured Finance Plc 144A
GBP	125,000	5.50%, 08/15/26 †		129,857
	100,000	5.50%, 05/15/29		107,050
	100,000	Virgin Media Secured Finance Plc Reg S 5.00%, 04/15/27		145,032
USD	200,000	Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31		193,750
GBP	100,000	Vmed O2 UK Financing I Plc Reg S 4.00%, 01/31/29		138,926
USD	175,000	Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79		213,479
		Vodafone Group Plc Reg S
EUR	300,000	3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79		376,546
USD	200,000	6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78		221,343

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United Kingdom: (continued)
GBP	100,000	William Hill Plc Reg S 4.88%, 09/07/23	$	148,882
				8,093,087
United States: 3.6%
USD	100,000	AES Gener SA 144A 7.13% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		105,961
GBP	44,545	Cabot Financial Luxembourg SA Reg S 7.50%, 10/01/23		63,047
EUR	150,000	Cirsa Finance International SARL 144A 6.25%, 12/20/23		183,457
	100,000	Constellium SE Reg S 4.25%, 02/15/26		123,020
USD	100,000	Cott Holdings, Inc. 144A 5.50%, 04/01/25		102,897
EUR	100,000	DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24		118,080
USD	100,000	Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25		78,914
	100,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		99,524
	25,000	Enstar Finance LLC 5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40		26,406
EUR	150,000	FCE Bank Plc Reg S 1.62%, 05/11/23		183,675
USD	100,000	Garda World Security Corp. 144A 4.63%, 02/15/27		100,125
EUR	100,000	IPD 3 BV Reg S 5.50%, 12/01/25		125,210
USD	50,000	James Hardie International Finance DAC 144A 5.00%, 01/15/28		53,158
		JBS Investments II GmbH 144A
	100,000	5.75%, 01/15/28		106,396
	100,000	7.00%, 01/15/26		106,605
	200,000	LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27		215,262

Principal Amount			Value

United States: (continued)
USD	200,000	MGM China Holdings Ltd. 144A 5.88%, 05/15/26	$	210,468
	100,000	Mong Duong Finance Holdings BV 144A 5.13%, 05/07/29		101,017
EUR	100,000	Nouryon Holding BV Reg S 6.50%, 10/01/26		126,557
	100,000	Platin 1426 GmbH Reg S 5.38%, 06/15/23		121,663
	100,000	Q-Park Holding I BV Reg S 2.00%, 03/01/27		113,309
USD	25,000	Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 †		25,531
EUR	100,000	Sigma Holdco BV Reg S 5.75%, 05/15/26		117,203
		Telesat Canada / Telesat LLC 144A
USD	50,000	4.88%, 06/01/27		48,875
	50,000	6.50%, 10/15/27		49,188
		Verisure Holding AB Reg S
EUR	150,000	3.50%, 05/15/23		182,534
	150,000	3.88%, 07/15/26		185,219
	100,000	Viridian Group FinanceCo Plc / Viridian Power & Energy Holdings DAC Reg S 4.00%, 09/15/25		121,927
		Wynn Macau Ltd. 144A
USD	100,000	5.13%, 12/15/29		101,928
	100,000	5.50%, 01/15/26		105,250
	200,000	5.50%, 10/01/27		210,100
				3,612,506
Zambia: 0.5%
		First Quantum Minerals Ltd. 144A
	100,000	6.88%, 03/01/26		105,237
	200,000	7.50%, 04/01/25		207,875
	200,000	First Quantum Minerals Ltd. 144A 7.25%, 04/01/23		204,000
				517,112
Total Corporate Bonds (Cost: $94,908,713)				99,083,882

See Notes to Financial Statements

Number of Shares			Value

COMMON STOCK: 0.0% (Cost: $5,626)
Canada: 0.0%
	988	Tervita Corp. * †	$	4,216
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $94,914,339)				99,088,098

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% (Cost: $2,171,152)
Money Market Fund: 2.2%
	2,171,152	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,171,152
Total Investments: 101.0% (Cost: $97,085,491)				101,259,250
Liabilities in excess of other assets: (1.0)%				(986,059	)
NET ASSETS: 100.0%			$	100,273,191

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 $4,162,767.
#	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 $34,246,944, or 34.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		8.5	%	$	8,400,151
Consumer Cyclicals		7.2			7,134,283
Consumer Non-Cyclicals		3.7			3,692,015
Energy		9.6			9,491,587
Financials		33.5			33,203,173
Healthcare		2.5			2,428,175
Industrials		11.7			11,632,165
Real Estate		7.0			6,961,051
Technology		11.6			11,522,776
Utilities		4.7			4,622,722
		100.0	%	$	99,088,098

See Notes to Financial Statements

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds
Argentina	$	—	$	661,806		$	—	$	661,806
Australia		—		427,726			—		427,726
Austria		—		294,232			—		294,232
Azerbaijan		—		248,522			—		248,522
Bahamas		—		223,568			—		223,568
Bahrain		—		137,421			—		137,421
Belgium		—		376,658			—		376,658
Bermuda		—		207,261			—		207,261
Brazil		—		7,787,653			—		7,787,653
British Virgin Islands		—		911,160			—		911,160
Bulgaria		—		129,876			—		129,876
Burkina Faso		—		26,032			—		26,032
Canada		—		5,225,906			0		5,225,906
Cayman Islands		—		419,838			—		419,838
Chile		—		158,305			—		158,305
China / Hong Kong		—		9,099,583			—		9,099,583
Colombia		—		1,035,995			—		1,035,995
Curacao		—		76,555			—		76,555
Cyprus		—		526,062			—		526,062
Czech Republic		—		245,863			—		245,863
Denmark		—		215,444			—		215,444
Finland		—		686,081			—		686,081
France		—		6,603,303			—		6,603,303
Georgia		—		106,842			—		106,842
Germany		—		5,539,272			—		5,539,272
Ghana		—		174,750			—		174,750
Greece		—		633,998			—		633,998
Guatamala		—		105,502			—		105,502
Hungary		—		123,552			—		123,552
India		—		2,244,857			—		2,244,857
Indonesia		—		706,465			—		706,465
Ireland		—		884,589			—		884,589
Israel		—		1,915,507			—		1,915,507
Italy		—		8,431,236			—		8,431,236
Japan		—		1,590,796			—		1,590,796
Jersey, Channel Islands		—		589,982			—		589,982
Kazakhstan		—		399,264			—		399,264
Kuwait		—		197,000			—		197,000
Liechtenstein		—		126,626			—		126,626
Luxembourg		—		5,432,163			—		5,432,163
Mauritius		—		218,500			—		218,500
Mexico		—		4,223,838			—		4,223,838
Morocco		—		284,664			—		284,664
Netherlands		—		2,132,059			—		2,132,059
Norway		—		249,359			—		249,359
Oman		—		442,286			—		442,286
Panama		—		106,508			—		106,508
Peru		—		287,743			—		287,743
Poland		—		122,848			—		122,848
Portugal		—		513,576			—		513,576
Qatar		—		203,598			—		203,598
Romania		—		120,618			—		120,618
Russia		—		1,532,320			—		1,532,320
Saudi Arabia		—		211,375			—		211,375
Singapore		—		976,711			—		976,711
South Africa		—		1,230,223			—		1,230,223
South Korea		—		104,235			—		104,235
Spain		—		3,510,751			—		3,510,751
Sweden		—		835,562			—		835,562

See Notes to Financial Statements

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Switzerland	$	—	$	596,567		$	—	$	596,567
Tanzania		—		113,525			—		113,525
Thailand		—		203,860			—		203,860
Trinidad and Tobago		—		187,615			—		187,615
Turkey		—		2,154,318			—		2,154,318
Ukraine		—		400,322			—		400,322
United Arab Emirates		—		970,945			—		970,945
United Kingdom		—		8,093,087			—		8,093,087
United States		—		3,612,506			—		3,612,506
Zambia		—		517,112			—		517,112
Common Stock*		4,216		—			—		4,216
Money Market Fund		2,171,152		—			—		2,171,152
Total	$	2,175,368	$	99,083,882		$	0	$	101,259,250

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

FLOATING RATE NOTES: 99.8%
Australia: 4.1%
$	1,050,000	ASB Bank Ltd. 144A 1.15% (ICE LIBOR USD 3 Month+.97%), 06/14/23	$	1,066,486
		Australia & New Zealand Banking Group Ltd. 144A
	1,025,000	0.67% (ICE LIBOR USD 3 Month+.49%), 11/21/22		1,031,967
	590,000	0.89% (ICE LIBOR USD 3 Month+.71%), 05/19/22		593,971
		Commonwealth Bank of Australia 144A
	725,000	0.88% (ICE LIBOR USD 3 Month+.70%), 03/10/22		728,835
	1,190,000	0.89% (ICE LIBOR USD 3 Month+.70%), 03/16/23		1,202,587
	631,000	Macquarie Bank Ltd. 144A 0.63% (ICE LIBOR USD 3 Month+.45%), 11/24/21		632,249
		Macquarie Group Ltd. 144A
	2,200,000	1.21% (ICE LIBOR USD 3 Month+1.02%), 11/28/23		2,221,868
	2,725,000	1.54% (ICE LIBOR USD 3 Month+1.35%), 03/27/24		2,771,488
		National Australia Bank Ltd. 144A
	1,950,000	0.59% (ICE LIBOR USD 3 Month+.41%), 12/13/22		1,959,454
	1,100,000	0.79% (ICE LIBOR USD 3 Month+.60%), 04/12/23		1,110,752
	650,000	0.89% (ICE LIBOR USD 3 Month+.71%), 11/04/21		652,256
	625,000	0.90% (ICE LIBOR USD 3 Month+.72%), 05/22/22		629,326
	575,000	1.08% (ICE LIBOR USD 3 Month+.89%), 01/10/22		578,507
		Westpac Banking Corp.
	1,500,000	0.58% (ICE LIBOR USD 3 Month+.39%), 01/13/23		1,508,337
	1,025,000	0.76% (ICE LIBOR USD 3 Month+.57%), 01/11/23		1,032,846
	675,000	0.90% (ICE LIBOR USD 3 Month+.71%), 06/28/22		680,485
	1,600,000	0.91% (ICE LIBOR USD 3 Month+.72%), 05/15/23		1,619,017
	2,500,000	0.96% (ICE LIBOR USD 3 Month+.77%), 02/26/24		2,540,201
	585,000	1.04% (ICE LIBOR USD 3 Month+.85%), 01/11/22		588,308
				23,148,940
Canada: 7.5%
		Bank of Montreal
	2,000,000	0.36% (United States Secured Overnight Financing Rate+.35%), 12/08/23		2,001,885
	2,800,000	0.69% (United States Secured Overnight Financing Rate+.68%), 03/10/23		2,826,505
	698,000	0.77% (ICE LIBOR USD 3 Month+.57%), 03/26/22		701,205

Principal Amount			Value

Canada: (continued)
		Bank of Nova Scotia
$	2,100,000	0.46% (United States Secured Overnight Financing Rate+.45%), 04/15/24	$	2,101,460
	5,250,000	0.56% (United States Secured Overnight Financing Rate+.55%), 09/15/23		5,277,547
	700,000	0.82% (ICE LIBOR USD 3 Month+.64%), 03/07/22		703,662
		Canadian Imperial Bank of Commerce
	2,000,000	0.41% (United States Secured Overnight Financing Rate+.40%), 12/14/23		2,001,049
	2,425,000	0.81% (United States Secured Overnight Financing Rate+.80%), 03/17/23		2,446,690
	2,500,000	0.84% (ICE LIBOR USD 3 Month+.66%), 09/13/23		2,536,045
	700,000	0.91% (ICE LIBOR USD 3 Month+.72%), 06/16/22		705,165
		Enbridge, Inc.
	950,000	0.41% (United States Secured Overnight Financing Rate+.40%), 02/17/23		951,461
	1,000,000	0.69% (ICE LIBOR USD 3 Month+.50%), 02/18/22		1,002,973
	1,025,000	Rogers Communications, Inc. 0.79% (ICE LIBOR USD 3 Month+.60%), 03/22/22		1,028,542
		Royal Bank of Canada
	2,300,000	0.31% (United States Secured Overnight Financing Rate+.30%), 01/19/24		2,296,849
	4,950,000	0.46% (United States Secured Overnight Financing Rate+.45%), 10/26/23		4,970,412
	1,725,000	0.55% (ICE LIBOR USD 3 Month+.36%), 01/17/23		1,732,605
	625,000	0.65% (ICE LIBOR USD 3 Month+.47%), 04/29/22		627,791
	575,000	0.91% (ICE LIBOR USD 3 Month+.73%), 02/01/22		577,865
		Toronto-Dominion Bank
	1,150,000	0.25% (United States Secured Overnight Financing Rate+.24%), 01/06/23		1,151,027
	2,500,000	0.37% (United States Secured Overnight Financing Rate+.35%), 03/04/24		2,504,999
	1,650,000	0.46% (United States Secured Overnight Financing Rate+.45%), 09/28/23		1,657,029
	1,975,000	0.49% (United States Secured Overnight Financing Rate+.48%), 01/27/23		1,984,606
				41,787,372

See Notes to Financial Statements

Principal Amount			Value

Cayman Islands: 0.4%
$	2,000,000	MassMutual Global Funding II 144A 0.37% (United States Secured Overnight Financing Rate+.36%), 04/12/24	$	2,003,851
China / Hong Kong: 0.9%
		Tencent Holdings Ltd. 144A
	1,100,000	0.79% (ICE LIBOR USD 3 Month+.60%), 01/19/23		1,104,136
	3,700,000	1.10% (ICE LIBOR USD 3 Month+.91%), 04/11/24 †		3,715,355
				4,819,491
France: 1.2%
	825,000	BPCE SA 1.07% (ICE LIBOR USD 3 Month+.88%), 05/31/22		832,124
		BPCE SA 144A
	575,000	0.45% (United States Secured Overnight Financing Rate+.44%), 02/17/22		575,908
	575,000	1.40% (ICE LIBOR USD 3 Month+1.22%), 05/22/22		580,998
	2,500,000	1.42% (ICE LIBOR USD 3 Month+1.24%), 09/12/23		2,550,997
	550,000	BPCE SA Reg S 0.45% (United States Secured Overnight Financing Rate+.44%), 02/17/22		550,869
	1,825,000	Credit Agricole SA 144A 1.20% (ICE LIBOR USD 3 Month+1.02%), 04/24/23		1,851,396
				6,942,292
Germany: 2.4%
	6,200,000	Bayer US Finance II LLC 144A 1.19% (ICE LIBOR USD 3 Month+1.01%), 12/15/23		6,284,135
	1,050,000	BMW Finance NV 144A 0.99% (ICE LIBOR USD 3 Month+.79%), 08/12/22		1,058,677
		Daimler Finance North America LLC 144A
	575,000	0.87% (ICE LIBOR USD 3 Month+.67%), 11/05/21		576,673
	825,000	1.06% (ICE LIBOR USD 3 Month+.88%), 02/22/22		830,595
	1,850,000	1.09% (ICE LIBOR USD 3 Month+.90%), 02/15/22		1,861,077
	900,000	Deutsche Bank AG 1.38% (ICE LIBOR USD 3 Month+1.19%), 11/16/22		906,402
	1,100,000	Siemens Financieringsmaatschappij NV 144A 0.80% (ICE LIBOR USD 3 Month+.61%), 03/16/22		1,105,885
	910,000	Volkswagen Group of America Finance LLC 144A 1.14% (ICE LIBOR USD 3 Month+.94%), 11/12/21		913,993
				13,537,437

Principal Amount			Value

Japan: 7.5%
		American Honda Finance Corp.
$	630,000	0.64% (ICE LIBOR USD 3 Month+.45%), 02/15/22	$	632,005
	675,000	0.73% (ICE LIBOR USD 3 Month+.54%), 06/27/22		678,835
		Mitsubishi UFJ Financial Group, Inc.
	590,000	0.88% (ICE LIBOR USD 3 Month+.70%), 03/07/22		593,052
	1,500,000	0.93% (ICE LIBOR USD 3 Month+.74%), 03/02/23		1,511,874
	1,425,000	0.97% (ICE LIBOR USD 3 Month+.79%), 07/25/22		1,435,266
	3,575,000	1.04% (ICE LIBOR USD 3 Month+.86%), 07/26/23		3,622,312
	625,000	1.10% (ICE LIBOR USD 3 Month+.92%), 02/22/22		629,204
		Mizuho Financial Group, Inc.
	5,975,000	0.82% (ICE LIBOR USD 3 Month+.63%), 05/25/24		6,002,841
	1,700,000	0.98% (ICE LIBOR USD 3 Month+.79%), 03/05/23		1,718,641
	1,050,000	1.02% (ICE LIBOR USD 3 Month+.84%), 07/16/23		1,057,054
	2,475,000	1.03% (ICE LIBOR USD 3 Month+.85%), 09/13/23		2,494,265
	2,275,000	1.06% (ICE LIBOR USD 3 Month+.88%), 09/11/22		2,297,015
	1,550,000	1.13% (ICE LIBOR USD 3 Month+.94%), 02/28/22		1,560,474
	3,550,000	1.18% (ICE LIBOR USD 3 Month+1.00%), 09/11/24		3,595,300
	700,000	Nissan Motor Acceptance Corp. 144A 1.08% (ICE LIBOR USD 3 Month+.89%), 01/13/22		702,301
		Sumitomo Mitsui Financial Group, Inc.
	1,025,000	0.93% (ICE LIBOR USD 3 Month+.74%), 10/18/22		1,032,418
	1,050,000	0.93% (ICE LIBOR USD 3 Month+.74%), 01/17/23		1,058,134
	675,000	0.97% (ICE LIBOR USD 3 Month+.78%), 07/12/22		679,913
	4,200,000	0.98% (ICE LIBOR USD 3 Month+.80%), 10/16/23 †		4,254,528
	1,100,000	1.05% (ICE LIBOR USD 3 Month+.86%), 07/19/23		1,113,056
		Toyota Motor Credit Corp.
	2,350,000	0.24% (United States Secured Overnight Financing Rate+.23%), 12/13/21 †		2,351,382
	875,000	0.31% (United States Secured Overnight Financing Rate+.30%), 06/13/22		876,334
	925,000	0.35% (ICE LIBOR USD 3 Month+.15%), 02/14/22 †		925,853
	1,325,000	0.66% (ICE LIBOR USD 3 Month+.48%), 09/08/22 †		1,332,643
				42,154,700

See Notes to Financial Statements

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Netherlands: 2.5%
		Cooperatieve Rabobank UA
$	3,750,000	0.31% (United States Secured Overnight Financing Rate+.30%), 01/12/24	$	3,754,057
	625,000	1.02% (ICE LIBOR USD 3 Month+.83%), 01/10/22		628,641
		ING Groep NV
	2,500,000	1.19% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 †		2,539,412
	1,190,000	1.34% (ICE LIBOR USD 3 Month+1.15%), 03/29/22		1,200,725
	2,500,000	Shell International Finance BV 0.59% (ICE LIBOR USD 3 Month+.40%), 11/13/23		2,516,218
	3,300,000	Siemens Financieringsmaatschappij NV 144A 0.44% (United States Secured Overnight Financing Rate+.43%), 03/11/24		3,321,453
				13,960,506
Norway: 0.2%
	1,250,000	DNB Bank ASA 144A 0.81% (ICE LIBOR USD 3 Month+.62%), 12/02/22		1,260,622
Singapore: 0.1%
	675,000	DBS Group Holdings Ltd. 144A 0.80% (ICE LIBOR USD 3 Month+.62%), 07/25/22		678,522
Spain: 0.5%
		Banco Santander SA
	1,000,000	1.27% (ICE LIBOR USD 3 Month+1.09%), 02/23/23		1,013,059
	1,000,000	1.31% (ICE LIBOR USD 3 Month+1.12%), 04/12/23		1,014,587
	600,000	1.75% (ICE LIBOR USD 3 Month+1.56%), 04/11/22		607,131
				2,634,777
Sweden: 0.3%
	1,075,000	Skandinaviska Enskilda Banken AB 144A 0.83% (ICE LIBOR USD 3 Month+.65%), 12/12/22		1,083,570
	675,000	Swedbank AB 144A 0.88% (ICE LIBOR USD 3 Month+.70%), 03/14/22		678,465
				1,762,035
Switzerland: 4.1%
	2,300,000	Credit Suisse AG 0.46% (United States Secured Overnight Financing Rate+.45%), 02/04/22		2,299,252
		Credit Suisse Group AG 144A
	2,500,000	1.38% (ICE LIBOR USD 3 Month+1.20%), 12/14/23		2,525,769
	4,100,000	1.42% (ICE LIBOR USD 3 Month+1.24%), 06/12/24		4,153,682
		UBS Group AG 144A
	4,950,000	0.38% (United States Secured Overnight Financing Rate+.36%), 02/09/24		4,952,727

Principal Amount			Value

Switzerland: (continued)
$	6,200,000	1.14% (ICE LIBOR USD 3 Month+.95%), 08/15/23	$	6,260,217
	2,200,000	1.40% (ICE LIBOR USD 3 Month+1.22%), 05/23/23		2,223,946
	575,000	1.71% (ICE LIBOR USD 3 Month+1.53%), 02/01/22		581,510
				22,997,103
United Kingdom: 7.0%
		Barclays Plc
	8,175,000	1.57% (ICE LIBOR USD 3 Month+1.38%), 05/16/24		8,306,783
	1,500,000	1.62% (ICE LIBOR USD 3 Month+1.43%), 02/15/23		1,511,350
	1,500,000	1.81% (ICE LIBOR USD 3 Month+1.62%), 01/10/23		1,512,648
	1,600,000	BAT Capital Corp. 1.07% (ICE LIBOR USD 3 Month+.88%), 08/15/22		1,610,875
		HSBC Holdings Plc
	10,275,000	1.19% (ICE LIBOR USD 3 Month+1.00%), 05/18/24		10,383,832
	2,750,000	1.41% (ICE LIBOR USD 3 Month+1.23%), 03/11/25		2,800,197
	3,800,000	1.56% (ICE LIBOR USD 3 Month+1.38%), 09/12/26		3,903,813
	600,000	1.69% (ICE LIBOR USD 3 Month+1.50%), 01/05/22		605,353
	1,550,000	Jackson National Life Global Funding 144A 0.61% (United States Secured Overnight Financing Rate+.60%), 01/06/23		1,556,911
	1,000,000	Reckitt Benckiser Treasury Services Plc 144A 0.75% (ICE LIBOR USD 3 Month+.56%), 06/24/22		1,005,770
		Standard Chartered Plc 144A
	1,650,000	1.26% (United States Secured Overnight Financing Rate+1.25%), 10/14/23		1,665,800
	1,200,000	1.34% (ICE LIBOR USD 3 Month+1.15%), 01/20/23		1,207,268
	2,900,000	1.38% (ICE LIBOR USD 3 Month+1.20%), 09/10/22 †		2,909,645
				38,980,245
United States: 61.1%
	3,150,000	7-Eleven, Inc. 144A 0.65% (ICE LIBOR USD 3 Month+.45%), 08/10/22		3,152,048
		AbbVie, Inc.
	875,000	0.64% (ICE LIBOR USD 3 Month+.46%), 11/19/21		876,293
	1,500,000	0.83% (ICE LIBOR USD 3 Month+.65%), 11/21/22		1,509,701
	3,000,000	American Electric Power Co., Inc. 0.66% (ICE LIBOR USD 3 Month+.48%), 11/01/23		3,003,840

See Notes to Financial Statements

Principal Amount			Value

United States: (continued)
		American Express Co.
$	1,175,000	0.80% (ICE LIBOR USD 3 Month+.60%), 11/05/21	$	1,177,651
	1,085,000	0.80% (ICE LIBOR USD 3 Month+.62%), 05/20/22		1,090,362
	2,500,000	0.93% (ICE LIBOR USD 3 Month+.75%), 08/03/23		2,530,690
	1,100,000	American Honda Finance Corp. 0.33% (ICE LIBOR USD 3 Month+.15%), 02/22/23		1,099,415
		Apple, Inc.
	895,000	0.55% (ICE LIBOR USD 3 Month+.35%), 05/11/22		898,134
	1,200,000	0.69% (ICE LIBOR USD 3 Month+.50%), 02/09/22		1,204,675
		AT&T, Inc.
	2,500,000	0.65% (United States Secured Overnight Financing Rate+.64%), 03/25/24		2,504,187
	8,375,000	1.36% (ICE LIBOR USD 3 Month+1.18%), 06/12/24		8,558,161
	725,000	Athene Global Funding 144A 1.42% (ICE LIBOR USD 3 Month+1.23%), 07/01/22		733,243
	2,300,000	Atmos Energy Corp. 0.57% (ICE LIBOR USD 3 Month+.38%), 03/09/23		2,301,418
		Bank of America Corp.
	3,000,000	0.70% (United States Secured Overnight Financing Rate+.69%), 04/22/25		3,009,689
	2,500,000	0.74% (United States Secured Overnight Financing Rate+.73%), 10/24/24		2,513,050
	1,150,000	0.85% (ICE LIBOR USD 3 Month+.65%), 06/25/22		1,151,033
	7,350,000	0.97% (ICE LIBOR USD 3 Month+.77%), 02/05/26		7,403,703
	7,425,000	0.98% (ICE LIBOR USD 3 Month+.79%), 03/05/24		7,491,572
	2,750,000	1.13% (ICE LIBOR USD 3 Month+.96%), 07/23/24 †		2,786,590
	3,025,000	1.18% (ICE LIBOR USD 3 Month+1.00%), 04/24/23		3,048,668
	1,525,000	1.35% (ICE LIBOR USD 3 Month+1.16%), 01/20/23		1,536,414
	1,050,000	1.37% (ICE LIBOR USD 3 Month+1.18%), 10/21/22		1,055,157
	2,500,000	Bank of New York Mellon Corp. 1.24% (ICE LIBOR USD 3 Month+1.05%), 10/30/23		2,534,180
	675,000	Becton Dickinson and Co. 1.21% (ICE LIBOR USD 3 Month+1.03%), 06/06/22		681,015
	2,500,000	BMW US Capital LLC 144A 0.54% (United States Secured Overnight Financing Rate+.53%), 04/01/24		2,514,791

Principal Amount			Value

United States: (continued)
		Caterpillar Financial Services Corp.
$	905,000	0.40% (ICE LIBOR USD 3 Month+.20%), 11/12/21	$	906,227
	717,000	0.41% (ICE LIBOR USD 3 Month+.22%), 01/06/22		717,806
	2,050,000	CenterPoint Energy Resources Corp 0.68% (ICE LIBOR USD 3 Month+.50%), 03/02/23		2,050,559
	4,300,000	Charles Schwab Corp. 0.51% (United States Secured Overnight Financing Rate+.50%), 03/18/24		4,329,083
	2,500,000	Chevron USA, Inc. 0.40% (ICE LIBOR USD 3 Month+.20%), 08/11/23		2,506,672
	1,500,000	Cigna Corp. 1.07% (ICE LIBOR USD 3 Month+.89%), 07/15/23		1,518,883
	1,850,000	Citibank NA 0.78% (ICE LIBOR USD 3 Month+.60%), 05/20/22		1,859,223
		Citigroup, Inc.
	2,725,000	0.74% (ICE LIBOR USD 3 Month+.55%), 08/25/36		2,334,243
	950,000	0.88% (United States Secured Overnight Financing Rate+.87%), 11/04/22		953,453
	1,600,000	1.13% (ICE LIBOR USD 3 Month+.95%), 07/24/23		1,613,004
	1,475,000	1.14% (ICE LIBOR USD 3 Month+.96%), 04/25/22		1,486,217
	5,469,000	1.21% (ICE LIBOR USD 3 Month+1.02%), 06/01/24		5,536,370
	925,000	1.25% (ICE LIBOR USD 3 Month+1.07%), 12/08/21		929,971
	8,150,000	1.29% (ICE LIBOR USD 3 Month+1.10%), 05/17/24		8,263,986
	3,275,000	1.45% (ICE LIBOR USD 3 Month+1.25%), 07/01/26		3,359,573
	9,900,000	1.62% (ICE LIBOR USD 3 Month+1.43%), 09/01/23		10,052,623
	2,475,000	Comcast Corp. 0.81% (ICE LIBOR USD 3 Month+.63%), 04/15/24		2,504,273
	700,000	ConocoPhillips Co. 1.10% (ICE LIBOR USD 3 Month+.90%), 05/15/22		705,899
	3,300,000	Credit Suisse AG 0.40% (United States Secured Overnight Financing Rate+.39%), 02/02/24		3,288,958
	4,975,000	Dominion Energy, Inc. 0.71% (ICE LIBOR USD 3 Month+.53%), 09/15/23		4,979,881
	925,000	Duke Energy Progress LLC 0.37% (ICE LIBOR USD 3 Month+.18%), 02/18/22		924,927

See Notes to Financial Statements

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United States: (continued)
$	1,250,000	Equitable Financial Life Global Funding 144A 0.40% (United States Secured Overnight Financing Rate+.39%), 04/06/23	$	1,250,689
		Exxon Mobil Corp.
	1,525,000	0.52% (ICE LIBOR USD 3 Month+.33%), 08/16/22 †		1,531,018
	600,000	0.55% (ICE LIBOR USD 3 Month+.37%), 03/06/22 †		602,193
	6,300,000	Florida Power & Light Co. 0.56% (ICE LIBOR USD 3 Month+.38%), 07/28/23		6,300,273
	4,650,000	General Electric Capital Corp. 0.58% (ICE LIBOR USD 3 Month+.38%), 05/05/26		4,530,623
		General Motors Financial Co., Inc.
	2,500,000	1.22% (United States Secured Overnight Financing Rate+1.20%), 11/17/23		2,537,975
	650,000	1.51% (ICE LIBOR USD 3 Month+1.31%), 06/30/22		657,098
	625,000	1.74% (ICE LIBOR USD 3 Month+1.55%), 01/14/22		630,326
	2,525,000	Gilead Sciences, Inc. 0.71% (ICE LIBOR USD 3 Month+.52%), 09/29/23		2,527,770
		Goldman Sachs Group, Inc.
	1,400,000	0.42% (United States Secured Overnight Financing Rate+.41%), 01/27/23		1,399,864
	1,650,000	0.56% (United States Secured Overnight Financing Rate+.54%), 11/17/23		1,651,183
	2,300,000	0.59% (United States Secured Overnight Financing Rate+.58%), 03/08/24		2,302,964
	5,175,000	0.93% (ICE LIBOR USD 3 Month+.75%), 02/23/23		5,216,451
	2,425,000	0.97% (ICE LIBOR USD 3 Month+.78%), 10/31/22		2,431,777
	1,700,000	1.18% (ICE LIBOR USD 3 Month+1.00%), 07/24/23		1,713,765
	1,600,000	1.24% (ICE LIBOR USD 3 Month+1.05%), 06/05/23		1,612,409
	7,500,000	1.36% (ICE LIBOR USD 3 Month+1.17%), 05/15/26		7,628,267
	8,900,000	1.79% (ICE LIBOR USD 3 Month+1.60%), 11/29/23		9,171,138
	5,000,000	1.93% (ICE LIBOR USD 3 Month+1.75%), 10/28/27		5,231,669
	2,450,000	Hartford Financial Services Group, Inc. 144A 2.32% (ICE LIBOR USD 3 Month+2.12%), 02/12/47		2,358,195
		Honeywell International, Inc.
	1,100,000	0.41% (ICE LIBOR USD 3 Month+.23%), 08/19/22		1,100,777

Principal Amount			Value

United States: (continued)
$	1,350,000	0.56% (ICE LIBOR USD 3 Month+.37%), 08/08/22 †	$	1,355,421
	1,400,000	Hyatt Hotels Corp. 3.19% (ICE LIBOR USD 3 Month+3.00%), 09/01/22		1,408,982
	1,050,000	Intel Corp. 0.55% (ICE LIBOR USD 3 Month+.35%), 05/11/22		1,052,816
	1,300,000	International Business Machines Corp. 0.77% (ICE LIBOR USD 3 Month+.58%), 11/06/21 †		1,303,667
		JPMorgan Chase & Co.
	4,300,000	0.59% (United States Secured Overnight Financing Rate+.58%), 03/16/24		4,314,939
	2,500,000	0.90% (United States Secured Overnight Financing Rate+.89%), 04/22/27		2,512,962
	2,500,000	0.90% (ICE LIBOR USD 3 Month+.73%), 04/23/24		2,518,658
	2,745,000	1.04% (ICE LIBOR USD 3 Month+.85%), 01/10/25		2,782,702
	5,200,000	1.06% (ICE LIBOR USD 3 Month+.89%), 07/23/24		5,268,509
	3,800,000	1.08% (ICE LIBOR USD 3 Month+.90%), 04/25/23		3,826,003
	1,025,000	1.18% (ICE LIBOR USD 3 Month+1.00%), 01/15/23		1,031,162
	3,100,000	1.19% (ICE LIBOR USD 3 Month+1.00%), 05/15/47		2,707,695
	9,900,000	1.41% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 †		10,043,243
	3,250,000	LYB International Finance III LLC 1.20% (ICE LIBOR USD 3 Month+1.00%), 10/01/23		3,257,667
	725,000	MassMutual Global Funding II 144A 0.35% (ICE LIBOR USD 3 Month+.15%), 01/07/22		725,536
	1,100,000	Met Tower Global Funding 144A 0.56% (United States Secured Overnight Financing Rate+.55%), 01/17/23		1,105,833
	3,100,000	Metropolitan Life Global Funding I 144A 0.33% (United States Secured Overnight Financing Rate+.32%), 01/07/24		3,107,956
	1,975,000	0.58% (United States Secured Overnight Financing Rate+.57%), 01/13/23		1,986,340
		Morgan Stanley
	4,650,000	0.71% (United States Secured Overnight Financing Rate+.70%), 01/20/23		4,662,684
	825,000	0.84% (United States Secured Overnight Financing Rate+.83%), 06/10/22		825,541
	2,650,000	1.11% (ICE LIBOR USD 3 Month+.93%), 07/22/22		2,654,220

See Notes to Financial Statements

Principal Amount			Value

United States: (continued)
$	9,545,000	1.41% (ICE LIBOR USD 3 Month+1.22%), 05/08/24	$	9,705,300
	11,023,000	1.58% (ICE LIBOR USD 3 Month+1.40%), 10/24/23		11,203,543
	2,000,000	MPLX LP 1.29% (ICE LIBOR USD 3 Month+1.10%), 09/09/22		2,001,059
		New York Life Global Funding 144A
	1,600,000	0.23% (United States Secured Overnight Financing Rate+.22%), 02/02/23		1,599,591
	915,000	0.47% (ICE LIBOR USD 3 Month+.28%), 01/21/22		916,611
	1,096,000	0.47% (ICE LIBOR USD 3 Month+.28%), 01/10/23		1,100,222
		NextEra Energy Capital Holdings, Inc.
	3,250,000	0.45% (ICE LIBOR USD 3 Month+.27%), 02/22/23		3,250,495
	950,000	0.55% (United States Secured Overnight Financing Rate+.54%), 03/01/23		953,081
	1,870,000	ONE Gas, Inc. 0.79% (ICE LIBOR USD 3 Month+.61%), 03/11/23		1,870,566
	1,050,000	Otis Worldwide Corp. 0.64% (ICE LIBOR USD 3 Month+.45%), 04/05/23		1,049,706
	1,700,000	Pacific Gas and Electric Co. 1.57% (ICE LIBOR USD 3 Month+1.38%), 11/15/21		1,705,746
	700,000	1.67% (ICE LIBOR USD 3 Month+1.48%), 06/16/22		700,560
		PNC Bank NA
	2,000,000	0.50% (ICE LIBOR USD 3 Month+.33%), 02/24/23		2,004,119
	1,525,000	0.62% (ICE LIBOR USD 3 Month+.43%), 12/09/22		1,528,500
	1,100,000	0.63% (ICE LIBOR USD 3 Month+.45%), 07/22/22		1,101,056
	1,100,000	0.68% (ICE LIBOR USD 3 Month+.50%), 07/27/22		1,106,190
	2,300,000	Public Storage 0.48% (United States Secured Overnight Financing Rate+.47%), 04/23/24		2,302,524
	1,050,000	QUALCOMM, Inc. 0.92% (ICE LIBOR USD 3 Month+.73%), 01/30/23		1,061,201
	1,200,000	Southern California Edison Co. 0.45% (ICE LIBOR USD 3 Month+.27%), 12/03/21		1,200,036
	750,000	TD Ameritrade Holding Corp. 0.61% (ICE LIBOR USD 3 Month+.43%), 11/01/21		751,470
		Toyota Motor Credit Corp.
	1,400,000	0.23% (United States Secured Overnight Financing Rate+.22%), 03/28/22		1,401,071

Principal Amount			Value

United States: (continued)
$	1,400,000	0.33% (United States Secured Overnight Financing Rate+.32%), 04/06/23	$	1,402,041
	2,500,000	0.34% (United States Secured Overnight Financing Rate+.33%), 01/11/24		2,505,834
	1,150,000	0.35% (United States Secured Overnight Financing Rate+.34%), 10/14/22		1,152,932
		Truist Bank
	950,000	0.74% (United States Secured Overnight Financing Rate+.73%), 03/09/23		958,645
	875,000	0.78% (ICE LIBOR USD 3 Month+.59%), 05/17/22		879,470
	620,000	TWDC Enterprises 18 Corp. 0.57% (ICE LIBOR USD 3 Month+.39%), 03/04/22		621,956
	1,100,000	United Parcel Service, Inc. 0.65% (ICE LIBOR USD 3 Month+.45%), 04/01/23		1,106,673
		US Bank NA
	1,625,000	0.37% (ICE LIBOR USD 3 Month+.18%), 01/21/22		1,626,471
	1,290,000	0.59% (ICE LIBOR USD 3 Month+.40%), 12/09/22		1,296,183
	900,000	0.62% (ICE LIBOR USD 3 Month+.44%), 05/23/22		903,733
	2,875,000	Valero Energy Corp. 1.33% (ICE LIBOR USD 3 Month+1.15%), 09/15/23		2,882,240
		Verizon Communications, Inc.
	2,500,000	0.51% (United States Secured Overnight Financing Rate+.50%), 03/22/24		2,511,652
	1,900,000	0.80% (United States Secured Overnight Financing Rate+.79%), 03/20/26		1,932,552
	1,400,000	1.19% (ICE LIBOR USD 3 Month+1.00%), 03/16/22		1,410,914
	8,800,000	1.30% (ICE LIBOR USD 3 Month+1.10%), 05/15/25		9,018,372
	1,130,000	Walt Disney Co. 0.58% (ICE LIBOR USD 3 Month+.39%), 09/01/22		1,135,506
		Wells Fargo & Co.
	1,175,000	1.29% (ICE LIBOR USD 3 Month+1.11%), 01/24/23		1,183,412
	9,850,000	1.42% (ICE LIBOR USD 3 Month+1.23%), 10/31/23		10,001,546
		Wells Fargo Bank NA
	1,200,000	0.81% (ICE LIBOR USD 3 Month+.62%), 05/27/22		1,200,482
	2,000,000	0.85% (ICE LIBOR USD 3 Month+.66%), 09/09/22 †		2,004,853
				342,274,585
Total Floating Rate Notes (Cost: $556,196,160)				558,942,478

See Notes to Financial Statements

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

Number of Shares			Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% (Cost: $2,107,752)
Money Market Fund: 0.4%
	2,107,752	State Street Navigator Securities Lending Government Money Market Portfolio	$	2,107,752
Total Investments: 100.2% (Cost: $558,303,912)				561,050,230
Liabilities in excess of other assets: (0.2)%				(1,241,567	)
NET ASSETS: 100.0%			$	559,808,663

Definitions:
USD	United States Dollar

Footnotes:
†	Security fully or partially on loan. Total market value of securities on loan is $6,772,080.
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 $97,512,655, or 17.4% of net assets.

Summary of Investments by Sector	% of
Excluding Collateral for Securities Loaned	Investments			Value
Consumer Cyclicals		2.9	%	$	16,037,456
Consumer Non-Cyclicals		2.9			16,177,082
Energy		2.6			14,699,733
Financials		75.6			422,733,383
Healthcare		2.4			13,397,797
Industrials		1.5			8,077,299
Real Estate		0.4			2,302,524
Technology		6.5			36,275,822
Utilities		5.2			29,241,382
		100.0	%	$	558,942,478

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Floating Rate Notes*	$	—	$	558,942,478		$	—	$	558,942,478
Money Market Fund		2,107,752		—			—		2,107,752
Total	$	2,107,752	$	558,942,478		$	—	$	561,050,230

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

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

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 5.9%
Colombia: 0.1%
COP	3,596,000,000	Empresas Públicas de Medellín ESP Reg S 7.63%, 09/10/24	$	994,698
	12,300,000,000	Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24		3,524,343
				4,519,041
Germany: 0.0%
ZAR	8,300,000	Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23		599,980
Indonesia: 0.6%
		Perusahaan Penerbit SBSN
IDR	41,960,000,000	6.50%, 05/15/23		3,008,633
	29,440,000,000	6.63%, 10/15/24		2,125,996
	54,489,000,000	8.25%, 09/15/23		4,041,670
	37,420,000,000	8.75%, 08/15/23		2,801,320
	118,130,000,000	8.88%, 11/15/31		9,470,369
				21,447,988
Mexico: 0.1%
		Petróleos Mexicanos Reg S
MXN	28,330,000	7.19%, 09/12/24		1,326,572
	50,200,000	7.65%, 11/24/21		2,492,174
				3,818,746
Russia: 0.1%
RUB	134,900,000	RusHydro Via RusHydro Capital Markets DAC Reg S 8.13%, 09/28/22		1,858,850
South Africa: 0.4%
		Eskom Holdings Ltd.
ZAR	82,330,000	0.00%, 08/18/27 ^		2,366,547
	11,000,000	7.50%, 09/15/33		554,707
	25,350,000	7.85%, 04/02/26		1,715,592
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		1,507,293
	85,800,000	10.80%, 11/06/23		6,468,617
	5,000,000	13.50%, 04/18/28		415,619
				13,028,375
Supranational: 4.5%
		European Bank for Reconstruction & Development
PLN	7,400,000	0.20%, 12/23/22		1,950,574
	8,500,000	0.25%, 11/20/23		2,230,710
IDR	67,170,000,000	6.25%, 07/25/22		4,714,664
	5,600,000,000	6.45%, 12/13/22		396,691
	37,220,000,000	7.50%, 05/15/22		2,630,896
RUB	62,000,000	European Bank for Reconstruction & Development Reg S 6.00%, 07/24/23		833,672
		European Investment Bank
PLN	41,000,000	4.25%, 10/25/22		11,459,419
ZAR	5,200,000	7.25%, 02/28/23		372,972
MXN	44,420,000	7.63%, 01/12/22		2,249,128

Principal Amount			Value

Supranational: (continued)
MXN	17,210,000	7.75%, 01/30/25	$	908,625
ZAR	214,265,000	8.13%, 12/21/26		15,646,551
IDR	51,750,000,000	European Investment Bank 144A 5.75%, 01/24/25		3,662,034
		European Investment Bank Reg S
PLN	36,458,000	2.75%, 08/25/26		10,422,963
	47,602,000	3.00%, 05/24/24		13,502,475
IDR	63,500,000,000	5.20%, 03/01/22		4,395,106
ZAR	17,500,000	8.00%, 05/05/27		1,266,043
	7,600,000	8.50%, 09/17/24		562,183
		Inter-American Development Bank
MXN	129,870,000	7.50%, 12/05/24		6,728,946
IDR	53,740,000,000	7.88%, 03/14/23		3,912,250
MXN	52,500,000	Inter-American Development Bank Reg S 7.70%, 02/12/24		2,723,302
		International Bank for Reconstruction & Development
RUB	160,000,000	5.00%, 01/28/25		2,128,503
	467,400,000	6.00%, 07/31/24		6,294,776
	198,500,000	6.14%, 06/27/22		2,686,741
	484,700,000	6.75%, 11/14/22		6,565,211
IDR	32,100,000,000	7.25%, 03/15/24		2,348,926
		International Finance Corp.
RUB	540,000,000	5.50%, 03/20/23		7,168,592
	37,300,000	6.38%, 04/11/22		500,335
	537,100,000	6.50%, 02/04/26		7,379,771
BRL	1,800,000	7.00%, 02/14/24		336,394
MXN	175,100,000	7.00%, 07/20/27		8,848,519
	2,500,000	7.25%, 02/02/24		128,999
	104,600,000	7.50%, 01/18/28		5,411,337
	122,880,000	7.75%, 01/18/30		6,399,237
IDR	17,500,000,000	8.00%, 10/09/23		1,289,694
ZAR	3,000,000	8.00%, 07/27/27		211,108
MXN	50,500,000	International Finance Corp. Reg S 8.38%, 05/31/29		2,717,931
				150,985,278
United Kingdom: 0.1%
		European Bank for Reconstruction & Development
RUB	34,200,000	5.00%, 11/05/24		446,545
TRY	810,000	8.00%, 10/17/22		85,661
	8,100,000	12.50%, 02/09/23		872,713
	5,400,000	European Bank for Reconstruction & Development Reg S 10.00%, 09/28/22		589,363
				1,994,282
United States: 0.0%
	1,000,000	International Finance Corp. 8.80%, 10/11/22		109,902
Total Corporate Bonds (Cost: $215,794,927)				198,362,442

See Notes to Financial Statements

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

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

GOVERNMENT OBLIGATIONS: 91.9%
Brazil: 8.6%
		Brazil Government International Bonds
BRL	6,490,000	8.50%, 01/05/24	$	1,253,798
	9,540,000	10.25%, 01/10/28		1,891,066
		Brazil Letras do Tesouro Nacional
	148,010,000	0.00%, 07/01/22 ^		25,584,421
	240,810,000	0.00%, 07/01/23 ^		38,275,143
	492,880,000	0.00%, 01/01/24 ^		74,911,123
	61,110,000	0.00%, 07/01/24 ^		8,886,426
		Brazil Notas do Tesouro Nacional, Series F
	226,223,000	10.00%, 01/01/23		43,943,624
	185,445,000	10.00%, 01/01/25		36,394,231
	165,960,000	10.00%, 01/01/27		32,530,734
	96,680,000	10.00%, 01/01/29		18,880,581
	38,680,000	10.00%, 01/01/31		7,516,105
				290,067,252
Chile: 3.0%
		Bonos de la Tesoreria de la Republica de Chile
CLP	16,510,000,000	2.50%, 03/01/25		23,274,706
	10,710,000,000	4.50%, 03/01/26		16,254,980
	12,165,000,000	5.00%, 03/01/35		18,339,819
	9,590,000,000	6.00%, 01/01/43		16,123,727
		Bonos de la Tesoreria de la Republica de Chile Reg S 144A
	3,030,000,000	2.30%, 10/01/28		3,907,878
	5,425,000,000	4.00%, 03/01/23		7,994,021
	9,830,000,000	4.70%, 09/01/30		14,770,826
				100,665,957
China / Hong Kong: 9.9%
		China Government Bonds
CNY	142,990,000	1.99%, 04/09/25		21,299,577
	114,300,000	2.36%, 07/02/23		17,519,754
	177,960,000	2.68%, 05/21/30		26,354,937
	177,680,000	2.85%, 06/04/27		27,063,720
	104,940,000	2.88%, 11/05/23		16,268,847
	95,450,000	2.94%, 10/17/24		14,799,576
	146,080,000	3.02%, 10/22/25		22,637,829
	21,290,000	3.03%, 03/11/26		3,300,307
	109,700,000	3.12%, 12/05/26		17,059,235
	103,730,000	3.13%, 11/21/29		15,935,775
	133,710,000	3.19%, 04/11/24		20,898,264
	92,090,000	3.22%, 12/06/25		14,399,792
	136,750,000	3.25%, 06/06/26		21,406,265
	80,450,000	3.25%, 11/22/28		12,522,608
	110,880,000	3.27%, 11/19/30		17,283,132
	87,380,000	3.28%, 12/03/27		13,626,365
	94,680,000	3.29%, 10/18/23		14,853,355
	120,970,000	3.29%, 05/23/29		18,813,808
	123,140,000	3.81%, 09/14/50		19,477,774
				335,520,920
Colombia: 4.0%
		Colombia Government International Bonds
COP	2,825,000,000	4.38%, 03/21/23		772,818
	4,334,000,000	9.85%, 06/28/27		1,437,262

Principal Amount			Value

Colombia: (continued)
		Colombian TES
COP	35,955,000,000	5.75%, 11/03/27	$	9,390,731
	68,473,100,000	6.00%, 04/28/28		17,964,930
	42,966,000,000	6.25%, 11/26/25		11,973,016
	51,131,900,000	7.00%, 05/04/22		14,325,244
	55,306,700,000	7.00%, 06/30/32		14,545,914
	59,625,000,000	7.25%, 10/18/34		15,728,173
	19,564,000,000	7.25%, 10/26/50		4,745,087
	62,536,700,000	7.50%, 08/26/26		18,128,855
	45,847,100,000	7.75%, 09/18/30		12,938,245
	41,833,800,000	10.00%, 07/24/24		13,045,923
				134,996,198
Czech Republic: 4.0%
		Czech Republic Government Bonds
CZK	109,100,000	0.05%, 11/29/29		4,441,034
	265,200,000	0.25%, 02/10/27		11,502,973
	216,680,000	1.20%, 03/13/31		9,568,449
	258,520,000	2.00%, 10/13/33		12,207,306
	233,950,000	2.75%, 07/23/29		11,831,881
		Czech Republic Government Bonds Reg S
	225,820,000	0.45%, 10/25/23		10,381,022
	278,570,000	0.95%, 05/15/30		12,143,300
	307,750,000	1.00%, 06/26/26		14,020,982
	232,950,000	2.40%, 09/17/25		11,351,649
	252,290,000	2.50%, 08/25/28		12,487,914
	131,500,000	4.20%, 12/04/36		7,885,655
	175,420,000	4.70%, 09/12/22		8,623,720
	160,110,000	5.70%, 05/25/24		8,510,327
				134,956,212
Dominican Republic: 1.4%
DOP	1,337,450,000	Dominican Republic International Bonds 144A 9.75%, 06/05/26		26,012,498
		Dominican Republic International Bonds Reg S
	926,050,000	8.90%, 02/15/23		16,982,192
	241,700,000	9.75%, 06/05/26		4,700,902
				47,695,592
Hungary: 3.8%
		Hungary Government Bonds
HUF	3,072,150,000	1.00%, 11/26/25		10,024,769
	1,713,520,000	1.50%, 08/23/23		5,806,485
	2,866,560,000	1.50%, 04/22/26		9,522,875
	1,706,080,000	1.75%, 10/26/22		5,807,493
	951,700,000	2.00%, 05/23/29		3,171,072
	1,375,870,000	2.25%, 04/20/33		4,378,955
	2,590,460,000	2.50%, 10/24/24		9,025,821
	2,325,170,000	2.75%, 12/22/26		8,186,838
	2,109,660,000	3.00%, 06/26/24		7,451,754
	2,836,000,000	3.00%, 10/27/27		10,160,583
	2,491,380,000	3.00%, 08/21/30		8,811,382
	1,346,170,000	3.00%, 10/27/38		4,392,478
	3,115,110,000	3.25%, 10/22/31		11,155,241
	2,757,750,000	5.50%, 06/24/25		10,702,060
	2,334,710,000	6.00%, 11/24/23		8,798,739
	1,527,870,000	6.75%, 10/22/28		6,798,305
	1,358,320,000	7.00%, 06/24/22		4,875,018
				129,069,868

See Notes to Financial Statements

Principal Amount			Value

Indonesia: 8.5%
		Indonesia Treasury Bonds
IDR	67,040,000,000	5.50%, 04/15/26	$	4,613,670
	107,270,000,000	5.63%, 05/15/23		7,550,412
	190,061,000,000	6.13%, 05/15/28		13,098,486
	35,560,000,000	6.25%, 06/15/36		2,422,363
	260,820,000,000	6.50%, 06/15/25		18,702,843
	113,940,000,000	6.50%, 02/15/31		7,909,936
	147,863,000,000	6.63%, 05/15/33		10,183,354
	13,730,000,000	7.00%, 05/15/22		981,954
	201,528,000,000	7.00%, 05/15/27		14,689,989
	251,410,000,000	7.00%, 09/15/30		18,001,965
	94,850,000,000	7.50%, 08/15/32		6,882,912
	184,020,000,000	7.50%, 06/15/35		13,177,845
	133,130,000,000	7.50%, 05/15/38		9,461,585
	187,310,000,000	7.50%, 04/15/40		13,316,580
	156,280,000,000	8.13%, 05/15/24		11,718,458
	186,360,000,000	8.25%, 05/15/29		14,350,946
	126,114,000,000	8.25%, 06/15/32		9,618,069
	191,855,000,000	8.25%, 05/15/36		14,627,333
	200,093,000,000	8.38%, 03/15/24		15,029,485
	286,127,000,000	8.38%, 09/15/26		22,118,439
	243,014,000,000	8.38%, 03/15/34		18,663,038
	108,640,000,000	8.38%, 04/15/39		8,358,398
	110,307,000,000	8.75%, 05/15/31		8,770,266
	156,492,000,000	9.00%, 03/15/29		12,539,294
	45,431,000,000	9.50%, 07/15/31		3,758,790
	39,502,000,000	10.50%, 08/15/30		3,458,889
	56,712,000,000	11.00%, 09/15/25		4,713,633
				288,718,932
Malaysia: 5.6%
		Malaysia Government Bonds
MYR	17,110,000	2.63%, 04/15/31		3,986,311
	14,140,000	3.48%, 06/14/24		3,565,861
	34,935,000	3.48%, 03/15/23		8,742,884
	30,397,000	3.50%, 05/31/27		7,659,087
	29,575,000	3.73%, 06/15/28		7,549,426
	18,418,000	3.76%, 04/20/23		4,635,933
	33,242,000	3.76%, 05/22/40		7,697,691
	19,351,000	3.80%, 08/17/23		4,891,686
	35,738,000	3.83%, 07/05/34		8,704,212
	39,557,000	3.89%, 08/15/29		10,127,032
	25,625,000	3.90%, 11/16/27		6,624,938
	18,434,000	3.90%, 11/30/26		4,796,906
	21,994,000	3.91%, 07/15/26		5,670,368
	49,176,000	3.96%, 09/15/25		12,671,826
	20,824,000	4.06%, 09/30/24		5,350,734
	25,033,000	4.07%, 06/15/50		5,834,453
	21,725,000	4.18%, 07/15/24		5,592,455
	24,390,000	4.76%, 04/07/37		6,411,125
		Malaysia Government Investment Issue
	13,329,000	3.15%, 05/15/23		3,317,537
	31,404,000	3.42%, 09/30/27		7,821,916
	35,654,000	3.47%, 10/15/30		8,683,552
	20,990,000	3.66%, 10/15/24		5,332,099
	30,472,000	3.73%, 03/31/26		7,801,128
	13,675,000	3.73%, 03/31/22		3,395,331
	4,973,000	3.95%, 04/14/22		1,237,857
	24,507,000	4.09%, 11/30/23		6,256,658
	26,225,000	4.13%, 08/15/25		6,808,094
	23,325,000	4.13%, 07/09/29		6,025,077

Principal Amount			Value

Malaysia: (continued)
MYR	24,690,000	4.26%, 07/26/27	$	6,459,953
	24,193,000	4.37%, 10/31/28		6,354,886
				190,007,016
Mexico: 7.6%
		Mexican Bonos
MXN	543,571,400	5.75%, 03/05/26		26,726,593
	489,217,000	6.50%, 06/09/22		24,704,242
	394,664,600	6.75%, 03/09/23		20,183,889
	335,811,500	7.50%, 06/03/27		17,686,150
	267,357,700	7.75%, 05/29/31		14,076,545
	148,191,100	7.75%, 11/23/34		7,698,101
	337,677,400	7.75%, 11/13/42		16,682,739
	439,235,900	8.00%, 12/07/23		23,256,893
	366,411,500	8.00%, 09/05/24		19,506,228
	339,267,700	8.00%, 11/07/47		17,057,474
	395,544,700	8.50%, 05/31/29		21,866,289
	361,732,400	8.50%, 11/18/38		19,477,091
	357,565,900	10.00%, 12/05/24		20,234,035
	128,190,100	10.00%, 11/20/36		7,900,898
				257,057,167
Peru: 3.0%
		Peru Government Bonds
PEN	25,605,000	5.35%, 08/12/40		5,996,194
	34,775,000	5.40%, 08/12/34		8,764,056
	20,870,000	5.70%, 08/12/24		6,179,966
	48,345,000	5.94%, 02/12/29		13,890,977
	44,330,000	6.15%, 08/12/32		12,227,074
	45,295,000	6.35%, 08/12/28		13,354,953
	45,655,000	6.90%, 08/12/37		12,855,625
	45,762,000	6.95%, 08/12/31		13,533,196
	38,865,000	8.20%, 08/12/26		13,004,689
				99,806,730
Philippines: 1.4%
TRY	9,400,000	Asian Development Bank 12.00%, 05/13/22		1,046,447
		Philippine Government International Bonds
PHP	684,200,000	3.90%, 11/26/22		14,405,026
	1,289,500,000	6.25%, 01/14/36		32,754,490
				48,205,963
Poland: 5.1%
		Republic of Poland Government Bonds
PLN	53,910,000	0.75%, 04/25/25		14,312,087
	52,045,000	1.25%, 10/25/30		13,191,015
	71,353,000	2.25%, 04/25/22		19,260,725
	51,711,000	2.25%, 10/25/24		14,482,693
	56,757,000	2.50%, 01/25/23		15,603,850
	11,046,000	2.50%, 04/25/24		3,101,806
	42,612,000	2.50%, 07/25/26		12,158,933
	62,005,000	2.50%, 07/25/27		17,672,279
	56,774,000	2.75%, 04/25/28		16,403,023
	60,752,000	2.75%, 10/25/29		17,519,059
	53,467,000	3.25%, 07/25/25		15,601,039
	42,723,000	4.00%, 10/25/23		12,349,592
	2,883,000	5.75%, 09/23/22		821,292
				172,477,393

See Notes to Financial Statements

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

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Romania: 3.3%
		Romania Government Bonds
RON	30,100,000	3.25%, 04/29/24	$	7,557,181
	26,590,000	3.40%, 03/08/22		6,572,346
	26,370,000	3.50%, 12/19/22		6,588,909
	29,475,000	3.65%, 07/28/25		7,539,326
	26,585,000	3.65%, 09/24/31		6,729,668
	20,295,000	3.70%, 11/25/24		5,185,520
	25,690,000	4.00%, 10/25/23		6,545,943
	20,315,000	4.15%, 01/26/28		5,372,458
	31,060,000	4.25%, 06/28/23		7,907,027
	23,915,000	4.40%, 09/25/23		6,139,647
	27,915,000	4.50%, 06/17/24		7,266,238
	27,880,000	4.75%, 02/24/25		7,382,281
	26,935,000	4.85%, 04/22/26		7,269,447
	26,105,000	5.00%, 02/12/29		7,304,994
	29,100,000	5.80%, 07/26/27		8,373,434
	27,620,000	5.85%, 04/26/23		7,222,605
				110,957,024
Russia: 4.9%
		Russian Federal Bonds
RUB	556,227,000	4.50%, 07/16/25		6,891,711
	725,611,000	5.70%, 05/17/28		9,121,364
	845,075,000	6.00%, 10/06/27		10,851,115
	671,623,000	6.10%, 07/18/35		8,151,127
	498,242,000	6.50%, 02/28/24		6,721,393
	725,570,000	6.90%, 05/23/29		9,692,516
	374,113,000	7.00%, 08/16/23		5,106,688
	774,345,000	7.05%, 01/19/28		10,509,876
	530,140,000	7.10%, 10/16/24		7,259,306
	440,677,000	7.15%, 11/12/25		6,052,791
	700,023,000	7.25%, 05/10/34		9,475,212
	110,026,000	7.40%, 12/07/22		1,504,385
	606,574,000	7.40%, 07/17/24		8,365,331
	73,433,000	7.60%, 07/20/22		1,002,423
	866,991,000	7.65%, 04/10/30		12,119,772
	672,003,000	7.70%, 03/23/33		9,419,253
	604,855,000	7.70%, 03/16/39		8,544,286
	698,438,000	7.75%, 09/16/26		9,814,902
	613,808,000	7.95%, 10/07/26		8,701,863
	706,784,000	8.15%, 02/03/27		10,112,211
	482,476,000	8.50%, 09/17/31		7,143,161
				166,560,686
South Africa: 6.6%
		Republic of South Africa Government Bonds
ZAR	184,819,000	6.25%, 03/31/36		8,538,217
	159,299,779	6.50%, 02/28/41		6,954,507
	238,386,000	7.00%, 02/28/31		13,649,991
	122,499,722	7.75%, 02/28/23		8,892,429
	481,678,040	8.00%, 01/31/30		30,711,234
	353,301,388	8.25%, 03/31/32		21,456,165
	367,029,700	8.50%, 01/31/37		20,544,348
	328,458,364	8.75%, 01/31/44		18,088,938
	563,913,223	8.75%, 02/28/48		30,971,600
	322,574,441	8.88%, 02/28/35		19,140,691
	255,247,900	9.00%, 01/31/40		14,574,863
	379,192,789	10.50%, 12/21/26		29,872,786
				223,395,769
Supranational: 0.0%
PHP	55,000,000	International Bank for Reconstruction & Development 2.00%, 07/23/25		1,053,715

Principal Amount			Value

Thailand: 6.9%
		Thailand Government Bonds
THB	228,741,000	0.75%, 06/17/24	$	7,357,652
	326,005,000	0.95%, 06/17/25		10,491,327
	494,778,000	1.45%, 12/17/24		16,266,838
	161,464,000	1.59%, 12/17/35		4,852,048
	387,167,000	1.60%, 12/17/29		12,393,580
	189,703,000	1.60%, 06/17/35		5,704,111
	274,118,000	1.88%, 06/17/22		8,946,876
	342,948,000	2.00%, 12/17/22		11,286,100
	430,315,000	2.13%, 12/17/26		14,528,704
	369,991,000	2.40%, 12/17/23		12,435,056
	350,904,000	2.88%, 12/17/28		12,355,413
	331,263,000	2.88%, 06/17/46		10,964,887
	479,773,000	3.30%, 06/17/38		17,448,003
	355,583,000	3.40%, 06/17/36		13,108,281
	367,578,000	3.63%, 06/16/23		12,579,236
	368,377,000	3.65%, 06/20/31		13,880,559
	457,668,000	3.78%, 06/25/32		17,401,890
	403,283,000	3.85%, 12/12/25		14,629,782
	824,000	4.75%, 12/20/24		30,209
	414,157,000	4.88%, 06/22/29		16,626,229
				233,286,781
Turkey: 2.9%
		Turkey Government International Bonds
TRY	64,303,000	7.10%, 03/08/23		6,533,439
	61,931,000	8.00%, 03/12/25		5,497,011
	36,887,000	8.50%, 09/14/22		4,008,103
	79,038,000	9.00%, 07/24/24		7,577,811
	28,471,000	10.40%, 03/20/24		2,891,049
	72,603,000	10.50%, 08/11/27		6,387,348
	100,253,000	10.60%, 02/11/26		9,303,507
	56,380,000	10.70%, 08/17/22		6,326,772
	55,655,000	11.00%, 03/02/22		6,409,856
	58,381,000	11.00%, 02/24/27		5,312,164
	107,071,000	11.70%, 11/13/30		9,380,979
	69,042,000	12.20%, 01/18/23		7,764,311
	41,117,000	12.40%, 03/08/28		3,918,313
	78,249,000	12.60%, 10/01/25		7,969,281
	57,454,000	16.20%, 06/14/23		6,792,002
				96,071,946
Uruguay: 1.4%
		Uruguay Government International Bonds 144A
UYU	243,127,000	8.50%, 03/15/28		5,785,968
	129,198,000	9.88%, 06/20/22		3,051,654
		Uruguay Government International Bonds Reg S
	693,058,000	8.50%, 03/15/28		16,493,484
	915,197,000	9.88%, 06/20/22		21,616,936
				46,948,042
Total Government Obligations (Cost: $3,209,645,187)				3,107,519,163
Total Investments: 97.8% (Cost: $3,425,440,114)				3,305,881,605
Other assets less liabilities: 2.2%				73,989,045
NET ASSETS: 100.0%			$	3,379,870,650

See Notes to Financial Statements

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 $65,184,879, or 1.9% of net assets.

Summary of Investments by Sector	% of Investments			Value
Energy		0.1	%	$	3,818,746
Financials		5.5			180,520,623
Government		94.0			3,107,519,163
Industrials		0.2			8,391,529
Utilities		0.2			5,631,544
		100.0	%	$	3,305,881,605

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*		$	—	$	198,362,442		$	—	$	198,362,442
Government Obligations*			—		3,107,519,163			—		3,107,519,163
Total		$	—	$	3,305,881,605		$	—	$	3,305,881,605

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 98.9%
Canada: 5.4%
$	75,000	Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27	$	82,131
	50,000	Bank of Nova Scotia 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o)		53,810
	50,000	Canadian Natural Resources Ltd. 6.25%, 03/15/38		66,013
		Enbridge, Inc.
	75,000	3.13%, 11/15/29		78,754
	50,000	5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/77		52,210
	50,000	Spectra Energy Partners LP 4.75%, 03/15/24		55,233
	50,000	Suncor Energy, Inc. 6.50%, 06/15/38		68,195
	50,000	TransCanada PipeLines Ltd. 7.63%, 01/15/39		75,169
				531,515
China / Hong Kong: 1.1%
	100,000	Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o)		108,025
Denmark: 1.5%
	150,000	Danske Bank A/S 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23		150,787
France: 5.0%
	100,000	BNP Paribas SA 144A 7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) †		106,125
	100,000	Credit Agricole SA 144A 4.38%, 03/17/25		110,132
		Societe Generale SA 144A
	50,000	3.00%, 01/22/30		51,000
	100,000	4.75%, 09/14/28		115,094
	100,000	5.00%, 01/17/24		109,256
				491,607
Germany: 1.4%
	100,000	Deutsche Bank AG 3.30%, 11/16/22		103,786
	25,000	E.ON International Finance BV 144A 6.65%, 04/30/38		35,560
				139,346
India: 0.5%
	50,000	Bharti Airtel Ltd. 144A 4.38%, 06/10/25		53,977
Italy: 2.9%
		Enel Finance International NV 144A
	200,000	3.63%, 05/25/27		218,142
	50,000	6.00%, 10/07/39		67,593
				285,735
Luxembourg: 1.9%
	50,000	DH Europe Finance II SARL 3.25%, 11/15/39		51,793
	100,000	Gazprom OAO 144A 7.29%, 08/16/37		139,270
				191,063

Principal Amount			Value

Mexico: 1.2%
$	50,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27	$	53,554
	50,000	Southern Copper Corp. 6.75%, 04/16/40		69,875
				123,429
Netherlands: 2.0%
	25,000	Koninklijke Philips NV 6.88%, 03/11/38		37,483
	50,000	Lukoil Securities BV 144A 3.88%, 05/06/30		52,603
	100,000	Prosus NV 144A 3.68%, 01/21/30		104,690
				194,776
Saudi Arabia: 0.6%
	50,000	Motiva Enterprises LLC 144A 6.85%, 01/15/40		61,401
Spain: 1.9%
	50,000	Banco Santander SA 2.75%, 12/03/30		48,616
		Santander Holdings USA, Inc.
	50,000	4.40%, 07/13/27		55,710
	75,000	4.50%, 07/17/25		83,406
				187,732
Switzerland: 1.4%
	125,000	Credit Suisse Group AG 144A 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31		138,323
United Kingdom: 5.4%
		Barclays Plc
	200,000	2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		199,045
	100,000	5.20%, 05/12/26		113,719
	200,000	Standard Chartered Plc 144A 4.30%, 02/19/27		218,370
				531,134
United States: 66.7%
	50,000	Ally Financial, Inc. 8.00%, 11/01/31		70,385
		Altria Group, Inc.
	100,000	4.25%, 08/09/42		101,549
	125,000	4.80%, 02/14/29		142,323
		Ares Capital Corp.
	50,000	3.50%, 02/10/23		52,153
	50,000	3.88%, 01/15/26		53,393
		AT&T, Inc.
	75,000	4.13%, 02/17/26		84,493
	100,000	4.30%, 02/15/30		112,899
	100,000	4.35%, 03/01/29		113,581
	50,000	4.45%, 04/01/24		55,036
	100,000	5.25%, 03/01/37		121,929
	50,000	Bank of America Corp. 7.75%, 05/14/38		77,392
	75,000	Becton Dickinson and Co. 3.36%, 06/06/24		80,817

See Notes to Financial Statements

Principal Amount			Value

United States: (continued)
$	50,000	Brighthouse Financial, Inc. 4.70%, 06/22/47	$	52,136
		Charter Communications Operating LLC / Charter Communications Operating Capital
	100,000	4.46%, 07/23/22		104,059
	125,000	4.91%, 07/23/25		142,247
	125,000	5.05%, 03/30/29		144,967
	75,000	5.38%, 05/01/47		88,146
	50,000	Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/25		57,273
	50,000	Discover Financial Services 4.10%, 02/09/27		55,887
	50,000	Dow Chemical Co. 9.40%, 05/15/39		85,527
	50,000	DuPont de Nemours, Inc. 2.17%, 05/01/23		50,198
	50,000	Enterprise Products Operating LLC 5.95%, 02/01/41		66,202
	100,000	Exelon Corp. 4.05%, 04/15/30		112,535
	50,000	Exelon Generation Co. LLC 3.25%, 06/01/25		53,798
	35,000	Fifth Third Bancorp 8.25%, 03/01/38		57,904
	25,000	FS KKR Capital Corp. 3.40%, 01/15/26		25,588
	200,000	GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35		230,352
		General Electric Co.
	75,000	3.45%, 05/01/27		82,010
	50,000	4.35%, 05/01/50		55,765
	50,000	5.88%, 01/14/38		65,516
	50,000	6.75%, 03/15/32		67,627
	50,000	GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26		56,660
		HCA, Inc.
	75,000	4.13%, 06/15/29		83,443
	100,000	5.00%, 03/15/24		111,444
	50,000	5.13%, 06/15/39		60,753
	50,000	5.25%, 06/15/26		58,066
	50,000	5.50%, 06/15/47		62,830
	75,000	Kinder Morgan Energy Partners LP 6.95%, 01/15/38		102,380
	25,000	Lowe’s Cos, Inc. 4.00%, 04/15/25		27,761
		McDonald’s Corp.
	50,000	3.60%, 07/01/30		55,191
	50,000	4.45%, 03/01/47		58,861
	50,000	4.88%, 12/09/45		61,938
	50,000	6.30%, 03/01/38		70,298
	50,000	Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24		52,039
	25,000	Mondelez International, Inc. 1.50%, 05/04/25		25,543
	50,000	NOV, Inc. 3.95%, 12/01/42		46,823

Principal Amount			Value

United States: (continued)
		Oracle Corp.
$	125,000	2.50%, 04/01/25	$	131,505
	75,000	2.88%, 03/25/31		76,311
	75,000	3.60%, 04/01/40		76,884
	50,000	3.80%, 11/15/37		53,137
	50,000	4.00%, 07/15/46		52,313
	75,000	6.50%, 04/15/38		103,800
	50,000	Owl Rock Capital Corp. 3.40%, 07/15/26		51,889
	75,000	Phillips 66 5.88%, 05/01/42		99,164
	50,000	Prudential Financial, Inc. 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48		57,929
	50,000	Sherwin Williams Co. 3.45%, 06/01/27		55,038
	50,000	Stellantis NV 5.25%, 04/15/23		54,262
		Synchrony Financial
	50,000	3.95%, 12/01/27		54,427
	50,000	4.25%, 08/15/24		54,634
		Sysco Corp.
	75,000	3.30%, 07/15/26		81,488
	75,000	5.95%, 04/01/30		94,653
		Thermo Fisher Scientific, Inc.
	50,000	2.95%, 09/19/26		54,010
	50,000	4.10%, 08/15/47		57,823
	75,000	4.50%, 03/25/30		87,964
	100,000	Time Warner Cable LLC 7.30%, 07/01/38		142,202
		Time Warner Entertainment Co. LP
	75,000	8.38%, 03/15/23		85,649
	50,000	8.38%, 07/15/33		73,969
		T-Mobile USA, Inc. 144A
	150,000	3.50%, 04/15/25		162,844
	155,000	3.75%, 04/15/27		170,929
	35,000	3.88%, 04/15/30		38,169
	50,000	Tyson Foods, Inc. 4.50%, 06/15/22		51,792
	50,000	Valero Energy Corp. 6.63%, 06/15/37		65,398
		Verizon Communications, Inc.
	50,000	3.38%, 02/15/25		54,575
	50,000	3.50%, 11/01/24		54,356
	50,000	4.02%, 12/03/29		56,587
	100,000	4.13%, 03/16/27		114,139
	100,000	4.33%, 09/21/28		115,361
	100,000	5.15%, 09/15/23		110,781
		ViacomCBS, Inc.
	20,000	6.88%, 04/30/36		27,782
	25,000	7.88%, 07/30/30		35,014
	50,000	Vistra Operations Co. LLC 144A 3.70%, 01/30/27		51,869
	50,000	Volkswagen Group of America Finance LLC 144A 2.70%, 09/26/22		51,560
		Wells Fargo & Co.
	50,000	4.65%, 11/04/44		58,587
	100,000	5.38%, 11/02/43		127,345

See Notes to Financial Statements

VANECK VECTORS MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United States: (continued)
$	50,000	Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28	$	57,576
				6,601,432
Total Corporate Bonds (Cost: $9,893,763)				9,790,282

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1% (Cost: $106,163)
Money Market Fund: 1.1%
	106,163	State Street Navigator Securities Lending Government Money Market Portfolio	$	106,163
Total Investments: 100.0% (Cost: $9,999,926)				9,896,445
Liabilities in excess of other assets: (0.0)%				(3,513	)
NET ASSETS: 100.0%			$	9,892,932

Definitions:

USD	United States Dollar

Footnotes:

(o)	Perpetual Maturity — the date shown is the next call date
†	Security fully or partially on loan. Total market value of securities on loan is $100,819.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $2,503,443, or 25.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		2.7	%	$	260,638
Consumer Cyclicals		9.4			922,086
Consumer Non-Cyclicals		8.2			798,605
Energy		9.1			889,545
Financials		33.0			3,235,614
Healthcare		7.1			694,633
Industrials		2.8			270,473
Real Estate		0.6			56,660
Technology		22.2			2,177,914
Utilities		4.9			484,114
		100.0	%	$	9,790,282

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	9,790,282		$	—	$	9,790,282
Money Market Fund		106,163		—			—		106,163
Total	$	106,163	$	9,790,282		$	—	$	9,896,445

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Principal Amount			Value

CORPORATE BONDS: 99.0%
Australia: 0.4%
$	50,000	Westpac Banking Corp. 4.11% (US Treasury Yield Curve Rate T 5 Year+2.00%), 07/24/34	$	53,955
Canada: 7.3%
	100,000	Alimentation Couche-Tard, Inc. 144A 2.95%, 01/25/30		102,864
		Bank of Nova Scotia
	50,000	3.40%, 02/11/24		53,861
	100,000	4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o)		107,620
	100,000	Brookfield Finance, Inc. 4.35%, 04/15/30		113,961
	100,000	Canadian Imperial Bank of Commerce 3.10%, 04/02/24		106,867
	50,000	Canadian Natural Resources Ltd. 6.25%, 03/15/38		66,013
		Enbridge, Inc.
	100,000	3.13%, 11/15/29		105,005
	100,000	5.50% (ICE LIBOR USD 3 Month+3.42%), 07/15/77		104,421
	75,000	Suncor Energy, Inc. 6.80%, 05/15/38		103,992
	75,000	Toronto-Dominion Bank 3.25%, 03/11/24		80,732
	100,000	TransCanada PipeLines Ltd. 6.20%, 10/15/37		132,256
				1,077,592
China / Hong Kong: 1.5%
	100,000	Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o)		108,025
	100,000	Tencent Holdings Ltd. 144A 3.28%, 04/11/24		106,442
				214,467
Denmark: 1.4%
	200,000	Danske Bank A/S 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23		201,050
France: 4.5%
		BNP Paribas SA 144A
	50,000	2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35		47,895
	100,000	7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) †		106,125
	100,000	Credit Agricole SA 144A 3.25%, 01/14/30		103,817
		Societe Generale SA 144A
	100,000	3.00%, 01/22/30		102,000
	200,000	4.25%, 04/14/25		217,114
	75,000	Total Capital International SA 3.70%, 01/15/24		81,511
				658,462

Principal Amount			Value

Germany: 1.5%
		Deutsche Bank AG
$	100,000	3.30%, 11/16/22	$	103,786
	50,000	3.70%, 05/30/24		53,677
	50,000	E.ON International Finance BV 144A 6.65%, 04/30/38		71,121
				228,584
Italy: 3.6%
		Enel Finance International NV 144A
	100,000	3.50%, 04/06/28		107,943
	150,000	4.25%, 09/14/23		162,104
	100,000	6.80%, 09/15/37		143,001
	100,000	Eni SpA 144A 4.75%, 09/12/28		115,781
				528,829
Japan: 0.6%
	75,000	Aviation Capital Group LLC 144A 5.50%, 12/15/24		84,330
Luxembourg: 0.7%
	100,000	Gazprom PJSC Via Gaz Capital SA 144A 4.95%, 02/06/28		110,750
Mexico: 1.4%
	100,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27		107,108
	75,000	Southern Copper Corp. 6.75%, 04/16/40		104,812
				211,920
Saudi Arabia: 3.3%
	50,000	Motiva Enterprises LLC 144A 6.85%, 01/15/40		61,401
		Saudi Arabian Oil Co. 144A
	100,000	2.88%, 04/16/24		105,696
	200,000	3.50%, 04/16/29		214,808
	100,000	4.25%, 04/16/39		109,248
				491,153
South Africa: 0.8%
	100,000	Prosus NV 144A 4.85%, 07/06/27		112,829
Spain: 1.1%
		Santander Holdings USA, Inc.
	50,000	4.40%, 07/13/27		55,710
	100,000	4.50%, 07/17/25		111,208
				166,918
Switzerland: 1.5%
	200,000	Credit Suisse Group AG 144A 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31		221,317
United Kingdom: 9.5%
		Barclays Plc
	200,000	2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31		199,045
	200,000	5.20%, 05/12/26		227,439
	100,000	Credit Agricole SA 144A 4.13%, 01/10/27		112,291

See Notes to Financial Statements

VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

United Kingdom: (continued)
$	50,000	HSBC Holdings Plc 6.10%, 01/14/42	$	70,711
	200,000	Lloyds Banking Group Plc 4.55%, 08/16/28		230,971
	100,000	Natwest Group Plc 5.08% (ICE LIBOR USD 3 Month+1.91%), 01/27/30		116,712
	50,000	Sky Ltd. 144A 3.13%, 11/26/22		52,126
		Standard Chartered Plc 144A
	250,000	5.20%, 01/26/24		274,632
	100,000	5.30%, 01/09/43		118,869
				1,402,796
United States: 59.9%
	50,000	Air Lease Corp. 3.75%, 06/01/26		54,221
	50,000	Ally Financial, Inc. 8.00%, 11/01/31		70,385
		Altria Group, Inc.
	100,000	4.25%, 08/09/42		101,549
	100,000	4.80%, 02/14/29		113,858
	100,000	5.38%, 01/31/44		115,591
		Apple, Inc.
	75,000	2.85%, 05/11/24		80,014
	50,000	3.00%, 02/09/24		53,397
	100,000	3.20%, 05/11/27		110,121
	100,000	3.25%, 02/23/26		110,004
	75,000	3.35%, 02/09/27		83,060
	25,000	4.65%, 02/23/46		31,983
	100,000	Ares Capital Corp. 4.20%, 06/10/24		107,931
		AT&T, Inc.
	50,000	3.40%, 05/15/25		54,468
	100,000	3.80%, 02/15/27		111,340
	150,000	4.30%, 02/15/30		169,349
	100,000	5.25%, 03/01/37		121,929
		Bank of America Corp.
	125,000	4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51		140,588
	100,000	4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48		117,593
	50,000	BBVA Bancomer SA 144A 4.38%, 04/10/24		54,532
	50,000	Becton Dickinson and Co. 3.36%, 06/06/24		53,878
		Berkshire Hathaway Energy Co.
	100,000	3.70%, 07/15/30		112,475
	50,000	4.25%, 10/15/50		59,175
	75,000	6.13%, 04/01/36		102,918
	110,000	Berkshire Hathaway Finance Corp. 4.20%, 08/15/48		129,740
	100,000	Berkshire Hathaway, Inc. 3.13%, 03/15/26		109,588
	50,000	Booking Holdings, Inc. 4.63%, 04/13/30		58,645
	50,000	Brighthouse Financial, Inc. 4.70%, 06/22/47		52,136
	75,000	Capital One Financial Corp. 3.75%, 07/28/26		82,316

Principal Amount			Value

United States: (continued)
		Charter Communications Operating LLC / Charter Communications Operating Capital
$	100,000	4.46%, 07/23/22	$	104,059
	100,000	4.91%, 07/23/25		113,798
	100,000	5.05%, 03/30/29		115,973
	75,000	5.38%, 04/01/38		89,427
	50,000	Chevron Corp. 2.90%, 03/03/24		53,247
	50,000	Chevron USA, Inc. 6.00%, 03/01/41		70,596
	75,000	DH Europe Finance II Sarl 2.60%, 11/15/29		77,321
	50,000	Discover Financial Services 4.10%, 02/09/27		55,887
	50,000	Dow Chemical Co. 9.40%, 05/15/39		85,527
	50,000	DuPont de Nemours, Inc. 5.32%, 11/15/38		63,431
	40,000	Enterprise Products Operating LLC 5.95%, 02/01/41		52,962
		Exelon Generation Co. LLC
	75,000	3.25%, 06/01/25		80,697
	50,000	6.25%, 10/01/39		59,509
		Exxon Mobil Corp.
	100,000	1.57%, 04/15/23		102,538
	150,000	2.99%, 03/19/25		161,582
	50,000	3.48%, 03/19/30		54,778
	50,000	GE Capital Funding LLC 144A 4.40%, 05/15/30		56,918
		General Electric Co.
	150,000	4.50%, 03/11/44		170,973
	125,000	6.88%, 01/10/39		179,963
	75,000	GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25		84,828
		HCA, Inc.
	75,000	4.13%, 06/15/29		83,443
	100,000	5.00%, 03/15/24		111,444
	75,000	5.25%, 04/15/25		86,274
	125,000	5.50%, 06/15/47		157,075
	50,000	Home Depot, Inc. 3.75%, 02/15/24		54,332
	75,000	Kinder Morgan Energy Partners LP 6.95%, 01/15/38		102,380
	50,000	KKR Group Finance Co III LLC 144A 5.13%, 06/01/44		62,514
	50,000	Marathon Petroleum Corp. 6.50%, 03/01/41		66,442
		McDonald’s Corp.
	50,000	4.70%, 12/09/35		60,242
	50,000	6.30%, 10/15/37		70,434
		Microsoft Corp.
	110,000	2.70%, 02/12/25		118,141
	50,000	2.88%, 02/06/24		53,245
	100,000	3.30%, 02/06/27		111,013
	50,000	Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24		52,039
	25,000	Mondelez International, Inc. 2.75%, 04/13/30		25,851

See Notes to Financial Statements

Principal Amount			Value

United States: (continued)
$	50,000	ONEOK, Inc. 5.20%, 07/15/48	$	57,289
		Oracle Corp.
	50,000	2.95%, 04/01/30		51,801
	75,000	3.85%, 07/15/36		80,565
	100,000	4.13%, 05/15/45		106,539
	50,000	4.30%, 07/08/34		56,729
	75,000	5.38%, 07/15/40		93,628
	50,000	6.50%, 04/15/38		69,200
	100,000	PepsiCo, Inc. 2.75%, 04/30/25		107,572
	75,000	Phillips 66 4.65%, 11/15/34		87,711
	100,000	Prudential Financial, Inc. 5.38% (ICE LIBOR USD 3 Month+3.03%), 05/15/45		110,262
		Synchrony Financial
	50,000	4.25%, 08/15/24		54,634
	75,000	4.50%, 07/23/25		83,743
		Sysco Corp.
	50,000	3.30%, 07/15/26		54,325
	100,000	6.60%, 04/01/40		142,039
		Thermo Fisher Scientific, Inc.
	50,000	2.95%, 09/19/26		54,010
	100,000	4.50%, 03/25/30		117,286
		Time Warner Cable LLC
	100,000	6.55%, 05/01/37		132,968
	75,000	6.75%, 06/15/39		102,392
	75,000	Time Warner Entertainment Co. LP 8.38%, 03/15/23		85,649
		T-Mobile USA, Inc. 144A
	50,000	3.50%, 04/15/25		54,282
	150,000	3.75%, 04/15/27		165,415
	200,000	3.88%, 04/15/30		218,110
	75,000	Valero Energy Corp. 7.50%, 04/15/32		101,852
		Verizon Communications, Inc.
	50,000	3.38%, 02/15/25		54,575

Principal Amount			Value

United States: (continued)
$	150,000	4.02%, 12/03/29	$	169,761
	125,000	4.13%, 03/16/27		142,673
	100,000	5.15%, 09/15/23		110,781
		ViacomCBS, Inc.
	25,000	6.88%, 04/30/36		34,727
	25,000	7.88%, 07/30/30		35,014
		Walmart, Inc.
	50,000	2.85%, 07/08/24		53,721
	50,000	3.30%, 04/22/24		53,959
	100,000	Wells Fargo & Co 4.90%, 11/17/45		122,425
	150,000	Wells Fargo & Co. 5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51		195,094
	50,000	Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28		57,576
				8,829,974
Total Corporate Bonds (Cost: $14,843,453)				14,594,926

Number of Shares

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% (Cost: $106,163)
Money Market Fund: 0.7%
	106,163	State Street Navigator Securities Lending Government Money Market Portfolio		106,163
Total Investments: 99.7% (Cost: $14,949,616)				14,701,089
Other assets less liabilities: 0.3%				47,036
NET ASSETS: 100.0%			$	14,748,125

See Notes to Financial Statements

VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

USD	United States Dollar

Footnotes:

(o)	Perpetual Maturity — the date shown is the next call date
†	Security fully or partially on loan. Total market value of securities on loan is $100,819.
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 $4,044,497, or 27.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		1.7	%	$	253,770
Consumer Cyclicals		5.4			788,777
Consumer Non-Cyclicals		12.3			1,793,079
Energy		14.5			2,111,509
Financials		38.1			5,560,026
Healthcare		4.5			663,410
Industrials		1.7			241,157
Real Estate		0.6			84,828
Technology		19.8			2,887,043
Utilities		1.4			211,327
		100.0	%	$	14,594,926

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Corporate Bonds*	$	—	$	14,594,926		$	—	$	14,594,926
Money Market Fund		106,163		—			—		106,163
Total	$	106,163	$	14,594,926		$	—	$	14,701,089

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Number of Shares			Value

COMMON STOCKS: 100.0%
Real Estate Investment Trusts: 100.0%
	1,924,853	AGNC Investment Corp.	$	34,512,614
	5,004,489	Annaly Capital Management, Inc.		45,440,760
	776,300	Apollo Commercial Real Estate Finance, Inc.		11,807,523
	810,631	Arbor Realty Trust, Inc.		14,331,956
	288,911	Ares Commercial Real Estate Corp.		4,264,326
	412,611	ARMOUR Residential REIT, Inc. †		5,128,755
	519,912	Blackstone Mortgage Trust, Inc. †		16,891,941
	781,120	Broadmark Realty Capital, Inc.		8,420,474
	1,063,465	Chimera Investment Corp.		13,973,930
	588,296	Colony Credit Real Estate, Inc.		5,112,292
	209,975	Dynex Capital, Inc.		4,241,495
	287,900	Ellington Financial, Inc.		5,164,926
	254,801	Hannon Armstrong Sustainable Infrastructure Capital, Inc. †		13,351,572
	1,517,837	Invesco Mortgage Capital, Inc. †		5,919,564
	147,247	KKR Real Estate Finance Trust, Inc.		3,106,912
	855,641	Ladder Capital Corp.		10,173,572
	2,547,980	MFA Financial, Inc.		11,211,112
	1,684,542	New Residential Investment Corp.		18,058,290
	2,495,253	New York Mortgage Trust, Inc.		11,453,211
	741,063	Orchid Island Capital, Inc. †		4,075,847
	560,179	PennyMac Mortgage Investment Trust		11,231,589
	389,135	Ready Capital Corp.		5,646,349
	536,059	Redwood Trust, Inc.		5,955,616
	1,045,793	Starwood Property Trust, Inc. †		27,002,375
	1,763,934	Two Harbors Investment Corp.		13,758,685
Total Common Stocks (Cost: $271,001,745)				310,235,686

Number of Shares			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $5,860,627)
Money Market Fund: 1.9%
	5,860,627	State Street Navigator Securities Lending Government Money Market Portfolio	$	5,860,627
Total Investments: 101.9% (Cost: $276,862,372)				316,096,313
Liabilities in excess of other assets: (1.9)%				(5,812,139	)
NET ASSETS: 100.0%			$	310,284,174

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $50,187,067.

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Financials			100.0	%		$	310,235,686

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*	$	310,235,686		$	—		$	—	$	310,235,686
Money Market Fund		5,860,627			—			—		5,860,627
Total	$	316,096,313		$	—		$	—	$	316,096,313

*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2021

Number of Shares			Value

PREFERRED SECURITIES: 100.5%
Basic Materials: 3.2%
	437,679	ArcelorMittal SA 5.50%, 05/18/23	$	30,121,069
Consumer Cyclicals: 7.0%
	125,425	Aptiv Plc 5.50%, 06/15/23		20,481,902
		Ford Motor Co.
	349,010	6.00%, 12/01/59		9,213,864
	327,196	6.20%, 06/01/59		8,696,870
	136,334	Qurate Retail, Inc. 8.00%, 03/15/31		14,260,536
	218,240	QVC, Inc. 6.25%, 11/26/68		5,567,302
	109,065	ViacomCBS, Inc. 5.75%, 04/01/24		7,911,575
				66,132,049
Consumer Non-Cyclicals: 3.9%
		CHS, Inc.
	214,859	6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24		5,919,365
	183,230	7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 †		5,046,154
	225,766	7.50%, 01/21/25		6,438,846
	226,470	7.88%, 09/26/23 †		6,440,807
	133,845	8.00%, 07/18/23 †		3,987,243
	179,958	International Flavors & Fragrances, Inc. 6.00%, 09/15/21		8,916,919
				36,749,334
Energy: 3.9%
	328,807	Blueknight Energy Partners LP 11.00%, Perpetual Maturity †		2,630,456
	261,757	Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 †		6,936,560
		Energy Transfer LP
	193,551	7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23		4,651,031
	349,010	7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 †		8,473,963
	187,802	7.63% (ICE LIBOR USD 3 Month+4.74%), 08/15/23		4,556,077
	137,266	NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22		1,978,003
	167,961	NuStar Energy LP 7.63% (ICE LIBOR USD 3 Month+5.64%), 06/15/22		3,493,589
	175,595	NuStar Logistics LP 6.92% (ICE LIBOR USD 3 Month+6.73%), 01/15/43		4,245,887
				36,965,566
Financials: 6.9%
		Aspen Insurance Holdings Ltd.
	109,065	5.63%, 10/01/24		2,836,781
	109,065	5.63%, 01/01/27 †		2,884,769
	119,972	5.95% (ICE LIBOR USD 3 Month+4.06%), 07/01/23 †		3,245,243
	239,944	Axis Capital Holdings Ltd.
		5.50%, 11/07/21		6,106,575

Number of Shares			Value

Financials: (continued)
	777,173	Crestwood Equity Partners LP 9.25%, Perpetual Maturity	$	7,025,644
	109,065	National Rural Utilities Cooperative Finance Corp. 5.50%, 05/15/64 †		2,894,585
	131,115	PartnerRe Ltd. 7.25%, 05/03/21		3,317,210
		Qwest Corp.
	426,446	6.50%, 09/01/56 †		10,882,902
	287,933	6.75%, 06/15/57 †		7,529,448
		Reinsurance Group of America, Inc.
	174,505	5.75% (ICE LIBOR USD 3 Month+4.04%), 06/15/56 †		4,915,806
	174,505	6.20% (ICE LIBOR USD 3 Month+4.37%), 09/15/42 †		4,624,382
		RenaissanceRe Holdings Ltd.
	119,972	5.38%, 05/31/21 †		3,048,489
	109,065	5.75%, 06/30/23 †		3,025,463
	141,785	SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 †		3,558,803
				65,896,100
Healthcare: 6.2%
	225,766	Avantor, Inc. 6.25%, 05/15/22		22,314,711
	327,196	Becton Dickinson and Co. 6.00%, 06/01/23 †		18,071,035
	109,747	Boston Scientific Corp. 5.50%, 06/01/23		12,904,052
	119,972	Elanco Animal Health, Inc. 5.00%, 02/01/23 †		5,707,068
				58,996,866
Industrials: 3.1%
	162,508	GFL Environmental, Inc. 6.00%, 03/15/23		12,443,238
	81,799	Stanley Black & Decker, Inc. 5.25%, 11/15/22 †		9,980,296
	235,707	WESCO International, Inc. 10.63% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25		7,481,340
				29,904,874
Real Estate: 17.1%
		AGNC Investment Corp.
	250,851	6.13% (ICE LIBOR USD 3 Month+4.70%), 04/15/25		6,025,441
	175,595	6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24		4,395,143
	141,785	7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22		3,648,128
	117,245	American Homes 4 Rent 6.50%, 06/01/21		2,961,609
		Annaly Capital Management, Inc.
	185,411	6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 †		4,648,254
	193,046	6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24		4,996,030
	314,109	6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22		7,953,240

See Notes to Financial Statements

Number of Shares			Value

Real Estate: (continued)
	109,065	Brookfield Property REIT, Inc. 6.38%, 06/01/21	$	2,735,350
	112,654	Capstead Mortgage Corp. 7.50%, 06/01/21 †		2,838,881
		Chimera Investment Corp.
	113,428	7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25		2,734,749
	141,785	8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24		3,516,268
		Colony Capital, Inc.
	137,423	7.13%, 09/22/22		3,428,704
	125,425	7.13%, 06/01/21		3,114,303
	150,510	7.15%, 06/05/22 †		3,783,821
	150,510	Digital Realty Trust, Inc. 5.20%, 10/10/24		4,101,397
		Diversified Healthcare Trust
	152,692	5.63%, 08/01/42 †		3,481,378
	109,065	6.25%, 02/01/46 †		2,662,277
	125,425	Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27		3,013,963
	115,391	Kimco Realty Corp. 5.25%, 12/20/22		3,074,016
	119,972	MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25		2,742,560
	221,403	Monmouth Real Estate Investment Corp. 6.13%, 09/15/21		5,656,847
	150,510	National Retail Properties, Inc. 5.20%, 10/11/21		3,883,158
		New Residential Investment Corp.
	175,595	6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 †		3,998,298
	123,244	7.13% (ICE LIBOR USD 3 Month+5.64%), 08/15/24		2,998,527
	135,241	Office Properties Income Trust 5.88%, 05/01/46 †		3,401,311
	141,785	PS Business Parks, Inc. 4.88%, 11/04/24 †		3,829,613
		Public Storage
	123,244	3.88%, 10/06/25 †		3,118,073
	246,488	4.63%, 06/17/25		6,603,414
	112,883	4.70%, 11/15/24 †		3,091,865
	137,968	4.88%, 09/12/24 †		3,802,398
	152,692	4.90%, 10/14/21		3,939,454
	141,785	4.95%, 07/20/21		3,597,085
	130,879	5.05%, 08/09/22 †		3,466,985
	122,153	5.15%, 06/02/22 †		3,256,599
	124,335	5.60%, 03/11/24 †		3,521,167
	140,471	RLJ Lodging Trust 1.95%, Perpetual Maturity		3,916,331
		Two Harbors Investment Corp.
	128,697	7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25		3,138,920
	125,425	7.63% (ICE LIBOR USD 3 Month+5.35%), 07/27/27		3,118,066
	162,194	VEREIT, Inc. 6.70%, 06/01/21		4,118,106

Number of Shares			Value

Real Estate: (continued)
		Vornado Realty Trust
	139,386	5.25%, 12/13/22	$	3,675,609
	130,879	5.25%, 11/24/25 †		3,480,073
	130,879	5.40%, 06/01/21		3,370,134
	130,879	5.70%, 06/01/21		3,353,120
				162,190,665
Technology: 10.5%
		AT&T, Inc.
	763,458	4.75%, 02/18/25 †		19,414,737
	523,514	5.00%, 12/12/24 †		13,752,713
	576,956	5.35%, 11/01/66 †		15,225,869
	359,916	5.63%, 08/01/67		9,717,732
	185,411	Pitney Bowes, Inc. 6.70%, 03/07/43 †		4,626,004
	36,428	Sabre Corp. 6.50%, 09/01/23		6,897,642
		Telephone & Data Systems, Inc.
	183,230	6.63%, 03/31/26		5,047,986
	130,879	7.00%, 03/15/60 †		3,303,386
		United States Cellular Corp.
	218,131	5.50%, 03/01/70		5,579,791
	218,131	6.25%, 09/01/69		5,780,471
	149,202	6.95%, 05/15/60 †		3,819,571
	119,972	7.25%, 12/01/63 †		3,037,691
	130,879	7.25%, 12/01/64 †		3,351,811
				99,555,404
Utilities: 38.7%
	113,761	AES Corp. 6.88%, 02/15/24		12,398,811
	109,065	Alabama Power Co. 5.00%, 10/01/22 †		2,898,948
		Algonquin Power & Utilities Corp.
	152,692	6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79		4,232,622
	125,425	6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78		3,461,730
		American Electric Power Co., Inc.
	175,595	6.13%, 03/15/22		8,813,113
	185,411	6.13%, 08/15/23		9,528,271
	152,692	Brookfield BRP Holdings Canada, Inc. 4.63%, 04/30/26		3,756,223
	213,223	CenterPoint Energy, Inc. 7.00%, 09/01/21 †		9,490,556
		CMS Energy Corp.
	122,153	5.88%, 10/15/78 †		3,335,998
	274,845	5.88%, 03/01/79 †		7,566,483
		Dominion Energy, Inc.
	349,010	5.25%, 07/30/76		8,833,443
	175,595	7.25%, 06/01/22		18,112,624
		DTE Energy Co.
	174,505	5.25%, 12/01/77		4,563,306
	130,879	5.38%, 06/01/76 †		3,311,239
	122,153	6.00%, 12/15/76		3,197,966
	283,570	6.25%, 11/01/22		14,388,342
		Duke Energy Corp.
	218,131	5.13%, 01/15/73 †		5,669,225
	218,131	5.63%, 09/15/78 †		5,869,905
	436,262	5.75%, 06/15/24 †		12,210,973

See Notes to Financial Statements

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

Number of Shares			Value

Utilities: (continued)
	178,867	Entergy Arkansas, LLC 4.88%, 09/01/66	$	4,557,531
	117,791	Entergy Louisiana, LLC 4.88%, 09/01/66 †		3,002,493
	113,428	Entergy Mississippi, LLC 4.90%, 10/01/66 †		2,926,442
	84,102	Essential Utilities, Inc. 6.00%, 04/30/22		4,971,269
	117,791	Georgia Power Co. 5.00%, 10/01/77 †		3,094,370
		NextEra Energy Capital Holdings, Inc.
	248,669	5.25%, 06/01/76		6,298,786
	299,930	5.65%, 03/01/79 †		8,479,021
		NextEra Energy, Inc.
	327,196	4.87%, 09/01/22		19,088,615
	545,327	5.28%, 03/01/23		27,468,121
	436,262	6.22%, 09/01/23		22,018,143
		NiSource, Inc.
	218,131	6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24		5,998,602
	81,799	7.75%, 03/01/24		8,759,855
	174,505	PG&E Corp. 5.50%, 08/16/23		19,263,607
	196,318	PPL Capital Funding, Inc. 5.90%, 04/30/73 †		5,006,109
	119,972	SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 †		3,047,289
	130,879	SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26		3,338,723
	207,224	SCE Trust VI 5.00%, 06/26/22 †		5,108,072

Number of Shares			Value

Utilities: (continued)
	330,468	Sempra Energy 5.75%, 07/01/79	$	9,048,214
	73,074	South Jersey Industries, Inc. 8.75%, 04/01/24		3,872,191
		Southern Co.
	327,196	4.20%, 10/15/60 †		8,232,251
	436,262	4.95%, 01/30/80 †		11,587,119
	349,010	5.25%, 10/01/76		8,924,186
	196,318	5.25%, 12/01/77 †		5,243,654
	376,276	6.75%, 08/01/22		19,716,862
	109,065	Spire, Inc. 5.90%, 08/15/24 †		3,022,191
	111,887	Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28		2,896,754
				366,610,248
Total Preferred Securities (Cost: $886,380,735)				953,122,175
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6% (Cost: $14,817,293)
Money Market Fund: 1.6%
	14,817,293	State Street Navigator Securities Lending Government Money Market Portfolio		14,817,293
Total Investments: 102.1% (Cost: $901,198,028)				967,939,468
Liabilities in excess of other assets: (2.1)%				(20,044,276	)
NET ASSETS: 100.0%			$	947,895,192

See Notes to Financial Statements

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $43,212,661.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		3.2	%	$	30,121,069
Consumer Cyclicals		6.9			66,132,049
Consumer Non-Cyclicals		3.9			36,749,334
Energy		3.9			36,965,566
Financials		6.9			65,896,100
Healthcare		6.2			58,996,866
Industrials		3.1			29,904,874
Real Estate		17.0			162,190,665
Technology		10.4			99,555,404
Utilities		38.5			366,610,248
		100.0	%	$	953,122,175

The summary of inputs used to value the Fund’s investments as of April 30, 2021 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Preferred Securities*	$	953,122,175		$	—		$	—	$	953,122,175
Money Market Fund		14,817,293			—			—		14,817,293
Total	$	967,939,468		$	—		$	—	$	967,939,468

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2021

		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)			$	411,780,495			$	90,575,635			$	15,307,003			$	771,248,638
Short-term investments held as collateral for securities loaned (3)				31,604,946				—				55,227				14,533,630
Cash				38				—				32,827				10,875,360
Cash denominated in foreign currency, at value (4)				—				11,468,475	(a)			91,260				—
Receivables:
Investment securities sold				—				—				—				16,231,788
Shares of beneficial interest sold				13,833,571				5,320				—				—
Due from Adviser				—				—				7,996				—
Due from custodian				—				79,000				—				—
Dividends and interest				775,393				1,526,078				226,626				10,868,645
Prepaid expenses				—				312				—				—
Total assets				457,994,443				103,654,820				15,720,939				823,758,061
Liabilities:
Payables:
Investment securities purchased				13,834,025				—				—				24,456,589
Collateral for securities loaned				31,604,946				—				55,227				14,533,630
Line of credit				403,824				—				—				—
Shares of beneficial interest redeemed				—				—				—				—
Due to Adviser				114,366				25,476				—				219,502
Due to custodian				—				55,169				—				—
Deferred Trustee fees				9,396				808				1,999				40,196
Accrued expenses				67,593				70,015				89,606				101,094
Total liabilities				46,034,150				151,468				146,832				39,351,011
NET ASSETS			$	411,960,293			$	103,503,352			$	15,574,107			$	784,407,050
Shares outstanding				24,575,000				4,300,000				750,000				33,200,000
Net asset value, redemption and offering price per share			$	16.76			$	24.07			$	20.77			$	23.63
Net Assets consist of:
Aggregate paid in capital			$	423,660,689			$	101,839,884			$	17,438,095			$	830,379,244
Total distributable earnings (loss)				(11,700,396	)			1,663,468				(1,863,988	)			(45,972,194	)
NET ASSETS			$	411,960,293			$	103,503,352			$	15,574,107			$	784,407,050
(1)	Value of securities on loan		$	44,959,053			$	—			$	241,488			$	32,047,729
(2)	Cost of investments – Unaffiliated issuers		$	363,391,579			$	89,110,200			$	15,168,535			$	761,980,798
(3)	Cost of short-term investments held as collateral for securities loaned		$	31,604,946			$	—			$	55,227			$	14,533,630
(4)	Cost of cash denominated in foreign currency		$	—			$	11,444,572			$	93,033			$	—

(a)	Includes $93,838 of foreign investor minimum settlement reserve funds (See Note 2G)

See Notes to Financial Statements

100

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				Moody’s Analytics BBB Corporate Bond ETF				Moody’s Analytics IG Corporate Bond ETF

	$	4,851,005,554		$	83,261,057		$	99,088,098			$	558,942,478		$	3,305,881,605			$	9,790,282			$	14,594,926
		66,462,727			107,102			2,171,152				2,107,752			—				106,163				106,163
		24,275,117			954,345			400,913				588,000			1,320,314				24,645				107,495
		—			—			546,111				—			2,051,764				—				—

		63,314,522			2,465,109			2,104,885				92,057,415			84,108,605				1,061,847				1,407,845
		46,681,048			—			—				—			—				—				—
		—			3,107			—				—			—				—				—
		—			—			—				—			—				—				—
		58,992,311			540,006			1,380,551				682,917			63,065,916				99,886				128,722
		—			—			—				—			20,895				—				—
		5,110,731,279			87,330,726			105,691,710				654,378,562			3,456,449,099				11,082,823				16,345,151

		98,478,889			2,951,989			3,108,873				92,319,867			73,364,757				1,081,741				1,488,495
		66,462,727			107,102			2,171,152				2,107,752			—				106,163				106,163
		—			—			—				—			—				—				—
		28,980,747			—			—				—			—				—				—
		1,107,674			—			20,873				39,795			855,731				1,987				2,368
		—			—			—				—			—				—				—
		67,963			1,073			33,385				21,618			243,575				—				—
		217,045			71,973			84,236				80,867			2,114,386				—				—
		195,315,045			3,132,137			5,418,519				94,569,899			76,578,449				1,189,891				1,597,026
	$	4,915,416,234		$	84,198,589		$	100,273,191			$	559,808,663		$	3,379,870,650			$	9,892,932			$	14,748,125
		152,650,000			3,100,000			3,900,000				22,100,000			108,522,682				400,000				600,000

	$	32.20		$	27.16		$	25.71			$	25.33		$	31.14			$	24.73			$	24.58

	$	4,739,186,310		$	84,162,816		$	107,214,778			$	558,120,392		$	3,795,613,139			$	10,000,000			$	15,000,000
		176,229,924			35,773			(6,941,587	)			1,688,271			(415,742,489	)			(107,068	)			(251,875	)
	$	4,915,416,234		$	84,198,589		$	100,273,191			$	559,808,663		$	3,379,870,650			$	9,892,932			$	14,748,125
	$	124,439,962		$	1,815,563		$	4,162,767			$	6,772,080		$	—			$	100,819			$	100,819
	$	4,538,608,305		$	83,136,628		$	94,914,339			$	556,196,160		$	3,425,440,114			$	9,893,763			$	14,843,453
	$	66,462,727		$	107,102		$	2,171,152			$	2,107,752		$	—			$	106,163			$	106,163
	$	—		$	—		$	542,351			$	—		$	2,047,580			$	—			$	—

See Notes to Financial Statements

101

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

(continued)

		Mortgage REIT Income ETF				Preferred Securities ex Financials ETF

Assets:
Investments, at value
Unaffiliated issuers (1) (2)			$	310,235,686			$	953,122,175
Short-term investments held as collateral for securities loaned (3)				5,860,627				14,817,293
Cash				14				36,793
Receivables:
Investment securities sold				—				18,073,226
Shares of beneficial interest sold				—				1,056,019
Dividends and interest				410,280				2,281,166
Total assets				316,506,607				989,386,672

Liabilities:
Payables:
Investment securities purchased				—				18,623,559
Collateral for securities loaned				5,860,627				14,817,293
Line of credit				202,954				7,664,737
Due to Adviser				65,722				267,350
Deferred Trustee fees				16,359				36,282
Accrued expenses				76,771				82,259
Total liabilities				6,222,433				41,491,480
NET ASSETS			$	310,284,174			$	947,895,192
Shares outstanding				15,950,000				45,200,000
Net asset value, redemption and offering price per share			$	19.45			$	20.97
Net Assets consist of:
Aggregate paid in capital			$	346,875,055			$	933,324,975
Total distributable earnings (loss)				(36,590,881	)			14,570,217
NET ASSETS			$	310,284,174			$	947,895,192
(1)	Value of securities on loan		$	50,187,067			$	43,212,661
(2)	Cost of investments – Unaffiliated issuers		$	271,001,745			$	886,380,735
(3)	Cost of short-term investments held as collateral for securities loaned		$	5,860,627			$	14,817,293

See Notes to Financial Statements

102

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VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2021

	BDC Income ETF				ChinaAMC China Bond ETF				Emerging Markets Aggregate Bond ETF				Emerging Markets High Yield Bond ETF

Income:
Interest		$	311			$	1,449,833			$	728,345			$	29,414,168
Dividends			27,442,860				—				—				—
Securities lending income			1,025,466				—				446				50,661
Foreign taxes withheld			—				(1,066	)			(5,223	)			(5,169	)
Total income			28,468,637				1,448,767				723,568				29,459,660

Expenses:
Management fees			1,035,972				160,811				55,096				1,965,965
Professional fees			68,256				60,726				70,203				74,065
Custody and accounting fees			18,039				23,653				43,685				75,120
Reports to shareholders			23,947				2,541				901				31,926
IOPV fees			523				13,849				13,849				8,470
Trustees’ fees and expenses			9,796				1,774				1,211				16,136
Registration fees			7,029				7,009				7,020				7,080
Insurance			7,910				1,697				2,130				12,323
Interest			13,197				1,153				136				274
Other			4,699				1,676				1,457				7,308
Total expenses			1,189,368				274,889				195,688				2,198,667
Waiver of management fees			(138,962	)			(71,206	)			(55,096	)			(227,753	)
Expenses assumed by the Adviser			—				—				(85,362	)			—
Net expenses			1,050,406				203,683				55,230				1,970,914
Net investment income			27,418,231				1,245,084				668,338				27,488,746

Net realized gain (loss) on:
Investments			(20,019,047	)			74,173				(107,248)	(b)			(10,418,604	)
In-kind redemptions			7,955,801				—				—				1,068,155
Capital gain distributions received			362,781				—				—				—
Foreign currency transactions and foreign denominated assets and liabilities			—				184,758				4,067				—
Net realized gain (loss)			(11,700,465	)			258,931				(103,181	)			(9,350,449	)

Net change in unrealized appreciation (depreciation) on:
Investments			129,739,736				1,639,318				1,074,477	(c)			56,587,045
Foreign currency transactions and foreign denominated assets and liabilities			—				37,404				7,674				—
Net change in unrealized appreciation (depreciation)			129,739,736				1,676,722				1,082,151				56,587,045
Net Increase (Decrease) in Net Assets Resulting from Operations		$	145,457,502			$	3,180,737			$	1,647,308			$	74,725,342

(a)	For the period December 2, 2020 (commencement of operations) through April 30, 2021.
(b)	Net of foreign taxes of $1,141
(c)	Net of foreign taxes of $3,918
(d)	Net of foreign taxes of $534,214
(e)	Net of foreign taxes of $1,413,277

See Notes to Financial Statements

104

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				Moody’s Analytics BBB Corporate Bond ETF(a)				Moody’s Analytics IG Corporate Bond ETF(a)

$	174,231,610			$	1,114,375			$	4,925,944			$	5,037,087			$	175,309,235			$	97,718			$	140,362
	—				—				—				—				—				—				—
	637,888				2,118				17,243				11,237				—				—				—
	—				(317	)			(48	)			—				(2,219,124	)			—				—
	174,869,498				1,116,176				4,943,139				5,048,324				173,090,111				97,718				140,362

	13,474,169				176,324				400,413				1,648,059				8,952,123				10,228				12,227
	97,053				93,371				71,852				75,199				120,465				—				—
	38,546				26,031				48,520				32,076				688,771				—				—
	574,543				9,296				9,909				12,289				221,668				—				—
	13,849				8,469				8,470				13,849				13,849				—				—
	90,530				1,597				2,993				13,832				126,379				—				—
	34,345				7,051				7,057				7,850				26,752				—				—
	31,737				2,262				5,027				14,761				51,973				—				—
	3,115				102				1,258				3,806				61,651				—				—
	39,911				2,014				2,716				8,734				79,433				—				—
	14,397,798				326,517				558,215				1,830,455				10,343,064				10,228				12,227
	(2,573,466	)			(176,324	)			(156,488	)			(1,167,598	)			(340,005	)			—				—
	—				(49,026	)			—				—				—				—				—
	11,824,332				101,167				401,727				662,857				10,003,059				10,228				12,227
	163,045,166				1,015,009				4,541,412				4,385,467				163,087,052				87,490				128,135

	(32,293,574	)			(63,236	)			(1,747,161	)			244,199				(158,390,128	)(d)			(15,478	)			(25,943	)
	129,581,326				—				580,085				546,152				9,068,916				—				—
	—				—				—				—				—				—				—

	—				—				81,460				—				(1,230,424	)			—				—
	97,287,752				(63,236	)			(1,085,616	)			790,351				(150,551,636	)			(15,478	)			(25,943	)

	387,013,556				(435,542	)			15,160,147				13,202,820				324,035,650	(e)			(103,480	)			(248,527	)

	—				—				10,281				—				4,970,712				—				—
	387,013,556				(435,542	)			15,170,428				13,202,820				329,006,362				(103,480	)			(248,527	)
$	647,346,474			$	516,231			$	18,626,224			$	18,378,638			$	341,541,778			$	(31,468	)		$	(146,335	)

See Notes to Financial Statements

105

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

(continued)

	Mortgage REIT Income ETF				Preferred Securities ex Financials ETF

Income:
Interest		$	157			$	783
Dividends			12,389,441				41,798,161
Securities lending income			141,339				454,039
Foreign taxes withheld			—				(22,985	)
Total income			12,530,937				42,229,998

Expenses:
Management fees			840,540				3,142,918
Professional fees			71,232				80,850
Custody and accounting fees			18,255				27,743
Reports to shareholders			53,334				65,912
IOPV fees			3,387				523
Trustees’ fees and expenses			8,360				21,722
Registration fees			7,206				8,814
Insurance			7,527				20,060
Interest			17,094				35,593
Other			4,193				13,592
Total expenses			1,031,128				3,417,727
Waiver of management fees			(172,617	)			(237,827	)
Net expenses			858,511				3,179,900
Net investment income			11,672,426				39,050,098

Net realized loss on:
Investments			(28,405,183	)			(7,969,874	)
In-kind redemptions			10,456,006				2,076,491
Capital gain distributions received			—				273,378
Net realized loss			(17,949,177	)			(5,620,005	)

Net change in unrealized appreciation (depreciation) on:
Investments			130,769,388				113,139,493
Net Increase in Net Assets Resulting from Operations		$	124,492,637			$	146,569,586

See Notes to Financial Statements

106

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VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	BDC Income ETF								ChinaAMC China Bond ETF
	Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020
Operations:
Net investment income		$	27,418,231			$	21,567,462			$	1,245,084			$	174,642
Net realized gain (loss)			(11,700,465	)			(15,333,020	)			258,931				(78,353	)
Net change in unrealized appreciation (depreciation)			129,739,736				(74,503,250	)			1,676,722				(19,846	)
Net increase (decrease) in net assets resulting from operations			145,457,502				(68,268,808	)			3,180,737				76,443
Distributions to shareholders:
From distributable earnings			(28,249,128	)			(21,186,560	)			(1,233,560	)			(156,654	)
Return of capital			(102,755	)			—				—				(18,386	)
Total distributions			(28,351,883	)			(21,186,560	)			(1,233,560	)			(175,040	)
Share transactions**:
Proceeds from sale of shares			167,364,489				101,879,369				97,077,772	(a)			—
Cost of shares redeemed			(42,308,818	)			(49,439,986	)			—				—
Increase in net assets resulting from share transactions			125,055,671				52,439,383				97,077,772				—
Total increase (decrease) in net assets			242,161,290				(37,015,985	)			99,024,949				(98,597	)
Net Assets, beginning of year			169,799,003				206,814,988				4,478,403				4,577,000
Net Assets, end of year		$	411,960,293			$	169,799,003			$	103,503,352			$	4,478,403
** Shares of Common Stock Issued (no par value)
Shares sold			11,800,000				6,750,000				4,100,000				—
Shares redeemed			(3,025,000	)			(3,450,000	)			—				—
Net increase			8,775,000				3,300,000				4,100,000				—

(a)	Includes $79,000 for a reimbursement by the Adviser (See Note 3)

See Notes to Financial Statements

108

Emerging Markets Aggregate Bond ETF								Emerging Markets High Yield Bond ETF								Fallen Angel High Yield Bond ETF
Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020

	$	668,338			$	705,316			$	27,488,746			$	19,644,282			$	163,045,166			$	70,986,954
		(103,181	)			(212,326	)			(9,350,449	)			(8,789,257	)			97,287,752				(101,499,902	)
		1,082,151				(695,902	)			56,587,045				(38,751,872	)			387,013,556				(55,587,496	)

		1,647,308				(202,912	)			74,725,342				(27,896,847	)			647,346,474				(86,100,444	)

		(573,293	)			(604,973	)			(25,900,330	)			(19,713,460	)			(155,216,155	)			(69,209,400	)
		(93,307	)			(105,837	)			—				—				—				—
		(666,600	)			(710,810	)			(25,900,330	)			(19,713,460	)			(155,216,155	)			(69,209,400	)

		—				949,367				446,230,645				122,700,933				3,595,864,787				1,381,802,023
		—				—				(18,741,366	)			(28,453,692	)			(855,370,459	)			(519,616,958	)

		—				949,367				427,489,279				94,247,241				2,740,494,328				862,185,065
		980,708				35,645				476,314,291				46,636,934				3,232,624,647				706,875,221
		14,593,399				14,557,754				308,092,759				261,455,825				1,682,791,587				975,916,366
	$	15,574,107			$	14,593,399			$	784,407,050			$	308,092,759			$	4,915,416,234			$	1,682,791,587

		—				50,000				19,000,000				5,200,000				117,100,000				47,150,000
		—				—				(800,000	)			(1,400,000	)			(27,150,000	)			(18,100,000	)
		—				50,000				18,200,000				3,800,000				89,950,000				29,050,000

See Notes to Financial Statements

109

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Green Bond ETF								International High Yield Bond ETF
	Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020

Operations:
Net investment income		$	1,015,009			$	604,222			$	4,541,412			$	5,673,344
Net realized gain (loss)			(63,236	)			411,300				(1,085,616	)			(3,161,281	)
Net change in unrealized appreciation (depreciation)			(435,542	)			576,621				15,170,428				(7,595,399	)
Net increase (decrease) in net assets resulting from operations			516,231				1,592,143				18,626,224				(5,083,336	)

Distributions to shareholders:
From distributable earnings			(902,645	)			(518,700	)			(4,423,249	)			(5,231,217	)
Return of capital			—				(119,670	)			(264,741	)			(396,663	)
Total distributions			(902,645	)			(638,370	)			(4,687,990	)			(5,627,880	)

Share transactions**:
Proceeds from sale of shares			52,359,723				8,084,836				10,278,340				9,904,641
Cost of shares redeemed			—				(2,683,565	)			(12,776,583	)			(23,238,685	)
Increase (decrease) in net assets resulting from share transactions			52,359,723				5,401,271				(2,498,243	)			(13,334,044	)
Total increase (decrease) in net assets			51,973,309				6,355,044				11,439,991				(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		$	84,198,589			$	32,225,280			$	100,273,191			$	88,833,200

** Shares of Common Stock Issued (no par value)
Shares sold			1,900,000				300,000				400,000				400,000
Shares redeemed			—				(100,000	)			(500,000	)			(1,000,000	)
Net increase (decrease)			1,900,000				200,000				(100,000	)			(600,000	)

*	Commencement of operations

See Notes to Financial Statements

110

Investment Grade Floating Rate ETF								J.P. Morgan EM Local Currency Bond ETF								Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF
Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020				For the Period December 2, 2020* through April 30, 2021			For the Period December 2, 2020* through April 30, 2021

	$	4,385,467			$	13,664,047			$	163,087,052			$	282,892,930			$ 87,490			$ 128,135
		790,351				(3,594,118	)			(150,551,636	)			(429,422,888	)		(15,478	)		(25,943	)
		13,202,820				(9,868,517	)			329,006,362				(57,775,966	)		(103,480	)		(248,527	)

		18,378,638				201,412				341,541,778				(204,305,924	)		(31,468	)		(146,335	)

		(5,073,095	)			(14,425,000	)			(524,709	)			(70,848,577	)		(75,600	)		(105,540	)
		—				—				(161,805,238	)			(210,852,975	)		—			—
		(5,073,095	)			(14,425,000	)			(162,329,947	)			(281,701,552	)		(75,600	)		(105,540	)

		125,423,479				44,286,437				690,250,396				512,534,822			10,000,000			15,000,000
		(40,336,816	)			(110,153,612	)			(828,095,691	)			(2,019,935,636	)		—			—

		85,086,663				(65,867,175	)			(137,845,295	)			(1,507,400,814	)		10,000,000			15,000,000
		98,392,206				(80,090,763	)			41,366,536				(1,993,408,290	)		9,892,932			14,748,125
		461,416,457				541,507,220				3,338,504,114				5,331,912,404			—			—
	$	559,808,663			$	461,416,457			$	3,379,870,650			$	3,338,504,114			$ 9,892,932			$14,748,125

		4,950,000				1,750,000				21,600,000				15,300,000			400,000			600,000
		(1,600,000	)			(4,450,000	)			(26,800,000	)			(62,600,000	)		—			—
		3,350,000				(2,700,000	)			(5,200,000	)			(47,300,000	)		400,000			600,000

See Notes to Financial Statements

111

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Mortgage REIT Income ETF								Preferred Securities ex Financials ETF
	Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2021				Year Ended April 30, 2020

Operations:
Net investment income		$	11,672,426			$	12,365,684			$	39,050,098			$	37,582,809
Net realized loss			(17,949,177	)			(10,033,682	)			(5,620,005	)			(12,134,058	)
Net change in unrealized appreciation (depreciation)			130,769,388				(97,091,800	)			113,139,493				(43,552,343	)
Net increase (decrease) in net assets resulting from operations			124,492,637				(94,759,798	)			146,569,586				(18,103,592	)

Distributions to shareholders:
From distributable earnings			(11,675,560	)			(12,368,685	)			(38,058,255	)			(38,840,821	)
Return of capital			(6,729,745	)			(2,747,765	)			—				—
Total distributions			(18,405,305	)			(15,116,450	)			(38,058,255	)			(38,840,821	)

Share transactions**:
Proceeds from sale of shares			118,718,711				83,580,336				183,940,174				211,329,479
Cost of shares redeemed			(33,825,342	)			(29,272,023	)			(33,585,352	)			(49,472,034	)
Increase in net assets resulting from share transactions			84,893,369				54,308,313				150,354,822				161,857,445
Total increase (decrease) in net assets			190,980,701				(55,567,935	)			258,866,153				104,913,032
Net Assets, beginning of year			119,303,473				174,871,408				689,029,039				584,116,007
Net Assets, end of year		$	310,284,174			$	119,303,473			$	947,895,192			$	689,029,039

** Shares of Common Stock Issued (no par value)
Shares sold			7,700,000				4,500,000				9,150,000				10,600,000
Shares redeemed			(2,200,000	)			(1,450,000	)			(1,750,000	)			(2,950,000	)
Net increase			5,500,000				3,050,000				7,400,000				7,650,000

*	Commencement of operations

See Notes to Financial Statements

112

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

		BDC Income ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	10.75			$	16.55			$	16.10			$	19.17			$	16.43
Income from investment operations:
Net investment income			1.43	(a)			1.54	(a)			1.59	(a)			1.52	(a)			1.54
Net realized and unrealized gain (loss) on investments			6.02				(5.86	)			0.41				(3.04	)			2.67
Total from investment operations			7.45				(4.32	)			2.00				(1.52	)			4.21
Less distributions from:
Net investment income			(1.44	)			(1.48	)			(1.55	)			(1.55	)			(1.47	)
Return of capital			(0.00	)(d)			—				—				—				—
Total distributions			(1.44	)			(1.48	)			(1.55	)			(1.55	)			(1.47	)
Net asset value, end of year		$	16.76			$	10.75			$	16.55			$	16.10			$	19.17
Total return (b)			73.81	%			(27.77	)%			13.27	%			(8.08	)%			26.67	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$411,960				$169,799				$206,815				$177,926				$183,067
Ratio of gross expenses to average net assets			0.46	%			0.48	%			0.47	%			0.49	%			0.52	%
Ratio of net expenses to average net assets			0.41	%			0.41	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			10.57	%			9.95	%			9.73	%			8.85	%			9.12	%
Portfolio turnover rate (c)			26	%			22	%			13	%			19	%			23	%


		ChinaAMC China Bond ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	22.39			$	22.89			$	24.14			$	22.16			$	24.28
Income from investment operations:
Net investment income			0.73	(a)			0.87	(a)			0.75	(a)			0.74	(a)			0.21
Net realized and unrealized gain (loss) on investments			1.60				(0.49	)			(1.24	)			2.07				(1.64	)
Total from investment operations			2.33				0.38				(0.49	)			2.81				(1.43	)
Less distributions from:
Net investment income			(0.65	)			(0.79	)			(0.38	)			—				—
Return of capital			—				(0.09	)			(0.38	)			(0.83	)			(0.69	)
Total distributions			(0.65	)			(0.88	)			(0.76	)			(0.83	)			(0.69	)
Net asset value, end of year		$	24.07			$	22.39			$	22.89			$	24.14			$	22.16
Total return (b)			10.56	%			1.76	%			(1.98	)%			12.94	%			(6.00	)%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$103,503				$4,478				$4,577				$4,828				$6,649
Ratio of gross expenses to average net assets			0.68	%			3.53	%			2.25	%			2.59	%			1.90	%
Ratio of net expenses to average net assets			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Ratio of net expenses to average net assets excluding interest expense			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Ratio of net investment income to average net assets			3.07	%			3.93	%			3.29	%			3.21	%			3.04	%
Portfolio turnover rate (c)			17	%			21	%			22	%			39	%			9	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	Amount represents less than $0.005 per share.

See Notes to Financial Statements

113

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		Emerging Markets Aggregate Bond ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	19.46			$	20.80			$	21.42			$	21.64			$	21.68
Income from investment operations:
Net investment income			0.89	(a)			1.00	(a)			1.00	(a)			0.96	(a)			0.98
Net realized and unrealized gain (loss) on investments			1.31				(1.33	)			(0.63	)			(0.15	)			(0.08	)
Total from investment operations			2.20				(0.33	)			0.37				0.81				0.90
Less distributions from:
Net investment income			(0.77	)			(0.86	)			(0.48	)			(0.71	)			(0.62	)
Return of capital			(0.12	)			(0.15	)			(0.51	)			(0.32	)			(0.32	)
Total distributions			(0.89	)			(1.01	)			(0.99	)			(1.03	)			(0.94	)
Net asset value, end of year		$	20.77			$	19.46			$	20.80			$	21.42			$	21.64
Total return (b)			11.31	%			(1.83	)%			1.91	%			3.78	%			4.27	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$15,574				$14,593				$14,558				$14,993				$15,150
Ratio of gross expenses to average net assets			1.24	%			1.49	%			0.92	%			1.12	%			1.26	%
Ratio of net expenses to average net assets			0.35	%			0.35	%			0.36	%			0.49	%			0.49	%
Ratio of net expenses to average net assets excluding interest expense			0.35	%			0.35	%			0.36	%			0.49	%			0.49	%
Ratio of net investment income to average net assets			4.25	%			4.75	%			4.85	%			4.38	%			4.60	%
Portfolio turnover rate (c)			17	%			12	%			25	%			20	%			11	%


		Emerging Markets High Yield Bond ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	20.54			$	23.34			$	23.83			$	24.86			$	23.37
Income from investment operations:
Net investment income			1.29	(a)			1.42	(a)			1.33	(a)			1.33	(a)			1.46
Net realized and unrealized gain (loss) on investments			3.06				(2.77	)			(0.46	)			(1.01	)			1.50
Total from investment operations			4.35				(1.35	)			0.87				0.32				2.96
Less distributions from:
Net investment income			(1.26	)			(1.45	)			(1.36	)			(1.35	)			(1.47	)
Net asset value, end of year		$	23.63			$	20.54			$	23.34			$	23.83			$	24.86
Total return (b)			21.53	%			(6.27	)%			3.93	%			1.28	%			13.04	%


Ratios/Supplemental Data
Net assets, end of year (000’s)		$784,407			$308,093				$261,456				$371,678				$372,926
Ratio of gross expenses to average net assets			0.45	%			0.47	%			0.46	%			0.45	%			0.47	%
Ratio of net expenses to average net assets			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.58	%			6.19	%			5.81	%			5.43	%			6.13	%
Portfolio turnover rate (c)			31	%			28	%			27	%			40	%			39	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

114

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		Fallen Angel High Yield Bond ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	26.84			$	29.00			$	29.19			$	29.65			$	27.14
Income from investment operations:
Net investment income			1.49	(a)			1.54	(a)			1.64	(a)			1.54	(a)			1.56
Net realized and unrealized gain (loss) on investments			5.35				(2.16	)			(0.24	)			(0.40	)			2.62
Total from investment operations			6.84				(0.62	)			1.40				1.14				4.18
Less distributions from:
Net investment income			(1.48	)			(1.54	)			(1.59	)			(1.51	)			(1.58	)
Net realized capital gains			—				—				—				(0.09	)			(0.09	)
Total distributions			(1.48	)			(1.54	)			(1.59	)			(1.60	)			(1.67	)
Net asset value, end of year		$	32.20			$	26.84			$	29.00			$	29.19			$	29.65
Total return (b)			25.95	%			(2.38	)%			5.04	%			3.86	%			15.86	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$4,915,416				$1,682,792				$975,916				$1,223,107				$855,380
Ratio of gross expenses to average net assets			0.43	%			0.43	%			0.45	%			0.44	%			0.46	%
Ratio of net expenses to average net assets			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of net expenses to average net assets excluding interest expense			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Ratio of net investment income to average net assets			4.83	%			5.35	%			5.76	%			5.16	%			5.61	%
Portfolio turnover rate (c)			27	%			68	%			29	%			20	%			32	%


		Green Bond ETF
																	For the Period
																	March 3,
																	2017 (d) through
		For the Year Ended April 30,															April 30,
		2021				2020				2019				2018			2017
Net asset value, beginning of period		$	26.85			$	25.87			$	26.54			$	25.44			$	24.75
Income from investment operations:
Net investment income			0.55	(a)			0.58	(a)			0.34	(a)			0.29	(a)			0.04
Net realized and unrealized gain (loss) on investments			0.28	(h)			1.00				(0.68	)			1.16				0.67
Total from investment operations			0.83				1.58				(0.34	)			1.45				0.71
Less distributions from:
Net investment income			(0.52	)			(0.50	)			(0.29	)			(0.35	)			(0.02	)
Net realized capital gains			—				—				—				0.00	(g)			—
Return of capital			—				(0.10	)			(0.04	)			—				—
Total distributions			(0.52	)			(0.60	)			(0.33	)			(0.35	)			(0.02	)
Net asset value, end of period		$	27.16			$	26.85			$	25.87			$	26.54			$	25.44
Total return (b)			3.07	%			6.17	%			(1.25	)%			5.72	%			2.86	%(e)


Ratios/Supplemental Data
Net assets, end of period (000’s)	$84,199				$32,225				$25,870				$17,254				$5,088
Ratio of gross expenses to average net assets			0.65	%			0.83	%			1.02	%			1.56	%			5.49	%(f)
Ratio of net expenses to average net assets			0.20	%			0.23	%			0.33	%			0.40	%			0.40	%(f)
Ratio of net expenses to average net assets excluding interest expense			0.20	%			0.23	%			0.33	%			0.40	%			0.40	%(f)
Ratio of net investment income to average net assets			2.01	%			2.17	%			1.32	%			1.10	%			1.03	%(f)
Portfolio turnover rate (c)			25	%			83	%			28	%			26	%			0	%(e)

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
(d)	Commencement of operations
(e)	Not Annualized
(f)	Annualized
(g)	Amount represents less than $0.005 per share.
(h)	The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

See Notes to Financial Statements

115

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		International High Yield Bond ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	22.21			$	24.54			$	25.20			$	24.90			$	24.20
Income from investment operations:
Net investment income			1.13	(a)			1.26	(a)			1.13	(a)			1.07	(a)			1.24
Net realized and unrealized gain (loss) on investments			3.54				(2.33	)			(0.65	)			0.39				0.65
Total from investment operations			4.67				(1.07	)			0.48				1.46				1.89
Less distributions from:
Net investment income			(1.10	)			(1.17	)			(1.08	)			(1.02	)			(0.83	)
Return of capital			(0.07	)			(0.09	)			(0.06	)			(0.14	)			(0.36	)
Total distributions			(1.17	)			(1.26	)			(1.14	)			(1.16	)			(1.19	)
Net asset value, end of year		$	25.71			$	22.21			$	24.54			$	25.20			$	24.90
Total return (b)			21.30	%			(4.67	)%			2.08	%			5.91	%			8.04	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$100,273				$88,833				$112,878				$171,358				$129,478
Ratio of gross expenses to average net assets			0.56	%			0.62	%			0.54	%			0.52	%			0.54	%
Ratio of net expenses to average net assets			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			4.54	%			5.17	%			4.66	%			4.19	%			4.95	%
Portfolio turnover rate (c)			33	%			37	%			32	%			41	%			34	%


		Investment Grade Floating Rate ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	24.61			$	25.25			$	25.32			$	25.14			$	24.77
Income from investment operations:
Net investment income			0.23	(a)			0.68	(a)			0.77	(a)			0.52	(a)			0.33
Net realized and unrealized gain (loss) on investments			0.76				(0.61	)			(0.10	)			0.13				0.36
Total from investment operations			0.99				0.07				0.67				0.65				0.69
Less distributions from:
Net investment income			(0.27	)			(0.71	)			(0.74	)			(0.47	)			(0.32	)
Net asset value, end of year		$	25.33			$	24.61			$	25.25			$	25.32			$	25.14
Total return (b)			4.07	%			0.26	%			2.71	%			2.59	%			2.80	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$559,809				$461,416				$541,507				$377,199				$148,322
Ratio of gross expenses to average net assets			0.39	%			0.40	%			0.40	%			0.41	%			0.46	%
Ratio of net expenses to average net assets			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Ratio of net expenses to average net assets excluding interest expense			0.14	%			0.14	%			0.14	%			0.14	%			0.14	%
Ratio of net investment income to average net assets			0.93	%			2.70	%			3.05	%			2.06	%			1.40	%
Portfolio turnover rate (c)			72	%			40	%			30	%			28	%			46	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

116

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		J.P. Morgan EM Local Currency Bond ETF #
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	29.36			$	33.11			$	37.56			$	37.24			$	37.90
Income from investment operations:
Net investment income			1.55	(a)			2.00	(a)			2.14	(a)			2.18	(a)			2.56
Net realized and unrealized gain (loss) on investments			1.78				(3.75	)			(4.45	)			0.40				(1.34	)
Total from investment operations			3.33				(1.75	)			(2.31	)			2.58				1.22
Less distributions from:
Net investment income			(0.01	)			(0.48	)			(1.36	)			(1.98	)			(0.60	)
Return of capital			(1.54	)			(1.52	)			(0.78	)			(0.28	)			(1.28	)
Total distributions			(1.55	)			(2.00	)			(2.14	)			(2.26	)			(1.88	)
Net asset value, end of year		$	31.14			$	29.36			$	33.11			$	37.56			$	37.24
Total return (b)			11.40	%			(5.79	)%			(6.05	)%			7.05	%			3.41	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$3,379,871				$3,338,504				$5,331,912				$5,645,038				$3,354,751
Ratio of gross expenses to average net assets			0.31	%			0.36	%			0.41	%			0.46	%			0.48	%
Ratio of net expenses to average net assets			0.30	%			0.30	%			0.31	%			0.44	%			0.47	%
Ratio of net expenses to average net assets excluding interest expense			0.30	%			0.30	%			0.31	%			0.44	%			0.47	%
Ratio of net investment income to average net assets			4.92	%			6.05	%			6.35	%			5.69	%			5.60	%
Portfolio turnover rate (c)			40	%			39	%			36	%			28	%			37	%

	Moody’s Analytics BBB Corporate Bond ETF
	For the Period December 2, 2020 (d) through April 30, 2021
Net asset value, beginning of period		$	25.00
Income from investment operations:
Net investment income (a)			0.22
Net realized and unrealized gain (loss) on investments			(0.30	)
Total from investment operations			(0.08	)
Less distributions from:
Net investment income			(0.19	)
Net asset value, end of period		$	24.73
Total return (b)			(0.32	)%(e)


Ratios/Supplemental Data
Net assets, end of period (000’s)		$	9,893
Ratio of expenses to average net assets			0.25	%(f)
Ratio of expenses to average net assets excluding interest expense			0.25	%(f)
Ratio of net investment income to average net assets			2.14	%(f)
Portfolio turnover rate (c)			35	%(e)

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

117

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
	For the Period December 2, 2020 (a) through April 30, 2021
Net asset value, beginning of period		$	25.00
Income from investment operations:
Net investment income (b)			0.21
Net realized and unrealized gain (loss) on investments			(0.45	)
Total from investment operations			(0.24	)
Less distributions from:
Net investment income			(0.18	)
Net asset value, end of period		$	24.58
Total return (c)			(0.97	)%(d)


Ratios/Supplemental Data
Net assets, end of period (000’s)		$	14,748
Ratio of expenses to average net assets			0.20	%(e)
Ratio of expenses to average net assets excluding interest expense			0.20	%(e)
Ratio of net investment income to average net assets			2.10	%(e)
Portfolio turnover rate (f)			28	%(d)

		Mortgage REIT Income ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	11.42			$	23.63			$	22.71			$	24.49			$	20.03
Income from investment operations:
Net investment income			0.86	(b)			1.45	(b)			1.68	(b)			1.70	(b)			1.81
Net realized and unrealized gain (loss) on investments			8.49				(11.90	)			0.94				(1.59	)			4.38
Total from investment operations			9.35				(10.45	)			2.62				0.11				6.19
Less distributions from:
Net investment income			(0.83	)			(1.45	)			(1.67	)			(1.81	)			(1.73	)
Return of capital			(0.49	)			(0.31	)			(0.03	)			(0.08	)			—
Total distributions			(1.32	)			(1.76	)			(1.70	)			(1.89	)			(1.73	)
Net asset value, end of year		$	19.45			$	11.42			$	23.63			$	22.71			$	24.49
Total return (c)			85.71	%			(46.63	)%			12.00	%			0.32	%			32.15	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$310,284				$119,303				$174,871				$131,732				$148,143
Ratio of gross expenses to average net assets			0.49	%			0.50	%			0.49	%			0.49	%			0.54	%
Ratio of net expenses to average net assets			0.41	%			0.41	%			0.42	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			5.55	%			6.70	%			7.19	%			7.13	%			8.25	%
Portfolio turnover rate (f)			31	%			16	%			35	%			21	%			24	%

(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 the period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return 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.

See Notes to Financial Statements

118

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

		Preferred Securities ex Financials ETF
		For the Year Ended April 30,
		2021				2020				2019				2018				2017
Net asset value, beginning of year		$	18.23			$	19.37			$	19.09			$	20.12			$	20.34
Income from investment operations:
Net investment income			0.98	(a)			1.06	(a)			1.13	(a)			1.10	(a)			1.15
Net realized and unrealized gain (loss) on investments			2.72				(1.12	)			0.32				(0.98	)			(0.19	)
Total from investment operations			3.70				(0.06	)			1.45				0.12				0.96
Less distributions from:
Net investment income			(0.96	)			(1.08	)			(1.17	)			(1.14	)			(1.18	)
Return of capital			—				—				—				(0.01	)			—
Total distributions			(0.96	)			(1.08	)			(1.17	)			(1.15	)			(1.18	)
Net asset value, end of year		$	20.97			$	18.23			$	19.37			$	19.09			$	20.12
Total return (b)			20.78	%			(0.54	)%			7.90	%			0.57	%			4.88	%


Ratios/Supplemental Data
Net assets, end of year (000’s)	$947,895				$689,029				$584,116				$498,248				$437,716
Ratio of gross expenses to average net assets			0.43	%			0.44	%			0.46	%			0.45	%			0.46	%
Ratio of net expenses to average net assets			0.40	%			0.41	%			0.41	%			0.41	%			0.41	%
Ratio of net expenses to average net assets excluding interest expense			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Ratio of net investment income to average net assets			4.97	%			5.41	%			5.92	%			5.57	%			5.70	%
Portfolio turnover rate (c)			36	%			45	%			31	%			47	%			31	%

(a)	Calculated based upon average shares outstanding
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return 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)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

119

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2021

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
Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”)		Non-Diversified
Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”)		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.

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.

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. 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.

120

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

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.

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

121

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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.

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 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 April 30, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

G.	Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. 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.

ChinaAMC China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at April 30, 2021.

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, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.

122

The expense limitations and management fee rates for the year ended April 30, 2021, are as follows:

Fund	Expense Limitations			Management Fees
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
Floating Rate		0.14			0.35
Green Bond		0.20			0.35
International High Yield		0.40			0.40
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.

Moody’s Analytics BBB and Moody’s Analytics IG utilize a unitary management fee structure where the Adviser is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rate for Moody’s Analytics BB and Moody’s Analytics IG is 0.25% and 0.20%, respectively.

During the year ended April 30, 2021, the Adviser voluntarily reimbursed the ChinaAMC China Bond ETF $79,000 for capital share transaction losses. This amount is reflected in Proceeds from sale of shares in the Statements of Changes in Net Assets.

At April 30, 2021, the Adviser owned approximately 48%, 47%, 45%, and 2% of Moody’s Analytics IG, Moody’s Analytics BBB, Emerging Markets Aggregate and Floating Rate, respectively.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

123

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Note 5—Investments—For the year ended April 30, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and 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	$	69,347,281	$	68,021,531	$	160,449,253	$	35,515,652
ChinaAMC China Bond		90,375,127		6,206,900		—		—
Emerging Markets Aggregate		2,645,797		2,624,924		—		—
Emerging Markets High Yield		219,965,528		155,025,742		378,645,937		18,842,519
Fallen Angel		1,220,956,562		886,157,794		3,169,841,189		803,691,829
Floating Rate		375,970,371		336,493,293		74,181,710		39,136,370
Green Bond		27,181,837		12,827,934		37,304,478		—
International High Yield		37,719,409		32,284,670		5,226,316		12,444,131
J.P. Morgan EM		1,294,501,257		1,307,672,739		405,358,548		537,042,417
Moody’s Analytics BBB		13,420,920		3,440,242		—		—
Moody’s Analytics IG		19,082,575		4,115,692		—		—
Mortgage REIT		65,826,022		64,377,005		116,255,324		31,141,461
Preferred Securities		293,189,278		281,058,862		175,343,981		28,536,396

Note 6—Income Taxes—As of April 30, 2021, for Federal income tax purposes, the identified tax cost of investments owned, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BDC Income	$	399,330,845	$	57,778,171	$	(13,723,575	)	$	44,054,596
ChinaAMC China Bond		89,111,730		1,785,670		(321,765	)		1,463,905
Emerging Markets Aggregate		15,230,254		992,992		(861,016	)		131,976
Emerging Markets High Yield		777,462,252		21,459,064		(13,139,048	)		8,320,016
Fallen Angel		4,612,867,055		329,225,383		(24,624,157	)		304,601,226
Floating Rate		558,672,812		2,783,522		(406,104	)		2,377,418
Green Bond		83,290,972		1,076,306		(999,119	)		77,187
International High Yield		97,291,642		5,651,541		(1,683,933	)		3,967,608
J.P. Morgan EM		3,507,067,496		89,775,545		(290,961,436	)		(201,185,891	)
Moody’s Analytics BBB		10,005,500		31,794		(140,849	)		(109,055	)
Moody’s Analytics IG		14,957,723		68,289		(324,923	)		(256,634	)
Mortgage REIT		279,322,768		56,013,346		(19,239,801	)		36,773,545
Preferred Securities		908,366,062		73,208,751		(13,635,345	)		59,573,406

At April 30, 2021, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income			Accumulated Capital Losses			Post-October Losses Deferred*			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
BDC Income		$	—	$	(55,745,598	)	$	—		$	(9,396	)	$	44,054,596		$	(11,700,398	)
ChinaAMC China Bond			351,077		(186,348	)		—			(807	)		1,499,546			1,663,468
Emerging Markets Aggregate			—		(1,983,300	)		(4,171	)		(1,998	)		125,481			(1,863,988	)
Emerging Markets High Yield			3,752,244		(58,004,257	)		—			(40,195	)		8,320,014			(45,972,194	)
Fallen Angel			17,144,114		(145,447,452	)		—			(67,964	)		304,601,226			176,229,924
Floating Rate			351,529		(1,019,059	)		—			(21,617	)		2,377,418			1,688,271
Green Bond			136,157		(176,498	)		—			(1,073	)		77,187			35,773
International High Yield			—		(10,889,649	)		—			(33,385	)		3,981,447			(6,941,587	)
J.P. Morgan EM			—		(168,565,493	)		(44,048,376	)		(243,576	)		(202,885,045	)		(415,742,490	)
Moody’s Analytics BBB			18,235		(16,133	)		—			(115	)		(109,055	)		(107,068	)
Moody’s Analytics IG			28,474		(23,543	)		—			(172	)		(256,634	)		(251,875	)
Mortgage REIT			—		(73,348,067	)		—			(16,359	)		36,773,545			(36,590,881	)
Preferred Securities			2,695,549		(45,365,532	)		—			(2,333,206	)		59,573,406			14,570,217


*	Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2020. These losses are deemed to arise on the first day of the Funds’ next taxable year.

124

The tax character of distributions paid to shareholders was as follows:

	April 30, 2021				April 30, 2020
Fund	Ordinary Income		Return of Capital		Ordinary Income		Return of Capital
BDC Income	$	28,249,128	$	102,755	$	21,186,560	$	—
ChinaAMC China Bond		1,233,560		—		156,654		18,386
Emerging Markets Aggregate		573,293		93,307		604,973		105,837
Emerging Markets High Yield		25,900,330		—		19,713,460		—
Fallen Angel		155,216,155		—		69,209,400		—
Floating Rate		5,073,095		—		14,425,000		—
Green Bond		902,645		—		518,700		119,670
International High Yield		4,423,249		264,741		5,231,217		396,663
J.P. Morgan EM		524,709		161,805,238		70,848,577		210,852,975
Moody’s Analytics BBB		75,600		—		—		—
Moody’s Analytics IG		105,540		—		—		—
Mortgage REIT		11,675,560		6,729,745		12,368,685		2,747,765
Preferred Securities		38,058,255		—		38,840,820		—

At April 30, 2021, 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		$	(15,292,216	)		$	(40,453,382	)		$	(55,745,598	)
ChinaAMC China Bond			(166,013	)			(20,335	)			(186,348	)
Emerging Markets Aggregate			(1,603,018	)			(380,282	)			(1,983,300	)
Emerging Markets High Yield			(10,986,853	)			(47,017,404	)			(58,004,257	)
Fallen Angel			(59,502,467	)			(85,944,985	)			(145,447,452	)
Floating Rate			(652,541	)			(366,518	)			(1,019,059	)
Green Bond			(176,498	)			—				(176,498	)
International High Yield			(521,673	)			(10,367,976	)			(10,889,649	)
J.P. Morgan EM			(57,138,194	)			(111,427,299	)			(168,565,493	)
Moody’s Analytics BBB			(16,133	)			—				(16,133	)
Moody’s Analytics IG			(23,543	)			—				(23,543	)
Mortgage REIT			(19,518,810	)			(53,829,257	)			(73,348,067	)
Preferred Securities			(12,267,153	)			(33,098,379	)			(45,365,532	)

During the year ended April 30, 2021, Floating Rate utilized $172,580 of it’s capital loss carryforwards available from prior years.

During the year ended April 30, 2021, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)				Increase (Decrease) in Aggregate Paid in Capital
BDC Income		$	(7,619,012	)		$	7,619,012
ChinaAMC China Bond			114				(114	)
Emerging Markets High Yield			(1,036,353	)			1,036,353
Fallen Angel			(127,201,593	)			127,201,593
Floating Rate			(540,943	)			540,943
International High Yield			(580,085	)			580,085
J.P. Morgan EM			100,693,298				(100,693,298	)
Mortgage REIT			(10,421,302	)			10,421,302
Preferred Securities			842,734				(842,734	)

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NOTES TO FINANCIAL STATEMENTS

(continued)

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.

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”),Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.

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. It is unclear whether this exemption will be renewed.

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 and investments through the China Bond Connect Program 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) and investment through the China Bond Connect Program 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 J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, ChinaAMC China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, ChinaAMC China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for ChinaAMC China Bond and J.P. Morgan EM could be substantial.

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.

126

Additionally, 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. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

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, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG 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.

Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.

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. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, 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.

The Funds (except for BDC Income, ChinaAMC China Bond, Emerging Markets Aggregate, J.P. Morgan EM, and Mortgage REIT) 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

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NOTES TO FINANCIAL STATEMENTS

(continued)

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.

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.

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

The liabilities and expenses associated with the Plan (except for Moody’s Analytics BBB and Moody’s Analytics IG) are included in “Deferred Trustee fees” in the Statements of Assets and Liabilities, and “Trustees’ fees and expenses” in the Statements of Operations, respectively.

The Adviser is responsible for paying expenses associated with the Plan for Moody’s Analytics BBB and Moody’s Analytics IG.

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 of 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. 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 April 30, 2021 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 April 30, 2021:

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
BDC Income	$	44,959,053	$	31,604,946	$	15,102,330	$	46,707,276
Emerging Markets Aggregate		241,488		55,227		193,759		248,986
Emerging Markets High Yield		32,047,729		14,533,630		18,552,612		33,086,242
Fallen Angel		124,439,962		66,462,727		63,272,432		129,735,159
Floating Rate		6,772,080		2,107,752		4,833,653		6,941,405
Green Bond		1,815,563		107,102		1,757,255		1,864,357
International High Yield		4,162,767		2,171,152		2,148,219		4,319,371
Moody’s Analytics BBB		100,819		106,163		—		106,163
Moody’s Analytics IG		100,819		106,163		—		106,163
Mortgage REIT		50,187,067		5,860,627		45,523,388		51,384,015
Preferred Securities		43,212,661		14,817,293		30,181,165		44,998,458

128

The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2021:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Corporate Bonds			Equity Securities
BDC Income		$	—		$	31,604,946
Emerging Markets Aggregate			55,227			—
Emerging Markets High Yield			14,533,630			—
Fallen Angel			66,462,727			—
Floating Rate			2,107,752			—
Green Bond			107,102			—
International High Yield			2,171,152			—
Moody’s Analytics BBB			106,163			—
Moody’s Analytics IG			106,163			—
Mortgage REIT			—			5,860,627
Preferred Securities			—			14,817,293


*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2021, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
BDC Income		260	$	1,158,723		1.43	%
ChinaAMC China Bond		60		339,618		1.44
Emerging Markets Aggregate		1		230,564		1.45
Emerging Markets High Yield		9		444,484		1.44
Fallen Angel		29		2,351,438		1.44
Floating Rate		7		1,470,408		1.45
Green Bond		11		194,471		1.45
International High Yield		15		276,977		1.43
J.P. Morgan EM		73		5,437,331		1.43
Mortgage REIT		133		2,022,315		1.43
Preferred Securities		182		2,099,342		1.44

Outstanding loan balances as of April 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Share Split—In 2018, the Board of Trustees 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.

Effective May 1, 2021, the Funds listed in the table below converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all of the expenses of each Fund (excluding the fee payment under the

129

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NOTES TO FINANCIAL STATEMENTS

(continued)

investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses).

Fund	Unitary Management Fee Rate
BDC Income		0.40	%
Emerging Markets Aggregate		0.35
Emerging Markets High Yield		0.40
Fallen Angel		0.35
Floating Rate		0.14
Green Bond		0.20
International High Yield		0.40
Mortgage REIT		0.40
Preferred Securities		0.40

Effective June 1, 2021, the Board of Trustees approved changing the VanEck Vectors Preferred Securities ex Financials ETF benchmark index from the Wells Fargo^®Hybrid and Preferred Securities ex Financials Index to the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. As a result of this change, they also approved changing the Fund’s investment objective and its principal investment strategy. The Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index.

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VANECK VECTORS ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Vectors BDC Income ETF, VanEck Vectors ChinaAMC China Bond ETF, VanEck Vectors Emerging Markets Aggregate Bond ETF, VanEck Vectors Emerging Markets High Yield Bond ETF, VanEck Vectors Fallen Angel High Yield Bond ETF, VanEck Vectors Green Bond ETF, VanEck Vectors International High Yield Bond ETF, VanEck Vectors Investment Grade Floating Rate ETF, VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF , VanEck Vectors Moody’s Analytics IG Corporate Bond ETF, VanEck Vectors Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF and the Board of Trustees of VanEck Vectors ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Vectors BDC Income ETF, VanEck Vectors ChinaAMC China Bond ETF, VanEck Vectors Emerging Markets Aggregate Bond ETF, VanEck Vectors Emerging Markets High Yield Bond ETF, VanEck Vectors Fallen Angel High Yield Bond ETF, VanEck Vectors Green Bond ETF, VanEck Vectors International High Yield Bond ETF, VanEck Vectors Investment Grade Floating Rate ETF, VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF, VanEck Vectors Moody’s Analytics IG Corporate Bond ETF, VanEck Vectors Mortgage REIT Income ETF and VanEck Vectors Preferred Securities ex Financials ETF (collectively referred to as the “Funds”) (thirteen of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (thirteen of the series constituting VanEck Vectors ETF Trust) at April 30, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the VanEck Vectors ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights

VanEck Vectors BDC Income ETF	For the year ended April 30, 2021	For each of the two years in the period ended April 30, 2021	For each of the five years in the period ended April 30, 2021

VanEck Vectors ChinaAMC China Bond ETF

VanEck Vectors Emerging Markets Aggregate Bond ETF

VanEck Vectors Emerging Markets High Yield Bond ETF

VanEck Vectors Fallen Angel High Yield Bond ETF

VanEck Vectors International High Yield Bond ETF

VanEck Vectors Investment Grade Floating Rate ETF

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

VanEck Vectors Mortgage REIT Income ETF

VanEck Vectors Preferred Securities ex Financials ETF

131

VANECK VECTORS ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

Individual fund constituting the VanEck Vectors ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights

VanEck Vectors Green Bond ETF	For the year ended April 30, 2021	For each of the two years in the period ended April 30, 2021	For each of the four years in the period ended April 30, 2021 and the period from March 3, 2017 (commencement of operations) through April 30, 2017
VanEck Vectors Moody’s Analytics BBB Corporate Bond ETF	For the period December 2, 2020 (commencement of operations) through	For the period December 2, 2020 (commencement of operations) through April 30, 2021	For the period December 2, 2020 (commencement of operations) through April 30, 2021
VanEck Vectors Moody’s Analytics IG Corporate Bond ETF	April 30, 2021

Basis for Opinion

We have served as the auditor of one or more of the VanEck investment

companies since 1999.

New York, New York

June 23, 2021

132

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited)

RETURN OF CAPITAL, FOREIGN SOURCE INCOME & FOREIGN TAX CREDITS

The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022. Please consult your tax advisor regarding the appropriate treatment of these distributions.

The Funds listed below paid distributions during the taxable year ended April 30, 2021 that were considered to be a return of capital.

A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held at each of the respective record dates.

Additionally, the Funds below have qualified to “pass-through” the foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. These deductions or credits may be subject to limitations under the tax law. The information below is provided to assist you in computing your foreign tax credit.

Fund Name	Ticker Symbol	Payable Date	Total Distribution Paid Per Share		Income Dividends			Foreign Taxes Paid			Total Ordinary Income Dividends			Foreign Source Income as a % of Total Ordinary Income (a)			Return of Capital (Non Dividend) Distribution
Emerging Markets Aggregate	EMAG	06/05/2020	$	0.080300		$	0.069547		$	0.000633		$	0.070180		100.00	%		$	0.010753
		07/08/2020		0.068000			0.058894			0.000536			0.059430		100.00	%			0.009106
		08/07/2020		0.077400			0.067035			0.000610			0.067645		100.00	%			0.010365
		09/08/2020		0.073600			0.063744			0.000580			0.064324		100.00	%			0.009856
		10/07/2020		0.075300			0.065216			0.000593			0.065809		100.00	%			0.010084
		11/06/2020		0.071500			0.061925			0.000563			0.062488		100.00	%			0.009575
		12/07/2020		0.072700			0.062964			0.000573			0.063537		100.00	%			0.009736
		01/05/2021		0.078600			0.068074			0.000619			0.068693		100.00	%			0.010526
		02/05/2021		0.073000			0.061875			0.000946			0.062821		100.00	%			0.011125
		03/05/2021		0.066600			0.056450			0.000863			0.057313		100.00	%			0.010150
		04/08/2021		0.077800			0.065943			0.001008			0.066951		100.00	%			0.011857
		04/30/2021		0.074000			0.062722			0.000959			0.063681		100.00	%			0.011278
Emerging Markets Aggregate Total			$	0.888800		$	0.764389		$	0.008483		$	0.772872		100.00	%		$	0.124411

International High Yield	IHY	06/05/2020	$	0.108200		$	0.102776		$	—		$	0.102776		100.00	%		$	0.005424
		07/08/2020		0.089300			0.084824			—			0.084824		100.00	%			0.004476
		08/07/2020		0.103800			0.098597			—			0.098597		100.00	%			0.005203
		09/08/2020		0.094000			0.089288			—			0.089288		100.00	%			0.004712
		10/07/2020		0.096300			0.091473			—			0.091473		100.00	%			0.004827
		11/06/2020		0.101600			0.096507			—			0.096507		100.00	%			0.005093
		12/07/2020		0.102000			0.096887			—			0.096887		100.00	%			0.005113
		01/05/2021		0.098800			0.093847			0.000026			0.093873		100.00	%			0.004953
		02/05/2021		0.097100			0.090348			—			0.090348		100.00	%			0.006752
		03/05/2021		0.085200			0.079275			—			0.079275		100.00	%			0.005925
		04/08/2021		0.098500			0.091651			—			0.091651		100.00	%			0.006849
		04/30/2021		0.095500			0.088859			—			0.088859		100.00	%			0.006641
International High Yield Total			$	1.170300		$	1.104332		$	0.000026		$	1.104358		100.00	%		$	0.065968

133

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited) (continued)

Fund Name	Ticker Symbol	Payable Date	Total Distribution Paid Per Share		Income Dividends			Foreign Taxes Paid			Total Ordinary Income Dividends			Foreign Source Income as a % of Total Ordinary Income (a)			Return of Capital (Non Dividend) Distribution
J.P. Morgan EM	EMLC	06/05/2020		$0.132800		$	0.000639		$	0.001955		$	0.002594		100.00	%		$	0.132161
		07/08/2020		0.147300			0.000710			0.002168			0.002878		100.00	%			0.146590
		08/07/2020		0.153200			0.000738			0.002255			0.002993		100.00	%			0.152462
		09/08/2020		0.124500			0.000599			0.001833			0.002432		100.00	%			0.123901
		10/07/2020		0.109800			0.000529			0.001616			0.002145		100.00	%			0.109271
		11/06/2020		0.131100			0.000631			0.001930			0.002561		100.00	%			0.130469
		12/07/2020		0.121300			0.000584			0.001786			0.002370		100.00	%			0.120716
		01/05/2021		0.129200			0.000622			0.001902			0.002524		100.00	%			0.128578
		02/05/2021		0.125300			—			0.002698			0.002698		100.00	%			0.125300
		03/05/2021		0.118000			—			0.002541			0.002541		100.00	%			0.118000
		04/08/2021		0.136100			—			0.002931			0.002931		100.00	%			0.136100
		04/30/2021		0.120500			—			0.002595			0.002595		100.00	%			0.120500
J.P. Morgan EM Total				$1.549100		$	0.005052		$	0.026210		$	0.031262		100.00	%		$	1.544048

(a)

To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.

134

FOREIGN SOURCE INCOME & FOREIGN TAX CREDITS

The Funds below have qualified to “pass-through” the foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. These deductions or credits may be subject to limitations under the tax law. The information below is provided to assist you in computing your foreign tax credit.

Fund Name	Ticker Symbol	Payable Date	Total Distribution Paid Per Share			Income Dividends			Foreign Taxes Paid			Total Ordinary Income Dividends			Foreign Source Income as a % of Total Ordinary Income (a)
ChinaAMC China Bond	CBON	06/05/2020		$	0.049700		$	0.049700		$	—		$	0.049700		61.05	%
		07/08/2020			0.056600			0.056600			—			0.056600		61.05	%
		08/07/2020			0.061200			0.061200			—			0.061200		61.05	%
		09/08/2020			0.056000			0.056000			—			0.056000		61.05	%
		10/07/2020			0.044600			0.044600			—			0.044600		61.05	%
		11/06/2020			0.041600			0.041600			—			0.041600		61.05	%
		12/07/2020			0.055900			0.055900			—			0.055900		61.05	%
		01/05/2021			0.056100			0.056100			0.000068			0.056168		61.05	%
		02/05/2021			0.066300			0.066300			—			0.066300		87.14	%
		03/05/2021			0.046800			0.046800			—			0.046800		87.14	%
		04/08/2021			0.063800			0.063800			—			0.063800		87.14	%
		04/30/2021			0.053200			0.053200			0.000220			0.053420		87.14	%
ChinaAMC China Bond Total				$	0.651800		$	0.651800		$	0.000288		$	0.652088		70.27	%

Emerging Markets High Yield	HYEM	05/07/2020		$	0.109400		$	0.109400		$	—		$	0.109400		96.64	%
		06/05/2020			0.122700			0.122700			—			0.122700		96.64	%
		07/08/2020			0.079000			0.079000			—			0.079000		96.64	%
		08/07/2020			0.110600			0.110600			—			0.110600		96.64	%
		09/08/2020			0.109400			0.109400			—			0.109400		96.64	%
		10/07/2020			0.108000			0.108000			—			0.108000		96.64	%
		11/06/2020			0.116300			0.116300			—			0.116300		96.64	%
		12/07/2020			0.106700			0.106700			—			0.106700		96.64	%
		01/05/2021			0.113900			0.113900			0.000085			0.113985		96.64	%
		02/05/2021			0.076500			0.076500			—			0.076500		96.08	%
		03/05/2021			0.097000			0.097000			—			0.097000		96.08	%
		04/08/2021			0.108600			0.108600			0.000110			0.108710		96.08	%
Emerging Markets High Yield Total				$	1.258100		$	1.258100		$	0.000195		$	1.258295		96.51	%

Green Bond	GRNB	06/05/2020		$	0.058500		$	0.058500		$	—		$	0.058500		64.22	%
		07/08/2020			0.056500			0.056500			—			0.056500		64.22	%
		08/07/2020			0.052100			0.052100			—			0.052100		64.22	%
		09/08/2020			0.050300			0.050300			—			0.050300		64.22	%
		10/07/2020			0.045800			0.045800			—			0.045800		64.22	%
		11/06/2020			0.052200			0.052200			—			0.052200		64.22	%
		12/07/2020			0.041900			0.041900			—			0.041900		64.22	%
		01/05/2021			0.045500			0.045500			0.000024			0.045524		64.22	%
		02/05/2021			0.037900			0.037900			—			0.037900		55.17	%
		03/05/2021			0.035800			0.035800			—			0.035800		55.17	%
		04/08/2021			0.041600			0.041600			0.000091			0.041691		55.17	%
Green Bond Total				$	0.518100		$	0.518100		$	0.000115		$	0.518215		62.20	%

(a)	To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.

135

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited) (continued)

SECTION 163(j) INTEREST RELATED DIVIDENDS

The Funds listed below paid distributions during the taxable year ended April 30, 2021 that were considered to be Section 163(j) Interest Dividends and are thus eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. Please consult your tax advisor regarding the treatment of these distributions.

To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.

To determine your share of interest dividends, multiply the total ordinary income amounts per share shown below times the number of shares you held on the record date of each distribution times the percentage indicated.

Fund Name	Ticker Symbol	Payable Date	Total Ordinary Income Distribution			Section 163(j)- Interest Dividends		Section 163(j)- Interest Dividends as a % of Taxable Income
ChinaAMC China Bond	CBON	Monthly		$	0.652088		0.458976		70.39	%
Emerging Markets Aggregate	EMAG	Monthly			0.772872		0.772361		99.93	%
Emerging Markets High Yield	HYEM	Monthly			1.258295		1.252413		99.53	%
Fallen Angel	ANGL	Monthly			1.475300		1.468090		99.51	%
Floating Rate	FLTR	Monthly			0.272800		0.272231		99.79	%
Green Bond	GRNB	Monthly			0.518100		0.517151		99.82	%
International High Yield	IHY	Monthly			1.104357		1.098909		99.51	%
J.P. Morgan EM	EMLC	Monthly			0.031262		0.031262		100.00	%
Moody’s Analytics BBB	MBBB	Monthly			0.189000		0.189000		100.00	%
Moody’s Analytics IG	MIG	Monthly			0.175900		0.175900		100.00	%

136

QUALIFIED INTEREST INCOME FOR NON-U.S. SHAREHOLDERS

The Funds listed below paid distributions during the taxable year ended April 30, 2021 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation. Please consult your tax advisor for additional information regarding the treatment of these distributions.

Fund Name	Ticker Symbol	Payable Date	Total Ordinary Income Distribution Per Share			Qualified Interest Income Per Share (QII)			Qualified Interest Income (QII) as a Percentage of the Total Ordinary Income Distribution
Fallen Angel	ANGL	05/07/2020		$	0.107700		$	0.080258		74.52	%
		06/05/2020			0.131800			0.110973		84.20	%
		07/08/2020			0.136900			0.115774		84.57	%
		08/07/2020			0.134000			0.113322		84.57	%
		09/08/2020			0.114200			0.096577		84.57	%
		10/07/2020			0.127400			0.107740		84.57	%
		11/06/2020			0.136300			0.115267		84.57	%
		12/07/2020			0.118500			0.100214		84.57	%
		01/05/2021			0.126700			0.107148		84.57	%
		02/05/2021			0.117700			0.094177		80.01	%
		03/05/2021			0.107100			0.085696		80.01	%
		04/08/2021			0.117000			0.093617		80.01	%
Fallen Angel Total				$	1.475300		$	1.220763		82.75	%

Floating Rate	FLTR	05/07/2020		$	0.042000		$	0.025890		61.64	%
		06/05/2020			0.035800			0.021270		59.41	%
		07/08/2020			0.027400			0.016249		59.30	%
		08/07/2020			0.024800			0.014707		59.30	%
		09/08/2020			0.019800			0.011742		59.30	%
		10/07/2020			0.018600			0.011030		59.30	%
		11/06/2020			0.019800			0.011742		59.30	%
		12/07/2020			0.017700			0.010497		59.30	%
		01/05/2021			0.017500			0.010378		59.30	%
		02/05/2021			0.018000			0.010144		56.36	%
		03/05/2021			0.015400			0.008679		56.36	%
		04/08/2021			0.016000			0.009017		56.36	%
Floating Rate Total				$	0.272800		$	0.161345		59.14	%
Green Bond	GRNB	06/05/2020		$	0.058500		$	0.021863		37.37	%
		07/08/2020			0.056500			0.021115		37.37	%
		08/07/2020			0.052100			0.019471		37.37	%
		09/08/2020			0.050300			0.018798		37.37	%
		10/07/2020			0.045800			0.017116		37.37	%
		11/06/2020			0.052200			0.019508		37.37	%
		12/07/2020			0.041900			0.015659		37.37	%
		01/05/2021			0.045500			0.016995		37.35	%
		02/05/2021			0.037900			0.014162		37.37	%
		03/05/2021			0.035800			0.013378		37.37	%
		04/08/2021			0.041600			0.015509		37.28	%
Green Bond Total				$	0.518100		$	0.193574		37.36	%
Moody’s Analytics BBB	MBBB	01/05/2021		$	0.047000		$	0.032690		69.55	%
		02/05/2021			0.050000			0.034398		68.80	%
		03/05/2021			0.045100			0.031027		68.80	%
		04/08/2021			0.046900			0.032265		68.80	%
Moody’s Analytics BBB Total				$	0.189000		$	0.130380		68.98	%

Moody’s Analytics IG	MIG	01/05/2021		$	0.044500		$	0.027728		62.31	%
		02/05/2021			0.047600			0.029400		61.76	%
		03/05/2021			0.039100			0.024150		61.76	%
		04/08/2021			0.044700			0.027608		61.76	%
Moody’s Analytics IG Total				$	0.175900		$	0.108886		61.90	%

137

VANECK VECTORS ETF TRUST

TAX INFORMATION

(unaudited) (continued)

RETURN OF CAPITAL, QUALIFIED DIVIDEND INCOME, DIVIDENDS RECEIVED DEDUCTION & SECTION 199A

The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2021 income tax purposes will be sent to them in early 2022. Please consult your tax advisor for additional information regarding the treatment of these distributions.

A portion of the distributions paid by BIZD and MORT are considered a return of capital. A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead, should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held on each of the respective record dates.

All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. The table below provides a summary of the per share QDI amounts for the taxable year ended April 30, 2021. This data is being provided for informational purposes only. If a fund pays more than one distribution during the year, the amount that will be reported in Box 1b of a shareholder’s 2021 Form 1099-DIV will be based on the QDI percentage specific to each distribution. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return.

To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. The table below provides a summary of the percentage of total ordinary income qualifying for the dividends received deduction or DRD for the taxable year ended April 30, 2021. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the per share amounts shown below times DRD percentage indicated times the number of shares you held on the record date of each distribution.

The Section 199A amount represents the percentage of each Fund’s ordinary income distributions, that represent Qualfied Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A, enacted as part of the Tax Cuts and Jobs Act of 2017, allows a deduction of up to 20% on QBI for non-corporate taxpayers. Tax regulations issued January 18, 2020 enable a regulated investment company to flow-through QBI received from pass through entities such as real estate investment trusts, to its shareholders.

To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.

Fund Name	Ticker Symbol	Payable Date	Total Distribution Per Share			Return of Capital (Non Dividend) Distribution			Ordinary Income Dividends			Percent of Ordinary Income Dividends that are QDI Eligible			Percent of Ordinary Income Dividends that are DRD Eligible		Section 199A QBI as a Percent of Ordinary Income Dividends
BDC Income	BIZD	07/08/2020		$	0.384700		$	—		$	0.384700		1.43	%		—		—
		10/07/2020			0.360300			—			0.360300		0.91	%		—		—
		01/05/2021			0.324900			—			0.324900		0.91	%		—		—
		04/08/2021			0.370800			0.004382			0.366418		2.16	%(b)		—		—
BDC Income Total				$	1.440700		$	0.004382		$	1.436318		1.37	%(b)		—		—

138

Fund Name	Ticker Symbol	Payable Date	Total Distribution Per Share			Return of Capital (Non Dividend) Distribution			Ordinary Income Dividends		Percent of Ordinary Income Dividends that are QDI Eligible			Percent of Ordinary Income Dividends that are DRD Eligible			Section 199A QBI as a Percent of Ordinary Income Dividends
Mortgage REIT	MORT	07/08/2020		$	0.299700		$	0.129488	$	0.170212		4.82	%		—			68.13	%
		10/07/2020			0.337300			0.145734		0.191566		4.82	%		—			68.13	%
		01/05/2021			0.353600			0.152776		0.200824		4.82	%		—			68.13	%
		04/08/2021			0.327400			0.063345		0.264055		1.12	%(b)		—			50.98	%(b)
Mortgage REIT Total				$	1.318000		$	0.491343	$	0.826657		3.64	%(b)		—			62.65	%(b)

Preferred Securities	PFXF	06/05/2020		$	0.088100		$	—	$	0.088100		17.79	%		14.94	%		10.64	%
		07/08/2020			0.095200			—		0.095200		17.79	%		14.94	%		10.64	%
		08/07/2020			0.077500			—		0.077500		17.79	%		14.94	%		10.64	%
		09/08/2020			0.109100			—		0.109100		17.79	%		14.94	%		10.64	%
		10/07/2020			0.088300			—		0.088300		17.79	%		14.94	%		10.64	%
		11/06/2020			0.064800			—		0.064800		17.79	%		14.94	%		10.64	%
		12/07/2020			0.114800			—		0.114800		17.79	%		14.94	%		10.64	%
		01/05/2021			0.127100			—		0.127100		17.79	%		14.94	%		10.64	%
		02/05/2021			0.042500			—		0.042500		21.15	%(b)		17.04	%(b)		10.03	%(b)
		03/05/2021			0.082100			—		0.082100		21.15	%(b)		17.04	%(b)		10.03	%(b)
		04/08/2021			0.045300			—		0.045300		21.15	%(b)		17.04	%(b)		10.03	%(b)
		04/30/2021			0.024100			—		0.024100		21.15	%(b)		17.04	%(b)		10.03	%(b)
Preferred Securities Total				$	0.958900		$	—	$	0.934800		18.40	%(b)		15.32	%(b)		10.53	%(b)

(b)	Amounts are estimated and subject to change. Shareholders should utilize the information on their 2021 Form 1099s received in 2022.

139

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2021 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held Outside the Fund Complex³During Past Five Years
*Independent Trustees*
David H. Chow, 1957*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.	58	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee.

Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	58	Trustee, First Eagle Senior Loan Fund. Formerly, Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.

R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	69	Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.

Peter J. Sidebottom, 1962*†	Trustee	Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	58	Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.

Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019.	69	Director, Food and Friends, Inc., 2013 to present.
*Interested Trustee*
Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust	69	Director, National Committee on US- China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

140

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² and Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP.

Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.

Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.

John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.

Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.

F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.

Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.

Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.

Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Arian Neiron, 1979	Vice President	Since 2018	Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.

James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.

Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.

Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.

Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

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

141

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

April 30, 2021 (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 agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors BDC Income ETF, 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, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF (each, a “Fund” and together, the “Funds”).

Subsequent to the approval of the Investment Management Agreement at the Renewal Meeting, at a meeting held on February 24, 2021 (the “February Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated Investment Management Agreement (the “Amended and Restated Investment Management Agreement”) between the Trust and the Adviser to convert the Funds to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Funds (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to or lower than the existing management fee rate for each Fund.

The Board’s approval of the Amended and Restated 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. In approving the Amended and Restated Investment Agreement, the Trustees also considered the information about the expenses of each Fund they received at the Renewal Meeting to approve the Investment Management Agreement, as well as additional information obtained at other meetings of the Board. A discussion regarding the factors the Board considered in the renewal of the Investment Management Agreement with respect to each Fund is available in the Trust’s semi-annual report for the period ended October 31, 2020. Some of the additional 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.

Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Funds would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Funds.

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

In voting to approve the adoption of the Amended and Restated Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Amended and Restated 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, the Amended and Restated Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.

142

VANECK VECTORS ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

143

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.

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	INCOMEAR

Item 2.

CODE OF ETHICS.

(a)	The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)	The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c)	The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)	The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)	Not applicable.

(f)	The Registrant’s Code of Ethics is attached as an Exhibit hereto.

Item 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

	The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is April 30.

(a)	Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended April 30, 2021 and April 30, 2020, were $523,890 and $632,320, respectively.

(b)	Audit-Related Fees. Not applicable.

(c)	Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended April 30, 2021 and April 30, 2020, were $171,096 and $276,634, respectively.

(d)	All Other Fees

	None.

(e)	The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services.

	The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.

(f)	Not applicable.

(g)	Not applicable.

(h)	Not applicable.

Item 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Messrs. Chow, Hesslein, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman of the Audit Committee.

Item 6.

SCHEDULE OF INVESTMENTS.

Information included in Item 1.

Item 7.

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

Not applicable.

Item 8.

PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

Item 11.

CONTROLS AND PROCEDURES.

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

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

Item 12.

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

(a) Not applicable.

(b) Not applicable.

Item 13.

EXHIBITS.

(a)(1)	The code of ethics is attached as EX-99.CODE ETH

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.

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

SIGNATURES

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

(Registrant) VANECK VECTORS ETF TRUST

By (Signature and Title)

/s/ John J. Crimmins, Treasurer and CFO

Date July 8, 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, CEO

Date July 8, 2021

By (Signature and Title)

/s/ John J. Crimmins, Treasurer and CFO

Date July 8, 2021

EX-99.CODE ETH

VANECK VIP TRUST
VANECK FUNDS
VANECK VECTORS ETF TRUST
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
SENIOR FINANCIAL OFFICERS

I.	COVERED OFFICERS/PURPOSE OF THE CODE

VanEck’s Code of Ethics (this “Code”) for the investment companies within the complex (collectively, “Funds” and each, “Company”) applies to the Company’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the “Covered Officers” each of whom are set forth in Exhibit A) for the purpose of promoting:

o	honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

o	full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

o	compliance with applicable laws and governmental rules and regulations;

o	the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

o	accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.	COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

OVERVIEW. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company. The Company’s and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Boards of Directors (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

	o	not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

	o	not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

	o	not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

o	service as a director on the board of any public or private company;

o	the receipt of any non-nominal gifts;

o	the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.

o	any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof,

o	a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.	DISCLOSURE AND COMPLIANCE

o	Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

o	Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations;

o	Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

o	It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.	REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

o	report at least annually all affiliations or other relationships related to conflicts of interest that the Company’s Directors and Officers Questionnaire covers;

o	upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

o	annually thereafter affirm to the Board that he has complied with the requirements of the Code;

o	not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith, and

o	notify the Compliance Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer or other designated senior legal officer of the Funds’ investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

o	the Compliance Officer or other designated senior legal officer will take all appropriate action to investigate any potential violations reported to him;

o	if, after such investigation, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

o	any matter that the Compliance Officer believes is a violation will be reported to the Committee;

o	if the Committee concurs that a violation has occurred, it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

o	the Committee will be responsible for granting waivers, as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.	OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser’s more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.	AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

VII.	CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

VIII.

INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck Vectors ETF Trust

John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck Vectors ETF Trust

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck Vectors ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 8, 2021

	/s/ Jan F. van Eck
	Jan F. van Eck
	Chief Executive Officer

I, John J. Crimmins, Treasurer and Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck Vectors ETF Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 8, 2021

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

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck Vectors ETF Trust (comprising of CEF Municipal Income ETF, High Yield Muni ETF, Intermediate Muni ETF, Long Muni ETF, Muni Allocation ETF, Short High Yield Muni ETF, Short Muni ETF, BDC Income ETF, ChinaAMC China Bond ETF, 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, Moody's Analytics BBB Corporate Bond ETF, Moody's Analytics IG Corporate Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF), do hereby certify, to such officer’s knowledge, that:

The annual report on Form N-CSR of VanEck Vectors ETF Trust for the period ending April 30, 2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck Vectors ETF Trust.

Dated: July 8, 2021	/s/ Jan F. van Eck
	Jan F. van Eck
	Chief Executive Officer
	VanEck Vectors ETF Trust

Dated: July 8, 2021	/s/ John J. Crimmins
	John J. Crimmins
	Treasurer & Chief Financial Officer
	VanEck Vectors ETF Trust

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.