Edgar Filing: VanEck Vectors ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

VANECK VECTORS ETF TRUST

(Exact name of registrant as specified in its 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:	December 31,
Date of reporting period:	September 30, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1 -5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N -Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

VANECK VECTORS AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 3.6%
	3,443,587	Incitec Pivot Ltd. #	$	9,759,221
	434,471	Nufarm Ltd. #		2,831,944
	1,544,707	Treasury Wine Estates Ltd. #		16,622,887
				29,214,052
Brazil: 1.0%
	2,117,600	Rumo SA *		8,093,762
Canada: 9.1%
	317,726	Agrium, Inc. (USD) †		34,063,404
	2,061,925	Potash Corp. of Saskatchewan, Inc. (USD) †		39,671,437
				73,734,841
Chile: 0.9%
	127,513	Sociedad Quimica y Minera de Chile SA (ADR)		7,097,374
China / Hong Kong: 2.2%
	9,707,000	China Huishan Dairy Holdings Co. Ltd. # § ∞		0
	5,377,000	China Mengniu Dairy Co. Ltd. #		15,084,874
	5,782,000	Goldin Financial Holdings Ltd. * #		2,717,843
				17,802,717
Denmark: 0.9%
	85,835	Bakkafrost P/F (NOK) #		3,949,287
	32,941	Schouw & Co AB #		3,586,649
				7,535,936
Germany: 1.7%
	494,501	K+S AG † #		13,483,656
Indonesia: 0.5%
	18,641,000	Charoen Pokphand Indonesia Tbk PT #		3,795,937
Israel: 0.7%
	1,321,130	Israel Chemicals Ltd. (USD) †		5,865,817
Japan: 7.6%
	2,565,230	Kubota Corp. #		46,646,706
	418,000	Nippon Meat Packers, Inc. #		11,484,199
	670,000	Nippon Suisan Kaisha Ltd. #		3,740,434
				61,871,339
Malaysia: 2.5%
	3,121,200	Felda Global Ventures Holdings Bhd #		1,251,354
	7,005,255	IOI Corp. Bhd #		7,539,776
	1,159,670	Kuala Lumpur Kepong Bhd		6,745,173
	1,229,400	PPB Group Bhd #		4,910,981
				20,447,284
Netherlands: 0.4%
	130,403	OCI NV * #		3,055,481
Norway: 5.7%
	723,443	Leroy Seafood Group ASA #		4,635,959
	911,805	Marine Harvest ASA #		18,043,212
	117,088	Salmar ASA #		3,313,009
	451,767	Yara International ASA #		20,268,313
				46,260,493
Russia: 0.5%
	260,996	PhosAgro OAO (GDR) # Reg S		3,721,121
Singapore: 3.4%
	1,227,900	First Resources Ltd. #		1,711,118
	12,831,645	Golden Agri-Resources Ltd. #		3,549,914
	9,477,051	Wilmar International Ltd. #		22,245,286
				27,506,318
South Africa: 0.2%
	223,409	Tongaat Hulett Ltd. #		1,906,435
South Korea: 0.3%
	92,179	Komipharm International Co. Ltd. * #		2,812,373
Switzerland: 0.7%
	17,214	Bucher Industries AG #		6,128,084
Taiwan: 0.3%
	1,931,000	Taiwan Fertilizer Co. Ltd. #		2,502,294
Thailand: 1.3%
	13,571,236	Charoen Pokphand Foods (NVDR) † #		10,906,689
Ukraine: 0.2%
	99,500	Kernel Holding SA (PLN) #		1,520,753
United Kingdom: 3.6%
	2,255,597	CNH Industrial NV (USD) †		27,089,720
	7,379,758	Sirius Minerals Plc * †		2,522,788
				29,612,508
United States: 52.8%
	143,849	AGCO Corp.		10,611,741
	46,959	Andersons, Inc.		1,608,346
	1,017,377	Archer-Daniels-Midland Co.		43,248,696
	51,192	Balchem Corp.		4,161,398
	283,343	Bunge Ltd.		19,681,005
	331,440	CF Industries Holdings, Inc. †		11,653,430
	541,136	Deere & Co.		67,961,270
	263,365	FMC Corp.		23,521,128
	162,350	IDEXX Laboratories, Inc. *		25,243,801
	535,059	Monsanto Co.		64,110,769
	653,020	Mosaic Co.		14,098,702
	65,140	Neogen Corp. *		5,045,744
	134,963	Pilgrim’s Pride Corp. *		3,834,299
	385,203	Platform Specialty Products Corp. *		4,295,013
	31,731	Sanderson Farms, Inc. †		5,125,191
	211,897	Toro Co.		13,150,328
	274,958	Tractor Supply Co.		17,402,092
	553,039	Tyson Foods, Inc.		38,961,598
	868,110	Zoetis, Inc.		55,350,694
				429,065,245
Total Common Stocks (Cost: $796,571,254)				813,940,509

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.3%
Repurchase Agreements: 3.3%
$	6,415,146	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $6,415,723; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $6,543,449 including accrued interest)		6,415,146
	1,350,018	Repurchase agreement dated 9/29/17 with Credit Agricole CIB, 1.04%, due 10/2/17, proceeds $1,350,135; (collateralized by U.S. government obligations, 2.13%, due 2/29/24, valued at $1,377,018 including accrued interest)		1,350,018
	6,415,146	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $6,415,718; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $6,543,449 including accrued interest)		6,415,146
	6,415,146	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $6,415,718; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $6,543,449 including accrued interest)		6,415,146
	6,415,146	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $6,415,723; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $6,543,449 including accrued interest)		6,415,146
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $27,010,602)				27,010,602
Total Investments: 103.4% (Cost: $823,581,856)				840,951,111
Liabilities in excess of other assets: (3.4)%				(27,614,039	)
NET ASSETS: 100.0%			$	813,337,072

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NOK	Norwegian Krone
NVDR	Non-Voting Depositary Receipt
PLN	Polish Zloty
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $25,546,252.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $253,725,789 which represents 31.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
∞	Investment value was determined using significant unobservable inputs.
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.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		2.1	%	$	17,402,092
Consumer Staples		31.8			259,003,061
Financials		0.3			2,717,843
Health Care		10.9			88,452,612
Industrials		22.1			179,681,611
Materials		32.8			266,683,290
		100.0	%	$	813,940,509

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	29,214,052	$	—	$	29,214,052
Brazil		8,093,762		—		—		8,093,762
Canada		73,734,841		—		—		73,734,841
Chile		7,097,374		—		—		7,097,374
China / Hong Kong		—		17,802,717		0		17,802,717
Denmark		—		7,535,936		—		7,535,936
Germany		—		13,483,656		—		13,483,656
Indonesia		—		3,795,937		—		3,795,937
Israel		5,865,817		—		—		5,865,817
Japan		—		61,871,339		—		61,871,339
Malaysia		6,745,173		13,702,111		—		20,447,284
Netherlands		—		3,055,481		—		3,055,481
Norway		—		46,260,493		—		46,260,493
Russia		—		3,721,121		—		3,721,121
Singapore		—		27,506,318		—		27,506,318
South Africa		—		1,906,435		—		1,906,435
South Korea		—		2,812,373		—		2,812,373
Switzerland		—		6,128,084		—		6,128,084
Taiwan		—		2,502,294		—		2,502,294
Thailand		—		10,906,689		—		10,906,689
Ukraine		—		1,520,753		—		1,520,753
United Kingdom		29,612,508		—		—		29,612,508
United States		429,065,245		—		—		429,065,245
Repurchase Agreements		—		27,010,602		—		27,010,602
Total	$	560,214,720	$	280,736,391	$	0	$	840,951,111

During the period ended September 30, 2017, transfers of securities from Level 1 to Level 2 were $12,709,981 and transfers of securities from Level 2 to Level1 were $6,293,569. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2017:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2016	$	—
Realized gain (loss)		(211,718	)
Change in unrealized appreciation (depreciation)		(3,559,725	)
Purchases		229,037
Sales		(461,988	)
Transfers in and/or out of Level 3*		4,004,394
Balance as of September 30, 2017	$	0

* Transfers from Level 2 to Level 3 resulted primarily from limited observability of the security issuer’s current financial condition.

See Notes to Schedules of Investments

VANECK VECTORS COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 16.2%
	1,707,066	Aurizon Holdings Ltd. #	$	6,580,430
	297,866	Washington H Soul Pattinson & Co. Ltd. #		3,725,915
	1,632,383	Whitehaven Coal Ltd. * #		4,734,248
				15,040,593
Canada: 10.1%
	318,221	Teck Cominco Ltd. (USD) †		6,711,281
	139,244	Westshore Terminals Investment Corp.		2,670,982
				9,382,263
China / Hong Kong: 17.5%
	6,861,095	China Coal Energy Co. Ltd. #		3,254,079
	3,157,908	China Shenhua Energy Co. Ltd. #		7,467,255
	6,078,067	Fushan International Energy Group Ltd. #		1,385,343
	29,780,000	National United Resources Holdings Ltd. * # § ∞		0
	4,158,000	Yanzhou Coal Mining Co. Ltd. #		4,111,424
				16,218,101
Indonesia: 19.8%
	37,349,315	Adaro Energy Tbk PT #		5,070,002
	152,061,100	Bumi Resources Tbk PT * #		2,251,173
	14,768,700	Delta Dunia Makmur Tbk PT * #		993,192
	1,295,552	Indo Tambangraya Megah Tbk PT #		1,949,084
	1,962,700	Tambang Batubara Bukit Asam Tbk PT #		1,523,586
	2,750,900	United Tractors Tbk PT #		6,541,161
				18,328,198
Philippines: 4.3%
	4,327,380	Semirara Mining and Power Corp.		3,978,162
Poland: 4.2%
	146,978	Jastrzebska Spolka Weglowa SA * † #		3,894,740
South Africa: 4.3%
	434,828	Exxaro Resources Ltd. #		3,970,169
Thailand: 6.2%
	10,940,789	Banpu PCL (NVDR) #		5,785,406
United States: 17.4%
	49,376	Arch Coal Inc †		3,542,234
	199,383	Cloud Peak Energy, Inc. *		729,742
	301,026	Consol Energy, Inc. *		5,099,380
	115,841	Peabody Energy Corp *		3,360,547
	126,444	SunCoke Energy, Inc. *		1,155,698
	92,795	Warrior Met Coal Inc		2,187,178
				16,074,779
Total Common Stocks (Cost: $94,746,938)				92,672,411

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 12.0%
Repurchase Agreements: 12.0%
$	2,636,596	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $2,636,833; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $2,689,328 including accrued interest)		2,636,596
	2,636,596	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $2,636,831; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $2,689,328 including accrued interest)		2,636,596
	554,894	Repurchase agreement dated 9/29/17 with J.P. Morgan Securities LLC , 1.05%, due 10/2/17, proceeds $554,943; (collateralized by various U.S. government and agency obligations, 0.88% to 5.25%, due 5/31/18 to 8/15/44, valued at $565,993 including accrued interest)		554,894
	2,636,596	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $2,636,831; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $2,689,328 including accrued interest)		2,636,596
	2,636,596	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $2,636,833; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $2,689,328 including accrued interest)		2,636,596
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $11,101,278)				11,101,278
Total Investments: 112.0% (Cost: $105,848,216)				103,773,689
Liabilities in excess of other assets: (12.0)%				(11,149,293	)
NET ASSETS: 100.0%			$	92,624,396

NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $10,698,704.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $63,237,207 which represents 68.3% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
∞	Investment value was determined using significant unobservable inputs.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		73.5	%	$	68,086,759
Industrials		10.0			9,251,412
Materials		16.5			15,334,240
		100.0	%	$	92,672,411

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	15,040,593	$	—	$	15,040,593
Canada		9,382,263		—		—		9,382,263
China / Hong Kong		—		16,218,101		0		16,218,101
Indonesia		—		18,328,198		—		18,328,198
Philippines		3,978,162		—		—		3,978,162
Poland		—		3,894,740		—		3,894,740
South Africa		—		3,970,169		—		3,970,169
Thailand		—		5,785,406		—		5,785,406
United States		16,074,779		—		—		16,074,779
Repurchase Agreements		—		11,101,278		—		11,101,278
Total	$	29,435,204	$	74,338,485	$	0	$	103,773,689

During the period ended September 30, 2017, transfers of securities from Level 2 to Level 1 were $4,457,463. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2017:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2016	$	409,069
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(409,069	)
Purchases		—
Sales		—
Transfers in and/or out of Level 3		—
Balance as of September 30, 2017	$	0

Transfers to Level 3 resulted primarily due to suspended trading.

See Notes to Schedules of Investments

VANECK VECTORS GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Austria: 1.4%
	50,687	Verbund - Oesterreichische Elektrizis AG #	$	1,195,775
Brazil: 2.0%
	201,169	Cosan Ltd. (USD)		1,635,504
Canada: 2.8%
	55,244	Canadian Solar, Inc. (USD) * †		930,309
	118,394	Innergex Renewable Energy, Inc.		1,360,350
				2,290,659
China / Hong Kong: 8.1%
	3,854,000	China Longyuan Power Group Corp. Ltd. #		2,885,747
	15,911,600	GCL-Poly Energy Holdings Ltd. * † #		2,188,649
	26,994	JinkoSolar Holding Co. Ltd. (ADR) * †		673,500
	806,580	Xinjiang Goldwind Science & Technology Co. Ltd. † #		1,011,490
				6,759,386
Denmark: 9.6%
	88,978	Vestas Wind Systems A/S #		7,999,700
Germany: 1.1%
	77,004	Nordex SE * † #		880,270
Japan: 4.6%
	131,204	Kurita Water Industries Ltd. #		3,790,471
Spain: 6.3%
	183,976	EDP Renovaveis SA #		1,566,692
	278,866	Gamesa Corp. Tecnologica SA #		3,644,476
				5,211,168
Sweden: 5.1%
	424,991	Nibe Industrier AB † #		4,275,166
United States: 59.1%
	58,479	AVX Corp.		1,066,072
	36,120	Badger Meter, Inc.		1,769,880
	162,533	Covanta Holding Corp. †		2,413,615
	121,191	Cree, Inc. * †		3,416,374
	113,510	Eaton Corp. Plc		8,716,433
	53,845	EnerSys, Inc.		3,724,459
	32,047	ESCO Technologies, Inc.		1,921,218
	101,044	First Solar, Inc. *		4,635,899
	47,873	Franklin Electric Co, Inc.		2,147,104
	48,378	Green Plains Renewable Energy, Inc.		974,817
	42,252	Itron, Inc. *		3,272,417
	43,963	Ormat Technologies, Inc.		2,683,941
	36,920	Power Integrations, Inc.		2,702,544
	74,381	Sunpower Corp. * †		542,237
	23,090	Tesla Motors, Inc. * †		7,875,999
	60,073	Veeco Instruments, Inc. *		1,285,562
				49,148,571
Total Common Stocks (Cost: $79,985,257)				83,186,670

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 20.7%
Repurchase Agreements: 20.7%
$	4,092,371	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $4,092,739; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $4,174,218 including accrued interest)		4,092,371
	4,092,371	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $4,092,736; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $4,174,218 including accrued interest)		4,092,371
	861,037	Repurchase agreement dated 9/29/17 with Deutsche Bank Securities, Inc., 1.05%, due 10/2/17, proceeds $861,112; (collateralized by various U.S. government and agency obligations, 0.88% to 5.25%, due 9/15/19 to 2/15/29, valued at $878,258 including accrued interest)		861,037
	4,092,371	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $4,092,736; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $4,174,218 including accrued interest)		4,092,371
	4,092,371	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc. , 1.08%, due 10/2/17, proceeds $4,092,739; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $4,174,219 including accrued interest)		4,092,371
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $17,230,521)				17,230,521
Total Investments: 120.8% (Cost: $97,215,778)				100,417,191
Liabilities in excess of other assets: (20.8)%				(17,277,222	)
NET ASSETS: 100.0%			$	83,139,969

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $16,675,291.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $29,438,436 which represents 35.4% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		9.5	%	$	7,875,999
Energy		3.1			2,610,321
Industrials		48.7			40,524,402
Information Technology		27.0			22,483,443
Utilities		11.7			9,692,505
		100.0	%	$	83,186,670

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,195,775	$	—	$	1,195,775
Brazil		1,635,504		—		—		1,635,504
Canada		2,290,659		—		—		2,290,659
China / Hong Kong		673,500		6,085,886		—		6,759,386
Denmark		—		7,999,700		—		7,999,700
Germany		—		880,270		—		880,270
Japan		—		3,790,471		—		3,790,471
Spain		—		5,211,168		—		5,211,168
Sweden		—		4,275,166		—		4,275,166
United States		49,148,571		—		—		49,148,571
Repurchase Agreements		—		17,230,521		—		17,230,521
Total	$	53,748,234	$	46,668,957	$	—	$	100,417,191

There were no transfer between levels during the period ended September 30, 2017.

See Notes to Schedules of Investments

VANECK VECTORS GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 13.3%
	69,260,194	Evolution Mining Ltd. † #	$	119,924,346
	24,149,258	Independence Group NL † #		65,913,425
	29,966,493	Newcrest Mining Ltd. #		493,398,375
	24,825,202	Northern Star Resources Ltd. #		96,072,208
	25,313,373	OceanaGold Corp. (CAD)		76,305,454
	20,620,818	Regis Resources Ltd. #		58,183,677
	30,332,529	Resolute Mining Ltd. #		24,454,470
	33,455,020	Saracen Mineral Holdings Ltd. * #		34,461,096
	20,468,990	St. Barbara Ltd. #		42,194,046
				1,010,907,097
Canada: 54.5%
	9,077,898	Agnico-Eagle Mines Ltd. (USD)		410,411,769
	10,960,783	Alamos Gold, Inc. (USD) †		74,094,893
	40,273,005	B2Gold Corp. (USD) *		112,764,414
	45,628,096	Barrick Gold Corp. (USD)		734,156,065
	11,988,601	Centerra Gold, Inc.		84,260,027
	7,190,234	Detour Gold Corp. *		79,108,959
	32,679,760	Eldorado Gold Corp. (USD)		71,895,472
	6,768,831	First Majestic Silver Corp. (USD) * †		46,298,804
	6,563,126	Fortuna Silver Mines, Inc. *		28,652,835
	7,257,313	Franco-Nevada Corp. (USD) †		562,296,611
	33,924,501	Goldcorp, Inc. (USD)		439,661,533
	7,121,860	Guyana Goldfields, Inc. *		23,803,122
	19,126,265	IAMGOLD Corp. (USD) *		116,670,216
	51,323,385	Kinross Gold Corp. (USD) *		217,611,152
	8,613,426	Kirkland Lake Gold Ltd.		110,745,524
	7,308,783	Klondex Mines Ltd. (USD) *		26,603,970
	12,852,678	McEwen Mining, Inc. (USD) †		25,062,722
	23,687,642	New Gold, Inc. (USD) *		87,881,152
	6,460,212	Osisko Gold Royalties Ltd. (USD)		83,401,337
	6,304,117	Pan American Silver Corp. (USD)		107,485,195
	7,462,018	Pretium Resources, Inc. (USD) *		69,098,287
	7,594,161	Sandstorm Gold Ltd. (USD) *		34,477,491
	13,371,041	Semafo, Inc. *		35,281,202
	4,921,367	SSR Mining, Inc. (USD) *		52,215,704
	3,284,266	Torex Gold Resources, Inc. *		51,339,224
	18,096,995	Wheaton Precious Metals Corp. (USD)		345,471,635
	39,027,602	Yamana Gold, Inc. (USD)		103,423,145
				4,134,172,460
China / Hong Kong: 1.6%
	43,176,000	Zhaojin Mining Industry Co. Ltd. † #		36,543,744
	236,162,000	Zijin Mining Group Ltd. #		81,253,128
				117,796,872
Monaco: 1.0%
	3,973,235	Endeavour Mining Corp. (CAD) * †		79,296,322
Peru: 1.9%
	11,313,926	Cia de Minas Buenaventura SA (ADR)		144,705,114
South Africa: 5.7%
	16,860,741	AngloGold Ashanti Ltd. (ADR)		156,636,284
	33,812,404	Gold Fields Ltd. (ADR) †		145,731,461
	18,107,547	Harmony Gold Mining Co. Ltd. (USD)		33,136,811
	21,873,745	Sibanye Gold Ltd. (ADR) †		97,556,903
				433,061,459
United Kingdom: 5.7%
	47,418,191	Cenatamin Plc #		92,233,109
	3,500,646	Randgold Resources Ltd. (ADR) †		341,873,088
				434,106,197
United States: 16.3%
	7,468,111	Coeur Mining, Inc. *		68,631,940
	16,422,647	Hecla Mining Co.		82,441,688
	20,868,056	Newmont Mining Corp.		782,760,781
	2,689,333	Royal Gold, Inc.		231,390,211
	12,873,191	Tahoe Resources, Inc.		67,841,717
				1,233,066,337
Total Common Stocks (Cost: $8,609,931,614)				7,587,111,858
MONEY MARKET FUND: 0.0% (Cost: $1,393,279)
	1,393,279	Dreyfus Government Cash Management Fund - Institutional Shares		1,393,279
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $8,611,324,893)				7,588,505,137

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.5%
Repurchase Agreements: 1.5%
$	26,300,584	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $26,302,951; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $26,826,596 including accrued interest)		26,300,584
	5,533,672	Repurchase agreement dated 9/29/17 with Credit Agricole CIB, 1.04%, due 10/2/17, proceeds $5,534,152; (collateralized by U.S. government obligations, 2.13%, due 2/29/24, valued at $5,644,346 including accrued interest)		5,533,672
	26,300,584	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $26,302,929; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $26,826,596 including accrued interest)		26,300,584
	26,300,584	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $26,302,929; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $26,826,596 including accrued interest)		26,300,584
	26,300,584	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $26,302,951; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $26,826,597 including accrued interest)		26,300,584
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $110,736,008)				110,736,008
Total Investments: 101.5% (Cost: $8,722,060,901)				7,699,241,145
Liabilities in excess of other assets: (1.5)%				(114,359,074	)
NET ASSETS: 100.0%			$	7,584,882,071

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $103,501,890.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,144,631,624 which represents 15.1% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Diversified Metals & Mining		0.9	%	$	65,913,425
Gold		90.2			6,842,216,336
Silver		8.9			678,982,097
Money Market Fund		0.0			1,393,279
		100.0	%	$	7,588,505,137

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2017 is set forth below:

Affiliates	Value 12/31/16		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 09/30/17
Agnico-Eagle Mines Ltd.	$	533,593,494	$	213,817,005	$	(378,413,092	)	$	75,222,618		$	3,323,875	$	(33,808,255	)	$	—	(a)
Alamos Gold, Inc.		107,701,354		43,574,805		(72,643,043	)		2,194,751			183,850		(6,732,974	)		—	(a)
AngloGold Ashanti Ltd.		253,959,846		106,730,797		(185,657,995	)		(18,684,185	)		2,578,393		287,822			—	(a)
Asanko Gold, Inc.		36,415,313		1,742,771		(19,306,601	)		(31,487,317	)		—		12,635,834			—
B2Gold Corp.		133,557,639		61,388,614		(97,952,621	)		23,732,149			—		(7,961,367	)		—	(a)
Barrick Gold Corp.		1,050,349,548		416,071,527		(742,696,254	)		4,527,618			5,116,801		5,903,626			—	(a)
Cenatamin Plc		115,288,924		57,160,392		(102,525,669	)		49,752,802			11,219,035		(27,443,340	)		—	(a)
Centerra Gold, Inc.		80,535,447		11,119,397		(40,497,762	)		2,726,456			—		30,376,489			—	(a)
Cia de Minas Buenaventura SA		183,326,903		82,629,776		(138,578,650	)		4,992,631			1,080,006		12,334,454			—	(a)
Coeur Mining, Inc.		100,773,949		35,298,889		(67,857,214	)		(3,844,671	)		—		4,260,987			—	(a)
Detour Gold Corp.		140,388,737		53,306,129		(90,040,899	)		5,834,790			—		(30,379,798	)		—	(a)
Eldorado Gold Corp.		136,051,710		58,221,054		(88,004,410	)		(18,468,732	)		681,022		(15,904,150	)		—	(a)
Endeavour Mining Corp.		82,358,502		36,896,789		(61,070,504	)		2,888,074			—		18,223,461			—	(a)
Evolution Mining Ltd.		148,606,232		69,511,413		(124,266,031	)		51,650,391			3,301,952		(25,577,658	)		—	(a)
First Majestic Silver Corp.		73,933,380		31,907,851		(54,718,391	)		5,108,363			—		(9,932,399	)		—	(a)
Fortuna Silver Mines, Inc.		48,666,731		10,243,714		(18,626,441	)		(7,645,397	)		—		(3,985,772	)		—	(a)
Franco-Nevada Corp.		597,508,567		263,969,013		(454,602,276	)		88,801,467			5,898,529		66,619,839			—	(a)
Gold Fields Ltd.		145,804,659		69,988,507		(125,163,363	)		(9,144,876	)		3,454,529		64,246,535			—	(a)
Goldcorp, Inc.		654,777,998		252,914,638		(440,346,086	)		(67,073,910	)		2,511,461		39,388,893			—	(a)
Guyana Goldfields, Inc.		45,967,851		5,980,051		(18,142,186	)		(8,003,085	)		—		(1,999,508	)		—	(a)
Harmony Gold Mining Co. Ltd.		57,307,795		23,649,698		(37,557,880	)		(13,074,671	)		1,118,428		2,811,869			—	(a)
Hecla Mining Co.		122,130,352		51,947,447		(88,287,104	)		28,839,508			159,842		(32,188,516	)		—	(a)
IAMGOLD Corp.		102,303,979		32,971,515		(67,409,895	)		17,036,503			—		31,768,114			—	(a)
Independence Group NL		106,473,786		39,362,454		(62,242,921	)		364,050			482,479		(18,043,945	)		—	(a)
Kinross Gold Corp.		228,303,557		113,295,776		(205,255,528	)		13,038,248			—		68,229,099			—	(a)
Kirkland Lake Gold Ltd.		62,873,576		16,126,123		(43,666,971	)		9,521,841			142,779		65,890,956			—	(a)
Klondex Mines Ltd.		41,115,329		8,527,447		(12,920,405	)		(5,634,462	)		—		(4,483,939	)		—	(a)
McEwen Mining, Inc.		51,393,615		6,127,390		(19,107,038	)		(4,584,910	)		—		(8,766,335	)		—	(a)
New Gold, Inc.		105,902,685		45,106,309		(65,059,803	)		(9,636,953	)		—		11,568,914			—	(a)
Newcrest Mining Ltd.		622,167,668		259,572,028		(474,363,132	)		99,059,706			5,666,535		(13,037,894	)		—	(a)
Newmont Mining Corp.		1,019,838,842		379,194,085		(675,217,728	)		55,892,940			4,411,741		3,052,642			—	(a)
Northern Star Resources Ltd.		90,809,629		48,382,316		(87,123,109	)		36,685,869			2,189,774		7,317,503			—	(a)
OceanaGold Corp.		105,042,581		45,658,376		(78,954,919	)		19,559,116			384,085		(14,999,700	)		—	(a)
Osisko Gold Royalties Ltd.		61,066,716		37,889,492		(31,976,961	)		(806,313	)		610,719		17,228,403			—	(a)
Pan American Silver Corp.		135,277,377		64,132,719		(107,048,276	)		24,757,760			611,165		(9,634,385	)		—	(a)
Randgold Resources Ltd.		421,909,576		159,096,765		(341,698,004	)		8,709,806			5,911,302		93,854,945			—	(a)
Regis Resources Ltd.		62,328,824		12,408,348		(36,278,708	)		5,491,283			3,000,145		14,233,930			—	(a)
Resolute Mining Ltd.		39,662,865		18,068,669		(28,031,857	)		(8,297,490	)		475,311		3,052,282			—	(a)
Royal Gold, Inc.		245,387,048		112,448,845		(208,840,063	)		24,180,746			2,764,010		58,213,635			—	(a)
Sandstorm Gold Ltd.		35,009,192		10,152,046		(13,807,726	)		(4,169,374	)		—		7,293,354			—	(a)
Saracen Mineral Holdings Ltd.		33,496,978		6,875,345		(18,965,693	)		(1,788,083	)		—		14,842,549			—	(a)
Semafo, Inc.		63,128,790		20,763,303		(30,127,195	)		(14,298,019	)		—		(4,185,677	)		—	(a)
Sibanye Gold Ltd.		96,150,225		112,957,812		(99,397,259	)		(7,448,094	)		2,774,904		(4,705,781	)		—	(a)
SSR Mining, Inc.		62,798,611		8,124,906		(28,435,584	)		(4,399,590	)		—		14,127,361			—	(a)
St. Barbara Ltd.		42,513,293		13,431,546		(32,521,695	)		1,694,073			1,021,875		17,076,828			—	(a)
Tahoe Resources, Inc.		172,776,120		58,959,415		(100,794,081	)		(30,180,739	)		2,554,306		(32,918,998	)		—	(a)
Torex Gold Resources, Inc.		72,804,842		35,519,873		(57,382,753	)		1,321,514			—		(924,252	)		—	(a)
Wheaton Precious Metals Corp.		446,884,776		197,027,736		(297,586,050	)		(8,856,418	)		4,975,680		8,001,591			—	(a)
Yamana Gold, Inc.		157,003,726		76,062,432		(116,774,691	)		(58,875,062	)		767,966		46,006,740			—	(a)
Zhaojin Mining Industry Co. Ltd.		43,635,481		25,113,510		(31,560,724	)		1,996,164			267,610		(2,640,686	)		—	(a)
Zijin Mining Group Ltd.		107,864,749		49,526,482		(82,655,704	)		13,217,205			2,374,668		(6,699,605	)		—	(a)
	$	9,684,929,367	$	3,970,953,340	$	(6,902,158,945	)	$	342,396,091		$	82,014,777	$	421,893,721		$	—

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

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	76,305,454	$	934,601,643	$	—	$	1,010,907,097
Canada		4,134,172,460		—		—		4,134,172,460
China / Hong Kong		—		117,796,872		—		117,796,872
Monaco		79,296,322		—		—		79,296,322
Peru		144,705,114		—		—		144,705,114
South Africa		433,061,459		—		—		433,061,459
United Kingdom		341,873,088		92,233,109		—		434,106,197
United States		1,233,066,337		—		—		1,233,066,337
Money Market Fund		1,393,279		—		—		1,393,279
Repurchase Agreements		—		110,736,008		—		110,736,008
Total	$	6,443,873,513	$	1,255,367,632	$	—	$	7,699,241,145

There were no transfers between levels during the period September 30, 2017.

See Notes to Schedules of Investments

VANECK VECTORS JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Australia: 16.4%
	67,437,033	Beadell Resources Ltd. ‡ * † #	$	10,023,690
	79,544,153	Evolution Mining Ltd. † #		137,731,069
	33,461,639	Northern Star Resources Ltd. ‡ #		129,494,758
	38,834,929	OceanaGold Corp. (CAD) ‡		117,065,272
	62,037,752	Perseus Mining Ltd. ‡ * † #		16,263,970
	35,297,373	Ramelius Resources Ltd. ‡ * † #		10,509,359
	32,467,873	Regis Resources Ltd. ‡ #		91,611,315
	37,665,281	Resolute Mining Ltd. ‡ † #		30,366,228
	51,313,673	Saracen Mineral Holdings Ltd. ‡ * † #		52,856,803
	34,128,659	Silver Lake Resources Ltd. ‡ * † #		10,820,715
	28,849,097	St. Barbara Ltd. ‡ #		59,468,499
	16,034,088	Westgold Resources Ltd. ‡ * † #		24,602,375
				690,814,053
Canada: 56.7%
	13,445,782	Alamos Gold, Inc. (USD) †		90,893,486
	11,858,964	Argonaut Gold, Inc. ‡ * †		23,231,489
	12,683,035	Asanko Gold, Inc. (USD) ‡ *		12,090,737
	48,885,209	B2Gold Corp. (USD) ‡ * †		136,878,585
	10,551,482	Centerra Gold, Inc.		74,159,459
	9,271,389	Continental Gold, Inc. * †		22,388,034
	10,093,127	Detour Gold Corp. ‡ *		111,047,397
	7,153,709	Dundee Precious Metals, Inc. * †		15,443,981
	37,925,902	Eldorado Gold Corp. (USD)		83,436,984
	9,225,462	Endeavour Silver Corp. (USD) ‡ * †		21,956,600
	11,353,230	First Majestic Silver Corp. (USD) ‡ * †		77,656,093
	36,542,547	First Mining Finance Corp. ‡ * †		19,722,720
	8,970,113	Fortuna Silver Mines, Inc. (USD) ‡ * †		39,289,095
	9,498,117	Gold Standard Ventures Corp. (USD) * †		15,386,950
	25,784,129	Golden Star Resources Ltd. (USD) ‡ *		19,804,789
	11,122,237	Great Panther Silver Ltd. (USD) ‡ * †		13,791,574
	9,594,704	Guyana Goldfields, Inc. ‡ *		32,068,015
	27,553,123	IAMGOLD Corp. (USD) ‡ *		168,074,050
	12,889,417	Kirkland Lake Gold Ltd. ‡		165,723,284
	7,940,673	Klondex Mines Ltd. (USD) * †		28,904,050
	3,423,189	MAG Silver Corp. (USD) * †		38,442,412
	14,433,164	McEwen Mining, Inc. (USD) †		28,144,670
	40,833,630	New Gold, Inc. (USD) ‡ *		151,492,767
	12,641,948	Novagold Resources, Inc. (USD) * †		52,084,826
	6,785,231	Osisko Gold Royalties Ltd. (USD)		87,597,332
	9,036,319	Osisko Mining, Inc. *		31,719,058
	9,561,483	Pan American Silver Corp. (USD) ‡		163,023,285
	10,394,969	Premier Gold Mines Ltd. ‡ * †		29,672,602
	9,915,569	Pretium Resources, Inc. (USD) ‡ * †		91,818,169
	7,809,145	Primero Mining Corp. (USD) *		516,028
	4,025,439	Richmont Mines, Inc. (USD) ‡ * †		37,637,855
	12,215,107	Sandstorm Gold Ltd. (USD) ‡ * †		55,456,586
	3,223,867	Seabridge Gold, Inc. (USD) ‡ * †		39,331,177
	17,013,003	Semafo, Inc. ‡ *		44,890,985
	12,155,086	Silvercorp Metals, Inc. ‡		32,850,270
	8,193,977	SSR Mining, Inc. (USD) ‡ * †		86,938,096
	1,774,754	Sulliden Mining Capital, Inc. *		358,314
	6,197,732	Teranga Gold Corp. ‡ *		13,875,704
	3,993,724	Torex Gold Resources, Inc. ‡ *		62,429,380
	6,393,597	Wesdome Gold Mines Ltd. * †		11,144,638
	56,975,629	Yamana Gold, Inc. (USD) ‡ †		150,985,417
				2,382,356,943
China / Hong Kong: 1.9%
	15,573,763	China Gold International Resources Corp. Ltd. (CAD) * †		24,406,969
	747,970,000	Munsun Capital Group Ltd. ‡ * †		8,618,600
	19,287,400	Real Gold Mining Ltd. * # § ∞		338,549
	56,648,500	Zhaojin Mining Industry Co. Ltd. ‡ † #		47,946,736
				81,310,854
Monaco: 2.0%
	4,165,295	Endeavour Mining Corp. (CAD) *		83,129,383
Peru: 1.0%
	13,675,733	Hochschild Mining Plc (GBP) #		42,150,998
South Africa: 8.9%
	2,789,430	DRDGOLD Ltd. (ADR) ‡ †		10,739,306
	41,787,323	Gold Fields Ltd. (ADR) ‡ †		180,103,362
	27,397,951	Harmony Gold Mining Co. Ltd. (USD) ‡		50,138,250
	29,865,915	Sibanye Gold Ltd. (ADR) ‡ †		133,201,981
				374,182,899
Turkey: 0.8%
	3,519,909	Koza Altin Isletmeleri AS * † #		30,899,344
United Kingdom: 4.0%
	7,583,501	African Barrick Gold Ltd. #		19,784,064
	63,905,376	Cenatamin Plc ‡ #		124,302,327
	12,022,269	Highland Gold Mining Ltd. #		23,552,696
	38,603,767	Patagonia Gold Plc *		660,357
				168,299,444
United States: 8.1%
	21,204,905	Alacer Gold Corp. (CAD) ‡ *		36,962,134
	9,784,349	Coeur Mining, Inc. ‡ *		89,918,167
	3,503,369	Gold Resource Corp. ‡ †		13,137,634
	21,504,077	Hecla Mining Co. ‡		107,950,467
	17,586,956	Tahoe Resources, Inc. ‡		92,683,258
				340,651,660
Total Common Stocks (Cost: $4,035,711,914)				4,193,795,578
WARRANTS: 0.0% (Cost: $0)
Australia: 0.0%
	1,608,631	Westgold Resources Ltd. 06/30/19 Warrants (AUD 2.00, expiring 06/30/19) ‡ †		403,908

MONEY MARKET FUND: 0.0% (Cost: $1,555,064)
	1,555,064	Dreyfus Government Cash Management Fund - Institutional Shares		1,555,064
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $4,037,266,978)				4,195,754,550

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.5%
Repurchase Agreements: 5.5%
$	55,245,856	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $55,250,828; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $56,350,773 including accrued interest)		55,245,856
	11,624,005	Repurchase agreement dated 9/29/17 with Credit Agricole CIB, 1.04%, due 10/2/17, proceeds $11,625,012; (collateralized by U.S. government obligations, 2.13%, due 2/29/24, valued at $11,856,486 including accrued interest)		11,624,005
	55,245,856	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $55,250,782; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $56,350,773 including accrued interest)		55,245,856
	55,245,856	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $55,250,782; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $56,350,773 including accrued interest)		55,245,856
	55,245,856	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $55,250,828; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $56,350,776 including accrued interest)		55,245,856
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $232,607,429)				232,607,429
Total Investments: 105.3% (Cost: $4,269,874,407)				4,428,361,979
Liabilities in excess of other assets: (5.3)%				(223,751,656	)
NET ASSETS: 100.0%			$	4,204,610,323

ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
GBP	British Pound
USD	United States Dollar

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $218,791,453.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $862,723,495 which represents 20.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $338,549 which represents 0.0% of net assets.
∞	Investment value was determined using significant unobservable inputs.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		83.5	%	$	3,504,262,222
Precious Metals & Minerals		1.5			62,908,303
Silver		15.0			627,028,961
Money Market Fund		0.0			1,555,064
		100.0	%	$	4,195,754,550

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2017 is set forth below:

Affiliates	Value 12/31/16		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Net Change in Unrealized Appreciation (Depreciation)			Value 09/30/17
Alacer Gold Corp.	$	51,234,537	$	47,919,462	$	(55,172,676	)	$	(19,716,202	)	$	—	$	12,697,013			36,962,134
Alamos Gold, Inc.		189,253,976		135,696,386		(213,272,195	)		(18,935,986	)		398,721		(1,848,695	)		—	(a)
Argonaut Gold, Inc.		27,022,343		25,914,394		(30,534,318	)		(14,285,561	)		—		15,114,631			23,231,489
Asanko Gold, Inc.		69,249,220		20,445,494		(29,019,234	)		(31,257,544	)		—		(17,327,199	)		12,090,737
B2Gold Corp.		121,435,546		223,597,370		(195,010,685	)		(420,357	)		—		(12,723,289	)		136,878,585
Beadell Resources Ltd.		20,287,324		22,298,744		(24,251,619	)		(10,757,463	)		—		2,446,704			10,023,690
Cenatamin Plc		—		143,786,914		(9,006,594	)		(540,923	)		1,521,707		(9,937,070	)		124,302,327
Centerra Gold, Inc.		114,376,806		25,944,824		(97,024,874	)		(4,669,119	)		—		35,531,821			—	(a)
China Gold International Resources Corp. Ltd.		42,366,409		36,401,211		(46,806,135	)		(17,878,323	)		—		10,323,807			—	(a)
Coeur Mining, Inc.		—		86,934,471		(4,670,897	)		(149,117	)		—		7,803,710			89,918,167
Continental Gold, Inc.		40,891,721		34,364,528		(35,637,744	)		(902,887	)		—		(16,327,584	)		—	(a)
Detour Gold Corp.		—		127,393,619		(7,213,432	)		259,205			—		(9,391,995	)		111,047,397
DRDGOLD Ltd.		29,801,363		18,715,724		(23,033,712	)		(8,914,770	)		108,626		(5,829,299	)		10,739,306
Dundee Precious Metals, Inc.		21,032,717		17,475,027		(24,293,663	)		(7,806,637	)		—		9,036,537			—	(a)
Endeavour Mining Corp.		107,053,281		81,983,982		(123,463,318	)		21,396,480			—		(3,841,042	)		—	(a)
Endeavour Silver Corp.		53,331,347		36,594,467		(46,579,343	)		(17,494,339	)		—		(3,895,532	)		21,956,600
First Majestic Silver Corp.		—		96,319,509		(8,454,424	)		(1,604,938	)		—		(8,604,054	)		77,656,093
First Mining Finance Corp.		36,843,869		33,020,233		(34,215,291	)		(12,724,470	)		—		(3,201,621	)		19,722,720
Fortuna Silver Mines, Inc.		90,047,705		43,701,349		(66,827,616	)		(24,185,565	)		—		(3,446,778	)		39,289,095
Gold Fields Ltd.		—		165,744,686		(23,782,895	)		2,996,793			1,339,219		35,144,778			180,103,362
Gold Resource Corp.		29,686,049		10,892,483		(20,181,600	)		(8,426,540	)		93,930		1,167,242			13,137,634
Golden Star Resources Ltd.		32,002,055		24,722,238		(31,611,408	)		(5,529,047	)		—		220,951			19,804,789
Great Panther Silver Ltd.		39,198,734		20,017,909		(30,967,784	)		(7,107,495	)		—		(7,349,790	)		13,791,574
Guyana Goldfields, Inc.		85,201,458		28,735,339		(65,587,968	)		(21,458,576	)		—		5,177,762			32,068,015
Harmony Gold Mining Co. Ltd.		75,871,718		69,563,727		(72,242,418	)		(25,298,327	)		1,759,952		2,243,550			50,138,250
Hecla Mining Co.		—		112,503,836		(3,298,495	)		(161,091	)		47,065		(1,093,783	)		107,950,467
IAMGOLD Corp.		209,321,820		54,149,195		(167,034,593	)		40,600,306			—		31,037,322			168,074,050
Kirkland Lake Gold Ltd.		115,729,975		68,058,516		(137,073,915	)		7,810,965			188,370		111,197,743			165,723,284
Klondex Mines Ltd.		62,226,059		20,085,511		(33,905,751	)		(12,229,408	)		—		(7,272,361	)		—	(a)
MAG Silver Corp.		70,702,785		54,917,437		(85,645,006	)		219,219			—		(1,752,023	)		—	(a)
McEwen Mining, Inc.		74,227,369		17,077,377		(43,192,517	)		(8,681,303	)		—		(11,286,256	)		—	(a)
Munsun Capital Group Ltd.		30,577,004		14,318,061		(19,086,631	)		(12,405,007	)		—		(4,784,827	)		8,618,600
New Gold, Inc.		—		129,721,815		(8,297,929	)		780,871			—		29,288,010			151,492,767
Northern Star Resources Ltd.		—		135,533,047		(12,416,929	)		646,677			1,598,589		5,731,963			129,494,758
Novagold Resources, Inc.		107,701,628		77,897,834		(109,406,189	)		(14,186,961	)		—		(9,921,486	)		—	(a)
OceanaGold Corp.		—		125,730,861		(3,566,260	)		(215,328	)		—		(4,884,001	)		117,065,272
Osisko Gold Royalties Ltd.		107,836,446		64,632,812		(114,523,745	)		(8,696,001	)		865,156		38,347,820			—	(a)
Pan American Silver Corp.		—		176,848,423		(21,674,488	)		619,024			247,381		7,230,326			163,023,285
Perseus Mining Ltd.		27,358,990		18,779,387		(30,898,280	)		(3,447,198	)		—		4,471,071			16,263,970
Premier Gold Mines Ltd.		33,298,482		31,673,979		(43,801,769	)		(6,275,929	)		—		14,777,839			29,672,602
Pretium Resources, Inc.		136,668,525		94,845,771		(153,005,381	)		18,707,961			—		(5,398,707	)		91,818,169
Primero Mining Corp.		13,872,230		6,722,950		(7,666,624	)		(22,023,290	)		—		9,610,762			—	(a)
Ramelius Resources Ltd.		26,679,409		15,373,182		(26,091,935	)		(2,578,050	)		—		(2,873,247	)		10,509,359
Regis Resources Ltd.		124,528,501		37,691,446		(108,818,403	)		7,097,496			5,422,457		31,112,275			91,611,315
Resolute Mining Ltd.		44,872,755		45,962,894		(52,031,711	)		970,661			590,215		(9,408,371	)		30,366,228
Richmont Mines, Inc.		40,661,504		34,493,892		(45,978,490	)		(11,093,251	)		—		19,554,200			37,637,855
Sandstorm Gold Ltd.		64,889,421		38,854,196		(46,939,092	)		(20,288,806	)		—		18,940,867			55,456,586
Saracen Mineral Holdings Ltd.		61,280,500		30,177,110		(60,875,389	)		2,751,797			—		19,522,785			52,856,803
Seabridge Gold, Inc.		31,938,652		49,952,283		(55,320,489	)		1,616,278			—		11,144,453			39,331,177
Semafo, Inc.		97,254,542		61,416,026		(78,398,081	)		(38,135,197	)		—		2,753,695			44,890,985
Sibanye Gold Ltd.		—		150,525,702		(5,154,026	)		726,761			—		(12,896,456	)		133,201,981
Silver Lake Resources Ltd.		30,579,113		19,632,038		(30,021,898	)		(2,961,945	)		—		(6,406,593	)		10,820,715
Silvercorp Metals, Inc.		49,838,985		46,105,430		(71,089,348	)		8,841,634			200,092		(846,431	)		32,850,270
SSR Mining, Inc.		128,492,323		27,849,949		(82,913,397	)		(15,879,357	)		—		29,388,578			86,938,096
St. Barbara Ltd.		64,471,468		66,764,266		(102,186,852	)		1,982,237			1,219,621		28,437,380			59,468,499
Tahoe Resources, Inc.		—		149,295,018		(3,885,855	)		(1,952,926	)		640,219		(50,772,979	)		92,683,258
Teranga Gold Corp.		33,537,178		22,707,428		(30,021,308	)		(16,641,474	)		—		4,293,880			13,875,704
Torex Gold Resources, Inc.		110,408,426		96,898,048		(139,306,681	)		(4,624,743	)		—		(945,670	)		62,429,380
VanEck Vectors Gold Miners ETF		160,020,134		99,639,439		(263,828,429	)		(30,876,351	)		—		35,045,207			—
Westgold Resources Ltd.		—		76,162,841		(41,045,501	)		(7,308,974	)		—		(2,802,083	)		25,006,283
Yamana Gold, Inc.		—		149,344,901		(8,609,637	)		287,448			555,783		9,962,705			150,985,417
Zhaojin Mining Industry Co. Ltd.		—		61,185,377		(15,476,198	)		641,760			41,603		1,595,797			47,946,736
	$	3,335,162,402	$	4,061,712,368	$	(3,581,349,065	)	$	(381,773,203	)	$	16,838,706	$	363,283,962		$	3,250,925,835

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

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	117,065,272	$	573,748,781	$	—	$	690,814,053
Canada		2,382,356,943		—		—		2,382,356,943
China / Hong Kong		33,025,569		47,946,736		338,549		81,310,854
Monaco		83,129,383		—		—		83,129,383
Peru		—		42,150,998		—		42,150,998
South Africa		374,182,899		—		—		374,182,899
Turkey		—		30,899,344		—		30,899,344
United Kingdom		660,357		167,639,087		—		168,299,444
United States		340,651,660		—		—		340,651,660
Warrants*		403,908		—		—		403,908
Money Market Fund		1,555,064		—		—		1,555,064
Repurchase Agreements		—		232,607,429		—		232,607,429
Total	$	3,333,031,055	$	1,094,992,375	$	338,549	$	4,428,361,979

* See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended September 30, 2017.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2017:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2016	$	1,881,213
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(1,542,664	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2017	$	338,549

See Notes to Schedules of Investments

VANECK VECTORS NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.4%
Argentina: 0.3%
	15,240	Adecoagro SA (USD) *	$	164,592
	5,043	Cresud S.A.C.I.F. y A (ADR) *		94,153
	2,269	YPF SA (ADR)		50,553
				309,298
Australia: 3.6%
	47,158	Alumina Ltd. † #		81,750
	25,153	Bega Cheese Ltd. #		135,274
	64,087	BHP Billiton Ltd. #		1,300,085
	11,206	BlueScope Steel Ltd. #		96,834
	3,071	Caltex Australia Ltd. #		77,510
	1,749	CIMIC Group Ltd. #		60,800
	50,326	Evolution Mining Ltd. † #		87,140
	33,995	Fortescue Metals Group Ltd. #		137,715
	33,092	GrainCorp. Ltd. #		212,361
	8,357	Iluka Resources Ltd. #		62,578
	42,600	MMG Ltd. (HKD) * #		19,102
	31,921	Newcrest Mining Ltd. #		525,579
	13,812	Oil Search Ltd. #		76,229
	20,667	Origin Energy Ltd. * #		121,752
	20,741	Santos Ltd. * #		65,793
	104,201	South32 Ltd. #		269,655
	8,529	Woodside Petroleum Ltd. #		195,360
				3,525,517
Austria: 0.3%
	1,696	OMV AG #		98,902
	1,439	Verbund - Oesterreichische Elektrizis AG #		33,948
	2,500	Voestalpine AG #		127,521
				260,371
Brazil: 1.2%
	12,039	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		125,928
	13,551	Cia Siderurgica Nacional SA (ADR) *		40,111
	5,550	Fibria Celulose SA		75,184
	17,851	Gerdau SA (ADR)		61,229
	17,524	Petroleo Brasileiro SA (ADR) *		175,941
	6,800	SLC Agricola SA		53,099
	62,593	Vale SA (ADR)		630,312
				1,161,804
Canada: 11.6%
	9,612	Agnico-Eagle Mines Ltd. (USD)		434,559
	19,980	Agrium, Inc. (USD)		2,142,056
	12,506	Alamos Gold, Inc.		84,297
	4,163	ARC Resources Ltd.		57,220
	40,658	B2Gold Corp. *		111,833
	48,510	Barrick Gold Corp. (USD)		780,526
	12,728	Canadian Natural Resources Ltd. (USD)		426,261
	1,677	Canfor Corp. *		31,431
	8,848	Centerra Gold, Inc.		62,187
	7,268	Detour Gold Corp. *		79,965
	32,975	Eldorado Gold Corp. (USD)		72,545
	19,292	Enbridge, Inc. (USD)		807,177
	11,457	EnCana Corp. (USD)		134,963
	6,827	First Majestic Silver Corp. (USD) * †		46,697
	13,767	First Quantum Minerals Ltd.		154,220
	35,599	Goldcorp, Inc. (USD)		461,363
	3,551	Husky Energy, Inc. *		44,350
	19,334	IAMGOLD Corp. *		117,953
	2,994	Imperial Oil Ltd. (USD) †		95,628
	51,881	Kinross Gold Corp. (USD) *		219,975
	7,838	Kirkland Lake Gold Ltd.		100,776
	12,626	Lundin Mining Corp.		86,418
	5,160	Osisko Gold Royalties Ltd.		66,426
	6,371	Pan American Silver Corp. (USD)		108,626
	121,463	Potash Corp. of Saskatchewan, Inc. (USD)		2,336,948
	6,321	Pretium Resources, Inc. * †		58,376
	19,655	Suncor Energy, Inc. (USD)		688,515
	10,128	Teck Cominco Ltd. (USD)		213,600
	2,950	Tourmaline Oil Corp. *		59,842
	10,253	TransCanada Corp. (USD)		506,806
	41,031	Turquoise Hill Resources Ltd. *		126,638
	1,677	West Fraser Timber Co. Ltd.		96,545
	18,393	Wheaton Precious Metals Corp (USD)		351,122
	39,450	Yamana Gold, Inc. (USD)		104,542
				11,270,386
Chile: 0.2%
	51,175	Aguas Andinas SA		32,607
	6,891	Antofagasta Plc (GBP) #		87,886
	24,288	Empresas CMPC SA		64,025
	8,454	Inversiones Aguas Metropolitanas SA		15,012
				199,530
China / Hong Kong: 1.7%
	79,400	Aluminum Corp of China Ltd. * #		71,244
	20,900	Angang New Steel Co. Ltd. #		18,530
	318,514	China Agri-Industries Holdings Ltd. #		148,647
	24,600	China Coal Energy Co. Ltd. #		11,667
	18,800	China Gas Holdings Ltd. #		56,432
	71,200	China Molybdenum Co. Ltd. (Class H) #		43,037
	21,500	China Oilfield Services Ltd. (Class H) #		19,806
	299,427	China Petroleum & Chemical Corp. #		225,699
	40,191	China Shenhua Energy Co. Ltd. #		95,036
	188,979	CNOOC Ltd. #		244,671
	12,000	Dongfang Electric Corp. Machinery Co. Ltd. * #		11,875
	48,000	Fosun International Ltd. #		101,498
	50,800	Huaneng Power International, Inc. #		31,491
	23,500	Jiangxi Copper Co. Ltd. (Class H) #		37,342
	39,100	Kunlun Energy Co. Ltd. #		38,269
	34,300	Lee & Man Paper Manufacturing Ltd. #		44,138
	34,100	Maanshan Iron and Steel Co. Ltd. (Class H) * #		16,805
	40,557	Nine Dragons Paper Holdings Ltd. #		80,274
	248,540	PetroChina Co. Ltd. (Class-H) #		158,202
	6,700	Shandong Chenming Paper Holdings Ltd. (Class B) #		12,284
	12,400	Tianjin Capital Environmental Protection Group Co. Ltd. #		7,838
	21,500	Yanzhou Coal Mining Co. Ltd. #		21,259
	43,700	Zhaojin Mining Industry Co. Ltd. † #		36,987
	238,461	Zijin Mining Group Ltd. #		82,044
				1,615,075
Denmark: 0.7%
	7,591	Vestas Wind Systems A/S #		682,480
Finland: 0.3%
	1,509	Neste Oil Oyj #		65,967
	6,308	Outokumpu Oyj #		65,643
	13,833	Stora Enso Oyj (R Shares) #		195,720
				327,330
France: 2.2%
	14,693	Suez Environnement Co. #		268,346
	26,893	Total SA #		1,444,371
	19,807	Veolia Environnement SA #		457,816
				2,170,533
Germany: 0.5%
	673	Aurubis AG #		54,578
	295	KWS Saat AG #		129,253
	2,187	Nordex SE * † #		25,001
	888	Salzgitter AG #		40,347
	8,702	ThyssenKrupp AG #		258,514
				507,693
Hungary: 0.0%
	4,440	MOL Hungarian Oil & Gas PLC #		50,676
India: 0.5%
	18,625	Reliance Industries Ltd. (GDR) # Reg S 144A		444,686
	1,241	Vedanta Resources Plc (GBP) #		14,540
				459,226
Indonesia: 0.1%
	55,676	Astra Agro Lestari Tbk PT #		61,498
	404,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		42,366
				103,864
Ireland: 0.2%
	5,740	Smurfit Kappa Group Plc (GBP) #		179,592
Italy: 0.5%
	29,951	ENI S.p.A. † #		496,165
Japan: 3.3%
	11,200	Calbee, Inc. #		393,220
	810	Daido Steel Co. #		48,101
	2,900	Daio Paper Corp. #		34,241
	1,240	Dowa Holdings Co. Ltd. #		45,527
	4,017	Hitachi Metals Ltd. #		55,960
	3,700	Hokuetsu Kishu Paper Co. Ltd. #		23,114
	12,700	Inpex Holdings, Inc. #		135,242
	11,564	JFE Holdings, Inc. #		226,109
	37,900	JX Holdings, Inc. #		195,351
	7,200	Kobe Steel Ltd. #		82,427
	3,765	Kurita Water Industries Ltd. #		108,770
	2,600	Mitsubishi Materials Corp. #		90,025
	2,500	Nippon Paper Industries Co. Ltd. #		46,495
	17,600	Nippon Steel Corp. #		404,544
	45,114	Nippon Suisan Kaisha Ltd. #		251,860
	38,750	Nisshin Seifun Group, Inc. #		648,440
	24,576	OJI Paper Co. Ltd. #		132,653
	5,970	Rengo Co. Ltd. #		35,523
	4,083	Sumitomo Forestry Co. Ltd. #		63,921
	5,611	Sumitomo Metal Mining Ltd. #		180,572
				3,202,095
Luxembourg: 0.5%
	12,857	ArcelorMittal * #		331,747
	2,779	Tenaris SA (ADR)		78,673
	960	Ternium SA (ADR)		29,693
				440,113
Malaysia: 1.3%
	37,151	Genting Plantation Bhd		90,623
	318,294	IOI Corp. Bhd #		342,581
	58,678	Kuala Lumpur Kepong Bhd		341,298
	206,700	Malayan Banking Bhd #		466,843
	2,200	Petronas Dagangan Bhd #		12,680
				1,254,025
Mexico: 0.8%
	30,035	Gruma, SAB de CV		440,339
	71,514	Grupo Mexico, SAB de CV		219,316
	5,132	Industrias Penoles, SAB de CV		127,828
				787,483
Netherlands: 1.4%
	44,097	Royal Dutch Shell Plc (GBP) #		1,359,247
Norway: 2.9%
	59,537	Marine Harvest ASA #		1,178,145
	27,269	Norsk Hydro ASA #		199,081
	2,583	Norway Royal Salmon ASA #		54,396
	12,692	Statoil ASA #		255,301
	25,284	Yara International ASA #		1,134,355
				2,821,278
Peru: 0.2%
	7,664	Cia de Minas Buenaventura SA (ADR)		98,023
	9,710	Hochschild Mining Plc (GBP) #		29,928
	1,698	Southern Copper Corp. (USD)		67,512
				195,463
Poland: 0.3%
	1,055	Jastrzebska Spolka Weglowa SA * #		27,956
	2,716	KGHM Polska Miedz SA #		87,614
	3,424	Polski Koncern Naftowy Orlen SA #		114,405
	19,049	Polskie Gornictwo Naftowe I Gazownictwo SA #		35,518
				265,493
Portugal: 0.1%
	5,448	Galp Energia, SGPS, SA #		96,635
	5,403	Portucel-Empresa Productora de Pasta e Papel SA #		26,369
				123,004
Russia: 2.2%
	5,433	Evraz Plc (GBP) #		22,842
	8,412	Lukoil PJSC (ADR) #		446,133
	13,589	MMC Norilsk Nickel PJSC (ADR) #		234,179
	1,359	Novatek OAO (GDR) # Reg S		159,677
	1,915	Novolipetsk Steel (GDR) # Reg S		43,621
	71,073	OAO Gazprom (ADR) #		298,236
	21,349	PhosAgro OAO (GDR) # Reg S		304,381
	10,715	Polymetal International (GBP) #		121,105
	4,348	Ros Agro Plc (GDR) Reg S		53,480
	13,725	Rosneft Oil Co. (GDR) # Reg S		76,372
	3,514	Severstal OAO (GDR) # Reg S		52,595
	42,061	Surgutneftegas OJSC (ADR) #		213,168
	3,078	Tatneft PJSC (ADR) #		131,683
				2,157,472
Singapore: 1.5%
	957,519	Golden Agri-Resources Ltd. #		264,901
	521,164	Wilmar International Ltd. #		1,223,317
				1,488,218
South Africa: 1.3%
	2,469	Anglo American Platinum Ltd. * #		63,232
	16,987	AngloGold Ashanti Ltd. (ADR)		157,809
	809	Assore Ltd.		16,602
	5,500	Astral Foods Ltd. #		70,095
	31,793	Gold Fields Ltd. (ADR)		137,028
	30,576	Impala Platinum Holdings Ltd. * † #		70,295
	1,094	Kumba Iron Ore Ltd. #		17,864
	8,919	Mondi Plc (GBP) #		240,084
	18,031	Northam Platinum Ltd. *		62,402
	13,511	Sappi Ltd. #		92,267
	6,972	Sasol Ltd. #		191,299
	88,461	Sibanye Gold Ltd. #		99,658
				1,218,635
South Korea: 1.2%
	1,706	Hyundai Steel Co. #		78,939
	253	Korea Zinc Co. Ltd. #		109,620
	1,602	POSCO #		445,171
	477	Samyang Corp. #		39,173
	729	SK Energy Co. Ltd. #		127,060
	505	SK Holdings Co Ltd #		127,363
	491	S-Oil Corp. #		54,836
	1,924	Woongjin Coway Co. Ltd. #		158,152
				1,140,314
Spain: 0.4%
	3,363	Acerinox SA † #		48,564
	7,918	Gamesa Corp. Tecnologica SA #		103,480
	14,746	Repsol YPF SA #		272,197
				424,241
Sweden: 0.5%
	4,299	BillerudKorsnas AB #		72,764
	5,462	Boliden AB #		184,871
	1,207	Holmen AB (B Shares) #		56,442
	2,044	Lundin Petroleum AB * #		44,694
	10,434	SSAB AB (B Shares) * #		41,438
	15,487	Svenska Cellulosa AB #		130,996
				531,205
Switzerland: 0.7%
	142,357	Glencore Xstrata Plc (GBP) * #		654,225
Taiwan: 0.3%
	251,472	China Steel Corp. #		202,162
	20,920	Formosa Petrochemical Corp. #		72,261
				274,423
Thailand: 0.2%
	16,400	PTT Exploration & Production PCL (NVDR) #		44,080
	10,100	PTT PCL (NVDR) #		123,676
				167,756
Turkey: 0.1%
	27,259	Eregli Demir ve Celik Fabrikalari TAS #		59,265
	1,445	Tupras-Turkiye Petrol Rafinerileri AS #		49,407
				108,672
United Kingdom: 6.5%
	28,067	Anglo American Plc † #		505,221
	216,274	BP Plc #		1,387,157
	66,381	Centrica Plc #		166,580
	143,674	CNH Industrial NV (USD) †		1,725,525
	24,639	DS Smith Plc #		163,086
	4,640	Kazakhmys Plc * #		48,223
	14,669	Pennon Group Plc #		156,818
	3,903	Randgold Resources Ltd. (ADR)		381,167
	23,887	Rio Tinto Plc #		1,113,288
	8,460	Severn Trent Plc #		246,730
	5,171	TechnipFMC Plc (USD) *		144,374
	24,020	United Utilities Group Plc #		275,375
				6,313,544
United States: 50.8%
	9,535	AGCO Corp.		703,397
	3,424	Alcoa Corp.		159,627
	1,291	American States Water Co.		63,582
	6,597	Anadarko Petroleum Corp.		322,263
	1,700	Andeavor		175,355
	3,813	Andersons, Inc.		130,595
	4,485	Apache Corp.		205,413
	6,258	Aqua America, Inc. †		207,703
	81,343	Archer-Daniels-Midland Co.		3,457,891
	13,671	Arconic, Inc.		340,134
	5,039	Baker Hughes a GE Co.		184,528
	20,330	Bunge Ltd.		1,412,122
	5,445	Cabot Oil & Gas Corp.		145,654
	1,690	California Water Service Group		64,473
	33,727	CF Industries Holdings, Inc.		1,185,841
	2,604	Cheniere Energy, Inc. *		117,284
	22,311	Chevron Corp.		2,621,542
	1,121	Cimarex Energy Co.		127,424
	5,919	Cleveland-Cliffs, Inc. *		42,321
	7,551	Coeur d’Alene Mines Corp. *		69,394
	2,312	Commercial Metals Co.		43,997
	1,751	Concho Resources, Inc. *		230,642
	14,327	ConocoPhillips		717,066
	1,016	Continental Resources, Inc. * †		39,228
	3,441	Cree, Inc. * †		97,002
	23,809	Darling International, Inc. *		417,134
	46,252	Deere & Co.		5,808,789
	6,189	Devon Energy Corp.		227,198
	1,155	Diamondback Energy, Inc. * †		113,144
	1,520	Domtar Corp.		65,953
	6,798	EOG Resources, Inc.		657,639
	2,041	EQT Corp. †		133,155
	49,886	Exxon Mobil Corp.		4,089,654
	2,869	First Solar, Inc. *		131,630
	26,870	Freeport-McMoRan Copper & Gold, Inc. *		377,255
	7,527	Graphic Packaging Holding Co.		105,002
	10,218	Halliburton Co.		470,335
	16,604	Hecla Mining Co.		83,352
	1,278	Helmerich & Payne, Inc. †		66,597
	3,182	Hess Corp.		149,204
	2,087	HollyFrontier Corp.		75,069
	10,364	Ingredion, Inc.		1,250,313
	10,028	International Paper Co.		569,791
	1,200	Itron, Inc. *		92,940
	22,604	Kinder Morgan, Inc.		433,545
	1,537	Lindsay Corp. †		141,250
	3,517	Louisiana-Pacific Corp. *		95,240
	10,007	Marathon Oil Corp.		135,695
	63,525	Monsanto Co.		7,611,565
	50,756	Mosaic Co.		1,095,822
	4,474	National Oilwell Varco, Inc.		159,856
	2,345	Newfield Exploration Co. *		69,576
	22,189	Newmont Mining Corp.		832,309
	5,729	Noble Energy, Inc.		162,474
	6,378	Nucor Corp.		357,423
	9,002	Occidental Petroleum Corp.		578,018
	4,473	ONEOK, Inc.		247,849
	1,249	Ormat Technologies, Inc.		76,251
	2,291	Packaging Corp. of America		262,732
	5,059	Phillips 66		463,455
	7,554	Pilgrim’s Pride Corp. *		214,609
	2,002	Pioneer Natural Resources Co.		295,375
	2,658	Range Resources Corp.		52,017
	1,456	Reliance Steel & Aluminum Co.		110,904
	1,305	Royal Gold, Inc.		112,282
	16,359	Schlumberger Ltd.		1,141,204
	39	Seaboard Corp.		175,695
	4,791	Steel Dynamics, Inc.		165,146
	12,995	Tahoe Resources, Inc.		68,484
	2,537	Targa Resources Corp		120,000
	11,767	The Southern Co.		578,230
	18,320	Tractor Supply Co.		1,159,473
	41,828	Tyson Foods, Inc.		2,946,783
	3,488	United States Steel Corp. †		89,502
	5,200	Valero Energy Corp.		400,036
	6,170	WestRock Co.		350,024
	18,288	Weyerhaeuser Co.		622,341
	9,732	Williams Companies, Inc.		292,057
	894	Worthington Industries, Inc.		41,124
				49,406,978
Total Common Stocks (Cost: $91,578,967)				97,653,424

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.1%
Repurchase Agreements: 2.1%
$	995,163	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $995,253; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $1,015,066 including accrued interest)		995,163
	1,000,000	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $1,000,089; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,995,163)				1,995,163
Total Investments: 102.5% (Cost: $93,574,130)				99,648,587
Liabilities in excess of other assets: (2.5)%				(2,396,404	)
NET ASSETS: 100.0%			$	97,252,183

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,932,020.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $31,221,622 which represents 32.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $444,686, or 0.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		1.4	%	$	1,381,546
Consumer Staples		16.8			16,344,100
Energy		29.0			28,346,890
Financials		0.5			466,843
Industrials		10.2			9,948,200
Information Technology		0.3			321,572
Materials		38.2			37,270,457
Real Estate		0.7			716,494
Utilities		2.9			2,857,322
		100.0	%	$	97,653,424

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	309,298	$	—	$	—	$	309,298
Australia		—		3,525,517		—		3,525,517
Austria		—		260,371		—		260,371
Brazil		1,161,804		—		—		1,161,804
Canada		11,270,386		—		—		11,270,386
Chile		111,644		87,886		—		199,530
China / Hong Kong		—		1,615,075		—		1,615,075
Denmark		—		682,480		—		682,480
Finland		—		327,330		—		327,330
France		—		2,170,533		—		2,170,533
Germany		—		507,693		—		507,693
Hungary		—		50,676		—		50,676
India		—		459,226		—		459,226
Indonesia		—		103,864		—		103,864
Ireland		—		179,592		—		179,592
Italy		—		496,165		—		496,165
Japan		—		3,202,095		—		3,202,095
Luxembourg		108,366		331,747		—		440,113
Malaysia		431,921		822,104		—		1,254,025
Mexico		787,483		—		—		787,483
Netherlands		—		1,359,247		—		1,359,247
Norway		—		2,821,278		—		2,821,278
Peru		165,535		29,928		—		195,463
Poland		—		265,493		—		265,493
Portugal		—		123,004		—		123,004
Russia		53,480		2,103,992		—		2,157,472
Singapore		—		1,488,218		—		1,488,218
South Africa		373,841		844,794		—		1,218,635
South Korea		—		1,140,314		—		1,140,314
Spain		—		424,241		—		424,241
Sweden		—		531,205		—		531,205
Switzerland		—		654,225		—		654,225
Taiwan		—		274,423		—		274,423
Thailand		—		167,756		—		167,756
Turkey		—		108,672		—		108,672
United Kingdom		2,251,066		4,062,478		—		6,313,544
United States		49,406,978		—		—		49,406,978
Repurchase Agreements		—		1,995,163		—		1,995,163
Total	$	66,431,802	$	33,216,785	$	—	$	99,648,587

During the period ended September 30, 2017, transfers of securities from Level 1 to Level 2 were $1,369,805, transfers of securities from Level 2 to Level 1 were $837,285. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2017:

	Common Stocks
	Spain
Balance as of December 31, 2016	$	0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3*		0
Balance as of September 30, 2017	$	—

* Transfers of securities out of Level 3 resulted from resumed trading.

See Notes to Schedules of Investments

VANECK VECTORS OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Australia: 4.2%
	11,140	Caltex Australia Ltd. #	$	281,168
Austria: 4.4%
	5,041	OMV AG #		293,966
China / Hong Kong: 1.7%
	1,878	Sinopec Shanghai Petrochemical Co. Ltd. (ADR)		112,342
Finland: 4.4%
	6,655	Neste Oil Oyj #		290,927
India: 7.2%
	20,138	Reliance Industries Ltd. (GDR) # Reg S 144A		480,810
Israel: 1.1%
	434	Paz Oil Co. Ltd. #		71,543
Italy: 1.1%
	27,470	Saras SpA #		73,737
Japan: 13.0%
	3,900	Cosmo Energy Holdings Co. Ltd. #		89,431
	8,400	Idemitsu Kosan Co. Ltd. #		237,315
	78,700	JX Holdings, Inc. #		405,650
	11,800	Showa Shell Sekiyu KK #		135,981
				868,377
Poland: 4.4%
	8,677	Polski Koncern Naftowy Orlen SA #		289,922
Portugal: 4.6%
	17,155	Galp Energia, SGPS, SA #		304,289
South Korea: 8.5%
	1,970	SK Energy Co. Ltd. #		343,360
	2,016	S-Oil Corp. #		225,151
				568,511
Taiwan: 4.2%
	82,000	Formosa Petrochemical Corp. #		283,239

Thailand: 4.2%
	613,900	IRPC PCL (NVDR) #		116,155
	60,100	Thai Oil PCL (NVDR) #		166,817
				282,972
Turkey: 3.6%
	7,089	Tupras-Turkiye Petrol Rafinerileri AS #		242,387
United States: 33.5%
	3,547	Andeavor		365,873
	7,271	HollyFrontier Corp.		261,538
	7,967	Marathon Petroleum Corp.		446,789
	3,296	PBF Energy, Inc. †		91,003
	6,160	Phillips 66		564,318
	6,597	Valero Energy Corp.		507,507
				2,237,028
Total Common Stocks (Cost: $5,492,547)				6,681,218
MONEY MARKET FUND: 0.4% (Cost: $25,476)
	25,476	Dreyfus Government Cash Management Fund - Institutional Shares		25,476
Total Investments Before Collateral for Securities Loaned: 100.5% (Cost: $5,518,023)				6,706,694

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.3% (Cost: $89,285)
Repurchase Agreement: 1.3%
$	89,285	Repurchase agreement dated 9/29/17 with Deutsche Bank Securities, Inc., 1.05%, due 10/2/17, proceeds $89,293; (collateralized by various U.S. government and agency obligations, 0.88% to 5.25%, due 9/15/19 to 2/15/29, valued at $91,071 including accrued interest)		89,285
Total Investments: 101.8% (Cost: $5,607,308)				6,795,979
Liabilities in excess of other assets: (1.8)%				(121,759	)
NET ASSETS: 100.0%			$	6,674,220

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt

†	Security fully or partially on loan. Total market value of securities on loan is $86,447.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,331,848 which represents 64.9% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $480,810, or 7.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		97.9	%	$	6,568,876
Materials		1.7			112,342
Money Market Fund		0.4			25,476
		100.0	%	$	6,706,694

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

		Level 1 Quoted Prices	Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	281,168	$	—	$	281,168
Austria		—		293,966		—		293,966
China / Hong Kong		112,342		—		—		112,342
Finland		—		290,927		—		290,927
India		—		480,810		—		480,810
Israel		—		71,543		—		71,543
Italy		—		73,737		—		73,737
Japan		—		868,377		—		868,377
Poland		—		289,922		—		289,922
Portugal		—		304,289		—		304,289
South Korea		—		568,511		—		568,511
Taiwan		—		283,239		—		283,239
Thailand		—		282,972		—		282,972
Turkey		—		242,387		—		242,387
United States		2,237,028		—		—		2,237,028
Money Market Fund		25,476		—		—		25,476
Repurchase Agreement		—		89,285		—		89,285
Total	$	2,374,846	$	4,421,133	$	—	$	6,795,979

During the period ended September 30, 2017, transfers of securities from Level 1 to Level 2 were $272,335. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VANECK VECTORS OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.1%
Luxembourg: 4.0%
	1,854,893	Tenaris SA (ADR)	$	52,512,021
Netherlands: 4.4%
	574,026	Core Laboratories NV (USD) †		56,656,366
Switzerland: 8.2%
	5,953,402	Transocean, Inc. (USD) * †		64,058,605
	9,118,440	Weatherford International Plc (USD) * †		41,762,455
				105,821,060
United Kingdom: 8.4%
	5,222,932	Ensco Plc CL A (USD) †		31,180,904
	3,335,521	Noble Corp. Plc (USD) * †		15,343,397
	2,213,367	TechnipFMC Plc (USD) *		61,797,207
				108,321,508
United States: 75.1%
	2,140,403	Baker Hughes a GE Co.		78,381,558
	329,922	CARBO Ceramics, Inc. * †		2,847,227
	1,035,139	Diamond Offshore Drilling, Inc. * †		15,009,515
	404,348	Dril-Quip, Inc. *		17,851,964
	2,864,113	Fairmount Santrol Holdings, Inc. * †		13,690,460
	3,851,685	Halliburton Co.		177,293,061
	1,127,743	Helmerich & Payne, Inc. †		58,766,688
	4,403,203	McDermott International, Inc. *		32,011,286
	3,892,747	Nabors Industries Ltd.		31,414,468
	1,824,653	National Oilwell Varco, Inc.		65,194,852
	1,400,182	Oceaneering International, Inc.		36,782,781
	546,072	Oil States International, Inc. *		13,842,925
	3,002,349	Patterson-UTI Energy, Inc.		62,869,188
	1,534,208	Rowan Companies Plc * †		19,714,573
	1,457,374	RPC, Inc. †		36,128,301
	3,534,920	Schlumberger Ltd.		246,596,019
	2,245,316	Superior Energy Services, Inc. *		23,979,975
	1,225,222	US Silica Holdings, Inc. †		38,067,648
				970,442,489
Total Common Stocks (Cost: $2,029,053,563)				1,293,753,444

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 24.6%
Repurchase Agreements: 24.6%
$	75,544,165	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $75,550,964; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $77,055,048 including accrued interest)		75,544,165
	15,894,558	Repurchase agreement dated 9/29/17 with Credit Agricole CIB, 1.04%, due 10/2/17, proceeds $15,895,936; (collateralized by U.S. government obligations, 2.13%, due 2/29/24, valued at $16,212,450 including accrued interest)		15,894,558
	75,544,165	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $75,550,901; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $77,055,048 including accrued interest)		75,544,165
	75,544,165	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $75,550,901; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $77,055,048 including accrued interest)		75,544,165
	75,544,165	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $75,550,964; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $77,055,052 including accrued interest)		75,544,165
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $318,071,218)				318,071,218
Total Investments: 124.7% (Cost: $2,347,124,781)				1,611,824,662
Liabilities in excess of other assets: (24.7)%				(319,119,377	)
NET ASSETS: 100.0%			$	1,292,705,285

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $310,740,936.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Drilling		23.1	%	$	298,357,338
Oil & Gas Equipment & Services		76.9			995,396,106
		100.0	%	$	1,293,753,444

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,293,753,444	$	—	$	—	$	1,293,753,444
Repurchase Agreements		—		318,071,218		—		318,071,218
Total	$	1,293,753,444	$	318,071,218	$	—	$	1,611,824,662

* See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended September 30, 20017.

See Notes to Schedules of Investments

VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.3%
Australia: 22.7%
	2,777,288	Galaxy Resources Ltd. * † #	$	5,681,763
	938,341	Iluka Resources Ltd. #		7,026,340
	1,556,425	Orocobre Ltd. * † #		5,481,891
	15,524,343	Pilbara Minerals Ltd. * † #		7,764,535
				25,954,529
Canada: 10.0%
	4,660,327	Lithium Americas Corp. * †		6,185,698
	4,623,919	Nemaska Lithium, Inc. * †		5,213,070
				11,398,768
China / Hong Kong: 28.9%
	7,231,636	China Molybdenum Co. Ltd. #		8,530,299
	2,988,095	China Northern Rare Earth Group High-Tech Co. Ltd. #		7,263,676
	43,183,895	China Rare Earth Holdings Ltd. * #		3,386,188
	25,099,000	CITIC Dameng Holdings Ltd. * #		1,711,717
	263,102,964	North Mining Shares Co. Ltd. *		5,456,960
	1,399,097	Xiamen Tungsten Co. Ltd. #		6,782,717
				33,131,557
France: 4.1%
	69,953	Eramet SA * † #		4,756,294
Japan: 14.2%
	406,800	Daiichi Kigenso Kagaku-Kogyo Co. Ltd. † #		6,489,456
	345,592	OSAKA Titanium Technologies Co. † #		5,029,962
	663,347	Toho Titanium Co. Ltd. † #		4,787,559
				16,306,977
Malaysia: 5.1%
	37,948,397	Lynas Corp. Ltd. (AUD) * † #		5,826,994
South Africa: 4.6%
	255,608	Assore Ltd.		5,245,619
United States: 5.7%
	309,378	Tronox Ltd.		6,527,876
Total Common Stocks (Cost: $89,196,166)				109,148,614
PREFERRED STOCKS: 4.3%
Brazil: 4.3% (Cost: $3,702,903)
	1,037,523	Cia de Ferro Ligas da Bahia		4,962,687
Total Investments Before Collateral for Securities Loaned: 99.6% (Cost: $92,899,069)				114,111,301

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 16.4%
Repurchase Agreements: 16.4%
$	4,453,622	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $4,454,023; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $4,542,695 including accrued interest)		4,453,622
	4,453,622	Repurchase agreement dated 9/29/17 with Credit Agricole CIB, 1.05%, due 10/2/17, proceeds $4,454,012; (collateralized by various U.S. government and agency obligations, 0.13% to 3.50%, due 4/15/18 to 3/20/46, valued at $4,542,695 including accrued interest)		4,453,622
	4,453,622	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $4,454,019; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $4,542,694 including accrued interest)		4,453,622
	937,020	Repurchase agreement dated 9/29/17 with Deutsche Bank Securities, Inc., 1.05%, due 10/2/17, proceeds $937,102; (collateralized by various U.S. government and agency obligations, 0.88% to 5.25%, due 9/15/19 to 2/15/29, valued at $955,760 including accrued interest)		937,020
	4,453,622	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $4,454,023; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $4,542,695 including accrued interest)		4,453,622
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $18,751,508)				18,751,508
Total Investments: 116.0% (Cost: $111,650,577)				132,862,809
Liabilities in excess of other assets: (16.0)%				(18,372,150	)
NET ASSETS: 100.0%			$	114,490,659

AUD	Australian Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,399,390.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $80,519,391 which represents 70.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Commodity Chemicals		5.7	%	$	6,527,876
Diversified Metals & Mining		36.4			41,515,916
Materials		53.5			61,104,822
Steel		4.4			4,962,687
		100.0	%	$	114,111,301

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	25,954,529	$	—	$	25,954,529
Canada		11,398,768		—		—		11,398,768
China / Hong Kong		5,456,960		27,674,597		—		33,131,557
France		—		4,756,294		—		4,756,294
Japan		—		16,306,977		—		16,306,977
Malaysia		—		5,826,994		—		5,826,994
South Africa		5,245,619		—		—		5,245,619
United States		6,527,876		—		—		6,527,876
Preferred Stocks *		4,962,687		—		—		4,962,687
Repurchase Agreements		—		18,751,508		—		18,751,508
Total	$	33,591,910	$	99,270,899	$	—	$	132,862,809

* See Schedule of Investments for geographic sector breakouts.

During the period ended September 30, 2017, transfers of securities from Level 2 to Level 1 were $2,086,786. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

See Notes to Schedules of Investments

VANECK VECTORS SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS**

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 0.0%
China / Hong Kong: 0.0%
	1,842,000	Hanergy Thin Film Power Group Ltd. * # § ∞	$	6,774
	1,000	Panda Green Energy Group Ltd *		132
				6,906
Thailand: 0.0%
	1,725,400	Inter Far East Energy Corp. (NVDR) * # § ∞		0
MONEY MARKET FUND: 3.6% (Cost: $539,146)
	539,146	Dreyfus Government Cash Management Fund - Institutional Shares		539,146
Total Investments: 3.6% (Cost: $1,042,601)				546,052
Other assets less liabilities: 96.4%				14,626,355
NET ASSETS: 100.0%			$	15,172,407

NVDR	Non-Voting Depositary Receipt

*	Non-income producing
**	The Fund is scheduled to liquidate on October 6, 2017, under the approved Plan of Liquidation. Accordingly, the majority of the Fund's investments have been liquidated to cash as of September 30, 2017.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,774 which represents 0.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $6,774 which represents 0.0% of net assets.
∞	Investment value was determined using significant unobservable inputs.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Information Technology		1.3	%	$	6,774
Utilities		0.0			132
Money Market Fund		98.7			539,146
		100.0	%	$	546,052

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
China / Hong Kong	$	132	$	—	$	6,774	$	6,906
Thailand		—		—		0		0
Money Market Fund		539,146		—		—		539,146
Total	$	539,278	$	—	$	6,774	$	546,052

There were no transfers between levels during the period ended September 30, 2017.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2017:

	Common Stocks		Common Stocks
	China/Hong Kong		Thailand
Balance as of December 31, 2016	$	0	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		6,774		(184,714	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3*		—		184,714
Balance as of September 30, 2017	$	6,774	$	0

* Transfers of securities to Level 3 resulted primarily from suspended trading.

See Notes to schedules of Investments

VANECK VECTORS STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Brazil: 16.8%
	2,246,466	Cia Siderurgica Nacional SA (ADR) * †	$	6,649,539
	1,974,167	Gerdau SA (ADR)		6,771,393
	1,300,473	Vale SA (ADR)		13,095,763
				26,516,695
India: 9.2%
	748,230	Vedanta Ltd. (ADR)		14,485,733
Luxembourg: 20.0%
	306,368	ArcelorMittal (USD) * †		7,892,040
	297,913	Tenaris SA (ADR)		8,433,917
	495,390	Ternium SA (ADR)		15,322,413
				31,648,370
Russia: 2.1%
	654,098	Mechel PJSC (ADR) *		3,381,687
South Korea: 4.5%
	102,683	POSCO (ADR) †		7,126,200
United Kingdom: 12.0%
	401,338	Rio Tinto Plc (ADR) †		18,939,140
United States: 35.6%
	493,650	AK Steel Holding Corp. * †		2,759,503
	171,158	Allegheny Technologies, Inc. †		4,090,676
	73,465	Carpenter Technology Corp.		3,528,524
	366,236	Cleveland-Cliffs, Inc. *		2,618,587
	180,130	Commercial Metals Co.		3,427,874
	50,416	Gibraltar Industries, Inc. *		1,570,458
	131,466	Nucor Corp.		7,367,355
	17,226	Olympic Steel, Inc.		378,972
	96,658	Reliance Steel & Aluminum Co.		7,362,440
	58,348	Ryerson Holding Corp. * †		633,076
	42,093	Schnitzer Steel Industries, Inc.		1,184,918
	215,008	Steel Dynamics, Inc.		7,411,326
	100,926	SunCoke Energy, Inc. *		922,464
	69,453	TimkenSteel Corp. * †		1,145,974
	290,601	United States Steel Corp. †		7,456,822
	98,683	Worthington Industries, Inc.		4,539,418
				56,398,387
Total Common Stocks (Cost: $149,076,137)				158,496,212

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 20.7%
Repurchase Agreements: 20.7%
$	7,781,937	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $7,782,637; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $7,937,576 including accrued interest)		7,781,937
	1,637,353	Repurchase agreement dated 9/29/17 with Credit Agricole CIB, 1.04%, due 10/2/17, proceeds $1,637,495; (collateralized by U.S. government obligations, 2.13% due 2/29/24, valued at $1,670,100 including accrued interest)		1,637,353
	7,781,937	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $7,782,631; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $7,937,576 including accrued interest)		7,781,937
	7,781,937	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $7,782,631; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $7,937,576 including accrued interest)		7,781,937
	7,781,937	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $7,782,637; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $7,937,576 including accrued interest)		7,781,937
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $32,765,101)				32,765,101
Total Investments: 120.9% (Cost: $181,841,238)				191,261,313
Liabilities in excess of other assets: (20.9)%				(33,087,075	)
NET ASSETS: 100.0%			$	158,174,238

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $32,261,694.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		5.3	%	$	8,433,917
Industrials		1.0			1,570,458
Materials		93.7			148,491,837
		100.0	%	$	158,496,212

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	158,496,212	$	—	$	—	$	158,496,212
Repurchase Agreements		—		32,765,101		—		32,765,101
Total	$	158,496,212	$	32,765,101	$	—	$	191,261,313

* See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended September 30, 2017.

See Notes to Schedules of Investments

VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 16.9%
	69,935	ARC Resources Ltd.	$	961,246
	212,624	Cenovus Energy, Inc. (USD)		2,130,492
	114,003	Crescent Point Energy Corp. (USD) †		917,724
	144,343	EnCana Corp. (USD)		1,700,361
	51,695	Enerplus Corp. (USD)		510,230
	70,049	Husky Energy, Inc. *		874,877
	26,678	Peyto Exploration & Development Corp. †		435,159
	30,286	PrairieSky Royalty Ltd. †		773,224
	50,182	Seven Generations Energy Ltd. *		792,062
	50,930	Tourmaline Oil Corp. *		1,033,138
	66,496	Whitecap Resources, Inc.		515,741
				10,644,254
United States: 83.0%
	93,191	Anadarko Petroleum Corp.		4,552,380
	41,121	Antero Resources Corp. * †		818,308
	57,359	Apache Corp.		2,627,042
	68,600	Cabot Oil & Gas Corp.		1,835,050
	13,544	Carrizo Oil & Gas, Inc. * †		232,009
	169,435	Chesapeake Energy Corp. * †		728,571
	15,203	Cimarex Energy Co.		1,728,125
	20,721	Concho Resources, Inc. *		2,729,370
	25,336	Consol Energy, Inc. *		429,192
	20,238	Continental Resources, Inc. *		781,389
	92,135	Devon Energy Corp.		3,382,276
	13,232	Diamondback Energy, Inc. * †		1,296,207
	11,796	Energen Corp. *		645,005
	52,161	EOG Resources, Inc.		5,046,055
	23,372	EQT Corp. †		1,524,789
	26,300	Gulfport Energy Corp. *		377,142
	44,288	Hess Corp.		2,076,664
	23,980	Laredo Petroleum, Inc. *		310,061
	126,053	Marathon Oil Corp.		1,709,279
	15,575	Matador Resources Co. * †		422,861
	16,289	Murphy Oil Corp.		432,636
	13,067	National Fuel Gas Co. †		739,723
	27,773	Newfield Exploration Co. *		824,025
	72,168	Noble Energy, Inc.		2,046,684
	37,883	Oasis Petroleum, Inc. *		345,493
	74,364	Occidental Petroleum Corp.		4,774,912
	45,638	Parsley Energy, Inc. *		1,202,105
	9,770	PDC Energy, Inc. *		479,023
	24,083	Pioneer Natural Resources Co.		3,553,206
	36,762	QEP Resources, Inc. *		315,050
	40,151	Range Resources Corp. †		785,755
	30,751	Rice Energy, Inc. *		889,934
	24,595	RSP Permian, Inc. *		850,741
	14,048	SM Energy Co. †		249,212
	67,513	Southwestern Energy Co. *		412,504
	70,119	Whiting Petroleum Corp. * †		382,850
	64,377	WPX Energy, Inc. *		740,336
				52,275,964
Total Common Stocks (Cost: $77,067,760)				62,920,218
MONEY MARKET FUND: 0.2% (Cost: $114,518)
	114,518	Dreyfus Government Cash Management Fund - Institutional Shares		114,518
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $77,182,278)				63,034,736

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 10.7%
Repurchase Agreements: 10.7%
$	1,603,447	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $1,603,591; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $1,635,516 including accrued interest)		1,603,447
	1,603,447	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $1,603,590; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $1,635,516 including accrued interest)		1,603,447
	337,387	Repurchase agreement dated 9/29/17 with Deutsche Bank Securities, Inc., 1.05%, due 10/2/17, proceeds $337,417; (collateralized by various U.S. government and agency obligations, 0.88% to 5.25%, due 9/15/19 to 2/15/29, valued at $344,135 including accrued interest)		337,387
	1,603,447	Repurchase agreement dated 9/29/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.07%, due 10/2/17, proceeds $1,603,590; (collateralized by various U.S. government and agency obligations, 1.83% to 4.50%, due 1/1/26 to 7/15/52, valued at $1,635,516 including accrued interest)		1,603,447
	1,603,447	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $1,603,591; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 11/15/17 to 8/20/67, valued at $1,635,516 including accrued interest)		1,603,447
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $6,751,175)				6,751,175
Total Investments: 110.8% (Cost: $83,933,453)				69,785,911
Liabilities in excess of other assets: (10.8)%				(6,782,517	)
NET ASSETS: 100.0%			$	63,003,394

USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,502,029.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Coal & Consumable Fuels		0.7	%	$	429,192
Gas Utilities		1.2			739,723
Integrated Oil & Gas		12.3			7,780,281
Oil & Gas Exploration & Production		85.6			53,971,022
Money Market Fund		0.2			114,518
		100.0	%	$	63,034,736

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	62,920,218	$	—	$	—	$	62,920,218
Money Market Fund		114,518		—		—		114,518
Repurchase Agreements		—		6,751,175		—		6,751,175
Total	$	63,034,736	$	6,751,175	$	—	$	69,785,911

* See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended September 30, 2017.

See Notes to Schedules of Investments

VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2017 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 2.1%
	67,653	Cameco Corp. (USD) †	$	654,205
China / Hong Kong: 1.5%
	1,746,000	CGN Power Co. Ltd. # Reg S 144A		484,678
Czech Republic: 1.9%
	29,349	CEZ AS #		589,450
Finland: 5.0%
	78,956	Fortum OYJ #		1,578,097
France: 2.4%
	63,005	Electricite de France SA #		765,411
Japan: 20.9%
	33,700	Hokuriku Electric Power Co. † #		282,765
	115,600	Kansai Electric Power Co., Inc. #		1,479,095
	80,200	Kyushu Electric Power Co., Inc. † #		851,700
	38,010	Mitsubishi Heavy Industries Ltd. #		1,502,361
	35,300	Shikoku Electric Power Co., Inc. #		414,926
	79,600	Tohoku Electric Power Co., Inc. #		1,012,503
	274,700	Tokyo Electric Power Co., Inc. * #		1,109,334
				6,652,684
South Korea: 4.2%
	79,642	Korea Electric Power Corp. (ADR) †		1,334,800
Spain: 4.1%
	57,757	Endesa SA #		1,303,619
United States: 57.8%
	30,084	Ameren Corp.		1,740,059
	13,546	BWX Technologies, Inc.		758,847
	33,368	Dominion Resources, Inc.		2,567,000
	29,915	Duke Energy Corp.		2,510,467
	18,593	Entergy Corp.		1,419,761
	60,640	Exelon Corp.		2,284,309
	45,319	FirstEnergy Corp.		1,397,185
	30,344	PG&E Corp.		2,066,123
	15,223	Pinnacle West Capital Corp.		1,287,257
	9,270	PNM Resources Inc		373,581
	42,522	Public Service Enterprise Group, Inc.		1,966,642
				18,371,231
Total Common Stocks (Cost: $30,562,911)				31,734,175
MONEY MARKET FUND: 0.1% (Cost: $29,717)
	29,717	Dreyfus Government Cash Management Fund - Institutional Shares		29,717
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $30,592,628)				31,763,892

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 10.9%
Repurchase Agreements: 10.9%
$	1,000,000	Repurchase agreement dated 9/29/17 with Citigroup Global Markets, Inc., 1.08%, due 10/2/17, proceeds $1,000,090; (collateralized by various U.S. government and agency obligations, 1.90% to 9.00%, due 12/1/17 to 6/1/51, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/29/17 with Daiwa Capital Markets America, Inc., 1.07%, due 10/2/17, proceeds $1,000,089; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 10/12/17 to 12/1/51, valued at $1,020,000 including accrued interest)		1,000,000
	471,142	Repurchase agreement dated 9/29/17 with HSBC Securities USA, Inc., 1.05%, due 10/2/17, proceeds $471,183; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 5/1/22 to 8/1/47, valued at $480,567 including accrued interest)		471,142
	1,000,000	Repurchase agreement dated 9/29/17 with Nomura Securities International, Inc., 1.08%, due 10/2/17, proceeds $1,000,090; (collateralized by various U.S. government and agency obligations, 2.50% to 6.50%, due 11/15/17 to 8/20/67, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,471,142)				3,471,142
Total Investments: 110.9% (Cost: $34,063,770)				35,235,034
Liabilities in excess of other assets: (10.9)%				(3,458,462	)
NET ASSETS: 100.0%			$	31,776,572

ADR	American Depositary Receipt
USD	United States Dollar

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,744,198.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,373,939 which represents 35.8% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $484,678, or 1.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		2.1	%	$	654,205
Industrials		7.1			2,261,208
Utilities		90.7			28,818,762
Money Market Fund		0.1			29,717
		100.0	%	$	31,763,892

The summary of inputs used to value the Fund’s investments as of September 30, 2017 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	654,205	$	—	$	—	$	654,205
China / Hong Kong		—		484,678		—		484,678
Czech Republic		—		589,450		—		589,450
Finland		—		1,578,097		—		1,578,097
France		—		765,411		—		765,411
Japan		—		6,652,684		—		6,652,684
South Korea		1,334,800		—		—		1,334,800
Spain		—		1,303,619		—		1,303,619
United States		18,371,231		—		—		18,371,231
Money Market Fund		29,717		—		—		29,717
Repurchase Agreements		—		3,471,142		—		3,471,142
Total	$	20,389,953	$	14,845,081	$	—	$	35,235,034

* See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended September 30, 2017.

See Notes to Schedules of Investments

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2017 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term 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 considered to be Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

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

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

Other–In March 2017, the United Kingdom triggered Article 50, and is now scheduled to leave the EU by the end of March 2019. Significant uncertainty exists on how the withdrawal will take place, the terms of the withdrawal and the effects such withdrawal will have on the European Union and the United Kingdom. This may further impact the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.

As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers held by the Funds.

ITEM 2. Controls and Procedures.

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

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

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

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 John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Vectors ETF Trust

Date: November 29, 2017

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 Jan F. van Eck, Chief Executive Officer, VanEck Vectors ETF Trust

Date: November 29, 2017

By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Vectors ETF Trust

Date: November 29, 2017