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:	March 31, 2018

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

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Australia: 3.9%
	3,592,348	Incitec Pivot Ltd. #	$	9,763,950
	606,369	Nufarm Ltd. † #		3,958,091
	1,572,067	Treasury Wine Estates Ltd. #		20,512,699
				34,234,740
Brazil: 1.3%
	2,885,700	Rumo SA *		11,417,425
Canada: 7.5%
	1,402,146	Nutrien Ltd. (USD)		66,265,420
Chile: 1.8%
	317,338	Sociedad Quimica y Minera de Chile SA (ADR) †		15,597,163
China / Hong Kong: 2.6%
	5,727,000	China Mengniu Dairy Co. Ltd. #		19,763,942
	6,274,000	Goldin Financial Holdings Ltd. * #		2,935,993
				22,699,935
Denmark: 1.0%
	91,804	Bakkafrost P/F (NOK) † #		5,022,367
	35,757	Schouw & Co. AB #		3,540,796
				8,563,163
Germany: 1.7%
	536,776	K+S AG #		15,495,629
Indonesia: 0.6%
	20,234,600	Charoen Pokphand Indonesia Tbk PT #		5,081,303
Israel: 0.7%
	1,434,072	Israel Chemicals Ltd. (USD) †		6,080,465
Japan: 6.6%
	2,561,030	Kubota Corp. #		45,168,183
	223,000	Nippon Meat Packers, Inc. #		9,161,271
	622,100	Nippon Suisan Kaisha Ltd. #		3,241,445
				57,570,899
Malaysia: 4.2%
	4,194,800	Felda Global Ventures Holdings Bhd #		1,809,248
	7,401,655	IOI Corp. Bhd #		9,155,367
	1,224,570	Kuala Lumpur Kepong Bhd #		8,121,195
	1,296,600	PPB Group Bhd #		6,425,102
	7,819,800	Sime Darby Plantation Bhd * #		11,225,711
				36,736,623
Netherlands: 0.4%
	141,551	OCI NV * † #		3,273,699
Norway: 5.5%
	785,290	Leroy Seafood Group ASA #		4,868,573
	948,516	Marine Harvest ASA #		19,143,132
	127,099	Salmar ASA #		5,225,279
	444,414	Yara International ASA #		18,960,468
				48,197,452
Russia: 0.5%
	283,308	PhosAgro OAO (GDR) # Reg S		4,139,650
Singapore: 2.7%
	13,928,545	Golden Agri-Resources Ltd. #		3,733,557
	8,160,551	Wilmar International Ltd. #		19,893,523
				23,627,080
South Africa: 0.2%
	269,032	Tongaat Hulett Ltd. #		2,299,772
South Korea: 0.4%
	100,607	Komipharm International Co. Ltd. * #		3,758,295
Switzerland: 0.9%
	18,685	Bucher Industries AG #		7,794,675
Taiwan: 0.3%
	2,089,000	Taiwan Fertilizer Co. Ltd. #		2,780,733
Thailand: 1.3%
	14,248,436	Charoen Pokphand Foods (NVDR) † #		11,524,128
Ukraine: 0.2%
	103,411	Kernel Holding SA (PLN) #		1,514,607
United Kingdom: 3.8%
	2,447,556	CNH Industrial NV (USD) †		30,349,694
	6,884,948	Sirius Minerals Plc * † #		2,945,096
				33,294,790
United States: 51.9%
	156,294	AGCO Corp.		10,135,666
	49,033	Andersons, Inc.		1,622,992
	1,065,729	Archer-Daniels-Midland Co.		46,220,667
	60,196	Balchem Corp.		4,921,023
	299,887	Bunge Ltd.		22,173,645
	353,301	CF Industries Holdings, Inc.		13,330,047
	368,252	Deere & Co.		57,196,901
	259,941	FMC Corp.		19,903,682
	173,477	IDEXX Laboratories, Inc. *		33,201,763
	582,070	Monsanto Co.		67,921,748
	777,856	Mosaic Co.		18,886,344
	93,921	Neogen Corp. *		6,291,768
	146,500	Pilgrim’s Pride Corp. *		3,605,365
	492,739	Platform Specialty Products Corp. *		4,745,077
	40,347	Sanderson Farms, Inc.		4,802,100
	228,945	Toro Co.		14,297,615
	277,200	Tractor Supply Co.		17,469,144
	600,724	Tyson Foods, Inc.		43,966,990
	765,898	Zoetis, Inc.		63,960,142
				454,652,679
Total Common Stocks (Cost: $810,344,037)				876,600,325

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%
Repurchase Agreements: 3.0%
$	6,259,076	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $6,260,342; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $6,384,257 including accrued interest)		6,259,076
	1,316,302	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $1,316,558; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $1,342,628 including accrued interest)		1,316,302
	6,259,076	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $6,260,335; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $6,384,258 including accrued interest)		6,259,076
	6,259,076	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $6,260,335; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $6,384,258 including accrued interest)		6,259,076
	6,259,076	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $6,260,342; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $6,384,258 including accrued interest)		6,259,076
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $26,352,606)				26,352,606
Total Investments: 103.0% (Cost: $836,696,643)				902,952,931
Liabilities in excess of other assets: (3.0)%				(26,630,603	)
NET ASSETS: 100.0%			$	876,322,328

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $25,897,444.
#	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 $292,237,479 which represents 33.3% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		2.0	%	$	17,469,144
Consumer Staples		33.5			293,654,776
Financials		0.4			2,935,993
Health Care		12.2			107,211,968
Industrials		20.1			176,360,159
Materials		31.8			278,968,285
		100.0	%	$	876,600,325

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	34,234,740	$	—	$	34,234,740
Brazil		11,417,425		—		—		11,417,425
Canada		66,265,420		—		—		66,265,420
Chile		15,597,163		—		—		15,597,163
China / Hong Kong		—		22,699,935		—		22,699,935
Denmark		—		8,563,163		—		8,563,163
Germany		—		15,495,629		—		15,495,629
Indonesia		—		5,081,303		—		5,081,303
Israel		6,080,465		—		—		6,080,465
Japan		—		57,570,899		—		57,570,899
Malaysia		—		36,736,623		—		36,736,623
Netherlands		—		3,273,699		—		3,273,699
Norway		—		48,197,452		—		48,197,452
Russia		—		4,139,650		—		4,139,650
Singapore		—		23,627,080		—		23,627,080
South Africa		—		2,299,772		—		2,299,772
South Korea		—		3,758,295		—		3,758,295
Switzerland		—		7,794,675		—		7,794,675
Taiwan		—		2,780,733		—		2,780,733
Thailand		—		11,524,128		—		11,524,128
Ukraine		—		1,514,607		—		1,514,607
United Kingdom		30,349,694		2,945,096		—		33,294,790
United States		454,652,679		—		—		454,652,679
Repurchase Agreements		—		26,352,606		—		26,352,606
Total	$	584,362,846	$	318,590,085	$	—	$	902,952,931

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $25,566,935. 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 COAL ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Australia: 17.3%
	2,102,289	Aurizon Holdings Ltd. #	$	6,887,987
	332,585	Washington H Soul Pattinson & Co. Ltd. † #		4,769,209
	1,302,438	Whitehaven Coal Ltd. #		4,512,069
				16,169,265
Canada: 10.4%
	282,243	Teck Cominco Ltd. (USD)		7,270,580
	140,358	Westshore Terminals Investment Corp. †		2,425,578
				9,696,158
China / Hong Kong: 17.5%
	7,374,095	China Coal Energy Co. Ltd. #		2,966,146
	2,996,908	China Shenhua Energy Co. Ltd. #		7,521,287
	6,536,067	Fushan International Energy Group Ltd. #		1,690,003
	29,780,000	National United Resources Holdings Ltd. * # § ∞		0
	3,222,000	Yanzhou Coal Mining Co. Ltd. #		4,164,002
				16,341,438
Indonesia: 23.1%
	34,940,615	Adaro Energy Tbk PT #		5,444,089
	108,191,600	Bumi Resources Tbk PT * #		2,262,152
	16,263,100	Delta Dunia Makmur Tbk PT * #		1,126,523
	5,870,600	Indika Energy Tbk PT * #		1,518,378
	1,392,452	Indo Tambangraya Megah Tbk PT #		2,889,887
	10,952,500	Tambang Batubara Bukit Asam Tbk PT #		2,354,487
	2,555,800	United Tractors Tbk PT #		5,962,638
				21,558,154
Philippines: 2.9%
	4,645,630	Semirara Mining and Power Corp. #		2,698,807
Poland: 3.8%
	149,331	Jastrzebska Spolka Weglowa SA * #		3,538,224
South Africa: 4.1%
	418,805	Exxaro Resources Ltd. #		3,862,371
Thailand: 6.0%
	8,837,489	Banpu PCL (NVDR) #		5,630,326
United States: 15.1%
	44,972	Arch Coal, Inc.		4,132,027
	49,414	CONSOL Energy, Inc. *		1,431,524
	121,574	Peabody Energy Corp.		4,437,451
	118,176	SunCoke Energy, Inc. *		1,271,574
	101,313	Warrior Met Coal, Inc. †		2,837,777
				14,110,353
Total Common Stocks (Cost: $89,905,542)				93,605,096

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.2%
Repurchase Agreements: 7.2%
$	1,594,351	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $1,594,673; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $1,626,238 including accrued interest)		1,594,351
	335,326	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $335,391; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $342,033 including accrued interest)		335,326
	1,594,351	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $1,594,672; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $1,626,238 including accrued interest)		1,594,351
	1,594,351	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $1,594,672; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $1,626,238 including accrued interest)		1,594,351
	1,594,351	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $1,594,673; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $1,626,238 including accrued interest)		1,594,351
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $6,712,730)				6,712,730
Total Investments: 107.4% (Cost: $96,618,272)				100,317,826
Liabilities in excess of other assets: (7.4)%				(6,885,170	)
NET ASSETS: 100.0%			$	93,432,656

Definitions:

NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,509,173.
#	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 $69,798,585 which represents 74.7% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		72.3	%	$	67,683,373
Industrials		10.0			9,313,565
Materials		17.7			16,608,158
		100.0	%	$	93,605,096

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	16,169,265	$	—	$	16,169,265
Canada		9,696,158		—		—		9,696,158
China / Hong Kong		—		16,341,438		0		16,341,438
Indonesia		—		21,558,154		—		21,558,154
Philippines		—		2,698,807		—		2,698,807
Poland		—		3,538,224		—		3,538,224
South Africa		—		3,862,371		—		3,862,371
Thailand		—		5,630,326		—		5,630,326
United States		14,110,353		—		—		14,110,353
Repurchase Agreements		—		6,712,730		—		6,712,730
Total	$	23,806,511	$	76,511,315	$	0	$	100,317,826

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $13,021,996. 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 March 31, 2018:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2017	$	0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		0
Purchases		—
Sales		—
Transfers in and/or out of Level 3		—
Balance as of March 31, 2018	$	0

See Notes to Schedules of Investments

VANECK VECTORS GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Austria: 1.7%
	52,834	Verbund - Oesterreichische Elektrizis AG #	$	1,532,449
Brazil: 2.1%
	176,630	Cosan Ltd. (USD)		1,835,186
Canada: 2.7%
	56,836	Canadian Solar, Inc. (USD) * †		924,722
	144,463	Innergex Renewable Energy, Inc. †		1,475,724
				2,400,446
China / Hong Kong: 8.6%
	4,017,000	China Longyuan Power Group Corp. Ltd. #		3,102,196
	9,522	Daqo New Energy Corp. (ADR) *		466,102
	439,600	Dongfang Electric Corp. Machinery Co. Ltd. * † #		344,662
	16,585,600	GCL-Poly Energy Holdings Ltd. * † #		2,072,681
	31,786	JinkoSolar Holding Co. Ltd. (ADR) * †		580,095
	714,580	Xinjiang Goldwind Science & Technology Co. Ltd. † #		1,153,298
				7,719,034
Denmark: 10.1%
	126,284	Vestas Wind Systems A/S #		9,032,437
Japan: 4.9%
	136,704	Kurita Water Industries Ltd. #		4,415,483
Spain: 5.2%
	290,677	Gamesa Corp. Tecnologica SA † #		4,669,760
Sweden: 5.6%
	529,289	Nibe Industrier AB #		5,011,798
United States: 59.3%
	60,941	AVX Corp.		1,008,574
	37,650	Badger Meter, Inc.		1,775,197
	169,397	Covanta Holding Corp. †		2,456,256
	126,906	Cree, Inc. *		5,115,581
	113,346	Eaton Corp. Plc		9,057,479
	54,475	EnerSys, Inc.		3,778,931
	33,411	ESCO Technologies, Inc.		1,956,214
	105,382	First Solar, Inc. *		7,480,014
	50,050	Franklin Electric Co., Inc.		2,039,537
	49,905	Green Plains Renewable Energy, Inc. †		838,404
	44,136	Itron, Inc. *		3,157,931
	46,456	Ormat Technologies, Inc.		2,619,189
	38,582	Power Integrations, Inc.		2,637,080
	77,611	Sunpower Corp. * †		619,336
	27,946	Tesla Motors, Inc. * †		7,437,269
	62,276	Veeco Instruments, Inc. *		1,058,692
				53,035,684
Total Common Stocks (Cost: $81,341,282)				89,652,277
MONEY MARKET FUND: 0.0% (Cost: $7,877)
	7,877	Dreyfus Government Cash Management Fund - Institutional Shares		7,877
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $81,349,159)				89,660,154

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.9%
Repurchase Agreements: 19.9%
$	4,227,438	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc. , 1.82%, due 4/2/18, proceeds $4,228,293; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $4,311,987 including accrued interest)		4,227,438
	4,227,438	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $4,228,288; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $4,311,987 including accrued interest)		4,227,438
	889,096	Repurchase agreement dated 3/29/18 with J.P. Morgan Securities LLC , 1.80%, due 4/2/18, proceeds $889,274; (collateralized by various U.S. government and agency obligations, 0.75% to 2.00%, due 2/15/19 to 2/28/21, valued at $907,214 including accrued interest)		889,096
	4,227,438	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $4,228,288; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $4,311,987 including accrued interest)		4,227,438
	4,227,438	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc. , 1.82%, due 4/2/18, proceeds $4,228,293; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $4,311,987 including accrued interest)		4,227,438
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $17,798,848)				17,798,848
Total Investments: 120.1% (Cost: $99,148,007)				107,459,002
Liabilities in excess of other assets: (20.1)%				(18,007,246	)
NET ASSETS: 100.0%			$	89,451,757

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,538,036.
#	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 $31,334,764 which represents 35.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		8.3	%	$	7,437,269
Energy		3.0			2,673,590
Industrials		49.0			43,915,855
Information Technology		30.0			26,896,005
Utilities		9.7			8,729,558
Money Market Fund		0.0			7,877
		100.0	%	$	89,660,154

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,532,449	$	—	$	1,532,449
Brazil		1,835,186		—		—		1,835,186
Canada		2,400,446		—		—		2,400,446
China / Hong Kong		1,046,197		6,672,837		—		7,719,034
Denmark		—		9,032,437		—		9,032,437
Japan		—		4,415,483		—		4,415,483
Spain		—		4,669,760		—		4,669,760
Sweden		—		5,011,798		—		5,011,798
United States		53,035,684		—		—		53,035,684
Money Market Fund		7,877		—		—		7,877
Repurchase Agreements		—		17,798,848		—		17,798,848
Total	$	58,325,390	$	48,244,516	$	—	$	107,459,002

There were no transfers between levels during the period ended March 31, 2018.

See Notes to Schedule of investments

VANECK VECTORS GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 14.2%
	78,928,352	Evolution Mining Ltd. #	$	184,809,938
	34,964,349	Newcrest Mining Ltd. #		526,666,357
	28,126,595	Northern Star Resources Ltd. #		136,336,952
	28,722,411	OceanaGold Corp. (CAD)		77,306,004
	23,514,980	Regis Resources Ltd. #		82,349,850
	34,575,900	Resolute Mining Ltd. #		33,347,002
	37,903,932	Saracen Mineral Holdings Ltd. * #		52,214,956
	24,034,840	St. Barbara Ltd. #		74,036,900
				1,167,067,959
Canada: 51.4%
	10,639,682	Agnico-Eagle Mines Ltd. (USD)		447,611,422
	12,418,471	Alamos Gold, Inc. (USD) †		64,700,234
	45,787,793	B2Gold Corp. (USD) * †		125,000,675
	53,234,808	Barrick Gold Corp. (USD)		662,773,360
	13,606,262	Centerra Gold, Inc. *		77,991,294
	8,154,795	Detour Gold Corp. *		82,480,921
	37,025,556	Eldorado Gold Corp. (USD) *		31,101,467
	7,728,060	First Majestic Silver Corp. (USD) * †		47,218,447
	7,444,110	Fortuna Silver Mines, Inc. *		38,801,178
	8,463,113	Franco-Nevada Corp. (USD) †		578,792,298
	39,579,897	Goldcorp, Inc. (USD)		546,994,176
	8,070,478	Guyana Goldfields, Inc. *		31,173,923
	21,750,135	IAMGOLD Corp. (USD) *		112,883,201
	58,150,462	Kinross Gold Corp. (USD) *		229,694,325
	9,836,672	Kirkland Lake Gold Ltd.		152,366,368
	15,717,217	McEwen Mining, Inc. (USD) †		32,691,811
	26,982,308	New Gold, Inc. (USD) *		69,614,355
	7,360,051	Osisko Gold Royalties Ltd. (USD) †		71,171,693
	7,149,160	Pan American Silver Corp. (USD)		115,458,934
	8,505,042	Pretium Resources, Inc. (USD) * †		56,643,580
	8,559,492	Sandstorm Gold Ltd. (USD) *		40,743,182
	15,154,221	Semafo, Inc. *		43,608,423
	5,589,855	SSR Mining, Inc. (USD) *		53,662,608
	3,957,938	Torex Gold Resources, Inc. *		24,283,335
	18,489,799	Wheaton Precious Metals Corp. (USD)		376,637,206
	44,232,340	Yamana Gold, Inc. (USD)		122,081,258
				4,236,179,674
China / Hong Kong: 1.9%
	48,921,500	Zhaojin Mining Industry Co. Ltd. † #		38,702,378
	267,662,000	Zijin Mining Group Ltd. #		121,838,577
				160,540,955
Monaco: 1.1%
	5,020,220	Endeavour Mining Corp. (CAD) *		92,558,177
Peru: 2.4%
	12,818,381	Cia de Minas Buenaventura SA (ADR)		195,223,943

South Africa: 5.9%
	19,137,841	AngloGold Ashanti Ltd. (ADR) †		181,618,111
	38,266,221	Gold Fields Ltd. (ADR) †		153,830,208
	20,738,118	Harmony Gold Mining Co. Ltd. (USD) †		49,564,102
	25,282,450	Sibanye Gold Ltd. (ADR) †		100,876,975
				485,889,396
United Kingdom: 5.8%
	53,724,007	Cenatamin Plc #		116,466,527
	4,396,491	Randgold Resources Ltd. (ADR) †		365,963,911
				482,430,438
United States: 17.2%
	8,647,387	Coeur Mining, Inc. *		69,179,096
	18,624,350	Hecla Mining Co. †		68,351,364
	24,344,346	Newmont Mining Corp.		951,133,598
	3,052,339	Royal Gold, Inc.		262,104,350
	14,584,982	Tahoe Resources, Inc.		68,403,566
				1,419,171,974
Total Common Stocks (Cost: $9,353,272,083)				8,239,062,516

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8%
Repurchase Agreements: 1.8%
$	34,282,308	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $34,289,241; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $34,967,954 including accrued interest)		34,282,308
	1,696,392	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $1,696,722; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $1,730,320 including accrued interest)		1,696,392
	34,282,308	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $34,289,203; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $34,967,954 including accrued interest)		34,282,308
	5,513,603	Repurchase agreement dated 3/29/18 with Deutsche Bank Securities, Inc., 1.82%, due 4/2/18, proceeds $5,514,718; (collateralized by various U.S. government and agency obligations, 3.50% to 4.50%, due 7/25/42 to 1/20/48, valued at $5,623,875 including accrued interest)		5,513,603
	34,282,308	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $34,289,203; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $34,967,954 including accrued interest)		34,282,308
	34,282,308	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $34,289,241; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $34,967,955 including accrued interest)		34,282,308
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $144,339,227)				144,339,227
Total Investments: 101.7% (Cost: $9,497,611,310)				8,383,401,743
Liabilities in excess of other assets: (1.7)%				(139,764,605	)
NET ASSETS: 100.0%			$	8,243,637,138

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $139,746,386.
#	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 $1,366,769,437 which represents 16.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		91.3	%	$	7,523,416,291
Silver		8.7			715,646,225
		100.0	%	$	8,239,062,516

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	77,306,004	$	1,089,761,955	$	—	$	1,167,067,959
Canada		4,236,179,674		—		—		4,236,179,674
China / Hong Kong		—		160,540,955		—		160,540,955
Monaco		92,558,177		—		—		92,558,177
Peru		195,223,943		—		—		195,223,943
South Africa		485,889,396		—		—		485,889,396
United Kingdom		365,963,911		116,466,527		—		482,430,438
United States		1,419,171,974		—		—		1,419,171,974
Repurchase Agreements		—		144,339,227		—		144,339,227
Total	$	6,872,293,079	$	1,511,108,664	$	—	$	8,383,401,743

There were no transfers between levels during the period ended March 31, 2018.

See Notes to Schedule of Investments

VANECK VECTORS JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.8%
Australia: 20.1%
	63,168,532	Beadell Resources Ltd. ‡ * † #	$	3,820,746
	89,527,032	Evolution Mining Ltd. ‡ #		209,626,640
	36,461,098	Northern Star Resources Ltd. ‡ #		176,736,465
	39,819,157	OceanaGold Corp. (CAD) ‡		107,172,755
	51,220,549	Perseus Mining Ltd. * #		18,567,575
	34,069,434	Ramelius Resources Ltd. ‡ * † #		13,615,219
	35,143,820	Regis Resources Ltd. ‡ #		123,074,240
	41,086,398	Resolute Mining Ltd. ‡ † #		39,626,104
	56,642,728	Saracen Mineral Holdings Ltd. ‡ * #		78,028,780
	37,232,685	Silver Lake Resources Ltd. ‡ * † #		11,311,780
	31,157,017	St. Barbara Ltd. ‡ #		95,976,048
	18,289,803	Westgold Resources Ltd. ‡ * † #		21,205,504
				898,761,856
Canada: 52.4%
	22,216,977	Alamos Gold, Inc. (USD) ‡ †		115,750,450
	13,093,961	Argonaut Gold, Inc. ‡ * †		24,984,405
	10,761,042	Asanko Gold, Inc. (USD) ‡ *		10,761,042
	50,287,466	B2Gold Corp. (USD) ‡ * †		137,284,782
	12,738,622	Centerra Gold, Inc. *		73,017,969
	10,113,422	Continental Gold, Inc. ‡ * †		27,769,256
	11,305,293	Detour Gold Corp. ‡ *		114,346,341
	8,690,116	Dundee Precious Metals, Inc. * †		20,760,564
	43,330,710	Eldorado Gold Corp. (USD) ‡ *		36,397,796
	9,954,285	Endeavour Silver Corp. (USD) ‡ * †		24,188,913
	12,400,126	First Majestic Silver Corp. (USD) ‡ * †		75,764,770
	43,747,621	First Mining Gold Corp. ‡ * †		15,439,339
	10,185,979	Fortuna Silver Mines, Inc. (USD) ‡ * †		53,068,951
	11,855,681	Gold Standard Ventures Corp. (USD) * †		19,324,760
	27,798,594	Golden Star Resources Ltd. (USD) ‡ *		16,317,775
	13,147,267	Great Panther Silver Ltd. (USD) ‡ * †		15,382,302
	9,299,612	Guyana Goldfields, Inc. ‡ *		35,921,712
	28,978,370	IAMGOLD Corp. (USD) ‡ *		150,397,740
	12,397,180	Kirkland Lake Gold Ltd. (USD) ‡		191,660,403
	8,595,529	Klondex Mines Ltd. (USD) * †		20,199,493
	4,592,968	MAG Silver Corp. (USD) ‡ * †		44,781,438
	19,242,673	McEwen Mining, Inc. (USD) ‡ †		40,024,760
	42,264,990	New Gold, Inc. (USD) ‡ *		109,043,674
	16,505,911	Novagold Resources, Inc. (USD) ‡ * †		71,470,595
	8,893,801	Novo Resources Corp. ‡ * †		30,008,171
	7,155,634	Osisko Gold Royalties Ltd. (USD) †		69,194,981
	9,597,532	Osisko Mining, Inc. * †		18,982,902
	10,682,798	Pan American Silver Corp. (USD) ‡		172,527,188
	11,383,593	Premier Gold Mines Ltd. ‡ * †		24,899,540
	9,800,288	Pretium Resources, Inc. (USD) ‡ * †		65,269,918
	12,116,790	Sandstorm Gold Ltd. (USD) ‡ *		57,675,920
	3,292,830	Seabridge Gold, Inc. (USD) ‡ * †		35,562,564
	19,644,793	Semafo, Inc. ‡ *		56,530,682
	13,091,370	Silvercorp Metals, Inc. ‡		35,235,256
	8,957,182	SSR Mining, Inc. (USD) ‡ *		85,988,947
	1,694,754	Sulliden Mining Capital, Inc. *		525,811
	6,578,929	Teranga Gold Corp. ‡ *		22,912,074
	3,990,727	Torex Gold Resources, Inc. *		24,484,507
	8,318,327	Wesdome Gold Mines Ltd. ‡ * †		12,646,051
	65,303,135	Yamana Gold, Inc. (USD) ‡		180,236,653
				2,336,740,395
China / Hong Kong: 2.3%
	16,973,655	China Gold International Resources Corp. Ltd. (CAD) * †		35,020,300
	14,780,000	Hengxing Gold Holding Co. Ltd. # Reg S		16,607,123
	1,064,078,000	Munsun Capital Group Ltd. ‡ * † #		5,460,784
	19,287,400	Real Gold Mining Ltd. * # § ∞		336,927
	59,899,500	Zhaojin Mining Industry Co. Ltd. ‡ † #		47,387,203
				104,812,337
Monaco: 2.0%
	4,880,924	Endeavour Mining Corp. (CAD) *		89,989,966
Peru: 1.0%
	15,381,022	Hochschild Mining Plc (GBP) #		43,053,916
South Africa: 9.0%
	3,078,828	DRDGOLD Ltd. (ADR) ‡ †		8,405,200
	49,660,778	Gold Fields Ltd. (ADR) ‡ †		199,636,328
	32,111,701	Harmony Gold Mining Co. Ltd. (USD) ‡		76,746,965
	29,587,844	Sibanye Gold Ltd. (ADR) ‡ †		118,055,498
				402,843,991
Turkey: 0.9%
	3,841,022	Koza Altin Isletmeleri AS * † #		39,639,156
United Kingdom: 4.8%
	10,673,128	African Barrick Gold Ltd. † #		21,388,553
	71,578,260	Cenatamin Plc ‡ #		155,172,181
	17,474,967	Highland Gold Mining Ltd. ‡ #		37,710,344
	38,603,767	Patagonia Gold Plc *		758,147
				215,029,225
United States: 7.3%
	21,458,019	Alacer Gold Corp. (CAD) ‡ * †		34,119,790
	10,742,714	Coeur Mining, Inc. ‡ *		85,941,712
	4,203,249	Gold Resource Corp. ‡		18,956,653
	22,466,563	Hecla Mining Co. ‡ †		82,452,286
	21,795,510	Tahoe Resources, Inc. ‡		102,220,942
				323,691,383
Total Common Stocks (Cost: $4,505,754,814)				4,454,562,225
MONEY MARKET FUND: 0.0% (Cost: $53,617)
	53,617	Dreyfus Government Cash Management Fund - Institutional Shares		53,617
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $4,505,808,431)				4,454,615,842

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.4%
Repurchase Agreements: 5.4%
$	56,953,237	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $56,964,754; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $58,092,302 including accrued interest)		56,953,237
	2,819,231	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $2,819,779; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $2,875,616 including accrued interest)		2,819,231
	56,953,237	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $56,964,691; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $58,092,302 including accrued interest)		56,953,237
	9,159,817	Repurchase agreement dated 3/29/18 with Deutsche Bank Securities, Inc., 1.82%, due 4/2/18, proceeds $9,161,669; (collateralized by various U.S. government and agency obligations, 3.50% to 4.50%, due 7/25/42 to 1/20/48, valued at $9,343,013 including accrued interest)		9,159,817
	56,953,237	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $56,964,691; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $58,092,302 including accrued interest)		56,953,237
	56,953,237	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $56,964,754; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $58,092,302 including accrued interest)		56,953,237
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $239,791,996)				239,791,996
Total Investments: 105.2% (Cost: $4,745,600,427)				4,694,407,838
Liabilities in excess of other assets: (5.2)%				(230,561,206	)
NET ASSETS: 100.0%			$	4,463,846,632

Definitions:

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

Footnotes:

‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $231,156,083.
#	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 $1,158,345,288 which represents 25.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $336,927 which represents 0.0% of net assets.
∞	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gold		84.9	%	$	3,781,896,216
Precious Metals & Minerals		0.9			40,269,277
Silver		14.2			632,396,732
Money Market Fund		0.0			53,617
		100.0	%	$	4,454,615,842

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2018 is set forth below:

Affiliates	Value 12/31/17			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Change in Net Unrealized Gain (Loss)			Value 03/31/18
Alacer Gold Corp.		39,908,724			3,714,426		(5,213,598	)		(495,405	)		—		(3,794,357	)		34,119,790
Alamos Gold, Inc.		140,175,553			12,134,114		(9,297,828	)		989,640			—		(28,251,029	)		115,750,450
Argonaut Gold, Inc.		24,036,977			2,820,490		(1,798,951	)		254,541			—		(328,652	)		24,984,405
Asanko Gold, Inc.		9,119,788			1,045,532		(2,565,817	)		(3,765,907	)		—		6,927,446			10,761,042
B2Gold Corp.		160,608,629			14,586,755		(19,437,058	)		2,733,227			—		(21,206,771	)		137,284,782
Beadell Resources Ltd.		—	^(a)		871,479		(502,581	)		(6,686	)		—		(4,613,562	)		3,820,746
Cenatamin Plc		148,079,397			15,529,979		(10,718,284	)		1,448,800			7,170,268		832,289			155,172,181
Coeur Mining, Inc.		77,056,387			9,653,044		(5,770,872	)		247,508			—		4,755,645			85,941,712
Continental Gold, Inc.		25,621,420			3,731,340		(1,977,223	)		489,974			—		(96,255	)		27,769,256
Detour Gold Corp.		129,244,120			11,331,705		(8,372,843	)		214,319			—		(18,070,960	)		114,346,341
DRDGOLD Ltd.		9,730,031			901,750		(662,077	)		4,147			125,236		(1,568,651	)		8,405,200
Eldorado Gold Corp.		78,550,255			6,091,008		(18,689,715	)		(21,598,992	)		—		(7,954,760	)		36,397,796
Endeavour Silver Corp.		23,311,118			2,219,703		(1,842,344	)		36,658			—		463,778			24,188,913
Evolution Mining Ltd.		180,160,455			19,869,327		(13,469,463	)		2,504,473			2,426,373		20,561,848			209,626,640
First Majestic Silver Corp.		80,896,014			7,361,215		(5,545,842	)		118,539			—		(7,065,156	)		75,764,770
First Mining Finance Corp.		20,902,939			—		(25,819,883	)		5,470			—		4,911,474			—
First Mining Gold Corp.		—			26,996,127		(618,961	)		(65,018	)		—		(10,872,809	)		15,439,339
Fortuna Silver Mines, Inc.		55,614,047			4,841,394		(7,267,312	)		622,711			—		(741,889	)		53,068,951
Gold Fields Ltd.		207,010,394			20,045,369		(14,437,557	)		2,568,507			2,052,595		(15,550,385	)		199,636,328
Gold Resource Corp.		17,928,733			1,873,639		(1,278,882	)		561,956			20,238		(128,793	)		18,956,653
Golden Star Resources Ltd.		24,259,745			1,986,499		(1,645,233	)		165,241			—		(8,448,477	)		16,317,775
Great Panther Silver Ltd.		16,615,777			1,558,175		(1,267,511	)		81,581			—		(1,605,720	)		15,382,302
Guyana Goldfields, Inc.		38,827,811			3,593,478		(4,644,622	)		985,742			—		(2,840,697	)		35,921,712
Harmony Gold Mining Co. Ltd.		54,146,482			10,497,265		(3,971,471	)		423,931			—		15,650,758			76,746,965
Hecla Mining Co.		87,671,646			8,136,927		(7,068,458	)		(336,698	)		56,637		(5,951,131	)		82,452,286
Highland Gold Mining Ltd.		—	^(a)		7,589,713		(2,399,836	)		1,114,636			—		(3,428,298	)		37,710,344
IAMGOLD Corp.		172,039,814			15,871,646		(18,510,307	)		4,408,345			—		(23,411,758	)		150,397,740
Kirkland Lake Gold Ltd.		186,539,075			17,399,844		(14,606,536	)		10,278,690			350		(7,950,670	)		191,660,403
MAG Silver Corp.		—	^(a)		7,170,711		(3,456,239	)		501,787			—		(11,453,426	)		44,781,438
McEwen Mining, Inc.		40,781,115			5,526,829		(2,809,887	)		426,824			77,036		(3,900,121	)		40,024,760
Munsun Capital Group Ltd.		6,654,743			2,280,148		(482,998	)		(5,999	)		—		(2,985,110	)		5,460,784
New Gold, Inc.		134,667,626			11,537,630		(8,841,565	)		544,504			—		(28,864,521	)		109,043,674
Northern Star Resources Ltd.		168,694,335			17,402,769		(12,455,543	)		3,142,734			1,268,416		(47,830	)		176,736,465
Novagold Resources, Inc.		—	^(a)		8,554,267		(4,354,467	)		259,816			—		6,255,780			71,470,595
Novo Resources Corp.		—			35,843,595		(89,473	)		(5,416	)		—		(5,740,535	)		30,008,171
OceanaGold Corp.		99,372,763			10,401,356		(7,323,787	)		113,103			395,739		4,609,320			107,172,755
Pan American Silver Corp.		159,067,328			18,829,804		(11,629,639	)		241,004			368,643		6,018,691			172,527,188
Perseus Mining Ltd.		19,003,941			2,021,067		(6,434,510	)		1,086,455			—		2,890,622			—	^(b)
Premier Gold Mines Ltd.		31,674,029			3,031,821		(2,119,934	)		337,217			—		(8,023,593	)		24,899,540
Pretium Resources, Inc.		118,257,450			7,433,857		(12,405,861	)		(856,302	)		—		(47,159,226	)		65,269,918
Ramelius Resources Ltd.		11,241,363			1,264,311		(2,443,226	)		177,918			—		3,374,853			13,615,219
Regis Resources Ltd.		124,131,148			11,779,940		(18,646,980	)		5,961,954			2,323,419		(151,822	)		123,074,240
Resolute Mining Ltd.		—	^(a)		7,865,135		(2,327,693	)		839,984			—		2,035,552			39,626,104
Sandstorm Gold Ltd.		63,706,427			5,992,576		(8,939,840	)		1,045,961			—		(4,129,204	)		57,675,920
Saracen Mineral Holdings Ltd.		71,734,287			7,814,681		(5,124,688	)		3,885,926			—		(281,426	)		78,028,780
Seabridge Gold, Inc.		38,582,336			3,660,296		(4,903,968	)		46,210			—		(1,822,310	)		35,562,564
Semafo, Inc.		55,758,881			5,506,243		(5,192,569	)		464,579			—		(6,452	)		56,530,682
Sibanye Gold Ltd.		162,676,276			13,424,682		(24,462,143	)		(4,917,451	)		—		(28,665,866	)		118,055,498
Silver Lake Resources Ltd.		10,625,961			1,187,977		(775,903	)		59,553			—		214,192			11,311,780
Silvercorp Metals, Inc.		33,685,696			3,264,074		(2,774,000	)		422,713			—		636,773			35,235,256
SSR Mining, Inc.		76,304,127			7,735,438		(5,325,809	)		1,679,568			—		5,595,623			85,988,947
St. Barbara Ltd.		97,682,108			9,588,094		(14,557,002	)		3,361,303			1,049,256		(98,455	)		95,976,048
Tahoe Resources, Inc.		97,549,471			12,953,609		(6,857,038	)		611,812			3,619		(2,036,912	)		102,220,942
Teranga Gold Corp.		16,053,605			1,879,624		(2,303,244	)		54,718			—		7,227,371			22,912,074
Wesdome Gold Mines Ltd.		14,313,868			1,277,105		(1,502,660	)		(720,946	)		—		(721,316	)		12,646,051
Westgold Resources Ltd.		23,954,960			2,710,045		(1,632,287	)		5,279			—		(3,832,493	)		21,205,504
Yamana Gold, Inc.		197,456,335			20,271,887		(14,408,295	)		3,231,590			327,457		(26,314,864	)		180,236,653
Zhaojin Mining Industry Co. Ltd.		45,005,365			4,679,500		(3,348,366	)		59,945			—		990,759			47,387,203
	$	3,926,690,875		$	485,141,014	$	(407,330,679	)	$	26,046,273		$	17,665,282	$	(256,163,488	)	$	3,942,709,575

(a)	Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period
(b)	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 March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	107,172,755	$	791,589,101	$	—	$	898,761,856
Canada		2,336,740,395		—		—		2,336,740,395
China / Hong Kong		35,020,300		69,455,110		336,927		104,812,337
Monaco		89,989,966		—		—		89,989,966
Peru		—		43,053,916		—		43,053,916
South Africa		402,843,991		—		—		402,843,991
Turkey		—		39,639,156		—		39,639,156
United Kingdom		758,147		214,271,078		—		215,029,225
United States		323,691,383		—		—		323,691,383
Money Market Fund		53,617		—		—		53,617
Repurchase Agreements		—		239,791,996		—		239,791,996
Total	$	3,296,270,554	$	1,397,800,357	$	336,927	$	4,694,407,838

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $13,309,486. 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 March 31, 2018:

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2017	$	338,263
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(1,336	)
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2018	$	336,927

See Notes to Schedules of Investments

VANECK VECTORS NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.3%
Argentina: 0.3%
	13,827	Adecoagro SA (USD) *	$	103,979
	4,634	Cresud S.A.C.I.F. y A (ADR)		93,375
	4,576	YPF SA (ADR)		98,933
				296,287
Australia: 4.0%
	47,145	Alumina Ltd. #		86,391
	24,161	Bega Cheese Ltd. #		126,503
	64,068	BHP Billiton Ltd. #		1,418,251
	11,202	BlueScope Steel Ltd. #		131,622
	3,195	Caltex Australia Ltd. #		77,509
	1,748	CIMIC Group Ltd. #		60,084
	14,623	Elders Ltd. #		83,985
	70,878	Evolution Mining Ltd. #		165,960
	33,985	Fortescue Metals Group Ltd. #		114,335
	31,703	GrainCorp. Ltd. #		207,317
	8,359	Iluka Resources Ltd. #		68,528
	44,100	MMG Ltd. (HKD) * #		27,350
	40,479	Newcrest Mining Ltd. #		609,733
	16,236	Oil Search Ltd. #		90,069
	21,530	Origin Energy Ltd. * #		145,108
	21,686	Santos Ltd. * #		85,419
	104,171	South32 Ltd. #		261,459
	27,073	St. Barbara Ltd. #		83,396
	11,465	Woodside Petroleum Ltd. #		259,657
				4,102,676
Austria: 0.3%
	1,764	OMV AG #		102,839
	1,636	Verbund - Oesterreichische Elektrizis AG #		47,452
	2,500	Voestalpine AG #		131,079
				281,370
Brazil: 1.5%
	13,682	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		144,892
	13,850	Cia Siderurgica Nacional SA (ADR) * †		36,426
	5,250	Fibria Celulose SA		102,722
	17,846	Gerdau SA (ADR)		83,162
	18,232	Petroleo Brasileiro SA (ADR) *		257,800
	6,600	SLC Agricola SA		68,609
	69,630	Vale SA (ADR)		885,694
				1,579,305
Canada: 10.9%
	12,254	Agnico-Eagle Mines Ltd. (USD) †		515,526
	20,526	Alamos Gold, Inc.		106,670
	51,654	B2Gold Corp. *		141,430
	61,514	Barrick Gold Corp. (USD)		765,849
	13,279	Canadian Natural Resources Ltd. (USD)		417,890
	1,525	Canfor Corp. *		34,717
	11,235	Centerra Gold, Inc. *		64,399
	3,490	Detour Gold Corp. *		35,299
	20,665	Enbridge, Inc. (USD)		650,328
	11,918	EnCana Corp. (USD)		131,098
	13,763	First Quantum Minerals Ltd.		193,114
	45,737	Goldcorp, Inc. (USD)		632,085
	3,693	Husky Energy, Inc.		52,821
	24,602	IAMGOLD Corp. *		127,471
	3,078	Imperial Oil Ltd. (USD) †		81,567
	65,772	Kinross Gold Corp. (USD) * †		259,799
	10,014	Kirkland Lake Gold Ltd.		155,113
	11,925	Lundin Mining Corp.		78,159
	89,472	Nutrien Ltd. (USD)		4,228,447
	6,543	Osisko Gold Royalties Ltd.		63,134
	8,079	Pan American Silver Corp. (USD)		130,476
	8,060	Pretium Resources, Inc. *		53,515
	20,258	Suncor Energy, Inc. (USD)		699,711
	10,137	Teck Cominco Ltd. (USD)		261,129
	10,749	TransCanada Corp. (USD)		444,041
	52,008	Turquoise Hill Resources Ltd. *		158,939
	1,616	West Fraser Timber Co. Ltd.		107,307
	23,333	Wheaton Precious Metals Corp. (USD) †		475,293
	50,017	Yamana Gold, Inc. (USD)		138,047
				11,203,374
Chile: 0.3%
	109,341	Aguas Andinas SA		71,165
	6,889	Antofagasta Plc (GBP) #		89,054
	23,799	Empresas CMPC SA		90,663
	8,808	Inversiones Aguas Metropolitanas SA		16,212
				267,094
China / Hong Kong: 2.0%
	78,300	Aluminum Corp of China Ltd. * † #		44,222
	21,700	Angang New Steel Co. Ltd. #		21,054
	306,714	China Agri-Industries Holdings Ltd. #		135,586
	25,400	China Coal Energy Co. Ltd. #		10,217
	19,300	China Gas Holdings Ltd. #		70,756
	45,500	China Hongqiao Group Ltd. #		49,991
	70,900	China Molybdenum Co. Ltd. (Class H) #		54,334
	22,300	China Oilfield Services Ltd. (Class H) #		23,393
	311,927	China Petroleum & Chemical Corp. #		276,700
	41,591	China Shenhua Energy Co. Ltd. #		104,380
	196,679	CNOOC Ltd. #		291,215
	13,600	Dongfang Electric Corp. Machinery Co. Ltd. * #		10,663
	47,800	Fosun International Ltd. #		104,874
	25,400	Health and Happiness H&H International Holdings Ltd. * #		193,878
	52,600	Huaneng Power International, Inc. #		35,533
	23,400	Jiangxi Copper Co. Ltd. (Class H) #		33,700
	42,500	Kunlun Energy Co. Ltd. #		36,909
	31,500	Lee & Man Paper Manufacturing Ltd. #		33,634
	35,400	Maanshan Iron and Steel Co. Ltd. (Class H) * #		15,366
	38,957	Nine Dragons Paper Holdings Ltd. #		59,042
	259,340	PetroChina Co. Ltd. (Class-H) #		180,139
	8,000	Shandong Chenming Paper Holdings Ltd. (Class B) #		13,324
	12,800	Tianjin Capital Environmental Protection Group Co. Ltd. #		7,281
	22,300	Yanzhou Coal Mining Co. Ltd. #		28,820
	55,500	Zhaojin Mining Industry Co. Ltd. #		43,907
	301,961	Zijin Mining Group Ltd. #		137,451
				2,016,369
Denmark: 0.6%
	8,627	Vestas Wind Systems A/S #		617,044
Finland: 0.4%
	1,570	Neste Oil Oyj #		109,227
	6,306	Outokumpu Oyj #		42,984
	13,223	Stora Enso Oyj (R Shares) #		243,005
				395,216
France: 2.5%
	196	Eramet SA * #		27,001
	16,916	Suez Environnement Co. #		244,993
	30,944	Total SA #		1,772,836
	22,511	Veolia Environnement SA #		534,542
				2,579,372
Germany: 0.5%
	754	Aurubis AG #		63,338
	275	KWS Saat AG #		106,677
	888	Salzgitter AG #		45,404
	9,818	ThyssenKrupp AG #		256,244
				471,663
Hungary: 0.1%
	4,984	MOL Hungarian Oil & Gas Plc #		54,382
India: 0.5%
	19,005	Reliance Industries Ltd. (GDR) # Reg S 144A		516,864
	1,253	Vedanta Resources Plc (GBP) #		12,450
				529,314
Indonesia: 0.1%
	53,476	Astra Agro Lestari Tbk PT #		52,431
	59,700	Indah Kiat Pulp and Paper Corp. Tbk PT #		47,902
	388,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		36,625
				136,958
Ireland: 0.2%
	5,487	Smurfit Kappa Group Plc (GBP) #		222,020
Italy: 0.5%
	31,160	ENI S.p.A. #		548,624
Japan: 3.4%
	15,400	Calbee, Inc. † #		523,561
	800	Daido Steel Co. #		40,604
	2,700	Daio Paper Corp. #		38,075
	4,017	Hitachi Metals Ltd. #		47,235
	13,300	Inpex Holdings, Inc. #		165,129
	11,564	JFE Holdings, Inc. #		233,382
	42,000	JX Holdings, Inc. #		256,189
	7,300	Kobe Steel Ltd. * #		72,449
	4,265	Kurita Water Industries Ltd. #		137,758
	2,600	Mitsubishi Materials Corp. #		77,110
	2,500	Nippon Paper Industries Co. Ltd. #		46,269
	17,600	Nippon Steel Corp. #		386,607
	40,314	Nippon Suisan Kaisha Ltd. #		210,056
	37,250	Nisshin Seifun Group, Inc. #		740,573
	23,376	OJI Paper Co. Ltd. #		150,742
	5,770	Rengo Co. Ltd. #		49,902
	3,883	Sumitomo Forestry Co. Ltd. #		62,479
	5,500	Sumitomo Metal Mining Ltd. #		227,607
				3,465,727
Luxembourg: 0.5%
	12,853	ArcelorMittal * #		408,042
	2,892	Tenaris SA (ADR) †		100,266
	961	Ternium SA (ADR)		31,223
				539,531
Malaysia: 1.7%
	35,751	Genting Plantation Bhd #		94,546
	392,794	IOI Corp. Bhd #		485,861
	56,378	Kuala Lumpur Kepong Bhd #		373,892
	267,200	Malayan Banking Bhd #		727,867
	3,700	Petronas Dagangan Bhd #		23,734
	42,400	Press Metal Aluminium Holdings Bhd #		50,083
				1,755,983
Mexico: 0.7%
	28,850	Gruma, SAB de CV		329,649
	71,464	Grupo Mexico, SAB de CV		237,058
	6,497	Industrias Penoles, SAB de CV		130,719
				697,426
Netherlands: 1.4%
	45,877	Royal Dutch Shell Plc (GBP) #		1,476,040
Norway: 2.6%
	57,189	Marine Harvest ASA #		1,154,199
	27,262	Norsk Hydro ASA #		161,459
	2,481	Norway Royal Salmon ASA		50,815
	13,457	Statoil ASA † #		318,007
	24,287	Yara International ASA #		1,036,180
				2,720,660
Peru: 0.3%
	9,714	Cia de Minas Buenaventura SA (ADR)		147,944
	13,152	Hochschild Mining Plc (GBP) #		36,815
	1,698	Southern Copper Corp. (USD) †		91,998
				276,757
Poland: 0.2%
	1,055	Jastrzebska Spolka Weglowa SA * #		24,997
	2,715	KGHM Polska Miedz SA #		69,110
	3,562	Polski Koncern Naftowy Orlen SA #		87,618
	19,817	Polskie Gornictwo Naftowe I Gazownictwo SA #		32,735
				214,460
Portugal: 0.1%
	5,290	Galp Energia, SGPS, SA #		99,714
	5,831	Portucel-Empresa Productora de Pasta e Papel SA #		34,337
				134,051
Russia: 2.2%
	5,432	Evraz Plc (GBP) #		33,120
	5,834	Lukoil PJSC (ADR) #		402,800
	13,585	MMC Norilsk Nickel PJSC (ADR) #		252,146
	1,116	Novatek OAO (GDR) # Reg S		153,102
	1,914	Novolipetsk Steel (GDR) # Reg S		47,844
	81,191	OAO Gazprom (ADR) #		395,899
	19,968	PhosAgro OAO (GDR) # Reg S		291,769
	13,581	Polymetal International (GBP) #		140,134
	14,279	Rosneft Oil Co. (GDR) # Reg S		78,433
	3,403	Severstal OAO (GDR) # Reg S		51,451
	43,759	Surgutneftegas OJSC (ADR) #		214,426
	3,202	Tatneft PJSC (ADR) #		202,795
				2,263,919
Singapore: 1.4%
	919,819	Golden Agri-Resources Ltd. #		246,558
	500,764	Wilmar International Ltd. #		1,220,746
				1,467,304
South Africa: 1.4%
	3,129	Anglo American Platinum Ltd. #		85,780
	21,526	AngloGold Ashanti Ltd. (ADR)		204,282
	808	Assore Ltd.		19,912
	5,284	Astral Foods Ltd.		139,503
	40,298	Gold Fields Ltd. (ADR)		161,998
	38,756	Impala Platinum Holdings Ltd. * † #		77,117
	1,093	Kumba Iron Ore Ltd. #		26,273
	8,527	Mondi Plc (GBP) #		229,157
	18,553	Northam Platinum Ltd. *		56,902
	12,916	Sappi Ltd. #		83,381
	7,254	Sasol Ltd. #		247,270
	91,511	Sibanye Gold Ltd. #		90,999
				1,422,574
South Korea: 1.2%
	1,705	Hyundai Steel Co. #		82,827
	252	Korea Zinc Co. Ltd. #		114,436
	1,601	POSCO #		511,040
	457	Samyang Corp.		35,757
	759	SK Energy Co. Ltd. #		150,858
	414	SK Holdings Co. Ltd. #		116,765
	510	S-Oil Corp. #		57,749
	2,187	Woongjin Coway Co. Ltd.		180,147
				1,249,579
Spain: 0.4%
	3,086	Acerinox SA #		43,144
	8,999	Gamesa Corp. Tecnologica SA † #		144,570
	15,528	Repsol YPF SA #		275,886
				463,600
Sweden: 0.6%
	4,109	BillerudKorsnas AB #		63,528
	5,460	Boliden AB #		191,555
	1,154	Holmen AB (B Shares) #		62,582
	2,126	Lundin Petroleum AB * #		53,549
	11,300	SSAB AB (B Shares) * #		52,186
	14,065	Svenska Cellulosa AB #		149,858
				573,258
Switzerland: 0.7%
	146,647	Glencore Plc (GBP) #		728,619
Taiwan: 0.3%
	251,472	China Steel Corp. #		200,826
	20,920	Formosa Petrochemical Corp. #		85,924
				286,750
Thailand: 0.2%
	17,000	PTT Exploration & Production PCL (NVDR) #		62,689
	10,500	PTT PCL (NVDR) #		184,927
				247,616
Turkey: 0.1%
	32,142	Eregli Demir ve Celik Fabrikalari TAS #		84,631
	1,503	Tupras-Turkiye Petrol Rafinerileri AS #		41,811
				126,442
United Kingdom: 6.5%
	28,042	Anglo American Plc † #		653,136
	226,933	BP Plc #		1,530,468
	68,604	Centrica Plc #		137,344
	138,008	CNH Industrial NV (USD)		1,711,299
	24,780	DS Smith Plc #		163,725
	4,639	KAZ Minerals Plc * #		55,953
	16,672	Pennon Group Plc #		150,704
	4,947	Randgold Resources Ltd. (ADR)		411,788
	23,881	Rio Tinto Plc #		1,211,646
	9,615	Severn Trent Plc #		248,883
	5,370	TechnipFMC Plc (USD)		158,146
	27,299	United Utilities Group Plc #		274,117
				6,707,209
United States: 49.7%
	9,178	AGCO Corp.		595,193
	3,434	Alcoa Corp. *		154,393
	1,468	American States Water Co.		77,892
	6,522	Anadarko Petroleum Corp.		393,994
	1,733	Andeavor		174,270
	3,663	Andersons, Inc. †		121,245
	4,666	Apache Corp. †		179,548
	7,114	Aqua America, Inc. †		242,303
	77,677	Archer-Daniels-Midland Co.		3,368,851
	16,957	Arconic, Inc.		390,689
	5,245	Baker Hughes a GE Co. †		145,654
	19,543	Bunge Ltd.		1,445,009
	5,644	Cabot Oil & Gas Corp.		135,343
	1,922	California Water Service Group		71,595
	32,403	CF Industries Holdings, Inc.		1,222,565
	2,886	Chefs’ Warehouse, Inc./The * †		66,378
	2,474	Cheniere Energy, Inc. *		132,235
	23,265	Chevron Corp.		2,653,141
	1,169	Cimarex Energy Co.		109,301
	9,792	Coeur Mining, Inc. *		78,336
	2,313	Commercial Metals Co.		47,324
	1,822	Concho Resources, Inc. *		273,901
	14,387	ConocoPhillips		853,005
	1,057	Continental Resources, Inc. *		62,310
	3,929	Cree, Inc. *		158,378
	22,873	Darling International, Inc. *		395,703
	44,973	Deere & Co.		6,985,206
	6,437	Devon Energy Corp.		204,632
	1,202	Diamondback Energy, Inc. *		152,077
	1,456	Domtar Corp.		61,938
	7,087	EOG Resources, Inc.		746,048
	3,077	EQT Corp.		146,188
	51,901	Exxon Mobil Corp.		3,872,334
	3,262	First Solar, Inc. *		231,537
	26,877	Freeport-McMoRan Copper & Gold, Inc. *		472,229
	7,191	Graphic Packaging Holding Co.		110,382
	10,687	Halliburton Co.		501,648
	21,046	Hecla Mining Co.		77,239
	1,330	Helmerich & Payne, Inc. †		88,525
	3,280	Hess Corp. †		166,034
	2,172	HollyFrontier Corp.		106,124
	9,982	Ingredion, Inc.		1,286,879
	9,587	International Paper Co.		512,233
	1,366	Itron, Inc. *		97,737
	23,238	Kinder Morgan, Inc.		349,964
	1,489	Lindsay Corp. †		136,154
	3,364	Louisiana-Pacific Corp.		96,782
	10,407	Marathon Oil Corp.		167,865
	61,020	Monsanto Co.		7,120,424
	48,560	Mosaic Co.		1,179,037
	4,656	National Oilwell Varco, Inc.		171,387
	2,446	Newfield Exploration Co. *		59,731
	28,131	Newmont Mining Corp.		1,099,078
	6,029	Noble Energy, Inc.		182,679
	6,347	Nucor Corp.		387,738
	9,372	Occidental Petroleum Corp.		608,805
	5,028	ONEOK, Inc.		286,194
	1,438	Ormat Technologies, Inc.		81,074
	2,191	Packaging Corp. of America		246,926
	5,526	Phillips 66		530,054
	7,256	Pilgrim’s Pride Corp. *		178,570
	2,084	Pioneer Natural Resources Co.		357,990
	1,456	Reliance Steel & Aluminum Co.		124,837
	1,307	Royal Gold, Inc.		112,232
	16,968	Schlumberger Ltd.		1,099,187
	37	Seaboard Corp.		157,805
	4,731	Steel Dynamics, Inc.		209,205
	16,497	Tahoe Resources, Inc.		77,371
	2,680	Targa Resources Corp. †		117,920
	12,293	The Southern Co.		549,005
	17,378	Tractor Supply Co.		1,095,162
	41,335	Tyson Foods, Inc.		3,025,309
	3,487	United States Steel Corp.		122,708
	5,306	Valero Energy Corp.		492,238
	5,912	WestRock Co.		379,373
	17,526	Weyerhaeuser Co.		613,410
	10,126	Williams Companies, Inc.		251,732
	893	Worthington Industries, Inc.		38,328
				51,073,820
Total Common Stocks (Cost: $97,051,263)				103,192,393
MONEY MARKET FUND: 0.0% (Cost: $6,123)
	6,123	Dreyfus Government Cash Management Fund - Institutional Shares		6,123
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $97,057,386)				103,198,516

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.3%
Repurchase Agreements: 3.3%
$	1,000,000	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $1,000,202; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $1,020,000 including accrued interest)		1,000,000
	357,775	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $357,845; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $364,931 including accrued interest)		357,775
	1,000,000	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $1,000,201; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $1,000,202; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $3,357,775)				3,357,775
Total Investments: 103.6% (Cost: $100,415,161)				106,556,291
Liabilities in excess of other assets: (3.6)%				(3,709,013	)
NET ASSETS: 100.0%			$	102,847,278

Definitions:

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

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,293,579.
#	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 $34,662,161 which represents 33.7% 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 $516,864, or 0.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		1.3	%	$	1,337,788
Consumer Staples		16.2			16,767,055
Energy		29.0			29,929,448
Financials		0.7			727,867
Industrials		10.7			11,017,580
Information Technology		0.5			487,652
Materials		38.0			39,219,756
Real Estate		0.7			706,785
Utilities		2.9			2,998,462
Money Market Fund		0.0			6,123
		100.0	%	$	103,198,516

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	296,287	$	—	$	—	$	296,287
Australia		—		4,102,676		—		4,102,676
Austria		—		281,370		—		281,370
Brazil		1,579,305		—		—		1,579,305
Canada		11,203,374		—		—		11,203,374
Chile		178,040		89,054		—		267,094
China / Hong Kong		—		2,016,369		—		2,016,369
Denmark		—		617,044		—		617,044
Finland		—		395,216		—		395,216
France		—		2,579,372		—		2,579,372
Germany		—		471,663		—		471,663
Hungary		—		54,382		—		54,382
India		—		529,314		—		529,314
Indonesia		—		136,958		—		136,958
Ireland		—		222,020		—		222,020
Italy		—		548,624		—		548,624
Japan		—		3,465,727		—		3,465,727
Luxembourg		131,489		408,042		—		539,531
Malaysia		—		1,755,983		—		1,755,983
Mexico		697,426		—		—		697,426
Netherlands		—		1,476,040		—		1,476,040
Norway		50,815		2,669,845		—		2,720,660
Peru		239,942		36,815		—		276,757
Poland		—		214,460		—		214,460
Portugal		—		134,051		—		134,051
Russia		—		2,263,919		—		2,263,919
Singapore		—		1,467,304		—		1,467,304
South Africa		582,597		839,977		—		1,422,574
South Korea		215,904		1,033,675		—		1,249,579
Spain		—		463,600		—		463,600
Sweden		—		573,258		—		573,258
Switzerland		—		728,619		—		728,619
Taiwan		—		286,750		—		286,750
Thailand		—		247,616		—		247,616
Turkey		—		126,442		—		126,442
United Kingdom		2,281,233		4,425,976		—		6,707,209
United States		51,073,820		—		—		51,073,820
Money Market Fund		6,123		—		—		6,123
Repurchase Agreements		—		3,357,775		—		3,357,775
Total	$	68,536,355	$	38,019,936	$	—	$	106,556,291

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $1,333,902, transfers of securities from Level 2 to Level 1 were $227,908. 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 REFINERS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Australia: 4.1%
	40,801	Caltex Australia Ltd. #	$	989,811
Austria: 4.5%
	18,388	OMV AG #		1,071,995
China / Hong Kong: 1.4%
	5,464	Sinopec Shanghai Petrochemical Co. Ltd. (ADR) †		335,052
Finland: 4.2%
	14,544	Neste Oil Oyj #		1,011,842
India: 7.9%
	69,183	Reliance Industries Ltd. (GDR) # Reg S 144A		1,881,514
Israel: 0.8%
	1,241	Paz Oil Co. Ltd. #		182,677
Japan: 13.8%
	10,500	Cosmo Energy Holdings Co. Ltd. #		339,987
	27,600	Idemitsu Kosan Co. Ltd. #		1,056,543
	232,200	JX Holdings, Inc. #		1,416,358
	36,600	Showa Shell Sekiyu KK #		498,492
				3,311,380
Poland: 4.0%
	38,493	Polski Koncern Naftowy Orlen SA #		946,845
Portugal: 4.6%
	58,873	Galp Energia, SGPS, SA #		1,109,728
South Korea: 8.2%
	6,236	SK Energy Co. Ltd. #		1,239,459
	6,271	S-Oil Corp. #		710,086
				1,949,545
Taiwan: 4.8%
	277,000	Formosa Petrochemical Corp. #		1,137,707
Thailand: 4.1%
	1,909,400	IRPC PCL (NVDR) #		443,904
	187,000	Thai Oil PCL (NVDR) #		545,069
				988,973
Turkey: 2.6%
	22,049	Tupras-Turkiye Petrol Rafinerileri AS #		613,362
United States: 34.9%
	13,499	Andeavor		1,357,459
	7,540	Delek US Holdings, Inc.		306,878
	22,628	HollyFrontier Corp.		1,105,604
	22,799	Marathon Petroleum Corp.		1,666,835
	8,750	PBF Energy, Inc.		296,625
	20,156	Phillips 66		1,933,363
	18,054	Valero Energy Corp.		1,674,870
				8,341,634
Total Common Stocks (Cost: $22,875,626)				23,872,065

Principal Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $18,753)
Repurchase Agreement: 0.1%
$	18,753	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc. , 1.80%, due 4/2/18, proceeds $18,757; (collateralized by various U.S. government and agency obligations, 0.00% to 4.75%, due 4/12/18 to 9/9/49, valued at $19,128 including accrued interest)		18,753
Total Investments: 100.0% (Cost: $22,894,379)				23,890,818
Other assets less liabilities: 0.0%				4,575
NET ASSETS: 100.0%			$	23,895,393

Definitions:

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

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $18,396.
#	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 $15,195,379 which represents 63.6% 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 $1,881,514, or 7.9% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		98.6	%	$	23,537,013
Materials		1.4			335,052
		100.0	%	$	23,872,065

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	989,811	$	—	$	989,811
Austria		—		1,071,995		—		1,071,995
China / Hong Kong		335,052		—		—		335,052
Finland		—		1,011,842		—		1,011,842
India		—		1,881,514		—		1,881,514
Israel		—		182,677		—		182,677
Japan		—		3,311,380		—		3,311,380
Poland		—		946,845		—		946,845
Portugal		—		1,109,728		—		1,109,728
South Korea		—		1,949,545		—		1,949,545
Taiwan		—		1,137,707		—		1,137,707
Thailand		—		988,973		—		988,973
Turkey		—		613,362		—		613,362
United States		8,341,634		—		—		8,341,634
Repurchase Agreement		—		18,753		—		18,753
Total	$	8,676,686	$	15,214,132	$	—	$	23,890,818

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $274,073. 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

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Luxembourg: 4.5%
	2,101,942	Tenaris SA (ADR) †	$	72,874,329
Netherlands: 4.5%
	679,819	Core Laboratories NV (USD) †		73,570,012
Switzerland: 6.1%
	7,875,750	Transocean, Inc. (USD) * †		77,969,925
	8,973,988	Weatherford International Plc (USD) * †		20,550,433
				98,520,358
United Kingdom: 8.8%
	10,032,537	Ensco Plc CL A (USD) †		44,042,837
	4,311,582	Noble Corp. Plc (USD) *		15,995,969
	2,771,147	TechnipFMC Plc (USD)		81,610,279
				141,649,085
United States: 76.1%
	2,839,573	Baker Hughes a GE Co. †		78,854,942
	1,251,083	C&J Energy Services, Inc. *		32,302,963
	1,399,788	Diamond Offshore Drilling, Inc. * †		20,520,892
	499,969	Dril-Quip, Inc. * †		22,398,611
	3,850,649	Fairmount Santrol Holdings, Inc. * †		16,365,258
	5,378,003	Halliburton Co.		252,443,461
	1,135,947	Helmerich & Payne, Inc. †		75,608,632
	4,798,650	McDermott International, Inc. * †		29,223,779
	5,148,040	Nabors Industries Ltd.		35,984,800
	2,250,885	National Oilwell Varco, Inc.		82,855,077
	1,778,762	Oceaneering International, Inc.		32,978,248
	978,615	Oil States International, Inc. *		25,639,713
	3,885,081	Patterson-UTI Energy, Inc.		68,027,768
	2,500,050	Rowan Companies Plc * †		28,850,577
	2,021,011	RPC, Inc. †		36,438,828
	4,962,206	Schlumberger Ltd.		321,451,705
	3,277,784	Superior Energy Services, Inc. *		27,631,719
	1,689,861	US Silica Holdings, Inc. †		43,125,253
				1,230,702,226
Total Common Stocks (Cost: $2,512,604,823)				1,617,316,010

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 15.6%
Repurchase Agreements: 15.6%
$	59,888,947	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $59,901,058; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $61,086,726 including accrued interest)		59,888,947
	2,963,522	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $2,964,098; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $3,022,793 including accrued interest)		2,963,522
	59,888,947	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $59,900,991; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $61,086,726 including accrued interest)		59,888,947
	9,631,913	Repurchase agreement dated 3/29/18 with Deutsche Bank Securities, Inc., 1.82%, due 4/2/18, proceeds $9,633,861; (collateralized by various U.S. government and agency obligations, 3.50% to 4.50%, due 7/25/42 to 1/20/48, valued at $9,824,551 including accrued interest)		9,631,913
	59,888,947	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $59,900,991; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $61,086,726 including accrued interest)		59,888,947
	59,888,947	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $59,901,058; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $61,086,727 including accrued interest)		59,888,947
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $252,151,223)				252,151,223
Total Investments: 115.6% (Cost: $2,764,756,046)				1,869,467,233
Liabilities in excess of other assets: (15.6)%				(251,609,262	)
NET ASSETS: 100.0%			$	1,617,857,971

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $249,187,030.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Oil & Gas Drilling		22.7	%	$	367,001,400
Oil & Gas Equipment & Services		77.3			1,250,314,610
		100.0	%	$	1,617,316,010

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,617,316,010	$	—	$	—	$	1,617,316,010
Repurchase Agreements		—		252,151,223		—		252,151,223
Total	$	1,617,316,010	$	252,151,223	$	—	$	1,869,467,233

*	See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended March 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 95.8%
Australia: 24.5%
	46,067,878	AVZ Minerals Ltd. * #	$	9,010,773
	4,638,339	Galaxy Resources Ltd. * † #		10,765,174
	1,790,310	Iluka Resources Ltd. #		14,677,179
	2,397,437	Orocobre Ltd. * † #		10,103,524
	16,360,687	Pilbara Minerals Ltd. * † #		10,564,717
				55,121,367
Canada: 8.8%
	1,693,711	Lithium Americas Corp. * †		9,169,752
	10,433,777	Nemaska Lithium, Inc. * †		10,682,634
				19,852,386
China / Hong Kong: 32.0%
	13,401,818	China Molybdenum Co. Ltd. #		18,363,817
	7,656,987	China Northern Rare Earth Group High-Tech Co. Ltd. #		15,941,848
	311,272,964	North Mining Shares Co. Ltd. * † #		5,436,717
	3,417,049	Xiamen Tungsten Co. Ltd. #		14,410,688
	968,170	Zhejiang Huayou Cobalt Co. Ltd. * #		17,906,735
				72,059,805
France: 5.4%
	87,798	Eramet SA * #		12,094,913
Japan: 11.4%
	651,600	Daiichi Kigenso Kagaku-Kogyo Co. Ltd. † #		7,850,426
	435,492	OSAKA Titanium Technologies Co. † #		8,362,789
	831,847	Toho Titanium Co. Ltd. † #		9,359,529
				25,572,744
Malaysia: 4.8%
	5,647,518	Lynas Corp. Ltd. (AUD) * #		10,802,283
South Africa: 4.1%
	379,145	Assore Ltd.		9,343,630
United States: 4.8%
	583,780	Tronox Ltd. †		10,764,903
Total Common Stocks (Cost: $197,254,951)				215,612,031
PREFERRED STOCKS: 3.5%
Brazil: 3.5% (Cost: $4,774,701)
	1,231,523	Cia de Ferro Ligas da Bahia		7,859,130
MONEY MARKET FUND: 0.0% (Cost: $48,158)
	48,158	Dreyfus Government Cash Management Fund - Institutional Shares		48,158
Total Investments Before Collateral for Securities Loaned: 99.3% (Cost: $202,077,810)				223,519,319

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 20.4%
Repurchase Agreements: 20.4%
$	10,924,633	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $10,926,842; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $11,143,126 including accrued interest)		10,924,633
	539,995	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $540,100; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $550,795 including accrued interest)		539,995
	10,924,633	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $10,926,830; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $11,143,126 including accrued interest)		10,924,633
	1,756,967	Repurchase agreement dated 3/29/18 with Deutsche Bank Securities, Inc., 1.82%, due 4/2/18, proceeds $1,757,322; (collateralized by various U.S. government and agency obligations, 3.50% to 4.50%, due 7/25/42 to 1/20/48, valued at $1,792,106 including accrued interest)		1,756,967
	10,924,633	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $10,926,830; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $11,143,126 including accrued interest)		10,924,633
	10,924,633	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $10,926,842; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $11,143,126 including accrued interest)		10,924,633
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $45,995,494)				45,995,494
Total Investments: 119.7% (Cost: $248,073,304)				269,514,813
Liabilities in excess of other assets: (19.7)%				(44,406,251	)
NET ASSETS: 100.0%			$	225,108,562

Definitions:

AUD	Australian Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $43,050,849.
#	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 $175,651,112 which represents 78.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Commodity Chemicals		4.8	%	$	10,764,903
Diversified Metals & Mining		31.4			70,077,040
Materials		60.3			134,770,088
Steel		3.5			7,859,130
Money Market Fund		0.0			48,158
		100.0	%	$	223,519,319

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	55,121,367	$	—	$	55,121,367
Canada		19,852,386		—		—		19,852,386
China / Hong Kong		—		72,059,805		—		72,059,805
France		—		12,094,913		—		12,094,913
Japan		—		25,572,744		—		25,572,744
Malaysia		—		10,802,283		—		10,802,283
South Africa		9,343,630		—		—		9,343,630
United States		10,764,903		—		—		10,764,903
Preferred Stocks*		7,859,130		—		—		7,859,130
Money Market Fund		48,158		—		—		48,158
Repurchase Agreements		—		45,995,494		—		45,995,494
Total	$	47,868,207	$	221,646,606	$	—	$	269,514,813

* See Schedule of Investments for geographic sector breakouts.

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $39,012,340. 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 STEEL ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.2%
Brazil: 18.8%
	2,689,445	Cia Siderurgica Nacional SA (ADR) * †	$	7,073,240
	1,515,015	Gerdau SA (ADR)		7,059,970
	1,189,977	Vale SA (ADR)		15,136,507
				29,269,717
India: 7.7%
	678,853	Vedanta Ltd. (ADR)		11,927,447
Luxembourg: 20.4%
	245,065	ArcelorMittal (USD) *		7,795,518
	270,289	Tenaris SA (ADR) †		9,370,920
	449,455	Ternium SA (ADR)		14,602,793
				31,769,231
Russia: 1.7%
	611,735	Mechel PJSC (ADR) *		2,661,047
South Korea: 4.6%
	90,195	POSCO (ADR) *		7,111,876
United Kingdom: 12.3%
	373,042	Rio Tinto Plc (ADR) †		19,222,854
United States: 34.7%
	462,741	AK Steel Holding Corp. *		2,096,217
	184,954	Allegheny Technologies, Inc. * †		4,379,711
	68,707	Carpenter Technology Corp.		3,031,353
	437,047	Cleveland-Cliffs, Inc. * †		3,037,477
	170,165	Commercial Metals Co.		3,481,576
	47,515	Gibraltar Industries, Inc. *		1,608,383
	113,583	Nucor Corp.		6,938,785
	16,149	Olympic Steel, Inc.		331,216
	82,910	Reliance Steel & Aluminum Co.		7,108,703
	54,679	Ryerson Holding Corp. * †		445,634
	39,764	Schnitzer Steel Industries, Inc.		1,286,365
	161,667	Steel Dynamics, Inc.		7,148,915
	94,829	SunCoke Energy, Inc. *		1,020,360
	65,248	TimkenSteel Corp. * †		991,117
	201,124	United States Steel Corp.		7,077,554
	92,291	Worthington Industries, Inc.		3,961,130
				53,944,496
Total Common Stocks (Cost: $150,246,802)				155,906,668
MONEY MARKET FUND: 0.0% (Cost: $86,028)
	86,028	Dreyfus Government Cash Management Fund - Institutional Shares		86,028
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $150,332,830)				155,992,696

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 13.5%
Repurchase Agreements: 13.5%
$	4,981,191	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $4,982,198; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $5,080,815 including accrued interest)		4,981,191
	1,047,682	Repurchase agreement dated 3/29/18 with Credit Agricole CIB, 1.75%, due 4/2/18, proceeds $1,047,886; (collateralized by various U.S. government and agency obligations, 1.50% to 1.63%, due 12/31/18 to 10/15/20, valued at $1,068,636 including accrued interest)		1,047,682
	4,981,191	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $4,982,193; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $5,080,815 including accrued interest)		4,981,191
	4,981,191	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.81%, due 4/2/18, proceeds $4,982,193; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 12/1/26 to 4/1/48, valued at $5,080,815 including accrued interest)		4,981,191
	4,981,191	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $4,982,198; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $5,080,815 including accrued interest)		4,981,191
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $20,972,446)				20,972,446
Total Investments: 113.7% (Cost: $171,305,276)				176,965,142
Liabilities in excess of other assets: (13.7)%				(21,380,349	)
NET ASSETS: 100.0%			$	155,584,793

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $20,875,088.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		6.0	%	$	9,370,920
Industrials		1.0			1,608,383
Materials		92.9			144,927,365
Money Market Fund		0.1			86,028
		100.0	%	$	155,992,696

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	155,906,668	$	—	$	—	$	155,906,668
Money Market Fund		86,028		—		—		86,028
Repurchase Agreements		—		20,972,446		—		20,972,446
Total	$	155,992,696	$	20,972,446	$	—	$	176,965,142

* See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended March 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 100.0%
Canada: 16.1%
	89,057	ARC Resources Ltd.	$	969,835
	267,615	Cenovus Energy, Inc. (USD)		2,285,432
	137,402	Crescent Point Energy Corp. (USD) †		934,334
	209,177	EnCana Corp. (USD)		2,300,947
	68,902	Enerplus Corp. (USD) †		775,837
	85,293	Husky Energy, Inc.		1,219,936
	31,713	Peyto Exploration & Development Corp. †		265,659
	45,388	PrairieSky Royalty Ltd. †		991,724
	61,207	Seven Generations Energy Ltd. *		759,598
	63,644	Tourmaline Oil Corp.		1,078,628
	96,935	Whitecap Resources, Inc. †		592,475
				12,174,405
United States: 83.9%
	88,993	Anadarko Petroleum Corp.		5,376,067
	49,243	Antero Resources Corp. * †		977,474
	73,370	Apache Corp. †		2,823,278
	72,990	Cabot Oil & Gas Corp.		1,750,300
	12,905	Carrizo Oil & Gas, Inc. * †		206,480
	177,461	Chesapeake Energy Corp. * †		535,932
	20,517	Cimarex Energy Co.		1,918,339
	34,811	CNX Resources Corp. *		537,134
	23,613	Concho Resources, Inc. *		3,549,742
	25,472	Continental Resources, Inc. *		1,501,574
	116,075	Devon Energy Corp.		3,690,024
	13,606	Diamondback Energy, Inc. *		1,721,431
	14,878	Energen Corp. *		935,231
	58,198	EOG Resources, Inc.		6,126,503
	60,596	EQT Corp.		2,878,916
	38,845	Gulfport Energy Corp. * †		374,854
	47,232	Hess Corp. †		2,390,884
	26,756	Laredo Petroleum, Inc. *		233,045
	158,640	Marathon Oil Corp.		2,558,863
	21,323	Matador Resources Co. * †		637,771
	22,943	Murphy Oil Corp.		592,847
	15,047	National Fuel Gas Co.		774,168
	32,202	Newfield Exploration Co. *		786,373
	80,749	Noble Energy, Inc.		2,446,695
	59,292	Oasis Petroleum, Inc. *		480,265
	90,052	Occidental Petroleum Corp.		5,849,778
	39,586	Parsley Energy, Inc. *		1,147,598
	10,822	PDC Energy, Inc. *		530,603
	28,029	Pioneer Natural Resources Co.		4,814,822
	49,076	QEP Resources, Inc. *		480,454
	40,775	Range Resources Corp.		592,869
	31,570	RSP Permian, Inc. *		1,480,002
	17,060	SM Energy Co. †		307,592
	129,525	Southwestern Energy Co. * †		560,843
	18,004	Whiting Petroleum Corp. *		609,255
	93,489	WPX Energy, Inc. *		1,381,767
				63,559,773
Total Common Stocks (Cost: $88,019,520)				75,734,178
MONEY MARKET FUND: 0.1% (Cost: $72,282)
	72,282	Dreyfus Government Cash Management Fund - Institutional Shares		72,282
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $88,091,802)				75,806,460

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.7%
Repurchase Agreements: 9.7%
$	1,752,256	Repurchase agreement dated 3/29/18 with Citigroup Global Markets, Inc., 1.82%, due 4/2/18, proceeds $1,752,610; (collateralized by various U.S. government and agency obligations, 0.00% to 10.00%, due 5/15/18 to 10/20/67, valued at $1,787,301 including accrued interest)		1,752,256
	1,752,256	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $1,752,608; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $1,787,301 including accrued interest)		1,752,256
	1,752,256	Repurchase agreement dated 3/29/18 with HSBC Securities USA, Inc., 1.78%, due 4/2/18, proceeds $1,752,603; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 5/15/18 to 1/15/37, valued at $1,793,690 including accrued interest)		1,752,256
	368,567	Repurchase agreement dated 3/29/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 1.80%, due 4/2/18, proceeds $368,641; (collateralized by various U.S. government and agency obligations, 0.00% to 6.00%, due 10/31/23 to 9/9/49, valued at $375,938 including accrued interest)		368,567
	1,752,256	Repurchase agreement dated 3/29/18 with Nomura Securities International, Inc., 1.82%, due 4/2/18, proceeds $1,752,610; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 4/2/18 to 2/20/68, valued at $1,787,301 including accrued interest)		1,752,256
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $7,377,591)				7,377,591
Total Investments: 109.8% (Cost: $95,469,393)				83,184,051
Liabilities in excess of other assets: (9.8)%				(7,420,726	)
NET ASSETS: 100.0%			$	75,763,325

Definition:

USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $7,368,965.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Gas Utilities		1.0	%	$	774,168
Integrated Oil & Gas		12.3			9,355,146
Oil & Gas Exploration & Production		86.6			65,604,864
Money Market Fund		0.1			72,282
		100.0	%	$	75,806,460

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	75,734,178	$	—	$	—	$	75,734,178
Money Market Fund		72,282		—		—		72,282
Repurchase Agreements		—		7,377,591		—		7,377,591
Total	$	75,806,460	$	7,377,591	$	—	$	83,184,051

* See Schedule of Investments for geographic sector breakouts.

There were no transfers between levels during the period ended March 31, 2018.

See Notes to Schedules of Investments

VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (unaudited)

Number of Shares			Value
COMMON STOCKS: 99.9%
Canada: 2.1%
	64,735	Cameco Corp. (USD)	$	588,441
China / Hong Kong: 1.6%
	1,768,000	CGN Power Co. Ltd. # Reg S 144A		459,946
Czech Republic: 2.5%
	28,083	CEZ AS		699,330
Finland: 4.2%
	53,774	Fortum OYJ #		1,154,664
France: 3.2%
	61,124	Electricite de France SA #		884,555
Japan: 19.1%
	29,600	Hokuriku Electric Power Co. * † #		258,781
	101,700	Kansai Electric Power Co., Inc. #		1,330,372
	66,000	Kyushu Electric Power Co., Inc. #		797,529
	38,800	Mitsubishi Heavy Industries Ltd. #		1,496,863
	33,000	Shikoku Electric Power Co., Inc. † #		397,871
	257,200	Tokyo Electric Power Co., Inc. * #		1,007,968
				5,289,384
South Korea: 4.5%
	81,161	Korea Electric Power Corp. (ADR) * †		1,249,068
Spain: 4.4%
	55,266	Endesa SA #		1,216,927
United States: 58.3%
	22,449	Ameren Corp.		1,271,287
	11,771	BWX Technologies, Inc.		747,812
	29,336	Dominion Resources, Inc.		1,978,126
	28,416	Duke Energy Corp.		2,201,388
	4,457	El Paso Electric Co.		227,307
	15,670	Entergy Corp.		1,234,483
	50,815	Exelon Corp.		1,982,293
	42,306	FirstEnergy Corp.		1,438,827
	39,001	PG&E Corp.		1,713,314
	14,395	Pinnacle West Capital Corp.		1,148,721
	8,870	PNM Resources, Inc.		339,278
	37,460	Public Service Enterprise Group, Inc.		1,881,990
				16,164,826
Total Common Stocks (Cost: $27,544,172)				27,707,141

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.1%
Repurchase Agreements: 6.1%
$	1,000,000	Repurchase agreement dated 3/29/18 with Daiwa Capital Markets America, Inc., 1.81%, due 4/2/18, proceeds $1,000,201; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 4/30/18 to 12/1/51, valued at $1,020,000 including accrued interest)		1,000,000
	684,877	Repurchase agreement dated 3/29/18 with HSBC Securities USA, Inc., 1.79%, due 4/2/18, proceeds $685,013; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 4/1/22 to 3/1/48, valued at $699,460 including accrued interest)		684,877
Total Short-Term Investments Held as Collateral for Securities on Loan (Cost: $1,684,877)				1,684,877
Total Investments: 106.0% (Cost: $29,229,049)				29,392,018
Liabilities in excess of other assets: (6.0)%				(1,670,336	)
NET ASSETS: 100.0%			$	27,721,682

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,669,094.
#	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 $9,005,476 which represents 32.5% 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 $459,946, or 1.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Energy		2.1	%	$	588,441
Industrials		8.1			2,244,675
Utilities		89.8			24,874,025
		100.0	%	$	27,707,141

The summary of inputs used to value the Fund’s investments as of March 31, 2018 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	588,441	$	—	$	—	$	588,441
China / Hong Kong		—		459,946		—		459,946
Czech Republic		699,330		—		—		699,330
Finland		—		1,154,664		—		1,154,664
France		—		884,555		—		884,555
Japan		—		5,289,384		—		5,289,384
South Korea		1,249,068		—		—		1,249,068
Spain		—		1,216,927		—		1,216,927
United States		16,164,826		—		—		16,164,826
Repurchase Agreements		—		1,684,877		—		1,684,877
Total	$	18,701,665	$	10,690,353	$	—	$	29,392,018

During the period ended March 31, 2018, transfers of securities from Level 1 to Level 2 were $769,646 and transfers from Level 2 to Level 1 were $668,980. 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 ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2018 (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.

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: May 30, 2018

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: May 30, 2018

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

Date: May 30, 2018