UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
VANECK VECTORS ETF TRUST
(Exact name of registrant as specified in charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 THIRD AVENUE, NEW YORK, NY 10017
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 293-2000
Date of fiscal year end: APRIL 30
Date of reporting period: APRIL 30, 2017
Item 1. Report to Shareholders
 |
|
| ANNUAL REPORT | |
| April 30, 2017 | |
| VANECK VECTORS® | |
| AMT-Free 6-8 Year Municipal Index ETF | ITMS |
| AMT-Free 12-17 Year Municipal Index ETF | ITML |
| AMT-Free Intermediate Municipal Index ETF | ITM® |
| AMT-Free Long Municipal Index ETF | MLN® |
| AMT-Free Short Municipal Index ETF | SMB® |
| CEF Municipal Income ETF | XMPT® |
| High-Yield Municipal Index ETF | HYD® |
| Pre-Refunded Municipal Index ETF | PRB® |
| Short High-Yield Municipal Index ETF | SHYD® |
| 800.826.2333 | vaneck.com |
The information contained in the management discussion represents
the opinions of VanEck Vectors ETFs and may differ from other persons. This information is not intended to be a forecast of future
events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided
by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the
Funds’ performance, and the views of VanEck Vectors ETFs are as of April 30, 2017, and are subject to change.
(unaudited)
Dear Shareholder,
For municipal bonds, the 12-month period was a tale of two halves: a good first half and a difficult second. For the first six months of the period under review, municipal bonds provided a haven of sorts from the volatility in the general stock market. In addition to their collective performance in a low interest rate environment, they also offered a diverse set of individual opportunities for investors looking for more customized exposure.
In early November, however, following the surprise election of Donald Trump as U.S. president, both U.S. government and municipal bonds were subject to heavy selling. In the week following the election, $3 billion left both muni bond mutual funds and ETFs, a withdrawal not seen since June 2013.1 Much of this selling has been attributed to fears among investors, both institutional and individual, that the changes in tax rates proposed by President Trump would render municipal bonds less attractive from the standpoint of after-tax yield.
Some of the hardest hit were high yield muni bond funds, which were hammered and saw both significant outflows in November and December, as well as dramatic declines in performance. Equally as dramatic, though, was the turnaround, especially for high yield muni bond funds, in performance starting in January, and the reversal of outflows, also in January. VanEck Vectors High-Yield Municipal Index ETF (NYSE Arca: HYD) was the best performing of VanEck’s suite of municipal bond ETFs for the 12-month period ending April 30, 2017.
U.S. High Yield Municipal Bond ETFs – Flows (US$M)
Source: Morningstar. Data as of April 30, 2017. Past performance is no guarantee of future performance. This chart is for illustrative purposes only. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Historical performance is not indicative of future results. Current data may differ from data quoted.
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VANECK VECTORS ETFs
(unaudited) (continued)
We encourage you to stay in touch with us through the videos, emails, and subscriptions available on our website (www.vaneck.com).
You may, in particular, be interested in subscribing to Muni Nation®, our blog on the municipal bond market written by Jim Colby, senior municipal strategist and portfolio manager responsible for VanEck Vectors municipal bond investments. Should you have any questions, please contact us at 800.826.2333 or visit www.vaneck.com.
Thank you for participating in the VanEck Vectors ETF Trust. On the following pages, you will find the performance record of each of the funds for the 12-month period ending April 30, 2017. You will also find their financial statements. We value your continuing confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
Trustee and President
VanEck Vectors ETF Trust
May 18, 2017
Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.
| 1 | The Wall Street Journal: Bond Rout Pummels Muni Funds (November 23, 2016), https://blogs.wsj.com/moneybeat/2016/11/23/bond-rout-pummels-muni-funds/ |
| 2 |
Management Discussion (unaudited)
Market Review
During the 12-month period ended April, 30, 2017, the municipal bond market had to navigate a rough passage, particularly following the U.S. presidential election, immediately after which both government and municipal bonds were subject to heavy selling. Three funds, the VanEck Vectors High-Yield Municipal Index ETF (NYSE Arca: HYD), the VanEck Vectors Pre-Refunded Municipal Index ETF (NYSE Arca: PRB), and the VanEck Vectors AMT-Free Short Municipal Index ETF (NYSE Arca: SMB), performed positively for the 12-month period under review.
May 1, 2016 through April 30, 2017
VanEck Vectors Municipal Bond ETFs Total Return
Note: Neither VanEck Vectors AMT-Free 12-17 Year Municipal Index ETF (BATS: ITML) nor VanEck Vectors AMT-Free 6-8 Year Municipal Index ETF (BATS: ITMS) is included above as they were launched on September 19, 2016.
Source: VanEck Research. Returns based on NAV. The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment returns and ETF share values will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Current performance may be lower or higher than performance data quoted.
AMT-Free 6-8 Year Municipal Index ETF/AMT-Free 12-17 Year Municipal Index ETF
Both launched on September 19, 2016, the Funds had traded for only a little under seven and a half months by the end of the 12-month period under review. The Funds both suffered from the heavy selling that hit the municipal bond market following the U.S. presidential election. Their performances suffered as a consequence, the AMT-Free 6-8 Year Municipal Index ETF was down -1.96%* from launch and the AMT-Free 12-17 Year Municipal Index ETF was down -3.12%* from launch.
AMT-Free Intermediate Municipal Index ETF
Munis from California and Texas detracted the most from the total return of the Fund. When grouped by state/U.S. territory, 19 contributed to performance, but each one minimally. The sector with the largest average weightings in the index, state general obligation, was the largest detractor from the Fund’s performance.
AMT-Free Long Municipal Index ETF
All sectors except two, local general obligation and resource recovery, contributed negatively to the Fund’s total return, with the electric sector being by far the greatest detractor. Grouped by state/U.S. territory, municipal bonds issued by Illinois and Indiana were the greatest contributors to performance, but even then only minimally. Municipal bonds issued by California and New York detracted by far the most from performance.
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VANECK VECTORS ETFs
(unaudited) (continued)
AMT-Free Short Municipal Index ETF/Pre-Refunded Municipal Index ETF
Among short munis, the local general obligation and transportation sectors contributed most to the positive total return of the AMT-Free Short Municipal Index ETF. The industrial development revenue/pollution control revenue (IDR/PCR) sector was the largest detractor from performance. In terms of state/U.S. territory, New York contributed by far the most to the total return of the Fund, while Ohio detracted the most from performance.
Munis from Texas contributed the most to the positive total return of the Pre-Refunded Municipal Index ETF. Grouped by state/U.S. territory, munis from Wisconsin detracted the most from performance, but, then, only minimally.
Short High-Yield Municipal Index ETF/High-Yield Municipal Index ETF
Local general obligation, hospital, and transportation sectors contributed the most to performance for Short High-Yield Municipal Index ETF, while the IDR/PCR sector was by far the largest detractor from the Fund’s performance. Grouped by state/U.S. territory, Illinois was the greatest contributor to the Fund’s total return, while munis from Ohio and the Virgin Islands detracted the most from performance.
In the High-Yield Municipal Index ETF, the IDR/PCR sector contributed by far the most to the Fund’s positive total return. The state general obligation, electric, prerefunded, special tax, and housing sectors were the only five sectors to detract from performance. Munis from California, Puerto Rico, and New Jersey made the greatest contribution to performance and those from the Virgin Islands detracted the most from performance.
CEF Municipal Income ETF
Over the 12 months under review, the average discount at which municipal closed-end funds (CEFs) traded was within a very wide range. Starting the period at -2.81 on May 1, 2016, the discount narrowed to -1.31 on August 3, 2016 only to widen to as much as -8.21 on November 11-12, 2016, following the election of Donald Trump as U.S. president. Thereafter it proceeded to narrow, somewhat haltingly, to end the 12-month period at -4.02.
Since many municipal CEFs use leverage, and short-term rates increased during the period under review, the cost of leverage, too, rose. This was, therefore, detrimental to the municipal closed-end fund market and the Fund returned a disappointing -1.93%* for the 12-month period.
| * | Returns based on NAV. The performance data quoted represent past performance. Past performance is not a guarantee of future results. Performance information for the Funds reflects temporary waivers of expenses and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. |
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VANECK VECTORS AMT-FREE 6-8 YEAR MUNICIPAL INDEX ETF
April 30, 2017 (unaudited)
| Average Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | BVE6TR1 | Share Price | NAV | BVE6TR1 | ||
| Life* | (2.48)% | (1.96)% | (0.82)% | (2.48)% | (1.96)% | (0.82)% | |
| * | Commencement of Fund: 9/19/2016; First Day of Secondary Market Trading: 9/20/2016. |
| 1 | Bloomberg Barclays AMT-Free 6-8 Year Intermediate Continuous Municipal Index (BVE6TR) is a market sized weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated tax-exempt bond market with final maturities of 6-8 years and that must be rated Baa3/BBB- or higher by at least two of the following ratings agencies if all three agencies rate the security: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be at least Baa3/BBB-. Potential Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date within the last five years and have an effective maturity of 6 to 8 years. The following types of bonds are excluded from the Index: bonds subject to the alternative minimum tax, taxable municipal bonds, floating rate bonds and derivatives. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
| 5 |
VANECK VECTORS AMT-FREE 12-17 YEAR MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | BVELTR1 | Share Price | NAV | BVELTR1 | ||
| Life* | (3.88)% | (3.12)% | (2.41)% | (3.88)% | (3.12)% | (2.41)% | |
| * | Commencement of Fund: 9/19/2016; First Day of Secondary Market Trading: 9/20/2016. |
| 1 | Bloomberg Barclays AMT-Free 12-17 Year Intermediate Continuous Municipal Index (BVELTR) is market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated tax-exempt bond market with final maturities of 12-17 years and that must be rated Baa3/BBB- or higher by at least two of the following ratings agencies if all three agencies rate the security: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be at least Baa3/BBB-. Potential Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date within the last five years and have an effective maturity of 12-17 years. The following types of bonds are excluded from the Index: bonds subject to the alternative minimum tax, taxable municipal bonds, floating rate bonds and derivatives. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
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VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | LMT2TR1 | Share Price | NAV | LMT2TR1 | ||
| One Year | (1.21)% | (0.80)% | (0.49)% | (1.21)% | (0.80)% | (0.49)% | |
| Five Year | 2.77% | 2.86% | 3.56% | 14.64% | 15.12% | 19.13% | |
| Life* | 4.34% | 4.37% | 5.15% | 49.13% | 49.54% | 60.33% | |
| * | Commencement of Fund: 12/4/2007; First Day of Secondary Market Trading: 12/6/2007. |
| 1 | Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market and that must be rated Baa3/BBB- or higher by at least two of the following ratings agencies if all three agencies rate the security: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be at least Baa3/BBB-. Potential Intermediate Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date within the last five years and have an effective maturity of 6 to 17 years. The following types of bonds are excluded from the Intermediate Index: bonds subject to the alternative minimum tax, taxable municipal bonds, floating rate bonds and derivatives. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
| 7 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | LMT3TR1 | Share Price | NAV | LMT3TR1 | ||
| One Year | (1.67)% | (0.99)% | (0.55)% | (1.67)% | (0.99)% | (0.55)% | |
| Five Year | 3.61% | 3.67% | 4.54% | 19.39% | 19.76% | 24.83% | |
| Life* | 3.90% | 3.91% | 5.26% | 42.94% | 43.06% | 61.30% | |
| * | Commencement of Fund: 1/2/2008; First Day of Secondary Market Trading: 1/7/2008. |
| 1 | Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market and that must be rated Baa3/BBB- or higher by at least two of the following ratings agencies if all three agencies rate the security: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be at least Baa3/BBB-. Potential Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date within the last five years and have an effective maturity of 17 or more years. The following types of bonds are excluded from the Index: bonds subject to the alternative minimum tax, taxable municipal bonds, floating rate bonds and derivatives. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
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VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | LMT1TR1 | Share Price | NAV | LMT1TR1 | ||
| One Year | 0.03% | 0.20% | 0.46% | 0.03% | 0.20% | 0.46% | |
| Five Year | 0.91% | 1.02% | 1.56% | 4.65% | 5.18% | 8.06% | |
| Life* | 2.36% | 2.38% | 2.95% | 23.92% | 24.15% | 30.64% | |
| * | Commencement of Fund: 2/22/2008; First Day of Secondary Market Trading: 2/26/2008. |
| 1 | Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market and that must be rated Baa3/BBB- or higher by at least two of the following ratings agencies if all three agencies rate the security: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be at least Baa3/BBB-. Potential Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated date within the last five years and have an effective maturity of 1 to 6 years. The following types of bonds are excluded from the Index: bonds subject to the alternative minimum tax, taxable municipal bonds, floating rate bonds and derivatives. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
| 9 |
VANECK VECTORS CEF MUNICIPAL INCOME ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | CEFMXTR1 | Share Price | NAV | CEFMXTR1 | ||
| One Year | (1.78)% | (1.93)% | (1.76)% | (1.78)% | (1.93)% | (1.76)% | |
| Five Year | 4.55% | 4.62% | 4.99% | 24.90% | 25.33% | 27.57% | |
| Life* | 6.67% | 6.65% | 7.03% | 45.45% | 45.27% | 48.34% | |
| * | Commencement of Fund: 7/12/2011; First Day of Secondary Market Trading: 7/13/2011 |
| 1 | S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules-based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. CEFMXTR employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market. The Index is divided into four main closed-end fund segments including: leveraged municipal fixed income closed-end funds; unleveraged municipal fixed income closed-end funds; leveraged high yield municipal fixed income closed-end funds; and unleveraged high yield municipal fixed income closed-end funds. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
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VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | LMEHTR1 | Share Price | NAV | LMEHTR1 | ||
| One Year | 1.11% | 1.69% | 2.75% | 1.11% | 1.69% | 2.75% | |
| Five Year | 4.41% | 4.54% | 5.96% | 24.07% | 24.86% | 33.55% | |
| Life* | 8.03% | 8.08% | 9.34% | 88.88% | 89.57% | 108.54% | |
| * | Commencement of Fund: 2/4/2009; First Day of Secondary Market Trading: 2/5/2009. |
| 1 | Barclays Municipal Custom High Yield Composite Index (LMEHTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. The majority of the High Yield Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The revenue sector is divided into industry sectors that consist of but may not be limited to electric, health care, transportation, education, water & sewer, resource recovery, leasing and special tax. The High Yield Index tracks the high yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a targeted 25% weight in Baa/BBB rated investment grade municipal bonds. |
| To be included in the index, 50% weighting of bonds must have an outstanding par value of at least $3 million and be issued as part of a transaction of at least $100 million; 25% weighting of bonds must have an outstanding par value of at least $3 million and be issued as part of a transaction of under $100 million but over $20 million; 25% weighting of bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $100 million. Remarketed issues are not allowed in the index. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
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VANECK VECTORS PRE-REFUNDED MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | LMPETR1 | Share Price | NAV | LMPETR1 | ||
| One Year | 0.07% | 0.47% | 0.43% | 0.07% | 0.47% | 0.43% | |
| Five Year | 0.42% | 0.45% | 0.89% | 2.14% | 2.25% | 4.52% | |
| Life* | 1.06% | 1.11% | 1.52% | 9.07% | 9.48% | 13.22% | |
| * | Commencement of Fund: 2/2/2009; First Day of Secondary Market Trading: 2/3/2009. |
| 1 | Bloomberg Barclays Municipal Pre-Refunded—Treasury-Escrowed Index (LMPETR) is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated tax-exempt bond market and is comprised of pre-refunded and/or escrowed-to-maturity municipal bonds. Potential Pre-Refunded Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million in market value. Each potential Pre-Refunded Index component must be pre-refunded or escrowed-to-maturity, provided that the underlying collateral in the escrow account is comprised of marketable U.S. Treasury securities, U.S. Treasury-issued State and Local Government Series (SLGS) securities and/or U.S. government agency-issued securities. In addition, each potential Pre-Refunded Index component must have a fixed rated coupon and be denominated in U.S. dollars. The following types of bonds are excluded from the Pre-Refunded Index: taxable municipal bonds, floating rate bonds and derivatives. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
| 12 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||
| Share Price | NAV | BMHYTR1 | Share Price | NAV | BMHYTR1 | ||
| One Year | (1.46)% | (0.81)% | (0.30)% | (1.46)% | (0.81)% | (0.30)% | |
| Life* | 2.01% | 2.13% | 4.03% | 6.76% | 7.20% | 13.91% | |
| * | Commencement of Fund: 1/13/2014; First Day of Secondary Market Trading: 1/14/2014. |
| 1 | Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market. |
| The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The revenue sector is divided into industry sectors that consist of but may not be limited to electric, health care, transportation, education, water & sewer, resource recovery, leasing and special tax. The Short High-Yield Index tracks the high yield municipal bond market with a targeted 65% weight in noninvestment grade municipal bonds, a targeted 25% weight in Baa/BBB rated investment grade municipal bonds and a targeted 10% weight in A1/A rated investment grade municipal bonds. | |
| To be included in the index, 40% weighting of bonds must have an outstanding par value of at least $3 million and be issued as part of a transaction of at least $100 million; 25% weighting of bonds must have an outstanding par value of at least $3 million and be issued as part of a transaction of under $100 million but over $20 million; 25% weighting of bonds must have must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $100 million; 10% weighting of bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. |
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
Hypothetical Growth of $10,000 (Since Inception)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 14 for more information.
| 13 |
VANECK VECTORS ETF TRUST
ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell fund shares at NAV.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The 6-8 Year Index, 12-17 Year Index, Intermediate Index, Long Index, Short Index, High Yield Index, Pre-Refunded Index, and Short High-Yield Index are published by Bloomberg Finance L.P. and its affiliates (Bloomberg). CEFMX Index is published by S-Network Global Indexes, LLC (S-Network).
Bloomberg and S-Network are referred to herein as the “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for each of the four previous calendar quarters and the immediately preceding five years (if applicable) can be found at www.vaneck.com.
| 14 |
VANECK VECTORS ETF TRUST
(unaudited)
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the period, November 1, 2016 to April 30, 2017.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as program fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Annualized | Expenses Paid | |||||||||||||
| Account | Account | Expense | During the Period* | |||||||||||||
| Value | Value | Ratio | November 1, 2016- | |||||||||||||
| November 1, 2016 | April 30, 2017 | During Period | April 30, 2017 | |||||||||||||
| AMT-Free 6-8 Year Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 988.30 | 0.24 | % | $ | 1.18 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 | ||||||||
| AMT-Free 12-17 Year Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 984.20 | 0.24 | % | $ | 1.18 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 | ||||||||
| AMT-Free Intermediate Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 987.60 | 0.24 | % | $ | 1.18 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 | ||||||||
| AMT-Free Long Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 977.80 | 0.24 | % | $ | 1.18 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 | ||||||||
| AMT-Free Short Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,002.20 | 0.20 | % | $ | 0.99 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.80 | 0.20 | % | $ | 1.00 | ||||||||
| CEF Municipal Income ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,010.40 | 0.40 | % | $ | 1.99 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.81 | 0.40 | % | $ | 2.01 | ||||||||
| High-Yield Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 995.10 | 0.35 | % | $ | 1.73 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.06 | 0.35 | % | $ | 1.76 | ||||||||
| 15 |
VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning | Ending | Annualized | Expenses Paid | |||||||||||||
| Account | Account | Expense | During the Period* | |||||||||||||
| Value | Value | Ratio | November 1, 2016 - | |||||||||||||
| November 1, 2016 | April 30, 2017 | During Period | April 30, 2017 | |||||||||||||
| Pre-Refunded Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,003.30 | 0.24 | % | $ | 1.19 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.60 | 0.24 | % | $ | 1.20 | ||||||||
| Short High-Yield Municipal Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 985.40 | 0.35 | % | $ | 1.72 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.06 | 0.35 | % | $ | 1.76 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2017) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
| 16 |
VANECK VECTORS AMT-FREE 6-8 YEAR MUNICIPAL INDEX ETF
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 88.1% | ||||||||
| California: 18.6% | ||||||||
| State of California, Various Purpose (GO) | ||||||||
| $ | 150,000 | 5.00%, 08/01/23 | $ | 178,812 | ||||
| 100,000 | 5.00%, 08/01/24 | 120,810 | ||||||
| 250,000 | 5.00%, 09/01/24 | 302,205 | ||||||
| 250,000 | 5.00%, 09/01/24 | 302,205 | ||||||
| 904,032 | ||||||||
| Florida: 3.7% | ||||||||
| 150,000 | County of Miami-Dade, Expressway Authority Toll System,
Series B (RB) 5.00%, 07/01/24 | 178,777 | ||||||
| Illinois: 6.7% | ||||||||
| 150,000 | City of Chicago, Wastewater Transmission Revenue, Second
Lien (RB) 5.00%, 01/01/24 (c) | 166,645 | ||||||
| 150,000 | Metropolitan Pier and Exposition Authority, McCormick
Place Expansion Project, Series B (RB) 5.00%, 06/15/22 (c) | 161,106 | ||||||
| 327,751 | ||||||||
| Indiana: 1.8% | ||||||||
| 75,000 | Indiana Municipal Power Agency, Series C (RB) 5.00%, 01/01/24 | 88,657 | ||||||
| Kansas: 4.4% | ||||||||
| 180,000 | State of Kansas, Department of Transportation, Highway
Revenue, Series C (RB) 5.00%, 09/01/22 (c) | 212,038 | ||||||
| Massachusetts: 4.9% | ||||||||
| 100,000 | Massachusetts Development Finance Agency, Series A (RB) 5.00%, 07/15/23 | 120,252 | ||||||
| 100,000 | Massachusetts Development Finance Agency, Series F (RB) 5.00%, 08/15/24 | 119,265 | ||||||
| 239,517 | ||||||||
| Minnesota: 6.1% | ||||||||
| 250,000 | State of Minnesota, Series A (GO) 5.00%, 08/01/23 | 299,657 | ||||||
| Missouri: 1.9% | ||||||||
| 75,000 | Missouri State Environmental Improvement & Energy
Resources Authority, Series B (RB) 5.00%, 01/01/24 | 90,366 | ||||||
| Nevada: 3.1% | ||||||||
| 125,000 | Clark County School District, Series A (GO) 5.00%, 06/15/24 | 149,300 | ||||||
| New Jersey: 9.8% | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 100,000 | 5.00%, 03/01/23 | 106,592 | ||||||
| 250,000 | 5.00%, 03/01/23 (c) | 263,400 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 100,000 | New Jersey Economic Development Authority,
School Facilities Construction Refunding, Series XX (RB) 5.00%, 06/15/23 | $ | 106,659 | ||||
| 476,651 | ||||||||
| New York: 7.8% | ||||||||
| 90,000 | City of New York NY (GO) 5.00%, 08/01/24 | 108,527 | ||||||
| 150,000 | City of New York NY, Series A (GO) 5.00%, 08/01/23 | 178,617 | ||||||
| 75,000 | New York State Environmental Facilities Corp., Series
D (RB) 5.00%, 03/15/24 | 91,084 | ||||||
| 378,228 | ||||||||
| North Carolina: 1.8% | ||||||||
| 75,000 | State of North Carolina, Series A (GO) 5.00%, 06/01/23 | 89,808 | ||||||
| Pennsylvania: 3.0% | ||||||||
| 125,000 | Pennsylvania Higher Educational Facilities Authority,
Series AT-1 (RB) 5.00%, 06/15/24 | 147,666 | ||||||
| Texas: 2.4% | ||||||||
| 100,000 | City of Austin TX Water & Wastewater System Revenue
(RB) 5.00%, 11/15/23 | 119,300 | ||||||
| Virginia: 4.9% | ||||||||
| County of Loudoun VA, Series A (GO) (SAW) | ||||||||
| 100,000 | 5.00%, 12/01/22 (c) | 118,131 | ||||||
| 100,000 | 5.00%, 12/01/23 | 120,592 | ||||||
| 238,723 | ||||||||
| Washington: 4.9% | ||||||||
| 50,000 | City of Seattle WA Drainage & Wastewater Revenue
(RB) 5.00%, 03/01/22 (c) | 57,666 | ||||||
| 150,000 | County of King, Washington Sewer Revenue, Series A (GO) 5.00%, 07/01/24 | 180,991 | ||||||
| 238,657 | ||||||||
| Wisconsin: 2.3% | ||||||||
| 100,000 | City of Milwaukee WI, Series N2 (GO) 4.00%, 03/01/23 | 112,295 | ||||||
| Total Municipal Bonds (Cost: $4,395,698) | 4,291,423 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 10.9% (Cost: $530,555) | ||||||||
| 530,555 | Dreyfus Government Cash Management Fund – Institutional Shares | 530,555 | ||||||
| Total Investments: 99.0% (Cost: $4,926,253) | 4,821,978 | |||||||
| Other assets less liabilities: 1.0% | 48,390 | |||||||
| NET ASSETS: 100.0% | $ | 4,870,368 | ||||||
See Notes to Financial Statements
| 17 |
VANECK VECTORS AMT-FREE 6-8 YEAR MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| GO | General Obligation |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 10.0 | % | $ | 481,169 | ||||
| Health Care | 2.5 | 119,265 | ||||||
| Leasing | 5.5 | 263,400 | ||||||
| Local | 20.1 | 968,453 | ||||||
| Power | 1.8 | 88,657 | ||||||
| Special Tax | 3.3 | 161,106 | ||||||
| State | 26.8 | 1,293,497 | ||||||
| Transportation | 8.1 | 390,815 | ||||||
| Water & Sewer | 10.9 | 525,061 | ||||||
| Money Market Fund | 11.0 | 530,555 | ||||||
| 100.0 | % | $ | 4,821,978 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Municipal Bonds* | $ | — | $ | 4,291,423 | $ | — | $ | 4,291,423 | ||||||||||||
| Money Market Fund | 530,555 | — | — | 530,555 | ||||||||||||||||
| Total | $ | 530,555 | $ | 4,291,423 | $ | — | $ | 4,821,978 | ||||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 18 |
VANECK VECTORS AMT-FREE 12-17 YEAR MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.8% | ||||||||
| California: 12.8% | ||||||||
| $ | 100,000 | San Francisco Bay Area Rapid Transit District Sales Tax, Series A (RB) 5.00%, 07/01/22 (c) | $ | 114,851 | ||||
| 110,000 | Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) 4.00%, 05/15/25 (c) | 115,553 | ||||||
| 100,000 | State of California (GO) 5.00%, 02/01/25 (c) | 114,767 | ||||||
| 250,000 | State of California, Various Purpose (GO) 4.00%, 09/01/26 (c) | 267,467 | ||||||
| 612,638 | ||||||||
| Connecticut: 1.8% | ||||||||
| 75,000 | University of Connecticut, Series A (RB) 5.00%, 03/15/26 (c) | 85,472 | ||||||
| District of Columbia: 1.8% | ||||||||
| 75,000 | District of Columbia, Series A (GO) 5.00%, 06/01/26 (c) | 87,620 | ||||||
| Florida: 6.1% | ||||||||
| 100,000 | City of Port St. Lucie, Utility System Revenue (RB) 5.00%, 09/01/26 (c) | 117,408 | ||||||
| 75,000 | County of Miami-Dade, Florida Building Better Communities Program, Series A (GO) 5.00%, 07/01/26 (c) | 86,739 | ||||||
| 75,000 | County of Miami-Dade, Florida Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/26 (c) | 88,841 | ||||||
| 292,988 | ||||||||
| Hawaii: 5.5% | ||||||||
| 225,000 | State of Hawaii, Series O (GO) 5.00%, 08/01/24 (c) | 263,027 | ||||||
| Illinois: 4.0% | ||||||||
| 100,000 | Cook County Community College District No. 508 (GO) 5.00%, 12/01/23 (c) | 105,081 | ||||||
| 75,000 | State of Illinois, Junior Obligation Tax-Exempt, Series D (RB) 5.00%, 06/15/26 (c) | 86,303 | ||||||
| 191,384 | ||||||||
| Indiana: 1.8% | ||||||||
| 75,000 | Indiana Finance Authority First Lien Wastewater Utility. Series A (RB) 5.00%, 10/01/24 (c) | 87,667 | ||||||
| Louisiana: 1.8% | ||||||||
| 75,000 | State of Louisiana, Series D (GO) 5.00%, 09/01/26 (c) | 87,455 | ||||||
| Massachusetts: 2.1% | ||||||||
| 100,000 | Commonwealth of Massachusetts Consolidated Loan, Series D (GO) 3.00%, 09/01/25 (c) | 98,052 | ||||||
| Michigan: 1.8% | ||||||||
| 75,000 | Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c) | 86,727 | ||||||
| Principal Amount | Value | |||||||
| Missouri: 1.8% | ||||||||
| $ | 75,000 | Missouri Joint Municipal Electric Utility Commission, Power Project, Series A (RB) 5.00%, 06/01/25 (c) | $ | 86,560 | ||||
| Nebraska: 1.8% | ||||||||
| 75,000 | Nebraska Public Power District (RB) 5.00%, 01/01/26 (c) | 86,363 | ||||||
| New Jersey: 2.3% | ||||||||
| 100,000 | State of New Jersey Various Purpose (GO) 5.00%, 06/01/25 (c) | 110,398 | ||||||
| New York: 15.2% | ||||||||
| 100,000 | City of New York, Series A (GO) 5.00%, 08/01/26 (c) | 116,389 | ||||||
| 75,000 | New York Convention Center Development Corp., Hotel Unit Fee Secured (RB) 5.00%, 11/15/25 (c) | 87,446 | ||||||
| 100,000 | New York State Thruway Authority, Series A (RB) 5.00%, 01/01/26 (c) | 113,680 | ||||||
| 75,000 | New York State Thruway Authority General Revenue Junior Indebtedness Obligations, Series A (RB) 5.00%, 01/01/26 (c) | 87,171 | ||||||
| 100,000 | New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/26 (c) | 118,893 | ||||||
| 175,000 | Utility Debt Securitization Authority (RB) 5.00%, 12/15/25 (c) | 206,342 | ||||||
| 729,921 | ||||||||
| Pennsylvania: 6.0% | ||||||||
| 250,000 | City of Philadelphia, Pennsylvania Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c) | 285,657 | ||||||
| South Carolina: 6.4% | ||||||||
| 75,000 | Charleston Educational Excellence Finance Corp., Installment Purchase Revenue Refunding Bonds, Series B (RB) 5.00%, 12/01/23 (c) | 86,700 | ||||||
| 200,000 | South Carolina Public Service Authority Tax-Exempt, Series C (RB) 5.00%, 12/01/24 (c) | 218,836 | ||||||
| 305,536 | ||||||||
| Texas: 13.3% | ||||||||
| 75,000 | Central Texas Regional Mobility Authority, Senior Lien (RB) 5.00%, 01/01/26 (c) | 85,504 | ||||||
| 150,000 | Cities of Dallas and Fort Worth International Airport, Series G (RB) 5.00%, 11/01/20 (c) | 166,995 | ||||||
| 75,000 | Harris County Flood Control District Improvement, Series A (GO) 5.00%, 10/01/25 (c) | 88,955 | ||||||
| 250,000 | Houston Independent School District, Limited Tax School House, Series A (GO) 5.00%, 02/15/26 (c) | 296,620 | ||||||
| 638,074 | ||||||||
See Notes to Financial Statements
| 19 |
VANECK VECTORS AMT-FREE 12-17 YEAR MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Utah: 1.7% | ||||||||
| $ | 75,000 | Utah Transit Authority, Subordinated Sales Tax (RB) 4.00%, 06/15/26 (c) | $ | 81,004 | ||||
| Washington: 7.1% | ||||||||
| 100,000 | Kitsap County School District No 401 Central Kitsap (GO) (SBG) 4.00%, 06/01/26 (c) | 106,745 | ||||||
| 200,000 | State of Washington Various Purpose, Series R (GO) 5.00%, 01/01/25 (c) | 233,746 | ||||||
| 340,491 | ||||||||
| Principal Amount |
Value | |||||||
| Wisconsin: 3.7% | ||||||||
| $ | 150,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio, Series 1 (RB) 5.00%, 06/01/24 (c) | $ | 176,097 | ||||
| Total Municipal Bonds: 98.8% (Cost: $4,919,131) | 4,733,131 | |||||||
| Other assets less liabilities: 1.2% | 58,563 | |||||||
| NET ASSETS: 100.0% | $ | 4,791,694 | ||||||
| GO | General Obligation |
| RB | Revenue Bond |
| SBG | School Board Guaranteed |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 3.6 | % | $ | 172,199 | ||||
| Leasing | 6.2 | 291,094 | ||||||
| Local | 16.9 | 800,529 | ||||||
| Power | 12.6 | 598,101 | ||||||
| Special Tax | 10.3 | 488,497 | ||||||
| State | 26.7 | 1,262,532 | ||||||
| Transportation | 9.6 | 453,350 | ||||||
| Water & Sewer | 14.1 | 666,829 | ||||||
| 100.0 | % | $ | 4,733,131 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Total Municipal Bonds* | $ | — | $ | 4,733,131 | $ | — | $ | 4,733,131 | ||||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 20 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 98.5% | ||||||||
| Alabama: 1.1% | ||||||||
| Alabama Federal Aid Highway Finance Authority (RB) | ||||||||
| $ | 2,665,000 | 4.00%, 09/01/24 (c) | $ | 2,853,549 | ||||
| 100,000 | 5.00%, 09/01/22 (c) | 114,923 | ||||||
| 10,000 | 5.00%, 09/01/24 (c) | 11,833 | ||||||
| 1,500,000 | 5.00%, 09/01/24 (c) | 1,763,895 | ||||||
| Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
| 190,000 | 5.00%, 09/01/26 (c) | 223,246 | ||||||
| 10,000 | 5.00%, 09/01/26 (c) | 11,687 | ||||||
| 15,000 | Alabama Public School & College Authority, Series A (RB) 5.00%, 02/01/24 (c) | 17,815 | ||||||
| 30,000 | Alabama Public School & College Authority, Series B (RB) 5.00%, 01/01/24 | 35,855 | ||||||
| Alabama Public School and College Authority, Series B (RB) | ||||||||
| 500,000 | 5.00%, 07/01/24 (c) | 591,545 | ||||||
| 2,395,000 | 5.00%, 07/01/24 (c) | 2,852,732 | ||||||
| 1,890,000 | 5.00%, 07/01/24 (c) | 2,265,108 | ||||||
| Auburn University, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/01/26 (c) | 11,788 | ||||||
| 25,000 | 5.00%, 06/01/26 (c) | 29,779 | ||||||
| 10,000 | Board of Water & Sewer Commissioners of the City of Mobile (RB) 5.00%, 01/01/23 (c) | 11,546 | ||||||
| 500,000 | Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue, Series A (RB) 3.00%, 02/01/26 (c) | 474,950 | ||||||
| Lower Alabama Gas District, Series A (RB) | ||||||||
| 275,000 | 5.00%, 09/01/29 | 323,551 | ||||||
| 2,330,000 | 5.00%, 09/01/31 | 2,738,356 | ||||||
| 900,000 | State of Alabama, Series A (GO) 5.00%, 08/01/23 | 1,076,409 | ||||||
| 25,000 | University of Alabama, Series B (RB) 5.00%, 07/01/23 | 29,661 | ||||||
| Water Works Board of the City of Birmingham, Series A (RB) | ||||||||
| 595,000 | 5.00%, 01/01/27 (c) | 695,775 | ||||||
| 775,000 | 5.00%, 01/01/27 (c) | 931,511 | ||||||
| 250,000 | Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c) | 293,950 | ||||||
| 17,359,464 | ||||||||
| Alaska: 0.3% | ||||||||
| Alaska Housing Finance Corp., Series A (RB) | ||||||||
| 100,000 | 5.00%, 12/01/23 (c) | 114,488 | ||||||
| 15,000 | 5.00%, 06/01/25 (c) | 17,524 | ||||||
| 110,000 | Matanuska-Susitna Borough, Goose Creek Correctional Center Project (RB) 5.25%, 09/01/25 (c) | 128,821 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Alaska: (continued) | ||||||||
| $ | 350,000 | Municipality of Anchorage, Series B (GO) 5.00%, 09/01/24 | $ | 420,966 | ||||
| State of Alaska, Series B (GO) | ||||||||
| 500,000 | 5.00%, 02/01/23 (c) | 582,775 | ||||||
| 20,000 | 5.00%, 02/01/23 (c) | 23,430 | ||||||
| 1,525,000 | 5.00%, 08/01/25 (c) | 1,745,042 | ||||||
| 1,125,000 | 5.00%, 08/01/25 (c) | 1,304,246 | ||||||
| 15,000 | 5.00%, 08/01/25 (c) | 17,655 | ||||||
| 4,354,947 | ||||||||
| Arizona: 1.6% | ||||||||
| 15,000 | Arizona Board of Regents, University of Arizona Projects, Series A (CP) 5.00%, 06/01/24 | 17,804 | ||||||
| 320,000 | Arizona Board of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/22 (c) | 359,709 | ||||||
| Arizona Department of Transportation State Highway Fund Revenue (RB) | ||||||||
| 10,000 | 5.00%, 07/01/23 | 11,955 | ||||||
| 10,000 | 5.00%, 07/01/24 (c) | 12,103 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,193,590 | ||||||
| 800,000 | 5.00%, 07/01/26 (c) | 960,648 | ||||||
| 25,000 | Arizona Department of Transportation State Highway Fund Revenue, Series A (RB) 5.00%, 07/01/22 (c) | 29,046 | ||||||
| 40,000 | Arizona Health Facilities Authority, Banner Health, Series A (RB) 5.00%, 01/01/25 | 47,700 | ||||||
| Arizona Sports and Tourism Authority, Series A (RB) | ||||||||
| 215,000 | 5.00%, 07/01/22 (c) | 230,411 | ||||||
| 1,000,000 | 5.00%, 07/01/22 (c) | 1,079,530 | ||||||
| 1,335,000 | 5.00%, 07/01/22 (c) | 1,448,435 | ||||||
| 100,000 | Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB) 5.00%, 07/01/22 (c) | 116,238 | ||||||
| 15,000 | Arizona State University, Revenue and Refunding, Series A (RB) 5.00%, 07/01/22 (c) | 17,267 | ||||||
| Arizona State University, Revenue and Refunding, Series B (RB) | ||||||||
| 10,000 | 5.00%, 07/01/23 | 11,909 | ||||||
| 20,000 | 5.00%, 07/01/24 | 24,088 | ||||||
| 15,000 | 5.00%, 07/01/25 (c) | 18,109 | ||||||
| Arizona Transportation Board, Highway Revenue, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 07/01/22 (c) | 1,085,310 | ||||||
| 100,000 | 5.00%, 07/01/22 (c) | 117,209 | ||||||
| 170,000 | 5.00%, 07/01/22 (c) | 197,421 | ||||||
| Arizona Transportation Board, Maricopa County Regional Area (RB) | ||||||||
| 15,000 | 5.00%, 07/01/23 | 17,893 | ||||||
| 225,000 | 5.00%, 07/01/23 | 268,398 | ||||||
| 15,000 | 5.00%, 07/01/24 | 18,166 | ||||||
| 125,000 | 5.00%, 07/01/24 (c) | 149,993 | ||||||
| 10,000 | 5.00%, 07/01/25 | 12,223 | ||||||
See Notes to Financial Statements
| 21 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Arizona Water Infrastructure Finance Authority, Series A (RB) | ||||||||
| $ | 35,000 | 5.00%, 10/01/24 (c) | $ | 42,333 | ||||
| 395,000 | 5.00%, 10/01/24 (c) | 481,098 | ||||||
| 40,000 | 5.00%, 10/01/24 | 48,626 | ||||||
| 165,000 | Board of Regents of University of Arizona System (RB) 5.00%, 06/01/26 (c) | 193,195 | ||||||
| 750,000 | Board of Regents, Arizona State University, Series A (RB) 5.00%, 07/01/25 (c) | 891,885 | ||||||
| City of Chandler AZ (GO) | ||||||||
| 15,000 | 5.00%, 07/01/23 | 17,913 | ||||||
| 30,000 | 5.00%, 07/01/24 (c) | 36,198 | ||||||
| City of Glendale, Municipal Property Corp., Series C (RB) | ||||||||
| 520,000 | 5.00%, 01/01/18 (c) | 531,955 | ||||||
| 1,170,000 | 5.00%, 01/01/18 (c) | 1,198,536 | ||||||
| 415,000 | City of Glendale, Water and Sewer Revenue, Senior Lien (RB) 5.00%, 07/01/25 (c) | 497,249 | ||||||
| 250,000 | City of Mesa AZ (RB) 5.00%, 07/01/22 (c) | 287,657 | ||||||
| 695,000 | City of Mesa AZ Utility System Revenue (RB) 5.00%, 07/01/26 (c) | 836,453 | ||||||
| City of Mesa, Arizona (RB) | ||||||||
| 1,165,000 | 3.25%, 07/01/24 (c) | 1,178,363 | ||||||
| 740,000 | 3.25%, 07/01/24 (c) | 753,734 | ||||||
| 625,000 | 4.00%, 07/01/24 (c) | 692,587 | ||||||
| City of Mesa, Utility System Revenue (RB) | ||||||||
| 1,550,000 | 4.00%, 07/01/26 (c) | 1,659,182 | ||||||
| 260,000 | 5.00%, 07/01/26 (c) | 311,506 | ||||||
| 30,000 | City of Phoenix AZ (GO) 4.00%, 07/01/24 | 34,285 | ||||||
| City of Phoenix Civic Improvement Corp. (RB) | ||||||||
| 10,000 | 5.00%, 07/01/23 | 11,871 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 118,092 | ||||||
| 10,000 | 5.00%, 07/01/24 (c) | 11,933 | ||||||
| 25,000 | 5.00%, 07/01/26 (c) | 29,438 | ||||||
| 15,000 | 5.00%, 07/01/26 (c) | 18,053 | ||||||
| 620,000 | 5.00%, 07/01/26 (c) | 743,380 | ||||||
| 20,000 | City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/23 | 23,716 | ||||||
| City of Phoenix Civic Improvement Corp., Series B (RB) | ||||||||
| 1,250,000 | 4.00%, 07/01/24 (c) | 1,360,225 | ||||||
| 1,820,000 | 5.00%, 07/01/24 (c) | 2,171,842 | ||||||
| 20,000 | 5.00%, 07/01/24 (c) | 23,999 | ||||||
| 1,250,000 | City of Phoenix, Arizona (GO) 4.00%, 07/01/24 (c) | 1,410,662 | ||||||
| 1,045,000 | City of Phoenix, Series A (GO) 4.00%, 07/01/22 (c) | 1,133,616 | ||||||
| 80,000 | City of Scottsdale (GO) 3.00%, 07/01/23 | 86,106 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| $ | 30,000 | City of Scottsdale AZ (GO) 3.00%, 07/01/23 | $ | 32,290 | ||||
| 25,000 | County of Pima AZ Sewer System Revenue (RB) 5.00%, 07/01/25 | 30,369 | ||||||
| 20,000 | Maricopa County Community College District (GO) 5.00%, 07/01/25 | 24,514 | ||||||
| Maricopa County Industrial Development Authority, Series A (RB) | ||||||||
| 20,000 | 3.13%, 01/01/27 (c) | 18,824 | ||||||
| 15,000 | 5.00%, 01/01/25 | 17,888 | ||||||
| 350,000 | 5.00%, 01/01/29 | 428,095 | ||||||
| 10,000 | Pima County Regional Transportation Authority (RB) 5.00%, 06/01/23 (c) | 11,860 | ||||||
| 25,000 | Salt River Project Agricultural Improvement & Power District (RB) 5.00%, 01/01/24 | 30,105 | ||||||
| Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
| 15,000 | 5.00%, 01/01/27 (c) | 18,244 | ||||||
| 10,000 | 5.00%, 01/01/27 (c) | 12,259 | ||||||
| 40,000 | 5.00%, 01/01/27 | 49,660 | ||||||
| 275,000 | Salt River Project Agricultural Improvement and Power District, Series A (RB) 5.00%, 06/01/22 (c) | 317,372 | ||||||
| State of Arizona (CP) | ||||||||
| 20,000 | 5.00%, 09/01/23 | 23,601 | ||||||
| 110,000 | 5.00%, 10/01/24 | 131,536 | ||||||
| University of Arizona (RB) | ||||||||
| 75,000 | 4.00%, 06/01/25 | 85,536 | ||||||
| 100,000 | 5.00%, 06/01/26 (c) | 117,788 | ||||||
| 25,630,784 | ||||||||
| Arkansas: 0.3% | ||||||||
| 770,000 | City of Little Rock, Arkansas Sewer Revenue (RB) 4.70%, 04/01/25 (c) | 876,083 | ||||||
| 240,000 | State of Arkansas (GO) 5.00%, 04/01/24 | 290,388 | ||||||
| State of Arkansas, Federal Highway Grant Anticipation (GO) | ||||||||
| 1,090,000 | 4.00%, 10/01/23 (c) | 1,217,072 | ||||||
| 125,000 | 5.00%, 10/01/23 | 150,206 | ||||||
| 1,425,000 | 5.00%, 10/01/24 (c) | 1,725,732 | ||||||
| 4,259,481 | ||||||||
| California: 15.9% | ||||||||
| 91 Express Lanes Toll Road (RB) | ||||||||
| 10,000 | 5.00%, 08/15/23 (c) | 11,596 | ||||||
| 10,000 | 5.00%, 08/15/23 (c) | 11,724 | ||||||
| Alameda County, California Joint Powers Authority, Series A (RB) | ||||||||
| 65,000 | 5.25%, 12/01/23 (c) | 77,826 | ||||||
| 1,380,000 | 5.25%, 12/01/23 (c) | 1,655,117 | ||||||
See Notes to Financial Statements
| 22 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| Anaheim Housing & Public Improvements Authority, Series A (RB) | ||||||||
| $ | 40,000 | 5.00%, 10/01/21 (c) | $ | 45,259 | ||||
| 20,000 | 5.00%, 10/01/21 (c) | 22,666 | ||||||
| Bay Area Toll Authority, Series F-1 (RB) | ||||||||
| 90,000 | 5.00%, 04/01/22 (c) | 104,304 | ||||||
| 800,000 | 5.00%, 04/01/22 (c) | 919,800 | ||||||
| 50,000 | 5.00%, 04/01/22 (c) | 58,204 | ||||||
| 205,000 | 5.00%, 04/01/22 (c) | 237,267 | ||||||
| 130,000 | Bay Area Toll Authority, Series S-4 (RB) 5.00%, 04/01/23 (c) | 150,305 | ||||||
| Bay Area Water Supply and Conservation Agency, Series A (RB) | ||||||||
| 1,195,000 | 5.00%, 04/01/23 (c) | 1,391,733 | ||||||
| 15,000 | 5.00%, 04/01/23 (c) | 17,606 | ||||||
| California Department of Water Resources, Central Valley Project Water System (RB) | ||||||||
| 1,540,000 | 5.00%, 12/01/24 (c) | 1,846,568 | ||||||
| 65,000 | 5.00%, 12/01/24 (c) | 79,260 | ||||||
| California Department of Water Resources, Central Valley Project Water System, Series AV (RB) | ||||||||
| 750,000 | 4.00%, 06/01/26 (c) | 812,302 | ||||||
| 1,865,000 | 4.00%, 06/01/26 (c) | 2,032,328 | ||||||
| 175,000 | California Health Facilities Financing Authority (RB) 3.75%, 02/01/27 (c) | 174,403 | ||||||
| 1,175,000 | California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 5.00%, 03/01/23 (c) | 1,365,855 | ||||||
| 185,000 | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) | 217,070 | ||||||
| 100,000 | California Health Facilities Financing Authority, Children’s Hospital Los Angeles, Series A (RB) 5.00%, 11/15/22 (c) | 111,693 | ||||||
| California Health Facilities Financing Authority, Providence Health and Services, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,162,270 | ||||||
| 1,000,000 | 5.00%, 10/01/26 (c) | 1,154,920 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 450,000 | 4.00%, 03/01/23 (c) | 465,592 | ||||||
| 30,000 | 4.00%, 03/01/26 | 33,499 | ||||||
| 15,000 | 5.00%, 07/01/23 (c) | 17,304 | ||||||
| 20,000 | 5.00%, 10/01/24 (c) | 23,885 | ||||||
| 15,000 | 5.00%, 10/01/24 (c) | 17,655 | ||||||
| 10,000 | 5.00%, 08/15/26 (c) | 11,913 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 25,000 | California Health Facilities Financing Authority, St. Joseph Health System, Series A (RB) 5.00%, 07/01/23 (c) | $ | 29,216 | ||||
| California Infrastructure & Economic Development Bank (RB) | ||||||||
| 10,000 | 5.00%, 10/01/24 | 12,234 | ||||||
| 80,000 | 5.00%, 10/01/25 | 98,913 | ||||||
| 10,000 | 5.00%, 04/01/26 (c) | 12,410 | ||||||
| 25,000 | 5.00%, 04/01/26 (c) | 29,723 | ||||||
| 10,000 | 5.00%, 04/01/26 (c) | 12,092 | ||||||
| California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
| 2,050,000 | 5.00%, 04/01/26 (c) | 2,508,421 | ||||||
| 515,000 | 5.00%, 04/01/26 (c) | 634,377 | ||||||
| 150,000 | California Infrastructure and Economic Development Bank, Independent System Operator Corp. Project (RB) 5.00%, 02/01/23 (c) | 172,980 | ||||||
| 50,000 | California Municipal Finance Authority, Series B (RB) 5.00%, 10/01/25 | 61,515 | ||||||
| California State Department of Veterans Affairs, Series A (RB) | ||||||||
| 50,000 | 3.15%, 06/01/21 (c) | 52,652 | ||||||
| 585,000 | 3.50%, 06/01/21 (c) | 610,313 | ||||||
| 65,000 | 3.88%, 06/01/21 (c) | 65,154 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) | ||||||||
| 100,000 | 4.00%, 09/01/24 (c) | 106,531 | ||||||
| 75,000 | 5.00%, 09/01/24 (c) | 89,138 | ||||||
| 900,000 | 5.00%, 09/01/24 (c) | 1,078,416 | ||||||
| 50,000 | 5.00%, 09/01/24 (c) | 59,129 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series C (RB) | ||||||||
| 210,000 | 4.00%, 06/01/22 (c) | 228,064 | ||||||
| 620,000 | 5.00%, 06/01/22 (c) | 714,879 | ||||||
| 75,000 | 5.25%, 10/01/24 (c) | 89,207 | ||||||
| 675,000 | 5.25%, 10/01/24 (c) | 822,278 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 225,000 | 5.00%, 09/01/24 (c) | 269,604 | ||||||
| 1,000,000 | 5.00%, 09/01/24 | 1,198,990 | ||||||
| 595,000 | California State Public Works Board, Department of Corrections and Rehabilitation, Series F (RB) 5.25%, 09/01/23 (c) | 698,179 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series G (RB) | ||||||||
| 1,115,000 | 5.00%, 09/01/23 (c) | 1,295,585 | ||||||
| 425,000 | 5.00%, 09/01/23 (c) | 499,311 | ||||||
| 280,000 | 5.00%, 09/01/23 | 331,696 | ||||||
See Notes to Financial Statements
| 23 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series H (RB) | ||||||||
| $ | 250,000 | 3.00%, 12/01/25 (c) | $ | 252,263 | ||||
| 395,000 | 3.25%, 12/01/25 (c) | 397,350 | ||||||
| 120,000 | 3.38%, 12/01/25 (c) | 119,494 | ||||||
| California State Public Works Board, Department of General Services, Series F (RB) | ||||||||
| 1,280,000 | 5.00%, 05/01/24 | 1,529,485 | ||||||
| 230,000 | 5.00%, 05/01/25 | 276,975 | ||||||
| California State Public Works Board, Department of State Hospitals, Series E (RB) | ||||||||
| 1,400,000 | 5.00%, 06/01/23 (c) | 1,614,956 | ||||||
| 410,000 | 5.00%, 06/01/23 (c) | 470,442 | ||||||
| 1,320,000 | 5.00%, 06/01/23 (c) | 1,527,544 | ||||||
| 350,000 | 5.00%, 06/01/23 (c) | 408,495 | ||||||
| 50,000 | 5.00%, 06/01/23 (c) | 58,140 | ||||||
| California State Public Works Board, Judicial Council of California, Series A (RB) | ||||||||
| 55,000 | 4.00%, 03/01/23 (c) | 58,130 | ||||||
| 350,000 | 5.00%, 03/01/23 (c) | 405,184 | ||||||
| California State Public Works Board, Judicial Council of California, Series B (RB) | ||||||||
| 235,000 | 5.00%, 10/01/24 (c) | 274,689 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,184,490 | ||||||
| 950,000 | 5.00%, 10/01/24 | 1,140,313 | ||||||
| 50,000 | California State Public Works Board, Judicial Council of California, Series D (RB) 5.25%, 12/01/21 (c) | 58,072 | ||||||
| 900,000 | California State Public Works Board, Lease Revenue, Series F (RB) 5.00%, 05/01/25 (c) | 1,064,268 | ||||||
| 25,000 | California State Public Works Board, Series A (RB) 5.00%, 04/01/22 (c) | 28,304 | ||||||
| California State Public Works Board, Series B (RB) | ||||||||
| 275,000 | 5.00%, 10/01/24 (c) | 322,866 | ||||||
| 35,000 | 5.00%, 10/01/24 (c) | 40,526 | ||||||
| 1,000,000 | 5.00%, 10/01/27 (c) | 1,208,520 | ||||||
| 1,250,000 | 5.00%, 10/01/27 (c) | 1,496,837 | ||||||
| California State Public Works Board, Series C (RB) | ||||||||
| 30,000 | 5.00%, 11/01/26 (c) | 35,995 | ||||||
| 45,000 | 5.00%, 11/01/26 (c) | 53,576 | ||||||
| 55,000 | 5.00%, 11/01/26 (c) | 66,505 | ||||||
| 15,000 | 5.00%, 11/01/26 (c) | 17,762 | ||||||
| 25,000 | 5.25%, 10/01/24 (c) | 30,264 | ||||||
| California State Public Works Board, Series D (RB) | ||||||||
| 50,000 | 5.00%, 09/01/23 | 59,232 | ||||||
| 250,000 | 5.00%, 09/01/24 (c) | 293,065 | ||||||
| 25,000 | 5.00%, 04/01/25 | 30,077 | ||||||
| 25,000 | 5.00%, 10/01/26 (c) | 30,049 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| California State Public Works Board, Series F (RB) | ||||||||
| $ | 30,000 | 5.00%, 05/01/25 (c) | $ | 34,745 | ||||
| 20,000 | 5.00%, 05/01/25 (c) | 23,460 | ||||||
| 25,000 | California State Public Works Board, Series H (RB) 3.00%, 12/01/25 (c) | 24,922 | ||||||
| California State Public Works Board, Series I (RB) | ||||||||
| 15,000 | 5.00%, 11/01/23 (c) | 17,568 | ||||||
| 25,000 | 5.25%, 11/01/23 (c) | 29,575 | ||||||
| California State Public Works Board, Various Capital Projects, Series A (RB) | ||||||||
| 705,000 | 5.00%, 04/01/22 (c) | 809,855 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 574,875 | ||||||
| 425,000 | California State Public Works Board, Various Capital Projects, Series C (RB) 4.00%, 11/01/26 (c) | 450,861 | ||||||
| 1,000,000 | California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c) | 1,192,750 | ||||||
| California State Public Works Board, Various Capital Projects, Series G (RB) | ||||||||
| 835,000 | 5.00%, 11/01/22 (c) | 960,509 | ||||||
| 125,000 | 5.00%, 11/01/22 (c) | 145,410 | ||||||
| California State Public Works Board, Various Capital Projects, Series I (RB) | ||||||||
| 150,000 | 4.00%, 11/01/23 (c) | 164,732 | ||||||
| 1,450,000 | 5.00%, 11/01/23 | 1,722,440 | ||||||
| 90,000 | 5.00%, 11/01/23 (c) | 106,007 | ||||||
| 70,000 | 5.25%, 11/01/23 (c) | 83,088 | ||||||
| 420,000 | California State School Facilities (GO) 5.00%, 11/01/23 (c) | 488,872 | ||||||
| California State University, Series A (RB) | ||||||||
| 25,000 | 4.00%, 11/01/22 (c) | 26,795 | ||||||
| 15,000 | 5.00%, 11/01/23 | 18,113 | ||||||
| 45,000 | 5.00%, 11/01/23 | 54,340 | ||||||
| 25,000 | 5.00%, 11/01/24 (c) | 30,293 | ||||||
| 10,000 | 5.00%, 11/01/25 | 12,315 | ||||||
| 2,000,000 | 5.00%, 11/01/25 (c) | 2,330,580 | ||||||
| 15,000 | 5.00%, 11/01/25 (c) | 17,879 | ||||||
| 15,000 | 5.00%, 11/01/25 (c) | 18,006 | ||||||
| 2,050,000 | 5.00%, 11/01/25 (c) | 2,499,626 | ||||||
| 15,000 | 5.00%, 11/01/25 (c) | 17,666 | ||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,826 | ||||||
| 140,000 | 5.00%, 05/01/26 (c) | 164,584 | ||||||
| 75,000 | 5.00%, 05/01/26 (c) | 92,327 | ||||||
| 500,000 | 5.00%, 05/01/27 (c) | 595,320 | ||||||
| 740,000 | 5.00%, 05/01/27 (c) | 886,779 | ||||||
| 1,000,000 | 5.00%, 05/01/27 (c) | 1,212,000 | ||||||
| 500,000 | California State Veterans, Series CL (GO) 3.50%, 12/01/24 (c) | 512,725 | ||||||
See Notes to Financial Statements
| 24 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| California State, Various Purpose (GO) | ||||||||
| $ | 1,090,000 | 5.00%, 04/01/18 (c) | $ | 1,127,409 | ||||
| 515,000 | 5.00%, 04/01/18 (c) | 532,149 | ||||||
| 965,000 | 5.00%, 09/01/18 (c) | 1,013,279 | ||||||
| 1,250,000 | 5.00%, 09/01/18 (c) | 1,312,875 | ||||||
| 100,000 | 5.00%, 02/01/22 (c) | 115,324 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 579,465 | ||||||
| 1,000,000 | 5.00%, 09/01/22 (c) | 1,171,840 | ||||||
| 755,000 | 5.00%, 09/01/23 (c) | 894,396 | ||||||
| 1,400,000 | 5.00%, 09/01/23 (c) | 1,637,552 | ||||||
| 1,475,000 | 5.00%, 09/01/23 | 1,759,955 | ||||||
| 850,000 | 5.00%, 09/01/23 (c) | 1,011,967 | ||||||
| California Statewide Communities Development Authority (RB) | ||||||||
| 700,000 | 5.00%, 02/15/26 (c) | 835,989 | ||||||
| 700,000 | 5.00%, 02/15/26 (c) | 842,723 | ||||||
| 480,000 | California Statewide Communities Development Authority, Enloe Medical Center (RB) 3.00%, 02/15/26 (c) | 465,067 | ||||||
| 500,000 | California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB) 5.00%, 07/01/24 (c) | 554,470 | ||||||
| 260,000 | California Statewide Communities Development Authority, Series A (RB) 4.13%, 03/01/26 (c) | 270,634 | ||||||
| Chabot-Las Positas Community College District (GO) | ||||||||
| 60,000 | 4.00%, 08/01/23 | 68,332 | ||||||
| 270,000 | 5.00%, 08/01/23 (c) | 321,335 | ||||||
| 500,000 | 5.00%, 08/01/23 (c) | 585,705 | ||||||
| 85,000 | 5.00%, 08/01/23 (c) | 100,389 | ||||||
| City & County of San Francisco CA, Series R-1 (GO) | ||||||||
| 20,000 | 5.00%, 06/15/23 (c) | 23,793 | ||||||
| 10,000 | 5.00%, 06/15/23 (c) | 11,935 | ||||||
| City and County of San Francisco, Series A (GO) | ||||||||
| 230,000 | 4.00%, 06/15/22 (c) | 249,345 | ||||||
| 130,000 | 5.00%, 06/15/22 (c) | 151,908 | ||||||
| 85,000 | City and County of San Francisco, Series R1 (GO) 5.00%, 12/15/21 (c) | 99,213 | ||||||
| 40,000 | City of Bakersfield CA Wastewater Revenue, Series A (RB) 5.00%, 09/15/23 | 47,959 | ||||||
| 240,000 | City of Bakersfield, California Wastewater Revenue, Series A (RB) 5.00%, 09/15/20 (c) | 267,389 | ||||||
| 20,000 | City of Los Angeles CA Wastewater System Revenue, Series A (RB) 5.00%, 06/01/25 (c) | 24,156 | ||||||
| 500,000 | City of Los Angeles Department of Water and Power, Series A (RB) 5.00%, 01/01/23 (c) | 586,620 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 400,000 | City of Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/23 (c) | $ | 475,092 | ||||
| 600,000 | City of Los Angeles, California Wastewater System Revenue, Series A (RB) 5.00%, 06/01/23 (c) | 707,412 | ||||||
| 780,000 | City of Los Angeles, Wastewater System Revenue, Series B (RB) 5.00%, 06/01/22 (c) | 898,544 | ||||||
| 50,000 | City of Los Angeles, Wastewater System Revenue, Series C (RB) 5.00%, 06/01/22 (c) | 58,259 | ||||||
| 15,000 | City of San Francisco CA Public Utilities Commission Water Revenue, Series A (RB) 5.00%, 05/01/25 (c) | 17,918 | ||||||
| City of San Francisco CA Public Utilities Commission Water Revenue, Subseries A (RB) | ||||||||
| 50,000 | 5.00%, 11/01/24 | 61,132 | ||||||
| 25,000 | 5.00%, 11/01/26 (c) | 29,307 | ||||||
| 10,000 | 5.00%, 11/01/26 | 12,426 | ||||||
| 255,000 | City of San Francisco, Public Utilities Commission, Subseries A (RB) 5.00%, 05/01/22 (c) | 293,020 | ||||||
| 50,000 | Coast Community College District (GO) 5.00%, 08/01/25 (c) | 58,287 | ||||||
| 35,000 | Coast Community College District, Series A (GO) 5.00%, 08/01/23 (c) | 41,609 | ||||||
| 440,000 | Contra Costa Community College District (GO) 4.00%, 08/01/22 (c) | 472,014 | ||||||
| Contra Costa Transportation Authority, Series A (RB) | ||||||||
| 15,000 | 5.00%, 03/01/25 | 18,379 | ||||||
| 20,000 | 5.00%, 03/01/25 (c) | 23,441 | ||||||
| Contra Costa Water District (RB) | ||||||||
| 30,000 | 5.00%, 10/01/24 (c) | 36,308 | ||||||
| 15,000 | 5.00%, 10/01/24 | 18,339 | ||||||
| 250,000 | Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c) | 263,020 | ||||||
| 75,000 | County of San Diego, California (CP) 5.00%, 10/15/24 (c) | 89,984 | ||||||
| 235,000 | County of Santa Clara, California, Series B (GO) 3.00%, 08/01/22 (c) | 234,182 | ||||||
| 570,000 | Department of Airports of the City of Los Angeles, Series C (RB) 5.00%, 05/15/25 (c) | 671,762 | ||||||
| East Bay Municipal Utility District Wastewater System Revenue, Series A (RB) | ||||||||
| 15,000 | 5.00%, 06/01/23 | 17,952 | ||||||
| 15,000 | 5.00%, 06/01/25 | 18,404 | ||||||
See Notes to Financial Statements
| 25 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| East Bay Municipal Utility District Water System Revenue, Series A (RB) | ||||||||
| $ | 10,000 | 4.00%, 06/01/24 | $ | 11,513 | ||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,181,860 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,169,010 | ||||||
| 285,000 | 5.00%, 06/01/24 (c) | 333,573 | ||||||
| 10,000 | 5.00%, 06/01/25 | 12,303 | ||||||
| 50,000 | 5.00%, 06/01/25 (c) | 58,692 | ||||||
| 15,000 | 5.00%, 06/01/25 (c) | 17,824 | ||||||
| East Bay Municipal Utility District Water System Revenue, Series B (RB) | ||||||||
| 40,000 | 5.00%, 06/01/25 | 49,211 | ||||||
| 900,000 | 5.00%, 06/01/27 | 1,126,647 | ||||||
| 750,000 | 5.00%, 06/01/29 | 948,885 | ||||||
| East Side Union High School District (GO) | ||||||||
| 10,000 | 5.00%, 08/01/23 (c) | 11,682 | ||||||
| 10,000 | 5.00%, 08/01/23 (c) | 11,727 | ||||||
| 25,000 | 5.00%, 08/01/23 (c) | 29,510 | ||||||
| 15,000 | Eastern Municipal Water District Financing Authority, Series B (RB) 5.00%, 07/01/26 (c) | 17,823 | ||||||
| 520,000 | Eastern Municipal Water District, Financing Authority, Series B (RB) 5.00%, 07/01/26 (c) | 613,699 | ||||||
| 10,000 | Eastern Municipal Water District, Series A (RB) 5.00%, 07/01/26 (c) | 12,054 | ||||||
| 250,000 | Eastern Municipal Water District, Wastewater Revenue, Series A (RB) 5.00%, 07/01/26 (c) | 294,162 | ||||||
| Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) | ||||||||
| 350,000 | 5.00%, 07/01/26 (c) | 414,001 | ||||||
| 400,000 | 5.00%, 07/01/26 (c) | 476,000 | ||||||
| 30,000 | Emeryville Redevelopment Agency Successor Agency (AGM) (TA) 5.00%, 09/01/24 (c) | 35,655 | ||||||
| 445,000 | Fontana Unified School District, San Bernardino County (GO) 3.00%, 08/01/22 (c) | 445,845 | ||||||
| Golden State Tobacco Securitization Corp., Series A (RB) | ||||||||
| 200,000 | 3.25%, 06/01/25 (c) | 193,720 | ||||||
| 900,000 | 5.00%, 06/01/23 (c) | 1,032,678 | ||||||
| 1,025,000 | 5.00%, 06/01/23 (c) | 1,169,258 | ||||||
| 100,000 | 5.00%, 06/01/25 (c) | 114,714 | ||||||
| Huntington Beach Union High School District (GO) | ||||||||
| 50,000 | 5.00%, 08/01/23 (c) | 58,635 | ||||||
| 15,000 | 5.00%, 08/01/23 (c) | 17,687 | ||||||
| 535,000 | 5.00%, 08/01/23 (c) | 632,552 | ||||||
| Imperial Irrigation District Electric System Revenue, Series C (RB) | ||||||||
| 180,000 | 5.00%, 05/01/26 (c) | 210,514 | ||||||
| 750,000 | 5.00%, 05/01/26 (c) | 883,005 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 85,000 | Long Beach Unified School District (GO) 5.00%, 08/01/26 (c) | $ | 103,695 | ||||
| Los Angeles Community College District, Series A (GO) | ||||||||
| 1,310,000 | 5.00%, 08/01/24 (c) | 1,544,739 | ||||||
| 165,000 | 5.00%, 08/01/24 (c) | 193,964 | ||||||
| 1,355,000 | 5.00%, 08/01/24 (c) | 1,633,927 | ||||||
| 1,565,000 | 5.00%, 08/01/24 (c) | 1,851,160 | ||||||
| 1,345,000 | Los Angeles Community College District, Series F (GO) 5.00%, 08/01/23 (c) | 1,594,605 | ||||||
| 1,000,000 | Los Angeles Community College District, Series G (GO) 4.00%, 08/01/24 (c) | 1,091,180 | ||||||
| 900,000 | Los Angeles Community College District, Series I (GO) 2.13%, 08/01/26 (c) | 801,990 | ||||||
| Los Angeles Community College District/CA, Series A (GO) | ||||||||
| 220,000 | 5.00%, 08/01/24 (c) | 261,037 | ||||||
| 60,000 | 5.00%, 08/01/24 (c) | 72,803 | ||||||
| 10,000 | 5.00%, 08/01/24 | 12,225 | ||||||
| 15,000 | Los Angeles Community College District/CA, Series C (GO) 5.00%, 08/01/24 | 18,337 | ||||||
| 35,000 | Los Angeles Community College District/CA, Series G (GO) 5.00%, 08/01/24 (c) | 41,529 | ||||||
| Los Angeles Community College District/CA, Series I (GO) | ||||||||
| 20,000 | 4.00%, 08/01/26 (c) | 22,798 | ||||||
| 25,000 | 4.00%, 08/01/26 | 29,086 | ||||||
| 675,000 | Los Angeles County Metropolitan Transportation Authority, First Tier, Series A (RB) 5.00%, 07/01/25 (c) | 829,048 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 25,000 | 4.00%, 07/01/26 (c) | 27,451 | ||||||
| 35,000 | 5.00%, 07/01/23 | 42,046 | ||||||
| 25,000 | 5.00%, 06/01/25 | 30,778 | ||||||
| 10,000 | 5.00%, 07/01/25 | 12,325 | ||||||
| 200,000 | 5.00%, 06/01/26 (c) | 241,280 | ||||||
| 20,000 | 5.00%, 06/01/26 (c) | 23,699 | ||||||
| 115,000 | 5.00%, 06/01/26 (c) | 140,728 | ||||||
| 30,000 | 5.00%, 06/01/26 (c) | 35,976 | ||||||
| 15,000 | 5.00%, 07/01/26 (c) | 18,176 | ||||||
| 15,000 | Los Angeles County Public Works Financing Authority, Series A (RB) 5.00%, 12/01/25 (c) | 17,626 | ||||||
| Los Angeles County Public Works Financing Authority, Series D (RB) | ||||||||
| 750,000 | 5.00%, 12/01/25 (c) | 870,067 | ||||||
| 230,000 | 5.00%, 12/01/25 (c) | 270,259 | ||||||
See Notes to Financial Statements
| 26 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| Los Angeles Department of Water & Power System Revenue, Series A (RB) | ||||||||
| $ | 15,000 | 5.00%, 07/01/22 (c) | $ | 17,403 | ||||
| 25,000 | 5.00%, 01/01/23 (c) | 29,420 | ||||||
| 10,000 | 5.00%, 01/01/25 (c) | 11,855 | ||||||
| 45,000 | 5.00%, 01/01/25 (c) | 52,730 | ||||||
| 25,000 | 5.00%, 01/01/25 (c) | 28,992 | ||||||
| Los Angeles Department of Water & Power System Revenue, Series B (RB) | ||||||||
| 45,000 | 5.00%, 01/01/26 (c) | 52,565 | ||||||
| 10,000 | 5.00%, 01/01/26 (c) | 12,179 | ||||||
| 10,000 | Los Angeles Department of Water & Power System Revenue, Series C (RB) 5.00%, 07/01/23 | 11,994 | ||||||
| Los Angeles Department of Water & Power System Revenue, Series D (RB) | ||||||||
| 10,000 | 4.00%, 07/01/23 | 11,409 | ||||||
| 30,000 | 5.00%, 07/01/24 (c) | 35,558 | ||||||
| 45,000 | 5.00%, 07/01/24 | 54,769 | ||||||
| 1,160,000 | Los Angeles Department of Water & Power, Series B (RB) 5.00%, 01/01/24 (c) | 1,368,069 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 600,000 | 3.25%, 01/01/25 (c) | 605,262 | ||||||
| 75,000 | 5.00%, 01/01/26 (c) | 89,647 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 500,000 | 5.00%, 07/01/23 (c) | 588,115 | ||||||
| 125,000 | 5.00%, 01/01/26 (c) | 150,710 | ||||||
| Los Angeles Department of Water and Power, Series D (RB) | ||||||||
| 245,000 | 5.00%, 07/01/24 (c) | 285,797 | ||||||
| 1,275,000 | 5.00%, 07/01/24 (c) | 1,522,414 | ||||||
| Los Angeles Department of Water, Series A (RB) | ||||||||
| 15,000 | 5.00%, 01/01/26 (c) | 18,085 | ||||||
| 25,000 | 5.00%, 01/01/26 (c) | 30,691 | ||||||
| Los Angeles Department of Water, Series B (RB) | ||||||||
| 50,000 | 5.00%, 07/01/23 (c) | 58,812 | ||||||
| 20,000 | 5.00%, 07/01/23 (c) | 23,858 | ||||||
| 15,000 | 5.00%, 07/01/23 (c) | 17,932 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 1,440,000 | 5.00%, 07/01/24 | 1,753,675 | ||||||
| 1,475,000 | 5.00%, 07/01/25 (c) | 1,755,250 | ||||||
| Los Angeles Unified School District, Series B (GO) | ||||||||
| 700,000 | 3.00%, 07/01/26 (c) | 687,274 | ||||||
| 670,000 | 5.00%, 10/01/22 (c) | 762,627 | ||||||
| 1,750,000 | 5.00%, 07/01/26 (c) | 2,131,780 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,199,900 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| Los Angeles Unified School District/CA, Series A (GO) | ||||||||
| $ | 10,000 | 4.00%, 07/01/23 | $ | 11,403 | ||||
| 10,000 | 5.00%, 07/01/21 (c) | 11,381 | ||||||
| 10,000 | 5.00%, 07/01/23 | 11,987 | ||||||
| 25,000 | 5.00%, 07/01/24 (c) | 30,259 | ||||||
| 50,000 | 5.00%, 07/01/25 (c) | 60,780 | ||||||
| 35,000 | Los Angeles Unified School District/CA, Series B (GO) 5.00%, 07/01/24 | 42,624 | ||||||
| 600,000 | Los Angeles, California Unified School District, Series B (GO) 5.00%, 07/01/24 (c) | 720,408 | ||||||
| Los Angeles, California Unified School District, Series C (GO) | ||||||||
| 1,320,000 | 5.00%, 07/01/24 | 1,607,536 | ||||||
| 850,000 | 5.00%, 07/01/24 (c) | 1,014,942 | ||||||
| 720,000 | 5.00%, 07/01/24 (c) | 847,138 | ||||||
| 1,415,000 | 5.00%, 07/01/24 (c) | 1,681,289 | ||||||
| 1,300,000 | 5.00%, 07/01/24 (c) | 1,537,081 | ||||||
| 25,000 | Los Angeles, California Wastewater System Revenue, Series B (RB) 5.00%, 06/01/23 | 29,888 | ||||||
| Metropolitan Water District of Southern California, Series A (RB) | ||||||||
| 10,000 | 5.00%, 07/01/24 | 12,208 | ||||||
| 35,000 | 5.00%, 07/01/25 (c) | 42,284 | ||||||
| 35,000 | 5.00%, 07/01/25 (c) | 42,722 | ||||||
| 35,000 | 5.00%, 01/01/26 (c) | 41,715 | ||||||
| 50,000 | 5.00%, 01/01/26 (c) | 59,937 | ||||||
| 25,000 | 5.00%, 01/01/26 (c) | 30,142 | ||||||
| 20,000 | Metropolitan Water District of Southern California, Series E (RB) 5.00%, 07/01/23 | 24,026 | ||||||
| Metropolitan Water District of Southern California, Series G (RB) | ||||||||
| 255,000 | 5.00%, 07/01/22 (c) | 297,503 | ||||||
| 50,000 | 5.00%, 07/01/22 (c) | 57,611 | ||||||
| Monterey Peninsula Community College District (GO) | ||||||||
| 740,000 | 2.77%, 02/01/26 (c) ^ | 494,942 | ||||||
| 670,000 | 2.87%, 02/01/26 (c) ^ | 428,063 | ||||||
| 420,000 | 2.90%, 02/01/26 (c) ^ | 292,988 | ||||||
| 910,000 | 3.28%, 02/01/26 (c) ^ | 553,344 | ||||||
| Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
| 25,000 | 5.00%, 11/01/23 | 29,748 | ||||||
| 45,000 | 5.00%, 11/01/26 (c) | 53,909 | ||||||
| 15,000 | 5.00%, 11/01/26 (c) | 18,152 | ||||||
| 10,000 | 5.00%, 11/01/26 | 12,196 | ||||||
| 500,000 | Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/26 (c) | 594,365 | ||||||
| 445,000 | Municipal Improvement Corp. of Los Angeles, Series C (RB) 5.00%, 03/01/22 (c) | 507,674 | ||||||
See Notes to Financial Statements
| 27 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| Northern California Transmission Agency, Series A (RB) | ||||||||
| $ | 35,000 | 5.00%, 05/01/25 | $ | 42,520 | ||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,887 | ||||||
| 15,000 | 5.00%, 05/01/26 (c) | 18,098 | ||||||
| 25,000 | 5.00%, 05/01/26 (c) | 30,388 | ||||||
| 375,000 | Oakland Unified School District, Series A (GO) 5.00%, 08/01/25 (c) | 442,909 | ||||||
| 50,000 | Oakland Unified School District/ Alameda County (GO) (AGM) 5.00%, 08/01/25 (c) | 60,209 | ||||||
| 760,000 | Ohlone Community College District (GO) 5.00%, 08/01/22 (c) | 884,480 | ||||||
| Orange County Sanitation District, Series A (RB) | ||||||||
| 20,000 | 5.00%, 02/01/26 (c) | 23,870 | ||||||
| 25,000 | 5.00%, 02/01/26 (c) | 30,033 | ||||||
| 390,000 | Palm Springs Unified School District (GO) 4.00%, 08/01/26 (c) | 413,178 | ||||||
| 230,000 | Palm Springs Unified School District, Series D (GO) 2.50%, 08/01/26 (c) | 197,715 | ||||||
| Palomar Community College District (GO) | ||||||||
| 650,000 | 5.00%, 05/01/25 (c) | 763,490 | ||||||
| 15,000 | 5.00%, 05/01/25 (c) | 17,942 | ||||||
| 20,000 | 5.00%, 05/01/25 (c) | 24,085 | ||||||
| 150,000 | Palomar Health, Series B (GO) 5.00%, 08/01/26 (c) | 174,584 | ||||||
| 20,000 | Peralta Community College District, Series A (GO) 5.00%, 08/01/24 (c) | 23,525 | ||||||
| 250,000 | Pittsburg Successor Agency, Los Medanos Community, Series A (AGM) (TA) 5.00%, 09/01/26 (c) | 293,745 | ||||||
| 250,000 | Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c) | 261,260 | ||||||
| 85,000 | Poway Unified School District (GO) 5.00%, 08/01/24 (c) | 101,231 | ||||||
| 175,000 | Rancho Santiago Community College District (GO) 5.00%, 09/01/23 (c) | 207,310 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, Series L (RB) | ||||||||
| 160,000 | 4.00%, 05/15/25 | 183,000 | ||||||
| 10,000 | 5.00%, 05/15/26 (c) | 12,064 | ||||||
| Regents of the University of California, Medical Center Pooled Revenue, Series J (RB) | ||||||||
| 410,000 | 5.25%, 05/15/23 (c) | 475,764 | ||||||
| 430,000 | 5.25%, 05/15/23 (c) | 501,075 | ||||||
| 2,050,000 | 5.25%, 05/15/23 (c) | 2,402,702 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) | ||||||||
| $ | 90,000 | 2.50%, 05/15/26 (c) | $ | 78,894 | ||||
| 650,000 | 5.00%, 05/15/26 (c) | 749,970 | ||||||
| Regents of the University of California, Series AF (RB) | ||||||||
| 500,000 | 5.00%, 05/15/23 (c) | 595,810 | ||||||
| 425,000 | 5.00%, 05/15/23 (c) | 499,498 | ||||||
| 1,205,000 | 5.00%, 05/15/23 (c) | 1,426,780 | ||||||
| 1,305,000 | Regents of the University of California, Series AK (RB) 5.00%, 05/15/23 (p) | 1,554,242 | ||||||
| 645,000 | Regents of the University of California, Series AM (RB) 5.00%, 05/15/24 (c) | 771,833 | ||||||
| Regents of the University of California, Series AO (RB) | ||||||||
| 235,000 | 5.00%, 05/15/23 | 281,824 | ||||||
| 500,000 | 5.00%, 05/15/25 (c) | 579,810 | ||||||
| 510,000 | 5.00%, 05/15/25 (c) | 616,707 | ||||||
| 725,000 | Regents of the University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 866,208 | ||||||
| Regents of the University of California, Series G (RB) | ||||||||
| 870,000 | 5.00%, 05/15/22 (c) | 1,017,091 | ||||||
| 125,000 | 5.00%, 05/15/22 (c) | 146,398 | ||||||
| 1,200,000 | 5.00%, 05/15/22 (c) | 1,397,808 | ||||||
| Regents of the University of California, Series I (RB) | ||||||||
| 1,085,000 | 5.00%, 05/15/25 (c) | 1,276,123 | ||||||
| 905,000 | 5.00%, 05/15/25 (c) | 1,072,353 | ||||||
| 365,000 | 5.00%, 05/15/25 (c) | 439,876 | ||||||
| 455,000 | Regents of the University of California, Series K (RB) 5.00%, 05/15/26 (c) | 540,394 | ||||||
| 500,000 | Regents of University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 589,000 | ||||||
| 1,250,000 | Regents of University of California, Series I (RB) 5.00%, 05/15/25 (c) | 1,452,450 | ||||||
| 15,000 | Riverside Community College District (GO) 5.00%, 08/01/25 (c) | 18,113 | ||||||
| 10,000 | Riverside County Public Financing Authority (RB) 5.00%, 11/01/25 | 12,107 | ||||||
| Riverside County Transportation Commission, Series A (RB) | ||||||||
| 490,000 | 5.25%, 06/01/23 (c) | 584,727 | ||||||
| 265,000 | 5.25%, 06/01/23 (c) | 317,915 | ||||||
| 10,000 | 5.25%, 06/01/23 (c) | 12,087 | ||||||
| 50,000 | Riverside County, California Asset Leasing Corp., Series A (RB) 4.00%, 06/01/22 (c) | 53,728 | ||||||
See Notes to Financial Statements
| 28 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 10,000 | Sacramento City Financing Authority (RB) 5.00%, 12/01/25 (c) | $ | 11,767 | ||||
| 625,000 | Sacramento City Financing Authority, Master Lease Program Facilities (RB) 3.38%, 12/01/25 (c) | 633,606 | ||||||
| Sacramento County Sanitation Districts Financing Authority, Series A (RB) | ||||||||
| 1,045,000 | 5.00%, 06/01/24 (c) | 1,220,132 | ||||||
| 100,000 | 5.00%, 06/01/24 (c) | 120,071 | ||||||
| 250,000 | 5.00%, 06/01/24 (c) | 294,030 | ||||||
| 15,000 | 5.00%, 06/01/24 (c) | 17,836 | ||||||
| 250,000 | 5.00%, 06/01/24 (c) | 295,285 | ||||||
| 20,000 | Sacramento Municipal Utility District (RB) 5.00%, 07/01/25 | 24,514 | ||||||
| 1,000,000 | Sacramento Municipal Utility District, Series D (RB) 5.00%, 08/15/28 | 1,253,380 | ||||||
| 15,000 | Sacramento Municipal Utility District, Series Y (RB) 5.00%, 08/15/22 (c) | 17,253 | ||||||
| 750,000 | San Bernardino Community College District, Series A (GO) 5.00%, 08/01/23 | 897,007 | ||||||
| 500,000 | San Bernardino Unified School District, Series A (GO) (AGM) 5.00%, 08/01/23 (c) | 581,565 | ||||||
| San Diego Community College District (GO) | ||||||||
| 10,000 | 5.00%, 08/01/23 (c) | 11,849 | ||||||
| 500,000 | 5.00%, 08/01/26 (c) | 603,045 | ||||||
| 35,000 | 5.00%, 08/01/26 (c) | 42,503 | ||||||
| San Diego County Regional Transportation Commission, Series A (RB) | ||||||||
| 10,000 | 5.00%, 04/01/26 (c) | 12,021 | ||||||
| 15,000 | 5.00%, 04/01/26 (c) | 17,913 | ||||||
| 45,000 | 5.00%, 04/01/26 (c) | 54,900 | ||||||
| 15,000 | 5.00%, 04/01/26 (c) | 18,165 | ||||||
| San Diego County Water Authority, Series A (RB) | ||||||||
| 50,000 | 5.00%, 11/01/22 (c) | 58,649 | ||||||
| 925,000 | 5.00%, 11/01/22 (c) | 1,092,998 | ||||||
| 500,000 | 5.00%, 05/01/26 (c) | 590,415 | ||||||
| San Diego Public Facilities Financing Authority Sewer Revenue (RB) | ||||||||
| 35,000 | 5.00%, 05/15/23 | 41,907 | ||||||
| 10,000 | 5.00%, 05/15/25 (c) | 12,117 | ||||||
| 30,000 | San Diego Public Facilities Financing Authority Sewer Revenue, Series A (RB) | |||||||
| 5.00%, 05/15/26 (c) | 35,924 | |||||||
| San Diego Public Facilities Financing Authority Water Revenue, Series B (RB) | ||||||||
| 100,000 | 5.00%, 08/01/23 | 119,797 | ||||||
| 50,000 | 5.00%, 08/01/25 | 61,347 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 260,000 | San Diego Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 09/01/25 (c) | $ | 314,673 | ||||
| 500,000 | San Diego Regional Building Authority, Series A (RB) 5.00%, 10/15/25 (c) | 582,665 | ||||||
| 1,085,000 | San Diego Unified School District, Series C (GO) 5.00%, 07/01/23 (c) | 1,276,904 | ||||||
| 500,000 | San Diego Unified School District, Series F (GO) 5.00%, 07/01/25 (c) | 588,920 | ||||||
| 450,000 | San Diego Unified School District, Series R-5 (GO) 5.00%, 07/01/26 (c) | 543,226 | ||||||
| 1,000,000 | San Diego Unified School District, Series SR-1 (GO) 4.00%, 07/01/26 (c) | 1,057,350 | ||||||
| 40,000 | San Diego Unified School District/CA, Series R-3 (GO) 5.00%, 07/01/23 | 47,974 | ||||||
| 15,000 | San Diego Unified School District/CA, Series R-4 (GO) 5.00%, 07/01/25 (c) | 17,985 | ||||||
| San Diego Unified School District/CA, Series R-5 (GO) | ||||||||
| 20,000 | 4.00%, 07/01/26 (c) | 22,080 | ||||||
| 30,000 | 5.00%, 07/01/26 | 37,131 | ||||||
| 290,000 | San Diego, California Water Authority, Series A (RB) 5.00%, 11/01/22 (c) | 337,351 | ||||||
| 430,000 | San Dieguito Union High School District, Series A-2 (GO) 4.00%, 08/01/23 (c) | 462,680 | ||||||
| 120,000 | San Francisco Bay Area Rapid Transit District Sales Tax, Series A (RB) 5.00%, 07/01/22 (c) | 137,821 | ||||||
| San Francisco Bay Area Rapid Transit District, Series A (RB) | ||||||||
| 455,000 | 5.00%, 07/01/22 (c) | 524,501 | ||||||
| 25,000 | 5.00%, 07/01/25 | 30,727 | ||||||
| 15,000 | San Francisco Bay Area Rapid Transit District, Series D (GO) 5.00%, 08/01/23 | 18,039 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Series A (RB) | ||||||||
| 40,000 | 5.00%, 05/01/24 | 48,523 | ||||||
| 30,000 | 5.00%, 05/01/25 | 36,718 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Series D (RB) | ||||||||
| 40,000 | 5.00%, 05/01/24 | 48,523 | ||||||
| 140,000 | 5.00%, 05/01/25 | 171,350 | ||||||
| 10,000 | San Francisco City & County Public Utilities Commission Wastewater Revenue, Series B (RB) 5.00%, 10/01/22 (c) | 11,537 | ||||||
See Notes to Financial Statements
| 29 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| San Francisco Community College District (GO) | ||||||||
| $ | 870,000 | 5.00%, 06/15/24 | $ | 1,054,518 | ||||
| 65,000 | 5.00%, 06/15/25 (c) | 78,513 | ||||||
| 100,000 | 5.00%, 06/15/25 (c) | 116,820 | ||||||
| 860,000 | 5.00%, 06/15/25 (c) | 1,020,510 | ||||||
| San Francisco Public Utilities Commission Wastewater Revenue, Series A (RB) | ||||||||
| 440,000 | 5.00%, 10/01/25 (c) | 514,958 | ||||||
| 475,000 | 5.00%, 10/01/25 (c) | 560,224 | ||||||
| San Francisco Unified School District, Proposition A, Series C and F (GO) | ||||||||
| 500,000 | 3.00%, 06/15/24 (c) | 499,990 | ||||||
| 525,000 | 3.25%, 06/15/24 (c) | 521,881 | ||||||
| 510,000 | 5.00%, 06/15/24 (c) | 617,406 | ||||||
| 755,000 | San Francisco Unified School District, Series B (GO) 4.00%, 06/15/22 (c) | 825,389 | ||||||
| 90,000 | San Francisco Unified School District, Series C and F (GO) 5.00%, 06/15/24 (c) | 108,488 | ||||||
| 345,000 | San Francisco, California Bay Area Toll Authority, Series F (RB) 5.00%, 04/01/22 (c) | 400,538 | ||||||
| 10,000 | San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c) | 11,916 | ||||||
| San Joaquin Delta Community College District, Series A (GO) | ||||||||
| 10,000 | 5.00%, 08/01/23 | 12,013 | ||||||
| 25,000 | 5.00%, 08/01/25 (c) | 29,732 | ||||||
| 45,000 | 5.00%, 08/01/25 (c) | 53,852 | ||||||
| 35,000 | San Jose Evergreen Community College District (GO) 5.00%, 09/01/24 | 42,763 | ||||||
| 25,000 | San Jose Evergreen Community College District, Series A (GO) 5.00%, 09/01/24 (c) | 30,221 | ||||||
| 600,000 | San Jose Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 698,784 | ||||||
| 20,000 | San Jose Financing Authority, Series A (RB) 5.00%, 06/01/23 (c) | 23,530 | ||||||
| San Mateo County Transit District, Series A (RB) | ||||||||
| 25,000 | 5.00%, 06/01/24 | 30,461 | ||||||
| 10,000 | 5.00%, 06/01/25 (c) | 12,177 | ||||||
| 20,000 | San Mateo Joint Powers Financing Authority, Series A (RB) 5.00%, 06/15/24 (c) | 23,903 | ||||||
| 670,000 | San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c) | 717,376 | ||||||
| 695,000 | San Ramon Valley Unified School District (GO) 5.00%, 08/01/22 (c) | 807,319 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 10,000 | San Ramon Valley Unified School District/CA (GO) 4.00%, 08/01/22 (c) | $ | 11,049 | ||||
| 750,000 | Santa Clara County, California Financing Authority, Series Q (RB) 4.00%, 05/15/25 (c) | 791,655 | ||||||
| 15,000 | Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) | 17,853 | ||||||
| Sonoma County Junior College District (GO) | ||||||||
| 15,000 | 5.00%, 08/01/23 (c) | 17,706 | ||||||
| 15,000 | 5.00%, 08/01/23 (c) | 17,803 | ||||||
| Southern California Public Power Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 07/01/21 (c) | 11,420 | ||||||
| 20,000 | 5.00%, 07/01/24 (c) | 23,188 | ||||||
| 25,000 | 5.00%, 07/01/24 (c) | 29,163 | ||||||
| 50,000 | Southern California Public Power Authority, Series C (RB) 5.00%, 01/01/25 (c) | 60,171 | ||||||
| State of California (GO) | ||||||||
| 100,000 | 5.00%, 03/01/24 | 120,115 | ||||||
| 40,000 | 5.00%, 03/01/25 | 48,396 | ||||||
| 130,000 | 5.00%, 03/01/25 (c) | 156,039 | ||||||
| State of California Department of Water Resources (RB) | ||||||||
| 30,000 | 5.00%, 12/01/23 | 36,302 | ||||||
| 15,000 | 5.00%, 12/01/24 | 18,398 | ||||||
| 15,000 | 5.00%, 12/01/24 (c) | 18,126 | ||||||
| 40,000 | 5.00%, 12/01/24 (c) | 48,555 | ||||||
| 10,000 | 5.00%, 12/01/26 (c) | 12,023 | ||||||
| 35,000 | 5.00%, 12/01/26 (c) | 42,611 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 770,000 | 3.00%, 09/01/26 (c) | 737,876 | ||||||
| 500,000 | 3.25%, 04/01/23 (c) | 511,625 | ||||||
| 290,000 | 3.38%, 09/01/22 (c) | 292,033 | ||||||
| 1,085,000 | 3.50%, 09/01/22 (c) | 1,098,139 | ||||||
| 855,000 | 4.00%, 09/01/22 (c) | 941,449 | ||||||
| 500,000 | 4.00%, 05/01/23 | 564,970 | ||||||
| 50,000 | 4.00%, 09/01/25 | 57,100 | ||||||
| 700,000 | 4.00%, 08/01/26 (c) | 737,597 | ||||||
| 230,000 | 4.00%, 09/01/26 (c) | 243,777 | ||||||
| 1,250,000 | 4.00%, 09/01/26 (c) | 1,337,337 | ||||||
| 250,000 | 4.00%, 09/01/26 (c) | 263,533 | ||||||
| 1,300,000 | 4.00%, 09/01/26 (c) | 1,377,870 | ||||||
| 375,000 | 4.00%, 09/01/26 | 428,572 | ||||||
| 1,000,000 | 4.00%, 09/01/26 (c) | 1,069,870 | ||||||
| 190,000 | 5.00%, 09/01/18 (c) | 199,169 | ||||||
| 700,000 | 5.00%, 09/01/18 (c) | 734,160 | ||||||
| 10,000 | 5.00%, 09/01/21 (c) | 11,434 | ||||||
| 250,000 | 5.00%, 09/01/21 (c) | 286,187 | ||||||
| 1,020,000 | 5.00%, 09/01/21 (c) | 1,162,137 | ||||||
| 85,000 | 5.00%, 09/01/21 (c) | 97,036 | ||||||
| 250,000 | 5.00%, 09/01/22 (c) | 293,100 | ||||||
| 25,000 | 5.00%, 09/01/22 (c) | 29,282 | ||||||
| 655,000 | 5.00%, 02/01/23 (c) | 754,966 | ||||||
| 10,000 | 5.00%, 02/01/23 (c) | 11,626 | ||||||
See Notes to Financial Statements
| 30 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 75,000 | 5.00%, 02/01/23 (c) | $ | 85,532 | ||||
| 1,400,000 | 5.00%, 04/01/23 (c) | 1,630,482 | ||||||
| 75,000 | 5.00%, 04/01/23 (c) | 85,997 | ||||||
| 250,000 | 5.00%, 09/01/23 (c) | 297,637 | ||||||
| 95,000 | 5.00%, 09/01/23 (c) | 109,779 | ||||||
| 125,000 | 5.00%, 09/01/23 (c) | 143,970 | ||||||
| 500,000 | 5.00%, 09/01/23 | 596,595 | ||||||
| 1,065,000 | 5.00%, 09/01/23 (c) | 1,251,907 | ||||||
| 55,000 | 5.00%, 09/01/23 (c) | 64,939 | ||||||
| 1,300,000 | 5.00%, 10/01/23 | 1,553,409 | ||||||
| 850,000 | 5.00%, 10/01/23 | 1,015,690 | ||||||
| 500,000 | 5.00%, 11/01/23 | 598,330 | ||||||
| 250,000 | 5.00%, 11/01/23 (c) | 294,797 | ||||||
| 30,000 | 5.00%, 11/01/23 (c) | 35,637 | ||||||
| 25,000 | 5.00%, 12/01/23 (c) | 29,652 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,189,460 | ||||||
| 180,000 | 5.00%, 12/01/23 (c) | 214,103 | ||||||
| 560,000 | 5.00%, 12/01/23 (c) | 650,686 | ||||||
| 1,425,000 | 5.00%, 12/01/23 (c) | 1,704,699 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,180,650 | ||||||
| 345,000 | 5.00%, 12/01/23 (c) | 409,191 | ||||||
| 820,000 | 5.00%, 12/01/23 (c) | 980,950 | ||||||
| 1,350,000 | 5.00%, 12/01/23 (c) | 1,573,992 | ||||||
| 280,000 | 5.00%, 03/01/24 | 336,322 | ||||||
| 825,000 | 5.00%, 05/01/24 | 993,564 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 291,710 | ||||||
| 260,000 | 5.00%, 08/01/24 (c) | 300,765 | ||||||
| 500,000 | 5.00%, 08/01/24 | 604,050 | ||||||
| 25,000 | 5.00%, 09/01/24 | 30,221 | ||||||
| 1,035,000 | 5.00%, 10/01/24 (c) | 1,245,498 | ||||||
| 25,000 | 5.00%, 10/01/24 | 30,257 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,183,740 | ||||||
| 15,000 | 5.00%, 10/01/24 (c) | 17,914 | ||||||
| 700,000 | 5.00%, 10/01/24 (c) | 811,545 | ||||||
| 1,050,000 | 5.00%, 10/01/24 (c) | 1,263,549 | ||||||
| 1,100,000 | 5.00%, 10/01/24 (c) | 1,302,114 | ||||||
| 20,000 | 5.00%, 02/01/25 (c) | 23,732 | ||||||
| 25,000 | 5.00%, 02/01/25 (c) | 29,900 | ||||||
| 520,000 | 5.00%, 02/01/25 (c) | 596,788 | ||||||
| 1,300,000 | 5.00%, 02/01/25 (c) | 1,514,552 | ||||||
| 1,000,000 | 5.00%, 02/01/25 (c) | 1,171,150 | ||||||
| 1,000,000 | 5.00%, 02/01/25 (c) | 1,178,850 | ||||||
| 2,460,000 | 5.00%, 03/01/25 | 2,976,354 | ||||||
| 800,000 | 5.00%, 03/01/25 (c) | 952,640 | ||||||
| 450,000 | 5.00%, 03/01/25 (c) | 532,323 | ||||||
| 680,000 | 5.00%, 03/01/25 (c) | 816,204 | ||||||
| 400,000 | 5.00%, 03/01/25 (c) | 461,764 | ||||||
| 75,000 | 5.00%, 08/01/25 (c) | 88,094 | ||||||
| 1,035,000 | 5.00%, 08/01/25 (c) | 1,230,905 | ||||||
| 175,000 | 5.00%, 08/01/25 (c) | 211,316 | ||||||
| 620,000 | 5.00%, 08/01/25 | 754,397 | ||||||
| 1,160,000 | 5.00%, 08/01/25 (c) | 1,370,064 | ||||||
| 1,425,000 | 5.00%, 08/01/25 (c) | 1,655,451 | ||||||
| 30,000 | 5.00%, 09/01/25 (c) | 35,955 | ||||||
| 1,255,000 | 5.00%, 09/01/25 (c) | 1,493,676 | ||||||
| 10,000 | 5.00%, 09/01/25 | 12,179 | ||||||
| 1,300,000 | 5.00%, 09/01/25 (c) | 1,512,134 | ||||||
| 1,000,000 | 5.00%, 09/01/25 | 1,217,920 | ||||||
| 175,000 | 5.00%, 08/01/26 (c) | 208,675 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 500,000 | 5.00%, 08/01/26 (c) | $ | 592,160 | ||||
| 600,000 | 5.00%, 08/01/26 (c) | 701,508 | ||||||
| 500,000 | 5.00%, 08/01/26 (c) | 596,215 | ||||||
| 15,000 | 5.00%, 09/01/26 | 18,396 | ||||||
| 1,000,000 | 5.00%, 09/01/26 | 1,226,420 | ||||||
| 2,000,000 | 5.00%, 09/01/26 (c) | 2,386,100 | ||||||
| 260,000 | 5.00%, 09/01/26 | 318,869 | ||||||
| 320,000 | 5.00%, 09/01/26 (c) | 376,854 | ||||||
| 250,000 | 5.00%, 09/01/26 (c) | 296,220 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 588,835 | ||||||
| 1,000,000 | 5.00%, 09/01/26 (c) | 1,193,050 | ||||||
| 500,000 | 5.00%, 09/01/26 (c) | 601,105 | ||||||
| 2,500,000 | 5.00%, 09/01/26 (c) | 2,926,275 | ||||||
| 175,000 | 5.25%, 08/01/25 (c) | 206,504 | ||||||
| 35,000 | Stockton Unified School District (GO) 5.00%, 02/01/26 (c) | 41,231 | ||||||
| 125,000 | Sweetwater Union High School District (GO) 5.00%, 08/01/24 (c) | 147,034 | ||||||
| Trustees of the California State University, Series A (RB) | ||||||||
| 1,195,000 | 4.00%, 11/01/22 (c) | 1,296,718 | ||||||
| 250,000 | 4.00%, 05/01/26 (c) | 288,302 | ||||||
| 775,000 | 5.00%, 11/01/23 (c) | 934,270 | ||||||
| 1,425,000 | 5.00%, 11/01/24 (c) | 1,685,248 | ||||||
| 50,000 | 5.00%, 11/01/24 | 61,053 | ||||||
| 260,000 | 5.00%, 05/01/26 (c) | 313,695 | ||||||
| 775,000 | 5.00%, 05/01/26 (c) | 944,849 | ||||||
| 750,000 | 5.00%, 05/01/26 (c) | 891,547 | ||||||
| 10,000 | University of California, Series AF (RB) 5.00%, 05/15/23 (c) | 11,885 | ||||||
| 100,000 | University of California, Series AM (RB) 5.25%, 05/15/24 (c) | 120,423 | ||||||
| University of California, Series AO (RB) | ||||||||
| 100,000 | 5.00%, 05/15/24 | 121,937 | ||||||
| 35,000 | 5.00%, 05/15/25 (c) | 42,756 | ||||||
| 20,000 | 5.00%, 05/15/25 (c) | 23,302 | ||||||
| 100,000 | 5.00%, 05/15/25 (c) | 120,106 | ||||||
| 10,000 | University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 11,859 | ||||||
| University of California, Series G (RB) | ||||||||
| 60,000 | 5.00%, 05/15/22 (c) | 69,137 | ||||||
| 40,000 | 5.00%, 05/15/22 (c) | 46,510 | ||||||
| University of California, Series I (RB) | ||||||||
| 35,000 | 5.00%, 05/15/25 | 42,873 | ||||||
| 540,000 | 5.00%, 05/15/25 (c) | 630,850 | ||||||
| 15,000 | 5.00%, 05/15/25 (c) | 18,200 | ||||||
| 25,000 | Ventura County Community College District (GO) 5.00%, 08/01/25 (c) | 29,732 | ||||||
| Ventura County Public Financing Authority, Series A (RB) | ||||||||
| 430,000 | 5.00%, 11/01/22 (c) | 496,805 | ||||||
| 285,000 | 5.00%, 11/01/22 (c) | 331,213 | ||||||
| Walnut Energy Center Authority, Series A (RB) | ||||||||
| 35,000 | 5.00%, 07/01/24 (c) | 41,536 | ||||||
| 15,000 | 5.00%, 07/01/24 (c) | 17,900 | ||||||
See Notes to Financial Statements
| 31 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| West Basin Municipal Water District/CA, Series A (RB) | ||||||||
| $ | 65,000 | 5.00%, 02/01/26 (c) | $ | 76,573 | ||||
| 80,000 | 5.00%, 02/01/26 (c) | 97,443 | ||||||
| West Contra Costa Unified School District, Series A (GO) | ||||||||
| 10,000 | 5.00%, 08/01/25 (c) | 11,617 | ||||||
| 95,000 | 5.00%, 08/01/25 (c) | 110,820 | ||||||
| 20,000 | 5.00%, 08/01/25 (c) | 23,460 | ||||||
| 500,000 | Yosemite Community College District (GO) 5.00%, 08/01/25 (c) | 591,770 | ||||||
| 253,477,301 | ||||||||
| Colorado: 1.1% | ||||||||
| 500,000 | Adams & Arapahoe Joint School District 28J Aurora, Series A (GO) (SAW) 5.00%, 12/01/26 (c) | 597,405 | ||||||
| 25,000 | Adams 12 Five Star Schools (GO) (SAW) 4.00%, 12/15/22 | 28,153 | ||||||
| 250,000 | Adams 12 Five Star Schools, Series B (GO) 5.00%, 12/15/26 (c) | 305,277 | ||||||
| Board of Governors of Colorado State University System, Series A (RB) | ||||||||
| 460,000 | 5.00%, 03/01/29 | 556,122 | ||||||
| 20,000 | 5.00%, 03/01/30 | 24,280 | ||||||
| 10,000 | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J, Series A (GO) (SAW) 5.00%, 12/15/25 (c) | 12,125 | ||||||
| 750,000 | Boulder Valley School District No Re-2 Boulder, Series B (GO) (SAW) 4.00%, 06/01/27 (c) | 848,235 | ||||||
| 25,000 | City & County of Denver CO Airport System Revenue, Series B (RB) 5.00%, 11/15/22 (c) | 28,797 | ||||||
| City and County of Denver, Department of Aviation Airport System, Series B (RB) | ||||||||
| 1,000,000 | 4.00%, 11/15/22 (c) | 1,051,670 | ||||||
| 290,000 | 5.00%, 11/15/22 (c) | 336,180 | ||||||
| 100,000 | City and County of Denver, Series A (RB) 5.00%, 08/01/23 | 119,143 | ||||||
| City of Aurora CO Water Revenue (RB) | ||||||||
| 20,000 | 5.00%, 08/01/24 | 24,283 | ||||||
| 35,000 | 5.00%, 08/01/25 | 42,913 | ||||||
| 25,000 | 5.00%, 08/01/26 (c) | 29,788 | ||||||
| 115,000 | City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/26 (c) | 136,197 | ||||||
| 500,000 | Colorado Health Facilities Authority, Hospital Revenue, Series B (RB) 5.00%, 05/15/26 (c) | 579,470 | ||||||
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 2,015,000 | Colorado Health Facilities Authority, Hospital Revenue, Series C (RB) 5.00%, 11/15/26 (p) | $ | 2,424,770 | ||||
| Colorado Higher Education, Series A (CP) | ||||||||
| 1,000,000 | 5.00%, 11/01/23 | 1,189,230 | ||||||
| 25,000 | 5.00%, 11/01/24 | 30,099 | ||||||
| 40,000 | 5.00%, 11/01/26 | 48,859 | ||||||
| 20,000 | Denver City & County School District No 1, Series B (GO) (SAW) 5.00%, 12/01/22 (c) | 23,083 | ||||||
| 250,000 | Denver City and County School District No. 1 (GO) 5.00%, 12/01/25 | 306,415 | ||||||
| 490,000 | Denver, Colorado Airport System Revenue, Series B (RB) 5.00%, 11/15/22 (c) | 561,658 | ||||||
| 25,000 | Denver, Colorado City & County School District No. 1, Series A (GO) (SAW) 4.00%, 12/01/21 (c) | 26,803 | ||||||
| 40,000 | Denver, Colorado City & County School District No. 1, Series B (GO) (SAW) 5.00%, 12/01/22 (c) | 47,252 | ||||||
| Park Creek Metropolitan District, Series A (RB) | ||||||||
| 550,000 | 5.00%, 12/01/25 (c) | 608,514 | ||||||
| 250,000 | 5.00%, 12/01/25 (c) | 277,377 | ||||||
| 100,000 | Platte River Power Authority, Series JJ (RB) 5.00%, 06/01/24 | 121,101 | ||||||
| 980,000 | Regents of the University of Colorado, Series A (RB) 5.00%, 06/01/25 (c) | 1,168,454 | ||||||
| 765,000 | Regents of the University of Colorado, Series B (RB) 4.00%, 06/01/24 (c) | 852,133 | ||||||
| Regents of the University of Colorado, Series B-1 (RB) | ||||||||
| 600,000 | 2.75%, 06/01/26 (c) | 589,074 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 1,071,540 | ||||||
| 500,000 | 4.00%, 06/01/26 (c) | 538,640 | ||||||
| Regional Transportation District, Fastracks Project, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 11/01/22 (c) | 1,172,410 | ||||||
| 515,000 | 5.00%, 11/01/22 (c) | 594,434 | ||||||
| 75,000 | 5.00%, 11/01/22 (c) | 87,545 | ||||||
| 50,000 | 5.00%, 11/01/27 | 61,632 | ||||||
| Regional Transportation District, Series A (CP) | ||||||||
| 1,110,000 | 5.00%, 06/01/20 (c) | 1,226,062 | ||||||
| 10,000 | 5.00%, 06/01/23 (c) | 11,622 | ||||||
| 10,000 | 5.00%, 11/01/29 | 12,425 | ||||||
| 365,000 | School District No. 27J Adams and Weld Counties (GO) (SAW) 4.00%, 12/01/25 (c) | 390,992 | ||||||
| 15,000 | University of Colorado, Series A (RB) 5.00%, 06/01/24 (c) | 17,879 | ||||||
See Notes to Financial Statements
| 32 |
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| University of Colorado, Series B (RB) | ||||||||
| $ | 25,000 | 5.00%, 06/01/24 (c) | $ | 29,963 | ||||
| 10,000 | 5.00%, 06/01/24 | 12,073 | ||||||
| 20,000 | University of Colorado, Series B-1 (RB) 5.00%, 06/01/25 | 24,272 | ||||||
| 18,246,349 | ||||||||
| Connecticut: 3.3% | ||||||||
| City of Hartford, Series A (GO) | ||||||||
| 220,000 | 5.00%, 04/01/23 (c) | 220,326 | ||||||
| 325,000 | 5.00%, 04/01/23 (c) | 332,153 | ||||||
| 200,000 | Connecticut Housing Finance Authority, Series A-1 (RB) 2.88%, 05/15/25 (c) | 195,706 | ||||||
| Connecticut State Health and Educational Facility Authority, Series A (RB) | ||||||||
| 1,245,000 | 5.00%, 07/01/24 (c) | 1,434,651 | ||||||
| 125,000 | 5.00%, 07/01/24 (c) | 146,891 | ||||||
| 1,615,000 | Connecticut State Health and Educational Facility Authority, Yale University Issue, Series A-2 (RB) 2.00%, 07/01/26 (p) | 1,521,249 | ||||||
| Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) | ||||||||
| 410,000 | 5.00%, 01/01/23 (c) | 473,378 | ||||||
| 1,000,000 | 5.00%, 10/01/23 (c) | 1,163,310 | ||||||
| 25,000 | South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c) | 29,563 | ||||||
| 15,000 | State of Connecticut (GO) 5.00%, 11/15/25 | 17,714 | ||||||
| State of Connecticut Special Tax Revenue, Series A (RB) | ||||||||
| 30,000 | 5.00%, 01/01/23 (c) | 34,465 | ||||||
| 30,000 | 5.00%, 10/01/23 (c) | 34,977 | ||||||
| 40,000 | 5.00%, 10/01/23 (c) | 46,766 | ||||||
| 10,000 | 5.00%, 09/01/24 | 11,833 | ||||||
| 150,000 | 5.00%, 09/01/24 (c) | 168,548 | ||||||
| 175,000 | 5.00%, 09/01/24 (c) | 202,979 | ||||||
| 330,000 | 5.00%, 08/01/25 (c) | 374,266 | ||||||
| 1,110,000 | 5.00%, 08/01/25 (c) | 1,246,030 | ||||||
| 10,000 | 5.00%, 08/01/25 (c) | 11,738 | ||||||
| 25,000 | 5.00%, 08/01/25 (c) | 29,063 | ||||||
| 2,720,000 | 5.00%, 09/01/26 (c) | 3,102,595 | ||||||
| 10,000 | 5.00%, 09/01/26 | 11,912 | ||||||
| 630,000 | State of Connecticut Special Tax Revenue, Series B (RB) 5.00%, 09/01/26 (c) | 736,861 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
| 320,000 | 3.25%, 03/15/26 (c) | 297,584 | ||||||
| 1,390,000 | 5.00%, 10/15/23 (c) | 1,607,452 | ||||||
| 1,400,000 | 5.00%, 10/15/23 (c) | 1,621,732 | ||||||
| 55,000 | 5.00%, 10/15/23 (c) | 63,818 | ||||||
| 125,000 | 5.00%, 03/01/24 (c) | 140,655 | ||||||
| 1,000,000 | 5.00%, 03/01/24 (c) | 1,152,600 | ||||||
| 200,000 | 5.00%, 03/01/24 (c) | 232,426 | ||||||
| Principal Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 65,000 | 5.00%, 03/01/25 (c) | $ | 78,853 | ||||
| 1,000,000 | 5.00%, 03/15/25 (c) | 1,123,530 | ||||||
| 780,000 | 5.00%, 03/15/26 (c) | 909,886 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
| 25,000 | 5.00%, 04/15/22 (c) | 27,745 | ||||||
| 630,000 | 5.00%, 04/15/22 (c) | 706,016 | ||||||
| 375,000 | 5.00%, 04/15/22 (c) | 424,927 | ||||||
| 905,000 | 5.00%, 04/15/22 (c) | 1,016,442 | ||||||
| 1,055,000 | 5.00%, 03/01/23 (c) | 1,207,025 | ||||||
| 290,000 | 5.00%, 06/15/25 (c) | 326,824 | ||||||
| 1,850,000 | 5.00%, 06/15/25 (c) | 2,161,170 | ||||||
| 695,000 | 5.00%, 05/15/26 | 818,710 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 25,000 | 5.00%, 07/15/23 (c) | 28,307 | ||||||
| 1,015,000 | 5.00%, 07/15/23 (c) | 1,169,940 | ||||||
| 445,000 | 5.00%, 07/15/23 (c) | 513,761 | ||||||
| 1,040,000 | 5.00%, 12/15/23 | 1,217,674 | ||||||
| 1,000,000 | 5.00%, 06/15/25 | 1,176,970 | ||||||
| 10,000 | State of Connecticut, Series D (GO) 5.00%, 06/15/23 | 11,631 | ||||||
| 40,000 | State of Connecticut, Series D and E (GO) 4.38%, 08/15/23 (c) | 43,056 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 405,000 | 4.00%, 09/15/22 (c) | 430,090 | ||||||
| 500,000 | 4.00%, 09/01/24 (c) | 544,325 | ||||||
| 585,000 | 4.00%, 09/01/24 (c) | 612,606 | ||||||
| 50,000 | 4.00%, 09/01/24 (c) | 52,095 | ||||||
| 820,000 | 5.00%, 09/15/22 (c) | 935,604 | ||||||
| 720,000 | 5.00%, 09/15/22 (c) | 807,545 | ||||||
| 455,000 | 5.00%, 09/15/22 (c) | 512,025 | ||||||
| 1,250,000 | 5.00%, 08/15/23 (c) | 1,447,950 | ||||||
| 225,000 | 5.00%, 08/15/23 (c) | 260,201 | ||||||
| State of Connecticut, Series F (GO) | ||||||||
| 400,000 | 3.25%, 11/15/25 (c) | 395,124 | ||||||
| 1,000,000 | 5.00%, 11/15/24 (c) | 1,155,820 | ||||||
| 460,000 | 5.00%, 11/15/25 (c) | 523,977 | ||||||
| State of Connecticut, Series G (GO) | ||||||||
| 795,000 | 4.00%, 10/15/22 (c) | 844,966 | ||||||
| 30,000 | 4.00%, 10/15/22 (c) | 32,823 | ||||||
| 15,000 | 4.00%, 11/15/24 (c) | 15,828 | ||||||
| 450,000 | 5.00%, 10/15/22 (c) | 515,619 | ||||||
| 515,000 | 5.00%, 10/15/22 (c) | 588,676 | ||||||
| 120,000 | State of Connecticut, Special Tax Revenue, Series A (RB) 5.00%, 09/01/24 (c) | 136,184 | ||||||
| State of Connecticut, Special Tax, Series A (RB) | ||||||||
| 230,000 | 5.00%, 08/01/25 (c) | 262,285 | ||||||
| 365,000 | 5.00%, 08/01/25 (c) | 421,411 | ||||||
| 440,000 | State of Connecticut, Transportation Infrastructure, Series A (RB) 5.00%, 10/01/23 (c) | 510,717 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 320,000 | 3.00%, 03/15/26 (c) | 291,885 | ||||||
| 65,000 | 5.00%, 02/15/21 (c) | 72,497 | ||||||
| 150,000 | 5.00%, 11/15/22 (c) | 171,096 | ||||||
| 500,000 | 5.00%, 02/15/23 (c) | 579,745 | ||||||
See Notes to Financial Statements
| 33 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 1,000,000 | 5.00%, 08/15/23 (c) | $ | 1,163,440 | ||||
| 770,000 | 5.00%, 02/15/25 (c) | 890,620 | ||||||
| 1,700,000 | 5.00%, 01/15/26 | 2,017,237 | ||||||
| 345,000 | 5.00%, 03/15/26 (c) | 393,169 | ||||||
| 620,000 | 5.00%, 03/15/26 (c) | 715,368 | ||||||
| 90,000 | 5.00%, 03/15/26 (c) | 104,604 | ||||||
| 545,000 | 5.00%, 03/15/26 (c) | 638,081 | ||||||
| 990,000 | 5.00%, 01/15/27 (c) | 1,150,103 | ||||||
| 2,745,000 | 5.00%, 01/15/27 | 3,270,173 | ||||||
| 52,089,597 | ||||||||
| Delaware: 0.4% | ||||||||
| Delaware Transportation Authority (RB) | ||||||||
| 25,000 | 4.00%, 07/01/25 | 28,606 | ||||||
| 10,000 | 5.00%, 07/01/23 | 11,948 | ||||||
| 35,000 | 5.00%, 07/01/24 | 42,519 | ||||||
| 20,000 | 5.00%, 07/01/25 | 24,547 | ||||||
| 20,000 | 5.00%, 07/01/26 | 24,791 | ||||||
| 250,000 | New Castle County (GO) 5.00%, 10/01/23 | 300,242 | ||||||
| State of Delaware (GO) | ||||||||
| 500,000 | 3.13%, 03/01/27 (c) | 497,820 | ||||||
| 500,000 | 4.00%, 03/01/27 (c) | 558,050 | ||||||
| 1,000,000 | 5.00%, 03/01/26 | 1,239,810 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 500,000 | 2.13%, 03/01/26 (c) | 482,765 | ||||||
| 500,000 | 5.00%, 08/01/23 (c) | 601,620 | ||||||
| State of Delaware, Series B (GO) | ||||||||
| 750,000 | 5.00%, 07/01/23 | 899,520 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,202,900 | ||||||
| 5,915,138 | ||||||||
| District of Columbia: 0.7% | ||||||||
| 10,000 | District of Columbia (RB) 5.00%, 07/15/23 | 11,792 | ||||||
| 460,000 | District of Columbia University (RB) 5.00%, 04/01/27 (c) | 540,086 | ||||||
| 30,000 | District of Columbia Water & Sewer Authority, Series A (RB) 5.00%, 04/01/26 (c) | 35,250 | ||||||
| District of Columbia, Income Tax Secured Revenue, Series C (RB) | ||||||||
| 305,000 | 3.00%, 12/01/22 (c) | 296,460 | ||||||
| 1,350,000 | 5.00%, 12/01/22 (c) | 1,572,034 | ||||||
| 895,000 | 5.00%, 12/01/22 (c) | 1,049,441 | ||||||
| 125,000 | 5.00%, 12/01/22 (c) | 146,064 | ||||||
| 100,000 | 5.00%, 12/01/22 (c) | 116,620 | ||||||
| District of Columbia, Series A (GO) | ||||||||
| 10,000 | 5.00%, 06/01/23 | 11,936 | ||||||
| 220,000 | 5.00%, 06/01/23 | 262,592 | ||||||
| 1,085,000 | 5.00%, 06/01/23 (c) | 1,276,502 | ||||||
| 15,000 | 5.00%, 06/01/24 | 18,176 | ||||||
| 15,000 | 5.00%, 12/01/24 | 18,255 | ||||||
| 10,000 | 5.00%, 06/01/25 | 12,219 | ||||||
| 420,000 | 5.00%, 06/01/25 (c) | 489,019 | ||||||
| 20,000 | 5.00%, 12/01/25 | 24,531 | ||||||
| 25,000 | 5.00%, 06/01/26 (c) | 30,433 | ||||||
| 10,000 | 5.00%, 06/01/26 | 12,320 | ||||||
| 15,000 | 5.00%, 06/01/26 (c) | 17,854 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 293,812 | ||||||
| 290,000 | 5.00%, 06/01/26 (c) | 338,798 | ||||||
| Principal Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| $ | 15,000 | District of Columbia, Series B (RB) 5.00%, 12/01/22 (c) | $ | 17,580 | ||||
| 275,000 | District of Columbia, Series C (GO) 5.00%, 06/01/24 (c) | 318,565 | ||||||
| 20,000 | District of Columbia, Series D (GO) 5.00%, 12/01/26 (c) | 23,822 | ||||||
| 25,000 | District of Columbia, Series E (GO) 5.00%, 12/01/26 (c) | 29,777 | ||||||
| District of Columbia, Water and Sewer Authority, Subordinated Lien, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,163,830 | ||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,194,420 | ||||||
| 1,000,000 | 5.00%, 04/01/26 (c) | 1,168,120 | ||||||
| 10,490,308 | ||||||||
| Florida: 4.3% | ||||||||
| 10,000 | Brevard County School District, Series C (CP) 5.00%, 07/01/25 (c) | 11,477 | ||||||
| Broward County, Florida Water and Sewer Utility Revenue, Series B (RB) | ||||||||
| 25,000 | 5.00%, 10/01/22 (c) | 29,403 | ||||||
| 70,000 | 5.00%, 10/01/22 (c) | 82,408 | ||||||
| 1,190,000 | Central Florida Expressway Authority, Senior Lien, Series A (RB) 3.00%, 07/01/26 (c) | 1,168,580 | ||||||
| Central Florida Expressway Authority, Series B (RB) | ||||||||
| 30,000 | 5.00%, 07/01/25 | 35,970 | ||||||
| 10,000 | 5.00%, 07/01/26 | 12,081 | ||||||
| 120,000 | City of Gainesville, Utilities System Revenue, Series A (RB) 5.00%, 10/01/22 (c) | 140,658 | ||||||
| 500,000 | City of Jacksonville (RB) 5.00%, 10/01/24 (c) | 580,040 | ||||||
| 1,000,000 | City of Jacksonville (RB) 5.00%, 10/01/24 (c) | 1,163,740 | ||||||
| City of Jacksonville FL (RB) | ||||||||
| 200,000 | 3.00%, 10/01/25 (c) | 199,340 | ||||||
| 40,000 | 5.00%, 10/01/25 | 48,420 | ||||||
| 35,000 | 5.00%, 10/01/25 (c) | 41,893 | ||||||
| City of Jacksonville, Better Jacksonville Sales Tax Revenue, Series A (RB) | ||||||||
| 610,000 | 5.00%, 10/01/22 (c) | 697,004 | ||||||
| 1,185,000 | 5.00%, 10/01/25 | 1,431,409 | ||||||
| 50,000 | City of Jacksonville, Florida (RB) 5.00%, 10/01/22 (c) | 57,573 | ||||||
| City of Jacksonville, Florida, Series C (RB) | ||||||||
| 365,000 | 5.00%, 10/01/22 (c) | 423,732 | ||||||
| 100,000 | 5.00%, 10/01/22 (c) | 116,371 | ||||||
| 795,000 | 5.00%, 10/01/22 (c) | 925,149 | ||||||
| 250,000 | City of Jacksonville, Series C (RB) 5.00%, 10/01/22 (c) | 287,035 | ||||||
| 435,000 | City of Jacksonville, Transportation Revenue (RB) 3.25%, 10/01/25 (c) | 435,948 | ||||||
See Notes to Financial Statements
| 34 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 10,000 | City of Lakeland FL (RB) 5.00%, 11/15/26 | $ | 11,848 | ||||
| 215,000 | City of Lakeland FL Department of Electric Utilities (RB) 5.00%, 04/01/26 (c) | 260,948 | ||||||
| 500,000 | City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c) | 572,115 | ||||||
| 25,000 | City of Orlando FL, Series A (RB) 5.25%, 05/01/24 (c) | 30,663 | ||||||
| City of Orlando, Florida, Series A (RB) | ||||||||
| 750,000 | 5.25%, 05/01/24 (c) | 919,890 | ||||||
| 1,015,000 | 5.25%, 05/01/24 (c) | 1,244,918 | ||||||
| City of Port St. Lucie, Utility System Revenue (RB) | ||||||||
| 500,000 | 4.00%, 09/01/26 (c) | 532,020 | ||||||
| 470,000 | 5.00%, 09/01/26 (c) | 551,818 | ||||||
| City of Tampa, H. Lee Moffitt Cancer Center Project, Series A (RB) | ||||||||
| 120,000 | 4.00%, 09/01/22 (c) | 124,903 | ||||||
| 50,000 | 5.00%, 09/01/22 (c) | 56,039 | ||||||
| 20,000 | County of Hillsborough FL (RB) 5.00%, 11/01/24 | 23,941 | ||||||
| 100,000 | County of Lee, Florida Transportation Facilities (RB) (AGM) 5.00%, 10/01/24 (c) | 118,000 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 920,000 | 3.22%, 10/01/26 (c) ^ | 496,064 | ||||||
| 460,000 | 3.33%, 10/01/26 (c) ^ | 236,721 | ||||||
| 310,000 | 5.00%, 10/01/26 (c) | 360,499 | ||||||
| 25,000 | County of Miami-Dade FL (RB) 5.00%, 10/01/26 | 29,888 | ||||||
| County of Miami-Dade FL Aviation Revenue, Series A (RB) | ||||||||
| 10,000 | 5.00%, 10/01/26 (c) | 11,800 | ||||||
| 25,000 | 5.00%, 10/01/26 (c) | 30,003 | ||||||
| County of Miami-Dade FL Aviation Revenue, Series B (RB) | ||||||||
| 15,000 | 5.00%, 10/01/22 (c) | 17,322 | ||||||
| 20,000 | 5.00%, 10/01/24 (c) | 23,630 | ||||||
| 90,000 | County of Miami-Dade FL Water & Sewer System Revenue (RB) 5.00%, 10/01/25 | 108,945 | ||||||
| County of Miami-Dade FL, Series A (GO) | ||||||||
| 20,000 | 5.00%, 07/01/20 (c) | 22,212 | ||||||
| 15,000 | 5.00%, 06/01/25 | 17,836 | ||||||
| 25,000 | 5.00%, 07/01/25 | 30,203 | ||||||
| 10,000 | County of Miami-Dade FL, Series D (GO) 5.00%, 07/01/23 | 11,858 | ||||||
| County of Miami-Dade, Aviation Revenue, Series A (RB) | ||||||||
| 750,000 | 5.00%, 10/01/26 (c) | 862,882 | ||||||
| 1,000,000 | 5.00%, 10/01/26 (c) | 1,189,080 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
| 100,000 | 5.00%, 07/01/25 (c) | 116,902 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,178,420 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| County of Miami-Dade, Building Better Communities Program, Series B (GO) | ||||||||
| $ | 415,000 | 3.00%, 07/01/24 (c) | $ | 410,974 | ||||
| 1,400,000 | 4.00%, 07/01/24 (c) | 1,460,186 | ||||||
| 70,000 | 5.00%, 07/01/24 (c) | 83,430 | ||||||
| 500,000 | County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/26 (c) | 596,645 | ||||||
| 1,000,000 | County of Miami-Dade, Educational Facilities Authority, Series A (RB) 5.00%, 04/01/25 (c) | 1,133,120 | ||||||
| 275,000 | County of Miami-Dade, Expressway Authority Toll System, Series B (RB) 5.00%, 07/01/24 | 327,759 | ||||||
| 70,000 | County of Miami-Dade, Florida Aviation Revenue, Series B (RB) 4.00%, 10/01/22 (c) | 76,994 | ||||||
| 250,000 | County of Miami-Dade, Florida Building Better Communities Program, Series A (GO) 5.00%, 07/01/26 (c) | 289,130 | ||||||
| 1,050,000 | County of Miami-Dade, Florida Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/26 (c) | 1,243,767 | ||||||
| County of Miami-Dade, Florida Subordinate Special Obligation, Series A (RB) | ||||||||
| 650,000 | 5.00%, 10/01/22 (c) | 739,862 | ||||||
| 1,145,000 | 5.00%, 10/01/22 (c) | 1,307,693 | ||||||
| 70,000 | 5.00%, 10/01/22 (c) | 80,370 | ||||||
| County of Miami-Dade, Florida Transit System (RB) | ||||||||
| 320,000 | 3.25%, 07/01/22 (c) | 326,403 | ||||||
| 100,000 | 5.00%, 07/01/22 (c) | 114,164 | ||||||
| 105,000 | County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 3.38%, 07/01/22 (c) | 107,119 | ||||||
| 65,000 | County of Miami-Dade, Florida, Series A (RB) 5.00%, 10/01/22 (c) | 73,703 | ||||||
| 100,000 | County of Miami-Dade, Series A (GO) 5.00%, 07/01/23 | 118,580 | ||||||
| 930,000 | County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/24 | 1,117,014 | ||||||
| 95,000 | County of Miami-Dade, Water and Sewer System Revenue (RB) 5.00%, 10/01/23 | 112,822 | ||||||
| 15,000 | County of Orange FL Tourist Development Tax Revenue (RB) 5.00%, 10/01/25 (c) | 18,030 | ||||||
| 550,000 | County of Orange, Florida Sales Tax Revenue, Series B (RB) 5.00%, 01/01/22 (c) | 627,808 | ||||||
| 250,000 | County of Orange, Florida Sales Tax Revenue, Series C (RB) 5.00%, 01/01/24 | 299,652 | ||||||
See Notes to Financial Statements
| 35 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 340,000 | County of Palm Beach, Florida (RB) 5.00%, 06/01/22 (c) | $ | 396,702 | ||||
| County of Palm Beach, Public Improvement (RB) | ||||||||
| 340,000 | 5.00%, 06/01/22 (c) | 394,356 | ||||||
| 50,000 | 5.00%, 06/01/22 (c) | 58,100 | ||||||
| 30,000 | Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/23 | 35,632 | ||||||
| Florida Department of Management Services, Series A (CP) | ||||||||
| 145,000 | 5.00%, 08/01/23 | 171,252 | ||||||
| 100,000 | 5.00%, 08/01/24 | 119,243 | ||||||
| 50,000 | 5.00%, 08/01/25 | 60,001 | ||||||
| 500,000 | Florida Higher Educational Facilities Financial Authority (RB) 5.00%, 04/01/26 (c) | 551,740 | ||||||
| 1,645,000 | Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) 5.00%, 10/01/26 (c) | 1,941,067 | ||||||
| 10,000 | Florida Municipal Power Agency, Series A (RB) 5.00%, 10/01/26 (c) | 11,683 | ||||||
| 650,000 | Florida State Board of Education, Public Education Capital Outlay, Series B (GO) 3.00%, 06/01/24 (c) | 662,057 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 35,000 | 3.00%, 06/01/22 (c) | 34,289 | ||||||
| 610,000 | 3.00%, 06/01/24 (c) | 597,605 | ||||||
| 570,000 | 4.00%, 06/01/22 (c) | 625,068 | ||||||
| 1,000,000 | Florida State Department of Transportation, Full Faith and Credit Right-of-Way, Series A (GO) 5.00%, 07/01/21 (c) | 1,141,090 | ||||||
| 1,000,000 | Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c) | 1,207,270 | ||||||
| Florida’s Turnpike Enterprise, Series B (RB) | ||||||||
| 135,000 | 5.00%, 07/01/25 (c) | 161,201 | ||||||
| 20,000 | 5.00%, 07/01/25 (c) | 24,030 | ||||||
| 25,000 | 5.00%, 07/01/25 (c) | 30,182 | ||||||
| 50,000 | Florida’s Turnpike Enterprise, Series C (RB) 5.00%, 07/01/23 | 59,547 | ||||||
| 1,130,000 | Halifax Hospital Medical Center (RB) 3.38%, 06/01/26 (c) | 1,086,348 | ||||||
| Hernando County School District, Series A (CP) (AGM) | ||||||||
| 630,000 | 3.00%, 07/01/26 (c) | 582,309 | ||||||
| 630,000 | 3.00%, 07/01/26 (c) | 589,749 | ||||||
| 1,215,000 | Hillsborough County School Board, Series A (CP) 5.00%, 07/01/22 (c) | 1,409,023 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| JEA Electric System Revenue, Series A (RB) | ||||||||
| $ | 95,000 | 5.00%, 10/01/23 (c) | $ | 110,084 | ||||
| 20,000 | 5.00%, 10/01/23 (c) | 23,253 | ||||||
| 10,000 | JEA Electric System Revenue, Series C (RB) 5.00%, 04/01/23 (c) | 11,520 | ||||||
| JEA Water and Sewer System Revenue, Series A (RB) | ||||||||
| 250,000 | 5.00%, 04/01/21 (c) | 282,097 | ||||||
| 65,000 | 5.00%, 10/01/22 (c) | 76,190 | ||||||
| 350,000 | Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB) 4.00%, 11/15/22 (c) | 366,264 | ||||||
| Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) | ||||||||
| 1,045,000 | 5.00%, 02/01/24 (c) | 1,193,641 | ||||||
| 945,000 | 5.00%, 02/01/24 (c) | 1,072,547 | ||||||
| 1,000,000 | 5.00%, 02/01/24 (c) | 1,114,140 | ||||||
| 1,100,000 | 5.00%, 02/01/24 (c) | 1,283,777 | ||||||
| 590,000 | 5.00%, 02/01/24 (c) | 682,984 | ||||||
| 145,000 | 5.00%, 02/01/24 (c) | 166,685 | ||||||
| Miami Beach Redevelopment Agency, Series A and B (TA) | ||||||||
| 20,000 | 5.00%, 02/01/24 (c) | 22,193 | ||||||
| 20,000 | 5.00%, 02/01/24 | 23,670 | ||||||
| Miami-Dade County Expressway Authority, Series A (RB) | ||||||||
| 15,000 | 5.00%, 07/01/26 (c) | 17,167 | ||||||
| 10,000 | 5.00%, 07/01/26 (c) | 11,652 | ||||||
| Miami-Dade County Expressway Authority, Series B (RB) | ||||||||
| 30,000 | 5.00%, 07/01/23 | 35,287 | ||||||
| 35,000 | 5.00%, 07/01/24 (c) | 40,778 | ||||||
| 35,000 | 5.00%, 07/01/24 (c) | 41,180 | ||||||
| Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP) | ||||||||
| 305,000 | 4.00%, 08/01/22 (c) | 321,964 | ||||||
| 240,000 | 4.00%, 08/01/22 (c) | 254,671 | ||||||
| 1,000,000 | Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c) | 1,105,790 | ||||||
| 15,000 | Orange County School Board, Series B (CP) 5.00%, 08/01/22 (c) | 17,302 | ||||||
| 1,900,000 | Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c) | 2,186,501 | ||||||
| Orange County School Board, Series D (CP) | ||||||||
| 50,000 | 5.00%, 08/01/25 (c) | 58,246 | ||||||
| 25,000 | 5.00%, 08/01/25 (c) | 29,406 | ||||||
| Orlando and Orange County Expressway Authority (RB) (AGM) | ||||||||
| 320,000 | 3.00%, 07/01/22 (c) | 331,942 | ||||||
| 30,000 | 5.00%, 07/01/22 (c) | 34,679 | ||||||
| 1,320,000 | 5.00%, 07/01/22 (c) | 1,525,154 | ||||||
See Notes to Financial Statements
| 36 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 135,000 | Orlando and Orange County Expressway Authority, Series B (RB) (AGM) 5.00%, 07/01/23 (c) | $ | 158,363 | ||||
| Orlando Utilities Commission, Series A (RB) | ||||||||
| 1,125,000 | 5.00%, 10/01/24 | 1,358,100 | ||||||
| 55,000 | 5.00%, 04/01/25 (c) | 64,083 | ||||||
| 50,000 | 5.00%, 10/01/25 | 61,083 | ||||||
| Orlando-Orange County Expressway Authority, Series A (RB) | ||||||||
| 25,000 | 5.00%, 07/01/23 (c) | 28,825 | ||||||
| 195,000 | 5.00%, 07/01/23 (c) | 225,927 | ||||||
| 25,000 | Orlando-Orange County Expressway Authority, Series B (RB) 5.00%, 07/01/23 (c) | 29,248 | ||||||
| 10,000 | Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc., Obligated Group (RB) 5.00%, 11/15/26 (c) | 10,986 | ||||||
| 50,000 | Palm Beach County School District, Series D (CP) 5.00%, 08/01/25 (c) | 59,014 | ||||||
| 50,000 | Palm Beach County Solid Waste Authority (RB) 5.00%, 10/01/21 (c) | 57,419 | ||||||
| Reedy Creek Improvement District, Series A (GO) | ||||||||
| 15,000 | 5.00%, 06/01/23 (c) | 17,742 | ||||||
| 50,000 | 5.00%, 06/01/26 (c) | 58,110 | ||||||
| 85,000 | Regents of the University of California, Medical Center Pooled Revenue, Series L (GO) 5.25%, 06/01/23 (c) | 99,884 | ||||||
| School Board of Miami-Dade County, Series A (CP) | ||||||||
| 220,000 | 5.00%, 05/01/23 | 257,651 | ||||||
| 10,000 | 5.00%, 05/01/25 (c) | 11,435 | ||||||
| 15,000 | 5.00%, 05/01/25 (c) | 17,607 | ||||||
| 160,000 | 5.00%, 05/01/25 | 189,586 | ||||||
| 545,000 | School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c) | 639,726 | ||||||
| School Board of Miami-Dade County, Series C (CP) | ||||||||
| 460,000 | 3.25%, 02/01/21 (c) | 441,835 | ||||||
| 255,000 | 3.25%, 02/01/21 (c) | 247,985 | ||||||
| 20,000 | 5.00%, 02/01/26 (c) | 22,808 | ||||||
| School Board of Miami-Dade County, Series D (CP) | ||||||||
| 10,000 | 5.00%, 02/01/24 | 11,815 | ||||||
| 265,000 | 5.00%, 11/01/24 (c) | 303,589 | ||||||
| 250,000 | 5.00%, 02/01/26 (c) | 294,935 | ||||||
| 45,000 | 5.00%, 02/01/26 | 53,630 | ||||||
| 200,000 | School District of Broward County, Series A (CP) 5.00%, 07/01/26 (c) | 231,998 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 400,000 | South Broward Hospital District, South Broward Hospital District (RB) 5.00%, 05/01/26 (c) | $ | 470,588 | ||||
| 405,000 | South Florida Water Management District (CP) 3.00%, 04/01/26 (c) | 394,786 | ||||||
| 20,000 | St Lucie County School Board, Series A (CP) 3.25%, 07/01/23 (c) | 20,178 | ||||||
| 500,000 | St. Johns River Power Park (RB) 3.00%, 10/01/19 (c) | 510,995 | ||||||
| State of Florida Lottery Revenue, Series A (RB) | ||||||||
| 15,000 | 5.00%, 07/01/23 | 17,855 | ||||||
| 25,000 | 5.00%, 07/01/24 | 30,203 | ||||||
| 115,000 | State of Florida, Board of Education, Lottery Revenue, Series A (RB) 5.00%, 07/01/23 (c) | 135,413 | ||||||
| 1,015,000 | State of Florida, Board of Education, Lottery Revenue, Series B (RB) 5.00%, 07/01/25 | 1,244,065 | ||||||
| 1,275,000 | State of Florida, Board of Education, Public Education Capital Outlay Refunding, Series A (GO) 5.00%, 06/01/24 (c) | 1,517,900 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay Refunding, Series B (GO) | ||||||||
| 800,000 | 4.00%, 06/01/21 (c) | 876,160 | ||||||
| 80,000 | 5.00%, 06/01/22 (c) | 93,597 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay Refunding, Series C (GO) | ||||||||
| 490,000 | 4.00%, 06/01/26 (c) | 533,149 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 1,077,280 | ||||||
| 200,000 | 5.00%, 06/01/23 | 238,720 | ||||||
| 115,000 | 5.00%, 06/01/23 (c) | 135,805 | ||||||
| 125,000 | 5.00%, 06/01/23 (c) | 147,141 | ||||||
| 1,000,000 | State of Florida, Board of Education, Public Education Capital Outlay Refunding, Series E (GO) 2.38%, 06/01/26 (c) | 904,830 | ||||||
| 30,000 | State of Florida, Department of Transportation Turnpike, Series A (RB) 3.00%, 07/01/22 (c) | 29,138 | ||||||
| State of Florida, Series A (GO) | ||||||||
| 20,000 | 5.00%, 07/01/26 (c) | 24,530 | ||||||
| 10,000 | 5.00%, 07/01/26 | 12,377 | ||||||
| State of Florida, Series B (GO) | ||||||||
| 10,000 | 3.00%, 06/01/24 (c) | 10,283 | ||||||
| 25,000 | 5.00%, 06/01/22 (c) | 29,143 | ||||||
| 10,000 | 5.00%, 06/01/23 | 11,936 | ||||||
| 15,000 | 5.00%, 06/01/24 (c) | 17,858 | ||||||
| 25,000 | 5.00%, 06/01/24 | 30,331 | ||||||
See Notes to Financial Statements
| 37 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| State of Florida, Series C (GO) | ||||||||
| $ | 55,000 | 4.00%, 06/01/22 (c) | $ | 60,537 | ||||
| 70,000 | 5.00%, 06/01/22 (c) | 81,897 | ||||||
| 20,000 | 5.00%, 06/01/23 (c) | 23,606 | ||||||
| 10,000 | 5.00%, 06/01/24 (c) | 11,905 | ||||||
| State of Florida, Series D (GO) | ||||||||
| 10,000 | 4.00%, 06/01/26 | 11,394 | ||||||
| 25,000 | 5.00%, 06/01/22 (c) | 29,209 | ||||||
| 30,000 | 5.00%, 06/01/22 (c) | 34,971 | ||||||
| 20,000 | 5.00%, 06/01/25 | 24,521 | ||||||
| 10,000 | 5.00%, 06/01/26 (c) | 12,118 | ||||||
| State of Florida, Series E (GO) | ||||||||
| 15,000 | 5.00%, 06/01/24 | 18,198 | ||||||
| 10,000 | 5.00%, 06/01/25 | 12,261 | ||||||
| 25,000 | 5.00%, 06/01/26 | 30,917 | ||||||
| State of Florida, Series F (GO) | ||||||||
| 15,000 | 5.00%, 06/01/24 | 18,198 | ||||||
| 10,000 | 5.00%, 06/01/25 (c) | 12,070 | ||||||
| 10,000 | 5.00%, 06/01/25 (c) | 12,152 | ||||||
| 35,000 | 5.00%, 06/01/26 (c) | 42,414 | ||||||
| Tampa Bay Water, Series A (RB) | ||||||||
| 20,000 | 5.00%, 10/01/25 (c) | 24,244 | ||||||
| 15,000 | 5.00%, 10/01/25 | 18,299 | ||||||
| Tampa-Hillsborough County Expressway Authority, Series A (RB) | ||||||||
| 1,500,000 | 4.00%, 07/01/22 (c) | 1,596,300 | ||||||
| 1,020,000 | 5.00%, 07/01/22 (c) | 1,170,940 | ||||||
| 10,000 | Tohopekaliga Water Authority (RB) 5.00%, 10/01/23 | 11,883 | ||||||
| Volusia County School Board, Series B (CP) | ||||||||
| 30,000 | 5.00%, 08/01/24 (c) | 35,354 | ||||||
| 15,000 | 5.00%, 08/01/24 (c) | 17,842 | ||||||
| 68,914,007 | ||||||||
| Georgia: 2.9% | ||||||||
| Atlanta Airport Passenger Facility, Series A (RB) | ||||||||
| 80,000 | 5.00%, 01/01/24 (c) | 92,678 | ||||||
| 730,000 | 5.00%, 01/01/24 (c) | 859,444 | ||||||
| City of Atlanta Department of Aviation, Series A (RB) | ||||||||
| 25,000 | 5.00%, 01/01/24 (c) | 29,332 | ||||||
| 15,000 | 5.00%, 01/01/24 (c) | 17,752 | ||||||
| 25,000 | City of Atlanta GA (GO) 4.88%, 12/01/24 (c) | 29,933 | ||||||
| City of Atlanta GA Water & Wastewater Revenue (RB) | ||||||||
| 15,000 | 5.00%, 05/01/25 (c) | 17,560 | ||||||
| 35,000 | 5.00%, 05/01/25 (c) | 42,205 | ||||||
| 500,000 | City of Atlanta GA Water & Wastewater Revenue, Series B (RB) 5.25%, 11/01/23 (c) | 596,155 | ||||||
| City of Atlanta, Public Improvement (GO) | ||||||||
| 750,000 | 4.50%, 12/01/24 (c) | 859,642 | ||||||
| 595,000 | 5.00%, 12/01/24 (c) | 704,307 | ||||||
| Principal Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| City of Atlanta, Water and Wastewater Revenue (RB) | ||||||||
| $ | 3,050,000 | 5.00%, 05/01/25 (c) | $ | 3,534,736 | ||||
| 1,500,000 | 5.00%, 05/01/25 (c) | 1,746,585 | ||||||
| 1,500,000 | City of Austin, Water and Wastewater System Revenue (RB) 5.00%, 05/01/25 (c) | 1,772,595 | ||||||
| 250,000 | Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c) | 291,525 | ||||||
| 125,000 | Cobb County Kennestone Hospital Authority (RB) 5.00%, 04/01/23 (c) | 139,739 | ||||||
| 25,000 | County of Forsyth GA, Series B (GO) 5.00%, 03/01/25 (c) | 30,228 | ||||||
| 50,000 | Georgia Housing & Finance Authority, Series A (RB) 3.45%, 12/01/22 (c) | 50,468 | ||||||
| 650,000 | Georgia Housing & Finance Authority, Subseries B-1 (RB) 2.90%, 12/01/25 (c) | 638,209 | ||||||
| 275,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Subseries B-1 (RB) 3.00%, 06/01/24 (c) | 278,894 | ||||||
| 15,000 | Henry County School District (GO) (SAW) 5.00%, 08/01/25 | 18,302 | ||||||
| 60,000 | Metropolitan Atlanta Rapid Transit Authority, Refunding Series A (RB) 5.00%, 07/01/22 (c) | 69,775 | ||||||
| 1,500,000 | Metropolitan Atlanta Rapid Transit Authority, Refunding Series B (RB) 5.00%, 07/01/26 (c) | 1,774,290 | ||||||
| Metropolitan Atlanta Rapid Transit Authority, Refunding Series C (RB) | ||||||||
| 500,000 | 5.00%, 07/01/26 (c) | 602,220 | ||||||
| 110,000 | 5.00%, 07/01/26 (c) | 133,493 | ||||||
| 500,000 | 5.00%, 07/01/26 | 614,640 | ||||||
| 305,000 | Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/22 (c) | 312,186 | ||||||
| 10,000 | Metropolitan Atlanta Rapid Transit Authority, Series B (RB) 5.00%, 07/01/26 (c) | 11,900 | ||||||
| 500,000 | Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB) 5.00%, 11/01/22 | 570,415 | ||||||
| Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB) | ||||||||
| 1,270,000 | 5.00%, 01/01/23 (c) | 1,403,375 | ||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,134,560 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 110,000 | 5.00%, 01/01/25 (c) | 126,906 | ||||||
| 170,000 | 5.00%, 07/01/26 (c) | 195,435 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,158,260 | ||||||
See Notes to Financial Statements
| 38 |
| Principal Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| $ | 400,000 | Municipal Electric Authority of Georgia, Series GG (RB) 5.00%, 01/01/23 (c) | $ | 450,444 | ||||
| 3,120,000 | Municipal Gas Authority of Georgia, Series A (RB) 5.00%, 10/01/23 | 3,668,215 | ||||||
| Richmond County Hospital Authority (RB) | ||||||||
| 25,000 | 5.00%, 07/01/26 (c) | 28,719 | ||||||
| 150,000 | 5.00%, 07/01/26 (c) | 176,897 | ||||||
| 300,000 | Richmond County Hospital Authority, University Health Services, Inc. Project (RB) 3.00%, 07/01/26 (c) | 280,299 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 1,430,000 | 2.50%, 02/01/26 (c) | 1,268,410 | ||||||
| 65,000 | 3.00%, 07/01/22 (c) | 65,744 | ||||||
| 1,000,000 | 3.00%, 02/01/24 (c) | 1,015,890 | ||||||
| 1,250,000 | 5.00%, 07/01/22 (c) | 1,469,187 | ||||||
| 1,225,000 | 5.00%, 07/01/22 (c) | 1,436,484 | ||||||
| 1,000,000 | 5.00%, 07/01/22 (c) | 1,169,930 | ||||||
| 3,600,000 | 5.00%, 02/01/25 | 4,411,692 | ||||||
| 1,000,000 | 5.00%, 02/01/26 | 1,238,640 | ||||||
| 2,030,000 | 5.00%, 02/01/26 (c) | 2,485,268 | ||||||
| 2,000,000 | 5.00%, 02/01/26 (c) | 2,413,160 | ||||||
| 2,100,000 | State of Georgia, Series C-1 (GO) 4.00%, 07/01/25 | 2,421,594 | ||||||
| 20,000 | State of Georgia, Series D (GO) 5.00%, 02/01/23 (c) | 23,802 | ||||||
| 1,000,000 | State of Georgia, Series E (GO) 5.00%, 12/01/24 | 1,224,920 | ||||||
| 40,000 | State of Georgia, Series I (GO) 4.00%, 11/01/21 (c) | 44,001 | ||||||
| 500,000 | State of Georgia, Series J (GO) 4.50%, 11/01/21 (c) | 568,460 | ||||||
| 45,719,500 | ||||||||
| Guam: 0.1% | ||||||||
| 1,165,000 | Government of Guam Business Privilege Tax, Series B-1 (RB) 5.00%, 01/01/22 (c) | 1,216,551 | ||||||
| Hawaii: 1.3% | ||||||||
| 5,390,000 | City & County Honolulu HI Wastewater System Revenue, Series B (RB) 4.00%, 07/01/26 (c) | 5,778,565 | ||||||
| City & County of Honolulu HI, Series B (GO) | ||||||||
| 10,000 | 5.00%, 11/01/22 (c) | 11,667 | ||||||
| 10,000 | 5.00%, 10/01/23 | 11,976 | ||||||
| 1,015,000 | City and County Honolulu, Wastewater System Revenue, Series A (RB) 5.00%, 07/01/26 (c) | 1,197,000 | ||||||
| City and County of Honolulu, Series A (GO) | ||||||||
| 575,000 | 5.00%, 11/01/22 (c) | 668,236 | ||||||
| 1,350,000 | 5.00%, 10/01/25 (c) | 1,617,003 | ||||||
| Principal Amount | Value | |||||||
| Hawaii: (continued) | ||||||||
| City and County of Honolulu, Series B (GO) | ||||||||
| $ | 40,000 | 5.00%, 11/01/22 (c) | $ | 46,805 | ||||
| 760,000 | 5.00%, 10/01/25 (c) | 917,388 | ||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,214,770 | ||||||
| 10,000 | County of Hawaii HI, Series A (GO) 5.00%, 03/01/26 (c) | 11,804 | ||||||
| 35,000 | Honolulu City & County Board of Water Supply, Series A (RB) 5.00%, 07/01/24 (c) | 41,231 | ||||||
| State of Hawaii State Highway Fund, Series B (RB) | ||||||||
| 260,000 | 5.00%, 07/01/26 (c) | 312,681 | ||||||
| 20,000 | 5.00%, 07/01/26 (c) | 24,400 | ||||||
| State of Hawaii, Series EO (GO) | ||||||||
| 25,000 | 5.00%, 08/01/24 (c) | 28,831 | ||||||
| 3,345,000 | 5.00%, 08/01/24 (c) | 4,008,548 | ||||||
| 3,295,000 | 5.00%, 08/01/24 (c) | 3,863,849 | ||||||
| 25,000 | State of Hawaii, Series ET (GO) 5.00%, 10/01/25 | 30,541 | ||||||
| 105,000 | State of Hawaii, Series EY (GO) 5.00%, 10/01/25 (c) | 126,566 | ||||||
| 500,000 | State of Hawaii, Series EZ (GO) 5.00%, 10/01/25 (c) | 606,105 | ||||||
| 200,000 | State of Hawaii, Series FB (GO) 4.00%, 04/01/26 (c) | 222,476 | ||||||
| 10,000 | State of Hawaii, Series FE (GO) 5.00%, 10/01/25 | 12,208 | ||||||
| State of Hawaii, Series FG (GO) | ||||||||
| 25,000 | 5.00%, 10/01/24 | 30,314 | ||||||
| 10,000 | 5.00%, 10/01/26 | 12,330 | ||||||
| State of Hawaii, Series FH (GO) | ||||||||
| 500,000 | 5.00%, 10/01/23 | 598,805 | ||||||
| 15,000 | 5.00%, 10/01/26 (c) | 18,183 | ||||||
| 100,000 | University of Hawaii, Series E (RB) 5.00%, 10/01/26 (c) | 119,458 | ||||||
| 21,531,740 | ||||||||
| Illinois: 3.9% | ||||||||
| Board of Trustees of the University of Illinois, Series A (RB) | ||||||||
| 1,155,000 | 4.00%, 04/01/23 (c) | 1,191,175 | ||||||
| 1,000,000 | 5.00%, 04/01/23 (c) | 1,119,640 | ||||||
| Chicago Midway International Airport, Second Lien, Series B (RB) | ||||||||
| 70,000 | 5.00%, 01/01/23 (c) | 79,777 | ||||||
| 1,750,000 | 5.00%, 01/01/24 (c) | 2,008,755 | ||||||
| Chicago O’Hare International Airport, Senior Lien, Series B (RB) | ||||||||
| 500,000 | 5.00%, 01/01/23 (c) | 570,120 | ||||||
| 475,000 | 5.00%, 01/01/25 (c) | 535,762 | ||||||
| 500,000 | 5.00%, 01/01/25 (c) | 558,900 | ||||||
| 500,000 | 5.00%, 01/01/25 (c) | 570,910 | ||||||
| 2,500,000 | 5.25%, 01/01/23 (c) | 2,855,050 | ||||||
| 600,000 | Chicago O’Hare International Airport, Senior Lien, Series D (RB) 5.00%, 01/01/23 (c) | 684,144 | ||||||
See Notes to Financial Statements
| 39 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| $ | 125,000 | 5.00%, 01/01/25 (c) | $ | 140,355 | ||||
| 10,000 | 5.00%, 01/01/25 (c) | 11,345 | ||||||
| 10,000 | 5.00%, 01/01/25 (c) | 11,665 | ||||||
| 500,000 | Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 | 594,215 | ||||||
| 10,000 | Chicago O’Hare International Airport, Series E (RB) 5.00%, 01/01/25 | 11,832 | ||||||
| 55,000 | Chicago Park District, Series B (GO) 5.00%, 01/01/24 | 62,519 | ||||||
| City of Chicago IL, Series A (GO) | ||||||||
| 1,000,000 | 5.63%, 01/01/27 (c) | 1,020,460 | ||||||
| 2,110,000 | 5.63%, 01/01/27 (c) | 2,170,810 | ||||||
| 1,315,000 | City of Chicago, Illinois Wastewater Transmission Revenue (RB) 5.00%, 01/01/24 (c) | 1,455,929 | ||||||
| City of Chicago, Illinois Waterworks Revenue (RB) | ||||||||
| 225,000 | 5.00%, 11/01/22 (c) | 244,195 | ||||||
| 70,000 | 5.00%, 11/01/22 (c) | 77,342 | ||||||
| 910,000 | City of Chicago, Illinois, Series A (GO) 5.00%, 01/01/24 (c) | 907,179 | ||||||
| City of Chicago, Motor Fuel Tax Revenue (RB) (AGM) | ||||||||
| 905,000 | 5.00%, 01/01/24 (c) | 968,884 | ||||||
| 150,000 | 5.00%, 01/01/24 (c) | 161,229 | ||||||
| 500,000 | City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.50%, 01/01/25 (c) | 504,935 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 385,000 | 5.00%, 01/01/22 (c) | 373,581 | ||||||
| 1,000,000 | 5.25%, 01/01/24 (c) | 1,002,150 | ||||||
| 1,160,000 | 5.25%, 01/01/24 (c) | 1,158,910 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 465,000 | 5.00%, 01/01/22 (c) | 469,975 | ||||||
| 250,000 | 5.00%, 01/01/22 (c) | 250,190 | ||||||
| 885,000 | 5.00%, 01/01/22 (c) | 888,593 | ||||||
| 265,000 | City of Chicago, Wastewater Transmission Revenue, Second Lien (RB) 5.00%, 01/01/24 (c) | 294,407 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
| 75,000 | 3.15%, 11/01/24 | 75,901 | ||||||
| 320,000 | 5.00%, 11/01/22 (c) | 344,134 | ||||||
| 120,000 | 5.00%, 11/01/24 (c) | 131,858 | ||||||
| City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) | ||||||||
| 205,000 | 5.00%, 11/01/26 (c) | 225,656 | ||||||
| 500,000 | 5.00%, 11/01/26 (c) | 553,330 | ||||||
| City of Chicago, Waterworks Revenue, Second Lien (RB) | ||||||||
| 365,000 | 4.00%, 11/01/24 (c) | 370,198 | ||||||
| 135,000 | 5.00%, 11/01/22 (c) | 148,296 | ||||||
| 30,000 | 5.00%, 11/01/22 (c) | 33,566 | ||||||
| 55,000 | 5.00%, 11/01/24 (c) | 61,667 | ||||||
| 610,000 | 5.00%, 11/01/24 (c) | 680,498 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| City of Springfield IL Electric Revenue (RB) | ||||||||
| $ | 45,000 | 5.00%, 03/01/24 | $ | 52,511 | ||||
| 15,000 | 5.00%, 03/01/25 (c) | 16,593 | ||||||
| 45,000 | 5.00%, 03/01/25 | 52,638 | ||||||
| 125,000 | City of Springfield, Electric Revenue, Senior Lien (RB) 5.00%, 03/01/25 (c) | 144,586 | ||||||
| Cook County Community College District No. 508 (GO) | ||||||||
| 500,000 | 5.00%, 12/01/23 (c) | 525,405 | ||||||
| 500,000 | 5.25%, 12/01/23 (c) | 550,690 | ||||||
| 225,000 | County of Cook, Series A (GO) 5.00%, 11/15/26 (c) | 249,077 | ||||||
| County of Cook, Series C (GO) | ||||||||
| 350,000 | 5.00%, 11/15/22 (c) | 388,643 | ||||||
| 200,000 | 5.00%, 11/15/22 (c) | 224,698 | ||||||
| Illinois Finance Authority (RB) | ||||||||
| 15,000 | 4.00%, 06/01/26 (c) | 15,263 | ||||||
| 20,000 | 4.00%, 06/01/26 (c) | 20,212 | ||||||
| 10,000 | 5.00%, 07/01/23 | 11,801 | ||||||
| 20,000 | 5.00%, 01/01/24 | 23,765 | ||||||
| 20,000 | 5.00%, 01/01/26 (c) | 23,548 | ||||||
| 30,000 | 5.00%, 06/01/26 (c) | 33,947 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 272,442 | ||||||
| 75,000 | Illinois Finance Authority, Advocate Care Network, Series A (RB) 5.00%, 06/01/23 (c) | 87,116 | ||||||
| 150,000 | Illinois Finance Authority, Advocate Health Care Network (RB) 5.00%, 08/01/24 (c) | 169,085 | ||||||
| 130,000 | Illinois Finance Authority, Advocate Health Care Network, Series A (RB) 5.00%, 08/01/24 (c) | 151,034 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 1,004,520 | ||||||
| 275,000 | 5.00%, 12/01/25 | 319,478 | ||||||
| Illinois Finance Authority, Northwestern University (RB) | ||||||||
| 55,000 | 5.00%, 12/01/23 | 65,758 | ||||||
| 160,000 | 5.00%, 12/01/28 | 197,634 | ||||||
| 45,000 | Illinois Finance Authority, OSF Healthcare System, Series A (RB) 4.50%, 05/15/22 (c) | 49,365 | ||||||
| 985,000 | Illinois Finance Authority, Presence Health Network, Series C (RB) 4.00%, 02/15/27 (c) | 923,359 | ||||||
| Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) | ||||||||
| 75,000 | 5.00%, 05/15/25 (c) | 84,553 | ||||||
| 195,000 | 5.00%, 05/15/25 (c) | 224,459 | ||||||
| 135,000 | Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/24 (c) | 157,899 | ||||||
| 170,000 | Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c) | 193,333 | ||||||
See Notes to Financial Statements
| 40 |
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| $ | 240,000 | 4.00%, 01/01/26 (c) | $ | 252,190 | ||||
| 400,000 | 5.00%, 01/01/23 (c) | 453,148 | ||||||
| 365,000 | 5.00%, 01/01/26 (c) | 417,012 | ||||||
| 105,000 | Illinois State Toll Highway Authority, Series B (RB) 5.00%, 01/01/24 (c) | 122,201 | ||||||
| 500,000 | Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/25 (c) | 562,870 | ||||||
| 1,000,000 | Illinois State, Series A (GO) 4.00%, 01/01/22 (c) | 1,008,430 | ||||||
| 10,000 | Kane Cook & DuPage Counties School District No U-46 Elgin, Series A (GO) 5.00%, 01/01/24 (c) | 11,167 | ||||||
| 1,115,000 | Kane Cook and DuPage Counties, Illinois School District No. U-46 Elgin, Series D (GO) 5.00%, 01/01/24 (c) | 1,260,184 | ||||||
| 45,000 | McHenry County Conservation District (GO) 5.00%, 02/01/25 (c) | 52,944 | ||||||
| 190,000 | Metropolitan Pier & Exposition Authority, Series B (RB) 5.00%, 06/15/22 (c) | 198,974 | ||||||
| 140,000 | Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 5.00%, 12/01/26 | 167,535 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 12/01/26 (c) | 1,023,990 | ||||||
| 20,000 | 5.00%, 12/01/24 | 23,417 | ||||||
| 30,000 | 5.00%, 12/01/25 | 35,076 | ||||||
| 1,250,000 | Southwestern Illinois Development Authority (RB) 7.13%, 11/01/23 (c) | 1,596,300 | ||||||
| State of Illinois (RB) | ||||||||
| 1,720,000 | 3.00%, 06/15/26 (c) | 1,564,908 | ||||||
| 2,250,000 | 3.50%, 06/01/26 (c) | 1,938,127 | ||||||
| 365,000 | 3.50%, 06/01/26 (c) | 303,092 | ||||||
| 635,000 | 4.00%, 08/01/22 (c) | 623,589 | ||||||
| 10,000 | 4.00%, 06/15/23 | 11,079 | ||||||
| 360,000 | 4.00%, 01/01/26 (c) | 327,013 | ||||||
| 2,050,000 | 4.00%, 06/01/26 (c) | 1,808,161 | ||||||
| 750,000 | 4.13%, 11/01/26 (c) | 677,145 | ||||||
| 500,000 | 4.50%, 02/01/24 (c) | 491,905 | ||||||
| 140,000 | 5.00%, 03/01/22 (c) | 147,213 | ||||||
| 125,000 | 5.00%, 03/01/22 (c) | 130,488 | ||||||
| 235,000 | 5.00%, 08/01/22 (c) | 245,892 | ||||||
| 195,000 | 5.00%, 06/15/23 (c) | 226,689 | ||||||
| 15,000 | 5.00%, 06/15/23 (c) | 17,160 | ||||||
| 75,000 | 5.00%, 06/15/23 (c) | 86,306 | ||||||
| 985,000 | 5.00%, 08/01/23 | 1,045,597 | ||||||
| 1,520,000 | 5.00%, 02/01/24 (c) | 1,593,416 | ||||||
| 600,000 | 5.00%, 04/01/24 (c) | 620,508 | ||||||
| 960,000 | 5.00%, 04/01/24 (c) | 977,923 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 35,000 | 5.00%, 05/01/24 (c) | $ | 36,402 | ||||
| 250,000 | 5.00%, 05/01/24 (c) | 261,858 | ||||||
| 1,000,000 | 5.00%, 01/01/26 (c) | 1,008,330 | ||||||
| 1,000,000 | 5.00%, 01/01/26 | 1,050,850 | ||||||
| 1,000,000 | 5.00%, 06/01/26 (c) | 1,042,190 | ||||||
| 750,000 | 5.00%, 02/01/27 | 784,695 | ||||||
| 1,490,000 | 5.25%, 07/01/23 (c) | 1,545,398 | ||||||
| 700,000 | 5.25%, 07/01/23 (c) | 720,720 | ||||||
| 500,000 | 5.25%, 02/01/24 (c) | 511,925 | ||||||
| 370,000 | 5.50%, 07/01/23 (c) | 392,962 | ||||||
| 1,290,000 | 5.50%, 07/01/23 (c) | 1,367,916 | ||||||
| 290,000 | 5.50%, 07/01/23 (c) | 314,354 | ||||||
| 500,000 | State of Illinois, Junior Obligation Tax-Exempt, Series D (RB) 5.00%, 06/15/26 (c) | 575,355 | ||||||
| State of Illinois, Series A (RB) | ||||||||
| 500,000 | 3.00%, 06/15/26 (c) | 446,260 | ||||||
| 100,000 | 4.00%, 01/01/22 (c) | 98,761 | ||||||
| 250,000 | State of Illinois, Series D (RB) | |||||||
| 5.00%, 06/15/26 (c) | 292,005 | |||||||
| University of Illinois, Series A (RB) | ||||||||
| 40,000 | 3.25%, 04/01/23 (c) | 39,648 | ||||||
| 20,000 | 4.00%, 04/01/23 (c) | 20,540 | ||||||
| 15,000 | 5.00%, 04/01/23 (c) | 17,093 | ||||||
| 62,362,360 | ||||||||
| Indiana: 0.6% | ||||||||
| 585,000 | Ball State University, Series R (RB) | |||||||
| 5.00%, 07/01/27 | 713,150 | |||||||
| 500,000 | Carmel City, Indiana Redevelopment Authority, Series A (RB) 2.63%, 08/01/22 (c) | 501,820 | ||||||
| 15,000 | Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c) | 17,593 | ||||||
| 30,000 | Carmel Redevelopment Authority, Series A (RB) 4.00%, 08/01/22 (c) | 31,282 | ||||||
| 175,000 | Indiana Finance Authority, Parkview Health System Obligated Group, Series A (RB) 4.00%, 05/01/22 (c) | 192,344 | ||||||
| Indiana Finance Authority, Series B (RB) | ||||||||
| 15,000 | 5.00%, 02/01/25 | 18,249 | ||||||
| 10,000 | 5.00%, 02/01/26 (c) | 12,145 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 70,000 | 5.00%, 12/01/24 | 84,697 | ||||||
| 1,000,000 | 5.00%, 12/01/26 (c) | 1,218,410 | ||||||
| 50,000 | 5.00%, 12/01/26 (c) | 61,352 | ||||||
| 50,000 | 5.00%, 06/01/28 | 62,304 | ||||||
| 3,000,000 | 5.00%, 06/01/29 | 3,728,040 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
| 40,000 | 5.00%, 02/01/26 | 49,150 | ||||||
| 1,000,000 | 5.00%, 08/01/26 (c) | 1,193,330 | ||||||
| 20,000 | 5.00%, 08/01/26 (c) | 24,511 | ||||||
See Notes to Financial Statements
| 41 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Indiana: (continued) | ||||||||
| $ | 50,000 | Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/25 (c) | $ | 58,172 | ||||
| 20,000 | Indiana Municipal Power Agency, Series C (RB) 5.00%, 01/01/25 | 23,850 | ||||||
| 15,000 | Indiana University, Series W-1 and W-2 (RB) 5.00%, 08/01/24 (c) | 18,178 | ||||||
| 10,000 | IPS Multi-School Building Corp. (RB) 5.00%, 01/15/25 (c) | 11,810 | ||||||
| 1,130,000 | Lake Central Multi-District School Building Corp., Series B (RB) (SAW) 5.00%, 01/15/23 (c) | 1,301,206 | ||||||
| 10,000 | Purdue University, Series CC (RB) 5.00%, 07/01/25 | 12,181 | ||||||
| 140,000 | Zionsville Community Schools Building Corp., Series B (RB) 3.00%, 07/15/24 (c) | 142,360 | ||||||
| 9,476,134 | ||||||||
| Iowa: 0.0% | ||||||||
| 25,000 | State of Iowa (RB) 5.00%, 06/15/26 | 30,431 | ||||||
| State of Iowa, Series A (RB) | ||||||||
| 15,000 | 5.00%, 06/01/23 | 17,789 | ||||||
| 15,000 | 5.00%, 06/01/24 | 18,066 | ||||||
| 20,000 | 5.00%, 06/01/26 (c) | 23,984 | ||||||
| 20,000 | 5.00%, 06/01/26 (c) | 24,219 | ||||||
| 114,489 | ||||||||
| Kansas: 0.7% | ||||||||
| 540,000 | City of Wichita, Kansas, Series 811 (GO) 3.00%, 06/01/23 (c) | 549,018 | ||||||
| 25,000 | Kansas Development Finance Authority, Hospital Revenue, Series A (RB) 5.00%, 05/15/22 (c) | 28,523 | ||||||
| 115,000 | Kansas Development Finance Authority, National Bio and Agro-Defense Facility, Series G (RB) 5.00%, 04/01/23 (c) | 133,377 | ||||||
| Kansas Development Finance Authority, Series A (RB) | ||||||||
| 30,000 | 5.00%, 05/15/22 (c) | 33,677 | ||||||
| 45,000 | 5.00%, 05/01/23 (c) | 52,314 | ||||||
| Kansas Development Finance Authority, Series G (RB) | ||||||||
| 305,000 | 5.00%, 04/01/23 (c) | 354,291 | ||||||
| 80,000 | 5.00%, 04/01/23 (c) | 91,921 | ||||||
| 10,000 | 5.00%, 04/01/23 (c) | 11,562 | ||||||
| Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) | ||||||||
| 105,000 | 5.00%, 05/01/23 (c) | 122,775 | ||||||
| 1,035,000 | 5.00%, 05/01/23 (c) | 1,198,178 | ||||||
| State of Kansas Department of Transportation, Series A (RB) | ||||||||
| 25,000 | 5.00%, 09/01/23 | 29,929 | ||||||
| 40,000 | 5.00%, 09/01/24 | 48,505 | ||||||
| Principal Amount | Value | |||||||
| Kansas: (continued) | ||||||||
| State of Kansas Department of Transportation, Series B (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 09/01/25 (c) | $ | 1,172,910 | ||||
| 150,000 | 5.00%, 09/01/25 (c) | 182,178 | ||||||
| 710,000 | State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) 5.00%, 09/01/24 (c) | 853,420 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) | ||||||||
| 1,550,000 | 5.00%, 09/01/25 (c) | 1,846,065 | ||||||
| 765,000 | 5.00%, 09/01/25 (c) | 916,218 | ||||||
| 1,595,000 | 5.00%, 09/01/25 (c) | 1,950,765 | ||||||
| 570,000 | State of Kansas, Department of Transportation, Highway Revenue, Series C (RB) 5.00%, 09/01/22 (c) | 671,454 | ||||||
| 1,410,000 | Wyandotte County Unified Government, Utility System Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 1,605,891 | ||||||
| 11,852,971 | ||||||||
| Kentucky: 1.1% | ||||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 106, Series A (RB) | ||||||||
| 450,000 | 5.00%, 10/01/23 (c) | 517,689 | ||||||
| 360,000 | 5.00%, 10/01/23 (c) | 415,768 | ||||||
| 125,000 | Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c) | 142,449 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) | ||||||||
| 760,000 | 5.00%, 08/01/23 | 882,535 | ||||||
| 55,000 | 5.00%, 08/01/24 | 64,336 | ||||||
| 420,000 | 5.00%, 08/01/25 | 491,971 | ||||||
| 95,000 | 5.00%, 08/01/26 | 111,746 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) | ||||||||
| 200,000 | 5.00%, 11/01/26 (c) | 234,096 | ||||||
| 300,000 | 5.00%, 11/01/26 | 353,595 | ||||||
| Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
| 250,000 | 5.00%, 09/01/23 | 292,420 | ||||||
| 360,000 | 5.00%, 09/01/24 (c) | 423,335 | ||||||
| 2,260,000 | 5.00%, 09/01/24 (c) | 2,649,308 | ||||||
| 780,000 | 5.25%, 09/01/23 | 923,840 | ||||||
| 1,000,000 | 5.25%, 09/01/23 (c) | 1,179,860 | ||||||
| 1,000,000 | 5.25%, 09/01/23 (c) | 1,173,410 | ||||||
| Kentucky Asset Liability Commission, Series A (RB) | ||||||||
| 10,000 | 5.00%, 09/01/24 | 11,833 | ||||||
| 10,000 | 5.00%, 09/01/25 (c) | 11,762 | ||||||
| 40,000 | 5.00%, 09/01/25 | 47,674 | ||||||
See Notes to Financial Statements
| 42 |
| Principal Amount | Value | |||||||
| Kentucky: (continued) | ||||||||
| $ | 750,000 | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/24 | $ | 884,707 | ||||
| 40,000 | Kentucky Municipal Power Agency, Series A (RB) 5.00%, 09/01/25 (c) | 46,624 | ||||||
| Kentucky Turnpike Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 07/01/23 (c) | 11,731 | ||||||
| 20,000 | 5.00%, 07/01/24 | 23,910 | ||||||
| 20,000 | 5.00%, 07/01/26 (c) | 23,392 | ||||||
| 65,000 | Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/25 | 77,615 | ||||||
| 105,000 | Louisville and Jefferson County Metro Government, Water System (RB) 3.00%, 11/15/25 (c) | 101,568 | ||||||
| 220,000 | Louisville and Jefferson County, Metropolitan Government Catholic Health Initiatives, Series A (RB) | |||||||
| 5.00%, 06/01/22 (c) | 240,359 | |||||||
| Louisville/Jefferson County Metropolitan Government, Series A (RB) | ||||||||
| 10,000 | 5.00%, 10/01/26 (c) | 11,177 | ||||||
| 70,000 | 5.00%, 10/01/26 (c) | 78,774 | ||||||
| 15,000 | 5.00%, 10/01/26 (c) | 17,100 | ||||||
| 20,000 | Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 | 23,473 | ||||||
| Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series A (RB) | ||||||||
| 65,000 | 5.00%, 07/01/22 (c) | 74,550 | ||||||
| 50,000 | 5.00%, 07/01/22 (c) | 57,851 | ||||||
| 660,000 | 5.00%, 07/01/23 (c) | 763,858 | ||||||
| 500,000 | 5.00%, 07/01/23 (c) | 578,055 | ||||||
| 125,000 | 5.00%, 07/01/23 (c) | 145,295 | ||||||
| 1,015,000 | 5.00%, 07/01/23 (c) | 1,188,088 | ||||||
| 620,000 | 5.00%, 07/01/23 (c) | 719,107 | ||||||
| 80,000 | 5.00%, 07/01/25 | 95,526 | ||||||
| 50,000 | Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series B (RB) 5.00%, 07/01/26 | 59,905 | ||||||
| 2,000,000 | University of Kentucky, Series B (RB) 5.00%, 04/01/25 (c) | 2,367,860 | ||||||
| 17,518,152 | ||||||||
| Louisiana: 1.4% | ||||||||
| 270,000 | City of Lafayette, Louisiana Utilities Revenue (RB) 5.00%, 11/01/22 (c) | 314,698 | ||||||
| 250,000 | East Baton Rouge Sewerage Commission, Series B (RB) 5.00%, 02/01/25 (c) | 283,390 | ||||||
| 1,800,000 | Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project, Series B (RB) 3.50%, 06/01/21 (c) | 1,802,682 | ||||||
| Principal Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 190,000 | Louisiana Public Facilities Authority, Franciscan Missionaries of Our Lady Health System, Series A (RB) 5.00%, 07/01/25 (c) | $ | 215,846 | ||||
| Louisiana Public Facilities Authority, Hurricane Recovery Program (RB) | ||||||||
| 1,040,000 | 5.00%, 06/01/24 (c) | 1,210,612 | ||||||
| 2,410,000 | 5.00%, 06/01/24 (c) | 2,817,314 | ||||||
| 1,685,000 | 5.00%, 06/01/24 (c) | 1,976,960 | ||||||
| 1,195,000 | Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/23 (c) | 1,363,842 | ||||||
| 2,075,000 | Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/26 | 2,475,330 | ||||||
| Louisiana State, Series A (GO) | ||||||||
| 1,625,000 | 4.00%, 02/01/24 (c) | 1,735,776 | ||||||
| 250,000 | 5.00%, 02/01/24 (c) | 293,987 | ||||||
| 1,000,000 | Louisiana State, Series C (GO) 5.00%, 07/15/23 (c) | 1,164,570 | ||||||
| 50,000 | State of Louisiana Gasoline & Fuels Tax Revenue, Series A-1 (RB) 5.00%, 05/01/22 (c) | 58,308 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue, Series B (RB) | ||||||||
| 15,000 | 5.00%, 05/01/25 (c) | 17,846 | ||||||
| 100,000 | 5.00%, 05/01/25 | 120,586 | ||||||
| State of Louisiana, Gasoline and Fuels Tax Revenue, Series A-1 (RB) | ||||||||
| 85,000 | 5.00%, 05/01/22 (c) | 98,191 | ||||||
| 120,000 | 5.00%, 05/01/22 (c) | 138,872 | ||||||
| 2,000,000 | State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB) 5.00%, 05/01/24 (c) | 2,331,580 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 150,000 | 3.50%, 04/01/27 (c) | 149,823 | ||||||
| 75,000 | 5.00%, 02/01/23 | 87,461 | ||||||
| 1,200,000 | 5.00%, 02/01/24 (c) | 1,388,316 | ||||||
| 10,000 | 5.00%, 06/15/24 (c) | 11,959 | ||||||
| 15,000 | 5.00%, 06/15/24 (c) | 17,188 | ||||||
| 1,140,000 | 5.00%, 04/01/27 (c) | 1,333,127 | ||||||
| State of Louisiana, Series C (GO) | ||||||||
| 75,000 | 5.00%, 07/15/22 (c) | 87,266 | ||||||
| 695,000 | 5.00%, 08/01/24 (c) | 815,485 | ||||||
| 500,000 | State of Louisiana, Series D-1 (GO) | |||||||
| 5.00%, 12/01/24 (c) | 589,195 | |||||||
| 22,900,210 | ||||||||
| Maine: 0.1% | ||||||||
| 800,000 | Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c) | 825,608 | ||||||
| Maine Turnpike Authority (RB) | ||||||||
| 40,000 | 5.00%, 07/01/25 (c) | 47,665 | ||||||
| 65,000 | 5.00%, 07/01/25 (c) | 77,615 | ||||||
| 950,888 | ||||||||
See Notes to Financial Statements
| 43 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: 2.1% | ||||||||
| $ | 75,000 | City of Baltimore, Water Project, Series B (RB) 5.00%, 01/01/24 (c) | $ | 87,893 | ||||
| 75,000 | Community Development Administration, Department of Housing, Series A (RB) 4.00%, 09/01/23 (c) | 78,278 | ||||||
| County of Anne Arundel MD (GO) | ||||||||
| 25,000 | 5.00%, 04/01/23 | 29,776 | ||||||
| 30,000 | 5.00%, 04/01/25 (c) | 36,213 | ||||||
| 610,000 | County of Anne Arundel, Maryland (GO) 5.00%, 04/01/25 | 745,774 | ||||||
| 10,000 | County of Baltimore MD (GO) 2.00%, 08/01/22 (c) | 10,150 | ||||||
| County of Baltimore, Maryland (GO) | ||||||||
| 1,050,000 | 3.00%, 08/01/22 (c) | 1,075,105 | ||||||
| 75,000 | 3.00%, 02/01/24 (c) | 77,880 | ||||||
| 525,000 | County of Harford, Series B (GO) 3.00%, 07/01/24 (c) | 554,106 | ||||||
| 1,030,000 | County of Howard, Series A (GO) 3.00%, 02/15/23 (c) | 1,044,760 | ||||||
| 20,000 | County of Montgomery MD, Series A (GO) 5.00%, 12/01/24 (c) | 24,152 | ||||||
| County of Montgomery MD, Series B (GO) | ||||||||
| 10,000 | 5.00%, 11/01/24 (c) | 12,210 | ||||||
| 20,000 | 5.00%, 11/01/23 | 24,097 | ||||||
| 2,000,000 | County of Montgomery, Maryland, Series A (GO) 5.00%, 11/01/24 (c) | 2,404,860 | ||||||
| 3,000,000 | County of Montgomery, Maryland, Series B (GO) 5.00%, 11/01/24 (c) | 3,644,430 | ||||||
| County of Montgomery, Series B (GO) | ||||||||
| 1,275,000 | 4.00%, 12/01/23 (c) | 1,438,123 | ||||||
| 250,000 | 5.00%, 11/01/23 | 301,207 | ||||||
| County of Prince George’s MD, Series A (GO) | ||||||||
| 10,000 | 5.00%, 09/01/23 | 12,012 | ||||||
| 45,000 | 5.00%, 07/01/24 | 54,769 | ||||||
| 15,000 | Maryland Economic Development Corp. (RB) (AGM) 5.00%, 06/01/26 (c) | 17,629 | ||||||
| 1,230,000 | Maryland Health and Higher Educational Facilities Authority, Johns Hopkins University, Series A (RB) 5.00%, 07/01/22 (c) | 1,423,786 | ||||||
| 400,000 | Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue (RB) 5.00%, 02/15/25 (c) | 460,540 | ||||||
| 1,250,000 | Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c) | 1,271,750 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 300,000 | Maryland Health and Higher Educational Facilities Authority, Series B (RB) 5.00%, 08/15/23 (c) | $ | 336,669 | ||||
| 1,500,000 | Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) 5.00%, 07/01/24 | 1,750,860 | ||||||
| Maryland Stadium Authority (RB) | ||||||||
| 250,000 | 5.00%, 05/01/26 (c) | 293,682 | ||||||
| 250,000 | 5.00%, 05/01/26 (c) | 288,732 | ||||||
| 250,000 | 5.00%, 05/01/26 (c) | 295,645 | ||||||
| 165,000 | 5.00%, 05/01/26 | 200,264 | ||||||
| 20,000 | 5.00%, 05/01/26 (c) | 24,005 | ||||||
| 410,000 | Maryland Water Quality Financing Administration (RB) 3.00%, 03/01/24 (c) | 410,492 | ||||||
| 20,000 | Maryland Water Quality Financing Administration Revolving Loan Fund (RB) 5.00%, 03/01/24 (c) | 23,671 | ||||||
| Prince George’s County, Maryland, Series A (GO) | ||||||||
| 140,000 | 4.00%, 09/01/24 (c) | 155,264 | ||||||
| 445,000 | 4.00%, 09/01/24 (c) | 498,284 | ||||||
| 260,000 | Prince George’s County, Maryland, Series B (GO) 2.75%, 03/01/23 (c) | 263,076 | ||||||
| State of Maryland (GO) | ||||||||
| 40,000 | 5.00%, 06/01/23 | 47,872 | ||||||
| 365,000 | 5.00%, 06/01/24 (c) | 438,526 | ||||||
| State of Maryland Department of Transportation (RB) | ||||||||
| 25,000 | 5.00%, 11/01/23 | 30,104 | ||||||
| 50,000 | 5.00%, 12/15/23 | 60,353 | ||||||
| 255,000 | 5.00%, 11/01/24 (c) | 307,800 | ||||||
| 1,000,000 | State of Maryland, Department of Transportation (RB) 3.00%, 11/01/24 (c) | 1,003,340 | ||||||
| 435,000 | State of Maryland, Department of Transportation, Third Issue (RB) 3.00%, 12/15/23 (c) | 436,292 | ||||||
| 1,000,000 | State of Maryland, First Series (GO) 3.00%, 06/01/24 (c) | 986,400 | ||||||
| State of Maryland, First Series A (GO) | ||||||||
| 250,000 | 3.00%, 03/01/23 (c) | 249,465 | ||||||
| 105,000 | 4.00%, 03/01/23 (c) | 116,008 | ||||||
| 1,300,000 | State of Maryland, Second Series A (GO) 4.00%, 08/01/23 (c) | 1,428,622 | ||||||
| 1,255,000 | State of Maryland, Second Series B (GO) 4.00%, 08/01/22 (c) | 1,367,586 | ||||||
| 1,000,000 | State of Maryland, Series A (GO) 5.00%, 03/15/25 | 1,225,500 | ||||||
| 10,000 | State of Maryland, Series C (GO) 5.00%, 08/01/23 | 12,006 | ||||||
See Notes to Financial Statements
| 44 |
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 20,000 | University System of Maryland, Series A (RB) 5.00%, 04/01/24 (c) | $ | 23,855 | ||||
| Washington Suburban Sanitary Commission (GO) | ||||||||
| 10,000 | 3.00%, 06/01/22 (c) | 10,431 | ||||||
| 25,000 | 4.00%, 06/01/23 | 28,415 | ||||||
| Washington Suburban Sanitary District (GO) | ||||||||
| 500,000 | 3.00%, 06/01/24 (c) | 511,220 | ||||||
| 1,575,000 | 3.00%, 06/01/24 (c) | 1,620,612 | ||||||
| 1,805,000 | 3.00%, 06/01/24 (c) | 1,857,273 | ||||||
| 1,530,000 | Washington Suburban Sanitary District, Second Series (GO) 4.00%, 06/01/24 (c) | 1,653,241 | ||||||
| 32,785,065 | ||||||||
| Massachusetts: 3.2% | ||||||||
| 10,000 | City of Boston MA, Series A (GO) 5.00%, 04/01/25 | 12,267 | ||||||
| 300,000 | City of Boston, Series A (GO) 4.00%, 03/01/24 (c) | 329,658 | ||||||
| 1,360,000 | City of Boston, Series B (GO) 5.00%, 04/01/24 | 1,652,441 | ||||||
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue, Series A (RB) | ||||||||
| 20,000 | 5.00%, 06/15/23 (c) | 23,665 | ||||||
| 50,000 | 5.00%, 06/15/24 (c) | 59,830 | ||||||
| Commonwealth of Massachusetts Transportation Fund Revenue, Series A (RB) | ||||||||
| 30,000 | 3.00%, 06/01/21 (c) | 30,707 | ||||||
| 35,000 | 5.00%, 06/01/23 | 41,866 | ||||||
| 20,000 | 5.00%, 06/01/24 | 24,324 | ||||||
| 15,000 | 5.00%, 06/01/24 | 18,243 | ||||||
| 15,000 | 5.00%, 06/01/25 | 18,391 | ||||||
| 10,000 | 5.00%, 06/01/25 (c) | 12,004 | ||||||
| 10,000 | 5.00%, 06/01/25 (c) | 11,907 | ||||||
| 10,000 | 5.00%, 06/01/26 (c) | 12,283 | ||||||
| Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,190,750 | ||||||
| 690,000 | 5.00%, 06/15/24 (c) | 831,229 | ||||||
| Commonwealth of Massachusetts, Consolidated Loan, Series C (GO) | ||||||||
| 835,000 | 3.00%, 07/01/22 (c) | 842,557 | ||||||
| 515,000 | 4.00%, 07/01/22 (c) | 550,885 | ||||||
| 1,075,000 | 5.00%, 07/01/22 (c) | 1,253,020 | ||||||
| 100,000 | Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/22 (c) | 117,067 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 340,000 | 3.00%, 03/01/24 (c) | 326,679 | ||||||
| 10,000 | 4.00%, 12/01/21 (c) | 10,636 | ||||||
| 10,000 | 5.00%, 07/01/23 | 11,935 | ||||||
| 850,000 | 5.00%, 03/01/24 (c) | 976,267 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 160,000 | 5.00%, 07/01/25 (c) | $ | 188,454 | ||||
| 1,260,000 | 5.00%, 07/01/25 (c) | 1,492,218 | ||||||
| 105,000 | 5.00%, 07/01/25 | 127,990 | ||||||
| 1,000,000 | 5.00%, 03/01/26 | 1,222,620 | ||||||
| 275,000 | 5.00%, 07/01/26 (c) | 332,725 | ||||||
| 1,000,000 | 5.00%, 07/01/26 | 1,227,410 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 600,000 | 5.00%, 07/01/26 (c) | 710,784 | ||||||
| 10,000 | 5.00%, 07/01/26 (c) | 12,008 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 1,270,000 | 4.00%, 07/01/22 (c) | 1,344,600 | ||||||
| 15,000 | 5.00%, 07/01/22 (c) | 17,476 | ||||||
| 700,000 | 5.00%, 10/01/24 | 849,877 | ||||||
| 2,325,000 | 5.00%, 08/01/25 | 2,836,849 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 85,000 | 5.00%, 09/01/22 (c) | 99,464 | ||||||
| 40,000 | 5.00%, 09/01/22 (c) | 46,673 | ||||||
| Commonwealth of Massachusetts, Series F (GO) | ||||||||
| 500,000 | 3.00%, 11/01/22 (c) | 505,060 | ||||||
| 920,000 | 5.00%, 11/01/22 (c) | 1,078,617 | ||||||
| 1,320,000 | 5.00%, 11/01/22 (c) | 1,543,806 | ||||||
| 885,000 | 5.00%, 11/01/22 (c) | 1,043,689 | ||||||
| 500,000 | Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/26 (c) | 588,165 | ||||||
| Massachusetts Bay Transportation Authority, Series A (RB) | ||||||||
| 2,300,000 | 2.00%, 07/01/26 (c) | 2,100,084 | ||||||
| 2,000,000 | 2.47%, 07/01/26 (c) ^ | 1,279,980 | ||||||
| 1,020,000 | 2.60%, 07/01/26 (c) ^ | 592,957 | ||||||
| 950,000 | 2.37%, 07/01/26 (c) ^ | 636,528 | ||||||
| 10,000 | 5.00%, 07/01/24 | 12,133 | ||||||
| 40,000 | 5.00%, 07/01/24 (c) | 47,703 | ||||||
| 20,000 | 5.00%, 07/01/25 | 24,446 | ||||||
| 1,315,000 | Massachusetts Bay Transportation Authority, Series B (RB) 4.00%, 07/01/25 (c) | 1,392,901 | ||||||
| 30,000 | Massachusetts Clean Water Trust, Series 18 (RB) 5.00%, 02/01/24 (c) | 36,176 | ||||||
| Massachusetts Clean Water Trust, Series 19 (RB) | ||||||||
| 500,000 | 5.00%, 02/01/26 (c) | 594,160 | ||||||
| 1,100,000 | 5.00%, 02/01/26 (c) | 1,315,721 | ||||||
| 940,000 | 5.00%, 02/01/26 (c) | 1,139,139 | ||||||
| Massachusetts Clean Water Trust, Subseries 16B (RB) | ||||||||
| 5,000 | 5.00%, 08/01/20 (c) | 5,594 | ||||||
| 15,000 | 5.00%, 08/01/20 (c) | 16,798 | ||||||
| 40,000 | 5.00%, 08/01/20 (c) | 44,795 | ||||||
| Massachusetts Development Finance Agency, Series A (RB) | ||||||||
| 15,000 | 5.00%, 07/15/23 | 18,038 | ||||||
| 700,000 | 5.00%, 07/15/26 (c) | 866,362 | ||||||
See Notes to Financial Statements
| 45 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 100,000 | Massachusetts Development Finance Agency, Series F (RB) 5.00%, 08/15/24 | $ | 119,265 | ||||
| Massachusetts Development Finance Agency, Series I (RB) | ||||||||
| 500,000 | 3.00%, 07/01/26 (c) | 465,725 | ||||||
| 145,000 | 5.00%, 07/01/26 (c) | 170,487 | ||||||
| Massachusetts Development Finance Agency, Series Q (RB) | ||||||||
| 300,000 | 5.00%, 07/01/26 (c) | 346,437 | ||||||
| 10,000 | 5.00%, 07/01/26 (c) | 11,855 | ||||||
| 130,000 | Massachusetts Housing Finance Agency, Series 162 (RB) 2.90%, 06/01/22 (c) | 130,303 | ||||||
| 25,000 | Massachusetts Port Authority, Series C (RB) 5.00%, 07/01/24 (c) | 29,596 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) | ||||||||
| 500,000 | 5.00%, 08/15/22 (c) | 581,375 | ||||||
| 1,375,000 | 5.00%, 08/15/22 (c) | 1,602,562 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB) | ||||||||
| 1,230,000 | 5.00%, 08/15/22 (c) | 1,417,427 | ||||||
| 1,250,000 | 5.00%, 08/15/22 (c) | 1,443,875 | ||||||
| 1,000,000 | 5.00%, 01/15/25 (c) | 1,184,850 | ||||||
| 15,000 | Massachusetts School Building Authority, Series A (RB) 5.00%, 08/15/22 (c) | 17,524 | ||||||
| Massachusetts School Building Authority, Series B (RB) | ||||||||
| 10,000 | 5.00%, 11/15/24 | 12,182 | ||||||
| 10,000 | 5.00%, 01/15/25 | 12,139 | ||||||
| Massachusetts School Building Authority, Series C (RB) | ||||||||
| 15,000 | 5.00%, 08/15/25 | 18,342 | ||||||
| 35,000 | 5.00%, 11/15/26 (c) | 41,147 | ||||||
| Massachusetts State College Building Authority, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 05/01/25 (c) | 1,112,680 | ||||||
| 500,000 | 5.00%, 05/01/25 (c) | 578,690 | ||||||
| Massachusetts State Transportation Fund, Series A (RB) | ||||||||
| 600,000 | 4.00%, 06/01/21 (c) | 639,234 | ||||||
| 575,000 | 5.00%, 06/01/23 | 687,792 | ||||||
| Massachusetts Water Pollution Abatement Trust (RB) | ||||||||
| 810,000 | 5.00%, 08/01/24 (c) | 968,274 | ||||||
| 450,000 | 5.00%, 08/01/24 | 547,042 | ||||||
| Massachusetts Water Resources Authority, Series C (RB) | ||||||||
| 10,000 | 5.00%, 08/01/21 (c) | 11,416 | ||||||
| 655,000 | 5.00%, 08/01/26 (c) | 777,492 | ||||||
| 10,000 | 5.00%, 08/01/26 (c) | 12,181 | ||||||
| Massachusetts Water Resources Authority, Series F (RB) | ||||||||
| 35,000 | 5.00%, 08/01/24 (c) | 42,021 | ||||||
| 1,500,000 | 5.00%, 08/01/24 | 1,816,665 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 100,000 | The Massachusetts Clean Water Trust, Series 16, Subseries 16A (RB) 3.25%, 08/01/20 (c) | $ | 101,415 | ||||
| 730,000 | University of Massachusetts Building Authority, Series 1 (RB) 5.00%, 11/01/25 (c) | 882,548 | ||||||
| 1,000,000 | University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c) | 1,207,950 | ||||||
| 50,741,102 | ||||||||
| Michigan: 1.1% | ||||||||
| 250,000 | Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c) | 289,090 | ||||||
| 420,000 | City Royal Oak, Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c) | 470,396 | ||||||
| 70,000 | Detroit Water and Sewerage Department, Sewage Disposal System, Senior Lien, Series A (RB) 5.00%, 07/01/22 (c) | 79,511 | ||||||
| Great Lakes Water Authority Sewage Disposal System Revenue, Series B (RB) | ||||||||
| 250,000 | 5.00%, 07/01/26 (c) | 282,090 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 570,530 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 573,950 | ||||||
| Great Lakes Water Authority Sewage Disposal System Revenue, Series C (RB) | ||||||||
| 250,000 | 5.00%, 07/01/26 (c) | 280,205 | ||||||
| 250,000 | 5.00%, 07/01/26 (c) | 281,877 | ||||||
| Great Lakes Water Authority Water Supply System Revenue, Series C (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,128,360 | ||||||
| 30,000 | 5.00%, 07/01/26 (c) | 34,540 | ||||||
| Michigan Finance Authority (RB) | ||||||||
| 25,000 | 5.00%, 11/15/26 | 29,666 | ||||||
| 30,000 | 5.00%, 06/01/27 (c) | 34,844 | ||||||
| 250,000 | 5.50%, 06/01/25 (c) | 301,702 | ||||||
| Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB) | ||||||||
| 1,950,000 | 5.00%, 08/01/24 (c) | 2,196,753 | ||||||
| 50,000 | 5.00%, 08/01/24 (c) | 56,955 | ||||||
| 1,500,000 | 5.00%, 08/01/24 (c) | 1,743,780 | ||||||
| Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien Series D-2 (RB) (AGM) | ||||||||
| 935,000 | 5.00%, 07/01/24 (c) | 1,076,774 | ||||||
| 110,000 | 5.00%, 07/01/24 (c) | 127,456 | ||||||
| 20,000 | 5.00%, 07/01/24 | 23,416 | ||||||
See Notes to Financial Statements
| 46 |
| Principal | ||||||||
| Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 1,450,000 | Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien Series D-4 (RB) 5.00%, 07/01/24 (c) | $ | 1,632,584 | ||||
| 250,000 | Michigan Finance Authority, Hospital Revenue and Refunding Bonds (RB) 5.00%, 11/01/22 (c) | 281,080 | ||||||
| 100,000 | Michigan Finance Authority, Oakwood Obligated Group (RB) 5.00%, 11/01/22 | 116,555 | ||||||
| Michigan Finance Authority, Series B (RB) | ||||||||
| 80,000 | 5.00%, 10/01/25 | 97,801 | ||||||
| 40,000 | 5.00%, 10/01/26 | 49,358 | ||||||
| Michigan Finance Authority, Series C (RB) | ||||||||
| 500,000 | 5.00%, 07/01/25 (c) | 561,500 | ||||||
| 250,000 | 5.00%, 07/01/25 (c) | 282,470 | ||||||
| Michigan Finance Authority, Series C-3 (RB) (AGM) | ||||||||
| 750,000 | 5.00%, 07/01/24 (c) | 847,537 | ||||||
| 405,000 | 5.00%, 07/01/24 (c) | 459,906 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group (RB) | ||||||||
| 90,000 | 5.00%, 06/01/22 (c) | 100,940 | ||||||
| 1,190,000 | 5.50%, 06/01/25 (c) | 1,457,441 | ||||||
| Michigan State Building Authority, Series 1-A (RB) | ||||||||
| 45,000 | 5.00%, 10/15/23 (c) | 52,685 | ||||||
| 50,000 | 5.00%, 10/15/23 | 59,234 | ||||||
| Michigan State Building Authority, Series I (RB) | ||||||||
| 25,000 | 5.00%, 04/15/23 | 29,387 | ||||||
| 10,000 | 5.00%, 10/15/25 (c) | 11,556 | ||||||
| 15,000 | 5.00%, 10/15/25 (c) | 17,128 | ||||||
| 50,000 | 5.00%, 10/15/25 (c) | 58,472 | ||||||
| 15,000 | 5.00%, 10/15/25 (c) | 17,443 | ||||||
| 20,000 | 5.00%, 10/15/26 (c) | 23,234 | ||||||
| 50,000 | Michigan State Hospital Finance Authority (RB) 5.00%, 06/01/22 (c) | 56,128 | ||||||
| 1,000,000 | Regents of the University of Michigan (RB) 5.00%, 04/01/26 (c) | 1,180,190 | ||||||
| Royal Oak Hospital Finance Authority, William Beaumont Hospital, Series D (RB) | ||||||||
| 75,000 | 5.00%, 09/01/23 | 88,505 | ||||||
| 85,000 | 5.00%, 03/01/24 (c) | 96,150 | ||||||
| 135,000 | 5.00%, 03/01/24 (c) | 156,979 | ||||||
| State of Michigan (RB) | ||||||||
| 40,000 | 5.00%, 03/15/24 | 47,268 | ||||||
| 90,000 | 5.00%, 03/15/26 | 107,713 | ||||||
| State of Michigan, Series A (GO) | ||||||||
| 280,000 | 5.00%, 12/01/24 (c) | 334,012 | ||||||
| 500,000 | 5.00%, 12/01/25 (c) | 598,945 | ||||||
| 10,000 | 5.00%, 12/01/25 (c) | 12,022 | ||||||
| 15,000 | State of Michigan, Series B (GO) 5.00%, 11/01/24 | 18,234 | ||||||
| 18,434,352 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Minnesota: 1.0% | ||||||||
| County of Hennepin MN Sales Tax Revenue, Series A (RB) | ||||||||
| $ | 10,000 | 5.00%, 12/15/23 (c) | $ | 11,912 | ||||
| 55,000 | 5.00%, 12/15/24 | 67,167 | ||||||
| 20,000 | Housing & Redevelopment Authority of The City of St Paul Minnesota, Series A (RB) 5.00%, 07/01/25 (c) | 22,985 | ||||||
| 500,000 | Minneapolis St Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/27 (c) | 598,145 | ||||||
| 20,000 | Minneapolis-St Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/24 (c) | 23,479 | ||||||
| Minneapolis-St Paul Metropolitan Airports Commission, Series A and B (RB) | ||||||||
| 10,000 | 5.00%, 01/01/24 | 11,917 | ||||||
| 10,000 | 5.00%, 01/01/27 (c) | 12,057 | ||||||
| Minnesota Public Facilities Authority, Series B (RB) | ||||||||
| 720,000 | 3.00%, 03/01/24 | 776,225 | ||||||
| 500,000 | 3.00%, 03/01/25 | 536,430 | ||||||
| 750,000 | Minnesota State, General Fund Appropriation, Series B (RB) 5.00%, 03/01/22 (c) | 862,357 | ||||||
| 1,000,000 | Minnesota State, State Trunk Highway, Series B (GO) 5.00%, 08/01/23 (c) | 1,181,690 | ||||||
| State of Minnesota, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/01/23 (c) | 11,740 | ||||||
| 10,000 | 5.00%, 06/01/23 | 11,904 | ||||||
| State of Minnesota, Series B (GO) | ||||||||
| 35,000 | 4.00%, 08/01/26 | 40,497 | ||||||
| 15,000 | 5.00%, 08/01/24 | 18,246 | ||||||
| 585,000 | State of Minnesota, State General Fund Appropriation, Series B (RB) 3.00%, 03/01/22 (c) | 577,611 | ||||||
| State of Minnesota, State Trunk Highway Refunding, Series B (GO) | ||||||||
| 2,615,000 | 2.25%, 08/01/26 (c) | 2,241,813 | ||||||
| 395,000 | 3.00%, 08/01/24 (c) | 404,835 | ||||||
| 225,000 | 4.00%, 08/01/24 (c) | 254,392 | ||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,117,770 | ||||||
| 585,000 | 4.00%, 08/01/26 (c) | 670,000 | ||||||
| State of Minnesota, State Trunk Highway Refunding, Series E (GO) | ||||||||
| 50,000 | 3.00%, 08/01/24 (c) | 52,562 | ||||||
| 570,000 | 3.00%, 08/01/24 | 616,255 | ||||||
| 1,050,000 | State of Minnesota, Various Purpose (GO) 4.00%, 08/01/22 (c) | 1,135,522 | ||||||
| 1,180,000 | State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/23 | 1,414,383 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 1,000,000 | 2.25%, 08/01/26 (c) | 905,330 | ||||||
| 25,000 | 3.50%, 10/01/23 (c) | 26,427 | ||||||
| 500,000 | 5.00%, 10/01/23 | 600,825 | ||||||
See Notes to Financial Statements
| 47 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 985,000 | State of Minnesota, Various Purpose, Series F (GO) 4.00%, 10/01/23 (c) | $ | 1,099,201 | ||||
| 15,303,677 | ||||||||
| Mississippi: 0.4% | ||||||||
| 1,000,000 | Mississippi Development Bank, Desoto County Highway Construction Project (RB) 5.00%, 01/01/23 (c) | 1,133,430 | ||||||
| 450,000 | Mississippi Development Bank, Madison County Highway Refunding Project, Series C (RB) 5.00%, 01/01/27 | 537,903 | ||||||
| Mississippi Development Bank, Marshall County Industrial Development Authority (RB) | ||||||||
| 170,000 | 5.00%, 01/01/22 (c) | 192,748 | ||||||
| 50,000 | 5.00%, 01/01/22 (c) | 56,834 | ||||||
| 100,000 | 5.00%, 01/01/22 (c) | 113,667 | ||||||
| Mississippi Development Bank, Series C (RB) | ||||||||
| 125,000 | 5.00%, 01/01/26 | 148,875 | ||||||
| 70,000 | 5.00%, 08/01/27 | 83,837 | ||||||
| 25,000 | State of Mississippi, Series B (GO) 5.00%, 12/01/26 (c) | 29,824 | ||||||
| State of Mississippi, Series C (GO) | ||||||||
| 1,660,000 | 5.00%, 10/01/24 | 2,005,230 | ||||||
| 835,000 | 5.00%, 10/01/25 | 1,017,197 | ||||||
| 750,000 | 5.00%, 10/01/25 (c) | 905,955 | ||||||
| 35,000 | State of Mississippi, Series F (GO) 5.00%, 11/01/25 (c) | 40,987 | ||||||
| 6,266,487 | ||||||||
| Missouri: 0.8% | ||||||||
| 570,000 | City of Kansas City MO Sanitary Sewer System Revenue, Series A (RB) 5.00%, 01/01/25 (c) | 677,080 | ||||||
| 630,000 | City of Kansas City, Downtown Arena Project, Series E (RB) 3.00%, 04/01/25 (c) | 597,725 | ||||||
| County of Jackson MO (RB) | ||||||||
| 10,000 | 5.00%, 12/01/24 (c) | 11,633 | ||||||
| 50,000 | 5.00%, 12/01/24 (c) | 58,996 | ||||||
| Curators of the University of Missouri, Series A (RB) | ||||||||
| 175,000 | 5.00%, 11/01/24 (c) | 207,093 | ||||||
| 300,000 | 5.00%, 11/01/24 (c) | 362,118 | ||||||
| 250,000 | Health and Educational Facilities Authority of the State of Missouri, Saint Luke’s Health System, Inc. (RB) 5.00%, 11/15/24 | 296,442 | ||||||
| Health and Educational Facilities Authority of the State of Missouri, Series A (RB) | ||||||||
| 960,000 | 5.00%, 06/01/24 (c) | 1,089,456 | ||||||
| 500,000 | 5.00%, 06/01/24 (c) | 582,735 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,128,700 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Missouri: (continued) | ||||||||
| $ | 490,000 | Metropolitan St Louis Sewer District, Series B (RB) 5.00%, 05/01/25 (c) | $ | 573,236 | ||||
| Metropolitan St. Louis Sewer District, Wastewater System, Series B (RB) | ||||||||
| 670,000 | 5.00%, 05/01/22 (c) | 778,580 | ||||||
| 95,000 | 5.00%, 05/01/22 (c) | 110,495 | ||||||
| 1,000,000 | 5.00%, 05/01/25 (c) | 1,176,180 | ||||||
| Missouri Highway and Transportation Commission, First Lien, Series A (RB) | ||||||||
| 1,010,000 | 5.00%, 05/01/24 | 1,224,473 | ||||||
| 500,000 | 5.00%, 05/01/24 (c) | 599,620 | ||||||
| 500,000 | 5.00%, 05/01/26 | 616,435 | ||||||
| 290,000 | Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Series A (RB) 5.00%, 01/01/24 (c) | 330,783 | ||||||
| 640,000 | Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Series A (RB) 5.00%, 01/01/25 | 755,302 | ||||||
| 350,000 | Missouri Joint Municipal Electric Utility Commission, Power Project, Series A (RB) 5.00%, 06/01/25 (c) | 403,945 | ||||||
| 10,000 | Missouri Joint Municipal Electric Utility Commission, Series A (RB) 5.00%, 01/01/24 (c) | 11,545 | ||||||
| Missouri State Board of Public Buildings, Series A (RB) | ||||||||
| 1,020,000 | 2.50%, 10/01/20 (c) | 1,025,314 | ||||||
| 10,000 | 3.00%, 10/01/20 (c) | 10,189 | ||||||
| 55,000 | 4.00%, 10/01/20 (c) | 59,421 | ||||||
| 500,000 | 4.00%, 04/01/24 (c) | 559,785 | ||||||
| 40,000 | Missouri State Environmental Improvement & Energy Resources Authority, Series B (RB) 5.00%, 07/01/25 (c) | 48,892 | ||||||
| 15,000 | Springfield School District No R-12, Series B (GO) (SAW) 5.00%, 03/01/24 | 18,060 | ||||||
| 13,314,233 | ||||||||
| Montana: 0.0% | ||||||||
| 200,000 | City of Forsyth, Rosebud County, Montana Pollution Control Revenue (RB) 2.00%, 08/01/23 | 197,444 | ||||||
| Nebraska: 0.5% | ||||||||
| 25,000 | Central Plains Energy Project, Gas Project No. 3 (RB) 5.00%, 09/01/22 (c) | 27,704 | ||||||
| 10,000 | City of Lincoln NE Electric System Revenue (RB) 5.00%, 03/01/27 (c) | 12,313 | ||||||
| 250,000 | City of Lincoln, Nebraska Electric System Revenue (RB) 3.25%, 09/01/22 (c) | 249,425 | ||||||
See Notes to Financial Statements
| 48 |
| Principal | ||||||||
| Amount | Value | |||||||
| Nebraska: (continued) | ||||||||
| Douglas County School District No. 0001 (GO) | ||||||||
| $ | 160,000 | 3.00%, 12/15/24 (c) | $ | 159,008 | ||||
| 1,000,000 | 5.00%, 06/15/24 | 1,218,800 | ||||||
| 250,000 | Metropolitan Utilities District of Omaha, Nebraska Water System (RB) 3.25%, 12/01/25 (c) | 246,980 | ||||||
| 10,000 | Nebraska Public Power District (RB) 5.00%, 01/01/25 | 12,011 | ||||||
| Nebraska Public Power District, Series A-1 (RB) | ||||||||
| 35,000 | 5.00%, 01/01/24 | 41,758 | ||||||
| 10,000 | 5.00%, 01/01/25 (c) | 11,537 | ||||||
| 80,000 | 5.00%, 01/01/25 (c) | 90,758 | ||||||
| 10,000 | 5.00%, 01/01/25 | 11,987 | ||||||
| 20,000 | 5.00%, 01/01/25 (c) | 23,711 | ||||||
| Omaha Public Power District, Electric System, Series AA (RB) | ||||||||
| 130,000 | 2.25%, 08/01/19 (c) | 128,161 | ||||||
| 1,080,000 | 5.00%, 02/01/24 (c) | 1,270,771 | ||||||
| 1,175,000 | Omaha Public Power District, Electric System, Series B (RB) 5.00%, 08/01/24 (c) | 1,376,148 | ||||||
| 45,000 | Omaha Public Power District, Series A (RB) 4.00%, 02/01/22 (c) | 47,794 | ||||||
| Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB) | ||||||||
| 1,590,000 | 3.00%, 07/01/26 (c) | 1,462,116 | ||||||
| 505,000 | 5.00%, 01/01/24 | 586,381 | ||||||
| 1,400,000 | 5.00%, 01/01/25 (c) | 1,596,490 | ||||||
| 8,573,853 | ||||||||
| Nevada: 1.3% | ||||||||
| 500,000 | City of Las Vegas, Series C (GO) 5.00%, 03/01/26 (c) | 600,645 | ||||||
| 1,000,000 | Clark County School District, Limited Tax, Series D (GO) 5.00%, 12/15/25 (c) | 1,174,900 | ||||||
| Clark County School District, Series B (GO) | ||||||||
| 250,000 | 4.00%, 11/01/26 (c) | 265,633 | ||||||
| 1,950,000 | 4.00%, 11/01/26 (c) | 2,085,096 | ||||||
| 15,000 | 5.00%, 06/15/24 | 17,916 | ||||||
| 850,000 | 5.00%, 11/01/26 | 1,043,936 | ||||||
| 1,420,000 | Clark County School District, Series C (GO) 5.00%, 06/15/25 | 1,698,874 | ||||||
| Clark County School District, Series D (GO) | ||||||||
| 250,000 | 4.00%, 12/15/25 (c) | 263,408 | ||||||
| 1,700,000 | 5.00%, 06/15/24 | 2,030,480 | ||||||
| 25,000 | 5.00%, 06/15/25 | 29,910 | ||||||
| 30,000 | 5.00%, 12/15/25 (c) | 35,627 | ||||||
| 500,000 | 5.00%, 12/15/25 (c) | 583,265 | ||||||
| Clark County Water Reclamation District (GO) | ||||||||
| 30,000 | 5.00%, 07/01/23 | 35,728 | ||||||
| 20,000 | 5.00%, 07/01/26 | 24,641 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Nevada: (continued) | ||||||||
| $ | 85,000 | Clark County, Motor Vehicle Fuel Tax (RB) 5.00%, 07/01/23 | $ | 100,359 | ||||
| County of Clark NV (GO) | ||||||||
| 50,000 | 4.00%, 06/01/22 (c) | 53,236 | ||||||
| 30,000 | 4.00%, 06/01/22 (c) | 32,163 | ||||||
| 890,000 | 4.00%, 05/01/25 (c) | 937,944 | ||||||
| 10,000 | 5.00%, 11/01/24 | 12,102 | ||||||
| County of Clark NV, Series A (GO) | ||||||||
| 25,000 | 5.00%, 11/01/23 | 29,951 | ||||||
| 10,000 | 5.00%, 11/01/24 | 12,102 | ||||||
| County of Clark NV, Series B (GO) | ||||||||
| 10,000 | 5.00%, 11/01/24 | 12,102 | ||||||
| 250,000 | 5.00%, 11/01/26 (c) | 298,105 | ||||||
| County of Clark, Flood Control (GO) | ||||||||
| 125,000 | 5.00%, 11/01/23 | 149,753 | ||||||
| 1,090,000 | 5.00%, 05/01/25 (c) | 1,266,634 | ||||||
| 420,000 | 5.00%, 05/01/25 (c) | 495,327 | ||||||
| County of Clark, Series A (GO) | ||||||||
| 100,000 | 5.00%, 11/01/25 | 121,759 | ||||||
| 500,000 | 5.00%, 05/01/26 (c) | 608,670 | ||||||
| Las Vegas Valley Water District, Series A (GO) | ||||||||
| 500,000 | 4.00%, 02/01/27 (c) | 529,370 | ||||||
| 10,000 | 5.00%, 06/01/24 | 12,088 | ||||||
| 60,000 | 5.00%, 06/01/26 (c) | 72,820 | ||||||
| Las Vegas Valley Water District, Series B (GO) | ||||||||
| 100,000 | 5.00%, 06/01/22 (c) | 114,415 | ||||||
| 200,000 | 5.00%, 06/01/22 (c) | 230,712 | ||||||
| State of Nevada Highway Improvement Revenue (RB) | ||||||||
| 1,000,000 | 4.00%, 06/01/27 (c) | 1,064,880 | ||||||
| 20,000 | 5.00%, 12/01/25 | 24,478 | ||||||
| 1,000,000 | 5.00%, 06/01/26 (c) | 1,216,390 | ||||||
| 255,000 | 5.00%, 06/01/26 (c) | 308,326 | ||||||
| 15,000 | 5.00%, 06/01/26 (c) | 18,411 | ||||||
| 750,000 | 5.00%, 06/01/27 (c) | 907,185 | ||||||
| 760,000 | State of Nevada, Capital Improvement and Cultural Affairs, Series B (GO) 5.00%, 11/01/24 | 920,892 | ||||||
| 225,000 | State of Nevada, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/23 | 269,782 | ||||||
| Truckee Meadows Water Authority (RB) | ||||||||
| 355,000 | 5.00%, 07/01/26 (c) | 416,770 | ||||||
| 10,000 | 5.00%, 07/01/26 (c) | 11,873 | ||||||
| 20,138,658 | ||||||||
| New Hampshire: 0.1% | ||||||||
| State of New Hampshire, Series A (GO) | ||||||||
| 45,000 | 5.00%, 03/01/25 (c) | 54,446 | ||||||
| 1,000,000 | 5.00%, 03/01/25 | 1,216,350 | ||||||
| 1,270,796 | ||||||||
See Notes to Financial Statements
| 49 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New Jersey: 3.5% | ||||||||
| $ | 800,000 | Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | $ | 880,992 | ||||
| 30,000 | County of Bergen NJ (GO) 4.00%, 10/15/23 | 34,316 | ||||||
| 1,000,000 | Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB) 4.00%, 11/01/22 (c) | 1,054,980 | ||||||
| New Jersey Building Authority, State Building Revenue Refunding Bonds, Series A (RB) | ||||||||
| 420,000 | 3.00%, 06/15/23 | 410,781 | ||||||
| 550,000 | 5.00%, 06/15/24 | 594,715 | ||||||
| 145,000 | 5.00%, 06/15/25 | 160,463 | ||||||
| 1,000,000 | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/25 | 1,054,470 | ||||||
| 725,000 | New Jersey Economic Development Authority, School Facilities Construction Refunding, Series BBB (RB) 4.75%, 12/15/26 (c) | 732,214 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB) | ||||||||
| 980,000 | 5.00%, 03/01/22 (c) | 1,014,751 | ||||||
| 500,000 | 5.00%, 03/01/22 (c) | 522,845 | ||||||
| 735,000 | 5.00%, 03/01/22 (c) | 770,883 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 1,320,000 | 5.00%, 03/01/23 (c) | 1,341,239 | ||||||
| 1,475,000 | 5.00%, 03/01/23 (c) | 1,529,177 | ||||||
| 755,000 | 5.00%, 03/01/23 (c) | 787,480 | ||||||
| 810,000 | 5.00%, 03/01/23 (c) | 853,416 | ||||||
| 1,200,000 | 5.00%, 03/01/23 (c) | 1,256,688 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series PP (RB) | ||||||||
| 200,000 | 5.00%, 06/15/24 (c) | 204,312 | ||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,039,990 | ||||||
| 1,350,000 | 5.00%, 06/15/24 (c) | 1,408,185 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series UU (RB) | ||||||||
| 1,115,000 | 5.00%, 06/15/24 (c) | 1,152,007 | ||||||
| 495,000 | 5.00%, 06/15/24 (c) | 514,795 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series XX (RB) | ||||||||
| 2,375,000 | 5.00%, 06/15/23 | 2,533,151 | ||||||
| 335,000 | 5.00%, 06/15/24 | 357,693 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 1,460,000 | New Jersey Economic Development Authority, Series A (RB) 4.00%, 11/01/27 | $ | 1,456,277 | ||||
| 220,000 | New Jersey Economic Development Authority, Series WW (RB) 5.25%, 06/15/25 (c) | 231,103 | ||||||
| 1,000,000 | New Jersey Educational Facilities Authority, Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) | 1,042,900 | ||||||
| 150,000 | New Jersey Educational Facilities Authority, Higher Education Capital Improvement, Series A (RB) 5.00%, 09/01/24 | 160,916 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 465,000 | 5.00%, 06/15/23 | 499,382 | ||||||
| 230,000 | 5.00%, 06/15/24 (c) | 236,222 | ||||||
| 500,000 | New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/24 (c) | 602,935 | ||||||
| New Jersey Environmental Infrastructure Trust, Series A-R (RB) | ||||||||
| 500,000 | 4.00%, 09/01/23 | 569,995 | ||||||
| 25,000 | 4.00%, 09/01/24 | 28,741 | ||||||
| 10,000 | 4.00%, 09/01/25 | 11,510 | ||||||
| 10,000 | New Jersey Health Care Facilities Financing Authority (RB) 5.00%, 07/01/25 | 12,056 | ||||||
| New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) | ||||||||
| 1,190,000 | 4.00%, 07/01/22 (c) | 1,260,496 | ||||||
| 1,500,000 | 4.00%, 07/01/26 (c) | 1,528,785 | ||||||
| 250,000 | 5.00%, 07/01/22 (c) | 280,207 | ||||||
| 200,000 | New Jersey Health Care Facilities Financing Authority, Greystone Parks Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/23 | 218,292 | ||||||
| 880,000 | New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB) 3.00%, 07/01/26 (c) | 808,984 | ||||||
| 15,000 | New Jersey Health Care Facilities Financing Authority, Series A (RB) 5.00%, 07/01/26 (c) | 17,296 | ||||||
| 100,000 | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 3.00%, 07/01/26 (c) | 81,330 | ||||||
| New Jersey State Turnpike Authority, Series A (RB) | ||||||||
| 580,000 | 5.00%, 07/01/22 (c) | 671,692 | ||||||
| 900,000 | 5.00%, 07/01/22 (c) | 1,018,530 | ||||||
| 400,000 | 5.00%, 07/01/22 (c) | 456,028 | ||||||
| 750,000 | 5.00%, 07/01/24 (c) | 872,220 | ||||||
| 640,000 | 5.00%, 07/01/24 (c) | 749,325 | ||||||
See Notes to Financial Statements
| 50 |
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
| $ | 345,000 | 5.00%, 01/01/23 (c) | $ | 396,936 | ||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,154,580 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
| 1,600,000 | 5.00%, 06/15/18 (c) | 1,633,584 | ||||||
| 925,000 | 5.00%, 06/15/18 (c) | 949,975 | ||||||
| 750,000 | 5.00%, 06/15/26 (c) | 810,360 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 1,000,000 | 5.00%, 06/15/22 (c) | 1,060,530 | ||||||
| 1,095,000 | 5.00%, 06/15/22 (c) | 1,136,949 | ||||||
| 1,200,000 | 5.00%, 06/15/22 (c) | 1,288,848 | ||||||
| 750,000 | 5.00%, 06/15/23 (c) | 787,815 | ||||||
| 200,000 | 5.00%, 06/15/23 (c) | 208,982 | ||||||
| 1,300,000 | 5.00%, 06/15/23 (c) | 1,380,730 | ||||||
| 1,275,000 | 5.25%, 06/15/23 (c) | 1,335,983 | ||||||
| 335,000 | 5.25%, 06/15/25 (c) | 356,594 | ||||||
| 300,000 | 5.25%, 06/15/25 (c) | 321,462 | ||||||
| New Jersey Transportation Trust Fund Authority, Subseries A-1, Subseries A-2 (RB) | ||||||||
| 555,000 | 5.00%, 06/15/18 (c) | 567,143 | ||||||
| 1,000,000 | 5.00%, 06/15/24 | 1,080,650 | ||||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
| 25,000 | 5.00%, 07/01/22 (c) | 27,905 | ||||||
| 305,000 | 5.00%, 07/01/22 (c) | 342,009 | ||||||
| 20,000 | 5.00%, 07/01/22 (c) | 22,697 | ||||||
| 1,500,000 | 5.00%, 07/01/24 (c) | 1,706,475 | ||||||
| 800,000 | 5.00%, 07/01/24 (c) | 904,592 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,143,220 | ||||||
| 55,000 | 5.00%, 07/01/24 (c) | 63,572 | ||||||
| 250,000 | 5.00%, 07/01/24 (c) | 286,502 | ||||||
| 375,000 | 5.00%, 01/01/26 (c) | 426,911 | ||||||
| 20,000 | 5.00%, 01/01/26 (c) | 22,997 | ||||||
| 70,000 | 5.00%, 01/01/26 (c) | 80,953 | ||||||
| New Jersey Turnpike Authority, Series B (RB) | ||||||||
| 130,000 | 5.00%, 01/01/23 (c) | 148,750 | ||||||
| 90,000 | 5.00%, 01/01/23 (c) | 104,695 | ||||||
| 100,000 | 5.00%, 01/01/23 (c) | 113,853 | ||||||
| 45,000 | New Jersey Turnpike Authority, Series C (RB) 5.00%, 01/01/25 | 53,802 | ||||||
| New Jersey Turnpike Authority, Series E (RB) | ||||||||
| 25,000 | 5.00%, 01/01/25 (c) | 28,454 | ||||||
| 260,000 | 5.00%, 01/01/25 (c) | 297,835 | ||||||
| 25,000 | New Jersey Turnpike Authority, Series F (RB) 5.00%, 01/01/23 (c) | 28,322 | ||||||
| 20,000 | New Jersey Turnpike, Series A (RB) 5.00%, 07/01/22 (c) | 22,530 | ||||||
| Rutgers The State University of New Jersey, Series J (RB) | ||||||||
| 70,000 | 5.00%, 05/01/23 (c) | 82,413 | ||||||
| 30,000 | 5.00%, 05/01/23 (c) | 33,725 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 700,000 | State of New Jersey Various Purpose (GO) 5.00%, 06/01/25 (c) | $ | 772,786 | ||||
| 525,000 | State of New Jersey, Series T (GO) 5.00%, 06/01/23 | 593,512 | ||||||
| 85,000 | State of New Jersey, Various Purpose (GO) 5.00%, 06/01/25 (c) | 97,441 | ||||||
| 625,000 | State of New Jersey, Various Purposes (GO) 5.00%, 06/01/27 | 714,869 | ||||||
| 155,000 | The State University of New Jersey, Rutgers, Series J (RB) 5.00%, 05/01/23 (c) | 175,066 | ||||||
| 55,791,772 | ||||||||
| New Mexico: 0.4% | ||||||||
| 1,125,000 | Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB) 5.00%, 07/01/25 (c) | 1,349,809 | ||||||
| 540,000 | Albuquerque Bernalillo County Water Utility Authority, Series A (RB) 5.00%, 07/01/24 | 653,179 | ||||||
| 65,000 | Albuquerque Bernalillo County Water Utility Authority, Series B (RB) 5.00%, 07/01/23 | 76,911 | ||||||
| 275,000 | Albuquerque Municipal School District No 12 (GO) (SAW) 5.00%, 08/01/26 | 338,566 | ||||||
| 15,000 | New Mexico Finance Authority (RB) 4.00%, 06/15/22 (c) | 16,614 | ||||||
| 395,000 | New Mexico Finance Authority, State Transportation, Senior Lien (RB) 4.00%, 06/15/22 (c) | 435,460 | ||||||
| 3,135,000 | New Mexico Finance Authority, State Transportation, Senior Lien, Series B-1 (RB) 5.00%, 06/15/24 (c) | 3,742,155 | ||||||
| 10,000 | State of New Mexico (GO) 5.00%, 03/01/24 | 12,133 | ||||||
| 100,000 | State of New Mexico Severance Tax Permanent Fund, Series A (RB) 5.00%, 07/01/25 | 121,643 | ||||||
| 20,000 | State of New Mexico Severance Tax Permanent Fund, Series B (RB) 4.00%, 07/01/23 | 22,630 | ||||||
| 6,769,100 | ||||||||
| New York: 15.0% | ||||||||
| Battery Park City Authority, Series A (RB) | ||||||||
| 300,000 | 5.00%, 11/01/23 | 362,886 | ||||||
| 25,000 | 5.00%, 11/01/23 (c) | 29,697 | ||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) | ||||||||
| 955,000 | 4.00%, 01/15/27 (c) | 1,014,143 | ||||||
| 500,000 | 5.00%, 01/15/27 (c) | 571,380 | ||||||
See Notes to Financial Statements
| 51 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 5,000 | City of Monroe, Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23 (c) | $ | 5,834 | ||||
| 15,000 | City of New York NY, Series 1 (GO) 5.00%, 08/01/23 | 17,862 | ||||||
| City of New York NY, Series A (GO) | ||||||||
| 45,000 | 5.00%, 08/01/24 (c) | 52,834 | ||||||
| 15,000 | 5.00%, 08/01/24 (c) | 17,875 | ||||||
| City of New York NY, Series B (GO) | ||||||||
| 20,000 | 5.00%, 08/01/22 (c) | 23,134 | ||||||
| 60,000 | 5.00%, 08/01/22 (c) | 68,853 | ||||||
| 385,000 | City of New York NY, Series B, Subseries B-1 (GO) 5.00%, 12/01/26 (c) | 457,854 | ||||||
| City of New York NY, Series C (GO) | ||||||||
| 735,000 | 5.00%, 08/01/26 | 899,390 | ||||||
| 225,000 | 5.00%, 02/01/27 (c) | 272,938 | ||||||
| City of New York NY, Series C and D (GO) | ||||||||
| 1,000,000 | 5.00%, 02/01/26 (c) | 1,213,620 | ||||||
| 400,000 | 5.00%, 02/01/26 (c) | 473,608 | ||||||
| 20,000 | 5.00%, 02/01/26 (c) | 24,061 | ||||||
| 50,000 | City of New York NY, Series D, Subseries D-1 (GO) 5.00%, 08/01/23 (c) | 58,859 | ||||||
| City of New York NY, Series E (GO) | ||||||||
| 35,000 | 5.00%, 02/01/23 (c) | 40,836 | ||||||
| 10,000 | 5.00%, 08/01/23 | 11,908 | ||||||
| 15,000 | 5.00%, 08/01/23 (c) | 17,438 | ||||||
| 15,000 | City of New York NY, Series H (GO) 5.00%, 08/01/23 | 17,862 | ||||||
| 10,000 | City of New York NY, Series J (GO) 5.00%, 08/01/24 (c) | 11,604 | ||||||
| 610,000 | City of New York, New York, Series A-1 (GO) 5.25%, 08/01/23 (c) | 726,601 | ||||||
| City of New York, New York, Series B (GO) | ||||||||
| 55,000 | 3.38%, 08/01/24 (c) | 55,723 | ||||||
| 250,000 | 5.00%, 08/01/22 (c) | 288,775 | ||||||
| 750,000 | City of New York, New York, Series D (GO) 5.00%, 02/01/23 (c) | 868,417 | ||||||
| 1,725,000 | City of New York, New York, Series D-1 (GO) 5.00%, 08/01/23 (c) | 2,036,190 | ||||||
| 50,000 | City of New York, New York, Series F-1 (GO) 5.00%, 03/01/23 (c) | 58,092 | ||||||
| 1,325,000 | City of New York, New York, Series G-1 (GO) 5.00%, 04/01/22 (c) | 1,517,377 | ||||||
| 1,115,000 | City of New York, New York, Series H (GO) 5.00%, 08/01/23 (c) | 1,319,034 | ||||||
| 145,000 | City of New York, New York, Series I (GO) 5.00%, 08/01/23 (c) | 171,534 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 1,225,000 | City of New York, New York, Series I-1 (GO) 5.00%, 03/01/24 (c) | $ | 1,421,098 | ||||
| City of New York, New York, Series J (GO) | ||||||||
| 1,290,000 | 5.00%, 08/01/23 (c) | 1,522,716 | ||||||
| 645,000 | 5.00%, 08/01/23 | 768,053 | ||||||
| 2,145,000 | City of New York, Series A (GO) 5.00%, 08/01/26 (c) | 2,540,366 | ||||||
| City of New York, Series B (GO) | ||||||||
| 1,450,000 | 5.00%, 08/01/22 (c) | 1,667,848 | ||||||
| 100,000 | 5.00%, 08/01/22 (c) | 115,348 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,155,640 | ||||||
| 100,000 | City of New York, Series D (GO) 5.00%, 02/01/23 (c) | 116,083 | ||||||
| City of New York, Series E (GO) | ||||||||
| 450,000 | 5.00%, 02/01/23 (c) | 526,099 | ||||||
| 540,000 | 5.00%, 08/01/26 (c) | 639,533 | ||||||
| 550,000 | 5.00%, 08/01/26 | 673,013 | ||||||
| 1,425,000 | City of New York, Series H (GO) 5.00%, 08/01/23 (c) | 1,682,070 | ||||||
| 1,000,000 | City of New York, Series I (GO) 5.00%, 08/01/22 (c) | 1,153,480 | ||||||
| 185,000 | City of New York, Series J-7 (GO) 5.00%, 08/01/26 | 226,377 | ||||||
| City of New York, Subseries F-1 (GO) | ||||||||
| 630,000 | 5.00%, 03/01/23 (c) | 728,960 | ||||||
| 1,300,000 | 5.00%, 03/01/23 (c) | 1,527,565 | ||||||
| 60,000 | County of Nassau NY, Series B (GO) 5.00%, 10/01/25 | 71,816 | ||||||
| 1,300,000 | County of Nassau, Series A (GO) 5.00%, 04/01/24 (c) | 1,498,835 | ||||||
| County of Nassau, Series B (GO) | ||||||||
| 500,000 | 5.00%, 10/01/23 | 590,485 | ||||||
| 645,000 | 5.00%, 04/01/24 (c) | 743,653 | ||||||
| 1,070,000 | County of Suffolk, Series C (GO) 5.00%, 05/01/24 (c) | 1,245,897 | ||||||
| 25,000 | County of Westchester NY, Series B (GO) 5.00%, 11/15/24 | 30,731 | ||||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
| 300,000 | 3.00%, 07/01/26 (c) | 290,157 | ||||||
| 100,000 | 5.00%, 07/01/26 (c) | 113,596 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 561,660 | ||||||
| 300,000 | 5.00%, 07/01/26 (c) | 342,828 | ||||||
| 275,000 | 5.00%, 07/01/26 (c) | 318,521 | ||||||
| 1,000,000 | 5.00%, 07/01/26 | 1,189,100 | ||||||
| Erie County, New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW) | ||||||||
| 250,000 | 5.00%, 05/01/22 (c) | 288,955 | ||||||
| 725,000 | 5.00%, 11/01/25 (c) | 871,544 | ||||||
| 100,000 | Housing Development Corp./NY, Series K-1-A (RB) 3.40%, 05/01/22 (c) | 101,309 | ||||||
See Notes to Financial Statements
| 52 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 950,000 | Long Island Power Authority Electric System, Series B (RB) 5.00%, 09/01/22 (c) | $ | 1,096,442 | ||||
| 30,000 | Long Island Power Authority, Series B (RB) 5.00%, 09/01/26 (c) | 35,819 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 500,000 | 3.00%, 11/15/22 (c) | 508,175 | ||||||
| 50,000 | 3.48%, 11/15/32 ^ | 29,571 | ||||||
| 2,565,000 | 3.59%, 11/15/30 ^ | 1,662,505 | ||||||
| 250,000 | 4.00%, 11/15/26 (c) | 262,958 | ||||||
| 10,000 | 4.00%, 11/15/26 | 11,476 | ||||||
| 15,000 | 5.00%, 11/15/22 (c) | 17,560 | ||||||
| 10,000 | 5.00%, 11/15/22 (c) | 11,718 | ||||||
| 795,000 | 5.00%, 11/15/22 (c) | 924,315 | ||||||
| 2,160,000 | 5.00%, 11/15/22 (c) | 2,513,808 | ||||||
| 15,000 | 5.00%, 11/15/22 (c) | 17,569 | ||||||
| 20,000 | 5.00%, 11/15/24 | 24,270 | ||||||
| 20,000 | 5.25%, 11/15/26 (c) | 24,374 | ||||||
| 25,000 | 5.25%, 11/15/26 (c) | 30,350 | ||||||
| 10,000 | 5.25%, 11/15/26 (c) | 12,263 | ||||||
| Metropolitan Transportation Authority, Series A, Subseries A-1 (RB) | ||||||||
| 25,000 | 5.00%, 05/15/25 (c) | 29,945 | ||||||
| 30,000 | 5.00%, 05/15/26 (c) | 35,027 | ||||||
| 25,000 | Metropolitan Transportation Authority, Series A, Subseries A-2 (RB) 5.00%, 11/15/24 | 30,027 | ||||||
| Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
| 240,000 | 5.00%, 11/15/23 (c) | 278,940 | ||||||
| 85,000 | 5.00%, 11/15/23 | 101,175 | ||||||
| 15,000 | Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 11/15/23 (c) | 17,613 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 15,000 | 5.00%, 11/15/23 | 17,854 | ||||||
| 20,000 | 5.00%, 05/15/24 (c) | 23,474 | ||||||
| 25,000 | 5.00%, 05/15/24 (c) | 29,467 | ||||||
| 20,000 | 5.00%, 05/15/24 (c) | 23,933 | ||||||
| 20,000 | 5.00%, 11/15/24 | 24,022 | ||||||
| 20,000 | 5.00%, 11/15/25 | 24,179 | ||||||
| 25,000 | 5.00%, 11/15/26 (c) | 29,391 | ||||||
| Metropolitan Transportation Authority, Series C (RB) | ||||||||
| 30,000 | 5.00%, 11/15/22 (c) | 34,556 | ||||||
| 40,000 | 5.00%, 11/15/22 (c) | 46,781 | ||||||
| 120,000 | 5.00%, 11/15/24 (c) | 142,841 | ||||||
| 15,000 | 5.00%, 11/15/24 (c) | 17,538 | ||||||
| 20,000 | 5.00%, 11/15/24 | 24,022 | ||||||
| 75,000 | 5.00%, 11/15/24 (c) | 87,465 | ||||||
| 1,320,000 | 5.00%, 11/15/25 (c) | 1,571,051 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 10,000 | 5.00%, 11/15/26 (c) | 11,693 | ||||||
| 900,000 | 5.00%, 11/15/26 (c) | 1,073,790 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| $ | 1,000,000 | 4.00%, 11/15/26 (c) | $ | 1,057,690 | ||||
| 650,000 | 5.00%, 11/15/17 (c) | 664,072 | ||||||
| 205,000 | 5.00%, 11/15/19 (c) | 223,251 | ||||||
| 20,000 | 5.00%, 11/15/22 (c) | 23,083 | ||||||
| 750,000 | 5.00%, 11/15/22 (c) | 867,300 | ||||||
| 135,000 | 5.00%, 11/15/22 (c) | 157,731 | ||||||
| 800,000 | 5.00%, 11/15/22 (c) | 926,936 | ||||||
| 30,000 | 5.00%, 11/15/26 | 36,469 | ||||||
| 20,000 | 5.00%, 11/15/26 (c) | 23,677 | ||||||
| 10,000 | 5.25%, 11/15/23 (c) | 11,894 | ||||||
| 75,000 | 5.25%, 11/15/23 (c) | 89,000 | ||||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| 510,000 | 5.00%, 11/15/22 (c) | 590,922 | ||||||
| 25,000 | 5.00%, 11/15/22 (c) | 28,910 | ||||||
| 20,000 | 5.00%, 11/15/22 (c) | 23,083 | ||||||
| 10,000 | 5.00%, 11/15/22 (c) | 11,621 | ||||||
| 300,000 | 5.00%, 11/15/22 (c) | 350,514 | ||||||
| 15,000 | 5.00%, 11/15/23 (c) | 17,563 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 845,000 | 3.13%, 11/15/22 (c) | 881,022 | ||||||
| 1,865,000 | 5.00%, 11/15/22 (c) | 2,166,235 | ||||||
| 1,000,000 | 5.00%, 11/15/22 (c) | 1,154,130 | ||||||
| 765,000 | 5.00%, 11/15/22 (c) | 888,999 | ||||||
| 40,000 | 5.00%, 11/15/22 (c) | 46,781 | ||||||
| 1,295,000 | 5.00%, 11/15/22 (c) | 1,513,052 | ||||||
| 20,000 | 5.00%, 11/15/25 (c) | 23,452 | ||||||
| 25,000 | 5.00%, 11/15/25 (c) | 29,755 | ||||||
| 25,000 | 5.00%, 11/15/25 | 30,224 | ||||||
| Metropolitan Transportation Authority, Series H (RB) | ||||||||
| 125,000 | 5.00%, 11/15/22 (c) | 144,550 | ||||||
| 720,000 | 5.00%, 11/15/22 (c) | 830,974 | ||||||
| 1,300,000 | 5.00%, 11/15/22 (c) | 1,519,648 | ||||||
| 350,000 | 5.00%, 11/15/22 (c) | 408,933 | ||||||
| 1,000,000 | Metropolitan Transportation Authority, Subseries A-2 (RB) 5.00%, 05/15/27 (c) | 1,183,580 | ||||||
| 15,000 | Metropolitan Transportation Authority, Subseries B-2 (RB) 5.00%, 11/15/26 (c) | 17,980 | ||||||
| Metropolitan Transportation Authority, Subseries D-1 (RB) | ||||||||
| 665,000 | 5.00%, 11/15/24 (c) | 758,891 | ||||||
| 70,000 | 5.00%, 11/15/24 (c) | 81,426 | ||||||
| Nassau County Interim Finance Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 11/15/24 | 12,221 | ||||||
| 20,000 | 5.00%, 11/15/25 | 24,685 | ||||||
| Nassau County, Series A (GO) | ||||||||
| 1,110,000 | 3.00%, 04/01/21 (c) | 1,154,522 | ||||||
| 460,000 | 4.00%, 04/01/21 (c) | 486,432 | ||||||
| 1,750,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB) 4.50%, 06/15/26 (c) | 1,935,902 | ||||||
See Notes to Financial Statements
| 53 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 220,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/24 (c) | $ | 259,101 | ||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) | ||||||||
| 1,345,000 | 5.00%, 12/15/19 (c) | 1,474,066 | ||||||
| 510,000 | 5.00%, 06/15/25 (c) | 615,606 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 10,000 | 3.25%, 07/15/22 (c) | 10,358 | ||||||
| 20,000 | 5.00%, 07/15/22 (c) | 23,023 | ||||||
| 20,000 | 5.00%, 07/15/22 (c) | 23,358 | ||||||
| 35,000 | 5.00%, 01/15/25 (c) | 40,377 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, Series S-2 (RB) (SAW) | ||||||||
| 20,000 | 5.00%, 07/15/23 | 23,842 | ||||||
| 25,000 | 5.00%, 07/15/25 (c) | 30,017 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (RB) | ||||||||
| 15,000 | 4.00%, 02/01/26 | 17,111 | ||||||
| 35,000 | 5.00%, 05/01/24 (c) | 41,396 | ||||||
| 60,000 | 5.00%, 05/01/24 (c) | 71,436 | ||||||
| 40,000 | 5.00%, 05/01/24 (c) | 47,310 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series A (RB) | ||||||||
| 30,000 | 5.00%, 08/01/24 (c) | 35,354 | ||||||
| 60,000 | 5.00%, 08/01/24 (c) | 70,927 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series A-1 (RB) | ||||||||
| 10,000 | 5.00%, 08/01/25 (c) | 11,762 | ||||||
| 25,000 | 5.00%, 08/01/25 (c) | 30,001 | ||||||
| 75,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Series B (RB) 5.00%, 11/01/22 (c) | 86,483 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series B, Subseries B-1 (RB) | ||||||||
| 15,000 | 5.00%, 08/01/24 (c) | 17,732 | ||||||
| 10,000 | 5.00%, 08/01/24 (c) | 11,895 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series C (RB) | ||||||||
| 30,000 | 5.00%, 11/01/24 | 36,281 | ||||||
| 10,000 | 5.00%, 11/01/25 (c) | 12,124 | ||||||
| 2,500,000 | 5.00%, 05/01/27 (c) | 2,986,225 | ||||||
| 1,500,000 | 5.00%, 05/01/27 (c) | 1,760,235 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series D (RB) | ||||||||
| 10,000 | 2.00%, 11/01/22 (c) | 9,892 | ||||||
| 40,000 | 3.00%, 11/01/22 (c) | 40,344 | ||||||
| 15,000 | 3.00%, 11/01/22 (c) | 15,244 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 75,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Series H (RB) 5.00%, 05/01/23 (c) | $ | 88,440 | ||||
| 325,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Series I (RB) 5.00%, 05/01/23 (c) | 375,843 | ||||||
| 1,100,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries A-1 (RB) 5.00%, 05/01/26 (c) | 1,286,472 | ||||||
| 250,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries B-1 (RB) 5.00%, 08/01/26 (c) | 295,182 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries E-1 (RB) | ||||||||
| 25,000 | 5.00%, 02/01/25 | 30,256 | ||||||
| 500,000 | 5.00%, 02/01/26 (c) | 576,810 | ||||||
| 750,000 | 5.00%, 02/01/27 (c) | 894,067 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries F-1 (RB) | ||||||||
| 250,000 | 5.00%, 02/01/23 (c) | 289,912 | ||||||
| 10,000 | 5.00%, 02/01/23 (c) | 11,703 | ||||||
| 20,000 | 5.00%, 02/01/23 (c) | 23,537 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 800,000 | 5.00%, 07/15/22 (c) | 925,656 | ||||||
| 325,000 | 5.00%, 07/15/22 (c) | 376,922 | ||||||
| 905,000 | 5.00%, 01/15/26 (c) | 1,044,904 | ||||||
| 1,475,000 | New York City Transitional Finance Authority, Building Aid Revenue, Subseries F-1 (RB) 5.00%, 05/01/22 (c) | 1,690,379 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 2,275,000 | 4.00%, 05/01/26 (c) | 2,432,794 | ||||||
| 125,000 | 5.00%, 08/01/25 (c) | 147,943 | ||||||
| 2,850,000 | 5.00%, 08/01/25 (c) | 3,313,182 | ||||||
| 750,000 | 5.00%, 08/01/25 (c) | 893,190 | ||||||
| 1,500,000 | 5.00%, 05/01/26 (c) | 1,745,235 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 130,000 | 5.00%, 11/01/22 (c) | 151,744 | ||||||
| 345,000 | 5.00%, 11/01/22 (c) | 400,548 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 295,712 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 760,000 | 5.00%, 11/01/25 (c) | 891,267 | ||||||
| 450,000 | 5.00%, 11/01/25 (c) | 525,123 | ||||||
| 1,750,000 | 5.00%, 08/01/26 (c) | 2,091,495 | ||||||
| 500,000 | 5.00%, 08/01/26 (c) | 586,805 | ||||||
| 1,000,000 | 5.00%, 08/01/26 (c) | 1,167,410 | ||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) | ||||||||
| $ | 75,000 | 2.00%, 11/01/22 (c) | $ | 74,844 | ||||
| 70,000 | 5.00%, 11/01/22 (c) | 82,069 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 1,000,000 | 5.00%, 02/01/26 (c) | 1,172,090 | ||||||
| 750,000 | 5.00%, 02/01/26 (c) | 884,805 | ||||||
| 1,995,000 | 5.00%, 02/01/26 (c) | 2,370,698 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F (RB) | ||||||||
| 1,250,000 | 4.00%, 02/01/26 (c) | 1,317,887 | ||||||
| 1,000,000 | 5.00%, 02/01/26 (c) | 1,179,740 | ||||||
| 1,030,000 | 5.00%, 02/01/26 (c) | 1,207,253 | ||||||
| 425,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 02/01/23 (c) | 488,873 | ||||||
| 1,800,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries C-1 (RB) 5.00%, 11/01/22 (c) | 2,106,216 | ||||||
| New York City Transitional Finance Authority, Series I (RB) | ||||||||
| 500,000 | 5.00%, 05/01/23 (c) | 580,660 | ||||||
| 360,000 | 5.00%, 05/01/23 (c) | 423,392 | ||||||
| 255,000 | New York City Transitional Finance Authority, Subseries A-1 (RB) 3.50%, 08/01/24 (c) | 261,732 | ||||||
| 575,000 | New York City Transitional Finance Authority, Subseries C-1 (RB) 5.00%, 11/01/22 (c) | 671,830 | ||||||
| 1,660,000 | New York City Transitional Finance Authority, Subseries D-1 (RB) 5.00%, 02/01/24 (c) | 1,933,966 | ||||||
| 700,000 | New York City Transitional Finance Authority, Subseries F-1 (RB) 5.00%, 02/01/23 (c) | 827,155 | ||||||
| New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
| 100,000 | 4.00%, 04/01/26 | 114,754 | ||||||
| 505,000 | 4.00%, 10/01/26 (c) | 552,632 | ||||||
| 1,000,000 | 4.00%, 10/01/26 (c) | 1,113,540 | ||||||
| 30,000 | New York City Water & Sewer System, series FF (RB) 5.00%, 06/15/25 | 36,561 | ||||||
| New York City Water & Sewer System, Series FF (RB) | ||||||||
| 15,000 | 5.00%, 06/15/22 (c) | 17,384 | ||||||
| 25,000 | 5.00%, 06/15/22 (c) | 28,643 | ||||||
| 10,000 | New York City Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c) | 12,062 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Water & Sewer System, Series HH (RB) | ||||||||
| $ | 10,000 | 5.00%, 06/15/25 (c) | $ | 12,062 | ||||
| 15,000 | 5.00%, 06/15/25 (c) | 18,205 | ||||||
| New York City, Series A (GO) | ||||||||
| 1,025,000 | 5.00%, 08/01/24 | 1,235,996 | ||||||
| 70,000 | 5.00%, 08/01/25 | 84,997 | ||||||
| 655,000 | New York City, Series C (GO) 5.00%, 08/01/22 (c) | 751,645 | ||||||
| New York City, Series I (GO) | ||||||||
| 1,300,000 | 5.00%, 08/01/22 (c) | 1,502,332 | ||||||
| 820,000 | 5.00%, 08/01/23 (c) | 967,928 | ||||||
| 360,000 | New York City, Series J (GO) 5.00%, 08/01/23 (c) | 425,876 | ||||||
| 250,000 | New York Liberty Development Corp., 7 World Trade Center Project, Class 1 (RB) 5.00%, 03/15/22 (c) | 288,500 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 40,000 | 5.00%, 10/01/23 | 48,282 | ||||||
| 10,000 | 5.00%, 10/01/25 | 12,355 | ||||||
| 10,000 | 5.00%, 04/01/26 (c) | 12,191 | ||||||
| 10,000 | 5.00%, 04/01/26 (c) | 12,318 | ||||||
| 25,000 | 5.00%, 09/15/26 (c) | 29,616 | ||||||
| 75,000 | New York State Dormitory Authority, Cornell University Revenue, Series A (RB) 5.00%, 07/01/26 (c) | 89,654 | ||||||
| 770,000 | New York State Dormitory Authority, Icahn School of Medicine Sinai, Series A (RB) 5.00%, 07/01/25 (c) | 889,150 | ||||||
| New York State Dormitory Authority, Series A (RB) | ||||||||
| 1,000,000 | 2.80%, 07/01/25 (c) | 1,019,780 | ||||||
| 100,000 | 5.00%, 07/01/22 (c) | 113,535 | ||||||
| 45,000 | 5.00%, 02/15/23 (c) | 52,659 | ||||||
| 10,000 | 5.00%, 07/01/23 | 11,864 | ||||||
| 10,000 | 5.00%, 02/15/24 (c) | 11,721 | ||||||
| 40,000 | 5.00%, 03/15/24 | 48,491 | ||||||
| 40,000 | 5.00%, 07/01/24 | 48,205 | ||||||
| 10,000 | 5.00%, 10/01/24 | 12,064 | ||||||
| 10,000 | 5.00%, 03/15/25 (c) | 11,941 | ||||||
| 20,000 | 5.00%, 03/15/25 (c) | 24,089 | ||||||
| 30,000 | 5.00%, 03/15/25 (c) | 34,562 | ||||||
| 10,000 | 5.00%, 03/15/25 | 12,198 | ||||||
| 10,000 | 5.00%, 07/01/25 | 12,064 | ||||||
| 30,000 | 5.00%, 07/01/25 | 36,020 | ||||||
| 15,000 | 5.00%, 07/01/25 (c) | 18,159 | ||||||
| 20,000 | 5.00%, 07/01/25 (c) | 23,285 | ||||||
| 30,000 | 5.00%, 07/01/26 | 36,242 | ||||||
| 20,000 | 5.00%, 07/01/26 (c) | 24,271 | ||||||
| 20,000 | 5.00%, 07/01/26 | 24,474 | ||||||
| 25,000 | 5.00%, 09/15/26 (c) | 29,458 | ||||||
| 25,000 | 5.00%, 09/15/26 (c) | 29,798 | ||||||
| 20,000 | 5.00%, 10/01/26 (c) | 23,727 | ||||||
See Notes to Financial Statements
| 55 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Dormitory Authority, Series B (RB) | ||||||||
| $ | 10,000 | 5.00%, 03/15/24 | $ | 12,123 | ||||
| 25,000 | 5.00%, 02/15/25 | 30,280 | ||||||
| 15,000 | 5.00%, 02/15/25 (c) | 17,882 | ||||||
| 20,000 | 5.00%, 07/01/25 (c) | 23,380 | ||||||
| 45,000 | 5.00%, 07/01/25 | 54,739 | ||||||
| 45,000 | 5.00%, 09/15/25 (c) | 55,197 | ||||||
| 25,000 | 5.00%, 09/15/25 (c) | 30,152 | ||||||
| 225,000 | 5.00%, 09/15/25 (c) | 269,287 | ||||||
| 500,000 | 5.00%, 09/15/25 (c) | 581,120 | ||||||
| 20,000 | 5.00%, 09/15/25 (c) | 23,753 | ||||||
| 25,000 | 5.00%, 10/01/27 | 31,588 | ||||||
| 20,000 | New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/24 (c) | 23,481 | ||||||
| New York State Dormitory Authority, Series D (RB) | ||||||||
| 35,000 | 5.00%, 02/15/25 | 42,392 | ||||||
| 20,000 | 5.00%, 10/01/25 (c) | 23,622 | ||||||
| 530,000 | 5.00%, 08/15/26 (c) | 640,123 | ||||||
| New York State Dormitory Authority, Series E (RB) | ||||||||
| 35,000 | 5.00%, 03/15/25 | 42,408 | ||||||
| 15,000 | 5.00%, 09/15/25 (c) | 17,827 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 1,300,000 | 5.00%, 12/15/22 (c) | 1,522,014 | ||||||
| 630,000 | 5.00%, 12/15/22 (c) | 732,469 | ||||||
| 675,000 | 5.00%, 12/15/22 (c) | 780,894 | ||||||
| 1,060,000 | 5.00%, 12/15/22 (c) | 1,240,412 | ||||||
| 270,000 | 5.00%, 12/15/22 (c) | 315,168 | ||||||
| 1,125,000 | 5.00%, 12/15/22 (c) | 1,313,201 | ||||||
| 1,035,000 | 5.00%, 12/15/22 (c) | 1,204,543 | ||||||
| 1,295,000 | 5.00%, 12/15/22 (c) | 1,510,138 | ||||||
| 100,000 | 5.00%, 02/15/23 (c) | 114,365 | ||||||
| 795,000 | 5.00%, 02/15/24 (c) | 940,032 | ||||||
| 1,350,000 | 5.00%, 02/15/24 (c) | 1,579,527 | ||||||
| 810,000 | 5.00%, 02/15/24 | 973,077 | ||||||
| 250,000 | 5.00%, 02/15/24 (c) | 298,220 | ||||||
| 1,490,000 | 5.00%, 03/15/25 (c) | 1,755,637 | ||||||
| 1,000,000 | 5.00%, 08/15/26 (c) | 1,207,780 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 1,405,000 | 5.00%, 03/15/22 (c) | 1,610,032 | ||||||
| 500,000 | 5.00%, 03/15/22 (c) | 574,475 | ||||||
| 1,000,000 | 5.00%, 02/15/25 (c) | 1,168,860 | ||||||
| 375,000 | New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) | 439,485 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 510,000 | 5.00%, 02/15/25 (c) | 600,046 | ||||||
| 285,000 | 5.00%, 02/15/25 (c) | 339,766 | ||||||
| 180,000 | 5.00%, 09/15/25 (c) | 209,934 | ||||||
| 140,000 | 5.00%, 09/15/25 (c) | 164,310 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| $ | 625,000 | 5.00%, 03/15/23 (c) | $ | 726,787 | ||||
| 1,265,000 | 5.00%, 03/15/24 (c) | 1,467,691 | ||||||
| 500,000 | 5.00%, 03/15/24 (c) | 578,750 | ||||||
| 690,000 | 5.00%, 03/15/24 (c) | 810,088 | ||||||
| 250,000 | 5.00%, 03/15/24 (c) | 290,572 | ||||||
| 1,000,000 | 5.00%, 09/15/26 (c) | 1,209,450 | ||||||
| 1,000,000 | 5.00%, 09/15/26 (c) | 1,229,160 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series B (RB) | ||||||||
| 1,315,000 | 5.00%, 09/15/25 (c) | 1,535,815 | ||||||
| 340,000 | 5.00%, 09/15/25 (c) | 399,038 | ||||||
| New York State Environmental Facilities Corp., Master Finance Program, Series D (RB) | ||||||||
| 150,000 | 5.00%, 03/15/24 | 182,168 | ||||||
| 680,000 | 5.00%, 03/15/25 (c) | 824,486 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 440,000 | 4.00%, 06/15/22 (c) | 486,429 | ||||||
| 875,000 | 5.00%, 06/15/22 (c) | 1,023,400 | ||||||
| 1,200,000 | 5.00%, 06/15/22 (c) | 1,399,020 | ||||||
| 1,300,000 | 5.00%, 06/15/23 (c) | 1,536,600 | ||||||
| 1,260,000 | 5.00%, 06/15/24 (c) | 1,522,559 | ||||||
| 1,435,000 | 5.00%, 06/15/24 (c) | 1,701,436 | ||||||
| 125,000 | 5.00%, 06/15/24 (c) | 147,938 | ||||||
| 965,000 | 5.00%, 06/15/26 (c) | 1,143,274 | ||||||
| 765,000 | 5.00%, 06/15/26 (c) | 919,339 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 604,500 | ||||||
| 1,080,000 | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB) 5.00%, 06/15/22 (c) | 1,256,807 | ||||||
| New York State Environmental Facilities Corp., Series A (RB) | ||||||||
| 20,000 | 5.00%, 06/15/22 (c) | 23,296 | ||||||
| 10,000 | 5.00%, 06/15/23 | 11,980 | ||||||
| 10,000 | 5.00%, 06/15/23 (c) | 11,763 | ||||||
| 20,000 | 5.00%, 06/15/24 (c) | 23,757 | ||||||
| 15,000 | 5.00%, 06/15/24 (c) | 18,204 | ||||||
| 15,000 | 5.00%, 06/15/25 (c) | 17,983 | ||||||
| New York State Environmental Facilities Corp., Series B (RB) | ||||||||
| 10,000 | 5.00%, 05/15/24 (c) | 11,830 | ||||||
| 40,000 | 5.00%, 05/15/24 (c) | 47,347 | ||||||
| New York State Environmental Facilities Corp., Series D (RB) | ||||||||
| 65,000 | 5.00%, 09/15/24 | 79,490 | ||||||
| 15,000 | 5.00%, 03/15/25 (c) | 17,958 | ||||||
| 10,000 | 5.00%, 03/15/25 (c) | 12,052 | ||||||
| New York State Thruway Authority, Series A (RB) | ||||||||
| 125,000 | 5.00%, 09/15/21 (c) | 143,651 | ||||||
| 25,000 | 5.00%, 03/15/23 (c) | 29,117 | ||||||
| 800,000 | 5.00%, 03/15/23 (c) | 930,288 | ||||||
| 625,000 | 5.00%, 01/01/26 (c) | 721,756 | ||||||
| 600,000 | 5.00%, 01/01/26 (c) | 685,500 | ||||||
See Notes to Financial Statements
| 56 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Thruway Authority, Series I (RB) | ||||||||
| $ | 810,000 | 5.00%, 01/01/22 (c) | $ | 917,997 | ||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,135,240 | ||||||
| New York State Thruway Authority, Series J (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 1,155,810 | ||||||
| 2,120,000 | 5.00%, 01/01/24 (c) | 2,446,098 | ||||||
| 40,000 | 5.00%, 01/01/24 | 47,530 | ||||||
| 500,000 | 5.00%, 01/01/24 (c) | 584,265 | ||||||
| New York State Thruway Authority, Series K (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/25 (c) | 1,141,820 | ||||||
| 850,000 | 5.00%, 01/01/25 (c) | 966,178 | ||||||
| 35,000 | 5.00%, 01/01/25 | 41,846 | ||||||
| 10,000 | 5.00%, 01/01/25 (c) | 11,530 | ||||||
| New York State Thruway Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 190,000 | 5.00%, 09/15/21 (c) | 217,484 | ||||||
| 60,000 | 5.00%, 09/15/21 (c) | 69,200 | ||||||
| 1,290,000 | 5.00%, 09/15/21 (c) | 1,484,842 | ||||||
| 150,000 | 5.00%, 09/15/21 (c) | 172,107 | ||||||
| New York State Urban Development Corp., Series A (RB) | ||||||||
| 25,000 | 5.00%, 03/15/23 | 29,634 | ||||||
| 10,000 | 5.00%, 03/15/24 (c) | 11,916 | ||||||
| 15,000 | 5.00%, 03/15/25 | 18,175 | ||||||
| 50,000 | 5.00%, 09/15/25 (c) | 60,687 | ||||||
| 1,010,000 | 5.00%, 03/15/26 (c) | 1,222,171 | ||||||
| 85,000 | 5.00%, 03/15/26 (c) | 101,953 | ||||||
| New York State Urban Development Corp., Series A-1 (RB) | ||||||||
| 15,000 | 5.00%, 03/15/23 (c) | 17,697 | ||||||
| 55,000 | 5.00%, 03/15/23 (c) | 63,924 | ||||||
| 70,000 | New York State Urban Development Corp., Series C (RB) 5.00%, 03/15/23 (c) | 82,587 | ||||||
| New York State Urban Development Corp., Series E (RB) | ||||||||
| 40,000 | 5.00%, 03/15/23 (c) | 46,490 | ||||||
| 10,000 | 5.00%, 03/15/23 (c) | 11,707 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 115,000 | 5.00%, 03/15/24 (c) | 132,799 | ||||||
| 750,000 | 5.00%, 03/15/24 (c) | 873,270 | ||||||
| 1,000,000 | 5.00%, 09/15/25 (c) | 1,160,620 | ||||||
| 865,000 | 5.00%, 03/15/26 | 1,056,779 | ||||||
| 670,000 | 5.00%, 03/15/26 (c) | 796,583 | ||||||
| 1,100,000 | New York State Urban Development Corp., State Personal Income, Series A-1 (RB) 5.00%, 03/15/23 (c) | 1,281,126 | ||||||
| 1,100,000 | New York State Urban Development Corp., State Personal Income, Series B (RB) 5.00%, 03/15/24 (c) | 1,289,156 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| $ | 1,250,000 | 5.00%, 03/15/23 (c) | $ | 1,452,825 | ||||
| 1,000,000 | 5.00%, 03/15/23 (c) | 1,158,060 | ||||||
| 690,000 | 5.00%, 03/15/23 (c) | 807,783 | ||||||
| 500,000 | 5.00%, 03/15/23 (c) | 584,445 | ||||||
| 235,000 | New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/23 (c) | 274,405 | ||||||
| 25,000 | Port Authority of New York & New Jersey, Series 173 (RB) 3.00%, 06/01/22 (c) | 25,461 | ||||||
| 20,000 | Port Authority of New York & New Jersey, Series 175 (RB) 5.00%, 12/01/22 (c) | 23,614 | ||||||
| 10,000 | Port Authority of New York & New Jersey, Series 178, Series 179 (RB) 5.00%, 12/01/23 (c) | 11,766 | ||||||
| Port Authority of New York & New Jersey, Series 184 (RB) | ||||||||
| 15,000 | 5.00%, 09/01/24 (c) | 17,496 | ||||||
| 55,000 | 5.00%, 09/01/24 (c) | 65,861 | ||||||
| Port Authority of New York & New Jersey, Series 189 (RB) | ||||||||
| 15,000 | 5.00%, 05/01/23 | 17,838 | ||||||
| 25,000 | 5.00%, 05/01/24 | 30,181 | ||||||
| 10,000 | 5.00%, 05/01/25 | 12,165 | ||||||
| 250,000 | Port Authority of New York and New Jersey, Series 179 (RB) 5.00%, 12/01/23 (c) | 297,365 | ||||||
| Port Authority of New York and New Jersey, Series 183 (RB) | ||||||||
| 565,000 | 3.00%, 06/15/24 (c) | 588,555 | ||||||
| 760,000 | 3.25%, 06/15/24 (c) | 773,543 | ||||||
| Port Authority of New York and New Jersey, Series 190 (RB) | ||||||||
| 1,200,000 | 5.00%, 05/01/20 (c) | 1,319,196 | ||||||
| 205,000 | 5.00%, 05/01/20 (c) | 226,314 | ||||||
| 100,000 | 5.00%, 05/01/20 (c) | 110,521 | ||||||
| Sales Tax Asset Receivable Corp., Series A (RB) | ||||||||
| 300,000 | 3.00%, 10/15/24 (c) | 303,201 | ||||||
| 10,000 | 5.00%, 10/15/23 | 12,062 | ||||||
| 1,200,000 | 5.00%, 10/15/24 (c) | 1,426,980 | ||||||
| 10,000 | 5.00%, 10/15/24 | 12,237 | ||||||
| 10,000 | 5.00%, 10/15/24 (c) | 12,113 | ||||||
| 10,000 | 5.00%, 10/15/24 (c) | 11,975 | ||||||
| 3,115,000 | 5.00%, 10/15/24 (c) | 3,678,441 | ||||||
| 605,000 | State of New York Mortgage Agency, Homeowner Mortgage, Series 195 (RB) 3.00%, 04/01/25 (c) | 581,611 | ||||||
| 25,000 | State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c) | 23,654 | ||||||
| 25,000 | State of New York, Series A (GO) 5.00%, 03/01/23 (c) | 29,788 | ||||||
See Notes to Financial Statements
| 57 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 10,000 | Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c) | $ | 10,824 | ||||
| 30,000 | Town of Brookhaven NY, Series A (GO) 3.00%, 02/01/23 (c) | 32,108 | ||||||
| 65,000 | Town of Brookhaven, New York, Series A (GO) 3.00%, 02/01/23 (c) | 68,257 | ||||||
| 250,000 | Town of Brookhaven, Series A (GO) 4.00%, 02/01/23 (c) | 274,577 | ||||||
| 100,000 | Town of Oyster Bay (GO) (AGM) 4.00%, 08/01/22 (c) | 105,263 | ||||||
| 485,000 | Town of Oyster Bay, New York (GO) (AGM) 4.00%, 08/01/22 (c) | 512,218 | ||||||
| Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM) | ||||||||
| 130,000 | 3.00%, 03/01/21 (c) | 131,123 | ||||||
| 175,000 | 3.25%, 03/01/21 (c) | 176,629 | ||||||
| 100,000 | Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 4.00%, 11/01/20 (c) | 103,799 | ||||||
| Triborough Bridge & Tunnel Authority, Series A (RB) | ||||||||
| 30,000 | 5.00%, 11/15/23 | 36,035 | ||||||
| 15,000 | 5.00%, 11/15/24 | 18,238 | ||||||
| 25,000 | 5.00%, 11/15/25 | 30,659 | ||||||
| 10,000 | 5.00%, 05/15/26 (c) | 11,912 | ||||||
| 10,000 | 5.00%, 05/15/27 (c) | 12,387 | ||||||
| Triborough Bridge & Tunnel Authority, Series B (RB) | ||||||||
| 25,000 | 5.00%, 11/15/22 (c) | 29,426 | ||||||
| 15,000 | 5.00%, 11/15/22 (c) | 17,526 | ||||||
| 25,000 | 5.00%, 11/15/23 | 30,030 | ||||||
| 1,000,000 | 5.00%, 05/15/27 (c) | 1,185,500 | ||||||
| Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
| 950,000 | 2.79%, 11/15/30 ^ | 601,967 | ||||||
| 1,190,000 | 5.00%, 05/15/23 (c) | 1,398,595 | ||||||
| 900,000 | 5.00%, 05/15/23 (c) | 1,053,846 | ||||||
| 5,805,000 | 5.00%, 05/15/23 (c) | 6,840,670 | ||||||
| 1,370,000 | 5.00%, 05/15/23 (c) | 1,618,710 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 1,385,000 | 2.85%, 11/15/32 ^ | 816,624 | ||||||
| 975,000 | 4.00%, 11/15/22 (c) | 1,079,890 | ||||||
| 200,000 | 5.00%, 11/15/22 (c) | 234,368 | ||||||
| 1,015,000 | 5.00%, 11/15/22 (c) | 1,196,452 | ||||||
| 500,000 | 5.00%, 11/15/22 (c) | 585,630 | ||||||
| 1,310,000 | 5.00%, 11/15/23 (c) | 1,561,939 | ||||||
| 1,000,000 | 5.00%, 05/15/27 (c) | 1,207,800 | ||||||
| 1,000,000 | 5.00%, 05/15/27 (c) | 1,238,660 | ||||||
| 1,520,000 | 5.00%, 05/15/27 (c) | 1,815,138 | ||||||
| 1,315,000 | 5.00%, 05/15/27 (c) | 1,577,987 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 865,000 | 3.00%, 12/15/25 (c) | 872,854 | ||||||
| 20,000 | 5.00%, 06/15/24 (c) | 24,079 | ||||||
| 20,000 | 5.00%, 06/15/25 (c) | 24,174 | ||||||
| 45,000 | 5.00%, 12/15/25 (c) | 54,761 | ||||||
| 1,675,000 | 5.00%, 12/15/25 (c) | 1,974,992 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
| $ | 30,000 | 5.00%, 06/15/24 (c) | $ | 36,118 | ||||
| 30,000 | 5.00%, 12/15/24 (c) | 36,423 | ||||||
| 170,000 | 5.00%, 06/15/25 (c) | 205,482 | ||||||
| 85,000 | 5.00%, 12/15/25 (c) | 103,437 | ||||||
| 500,000 | 5.00%, 06/15/26 (c) | 592,815 | ||||||
| Utility Debt Securitization Authority, Series B (RB) | ||||||||
| 100,000 | 5.00%, 06/15/21 (c) | 114,523 | ||||||
| 40,000 | 5.00%, 12/15/21 (c) | 46,357 | ||||||
| 10,000 | 5.00%, 06/15/22 (c) | 11,723 | ||||||
| 15,000 | 5.00%, 12/15/22 (c) | 17,764 | ||||||
| 10,000 | 5.00%, 06/15/23 (c) | 11,890 | ||||||
| 35,000 | 5.00%, 12/15/23 (c) | 41,980 | ||||||
| 1,000,000 | 5.00%, 06/15/26 (c) | 1,199,050 | ||||||
| Utility Debt Securitization Authority, Series E (RB) | ||||||||
| 1,250,000 | 5.00%, 12/15/23 (c) | 1,473,662 | ||||||
| 1,675,000 | 5.00%, 12/15/23 (c) | 1,980,386 | ||||||
| 1,005,000 | 5.00%, 12/15/23 (c) | 1,191,649 | ||||||
| 238,999,754 | ||||||||
| North Carolina: 1.1% | ||||||||
| 400,000 | Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c) | 440,556 | ||||||
| 30,000 | Charlotte-Mecklenburg Hospital Authority, Series A (RB) 5.00%, 01/15/26 | 36,353 | ||||||
| 15,000 | City of Raleigh NC, Series A (GO) 5.00%, 09/01/24 | 18,316 | ||||||
| 350,000 | City of Raleigh, Combined Enterprise System, Series A (RB) 5.00%, 03/01/23 (c) | 412,541 | ||||||
| 1,000,000 | County of Buncombe (RB) 5.00%, 06/01/25 | 1,218,560 | ||||||
| 590,000 | County of Forsyth NC, Series B (GO) 3.00%, 03/01/27 (c) | 589,982 | ||||||
| 10,000 | County of Mecklenburg NC, Series B (GO) 5.00%, 12/01/24 | 12,249 | ||||||
| 500,000 | County of Mecklenburg, Series B (GO) 5.00%, 12/01/25 | 617,690 | ||||||
| County of Wake NC, Series A (RB) | ||||||||
| 75,000 | 4.00%, 12/01/26 (c) | 81,072 | ||||||
| 30,000 | 5.00%, 12/01/25 | 36,849 | ||||||
| 1,805,000 | County of Wake, North Carolina (GO) 3.00%, 09/01/24 (c) | 1,922,361 | ||||||
| 90,000 | County of Wake, Public Improvement (GO) 5.00%, 09/01/24 | 109,894 | ||||||
| 10,000 | North Carolina Capital Facilities Finance Agency (RB) 5.00%, 07/01/26 (c) | 12,108 | ||||||
| North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/22 (c) | 1,122,000 | ||||||
| 250,000 | 5.00%, 06/01/27 | 308,125 | ||||||
See Notes to Financial Statements
| 58 |
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| North Carolina Medical Care Commission, Series A (RB) | ||||||||
| $ | 10,000 | 5.00%, 06/01/23 | $ | 11,853 | ||||
| 15,000 | 5.00%, 06/01/26 | 18,328 | ||||||
| 10,000 | North Carolina Medical Care Commission, Series D (RB) 4.00%, 06/01/26 (c) | 10,724 | ||||||
| North Carolina Municipal Power Agency No 1, Series A (RB) | ||||||||
| 30,000 | 5.00%, 01/01/24 | 35,648 | ||||||
| 15,000 | 5.00%, 01/01/26 (c) | 17,852 | ||||||
| 15,000 | 5.00%, 01/01/26 (c) | 17,335 | ||||||
| 355,000 | North Carolina Municipal Power Agency No. 1, Series A (RB) 2.00%, 01/01/18 (c) | 350,126 | ||||||
| 1,000,000 | North Carolina Municipal Power Agency No. 1, Series B (RB) 5.00%, 01/01/22 (c) | 1,138,110 | ||||||
| 20,000 | North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/21 (c) | 23,050 | ||||||
| 540,000 | North Carolina State, Series C (RB) 5.00%, 05/01/24 (c) | 644,863 | ||||||
| 500,000 | North Carolina Turnpike Authority, Series A (RB) 5.00%, 01/01/27 (c) | 570,250 | ||||||
| State of North Carolina (RB) | ||||||||
| 10,000 | 5.00%, 03/01/24 | 11,906 | ||||||
| 25,000 | 5.00%, 03/01/25 (c) | 29,554 | ||||||
| 25,000 | 5.00%, 03/01/25 | 29,908 | ||||||
| State of North Carolina, Series A (RB) | ||||||||
| 95,000 | 2.25%, 05/01/23 (c) | 94,005 | ||||||
| 1,000,000 | 5.00%, 06/01/23 | 1,197,440 | ||||||
| 500,000 | 5.00%, 06/01/26 | 621,600 | ||||||
| State of North Carolina, Series B (RB) | ||||||||
| 250,000 | 5.00%, 06/01/24 | 301,645 | ||||||
| 15,000 | 5.00%, 06/01/25 | 18,229 | ||||||
| 75,000 | 5.00%, 06/01/26 | 91,986 | ||||||
| 1,500,000 | 5.00%, 06/01/26 (c) | 1,848,045 | ||||||
| State of North Carolina, Series C (RB) | ||||||||
| 1,040,000 | 5.00%, 05/01/24 (c) | 1,235,239 | ||||||
| 1,315,000 | 5.00%, 05/01/24 | 1,599,066 | ||||||
| 150,000 | The Charlotte-Mecklenburg Hospital Authority, Series A (RB) 5.00%, 01/15/22 (c) | 167,657 | ||||||
| 17,023,075 | ||||||||
| North Dakota: 0.1% | ||||||||
| 1,060,000 | North Dakota Public Finance Authority, Series A (RB) 5.00%, 10/01/24 (c) | 1,262,725 | ||||||
| Ohio: 2.4% | ||||||||
| 35,000 | American Municipal Power, Inc., AMP Fremont Energy Center, Series B (RB) 4.00%, 02/15/22 (c) | 36,294 | ||||||
| 670,000 | American Municipal Power, Inc., Prairie State Energy Campus, Series A (RB) 5.00%, 02/15/20 (c) | 729,650 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| City of Cincinnati OH, Series A (GO) | ||||||||
| $ | 10,000 | 4.00%, 12/01/24 | $ | 11,392 | ||||
| 30,000 | 4.00%, 12/01/25 | 34,099 | ||||||
| 20,000 | 5.00%, 12/01/23 | 23,926 | ||||||
| 15,000 | 5.00%, 12/01/24 | 18,196 | ||||||
| 25,000 | City of Columbus OH Sewerage Revenue (RB) 5.00%, 12/01/24 (c) | 30,171 | ||||||
| City of Columbus OH, Series A (GO) | ||||||||
| 50,000 | 3.00%, 08/15/22 (c) | 50,389 | ||||||
| 35,000 | 4.00%, 08/15/24 | 40,053 | ||||||
| 10,000 | 5.00%, 08/15/23 | 12,018 | ||||||
| City of Columbus, Ohio Sewerage Revenue (RB) | ||||||||
| 250,000 | 5.00%, 12/01/24 (c) | 294,787 | ||||||
| 300,000 | 5.00%, 12/01/24 (c) | 357,177 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 597,990 | ||||||
| City of Columbus, Ohio, Series A (GO) | ||||||||
| 1,475,000 | 3.00%, 02/15/24 (c) | 1,531,006 | ||||||
| 800,000 | 4.00%, 02/15/24 (c) | 872,336 | ||||||
| 760,000 | 5.00%, 07/01/23 | 909,538 | ||||||
| 100,000 | 5.00%, 08/15/23 (c) | 118,406 | ||||||
| 1,075,000 | 5.00%, 02/15/24 (c) | 1,286,882 | ||||||
| 1,295,000 | City of Columbus, Various Purpose, Series 1 (GO) 5.00%, 07/01/23 (c) | 1,551,488 | ||||||
| City of Columbus, Various Purpose, Series A (GO) | ||||||||
| 500,000 | 3.00%, 07/01/25 (c) | 512,385 | ||||||
| 750,000 | 3.00%, 07/01/25 (c) | 783,157 | ||||||
| 300,000 | 3.00%, 07/01/25 (c) | 305,223 | ||||||
| 910,000 | 3.00%, 08/15/25 (c) | 910,637 | ||||||
| 750,000 | 3.10%, 07/01/25 (c) | 760,815 | ||||||
| 1,450,000 | 3.20%, 07/01/25 (c) | 1,471,866 | ||||||
| 100,000 | 5.00%, 08/15/22 (c) | 116,991 | ||||||
| 1,000,000 | City of Toledo, Water System Revenue (RB) 5.00%, 05/15/23 (c) | 1,153,110 | ||||||
| 10,000 | Cleveland Municipal School District, Series A (GO) (SD CRED PROG) 5.00%, 06/01/23 (c) | 11,474 | ||||||
| 20,000 | County of Cuyahoga OH (CP) 5.00%, 06/01/24 (c) | 23,695 | ||||||
| 330,000 | County of Cuyahoga, Convention Hotel Project (CP) 5.00%, 06/01/24 (c) | 380,662 | ||||||
| County of Franklin, Ohio Hospital Facilities Revenue, Ohiohealth Corp. (RB) | ||||||||
| 1,000,000 | 5.00%, 05/15/23 (c) | 1,150,680 | ||||||
| 60,000 | 5.00%, 05/15/23 (c) | 70,705 | ||||||
| 10,000 | County of Hamilton OH Sales Tax Revenue, Series A (RB) 5.00%, 12/01/23 | 11,908 | ||||||
| 100,000 | County of Hamilton OH Sewer System Revenue, Series A (RB) 5.00%, 12/01/24 (c) | 117,385 | ||||||
See Notes to Financial Statements
| 59 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM) | ||||||||
| $ | 870,000 | 4.00%, 06/01/22 (c) | $ | 895,778 | ||||
| 790,000 | 5.25%, 06/01/22 (c) | 907,196 | ||||||
| 340,000 | County of Hamilton, Ohio Sales Tax Revenue, Series A (RB) 5.00%, 12/01/26 (c) | 404,971 | ||||||
| 375,000 | County of Hamilton, Ohio Sewer System Revenue, Series A (RB) 5.00%, 12/01/24 (c) | 442,751 | ||||||
| County of Hamilton, Ohio The Christ Hospital Project (RB) | ||||||||
| 695,000 | 5.25%, 06/01/22 (c) | 789,145 | ||||||
| 500,000 | 5.25%, 06/01/22 (c) | 568,500 | ||||||
| 75,000 | Cuyahoga County, Various Purpose (RB) 3.00%, 12/01/24 (c) | 75,455 | ||||||
| Dayton City School District (GO) (SD CRED PROG) | ||||||||
| 35,000 | 5.00%, 11/01/28 | 42,217 | ||||||
| 30,000 | 5.00%, 11/01/29 | 36,248 | ||||||
| 750,000 | Dayton Metro Library, Series A (GO) 3.25%, 12/01/21 (c) | 759,877 | ||||||
| 15,000 | Franklin County Convention Facilities Authority (RB) 5.00%, 12/01/24 (c) | 17,608 | ||||||
| Kent State University (RB) | ||||||||
| 15,000 | 5.00%, 05/01/25 | 18,015 | ||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,958 | ||||||
| 10,000 | Miami University/Oxford OH (RB) 5.00%, 09/01/25 | 12,137 | ||||||
| 15,000 | Ohio Higher Educational Facility Commission, Series A (RB) 5.00%, 01/01/22 (c) | 17,311 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/01/25 | 12,244 | ||||||
| 15,000 | 5.00%, 12/01/25 | 18,477 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series B (RB) | ||||||||
| 25,000 | 5.00%, 12/01/25 (c) | 30,488 | ||||||
| 20,000 | 5.00%, 12/01/25 (c) | 24,321 | ||||||
| 25,000 | 5.00%, 12/01/25 (c) | 30,686 | ||||||
| 10,000 | 5.00%, 12/01/25 (c) | 12,239 | ||||||
| 1,000,000 | Ohio Water Development Authority, Fresh Water, Series B (RB) 5.00%, 12/01/26 (c) | 1,198,550 | ||||||
| 20,000 | Ohio Water Development Authority, Series A (RB) 5.00%, 06/01/26 (c) | 23,805 | ||||||
| 70,000 | Ohio Water Development Authority, Water Pollution Control (RB) 5.00%, 12/01/24 | 85,357 | ||||||
| 85,000 | Promedica Healthcare Obligated Group, Ohio Hospital, Series D (RB) 5.00%, 11/15/21 (c) | 94,516 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 895,000 | State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/23 | $ | 1,070,429 | ||||
| State of Ohio, Highway Capital Improvement, Series R (GO) | ||||||||
| 2,500,000 | 5.00%, 05/01/24 (c) | 2,967,550 | ||||||
| 1,000,000 | 5.00%, 05/01/24 (c) | 1,204,320 | ||||||
| 500,000 | State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c) | 594,805 | ||||||
| State of Ohio, Major New State Infrastructure Project, Series 1 (RB) | ||||||||
| 1,100,000 | 5.00%, 06/15/22 (c) | 1,274,218 | ||||||
| 100,000 | 5.00%, 06/15/26 (c) | 120,537 | ||||||
| 500,000 | State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c) | 600,680 | ||||||
| 15,000 | State of Ohio, Series 1 (RB) 5.00%, 12/15/23 | 17,971 | ||||||
| State of Ohio, Series A (GO) | ||||||||
| 10,000 | 5.00%, 08/01/23 | 11,960 | ||||||
| 1,350,000 | 5.00%, 03/15/24 (c) | 1,557,090 | ||||||
| 10,000 | 5.00%, 03/15/24 (c) | 11,487 | ||||||
| 30,000 | 5.00%, 12/15/24 | 36,542 | ||||||
| 25,000 | 5.00%, 08/01/25 | 30,610 | ||||||
| 3,000,000 | 5.00%, 09/15/26 | 3,710,310 | ||||||
| 50,000 | State of Ohio, Series B (GO) 5.00%, 06/15/22 (c) | 58,561 | ||||||
| 1,345,000 | State of Ohio, University Hospitals Health System, Series A (RB) 5.00%, 01/15/23 (c) | 1,502,849 | ||||||
| 20,000 | University of Akron, Series A (RB) 5.00%, 01/01/25 (c) | 22,910 | ||||||
| 37,609,170 | ||||||||
| Oklahoma: 0.2% | ||||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/01/23 | 11,815 | ||||||
| 10,000 | 5.00%, 06/01/23 | 11,815 | ||||||
| 10,000 | 5.00%, 06/01/24 | 11,971 | ||||||
| 1,040,000 | 5.00%, 06/01/24 (c) | 1,196,042 | ||||||
| 115,000 | 5.00%, 06/01/24 (c) | 136,078 | ||||||
| 65,000 | 5.00%, 06/01/24 (c) | 75,115 | ||||||
| 15,000 | 5.00%, 12/01/26 (c) | 17,563 | ||||||
| 45,000 | 5.00%, 12/01/26 (c) | 53,683 | ||||||
| 1,000,000 | Oklahoma Capital Improvement Authority, Series A (RB) 5.00%, 07/01/24 (c) | 1,172,260 | ||||||
| Oklahoma Capitol Improvement Authority (RB) | ||||||||
| 100,000 | 5.00%, 07/01/24 | 119,994 | ||||||
| 10,000 | 5.00%, 07/01/26 (c) | 11,981 | ||||||
| Oklahoma Capitol Improvement Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 07/01/24 (c) | 11,853 | ||||||
| 10,000 | 5.00%, 07/01/24 (c) | 11,948 | ||||||
| 40,000 | Oklahoma City Water Utilities Trust (RB) 5.00%, 07/01/23 (c) | 47,202 | ||||||
See Notes to Financial Statements
| 60 |
| Principal Amount | Value | |||||||
| Oklahoma: (continued) | ||||||||
| $ | 90,000 | Oklahoma City Water Utilities Trust, Water and Sewer Revenue (RB) 5.00%, 07/01/23 (c) | $ | 107,534 | ||||
| 15,000 | Oklahoma Development Finance Authority, Series A (RB) 5.00%, 08/15/25 (c) | 17,364 | ||||||
| 15,000 | Oklahoma Water Resources Board (RB) 5.00%, 04/01/25 | 18,216 | ||||||
| Tulsa County Industrial Authority (RB) | ||||||||
| 15,000 | 5.00%, 09/01/23 | 17,701 | ||||||
| 15,000 | 5.00%, 09/01/24 | 17,906 | ||||||
| 15,000 | 5.00%, 09/01/25 (c) | 17,865 | ||||||
| 15,000 | University of Oklahoma, Series C (RB) 5.00%, 07/01/25 (c) | 17,204 | ||||||
| 3,103,110 | ||||||||
| Oregon: 0.9% | ||||||||
| 100,000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG) 4.00%, 06/15/22 (c) | 110,449 | ||||||
| 375,000 | City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c) | 409,500 | ||||||
| 25,000 | City of Portland OR Sewer System Revenue, Series A (RB) 5.00%, 06/01/24 | 30,220 | ||||||
| 20,000 | City of Portland OR Water System Revenue, Series A (RB) 5.00%, 04/01/23 (c) | 23,771 | ||||||
| 500,000 | Clackamas County School District No. 12 North Clackamas (GO) (SBG) 5.00%, 06/15/24 (c) | 598,665 | ||||||
| 325,000 | County of Washington OR, Series B (GO) 5.00%, 03/01/25 | 397,423 | ||||||
| 1,000,000 | Department of Administrative Services, Oregon State Lottery Revenue, Series D (RB) 5.00%, 04/01/25 (c) | 1,195,060 | ||||||
| Metro, Oregon, Series A (GO) | ||||||||
| 500,000 | 4.00%, 06/01/22 (c) | 552,890 | ||||||
| 400,000 | 5.00%, 06/01/22 (c) | 466,492 | ||||||
| 75,000 | Metro, Series A (GO) 5.00%, 06/01/22 (c) | 87,587 | ||||||
| Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, Series A (GO) (SBG) | ||||||||
| 1,000,000 | 4.04%, 06/15/27 (c) ^ | 550,360 | ||||||
| 930,000 | 4.14%, 06/15/27 (c) ^ | 483,730 | ||||||
| 200,000 | Oregon Health and Science University, Series B (RB) 5.00%, 07/01/26 (c) | 230,786 | ||||||
| 15,000 | Oregon State Facilities Authority, Series A (RB) 5.00%, 06/01/24 | 17,890 | ||||||
| 30,000 | Oregon State Lottery, Series C (RB) 5.00%, 04/01/24 | 36,212 | ||||||
| Principal Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| $ | 30,000 | Oregon State Lottery, Series D (RB) 5.00%, 04/01/25 (c) | $ | 36,116 | ||||
| State of Oregon Department of Transportation, Highway User Tax, Senior Lien, Series A (RB) | ||||||||
| 10,000 | 5.00%, 11/15/22 | 11,834 | ||||||
| 260,000 | 5.00%, 11/15/23 | 313,555 | ||||||
| 1,750,000 | 5.00%, 11/15/24 (c) | 2,089,780 | ||||||
| 745,000 | 5.00%, 11/15/24 (c) | 894,805 | ||||||
| 1,500,000 | 5.00%, 11/15/24 (c) | 1,784,370 | ||||||
| 65,000 | 5.00%, 11/15/24 (c) | 78,473 | ||||||
| 200,000 | 5.00%, 11/15/24 (c) | 237,916 | ||||||
| 225,000 | 5.00%, 11/15/24 | 272,862 | ||||||
| State of Oregon Department of Transportation, Series A (RB) | ||||||||
| 20,000 | 5.00%, 11/15/24 (c) | 23,624 | ||||||
| 10,000 | 5.00%, 11/15/24 (c) | 12,237 | ||||||
| 1,850,000 | State of Oregon, Department of Administrative Services, Lottery Revenue, Series D (RB) 5.00%, 04/01/25 (c) | 2,218,261 | ||||||
| State of Oregon, Series A (GO) | ||||||||
| 550,000 | 5.00%, 08/01/23 (c) | 646,035 | ||||||
| 180,000 | 5.00%, 08/01/23 (c) | 211,892 | ||||||
| 10,000 | State of Oregon, Series D, F, G and H (GO) 5.00%, 05/01/26 (c) | 12,056 | ||||||
| State of Oregon, Series F (GO) | ||||||||
| 500,000 | 5.00%, 05/01/23 (c) | 589,285 | ||||||
| 10,000 | 5.00%, 05/01/23 (c) | 11,836 | ||||||
| 10,000 | State of Oregon, Series G (GO) 5.00%, 11/01/23 (c) | 11,866 | ||||||
| 25,000 | Washington & Multnomah Counties School District No 48J Beaverton, Series B (GO) (SBG) 5.00%, 06/15/23 | 29,773 | ||||||
| 125,000 | Washington Clackamas & Yamhill Counties School District No 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c) | 148,714 | ||||||
| 14,826,325 | ||||||||
| Pennsylvania: 3.7% | ||||||||
| Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) | ||||||||
| 10,000 | 5.00%, 12/01/25 | 11,996 | ||||||
| 1,290,000 | 5.00%, 12/01/25 (c) | 1,493,330 | ||||||
| 450,000 | Bensalem Township School District (GO) (SAW) 5.00%, 12/01/23 (c) | 532,507 | ||||||
| 400,000 | City of Philadelphia PA (GO) (AGM) 5.00%, 08/01/27 (c) | 465,868 | ||||||
| City of Philadelphia PA Water & Wastewater Revenue (RB) | ||||||||
| 20,000 | 5.00%, 10/01/24 | 23,825 | ||||||
| 20,000 | 5.00%, 10/01/25 | 23,973 | ||||||
| 25,000 | 5.00%, 10/01/26 | 30,119 | ||||||
| 10,000 | City of Philadelphia PA Water & Wastewater Revenue, Series A (RB) 5.00%, 07/01/24 (c) | 11,723 | ||||||
See Notes to Financial Statements
| 61 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 10,000 | City of Philadelphia PA Water & Wastewater Revenue, Series B (RB) 5.00%, 07/01/25 (c) | $ | 11,611 | ||||
| 1,000,000 | City of Philadelphia, Pennsylvania Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c) | 1,142,630 | ||||||
| City of Philadelphia, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/25 (c) | 1,154,550 | ||||||
| 420,000 | 5.25%, 07/15/21 (c) | 476,893 | ||||||
| 250,000 | Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/25 (c) | 277,480 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 15,000 | 5.00%, 06/01/22 (c) | 17,374 | ||||||
| 500,000 | 5.00%, 01/15/24 | 588,120 | ||||||
| 230,000 | 5.00%, 03/15/25 (c) | 258,074 | ||||||
| 15,000 | 5.00%, 08/15/25 | 17,827 | ||||||
| 1,720,000 | 5.00%, 08/15/25 (c) | 1,948,984 | ||||||
| Commonwealth of Pennsylvania, First Refunding Series (GO) | ||||||||
| 500,000 | 4.00%, 07/01/23 | 557,380 | ||||||
| 500,000 | 5.00%, 07/01/23 | 586,215 | ||||||
| 1,200,000 | 5.00%, 09/15/25 | 1,427,184 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 570,000 | 5.00%, 11/15/21 (c) | 645,075 | ||||||
| 720,000 | 5.00%, 11/15/21 (c) | 825,271 | ||||||
| 1,345,000 | 5.00%, 06/01/22 (c) | 1,540,281 | ||||||
| 1,075,000 | 5.00%, 06/01/22 (c) | 1,237,819 | ||||||
| 1,230,000 | 5.00%, 06/01/22 (c) | 1,431,855 | ||||||
| 1,450,000 | 5.00%, 04/01/23 (c) | 1,680,840 | ||||||
| 1,535,000 | 5.00%, 04/01/23 (c) | 1,777,515 | ||||||
| 1,000,000 | 5.00%, 04/01/23 | 1,168,270 | ||||||
| 1,450,000 | 5.00%, 04/01/23 (c) | 1,688,713 | ||||||
| 500,000 | 5.00%, 06/15/24 (c) | 582,080 | ||||||
| 500,000 | 5.00%, 06/15/24 | 591,385 | ||||||
| 1,430,000 | 5.00%, 03/15/25 (c) | 1,617,258 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) (AGM) | ||||||||
| 420,000 | 3.00%, 09/15/26 (c) | 381,515 | ||||||
| 300,000 | 4.00%, 10/15/23 (c) | 324,420 | ||||||
| 250,000 | 4.00%, 09/15/26 (c) | 265,030 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 585,390 | ||||||
| 860,000 | 5.00%, 10/15/23 (c) | 999,561 | ||||||
| 445,000 | 5.00%, 10/15/23 (c) | 521,584 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 589,015 | ||||||
| 1,000,000 | 5.00%, 10/15/23 (c) | 1,159,680 | ||||||
| 2,035,000 | 5.00%, 09/15/26 | 2,431,174 | ||||||
| 615,000 | County of Allegheny, Series C-75 (GO) 5.00%, 11/01/26 (c) | 729,937 | ||||||
| 500,000 | County of Chester, Series A (GO) 4.00%, 07/15/26 (c) | 556,500 | ||||||
| 20,000 | Dauphin County General Authority, Series A (RB) 4.00%, 06/01/26 (c) | 20,851 | ||||||
| 200,000 | Delaware River Port Authority (RB) 5.00%, 01/01/24 (c) | 226,432 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Dauphin Country General Authority Health System, Series A (RB) | ||||||||
| $ | 1,500,000 | 3.00%, 06/01/26 (c) | $ | 1,370,160 | ||||
| 400,000 | 4.00%, 06/01/26 (c) | 414,484 | ||||||
| Lancaster County Hospital Authority/PA, Series B (RB) | ||||||||
| 70,000 | 5.00%, 08/15/23 | 82,975 | ||||||
| 275,000 | 5.00%, 08/15/26 | 334,686 | ||||||
| Monroeville Finance Authority (RB) | ||||||||
| 940,000 | 5.00%, 02/15/26 | 1,129,184 | ||||||
| 1,235,000 | 5.00%, 02/15/27 | 1,493,090 | ||||||
| 250,000 | Montgomery County Industrial Development Authority, Lofe Communities, Inc. (RB) 5.00%, 05/15/22 (c) | 276,392 | ||||||
| Pennsylvania Economic Development Financing Authority (RB) | ||||||||
| 30,000 | 5.00%, 03/15/24 | 35,705 | ||||||
| 340,000 | 5.00%, 09/15/26 (c) | 394,254 | ||||||
| 100,000 | Pennsylvania Gas Works Revenue, Thirteenth Series (RB) 5.00%, 08/01/24 | 117,119 | ||||||
| 940,000 | Pennsylvania Higher Educational Facilities Authority, Series AT-1 (RB) 5.00%, 06/15/26 (c) | 1,076,845 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania, Health System, Series A (RB) | ||||||||
| 250,000 | 5.00%, 08/15/22 (c) | 284,460 | ||||||
| 40,000 | 5.00%, 08/15/22 (c) | 46,291 | ||||||
| 20,000 | Pennsylvania Housing Finance Agency, Series 122 (RB) 3.65%, 04/01/26 (c) | 20,312 | ||||||
| 725,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 114C (RB) 3.30%, 10/01/21 (c) | 718,489 | ||||||
| 125,000 | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) | 123,644 | ||||||
| 20,000 | Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c) | 23,861 | ||||||
| Pennsylvania Turnpike Commission (RB) | ||||||||
| 25,000 | 5.00%, 06/01/23 | 28,962 | ||||||
| 500,000 | 5.00%, 12/01/25 (c) | 575,940 | ||||||
| Pennsylvania Turnpike Commission, Second Series B (RB) | ||||||||
| 1,240,000 | 3.00%, 06/01/26 (c) | 1,122,671 | ||||||
| 870,000 | 3.00%, 06/01/26 (c) | 799,721 | ||||||
| 2,460,000 | 4.00%, 06/01/26 (c) | 2,484,231 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 370,000 | 5.00%, 12/01/24 (c) | 414,492 | ||||||
| 15,000 | 5.00%, 12/01/26 (c) | 16,830 | ||||||
| 750,000 | 5.00%, 12/01/26 (c) | 872,692 | ||||||
| 30,000 | 5.00%, 12/01/26 (c) | 36,182 | ||||||
| 20,000 | 5.00%, 12/01/26 (c) | 23,748 | ||||||
See Notes to Financial Statements
| 62 |
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 20,000 | Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 12/01/26 (c) | $ | 23,200 | ||||
| Pennsylvania Turnpike Commission, Series C (RB) | ||||||||
| 400,000 | 5.00%, 12/01/24 (c) | 455,020 | ||||||
| 1,000,000 | 5.50%, 12/01/23 (c) | 1,191,600 | ||||||
| Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/25 | 1,176,940 | ||||||
| 1,000,000 | 5.00%, 10/01/26 (c) | 1,127,910 | ||||||
| 1,000,000 | 5.00%, 10/01/26 (c) | 1,134,810 | ||||||
| 1,000,000 | School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/25 | 1,118,230 | ||||||
| St. Mary Hospital Authority, Catholic Health East Issue, Series A (RB) | ||||||||
| 60,000 | 5.00%, 05/15/20 (c) | 66,298 | ||||||
| 150,000 | 5.25%, 05/15/20 (c) | 166,713 | ||||||
| 540,000 | State Public School Building Authority (RB) 5.00%, 04/01/22 (c) | 572,740 | ||||||
| State Public School Building Authority, Series A (RB) (AGM) (SAW) | ||||||||
| 250,000 | 5.00%, 12/01/26 (c) | 276,002 | ||||||
| 1,000,000 | 5.00%, 12/01/26 (c) | 1,128,090 | ||||||
| 965,000 | Westmoreland County Municipal Authority (RB) 5.00%, 08/15/25 (c) | 1,131,057 | ||||||
| 58,521,144 | ||||||||
| Rhode Island: 0.2% | ||||||||
| 25,000 | Rhode Island Commerce Corp., Series A (RB) 5.00%, 06/15/24 | 29,533 | ||||||
| Rhode Island Commerce Corp., Series B (RB) | ||||||||
| 35,000 | 5.00%, 06/15/26 (c) | 40,881 | ||||||
| 45,000 | 5.00%, 06/15/26 (c) | 53,313 | ||||||
| 40,000 | Rhode Island Health & Educational Building Corp., Series A (RB) 5.00%, 05/15/24 | 47,204 | ||||||
| Rhode Island Health and Educational Building Corp., Series A (RB) | ||||||||
| 500,000 | 4.00%, 05/15/26 (c) | 538,895 | ||||||
| 385,000 | 5.00%, 05/15/25 (c) | 450,077 | ||||||
| State of Rhode Island, Series D (GO) | ||||||||
| 15,000 | 5.00%, 08/01/23 | 17,852 | ||||||
| 1,000,000 | 5.00%, 08/01/24 (c) | 1,182,850 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 297,922 | ||||||
| 175,000 | 5.00%, 08/01/24 | 211,024 | ||||||
| 2,869,551 | ||||||||
| South Carolina: 1.0% | ||||||||
| Berkeley County, South Carolina School District, Series A (GO) | ||||||||
| 325,000 | 3.00%, 03/01/24 (c) | 336,583 | ||||||
| 150,000 | 3.00%, 03/01/24 (c) | 156,308 | ||||||
| Principal Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| Charleston Educational Excellence Finance Corp. (RB) | ||||||||
| $ | 25,000 | 4.00%, 12/01/23 (c) | $ | 27,040 | ||||
| 30,000 | 5.00%, 12/01/23 (c) | 34,978 | ||||||
| 25,000 | 5.00%, 12/01/24 (c) | 29,346 | ||||||
| 20,000 | 5.00%, 12/01/24 (c) | 23,629 | ||||||
| Charleston Educational Excellence Finance Corp. (RB) | ||||||||
| 245,000 | 5.00%, 12/01/23 (c) | 285,325 | ||||||
| 950,000 | 5.00%, 12/01/23 (c) | 1,098,200 | ||||||
| 300,000 | 5.00%, 12/01/23 | 355,818 | ||||||
| 105,000 | 5.00%, 12/01/23 (c) | 122,771 | ||||||
| 150,000 | 5.00%, 12/01/24 (c) | 171,507 | ||||||
| 895,000 | Charleston Educational Excellence Finance Corp., County School District (RB) 5.00%, 12/01/24 | 1,073,857 | ||||||
| 50,000 | Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding, Series B (RB) 5.00%, 12/01/23 (c) | 58,697 | ||||||
| 1,000,000 | Greenville Hospital System Board of Trustees (RB) 5.00%, 05/01/22 (c) | 1,129,220 | ||||||
| 150,000 | Greenwood Fifty Schools Facilities, Inc., Greenwood School District No. 50 (RB) 3.25%, 06/01/26 (c) | 147,651 | ||||||
| 10,000 | Horry County School District/SC, Series A (GO) 5.00%, 03/01/24 | 12,054 | ||||||
| 400,000 | Kershaw County Public School District (RB) 3.38%, 12/01/25 (c) | 404,908 | ||||||
| 500,000 | Richland County, South Carolina School District No. 1, Series A (GO) 5.00%, 09/01/21 (c) | 572,375 | ||||||
| 15,000 | SCAGO Educational Facilities Corp. for Pickens School District (RB) 5.00%, 12/01/23 | 17,639 | ||||||
| 100,000 | School District No. 2 of Dorchester County, Series A (GO) 4.00%, 03/01/24 (c) | 110,151 | ||||||
| South Carolina Jobs Economic Development Authority, Bon Secours Health System Obligated Group (RB) | ||||||||
| 1,000,000 | 3.75%, 11/01/22 (c) | 1,051,710 | ||||||
| 350,000 | 5.00%, 11/01/22 (c) | 398,513 | ||||||
| South Carolina Jobs Economic Development Authority, Palmetto Health, Series A (RB) | ||||||||
| 220,000 | 5.00%, 08/01/23 (c) | 234,038 | ||||||
| 395,000 | 5.25%, 08/01/23 (c) | 422,697 | ||||||
See Notes to Financial Statements
| 63 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| South Carolina Public Service Authority, Series A (RB) | ||||||||
| $ | 40,000 | 5.00%, 12/01/23 | $ | 45,381 | ||||
| 30,000 | 5.00%, 06/01/25 (c) | 34,229 | ||||||
| 1,025,000 | 5.00%, 06/01/26 (c) | 1,137,770 | ||||||
| 10,000 | 5.00%, 06/01/26 (c) | 11,158 | ||||||
| 45,000 | South Carolina Public Service Authority, Series B (RB) 5.00%, 12/01/26 (c) | 50,180 | ||||||
| South Carolina Public Service Authority, Series C (RB) | ||||||||
| 75,000 | 5.00%, 12/01/23 | 85,089 | ||||||
| 1,500,000 | 5.00%, 12/01/24 (c) | 1,648,590 | ||||||
| 50,000 | 5.00%, 12/01/24 | 57,060 | ||||||
| 50,000 | 5.00%, 12/01/24 (c) | 56,878 | ||||||
| 75,000 | 5.00%, 12/01/24 (c) | 83,326 | ||||||
| 280,000 | South Carolina State Public Service Authority, Series A (RB) 5.00%, 12/01/24 | 319,533 | ||||||
| South Carolina Transportation Infrastructure Bank, Series A (RB) | ||||||||
| 4,150,000 | 2.25%, 10/01/25 (c) | 3,447,363 | ||||||
| 25,000 | 5.00%, 10/01/24 | 29,989 | ||||||
| South Carolina Transportation Infrastructure Bank, Series B (RB) | ||||||||
| 10,000 | 3.38%, 10/01/22 (c) | 9,911 | ||||||
| 10,000 | 3.63%, 10/01/22 (c) | 10,061 | ||||||
| 15,301,533 | ||||||||
| South Dakota: 0.0% | ||||||||
| 25,000 | South Dakota Housing Development Authority, Series A (RB) 3.40%, 11/01/24 (c) | 25,323 | ||||||
| Tennessee: 0.8% | ||||||||
| 725,000 | City of Chattanooga, Electric System, Series A (RB) 5.00%, 09/01/25 | 888,574 | ||||||
| 535,000 | City of Knoxville, Wastewater System Revenue, Series A (RB) 3.00%, 04/01/21 (c) | 533,288 | ||||||
| 10,000 | City of Memphis TN, Series A (GO) 5.00%, 11/01/23 (c) | 11,879 | ||||||
| 275,000 | City of Memphis, Series A (GO) 5.00%, 04/01/25 | 333,963 | ||||||
| 490,000 | Knox County Health Educational & Housing Facility Board (RB) 5.00%, 04/01/27 (c) | 551,529 | ||||||
| 680,000 | Knox County Health Educational and Housing Facility Board, Series A (RB) 5.00%, 01/01/23 (c) | 771,888 | ||||||
| 1,485,000 | Memphis, Tennessee General Improvement Refunding, Series A (GO) 5.00%, 11/01/23 | 1,776,030 | ||||||
| 50,000 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Series A (RB) 5.00%, 07/01/26 (c) | 57,395 | ||||||
| Principal Amount | Value | |||||||
| Tennessee: (continued) | ||||||||
| Metropolitan Government of Nashville & Davidson County TN (GO) | ||||||||
| $ | 300,000 | 4.00%, 07/01/27 | $ | 342,756 | ||||
| 1,700,000 | 4.00%, 07/01/27 (c) | 1,917,753 | ||||||
| 915,000 | 4.75%, 07/01/26 | 1,102,557 | ||||||
| 235,000 | 5.00%, 07/01/26 (c) | 278,600 | ||||||
| 25,000 | 5.00%, 07/01/26 (c) | 29,527 | ||||||
| 100,000 | Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue (RB) 5.00%, 07/01/23 (c) | 116,801 | ||||||
| 500,000 | Metropolitan Government of Nashville & Davidson County, Tennessee (GO) 5.00%, 07/01/23 | 594,830 | ||||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 1,600,000 | 4.00%, 07/01/26 (c) | 1,720,640 | ||||||
| 545,000 | 4.00%, 07/01/26 (c) | 591,995 | ||||||
| 100,000 | 5.00%, 01/01/26 | 122,321 | ||||||
| 515,000 | Metropolitan Government of Nashville and Davidson County, Vanderbilt University Center, Series A (RB) 5.00%, 07/01/26 (c) | 594,717 | ||||||
| 200,000 | Shelby County Health Educational & Housing Facilities Board, Series A (RB) 5.00%, 05/01/27 (c) | 235,644 | ||||||
| State of Tennessee, Series B (GO) | ||||||||
| 500,000 | 2.00%, 10/01/20 (c) | 500,160 | ||||||
| 15,000 | 5.00%, 09/01/24 (c) | 18,178 | ||||||
| 15,000 | 5.00%, 08/01/26 (c) | 18,538 | ||||||
| Tennessee State School Bond Authority, Series B (RB) | ||||||||
| 20,000 | 5.00%, 11/01/25 (c) | 24,352 | ||||||
| 15,000 | 5.00%, 11/01/25 | 18,264 | ||||||
| 13,152,179 | ||||||||
| Texas: 9.9% | ||||||||
| Allen Independent School District (GO) | ||||||||
| 45,000 | 5.00%, 02/15/25 | 54,540 | ||||||
| 15,000 | 5.00%, 02/15/26 | 18,337 | ||||||
| 500,000 | Alvin Independent School District, Series A (GO) 5.00%, 02/15/26 (c) | 590,655 | ||||||
| Alvin Independent School District/TX, Series A (GO) | ||||||||
| 10,000 | 5.00%, 02/15/26 (c) | 11,908 | ||||||
| 25,000 | 5.00%, 02/15/26 (c) | 30,010 | ||||||
| Arlington Independent School District/TX (GO) | ||||||||
| 50,000 | 5.00%, 02/15/25 (c) | 59,963 | ||||||
| 10,000 | 5.00%, 02/15/25 | 12,104 | ||||||
| Austin Independent School District, Series B (GO) | ||||||||
| 770,000 | 5.00%, 08/01/24 | 929,082 | ||||||
| 500,000 | 5.00%, 08/01/26 (c) | 605,340 | ||||||
See Notes to Financial Statements
| 64 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Bexar County Hospital District (GO) | ||||||||
| $ | 500,000 | 5.00%, 02/15/24 | $ | 600,665 | ||||
| 650,000 | 5.00%, 02/15/25 | 786,240 | ||||||
| 25,000 | 5.00%, 02/15/26 (c) | 29,619 | ||||||
| 250,000 | Birdville Independent School District, Series B (GO) 5.00%, 02/15/25 (c) | 291,447 | ||||||
| 1,270,000 | Board of Regents of Texas A&M University System, Series C (RB) 5.00%, 05/15/25 | 1,539,900 | ||||||
| 930,000 | Board of Regents of Texas State University System, Series A (RB) 5.00%, 03/15/25 (c) | 1,108,988 | ||||||
| 500,000 | Board of Regents of Texas State University System, Series E (RB) 5.00%, 08/15/27 | 622,465 | ||||||
| 250,000 | Board of Regents of University of North Texas, Series A (RB) 5.00%, 04/15/27 | 304,260 | ||||||
| 505,000 | Board of Regents of University of Texas System, Series A (RB) 5.00%, 07/01/25 (c) | 593,587 | ||||||
| 750,000 | Board of Regents of University of Texas System, Series D (RB) 5.00%, 08/15/24 | 907,995 | ||||||
| 140,000 | Board of Regents of University of Texas, Series E (RB) 5.00%, 08/15/26 | 172,616 | ||||||
| 525,000 | Board of Regents, A and M University System, Series A (RB) 5.50%, 07/01/25 (c) | 655,987 | ||||||
| 500,000 | Brownsville, Texas Utilities System Revenue, Series A (RB) 5.00%, 09/01/23 (c) | 576,835 | ||||||
| 10,000 | Central Texas Regional Mobility Authority (RB) 5.00%, 01/01/26 (c) | 11,639 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
| 250,000 | 5.00%, 01/01/26 (c) | 283,187 | ||||||
| 675,000 | 5.00%, 01/01/26 (c) | 769,534 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | ||||||||
| 230,000 | 5.00%, 01/01/23 (c) | 252,646 | ||||||
| 200,000 | 5.00%, 07/01/25 (c) | 227,052 | ||||||
| Central Texas Turnpike System, Series C (RB) | ||||||||
| 140,000 | 5.00%, 08/15/24 | 164,081 | ||||||
| 30,000 | 5.00%, 08/15/24 (c) | 33,794 | ||||||
| 500,000 | Cities of Dallas and Fort Worth, International Airport Joint Revenue, Series F (RB) 5.00%, 11/01/23 (c) | 586,940 | ||||||
| City of Austin TX (GO) | ||||||||
| 10,000 | 5.00%, 09/01/23 | 11,972 | ||||||
| 40,000 | 5.00%, 09/01/24 | 48,596 | ||||||
| 15,000 | 5.00%, 09/01/25 (c) | 18,180 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| City of Austin TX Electric Utility Revenue, Series A (RB) | ||||||||
| $ | 35,000 | 5.00%, 11/15/24 | $ | 42,173 | ||||
| 15,000 | 5.00%, 11/15/25 (c) | 17,891 | ||||||
| 35,000 | 5.00%, 11/15/25 | 42,405 | ||||||
| 30,000 | City of Austin TX Water & Wastewater System Revenue (RB) 5.00%, 11/15/26 (c) | 35,571 | ||||||
| 35,000 | City of Austin TX Water & Wastewater System Revenue, Series A (RB) 5.00%, 05/15/23 (c) | 41,288 | ||||||
| City of Austin, Texas, Water & Wastewater System Revenue (RB) | ||||||||
| 50,000 | 5.00%, 11/15/22 (c) | 58,391 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,175,820 | ||||||
| 650,000 | 5.00%, 05/15/24 (c) | 756,483 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,168,750 | ||||||
| City of Austin, Texas, Water & Wastewater System Revenue, Series A (RB) | ||||||||
| 1,000,000 | 3.70%, 05/15/23 (c) | 1,074,350 | ||||||
| 50,000 | 5.00%, 05/15/23 (c) | 59,046 | ||||||
| City of Austin, Water and Wastewater System Revenue (RB) | ||||||||
| 400,000 | 5.00%, 11/15/21 (c) | 461,324 | ||||||
| 480,000 | 5.00%, 11/15/22 (c) | 558,898 | ||||||
| 1,400,000 | 5.00%, 11/15/26 (c) | 1,649,718 | ||||||
| City of Dallas (GO) | ||||||||
| 500,000 | 5.00%, 02/15/24 (c) | 556,075 | ||||||
| 1,175,000 | 5.00%, 02/15/24 (c) | 1,330,546 | ||||||
| 1,450,000 | 5.00%, 02/15/24 (c) | 1,667,021 | ||||||
| 500,000 | 5.00%, 02/15/25 (c) | 553,920 | ||||||
| 1,000,000 | 5.00%, 02/15/25 (c) | 1,127,510 | ||||||
| City of Dallas TX Waterworks & Sewer System Revenue, Series A (RB) | ||||||||
| 20,000 | 5.00%, 10/01/23 | 23,792 | ||||||
| 15,000 | 5.00%, 10/01/24 | 18,085 | ||||||
| 400,000 | City of Dallas, Series A (GO) 5.00%, 02/15/23 (c) | 443,160 | ||||||
| City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
| 30,000 | 5.00%, 10/01/22 (c) | 35,097 | ||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,179,420 | ||||||
| 1,425,000 | 5.00%, 10/01/25 (c) | 1,693,698 | ||||||
| 1,350,000 | 5.00%, 10/01/26 (c) | 1,591,744 | ||||||
| 1,150,000 | 5.00%, 10/01/26 (c) | 1,363,244 | ||||||
| 35,000 | City of El Paso TX (GO) 5.00%, 08/15/24 | 41,951 | ||||||
| City of El Paso TX Water & Sewer Revenue (RB) | ||||||||
| 20,000 | 5.00%, 03/01/24 (c) | 23,755 | ||||||
| 30,000 | 5.00%, 03/01/24 | 35,738 | ||||||
| 400,000 | City of El Paso, Water and Sewer Revenue (RB) 5.00%, 03/01/24 (c) | 473,136 | ||||||
| City of Fort Worth and Dallas, Texas International Airport, Series G (RB) | ||||||||
| 50,000 | 5.00%, 11/01/20 (c) | 55,918 | ||||||
| 1,470,000 | 5.00%, 11/01/20 (c) | 1,644,518 | ||||||
See Notes to Financial Statements
| 65 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,130,000 | City of Fort Worth, Series A (GO) 5.00%, 03/01/25 (c) | $ | 1,328,801 | ||||
| 1,000,000 | City of Frisco (GO) 5.00%, 02/15/23 (c) | 1,174,780 | ||||||
| City of Houston TX Combined Utility System Revenue, Series B (RB) | ||||||||
| 40,000 | 5.00%, 11/15/24 | 48,291 | ||||||
| 15,000 | 5.00%, 11/15/26 (c) | 17,966 | ||||||
| 50,000 | 5.00%, 11/15/26 (c) | 60,876 | ||||||
| 15,000 | City of Houston TX Combined Utility System Revenue, Series C (RB) 5.00%, 05/15/23 | 17,789 | ||||||
| City of Houston TX Combined Utility System Revenue, Series D (RB) | ||||||||
| 30,000 | 3.38%, 11/15/22 (c) | 30,037 | ||||||
| 20,000 | 5.00%, 11/15/24 | 24,145 | ||||||
| 15,000 | 5.00%, 11/15/24 (c) | 17,583 | ||||||
| 35,000 | 5.00%, 11/15/24 (c) | 41,876 | ||||||
| 15,000 | City of Houston TX, Series A (GO) 5.00%, 03/01/24 (c) | 17,514 | ||||||
| 515,000 | City of Houston, Combined Utility System Revenue, First Lien, Series B (RB) 5.00%, 11/15/26 | 630,458 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 650,000 | 5.00%, 03/01/24 (c) | 748,312 | ||||||
| 1,000,000 | 5.00%, 03/01/24 (c) | 1,155,990 | ||||||
| 635,000 | 5.00%, 03/01/26 (c) | 729,113 | ||||||
| 200,000 | 5.00%, 03/01/26 (c) | 231,484 | ||||||
| 700,000 | City of Houston, Texas Combined Utility System Revenue, First Lien, Series C (RB) 5.00%, 05/15/24 (c) | 814,674 | ||||||
| City of San Antonio TX Electric & Gas Systems Revenue (RB) | ||||||||
| 15,000 | 5.00%, 02/01/26 | 18,311 | ||||||
| 25,000 | 5.00%, 02/01/26 | 30,518 | ||||||
| 85,000 | 5.00%, 08/01/26 (c) | 100,134 | ||||||
| City of San Antonio, Electric and Gas Systems Revenue (RB) | ||||||||
| 1,200,000 | 5.00%, 08/01/22 (c) | 1,399,164 | ||||||
| 1,000,000 | 5.00%, 08/01/26 (c) | 1,222,730 | ||||||
| 500,000 | 5.25%, 02/01/25 | 614,825 | ||||||
| City of San Antonio, General Improvement (GO) | ||||||||
| 1,030,000 | 5.00%, 02/01/24 (c) | 1,221,879 | ||||||
| 100,000 | 5.00%, 02/01/24 | 120,095 | ||||||
| 280,000 | City of San Antonio, Public Facilities Corp. Improvement (RB) 3.00%, 09/15/22 (c) | 278,018 | ||||||
| 1,070,000 | City of San Antonio, Texas (GO) 5.00%, 02/01/24 (c) | 1,258,266 | ||||||
| 500,000 | City of San Antonio, Water System Revenue, Series A (RB) 5.00%, 05/15/26 (c) | 585,080 | ||||||
| 70,000 | Clear Creek Independent School District, Series A (GO) 5.00%, 02/15/25 (c) | 82,414 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Comal Independent School District, Series A (GO) | ||||||||
| $ | 120,000 | 4.00%, 02/01/21 (c) | $ | 128,614 | ||||
| 585,000 | 4.00%, 02/01/21 (c) | 627,430 | ||||||
| 10,000 | Conroe Independent School District (GO) 5.00%, 02/15/25 (c) | 11,673 | ||||||
| Conroe Independent School District, Series A (GO) | ||||||||
| 500,000 | 5.00%, 02/15/21 (c) | 561,370 | ||||||
| 10,000 | 5.00%, 02/15/24 | 11,999 | ||||||
| 105,000 | 5.00%, 02/15/25 | 127,176 | ||||||
| 500,000 | County of Bexar TX (GO) 4.00%, 06/15/25 (c) | 538,385 | ||||||
| 250,000 | County of Dallas TX (GO) 5.00%, 08/15/26 (c) | 301,945 | ||||||
| County of Denton, Texas (GO) | ||||||||
| 875,000 | 5.00%, 07/15/20 (c) | 973,639 | ||||||
| 1,000,000 | 5.00%, 07/15/20 (c) | 1,114,070 | ||||||
| 15,000 | County of Fort Bend TX (GO) 5.00%, 03/01/22 (c) | 17,283 | ||||||
| County of Fort Bend TX, Series B (GO) | ||||||||
| 50,000 | 5.00%, 03/01/25 (c) | 59,147 | ||||||
| 20,000 | 5.00%, 03/01/26 (c) | 23,938 | ||||||
| 500,000 | County of Fort Bend, Series B (GO) 4.00%, 03/01/26 (c) | 541,335 | ||||||
| County of Harris TX, Series A (GO) | ||||||||
| 10,000 | 5.00%, 08/15/22 (c) | 11,681 | ||||||
| 25,000 | 5.00%, 08/15/23 | 29,699 | ||||||
| 25,000 | 5.00%, 10/01/25 | 30,628 | ||||||
| 125,000 | 5.00%, 08/15/26 (c) | 148,803 | ||||||
| 30,000 | County of Harris TX, Series B (RB) 5.00%, 08/15/24 | 36,026 | ||||||
| County of Harris TX, Series C (RB) | ||||||||
| 20,000 | 4.00%, 08/15/22 (c) | 20,900 | ||||||
| 10,000 | 5.00%, 08/15/22 (c) | 11,535 | ||||||
| 20,000 | 5.00%, 08/15/22 (c) | 23,059 | ||||||
| County of Harris, Series A (GO) | ||||||||
| 1,280,000 | 5.00%, 10/01/25 (c) | 1,518,157 | ||||||
| 1,040,000 | 5.00%, 10/01/25 (c) | 1,243,070 | ||||||
| 275,000 | 5.00%, 10/01/25 (c) | 333,121 | ||||||
| 230,000 | County of Harris, Subordinate Lien, Series A (GO) 5.00%, 08/15/22 (c) | 269,305 | ||||||
| County of Harris, Texas Toll Road, Senior Lien, Series A (RB) | ||||||||
| 1,250,000 | 5.00%, 08/15/26 (c) | 1,453,400 | ||||||
| 2,250,000 | 5.00%, 08/15/26 (c) | 2,630,047 | ||||||
| 1,530,000 | 5.00%, 08/15/26 (c) | 1,810,296 | ||||||
| 500,000 | County of Harris, Texas, Series C (RB) 5.00%, 08/15/22 (c) | 574,025 | ||||||
| 35,000 | County of Travis TX, Series A (GO) 5.00%, 03/01/26 (c) | 41,739 | ||||||
| Cypress-Fairbanks Independent School District (GO) | ||||||||
| 75,000 | 5.00%, 02/15/23 (c) | 87,541 | ||||||
| 1,300,000 | 5.00%, 02/15/25 (c) | 1,525,511 | ||||||
See Notes to Financial Statements
| 66 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Cypress-Fairbanks Independent School District, Series C (GO) | ||||||||
| $ | 100,000 | 5.00%, 02/15/23 | $ | 118,525 | ||||
| 700,000 | 5.00%, 02/15/24 (c) | 825,272 | ||||||
| 100,000 | Dallas and Fort Worth International Airport, Series D (RB) 5.25%, 11/01/23 (c) | 116,782 | ||||||
| 75,000 | Dallas and Fort Worth International Airport, Series G (RB) 5.00%, 11/01/20 (c) | 83,606 | ||||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| 75,000 | 5.00%, 12/01/22 | 87,899 | ||||||
| 135,000 | 5.00%, 12/01/25 (c) | 159,538 | ||||||
| 1,050,000 | 5.00%, 12/01/25 (c) | 1,235,545 | ||||||
| 515,000 | 5.00%, 12/01/25 (c) | 621,785 | ||||||
| 10,000 | 5.00%, 12/01/25 (c) | 11,911 | ||||||
| Dallas Area Rapid Transit, Series A (RB) | ||||||||
| 160,000 | 5.00%, 12/01/24 (c) | 192,099 | ||||||
| 40,000 | 5.00%, 12/01/25 (c) | 47,950 | ||||||
| 350,000 | Dallas County Utility & Reclamation District (GO) 5.00%, 02/15/28 | 417,987 | ||||||
| Dallas Independent School District (GO) | ||||||||
| 640,000 | 5.00%, 08/15/22 (c) | 742,061 | ||||||
| 100,000 | 5.00%, 08/15/22 (c) | 116,881 | ||||||
| 15,000 | 5.00%, 02/15/25 (c) | 18,013 | ||||||
| Dallas Independent School District, Series A (GO) | ||||||||
| 10,000 | 5.00%, 08/15/23 | 11,906 | ||||||
| 1,000,000 | 5.00%, 08/15/24 (c) | 1,180,080 | ||||||
| 10,000 | 5.00%, 08/15/24 (c) | 11,875 | ||||||
| 100,000 | 5.00%, 08/15/24 | 120,537 | ||||||
| 375,000 | 5.00%, 02/15/25 | 453,900 | ||||||
| 385,000 | Dallas, Texas, Series A (GO) 5.00%, 02/15/23 (c) | 420,747 | ||||||
| Dallas/Fort Worth International Airport, Series G (RB) | ||||||||
| 20,000 | 5.00%, 11/01/20 (c) | 22,201 | ||||||
| 30,000 | 5.00%, 11/01/20 (c) | 33,540 | ||||||
| Denton Independent School District (GO) | ||||||||
| 25,000 | 5.00%, 08/15/23 | 29,814 | ||||||
| 1,130,000 | 5.00%, 02/15/25 (c) | 1,359,639 | ||||||
| 15,000 | Dripping Springs Independent School District/TX (GO) 5.00%, 02/15/24 (c) | 17,862 | ||||||
| Eagle Mountain & Saginaw Independent School District (GO) | ||||||||
| 10,000 | 5.00%, 02/15/26 (c) | 11,813 | ||||||
| 75,000 | 5.00%, 02/15/26 (c) | 89,832 | ||||||
| 335,000 | Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 02/15/26 (c) | 359,348 | ||||||
| 75,000 | Ector County Independent School District (GO) 5.00%, 08/15/23 (c) | 87,594 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 115,000 | El Paso Independent School District (GO) 5.00%, 08/15/24 (c) | $ | 134,031 | ||||
| 315,000 | Forney Independent School District (GO) 5.00%, 08/15/25 (c) | 362,385 | ||||||
| 470,000 | Fort Bend Independent School District (GO) 5.00%, 08/15/22 (c) | 547,268 | ||||||
| Fort Worth Independent School District (GO) | ||||||||
| 15,000 | 5.00%, 02/15/25 | 18,192 | ||||||
| 20,000 | 5.00%, 02/15/25 (c) | 23,671 | ||||||
| 10,000 | 5.00%, 02/15/25 | 12,128 | ||||||
| 500,000 | 5.00%, 02/15/26 (c) | 600,190 | ||||||
| 750,000 | 5.00%, 02/15/26 | 917,535 | ||||||
| 20,000 | Frisco Independent School District, Series A (GO) 5.00%, 08/15/23 | 23,838 | ||||||
| 165,000 | Garland Independent School District (GO) 4.00%, 02/15/25 (c) | 177,321 | ||||||
| 525,000 | Garland Independent School District, Series A (GO) 5.00%, 02/15/25 | 635,880 | ||||||
| 250,000 | Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c) | 292,615 | ||||||
| 20,000 | Harris County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c) | 23,665 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Series 1 (RB) | ||||||||
| 10,000 | 5.00%, 11/15/23 | 11,735 | ||||||
| 80,000 | 5.00%, 10/01/25 (c) | 95,152 | ||||||
| 1,315,000 | Harris County Flood Control District Improvement, Series A (GO) 5.00%, 10/01/25 (c) | 1,559,669 | ||||||
| Harris County, Houston Sports Authority, Senior Lien, Series A (RB) | ||||||||
| 100,000 | 5.00%, 11/15/24 (c) | 113,974 | ||||||
| 965,000 | 5.00%, 11/15/24 (c) | 1,107,579 | ||||||
| 1,225,000 | 5.00%, 11/15/24 (c) | 1,409,583 | ||||||
| Harris County, Texas Cultural Education Facilities Finance Corp., Baylor College of Medicine (RB) | ||||||||
| 1,000,000 | 3.00%, 05/15/26 (c) | 910,110 | ||||||
| 520,000 | 3.00%, 05/15/26 (c) | 479,315 | ||||||
| 425,000 | Harris County, Texas Cultural Education Facilities Finance Corp., Series 1 (RB) 5.00%, 10/01/23 | 501,912 | ||||||
| Harris County, Texas Cultural Education Facilities Finance Corp., Series A (RB) | ||||||||
| 150,000 | 5.00%, 12/01/22 (c) | 169,575 | ||||||
| 120,000 | 5.00%, 12/01/22 (c) | 136,464 | ||||||
| 1,505,000 | 5.00%, 12/01/24 (c) | 1,719,688 | ||||||
See Notes to Financial Statements
| 67 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 500,000 | Harris County, Texas Flood Control District (GO) 5.00%, 10/01/24 (c) | $ | 599,785 | ||||
| Harris County, Texas Flood Control District, Series A (GO) | ||||||||
| 500,000 | 5.00%, 10/01/24 (c) | 597,890 | ||||||
| 250,000 | 5.00%, 10/01/25 (c) | 298,815 | ||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,202,850 | ||||||
| 1,000,000 | Harris County, Texas Unlimited Tax Road Refunding, Series A (GO) 5.00%, 10/01/22 (c) | 1,172,580 | ||||||
| 1,000,000 | Houston Combined Utility System Revenue, First Lien, Series A (RB) 5.00%, 11/15/24 (c) | 1,179,710 | ||||||
| 70,000 | Houston Independent School District, Limited Tax School House, Series A (GO) 5.00%, 02/15/26 (c) | 83,054 | ||||||
| 100,000 | Houston Independent School District, Limited Tax School House, Series C (GO) 4.00%, 02/15/23 (c) | 109,211 | ||||||
| 175,000 | Houston Independent School District, Series A (GO) 5.00%, 02/15/24 | 210,480 | ||||||
| 250,000 | Houston, Texas Independent School District, Series A (GO) 5.00%, 02/15/23 (c) | 295,555 | ||||||
| Houston, Texas Public Improvement Refunding, Series A (GO) | ||||||||
| 1,425,000 | 5.00%, 03/01/23 (c) | 1,668,119 | ||||||
| 750,000 | 5.00%, 03/01/24 (c) | 872,107 | ||||||
| Humble Independent School District, Series B (GO) | ||||||||
| 10,000 | 5.00%, 02/15/24 | 11,999 | ||||||
| 500,000 | 5.00%, 02/15/25 | 605,200 | ||||||
| 250,000 | Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c) | 262,850 | ||||||
| Irving Independent School District, Series A (GO) | ||||||||
| 1,210,000 | 5.00%, 02/15/24 | 1,453,609 | ||||||
| 40,000 | 5.00%, 02/15/25 | 48,448 | ||||||
| Katy Independent School District, Fort Bend, Harris and Waller Counties, Series A (GO) | ||||||||
| 130,000 | 5.00%, 02/15/25 (c) | 155,084 | ||||||
| 375,000 | 5.00%, 02/15/25 | 454,200 | ||||||
| 35,000 | Katy Independent School District, Series D (GO) 5.00%, 02/15/25 | 42,392 | ||||||
| 315,000 | Keller Independent School District, Series A (GO) 4.00%, 02/15/25 (c) | 336,033 | ||||||
| 25,000 | Keller Independent School District/TX (GO) 5.00%, 08/15/23 (c) | 29,504 | ||||||
| 10,000 | Klein Independent School District, Series A (GO) 5.00%, 08/01/24 | 12,074 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 350,000 | Leander Independent School District, Series A (GO) 5.00%, 08/15/23 (c) | $ | 412,832 | ||||
| Lewisville Independent School District, Series A (GO) | ||||||||
| 70,000 | 5.00%, 08/15/20 (c) | 78,441 | ||||||
| 20,000 | 5.00%, 08/15/23 | 23,799 | ||||||
| Lewisville Independent School District, Series B (GO) | ||||||||
| 15,000 | 5.00%, 08/15/25 (c) | 18,038 | ||||||
| 145,000 | 5.00%, 08/15/25 | 176,198 | ||||||
| 1,000,000 | Lone Star College System (GO) 5.00%, 02/15/26 (c) | 1,160,080 | ||||||
| Lone Star College System, Series B (GO) | ||||||||
| 25,000 | 5.00%, 02/15/24 | 30,016 | ||||||
| 75,000 | 5.00%, 02/15/25 | 90,960 | ||||||
| 500,000 | Lower Colorado River Authority (RB) 5.50%, 05/15/23 (c) | 589,960 | ||||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 240,000 | 4.00%, 05/15/22 (c) | 248,294 | ||||||
| 155,000 | 4.00%, 05/15/22 (c) | 161,527 | ||||||
| 270,000 | 5.00%, 05/15/26 (c) | 321,870 | ||||||
| 55,000 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) 5.00%, 05/15/23 (c) | 63,287 | ||||||
| Lower Colorado River Authority, Series A (RB) | ||||||||
| 600,000 | 5.00%, 05/15/22 (c) | 676,884 | ||||||
| 990,000 | 5.00%, 05/15/22 (c) | 1,128,986 | ||||||
| Lower Colorado River Authority, Series B (RB) | ||||||||
| 10,000 | 3.13%, 05/15/22 (c) | 9,460 | ||||||
| 1,170,000 | 5.00%, 05/15/22 (c) | 1,332,454 | ||||||
| 675,000 | 5.00%, 05/15/22 (c) | 759,442 | ||||||
| 660,000 | 5.00%, 05/15/22 (c) | 748,262 | ||||||
| 370,000 | 5.00%, 05/15/25 (c) | 426,181 | ||||||
| 380,000 | 5.00%, 05/15/25 (c) | 443,335 | ||||||
| 105,000 | 5.00%, 05/15/25 (c) | 124,165 | ||||||
| 845,000 | Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 874,516 | ||||||
| Metropolitan Transit Authority of Harris County, Series A (RB) | ||||||||
| 35,000 | 5.00%, 11/01/25 | 42,464 | ||||||
| 20,000 | 5.00%, 11/01/26 (c) | 24,259 | ||||||
| 230,000 | Midland County Fresh Water Supply District No. 1, City of Midland Project (RB) 5.00%, 09/15/22 (c) | 264,436 | ||||||
| 500,000 | Montgomery Independent School District (GO) 4.00%, 02/15/25 (c) | 536,975 | ||||||
| 500,000 | New Hope Cultural Education Facilities Corp., Series A (RB) 5.00%, 07/01/25 (c) | 546,390 | ||||||
See Notes to Financial Statements
| 68 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,000,000 | New Hope Cultural Education Facilities Corp., Series B (RB) 4.00%, 07/01/26 (c) | $ | 1,000,720 | ||||
| 15,000 | North East Independent School District/TX (GO) 5.00%, 08/01/24 | 18,077 | ||||||
| North Harris County Regional Water Authority (RB) | ||||||||
| 20,000 | 5.00%, 12/15/23 | 23,742 | ||||||
| 20,000 | 5.00%, 12/15/25 | 24,077 | ||||||
| 10,000 | 5.00%, 12/15/26 (c) | 11,955 | ||||||
| 55,000 | 5.00%, 12/15/26 | 66,479 | ||||||
| North Texas Municipal Water District Water System Revenue (RB) | ||||||||
| 20,000 | 5.00%, 09/01/23 | 23,785 | ||||||
| 20,000 | 5.00%, 09/01/25 (c) | 23,704 | ||||||
| 20,000 | 5.00%, 09/01/26 (c) | 23,643 | ||||||
| North Texas Municipal Water District, Water System Revenue (RB) | ||||||||
| 95,000 | 3.00%, 09/01/25 (c) | 94,378 | ||||||
| 650,000 | 4.00%, 03/01/22 (c) | 678,990 | ||||||
| 1,430,000 | 5.00%, 09/01/25 (c) | 1,700,770 | ||||||
| 85,000 | 5.00%, 09/01/25 (c) | 101,802 | ||||||
| 400,000 | 5.00%, 09/01/26 (c) | 475,400 | ||||||
| 340,000 | 5.25%, 03/01/22 (c) | 397,599 | ||||||
| 1,250,000 | North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/26 (c) | 1,433,225 | ||||||
| 1,485,000 | North Texas Tollway Authority, Second Tier, Series A (RB) 5.00%, 01/01/25 (c) | 1,684,703 | ||||||
| 850,000 | North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/24 (c) | 960,678 | ||||||
| 25,000 | North Texas Tollway Authority, Series B (RB) 5.00%, 01/01/25 | 29,890 | ||||||
| 1,190,000 | Northside Independent School District (GO) 5.00%, 08/15/21 (c) | 1,356,826 | ||||||
| 25,000 | Northwest Independent School District (GO) 5.00%, 02/15/25 (c) | 29,550 | ||||||
| Northwest Independent School District, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 02/15/24 | 1,202,040 | ||||||
| 1,000,000 | 5.00%, 02/15/25 (c) | 1,196,890 | ||||||
| Northwest Independent School District, Series B (GO) | ||||||||
| 35,000 | 5.00%, 02/15/25 (c) | 42,168 | ||||||
| 15,000 | 5.00%, 02/15/25 | 18,168 | ||||||
| 125,000 | Pasadena Independent School District (GO) 5.00%, 02/15/23 (c) | 145,604 | ||||||
| 500,000 | Pasadena Independent School District, Unlimited Tax School Building (GO) 5.00%, 02/15/23 (c) | 583,010 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 20,000 | Permanent University Fund - Texas A&M University System, Series A (RB) 5.25%, 07/01/25 (c) | $ | 24,135 | ||||
| 50,000 | Permanent University Fund - University of Texas System, Series A (RB) 5.00%, 07/01/25 (c) | 59,094 | ||||||
| Permanent University Fund - University of Texas System, Series B (RB) | ||||||||
| 35,000 | 5.00%, 07/01/23 | 41,774 | ||||||
| 45,000 | 5.00%, 07/01/24 | 54,365 | ||||||
| 15,000 | 5.00%, 07/01/24 (c) | 17,988 | ||||||
| 30,000 | 5.00%, 07/01/25 | 36,594 | ||||||
| 20,000 | 5.00%, 07/01/25 (c) | 23,767 | ||||||
| 30,000 | Plano Independent School District, Series A (GO) 5.00%, 02/15/24 | 36,040 | ||||||
| 1,475,000 | San Antonio Electric and Gas Systems Revenue (RB) 5.25%, 02/01/24 | 1,795,739 | ||||||
| 1,445,000 | San Antonio Independent School District, Unlimited Tax School Building (GO) 5.00%, 02/15/24 | 1,732,858 | ||||||
| 70,000 | San Antonio Independent School District/TX (GO) 5.00%, 02/15/25 (c) | 83,672 | ||||||
| 400,000 | San Antonio Water System, Junior Lien, Series A (RB) 5.00%, 05/15/26 (c) | 474,716 | ||||||
| San Antonio Water System, Series A (RB) | ||||||||
| 15,000 | 5.00%, 05/15/23 | 17,751 | ||||||
| 25,000 | 5.00%, 11/15/23 (c) | 30,030 | ||||||
| 500,000 | 5.00%, 05/15/26 (c) | 597,385 | ||||||
| Spring Independent School District (GO) | ||||||||
| 25,000 | 5.00%, 08/15/25 (c) | 29,567 | ||||||
| 1,000,000 | 5.00%, 08/15/25 (c) | 1,205,890 | ||||||
| State of Texas (GO) | ||||||||
| 10,000 | 5.00%, 04/01/24 (c) | 11,878 | ||||||
| 20,000 | 5.00%, 04/01/24 (c) | 23,940 | ||||||
| 20,000 | 5.00%, 04/01/24 (c) | 23,812 | ||||||
| 15,000 | 5.00%, 04/01/26 (c) | 17,664 | ||||||
| 15,000 | 5.00%, 10/01/26 | 18,495 | ||||||
| State of Texas, Series A (GO) | ||||||||
| 10,000 | 5.00%, 04/01/22 (c) | 11,564 | ||||||
| 10,000 | 5.00%, 10/01/24 | 12,118 | ||||||
| 15,000 | 5.00%, 10/01/24 (c) | 18,005 | ||||||
| 20,000 | 5.00%, 10/01/24 | 24,236 | ||||||
| 25,000 | 5.00%, 10/01/27 (c) | 30,012 | ||||||
| State of Texas, Transportation Commission (GO) | ||||||||
| 65,000 | 5.00%, 04/01/24 (c) | 76,746 | ||||||
| 750,000 | 5.00%, 04/01/24 (c) | 890,820 | ||||||
| State of Texas, Transportation Commission, Series A (GO) | ||||||||
| 1,355,000 | 5.00%, 04/01/22 (c) | 1,563,426 | ||||||
| 1,255,000 | 5.00%, 10/01/24 (c) | 1,479,043 | ||||||
| 1,035,000 | 5.00%, 10/01/25 (c) | 1,250,218 | ||||||
| 1,000,000 | 5.00%, 04/01/26 (c) | 1,184,540 | ||||||
See Notes to Financial Statements
| 69 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| State of Texas, Transportation Commission, Series B (GO) | ||||||||
| $ | 1,700,000 | 5.00%, 10/01/27 (c) | $ | 2,027,216 | ||||
| 1,250,000 | 5.00%, 10/01/27 (c) | 1,500,587 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Series A (RB) | ||||||||
| 15,000 | 5.00%, 02/15/26 | 18,045 | ||||||
| 10,000 | 5.00%, 05/15/26 (c) | 11,710 | ||||||
| 30,000 | Tarrant County, Cultural Education Facilities Finance Corp. (RB) 5.00%, 10/01/23 (c) | 34,802 | ||||||
| Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 820,000 | 5.00%, 10/01/23 (c) | 933,431 | ||||||
| 235,000 | 5.25%, 10/01/23 (c) | 271,702 | ||||||
| Tarrant Regional Water Control and Improvement District (RB) | ||||||||
| 1,100,000 | 5.00%, 03/01/25 (c) | 1,309,011 | ||||||
| 1,040,000 | 5.00%, 03/01/25 (c) | 1,250,808 | ||||||
| 1,035,000 | 5.00%, 03/01/25 | 1,251,418 | ||||||
| Tarrant Regional Water District (RB) | ||||||||
| 25,000 | 5.00%, 03/01/25 (c) | 29,359 | ||||||
| 20,000 | 5.00%, 03/01/25 (c) | 23,643 | ||||||
| 10,000 | Texas A&M University, Series B (RB) 5.00%, 05/15/23 | 11,910 | ||||||
| Texas A&M University, Series D (RB) | ||||||||
| 10,000 | 4.00%, 05/15/26 (c) | 11,078 | ||||||
| 180,000 | 5.00%, 05/15/26 | 220,093 | ||||||
| Texas A&M University, Series E (RB) | ||||||||
| 10,000 | 5.00%, 05/15/25 | 12,125 | ||||||
| 25,000 | 5.00%, 05/15/26 | 30,569 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 225,000 | 5.00%, 12/15/22 (c) | 243,736 | ||||||
| 230,000 | 5.00%, 12/15/22 (c) | 252,395 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 145,000 | 5.00%, 12/15/22 (c) | 156,458 | ||||||
| 550,000 | 5.00%, 12/15/22 (c) | 589,688 | ||||||
| 50,000 | 5.00%, 12/15/22 (c) | 55,131 | ||||||
| 1,450,000 | 5.00%, 12/15/22 (c) | 1,625,087 | ||||||
| 500,000 | 5.00%, 12/15/22 (c) | 554,045 | ||||||
| 465,000 | Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c) | 568,486 | ||||||
| Texas State University System, Series A (RB) | ||||||||
| 20,000 | 5.00%, 03/15/24 | 23,959 | ||||||
| 15,000 | 5.00%, 03/15/25 (c) | 18,030 | ||||||
| 10,000 | 5.00%, 03/15/26 | 12,145 | ||||||
| 1,000,000 | 5.00%, 03/15/27 (c) | 1,213,470 | ||||||
| Texas Transportation Commission State Highway Fund (RB) | ||||||||
| 35,000 | 5.00%, 10/01/24 | 42,413 | ||||||
| 1,000,000 | 5.00%, 10/01/26 | 1,231,100 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Transportation Commission State Highway Fund, First Tier, Series A (RB) | ||||||||
| $ | 1,030,000 | 5.00%, 04/01/23 | $ | 1,221,642 | ||||
| 1,940,000 | 5.00%, 04/01/24 | 2,336,109 | ||||||
| Texas Transportation Commission State Highway Fund, Series A (RB) | ||||||||
| 65,000 | 5.00%, 10/01/23 | 77,714 | ||||||
| 20,000 | 5.00%, 04/01/24 (c) | 24,026 | ||||||
| 90,000 | 5.00%, 10/01/24 | 109,062 | ||||||
| 60,000 | 5.00%, 10/01/25 | 73,195 | ||||||
| 125,000 | Texas Transportation Commission, Central Tax Turnpike System, Second Tier, Series C (RB) 5.00%, 08/15/24 (c) | 142,294 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 25,000 | 5.00%, 04/15/25 | 30,385 | ||||||
| 595,000 | 5.00%, 10/15/26 (c) | 718,391 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 15,000 | 4.00%, 10/15/25 (c) | 16,089 | ||||||
| 25,000 | 5.00%, 04/15/24 | 30,168 | ||||||
| 150,000 | 5.00%, 10/15/25 (c) | 179,793 | ||||||
| 75,000 | 5.00%, 10/15/25 (c) | 88,326 | ||||||
| 1,035,000 | 5.00%, 10/15/25 (c) | 1,243,201 | ||||||
| 30,000 | The University of Texas System (RB) 5.00%, 08/15/23 | 35,876 | ||||||
| The University of Texas System, Series B (RB) | ||||||||
| 85,000 | 5.00%, 08/15/24 (c) | 99,871 | ||||||
| 50,000 | 5.00%, 08/15/25 | 61,140 | ||||||
| 20,000 | 5.00%, 08/15/26 | 24,659 | ||||||
| The University of Texas System, Series D (RB) | ||||||||
| 20,000 | 5.00%, 08/15/23 | 23,917 | ||||||
| 20,000 | 5.00%, 08/15/25 | 24,456 | ||||||
| 20,000 | The University of Texas System, Series E (RB) 5.00%, 08/15/24 | 24,213 | ||||||
| The University of Texas System, Series J (RB) | ||||||||
| 10,000 | 5.00%, 08/15/23 | 11,959 | ||||||
| 10,000 | 5.00%, 08/15/24 | 12,107 | ||||||
| 20,000 | 5.00%, 08/15/25 | 24,456 | ||||||
| 15,000 | 5.00%, 08/15/26 (c) | 18,312 | ||||||
| 80,000 | Tomball Independent School District (GO) 5.00%, 02/15/24 | 95,937 | ||||||
| 45,000 | Trinity River Authority Central Regional Wastewater System Revenue (RB) 5.00%, 08/01/26 | 55,275 | ||||||
| 15,000 | University of North Texas, Series A (RB) 5.00%, 04/15/27 (c) | 18,036 | ||||||
| 35,000 | Via Metropolitan Transit (RB) 5.00%, 07/15/26 | 42,665 | ||||||
| 75,000 | Ysleta Independent School District (GO) 5.00%, 08/15/24 (c) | 87,957 | ||||||
| 157,503,983 | ||||||||
See Notes to Financial Statements
| 70 |
| Principal Amount | Value | |||||||
| Utah: 0.2% | ||||||||
| $ | 605,000 | Board of Education of Cache County School District (GO) (SBG) 4.00%, 06/15/24 (c) | $ | 649,921 | ||||
| 370,000 | Canyons School District, Utah School Bond Guaranty Program (GO) (SBG) 3.00%, 06/15/22 (c) | 363,706 | ||||||
| 400,000 | State of Utah (GO) 5.00%, 07/01/24 | 486,832 | ||||||
| 15,000 | The University of Utah, Series B (RB) 5.00%, 08/01/24 | 18,155 | ||||||
| The University of Utah, Series B-1 (RB) | ||||||||
| 20,000 | 5.00%, 08/01/23 | 23,855 | ||||||
| 10,000 | 5.00%, 08/01/24 | 12,104 | ||||||
| 2,000,000 | Utah Transit Authority (RB) 4.12%, 06/15/26 (c) ^ | 1,076,220 | ||||||
| Utah Transit Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 06/15/24 | 11,951 | ||||||
| 125,000 | 5.00%, 06/15/24 | 151,604 | ||||||
| Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
| 155,000 | 3.00%, 06/15/26 (c) | 155,612 | ||||||
| 600,000 | 4.00%, 06/15/26 (c) | 648,030 | ||||||
| 155,000 | Utah Transit Authority, Subordinated Sales Tax, Series A (RB) 5.00%, 06/15/25 (c) | 182,306 | ||||||
| 3,780,296 | ||||||||
| Vermont: 0.1% | ||||||||
| 1,000,000 | Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c) | 1,122,380 | ||||||
| Virginia: 2.2% | ||||||||
| 650,000 | Arlington County, Series B (GO) 5.00%, 08/15/26 (c) | 804,505 | ||||||
| 1,500,000 | City of Richmond VA Public Utility Revenue, Series A (RB) 5.00%, 01/15/26 (c) | 1,772,235 | ||||||
| 140,000 | City of Richmond, Public Improvement, Series A (GO) (SAW) 5.00%, 03/01/23 (c) | 164,507 | ||||||
| 530,000 | City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/23 (c) | 612,457 | ||||||
| Commonwealth of Virginia, Series B (GO) | ||||||||
| 10,000 | 4.00%, 06/01/23 (c) | 11,310 | ||||||
| 500,000 | 5.00%, 06/01/25 (c) | 607,620 | ||||||
| 1,000,000 | 5.00%, 06/01/25 (c) | 1,220,230 | ||||||
| 90,000 | 5.00%, 06/01/25 (c) | 109,971 | ||||||
| 15,000 | County of Fairfax VA, Series A (GO) (SAW) 5.00%, 10/01/24 (c) | 18,131 | ||||||
| 15,000 | County of Fairfax VA, Series B (GO) (SAW) 5.00%, 04/01/25 (c) | 18,492 | ||||||
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 1,340,000 | County of Fairfax, Public Improvement, Series A (GO) (SAW) 5.00%, 10/01/23 | $ | 1,612,007 | ||||
| 15,000 | County of Henrico VA Water & Sewer Revenue (RB) 5.00%, 05/01/25 | 18,322 | ||||||
| 715,000 | County of Loudoun, Series A (GO) (SAW) 5.00%, 12/01/22 (c) | 842,964 | ||||||
| 25,000 | Fairfax County Industrial Development Authority, Series A (RB) 5.00%, 05/15/26 (c) | 29,319 | ||||||
| 15,000 | Fairfax County Industrial Development Authority, Series B (RB) 5.00%, 05/15/26 | 18,300 | ||||||
| 550,000 | Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c) | 629,288 | ||||||
| 375,000 | Fairfax County, Public Improvement, Series B (GO) (SAW) 5.00%, 04/01/24 | 454,819 | ||||||
| 485,000 | Fairfax County, Virginia Economic Development Authority, Series A (RB) 5.00%, 10/01/24 (c) | 574,478 | ||||||
| 250,000 | Hampton Roads Sanitation District, Series A (RB) 5.00%, 08/01/26 (c) | 299,012 | ||||||
| 750,000 | Upper Occoquan Sewage Authority (RB) 5.00%, 07/01/25 (c) | 908,565 | ||||||
| 485,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/24 | 583,140 | ||||||
| 1,100,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) (SAW) 5.00%, 09/01/23 | 1,314,687 | ||||||
| 395,000 | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) 3.00%, 02/01/22 (c) | 404,843 | ||||||
| Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | ||||||||
| 1,000,000 | 3.00%, 09/01/24 | 1,067,130 | ||||||
| 1,000,000 | 5.00%, 09/01/26 (c) | 1,210,520 | ||||||
| 1,000,000 | 5.00%, 09/01/26 (c) | 1,219,840 | ||||||
| 1,030,000 | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) 4.00%, 09/01/22 (c) | 1,128,128 | ||||||
| 20,000 | Virginia College Building Authority, Series A (RB) 5.00%, 02/01/25 | 24,220 | ||||||
See Notes to Financial Statements
| 71 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 15,000 | Virginia College Building Authority, Series B (RB) 4.00%, 02/01/22 (c) | $ | 16,451 | ||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 15,000 | 5.00%, 09/15/23 | 17,935 | ||||||
| 15,000 | 5.00%, 05/15/24 (c) | 17,755 | ||||||
| 1,000,000 | 5.00%, 05/15/26 | 1,228,240 | ||||||
| 20,000 | 5.00%, 09/15/26 (c) | 24,004 | ||||||
| 500,000 | 5.00%, 09/15/26 (c) | 609,395 | ||||||
| Virginia Commonwealth Transportation Board, Capital Projects (RB) | ||||||||
| 250,000 | 4.00%, 05/15/24 (c) | 266,725 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,189,410 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 150,000 | 5.00%, 03/15/23 (c) | 175,878 | ||||||
| 450,000 | 5.00%, 03/15/23 (c) | 524,641 | ||||||
| 1,450,000 | 5.00%, 03/15/23 (c) | 1,700,154 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 125,000 | 3.00%, 08/01/24 (c) | 125,564 | ||||||
| 475,000 | 3.00%, 08/01/24 (c) | 480,244 | ||||||
| 820,000 | 3.00%, 08/01/26 (c) | 792,604 | ||||||
| 1,000,000 | 5.00%, 08/01/25 | 1,222,690 | ||||||
| 565,000 | 5.00%, 08/01/26 | 697,193 | ||||||
| Virginia Public Building Authority, Series B (RB) | ||||||||
| 10,000 | 5.00%, 08/01/23 | 11,940 | ||||||
| 10,000 | 5.00%, 08/01/23 | 11,940 | ||||||
| 25,000 | 5.00%, 08/01/25 | 30,567 | ||||||
| 15,000 | 5.00%, 08/01/26 | 18,510 | ||||||
| Virginia Public Building Authority, Series C (RB) | ||||||||
| 400,000 | 4.00%, 08/01/24 (c) | 449,960 | ||||||
| 1,750,000 | 5.00%, 08/01/23 | 2,089,570 | ||||||
| 10,000 | 5.00%, 08/01/24 | 12,111 | ||||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| 750,000 | 5.00%, 08/01/26 (c) | 914,257 | ||||||
| 30,000 | 5.00%, 08/01/26 (c) | 36,320 | ||||||
| 10,000 | 5.00%, 08/01/26 | 12,368 | ||||||
| 575,000 | 5.00%, 08/01/26 (c) | 706,295 | ||||||
| 870,000 | Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/24 | 1,053,666 | ||||||
| Virginia Public School Authority, Series B (RB) (SAW) | ||||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,116,360 | ||||||
| 20,000 | 5.00%, 08/01/24 | 24,222 | ||||||
| 25,000 | Virginia Resources Authority (RB) 5.00%, 10/01/23 | 29,991 | ||||||
| 750,000 | Virginia Small Business Financing Authority, Hampton University (RB) 5.25%, 10/01/24 (c) | 866,220 | ||||||
| 1,115,000 | Virginia State Public School Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/23 | 1,329,905 | ||||||
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 250,000 | Virginia State, Resources Authority, Clean Water State (RB) 5.00%, 10/01/23 (c) | $ | 299,740 | ||||
| 35,781,865 | ||||||||
| Washington: 4.0% | ||||||||
| 600,000 | Auburn School District No 408 of King & Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c) | 638,034 | ||||||
| Central Puget Sound Regional Transit Authority, Sale Tax, Series S-1 (RB) | ||||||||
| 625,000 | 5.00%, 11/01/22 (c) | 735,269 | ||||||
| 750,000 | 5.00%, 11/01/25 (c) | 882,652 | ||||||
| 570,000 | 5.00%, 11/01/25 (c) | 674,139 | ||||||
| Central Puget Sound Regional Transit Authority, Sale Tax and Motor Vehicle Excise Tax, Series P-1 (RB) | ||||||||
| 250,000 | 5.00%, 02/01/22 (c) | 289,920 | ||||||
| 555,000 | 5.00%, 02/01/22 (c) | 643,900 | ||||||
| 75,000 | 5.00%, 02/01/22 (c) | 87,238 | ||||||
| Central Puget Sound Regional Transit Authority, Series S-1 (RB) | ||||||||
| 20,000 | 5.00%, 11/01/22 (c) | 23,563 | ||||||
| 10,000 | 5.00%, 11/01/22 (c) | 11,787 | ||||||
| 15,000 | 5.00%, 11/01/24 | 18,281 | ||||||
| 35,000 | 5.00%, 11/01/25 (c) | 41,659 | ||||||
| 15,000 | 5.00%, 11/01/25 | 18,407 | ||||||
| 25,000 | 5.00%, 11/01/26 (c) | 29,996 | ||||||
| 25,000 | City of Seattle WA Drainage & Wastewater Revenue (RB) 5.00%, 03/01/22 (c) | 28,708 | ||||||
| 15,000 | City of Seattle WA Municipal Light & Power Revenue, Series A (RB) 5.00%, 06/01/22 (c) | 17,366 | ||||||
| City of Seattle WA Water System Revenue (RB) | ||||||||
| 10,000 | 5.00%, 05/01/23 | 11,923 | ||||||
| 15,000 | 5.00%, 05/01/25 | 18,347 | ||||||
| 20,000 | 5.00%, 08/01/26 | 24,736 | ||||||
| 500,000 | 5.00%, 02/01/27 (c) | 603,645 | ||||||
| 160,000 | City of Seattle WA, Series A (GO) 5.00%, 06/01/25 | 195,637 | ||||||
| 2,175,000 | City of Seattle, Drainage and Wastewater System (RB) 4.00%, 04/01/26 (c) | 2,315,875 | ||||||
| 1,000,000 | City of Seattle, Water System Revenue (RB) 5.00%, 05/01/25 (c) | 1,182,520 | ||||||
| City of Spokane WA Water & Wastewater Revenue (RB) | ||||||||
| 45,000 | 5.00%, 12/01/23 | 53,802 | ||||||
| 15,000 | 5.00%, 12/01/24 (c) | 18,114 | ||||||
| Clark County Public Utility District No 1 (RB) | ||||||||
| 30,000 | 5.00%, 01/01/24 | 35,751 | ||||||
| 25,000 | 5.00%, 01/01/25 | 30,086 | ||||||
| 15,000 | County of King WA Sewer Revenue, Series B (RB) 5.00%, 07/01/24 | 18,010 | ||||||
See Notes to Financial Statements
| 72 |
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| County of King WA, Series E (GO) | ||||||||
| $ | 460,000 | 4.00%, 12/01/25 (c) | $ | 489,537 | ||||
| 50,000 | 5.00%, 12/01/25 (c) | 59,852 | ||||||
| 500,000 | County of King, Series E (GO) 5.00%, 12/01/25 (c) | 603,245 | ||||||
| County of King, Washington Sewer Revenue, Series A (GO) | ||||||||
| 150,000 | 5.00%, 07/01/24 | 180,992 | ||||||
| 1,055,000 | 5.00%, 01/01/25 (c) | 1,245,069 | ||||||
| 850,000 | Energy Northwest Colombia Generating Station Electric, Series A (RB) 5.00%, 07/01/24 (c) | 996,421 | ||||||
| Energy Northwest Generating Station, Series A (RB) | ||||||||
| 90,000 | 4.00%, 07/01/24 | 102,467 | ||||||
| 200,000 | 5.00%, 07/01/23 | 238,060 | ||||||
| 2,130,000 | Energy Northwest Project 1 Electric, Series A (RB) 5.00%, 07/01/25 | 2,590,996 | ||||||
| 1,060,000 | Energy Northwest Project 1 Electric, Series C (RB) 5.00%, 07/01/24 (c) | 1,264,135 | ||||||
| Energy Northwest, Series A (RB) | ||||||||
| 20,000 | 5.00%, 07/01/23 | 23,806 | ||||||
| 50,000 | 5.00%, 07/01/26 (c) | 60,908 | ||||||
| 1,115,000 | 5.00%, 07/01/26 | 1,368,562 | ||||||
| 25,000 | 5.00%, 07/01/26 (c) | 30,225 | ||||||
| Energy Northwest, Series C (RB) | ||||||||
| 20,000 | 5.00%, 07/01/24 (c) | 24,132 | ||||||
| 715,000 | 5.00%, 07/01/25 (c) | 837,558 | ||||||
| 80,000 | Issaquah School District No. 411 King County (GO) (SBG) 4.00%, 06/01/26 (c) | 86,381 | ||||||
| King County School District No 401 Highline (GO) (SBG) | ||||||||
| 2,000,000 | 3.13%, 12/01/26 (c) | 1,969,600 | ||||||
| 1,250,000 | 5.00%, 12/01/26 (c) | 1,495,850 | ||||||
| King County School District No 405 Bellevue (GO) (SBG) | ||||||||
| 25,000 | 5.00%, 12/01/23 | 30,010 | ||||||
| 20,000 | 5.00%, 12/01/24 | 24,262 | ||||||
| 465,000 | 5.00%, 12/01/26 | 573,717 | ||||||
| 10,000 | King County School District No 414 Lake Washington (GO) (SBG) 5.00%, 12/01/24 | 12,131 | ||||||
| 550,000 | King County, Issaquah School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c) | 597,514 | ||||||
| 80,000 | King County, Washington Limited Tax, Sewer Revenue, Series A (GO) 5.00%, 07/01/23 | 95,430 | ||||||
| 15,000 | King County, Washington School District No. 409 Tahoma (GO) (SBG) 5.00%, 12/01/23 (c) | 17,760 | ||||||
| 1,065,000 | King County, Washington Sewer Revenue, Series A (RB) 5.00%, 01/01/23 (c) | 1,239,511 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Kitsap County School District No 401 Central Kitsap (GO) (SBG) | ||||||||
| $ | 250,000 | 4.00%, 06/01/26 (c) | $ | 266,862 | ||||
| 15,000 | 4.00%, 06/01/26 (c) | 16,843 | ||||||
| 360,000 | Olympia School District No. 111 Thurston County , Series B (GO) (SBG) 5.00%, 06/01/22 (c) | 416,606 | ||||||
| Pierce County School District No 10 Tacoma (GO) (SBG) | ||||||||
| 25,000 | 5.00%, 12/01/25 (c) | 29,460 | ||||||
| 55,000 | 5.00%, 12/01/25 | 67,460 | ||||||
| 45,000 | Pierce County School District No 3 Puyallup, Series A (GO) (SBG) 5.00%, 12/01/22 (c) | 52,896 | ||||||
| 175,000 | Pierce County School District No 416 White River (GO) (SBG) 4.00%, 06/01/26 (c) | 188,524 | ||||||
| 975,000 | Pierce County School District No. 10 Tacoma (GO) (SBG) 5.00%, 12/01/24 | 1,184,293 | ||||||
| Port of Seattle WA (RB) | ||||||||
| 15,000 | 5.00%, 02/01/25 | 17,881 | ||||||
| 15,000 | 5.00%, 02/01/26 (c) | 17,877 | ||||||
| 20,000 | 5.00%, 02/01/26 (c) | 23,476 | ||||||
| 25,000 | Port of Seattle WA, Series B (RB) 5.00%, 09/01/24 (c) | 29,160 | ||||||
| 100,000 | Port of Seattle, Intermediate Lien, Series A (RB) 5.00%, 08/01/22 (c) | 115,672 | ||||||
| 20,000 | Port of Seattle, Washington, Series A (RB) 5.00%, 08/01/22 (c) | 22,833 | ||||||
| 30,000 | Port of Tacoma WA, Series A (GO) 5.00%, 12/01/26 (c) | 35,566 | ||||||
| 500,000 | Port of Tacoma, Series A (GO) 5.00%, 12/01/26 (c) | 596,940 | ||||||
| 1,000,000 | Snohomish County School District No. 201 (GO) (SBG) 5.00%, 12/01/25 (c) | 1,209,080 | ||||||
| State of Washington, Federal Highway Grant Anticipation, SR 520 Corridor Program, Series C (RB) | ||||||||
| 200,000 | 5.00%, 09/01/23 (c) | 234,582 | ||||||
| 140,000 | 5.00%, 09/01/23 | 166,309 | ||||||
| 850,000 | State of Washington, Motor Vehicle Fuel Tax, Series D (GO) 3.00%, 07/01/23 (c) | 845,401 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series E (GO) | ||||||||
| 500,000 | 5.00%, 02/01/23 (c) | 584,850 | ||||||
| 1,540,000 | 5.00%, 02/01/24 (c) | 1,851,619 | ||||||
| 1,000,000 | State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) | 1,181,630 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) | ||||||||
| 480,000 | 3.13%, 07/01/22 (c) | 481,694 | ||||||
| 300,000 | 5.00%, 07/01/24 (c) | 359,982 | ||||||
| 2,050,000 | 5.00%, 07/01/24 | 2,478,142 | ||||||
See Notes to Financial Statements
| 73 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO) | ||||||||
| $ | 355,000 | 5.00%, 07/01/23 (c) | $ | 420,732 | ||||
| 1,000,000 | 5.00%, 01/01/25 (c) | 1,168,730 | ||||||
| 1,000,000 | State of Washington, Motor Vehicle Fuel Tax, Series R-H (GO) 5.00%, 01/01/25 (c) | 1,168,730 | ||||||
| 50,000 | State of Washington, Motor Vehicle Fuel Tax, SR 520 Corridor Program, Series C (GO) 5.00%, 06/01/21 (c) | 56,706 | ||||||
| State of Washington, Series A (GO) | ||||||||
| 10,000 | 5.00%, 08/01/22 (c) | 11,643 | ||||||
| 10,000 | 5.00%, 08/01/23 (c) | 11,843 | ||||||
| 25,000 | 5.00%, 08/01/26 (c) | 29,185 | ||||||
| State of Washington, Series A-1 (GO) | ||||||||
| 40,000 | 5.00%, 08/01/24 (c) | 46,848 | ||||||
| 35,000 | 5.00%, 08/01/24 (c) | 41,761 | ||||||
| State of Washington, Series B (GO) | ||||||||
| 10,000 | 5.00%, 07/01/22 (c) | 11,672 | ||||||
| 20,000 | 5.00%, 07/01/24 | 24,177 | ||||||
| 60,000 | 5.00%, 07/01/24 (c) | 72,620 | ||||||
| 50,000 | 5.00%, 02/01/25 (c) | 60,154 | ||||||
| 20,000 | 5.00%, 01/01/26 (c) | 23,296 | ||||||
| 45,000 | 5.00%, 01/01/26 (c) | 53,905 | ||||||
| 10,000 | 5.00%, 08/01/26 (c) | 11,897 | ||||||
| 10,000 | 5.00%, 08/01/26 (c) | 12,098 | ||||||
| State of Washington, Series C (GO) | ||||||||
| 10,000 | 4.00%, 07/01/23 (c) | 10,953 | ||||||
| 20,000 | 5.00%, 07/01/23 (c) | 23,626 | ||||||
| 20,000 | 5.00%, 07/01/23 | 23,845 | ||||||
| 30,000 | 5.00%, 07/01/23 (c) | 35,555 | ||||||
| 10,000 | 5.00%, 02/01/25 | 12,118 | ||||||
| 1,000,000 | 5.00%, 01/01/26 (c) | 1,158,120 | ||||||
| 10,000 | 5.00%, 01/01/26 (c) | 12,065 | ||||||
| 15,000 | 5.00%, 01/01/26 (c) | 17,968 | ||||||
| 20,000 | 5.00%, 02/01/26 (c) | 24,044 | ||||||
| State of Washington, Series D (GO) | ||||||||
| 25,000 | 5.00%, 07/01/23 (c) | 29,533 | ||||||
| 25,000 | 5.00%, 02/01/24 (c) | 28,756 | ||||||
| 45,000 | 5.00%, 02/01/24 (c) | 52,949 | ||||||
| 40,000 | 5.00%, 01/01/25 (c) | 46,508 | ||||||
| State of Washington, Series E (GO) | ||||||||
| 35,000 | 5.00%, 02/01/24 (c) | 40,611 | ||||||
| 25,000 | 5.00%, 02/01/24 (c) | 29,796 | ||||||
| 10,000 | 5.00%, 07/01/24 | 12,089 | ||||||
| 540,000 | 5.00%, 01/01/25 (c) | 634,397 | ||||||
| 15,000 | 5.00%, 01/01/25 (c) | 17,841 | ||||||
| State of Washington, Series F (GO) | ||||||||
| 15,000 | 5.00%, 01/01/25 (c) | 17,531 | ||||||
| 10,000 | 5.00%, 01/01/25 (c) | 11,980 | ||||||
| 50,000 | State of Washington, Series G (GO) 4.00%, 07/01/23 | 56,699 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 1,480,000 | 5.00%, 08/01/22 (c) | 1,730,505 | ||||||
| 835,000 | 5.00%, 08/01/23 (c) | 992,122 | ||||||
| 1,385,000 | 5.00%, 08/01/26 (c) | 1,636,558 | ||||||
| 1,000,000 | 5.00%, 08/01/26 (c) | 1,198,780 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 1,010,000 | State of Washington, Various Purpose, Series A-1 (GO) 5.00%, 08/01/25 (c) | $ | 1,178,195 | ||||
| State of Washington, Various Purpose, Series D (GO) | ||||||||
| 1,375,000 | 5.00%, 02/01/23 (c) | 1,608,337 | ||||||
| 100,000 | 5.00%, 02/01/24 (c) | 120,235 | ||||||
| 2,000,000 | State of Washington, Various Purpose, Series R-A (GO) 4.00%, 07/01/24 (c) | 2,245,720 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 295,000 | 4.00%, 07/01/23 (c) | 320,290 | ||||||
| 50,000 | 5.00%, 01/01/25 (c) | 58,135 | ||||||
| 350,000 | 5.00%, 01/01/25 (c) | 413,861 | ||||||
| 1,085,000 | 5.00%, 01/01/25 (c) | 1,290,499 | ||||||
| State of Washington, Various Purpose, Series R-E (GO) | ||||||||
| 250,000 | 5.00%, 01/01/25 (c) | 287,492 | ||||||
| 630,000 | 5.00%, 01/01/25 (c) | 732,495 | ||||||
| 170,000 | Tacoma School District No. 10 of Pierce County (GO) (SBG) 5.00%, 12/01/25 (c) | 201,329 | ||||||
| Tobacco Settlement Authority (RB) | ||||||||
| 25,000 | 5.00%, 06/01/23 | 28,731 | ||||||
| 940,000 | 5.25%, 06/01/21 (c) | 1,022,090 | ||||||
| 475,000 | University of Washington, General Revenue, Series C (RB) 5.00%, 01/01/23 (c) | 549,523 | ||||||
| 45,000 | University of Washington, Series C (RB) 5.00%, 01/01/23 (c) | 52,584 | ||||||
| Washington Health Care Facilities Authority, Providence Health and Services, Series A (RB) | ||||||||
| 225,000 | 5.00%, 10/01/22 (c) | 248,499 | ||||||
| 75,000 | 5.00%, 10/01/22 (c) | 84,231 | ||||||
| Washington State University (RB) | ||||||||
| 405,000 | 5.00%, 04/01/25 (c) | 468,759 | ||||||
| 325,000 | 5.00%, 04/01/25 (c) | 372,437 | ||||||
| 430,000 | 5.00%, 04/01/25 (c) | 503,689 | ||||||
| 760,000 | 5.00%, 04/01/25 (c) | 884,929 | ||||||
| 1,775,000 | Washington State, Various Purpose, Series A (GO) 5.00%, 08/01/23 (c) | 2,056,692 | ||||||
| 63,192,832 | ||||||||
| West Virginia: 0.2% | ||||||||
| 15,000 | State of West Virginia, Series A (GO) 5.00%, 06/01/23 | 17,818 | ||||||
| West Virginia Hospital Finance Authority, Series A (RB) | ||||||||
| 930,000 | 3.00%, 06/01/26 (c) | 868,815 | ||||||
| 495,000 | 5.00%, 06/01/25 | 584,600 | ||||||
| 135,000 | 5.00%, 06/01/26 (c) | 159,133 | ||||||
| 1,000,000 | 5.00%, 06/01/26 | 1,184,940 | ||||||
| West Virginia University Board of Governors, Series A (RB) | ||||||||
| 460,000 | 5.00%, 10/01/22 (c) | 528,397 | ||||||
| 645,000 | 5.00%, 10/01/22 (c) | 748,065 | ||||||
| 4,091,768 | ||||||||
See Notes to Financial Statements
| 74 |
| Principal Amount | Value | |||||||
| Wisconsin: 1.0% | ||||||||
| $ | 560,000 | Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 5.00%, 06/01/25 (c) | $ | 627,850 | ||||
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio, Series 1 (RB) | ||||||||
| 15,000 | 5.00%, 06/01/23 | 17,866 | ||||||
| 20,000 | 5.00%, 06/01/23 (c) | 23,618 | ||||||
| 10,000 | 5.00%, 06/01/24 (c) | 11,934 | ||||||
| 25,000 | 5.00%, 06/01/24 (c) | 29,709 | ||||||
| 20,000 | 5.00%, 06/01/24 | 24,205 | ||||||
| 15,000 | 5.00%, 06/01/24 (c) | 17,978 | ||||||
| 275,000 | State of Wisconsin, Clean Water Revenue, Series 2 (RB) 5.00%, 06/01/23 | 327,539 | ||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| 50,000 | 5.00%, 05/01/23 | 59,586 | ||||||
| 10,000 | 5.00%, 05/01/23 (c) | 11,780 | ||||||
| 50,000 | 5.00%, 05/01/23 (c) | 59,053 | ||||||
| 15,000 | 5.00%, 05/01/24 | 18,163 | ||||||
| 20,000 | 5.00%, 11/01/24 | 24,359 | ||||||
| 15,000 | 5.00%, 05/01/25 (c) | 18,100 | ||||||
| 25,000 | 5.00%, 05/01/25 (c) | 30,413 | ||||||
| 535,000 | 5.00%, 05/01/25 | 653,476 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 20,000 | 5.00%, 05/01/22 (c) | 23,179 | ||||||
| 25,000 | 5.00%, 11/01/25 | 30,745 | ||||||
| 150,000 | 5.00%, 05/01/26 (c) | 180,843 | ||||||
| State of Wisconsin, Series 3 (GO) | ||||||||
| 125,000 | 5.00%, 11/01/22 (c) | 145,694 | ||||||
| 385,000 | 5.00%, 11/01/22 (c) | 450,935 | ||||||
| 10,000 | 5.00%, 11/01/22 (c) | 11,730 | ||||||
| State of Wisconsin, Series 4 (GO) | ||||||||
| 20,000 | 5.00%, 11/01/24 (c) | 23,834 | ||||||
| 1,575,000 | 5.00%, 11/01/24 (c) | 1,885,369 | ||||||
| 650,000 | 5.00%, 11/01/24 (c) | 785,089 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 300,000 | 4.00%, 05/01/21 (c) | 319,713 | ||||||
| 80,000 | 4.00%, 05/01/21 (c) | 85,510 | ||||||
| 15,000 | 5.00%, 05/01/25 (c) | 17,407 | ||||||
| 250,000 | 5.00%, 05/01/25 (c) | 293,057 | ||||||
| 20,000 | 5.00%, 05/01/25 | 24,429 | ||||||
| State of Wisconsin, Series B (GO) | ||||||||
| 100,000 | 4.00%, 05/01/23 | 113,483 | ||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,695 | ||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,765 | ||||||
| State of Wisconsin, Series C (GO) | ||||||||
| 500,000 | 4.00%, 05/01/24 (c) | 546,175 | ||||||
| 10,000 | 5.00%, 05/01/23 | 11,917 | ||||||
| 500,000 | 5.00%, 05/01/24 (c) | 586,410 | ||||||
| Wisconsin Department of Transportation, Series 1 (RB) | ||||||||
| 120,000 | 5.00%, 07/01/22 (c) | 138,714 | ||||||
| 20,000 | 5.00%, 07/01/23 | 23,755 | ||||||
| 15,000 | 5.00%, 07/01/23 (c) | 17,624 | ||||||
| 45,000 | 5.00%, 07/01/24 | 54,164 | ||||||
| 15,000 | 5.00%, 07/01/25 (c) | 18,097 | ||||||
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 25,000 | Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/23 | $ | 29,693 | ||||
| Wisconsin Department of Transportation, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,175,130 | ||||||
| 510,000 | 5.00%, 07/01/24 (c) | 602,269 | ||||||
| Wisconsin Health & Educational Facilities Authority, Series A (RB) | ||||||||
| 10,000 | 5.00%, 05/15/26 (c) | 11,763 | ||||||
| 20,000 | 5.00%, 05/15/26 (c) | 23,718 | ||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 05/15/26 (c) | 1,050,290 | ||||||
| 405,000 | 5.00%, 11/01/24 (c) | 466,337 | ||||||
| 1,500,000 | Wisconsin Health and Educational Facilities Authority, Series B (RB) 3.15%, 09/01/25 (c) | 1,497,690 | ||||||
| 1,000,000 | Wisconsin State Transportation, Series 0 (RB) 5.00%, 07/01/23 (c) | 1,172,430 | ||||||
| Wisconsin State Transportation, Series 1 (RB) | ||||||||
| 1,575,000 | 5.00%, 07/01/22 (c) | 1,817,266 | ||||||
| 35,000 | 5.00%, 07/01/22 (c) | 40,571 | ||||||
| 810,000 | 5.00%, 07/01/23 (c) | 952,236 | ||||||
| 16,606,355 | ||||||||
| Total Municipal Bonds (Cost: $1,570,859,912) | 1,568,740,278 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.1% (Cost: $1,499,089) | ||||||||
| 1,499,089 | Dreyfus Government Cash Management Fund – Institutional Shares | 1,499,089 | ||||||
| Total Investments: 98.6% (Cost: $1,572,359,001) | 1,570,239,367 | |||||||
| Other assets less liabilities: 1.4% | 22,272,470 | |||||||
| NET ASSETS: 100.0% | $ | 1,592,511,837 | ||||||
See Notes to Financial Statements
| 75 |
VANECK VECTORS AMT-FREE INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| TA | Tax Allocation |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 7.6 | % | $ | 119,161,207 | ||||
| Health Care | 5.5 | 86,837,316 | ||||||
| Housing | 0.4 | 5,324,021 | ||||||
| Industrial Revenue | 0.2 | 3,288,580 | ||||||
| Leasing | 7.1 | 111,158,408 | ||||||
| Local | 16.9 | 264,706,767 | ||||||
| Power | 6.0 | 93,846,673 | ||||||
| Solid Waste/Resource Recovery | 0.1 | 2,004,773 | ||||||
| Special Tax | 10.9 | 171,344,377 | ||||||
| State | 21.5 | 337,777,794 | ||||||
| Tobacco | 0.2 | 3,561,191 | ||||||
| Transportation | 13.7 | 215,327,635 | ||||||
| Water & Sewer | 9.8 | 154,401,536 | ||||||
| Money Market Fund | 0.1 | 1,499,089 | ||||||
| 100.0 | % | $ | 1,570,239,367 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Municipal Bonds* | $ | — | $ | 1,568,740,278 | $ | — | $ | 1,568,740,278 | |||||||||||
| Money Market Fund | 1,499,089 | — | — | 1,499,089 | |||||||||||||||
| Total | $ | 1,499,089 | $ | 1,568,740,278 | $ | — | $ | 1,570,239,367 | |||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 76 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 96.4% | ||||||||
| Alabama: 1.5% | ||||||||
| Alabama Incentives Financing Authority, Series A (RB) | ||||||||
| $ | 10,000 | 3.75%, 09/01/22 (c) | $ | 10,125 | ||||
| 15,000 | 5.00%, 09/01/22 (c) | 16,607 | ||||||
| 95,000 | Birmingham Water Board Revenue, Series A (RB) 4.00%, 01/01/27 (c) | 97,995 | ||||||
| 800,000 | County of Jefferson, Alabama Sewer Revenue, Series B (RB) (AGM) 5.23%, 10/01/23 (c) ^ | 325,040 | ||||||
| 125,000 | Decatur City Board of Education (ST) 5.00%, 02/01/25 (c) | 138,331 | ||||||
| 375,000 | Infirmary Health System, Inc., Series A (RB) 4.00%, 02/01/26 (c) | 369,930 | ||||||
| Jefferson County, Senior Lien, Series A (RB) (AGM) | ||||||||
| 20,000 | 5.25%, 10/01/23 (c) | 22,425 | ||||||
| 125,000 | 5.50%, 10/01/23 (c) | 141,398 | ||||||
| Lower Alabama Gas District, Gas Project Revenue, Series A (RB) | ||||||||
| 125,000 | 5.00%, 09/01/34 | 147,054 | ||||||
| 345,000 | 5.00%, 09/01/46 | 415,042 | ||||||
| 250,000 | State of Alabama, Series A (GO) 3.00%, 02/01/26 (c) | 232,985 | ||||||
| 15,000 | Tuscaloosa City Board of Education (RB) 5.00%, 08/01/26 (c) | 16,940 | ||||||
| 250,000 | UAB Medicine Finance Authority, Series B (RB) 4.00%, 09/01/26 (c) | 256,258 | ||||||
| 250,000 | Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c) | 280,940 | ||||||
| 2,471,070 | ||||||||
| Alaska: 0.0% | ||||||||
| 10,000 | Municipality Of Anchorage, Senior Lien, Series A (RB) 4.00%, 12/01/24 (c) | 10,337 | ||||||
| Arizona: 1.5% | ||||||||
| Arizona Board of Regents, Arizona State University (RB) | ||||||||
| 10,000 | 3.00%, 06/01/26 (c) | 9,522 | ||||||
| 40,000 | 5.00%, 06/01/26 (c) | 45,768 | ||||||
| Arizona Board of Regents, Arizona State University, Series A (RB) | ||||||||
| 10,000 | 5.00%, 07/01/22 (c) | 11,250 | ||||||
| 600,000 | 5.00%, 07/01/22 (c) | 666,966 | ||||||
| 15,000 | 5.00%, 07/01/25 (c) | 16,971 | ||||||
| Arizona Health Facilities Authority, Series A (RB) | ||||||||
| 145,000 | 3.75%, 01/01/22 (c) | 142,249 | ||||||
| 375,000 | 5.00%, 01/01/24 (c) | 413,062 | ||||||
| 20,000 | Arizona Transportation Board, Highway Revenue, Series A (RB) 5.00%, 07/01/22 (c) | 22,833 | ||||||
| 350,000 | Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | |||||||
| 4.00%, 01/01/27 (c) | 355,036 | |||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| $ | 250,000 | Maricopa County Industrial Development
Authority, Series A (RB) 5.00%, 01/01/27 (c) | $ | 283,575 | ||||
| Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project Electric System, Series A (RB) | ||||||||
| 400,000 | 5.00%, 06/01/25 (c) | 454,848 | ||||||
| 60,000 | 5.00%, 01/01/27 (c) | 69,670 | ||||||
| 2,491,750 | ||||||||
| Arkansas: 0.0% | ||||||||
| 15,000 | North Little Rock School District No. 1, Series B
(GO) (SAW) 4.50%, 08/01/20 (c) | 16,074 | ||||||
| California: 18.9% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) (AGM) | ||||||||
| 450,000 | 4.00%, 10/01/26 (c) | 456,340 | ||||||
| 350,000 | 5.00%, 10/01/26 (c) | 391,776 | ||||||
| 425,000 | Antelope Valley Community College District (GO) 5.00%, 02/01/25 (c) | 475,231 | ||||||
| 390,000 | Bay Area Toll Authority, Series F-1 (RB) 5.00%, 04/01/24 (c) | 437,833 | ||||||
| 120,000 | Bay Area Toll Authority, Series S-4 (RB) 5.25%, 04/01/23 (c) | 136,121 | ||||||
| 815,000 | Bay Area Toll Authority, Series S-6 (RB) 5.00%, 10/01/24 (c) | 904,846 | ||||||
| 500,000 | Beverly Hills Unified School District (GO) 4.28%, 08/01/26 (c) ^ | 196,725 | ||||||
| 35,000 | California Educational Facilities Authority, Pepperdine
University (RB) 5.00%, 04/01/26 (c) | 40,230 | ||||||
| 250,000 | California Educational Facilities Authority, Series
U-6 (RB) 5.00%, 05/01/45 | 324,552 | ||||||
| 95,000 | California Health Facilities Financing Authority,
Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/26 (c) | 95,145 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 145,000 | 4.00%, 03/01/23 (c) | 145,850 | ||||||
| 100,000 | 4.00%, 08/15/24 (c) | 105,091 | ||||||
| 400,000 | 5.00%, 08/15/23 (c) | 432,152 | ||||||
| 250,000 | 5.00%, 11/15/25 (c) | 279,017 | ||||||
| 370,000 | California Infrastructure and Economic Development
Bank, Series A (RB) 4.00%, 11/01/23 (c) | 373,796 | ||||||
| 500,000 | California Public Finance Authority (RB) 5.00%, 10/15/26 (c) | 537,790 | ||||||
| California State Public Works Board, Department of Correction and Rehabilitation, Series H (RB) | ||||||||
| 410,000 | 3.50%, 12/01/25 (c) | 407,220 | ||||||
| 450,000 | 4.00%, 12/01/25 (c) | 470,272 | ||||||
| 20,000 | California State Public Works Board, Series G (RB) 5.00%, 11/01/22 (c) | 22,684 | ||||||
See Notes to Financial Statements
| 77 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 495,000 | California State Public Works Board, Various Judicial Council Projects, Series A (RB) 5.00%, 03/01/23 (c) | $ | 552,034 | ||||
| California State University, Series A (RB) | ||||||||
| 40,000 | 3.75%, 11/01/22 (c) | 40,257 | ||||||
| 975,000 | 5.00%, 11/01/24 (c) | 1,124,087 | ||||||
| 10,000 | 5.00%, 11/01/24 (c) | 11,341 | ||||||
| 30,000 | 5.00%, 11/01/25 (c) | 34,156 | ||||||
| 20,000 | 5.00%, 11/01/25 (c) | 22,707 | ||||||
| 300,000 | California Statewide Communities Development Authority, Huntington Memorial Hospital, Series B (RB) 5.00%, 07/01/24 (c) | 321,204 | ||||||
| 500,000 | California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c) | 549,925 | ||||||
| 125,000 | California Statewide Communities Development Authority, Los Angeles Jewish Home For The Aging, Series A (RB) 5.00%, 08/01/22 (c) | 141,468 | ||||||
| 250,000 | Cerritos Community College District, Series A (GO) 5.00%, 08/01/24 (c) | 285,297 | ||||||
| City of Los Angeles, Department of Airports, Series B (RB) | ||||||||
| 435,000 | 5.00%, 05/15/22 (c) | 490,958 | ||||||
| 155,000 | 5.00%, 05/15/25 (c) | 175,917 | ||||||
| 400,000 | City of Los Angeles, Wastewater System Revenue, Series A (RB) 4.00%, 06/01/25 (c) | 406,904 | ||||||
| 30,000 | City of San Francisco CA Public Utilities Commission Water Revenue (RB) 5.00%, 05/01/22 (c) | 34,166 | ||||||
| 50,000 | City of San Francisco, Public Utilities Commission Water Revenue, Series A (RB) 4.00%, 05/01/22 (c) | 51,391 | ||||||
| 375,000 | Coast Community College District, Series A (GO) 4.00%, 08/01/23 (c) | 386,269 | ||||||
| 250,000 | Cupertino Union School District (GO) 4.00%, 08/01/26 (c) | 259,790 | ||||||
| 470,000 | East Bay Municipal Utility District Water System, Series B (RB) 4.00%, 06/01/25 (c) | 486,065 | ||||||
| 450,000 | Eastern Municipal Water District, Wastewater Revenue, Series A (RB) 5.00%, 07/01/26 (c) | 514,629 | ||||||
| 450,000 | El Camino Community College District (GO) 3.65%, 08/01/38 ^ | 205,322 | ||||||
| 305,000 | El Camino Community College District, Series C (GO) 4.00%, 08/01/22 (c) | 317,581 | ||||||
| 240,000 | Elk Grove Unified School District (CP) 3.13%, 02/01/26 (c) | 214,370 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 10,000 | Fremont Union High School District (GO) 5.00%, 08/01/24 (c) | $ | 11,604 | ||||
| 35,000 | Gilroy School Facilities Financing Authority, Series A (RB) 4.00%, 08/01/23 (c) | 35,540 | ||||||
| Golden State Tobacco Securitization Corp. (RB) | ||||||||
| 475,000 | 5.00%, 06/01/25 (c) | 531,838 | ||||||
| 125,000 | 5.00%, 06/01/25 (c) | 140,429 | ||||||
| 20,000 | Imperial Irrigation District Electric System Revenue, Series B-2 (RB) 5.00%, 11/01/26 (c) | 22,822 | ||||||
| Imperial Irrigation District Electric System Revenue, Series C (RB) | ||||||||
| 10,000 | 5.00%, 05/01/26 (c) | 11,389 | ||||||
| 15,000 | 5.00%, 05/01/26 (c) | 17,171 | ||||||
| 265,000 | 5.00%, 05/01/26 (c) | 304,257 | ||||||
| Kaweah Delta Health Care District, Series B (RB) | ||||||||
| 30,000 | 4.00%, 06/01/25 (c) | 30,371 | ||||||
| 780,000 | 5.00%, 06/01/25 (c) | 852,501 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 10,000 | 5.00%, 07/01/22 (c) | 11,255 | ||||||
| 335,000 | 5.00%, 07/01/24 (c) | 380,185 | ||||||
| 15,000 | 5.00%, 07/01/24 (c) | 17,180 | ||||||
| 10,000 | 5.00%, 01/01/26 (c) | 11,401 | ||||||
| 900,000 | 5.00%, 01/01/26 (c) | 1,022,391 | ||||||
| 185,000 | 5.00%, 01/01/27 (c) | 217,183 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 40,000 | 5.00%, 07/01/22 (c) | 45,582 | ||||||
| 15,000 | 5.00%, 01/01/26 (c) | 17,199 | ||||||
| 10,000 | Los Angeles Department of Water and Power, Series E (RB) 5.00%, 07/01/24 (c) | 11,349 | ||||||
| 220,000 | Los Angeles International Airport, Series B (RB) 5.00%, 05/15/23 (c) | 249,700 | ||||||
| 200,000 | Los Angeles Unified School District, Series A (GO) 4.00%, 07/01/25 (c) | 206,750 | ||||||
| 200,000 | Marin Healthcare District, Series A (GO) 4.00%, 08/01/25 (c) | 204,936 | ||||||
| 375,000 | Metropolitan Water District of Southern California (RB) 5.00%, 07/01/25 (c) | 433,620 | ||||||
| 15,000 | Northern California Transmission Agency, Series A (RB) 5.00%, 05/01/26 (c) | 17,210 | ||||||
| 10,000 | Orange County Water District, Series A (RB) 5.00%, 02/15/27 (c) | 11,909 | ||||||
| 400,000 | Pasadena Unified School District (GO) 4.13%, 05/01/22 (c) | 420,916 | ||||||
| 250,000 | Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c) | 256,530 | ||||||
See Notes to Financial Statements
| 78 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 125,000 | Port of Los Angeles, Harbor Department, Series B (RB) 5.00%, 08/01/24 (c) | $ | 141,513 | ||||
| 50,000 | Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 4.00%, 05/15/26 (c) | 51,297 | ||||||
| 435,000 | Regents of the University of California, Series AI (RB) 5.00%, 05/15/23 (c) | 502,399 | ||||||
| 40,000 | Regents of the University of California, Series AM (RB) 5.25%, 05/15/24 (c) | 47,309 | ||||||
| Regents of the University of California, Series AO (RB) | ||||||||
| 45,000 | 4.00%, 05/15/25 (c) | 46,563 | ||||||
| 25,000 | 5.00%, 05/15/25 (c) | 28,835 | ||||||
| Regents of the University of California, Series AR (RB) | ||||||||
| 250,000 | 4.00%, 05/15/26 (c) | 260,987 | ||||||
| 460,000 | 5.00%, 05/15/26 (c) | 535,882 | ||||||
| Regents of the University of California, Series G (RB) | ||||||||
| 85,000 | 5.00%, 05/15/22 (c) | 96,933 | ||||||
| 450,000 | 5.00%, 05/15/22 (c) | 508,576 | ||||||
| 140,000 | Riverside County Public Financing Authority (RB) 4.00%, 11/01/25 (c) | 145,628 | ||||||
| 40,000 | Riverside County Transportation Commission (RB) 5.25%, 06/01/23 (c) | 46,830 | ||||||
| 15,000 | Sacramento County Sanitation Districts Financing Authority (RB) 5.00%, 06/01/24 (c) | 17,387 | ||||||
| San Diego County Regional Transportation Commission, Series A (RB) | ||||||||
| 10,000 | 5.00%, 04/01/22 (c) | 11,252 | ||||||
| 40,000 | 5.00%, 04/01/26 (c) | 46,146 | ||||||
| 175,000 | San Diego Public Facilities Financing Authority, Capital Improvement Projects, Series A (RB) 5.00%, 04/15/22 (c) | 198,300 | ||||||
| 35,000 | San Diego Public Facilities Financing Authority, Water Revenue, Series B (RB) 5.00%, 08/01/26 (c) | 40,583 | ||||||
| 250,000 | San Diego Unified School District, Series G (GO) 4.00%, 07/01/25 (c) | 257,007 | ||||||
| San Diego Unified School District, Series I (GO) | ||||||||
| 400,000 | 3.97%, 07/01/25 (c) ^ | 177,348 | ||||||
| 25,000 | 3.99%, 07/01/25 (c) ^ | 12,247 | ||||||
| 500,000 | 4.12%, 07/01/25 (c) ^ | 201,875 | ||||||
| 250,000 | San Francisco City and County Public Utilities Commission, Series A (RB) 4.00%, 10/01/25 (c) | 257,562 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 15,000 | San Francisco City and County Redevelopment Agency, Series C (TA) 5.00%, 08/01/26 (c) | $ | 17,004 | ||||
| 425,000 | San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 480,972 | ||||||
| 225,000 | Santa Clara County, Series B (GO) 3.38%, 08/01/22 (c) | 220,298 | ||||||
| 555,000 | Semitropic Improvement District, Series A (RB) 4.00%, 12/01/22 (c) | 572,349 | ||||||
| 25,000 | Sequoia Union High School District (GO) 3.25%, 07/01/24 (c) | 23,569 | ||||||
| 310,000 | State of California, Series CK (GO) 3.75%, 12/01/24 (c) | 314,185 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 25,000 | 3.75%, 10/01/24 (c) | 25,355 | ||||||
| 30,000 | 4.00%, 04/01/23 (c) | 30,697 | ||||||
| 200,000 | 4.00%, 09/01/26 (c) | 209,680 | ||||||
| 15,000 | 4.13%, 05/01/24 (c) | 15,511 | ||||||
| 35,000 | 4.25%, 04/01/22 (c) | 37,213 | ||||||
| 50,000 | 4.38%, 02/01/22 (c) | 53,200 | ||||||
| 800,000 | 4.50%, 12/01/23 (c) | 848,072 | ||||||
| 600,000 | 5.00%, 04/01/22 (c) | 666,270 | ||||||
| 890,000 | 5.00%, 09/01/22 (c) | 996,070 | ||||||
| 15,000 | 5.00%, 09/01/22 (c) | 17,027 | ||||||
| 300,000 | 5.00%, 04/01/23 (c) | 337,110 | ||||||
| 825,000 | 5.00%, 11/01/23 (c) | 936,812 | ||||||
| 400,000 | 5.00%, 10/01/24 (c) | 454,220 | ||||||
| 350,000 | 5.00%, 08/01/25 (c) | 402,706 | ||||||
| 750,000 | 5.00%, 09/01/26 (c) | 852,262 | ||||||
| 200,000 | 5.00%, 09/01/26 (c) | 231,446 | ||||||
| 30,000 | 5.25%, 04/01/22 (c) | 34,327 | ||||||
| 240,000 | Victor Valley Community College District, Series A (GO) 4.00%, 08/01/26 (c) | 245,772 | ||||||
| 15,000 | Washington Township Health Care District (GO) 3.75%, 08/01/25 (c) | 14,999 | ||||||
| West Contra Costa Unified School District (GO) | ||||||||
| 125,000 | 4.00%, 08/01/25 (c) | 126,220 | ||||||
| 55,000 | 5.00%, 08/01/23 (c) | 61,819 | ||||||
| 400,000 | West Valley-Mission Community College District (GO) 4.00%, 08/01/22 (c) | 430,736 | ||||||
| 30,640,087 | ||||||||
| Colorado: 2.2% | ||||||||
| 20,000 | City and County of Denver, Series B (RB) 5.00%, 11/15/22 (c) | 22,514 | ||||||
| 100,000 | City of Aurora, First Lien (RB) 2.00%, 08/01/19 (c) | 89,643 | ||||||
| 50,000 | Colorado Health Facilities Authority, Adventist health System, Series A (RB) 4.00%, 05/15/26 (c) | 50,226 | ||||||
| 400,000 | Colorado Health Facilities Authority, Children Hospital, Series A (RB) 5.00%, 06/01/26 (c) | 445,320 | ||||||
See Notes to Financial Statements
| 79 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 115,000 | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB) 5.00%, 06/01/22 (c) | $ | 118,053 | ||||
| 125,000 | Colorado Health Facilities Authority, Vail Valley Center Project (RB) 4.00%, 01/15/26 (c) | 126,278 | ||||||
| 10,000 | Colorado State Building Excellent School Today, Series H (CP) 3.25%, 03/15/22 (c) | 9,787 | ||||||
| 500,000 | Joint School District No 27J in Adams and Weld Counties (GO) (SAW) 5.00%, 12/01/25 (c) | 570,660 | ||||||
| Park Creek Metropolitan District, Series A (RB) | ||||||||
| 250,000 | 5.00%, 12/01/25 (c) | 268,557 | ||||||
| 250,000 | 5.00%, 12/01/25 (c) | 269,500 | ||||||
| 195,000 | Regents of the University of Colorado, Series B (RB) 3.50%, 06/01/22 (c) | 194,029 | ||||||
| 250,000 | Regents of the University of Colorado, Series B-1 (RB) 3.00%, 06/01/26 (c) | 212,408 | ||||||
| Regional Transportation District, Series A (CP) | ||||||||
| 10,000 | 4.00%, 06/01/25 (c) | 10,117 | ||||||
| 230,000 | 5.00%, 06/01/23 (c) | 256,461 | ||||||
| University of Colorado Hospital Authority, Series A (RB) | ||||||||
| 30,000 | 4.00%, 11/15/22 (c) | 30,536 | ||||||
| 45,000 | 5.00%, 11/15/22 (c) | 49,581 | ||||||
| 805,000 | University of Colorado, Hospital Authority, Series A (RB) 5.00%, 11/15/22 (c) | 897,808 | ||||||
| 3,621,478 | ||||||||
| Connecticut: 0.6% | ||||||||
| 15,000 | Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c) | 15,788 | ||||||
| 60,000 | Metropolitan District Hartford County, Clean Water Project, Series A (RB) 4.00%, 04/01/22 (c) | 61,888 | ||||||
| 360,000 | State of Connecticut, Series B (GO) 5.00%, 06/15/25 (c) | 397,051 | ||||||
| 370,000 | State of Connecticut, Series F (GO) 5.00%, 11/15/24 (c) | 411,910 | ||||||
| 45,000 | University of Connecticut, Series A (RB) 5.00%, 01/15/27 (c) | 50,627 | ||||||
| 937,264 | ||||||||
| District of Columbia: 0.7% | ||||||||
| 500,000 | District of Columbia, Association of American Medical College Issue, Series B (RB) 5.00%, 10/01/21 (c) | 543,385 | ||||||
| 350,000 | District of Columbia, Children’s Hospital Obligated Group (RB) 5.00%, 01/15/26 (c) | 386,029 | ||||||
| 25,000 | District of Columbia, Series D (RB) 4.00%, 12/01/22 (c) | 26,222 | ||||||
| Principal Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| $ | 225,000 | Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) 5.00%, 04/01/22 (c) | $ | 236,882 | ||||
| 1,192,518 | ||||||||
| Florida: 4.1% | ||||||||
| 400,000 | Broward County, Water and Sewer Utility Revenue, Series A (RB) 5.00%, 10/01/22 (c) | 459,916 | ||||||
| 360,000 | Central Florida Expressway Authority, Series A (RB) 5.00%, 07/01/23 (c) | 405,605 | ||||||
| 410,000 | City of Port St. Lucie, Utility System Revenue (RB) 3.00%, 09/01/26 (c) | 359,021 | ||||||
| 255,000 | City of Tallahassee, Florida Health Facilities Authority (RB) 4.00%, 12/01/25 (c) | 245,147 | ||||||
| 415,000 | City of Tampa, Baycare Health System, Series A (RB) 4.00%, 05/15/26 (c) | 418,760 | ||||||
| 10,000 | County of Broward, Florida Airport System Revenue (RB) 5.00%, 10/01/22 (c) | 11,177 | ||||||
| 750,000 | County of Miami-Dade (RB) 4.00%, 10/01/26 (c) | 750,562 | ||||||
| 360,000 | County of Miami-Dade, Florida Water & Sewer System Revenue (RB) 5.00%, 10/01/22 (c) | 397,789 | ||||||
| 25,000 | Hillsborough County Aviation Authority, Series B (RB) 5.00%, 10/01/24 (c) | 27,843 | ||||||
| Jacksonville Transportation Authority, Senior Lien (RB) | ||||||||
| 25,000 | 5.00%, 08/01/25 (c) | 28,785 | ||||||
| 285,000 | 5.00%, 08/01/25 (c) | 329,275 | ||||||
| 60,000 | Miami-Dade County (RB) 5.00%, 10/01/26 (c) | 67,726 | ||||||
| 750,000 | Miami-Dade County Educational Facilities Authority (RB) 5.00%, 04/01/25 (c) | 814,177 | ||||||
| 25,000 | Miami-Dade County School District (GO) 5.00%, 03/15/26 (c) | 28,305 | ||||||
| 575,000 | Miami-Dade County, Florida Transit System (RB) 5.00%, 07/01/22 (c) | 639,469 | ||||||
| 20,000 | Miami-Dade County, Series B (RB) (AGM) 4.00%, 10/01/22 (c) | 20,380 | ||||||
| 265,000 | Orange County Health Facilities Authority (RB) 4.00%, 10/01/26 (c) | 261,006 | ||||||
| 410,000 | Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB) 5.00%, 04/01/22 (c) | 437,708 | ||||||
| 530,000 | Palm Beach County, Public Improvement (RB) 5.00%, 12/01/25 (c) | 600,628 | ||||||
See Notes to Financial Statements
| 80 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 260,000 | Tampa Hillsborough County Expressway Authority, Series B (RB) 5.00%, 07/01/22 (c) | $ | 289,947 | ||||
| 6,593,226 | ||||||||
| Georgia: 1.3% | ||||||||
| 500,000 | Georgia Higher Education Facilities Authority (RB) 4.13%, 06/15/25 (c) | 523,700 | ||||||
| Georgia Housing and Finance Authority, Subseries B-1 (RB) | ||||||||
| 15,000 | 3.35%, 12/01/25 (c) | 14,321 | ||||||
| 125,000 | 3.35%, 12/01/25 (c) | 118,946 | ||||||
| Municipal Electric Authority of Georgia, Plant Vogrle Units 3 and 4, Series A (RB) | ||||||||
| 505,000 | 5.00%, 07/01/25 (c) | 534,073 | ||||||
| 35,000 | 5.50%, 07/01/25 (c) | 38,855 | ||||||
| 750,000 | Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 10/01/23 (c) | 858,502 | ||||||
| 60,000 | Private Colleges and Universities Authority, Emory University, Series B (RB) 3.00%, 10/01/24 (c) | 53,368 | ||||||
| 2,141,765 | ||||||||
| Guam: 0.1% | ||||||||
| 130,000 | Government of Guam, Series B-1 (RB) 5.00%, 01/01/22 (c) | 133,688 | ||||||
| Hawaii: 0.6% | ||||||||
| 445,000 | City and County of Hawaii, Series A (GO) 4.00%, 03/01/26 (c) | 471,825 | ||||||
| 250,000 | City and County of Honolulu, Series A (GO) 5.00%, 10/01/25 (c) | 286,920 | ||||||
| 140,000 | State of Hawaii, Series FB (GO) 3.00%, 04/01/26 (c) | 130,558 | ||||||
| 889,303 | ||||||||
| Idaho: 0.5% | ||||||||
| Idaho Health Facilities Authority, Series A (RB) | ||||||||
| 250,000 | 5.00%, 03/01/22 (c) | 264,802 | ||||||
| 475,000 | 5.00%, 03/01/24 (c) | 514,016 | ||||||
| 778,818 | ||||||||
| Illinois: 3.7% | ||||||||
| 15,000 | Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/24 (c) | 16,179 | ||||||
| 50,000 | Chicago Metropolitan Water Reclamation District, Series A (GO) 5.00%, 12/01/24 (c) | 54,709 | ||||||
| 500,000 | Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c) | 540,270 | ||||||
| 25,000 | City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c) | 28,207 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 500,000 | City of Chicago, O’Hare International Airport, Senior Lien, Series D (RB) 5.00%, 01/01/25 (c) | $ | 549,290 | ||||
| 500,000 | City of Chicago, Series A (GO) 6.00%, 01/01/27 (c) | 523,460 | ||||||
| 250,000 | City of Chicago, Series C (GO) 5.00%, 01/01/26 (c) | 238,415 | ||||||
| 150,000 | City of Chicago, Wastewater Transmission Revenue, Second Lien (RB) 5.00%, 01/01/22 (c) | 156,638 | ||||||
| 740,000 | Illinois Finance Authority, Advocate Health Care Network (RB) 4.00%, 06/01/22 (c) | 734,857 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 720,000 | 5.00%, 06/01/26 (c) | 764,194 | ||||||
| 1,000,000 | 5.00%, 06/01/26 (c) | 1,082,590 | ||||||
| 140,000 | Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/25 (c) | 155,183 | ||||||
| 400,000 | Illinois Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 4.25%, 06/15/22 (c) | 371,936 | ||||||
| State of Illinois (GO) (AGM) | ||||||||
| 250,000 | 4.38%, 04/01/24 (c) | 253,493 | ||||||
| 455,000 | 5.00%, 03/01/22 (c) | 454,418 | ||||||
| 5,923,839 | ||||||||
| Indiana: 1.3% | ||||||||
| 25,000 | Carmel Redevelopment Authority, Series A (RB) 4.00%, 08/01/22 (c) | 25,909 | ||||||
| 360,000 | Indiana Finance Authority, Community Health Network, Series A (RB) 4.00%, 05/01/23 (c) | 355,450 | ||||||
| 690,000 | Indiana Finance Authority, Stadium Project, Series A (RB) 5.25%, 08/01/25 (c) | 791,216 | ||||||
| 400,000 | Indiana Municipal Power Agency (RB) 5.00%, 07/01/26 (c) | 449,664 | ||||||
| 450,000 | Richmond Hospital Authority, Series A (RB) 5.00%, 01/01/25 (c) | 486,198 | ||||||
| 2,108,437 | ||||||||
| Iowa: 0.5% | ||||||||
| Iowa Higher Education Loan Authority (RB) | ||||||||
| 500,000 | 5.00%, 12/01/26 (c) | 577,295 | ||||||
| 250,000 | 5.00%, 12/01/26 (c) | 289,545 | ||||||
| 866,840 | ||||||||
| Kansas: 0.0% | ||||||||
| 25,000 | Wyandotte County-Kansas City Unified Government Utility System Revenue (RB) 5.00%, 09/01/24 (c) | 27,574 | ||||||
See Notes to Financial Statements
| 81 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Kentucky: 0.5% | ||||||||
| $ | 95,000 | Kentucky Bond Development Corp., Saint Elizabeth Medical Center, Inc. (RB) 3.00%, 05/01/26 (c) | $ | 86,892 | ||||
| 410,000 | Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project (RB) 4.25%, 07/01/25 (c) | 412,821 | ||||||
| 250,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c) | 275,675 | ||||||
| 20,000 | University of Kentucky, Series A (RB) 3.25%, 04/01/25 (c) | 18,628 | ||||||
| 794,016 | ||||||||
| Louisiana: 1.0% | ||||||||
| 10,000 | City of Alexandria, Series A (RB) 5.00%, 05/01/23 (c) | 11,171 | ||||||
| 150,000 | City of Bossier City, Utilities Revenue (RB) 5.00%, 10/01/24 (c) | 170,012 | ||||||
| 125,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Act 360 Project (RB) 5.00%, 10/01/24 (c) | 138,088 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Commission Project, Series A (RB) | ||||||||
| 375,000 | 4.00%, 02/01/23 (c) | 377,089 | ||||||
| 400,000 | 5.00%, 02/01/24 (c) | 433,744 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 360 Project (RB) | ||||||||
| 30,000 | 5.00%, 10/01/24 (c) | 33,038 | ||||||
| 415,000 | 5.00%, 10/01/24 (c) | 462,480 | ||||||
| 10,000 | Terrebonne Levee and Conservation District (RB) 5.00%, 07/01/23 (c) | 11,207 | ||||||
| 1,636,829 | ||||||||
| Maryland: 1.4% | ||||||||
| 400,000 | City of Baltimore, Maryland (RB) 5.00%, 01/01/25 (c) | 444,540 | ||||||
| 15,000 | City of Baltimore, Water Projects, Series A (RB) 5.00%, 01/01/24 (c) | 16,905 | ||||||
| 255,000 | Maryland Health and Higher Educational Facilities Authority (RB) 4.00%, 07/01/24 (c) | 258,162 | ||||||
| 390,000 | Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center Issue, Series A (RB) 4.00%, 07/01/26 (c) | 380,901 | ||||||
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 135,000 | Maryland Health and Higher Educational Facilities Authority, Series A (RB) 4.00%, 07/01/22 (c) |
$ | 134,343 | ||||
| 270,000 | Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c) |
274,933 | ||||||
| 250,000 | University System of Maryland (RB) 3.00%, 04/01/26 (c) |
230,035 | ||||||
| 500,000 | Washington Suburban Sanitary Commission (GO) 4.00%, 06/01/24 (c) |
518,400 | ||||||
| 2,258,219 | ||||||||
| Massachusetts: 4.8% | ||||||||
| 385,000 | Boston Water and Sewer Commission, Series A (RB) 3.63%, 11/01/24 (c) |
380,700 | ||||||
| 450,000 | Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c) |
383,292 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 25,000 | 4.00%, 04/01/21 (c) | 25,776 | ||||||
| 270,000 | 4.50%, 12/01/21 (c) | 291,395 | ||||||
| 20,000 | 5.00%, 12/01/21 (c) | 22,809 | ||||||
| 750,000 | 5.00%, 03/01/24 (c) | 839,497 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 50,000 | 3.00%, 04/01/25 (c) | 43,650 | ||||||
| 85,000 | 3.00%, 04/01/25 (c) | 72,893 | ||||||
| 425,000 | 3.25%, 09/01/25 (c) | 395,904 | ||||||
| 375,000 | 4.00%, 09/01/25 (c) | 385,695 | ||||||
| 415,000 | 4.00%, 09/01/25 (c) | 427,139 | ||||||
| 250,000 | 5.00%, 08/01/21 (c) | 282,542 | ||||||
| 500,000 | Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c) |
513,620 | ||||||
| 325,000 | Massachusetts Bay Transportation Authority, Series A (RB) 4.00%, 07/01/22 (c) |
334,769 | ||||||
| 635,000 | Massachusetts Bay Transportation Authority, Series B (RB) 4.00%, 07/01/25 (c) |
663,315 | ||||||
| Massachusetts Development Finance Agency (RB) | ||||||||
| 200,000 | 5.00%, 10/01/26 (c) | 213,126 | ||||||
| 450,000 | 5.00%, 12/01/26 (c) | 506,857 | ||||||
| 10,000 | Massachusetts Development Finance Agency, Berklee College of Music Issue (RB) 5.00%, 10/01/26 (c) |
11,288 | ||||||
| 500,000 | Massachusetts Development Finance Agency, Lahey Health System Obligated Group Issue, Series F (RB) 5.00%, 08/15/25 (c) |
545,610 | ||||||
| 910,000 | Massachusetts School Building Authority (RB) 5.00%, 08/15/25 (c) |
1,039,702 | ||||||
See Notes to Financial Statements
| 82 |
| Principal Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 20,000 | Massachusetts School Building Authority, Series C (RB) 5.00%, 11/15/26 (c) | $ | 23,385 | ||||
| 290,000 | Massachusetts Water Resources Authority (RB) 4.00%, 08/01/26 (c) | 306,286 | ||||||
| 7,709,250 | ||||||||
| Michigan: 2.3% | ||||||||
| 360,000 | Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) 5.00%, 07/01/26 (c) | 394,891 | ||||||
| 500,000 | Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) | 542,000 | ||||||
| 500,000 | Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) | 550,090 | ||||||
| 120,000 | Karegnondi Water Authority, Michigan Water Supply System, Series A (RB) 5.00%, 11/01/23 (c) | 128,005 | ||||||
| 460,000 | L’anse Creuse Public Schools (GO) (Q-SBLF) 3.75%, 05/01/25 (c) | 457,194 | ||||||
| Michigan Finance Authority, Henry Ford Health System (RB) | ||||||||
| 250,000 | 4.00%, 11/15/26 (c) | 245,318 | ||||||
| 110,000 | 4.00%, 11/15/26 (c) | 110,519 | ||||||
| 500,000 | Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) 5.00%, 07/01/24 (c) | 532,445 | ||||||
| 700,000 | Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/25 (c) | 701,421 | ||||||
| 3,661,883 | ||||||||
| Minnesota: 0.3% | ||||||||
| 400,000 | State of Minnesota, Series A (RB) 5.00%, 06/01/23 (c) | 448,620 | ||||||
| Mississippi: 0.0% | ||||||||
| 45,000 | Mississippi Development Bank, City of Jackson, Series A (RB) (AGM) 3.50%, 09/01/22 (c) | 44,194 | ||||||
| Missouri: 1.1% | ||||||||
| 410,000 | City of Kansas City, Downtown Arena Projects, Series E (RB) 3.13%, 04/01/25 (c) | 390,996 | ||||||
| 85,000 | Health and Educational Facilities Authority of the State of Missouri, Series A (RB) 5.00%, 11/15/23 (c) | 91,309 | ||||||
| 250,000 | Health and Educational Facilities Authority of the State of Missouri, Series F (RB) 4.00%, 11/15/24 (c) | 251,290 | ||||||
| Principal Amount | Value | |||||||
| Missouri: (continued) | ||||||||
| $ | 350,000 | Metropolitan St. Louis Sewer District, Series A (RB) 5.00%, 05/01/22 (c) | $ | 395,405 | ||||
| Metropolitan St. Louis Sewer District, Series B (RB) | ||||||||
| 10,000 | 5.00%, 05/01/23 (c) | 11,295 | ||||||
| 250,000 | 5.00%, 05/01/23 (c) | 286,090 | ||||||
| 400,000 | Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) | 415,432 | ||||||
| 1,841,817 | ||||||||
| Nebraska: 0.7% | ||||||||
| Central Plains Energy Project, Nebraska Gas Project No. 3 (RB) | ||||||||
| 310,000 | 5.00%, 09/01/22 (c) | 329,155 | ||||||
| 400,000 | 5.25%, 09/01/22 (c) | 434,344 | ||||||
| 25,000 | Lancaster County School District No. 0001, Lincoln Public School (GO) 4.00%, 01/15/24 (c) | 26,166 | ||||||
| 180,000 | Omaha Public Power District, Series A (RB) 5.25%, 02/01/25 (c) | 203,674 | ||||||
| 250,000 | Sarpy County Hospital Authority No. 1 (RB) 3.00%, 05/15/26 (c) | 206,538 | ||||||
| 1,199,877 | ||||||||
| Nevada: 1.3% | ||||||||
| 15,000 | City of Las Vegas, City Hall, Series C (GO) 4.00%, 03/01/26 (c) | 15,576 | ||||||
| 135,000 | Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c) | 133,846 | ||||||
| 20,000 | Las Vegas Valley, Nevada Water District, Series A (GO) 5.00%, 06/01/26 (c) | 22,598 | ||||||
| Las Vegas Valley, Nevada Water District, Series B (GO) | ||||||||
| 1,035,000 | 4.00%, 06/01/22 (c) | 1,061,765 | ||||||
| 400,000 | 4.00%, 06/01/22 (c) | 411,472 | ||||||
| 355,000 | Washoe County, Nevada Highway Revenue (RB) 5.00%, 02/01/19 (c) | 374,223 | ||||||
| 2,019,480 | ||||||||
| New Jersey: 2.7% | ||||||||
| 500,000 | Atlantic County Improvement Authority, Series A (RB) (AGM) 4.00%, 07/01/26 (c) | 503,415 | ||||||
| 130,000 | New Jersey Educational Facilities Authority, Series A (RB) 5.00%, 07/01/24 (c) | 143,377 | ||||||
| New Jersey Health Care Facilities Financing Authority, Series A (RB) | ||||||||
| 400,000 | 5.00%, 07/01/24 (c) | 433,740 | ||||||
| 150,000 | 5.25%, 07/01/23 (c) | 165,828 | ||||||
See Notes to Financial Statements
| 83 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| $ | 360,000 | 5.00%, 06/15/22 (c) | $ | 362,077 | ||||
| 270,000 | 5.00%, 06/15/23 (c) | 272,819 | ||||||
| 125,000 | 5.00%, 06/15/24 (c) | 124,625 | ||||||
| 175,000 | New Jersey Turnpike Authority, Series A (RB) 5.00%, 07/01/22 (c) | 190,652 | ||||||
| 1,110,000 | New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c) | 1,228,848 | ||||||
| 420,000 | Rutgers, State University of New Jersey, Series L (RB) 5.00%, 05/01/23 (c) | 464,801 | ||||||
| Rutgers, State University of New Jersey, Series M (RB) | ||||||||
| 410,000 | 3.13%, 05/01/21 (c) | 373,014 | ||||||
| 175,000 | 3.13%, 05/01/21 (c) | 158,186 | ||||||
| 4,421,382 | ||||||||
| New York: 14.6% | ||||||||
| Build NYC Resource Corp., New York Law School Project (RB) | ||||||||
| 240,000 | 4.00%, 01/01/26 (c) | 236,986 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 540,830 | ||||||
| 255,000 | City of New York, Series A (GO) 3.50%, 08/01/24 (c) | 255,964 | ||||||
| 25,000 | City of New York, Subseries B-1 (GO) 4.00%, 12/01/26 (c) | 25,968 | ||||||
| 350,000 | County of Nassau, Series B (GO) 5.00%, 04/01/23 (c) | 381,118 | ||||||
| County of Nassau, Series C (GO) | ||||||||
| 400,000 | 5.00%, 04/01/26 (c) | 444,608 | ||||||
| 200,000 | 5.00%, 04/01/26 (c) | 222,466 | ||||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
| 500,000 | 5.00%, 07/01/26 (c) | 549,685 | ||||||
| 460,000 | 5.00%, 07/01/26 (c) | 511,755 | ||||||
| 225,000 | Long Island Power Authority, Electric System General Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 248,981 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 300,000 | 5.00%, 05/15/25 (c) | 335,055 | ||||||
| 410,000 | 5.25%, 11/15/26 (c) | 488,613 | ||||||
| 250,000 | 5.25%, 11/15/26 (c) | 296,562 | ||||||
| Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
| 25,000 | 4.00%, 05/15/26 (c) | 25,571 | ||||||
| 405,000 | 5.00%, 05/15/26 (c) | 459,416 | ||||||
| 25,000 | Metropolitan Transportation Authority, Series B (RB) 4.25%, 11/15/22 (c) | 25,821 | ||||||
| Metropolitan Transportation Authority, Series C (RB) | ||||||||
| 55,000 | 5.00%, 11/15/22 (c) | 61,551 | ||||||
| 825,000 | 5.00%, 11/15/25 (c) | 943,057 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 25,000 | Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/23 (c) | $ | 27,931 | ||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| 570,000 | 5.00%, 11/15/22 (c) | 636,958 | ||||||
| 650,000 | 5.00%, 11/15/23 (c) | 729,469 | ||||||
| 20,000 | 5.00%, 11/15/23 (c) | 22,344 | ||||||
| Metropolitan Transportation Authority, Subseries D-1 (RB) | ||||||||
| 25,000 | 5.00%, 11/15/24 (c) | 28,027 | ||||||
| 250,000 | 5.25%, 11/15/24 (c) | 287,492 | ||||||
| 150,000 | Nassau County, New York General Improvement, Series A (GO) 4.00%, 04/01/22 (c) | 151,932 | ||||||
| 15,000 | New York City Housing Development Corp., Series D (RB) 3.65%, 02/01/25 (c) | 14,620 | ||||||
| 500,000 | New York City Housing Development Corp., Series G1 (RB) 3.65%, 11/01/23 (c) | 503,310 | ||||||
| 125,000 | New York City Municipal Water Finance Authority, Series A (RB) 3.00%, 06/15/26 (c) | 119,028 | ||||||
| 475,000 | New York City Municipal Water Finance Authority, Series BB (RB) 5.00%, 12/15/22 (c) | 533,938 | ||||||
| 500,000 | New York City Municipal Water Finance Authority, Series BB-2 (RB) 5.00%, 06/15/25 (c) | 563,110 | ||||||
| 250,000 | New York City Municipal Water Finance Authority, Series CC-1 (RB) 4.00%, 12/15/26 (c) | 259,917 | ||||||
| 750,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) 5.00%, 06/15/24 (c) | 845,970 | ||||||
| 200,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) 5.00%, 12/15/21 (c) | 221,300 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series CC-1 (RB) | ||||||||
| 10,000 | 5.00%, 06/15/26 (c) | 11,388 | ||||||
| 10,000 | 5.00%, 12/15/26 (c) | 11,542 | ||||||
| 20,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 5.00%, 06/15/24 (c) | 22,752 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) | ||||||||
| 175,000 | 4.00%, 06/15/27 (c) | 181,186 | ||||||
| 450,000 | 5.00%, 06/15/23 (c) | 509,337 | ||||||
| 485,000 | 5.00%, 06/15/23 (c) | 539,111 | ||||||
| 805,000 | 5.00%, 06/15/24 (c) | 915,752 | ||||||
See Notes to Financial Statements
| 84 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (RB) | ||||||||
| $ | 35,000 | 5.00%, 05/01/22 (c) | $ | 39,470 | ||||
| 50,000 | 5.00%, 11/01/23 (c) | 57,612 | ||||||
| 20,000 | 5.00%, 02/01/24 (c) | 22,568 | ||||||
| 25,000 | 5.00%, 11/01/25 (c) | 28,887 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 500,000 | 4.00%, 01/15/26 (c) | 514,050 | ||||||
| 15,000 | 5.00%, 07/15/22 (c) | 17,140 | ||||||
| 500,000 | New York City Transitional Finance Authority, Future Tax Secured Revenue, Series B-1 (RB) 5.00%, 08/01/24 (c) | 568,840 | ||||||
| 600,000 | New York City Transitional Finance Authority, Future Tax Secured Revenue, Series E-1 (RB) 5.00%, 02/01/22 (c) | 670,110 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-3 (RB) | ||||||||
| 275,000 | 3.00%, 02/01/26 (c) | 251,094 | ||||||
| 450,000 | 3.00%, 02/01/26 (c) | 412,708 | ||||||
| 1,380,000 | 3.00%, 02/01/26 (c) | 1,287,264 | ||||||
| 200,000 | New York State Dormitory Authority, Cornell University, Series A (RB) 5.00%, 07/01/26 (c) | 234,096 | ||||||
| 30,000 | New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/26 (c) | 33,901 | ||||||
| New York State Dormitory Authority, Series A (RB) | ||||||||
| 200,000 | 4.00%, 07/01/26 (c) | 214,914 | ||||||
| 375,000 | 4.00%, 07/01/26 (c) | 390,169 | ||||||
| 25,000 | 5.00%, 07/01/22 (c) | 28,215 | ||||||
| 300,000 | 5.00%, 03/15/23 (c) | 336,330 | ||||||
| 135,000 | 5.00%, 03/15/24 (c) | 152,892 | ||||||
| 10,000 | New York State Dormitory Authority, Series B (RB) 5.00%, 07/01/22 (c) | 11,374 | ||||||
| 460,000 | New York State Dormitory Authority, Series E (RB) 5.00%, 09/15/25 (c) | 527,611 | ||||||
| New York State Thruway Authority, Series A (RB) | ||||||||
| 25,000 | 4.00%, 01/01/26 (c) | 25,255 | ||||||
| 250,000 | 5.00%, 01/01/26 (c) | 282,987 | ||||||
| 300,000 | New York State Thruway Authority, Series I (RB) 5.00%, 01/01/22 (c) | 331,125 | ||||||
| New York State Urban Development Corp., Series A, Group C (RB) | ||||||||
| 250,000 | 5.00%, 09/15/25 (c) | 285,355 | ||||||
| 125,000 | 5.00%, 09/15/25 (c) | 142,975 | ||||||
| 20,000 | New York State Urban Development Corp., Series E, Group P (RB) 5.00%, 03/15/23 (c) | 22,630 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 15,000 | Port Authority of New York & New Jersey, Series 171 (RB) 4.50%, 01/15/22 (c) | $ | 16,136 | ||||
| Port Authority of New York & New Jersey, Series 184 (RB) | ||||||||
| 25,000 | 5.00%, 09/01/24 (c) | 28,961 | ||||||
| 25,000 | 5.00%, 09/01/24 (c) | 28,727 | ||||||
| 650,000 | Port Authority of New York & New Jersey, Series 194 (RB) 5.00%, 10/15/25 (c) | 737,048 | ||||||
| Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
| 635,000 | 4.00%, 11/15/22 (c) | 661,225 | ||||||
| 820,000 | 5.00%, 05/15/26 (c) | 934,989 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 840,000 | 5.00%, 12/15/23 (c) | 956,869 | ||||||
| 35,000 | 5.00%, 12/15/25 (c) | 40,567 | ||||||
| 100,000 | Westchester County Local Development Corp. (RB) 3.75%, 11/01/25 (c) | 90,277 | ||||||
| 23,574,792 | ||||||||
| North Carolina: 0.8% | ||||||||
| 400,000 | North Carolina Capital Facilities Finance Agency, Duke University Project, Series B (RB) 5.00%, 10/01/25 (c) | 452,400 | ||||||
| 500,000 | North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c) | 514,575 | ||||||
| 370,000 | Town of Cary, North Carolina Combined Utility Systems Revenue (RB) 4.00%, 12/01/22 (c) | 386,543 | ||||||
| 1,353,518 | ||||||||
| Ohio: 2.6% | ||||||||
| 400,000 | Akron, Bath Copley Joint Township Hospital District (RB) 5.00%, 05/15/23 (c) | 430,348 | ||||||
| American Municipal Power, Inc., Series A (RB) | ||||||||
| 85,000 | 5.00%, 02/15/24 (c) | 93,443 | ||||||
| 400,000 | 5.00%, 02/15/26 (c) | 443,416 | ||||||
| 125,000 | Clermont County Port Authority (RB) 4.25%, 12/01/25 (c) | 125,621 | ||||||
| 495,000 | Columbus City School District (GO) 5.00%, 12/01/26 (c) | 567,112 | ||||||
| 250,000 | County of Hamilton, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) | 260,692 | ||||||
| 15,000 | County of Hamilton, Ohio Healthcare Facilities (RB) (AGM) 5.00%, 06/01/22 (c) | 16,604 | ||||||
| 40,000 | County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c) | 38,014 | ||||||
| 1,150,000 | Northeast Ohio Regional Sewer District (RB) 5.00%, 11/15/24 (c) | 1,299,902 | ||||||
See Notes to Financial Statements
| 85 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 485,000 | Ohio Higher Educational Facility Commission, Series A (RB) 5.00%, 01/01/22 (c) | $ | 543,918 | ||||
| 350,000 | Ohio State Hospital, University Hospital Health System, Inc., Series A (RB) 5.00%, 01/15/22 (c) | 375,217 | ||||||
| 25,000 | Olentangy Local School District (GO) (SD CRED PROG) 5.00%, 06/01/26 (c) | 28,669 | ||||||
| 4,222,956 | ||||||||
| Oregon: 0.6% | ||||||||
| 550,000 | Portland, Oregon Sewer System, Second Lien, Series B (RB) 4.00%, 10/01/24 (c) | 568,166 | ||||||
| 325,000 | State of Oregon, Series N (GO) 5.00%, 08/01/23 (c) | 372,502 | ||||||
| 940,668 | ||||||||
| Pennsylvania: 4.4% | ||||||||
| Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) | ||||||||
| 50,000 | 5.00%, 05/01/22 (c) | 54,124 | ||||||
| 55,000 | 5.00%, 05/01/22 (c) | 59,827 | ||||||
| 15,000 | City of Philadelphia, Series A (GO) 5.25%, 01/15/24 (c) | 16,918 | ||||||
| 125,000 | City of Philadelphia, Series B (GO) 4.00%, 08/01/25 (c) | 126,131 | ||||||
| 680,000 | Commonwealth of Pennsylvania, Second Series (GO) 4.00%, 09/15/26 (c) | 703,630 | ||||||
| County of Allegheny, Series C-70 (GO) | ||||||||
| 30,000 | 5.00%, 12/01/22 (c) | 33,616 | ||||||
| 10,000 | 5.00%, 12/01/22 (c) | 11,338 | ||||||
| Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB) | ||||||||
| 320,000 | 4.00%, 06/01/22 (c) | 324,694 | ||||||
| 270,000 | 5.00%, 06/01/22 (c) | 289,853 | ||||||
| 200,000 | Delaware County Authority (RB) 5.00%, 08/01/25 (c) | 220,710 | ||||||
| 400,000 | Delaware River Port Authority (RB) 5.00%, 01/01/24 (c) | 443,376 | ||||||
| 10,000 | Lehigh County Authority Water and Sewer, Series A (RB) 5.13%, 12/01/23 (c) | 11,102 | ||||||
| 360,000 | Monroeville Finance Authority (RB) 5.00%, 08/15/22 (c) | 389,797 | ||||||
| 360,000 | Montgomery County Industrial Development Authority (RB) 5.00%, 11/15/26 (c) | 389,783 | ||||||
| 665,000 | Pennsylvania Economic Development Financing Authority, Capital Region Parking System (RB) 6.00%, 01/01/24 (c) | 775,437 | ||||||
| 400,000 | Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/22 (c) | 420,964 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 25,000 | Pennsylvania Housing Finance Agency (RB) 3.10%, 10/01/25 (c) | $ | 23,381 | ||||
| 45,000 | Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/22 (c) | 50,005 | ||||||
| 10,000 | Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/21 (c) | 10,903 | ||||||
| Pennsylvania Turnpike Commission, Series A-1 (RB) | ||||||||
| 500,000 | 5.00%, 12/01/22 (c) | 544,565 | ||||||
| 30,000 | 5.00%, 06/01/26 (c) | 33,424 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 10,000 | 5.00%, 12/01/20 (c) | 10,908 | ||||||
| 400,000 | 5.00%, 12/01/25 (c) | 438,836 | ||||||
| 570,000 | 5.00%, 12/01/25 (c) | 629,314 | ||||||
| 125,000 | 5.00%, 12/01/25 (c) | 135,508 | ||||||
| 125,000 | Philadelphia Authority For Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c) | 139,410 | ||||||
| 110,000 | Philadelphia Authority For Industrial Development, Thomas Jefferson University, Series A (RB) 4.00%, 03/01/27 (c) | 109,821 | ||||||
| 500,000 | State College Area School District (GO) (SAW) 5.00%, 03/15/25 (c) | 563,620 | ||||||
| West View Municipal Authority Water Revenue (RB) | ||||||||
| 150,000 | 4.00%, 11/15/24 (c) | 153,827 | ||||||
| 35,000 | 5.00%, 11/15/24 (c) | 39,891 | ||||||
| 7,154,713 | ||||||||
| South Carolina: 2.1% | ||||||||
| 225,000 | Greenville Health System, Series B (RB) 5.00%, 05/01/24 (c) | 247,241 | ||||||
| South Carolina Public Service Authority, Series A (RB) | ||||||||
| 460,000 | 4.00%, 06/01/25 (c) | 444,760 | ||||||
| 25,000 | 5.00%, 12/01/23 (c) | 26,492 | ||||||
| 125,000 | 5.00%, 06/01/25 (c) | 132,665 | ||||||
| 165,000 | 5.50%, 06/01/24 (c) | 179,484 | ||||||
| 95,000 | South Carolina Public Service Authority, Series B (RB) 5.13%, 12/01/23 (c) | 100,956 | ||||||
| South Carolina Public Service Authority, Series C (RB) | ||||||||
| 125,000 | 4.00%, 12/01/24 (c) | 120,859 | ||||||
| 720,000 | 5.00%, 12/01/24 (c) | 763,747 | ||||||
| South Carolina Public Service Authority, Series E (RB) | ||||||||
| 245,000 | 5.25%, 12/01/25 (c) | 265,563 | ||||||
| 1,060,000 | 5.50%, 12/01/23 (c) | 1,147,302 | ||||||
| 3,429,069 | ||||||||
See Notes to Financial Statements
| 86 |
| Principal Amount | Value | |||||||
| Tennessee: 1.1% | ||||||||
| $ | 100,000 | Chattanooga Health Educational and Housing Facility Board, Series A (RB) 5.25%, 01/01/23 (c) | $ | 103,705 | ||||
| 250,000 | Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) 5.00%, 10/01/24 (c) | 260,512 | ||||||
| 30,000 | City of Memphis, Series B (GO) 4.25%, 04/01/24 (c) | 31,767 | ||||||
| 40,000 | Metropolitan Government of Nashville and Davidson County, Water and Sewer Revenue (RB) 5.00%, 07/01/23 (c) | 46,046 | ||||||
| 250,000 | Sullivan County (GO) 3.75%, 05/01/26 (c) | 244,703 | ||||||
| 25,000 | Tennessee Housing Development Agency, Series 2B (RB) 3.25%, 01/01/26 (c) | 24,025 | ||||||
| 790,000 | Tennessee State School Bond Authority, Series B (RB) 5.00%, 11/01/25 (c) | 896,919 | ||||||
| 250,000 | Washington County, Series A (GO) 3.00%, 06/01/26 (c) | 232,445 | ||||||
| 1,840,122 | ||||||||
| Texas: 9.9% | ||||||||
| 450,000 | Aldine Independent School District (GO) 3.13%, 02/15/25 (c) | 401,917 | ||||||
| 290,000 | Austin Community College District (GO) 5.00%, 08/01/25 (c) | 332,528 | ||||||
| 200,000 | Bexar County Hospital District (GO) 4.00%, 02/15/26 (c) | 206,884 | ||||||
| 55,000 | Bexar County, Combined Venue Tax (RB) (AGM) 3.75%, 08/15/24 (c) | 54,478 | ||||||
| 10,000 | Board of Regents, Texas State University System (RB) 5.00%, 03/15/23 (c) | 11,385 | ||||||
| 250,000 | Central Texas Regional Mobility Authority, Senior Lien (RB) 5.00%, 01/01/26 (c) | 275,442 | ||||||
| 250,000 | Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) 5.00%, 07/01/25 (c) | 274,920 | ||||||
| 25,000 | Central Texas Turnpike System (RB) 4.31%, 08/15/24 (c) ^ | 10,591 | ||||||
| 250,000 | Central Texas Turnpike System, Series B (RB) 5.00%, 08/15/24 (c) | 277,132 | ||||||
| 25,000 | Cities of Dallas and Fort Worth International Airport Joint Revenue, Series G (RB) 5.00%, 11/01/20 (c) | 27,725 | ||||||
| 250,000 | City of Austin, Airport System Revenue, Series A (RB) 5.00%, 11/15/26 (c) | 284,080 | ||||||
| 35,000 | City of Austin, Water and Wastewater System Revenue (RB) 5.00%, 11/15/26 (c) | 40,483 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 10,000 | City of Austin, Water and Wastewater System Revenue, Series A (RB) 5.00%, 05/15/23 (c) | $ | 11,356 | ||||
| 200,000 | City of Dallas, Waterworks and Sewer System Revenue, Series A (RB) 4.00%, 10/01/26 (c) | 207,304 | ||||||
| 500,000 | City of Houston, Combined Utility System Revenue, First Lien, Series B (RB) 4.00%, 11/15/26 (c) | 518,880 | ||||||
| 200,000 | City of Houston, Combined Utility System Revenue, First Lien, Series D (RB) 5.00%, 11/15/22 (c) | 228,688 | ||||||
| 85,000 | City of Houston, Series A (GO) 5.00%, 03/01/23 (c) | 95,644 | ||||||
| 225,000 | City Public Service Board of San Antonio, Texas (RB) 5.00%, 02/01/24 (c) | 250,972 | ||||||
| 200,000 | County of Montgomery, Series A (GO) 4.00%, 03/01/26 (c) | 205,692 | ||||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| 40,000 | 5.00%, 12/01/24 (c) | 45,852 | ||||||
| 500,000 | 5.00%, 12/01/25 (c) | 562,640 | ||||||
| 250,000 | 5.00%, 12/01/25 (c) | 282,715 | ||||||
| 960,000 | 5.00%, 12/01/25 (c) | 1,101,888 | ||||||
| 125,000 | Dallas, Texas Fort Worth International Airport (RB) 5.00%, 11/01/20 (c) | 138,489 | ||||||
| 500,000 | Harris County, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c) | 567,465 | ||||||
| 500,000 | Highland Park Independent School District (GO) 3.00%, 02/15/25 (c) | 482,655 | ||||||
| 180,000 | Houston Community College System (GO) 5.00%, 02/15/20 (c) | 196,776 | ||||||
| Leander Independent School District, Series D (GO) | ||||||||
| 300,000 | 4.13%, 08/15/24 (c) ^ | 143,481 | ||||||
| 100,000 | 4.34%, 08/15/24 (c) ^ | 40,505 | ||||||
| 475,000 | Lower Colorado River Authority (RB) 5.00%, 05/15/23 (c) | 528,732 | ||||||
| Lower Colorado River Authority, Transmission Services Corporation Project (RB) | ||||||||
| 165,000 | 4.00%, 05/15/22 (c) | 167,708 | ||||||
| 130,000 | 4.00%, 05/15/22 (c) | 133,519 | ||||||
| 200,000 | 4.00%, 05/15/26 (c) | 205,344 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 125,000 | 4.25%, 07/01/26 (c) | 125,465 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 546,840 | ||||||
| 50,000 | New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) 5.00%, 07/01/25 (c) | 53,342 | ||||||
See Notes to Financial Statements
| 87 |
VANECK VECTORS AMT-FREE LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 650,000 | North Texas Tollway Authority, First Tier, Series A (RB) 4.00%, 01/01/26 (c) | $ | 662,863 | ||||
| 425,000 | North Texas Tollway Authority, First Tier, Series B (RB) 5.00%, 01/01/23 (c) | 470,101 | ||||||
| 510,000 | Regents of the University of Texas, Series B (RB) 4.00%, 02/15/26 (c) | 538,606 | ||||||
| 485,000 | San Jacinto College District, Series B (GO) 3.38%, 02/15/26 (c) | 471,886 | ||||||
| 300,000 | Southwest Independent School District (GO) 5.00%, 02/01/22 (c) | 335,769 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Series A (RB) | ||||||||
| 100,000 | 2.25%, 02/15/20 (c) | 89,066 | ||||||
| 200,000 | 4.00%, 05/15/23 (c) | 201,064 | ||||||
| 330,000 | 5.00%, 05/15/23 (c) | 364,449 | ||||||
| 1,110,000 | Texas Transportation Commission, Central Texas Turnpike System, Series A (RB) 5.00%, 08/15/22 (c) | 1,209,745 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 500,000 | 5.00%, 08/15/24 (c) | 549,850 | ||||||
| 850,000 | 5.00%, 08/15/24 (c) | 937,048 | ||||||
| 250,000 | Texas Water and Wastewater System (RB) 5.00%, 05/15/24 (c) | 282,675 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 10,000 | 4.00%, 10/15/25 (c) | 10,326 | ||||||
| 710,000 | 5.00%, 10/15/25 (c) | 807,902 | ||||||
| 15,970,867 | ||||||||
| Utah: 0.8% | ||||||||
| Utah County, IHC Health Services, Inc., Series B (RB) | ||||||||
| 460,000 | 3.00%, 05/15/26 (c) | 378,598 | ||||||
| 525,000 | 4.00%, 05/15/24 (c) | 532,717 | ||||||
| 220,000 | Utah Transit Authority, Series A (RB) 5.00%, 06/15/25 (c) | 251,654 | ||||||
| 125,000 | Utah Transit Authority, Subordinated Sales Tax (RB) 4.00%, 06/15/22 (c) | 128,019 | ||||||
| 1,290,988 | ||||||||
| Vermont: 0.3% | ||||||||
| 400,000 | Vermont Educational and Health Buildings Financing Agency, Series B (RB) 5.00%, 06/01/26 (c) | 434,628 | ||||||
| Virginia: 1.3% | ||||||||
| 35,000 | Rector and Visitors of the University of Virginia, Series B (RB) 5.00%, 04/01/27 (c) | 40,799 | ||||||
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| $ | 460,000 | 3.00%, 05/15/26 (c) | $ | 414,621 | ||||
| 1,135,000 | 4.00%, 05/15/26 (c) | 1,203,906 | ||||||
| 500,000 | Virginia Small Business Financing Authority, Hampton University (RB) 4.00%, 10/01/24 (c) | 505,425 | ||||||
| 2,164,751 | ||||||||
| Washington: 2.8% | ||||||||
| Central Puget Sound Regional Transit Authority, Series S-1 (RB) | ||||||||
| 500,000 | 5.00%, 11/01/25 (c) | 566,875 | ||||||
| 410,000 | 5.00%, 11/01/25 (c) | 471,750 | ||||||
| 20,000 | 5.00%, 11/01/26 (c) | 23,051 | ||||||
| 10,000 | City of Tacoma, Electric System Revenue, Series A (RB) 5.00%, 07/01/23 (c) | 11,407 | ||||||
| 305,000 | Energy Northwest Columbia Generating Station, Series A (RB) 4.00%, 07/01/25 (c) | 319,710 | ||||||
| 500,000 | King County, Washington Limited Tax Sewer Revenue, Series A (GO) 5.00%, 01/01/25 (c) | 575,730 | ||||||
| 150,000 | King County, Washington Sewer Revenue (RB) 5.00%, 01/01/22 (c) | 163,499 | ||||||
| 500,000 | Pierce County School District No. 10 (GO) (SBG) 5.25%, 12/01/24 (c) | 586,835 | ||||||
| 25,000 | State of Washington, Motor Vehicle Fuel Tax, Series B (GO) 5.00%, 08/01/23 (c) | 28,375 | ||||||
| 15,000 | State of Washington, Motor Vehicle Fuel Tax, Series D (GO) 5.00%, 02/01/26 (c) | 17,180 | ||||||
| 25,000 | State of Washington, Motor Vehicle Fuel Tax, Series E (GO) 5.00%, 02/01/24 (c) | 28,374 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 20,000 | 4.00%, 08/01/22 (c) | 21,033 | ||||||
| 460,000 | 5.00%, 08/01/26 (c) | 526,976 | ||||||
| 200,000 | University of Washington, Series C (RB) 3.00%, 01/01/23 (c) | 192,436 | ||||||
| Washington Health Care Facilities Authority (RB) | ||||||||
| 250,000 | 5.00%, 10/01/22 (c) | 270,637 | ||||||
| 725,000 | 5.00%, 08/15/25 (c) | 794,382 | ||||||
| 4,598,250 | ||||||||
| West Virginia: 0.1% | ||||||||
| 110,000 | West Virginia Hospital Finance Authority (RB) 3.00%, 06/01/26 (c) | 99,387 | ||||||
| Wisconsin: 1.1% | ||||||||
| 370,000 | State of Wisconsin, Series A (GO) 5.00%, 05/01/25 (c) | 424,519 | ||||||
| 675,000 | University of Wisconsin Hospitals and Clinics Authority, Series A (RB) 4.00%, 04/01/23 (c) | 676,741 | ||||||
See Notes to Financial Statements
| 88 |
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| Wisconsin Health & Educational Facilities Authority (RB) | ||||||||
| $ | 35,000 | 4.00%, 05/15/26 (c) | $ | 35,692 | ||||
| 50,000 | 5.00%, 10/01/26 (c) | 55,926 | ||||||
| 460,000 | WPPI Energy, Power Supply System, Series A (RB) 5.00%, 07/01/23 (c) | 517,721 | ||||||
| 1,710,599 | ||||||||
| Wyoming: 0.3% | ||||||||
| 500,000 | Wyoming Municipal Power Agency, Series A (RB) 5.00%, 01/01/27 (c) | 557,100 | ||||||
| Total Municipal Bonds (Cost: $157,346,672) | 156,222,043 | |||||||
| Number of Shares |
Value | |||||||
| MONEY MARKET FUND: 1.1% (Cost: $1,721,037) | ||||||||
| 1,721,037 | Dreyfus Government Cash Management Fund – Institutional Shares | $ | 1,721,037 | |||||
| Total Investments: 97.5% (Cost: $159,067,709) | 157,943,080 | |||||||
| Other assets less liabilities: 2.5% | 4,022,224 | |||||||
| NET ASSETS: 100.0% | $ | 161,965,304 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| Q-SBLF | Qualified School Board Loan Fund |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 10.4 | % | $ | 16,434,588 | ||||
| Health Care | 17.0 | 26,874,503 | ||||||
| Housing | 0.9 | 1,477,442 | ||||||
| Industrial Revenue | 0.5 | 763,499 | ||||||
| Leasing | 4.4 | 6,944,961 | ||||||
| Local | 10.9 | 17,245,062 | ||||||
| Power | 7.8 | 12,331,102 | ||||||
| Solid Waste/Resource Recovery | 0.0 | 17,387 | ||||||
| Special Tax | 9.9 | 15,543,854 | ||||||
| State | 8.7 | 13,766,087 | ||||||
| Tobacco | 0.4 | 672,267 | ||||||
| Transportation | 15.5 | 24,465,051 | ||||||
| Water & Sewer | 12.5 | 19,686,240 | ||||||
| Money Market Fund | 1.1 | 1,721,037 | ||||||
| 100.0 | % | $ | 157,943,080 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Municipal Bonds* | $ | — | $ | 156,222,043 | $ | — | $ | 156,222,043 | ||||||||||||
| Money Market Fund | 1,721,037 | — | — | 1,721,037 | ||||||||||||||||
| Total | $ | 1,721,037 | $ | 156,222,043 | $ | — | $ | 157,943,080 | ||||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended April 30, 2017.
See Notes to Financial Statements
| 89 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.5% | ||||||||
| Alabama: 0.6% | ||||||||
| $ | 950,000 | Alabama Federal Aid Highway Finance Authority, Federal Highway Grant Anticipation Bonds (RB) 5.00%, 09/01/19 | $ | 1,031,690 | ||||
| 325,000 | Alabama Public School and College Authority, Series A (RB) 5.00%, 02/01/22 | 376,737 | ||||||
| Alabama Public School and College Authority, Series B (RB) | ||||||||
| 100,000 | 5.00%, 03/01/19 | 107,244 | ||||||
| 15,000 | 5.00%, 01/01/23 | 17,687 | ||||||
| 75,000 | State of Alabama, Series A (GO) | |||||||
| 5.00%, 08/01/20 | 83,965 | |||||||
| 1,617,323 | ||||||||
| Alaska: 0.8% | ||||||||
| 1,000,000 | Alaska Municipal Bond Bank Authority, Series Three (RB) 4.00%, 12/01/21 | 1,096,710 | ||||||
| 260,000 | Borough of North Slope, Series A (GO) 4.00%, 06/30/18 | 269,079 | ||||||
| 700,000 | Municipality of Anchorage, Series B (GO) 5.00%, 09/01/19 | 762,055 | ||||||
| 2,127,844 | ||||||||
| Arizona: 1.6% | ||||||||
| 630,000 | Arizona Board of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/19 | 678,163 | ||||||
| 15,000 | Arizona Health Facilities Authority Revenue Bonds, Banner Health, Series A (RB) 5.00%, 01/01/23 | 17,511 | ||||||
| 125,000 | Arizona School Facilities Board Refunding Certificates of Participation, Series A (CP) 5.00%, 09/01/20 | 139,839 | ||||||
| 115,000 | Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB) 5.00%, 07/01/21 | 131,626 | ||||||
| City of Chandler (GO) | ||||||||
| 250,000 | 3.00%, 07/01/19 | 260,608 | ||||||
| 250,000 | 4.00%, 07/01/21 | 277,037 | ||||||
| 1,000,000 | City of Glendale Water and Sewer Revenue, Senior Lien (RB) 5.00%, 07/01/20 | 1,117,180 | ||||||
| 225,000 | City of Phoenix, Arizona Refunding Bonds (GO) 4.00%, 07/01/20 | 244,555 | ||||||
| 50,000 | City of Phoenix, Civic Improvement Corp. (RB) 5.00%, 07/01/20 | 55,876 | ||||||
| 590,000 | City of Scottsdale (GO) 3.00%, 07/01/18 | 604,136 | ||||||
| Maricopa County Industrial Development Authority (RB) | ||||||||
| 250,000 | 5.00%, 01/01/20 | 273,837 | ||||||
| 250,000 | 5.00%, 01/01/21 | 281,052 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| $ | 50,000 | Maricopa County, Arizona Union High School District (GO) 5.00%, 07/01/22 | $ | 58,334 | ||||
| 15,000 | Pima County, Arizona Refunding Bonds (GO) 4.00%, 07/01/22 | 16,753 | ||||||
| 4,156,507 | ||||||||
| Arkansas: 0.4% | ||||||||
| State of Arkansas, Federal Highway Grant Anticipation (GO) | ||||||||
| 125,000 | 5.00%, 04/01/18 | 129,628 | ||||||
| 445,000 | 5.00%, 04/01/18 | 461,474 | ||||||
| 75,000 | 5.00%, 10/01/18 | 79,171 | ||||||
| 100,000 | 5.00%, 04/01/21 | 114,393 | ||||||
| 150,000 | State of Arkansas, Four-Lane Highway Construction and Improvement (GO) 5.00%, 06/15/21 | 172,500 | ||||||
| 957,166 | ||||||||
| California: 14.6% | ||||||||
| 100,000 | ABAG Finance Authority for Nonprofit Corporations, Series A (RB) 5.00%, 08/01/21 | 114,560 | ||||||
| 2,250,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series C (RB) 1.87%, 10/01/18 (c) (p) | 2,274,975 | ||||||
| 500,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series E (RB) 2.00%, 10/01/20 (c) (p) | 506,610 | ||||||
| 80,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series F-1 (RB) 5.00%, 04/01/19 | 85,994 | ||||||
| 725,000 | California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB) 5.00%, 10/15/19 (p) | 788,372 | ||||||
| 250,000 | California State Department of Water Resources, Central Valley Project, Series AM (RB) 5.00%, 12/01/18 | 266,225 | ||||||
| 300,000 | California State Public Works Board, Department of Correction and Rehabilitation, Series A (RB) 5.00%, 09/01/19 | 326,376 | ||||||
| 85,000 | California State Public Works Board, Department of Correction and Rehabilitation, Series E (RB) 5.00%, 09/01/20 | 95,090 | ||||||
| California State Public Works Board, Department of Correction and Rehabilitation, Series G (RB) | ||||||||
| 160,000 | 5.00%, 01/01/20 | 175,698 | ||||||
| 120,000 | 5.00%, 11/01/20 | 134,857 | ||||||
| California State Public Works Board, Department of State Hospital, Series E (RB) | ||||||||
| 70,000 | 5.00%, 06/01/19 | 75,562 | ||||||
| 310,000 | 5.00%, 06/01/20 | 344,391 | ||||||
| 700,000 | 5.00%, 06/01/21 | 796,551 | ||||||
See Notes to Financial Statements
| 90 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 10,000 | California State Public Works Board, The Regents of the University, Series F (RB) 5.00%, 10/01/21 | $ | 11,576 | ||||
| 160,000 | California State Public Works Board, Various Capital Projects, Series A (RB) 5.00%, 04/01/19 | 171,925 | ||||||
| 340,000 | California State Public Works Board, Various Capital Projects, Series G (RB) 5.00%, 11/01/18 | 360,125 | ||||||
| California State Public Works Board,Various Capital Projects, Series I (RB) | ||||||||
| 75,000 | 5.00%, 11/01/19 | 82,022 | ||||||
| 750,000 | 5.00%, 11/01/20 | 842,857 | ||||||
| 175,000 | California State Public Works Board, Various Judicial Projects, Series A (RB) 4.00%, 03/01/19 | 184,352 | ||||||
| California State University, Series A (RB) | ||||||||
| 75,000 | 5.00%, 11/01/18 | 79,555 | ||||||
| 320,000 | 5.00%, 11/01/21 | 370,918 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, Pollution Control, Series A (RB) 1.37%, 04/02/18 (p) | 1,000,950 | ||||||
| 250,000 | City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/21 | 288,450 | ||||||
| City of Los Angeles, Wastewater System Revenue, Series A (RB) | ||||||||
| 200,000 | 5.00%, 06/01/19 | 216,494 | ||||||
| 660,000 | 5.00%, 06/01/19 | 714,146 | ||||||
| 10,000 | Coast Community College District California, Series A (GO) 5.00%, 08/01/21 | 11,532 | ||||||
| 500,000 | Contra Costa Transportation Authority (RB) 5.00%, 03/01/21 | 570,260 | ||||||
| 50,000 | Department of Airports of the City of Los Angeles, Series C (RB) 5.00%, 05/15/22 | 58,348 | ||||||
| 150,000 | East Bay Municipal Utility District, Water System Revenue, Series B (RB) 5.00%, 06/01/18 | 156,531 | ||||||
| Golden State Tobacco Securitization Corp., Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/18 | 521,440 | ||||||
| 155,000 | 5.00%, 06/01/19 | 167,482 | ||||||
| 310,000 | 5.00%, 06/01/21 | 353,155 | ||||||
| 220,000 | Los Angeles Community College District, Series A (GO) 5.00%, 08/01/20 | 247,194 | ||||||
| Los Angeles County Metropolitan Transportation Authority (RB) | ||||||||
| 500,000 | 5.00%, 07/01/21 | 575,350 | ||||||
| 10,000 | 5.00%, 07/01/22 | 11,759 | ||||||
| 10,000 | Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/21 | 11,507 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| $ | 75,000 | 5.00%, 07/01/18 | $ | 78,543 | ||||
| 975,000 | 5.00%, 11/01/18 (c) | 1,034,962 | ||||||
| 100,000 | 5.00%, 07/01/19 | 108,574 | ||||||
| 10,000 | 5.00%, 07/01/22 | 11,764 | ||||||
| 200,000 | Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/22 | 235,288 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 575,000 | 4.00%, 07/01/18 | 595,809 | ||||||
| 10,000 | 4.00%, 07/01/21 | 11,094 | ||||||
| 290,000 | 5.00%, 07/01/18 | 303,839 | ||||||
| 105,000 | 5.00%, 07/01/19 | 114,003 | ||||||
| 60,000 | 5.00%, 07/01/21 | 68,989 | ||||||
| Los Angeles Unified School District, Series B (GO) | ||||||||
| 750,000 | 5.00%, 07/01/18 | 785,790 | ||||||
| 125,000 | 5.00%, 07/01/19 | 135,718 | ||||||
| Los Angeles Unified School District, Series C (GO) | ||||||||
| 300,000 | 5.00%, 07/01/18 | 314,316 | ||||||
| 335,000 | 5.00%, 07/01/20 | 375,143 | ||||||
| 140,000 | 5.00%, 07/01/21 | 160,975 | ||||||
| Metropolitan Water District of Southern California, Series C (RB) | ||||||||
| 885,000 | 5.00%, 07/01/18 | 927,445 | ||||||
| 175,000 | 5.00%, 07/01/19 | 190,124 | ||||||
| 35,000 | Metropolitan Water District of Southern California, Series E (RB) 5.00%, 07/01/21 | 40,290 | ||||||
| 1,300,000 | Orange County Sanitation District (RB) 2.00%, 11/29/18 (c) | 1,323,296 | ||||||
| 420,000 | Regents of the University of California, Series AO (RB) 5.00%, 05/15/21 | 482,118 | ||||||
| Riverside County Transportation Commission, Series A (RB) | ||||||||
| 50,000 | 5.00%, 06/01/18 | 52,216 | ||||||
| 100,000 | 5.00%, 06/01/21 | 114,819 | ||||||
| 75,000 | Sacramento City Financing Authority, EPA Building, Series A (RB) 4.00%, 05/01/18 | 77,259 | ||||||
| 15,000 | Sacramento County, Sanitation Districts Financing Authority, Series A (RB) 5.00%, 12/01/21 | 17,379 | ||||||
| San Diego County Regional Transportation Commission, Series A (RB) | ||||||||
| 125,000 | 5.00%, 04/01/18 | 129,720 | ||||||
| 175,000 | 5.00%, 04/01/19 | 188,286 | ||||||
| 15,000 | San Diego Public Facilities Financing Authority, Sewer Revenue (RB) 5.00%, 05/15/22 | 17,600 | ||||||
| San Diego Unified School District, Series R-3 (GO) | ||||||||
| 500,000 | 5.00%, 07/01/18 | 523,680 | ||||||
| 15,000 | 5.00%, 07/01/22 | 17,639 | ||||||
See Notes to Financial Statements
| 91 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 15,000 | San Francisco Bay Area Rapid Transit District Election, Series C (GO) 4.00%, 08/01/21 | $ | 16,680 | ||||
| 15,000 | San Francisco City and County, Public Utilities Commission, Water Revenue, Series A (RB) 5.00%, 11/01/22 | 17,759 | ||||||
| 10,000 | San Francisco State Building Authority Lease Revenue, Civic Center Complex, Series A (RB) 5.00%, 12/01/21 | 11,533 | ||||||
| 285,000 | San Francisco Unified School District, Proposition A (GO) 2.00%, 06/15/22 | 293,128 | ||||||
| 135,000 | San Jose Financing Authority, Civil Center Project, Series A (RB) 5.00%, 06/01/20 | 150,194 | ||||||
| 105,000 | San Mateo Joint Powers Financing Authority (RB) 4.00%, 06/15/19 | 111,695 | ||||||
| 80,000 | Sonoma County Junior College District (GO) 5.00%, 08/01/19 | 87,083 | ||||||
| State of California Department of Water Resources, Central Valley Project (RB) | ||||||||
| 305,000 | 4.00%, 12/01/18 | 320,024 | ||||||
| 95,000 | 5.00%, 12/01/19 | 104,569 | ||||||
| 345,000 | 5.00%, 12/01/21 | 400,880 | ||||||
| 135,000 | State of California Department of Water Resources, Central Valley Project, Series AM (RB) 5.00%, 12/01/19 | 148,599 | ||||||
| 595,000 | State of California Department of Water Resources, Power Supply Revenue, Series O (RB) 5.00%, 05/01/21 | 682,173 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 1,055,000 | 4.00%, 02/01/19 | 1,109,396 | ||||||
| 200,000 | 4.00%, 02/01/22 | 222,714 | ||||||
| 75,000 | 5.00%, 03/01/18 | 77,567 | ||||||
| 1,400,000 | 5.00%, 04/01/18 | 1,452,612 | ||||||
| 250,000 | 5.00%, 09/01/18 | 263,460 | ||||||
| 1,050,000 | 5.00%, 09/01/18 | 1,106,532 | ||||||
| 1,385,000 | 5.00%, 09/01/18 | 1,459,568 | ||||||
| 50,000 | 5.00%, 02/01/19 | 53,441 | ||||||
| 115,000 | 5.00%, 02/01/19 | 122,913 | ||||||
| 100,000 | 5.00%, 04/01/19 | 107,493 | ||||||
| 25,000 | 5.00%, 03/01/20 | 27,692 | ||||||
| 1,000,000 | 5.00%, 04/01/20 | 1,110,510 | ||||||
| 1,550,000 | 5.00%, 09/01/20 | 1,742,091 | ||||||
| 300,000 | 5.00%, 02/01/21 | 340,551 | ||||||
| 500,000 | 5.00%, 09/01/21 | 575,320 | ||||||
| 300,000 | 5.00%, 09/01/21 | 345,192 | ||||||
| 815,000 | 5.00%, 11/01/21 | 941,219 | ||||||
| 250,000 | 5.00%, 02/01/22 | 289,797 | ||||||
| 100,000 | 5.00%, 04/01/22 | 116,355 | ||||||
| 250,000 | 5.00%, 09/01/22 | 293,237 | ||||||
| 750,000 | 5.00%, 10/01/22 | 881,242 | ||||||
| 450,000 | 5.00%, 10/01/22 | 528,745 | ||||||
| 765,000 | 5.00%, 10/01/22 | 898,867 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 50,000 | Trustee of California State University Systemwide, Series B-2 (RB) 4.00%, 05/01/21 (c) (p) | $ | 54,972 | ||||
| University of California, Series AF (RB) | ||||||||
| 100,000 | 5.00%, 05/15/20 | 111,667 | ||||||
| 10,000 | 5.00%, 05/15/21 | 11,479 | ||||||
| 1,000,000 | University of California, Series AT (RB) 1.40%, 11/15/20 (c) (p) | 996,880 | ||||||
| 39,015,696 | ||||||||
| Colorado: 0.4% | ||||||||
| 125,000 | Denver Colorado City and County, School District No. 1 (GO) (SAW) 5.00%, 12/01/20 | 141,491 | ||||||
| Regional Transportation District, Series A (CP) | ||||||||
| 250,000 | 5.00%, 06/01/18 | 260,663 | ||||||
| 200,000 | 5.00%, 06/01/20 | 221,676 | ||||||
| 350,000 | 5.00%, 06/01/20 | 387,933 | ||||||
| 1,011,763 | ||||||||
| Connecticut: 1.9% | ||||||||
| State of Connecticut, Series A (RB) | ||||||||
| 100,000 | 4.00%, 09/01/18 | 103,919 | ||||||
| 1,000,000 | 5.00%, 09/01/20 | 1,114,560 | ||||||
| State of Connecticut, Series B (RB) | ||||||||
| 75,000 | 5.00%, 01/01/19 | 79,839 | ||||||
| 500,000 | 5.00%, 05/15/21 | 562,805 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 55,000 | 5.00%, 06/15/18 | 57,361 | ||||||
| 250,000 | 5.00%, 07/15/19 | 269,823 | ||||||
| 500,000 | 5.00%, 06/01/20 | 551,485 | ||||||
| 500,000 | 5.00%, 06/01/21 | 563,260 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
| 410,000 | 4.00%, 06/15/18 | 423,063 | ||||||
| 145,000 | 5.00%, 06/15/20 | 160,115 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 280,000 | 5.00%, 09/01/18 | 294,160 | ||||||
| 500,000 | 5.00%, 10/15/22 | 577,360 | ||||||
| 250,000 | State of Connecticut, Special Tax Revenue, Series A (RB) 5.00%, 01/01/20 | 273,700 | ||||||
| 5,031,450 | ||||||||
| Delaware: 0.1% | ||||||||
| 150,000 | Delaware Transportation Authority (RB) 5.00%, 07/01/22 | 175,896 | ||||||
| District of Columbia: 0.6% | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| 160,000 | 5.00%, 06/01/19 | 173,093 | ||||||
| 80,000 | 5.00%, 12/01/19 | 87,778 | ||||||
| 125,000 | 5.00%, 06/01/20 | 139,470 | ||||||
| 1,000,000 | 5.00%, 06/01/21 | 1,145,620 | ||||||
| 50,000 | District of Columbia, Series D (GO) 5.00%, 06/01/19 | 54,092 | ||||||
| 1,600,053 | ||||||||
| Florida: 4.9% | ||||||||
| 50,000 | Broward County, Airport System Revenue, Series P-2 (RB) 5.00%, 10/01/18 | 52,817 | ||||||
See Notes to Financial Statements
| 92 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 265,000 | Broward County, Airport System Revenue, Series Q-1 (RB) 5.00%, 10/01/18 | $ | 279,930 | ||||
| Citizens Property Insurance Corp., Series A-1 (RB) | ||||||||
| 115,000 | 5.00%, 06/01/19 | 124,261 | ||||||
| 270,000 | 5.00%, 06/01/20 | 299,263 | ||||||
| 115,000 | 5.00%, 06/01/22 | 133,264 | ||||||
| 1,400,000 | City of Jacksonville, Series C (RB) 5.00%, 10/01/18 | 1,478,260 | ||||||
| 350,000 | City of Jacksonville, Transportation Revenue, Series B (RB) 5.00%, 10/01/22 | 409,265 | ||||||
| 180,000 | County of Broward, Airport System Revenue, Series Q-1 (RB) 5.00%, 10/01/20 | 201,445 | ||||||
| 500,000 | County of Hillsborough (RB) 5.00%, 11/01/21 | 572,270 | ||||||
| 750,000 | County of Orange, Series C (RB) 5.00%, 01/01/21 | 848,025 | ||||||
| Florida Department of Environmental Protection, Series A (RB) | ||||||||
| 460,000 | 5.00%, 07/01/20 | 513,447 | ||||||
| 125,000 | 5.00%, 07/01/20 | 139,524 | ||||||
| JEA Electric System, Series Three A (RB) | ||||||||
| 65,000 | 5.00%, 10/01/18 | 68,577 | ||||||
| 270,000 | 5.00%, 10/01/19 | 294,376 | ||||||
| 150,000 | JEA Electric System, Series Three C (RB) 5.00%, 10/01/18 | 158,342 | ||||||
| 690,000 | JEA Electric System, Series Three D (RB) 5.00%, 10/01/19 | 751,948 | ||||||
| 110,000 | Miami-Dade County Building Better Communities Program, Series B (GO) 5.00%, 07/01/20 | 122,636 | ||||||
| Miami-Dade County Expressway Authority, Toll System Revenue, Series A (RB) | ||||||||
| 205,000 | 5.00%, 07/01/18 | 214,391 | ||||||
| 50,000 | 5.00%, 07/01/20 | 55,513 | ||||||
| 500,000 | 5.00%, 07/01/21 | 567,730 | ||||||
| Miami-Dade County Expressway Authority, Toll System Revenue, Series B (RB) | ||||||||
| 50,000 | 5.00%, 07/01/20 | 55,513 | ||||||
| 250,000 | 5.00%, 07/01/21 | 283,865 | ||||||
| 100,000 | Miami-Dade County School Board Foundation, Inc., Series A (CP) 5.00%, 05/01/20 | 110,459 | ||||||
| 165,000 | Miami-Dade County School Board Foundation, Inc., Series D (CP) 5.00%, 11/01/19 | 179,895 | ||||||
| 185,000 | Miami-Dade County, Water & Sewer System Revenue (RB) 5.00%, 10/01/20 | 207,237 | ||||||
| 130,000 | Orange County Expressway Authority (RB) 5.00%, 07/01/19 | 140,534 | ||||||
| Orange County, Sales Tax, Series C (RB) | ||||||||
| 280,000 | 5.00%, 01/01/19 | 298,306 | ||||||
| 900,000 | 5.00%, 01/01/20 | 990,045 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 10,000 | Orlando and Orange County, Expressway Authority, Series B (RB) (AGM) 5.00%, 07/01/22 | $ | 11,672 | ||||
| 100,000 | Palm Beach County, Florida Certificates Participation, Series B (CP) 5.00%, 08/01/22 | 116,379 | ||||||
| 275,000 | Palm Beach County, Public Improvement (RB) 5.00%, 06/01/18 | 286,973 | ||||||
| Reedy Creek Improvement District, Series A (GO) | ||||||||
| 265,000 | 5.00%, 06/01/20 | 294,060 | ||||||
| 300,000 | 5.00%, 06/01/21 | 341,124 | ||||||
| 250,000 | School Board of Lee County, Series B (CP) 5.00%, 08/01/19 | 270,798 | ||||||
| State of Florida, Board of Education Lottery Revenue, Series A (RB) | ||||||||
| 100,000 | 5.00%, 07/01/18 | 104,581 | ||||||
| 100,000 | 5.00%, 07/01/21 | 114,414 | ||||||
| State of Florida, Board of Education, Full Faith and Credit, Series A (GO) | ||||||||
| 50,000 | 5.00%, 06/01/19 | 54,048 | ||||||
| 130,000 | 5.00%, 06/01/19 | 140,525 | ||||||
| State of Florida, Board of Education, Full Faith and Credit, Series B (GO) | ||||||||
| 90,000 | 5.00%, 06/01/18 | 93,948 | ||||||
| 50,000 | 5.00%, 06/01/18 | 52,194 | ||||||
| 190,000 | 5.00%, 06/01/20 | 211,873 | ||||||
| State of Florida, Board of Education, Full Faith and Credit, Series D (GO) | ||||||||
| 250,000 | 5.00%, 06/01/20 | 278,780 | ||||||
| 450,000 | 5.00%, 06/01/21 | 514,948 | ||||||
| 220,000 | State of Florida, Board of Education, Full Faith and Credit, Series E (GO) 5.00%, 06/01/19 | 237,811 | ||||||
| 215,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/18 | 224,432 | ||||||
| 220,000 | State of Florida, Department of Transportation, Full Faith and Credit, Series A (GO) 5.00%, 07/01/19 | 238,469 | ||||||
| 80,000 | State of Florida, Department of Transportation, Turnpike Revenue, Series C (RB) 5.00%, 07/01/21 | 91,741 | ||||||
| 13,229,908 | ||||||||
| Georgia: 2.0% | ||||||||
| 75,000 | Chatham County Hospital Authority, Memorial Health University Medical Center, Inc. (RB) 5.00%, 01/01/21 | 84,287 | ||||||
| Forsyth County School District (GO) | ||||||||
| 330,000 | 5.00%, 02/01/19 | 352,648 | ||||||
| 225,000 | 5.00%, 02/01/21 | 256,034 | ||||||
See Notes to Financial Statements
| 93 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| $ | 10,000 | Georgia State, Series A (GO) 5.00%, 02/01/23 | $ | 11,901 | ||||
| 275,000 | Gwinnett County School District, Series A (GO) 5.00%, 02/01/19 | 293,923 | ||||||
| 1,000,000 | Monroe County Development Authority (RB) 2.35%, 12/11/20 (p) | 1,013,850 | ||||||
| 250,000 | Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB) 5.00%, 01/01/23 | 285,345 | ||||||
| 200,000 | Municipal Electric Authority of Georgia, Series A (RB) 4.00%, 01/01/21 | 214,342 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 20,000 | 5.00%, 01/01/19 | 21,332 | ||||||
| 185,000 | 5.00%, 02/01/19 | 197,896 | ||||||
| 125,000 | 5.00%, 07/01/19 | 135,634 | ||||||
| 50,000 | 5.00%, 02/01/21 | 56,897 | ||||||
| 750,000 | 5.00%, 02/01/22 | 873,877 | ||||||
| 750,000 | State of Georgia, Series C (GO) 5.00%, 07/01/19 | 813,802 | ||||||
| 700,000 | State of Georgia, Series F (GO) 5.00%, 07/01/21 | 804,566 | ||||||
| 60,000 | State of Georgia, Series H (GO) 5.00%, 12/01/18 | 63,826 | ||||||
| 5,480,160 | ||||||||
| Hawaii: 0.6% | ||||||||
| 150,000 | City and County Honolulu, Wastewater System Revenue, Series B (RB) 5.00%, 07/01/20 | 167,825 | ||||||
| 425,000 | State of Hawaii, Series EF (GO) 5.00%, 11/01/21 | 491,219 | ||||||
| 235,000 | State of Hawaii, Series EH (GO) 5.00%, 08/01/19 | 255,534 | ||||||
| 200,000 | State of Hawaii, Series EP (GO) 5.00%, 08/01/20 | 224,042 | ||||||
| 500,000 | State of Hawaii, Series FB (GO) 5.00%, 04/01/21 | 570,320 | ||||||
| 1,708,940 | ||||||||
| Idaho: 0.2% | ||||||||
| 450,000 | Idaho Health Facilities Authority, Trinity Health Credit Group, Series D (RB) 5.00%, 12/01/21 | 515,772 | ||||||
| Illinois: 3.0% | ||||||||
| 250,000 | City of Chicago, Series A (GO) 5.00%, 01/01/20 | 255,795 | ||||||
| 215,000 | City of Chicago, Water Revenue (RB) 5.00%, 11/01/20 | 236,208 | ||||||
| 390,000 | Illinois Finance Authority (RB) 4.00%, 01/01/23 | 435,751 | ||||||
| 50,000 | Illinois State Toll Highway Authority, Series A (RB) 5.00%, 12/01/19 | 54,701 | ||||||
| 120,000 | McHenry County Conservation District (GO) 5.00%, 02/01/21 | 135,422 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| State of Illinois (GO) | ||||||||
| $ | 100,000 | 4.00%, 02/01/19 | $ | 102,043 | ||||
| 335,000 | 5.00%, 08/01/18 | 346,233 | ||||||
| 155,000 | 5.00%, 05/01/19 | 161,355 | ||||||
| 850,000 | 5.00%, 06/01/19 | 886,074 | ||||||
| 800,000 | 5.00%, 02/01/20 | 839,016 | ||||||
| 445,000 | 5.00%, 03/01/20 | 467,085 | ||||||
| 325,000 | 5.00%, 04/01/20 | 341,497 | ||||||
| 85,000 | 5.00%, 05/01/20 | 89,385 | ||||||
| 275,000 | 5.00%, 08/01/20 | 290,040 | ||||||
| 1,000,000 | 5.00%, 06/01/21 | 1,056,510 | ||||||
| 50,000 | 5.00%, 07/01/21 | 52,839 | ||||||
| 130,000 | 5.00%, 03/01/22 | 137,521 | ||||||
| 350,000 | 5.00%, 06/01/22 | 370,545 | ||||||
| 25,000 | 5.00%, 06/15/22 | 28,669 | ||||||
| 250,000 | 5.00%, 08/01/22 | 271,430 | ||||||
| State of Illinois, Sales Tax, Junior Obligation (RB) | ||||||||
| 375,000 | 5.00%, 06/15/18 | 390,540 | ||||||
| 10,000 | 5.00%, 06/15/21 | 11,273 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 550,000 | 5.00%, 04/01/18 | 564,008 | ||||||
| 100,000 | 5.00%, 04/01/21 | 105,548 | ||||||
| 250,000 | State of Illinois, Series C (RB) 4.00%, 06/15/21 | 271,933 | ||||||
| 65,000 | University of California, Series AF (RB) 5.00%, 04/01/22 | 73,524 | ||||||
| 7,974,945 | ||||||||
| Iowa: 0.2% | ||||||||
| Iowa Finance Authority (RB) | ||||||||
| 175,000 | 5.00%, 08/01/18 | 183,610 | ||||||
| 285,000 | 5.00%, 08/01/20 | 319,260 | ||||||
| 15,000 | Iowa State, IJobs Program, Series A (RB) 5.00%, 06/01/22 | 17,541 | ||||||
| 520,411 | ||||||||
| Kansas: 0.8% | ||||||||
| 580,000 | Kansas Development Finance Authority, Series G (RB) 5.00%, 04/01/22 | 669,511 | ||||||
| State of Kansas Department of Transportation, Highway Revenue, Series B (RB) | ||||||||
| 50,000 | 5.00%, 09/01/19 | 54,542 | ||||||
| 50,000 | 5.00%, 09/01/21 | 57,555 | ||||||
| 15,000 | 5.00%, 09/01/22 | 17,628 | ||||||
| State of Kansas Department of Transportation, Highway Revenue, Series C (RB) | ||||||||
| 90,000 | 5.00%, 09/01/18 | 94,846 | ||||||
| 50,000 | 5.00%, 09/01/19 | 54,542 | ||||||
| 1,000,000 | State of Kansas, Department of Transportation, Highway
Revenue, Series A (RB) 5.00%, 09/01/22 | 1,175,190 | ||||||
| 2,123,814 | ||||||||
See Notes to Financial Statements
| 94 |
| Principal Amount | Value | |||||||
| Kentucky: 1.4% | ||||||||
| Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
| $ | 35,000 | 5.00%, 09/01/21 | $ | 39,814 | ||||
| 615,000 | 5.25%, 09/01/22 | 716,192 | ||||||
| 50,000 | Kentucky Asset Liability Commission Project, Series A (RB) 5.00%, 09/01/19 | 54,216 | ||||||
| Kentucky State Property and Building Commission, Project No. 108,Series B (RB) | ||||||||
| 15,000 | 5.00%, 08/01/21 | 16,959 | ||||||
| 200,000 | 5.00%, 08/01/22 | 229,296 | ||||||
| 500,000 | Kentucky State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/22 | 575,435 | ||||||
| Kentucky Turnpike Authority, Series A (RB) | ||||||||
| 50,000 | 5.00%, 07/01/18 | 52,261 | ||||||
| 205,000 | 5.00%, 07/01/19 | 221,611 | ||||||
| 55,000 | 5.00%, 07/01/20 | 61,173 | ||||||
| 10,000 | 5.00%, 07/01/21 | 11,402 | ||||||
| Louisville/Jefferson County Metropolitan Government, Series A (RB) | ||||||||
| 290,000 | 5.00%, 12/01/18 | 305,344 | ||||||
| 50,000 | 5.00%, 12/01/19 | 53,776 | ||||||
| 600,000 | University of Kentucky, Series B (RB) 5.00%, 10/01/21 | 690,966 | ||||||
| 600,000 | University of Kentucky, Series D (RB) 5.25%, 10/01/20 | 679,248 | ||||||
| 3,707,693 | ||||||||
| Louisiana: 1.3% | ||||||||
| City of Lafayette, Utilities Revenue (RB) | ||||||||
| 60,000 | 5.00%, 11/01/19 | 65,416 | ||||||
| 150,000 | 5.00%, 11/01/20 | 168,135 | ||||||
| 1,000,000 | City of New Orleans (GO) 5.00%, 12/01/20 | 1,117,760 | ||||||
| 260,000 | State of Louisiana Citizens Property Insurance Corp. (RB) 5.00%, 06/01/20 | 287,352 | ||||||
| State of Louisiana Gasoline and Fuels Tax Revenue, Series A-1 (RB) | ||||||||
| 50,000 | 5.00%, 05/01/18 | 51,969 | ||||||
| 110,000 | 5.00%, 05/01/19 | 118,462 | ||||||
| 145,000 | 5.00%, 05/01/20 | 160,978 | ||||||
| State of Louisiana, Series C (GO) | ||||||||
| 50,000 | 5.00%, 08/01/19 | 54,194 | ||||||
| 250,000 | 5.00%, 07/15/20 | 278,312 | ||||||
| 1,000,000 | Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 05/15/20 | 1,091,880 | ||||||
| 3,394,458 | ||||||||
| Maine: 0.1% | ||||||||
| 50,000 | Maine Municipal Bond Bank, Series C (RB) 5.00%, 11/01/19 | 54,695 | ||||||
| 275,000 | State of Maine, Series B (GO) 5.00%, 06/01/18 | 287,034 | ||||||
| 341,729 | ||||||||
| Principal Amount | Value | |||||||
| Maryland: 5.2% | ||||||||
| $ | 35,000 | Anne Arundel County, Maryland General Obligations Bonds, Consolidated General Improvement (GO) 5.00%, 04/01/23 | $ | 41,686 | ||||
| 995,000 | Baltimore County Consolidated Public Improvement (GO) 5.00%, 08/01/18 | 1,044,849 | ||||||
| 250,000 | Baltimore County Consolidated Public Improvement, Series B (GO) 5.00%, 08/01/19 | 272,020 | ||||||
| 600,000 | City of Baltimore Consolidated Public Improvement, Series B (GO) 5.00%, 10/15/20 | 676,176 | ||||||
| 500,000 | County of Baltimore, Consolidated Public Improvement (GO) 5.00%, 08/01/22 | 588,760 | ||||||
| 400,000 | County of Baltimore, Public Improvement Bond, Refunding Series (GO) 5.00%, 08/01/21 | 460,736 | ||||||
| 650,000 | County of Montgomery, Series A (GO) 5.00%, 11/01/22 | 768,430 | ||||||
| 475,000 | County of Prince George’s, Public Improvement Bond, Series B (GO) 4.00%, 03/01/20 | 513,242 | ||||||
| Maryland Department of Transportation (RB) | ||||||||
| 500,000 | 5.00%, 06/01/18 | 522,045 | ||||||
| 30,000 | 5.00%, 06/01/21 | 34,394 | ||||||
| 15,000 | 5.00%, 02/01/23 | 17,824 | ||||||
| Maryland Health and Higher Educational Facilities Authority (RB) | ||||||||
| 250,000 | 5.00%, 07/01/19 | 268,645 | ||||||
| 100,000 | 5.00%, 08/15/19 | 108,248 | ||||||
| 145,000 | Maryland Water Quality Financing Administration Revolving Loan Fund (RB) 5.00%, 03/01/21 | 164,910 | ||||||
| 25,000 | Montgomery County, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/20 | 28,251 | ||||||
| Prince George’s County, Consolidated Public Improvement, Series B (GO) | ||||||||
| 50,000 | 4.00%, 03/01/19 | 52,710 | ||||||
| 90,000 | 4.00%, 03/01/21 | 99,257 | ||||||
| 100,000 | State of Maryland Department of Transportation (RB) 5.00%, 12/15/20 | 113,333 | ||||||
| 10,000 | State of Maryland, First Series A (GO) 5.00%, 03/01/23 | 11,915 | ||||||
| 175,000 | State of Maryland, Second Series B (GO) 5.00%, 08/01/19 | 190,495 | ||||||
| State of Maryland, Second Series C (GO) | ||||||||
| 500,000 | 5.00%, 08/01/21 | 575,920 | ||||||
| 850,000 | 5.00%, 08/01/22 | 1,000,424 | ||||||
| 1,250,000 | State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22 | 1,466,462 | ||||||
See Notes to Financial Statements
| 95 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 140,000 | State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/01/19 | $ | 150,115 | ||||
| State of Maryland, State and Local Facilities Loan, First Series B (GO) | ||||||||
| 2,000,000 | 4.50%, 08/01/19 | 2,154,960 | ||||||
| 285,000 | 4.50%, 08/01/21 | 322,412 | ||||||
| 955,000 | State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/18 | 1,002,845 | ||||||
| 200,000 | State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/18 | 210,020 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series C (GO) | ||||||||
| 95,000 | 5.00%, 08/01/19 | 103,411 | ||||||
| 200,000 | 5.25%, 08/01/20 | 225,968 | ||||||
| Washington Suburban Sanitary Commission (GO) | ||||||||
| 500,000 | 4.00%, 06/01/20 | 543,125 | ||||||
| 50,000 | 5.00%, 06/01/18 | 52,199 | ||||||
| 100,000 | 5.00%, 06/01/20 | 111,641 | ||||||
| 13,897,428 | ||||||||
| Massachusetts: 1.8% | ||||||||
| 155,000 | City of Boston, Series A (GO) 4.00%, 04/01/19 | 163,779 | ||||||
| 50,000 | City of Boston, Series B (GO) 5.00%, 02/01/20 | 55,286 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 335,000 | 5.00%, 12/01/18 | 356,413 | ||||||
| 85,000 | 5.00%, 06/01/20 | 94,785 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 100,000 | 5.00%, 08/01/19 | 108,761 | ||||||
| 500,000 | 5.00%, 08/01/20 | 560,615 | ||||||
| 165,000 | Massachusetts Clean Water Trust, Series 19 (RB) 5.00%, 02/01/19 | 176,413 | ||||||
| 10,000 | Massachusetts Development Finance Agency, Series A (RB) 5.00%, 07/15/22 | 11,788 | ||||||
| Massachusetts Development Finance Agency, Series H-1 (RB) | ||||||||
| 750,000 | 5.00%, 07/01/21 | 851,917 | ||||||
| 250,000 | 5.00%, 07/01/22 | 289,522 | ||||||
| 325,000 | Massachusetts Development Finance Agency, Series I (RB) 5.00%, 07/01/21 | 369,164 | ||||||
| 30,000 | Massachusetts Development Finance Agency, Series Q (RB) 5.00%, 07/01/22 | 34,984 | ||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB) | ||||||||
| 600,000 | 5.00%, 08/15/18 | 631,074 | ||||||
| 200,000 | 5.00%, 08/15/19 | 217,584 | ||||||
| Principal Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| Massachusetts State, Federal Highway Grant, Series A (RB) | ||||||||
| $ | 20,000 | 5.00%, 06/15/21 (c) | $ | 22,905 | ||||
| 375,000 | 5.00%, 06/15/22 | 439,001 | ||||||
| 10,000 | Massachusetts State, Series C (GO) 5.00%, 10/01/21 | 11,544 | ||||||
| 290,000 | Massachusetts Water Pollution Abatement Trust, Series 16-B (RB) 5.00%, 08/01/18 | 304,715 | ||||||
| 4,700,250 | ||||||||
| Michigan: 1.9% | ||||||||
| 575,000 | Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB) 4.00%, 08/01/20 | 620,914 | ||||||
| 750,000 | Michigan Finance Authority, Local Government Loan Program, Series C (RB) 5.00%, 04/01/20 | 814,200 | ||||||
| Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB) | ||||||||
| 730,000 | 4.00%, 01/01/19 | 765,733 | ||||||
| 445,000 | 5.00%, 07/01/18 | 465,652 | ||||||
| 100,000 | 5.00%, 07/01/19 | 108,439 | ||||||
| Michigan Finance Authority, Unemployment Obligation Assessment, Series B (RB) | ||||||||
| 175,000 | 5.00%, 07/01/19 (c) | 189,730 | ||||||
| 55,000 | 5.00%, 07/01/19 (c) | 59,641 | ||||||
| 410,000 | Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB) 2.00%, 05/30/18 (p) | 412,878 | ||||||
| 500,000 | Michigan Strategic Fund, The Detroit Edison Company Pollution Control Project, Series CC (RB) 1.45%, 09/01/21 (p) | 485,605 | ||||||
| Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligation Group, Series D (RB) | ||||||||
| 310,000 | 2.25%, 09/01/20 | 317,719 | ||||||
| 375,000 | 5.00%, 09/01/19 | 406,256 | ||||||
| 25,000 | 5.00%, 09/01/21 | 28,495 | ||||||
| 275,000 | State of Michigan, Environmental Program (GO) 3.00%, 11/01/20 | 291,599 | ||||||
| 4,966,861 | ||||||||
| Minnesota: 1.5% | ||||||||
| 10,000 | State of Minnesota General Fund Appropriation, Series B (RB) 5.00%, 03/01/22 | 11,629 | ||||||
| 500,000 | State of Minnesota, 911 Services Revenue (RB) 5.00%, 06/01/21 | 569,390 | ||||||
| 575,000 | State of Minnesota, Series E (GO) 3.00%, 08/01/21 | 614,491 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 120,000 | 5.00%, 08/01/19 | 130,597 | ||||||
| 150,000 | 5.00%, 08/01/21 | 172,643 | ||||||
See Notes to Financial Statements
| 96 |
| Principal Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| $ | 215,000 | 5.00%, 08/01/20 | $ | 241,138 | ||||
| 750,000 | 5.00%, 08/01/22 | 881,895 | ||||||
| 500,000 | 5.00%, 08/01/22 | 587,930 | ||||||
| 400,000 | State of Minnesota, Various Purpose, Series F (GO) 5.00%, 10/01/22 | 472,040 | ||||||
| 270,000 | State of Missouri, Series A (GO) 5.00%, 08/01/18 | 283,527 | ||||||
| 3,965,280 | ||||||||
| Mississippi: 0.2% | ||||||||
| 175,000 | Mississippi Development Bank, Highway Construction Project (RB) 5.00%, 01/01/21 | 196,338 | ||||||
| 130,000 | Mississippi State Gaming Tax, Series E (RB) 5.00%, 10/15/20 | 144,869 | ||||||
| 250,000 | State of Mississippi, Series F (GO) 5.00%, 11/01/20 | 281,410 | ||||||
| 622,617 | ||||||||
| Missouri: 1.6% | ||||||||
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series A (RB) | ||||||||
| 45,000 | 5.00%, 10/01/19 | 49,063 | ||||||
| 700,000 | 5.00%, 10/01/20 | 784,140 | ||||||
| 20,000 | 5.00%, 10/01/22 | 23,398 | ||||||
| Curators of the University of Missouri System Facilities, Series A (RB) | ||||||||
| 155,000 | 4.00%, 11/01/19 | 166,030 | ||||||
| 115,000 | 5.00%, 11/01/19 | 126,006 | ||||||
| 85,000 | 5.00%, 11/01/19 | 93,135 | ||||||
| 1,000,000 | Jackson County, Harry S. Truman Sports Complex Project (RB) 5.00%, 12/01/19 | 1,093,760 | ||||||
| Missouri Highway and Transportation Commission, First Lien, Series A (RB) | ||||||||
| 375,000 | 5.00%, 05/01/18 | 390,341 | ||||||
| 475,000 | 5.00%, 05/01/19 | 512,525 | ||||||
| 500,000 | Missouri Highway and Transportation Commission, Second Lien, Series B (RB) 5.00%, 05/01/18 | 520,400 | ||||||
| 500,000 | Springfield School District No. R-12, Series B (GO) (SAW) 5.00%, 03/01/22 | 581,450 | ||||||
| 4,340,248 | ||||||||
| Nebraska: 0.8% | ||||||||
| 500,000 | Lincoln Electric System, Series A (RB) 5.00%, 09/01/20 | 560,920 | ||||||
| Nebraska Public Power District, Series A (RB) | ||||||||
| 300,000 | 4.00%, 01/01/20 | 321,768 | ||||||
| 70,000 | 5.00%, 01/01/21 | 79,069 | ||||||
| 300,000 | Nebraska Public Power District, Series B (RB) 5.00%, 01/01/20 | 329,598 | ||||||
| Principal Amount | Value | |||||||
| Nebraska: (continued) | ||||||||
| Omaha Public Power District, Electric System Revenue, Series B (RB) | ||||||||
| $ | 75,000 | 5.00%, 02/01/19 | $ | 80,215 | ||||
| 600,000 | 5.00%, 02/01/21 | 680,634 | ||||||
| 100,000 | Public Power Generation Agency (RB) 5.00%, 01/01/22 | 113,333 | ||||||
| 2,165,537 | ||||||||
| Nevada: 0.7% | ||||||||
| 345,000 | Clark County School District, Series A (GO) 5.00%, 06/15/19 | 372,089 | ||||||
| 50,000 | Clark County School District, Series B (GO) 5.00%, 06/15/19 | 53,926 | ||||||
| 230,000 | Clark County, Flood Control (GO) 5.00%, 11/01/22 | 270,843 | ||||||
| 105,000 | State of Nevada, Capital Improvement and Cultural Affairs, Series D-1 (GO) 5.00%, 03/01/20 | 116,090 | ||||||
| 400,000 | State of Nevada, Capital Improvement, Series D (GO) 5.00%, 04/01/20 | 443,352 | ||||||
| 500,000 | State of Nevada, Series B (GO) 5.00%, 11/01/21 | 576,020 | ||||||
| 1,832,320 | ||||||||
| New Jersey: 7.0% | ||||||||
| Garden State Preservation Trust, Open Space and Farmland, Series A (RB) | ||||||||
| 100,000 | 4.00%, 11/01/18 | 102,855 | ||||||
| 65,000 | 4.00%, 11/01/19 | 68,067 | ||||||
| 95,000 | 5.00%, 11/01/18 | 99,104 | ||||||
| 390,000 | 5.00%, 11/01/20 | 425,162 | ||||||
| New Jersey Building Authority, Series A (RB) | ||||||||
| 440,000 | 5.00%, 06/15/18 | 453,257 | ||||||
| 575,000 | 5.00%, 06/15/19 | 604,440 | ||||||
| 200,000 | New Jersey Economic Development Authority (RB) 5.00%, 03/01/20 | 211,260 | ||||||
| 350,000 | New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB) 5.00%, 03/01/22 | 372,319 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 1,000,000 | 5.00%, 03/01/22 | 1,063,770 | ||||||
| 1,000,000 | 5.00%, 03/01/23 | 1,065,920 | ||||||
| 300,000 | New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/19 | 315,615 | ||||||
| 125,000 | New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) 5.00%, 06/15/20 | 132,573 | ||||||
See Notes to Financial Statements
| 97 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 840,000 | New Jersey Educational Facilities Authority (RB) 5.00%, 06/15/22 | $ | 900,564 | ||||
| 440,000 | New Jersey Educational Facilities Authority, Series B (RB) 5.00%, 06/01/19 | 460,671 | ||||||
| 810,000 | New Jersey General Obligation Bonds, Refunding Bonds, Series T (GO) 5.00%, 06/01/22 | 909,274 | ||||||
| 60,000 | New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) 5.00%, 07/01/22 | 69,261 | ||||||
| 450,000 | New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/18 | 469,093 | ||||||
| 200,000 | New Jersey Health Care Facilities Financing Authority, Inspira Health Issue, Series A (RB) 5.00%, 07/01/20 | 220,484 | ||||||
| 160,000 | New Jersey Housing and Mortgage Finance Agency, Series B (RB) 1.05%, 05/01/18 | 159,518 | ||||||
| 250,000 | New Jersey State Educational Facilities Authority Princeton University, Series A (RB) 5.00%, 07/01/20 | 280,040 | ||||||
| 265,000 | New Jersey State Educational Facilities Authority Princeton University, Series B (RB) 5.00%, 07/01/22 | 311,613 | ||||||
| 145,000 | New Jersey State Turnpike Authority, Series B (RB) 5.00%, 01/01/20 | 159,146 | ||||||
| New Jersey Transit Corp., Series A (RB) | ||||||||
| 850,000 | 5.00%, 09/15/18 | 888,309 | ||||||
| 350,000 | 5.00%, 09/15/19 | 371,304 | ||||||
| 125,000 | 5.00%, 09/15/21 | 136,118 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/19 | 1,062,390 | ||||||
| 540,000 | 5.00%, 06/15/20 | 576,369 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
| 1,105,000 | 5.00%, 06/15/18 (c) | 1,145,145 | ||||||
| 300,000 | 5.00%, 06/15/18 (c) | 311,307 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 505,000 | 4.00%, 06/15/18 | 514,681 | ||||||
| 245,000 | 5.00%, 06/15/18 | 252,382 | ||||||
| 250,000 | 5.00%, 06/15/19 | 263,065 | ||||||
| 870,000 | 5.00%, 06/15/20 | 928,594 | ||||||
| 425,000 | 5.00%, 06/15/20 | 453,624 | ||||||
| 110,000 | New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/19 | 117,003 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Turnpike Authority, Series C (RB) | ||||||||
| $ | 100,000 | 5.00%, 01/01/21 | $ | 112,726 | ||||
| 100,000 | 5.00%, 01/01/22 | 115,016 | ||||||
| 500,000 | Rutgers State University of New Jersey, Series J (RB) 5.00%, 05/01/21 | 568,230 | ||||||
| 400,000 | State of New Jersey, Series T (GO) 5.00%, 06/01/21 | 444,272 | ||||||
| 1,500,000 | State of New Jersey, Various Purpose (GO) 5.00%, 06/01/22 | 1,683,840 | ||||||
| 18,798,381 | ||||||||
| New Mexico: 1.0% | ||||||||
| 600,000 | Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB) 5.00%, 07/01/21 | 687,792 | ||||||
| 250,000 | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds, Series B (RB) 1.87%, 10/01/21 (p) | 246,498 | ||||||
| 340,000 | New Mexico Finance Authority, State Transportation, Senior Lien (RB) 5.00%, 06/15/22 | 398,579 | ||||||
| State of New Mexico Severance Tax, Series A (RB) | ||||||||
| 70,000 | 4.00%, 07/01/18 (c) | 72,459 | ||||||
| 50,000 | 5.00%, 07/01/18 | 52,350 | ||||||
| 940,000 | 5.00%, 07/01/19 (c) | 1,018,697 | ||||||
| 75,000 | 5.00%, 07/01/19 (c) | 81,279 | ||||||
| 2,557,654 | ||||||||
| New York: 15.0% | ||||||||
| 50,000 | City of New York, Series A (GO) 5.00%, 08/01/19 | 54,322 | ||||||
| City of New York, Series B (GO) | ||||||||
| 30,000 | 4.00%, 08/01/19 | 31,930 | ||||||
| 1,000,000 | 5.00%, 08/01/20 | 1,119,190 | ||||||
| 55,000 | City of New York, Series C (GO) 5.00%, 08/01/18 | 57,727 | ||||||
| City of New York, Series D (GO) | ||||||||
| 165,000 | 5.00%, 08/01/19 | 179,263 | ||||||
| 1,000,000 | 5.00%, 08/01/20 | 1,119,190 | ||||||
| City of New York, Series G (GO) | ||||||||
| 1,150,000 | 5.00%, 08/01/19 | 1,249,406 | ||||||
| 370,000 | 5.00%, 08/01/20 | 414,100 | ||||||
| 1,200,000 | 5.00%, 08/01/22 | 1,403,772 | ||||||
| 300,000 | City of New York, Series G-1 (GO) 5.00%, 04/01/21 | 341,454 | ||||||
| City of New York, Series I (GO) | ||||||||
| 325,000 | 5.00%, 08/01/18 | 341,117 | ||||||
| 230,000 | 5.00%, 08/01/19 | 249,881 | ||||||
| 1,000,000 | 5.00%, 08/01/20 | 1,119,190 | ||||||
| 500,000 | City of New York, Series J (GO) 5.00%, 08/01/20 | 559,595 | ||||||
| County of Monroe, Series B (GO) | ||||||||
| 320,000 | 5.00%, 06/01/18 | 332,310 | ||||||
| 845,000 | 5.00%, 06/01/19 | 903,474 | ||||||
| 115,000 | County of Nassau, Series A (GO) | |||||||
| 5.00%, 04/01/18 | 119,150 | |||||||
See Notes to Financial Statements
| 98 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Erie County Industrial Development Agency, City School District, Series A (RB) (SAW) | ||||||||
| $ | 960,000 | 5.00%, 05/01/19 | $ | 1,035,638 | ||||
| 80,000 | 5.00%, 05/01/21 | 91,385 | ||||||
| 400,000 | Long Island Power Authority Electric System, Series B (RB) 5.00%, 09/01/22 | 466,288 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 15,000 | 5.00%, 11/15/21 | 17,257 | ||||||
| 25,000 | 5.00%, 11/15/21 | 28,928 | ||||||
| 20,000 | 5.00%, 11/15/22 | 23,575 | ||||||
| 10,000 | 5.00%, 11/15/22 | 11,788 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 470,000 | 3.00%, 11/15/18 | 484,194 | ||||||
| 130,000 | 5.00%, 11/15/19 | 142,427 | ||||||
| 325,000 | 5.00%, 11/15/21 | 373,899 | ||||||
| 10,000 | 5.00%, 11/15/22 | 11,724 | ||||||
| Metropolitan Transportation Authority, Series C (RB) | ||||||||
| 295,000 | 5.00%, 11/15/18 | 312,862 | ||||||
| 175,000 | 5.00%, 11/15/20 | 197,096 | ||||||
| 130,000 | 5.00%, 11/15/20 | 146,414 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 515,000 | 5.00%, 11/15/18 | 546,183 | ||||||
| 290,000 | 5.00%, 11/15/20 | 326,615 | ||||||
| 10,000 | 5.00%, 11/15/22 | 11,724 | ||||||
| 10,000 | Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/21 | 11,505 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 400,000 | 5.00%, 11/15/18 | 424,220 | ||||||
| 75,000 | 5.00%, 11/15/19 | 82,169 | ||||||
| 20,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 11/01/22 | 23,552 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
| 125,000 | 5.00%, 11/01/18 | 132,533 | ||||||
| 75,000 | 5.00%, 11/01/19 | 82,197 | ||||||
| 300,000 | 5.00%, 11/01/21 | 346,461 | ||||||
| 15,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) 5.00%, 11/01/22 | 17,664 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series I (RB) | ||||||||
| 25,000 | 4.50%, 05/01/20 | 27,451 | ||||||
| 35,000 | 4.50%, 05/01/20 | 38,376 | ||||||
| 340,000 | 5.00%, 05/01/18 | 353,770 | ||||||
| 60,000 | 5.00%, 05/01/19 | 64,641 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 250,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries A-1 (RB) 4.00%, 05/01/19 | $ | 264,673 | ||||
| 200,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries D-1 (RB) 5.00%, 02/01/19 | 213,798 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries E-1 (RB) | ||||||||
| 25,000 | 5.00%, 02/01/19 | 26,725 | ||||||
| 500,000 | 5.00%, 02/01/21 | 567,585 | ||||||
| 55,000 | 5.00%, 02/01/22 | 63,810 | ||||||
| 250,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries F-1 (RB) 5.00%, 05/01/20 | 278,172 | ||||||
| 270,000 | New York City Transitional Finance Authority, Series B (RB) 5.00%, 11/01/20 | 304,811 | ||||||
| 1,000,000 | New York City Transitional Finance Authority, Series D (RB) 5.00%, 11/01/19 | 1,095,960 | ||||||
| 500,000 | New York City Transitional Finance Authority, Subseries F-1 (RB) 5.00%, 02/01/20 | 552,425 | ||||||
| 100,000 | New York State Bridge Authority (RB) 4.00%, 01/01/20 | 107,392 | ||||||
| New York State Dormitory Authority, New York State University, Series A (RB) | ||||||||
| 285,000 | 5.00%, 07/01/20 | 317,362 | ||||||
| 215,000 | 5.00%, 07/01/20 | 239,839 | ||||||
| 40,000 | 5.00%, 07/01/21 | 45,748 | ||||||
| 250,000 | New York State Dormitory Authority, School District, Series A (RB) (SAW) 5.00%, 10/01/22 | 292,755 | ||||||
| 700,000 | New York State Dormitory Authority, School of Medicine at Mount Sinai, Series A (RB) 4.00%, 07/01/20 | 753,823 | ||||||
| 10,000 | New York State Dormitory Authority, State Personal Income Tax (RB) 5.00%, 02/15/22 | 11,615 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/15/20 | 553,155 | ||||||
| 460,000 | 5.00%, 02/15/21 | 522,808 | ||||||
| 15,000 | 5.00%, 02/15/23 | 17,751 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 100,000 | 5.00%, 03/15/18 | 103,575 | ||||||
| 250,000 | 5.00%, 03/15/19 | 268,445 | ||||||
| 630,000 | 5.00%, 03/15/20 | 698,575 | ||||||
| 680,000 | 5.00%, 03/15/21 | 774,296 | ||||||
See Notes to Financial Statements
| 99 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) | ||||||||
| $ | 1,260,000 | 5.00%, 03/15/19 | $ | 1,352,963 | ||||
| 200,000 | 5.00%, 03/15/20 | 221,770 | ||||||
| 10,000 | 5.00%, 03/15/23 | 11,853 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 735,000 | 5.00%, 02/15/22 | 853,666 | ||||||
| 10,000 | 5.00%, 02/15/23 | 11,834 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 900,000 | 4.00%, 03/15/21 | 990,981 | ||||||
| 125,000 | 5.00%, 03/15/20 | 138,606 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 920,000 | 4.00%, 03/15/20 | 995,624 | ||||||
| 100,000 | 5.00%, 03/15/19 | 107,378 | ||||||
| 700,000 | 5.00%, 03/15/20 | 777,245 | ||||||
| 300,000 | 5.00%, 03/15/20 | 333,105 | ||||||
| 250,000 | 5.00%, 03/15/21 | 285,175 | ||||||
| New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series A (RB) | ||||||||
| 150,000 | 5.00%, 06/15/19 | 162,501 | ||||||
| 1,250,000 | 5.00%, 06/15/20 | 1,396,900 | ||||||
| 535,000 | 5.00%, 06/15/20 | 597,873 | ||||||
| 280,000 | 5.00%, 06/15/20 | 312,906 | ||||||
| 600,000 | New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series D (RB) 5.00%, 06/15/20 | 670,512 | ||||||
| New York State Thruway Authority, Junior Indebtedness Obligations, Series A (RB) | ||||||||
| 80,000 | 3.00%, 05/01/19 | 82,862 | ||||||
| 60,000 | 5.00%, 05/01/19 | 64,567 | ||||||
| 2,730,000 | New York State Thruway Authority, Series A (RB) 5.00%, 05/01/19 | 2,936,661 | ||||||
| 500,000 | New York State Thruway Authority, Series I (RB) 5.00%, 01/01/20 | 548,640 | ||||||
| 150,000 | New York State Thruway Authority, Series J (RB) 5.00%, 01/01/20 | 164,592 | ||||||
| 750,000 | New York State Thruway Authority, Series K (RB) 5.00%, 01/01/20 | 822,960 | ||||||
| 450,000 | New York State Thruway Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/19 | 483,201 | ||||||
| 10,000 | New York State Urban Development Corp., State Personal Income Tax, Series A-1 (RB) 5.00%, 03/15/23 | 11,853 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 55,000 | New York State Urban Development Corp., State Personal Income Tax, Series C (RB) 5.00%, 03/15/20 | $ | 60,987 | ||||
| 60,000 | Port Authority of New York and New Jersey, One Hundred Seventy-Fifth Series (RB) 5.00%, 12/01/18 | 63,757 | ||||||
| 500,000 | Port Authority of New York and New Jersey, One Hundred Seventy-Ninth Series (RB) 5.00%, 12/01/20 | 565,590 | ||||||
| 20,000 | Sales Tax Asset Receivable Corporation, Series A (RB) 5.00%, 10/15/22 | 23,696 | ||||||
| 275,000 | State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW) 5.00%, 12/01/19 | 301,667 | ||||||
| 150,000 | Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM) 3.00%, 03/01/19 | 153,986 | ||||||
| 90,000 | Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 4.00%, 11/01/20 | 95,732 | ||||||
| Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) | ||||||||
| 85,000 | 5.00%, 11/15/19 | 93,327 | ||||||
| 125,000 | 5.00%, 11/15/20 | 141,291 | ||||||
| 750,000 | 5.00%, 11/15/21 | 868,552 | ||||||
| 40,207,518 | ||||||||
| North Carolina: 1.0% | ||||||||
| 50,000 | City of Charlotte, Series A (GO) 5.00%, 07/01/18 | 52,356 | ||||||
| County of Guilford, Series A (GO) | ||||||||
| 100,000 | 5.00%, 03/01/19 | 107,263 | ||||||
| 245,000 | 5.00%, 03/01/21 | 279,329 | ||||||
| County of Mecklenburg, Series A (GO) | ||||||||
| 140,000 | 5.00%, 12/01/18 | 148,858 | ||||||
| 150,000 | 5.00%, 09/01/21 | 173,075 | ||||||
| 350,000 | County of Mecklenburg, Series B (GO) 5.00%, 12/01/21 | 406,185 | ||||||
| 10,000 | County of Wake, North Carolina Limited Obligation, Series A (RB) 5.00%, 12/01/20 | 11,308 | ||||||
| 305,000 | County of Wake, Public Improvement (GO) 5.00%, 09/01/18 | 321,339 | ||||||
| 330,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue, Series B (RB) 5.00%, 01/01/21 | 373,131 | ||||||
| 225,000 | North Carolina Medical Care Commission, Duke University Health System, Series A (RB) 5.00%, 06/01/18 | 234,722 | ||||||
See Notes to Financial Statements
| 100 |
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A (RB) | ||||||||
| $ | 80,000 | 4.00%, 01/01/19 | $ | 83,726 | ||||
| 40,000 | 4.00%, 01/01/19 | 41,965 | ||||||
| 40,000 | 4.00%, 01/01/20 | 42,794 | ||||||
| 270,000 | State of North Carolina, Series E (GO) 5.00%, 05/01/19 | 291,330 | ||||||
| 2,567,381 | ||||||||
| Ohio: 2.7% | ||||||||
| American Municipal Power, Inc. Combined Hydroelectric Projects Revenue Bonds, Series A (RB) | ||||||||
| 145,000 | 5.00%, 02/15/21 | 163,140 | ||||||
| 15,000 | 5.00%, 02/15/23 | 17,526 | ||||||
| 1,000,000 | City of Cincinnati, Various Purpose, Series A (GO) 5.00%, 12/01/20 | 1,127,430 | ||||||
| City of Columbus, Various Purpose, Series A (GO) | ||||||||
| 250,000 | 2.00%, 08/15/20 | 256,338 | ||||||
| 1,000,000 | 5.00%, 07/01/19 | 1,084,620 | ||||||
| 120,000 | Ohio State Hospital Revenue, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/21 | 135,271 | ||||||
| 120,000 | Ohio State Water Development Authority, Fresh Water, Series A (RB) 5.00%, 12/01/19 | 131,765 | ||||||
| 430,000 | State of Ohio, Common Schools, Series A (GO) 5.00%, 09/15/19 | 469,173 | ||||||
| 100,000 | State of Ohio, Higher Education, Series A (GO) 5.00%, 02/01/20 | 110,456 | ||||||
| State of Ohio, Higher Education, Series B (GO) | ||||||||
| 245,000 | 5.00%, 08/01/18 | 257,336 | ||||||
| 50,000 | 5.00%, 08/01/19 | 54,346 | ||||||
| 50,000 | State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/19 | 54,346 | ||||||
| 50,000 | State of Ohio, Highway Capital Improvement, Series Q (GO) 5.00%, 05/01/18 | 52,030 | ||||||
| State of Ohio, Highway Capital Improvement, Series R (GO) | ||||||||
| 35,000 | 5.00%, 05/01/19 | 37,729 | ||||||
| 250,000 | 5.00%, 05/01/22 | 291,952 | ||||||
| 200,000 | State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/22 | 233,562 | ||||||
| State of Ohio, Infrastructure Improvement, Series C (GO) | ||||||||
| 930,000 | 5.00%, 09/01/21 | 1,070,523 | ||||||
| 10,000 | 5.00%, 12/15/22 | 11,784 | ||||||
| 500,000 | State of Ohio, Infrastructure Project, Series 1B (RB) 5.00%, 12/15/18 | 532,320 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 985,000 | State of Ohio, Third Frontier Research and Development, Series A (GO) 3.00%, 05/01/20 | $ | 1,037,885 | ||||
| 7,129,532 | ||||||||
| Oklahoma: 0.3% | ||||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
| 100,000 | 3.00%, 06/01/18 | 102,030 | ||||||
| 50,000 | 4.00%, 06/01/19 | 52,864 | ||||||
| Oklahoma Development Finance Authority, Health System, Series A (RB) | ||||||||
| 50,000 | 5.00%, 08/15/18 | 52,537 | ||||||
| 500,000 | 5.00%, 08/15/22 | 583,025 | ||||||
| 10,000 | Oklahoma Water Resources Board Revolving, Master Trust, Clean Water Program (RB) 5.00%, 04/01/23 | 11,879 | ||||||
| 802,335 | ||||||||
| Oregon: 0.9% | ||||||||
| 60,000 | City of Portland, Sewer System, First Lien, Series A (RB) 5.00%, 06/01/19 | 64,858 | ||||||
| 250,000 | City of Portland, Water System, First Lien, Series A (RB) 5.00%, 04/01/21 | 285,570 | ||||||
| 200,000 | Medford School District No. 549C (GO) (SBG) 5.00%, 12/15/20 | 226,818 | ||||||
| 15,000 | Oregon State Department of Transportation Highway, User Tax Revenue Senior Lien, Series A (RB) 5.00%, 11/15/22 | 17,751 | ||||||
| Oregon State Facilities Authority, Providence Health and Services, Series A (RB) | ||||||||
| 50,000 | 5.00%, 10/01/20 | 56,028 | ||||||
| 190,000 | 5.00%, 10/01/21 | 218,017 | ||||||
| Oregon State Lottery, Department of Administrative Services, Series B (RB) | ||||||||
| 685,000 | 5.00%, 04/01/19 | 736,731 | ||||||
| 205,000 | 5.00%, 04/01/20 | 227,593 | ||||||
| 10,000 | 5.00%, 04/01/23 | 11,892 | ||||||
| 10,000 | Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/23 | 11,892 | ||||||
| 180,000 | Oregon State Lottery, Department of Administrative Services, Series D (RB) 5.00%, 04/01/20 | 199,838 | ||||||
| 260,000 | Tri-County Metropolitan Transportation District of Oregon Payroll Tax (RB) 5.00%, 05/30/17 (c) | 260,814 | ||||||
| 25,000 | Washington County, Oregon Full Faith and Credit Obligations, Series B (GO) 5.00%, 03/01/23 | 29,788 | ||||||
| 2,347,590 | ||||||||
See Notes to Financial Statements
| 101 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Pennsylvania: 4.4% | ||||||||
| City of Philadelphia, Gas Works Revenue, Thirteenth Series (RB) | ||||||||
| $ | 105,000 | 4.00%, 08/01/18 | $ | 108,513 | ||||
| 400,000 | 5.00%, 08/01/20 | 441,884 | ||||||
| 500,000 | 5.00%, 08/01/21 | 564,430 | ||||||
| 310,000 | City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22 | 360,403 | ||||||
| 40,000 | City of Philadelphia, Water and Wastewater Revenue, Series A (RB) 5.00%, 07/01/20 | 44,450 | ||||||
| Commonwealth of Pennsylvania, First Refunding Series (GO) | ||||||||
| 195,000 | 5.00%, 06/15/18 | 203,683 | ||||||
| 90,000 | 5.00%, 07/01/18 | 94,155 | ||||||
| 220,000 | 5.00%, 07/01/18 | 230,157 | ||||||
| 50,000 | 5.00%, 08/15/19 | 54,195 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 390,000 | 5.00%, 04/01/19 | 417,682 | ||||||
| 260,000 | 5.00%, 06/01/19 | 279,989 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 1,200,000 | 5.00%, 10/15/19 | 1,307,016 | ||||||
| 750,000 | 5.00%, 09/15/22 | 870,150 | ||||||
| 835,000 | County of Allegheny, Series C-73 (GO) 5.00%, 12/01/19 | 909,950 | ||||||
| 200,000 | Monroeville Finance Authority, UPMC Revenue (RB) 5.00%, 02/15/21 | 225,964 | ||||||
| Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series A (RB) | ||||||||
| 545,000 | 4.00%, 02/01/20 | 584,387 | ||||||
| 1,500,000 | 5.00%, 07/01/18 | 1,570,860 | ||||||
| 635,000 | 5.00%, 01/01/19 | 676,732 | ||||||
| 360,000 | 5.00%, 07/01/19 | 390,301 | ||||||
| Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B (RB) | ||||||||
| 275,000 | 5.00%, 01/01/19 (c) | 292,603 | ||||||
| 35,000 | 5.00%, 07/01/19 (c) | 38,048 | ||||||
| 205,000 | 5.00%, 07/01/19 (c) | 222,484 | ||||||
| 700,000 | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System (RB) 5.00%, 08/15/21 | 799,694 | ||||||
| Pennsylvania State University, Series B (RB) | ||||||||
| 315,000 | 5.00%, 09/01/21 | 362,738 | ||||||
| 500,000 | 5.00%, 09/01/22 | 587,875 | ||||||
| 155,000 | School District of Philadelphia, Series D (GO) (SAW) 5.00%, 09/01/18 | 161,121 | ||||||
| 11,799,464 | ||||||||
| Rhode Island: 0.8% | ||||||||
| 15,000 | Rhode Island Commerce Corporation Grant Anticipation, Series A (RB) 5.00%, 06/15/21 | 16,941 | ||||||
| Principal Amount | Value | |||||||
| Rhode Island: (continued) | ||||||||
| $ | 1,000,000 | Rhode Island Health and Educational Building Corp. (RB) 5.00%, 09/01/21 | $ | 1,149,280 | ||||
| 800,000 | State of Rhode Island, Consolidated Capital Development Loan, Series A (GO) 5.00%, 08/01/19 | 868,408 | ||||||
| 100,000 | State of Rhode Island, Consolidated Capital Development Loan, Series D (GO) 5.00%, 08/01/20 | 111,817 | ||||||
| 2,146,446 | ||||||||
| South Carolina: 0.6% | ||||||||
| Beaufort County School District, Series A (GO) | ||||||||
| 50,000 | 5.00%, 03/01/18 | 51,695 | ||||||
| 400,000 | 5.00%, 03/01/20 | 442,720 | ||||||
| 75,000 | Charleston Educational Excellence Financing Corp., Series B (RB) 5.00%, 12/01/20 | 84,333 | ||||||
| 575,000 | Scago Educational Facilities Corporation for Pickens School, District Installment Purchase (RB) 5.00%, 12/01/21 | 656,316 | ||||||
| 350,000 | South Carolina Public Service Authority (RB) 5.00%, 12/01/19 | 378,084 | ||||||
| 1,613,148 | ||||||||
| Tennessee: 0.5% | ||||||||
| 10,000 | Chattanooga, Tennessee Electric System, Series A (RB) 5.00%, 09/01/20 | 11,236 | ||||||
| 90,000 | Metropolitan Government of Nashville and Davidson County Electric Revenue, Series A (GO) 5.00%, 01/01/22 | 103,996 | ||||||
| Shelby County, Series A (GO) | ||||||||
| 25,000 | 4.00%, 03/01/18 | 25,648 | ||||||
| 75,000 | 5.00%, 03/01/21 | 85,358 | ||||||
| 750,000 | State of Tennessee, Series A (GO) 5.00%, 08/01/20 | 841,177 | ||||||
| Tennessee School Board Authority, | ||||||||
| Higher Educational Facilities Second Program, Series C (RB) | ||||||||
| 130,000 | 5.00%, 05/01/19 | 138,195 | ||||||
| 150,000 | 5.00%, 11/01/19 | 164,316 | ||||||
| 1,369,926 | ||||||||
| Texas: 8.8% | ||||||||
| 50,000 | Aldine Independent School District (GO) 5.00%, 02/15/20 | 55,142 | ||||||
| 50,000 | Alvin Independent School District, Series C (GO) 5.00%, 02/15/21 | 56,689 | ||||||
| Austin Independent School District, Series B (GO) | ||||||||
| 295,000 | 5.00%, 08/01/19 | 319,951 | ||||||
| 250,000 | 5.00%, 08/01/22 | 292,727 | ||||||
See Notes to Financial Statements
| 102 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Board of Regents of the Texas A and M University System, Series B (RB) | ||||||||
| $ | 500,000 | 5.00%, 05/15/21 | $ | 572,250 | ||||
| 250,000 | 5.00%, 05/15/22 | 292,267 | ||||||
| 15,000 | City of Austin, Texas, Electric Utility System, Series A (RB) 5.00%, 11/15/22 | 17,586 | ||||||
| 900,000 | City of Austin, Water & Wastewater System Revenue, Series A (RB) 5.00%, 05/15/22 | 1,047,888 | ||||||
| 300,000 | City of Corpus Christi, Utility System Junior Lien (RB) 5.00%, 07/15/19 | 324,606 | ||||||
| City of Dallas (GO) | ||||||||
| 50,000 | 5.00%, 02/15/19 | 52,967 | ||||||
| 100,000 | 5.00%, 02/15/20 | 108,903 | ||||||
| 305,000 | 5.00%, 02/15/20 | 332,154 | ||||||
| 575,000 | 5.00%, 02/15/21 | 637,755 | ||||||
| 500,000 | 5.00%, 02/15/22 | 564,185 | ||||||
| City of Dallas, Fort Worth International Airport, Series B (RB) | ||||||||
| 550,000 | 5.00%, 11/01/18 | 582,554 | ||||||
| 130,000 | 5.00%, 11/01/21 | 149,582 | ||||||
| 500,000 | City of Dallas, Series A (GO) 5.00%, 02/15/20 | 544,515 | ||||||
| City of Dallas, Waterworks and Sewer System Revenue, Series A (RB) | ||||||||
| 50,000 | 5.00%, 10/01/18 | 52,824 | ||||||
| 150,000 | 5.00%, 10/01/20 | 168,512 | ||||||
| 500,000 | 5.00%, 10/01/22 | 585,230 | ||||||
| 100,000 | City of Frisco (GO) 5.00%, 02/15/20 | 110,196 | ||||||
| 65,000 | City of Frisco, Series A (GO) 5.00%, 02/15/22 | 75,169 | ||||||
| City of Houston, Combined Utility System, First Lien, Series C (RB) | ||||||||
| 100,000 | 4.00%, 05/15/21 | 110,244 | ||||||
| 675,000 | 5.00%, 05/15/20 | 750,539 | ||||||
| 500,000 | City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/20 | 563,870 | ||||||
| 325,000 | City of Houston, Public Improvement, Series A (GO) 5.00%, 03/01/19 | 348,052 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 75,000 | 5.00%, 03/01/18 | 77,561 | ||||||
| 550,000 | 5.00%, 03/01/20 | 607,117 | ||||||
| City of San Antonio, Electric and Gas Revenue (RB) | ||||||||
| 160,000 | 5.00%, 02/01/20 | 176,501 | ||||||
| 20,000 | 5.00%, 02/01/22 | 23,214 | ||||||
| 225,000 | City of San Antonio, Electric and Gas Systems Revenue (RB) 5.00%, 02/01/22 | 261,153 | ||||||
| City of San Antonio, General Improvement (GO) | ||||||||
| 500,000 | 5.00%, 02/01/21 | 567,980 | ||||||
| 65,000 | 5.00%, 02/01/21 | 73,837 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 295,000 | City of San Antonio, Water System Revenue (RB) 5.00%, 05/15/20 | $ | 328,013 | ||||
| 480,000 | Clear Creek Independent School District, Series B (GO) 3.00%, 08/14/19 (p) | 493,786 | ||||||
| 50,000 | Dallas Independent School District (GO) 5.00%, 08/15/19 | 54,420 | ||||||
| 220,000 | Fort Bend Independent School District (GO) 5.00%, 08/15/21 | 252,316 | ||||||
| 100,000 | Fort Worth Independent School District (GO) 5.00%, 02/15/22 | 116,145 | ||||||
| 130,000 | Garland Independent School District (GO) 5.00%, 02/15/21 (c) | 146,722 | ||||||
| 70,000 | Harris County Cultural Education Facilities Finance Corp., Texas Children’s Hospital (RB) 5.00%, 10/01/19 | 76,093 | ||||||
| Harris County-Houston Sports Authority, Senior Lien Revenue, Series A (RB) | ||||||||
| 215,000 | 5.00%, 11/15/19 | 233,189 | ||||||
| 1,650,000 | 5.00%, 11/15/20 | 1,835,344 | ||||||
| Houston Independent School District (RB) | ||||||||
| 100,000 | 5.00%, 09/15/19 | 108,864 | ||||||
| 120,000 | 5.00%, 09/15/20 | 134,282 | ||||||
| 265,000 | Houston Independent School District, Series C (GO) 5.00%, 02/15/19 | 283,735 | ||||||
| Lewisville Independent School District, Series A (GO) | ||||||||
| 100,000 | 4.00%, 08/15/18 | 103,880 | ||||||
| 115,000 | 5.00%, 08/15/19 | 125,111 | ||||||
| 55,000 | Metropolitan Transit Authority of Harris County (RB) 5.00%, 11/01/19 | 60,206 | ||||||
| 200,000 | North East Independent School District, Series A (GO) 5.00%, 08/01/18 | 210,046 | ||||||
| 50,000 | North Texas Municipal Water District Water System Revenue (RB) 5.00%, 09/01/20 | 56,023 | ||||||
| 155,000 | North Texas Tollway Authority System, Series A (RB) 5.00%, 01/01/20 | 169,865 | ||||||
| 380,000 | Northside Independent School District (GO) 2.00%, 08/01/19 (p) | 384,343 | ||||||
| 600,000 | Plano Independent School District (GO) 5.00%, 02/15/22 | 695,964 | ||||||
| 150,000 | San Antonio Independent School District, Unlimited Tax School Building (GO) 5.00%, 02/15/21 | 170,303 | ||||||
See Notes to Financial Statements
| 103 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 90,000 | San Antonio Water System, Junior Lien, Series A (RB) 5.00%, 05/15/20 | $ | 99,986 | ||||
| 1,000,000 | Spring Branch Independent School District (GO) 5.00%, 02/01/21 | 1,132,430 | ||||||
| 550,000 | State of Texas, Highway Improvement (GO) 5.00%, 04/01/20 | 610,109 | ||||||
| 1,000,000 | Texas Municipal Gas Acquisition and Supply Corp., Gas Supply (RB) 5.00%, 12/15/20 | 1,114,520 | ||||||
| 840,000 | Texas Public Finance Authority, Series A (GO) 4.00%, 10/01/19 | 897,800 | ||||||
| 290,000 | Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/19 | 311,843 | ||||||
| Texas Transportation Commission, State Highway, First Tier (RB) | ||||||||
| 215,000 | 4.00%, 10/01/18 | 224,168 | ||||||
| 500,000 | 5.00%, 10/01/19 | 546,145 | ||||||
| Texas Transportation Commission, State Highway, First Tier, Series A (RB) | ||||||||
| 160,000 | 5.00%, 04/01/18 | 165,997 | ||||||
| 250,000 | 5.00%, 04/01/20 | 277,322 | ||||||
| Texas Transportation Commission, State Mobility Fund (GO) | ||||||||
| 50,000 | 5.00%, 10/01/19 | 54,627 | ||||||
| 700,000 | 5.00%, 10/01/20 | 787,633 | ||||||
| 280,000 | Trinity River Authority Central Regional Wastewater System Revenue (RB) 5.00%, 08/01/19 | 304,335 | ||||||
| University of Texas System, Series D (RB) | ||||||||
| 500,000 | 5.00%, 08/15/21 | 575,470 | ||||||
| 10,000 | 5.00%, 08/15/22 | 11,755 | ||||||
| 23,656,510 | ||||||||
| Utah: 0.1% | ||||||||
| Intermountain Power Agency, Subordinated Power Supply, Series A (RB) | ||||||||
| 75,000 | 5.00%, 07/01/18 | 78,498 | ||||||
| 125,000 | 5.00%, 07/01/18 (c) | 130,801 | ||||||
| 120,000 | 5.00%, 07/01/18 (c) | 125,582 | ||||||
| 35,000 | 5.00%, 07/01/19 | 37,852 | ||||||
| 15,000 | Utah Transit Authority Sales Tax, Series A (RB) 5.00%, 06/15/22 | 17,400 | ||||||
| 390,133 | ||||||||
| Virginia: 2.0% | ||||||||
| 500,000 | City of Norfolk, Water Revenue (RB) 5.00%, 11/01/19 | 547,070 | ||||||
| 250,000 | County of Fairfax, Series A (GO) (SAW) 5.00%, 10/01/21 (c) | 288,250 | ||||||
| 1,250,000 | County of Fairfax, Series C (GO) (SAW) 5.00%, 10/01/18 | 1,320,962 | ||||||
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 60,000 | Fairfax County, Public Improvement, Series B (GO) (SAW) 4.00%, 10/01/19 | $ | 64,188 | ||||
| Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/01/19 | 534,405 | ||||||
| 500,000 | 5.00%, 02/01/22 | 580,590 | ||||||
| 20,000 | 5.00%, 02/01/23 | 23,705 | ||||||
| 150,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/21 | 170,159 | ||||||
| 55,000 | Virginia College Building Authority, Public Higher Education Financing Program, Series A (RB) 5.00%, 09/01/18 | 57,932 | ||||||
| Virginia Commonwealth Transportation Board, Grant Anticipation Revenue Notes, Series A (RB) | ||||||||
| 55,000 | 5.00%, 03/15/21 | 62,538 | ||||||
| 25,000 | 5.00%, 09/15/22 | 29,368 | ||||||
| 250,000 | Virginia Commonwealth Transportation Board, Series A (RB) 5.00%, 05/15/21 | 285,385 | ||||||
| Virginia Commonwealth Transportation Board, U.S. Route 58 Corridor Development Program, Series B (RB) | ||||||||
| 500,000 | 5.00%, 05/15/20 | 555,795 | ||||||
| 100,000 | 5.00%, 05/15/21 | 114,154 | ||||||
| 20,000 | Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/22 | 23,440 | ||||||
| 125,000 | Virginia Public Building Authority, Series C (RB) 5.00%, 08/01/18 | 131,199 | ||||||
| 500,000 | Virginia Resources Authority, Clean Water State Revolving, Series B (RB) 5.00%, 10/01/21 | 577,195 | ||||||
| 5,366,335 | ||||||||
| Washington: 3.3% | ||||||||
| 30,000 | Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series P-1 (RB) 5.00%, 02/01/19 | 32,064 | ||||||
| 25,000 | Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB) 5.00%, 11/01/22 | 29,526 | ||||||
| 555,000 | City of Seattle, Municipal Light and Power, Series B (RB) 5.00%, 06/01/19 | 599,694 | ||||||
| 100,000 | City of Seattle, Water System Revenue (RB) 5.00%, 09/01/21 | 115,155 | ||||||
See Notes to Financial Statements
| 104 |
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Energy Northwest, Columbia Generating Station Electric, Series A (RB) | ||||||||
| $ | 500,000 | 5.00%, 07/01/18 | $ | 523,260 | ||||
| 1,200,000 | 5.00%, 07/01/19 | 1,300,740 | ||||||
| 65,000 | 5.00%, 07/01/20 | 72,595 | ||||||
| 770,000 | Lake Washington School District No. 414 King County (GO) (SBG) 5.00%, 12/01/18 | 818,341 | ||||||
| 50,000 | Port of Seattle, Intermediate Lien Revenue, Series B (RB) 5.00%, 03/01/23 | 58,874 | ||||||
| 180,000 | Renton School District No. 403 (GO) (SBG) 5.00%, 12/01/18 | 191,272 | ||||||
| Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) | ||||||||
| 145,000 | 5.00%, 09/01/20 | 162,164 | ||||||
| 1,000,000 | 5.00%, 09/01/22 | 1,167,390 | ||||||
| 100,000 | Washington Health Care Facilities Authority, Series A (RB) 5.00%, 10/01/21 | 114,608 | ||||||
| Washington State Federal Highway Grant Anticipation, Series C (RB) | ||||||||
| 1,865,000 | 5.00%, 09/01/18 | 1,962,614 | ||||||
| 100,000 | 5.00%, 09/01/19 | 108,720 | ||||||
| 450,000 | 5.00%, 09/01/20 | 503,266 | ||||||
| 180,000 | Washington State Federal Highway Grant Anticipation, Series F (RB) 5.00%, 09/01/21 | 205,893 | ||||||
| 50,000 | Washington State Motor Vehicle Fuel Tax, Series E (GO) 5.00%, 02/01/23 | 59,173 | ||||||
| Washington State, Various Purpose, Series R-A (GO) | ||||||||
| 75,000 | 5.00%, 07/01/20 | 83,789 | ||||||
| 500,000 | 5.00%, 07/01/20 | 558,590 | ||||||
| 250,000 | Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/19 | 271,155 | ||||||
| 8,938,883 | ||||||||
| Principal Amount | Value | |||||||
| Wisconsin: 0.9% | ||||||||
| $ | 545,000 | City of Madison, Series A (GO) 4.00%, 10/01/22 | $ | 612,237 | ||||
| City of Milwaukee, Series N-2 (GO) | ||||||||
| 250,000 | 5.00%, 05/01/19 | 269,130 | ||||||
| 250,000 | 5.00%, 05/01/21 | 283,802 | ||||||
| State of Wisconsin, Clean Water Revenue, Series 2 (RB) | ||||||||
| 100,000 | 5.00%, 06/01/20 | 111,480 | ||||||
| 25,000 | 5.00%, 06/01/22 | 29,209 | ||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| 90,000 | 5.00%, 05/01/18 | 93,645 | ||||||
| 230,000 | 5.00%, 05/01/20 | 255,919 | ||||||
| 150,000 | State of Wisconsin, Series 2 (GO) 5.00%, 05/01/19 | 161,757 | ||||||
| 275,000 | State of Wisconsin, Series A (GO) 5.00%, 05/01/19 | 296,554 | ||||||
| 200,000 | State of Wisconsin, Series B (GO) 5.00%, 05/01/19 | 215,676 | ||||||
| 50,000 | WPPI Energy Power Supply System, Series A (RB) 5.00%, 07/01/18 | 52,273 | ||||||
| 2,381,682 | ||||||||
| Total Municipal Bonds (Cost: $263,699,525) |
263,254,987 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 0.3% (Cost: $784,620) | ||||||||
| 784,620 | Dreyfus Government Cash Management Fund – Institutional Shares | 784,620 | ||||||
| Total Investments: 98.8% (Cost: $264,484,145) | 264,039,607 | |||||||
| Other assets less liabilities: 1.2% | 3,097,973 | |||||||
| NET ASSETS: 100.0% | $ | 267,137,580 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
See Notes to Financial Statements
| 105 |
VANECK VECTORS AMT-FREE SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments | ||||||||
| By Sector | % of Investments | Value | ||||||
| Education | 6.8 | % | $ | 17,986,184 | ||||
| Health Care | 4.2 | 11,198,941 | ||||||
| Housing | 0.1 | 159,518 | ||||||
| Industrial Revenue | 2.2 | 5,937,931 | ||||||
| Leasing | 5.7 | 14,969,258 | ||||||
| Local | 17.1 | 45,297,476 | ||||||
| Power | 6.1 | 16,074,306 | ||||||
| Solid Waste/Res Recovery | 0.0 | 17,379 | ||||||
| Special Tax | 12.5 | 32,906,010 | ||||||
| State | 24.2 | 63,827,660 | ||||||
| Tobacco | 0.8 | 2,133,957 | ||||||
| Transportation | 13.1 | 34,569,376 | ||||||
| Water & Sewer | 6.9 | 18,176,991 | ||||||
| Money Market Fund | 0.3 | 784,620 | ||||||
| 100.0 | % | $ | 264,039,607 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Municipal Bonds* | $ | — | $ | 263,254,987 | $ | — | $ | 263,254,987 | ||||||||||||
| Money Market Fund | 784,620 | — | — | 784,620 | ||||||||||||||||
| Total | $ | 784,620 | $ | 263,254,987 | $ | — | $ | 264,039,607 | ||||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 106 |
VANECK VECTORS CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS: 99.9% | ||||||||
| 73,052 | Alliance Bernstein National Municipal Income Fund, Inc. | $ | 993,507 | |||||
| 38,611 | BlackRock Investment Quality Municipal Trust, Inc. | 563,334 | ||||||
| 30,266 | BlackRock Long-Term Municipal Advantage Trust | 352,902 | ||||||
| 95,986 | BlackRock Muni Intermediate Duration Fund, Inc. | 1,339,965 | ||||||
| 61,951 | BlackRock MuniAssets Fund, Inc. | 918,114 | ||||||
| 27,498 | BlackRock Municipal 2018 Term Trust | 413,570 | ||||||
| 30,520 | BlackRock Municipal 2020 Term Trust | 480,080 | ||||||
| 124,339 | BlackRock Municipal 2030 Target Term Trust | 2,862,284 | ||||||
| 19,113 | BlackRock Municipal Bond Trust | 290,518 | ||||||
| 64,861 | BlackRock Municipal Income Quality Trust | 913,243 | ||||||
| 80,211 | BlackRock Municipal Income Trust | 1,122,954 | ||||||
| 41,239 | BlackRock Municipal Income Trust II | 617,348 | ||||||
| 52,945 | BlackRock MuniEnhanced Fund, Inc. | 618,927 | ||||||
| 20,012 | BlackRock MuniHoldings Fund II, Inc. | 311,987 | ||||||
| 25,151 | BlackRock MuniHoldings Fund, Inc. | 418,764 | ||||||
| 67,044 | BlackRock MuniHoldings Investment Quality Fund | 975,490 | ||||||
| 50,820 | BlackRock MuniHoldings Quality Fund II, Inc. | 683,021 | ||||||
| 23,830 | BlackRock MuniHoldings Quality Fund, Inc. | 318,845 | ||||||
| 28,235 | BlackRock MuniVest Fund II, Inc. | 436,231 | ||||||
| 99,438 | BlackRock MuniVest Fund, Inc. | 962,560 | ||||||
| 82,952 | BlackRock MuniYield Fund, Inc. | 1,223,542 | ||||||
| 20,407 | BlackRock MuniYield Investment Fund | 317,533 | ||||||
| 51,268 | BlackRock MuniYield Quality Fund II, Inc. | 663,408 | ||||||
| 147,877 | BlackRock MuniYield Quality Fund III, Inc. | 2,073,236 | ||||||
| 67,953 | BlackRock MuniYield Quality Fund, Inc. | 1,028,808 | ||||||
| 49,903 | Deutsche Municipal Income Trust | 663,211 | ||||||
| 46,002 | Dreyfus Municipal Bond Infrastructure Fund, Inc. | 592,046 | ||||||
| 45,764 | Dreyfus Municipal Income, Inc. | 410,503 | ||||||
| 85,289 | Dreyfus Strategic Municipal Bond Fund, Inc. | 715,575 | ||||||
| 94,424 | Dreyfus Strategic Municipals, Inc. | 824,321 | ||||||
| 170,628 | Eaton Vance Municipal Bond Fund | 2,146,500 | ||||||
| 25,396 | Eaton Vance Municipal Bond Fund II | 315,164 | ||||||
| 19,519 | Eaton Vance Municipal Income 2028 Term Trust | 395,260 | ||||||
| 42,271 | Eaton Vance Municipal Income Trust | 544,450 | ||||||
| 26,646 | Eaton Vance National Municipal Opportunities Trust | 576,086 | ||||||
| 110,807 | Invesco Advantage Municipal Income Trust II | 1,256,551 | ||||||
| 71,997 | Invesco Municipal Income Opportunities Trust | 555,817 | ||||||
| 118,938 | Invesco Municipal Opportunity Trust | 1,548,573 | ||||||
| 137,049 | Invesco Municipal Trust | 1,732,299 | ||||||
| 131,638 | Invesco Quality Municipal Income Trust | 1,642,842 | ||||||
| 134,060 | Invesco Trust for Investment Grade Municipals | 1,758,867 | ||||||
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS: (continued) | ||||||||
| 118,631 | Invesco Value Municipal Income Trust | $ | 1,764,043 | |||||
| 59,741 | MainStay Defined Term Municipal Opportunities Fund | 1,162,560 | ||||||
| 70,633 | MFS High Income Municipal Trust | 358,816 | ||||||
| 92,271 | MFS Municipal Income Trust | 647,742 | ||||||
| 29,573 | Neuberger Berman Intermediate Municipal Fund, Inc. | 443,004 | ||||||
| 452,374 | Nuveen AMT-Free Municipal Credit Income Fund | 6,708,706 | ||||||
| 24,880 | Nuveen AMT-Free Municipal Value Fund | 424,204 | ||||||
| 493,155 | Nuveen AMT-Free Quality Municipal Income Fund | 6,677,319 | ||||||
| 56,006 | Nuveen Enhanced Municipal Value Fund | 802,566 | ||||||
| 84,933 | Nuveen Intermediate Duration Municipal Term Fund | 1,110,924 | ||||||
| 32,887 | Nuveen Intermediate Duration Quality Municipal Term Fund | 420,954 | ||||||
| 352,355 | Nuveen Municipal Credit Income Fund | 5,183,142 | ||||||
| 88,726 | Nuveen Municipal High Income Opportunity Fund | 1,172,958 | ||||||
| 449,965 | Nuveen Municipal Value Fund, Inc. | 4,499,650 | ||||||
| 483,630 | Nuveen Quality Municipal Income Fund | 6,688,603 | ||||||
| 43,893 | Nuveen Select Tax-Free Income 2 Portfolio | 600,456 | ||||||
| 32,516 | Nuveen Select Tax-Free Income 3 Portfolio | 470,181 | ||||||
| 40,536 | Nuveen Select Tax-Free Income Portfolio | 578,043 | ||||||
| 32,916 | PIMCO Municipal Income Fund | 443,379 | ||||||
| 78,509 | PIMCO Municipal Income Fund II | 1,008,056 | ||||||
| 42,228 | PIMCO Municipal Income Fund III | 482,666 | ||||||
| 54,539 | Pioneer Municipal High Income Advantage Trust | 612,473 | ||||||
| 57,484 | Pioneer Municipal High Income Trust | 675,437 | ||||||
| 126,504 | Putnam Managed Municipal Income Trust | 934,865 | ||||||
| 90,950 | Putnam Municipal Opportunities Trust | 1,115,956 | ||||||
| 65,659 | Western Asset Managed Municipals Fund, Inc. | 904,781 | ||||||
| 15,582 | Western Asset Municipal Defined Opportunity Trust, Inc. | 351,218 | ||||||
| 54,030 | Western Asset Municipal High Income Fund, Inc. | 401,443 | ||||||
| 23,844 | Western Asset Municipal Partners Fund, Inc. | 369,582 | ||||||
| Total
Closed-End Funds (Cost: $87,342,725) | 83,591,963 | |||||||
| MONEY MARKET FUND: 0.1% (Cost: $94,838) | ||||||||
| 94,838 | Dreyfus Government Cash Management Fund – Institutional Shares | 94,838 | ||||||
| Total Investments: 100.0% (Cost: $87,437,563) | 83,686,801 | |||||||
| Other assets less liabilities: 0.0% | 32,562 | |||||||
| NET ASSETS: 100.0% | $ | 83,719,363 | ||||||
See Notes to Financial Statements
| 107 |
VANECK VECTORS CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Financial | 99.9 | % | $ | 83,591,963 | ||||
| Money Market Fund | 0.1 | 94,838 | ||||||
| 100.0 | % | $ | 83,686,801 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Closed-End Funds | $ | 83,591,963 | $ | — | $ | — | $ | 83,591,963 | |||||||||||
| Money Market Fund | 94,838 | — | — | 94,838 | |||||||||||||||
| Total | $ | 83,686,801 | $ | — | $ | — | $ | 83,686,801 | |||||||||||
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 108 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 97.2% | ||||||||
| Alabama: 1.4% | ||||||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| $ | 745,000 | 6.45%, 05/30/17 (c) | $ | 745,924 | ||||
| 2,250,000 | 6.45%, 05/30/17 (c) | 2,252,790 | ||||||
| Alabama State University, General Tuition and Fee (RB) (XLCA) | ||||||||
| 1,540,000 | 4.63%, 05/30/17 (c) | 1,359,420 | ||||||
| 485,000 | 5.00%, 05/30/17 (c) | 462,772 | ||||||
| 680,000 | 5.25%, 05/30/17 (c) | 680,490 | ||||||
| County of Jefferson, Alabama Sewer Revenue, Series D (RB) | ||||||||
| 10,900,000 | 6.00%, 10/01/23 (c) | 12,544,483 | ||||||
| 8,000,000 | 6.50%, 10/01/23 (c) | 9,620,080 | ||||||
| County of Jefferson, Alabama Sewer Revenue, Series E (RB) | ||||||||
| 100,000 | 6.18%, 10/01/23 (c) ^ | 34,899 | ||||||
| 45,000 | 7.00%, 10/01/23 (c) ^ | 13,249 | ||||||
| 1,250,000 | Huntsville-Redstone Village Special Care Facilities Financing Authority (RB) 5.50%, 05/30/17 (c) | 1,190,787 | ||||||
| 28,904,894 | ||||||||
| Alaska: 0.3% | ||||||||
| Northern Tobacco Securitization Corp., Series A (RB) | ||||||||
| 25,000 | 4.63%, 05/15/17 (c) | 25,010 | ||||||
| 2,430,000 | 5.00%, 05/15/17 (c) | 2,339,823 | ||||||
| 4,680,000 | 5.00%, 05/15/17 (c) | 4,621,313 | ||||||
| 1,420,000 | Northern Tobacco Securitization Corp., Series B (RB) 10.96%, 05/15/17 (c) ^ | 104,427 | ||||||
| 7,090,573 | ||||||||
| American Samoa: 0.0% | ||||||||
| 1,000,000 | American Samoa Economic Development Authority, Series A (RB) 6.63%, 09/01/25 (c) | 938,880 | ||||||
| Arizona: 2.0% | ||||||||
| 485,000 | Apache County Industrial Development Authority, Series A
(RB) 4.50%, 03/01/22 (c) | 515,657 | ||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 200,000 | 5.00%, 02/01/20 | 217,676 | ||||||
| 350,000 | 5.00%, 02/01/21 | 389,697 | ||||||
| 915,000 | 5.00%, 02/01/22 (c) | 990,277 | ||||||
| 730,000 | 5.00%, 02/01/22 (c) | 774,493 | ||||||
| 310,000 | 5.00%, 02/01/22 (c) | 324,074 | ||||||
| Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) | ||||||||
| 330,000 | 5.10%, 05/30/17 (c) | 330,327 | ||||||
| 3,510,000 | 5.20%, 05/30/17 (c) | 3,484,096 | ||||||
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
| 2,000,000 | 6.00%, 07/01/27 (c) | 2,017,960 | ||||||
| 2,000,000 | 6.00%, 07/01/27 (c) | 2,033,240 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
| $ | 250,000 | 5.13%, 07/01/26 (c) | $ | 254,835 | ||||
| 500,000 | 5.25%, 07/01/26 (c) | 510,170 | ||||||
| 500,000 | 5.38%, 07/01/26 (c) | 511,030 | ||||||
| 675,000 | Industrial Development Authority of Phoenix (RB) 5.00%, 07/01/25 (c) | 656,154 | ||||||
| Industrial Development Authority of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
| 500,000 | 4.00%, 07/01/25 | 502,405 | ||||||
| 1,000,000 | 5.00%, 07/01/25 (c) | 1,003,920 | ||||||
| 1,500,000 | 5.00%, 07/01/25 (c) | 1,527,120 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 502,295 | ||||||
| 1,000,000 | Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) 5.00%, 07/01/24 (c) | 1,079,120 | ||||||
| 750,000 | Industrial Development Authority of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c) | 762,075 | ||||||
| Industrial Development Authority of the County of Pima (RB) | ||||||||
| 250,000 | 5.25%, 07/01/26 (c) | 230,420 | ||||||
| 250,000 | 5.38%, 07/01/26 (c) | 226,690 | ||||||
| 250,000 | 5.50%, 07/01/26 (c) | 228,225 | ||||||
| 295,000 | 6.00%, 07/01/20 (c) | 252,951 | ||||||
| 750,000 | Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c) | 766,545 | ||||||
| 400,000 | Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 | 399,248 | ||||||
| Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB) | ||||||||
| 2,860,000 | 5.50%, 07/01/17 (c) | 2,862,831 | ||||||
| 3,045,000 | 5.63%, 07/01/17 (c) | 3,027,978 | ||||||
| 1,400,000 | Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB) 5.25%, 10/01/20 (c) | 1,464,330 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5,190,000 | 5.00%, 12/01/32 | 6,111,744 | ||||||
| 4,315,000 | 5.00%, 12/01/37 | 5,076,727 | ||||||
| 205,000 | 5.25%, 12/01/23 | 241,170 | ||||||
| 65,000 | 5.25%, 12/01/24 | 76,875 | ||||||
| 140,000 | 5.25%, 12/01/25 | 166,344 | ||||||
| 75,000 | 5.25%, 12/01/27 | 89,895 | ||||||
| 180,000 | 5.25%, 12/01/28 | 216,236 | ||||||
| 285,000 | 5.50%, 12/01/29 | 350,433 | ||||||
See Notes to Financial Statements
| 109 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| $ | 1,000,000 | Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB) 6.25%, 12/01/21 (c) | $ | 1,045,550 | ||||
| 1,000,000 | The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB) 6.00%, 07/01/20 (c) | 708,110 | ||||||
| 41,928,923 | ||||||||
| California: 15.7% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
| 2,000,000 | 5.00%, 10/01/26 (c) | 2,231,920 | ||||||
| 7,000,000 | 5.00%, 10/01/26 (c) | 7,799,890 | ||||||
| 5,000,000 | 5.00%, 10/01/26 (c) | 5,613,850 | ||||||
| 1,650,000 | 5.00%, 10/01/26 (c) | 1,846,944 | ||||||
| Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
| 500,000 | 4.00%, 09/01/23 (c) | 483,530 | ||||||
| 750,000 | 4.00%, 09/01/23 (c) | 736,672 | ||||||
| 200,000 | 4.00%, 09/01/23 (c) | 198,766 | ||||||
| Antelope Valley Healthcare District, Series A (RB) | ||||||||
| 300,000 | 5.00%, 03/01/26 (c) | 279,231 | ||||||
| 1,250,000 | 5.25%, 03/01/26 (c) | 1,259,562 | ||||||
| 30,000 | California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/30/17 (c) | 30,277 | ||||||
| 105,000 | California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. (RB) 5.25%, 05/15/17 (c) | 103,914 | ||||||
| California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A (RB) | ||||||||
| 4,115,000 | 5.00%, 06/01/17 (c) | 3,990,357 | ||||||
| 15,000 | 5.00%, 06/01/17 (c) | 14,981 | ||||||
| 25,000 | California County Tobacco Securitization Agency, Kern County Tobacco Funding Corp. (RB) 5.00%, 06/01/21 | 28,332 | ||||||
| California County Tobacco Securitization Agency, Series A (RB) | ||||||||
| 1,200,000 | 5.45%, 12/01/18 (c) | 1,214,028 | ||||||
| 3,555,000 | 5.60%, 12/01/18 (c) | 3,577,716 | ||||||
| 8,190,000 | 5.70%, 12/01/18 (c) | 8,206,216 | ||||||
| 23,250,000 | California County Tobacco Securitization Agency, Series C (RB) 10.91%, 05/15/17 (c) ^ | 1,299,442 | ||||||
| 18,500,000 | California County Tobacco Securitization Agency, Series D (RB) 11.80%, 05/15/17 (c) ^ | 650,090 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB) | ||||||||
| $ | 150,000 | 5.00%, 05/30/17 (c) | $ | 150,090 | ||||
| 1,095,000 | 5.13%, 05/30/17 (c) | 1,094,956 | ||||||
| 2,000,000 | 5.25%, 05/30/17 (c) | 1,988,280 | ||||||
| 80,000 | California Health Facilities Financing Authority, Series A (RB) 4.25%, 11/15/22 (c) | 82,953 | ||||||
| California Municipal Finance Authority, California Baptist University (RB) | ||||||||
| 500,000 | 5.50%, 11/01/25 (c) | 515,035 | ||||||
| 1,000,000 | 6.13%, 11/01/23 (c) | 1,056,960 | ||||||
| 60,000 | California Municipal Finance Authority, Community Hospitals of Central California Obligated Group (RB) 5.50%, 02/01/19 (c) | 64,689 | ||||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
| 1,095,000 | 4.00%, 02/01/27 (c) | 1,095,821 | ||||||
| 500,000 | 4.25%, 02/01/25 (c) | 512,585 | ||||||
| 800,000 | 5.00%, 02/01/25 (c) | 864,392 | ||||||
| 280,000 | 5.00%, 02/01/27 (c) | 309,056 | ||||||
| 500,000 | 5.00%, 02/01/27 (c) | 550,165 | ||||||
| 750,000 | 5.00%, 02/01/27 (c) | 816,307 | ||||||
| 1,000,000 | California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.75%, 07/01/20 (c) | 1,078,230 | ||||||
| 330,000 | California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.00%, 03/01/25 | 338,570 | ||||||
| 500,000 | California Municipal Finance Authority, Northbay Healthcare Group (RB) 5.25%, 11/01/26 (c) | 547,730 | ||||||
| 500,000 | California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) 5.00%, 07/01/26 (c) | 494,435 | ||||||
| California Municipal Finance Authority, Rocketship Education, Series A (RB) | ||||||||
| 850,000 | 6.00%, 06/01/22 (c) | 897,226 | ||||||
| 930,000 | 7.00%, 06/01/22 (c) | 1,030,914 | ||||||
| 1,500,000 | California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) | 1,563,225 | ||||||
| 1,000,000 | California Municipal Finance Authority, Series A (RB) 5.63%, 03/01/25 (c) | 992,270 | ||||||
| 750,000 | California Pollution Control Financing Authority, Pacific Gas and Electric Co. (RB) (FGIC) 4.75%, 06/01/17 (c) | 751,897 | ||||||
| 1,000,000 | California Public Finance Authority, Henry Mayo Newhall Hospital (RB) 5.00%, 10/15/26 (c) | 1,061,050 | ||||||
See Notes to Financial Statements
| 110 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
| $ | 4,150,000 | 5.00%, 07/01/27 (c) | $ | 4,422,074 | ||||
| 300,000 | 5.00%, 07/01/27 (c) | 322,239 | ||||||
| 385,000 | 5.00%, 07/01/27 (c) | 421,583 | ||||||
| California School Finance Authority, Rocketship Education Obligated Group, Series A (RB) | ||||||||
| 250,000 | 5.13%, 06/01/26 (c) | 250,440 | ||||||
| 250,000 | 5.25%, 06/01/26 (c) | 250,885 | ||||||
| 110,000 | California Statewide Communities Development Authority, Children’s Hospitals (RB) 5.00%, 08/15/17 (c) | 111,236 | ||||||
| 1,010,000 | California Statewide Communities Development Authority, GNMA Collateralized-740 S. Olive St. Apartments, Series L (RB) 4.90%, 07/20/19 (c) | 1,056,975 | ||||||
| 90,000 | California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/20 | 98,409 | ||||||
| 75,000 | California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c) | 83,261 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
| 1,100,000 | 5.00%, 06/01/26 (c) | 1,232,792 | ||||||
| 200,000 | 5.00%, 06/01/26 (c) | 225,808 | ||||||
| 3,535,000 | 5.00%, 06/01/26 (c) | 3,743,777 | ||||||
| 800,000 | 5.00%, 06/01/26 (c) | 854,720 | ||||||
| 5,940,000 | 5.25%, 12/01/24 (c) | 6,465,631 | ||||||
| 4,655,000 | 5.25%, 12/01/24 (c) | 4,987,972 | ||||||
| 2,000,000 | 5.25%, 12/01/24 (c) | 2,225,520 | ||||||
| 7,460,000 | 5.50%, 12/01/24 (c) | 8,053,443 | ||||||
| California Statewide Communities Development Authority, Series A (RB) | ||||||||
| 8,350,000 | 5.00%, 06/01/26 (c) | 8,814,009 | ||||||
| 11,150,000 | 5.25%, 06/01/26 (c) | 11,956,033 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB) 6.00%, 10/01/22 (c) | 1,073,770 | ||||||
| California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
| 1,915,000 | 5.50%, 05/30/17 (c) | 1,771,835 | ||||||
| 355,000 | 5.75%, 05/30/17 (c) | 354,965 | ||||||
| 3,210,000 | 5.75%, 05/30/17 (c) | 3,097,586 | ||||||
| 2,410,000 | 5.75%, 05/30/17 (c) | 2,353,341 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 40,000 | California Statewide Community Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/30/17 (c) | $ | 39,842 | ||||
| 50,000,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB) 8.82%, 05/15/17 (c) ^ | 2,694,000 | ||||||
| California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series A (RB) | ||||||||
| 900,000 | 6.00%, 05/30/17 (c) | 920,538 | ||||||
| 7,350,000 | 7.10%, 05/15/17 (c) ^ | 1,109,335 | ||||||
| 3,175,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 05/30/17 (c) | 3,247,453 | ||||||
| 110,000,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 12.13%, 05/30/17 (c) ^ | 3,672,900 | ||||||
| 120,000 | Cathedral City, California Public Financing Authority (AMBAC) (TA) 4.50%, 08/01/17 (c) | 120,176 | ||||||
| 55,000 | Chino Public Financing Authority (ST) 5.00%, 09/01/22 (c) | 58,344 | ||||||
| 250,000 | City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | 262,483 | ||||||
| City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
| 1,000,000 | 4.00%, 09/01/23 (c) | 1,002,280 | ||||||
| 1,800,000 | 4.00%, 09/01/23 (c) | 1,783,782 | ||||||
| 250,000 | 4.00%, 09/01/23 (c) | 254,475 | ||||||
| 230,000 | 4.00%, 09/01/23 (c) | 236,675 | ||||||
| 250,000 | 4.00%, 09/01/23 (c) | 255,860 | ||||||
| 750,000 | City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c) | 803,197 | ||||||
| 125,000 | City of Long Beach, California Marina System Revenue (RB) 5.00%, 05/15/25 (c) | 135,389 | ||||||
| 110,000 | City of Marysville, Fremont-Rideout Health Group (RB) 5.25%, 01/01/21 (c) | 107,611 | ||||||
| 1,000,000 | City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) | 1,078,260 | ||||||
| 200,000 | City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) | 212,144 | ||||||
| 225,000 | City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21 | 254,536 | ||||||
See Notes to Financial Statements
| 111 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,070,000 | City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c) | $ | 1,152,165 | ||||
| 25,000 | County of Sacramento (CP) (AMBAC) 4.75%, 05/30/17 (c) | 25,061 | ||||||
| County of Sacramento, Community Facilities District N. 2005-2 (ST) | ||||||||
| 500,000 | 5.00%, 09/01/26 (c) | 531,415 | ||||||
| 350,000 | 5.00%, 09/01/26 (c) | 373,356 | ||||||
| 800,000 | Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c) | 868,216 | ||||||
| Foothill Transportation Corridor Agency, Tall Road Revenue, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 01/15/24 (c) | 1,138,410 | ||||||
| 2,500,000 | 6.00%, 01/15/24 (c) | 2,875,075 | ||||||
| Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) | ||||||||
| 370,000 | 5.00%, 07/15/19 (c) (p) | 393,103 | ||||||
| 1,000,000 | 6.00%, 01/15/24 (c) | 1,146,810 | ||||||
| 6,525,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 7,429,300 | ||||||
| 1,000,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series C (RB) 6.50%, 01/15/24 (c) | 1,149,390 | ||||||
| 73,235,000 | Golden State Tobacco Securitization Corp. (RB) 7.90%, 06/01/17 (c) ^ | 9,972,410 | ||||||
| Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) | ||||||||
| 1,020,000 | 4.50%, 06/01/17 (c) | 1,022,346 | ||||||
| 6,795,000 | 5.00%, 06/01/17 (c) | 6,837,469 | ||||||
| 2,000,000 | 5.00%, 06/01/22 | 2,284,160 | ||||||
| 2,500,000 | 5.00%, 06/01/23 | 2,890,000 | ||||||
| 2,500,000 | 5.00%, 06/01/25 | 2,936,550 | ||||||
| 1,000,000 | 5.00%, 06/01/27 | 1,186,200 | ||||||
| 15,750,000 | 5.13%, 06/01/17 (c) | 15,748,897 | ||||||
| 29,955,000 | 5.75%, 06/01/17 (c) | 30,099,683 | ||||||
| 1,865,000 | 5.75%, 06/01/17 (c) | 1,871,099 | ||||||
| 14,500,000 | Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB) 5.30%, 06/01/22 (c) | 14,705,320 | ||||||
| 250,000 | Independent Cities Finance Authority (RB) 3.75%, 10/15/26 (c) | 229,895 | ||||||
| Inland Empire Tobacco Securitization Authority (RB) | ||||||||
| 9,000,000 | 7.06%, 06/01/17 (c) ^ | 1,221,930 | ||||||
| 30,000,000 | 9.20%, 06/01/17 (c) ^ | 854,100 | ||||||
| 4,965,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB) 4.63%, 06/01/17 (c) | 4,968,575 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 775,000 | Inland Empire Tobacco Securitization Authority, Series B (RB) 5.75%, 06/01/21 (c) | $ | 816,594 | ||||
| 500,000 | Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/25 (c) | 526,400 | ||||||
| 50,000 | Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c) | 55,718 | ||||||
| Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) | ||||||||
| 240,000 | 5.00%, 11/15/29 | 278,122 | ||||||
| 185,000 | 5.00%, 11/15/35 | 213,803 | ||||||
| 2,550,000 | 5.50%, 11/15/32 | 3,102,126 | ||||||
| 2,825,000 | Long Beach Bond Finance Authority, Series A (RB) 5.50%, 11/15/30 | 3,423,052 | ||||||
| 1,000,000 | MSR Energy Authority, Series A (RB) 6.50%, 11/01/39 | 1,396,400 | ||||||
| 1,680,000 | MSR Energy Authority, Series B (RB) 6.13%, 11/01/29 | 2,123,234 | ||||||
| MSR Energy Authority, Series C (RB) | ||||||||
| 700,000 | 6.13%, 11/01/29 | 884,681 | ||||||
| 3,850,000 | 6.50%, 11/01/39 | 5,354,464 | ||||||
| 3,105,000 | 7.00%, 11/01/34 | 4,391,122 | ||||||
| Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
| 1,000,000 | 4.25%, 08/15/25 (c) | 998,550 | ||||||
| 465,000 | 5.25%, 08/15/25 (c) | 505,953 | ||||||
| Palomar Health (RB) | ||||||||
| 500,000 | 5.00%, 11/01/26 (c) | 536,725 | ||||||
| 250,000 | 5.00%, 11/01/26 (c) | 275,190 | ||||||
| 365,000 | Palomar Pomerado Health Certificates (CP) 6.00%, 11/01/20 (c) | 393,521 | ||||||
| 115,000 | Patterson Public Financing Authority, Community Facilities District No. 2001-1, Series A (ST) 4.00%, 09/01/21 | 120,096 | ||||||
| 1,000,000 | Perris Union High School District (ST) 5.00%, 03/01/25 (c) | 1,049,710 | ||||||
| 750,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) | 821,542 | ||||||
| 180,000 | Rancho Cordova Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c) | 181,951 | ||||||
| 3,000,000 | River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.50%, 09/01/22 (c) | 3,193,020 | ||||||
| 20,000 | Roseville Finance Authority, Senior Lien, Series A (AMBAC) (ST) 4.38%, 09/01/17 (c) | 19,999 | ||||||
| 3,600,000 | San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c) | 4,138,380 | ||||||
| 20,000 | San Francisco City and County Redevelopment Agency (TA) 6.25%, 02/01/21 (c) | 23,240 | ||||||
See Notes to Financial Statements
| 112 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| San Joaquin Hills Transportation Corridor Agency (RB) | ||||||||
| $ | 3,780,000 | 5.00%, 01/15/25 (c) | $ | 4,082,778 | ||||
| 1,750,000 | 5.00%, 01/15/25 (c) | 1,897,472 | ||||||
| 2,300,000 | 5.00%, 01/15/25 (c) | 2,530,989 | ||||||
| 500,000 | 5.00%, 01/15/25 (c) | 566,075 | ||||||
| 200,000 | 5.25%, 01/15/25 (c) | 214,770 | ||||||
| 555,000 | San Jose Redevelopment Agency, Series B (TA) (XLCA) 4.25%, 08/01/17 (c) | 556,804 | ||||||
| 275,000 | San Jose Redevelopment Agency, Series D (AMBAC) (TA) 5.00%, 08/01/17 (c) | 277,563 | ||||||
| Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) | ||||||||
| 500,000 | 5.00%, 03/01/26 (c) | 529,980 | ||||||
| 500,000 | 5.00%, 03/01/26 (c) | 533,020 | ||||||
| 9,000,000 | Silicon Valley, California Tobacco Securitization Authority, Series A (RB) 7.40%, 06/01/17 (c) ^ | 3,123,630 | ||||||
| 28,500,000 | Silicon Valley, California Tobacco Securitization Authority, Series D (RB) 11.32%, 06/01/17 (c) ^ | 1,077,300 | ||||||
| 1,010,000 | Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST) 5.38%, 09/01/22 (c) | 1,077,983 | ||||||
| Tobacco Securitization Authority of Northern California, Series A-1 (RB) | ||||||||
| 2,040,000 | 5.38%, 05/15/17 (c) | 2,036,083 | ||||||
| 6,025,000 | 5.50%, 05/15/17 (c) | 6,024,819 | ||||||
| Tobacco Securitization Authority of Southern California, Series A-1 (RB) | ||||||||
| 5,455,000 | 5.00%, 05/15/17 (c) | 5,455,164 | ||||||
| 7,415,000 | 5.13%, 05/15/17 (c) | 7,414,778 | ||||||
| Tustin Community Facilities District, Series A (ST) | ||||||||
| 100,000 | 5.00%, 09/01/25 (c) | 107,165 | ||||||
| 100,000 | 5.00%, 09/01/25 (c) | 107,532 | ||||||
| 750,000 | Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 809,355 | ||||||
| 730,000 | Vernon Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 784,976 | ||||||
| 2,500,000 | West Contra Costa Healthcare District (CP) 6.25%, 07/01/21 (c) | 2,700,550 | ||||||
| 665,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 664,727 | ||||||
| 445,000 | William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c) | 470,454 | ||||||
| 331,678,633 | ||||||||
| Principal Amount | Value | |||||||
| Colorado: 1.8% | ||||||||
| $ | 1,000,000 | Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c) | $ | 1,017,750 | ||||
| Centerra Metropolitan District No. 1 (TA) | ||||||||
| 500,000 | 5.00%, 12/01/22 (c) | 499,970 | ||||||
| 500,000 | 5.00%, 12/01/22 (c) | 503,100 | ||||||
| 500,000 | 5.00%, 12/01/22 (c) | 533,740 | ||||||
| City and County of Denver, Special Facilities Airport Revenue, United Air Lines Project, Series A (RB) | ||||||||
| 700,000 | 5.25%, 10/01/17 (c) | 705,726 | ||||||
| 2,000,000 | 5.75%, 10/01/17 (c) | 2,021,220 | ||||||
| 1,035,000 | City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,070,552 | ||||||
| Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project (RB) | ||||||||
| 500,000 | 5.00%, 07/01/26 (c) | 498,445 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 503,620 | ||||||
| 85,000 | Colorado Health Facilities Authority (RB) 5.25%, 05/30/17 (c) | 85,076 | ||||||
| Colorado Health Facilities Authority, Catholic Health Initiatives, Series A (RB) | ||||||||
| 335,000 | 4.50%, 05/30/17 (c) | 335,342 | ||||||
| 895,000 | 5.00%, 07/01/19 (c) | 916,471 | ||||||
| 150,000 | 5.00%, 02/01/21 (c) | 163,601 | ||||||
| 200,000 | 5.00%, 02/01/21 (c) | 204,364 | ||||||
| 80,000 | 5.25%, 07/01/19 (c) | 85,033 | ||||||
| 350,000 | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 12/01/22 (c) | 371,644 | ||||||
| 690,000 | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series B (RB) 4.00%, 12/01/22 (c) | 701,723 | ||||||
| Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) | ||||||||
| 950,000 | 5.20%, 05/30/17 (c) | 950,418 | ||||||
| 1,700,000 | 5.30%, 05/30/17 (c) | 1,699,847 | ||||||
| Colorado Health Facilities Authority, Senior Residences Project (RB) | ||||||||
| 1,500,000 | 7.00%, 06/01/22 (c) (d) * | 1,186,125 | ||||||
| 1,000,000 | 6.75%, 06/01/22 (c) (d) * | 828,510 | ||||||
| 1,150,000 | Colorado Health Facilities Authority, Sunny Vista Living Center Project (RB) 6.13%, 12/01/25 (c) | 1,204,165 | ||||||
| 2,075,000 | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB) 5.00%, 06/01/22 (c) | 2,130,091 | ||||||
| 1,005,000 | Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23 | 1,210,563 | ||||||
See Notes to Financial Statements
| 113 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| Copperleaf Metropolitan District No. 2 (GO) | ||||||||
| $ | 500,000 | 5.25%, 12/01/20 (c) | $ | 514,245 | ||||
| 500,000 | 5.75%, 12/01/20 (c) | 514,290 | ||||||
| Denver Convention Center Hotel Authority (RB) | ||||||||
| 250,000 | 5.00%, 12/01/26 (c) | 274,523 | ||||||
| 1,000,000 | 5.00%, 12/01/26 (c) | 1,113,400 | ||||||
| 25,000 | Denver Health and Hospital Authority, Series A (RB) 4.75%, 05/30/17 (c) | 25,045 | ||||||
| Dominion Water and Sanitation District (RB) | ||||||||
| 1,500,000 | 5.75%, 12/01/21 (c) | 1,544,550 | ||||||
| 500,000 | 6.00%, 12/01/21 (c) | 516,120 | ||||||
| Eaton Area Park and Recreation District (GO) | ||||||||
| 250,000 | 5.25%, 12/01/22 (c) | 265,093 | ||||||
| 310,000 | 5.50%, 12/01/22 (c) | 332,072 | ||||||
| 250,000 | 5.50%, 12/01/22 (c) | 271,960 | ||||||
| Lambertson Farms Metropolitan District No. 1 (GO) | ||||||||
| 500,000 | 5.75%, 12/15/23 (c) | 500,780 | ||||||
| 500,000 | 6.00%, 12/15/23 (c) | 500,770 | ||||||
| Park Creek Metropolitan District, Series A (RB) | ||||||||
| 1,500,000 | 5.00%, 12/01/25 (c) | 1,593,405 | ||||||
| 650,000 | 5.00%, 12/01/25 (c) | 700,700 | ||||||
| 6,115,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue (RB) 6.50%, 11/15/38 | 8,362,140 | ||||||
| 1,000,000 | Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c) | 1,001,210 | ||||||
| 37,457,399 | ||||||||
| Connecticut: 0.4% | ||||||||
| 455,000 | Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 06/01/17 (c) | 455,187 | ||||||
| City of Hartford, Series A (GO) | ||||||||
| 250,000 | 5.00%, 04/01/20 | 257,350 | ||||||
| 475,000 | 5.00%, 04/01/23 (c) | 475,703 | ||||||
| Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) | ||||||||
| 616,000 | 7.00%, 04/01/20 (c) | 665,397 | ||||||
| 1,500,000 | 7.88%, 04/01/20 (c) | 1,654,245 | ||||||
| Mohegan Tribe of Indians of Connecticut (RB) | ||||||||
| 700,000 | 4.75%, 02/01/20 | 705,362 | ||||||
| 250,000 | 5.75%, 02/01/24 | 260,165 | ||||||
| 1,000,000 | 6.25%, 02/01/26 (c) | 1,063,550 | ||||||
| Town of Hamden, Connecticut, Series A (RB) | ||||||||
| 455,000 | 7.63%, 01/01/20 (c) | 469,055 | ||||||
| 2,000,000 | 7.75%, 01/01/20 (c) | 2,046,720 | ||||||
| 8,052,734 | ||||||||
| Principal Amount | Value | |||||||
| Delaware: 0.0% | ||||||||
| $ | 275,000 | Delaware Economic Development Authority, Indian River Power, LLC Project (RB) 5.38%, 10/01/20 (c) | $ | 285,513 | ||||
| Delaware State Economic Development Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/26 (c) | 495,435 | ||||||
| 250,000 | 5.00%, 06/01/26 (c) | 253,085 | ||||||
| 1,034,033 | ||||||||
| District of Columbia: 1.7% | ||||||||
| District of Columbia Provident Group-Howard Properties, LLC (RB) | ||||||||
| 675,000 | 5.00%, 10/01/22 (c) | 612,373 | ||||||
| 395,000 | 5.00%, 10/01/22 (c) | 373,607 | ||||||
| 1,115,000 | 5.00%, 10/01/22 (c) | 1,105,288 | ||||||
| District of Columbia Tobacco Settlement Financing Corp. (RB) | ||||||||
| 14,000 | 6.50%, 05/15/33 | 15,881 | ||||||
| 56,785,000 | 6.82%, 05/30/17 (c) ^ | 7,944,789 | ||||||
| 11,835,000 | 10.46%, 05/15/17 (c) ^ | 1,195,690 | ||||||
| 5,010,000 | District of Columbia, National Center for Law Enforcement Issue, Series A (RB) 7.75%, 07/01/21 (c) | 5,164,709 | ||||||
| 1,000,000 | District of Columbia, National Center for Law Enforcement Issue, Series B (RB) 6.38%, 05/30/17 (c) | 1,001,880 | ||||||
| District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) | ||||||||
| 985,000 | 6.25%, 04/01/21 (c) | 1,017,259 | ||||||
| 1,525,000 | 6.50%, 04/01/21 (c) | 1,544,459 | ||||||
| 1,450,000 | 6.50%, 04/01/21 (c) | 1,489,599 | ||||||
| 1,110,000 | District of Columbia, The Howard University Issue, Series A (RB) 6.25%, 04/01/21 (c) | 1,180,563 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | ||||||||
| 25,000,000 | 4.53%, 10/01/37 ^ | 10,080,000 | ||||||
| 245,000 | 6.50%, 10/01/28 (c) (e) | 283,597 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series A (RB) | ||||||||
| 705,000 | 3.59%, 10/01/37 ^ | 279,751 | ||||||
| 1,880,000 | 5.00%, 04/01/22 (c) | 1,979,283 | ||||||
| 35,268,728 | ||||||||
| Florida: 4.0% | ||||||||
| 1,490,000 | Alachua County, Florida Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c) | 1,752,657 | ||||||
See Notes to Financial Statements
| 114 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB) | ||||||||
| $ | 1,530,000 | 8.00%, 11/15/21 (c) | $ | 1,772,490 | ||||
| 1,000,000 | 8.13%, 11/15/21 (c) | 1,150,230 | ||||||
| 1,335,000 | Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c) | 1,397,959 | ||||||
| 2,000,000 | Capital Trust Agency, Inc. (RB) 7.75%, 01/01/21 (c) | 1,825,200 | ||||||
| 500,000 | Capital Trust Agency, Inc., Tallahassee Tapestry Senior Housing Project, Series A (RB) 7.13%, 12/01/25 (c) | 502,980 | ||||||
| 1,000,000 | Capital Trust Agency, Inc., Tuscan Senior Living Community Project, Series A (RB) 7.00%, 04/01/22 (c) | 1,004,120 | ||||||
| City of Tallahassee, Florida Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
| 1,310,000 | 4.00%, 06/01/25 (c) | 1,296,402 | ||||||
| 300,000 | 5.00%, 06/01/25 (c) | 317,130 | ||||||
| 2,500,000 | 5.00%, 06/01/25 (c) | 2,656,775 | ||||||
| City of Tallahassee, Florida Health Facilities Authority, Memorial Healthcare, Inc. Project, Series A (RB) | ||||||||
| 475,000 | 4.00%, 12/01/25 (c) | 456,646 | ||||||
| 5,040,000 | 5.00%, 12/01/25 (c) | 5,290,589 | ||||||
| 100,000 | Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) 8.13%, 05/15/24 (c) | 114,386 | ||||||
| County of Alachua, Florida Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) | ||||||||
| 350,000 | 5.63%, 11/15/17 (c) | 353,262 | ||||||
| 1,640,000 | 5.88%, 11/15/17 (c) | 1,645,117 | ||||||
| 1,660,000 | County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.88%, 11/15/17 (c) | 1,662,839 | ||||||
| 55,000 | County of Brevard (RB) 6.75%, 11/01/19 (c) | 58,035 | ||||||
| County of Miami-Dade, Florida Seaport Department, Series A (RB) | ||||||||
| 190,000 | 5.00%, 10/01/23 (c) | 215,563 | ||||||
| 65,000 | 5.38%, 10/01/23 (c) | 74,965 | ||||||
| 175,000 | 6.00%, 10/01/23 (c) | 209,696 | ||||||
| 2,160,000 | County of Miami-Dade, Florida Seaport Department, Series B (RB) 6.00%, 10/01/23 (c) | 2,547,720 | ||||||
| 1,100,000 | County of Miami-Dade, Industrial Development Authority, Series A (RB) 5.00%, 06/01/25 (c) | 1,054,790 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Florida Development Finance Corp. (RB) | ||||||||
| $ | 1,000,000 | 7.00%, 06/01/22 (c) | $ | 809,150 | ||||
| 1,000,000 | 7.00%, 06/01/22 (c) | 809,280 | ||||||
| Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) | ||||||||
| 1,000,000 | 4.75%, 07/15/26 (c) | 912,780 | ||||||
| 500,000 | 6.00%, 06/15/27 (c) | 499,960 | ||||||
| 1,000,000 | 6.13%, 06/15/27 (c) | 999,240 | ||||||
| Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) | ||||||||
| 360,000 | 5.63%, 06/15/24 (c) | 347,828 | ||||||
| 450,000 | 5.88%, 06/15/24 (c) | 433,251 | ||||||
| 695,000 | 6.00%, 06/15/24 (c) | 658,519 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 06/15/24 (c) | 1,037,120 | ||||||
| 500,000 | 6.00%, 06/15/25 (c) | 513,785 | ||||||
| 585,000 | 6.13%, 06/15/25 (c) | 600,169 | ||||||
| 2,850,000 | 7.63%, 06/15/21 (c) | 3,204,996 | ||||||
| Halifax Hospital Medical Center (RB) | ||||||||
| 550,000 | 3.75%, 06/01/26 (c) | 497,987 | ||||||
| 845,000 | 4.00%, 06/01/26 (c) | 836,373 | ||||||
| 85,000 | Lakes by the Bay South Community Development District (SA) 5.00%, 11/01/22 (c) | 85,797 | ||||||
| 130,000 | Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB) 5.00%, 05/30/17 (c) | 130,220 | ||||||
| Lee County, Florida Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB) | ||||||||
| 2,130,000 | 5.25%, 06/15/17 (c) | 2,132,662 | ||||||
| 3,500,000 | 5.38%, 06/15/17 (c) | 3,500,280 | ||||||
| 1,475,000 | 5.75%, 06/15/22 (c) | 1,478,776 | ||||||
| 300,000 | Leon County Educational Facilities Authority, Heritage
Grove Project (RB) (ACA) 5.13%, 05/30/17 (c) | 288,927 | ||||||
| Martin County Health Facilities Authority, Martin Memorial Medical Center (RB) | ||||||||
| 530,000 | 4.00%, 11/15/24 (c) | 530,678 | ||||||
| 390,000 | 4.25%, 11/15/24 (c) | 382,418 | ||||||
| Martin County, Florida Health Facilities Authority (RB) | ||||||||
| 100,000 | 5.13%, 11/15/21 (c) | 107,450 | ||||||
| 800,000 | 5.50%, 11/15/21 (c) | 885,248 | ||||||
| 1,250,000 | 5.50%, 11/15/21 (c) | 1,362,700 | ||||||
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) | ||||||||
| 1,950,000 | 4.25%, 11/15/19 (c) | 1,951,365 | ||||||
| 925,000 | 5.00%, 11/15/24 (c) | 985,264 | ||||||
| 1,910,000 | 5.00%, 11/15/24 (c) | 2,044,693 | ||||||
See Notes to Financial Statements
| 115 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 250,000 | Miami World Center Community Development District (SA) 5.25%, 11/01/27 (c) | $ | 251,413 | ||||
| Miami-Dade County Industrial Development Authority (RB) | ||||||||
| 1,700,000 | 5.00%, 06/01/25 (c) | 1,656,769 | ||||||
| 500,000 | 5.00%, 06/01/25 (c) | 517,885 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/25 (c) | 550,015 | ||||||
| 500,000 | 5.00%, 10/01/25 (c) | 554,990 | ||||||
| 1,000,000 | Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c) | 1,081,930 | ||||||
| 825,000 | Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c) | 853,405 | ||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| 2,500,000 | 4.25%, 05/01/23 (c) | 2,586,075 | ||||||
| 1,480,000 | 5.00%, 05/01/23 (c) | 1,555,776 | ||||||
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) | ||||||||
| 2,750,000 | 5.50%, 07/01/17 (c) | 2,752,860 | ||||||
| 1,200,000 | 5.50%, 07/01/17 (c) | 1,202,484 | ||||||
| 1,500,000 | Orange County, Florida Industrial Development Authority, VitAG Florida LLC Project (RB) 8.00%, 07/01/24 (c) | 1,201,050 | ||||||
| Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB) | ||||||||
| 1,740,000 | 5.00%, 05/15/23 (c) | 1,791,052 | ||||||
| 1,500,000 | 5.00%, 05/15/23 (c) | 1,578,450 | ||||||
| 1,500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) | 1,743,960 | ||||||
| Sarasota County, Florida Health Facilities Authority (RB) | ||||||||
| 2,055,000 | 5.75%, 07/01/17 (c) | 2,057,918 | ||||||
| 1,785,000 | 5.75%, 07/01/17 (c) | 1,787,874 | ||||||
| 405,000 | Sumter County, Florida Village Community Development District No. 8, Phase II (SA) 6.13%, 05/01/20 (c) | 447,351 | ||||||
| 880,000 | Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA) 5.50%, 05/01/22 (c) | 960,010 | ||||||
| 375,000 | Town of Davie, Florida Nova Southeastern University Project, Series A (RB) 6.00%, 04/01/23 (c) | 436,174 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Village Community Development District No. 12 (SA) | ||||||||
| $ | 250,000 | 3.25%, 05/01/26 | $ | 240,530 | ||||
| 1,100,000 | 3.63%, 05/01/26 (c) | 1,039,522 | ||||||
| 2,500,000 | 3.88%, 05/01/26 (c) | 2,201,000 | ||||||
| 84,434,960 | ||||||||
| Georgia: 0.7% | ||||||||
| 15,000 | Albany-Dougherty Inner City Authority, Series A (RB) (XLCA) 4.50%, 05/30/17 (c) | 15,004 | ||||||
| DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) | ||||||||
| 995,000 | 5.25%, 09/01/20 | 1,044,282 | ||||||
| 200,000 | 6.00%, 09/01/20 (c) | 219,190 | ||||||
| 2,100,000 | 6.13%, 09/01/20 (c) | 2,274,363 | ||||||
| 265,000 | Gainesville, Georgia Redevelopment Authority (RB) 5.13%, 05/30/17 (c) | 265,432 | ||||||
| 500,000 | Greene County Development Authority, Glen-I LLC Project, Series A (RB) 6.13%, 01/01/25 | 501,805 | ||||||
| 600,000 | Greene County Development Authority, Glen-I, LLC Project, Series A (RB) 7.25%, 01/01/25 (c) | 600,612 | ||||||
| Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) | ||||||||
| 250,000 | 5.75%, 06/15/27 (c) | 249,393 | ||||||
| 500,000 | 5.88%, 06/15/27 (c) | 500,155 | ||||||
| 1,000,000 | 6.00%, 06/15/27 (c) | 1,002,180 | ||||||
| Main Street Natural Gas, Inc. Gas Project, Series A-1 (RB) | ||||||||
| 320,000 | 5.50%, 09/15/23 | 374,118 | ||||||
| 10,000 | 5.50%, 09/15/27 | 11,850 | ||||||
| 100,000 | Main Street Natural Gas, Inc. Gas Project, Series B (RB) 5.00%, 03/15/21 | 110,674 | ||||||
| Private Colleges & Universities Authority, The Savannah College of Art & Design Project (RB) | ||||||||
| 1,200,000 | 4.13%, 04/01/24 (c) | 1,203,192 | ||||||
| 5,405,000 | 5.00%, 04/01/24 (c) | 5,758,595 | ||||||
| 14,130,845 | ||||||||
| Guam: 0.6% | ||||||||
| A. B. Won Pat International Airport Authority, Series C (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/21 | 1,081,670 | ||||||
| 200,000 | 6.25%, 10/01/23 (c) | 229,478 | ||||||
| Government of Guam, Series A (RB) | ||||||||
| 620,000 | 5.00%, 12/01/26 (c) | 660,275 | ||||||
| 75,000 | 6.00%, 11/15/19 | 79,133 | ||||||
| 1,100,000 | Guam Economic Development and Commerce Authority (RB) 5.63%, 06/01/17 (c) | 1,100,121 | ||||||
See Notes to Financial Statements
| 116 |
| Principal Amount | Value | |||||||
| Guam: (continued) | ||||||||
| $ | 1,100,000 | Guam Government Department of Education,
John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c) | $ | 1,161,479 | ||||
| 1,250,000 | Guam Government Limited Obligation, Series A (RB) 5.63%, 12/01/19 (c) | 1,389,975 | ||||||
| Guam Government Waterworks Authority (RB) | ||||||||
| 1,375,000 | 5.00%, 07/01/26 (c) | 1,426,631 | ||||||
| 500,000 | 5.25%, 07/01/23 (c) | 550,710 | ||||||
| 355,000 | 5.50%, 07/01/20 (c) | 381,671 | ||||||
| 3,530,000 | 5.50%, 07/01/23 (c) | 3,901,568 | ||||||
| 355,000 | 5.63%, 07/01/20 (c) | 379,676 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 345,000 | 5.00%, 10/01/22 (c) | 358,900 | ||||||
| 250,000 | 5.50%, 10/01/20 (c) | 263,550 | ||||||
| 12,964,837 | ||||||||
| Hawaii: 0.2% | ||||||||
| 1,380,000 | Kuakini Health System, Series A (RB) 6.38%, 05/30/17 (c) | 1,379,765 | ||||||
| 1,810,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 05/30/17 (c) | 1,814,778 | ||||||
| 500,000 | State of Hawaii Department of Budget and Finance (RB) 5.00%, 01/01/25 (c) | 472,095 | ||||||
| 3,666,638 | ||||||||
| Idaho: 0.1% | ||||||||
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
| 250,000 | 3.50%, 09/01/26 (c) | 217,350 | ||||||
| 1,135,000 | 5.00%, 09/01/26 (c) | 1,179,526 | ||||||
| 1,396,876 | ||||||||
| Illinois: 11.7% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 2,715,000 | 5.00%, 12/01/21 (c) | 2,190,109 | ||||||
| 9,700,000 | 5.00%, 12/01/22 (c) | 7,764,365 | ||||||
| 335,000 | 5.25%, 12/01/21 (c) | 269,658 | ||||||
| 75,000 | 5.50%, 12/01/19 | 77,411 | ||||||
| 5,240,000 | 5.50%, 12/01/21 (c) | 4,385,408 | ||||||
| 12,850,000 | 7.00%, 12/01/25 (c) | 12,379,176 | ||||||
| 5,200,000 | 7.00%, 12/01/25 (c) | 5,266,352 | ||||||
| Chicago Board of Education, Series B (GO) (AMBAC) | ||||||||
| 100,000 | 5.00%, 12/01/17 (c) | 100,894 | ||||||
| 980,000 | 5.00%, 12/01/22 (c) | 802,767 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 575,000 | 4.25%, 12/01/18 | 551,488 | ||||||
| 500,000 | 5.00%, 12/01/18 (c) | 408,875 | ||||||
| 1,490,000 | 5.00%, 12/01/18 (c) | 1,242,585 | ||||||
| 600,000 | 5.00%, 12/01/18 (c) | 546,636 | ||||||
| 1,060,000 | 5.00%, 12/01/18 (c) | 969,190 | ||||||
| 555,000 | 5.25%, 12/01/18 (c) | 494,494 | ||||||
| 675,000 | 5.25%, 12/01/18 (c) | 577,456 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 2,345,000 | 5.25%, 12/01/24 (c) | $ | 1,912,230 | ||||
| 3,835,000 | 5.25%, 12/01/24 (c) | 3,213,001 | ||||||
| 305,000 | 6.00%, 12/01/24 (c) | 278,261 | ||||||
| 1,260,000 | Chicago Board of Education, Series E (GO) 5.13%, 12/01/24 (c) | 1,060,151 | ||||||
| Chicago Board of Education, Series F (GO) | ||||||||
| 2,000,000 | 5.00%, 12/01/18 | 1,894,320 | ||||||
| 1,450,000 | 5.00%, 12/01/19 | 1,367,321 | ||||||
| 570,000 | 5.00%, 12/01/20 (c) | 466,841 | ||||||
| 1,055,000 | 5.00%, 12/01/20 | 961,168 | ||||||
| 400,000 | Chicago O’Hare International Airport, Senior Lien (RB) 5.50%, 01/01/23 (c) | 452,136 | ||||||
| 615,000 | Chicago Transit Authority, Federal Transit Administration Section 5307 (RB) 5.00%, 06/01/21 | 679,778 | ||||||
| 670,000 | Chicago, Illinois Project and Refunding, Series C (GO) 5.00%, 01/01/19 (c) | 673,665 | ||||||
| Chicago, Illinois, Series A (GO) | ||||||||
| 480,000 | 5.00%, 01/01/20 (c) | 483,058 | ||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 961,360 | ||||||
| 100,000 | 5.25%, 01/01/18 (c) | 100,496 | ||||||
| 2,050,000 | 5.25%, 01/01/21 (c) | 2,017,405 | ||||||
| 280,000 | 5.25%, 01/01/24 (c) | 278,701 | ||||||
| 1,500,000 | 5.50%, 01/01/25 (c) | 1,508,250 | ||||||
| Chicago, Illinois, Series C (GO) | ||||||||
| 1,650,000 | 5.00%, 01/01/19 (c) | 1,593,784 | ||||||
| 300,000 | 5.00%, 01/01/20 | 306,954 | ||||||
| 1,185,000 | 5.00%, 01/01/22 | 1,205,109 | ||||||
| 525,000 | 5.00%, 01/01/24 | 532,686 | ||||||
| 1,000,000 | 5.00%, 01/01/26 (c) | 944,540 | ||||||
| 380,000 | 5.00%, 01/01/26 | 380,505 | ||||||
| Chicago, Illinois, Series D (GO) | ||||||||
| 160,000 | 5.00%, 01/01/19 (c) | 154,549 | ||||||
| 520,000 | 5.50%, 01/01/25 (c) | 522,860 | ||||||
| 915,000 | City of Chicago, Modern School Across Chicago Program, Series A (GO) 5.00%, 12/01/20 (c) | 921,213 | ||||||
| City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
| 235,000 | 5.00%, 01/01/25 | 236,471 | ||||||
| 950,000 | 5.25%, 01/01/25 (c) | 949,107 | ||||||
| 1,025,000 | 5.25%, 01/01/25 (c) | 1,027,491 | ||||||
| 8,890,000 | 5.50%, 01/01/25 (c) | 8,911,336 | ||||||
| 250,000 | 5.50%, 01/01/25 (c) | 252,468 | ||||||
| 115,000 | 5.50%, 01/01/25 (c) | 116,424 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 700,000 | 4.63%, 01/01/21 (c) | 628,418 | ||||||
| 110,000 | 5.00%, 05/30/17 (c) | 110,036 | ||||||
| 50,000 | 5.00%, 01/01/20 (c) | 50,831 | ||||||
| 670,000 | 5.00%, 01/01/20 (c) | 671,608 | ||||||
| 150,000 | 5.00%, 01/01/20 (c) | 151,290 | ||||||
| 500,000 | 5.00%, 12/01/20 (c) | 507,005 | ||||||
| 360,000 | 5.00%, 01/01/21 (c) | 337,702 | ||||||
| 370,000 | 5.00%, 01/01/21 | 377,411 | ||||||
See Notes to Financial Statements
| 117 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 910,000 | 5.00%, 01/01/22 (c) | $ | 883,009 | ||||
| 1,825,000 | 5.00%, 01/01/22 (c) | 1,762,822 | ||||||
| 1,500,000 | 5.00%, 01/01/22 (c) | 1,531,755 | ||||||
| 450,000 | 5.00%, 01/01/23 | 457,731 | ||||||
| 945,000 | 5.00%, 01/01/24 (c) | 912,804 | ||||||
| 2,000,000 | 5.00%, 01/01/24 (c) | 1,908,780 | ||||||
| 340,000 | 5.25%, 01/01/18 (c) | 333,438 | ||||||
| 250,000 | 5.25%, 01/01/18 (c) | 250,045 | ||||||
| 240,000 | 5.25%, 01/01/18 (c) | 240,322 | ||||||
| 1,120,000 | 5.25%, 01/01/24 (c) | 1,107,512 | ||||||
| 975,000 | 5.25%, 01/01/24 (c) | 977,096 | ||||||
| 1,000,000 | 5.38%, 01/01/25 (c) | 1,003,350 | ||||||
| 445,000 | 5.50%, 01/01/25 (c) | 446,896 | ||||||
| 520,000 | 5.50%, 01/01/25 (c) | 519,303 | ||||||
| 1,000,000 | 5.63%, 01/01/27 (c) | 1,037,260 | ||||||
| 500,000 | 5.63%, 01/01/27 (c) | 510,230 | ||||||
| 4,650,000 | 6.00%, 01/01/27 (c) | 4,868,178 | ||||||
| 990,000 | City of Chicago, Series B (GO) 5.00%, 01/01/23 | 1,007,008 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 410,000 | 5.00%, 01/01/19 (c) | 384,605 | ||||||
| 1,105,000 | 5.00%, 01/01/19 (c) | 1,088,624 | ||||||
| 405,000 | 5.00%, 01/01/19 (c) | 406,636 | ||||||
| 90,000 | 5.00%, 01/01/22 (c) | 90,068 | ||||||
| 2,070,000 | 5.00%, 01/01/22 (c) | 2,099,911 | ||||||
| 100,000 | 5.00%, 01/01/22 (c) | 100,406 | ||||||
| 2,000,000 | 5.00%, 01/01/25 | 2,012,520 | ||||||
| 260,000 | 5.95%, 01/01/30 ^ | 124,829 | ||||||
| City of Chicago, Series D (GO) | ||||||||
| 260,000 | 5.00%, 01/01/19 (c) | 244,582 | ||||||
| 550,000 | 5.50%, 01/01/25 (c) | 547,838 | ||||||
| 1,150,000 | 5.50%, 01/01/25 (c) | 1,152,760 | ||||||
| 3,025,000 | 5.50%, 01/01/25 (c) | 3,037,886 | ||||||
| City of Chicago, Series E (GO) | ||||||||
| 450,000 | 5.50%, 01/01/25 (c) | 446,958 | ||||||
| 1,000,000 | 5.50%, 01/01/25 (c) | 1,003,020 | ||||||
| 1,000,000 | City of Chicago, Waterworks Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30 | 1,158,650 | ||||||
| City of Harvey, Illinois, Series A (GO) | ||||||||
| 3,600,000 | 5.63%, 12/01/17 (c) | 2,332,764 | ||||||
| 465,000 | 5.50%, 12/01/17 (c) | 310,871 | ||||||
| 2,100,000 | Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 2,184,462 | ||||||
| 270,000 | Illinois Finance Authority, Centegra Health System (RB) 4.00%, 09/01/22 (c) | 268,153 | ||||||
| Illinois Finance Authority, Centegra Health System, Series A (RB) | ||||||||
| 635,000 | 4.63%, 09/01/24 (c) | 638,296 | ||||||
| 250,000 | 5.00%, 09/01/24 (c) | 259,295 | ||||||
| 5,000 | Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/15/17 (c) | 5,024 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 785,000 | 4.75%, 05/15/23 (c) | 793,604 | ||||||
| 260,000 | 5.13%, 05/15/23 (c) | 265,606 | ||||||
| 975,000 | 5.25%, 05/15/23 (c) | 1,000,291 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 425,000 | Illinois Finance Authority, Friendship Village of Schaumberg, Series A (RB) 5.63%, 05/30/17 (c) | $ | 425,128 | ||||
| 1,000,000 | Illinois Finance Authority, General Health System, Series A (RB) 5.00%, 09/01/24 (c) | 1,051,240 | ||||||
| Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB) | ||||||||
| 30,000 | 7.50%, 05/19/17 (c) | 16,200 | ||||||
| 80,000 | 7.90%, 05/19/17 (c) | 43,200 | ||||||
| 30,000 | 8.00%, 05/19/17 (c) | 16,200 | ||||||
| 20,000 | 8.00%, 02/15/20 (c) | 10,800 | ||||||
| 1,020,000 | 8.13%, 02/15/20 (c) (d) (f) | 550,800 | ||||||
| 2,000,000 | 8.25%, 02/15/20 (c) | 1,080,000 | ||||||
| Illinois Finance Authority, Illinois Institute of Technology, Series A (RB) | ||||||||
| 1,010,000 | 5.00%, 05/30/17 (c) | 1,010,121 | ||||||
| 3,000,000 | 5.00%, 05/30/17 (c) | 3,000,120 | ||||||
| 500,000 | Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c) | 501,965 | ||||||
| 500,000 | Illinois Finance Authority, Lutheran Home and Obligated Group (RB) 5.50%, 05/15/22 (c) | 525,040 | ||||||
| 1,000,000 | Illinois Finance Authority, Lutheran Home and Services Group (RB) 5.75%, 05/15/22 (c) | 1,017,860 | ||||||
| 25,000 | Illinois Finance Authority, Montgomery Place Project, Series A (RB) 5.75%, 05/30/17 (c) | 25,040 | ||||||
| 3,175,000 | Illinois Finance Authority, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 3,302,698 | ||||||
| 1,000,000 | Illinois Finance Authority, Norwegian American Hospital Inc. (RB) 7.75%, 09/15/20 (c) | 1,117,960 | ||||||
| Illinois Finance Authority, Presence Health Network, Series C (RB) | ||||||||
| 450,000 | 4.00%, 02/15/27 (c) | 409,383 | ||||||
| 250,000 | 4.00%, 02/15/27 (c) | 220,188 | ||||||
| 600,000 | 4.00%, 02/15/27 (c) | 562,452 | ||||||
| 250,000 | 5.00%, 02/15/24 | 279,170 | ||||||
| 150,000 | 5.00%, 02/15/27 (c) | 166,397 | ||||||
| 400,000 | 5.00%, 02/15/27 (c) | 418,888 | ||||||
| Illinois Finance Authority, Roosevelt University Project (RB) | ||||||||
| 305,000 | 5.75%, 10/01/19 (c) | 323,501 | ||||||
| 1,600,000 | 6.25%, 10/01/19 (c) | 1,704,640 | ||||||
| 2,125,000 | 6.50%, 10/01/19 (c) | 2,243,150 | ||||||
| Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) | ||||||||
| 500,000 | 5.00%, 08/15/25 (c) | 537,850 | ||||||
| 1,125,000 | 5.00%, 08/15/25 (c) | 1,193,816 | ||||||
| 50,000 | Illinois Finance Authority, Student Housing, Series B (RB) 5.25%, 05/30/17 (c) | 50,064 | ||||||
See Notes to Financial Statements
| 118 |
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) | ||||||||
| $ | 730,000 | 5.75%, 02/15/20 (c) | $ | 819,783 | ||||
| 270,000 | 6.00%, 02/15/20 (c) | 305,049 | ||||||
| Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) | ||||||||
| 7,000,000 | 8.00%, 05/15/20 (c) | 7,783,790 | ||||||
| 1,565,000 | 8.00%, 05/15/20 (c) | 1,741,642 | ||||||
| 150,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series B (RB) 7.38%, 05/19/17 (c) | 150,330 | ||||||
| 5,305,000 | Illinois Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 4.25%, 06/15/22 (c) | 4,932,801 | ||||||
| Illinois Sports Facilities Authority (RB) (AMBAC) | ||||||||
| 150,000 | 4.65%, 06/15/26 ^ | 102,597 | ||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,101,010 | ||||||
| 50,000 | Illinois State, Series A (GO) 4.00%, 01/01/22 (c) | 50,422 | ||||||
| 700,000 | Illinois State, Series B (GO) 5.25%, 01/01/21 | 743,449 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
| 7,210,000 | 5.00%, 06/15/22 (c) | 7,258,091 | ||||||
| 3,115,000 | 5.00%, 12/15/25 (c) | 3,099,332 | ||||||
| 525,000 | 5.50%, 06/15/20 (c) | 536,865 | ||||||
| 1,400,000 | 5.50%, 12/15/25 (c) | 1,469,426 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
| 1,250,000 | 5.00%, 12/15/20 | 1,345,262 | ||||||
| 235,000 | 5.00%, 06/15/22 (c) | 244,332 | ||||||
| 1,000,000 | 5.00%, 06/15/22 (c) | 1,074,040 | ||||||
| 510,000 | 5.00%, 06/15/22 (c) | 507,460 | ||||||
| 310,000 | 5.00%, 12/15/22 | 338,802 | ||||||
| 1,250,000 | 5.02%, 12/15/51 ^ | 176,250 | ||||||
| 1,000,000 | 5.38%, 12/15/41 ^ | 253,100 | ||||||
| 250,000 | 5.45%, 12/15/50 ^ | 36,938 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B-2 (RB) | ||||||||
| 4,260,000 | 5.00%, 06/15/20 (c) | 4,262,215 | ||||||
| 210,000 | 5.20%, 06/15/20 (c) | 212,031 | ||||||
| 2,130,000 | 5.25%, 06/15/20 (c) | 2,155,475 | ||||||
| 435,000 | Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 10/01/22 (c) | 285,212 | ||||||
| 700,000 | Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 647,486 | ||||||
| State of Illinois (GO) | ||||||||
| 1,000,000 | 3.50%, 06/01/26 (c) | 845,410 | ||||||
| 1,000,000 | 3.50%, 06/01/26 (c) | 830,390 | ||||||
| 720,000 | 3.50%, 06/01/26 (c) | 620,201 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 1,000,000 | 4.00%, 06/01/26 (c) | $ | 853,850 | ||||
| 2,750,000 | 4.00%, 06/01/26 (c) | 2,425,582 | ||||||
| 2,000,000 | 4.00%, 06/01/26 (c) | 1,726,680 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 859,060 | ||||||
| 1,000,000 | 4.00%, 06/01/26 (c) | 878,030 | ||||||
| 4,000,000 | 4.00%, 06/01/26 (c) | 3,482,560 | ||||||
| 15,000 | 4.50%, 09/01/18 (c) | 15,157 | ||||||
| 925,000 | 4.50%, 11/01/26 (c) | 841,010 | ||||||
| 3,375,000 | 5.00%, 05/01/18 | 3,467,779 | ||||||
| 250,000 | 5.00%, 08/01/18 | 258,383 | ||||||
| 100,000 | 5.00%, 09/01/18 (c) | 101,573 | ||||||
| 410,000 | 5.00%, 09/01/18 (c) | 416,876 | ||||||
| 175,000 | 5.00%, 09/01/18 (c) | 178,117 | ||||||
| 75,000 | 5.00%, 09/01/18 (c) | 76,473 | ||||||
| 680,000 | 5.00%, 01/01/19 | 704,317 | ||||||
| 250,000 | 5.00%, 05/01/19 | 260,250 | ||||||
| 1,255,000 | 5.00%, 06/01/19 | 1,308,262 | ||||||
| 300,000 | 5.00%, 06/01/19 | 312,732 | ||||||
| 530,000 | 5.00%, 01/01/20 (c) | 550,553 | ||||||
| 750,000 | 5.00%, 01/01/21 | 790,155 | ||||||
| 100,000 | 5.00%, 04/01/21 | 105,548 | ||||||
| 500,000 | 5.00%, 07/01/21 | 528,390 | ||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,004,880 | ||||||
| 1,000,000 | 5.00%, 02/01/22 | 1,057,380 | ||||||
| 1,000,000 | 5.00%, 02/01/22 | 1,057,380 | ||||||
| 480,000 | 5.00%, 03/01/22 | 507,768 | ||||||
| 200,000 | 5.00%, 03/01/22 (c) | 201,264 | ||||||
| 55,000 | 5.00%, 06/01/22 | 58,229 | ||||||
| 1,400,000 | 5.00%, 08/01/22 | 1,482,530 | ||||||
| 525,000 | 5.00%, 08/01/22 (c) | 549,334 | ||||||
| 3,110,000 | 5.00%, 02/01/23 | 3,299,150 | ||||||
| 3,490,000 | 5.00%, 02/01/23 | 3,702,262 | ||||||
| 75,000 | 5.00%, 04/01/23 (c) | 74,900 | ||||||
| 335,000 | 5.00%, 05/01/23 | 355,448 | ||||||
| 250,000 | 5.00%, 07/01/23 | 265,343 | ||||||
| 375,000 | 5.00%, 02/01/24 (c) | 390,203 | ||||||
| 350,000 | 5.00%, 02/01/24 (c) | 361,911 | ||||||
| 890,000 | 5.00%, 02/01/24 | 943,186 | ||||||
| 3,315,000 | 5.00%, 02/01/24 | 3,513,104 | ||||||
| 3,000,000 | 5.00%, 02/01/24 (c) | 2,995,830 | ||||||
| 500,000 | 5.00%, 04/01/24 (c) | 517,090 | ||||||
| 3,540,000 | 5.00%, 04/01/24 (c) | 3,635,545 | ||||||
| 110,000 | 5.00%, 05/01/24 | 116,585 | ||||||
| 100,000 | 5.00%, 05/01/24 (c) | 99,882 | ||||||
| 1,660,000 | 5.00%, 01/01/26 (c) | 1,657,610 | ||||||
| 1,000,000 | 5.00%, 06/01/26 (c) | 1,038,400 | ||||||
| 300,000 | 5.00%, 06/01/26 (c) | 312,657 | ||||||
| 4,500,000 | 5.00%, 02/01/27 (c) | 4,690,035 | ||||||
| 455,000 | 5.25%, 01/01/19 | 473,104 | ||||||
| 1,550,000 | 5.25%, 07/01/23 (c) | 1,614,387 | ||||||
| 2,500,000 | 5.50%, 07/01/23 (c) | 2,709,950 | ||||||
| 1,000,000 | 5.50%, 07/01/23 (c) | 1,076,050 | ||||||
| 105,000 | 5.50%, 01/01/30 | 113,148 | ||||||
| 950,000 | State of Illinois, Series A (GO) 4.00%, 09/01/18 (c) | 932,140 | ||||||
| 100,000 | Village of Hillside, Illinois (TA) 7.00%, 01/01/18 (c) | 103,594 | ||||||
See Notes to Financial Statements
| 119 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Will County Community High School District No. 210, Series B (GO) | ||||||||
| $ | 110,000 | 5.75%, 01/01/28 ^ | $ | 61,238 | ||||
| 90,000 | 5.84%, 01/01/29 ^ | 46,891 | ||||||
| 160,000 | 5.88%, 01/01/27 ^ | 94,994 | ||||||
| 245,927,803 | ||||||||
| Indiana: 1.7% | ||||||||
| Barrington of Carmel Project, Series A (RB) | ||||||||
| 1,500,000 | 7.13%, 11/15/22 (c) | 1,626,780 | ||||||
| 2,000,000 | 7.13%, 11/15/22 (c) | 2,164,080 | ||||||
| City of Anderson, Indiana, Anderson University Project (RB) | ||||||||
| 175,000 | 5.00%, 05/30/17 (c) | 164,763 | ||||||
| 525,000 | 5.00%, 05/30/17 (c) | 511,182 | ||||||
| 850,000 | 5.00%, 05/30/17 (c) | 850,178 | ||||||
| 1,000,000 | City of Rockport, Indiana, Series A (RB) 7.00%, 02/01/22 (c) | 959,840 | ||||||
| 1,300,000 | City of Valparaiso, Indiana Exempt Facilities Revenue, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24 | 1,461,902 | ||||||
| County of Allen, Srorypoint Fort Wayne Project, Series A-1 (RB) | ||||||||
| 300,000 | 6.75%, 01/15/24 (c) | 311,856 | ||||||
| 225,000 | 6.88%, 01/15/24 (c) | 234,421 | ||||||
| Indiana Finance Authority, Earlham College Project (RB) | ||||||||
| 1,040,000 | 5.00%, 10/01/23 (c) | 1,090,471 | ||||||
| 50,000 | 5.00%, 10/01/23 (c) | 54,452 | ||||||
| Indiana Finance Authority, I-69 Section 5 Project (RB) | ||||||||
| 5,265,000 | 5.00%, 09/01/24 (c) | 5,407,629 | ||||||
| 1,000,000 | 5.25%, 09/01/24 (c) | 1,046,950 | ||||||
| 1,550,000 | 5.25%, 09/01/24 (c) | 1,638,629 | ||||||
| 250,000 | 5.25%, 09/01/24 (c) | 277,368 | ||||||
| 550,000 | 6.00%, 12/01/19 | 577,472 | ||||||
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) | ||||||||
| 965,000 | 5.13%, 08/15/20 (c) | 1,028,314 | ||||||
| 925,000 | 5.50%, 08/15/20 (c) | 977,447 | ||||||
| 600,000 | 5.50%, 08/15/20 (c) | 634,968 | ||||||
| Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) | ||||||||
| 250,000 | 5.00%, 07/01/23 (c) | 268,033 | ||||||
| 2,630,000 | 5.00%, 07/01/23 (c) | 2,807,735 | ||||||
| 3,450,000 | 5.25%, 07/01/23 (c) | 3,724,275 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 2,110,000 | 5.00%, 06/01/22 (c) | 2,076,662 | ||||||
| 2,715,000 | 5.00%, 06/01/22 (c) | 2,720,919 | ||||||
| Indiana Finance Authority, United States Steel Corp. Project (RB) | ||||||||
| 320,000 | 5.75%, 08/01/22 (c) | 295,994 | ||||||
| 2,515,000 | 6.00%, 06/01/20 (c) | 2,527,575 | ||||||
| 35,439,895 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Iowa: 2.1% | ||||||||
| $ | 7,040,000 | Iowa Finance Authority, Alcoa, Inc. Project (RB) 4.75%, 08/01/22 (c) | $ | 7,055,699 | ||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
| 6,175,000 | 5.00%, 12/01/19 | 6,276,208 | ||||||
| 2,700,000 | 5.50%, 12/01/18 (c) | 2,735,640 | ||||||
| 2,775,000 | 5.88%, 06/01/19 (c) | 2,856,307 | ||||||
| 6,965,000 | Iowa Finance Authority, Iowa Fertilizer Company Project (RB) 5.25%, 12/01/23 (c) | 7,073,027 | ||||||
| 600,000 | Iowa Higher Education Loan Authority, Upper Iowa University Project (RB) 1.00%, 03/01/18 (c) | 599,052 | ||||||
| 1,500,000 | Iowa Higher Education Loan Authority, Wartburg College Project (RB) 5.00%, 10/01/25 (c) | 1,454,730 | ||||||
| 180,000 | Iowa Tobacco Settlement Authority, Series B (RB) 5.60%, 06/01/17 (c) | 180,293 | ||||||
| Iowa Tobacco Settlement Authority, Series C (RB) | ||||||||
| 3,085,000 | 5.38%, 05/30/17 (c) | 3,088,949 | ||||||
| 5,585,000 | 5.50%, 05/30/17 (c) | 5,592,372 | ||||||
| 800,000 | Iowa Tobacco Settlement Authority, Series D (RB) 6.38%, 05/30/17 (c) ^ | 124,192 | ||||||
| 6,960,000 | Tobacco Settlement Authority, Series C (RB) 5.63%, 05/30/17 (c) | 6,969,187 | ||||||
| 44,005,656 | ||||||||
| Kansas: 0.8% | ||||||||
| 1,130,000 | Arkansas City Public Building Commission, South Central Regional Medical Center (RB) 6.25%, 09/01/19 (c) | 1,182,319 | ||||||
| 400,000 | City of Lenexa, Lakeview Village, Inc. Project (RB) 5.25%, 05/30/17 (c) | 400,448 | ||||||
| 255,000 | City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c) | 257,088 | ||||||
| 380,000 | City of Wichita, Health Care Facilities, Series IV-A (RB) 5.63%, 05/15/24 (c) | 392,791 | ||||||
| Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB) | ||||||||
| 400,000 | 5.00%, 05/30/17 (c) | 400,012 | ||||||
| 1,000,000 | 5.00%, 05/30/17 (c) | 1,000,030 | ||||||
| Overland Park, Kansas Development Corp. (RB) (AMBAC) | ||||||||
| 8,200,000 | 5.13%, 05/30/17 (c) | 8,211,562 | ||||||
| 100,000 | 5.13%, 05/30/17 (c) | 100,141 | ||||||
| 1,000,000 | 5.25%, 05/30/17 (c) | 1,001,400 | ||||||
See Notes to Financial Statements
| 120 |
| Principal | ||||||||
| Amount | Value | |||||||
| Kansas: (continued) | ||||||||
| $ | 2,550,000 | Overland Park, Kansas, Prairiefire At Lionsgate Project (RB) 6.00%, 12/15/22 (c) | $ | 2,176,221 | ||||
| Wyandotte County, Kansas City Unified Government, Series A (RB) | ||||||||
| 490,000 | 5.00%, 09/01/25 (c) | 492,617 | ||||||
| 500,000 | 6.00%, 09/01/25 (c) | 500,275 | ||||||
| 16,114,904 | ||||||||
| Kentucky: 0.7% | ||||||||
| 1,045,000 | County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB) 6.00%, 07/15/20 (c) | 1,044,885 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 30,000 | 4.13%, 11/15/20 | 30,458 | ||||||
| 250,000 | 5.00%, 05/15/26 (c) | 244,000 | ||||||
| 250,000 | 5.00%, 05/15/26 (c) | 236,468 | ||||||
| 400,000 | 5.38%, 11/15/22 (c) | 405,236 | ||||||
| 250,000 | 5.50%, 11/15/22 (c) | 251,533 | ||||||
| Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project (RB) | ||||||||
| 7,195,000 | 4.25%, 07/01/25 (c) | 7,244,502 | ||||||
| 1,585,000 | 5.00%, 07/01/25 (c) | 1,678,975 | ||||||
| Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) | ||||||||
| 490,000 | 5.75%, 06/01/20 (c) | 526,187 | ||||||
| 350,000 | 6.00%, 06/01/20 (c) | 378,606 | ||||||
| 390,000 | 6.38%, 06/01/20 (c) | 420,541 | ||||||
| 150,000 | 6.50%, 06/01/20 (c) | 162,197 | ||||||
| 1,490,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB) 6.38%, 06/01/20 (c) | 1,606,682 | ||||||
| Kentucky Economic Development Finance Authority, Rosedale Green Project (RB) | ||||||||
| 500,000 | 5.50%, 11/15/25 (c) | 498,835 | ||||||
| 500,000 | 5.75%, 11/15/25 (c) | 504,010 | ||||||
| 335,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Cross Project, Series A (RB) 5.75%, 07/01/23 (c) | 369,405 | ||||||
| 150,000 | Louisville/Jefferson County Metropolitan Government, Series A (RB) 5.00%, 06/01/22 (c) | 168,384 | ||||||
| 15,770,904 | ||||||||
| Louisiana: 1.1% | ||||||||
| Jefferson Parish Hospital Service District No. 2 (RB) | ||||||||
| 500,000 | 5.63%, 07/01/21 (c) | 524,965 | ||||||
| 280,000 | 6.25%, 07/01/21 (c) | 298,385 | ||||||
| 3,240,000 | 6.38%, 07/01/21 (c) | 3,418,913 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 3,225,000 | Louisiana Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 6.75%, 11/01/17 (c) | $ | 3,297,079 | ||||
| 1,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c) | 1,037,420 | ||||||
| 530,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) 6.50%, 08/01/20 (c) | 599,896 | ||||||
| 500,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-1 (RB) 6.50%, 11/01/20 (c) | 569,585 | ||||||
| 400,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-2 (RB) 6.50%, 11/01/20 (c) | 455,668 | ||||||
| 2,500,000 | Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) | 950,000 | ||||||
| 2,000,000 | Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c) | 700,000 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) | ||||||||
| 250,000 | 4.00%, 05/15/26 (c) | 247,330 | ||||||
| 1,150,000 | 4.25%, 05/15/25 (c) | 1,178,313 | ||||||
| 500,000 | 5.00%, 05/15/26 (c) | 539,950 | ||||||
| 1,000,000 | 5.00%, 05/15/26 (c) | 1,106,320 | ||||||
| 1,250,000 | 5.00%, 05/15/26 (c) | 1,397,200 | ||||||
| 1,500,000 | 5.00%, 05/15/26 (c) | 1,668,045 | ||||||
| 15,000 | 6.38%, 05/15/21 (c) | 17,956 | ||||||
| 3,250,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 | 1,105,000 | ||||||
| 350,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 372,134 | ||||||
| 4,625,000 | Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c) | 4,639,661 | ||||||
| 24,123,820 | ||||||||
See Notes to Financial Statements
| 121 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Maine: 0.5% | ||||||||
| $ | 825,000 | Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c) | $ | 851,408 | ||||
| Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
| 300,000 | 4.00%, 07/01/26 (c) | 256,302 | ||||||
| 490,000 | 4.00%, 07/01/26 (c) | 405,392 | ||||||
| 450,000 | 5.00%, 07/01/23 (c) | 457,119 | ||||||
| 645,000 | 5.00%, 07/01/26 (c) | 650,618 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,012,400 | ||||||
| Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB) | ||||||||
| 50,000 | 5.25%, 07/01/21 | 53,100 | ||||||
| 1,735,000 | 6.00%, 07/01/21 (c) | 1,875,674 | ||||||
| 2,220,000 | 6.75%, 07/01/21 (c) | 2,396,090 | ||||||
| 50,000 | 6.95%, 07/01/21 (c) | 54,637 | ||||||
| 55,000 | 7.50%, 07/01/21 (c) | 62,783 | ||||||
| 2,000,000 | Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 05/30/17 (c) | 2,002,480 | ||||||
| 10,078,003 | ||||||||
| Maryland: 1.1% | ||||||||
| 1,000,000 | Anne Arundel County Consolidated Special Taxing District, The Village at Two Rivers Project (ST) 5.25%, 07/01/24 (c) | 1,004,720 | ||||||
| 2,445,000 | Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA) 5.25%, 05/30/17 (c) | 2,447,249 | ||||||
| 250,000 | City of Baltimore, Harbor Point Project (RB) 5.13%, 06/01/26 (c) | 249,098 | ||||||
| City of Baltimore, Maryland (RB) (XLCA) | ||||||||
| 105,000 | 4.60%, 05/30/17 (c) | 102,943 | ||||||
| 45,000 | 5.00%, 05/30/17 (c) | 45,090 | ||||||
| 25,000 | 5.25%, 05/30/17 (c) | 25,046 | ||||||
| 230,000 | City of Baltimore, Maryland Convention Center Hotel, Series A (RB) (XLCA) 5.25%, 05/30/17 (c) | 230,451 | ||||||
| 100,000 | City of Baltimore, Maryland Convention Center Hotel, Series B (RB) 5.88%, 05/30/17 (c) | 100,163 | ||||||
| 2,840,000 | Frederick County, Maryland Urbana Community Development Authority, Series B (ST) 5.50%, 07/01/20 (c) | 3,036,528 | ||||||
| 2,000,000 | Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB) 5.00%, 05/30/17 (c) | 1,200,000 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 3,760,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c) | $ | 3,758,872 | ||||
| Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center Issue, Series A (RB) | ||||||||
| 400,000 | 4.00%, 07/01/26 (c) | 390,668 | ||||||
| 250,000 | 5.00%, 07/01/26 (c) | 262,928 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | ||||||||
| 210,000 | 4.00%, 07/01/25 (c) | 213,654 | ||||||
| 145,000 | 4.25%, 07/01/25 (c) | 146,489 | ||||||
| 2,000,000 | 5.00%, 07/01/25 (c) | 2,143,740 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 537,740 | ||||||
| 825,000 | 5.00%, 07/01/25 (c) | 901,741 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) | ||||||||
| 1,150,000 | 5.00%, 07/01/19 | 1,235,767 | ||||||
| 430,000 | 5.00%, 07/01/20 | 474,041 | ||||||
| 40,000 | 5.00%, 07/01/22 | 45,729 | ||||||
| 1,325,000 | 5.00%, 07/01/24 | 1,546,593 | ||||||
| 500,000 | 5.25%, 07/01/24 (c) | 582,850 | ||||||
| 45,000 | Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) 5.25%, 05/30/17 (c) | 45,103 | ||||||
| Prince George County, Collington Episcopal Life Care Community, Inc. (RB) | ||||||||
| 1,000,000 | 5.25%, 04/01/27 (c) | 1,051,230 | ||||||
| 1,000,000 | 5.25%, 04/01/27 (c) | 1,062,690 | ||||||
| Prince George’s County, Suitland-Naylor Road Project (TA) | ||||||||
| 500,000 | 4.75%, 01/01/26 (c) | 480,500 | ||||||
| 500,000 | 5.00%, 01/01/26 (c) | 486,500 | ||||||
| 23,808,123 | ||||||||
| Massachusetts: 1.2% | ||||||||
| Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) | ||||||||
| 1,000,000 | 4.00%, 07/01/26 (c) | 990,090 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 539,205 | ||||||
| 2,175,000 | Massachusetts Development Finance Agency, Covanta Energy Project, Series B (RB) 4.88%, 11/01/17 (c) | 2,178,415 | ||||||
| Massachusetts Development Finance Agency, Emerson College (RB) | ||||||||
| 885,000 | 5.00%, 01/01/25 (c) | 959,234 | ||||||
| 680,000 | 5.00%, 01/01/25 (c) | 740,717 | ||||||
| 500,000 | 5.00%, 01/01/25 (c) | 545,085 | ||||||
See Notes to Financial Statements
| 122 |
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) | ||||||||
| $ | 300,000 | 4.00%, 10/01/26 (c) | $ | 291,891 | ||||
| 445,000 | 5.00%, 07/01/22 (c) | 520,374 | ||||||
| 500,000 | 5.00%, 10/01/26 (c) | 542,140 | ||||||
| 280,000 | Massachusetts Development Finance Agency, Orchard Cove (RB) 5.25%, 05/30/17 (c) | 281,464 | ||||||
| 550,000 | Massachusetts Development Finance Agency, Series A (RB) 5.00%, 01/01/20 (c) | 575,327 | ||||||
| 1,110,000 | Massachusetts Development Finance Agency, Series C (RB) 5.25%, 11/01/17 (c) | 1,114,285 | ||||||
| Massachusetts Development Finance Agency, Series D (RB) | ||||||||
| 285,000 | 4.00%, 07/01/25 (c) | 277,003 | ||||||
| 1,345,000 | 5.00%, 07/01/25 (c) | 1,427,206 | ||||||
| Massachusetts Development Finance Agency, Series I (RB) | ||||||||
| 1,000,000 | 4.00%, 07/01/26 (c) | 1,000,720 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,142,760 | ||||||
| 500,000 | 5.00%, 07/01/26 (c) | 533,660 | ||||||
| Massachusetts Development Finance Agency, Suffolk University (RB) | ||||||||
| 3,300,000 | 4.00%, 07/01/27 (c) | 3,280,662 | ||||||
| 1,000,000 | 5.00%, 07/01/27 (c) | 1,120,930 | ||||||
| 3,000,000 | 5.00%, 07/01/27 (c) | 3,300,960 | ||||||
| 1,500,000 | 5.00%, 07/01/27 (c) | 1,654,470 | ||||||
| Massachusetts Health and Educational Facilities Authority, Boston Medical Center (RB) | ||||||||
| 110,000 | 4.75%, 07/01/18 (c) | 114,749 | ||||||
| 45,000 | 5.00%, 07/01/18 (c) | 47,072 | ||||||
| 1,250,000 | 5.25%, 07/01/18 (c) | 1,311,162 | ||||||
| Massachusetts Health and Educational Facilities Authority, Suffolk University (RB) | ||||||||
| 10,000 | 6.00%, 07/01/19 (c) | 10,842 | ||||||
| 10,000 | 6.00%, 07/01/19 (c) | 11,039 | ||||||
| 25,000 | 6.25%, 07/01/19 (c) | 26,834 | ||||||
| 50,000 | 6.25%, 07/01/19 (c) | 55,461 | ||||||
| 24,593,757 | ||||||||
| Michigan: 1.9% | ||||||||
| 2,000,000 | Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c) | 2,091,200 | ||||||
| 990,000 | City of Flint Hospital Building Authority, Hurley Medical Center (RB) 7.38%, 07/01/20 (c) | 1,102,226 | ||||||
| 425,000 | City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c) | 424,970 | ||||||
| 270,000 | Detroit Local Development Finance Authority, Series A (TA) 5.50%, 05/30/17 (c) | 266,582 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 150,000 | Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) | $ | 162,600 | ||||
| Michigan Finance Authority, Detroit Water and Sewerage Department, Series C (RB) | ||||||||
| 700,000 | 5.00%, 07/01/25 (c) | 762,538 | ||||||
| 250,000 | 5.00%, 07/01/25 (c) | 273,438 | ||||||
| 1,000,000 | Michigan Finance Authority, Detroit Water and Sewerage Department, Series D-2 (RB) 5.00%, 07/01/25 (c) | 1,089,340 | ||||||
| 3,000,000 | Michigan Finance Authority, Presbyterian Villages of Michigan (RB) 5.50%, 11/15/25 (c) | 3,128,490 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 2,735,000 | 5.00%, 07/01/24 (c) | 2,912,474 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 106,746 | ||||||
| 650,000 | 5.00%, 07/01/24 (c) | 701,850 | ||||||
| Michigan Finance Authority, Series C (RB) | ||||||||
| 250,000 | 5.00%, 07/01/25 (c) | 271,418 | ||||||
| 750,000 | 5.00%, 07/01/25 (c) | 842,250 | ||||||
| 250,000 | 5.00%, 07/01/25 (c) | 282,470 | ||||||
| 6,900,000 | Michigan Finance Authority, Thomas M Cooley Law School Project (RB) 6.75%, 07/01/24 (c) | 7,036,206 | ||||||
| 1,000,000 | Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/30/17 (c) | 1,000,130 | ||||||
| 650,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 05/30/17 (c) | 633,756 | ||||||
| 1,500,000 | Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p) | 1,522,500 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 365,000 | 5.13%, 06/01/17 (c) | 362,814 | ||||||
| 480,000 | 6.00%, 06/01/17 (c) | 460,440 | ||||||
| 4,925,000 | 6.00%, 06/01/17 (c) | 4,781,485 | ||||||
| 6,000,000 | 6.88%, 06/01/18 (c) | 6,264,180 | ||||||
| 23,475,000 | Michigan Tobacco Settlement Finance Authority, Series B (RB) 11.11%, 06/01/17 (c) ^ | 1,613,906 | ||||||
| 80,000,000 | Michigan Tobacco Settlement Finance Authority, Series C (RB) 9.07%, 06/01/33 (c) ^ | 2,168,000 | ||||||
| 40,262,009 | ||||||||
| Minnesota: 1.1% | ||||||||
| City of Anoka, Homestead at Anoka, Inc. Project (RB) | ||||||||
| 500,000 | 4.25%, 11/01/24 (c) | 506,450 | ||||||
| 1,000,000 | 5.50%, 11/01/24 (c) | 1,066,530 | ||||||
See Notes to Financial Statements
| 123 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| City of Blaine, Minnesota, Crest View Senior Communities Project (RB) | ||||||||
| $ | 500,000 | 5.75%, 07/01/25 (c) | $ | 508,415 | ||||
| 500,000 | 6.13%, 07/01/25 (c) | 514,655 | ||||||
| City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | ||||||||
| 245,000 | 5.50%, 07/01/25 (c) | 237,498 | ||||||
| 250,000 | 5.50%, 07/01/25 (c) | 246,593 | ||||||
| 500,000 | 5.75%, 07/01/25 (c) | 490,255 | ||||||
| City of Deephaven, Minnesota Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
| 500,000 | 5.25%, 07/01/25 (c) | 523,655 | ||||||
| 1,000,000 | 5.50%, 07/01/25 (c) | 1,079,880 | ||||||
| 750,000 | City of Ham Lake, Minnesota Charter School, Davinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c) | 696,075 | ||||||
| 500,000 | City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c) | 493,825 | ||||||
| 1,100,000 | City of Victoria, Minnesota Private School Facility, Holy Family Catholic High School Project (RB) 5.00%, 09/01/22 (c) | 1,106,050 | ||||||
| Housing and Redevelopment Authority of The City of St. Paul, Series A (RB) | ||||||||
| 1,125,000 | 5.00%, 11/15/20 (c) | 1,225,114 | ||||||
| 400,000 | 5.00%, 11/15/20 (c) | 433,472 | ||||||
| 2,500,000 | 5.00%, 11/15/23 | 2,837,450 | ||||||
| 325,000 | 5.75%, 09/01/26 (c) | 327,067 | ||||||
| 500,000 | 6.00%, 09/01/26 (c) | 506,720 | ||||||
| 1,250,000 | Housing and Redevelopment Authority, HealthEast Care System Project, Series A (RB) 5.25%, 11/15/20 (c) | 1,355,400 | ||||||
| 750,000 | Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22 | 777,577 | ||||||
| 2,500,000 | Saint Paul Housing & Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) | 2,534,875 | ||||||
| 250,000 | Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c) | 217,355 | ||||||
| Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB) | ||||||||
| 2,200,000 | 5.75%, 05/01/19 (c) | 2,322,892 | ||||||
| 2,500,000 | 6.00%, 05/01/19 (c) | 2,647,575 | ||||||
| 22,655,378 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Mississippi: 0.0% | ||||||||
| Mississippi Hospital Equipment and Facilities Authority, Series A (RB) | ||||||||
| $ | 120,000 | 5.00%, 08/15/17 (c) | $ | 121,004 | ||||
| 120,000 | 5.00%, 08/15/17 (c) | 121,086 | ||||||
| 242,090 | ||||||||
| Missouri: 0.4% | ||||||||
| 1,000,000 | Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB) 5.00%, 08/01/19 (c) | 1,004,560 | ||||||
| 875,000 | City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c) | 876,584 | ||||||
| City of Liberty, Liberty Commons Project, Series A (TA) | ||||||||
| 500,000 | 5.75%, 06/01/25 (c) | 485,220 | ||||||
| 500,000 | 6.00%, 06/01/25 (c) | 486,575 | ||||||
| 30,000 | City of Nevada, Missouri (RB) (ACA) 4.30%, 05/30/17 (c) | 27,470 | ||||||
| 550,000 | County of Boone, Hospital Revenue (RB) 5.38%, 08/01/18 (c) | 579,254 | ||||||
| Kirkwood Industrial Development Authority (RB) | ||||||||
| 1,000,000 | 5.25%, 05/15/27 (c) | 1,037,900 | ||||||
| 500,000 | 5.25%, 05/15/27 (c) | 524,645 | ||||||
| 1,000,000 | Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c) | 1,001,610 | ||||||
| 500,000 | St. Louis, Industrial Development Authority, Ranken-Jordan Project (RB) 5.00%, 11/15/25 (c) | 484,250 | ||||||
| St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) | ||||||||
| 375,000 | 5.00%, 05/30/17 (c) | 381,326 | ||||||
| 1,150,000 | 5.25%, 05/30/17 (c) | 1,153,266 | ||||||
| 570,000 | 5.35%, 05/30/17 (c) | 534,552 | ||||||
| 8,577,212 | ||||||||
| Nevada: 0.2% | ||||||||
| City of North Las Vegas (GO) | ||||||||
| 500,000 | 5.00%, 06/01/21 (c) | 478,640 | ||||||
| 500,000 | 5.00%, 06/01/21 (c) | 488,640 | ||||||
| 200,000 | County of Clark, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c) | 206,116 | ||||||
| 625,000 | Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c) | 575,950 | ||||||
| State of Nevada Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/25 (c) | 1,023,140 | ||||||
| 1,000,000 | 5.13%, 12/15/25 (c) | 1,009,300 | ||||||
| 3,781,786 | ||||||||
See Notes to Financial Statements
| 124 |
| Principal | ||||||||
| Amount | Value | |||||||
| New Hampshire: 0.3% | ||||||||
| $ | 5,000,000 | New Hampshire Health and Education Facilities Authority Act (RB) 5.00%, 10/01/26 (c) | $ | 5,421,350 | ||||
| New Jersey: 6.4% | ||||||||
| 3,055,000 | Burlington, Vermont Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB) 5.63%, 01/01/18 (c) | 3,104,735 | ||||||
| Camden County, New Jersey Improvement Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,077,300 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,068,020 | ||||||
| 150,000 | 5.00%, 02/15/24 (c) | 163,947 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,117,980 | ||||||
| 1,055,000 | 5.00%, 02/15/24 (c) | 1,161,808 | ||||||
| Casino Reinvestment Development Authority (RB) | ||||||||
| 2,450,000 | 5.25%, 11/01/24 (c) | 2,472,638 | ||||||
| 1,400,000 | 5.25%, 11/01/24 (c) | 1,416,422 | ||||||
| City of Atlantic City, New Jersey (GO) | ||||||||
| 50,000 | 5.00%, 11/01/19 | 42,860 | ||||||
| 50,000 | 5.00%, 12/01/19 | 42,835 | ||||||
| 25,000 | 5.00%, 11/01/21 | 20,829 | ||||||
| 50,000 | 5.00%, 12/01/21 | 41,647 | ||||||
| 65,000 | 5.00%, 11/01/22 | 54,092 | ||||||
| 30,000 | 5.00%, 12/01/23 (c) | 24,942 | ||||||
| 1,000,000 | Essex County Improvement Authority, Covanta Project (RB) 5.25%, 07/01/20 (c) | 1,001,940 | ||||||
| 2,370,000 | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 2,570,289 | ||||||
| 500,000 | New Jersey Building Authority, Series A (RB) 5.00%, 06/15/22 | 533,870 | ||||||
| 470,000 | New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) | 471,683 | ||||||
| New Jersey Economic Development | ||||||||
| Authority, Cigarette Tax Revenue (RB) | ||||||||
| 100,000 | 4.00%, 06/15/19 | 103,533 | ||||||
| 1,645,000 | 4.25%, 06/15/22 (c) | 1,662,272 | ||||||
| 800,000 | 5.00%, 06/15/19 | 842,824 | ||||||
| 850,000 | 5.00%, 06/15/20 | 909,355 | ||||||
| 1,250,000 | 5.00%, 06/15/21 | 1,355,687 | ||||||
| 35,000 | 5.00%, 06/15/22 (c) | 37,711 | ||||||
| 500,000 | 5.00%, 06/15/22 (c) | 527,405 | ||||||
| 535,000 | 5.00%, 06/15/22 (c) | 561,022 | ||||||
| 60,000 | 5.00%, 06/15/22 | 65,621 | ||||||
| 940,000 | 5.00%, 06/15/22 (c) | 1,020,163 | ||||||
| 1,000,000 | 5.00%, 06/15/22 (c) | 1,070,160 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| $ | 3,345,000 | 4.88%, 09/15/19 | $ | 3,458,529 | ||||
| 1,975,000 | 5.25%, 08/20/22 (c) | 2,154,626 | ||||||
| 2,215,000 | 5.50%, 05/30/17 (c) | 2,221,889 | ||||||
| 60,000 | 5.50%, 06/20/23 (c) | 65,781 | ||||||
| 235,000 | 5.63%, 03/05/24 (c) | 260,921 | ||||||
| 350,000 | 5.63%, 03/05/24 (c) | 388,605 | ||||||
| 1,835,000 | 5.75%, 09/15/22 (c) | 2,037,235 | ||||||
| 55,000 | New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | 61,354 | ||||||
| 35,000 | New Jersey Economic Development Authority, Montclair State University Student Housing Project, Series A (RB) 5.75%, 06/01/20 (c) | 37,341 | ||||||
| 500,000 | New Jersey Economic Development Authority, Motor Vehicle Surcharges Revenue, Series B (RB) (XLCA) 3.72%, 07/01/26 ^ | 356,395 | ||||||
| 5,000,000 | New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/22 | 5,315,400 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series EE (RB) | ||||||||
| 650,000 | 5.00%, 03/01/21 (c) | 688,200 | ||||||
| 425,000 | 5.25%, 03/01/21 (c) | 447,512 | ||||||
| 130,000 | New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB) 5.00%, 03/01/22 (c) | 137,757 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 2,500,000 | 5.00%, 03/01/22 | 2,659,425 | ||||||
| 750,000 | 5.00%, 03/01/23 (c) | 785,430 | ||||||
| 830,000 | New Jersey Economic Development Authority, School Facilities Construction Refunding, Series PP (RB) 5.00%, 06/15/24 (c) | 873,052 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series XX (RB) | ||||||||
| 1,500,000 | 5.00%, 06/15/23 | 1,599,885 | ||||||
| 500,000 | 5.00%, 06/15/24 | 533,870 | ||||||
| 195,000 | New Jersey Economic Development Authority, School Facilities Construction, Series Y (RB) 4.25%, 09/01/18 (c) | 197,455 | ||||||
See Notes to Financial Statements
| 125 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 2,000,000 | New Jersey Economic Development Authority, Series XX (RB) 5.00%, 06/15/21 | $ | 2,129,800 | ||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 350,000 | 5.13%, 01/01/24 (c) | 386,141 | ||||||
| 900,000 | 5.38%, 01/01/24 (c) | 1,000,575 | ||||||
| 500,000 | 5.50%, 01/01/24 (c) | 574,290 | ||||||
| 490,000 | New Jersey Educational Facilities Authority (RB) 5.00%, 06/15/22 | 525,329 | ||||||
| New Jersey Educational Facilities Authority, Stockton University Issue, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/25 | 1,155,530 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,094,490 | ||||||
| 1,050,000 | 5.00%, 07/01/26 (c) | 1,122,334 | ||||||
| 1,000,000 | 5.13%, 07/01/18 (c) | 1,048,080 | ||||||
| 100,000 | New Jersey Health Care Facilities Financing Authority, Health Asset Transformation Program, Series A (RB) 5.25%, 10/01/19 (c) | 106,008 | ||||||
| 400,000 | New Jersey Health Care Facilities Financing Authority, Princeton Healthcare System, Series A (RB) 5.00%, 07/01/26 (c) | 439,420 | ||||||
| New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | ||||||||
| 100,000 | 3.00%, 07/01/26 (c) | 81,330 | ||||||
| 750,000 | 4.00%, 07/01/26 (c) | 699,345 | ||||||
| 1,250,000 | 5.00%, 07/01/26 (c) | 1,343,037 | ||||||
| 2,000,000 | 6.63%, 07/01/18 (c) | 2,129,520 | ||||||
| New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) | ||||||||
| 100,000 | 5.00%, 07/01/21 | 106,956 | ||||||
| 170,000 | 6.00%, 07/01/21 (c) | 182,837 | ||||||
| 2,050,000 | 6.25%, 07/01/21 (c) | 2,191,019 | ||||||
| 200,000 | New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.45%, 12/15/37 ^ | 64,178 | ||||||
| New Jersey Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 36,900,000 | 5.00%, 06/01/17 (c) | 36,089,676 | ||||||
| 795,000 | 5.00%, 06/01/17 (c) | 796,709 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 2,650,000 | 4.90%, 12/15/28 ^ | 1,517,019 | ||||||
| 600,000 | 5.00%, 06/15/24 | 644,502 | ||||||
| 100,000 | 5.25%, 06/15/21 (c) | 105,943 | ||||||
| 1,000,000 | 5.45%, 12/15/39 ^ | 284,240 | ||||||
| 70,000 | 5.50%, 12/15/23 | 77,505 | ||||||
| 800,000 | New Jersey Transportation Trust Fund Authority, Series AA (RB) 5.25%, 06/15/23 (c) | 838,264 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
| $ | 10,000,000 | 5.02%, 12/15/35 ^ | $ | 3,908,800 | ||||
| 715,000 | 5.25%, 12/15/24 (c) | 747,347 | ||||||
| 250,000 | New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c) | 254,903 | ||||||
| 2,600,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 2,817,776 | ||||||
| 3,275,000 | Tobacco Settlement Financing Corp., Senior Series 1A (RB) 4.50%, 06/01/17 (c) | 3,294,977 | ||||||
| 12,400,000 | Tobacco Settlement Financing Corp., Senior Series A-1 (RB) 4.75%, 06/01/17 (c) | 12,171,964 | ||||||
| 6,800,000 | Tobacco Settlement Financing Corp., Series A (RB) 4.63%, 06/01/17 (c) | 6,814,552 | ||||||
| 135,568,648 | ||||||||
| New Mexico: 0.3% | ||||||||
| 500,000 | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds, Series B (RB) 1.87%, 10/01/21 (p) | 492,995 | ||||||
| 340,000 | County of Otero, New Mexico Jail Project (RB) 5.75%, 05/30/17 (c) | 342,859 | ||||||
| 660,000 | Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c) | 733,696 | ||||||
| 2,850,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 05/30/17 (c) | 2,851,710 | ||||||
| 700,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 05/30/17 (c) | 666,085 | ||||||
| 1,000,000 | Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 05/01/20 (c) | 1,021,820 | ||||||
| 6,109,165 | ||||||||
| New York: 8.4% | ||||||||
| Brooklyn Arena Local Development Corp. (RB) | ||||||||
| 110,000 | 4.53%, 07/15/33 ^ | 54,607 | ||||||
| 90,000 | 4.62%, 07/15/32 ^ | 47,211 | ||||||
| 3,480,000 | 5.00%, 01/15/27 (c) | 3,818,952 | ||||||
| 125,000 | Brooklyn Arena Local Development Corp. PILOT Revenue Refunding Bonds, Series A (RB) 5.00%, 07/15/26 | 146,831 | ||||||
| Build NYC Resource Corp. (RB) | ||||||||
| 900,000 | 5.00%, 11/01/24 (c) | 875,124 | ||||||
| 1,000,000 | 5.50%, 11/01/24 (c) | 995,780 | ||||||
| Build NYC Resource Corp., New York Law School Project (RB) | ||||||||
| 4,095,000 | 4.00%, 01/01/26 (c) | 4,043,567 | ||||||
| 925,000 | 5.00%, 01/01/26 (c) | 1,000,535 | ||||||
See Notes to Financial Statements
| 126 |
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) | ||||||||
| $ | 25,000 | 3.75%, 01/01/20 | $ | 25,480 | ||||
| 1,050,000 | 4.50%, 01/01/25 | 1,131,690 | ||||||
| 600,000 | 5.00%, 01/01/25 (c) | 631,536 | ||||||
| 600,000 | 5.25%, 11/01/24 (c) | 605,988 | ||||||
| 1,000,000 | Build NYC Resource Corp., South Bronx Charter School For International Cultures (RB) 5.00%, 04/15/23 (c) | 1,012,800 | ||||||
| 3,170,000 | Chautauqua County, New York Industrial Development, NRG Dunkirk Power Project (RB) 5.88%, 02/01/20 (c) | 3,314,425 | ||||||
| 1,000,000 | Chautauqua Tobacco Asset Securitization Corp. (RB) 5.00%, 06/01/24 (c) | 1,031,820 | ||||||
| Dutchess County Industrial Development Agency, Series A-1 (RB) | ||||||||
| 15,000 | 4.50%, 08/01/17 (c) | 14,194 | ||||||
| 400,000 | 5.00%, 08/01/17 (c) | 336,468 | ||||||
| 940,000 | Dutchess County Industrial Development Agency, Series A-2 (RB) 4.50%, 08/01/17 (c) | 763,590 | ||||||
| Erie County, New York Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 1,245,000 | 5.00%, 05/30/17 (c) | 1,245,012 | ||||||
| 335,000 | 5.00%, 05/30/17 (c) | 335,027 | ||||||
| Jefferson County Industrial Development Agency, Reenergy Black River LLC Project (RB) | ||||||||
| 1,150,000 | 4.75%, 01/01/20 | 1,127,172 | ||||||
| 1,500,000 | 5.25%, 01/01/24 | 1,399,785 | ||||||
| Nassau County Local Economic Assistance Corp., Winthrop University Hospital Project (RB) | ||||||||
| 30,000 | 4.25%, 07/01/22 (c) | 29,633 | ||||||
| 175,000 | 5.00%, 07/01/22 (c) | 193,820 | ||||||
| Nassau County Local Economic Assistance Corp., Winthrop-University Hospital Association Project (RB) | ||||||||
| 915,000 | 5.00%, 07/01/22 (c) | 977,028 | ||||||
| 1,000,000 | 5.00%, 07/01/22 (c) | 1,085,960 | ||||||
| Nassau County Tobacco Settlement Corp., Series A (RB) | ||||||||
| 4,610,000 | 5.00%, 05/30/17 (c) | 4,497,332 | ||||||
| 975,000 | 5.13%, 05/30/17 (c) | 952,624 | ||||||
| 3,275,000 | Nassau County Tobacco Settlement Corp., Series A-2 (RB) | |||||||
| 5.25%, 05/15/17 (c) | 3,275,262 | |||||||
| New Rochelle Industrial Development Agency (RB) | ||||||||
| 1,035,000 | 5.25%, 07/01/17 (c) | 868,293 | ||||||
| 265,000 | 5.50%, 07/01/17 (c) | 241,222 | ||||||
| 2,000,000 | New York City Housing Development Corp., 8 Spruce Street, Class E (RB) 3.50%, 05/15/24 (c) | 2,009,740 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 35,000 | New York City Industrial Development Agency, Brooklyn Navy yard Cogeneration Partners, L.P. Project (RB) 5.75%, 05/30/17 (c) | $ | 26,984 | ||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 1,970,000 | 4.75%, 05/30/17 (c) | 1,970,926 | ||||||
| 110,000 | 5.00%, 05/30/17 (c) | 110,243 | ||||||
| 850,000 | 5.00%, 05/30/17 (c) | 851,751 | ||||||
| 100,000 | 5.00%, 05/30/17 (c) | 100,235 | ||||||
| 1,075,000 | 5.00%, 05/30/17 (c) | 1,077,472 | ||||||
| 105,000 | 5.00%, 05/30/17 (c) | 105,236 | ||||||
| 2,000,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties, LLC, Series A (RB) 5.00%, 07/01/22 (c) | 2,119,120 | ||||||
| New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC) | ||||||||
| 1,500,000 | 4.50%, 05/30/17 (c) | 1,500,960 | ||||||
| 800,000 | 5.00%, 05/30/17 (c) | 805,888 | ||||||
| 5,000 | New York Counties Tobacco Trust II (RB) 5.63%, 05/30/17 (c) | 5,016 | ||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 745,000 | 5.00%, 05/15/17 (c) | 712,503 | ||||||
| 380,000 | 5.00%, 05/15/17 (c) | 361,737 | ||||||
| 500,000 | New York Counties Tobacco Trust VI (RB) 5.00%, 06/01/26 (c) | 523,760 | ||||||
| 3,500,000 | New York Liberty Development Corp. (RB) 5.15%, 11/15/24 (c) | 3,806,985 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 29,500,000 | 5.00%, 11/15/24 (c) | 31,382,395 | ||||||
| 3,700,000 | 5.38%, 11/15/24 (c) | 4,048,170 | ||||||
| 1,100,000 | 7.25%, 11/15/24 (c) | 1,321,815 | ||||||
| 200,000 | New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c) | 215,724 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 5,000 | 5.00%, 09/01/19 (c) | 5,444 | ||||||
| 5,000 | 5.00%, 09/01/19 (c) | 5,444 | ||||||
| 50,000 | 5.00%, 11/01/21 (c) | 47,165 | ||||||
| 300,000 | 5.00%, 06/01/27 (c) | 335,766 | ||||||
| 300,000 | 5.00%, 06/01/27 (c) | 322,353 | ||||||
| 15,000 | 5.25%, 07/01/20 (c) | 15,492 | ||||||
| 270,000 | 5.50%, 07/01/35 | 329,000 | ||||||
| 1,000,000 | New York State Dormitory Authority, Orange Regional Medical Center (RB) 5.00%, 06/01/25 (c) | 1,067,700 | ||||||
See Notes to Financial Statements
| 127 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 2,250,000 | New York State Environmental Facilities Corp., Solid Waste Disposal, Casella Waste Systems, Inc. Project (RB) 3.75%, 12/02/19 (p) | $ | 2,221,065 | ||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 225,000 | 5.00%, 08/01/20 | 243,623 | ||||||
| 7,400,000 | 5.00%, 08/01/21 (c) | 7,790,572 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 3,075,000 | 5.00%, 08/01/21 (c) | 3,260,269 | ||||||
| 6,190,000 | 5.00%, 08/01/21 | 6,815,809 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 1,250,000 | 5.00%, 08/01/18 | 1,295,350 | ||||||
| 275,000 | 5.00%, 08/01/19 | 291,918 | ||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
| 640,000 | 4.00%, 07/01/24 (c) | 621,184 | ||||||
| 500,000 | 4.00%, 07/01/24 (c) | 489,725 | ||||||
| 1,750,000 | 4.00%, 07/01/24 (c) | 1,792,665 | ||||||
| 1,540,000 | 4.00%, 07/01/24 (c) | 1,583,921 | ||||||
| 500,000 | 4.00%, 07/01/24 (c) | 516,015 | ||||||
| 775,000 | 5.00%, 07/01/24 (c) | 858,126 | ||||||
| 275,000 | 5.00%, 07/01/24 (c) | 295,237 | ||||||
| 12,200,000 | 5.00%, 07/01/24 (c) | 13,050,462 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 544,310 | ||||||
| 10,990,000 | 5.25%, 07/01/24 (c) | 11,915,798 | ||||||
| New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) | ||||||||
| 500,000 | 5.00%, 01/01/20 | 543,425 | ||||||
| 15,000 | 5.00%, 01/01/21 | 16,670 | ||||||
| 1,000,000 | 5.00%, 01/01/22 | 1,130,950 | ||||||
| 250,000 | 5.00%, 01/01/23 | 286,488 | ||||||
| 1,175,000 | Niagara Area Development Corp., Covanta Energy Project, Series A (RB) 5.25%, 11/01/17 (c) | 1,179,535 | ||||||
| 1,000,000 | Niagara Area Development Corp., Solid Water Disposal Facility, Series A (RB) 4.00%, 11/01/17 (c) | 1,003,160 | ||||||
| 230,000 | Orange County Industrial Development Agency, The glen Arden, Inc. Project (RB) 5.70%, 05/30/17 (c) | 198,545 | ||||||
| 365,000 | Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c) | 336,161 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) | ||||||||
| $ | 370,000 | 5.00%, 12/01/20 | $ | 406,885 | ||||
| 110,000 | 6.00%, 12/01/20 (c) | 123,396 | ||||||
| 30,000 | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/18 | 31,186 | ||||||
| Suffolk Tobacco Asset Securitization Corp. (RB) | ||||||||
| 60,000 | 5.38%, 06/01/18 (c) | 60,450 | ||||||
| 4,000,000 | 6.00%, 06/01/18 (c) | 4,115,040 | ||||||
| 6,150,000 | 6.63%, 06/01/22 (c) | 6,570,291 | ||||||
| Syracuse Industrial Development Agency (RB) | ||||||||
| 200,000 | 5.00%, 01/01/26 (c) | 221,924 | ||||||
| 200,000 | 5.00%, 01/01/26 (c) | 221,452 | ||||||
| 300,000 | 5.00%, 01/01/26 (c) | 336,216 | ||||||
| 550,000 | 5.00%, 01/01/26 (c) | 612,023 | ||||||
| 375,000 | Tompkins County Development Corp., Tompkins Cortland Community College Foundation, Inc. (RB) 5.00%, 07/01/23 (c) | 395,070 | ||||||
| 770,000 | Town of Oyster Bay, New York (GO) 3.25%, 08/15/17 (c) | 728,713 | ||||||
| Town of Oyster Bay, New York Public Improvement (GO) | ||||||||
| 270,000 | 3.00%, 08/15/17 (c) | 259,354 | ||||||
| 145,000 | 3.00%, 08/15/17 (c) | 136,958 | ||||||
| 15,000 | 3.00%, 08/15/17 (c) | 14,743 | ||||||
| 120,000 | 3.00%, 08/15/17 (c) | 116,518 | ||||||
| 85,000 | 3.50%, 08/15/17 (c) | 79,415 | ||||||
| 105,000 | 4.00%, 08/15/17 (c) | 99,062 | ||||||
| 2,000,000 | Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB) 5.00%, 06/01/27 (c) | 2,173,140 | ||||||
| Ulster County Industrial Development Agency, Civic Facility (RB) | ||||||||
| 1,540,000 | 6.00%, 09/15/17 (c) | 1,529,944 | ||||||
| 2,000,000 | 6.00%, 09/15/17 (c) | 1,999,660 | ||||||
| 1,000,000 | 6.00%, 09/15/17 (c) | 1,004,300 | ||||||
| 920,000 | Westchester County Healthcare Corp., Senior Lien, Series B (RB) 5.00%, 11/01/19 | 991,962 | ||||||
| Westchester County Local Development Corp. (RB) | ||||||||
| 570,000 | 3.75%, 11/01/25 (c) | 514,579 | ||||||
| 550,000 | 5.00%, 05/01/24 (c) | 590,551 | ||||||
| 2,500,000 | 5.00%, 11/01/25 (c) | 2,654,425 | ||||||
| 1,790,000 | 5.50%, 05/01/24 (c) | 1,906,332 | ||||||
| 177,438,364 | ||||||||
| North Carolina: 0.4% | ||||||||
| North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
| 250,000 | 5.00%, 06/30/25 (c) | 269,228 | ||||||
| 1,000,000 | 5.00%, 06/30/25 (c) | 1,063,250 | ||||||
See Notes to Financial Statements
| 128 |
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB) | ||||||||
| $ | 245,000 | 4.75%, 03/01/22 (c) | $ | 250,606 | ||||
| 1,330,000 | 5.00%, 03/01/22 (c) | 1,365,458 | ||||||
| 820,000 | 5.00%, 03/01/22 (c) | 843,296 | ||||||
| North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) | ||||||||
| 250,000 | 5.00%, 10/01/24 (c) | 255,833 | ||||||
| 150,000 | 5.00%, 10/01/25 | 161,174 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
| 500,000 | 4.70%, 07/01/25 (c) | 501,315 | ||||||
| 250,000 | 5.00%, 10/01/24 (c) | 261,645 | ||||||
| 165,000 | 5.00%, 10/01/24 (c) | 172,168 | ||||||
| 1,395,000 | North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB) 6.00%, 01/01/20 (c) | 1,468,279 | ||||||
| 1,000,000 | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien (RB) 5.00%, 01/01/27 (c) | 1,153,920 | ||||||
| 7,766,172 | ||||||||
| North Dakota: 0.1% | ||||||||
| City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB) | ||||||||
| 25,000 | 4.00%, 12/01/21 (c) | 25,620 | ||||||
| 640,000 | 5.00%, 12/01/21 (c) | 671,149 | ||||||
| City of Williston, North Dakota, Eagle Crest Apartments LLC Project (RB) | ||||||||
| 1,285,000 | 7.75%, 09/01/23 (c) (d) * | 501,150 | ||||||
| 615,000 | 6.25%, 09/01/23 (d) * | 239,850 | ||||||
| 1,437,769 | ||||||||
| Ohio: 7.7% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group (RB) | ||||||||
| 500,000 | 5.25%, 11/15/26 (c) | 550,795 | ||||||
| 1,500,000 | 5.25%, 11/15/26 (c) | 1,646,130 | ||||||
| 75,505,000 | Buckeye, Ohio Tobacco Settlement Financing Authority (RB) 11.95%, 06/01/17 (c) ^ | 1,936,703 | ||||||
| Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 9,135,000 | 5.13%, 06/01/17 (c) | 8,724,656 | ||||||
| 8,120,000 | 5.38%, 06/01/17 (c) | 7,848,548 | ||||||
| 11,745,000 | 5.75%, 06/01/17 (c) | 11,251,945 | ||||||
| 31,430,000 | 5.88%, 06/01/17 (c) | 30,250,118 | ||||||
| 16,105,000 | 5.88%, 06/01/17 (c) | 15,541,969 | ||||||
| 6,610,000 | 6.00%, 06/01/17 (c) | 6,434,306 | ||||||
| 11,495,000 | 6.50%, 06/01/17 (c) | 11,533,163 | ||||||
| 7,105,000 | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB) 6.25%, 06/01/22 (c) | 7,096,474 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 76,200,000 | Buckeye, Ohio Tobacco Settlement Financing Authority, Series B (RB) 8.94%, 06/01/17 (c) ^ | $ | 5,035,296 | ||||
| City of Cleveland, Ohio Airport System Revenue, Series A (RB) | ||||||||
| 1,250,000 | 5.00%, 01/01/22 (c) | 1,389,562 | ||||||
| 250,000 | 5.00%, 01/01/22 (c) | 280,018 | ||||||
| 40,000 | 5.25%, 01/01/19 | 42,383 | ||||||
| 700,000 | 5.25%, 01/01/20 | 764,757 | ||||||
| 385,000 | Cleveland, Ohio Airport System Revenue (RB) 5.00%, 01/01/22 (c) | 430,503 | ||||||
| 2,000,000 | County of Franklin, First Community Village Obligated Group (RB) 5.63%, 07/01/20 (c) | 2,008,600 | ||||||
| 7,750,000 | County of Gallia, Holzer Health System Obligated Group (RB) 8.00%, 07/01/22 (c) | 8,905,447 | ||||||
| County of Hamilton, Life Enriching Communities Project (RB) | ||||||||
| 385,000 | 5.00%, 01/01/26 (c) | 401,466 | ||||||
| 550,000 | 5.00%, 01/01/26 (c) | 571,510 | ||||||
| 300,000 | 5.00%, 01/01/26 (c) | 320,856 | ||||||
| 250,000 | 5.00%, 01/01/26 (c) | 262,530 | ||||||
| County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 1,000,000 | 5.00%, 02/15/19 | 1,039,560 | ||||||
| 2,000,000 | 5.00%, 02/15/23 (c) | 2,131,900 | ||||||
| 750,000 | Dayton-Montgomery County Port Authority, Storypoint Troy Project, Series 1 (RB) 7.00%, 01/15/25 (c) | 759,667 | ||||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 2,000,000 | 5.00%, 02/15/23 (c) | 2,080,300 | ||||||
| 3,000,000 | 5.00%, 02/15/23 (c) | 3,111,000 | ||||||
| 2,270,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) | 2,315,604 | ||||||
| 2,250,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 995,625 | ||||||
| 655,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19 | 680,126 | ||||||
| 1,535,000 | Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20 | 679,237 | ||||||
| 4,330,000 | Ohio Air Quality Development Authority, Series C (RB) 5.63%, 06/01/18 | 4,200,446 | ||||||
See Notes to Financial Statements
| 129 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 1,100,000 | Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 05/30/17 (c) | $ | 1,103,135 | ||||
| 2,050,000 | Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 05/30/17 (c) | 2,052,849 | ||||||
| 2,125,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 940,312 | ||||||
| 3,065,000 | Ohio State Water Development Authority, Series A (RB) 3.00%, 05/15/19 | 1,356,262 | ||||||
| 500,000 | Ohio State Water Development Authority, Series C (RB) 3.95%, 05/01/20 (p) | 221,250 | ||||||
| 2,200,000 | Ohio Water Development Authority, Pollution Control, Series B (RB) 4.00%, 07/01/21 (p) | 968,000 | ||||||
| 15,000 | Ohio Water Development Authority, Pollution Control, Series C (RB) 4.00%, 06/03/19 (p) | 6,638 | ||||||
| 795,000 | Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/01/21 (c) | 792,392 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 250,000 | 5.00%, 12/01/24 (c) | 255,685 | ||||||
| 245,000 | 5.00%, 12/01/24 (c) | 253,261 | ||||||
| 70,000 | 5.50%, 12/01/24 (c) | 74,589 | ||||||
| 3,400,000 | 5.75%, 12/01/22 (c) | 3,726,740 | ||||||
| 2,850,000 | 6.00%, 12/01/22 (c) | 3,124,426 | ||||||
| State of Ohio, Portsmouth Bypass Project (RB) | ||||||||
| 2,000,000 | 5.00%, 06/30/25 (c) | 2,106,620 | ||||||
| 3,490,000 | 5.00%, 06/30/25 (c) | 3,641,745 | ||||||
| 161,845,104 | ||||||||
| Oklahoma: 0.8% | ||||||||
| 200,000 | Comanche County Hospital Authority, Series A (RB) 5.00%, 07/01/22 (c) | 205,196 | ||||||
| 1,857,998 | Kingfisher, Oklahoma Hospital Authority (RB) 6.50%, 05/30/17 (c) | 1,858,871 | ||||||
| 1,000,000 | Norman Regional Hospital Authority (RB) 5.00%, 09/01/26 (c) | 1,120,140 | ||||||
| 225,000 | Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) 5.13%, 04/01/22 (c) | 224,519 | ||||||
| Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB) | ||||||||
| 1,000,000 | 5.00%, 12/01/17 (c) | 885,060 | ||||||
| 1,000,000 | 5.13%, 12/01/17 (c) | 778,660 | ||||||
| Principal Amount | Value | |||||||
| Oklahoma: (continued) | ||||||||
| Oklahoma Development Finance Authority, Inverness Village Community (RB) | ||||||||
| $ | 275,000 | 5.25%, 01/01/19 (c) | $ | 276,672 | ||||
| 1,000,000 | 6.00%, 01/01/22 (c) | 1,042,730 | ||||||
| Oklahoma Development Finance Authority, Provident Oklahoma Education Resources, Inc. (RB) | ||||||||
| 500,000 | 5.00%, 08/01/27 (c) | 533,420 | ||||||
| 1,055,000 | 5.00%, 08/01/27 (c) | 1,126,423 | ||||||
| 2,000,000 | 5.25%, 08/01/27 (c) | 2,161,120 | ||||||
| Payne County Economic Development Authority, Series A (RB) | ||||||||
| 360,000 | 6.00%, 11/01/26 | 362,372 | ||||||
| 500,000 | 6.63%, 11/01/26 (c) | 504,020 | ||||||
| 1,805,000 | 6.88%, 11/01/26 (c) | 1,801,589 | ||||||
| 500,000 | 7.00%, 11/01/26 (c) | 500,340 | ||||||
| 250,000 | Payne County Economic Development Authority, Series B (RB) 4.75%, 11/01/17 (c) | 250,048 | ||||||
| 1,500,000 | Payne County Economic Development Authority, Series B-1 (RB) 5.25%, 05/01/18 (c) | 1,490,835 | ||||||
| 2,125,000 | Tulsa Airports Improvement Trust (RB) 5.06%, 06/01/25 (c) (p) | 2,264,336 | ||||||
| 17,386,351 | ||||||||
| Oregon: 0.1% | ||||||||
| 230,000 | Hospital Facilities Authority of Multnomah County, Series A (RB) 5.00%, 10/01/19 | 238,802 | ||||||
| Oregon State Facilities Authority, Concordia University Project, Series A (RB) | ||||||||
| 560,000 | 6.13%, 09/01/20 (c) | 632,486 | ||||||
| 750,000 | 6.38%, 09/01/20 (c) | 874,087 | ||||||
| Yamhill County Hospital Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/15/24 (c) | 504,140 | ||||||
| 300,000 | 5.00%, 11/15/24 (c) | 305,001 | ||||||
| 2,554,516 | ||||||||
| Pennsylvania: 3.9% | ||||||||
| 1,645,000 | Allegheny County, Pennsylvania Hospital Development Authority, Series A (RB) 5.13%, 05/30/17 (c) | 1,522,217 | ||||||
| Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 445,000 | 5.75%, 08/01/22 (c) | 411,616 | ||||||
| 695,000 | 6.75%, 11/01/19 (c) | 726,240 | ||||||
| 1,100,000 | 6.75%, 12/01/21 (c) | 1,132,978 | ||||||
| 600,000 | 6.88%, 11/01/19 (c) | 601,962 | ||||||
See Notes to Financial Statements
| 130 |
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, Series A (RB) | ||||||||
| $ | 1,915,000 | 5.00%, 05/01/22 (c) | $ | 2,007,992 | ||||
| 150,000 | 5.00%, 05/01/22 (c) | 158,819 | ||||||
| 3,980,000 | 5.00%, 05/01/22 (c) | 4,123,917 | ||||||
| Beaver County, Industrial Development Authority, Firstenergy Nuclear Generation Project, Series A (RB) | ||||||||
| 510,000 | 2.70%, 04/02/18 (p) | 225,675 | ||||||
| 500,000 | 3.50%, 06/01/20 (p) | 221,250 | ||||||
| 500,000 | 4.00%, 07/01/21 (p) | 220,000 | ||||||
| 5,240,000 | Beaver County, Pennsylvania Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 2,318,700 | ||||||
| 500,000 | Chester County Health and Education Facilities Authority (RB) 5.25%, 12/01/25 (c) | 499,980 | ||||||
| 490,000 | City of Philadelphia, Gas Works Revenue, Thirteenth Series (RB) 4.00%, 08/01/18 | 506,395 | ||||||
| 650,000 | City of Philadelphia, Pennsylvania Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c) | 742,709 | ||||||
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
| 500,000 | 6.00%, 06/01/26 (c) | 504,845 | ||||||
| 500,000 | 6.00%, 06/01/26 (c) | 506,600 | ||||||
| Cumberland County, Pennsylvania Municipal Authority (RB) | ||||||||
| 500,000 | 4.00%, 01/01/25 (c) | 491,405 | ||||||
| 400,000 | 5.25%, 01/01/22 (c) | 411,784 | ||||||
| 1,575,000 | Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c) | 1,512,220 | ||||||
| Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) | ||||||||
| 2,430,000 | 5.13%, 06/01/26 (c) | 2,178,811 | ||||||
| 625,000 | 5.25%, 08/15/20 (c) | 572,256 | ||||||
| 50,000 | 6.13%, 08/15/20 (c) | 45,215 | ||||||
| Delaware River Port Authority, Port District Project (RB) | ||||||||
| 100,000 | 5.00%, 01/01/21 | 109,684 | ||||||
| 100,000 | 5.00%, 01/01/22 | 111,445 | ||||||
| 960,000 | 5.00%, 01/01/23 (c) | 1,061,875 | ||||||
| 1,230,000 | 5.00%, 01/01/23 (c) | 1,366,628 | ||||||
| 200,000 | Fulton County Industrial Development Authority (RB) 5.00%, 07/01/26 (c) | 200,570 | ||||||
| 6,000,000 | Harrisburg, Philadelphia University Revenue, Series B (RB) 6.00%, 09/01/17 (c) | 5,717,700 | ||||||
| 1,000,000 | Lancaster County Hospital Authority, Brethren Village Project (RB) 5.13%, 07/01/27 (c) | 1,065,580 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 1,500,000 | Lancaster County Hospital Authority, Brethren Village Project, Series A (RB) 6.50%, 07/01/17 (c) | $ | 1,513,470 | ||||
| 1,250,000 | Lehigh County, Pennsylvania General Purpose Authority, Bibles Fellowship Church Homes, Inc. Project (RB) 5.25%, 07/01/22 (c) | 1,236,137 | ||||||
| Montgomery County Industrial Development Authority, Pollution Control, Peco Energy Company Project (RB) | ||||||||
| 260,000 | 2.60%, 09/01/20 (p) | 260,325 | ||||||
| 1,420,000 | 2.70%, 04/01/20 (p) | 1,419,191 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 150,000 | 5.00%, 01/01/25 (c) | 151,034 | ||||||
| 850,000 | 5.25%, 01/01/25 (c) | 846,591 | ||||||
| 940,000 | 5.38%, 01/01/25 (c) | 939,210 | ||||||
| Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
| 175,000 | 5.00%, 07/01/20 | 180,558 | ||||||
| 250,000 | 5.63%, 07/01/25 (c) | 262,913 | ||||||
| 650,000 | 6.00%, 07/01/25 (c) | 684,612 | ||||||
| 55,000 | Pennsylvania Economic Development Financing Authority, Colver Project, Series F (RB) (AMBAC) 4.63%, 05/30/17 (c) | 55,403 | ||||||
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 440,000 | 4.13%, 06/30/26 (c) | 436,555 | ||||||
| 75,000 | 5.00%, 06/30/19 | 80,520 | ||||||
| 90,000 | 5.00%, 12/31/19 | 97,915 | ||||||
| 170,000 | 5.00%, 12/31/20 | 188,931 | ||||||
| 45,000 | 5.00%, 12/31/22 | 51,439 | ||||||
| 125,000 | 5.00%, 12/31/23 | 143,730 | ||||||
| 550,000 | 5.00%, 12/31/24 | 636,586 | ||||||
| 595,000 | 5.00%, 12/31/25 | 690,069 | ||||||
| 385,000 | 5.00%, 06/30/26 (c) | 445,245 | ||||||
| 4,880,000 | 5.00%, 06/30/26 (c) | 5,305,487 | ||||||
| 65,000 | 5.00%, 06/30/26 (c) | 74,166 | ||||||
| 500,000 | 5.00%, 06/30/26 (c) | 543,195 | ||||||
| 2,655,000 | 5.00%, 06/30/26 (c) | 2,918,748 | ||||||
| 410,000 | 5.00%, 06/30/26 (c) | 461,578 | ||||||
| 250,000 | 5.00%, 06/30/26 | 289,770 | ||||||
| 2,950,000 | Pennsylvania Economic Development Financing Authority, Series A (RB) 6.40%, 09/01/25 (c) | 2,987,612 | ||||||
| 1,800,000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB) 6.00%, 05/30/17 (c) | 1,803,096 | ||||||
| 1,000,000 | Pennsylvania Economic Development Financing Authority, Talen Energy Supply Project, Series B (RB) 5.00%, 09/01/20 (p) | 1,004,490 | ||||||
See Notes to Financial Statements
| 131 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 5,000,000 | Pennsylvania Economic Development Financing Authority, Talen Energy Supply Project, Series C (RB) 5.00%, 09/01/20 (p) | $ | 5,022,450 | ||||
| Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | ||||||||
| 110,000 | 4.00%, 11/01/22 (c) | 99,450 | ||||||
| 100,000 | 5.00%, 11/01/22 (c) | 102,753 | ||||||
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) | ||||||||
| 350,000 | 5.88%, 06/15/22 | 374,560 | ||||||
| 1,000,000 | 7.25%, 06/15/24 (c) | 1,131,990 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 500,000 | 6.38%, 06/01/25 (c) | 514,410 | ||||||
| 500,000 | 6.50%, 06/01/25 (c) | 516,760 | ||||||
| 500,000 | 6.63%, 06/01/25 (c) | 519,095 | ||||||
| 2,130,000 | Philadelphia Authority for Industrial Development. Esperanza Charter School Project (RB) 8.20%, 01/01/23 (c) | 2,414,014 | ||||||
| Philadelphia Gas Works, Fourteenth Series (RB) | ||||||||
| 1,000,000 | 4.00%, 10/01/26 (c) | 1,021,240 | ||||||
| 1,020,000 | 5.00%, 10/01/26 (c) | 1,141,747 | ||||||
| 750,000 | 5.00%, 10/01/26 | 886,342 | ||||||
| 500,000 | 5.00%, 10/01/26 (c) | 575,695 | ||||||
| 1,000,000 | 5.00%, 10/01/26 (c) | 1,122,770 | ||||||
| 1,000,000 | Philadelphia Gas Works, Thirteenth Series (RB) 5.00%, 08/01/25 (c) | 1,145,860 | ||||||
| Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 880,000 | 5.00%, 07/01/17 (c) | 881,030 | ||||||
| 1,455,000 | 5.63%, 07/01/22 (c) | 1,530,223 | ||||||
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 2,100,000 | 5.50%, 07/01/17 (c) | 2,105,271 | ||||||
| 1,975,000 | 5.63%, 07/01/22 (c) | 2,065,080 | ||||||
| 250,000 | Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c) | 253,545 | ||||||
| Susquehanna Area Regional Airport Authority (RB) | ||||||||
| 650,000 | 5.00%, 01/01/23 (c) | 688,850 | ||||||
| 1,500,000 | 5.00%, 01/01/23 | 1,618,575 | ||||||
| 82,717,354 | ||||||||
| Principal Amount | Value | |||||||
| Puerto Rico: 1.2% | ||||||||
| $ | 1,270,000 | Children’s Trust Fund, Tobacco Settlement (RB) 5.63%, 05/30/17 (c) | $ | 1,271,791 | ||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 90,000 | 5.25%, 07/01/16 (d) (g) * | 56,925 | ||||||
| 78,000 | 5.50%, 07/01/16 (d) (g) * # | 51,870 | ||||||
| 4,510,000 | 8.00%, 07/01/20 (c) (d) * | 2,852,575 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 155,000 | 4.25%, 07/01/22 (c) | 121,288 | ||||||
| 1,740,000 | 5.00%, 07/01/22 (c) | 1,387,650 | ||||||
| 465,000 | 5.13%, 07/01/22 (c) | 373,163 | ||||||
| 1,000,000 | 5.25%, 07/01/22 (c) | 802,500 | ||||||
| 2,555,000 | 5.25%, 07/01/22 (c) | 2,050,387 | ||||||
| 30,000 | 5.25%, 07/01/22 (c) | 24,675 | ||||||
| 710,000 | 5.75%, 07/01/22 (c) | 573,325 | ||||||
| 1,580,000 | 6.00%, 07/01/18 (c) | 1,307,450 | ||||||
| 380,000 | 6.00%, 07/01/18 (c) | 315,400 | ||||||
| 1,755,000 | 6.00%, 07/01/22 (c) | 1,434,712 | ||||||
| 13,000,000 | Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 7.05%, 05/30/17 (c) ^ | 1,507,350 | ||||||
| 1,000,000 | Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/23 | 267,500 | ||||||
| 100,000 | Puerto Rico Commonwealth, Public Improvement, Series A (GO) 5.00%, 07/01/21 (d) * | 61,625 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| 315,000 | 4.13%, 05/30/17 (c) # | 192,268 | ||||||
| 395,000 | 4.25%, 05/30/17 (c) # | 236,408 | ||||||
| 220,000 | 4.75%, 05/30/17 (c) # | 133,760 | ||||||
| 40,000 | 5.00%, 05/30/17 (c) | 40,013 | ||||||
| 155,000 | 5.00%, 05/30/17 (c) # | 92,768 | ||||||
| 620,000 | 5.00%, 05/30/17 (c) # | 372,543 | ||||||
| 350,000 | 5.00%, 05/30/17 (c) # | 213,631 | ||||||
| 275,000 | 5.00%, 05/30/17 (c) # | 166,547 | ||||||
| 350,000 | 5.00%, 05/30/17 (c) # | 211,138 | ||||||
| Puerto Rico Highways and Transportation Authority (RB) | ||||||||
| 890,000 | 5.00%, 05/30/17 (c) | 162,425 | ||||||
| 500,000 | 5.00%, 05/30/17 (c) | 133,750 | ||||||
| 390,000 | 5.25%, 05/30/17 (c) # | 237,416 | ||||||
| 845,000 | 5.75%, 05/30/17 (c) # | 515,767 | ||||||
| Puerto Rico Highways and Transportation Authority, Series G (RB) | ||||||||
| 275,000 | 5.00%, 05/30/17 (c) | 73,563 | ||||||
| 400,000 | 5.00%, 05/30/17 (c) (d) * | 107,000 | ||||||
| 65,000 | 5.00%, 05/30/17 (c) # | 39,520 | ||||||
See Notes to Financial Statements
| 132 |
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Highways and Transportation Authority, Series I (RB) (FGIC) | ||||||||
| $ | 200,000 | 5.00%, 05/30/17 (c) # | $ | 119,700 | ||||
| 50,000 | 5.00%, 05/30/17 (c) # | 30,163 | ||||||
| 315,000 | 5.00%, 05/30/17 (c) # | 191,520 | ||||||
| Puerto Rico Highways and Transportation Authority, Series J (RB) (FGIC) | ||||||||
| 185,000 | 5.00%, 05/30/17 (c) # | 112,714 | ||||||
| 40,000 | 5.00%, 05/30/17 (c) # | 24,390 | ||||||
| Puerto Rico Highways and Transportation Authority, Series K (RB) | ||||||||
| 400,000 | 5.00%, 05/30/17 (c) | 107,000 | ||||||
| 100,000 | 5.00%, 05/30/17 (c) | 26,750 | ||||||
| 50,000 | 5.00%, 05/30/17 (c) | 13,282 | ||||||
| 115,000 | 5.00%, 05/30/17 (c) | 30,510 | ||||||
| 205,000 | 5.00%, 05/30/17 (c) | 54,428 | ||||||
| Puerto Rico Highways and Transportation Authority, Series M (RB) | ||||||||
| 485,000 | 5.00%, 07/01/17 (c) | 129,738 | ||||||
| 1,040,000 | 5.00%, 07/01/17 (c) | 278,200 | ||||||
| 150,000 | 5.00%, 07/01/17 (c) | 40,125 | ||||||
| Puerto Rico Highways and Transportation Authority, Series N (RB) | ||||||||
| 385,000 | 5.50%, 07/01/21 | 102,988 | ||||||
| 1,070,000 | 5.50%, 07/01/22 | 286,225 | ||||||
| 2,035,000 | 5.50%, 07/01/24 | 544,362 | ||||||
| 1,500,000 | 5.50%, 07/01/25 | 401,250 | ||||||
| 1,500,000 | 5.50%, 07/01/26 | 401,250 | ||||||
| 50,000 | 21.06%, 07/01/20 ^ * | 16,212 | ||||||
| 500,000 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control, Ana G. Mendez University System Project (RB) 5.00%, 05/30/17 (c) # | 457,781 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control, University of Sacred Heart Project (RB) | ||||||||
| 500,000 | 4.38%, 10/01/22 (c) # | 328,553 | ||||||
| 500,000 | 5.00%, 10/01/22 (c) # | 328,553 | ||||||
| 40,000 | Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) 7.00%, 05/30/17 (c) (d) * | 22,800 | ||||||
| Puerto Rico Sales Tax Financing Corp. (RB) | ||||||||
| 730,000 | 5.25%, 08/01/21 (c) | 262,800 | ||||||
| 205,000 | 5.50%, 08/01/19 (c) | 69,188 | ||||||
| 525,000 | 5.50%, 02/01/20 (c) | 182,438 | ||||||
| 1,690,000 | 6.00%, 08/01/19 (c) | 617,272 | ||||||
| 310,000 | 6.00%, 08/01/20 (c) | 121,675 | ||||||
| 40,000 | Puerto Rico Sales Tax Financing Corp., Balance-First (RB) 5.00%, 08/01/18 | 15,660 | ||||||
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 500,000 | Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, First Subordinated Series A-1 (RB) 10.58%, 08/01/41 ^ | $ | 37,300 | ||||
| 150,000 | Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, First Subordinated Series C (RB) 5.00%, 08/01/20 (c) | 48,750 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Senior Series C (RB) | ||||||||
| 120,000 | 4.00%, 08/01/21 (c) # | 70,965 | ||||||
| 1,375,000 | 5.00%, 08/01/21 (c) # | 842,531 | ||||||
| 875,000 | 5.25%, 08/01/21 (c) # | 540,312 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series A (RB) | ||||||||
| 335,000 | 4.38%, 02/01/20 (c) | 114,895 | ||||||
| 100,000 | 5.25%, 02/01/20 (c) | 33,875 | ||||||
| 435,000 | 14.42%, 08/01/30 ^ | 62,140 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series C (RB) | ||||||||
| 1,990,000 | 5.00%, 08/01/21 (c) # | 1,219,372 | ||||||
| 170,000 | 5.25%, 08/01/20 (c) | 56,738 | ||||||
| 680,000 | 7.89%, 08/01/34 ^ | 148,403 | ||||||
| 80,000 | 8.69%, 08/01/37 ^ | 14,399 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A (RB) | ||||||||
| 80,000 | 4.50%, 02/01/20 (c) | 26,200 | ||||||
| 150,000 | 5.00%, 08/01/19 (c) | 51,188 | ||||||
| 250,000 | 5.50%, 02/01/20 (c) | 85,625 | ||||||
| 100,000 | 8.69%, 08/01/35 ^ | 10,412 | ||||||
| 50,000 | 8.70%, 08/01/34 ^ | 5,599 | ||||||
| 100,000 | 11.98%, 08/01/36 ^ | 9,737 | ||||||
| 155,000 | 12.86%, 08/01/33 ^ | 18,580 | ||||||
| 26,103,251 | ||||||||
| Rhode Island: 0.5% | ||||||||
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
| 700,000 | 4.00%, 05/15/26 (c) | 666,750 | ||||||
| 250,000 | 5.00%, 05/15/23 | 284,648 | ||||||
| 400,000 | 5.00%, 05/15/26 (c) | 422,920 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 2,000,000 | 4.50%, 06/01/25 (c) | 1,996,760 | ||||||
| 1,000,000 | 5.00%, 06/01/25 (c) | 1,062,740 | ||||||
| 37,200,000 | 6.59%, 06/01/17 (c) ^ | 3,932,040 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 400,000 | 5.00%, 06/01/20 | 437,396 | ||||||
| 60,000 | 5.00%, 06/01/23 | 67,794 | ||||||
| 2,000,000 | Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c) | 2,043,920 | ||||||
| 10,914,968 | ||||||||
See Notes to Financial Statements
| 133 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| South Carolina: 0.4% | ||||||||
| $ | 75,000 | South Carolina Jobs Economic Development Authority, Palmetto Health, Series A (RB) 5.00%, 08/01/23 (c) | $ | 79,786 | ||||
| South Carolina Jobs-Economic Development Authority, First Mortgage Health Care Facilities, The Lutheran Homes of South Carolina, Inc. (RB) | ||||||||
| 3,450,000 | 5.50%, 05/01/17 (c) | 3,450,000 | ||||||
| 3,100,000 | 5.63%, 05/30/17 (c) | 3,100,496 | ||||||
| 1,100,000 | South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB) 5.25%, 05/30/17 (c) | 1,075,074 | ||||||
| South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) | ||||||||
| 600,000 | 5.38%, 08/01/19 (c) | 643,386 | ||||||
| 155,000 | 5.75%, 08/01/19 (c) | 163,176 | ||||||
| 170,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health, Series A (RB) 5.25%, 08/01/23 (c) | 181,920 | ||||||
| 300,000 | South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c) | 287,787 | ||||||
| 8,981,625 | ||||||||
| South Dakota: 0.0% | ||||||||
| 500,000 | City of Sioux Falls, Dow Rummel Village Project (RB) 5.00%, 11/01/26 (c) | 499,965 | ||||||
| Tennessee: 1.2% | ||||||||
| Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 12/01/26 (c) | 1,938,740 | ||||||
| 7,000,000 | 5.13%, 12/01/26 (c) | 6,725,040 | ||||||
| Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/24 (c) | 521,025 | ||||||
| 525,000 | 5.00%, 10/01/24 (c) | 545,391 | ||||||
| 975,000 | 5.00%, 10/01/24 (c) | 1,029,922 | ||||||
| Clarksville Natural Gas Acquisition Corp. (RB) | ||||||||
| 1,465,000 | 5.00%, 12/15/19 | 1,585,833 | ||||||
| 700,000 | 5.00%, 12/15/20 | 772,646 | ||||||
| 110,000 | County of Claiborne (GO) 4.13%, 04/01/20 (c) | 114,077 | ||||||
| Johnson City Health and Educational Facilities Board, Series A (RB) | ||||||||
| 100,000 | 5.38%, 07/01/20 (c) | 108,651 | ||||||
| 180,000 | 5.63%, 07/01/20 (c) | 193,297 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 205,000 | 4.00%, 09/01/26 (c) | 200,724 | ||||||
| 4,440,000 | 5.00%, 04/01/27 (c) | 4,841,953 | ||||||
| Principal Amount | Value | |||||||
| Tennessee: (continued) | ||||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Village at Germantown (RB) | ||||||||
| $ | 2,000,000 | 5.25%, 12/01/22 (c) | $ | 2,068,200 | ||||
| 450,000 | 5.38%, 12/01/22 (c) | 466,970 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
| 1,150,000 | 5.38%, 09/01/23 (c) | 1,176,818 | ||||||
| 2,000,000 | 5.50%, 09/01/23 (c) | 2,053,520 | ||||||
| 70,000 | Tennessee Energy Acquisition Corp. (RB) 5.63%, 09/01/26 | 82,541 | ||||||
| 24,425,348 | ||||||||
| Texas: 7.5% | ||||||||
| 5,000 | Beaumont Independent School District (GO) (AGO) 5.00%, 05/30/17 (c) | 5,015 | ||||||
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital Mortgage Revenue (RB) | ||||||||
| 7,125,000 | 5.00%, 12/01/25 (c) | 7,263,937 | ||||||
| 700,000 | 5.00%, 12/01/25 (c) | 718,137 | ||||||
| 700,000 | 5.25%, 12/01/25 (c) | 745,710 | ||||||
| 50,000 | Brazoria County, Texas Environmental Facilities (RB) 5.13%, 05/30/17 (c) | 51,104 | ||||||
| 300,000 | Brazoria County, Texas Health Facilities Development Corp. (RB) 5.25%, 07/01/22 (c) | 315,174 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
| 400,000 | 5.00%, 01/01/26 (c) | 440,708 | ||||||
| 200,000 | 5.00%, 01/01/26 (c) | 219,574 | ||||||
| 270,000 | 5.00%, 01/01/26 (c) | 300,448 | ||||||
| 1,000,000 | 5.00%, 01/01/26 (c) | 1,140,050 | ||||||
| 740,000 | 6.00%, 01/01/21 (c) | 860,191 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | ||||||||
| 1,405,000 | 5.00%, 01/01/23 (c) | 1,525,085 | ||||||
| 1,410,000 | 5.00%, 01/01/23 (c) | 1,548,829 | ||||||
| 1,100,000 | 5.00%, 07/01/25 (c) | 1,205,567 | ||||||
| 1,750,000 | 5.00%, 07/01/25 (c) | 1,924,440 | ||||||
| 100,000 | 5.00%, 07/01/25 (c) | 113,526 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien (RB) | ||||||||
| 360,000 | 5.00%, 01/01/23 (c) | 391,158 | ||||||
| 400,000 | 5.00%, 01/01/23 (c) | 436,776 | ||||||
| 1,485,000 | 6.25%, 01/01/21 (c) | 1,739,395 | ||||||
| 10,000 | Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 11,720 | ||||||
| 2,050,000 | City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c) | 2,271,256 | ||||||
See Notes to Financial Statements
| 134 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| $ | 200,000 | 4.50%, 07/01/20 | $ | 206,412 | ||||
| 7,000,000 | 4.75%, 07/01/24 | 7,556,360 | ||||||
| 650,000 | 5.00%, 07/01/24 (c) | 696,364 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
| 2,000,000 | 5.00%, 07/15/25 (c) | 2,102,820 | ||||||
| 600,000 | 5.00%, 07/15/25 (c) | 645,036 | ||||||
| 1,000,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20 | 1,047,460 | ||||||
| 4,900,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/20 | 5,132,554 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 730,000 | 5.13%, 08/15/25 (c) | 748,067 | ||||||
| 500,000 | 5.50%, 08/15/25 (c) | 510,945 | ||||||
| 850,000 | Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c) | 886,142 | ||||||
| 500,000 | Decatur Hospital Authority Revenue, Series A (RB) 5.00%, 09/01/24 (c) | 523,690 | ||||||
| 580,000 | Grand Parkway Transportation Corp. (RB) 5.50%, 10/01/23 (c) | 647,843 | ||||||
| Gregg County Health Facilities Development Corp., Series C (RB) | ||||||||
| 3,095,000 | 5.00%, 07/01/22 (c) | 3,179,710 | ||||||
| 1,210,000 | 5.00%, 07/01/22 (c) | 1,259,562 | ||||||
| 2,665,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 2,729,120 | ||||||
| 275,000 | Harris County Industrial Development Corp. (RB) 5.00%, 12/01/19 (c) | 296,489 | ||||||
| 1,000,000 | Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB) 5.13%, 01/01/23 (c) | 1,025,340 | ||||||
| 380,000 | Harrison County Health Facilities Development Corp. (RB) 5.25%, 07/01/20 (c) | 396,709 | ||||||
| 675,000 | La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c) | 682,195 | ||||||
| Love Field Airport Modernization Corp., Southwest Airline Co. (RB) | ||||||||
| 280,000 | 5.00%, 11/01/18 | 295,112 | ||||||
| 865,000 | 5.00%, 11/01/22 (c) | 969,475 | ||||||
| 280,000 | 5.00%, 11/01/22 | 320,365 | ||||||
| 1,140,000 | 5.25%, 11/01/20 (c) | 1,231,371 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,000,000 | Mission Economic Development Corp., Senior Lien, Series B (RB) 5.75%, 10/01/18 (c) | $ | 1,049,410 | ||||
| 115,000 | New Hope Cultural Education Facilities Corp., NCCD-College Station Properties LLC, Series A (RB) 5.00%, 07/01/24 | 129,640 | ||||||
| 1,500,000 | New Hope Cultural Education Facilities Corp., Series A (RB) 5.00%, 04/01/24 (c) | 1,568,805 | ||||||
| 500,000 | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center (RB) 5.00%, 08/15/21 (c) | 485,005 | ||||||
| 1,375,000 | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 4.00%, 08/15/21 (c) | 1,371,769 | ||||||
| New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) | ||||||||
| 1,460,000 | 5.00%, 11/15/24 (c) | 1,489,945 | ||||||
| 100,000 | 5.00%, 11/15/24 (c) | 104,947 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/25 (c) | 527,370 | ||||||
| 100,000 | 5.00%, 07/01/25 (c) | 106,684 | ||||||
| North East Texas Regional Mobility Authority (RB) | ||||||||
| 1,200,000 | 5.00%, 01/01/26 (c) | 1,283,424 | ||||||
| 1,000,000 | 5.00%, 01/01/26 (c) | 1,073,300 | ||||||
| 265,000 | Port Freeport, Texas (RB) 4.95%, 05/30/17 (c) | 270,817 | ||||||
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
| 400,000 | 5.00%, 08/15/26 (c) | 393,324 | ||||||
| 400,000 | 5.00%, 08/15/26 (c) | 403,124 | ||||||
| 1,000,000 | Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB) 7.25%, 12/01/21 (c) (d) * | 632,500 | ||||||
| 1,075,000 | Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21 | 1,192,734 | ||||||
| 1,275,000 | San Antonio Convention Hotel Finance Corp. (RB) (AMBAC) 5.00%, 05/30/17 (c) | 1,275,242 | ||||||
| San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC) | ||||||||
| 85,000 | 4.75%, 05/30/17 (c) | 85,015 | ||||||
| 500,000 | 5.00%, 05/30/17 (c) | 500,030 | ||||||
| 9,900,000 | Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) | 4,455,000 | ||||||
See Notes to Financial Statements
| 135 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 05/15/24 (c) | $ | 995,500 | ||||
| 125,000 | 5.00%, 05/15/24 (c) | 126,448 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc., Series A (RB) | ||||||||
| 100,000 | 5.25%, 11/15/25 (c) | 102,978 | ||||||
| 2,365,000 | 5.50%, 11/15/25 (c) | 2,451,275 | ||||||
| 1,500,000 | Tarrant County Cultural Education Facilities Finance Corp., Buckingham Senior Living Community, Inc., Series B-1 (RB) 4.50%, 05/30/17 (c) | 1,501,410 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) | ||||||||
| 1,000,000 | 6.38%, 02/15/27 (c) | 1,029,570 | ||||||
| 500,000 | 6.38%, 02/15/27 (c) | 511,070 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) | ||||||||
| 2,975,000 | 4.00%, 05/15/24 (c) | 2,991,303 | ||||||
| 200,000 | 8.25%, 11/15/19 (c) | 212,544 | ||||||
| 1,050,000 | Tarrant County Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB) 8.00%, 11/15/19 (c) | 1,118,659 | ||||||
| 1,680,000 | Texas Municipal Gas Acquisition & Supply Corp III (RB) 5.00%, 12/15/22 (c) | 1,901,592 | ||||||
| 2,070,000 | Texas Municipal Gas Acquisition & Supply Corp III., Gas Supply (RB) 5.00%, 12/15/22 (c) | 2,262,324 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. I (RB) | ||||||||
| 110,000 | 5.25%, 12/15/24 | 126,738 | ||||||
| 220,000 | 5.25%, 12/15/25 | 253,007 | ||||||
| 1,155,000 | 5.25%, 12/15/26 | 1,326,933 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 1,565,000 | 5.00%, 12/15/22 (c) | 1,688,666 | ||||||
| 760,000 | 5.00%, 12/15/22 (c) | 814,842 | ||||||
| 175,000 | 5.00%, 12/15/22 (c) | 186,893 | ||||||
| 1,665,000 | 5.00%, 12/15/22 (c) | 1,803,645 | ||||||
| 1,895,000 | 5.00%, 12/15/22 (c) | 2,123,821 | ||||||
| 1,570,000 | 5.00%, 12/15/22 (c) | 1,731,113 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,097,370 | ||||||
| 650,000 | Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB) 5.00%, 12/15/19 | 708,500 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien Series A (RB) | ||||||||
| $ | 1,095,000 | 5.25%, 12/15/18 | $ | 1,151,130 | ||||
| 310,000 | 5.25%, 12/15/21 | 350,557 | ||||||
| 170,000 | 5.25%, 12/15/22 | 194,351 | ||||||
| 1,180,000 | 5.25%, 12/15/23 | 1,355,773 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 5,000 | 5.00%, 12/15/18 | 5,300 | ||||||
| 1,940,000 | 5.00%, 12/15/21 | 2,196,313 | ||||||
| 1,810,000 | 5.00%, 12/15/22 (c) | 2,005,643 | ||||||
| 2,260,000 | 5.00%, 12/15/22 | 2,586,141 | ||||||
| 265,000 | Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB) 6.25%, 12/15/26 | 320,443 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB) | ||||||||
| 150,000 | 7.00%, 06/30/20 (c) | 171,155 | ||||||
| 3,810,000 | 7.00%, 06/30/20 (c) | 4,323,664 | ||||||
| 95,000 | 7.50%, 06/30/20 (c) | 109,993 | ||||||
| 1,225,000 | 7.50%, 06/30/20 (c) | 1,422,396 | ||||||
| 500,000 | Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) 7.50%, 12/31/19 (c) | 571,040 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien (RB) | ||||||||
| 1,000,000 | 5.00%, 12/31/25 (c) | 1,082,430 | ||||||
| 500,000 | 5.00%, 12/31/25 (c) | 543,135 | ||||||
| 1,250,000 | 7.00%, 09/01/23 (c) | 1,431,425 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 7,100,000 | 5.00%, 08/15/24 (c) | 7,827,111 | ||||||
| 1,500,000 | 5.00%, 08/15/24 (c) | 1,649,550 | ||||||
| 600,000 | 5.00%, 08/15/24 (c) | 669,642 | ||||||
| 850,000 | 5.00%, 08/15/24 (c) | 942,250 | ||||||
| Town of Westlake, Texas (SA) | ||||||||
| 1,000,000 | 6.13%, 09/01/25 (c) | 945,250 | ||||||
| 1,000,000 | 6.25%, 09/01/25 (c) | 938,210 | ||||||
| 1,000,000 | 6.38%, 09/01/25 (c) | 934,340 | ||||||
| Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) | ||||||||
| 590,000 | 6.00%, 01/01/21 (c) | 620,243 | ||||||
| 1,950,000 | 7.00%, 01/01/21 (c) | 2,133,358 | ||||||
| 2,480,000 | 7.13%, 01/01/21 (c) | 2,697,273 | ||||||
| Tyler Health Facilities Development Corp. (RB) | ||||||||
| 2,670,000 | 5.25%, 11/01/17 (c) | 2,492,739 | ||||||
| 1,215,000 | 5.25%, 11/01/17 (c) | 1,144,421 | ||||||
| 8,400,000 | 5.38%, 11/01/17 (c) | 7,611,072 | ||||||
See Notes to Financial Statements
| 136 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Tyler Health Facilities Development Corp., Series A (RB) | ||||||||
| $ | 4,000,000 | 5.25%, 11/01/17 (c) | $ | 4,004,400 | ||||
| 225,000 | 5.25%, 11/01/17 (c) | 225,504 | ||||||
| 2,000,000 | Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 06/01/20 (c) | 1,973,240 | ||||||
| 158,410,719 | ||||||||
| Vermont: 0.1% | ||||||||
| 1,100,000 | Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c) | 1,161,446 | ||||||
| Virgin Islands: 1.1% | ||||||||
| Virgin Islands Public Finance Authority, Series A (RB) | ||||||||
| 3,885,000 | 5.00%, 10/01/20 (c) | 3,326,531 | ||||||
| 450,000 | 5.00%, 10/01/20 | 403,380 | ||||||
| 3,280,000 | 5.00%, 10/01/20 (c) | 2,861,800 | ||||||
| 1,735,000 | 6.75%, 10/01/19 (c) | 1,401,012 | ||||||
| 1,125,000 | Virgin Islands Public Finance Authority, Series A-1 (RB) 5.00%, 10/01/19 (c) | 963,281 | ||||||
| Virgin Islands Public Finance Authority, Series B (RB) | ||||||||
| 1,245,000 | 5.00%, 10/01/19 (c) | 1,086,262 | ||||||
| 1,000,000 | 5.00%, 10/01/19 | 916,080 | ||||||
| 330,000 | 5.00%, 10/01/20 (c) | 268,125 | ||||||
| 2,990,000 | 5.25%, 10/01/20 (c) | 2,354,625 | ||||||
| Virgin Islands Public Finance Authority, Series C (RB) | ||||||||
| 250,000 | 4.50%, 10/01/24 (c) | 181,875 | ||||||
| 250,000 | 5.00%, 10/01/19 (c) | 210,625 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 785,000 | ||||||
| 4,250,000 | 5.00%, 10/01/24 (c) | 3,198,125 | ||||||
| 110,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) 6.63%, 10/01/19 (c) | 91,025 | ||||||
| 885,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) 5.00%, 10/01/19 (c) | 741,187 | ||||||
| Virgin Islands Water and Power Authority, Series A (RB) | ||||||||
| 50,000 | 5.00%, 07/01/17 (c) | 32,375 | ||||||
| 330,000 | 5.00%, 07/01/17 (c) | 216,975 | ||||||
| Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
| 3,600,000 | 5.00%, 07/01/17 (c) | 2,169,000 | ||||||
| 1,070,000 | 5.00%, 07/01/17 (c) | 682,125 | ||||||
| 1,125,000 | 5.00%, 07/01/17 (c) | 722,812 | ||||||
| 22,612,220 | ||||||||
| Virginia: 1.7% | ||||||||
| Albemarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 640,000 | 4.63%, 01/01/23 (c) | 630,253 | ||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,008,760 | ||||||
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 500,000 | Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c) | $ | 484,510 | ||||
| Bristol Industrial Development Authority, Series B (RB) | ||||||||
| 1,750,000 | 5.00%, 11/01/24 (c) | 1,733,970 | ||||||
| 250,000 | 6.35%, 11/01/24 (c) | 244,910 | ||||||
| Cherry Hill Community Development Authority (SA) | ||||||||
| 200,000 | 5.15%, 03/01/25 (c) | 201,266 | ||||||
| 500,000 | 5.40%, 03/01/25 (c) | 502,810 | ||||||
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,098,550 | ||||||
| 1,000,000 | 5.00%, 07/01/26 (c) | 1,105,910 | ||||||
| 650,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 664,774 | ||||||
| 380,000 | City of Chesapeake, Virginia Chesapeake Expressway Toll Road Revenue (RB) 5.00%, 07/15/22 (c) | 401,128 | ||||||
| 1,000,000 | County of Botetourt, Virginia Industrial Development Authority (RB) 6.00%, 07/01/24 (c) | 1,070,050 | ||||||
| 650,000 | Economic Development Authority of the City of Newport News, Residential Care Facilities (RB) 3.13%, 12/01/25 (c) | 606,580 | ||||||
| Fairfax County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 430,000 | 4.00%, 12/01/22 | 441,275 | ||||||
| 2,000,000 | 5.00%, 12/01/23 (c) | 2,035,800 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,020,740 | ||||||
| Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) | ||||||||
| 1,450,000 | 6.63%, 03/01/21 (c) | 1,593,463 | ||||||
| 1,000,000 | 6.88%, 03/01/21 (c) | 1,101,030 | ||||||
| 1,250,000 | Halifax County Industrial Development Authority (RB) 2.15%, 09/01/20 (p) | 1,263,250 | ||||||
| Hanover County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 495,000 | 4.00%, 07/01/22 | 511,063 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,511,430 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,514,835 | ||||||
| 2,750,000 | Newport News Economic Development Authority, Residential Care Facilities (RB) 5.00%, 12/01/25 (c) | 2,827,137 | ||||||
| 670,000 | Prince William County Industrial Development Authority (RB) 5.00%, 01/01/25 (c) | 687,514 | ||||||
See Notes to Financial Statements
| 137 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Stafford County Economic Development Authority (RB) | ||||||||
| $ | 480,000 | 4.00%, 06/15/26 (c) | $ | 474,749 | ||||
| 300,000 | 5.00%, 06/15/26 (c) | 327,024 | ||||||
| 935,000 | Tobacco Settlement Financing Corp. (RB) 11.49%, 06/01/17 (c) ^ | 85,085 | ||||||
| 1,470,000 | Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 5.00%, 06/01/17 (c) | 1,401,865 | ||||||
| 2,000,000 | Virginia College Building Authority, Marymount University Project, Series A (RB) 5.00%, 07/01/25 (c) | 2,062,040 | ||||||
| 300,000 | Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 331,104 | ||||||
| 1,000,000 | Virginia College Building Authority, Regent University Project (RB) 5.00%, 05/30/17 (c) | 936,950 | ||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| 735,000 | 5.50%, 07/01/22 (c) | 804,553 | ||||||
| 1,550,000 | 6.00%, 07/01/22 (c) | 1,742,339 | ||||||
| 1,440,000 | Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) 5.00%, 01/01/22 (c) | 1,504,973 | ||||||
| Wise County Industrial Development Authority, Solid Waste and Sewage Disposal, Series A (RB) | ||||||||
| 300,000 | 1.87%, 06/01/20 (p) | 300,489 | ||||||
| 1,375,000 | 2.15%, 09/01/20 (p) | 1,389,575 | ||||||
| 35,621,754 | ||||||||
| Washington: 0.5% | ||||||||
| 1,000,000 | Greater Wenatchee Regional Events Center Public Facilities, Series A (RB) 5.50%, 09/01/22 (c) | 1,022,590 | ||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 12/01/25 (c) | 949,340 | ||||||
| 500,000 | 5.75%, 12/01/25 (c) | 503,000 | ||||||
| 500,000 | 6.00%, 12/01/25 (c) | 502,300 | ||||||
| 250,000 | 6.25%, 12/01/25 (c) | 250,313 | ||||||
| 2,900,000 | Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/23 (c) | 3,115,151 | ||||||
| Washington Health Care Facilities Authority, Central Washington Health Services (RB) | ||||||||
| 300,000 | 5.00%, 07/01/25 (c) | 317,697 | ||||||
| 100,000 | 7.00%, 07/01/19 (c) | 112,289 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 07/01/24 (c) | $ | 1,005,040 | ||||
| 150,000 | 5.00%, 07/01/24 (c) | 151,860 | ||||||
| 800,000 | Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c) | 832,184 | ||||||
| 1,500,000 | Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 5.00%, 01/01/25 (c) | 1,511,340 | ||||||
| 500,000 | Washington State Housing Finance Commission, Weslet Homes at Lea Hill Project (RB) 5.00%, 07/01/26 (c) | 474,890 | ||||||
| 10,747,994 | ||||||||
| West Virginia: 0.6% | ||||||||
| 325,000 | County of Brooke Commission, Series A (RB) 6.75%, 04/01/21 (c) | 342,251 | ||||||
| 2,855,000 | County of Pleasants, West Virginia (RB) 5.25%, 10/15/17 (c) | 2,757,730 | ||||||
| 5,275,000 | Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB) 7.75%, 10/01/22 (c) (d) * § | 3,165,000 | ||||||
| 2,000,000 | West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB) 9.13%, 10/01/21 (c) | 1,799,280 | ||||||
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | ||||||||
| 2,000,000 | 6.50%, 10/01/18 (c) | 2,048,760 | ||||||
| 1,500,000 | 6.50%, 10/01/18 (c) | 1,548,180 | ||||||
| 2,005,000 | 6.75%, 10/01/18 (c) | 2,056,508 | ||||||
| 13,717,709 | ||||||||
| Wisconsin: 0.6% | ||||||||
| 250,000 | Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.13%, 06/01/26 (c) | 241,145 | ||||||
| Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
| 495,000 | 5.00%, 02/01/26 (c) | 465,132 | ||||||
| 500,000 | 5.13%, 02/01/26 (c) | 456,260 | ||||||
| 500,000 | Public Finance Authority, National Gypsum Comp. (RB) 5.25%, 11/01/24 (c) | 537,780 | ||||||
| Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) | ||||||||
| 250,000 | 5.00%, 06/15/26 (c) | 227,233 | ||||||
| 1,000,000 | 5.00%, 06/15/26 (c) | 933,410 | ||||||
See Notes to Financial Statements
| 138 |
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 1,035,000 | Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22 | $ | 1,099,574 | ||||
| 1,455,000 | Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB) 5.00%, 07/01/22 (c) | 1,493,485 | ||||||
| 2,150,000 | Wisconsin Health & Educational Facilities Authority, Saul-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c) | 2,212,371 | ||||||
| 3,950,000 | Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.13%, 02/01/23 (c) | 4,053,371 | ||||||
| 11,719,761 | ||||||||
| Total Municipal Bonds (Cost: $2,050,494,155) | 2,047,491,846 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 1.5% (Cost: $32,288,236) | ||||||||
| 32,288,236 | Dreyfus Government Cash Management Fund – Institutional Shares | 32,288,236 | ||||||
| Total Investments: 98.7% (Cost: $2,082,782,391) | 2,079,780,082 | |||||||
| Other assets less liabilities: 1.3% | 26,960,983 | |||||||
| NET ASSETS: 100.0% | $ | 2,106,741,065 | ||||||
| ACA | Credit Agricole SA |
| AGO | Assured Guaranty Ltd. |
| AMBAC | American Municipal Bond Assurance Corp. |
| COMWLTH GTD | Commonwealth Guaranteed |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| RB | Revenue Bond |
| SA | Special Assessment |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default of coupon payment |
| (e) | Convertible Capital Appreciation Bond |
| (f) | On the last coupon date only partial interest was paid |
| (g) | Security in principal default |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| * | Non-income producing |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. |
| The aggregate value of fair valued securities is $6,730,190 which represents 0.3% of net assets. | |
| § | Illiquid Security — the aggregate value of illiquid securities is $3,165,000 which represents 0.2% of net assets. |
See Notes to Financial Statements
| 139 |
VANECK VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 7.7 | % | $ | 160,769,774 | ||||
| Health Care | 22.4 | 465,141,727 | ||||||
| Housing | 0.8 | 17,138,643 | ||||||
| Industrial Revenue | 17.1 | 355,130,636 | ||||||
| Leasing | 1.3 | 28,053,594 | ||||||
| Local | 5.7 | 119,475,731 | ||||||
| Power | 1.4 | 29,270,406 | ||||||
| Solid Waste/Resource Recovery | 0.2 | 3,388,756 | ||||||
| Special Tax | 8.3 | 172,066,664 | ||||||
| State | 3.2 | 67,140,022 | ||||||
| Tobacco | 19.7 | 409,979,695 | ||||||
| Transportation | 8.2 | 170,298,804 | ||||||
| Water & Sewer | 2.4 | 49,637,394 | ||||||
| Money Market Fund | 1.6 | 32,288,236 | ||||||
| 100.0 | % | $ | 2,079,780,082 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Municipal Bonds* | $ | — | $ | 2,047,491,846 | $ | — | $ | 2,047,491,846 | |||||||||||
| Money Market Fund | 32,288,236 | — | — | 32,288,236 | |||||||||||||||
| Total | $ | 32,288,236 | $ | 2,047,491,846 | $ | — | $ | 2,079,780,082 | |||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 140 |
VANECK VECTORS PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 93.3% | ||||||||
| Arizona: 1.8% | ||||||||
| $ | 250,000 | City of Chandler AZ (GO) 4.38%, 07/01/18 (c) | $ | 259,565 | ||||
| California: 17.6% | ||||||||
| 300,000 | California Educational Facilities Authority, Series A (RB) 5.00%, 10/01/18 (c) | 317,337 | ||||||
| 215,000 | California State Economic Recovery, Series A (GO) 5.00%, 07/01/19 (c) | 233,484 | ||||||
| 190,000 | California State Public Works Board, Series I-1 (RB) 6.13%, 11/01/19 (c) | 213,579 | ||||||
| 105,000 | California State Public Works Board, Various University of California Projects, Series B (RB) 5.00%, 06/01/18 | 109,676 | ||||||
| 140,000 | California State Public Works Board, Various University of California Projects, Series E (RB) 5.00%, 04/01/19 (c) | 150,739 | ||||||
| 200,000 | City of Los Angeles CA Wastewater System Revenue, Series A (RB) 6.00%, 06/01/21 | 237,212 | ||||||
| 135,000 | City of Los Angeles, Department of Airports, Series C (RB) 5.25%, 05/15/18 (c) | 141,126 | ||||||
| 175,000 | Clovis California Unified School District, Series A (GO) 3.60%, 08/01/19 ^ | 170,630 | ||||||
| 200,000 | Contra Costa Transportation Authority, Series B (RB) 5.00%, 03/01/20 (c) | 221,596 | ||||||
| 230,000 | Foothill Eastern Transportation Corridor Agency California, Senior Lien Series A (RB) 3.11%, 01/01/20 ^ | 222,617 | ||||||
| 305,000 | Orange County, California Water District Revenue, Series B (CP) (NATL) 5.00%, 08/15/32 (c) | 387,079 | ||||||
| 175,000 | University of California, Series O (RB) 5.75%, 05/15/19 (c) | 191,690 | ||||||
| 2,596,765 | ||||||||
| Florida: 6.8% | ||||||||
| 150,000 | Brevard County Health Facilities Authority, Series B (RB) 7.00%, 04/01/19 (c) | 166,719 | ||||||
| 100,000 | City of Orlando FL, Series A (RB) 5.00%, 05/01/24 (c) | 121,015 | ||||||
| 285,000 | Florida Municipal Power Agency, Series A (RB) 5.25%, 10/01/19 (c) | 312,993 | ||||||
| 105,000 | Hillsborough County, Industrial Development Authority Revenue (RB) 5.63%, 08/15/18 (c) | 111,161 | ||||||
| 140,000 | Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP) (AGO) 5.25%, 02/01/19 (c) | 150,338 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 135,000 | Miami-Dade County, Florida School Board, Series B (CP) (AGO) 5.25%, 05/01/18 (c) | $ | 140,828 | ||||
| 1,003,054 | ||||||||
| Georgia: 4.5% | ||||||||
| City of Atlanta GA Water & Wastewater Revenue, Series A (RB) | ||||||||
| 190,000 | 6.00%, 11/01/19 (c) | 212,745 | ||||||
| 400,000 | 6.25%, 11/01/19 (c) | 450,340 | ||||||
| 663,085 | ||||||||
| Idaho: 1.0% | ||||||||
| 145,000 | Idaho Housing & Finance Association, Federal Highway Trust Fund, Series A (RB) (AGO) 5.25%, 07/15/18 (c) | 152,420 | ||||||
| Illinois: 6.0% | ||||||||
| Illinois Finance Authority, The University of Chicago, Series B (RB) | ||||||||
| 25,000 | 5.50%, 07/01/18 (c) | 26,310 | ||||||
| 185,000 | 5.50%, 07/01/18 (c) | 194,694 | ||||||
| 300,000 | 5.50%, 07/01/18 (c) | 315,720 | ||||||
| 330,000 | 5.75%, 07/01/18 (c) | 348,242 | ||||||
| 884,966 | ||||||||
| Maryland: 6.0% | ||||||||
| County of Montgomery, Public Improvement, Series A (GO) | ||||||||
| 220,000 | 5.00%, 07/01/19 (c) | 238,665 | ||||||
| 110,000 | 5.00%, 07/01/19 (c) | 119,332 | ||||||
| State of Maryland, Second Series B (GO) | ||||||||
| 260,000 | 5.00%, 08/01/19 (c) | 282,838 | ||||||
| 220,000 | 5.00%, 08/15/19 (c) | 239,657 | ||||||
| 880,492 | ||||||||
| Massachusetts: 3.7% | ||||||||
| 390,000 | Massachusetts Bay Transportation Authority, Series C (RB) 5.00%, 07/01/18 (c) | 408,190 | ||||||
| 130,000 | Massachusetts State Water Resources Authority, Series A (RB) 6.50%, 07/15/19 | 136,239 | ||||||
| 544,429 | ||||||||
| Michigan: 0.4% | ||||||||
| 55,000 | Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series V (RB) 8.00%, 09/01/18 (c) | 60,049 | ||||||
| Minnesota: 1.8% | ||||||||
| 100,000 | City of St. Louis Park, Health Care Facilities, Series A (RB) 5.50%, 07/01/18 (c) | 105,300 | ||||||
| 150,000 | State of Minnesota, Series A (GO) 5.00%, 12/01/19 (c) | 164,706 | ||||||
| 270,006 | ||||||||
| New Hampshire: 0.9% | ||||||||
| 120,000 | New Hampshire Business Finance Authority, Series A (RB) 6.13%, 10/01/19 (c) | 134,124 | ||||||
See Notes to Financial Statements
| 141 |
VANECK VECTORS PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New Jersey: 3.2% | ||||||||
| $ | 190,000 | New Jersey Health Care Facilities Financing Authority (RB) 5.00%, 01/01/20 (c) | $ | 209,220 | ||||
| 250,000 | State of New Jersey, Series A (CP) 5.25%, 06/15/19 (c) | 271,590 | ||||||
| 480,810 | ||||||||
| New Mexico: 1.2% | ||||||||
| 170,000 | New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series A (RB) 6.13%, 08/01/18 (c) | 180,504 | ||||||
| New York: 7.1% | ||||||||
| 95,000 | New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL) 6.00%, 04/01/20 | 103,127 | ||||||
| 300,000 | New York State Dormitory Authority (RB) 5.50%, 07/01/20 (c) | 339,591 | ||||||
| 145,000 | New York State Dormitory Authority, Series A (RB) 5.50%, 05/01/19 (c) | 157,793 | ||||||
| 75,000 | Triborough Bridge & Tunnel Authority, Series A (RB) 5.00%, 05/15/18 (c) | 78,195 | ||||||
| 325,000 | Triborough Bridge & Tunnel Authority, Series B (RB) 5.50%, 01/01/22 (c) | 378,199 | ||||||
| 1,056,905 | ||||||||
| North Carolina: 2.7% | ||||||||
| 205,000 | North Carolina Eastern Municipal Power Agency, Series B (RB) 5.00%, 01/01/19 (c) | 218,614 | ||||||
| 165,000 | North Carolina Municipal Power Agency No 1, Series A (RB) 5.00%, 01/01/19 (c) | 175,816 | ||||||
| 394,430 | ||||||||
| Ohio: 4.1% | ||||||||
| 320,000 | City of Columbus, Various Purpose, Series A (GO) 5.00%, 08/15/23 (c) | 378,899 | ||||||
| 210,000 | Cuyahoga Community College District, Series C (RB) 5.00%, 02/01/20 (c) | 232,138 | ||||||
| 611,037 | ||||||||
| Oregon: 4.0% | ||||||||
| 190,000 | Oregon State Lottery, Series A (RB) 5.00%, 04/01/19 (c) | 204,199 | ||||||
| 130,000 | Oregon State, Department of Administrative Services Lottery, Series A (RB) 5.00%, 04/01/19 (c) | 139,715 | ||||||
| 20,000 | Redmond School District No. 2J, Deschutes and Jefferson Counties, Series A (GO) (SBG) 5.50%, 06/15/18 (c) | 21,010 | ||||||
| 210,000 | State of Oregon Department of Transportation, Senior Lien, Series A (RB) 5.00%, 05/15/19 (c) | 226,645 | ||||||
| 591,569 | ||||||||
| Principal Amount | Value | |||||||
| Pennsylvania: 1.8% | ||||||||
| $ | 10,000 | Central Bucks, Pennsylvania School District (GO) (SAW) 5.00%, 05/15/18 (c) | $ | 10,418 | ||||
| 100,000 | Commonwealth of Pennsylvania (GO) 5.00%, 04/15/19 (c) | 107,624 | ||||||
| 135,000 | Pennsylvania Higher Educational Facilities Authority, Series A (RB) 5.00%, 09/01/19 | 147,065 | ||||||
| 265,107 | ||||||||
| Puerto Rico: 1.1% | ||||||||
| 145,000 | Puerto Rico Highways & Transportation Authority, Series AA (RB) (NATL) 5.50%, 07/01/19 | 158,782 | ||||||
| Texas: 7.6% | ||||||||
| 150,000 | City of Houston TX Combined Utility System Revenue (RB) 5.38%, 05/15/19 (c) | 162,858 | ||||||
| 425,000 | City of Laredo, Waterworks and Sewer System (RB) 5.25%, 03/01/20 (c) | 472,583 | ||||||
| 120,000 | Harris County Cultural Education Facilities Finance Corp. (RB) 5.13%, 11/15/18 (c) | 127,550 | ||||||
| 180,000 | Keller Independent School District/TX (GO) 5.25%, 02/15/19 (c) | 193,252 | ||||||
| 150,000 | Keller, Texas Independent School District (GO) 5.50%, 02/15/19 (c) | 161,705 | ||||||
| 1,117,948 | ||||||||
| Utah: 3.1% | ||||||||
| State of Utah, Series A (GO) | ||||||||
| 150,000 | 5.00%, 07/01/18 (c) | 157,086 | ||||||
| 140,000 | 5.00%, 07/01/18 (c) | 146,614 | ||||||
| 150,000 | Utah Transit Authority, Series A (RB) (AGM) 5.00%, 06/15/18 (c) | 156,747 | ||||||
| 460,447 | ||||||||
| Virginia: 3.1% | ||||||||
| 415,000 | Richmond, Virginia Metropolitan Transportation Authority (RB) 5.25%, 07/15/22 | 460,380 | ||||||
| Washington: 0.7% | ||||||||
| 100,000 | City of Seattle WA Municipal Light & Power Revenue (RB) 5.50%, 04/01/19 (c) | 108,516 | ||||||
| Wisconsin: 3.1% | ||||||||
| 185,000 | Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/18 (c) | 193,628 | ||||||
| 245,000 | Wisconsin Health & Educational Facilities Authority, Series C (RB) 5.13%, 04/01/19 (c) | 263,645 | ||||||
| 457,273 | ||||||||
| Total Municipal Bonds (Cost: $13,675,772) | 13,792,663 | |||||||
See Notes to Financial Statements
| 142 |
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 5.4% (Cost: $793,540) | ||||||||
| 793,540 | Dreyfus Government Cash Management Fund – Institutional Shares | $ | 793,540 | |||||
| Total Investments: 98.7% (Cost: $14,469,312) | 14,586,203 | |||||||
| Other assets less liabilities: 1.3% | 187,913 | |||||||
| NET ASSETS: 100.0% | $ | 14,774,116 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| AGO | Assured Guaranty Ltd. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 15.4 | % | $ | 2,240,337 | ||||
| Health Care | 9.5 | 1,388,515 | ||||||
| Leasing | 9.8 | 1,423,829 | ||||||
| Local | 10.7 | 1,553,476 | ||||||
| Power | 6.7 | 978,797 | ||||||
| Special Tax | 9.3 | 1,354,589 | ||||||
| State | 9.1 | 1,332,009 | ||||||
| Transportation | 13.8 | 2,011,992 | ||||||
| Water & Sewer | 10.3 | 1,509,119 | ||||||
| Money Market Fund | 5.4 | 793,540 | ||||||
| 100.0 | % | $ | 14,586,203 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Municipal Bonds* | $ | — | $ | 13,792,663 | $ | — | $ | 13,792,663 | |||||||||||
| Money Market Fund | 793,540 | — | — | 793,540 | |||||||||||||||
| Total | $ | 793,540 | $ | 13,792,663 | $ | — | $ | 14,586,203 | |||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 143 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 97.3% | ||||||||
| Alabama: 0.3% | ||||||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| $ | 150,000 | 6.45%, 05/30/17 (c) | $ | 150,186 | ||||
| 150,000 | 6.45%, 05/30/17 (c) | 150,186 | ||||||
| 60,000 | Health Care Authority of Cullman County, Series A (RB) 6.25%, 02/01/19 (c) | 62,423 | ||||||
| 362,795 | ||||||||
| Arizona: 2.6% | ||||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 175,000 | 5.00%, 02/01/20 | 190,467 | ||||||
| 125,000 | 5.00%, 02/01/21 | 139,178 | ||||||
| 830,000 | Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) 5.10%, 05/30/17 (c) | 830,822 | ||||||
| 200,000 | Arizona Industrial Development Authority, Education Revenue Bonds, Series A (RB) 5.00%, 07/01/26 | 213,150 | ||||||
| 120,000 | Industrial Development Authority of County of Pima, Education Facility Revenue Bonds (RB) 4.38%, 07/01/26 | 115,054 | ||||||
| Industrial Development Authority of the City of Phoenix, Series A (RB) | ||||||||
| 475,000 | 3.00%, 07/01/20 | 471,589 | ||||||
| 500,000 | 4.00%, 07/01/25 | 502,405 | ||||||
| 250,000 | Industrial Development Authority of the Town of Florence, Inc., Legacy Traditional School Project (RB) 5.00%, 07/01/23 | 266,547 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 65,000 | 5.25%, 12/01/21 | 74,656 | ||||||
| 50,000 | 5.25%, 12/01/23 | 58,822 | ||||||
| 65,000 | 5.25%, 12/01/24 | 76,875 | ||||||
| 2,939,565 | ||||||||
| Arkansas: 0.3% | ||||||||
| 340,000 | County of Pulaski, Children’s Hospital Project (RB) 5.50%, 03/01/19 (c) | 367,122 | ||||||
| California: 10.8% | ||||||||
| 40,000 | Alameda Corridor Transportation Authority (RB) (AMBAC) 1.88%, 10/01/18 ^ | 38,708 | ||||||
| 375,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge, Series S-4 (RB) 5.00%, 04/01/23 (c) | 439,016 | ||||||
| 245,000 | California Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 05/30/17 (c) | 242,815 | ||||||
| 320,000 | California Health Facilities Financing Authority Revenue Bonds, Series E (RB) 5.63%, 07/01/19 (c) | 346,746 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 250,000 | California Health Facilities Financing Authority Revenue Bonds, Series G (RB) 5.50%, 07/01/18 (c) | $ | 262,115 | ||||
| California Municipal Finance Authority, Community Medical Center, | ||||||||
| Series A (RB) | ||||||||
| 50,000 | 5.00%, 02/01/27 (c) | 58,347 | ||||||
| 50,000 | 5.00%, 02/01/27 | 58,902 | ||||||
| 500,000 | California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.00%, 03/01/25 | 512,985 | ||||||
| 150,000 | California Municipal Finance Authority, Rocketship Education, Series A (RB) 6.00%, 06/01/22 (c) | 158,334 | ||||||
| 300,000 | California Pollution Control Financing Authority,
Pacific Gas and Electric Co. (RB) (FGIC) 4.75%, 06/01/17 (c) | 300,759 | ||||||
| 330,000 | California Public Finance Authority, NCCD - Claremont Properties LLC, Series A (RB) 5.00%, 07/01/27 | 375,028 | ||||||
| California State Public Works Board Lease Revenue Bonds, Series A (RB) | ||||||||
| 200,000 | 5.00%, 09/01/20 | 223,742 | ||||||
| 300,000 | 5.00%, 09/01/21 | 343,155 | ||||||
| 160,000 | California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/20 | 174,949 | ||||||
| 25,000 | City of Modesto, Community Center refinancing, Series A
(CP) (AMBAC) 5.00%, 11/01/23 | 26,181 | ||||||
| 375,000 | City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21 | 424,226 | ||||||
| 225,000 | East Side Union High School District, Series B (GO) 5.25%, 02/01/26 | 276,793 | ||||||
| 160,000 | Foothill Transportation Corridor Agency, Tall Road
Revenue, Series B-2 (RB) 5.00%, 07/15/19 (c) (p) | 169,990 | ||||||
| 600,000 | Foothill Transportation Corridor Agency, Tall Road
Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 683,154 | ||||||
| Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) | ||||||||
| 45,000 | 4.50%, 06/01/17 (c) | 45,104 | ||||||
| 500,000 | 5.00%, 06/01/23 | 578,000 | ||||||
| 500,000 | 5.00%, 06/01/25 | 587,310 | ||||||
| 125,000 | 5.00%, 06/01/26 | 147,786 | ||||||
| 205,000 | Inland Empire Tobacco Securitization Authority, Series B (RB) 5.75%, 06/01/21 (c) | 216,002 | ||||||
| 250,000 | Lake Elsinore Public Financing Authority, Local Agency Revenue (ST) 5.00%, 09/01/24 | 282,662 | ||||||
See Notes to Financial Statements
| 144 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 50,000 | Lincoln Public Financing Authority, Subordinated Series B (SA) 5.38%, 09/02/21 | $ | 53,373 | ||||
| 100,000 | Long Beach, California Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.25%, 11/15/18 | 105,741 | ||||||
| 350,000 | Los Angeles Convention & Exhibit Center Authority, Series A (RB) 5.00%, 08/15/18 (c) | 368,217 | ||||||
| 325,000 | Los Angeles Municipal Improvement Corporation, Series A (RB) 5.00%, 11/01/20 | 365,238 | ||||||
| 750,000 | Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c) | 862,342 | ||||||
| Palomar Health (RB) | ||||||||
| 250,000 | 5.00%, 11/01/25 | 282,247 | ||||||
| 90,000 | 5.00%, 11/01/26 (c) | 101,679 | ||||||
| Port of Oakland, Series O (RB) | ||||||||
| 500,000 | 5.00%, 05/01/19 | 534,870 | ||||||
| 230,000 | 5.00%, 05/01/20 | 252,563 | ||||||
| 500,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 581,750 | ||||||
| 110,000 | Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23 | 131,186 | ||||||
| 85,000 | San Francisco Community College District (GO) 5.00%, 06/15/22 | 99,507 | ||||||
| 195,000 | San Francisco International Airport Second Series Revenue Refunding Bonds, Series D (RB) 5.00%, 05/01/21 (c) | 219,348 | ||||||
| 100,000 | San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) | 112,161 | ||||||
| San Jose Redevelopment Agency, Series D (AMBAC) (TA) | ||||||||
| 100,000 | 5.00%, 08/01/17 (c) | 100,927 | ||||||
| 20,000 | 5.00%, 08/01/17 (c) | 20,186 | ||||||
| 350,000 | Sweetwater Union High School District, Series A (GO) (AGM) 5.63%, 08/01/18 (c) | 370,594 | ||||||
| 90,000 | Vernon Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 96,778 | ||||||
| 645,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 644,736 | ||||||
| 12,276,252 | ||||||||
| Colorado: 1.6% | ||||||||
| 500,000 | Colorado Educational & Cultural Facilities Authority (RB) 3.75%, 07/01/26 | 481,170 | ||||||
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 250,000 | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 05/30/17 (c) | $ | 250,110 | ||||
| 85,000 | Colorado Health Facilities Authority, Hospital Revenue Bonds (RB) 5.00%, 05/15/26 (c) | 99,833 | ||||||
| 150,000 | Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23 | 180,681 | ||||||
| 120,000 | Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/22 | 135,859 | ||||||
| 500,000 | Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c) | 512,260 | ||||||
| 140,000 | Public Authority for Colorado Energy (RB) 6.25%, 11/15/28 | 176,732 | ||||||
| 1,836,645 | ||||||||
| Connecticut: 0.9% | ||||||||
| 405,000 | City of Hartford, Series A (GO) 5.00%, 04/01/23 (c) | 413,914 | ||||||
| 100,000 | Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.00%, 04/01/20 (c) | 108,019 | ||||||
| Mohegan Tribe of Indians of Connecticut, Gaming Authority, | ||||||||
| Series C (RB) | ||||||||
| 250,000 | 5.25%, 02/01/22 | 257,370 | ||||||
| 250,000 | 5.50%, 02/01/23 | 259,310 | ||||||
| 1,038,613 | ||||||||
| Florida: 2.9% | ||||||||
| 500,000 | Citizens Property Insurance Corp., Series A-1 (RB) 5.00%, 06/01/20 | 554,190 | ||||||
| 200,000 | County of Alachua, Florida Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.63%, 11/15/17 (c) | 201,864 | ||||||
| 500,000 | Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series A (RB) 5.00%, 06/15/25 | 517,505 | ||||||
| 250,000 | Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.13%, 06/15/27 | 248,525 | ||||||
| 250,000 | Miami-Dade County School Board Foundation, Inc., Series
A (CP) (AMBAC) 5.00%, 08/01/18 | 262,110 | ||||||
| 200,000 | Miami-Dade County School Board Foundation, Inc., Series D (CP) 5.00%, 11/01/19 | 218,054 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 250,000 | 5.00%, 10/01/23 | 291,802 | ||||||
| 250,000 | 5.00%, 10/01/24 | 294,630 | ||||||
See Notes to Financial Statements
| 145 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 250,000 | Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 | $ | 253,527 | ||||
| 250,000 | School District of St. Lucie County, Florida Sales Tax
(RB) (AGM) 5.00%, 10/01/25 | 299,867 | ||||||
| 100,000 | Village Community Development District No. 10 (SA) 4.50%, 05/01/22 (c) | 105,342 | ||||||
| 3,247,416 | ||||||||
| Georgia: 1.8% | ||||||||
| 320,000 | DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) 5.25%, 09/01/20 | 335,850 | ||||||
| 160,000 | Georgia Local Government, Grantor Trust Certificates of
Participation, Series A (CP) (NATL) 4.75%, 06/01/28 | 174,846 | ||||||
| 325,000 | Greene County Development Authority, Glen-I LLC Project, Series A (RB) 6.13%, 01/01/25 | 326,173 | ||||||
| 250,000 | Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.00%, 06/15/27 | 251,565 | ||||||
| 135,000 | Main Street Natural Gas, Inc. Gas Project, Series A (RB) 5.50%, 09/15/25 | 158,821 | ||||||
| 130,000 | Main Street Natural Gas, Inc. Gas Project, Series A-1 (RB) 5.50%, 09/15/23 | 151,986 | ||||||
| 560,000 | Municipal Electric Authority of Georgia, Series B (RB) 5.00%, 01/01/20 | 607,566 | ||||||
| 2,006,807 | ||||||||
| Guam: 1.2% | ||||||||
| 750,000 | A. B. Won Pat International Airport Authority, Series C (RB) 5.00%, 10/01/21 | 811,252 | ||||||
| 250,000 | Government of Guam, Business Privilege Tax Refunding Bonds, Series D (RB) 5.00%, 11/15/25 (c) | 277,115 | ||||||
| 270,000 | Government of Guam, Series A (GO) 6.00%, 11/15/19 | 284,877 | ||||||
| 1,373,244 | ||||||||
| Hawaii: 0.1% | ||||||||
| 140,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 05/30/17 (c) | 140,370 | ||||||
| Idaho: 0.3% | ||||||||
| 300,000 | Idaho Health Facilities Authority, Series B-1 (RB) 6.50%, 05/19/17 (c) | 300,339 | ||||||
| Principal Amount | Value | |||||||
| Illinois: 12.7% | ||||||||
| $ | 275,000 | Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/19 | $ | 283,841 | ||||
| Chicago Board of Education, Series B (GO) (AMBAC) | ||||||||
| 65,000 | 5.00%, 05/30/17 (c) | 64,999 | ||||||
| 60,000 | 5.00%, 12/01/18 | 61,109 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 110,000 | 4.25%, 12/01/18 | 105,502 | ||||||
| 500,000 | 5.00%, 12/01/18 (c) | 455,530 | ||||||
| 250,000 | 5.25%, 12/01/18 (c) | 222,745 | ||||||
| Chicago Board of Education, Series F (GO) | ||||||||
| 90,000 | 5.00%, 12/01/18 | 85,244 | ||||||
| 500,000 | 5.00%, 12/01/19 | 471,490 | ||||||
| 345,000 | 5.00%, 12/01/20 | 314,316 | ||||||
| 625,000 | Chicago, Illinois Project and Refunding, Series C (GO) 5.00%, 01/01/19 (c) | 628,419 | ||||||
| 95,000 | City of Chicago, General Obligation Bonds, Refunding Series C (GO) 5.00%, 01/01/22 | 96,612 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 500,000 | 5.00%, 01/01/20 | 511,590 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 504,300 | ||||||
| 200,000 | 5.00%, 01/01/20 (c) | 200,480 | ||||||
| 150,000 | City of Chicago, Series B (GO) 5.00%, 01/01/20 | 153,477 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 660,000 | 5.00%, 01/01/23 | 671,339 | ||||||
| 200,000 | 5.00%, 01/01/25 | 201,252 | ||||||
| 500,000 | County of Cook, Series A (GO) 5.25%, 11/15/21 (c) | 561,775 | ||||||
| 60,000 | Illinois Finance Authority, Institute of Technology, Series A (RB) 5.00%, 05/30/17 (c) | 60,146 | ||||||
| 100,000 | Illinois Finance Authority, Presence Health Network, Series C (RB) 5.00%, 02/15/27 (c) | 110,931 | ||||||
| 500,000 | Illinois Finance Authority, Roosevelt University Project (RB) 5.75%, 10/01/19 (c) | 530,330 | ||||||
| 50,000 | Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) 5.50%, 02/15/20 (c) | 55,809 | ||||||
| 1,000,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) 7.63%, 05/15/20 (c) | 1,129,720 | ||||||
| 100,000 | Illinois General Obligation Bonds, Series A (GO) 5.00%, 06/01/21 | 105,651 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 650,000 | 5.00%, 06/01/18 | 674,791 | ||||||
| 380,000 | 5.00%, 06/01/19 | 406,539 | ||||||
| 70,000 | 5.13%, 06/01/19 | 75,067 | ||||||
| 160,000 | 5.25%, 06/01/20 | 176,656 | ||||||
| 25,000 | 5.25%, 06/01/21 | 28,156 | ||||||
| 70,000 | 5.38%, 06/01/21 | 79,353 | ||||||
| 135,000 | 5.50%, 06/01/21 (c) | 152,959 | ||||||
See Notes to Financial Statements
| 146 |
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 50,000 | Illinois State, Series A (GO) 4.00%, 01/01/22 (c) | $ | 50,422 | ||||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
| 40,000 | 5.00%, 06/15/22 (c) | 42,962 | ||||||
| 35,000 | 5.00%, 12/15/22 | 38,252 | ||||||
| 40,000 | Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB) 1.95%, 06/15/18 ^ | 39,043 | ||||||
| State of Illinois (GO) | ||||||||
| 80,000 | 4.00%, 08/01/22 (c) | 78,562 | ||||||
| 135,000 | 4.13%, 03/01/22 (c) | 128,631 | ||||||
| 500,000 | 5.00%, 06/01/19 | 521,220 | ||||||
| 250,000 | 5.00%, 01/01/20 | 261,902 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 519,390 | ||||||
| 50,000 | 5.00%, 07/01/21 | 52,839 | ||||||
| 600,000 | 5.00%, 05/01/22 | 634,992 | ||||||
| 700,000 | 5.00%, 08/01/22 | 741,265 | ||||||
| 150,000 | 5.00%, 02/01/24 (c) | 157,245 | ||||||
| 100,000 | 5.00%, 02/01/24 | 105,976 | ||||||
| 200,000 | 5.00%, 01/01/26 | 210,170 | ||||||
| 100,000 | 5.00%, 06/01/26 | 104,982 | ||||||
| 270,000 | 5.50%, 07/01/23 (c) | 292,675 | ||||||
| 60,000 | 5.50%, 07/01/23 (c) | 63,724 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 110,000 | 4.00%, 09/01/18 (c) | 105,931 | ||||||
| 170,000 | 4.00%, 01/01/22 (c) | 170,207 | ||||||
| 105,000 | 4.00%, 01/01/22 | 106,513 | ||||||
| 750,000 | 5.00%, 04/01/18 | 769,102 | ||||||
| 100,000 | Will County Community High School District No. 210, Series B (GO) 5.75%, 01/01/28 ^ | 55,671 | ||||||
| 14,431,804 | ||||||||
| Indiana: 0.8% | ||||||||
| Indiana Finance Authority, I-69 Section 5 Project (RB) | ||||||||
| 250,000 | 5.25%, 09/01/24 (c) | 277,367 | ||||||
| 215,000 | 6.00%, 12/01/19 | 225,739 | ||||||
| 325,000 | Indiana Finance Authority, Wastewater Utility, First Lien, Series A (RB) 5.00%, 10/01/19 | 354,097 | ||||||
| 857,203 | ||||||||
| Iowa: 4.8% | ||||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
| 3,565,000 | 5.00%, 12/01/19 | 3,623,430 | ||||||
| 500,000 | 5.25%, 12/01/23 (c) | 507,755 | ||||||
| 750,000 | 5.50%, 12/01/18 (c) | 759,900 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
| 495,000 | 2.50%, 10/01/20 | 483,877 | ||||||
| 130,000 | 4.00%, 10/01/25 | 128,987 | ||||||
| 5,503,949 | ||||||||
| Principal Amount | Value | |||||||
| Kansas: 0.2% | ||||||||
| $ | 125,000 | Arkansas City Public Building Commission, South Central Regional Medical Center (RB) 6.25%, 09/01/19 (c) | $ | 130,788 | ||||
| 90,000 | Overland Park Development Corp.,
Overland Park Convention Center Hotel, Series B (RB) (AMBAC) 5.13%, 05/30/17 (c) | 90,127 | ||||||
| 220,915 | ||||||||
| Kentucky: 0.3% | ||||||||
| 10,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) 5.25%, 06/01/20 (c) | 10,660 | ||||||
| 100,000 | Kentucky Economic Development Finance Authority, Series A (RB) 5.00%, 05/15/26 | 103,902 | ||||||
| 200,000 | Kentucky State Property & Building Commission, Series A (RB) 5.00%, 08/01/20 | 221,344 | ||||||
| 335,906 | ||||||||
| Louisiana: 3.2% | ||||||||
| City of New Orleans, Louisiana Sewerage Service (RB) | ||||||||
| 400,000 | 5.00%, 06/01/18 | 416,224 | ||||||
| 625,000 | 5.00%, 06/01/19 | 670,244 | ||||||
| 320,000 | 5.00%, 06/01/20 | 352,138 | ||||||
| 20,000 | 5.00%, 06/01/22 | 22,738 | ||||||
| 600,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Series A (RB) 5.50%, 11/15/25 | 618,786 | ||||||
| 500,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 | 190,000 | ||||||
| 750,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 | 255,000 | ||||||
| 710,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 754,900 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 230,000 | 5.00%, 05/15/20 | 251,132 | ||||||
| 80,000 | 5.00%, 05/15/21 | 89,025 | ||||||
| 3,620,187 | ||||||||
| Maine: 0.2% | ||||||||
| Health and Higher Education Facilities Authority, Maine General Medical Center Issue (RB) | ||||||||
| 90,000 | 5.00%, 07/01/19 | 93,277 | ||||||
| 155,000 | 5.00%, 07/01/20 | 162,273 | ||||||
| 255,550 | ||||||||
See Notes to Financial Statements
| 147 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Maryland: 2.3% | ||||||||
| $ | 250,000 | City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26 | $ | 251,115 | ||||
| 695,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c) | 694,791 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) | ||||||||
| 850,000 | 5.00%, 07/01/19 | 913,393 | ||||||
| 190,000 | 5.00%, 07/01/24 | 221,776 | ||||||
| Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) | ||||||||
| 110,000 | 5.25%, 05/30/17 (c) | 110,222 | ||||||
| 210,000 | 5.25%, 05/30/17 (c) | 210,481 | ||||||
| 220,000 | 5.25%, 05/30/17 (c) | 220,616 | ||||||
| 2,622,394 | ||||||||
| Massachusetts: 0.7% | ||||||||
| 130,000 | Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c) | 152,019 | ||||||
| 100,000 | Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c) | 113,342 | ||||||
| 250,000 | Massachusetts Health and Educational Facilities Authority Refunding Caregroup, Series E-1 (RB) 5.38%, 07/01/18 (c) | 262,740 | ||||||
| 300,000 | Massachusetts Health and Educational Facilities Authority Refunding Caregroup, Series E-2 (RB) 5.38%, 07/01/18 (c) | 315,288 | ||||||
| 843,389 | ||||||||
| Michigan: 1.7% | ||||||||
| 50,000 | Detroit Water Supply System, Senior Lien, Series C (RB) 5.25%, 07/01/21 (c) | 55,673 | ||||||
| 700,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 05/30/17 (c) | 682,507 | ||||||
| 500,000 | Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p) | 507,500 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 670,000 | 5.13%, 06/01/17 (c) | 665,987 | ||||||
| 80,000 | 5.25%, 06/01/17 (c) | 79,961 | ||||||
| 1,991,628 | ||||||||
| Minnesota: 0.6% | ||||||||
| 100,000 | City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 101,290 | ||||||
| Principal Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 180,000 | City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25 | $ | 187,103 | ||||
| 250,000 | Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22 | 259,192 | ||||||
| 120,000 | Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26 | 121,240 | ||||||
| 668,825 | ||||||||
| Mississippi: 0.0% | ||||||||
| 20,000 | Mississippi Business Finance Corp., System Energy Resources, Inc. (RB) 5.88%, 05/24/17 (c) | 20,053 | ||||||
| Missouri: 0.5% | ||||||||
| 500,000 | City of Liberty, Liberty Commons Project, Series A (TA) 5.13%, 06/01/25 | 493,965 | ||||||
| 115,000 | St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) 5.00%, 05/30/17 (c) | 116,940 | ||||||
| 610,905 | ||||||||
| Montana: 0.4% | ||||||||
| 500,000 | City of Forsyth, Rosebud County, Montana Pollution Control Revenue (RB) 2.00%, 08/01/23 | 493,610 | ||||||
| Nevada: 0.1% | ||||||||
| 100,000 | Clark County School District, Limited Tax, Series D (GO) 5.00%, 12/15/25 (c) | 117,490 | ||||||
| New Jersey: 8.0% | ||||||||
| 75,000 | City of Atlantic City, New Jersey, Series (GO) 5.00%, 12/01/20 | 63,313 | ||||||
| 240,000 | Garden State Preservation Trust, Open Space and Farmland
Preservation Bonds, Series B (RB) (AGM) 3.07%, 11/01/22 ^ | 207,905 | ||||||
| 750,000 | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 813,382 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 80,000 | 4.00%, 06/15/19 | 82,826 | ||||||
| 600,000 | 5.00%, 06/15/19 | 632,118 | ||||||
| 500,000 | 5.00%, 06/15/20 | 534,915 | ||||||
| 165,000 | 5.00%, 06/15/22 | 180,457 | ||||||
| 150,000 | 5.00%, 06/15/22 (c) | 162,792 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 195,000 | 4.88%, 09/15/19 | 201,618 | ||||||
| 225,000 | 5.13%, 08/20/22 (c) | 242,948 | ||||||
| 50,000 | 5.75%, 09/15/22 (c) | 55,511 | ||||||
See Notes to Financial Statements
| 148 |
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 400,000 | New Jersey Economic Development Authority, Long Gate Project (RB) 4.38%, 01/01/24 | $ | 416,344 | ||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 250,000 | 5.00%, 03/01/21 | 265,525 | ||||||
| 250,000 | 5.00%, 03/01/23 (c) | 263,400 | ||||||
| 375,000 | New Jersey Economic Development Authority, School Facilities Construction Refunding, Series XX (RB) 5.00%, 06/15/21 | 399,337 | ||||||
| 250,000 | New Jersey General Obligation Bonds, Refunding Bonds, Series T (GO) 5.00%, 06/01/22 | 280,640 | ||||||
| 100,000 | New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) 4.63%, 07/01/21 (c) | 113,337 | ||||||
| 400,000 | New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 5.00%, 07/01/21 | 427,824 | ||||||
| 245,000 | New Jersey State Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/23 | 264,127 | ||||||
| 350,000 | New Jersey State, Series Q (GO) 5.00%, 08/15/20 | 384,132 | ||||||
| 695,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 753,213 | ||||||
| 300,000 | State of New Jersey, Series T (GO) 5.00%, 06/01/21 | 333,204 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 80,000 | 3.00%, 06/01/26 | 78,438 | ||||||
| 250,000 | 5.00%, 06/01/20 | 273,057 | ||||||
| 100,000 | 5.00%, 06/01/27 | 114,379 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 1,090,000 | 4.50%, 06/01/17 (c) | 1,096,649 | ||||||
| 75,000 | 5.00%, 06/01/17 (c) | 75,227 | ||||||
| 450,000 | Tobacco Settlement Financing Corp., Series 1A (RB) 5.00%, 06/01/17 (c) | 451,431 | ||||||
| 9,168,049 | ||||||||
| New Mexico: 1.1% | ||||||||
| 250,000 | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds, Series B (RB) 1.87%, 10/01/21 (p) | 246,498 | ||||||
| 245,000 | County of Otero, Jail Project (RB) 5.75%, 05/30/17 (c) | 247,060 | ||||||
| 150,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 05/30/17 (c) | 150,090 | ||||||
| Principal Amount | Value | |||||||
| New Mexico: (continued) | ||||||||
| $ | 585,000 | Winrock Town Center Tax Increment Development District No. 1, Senior Lien (TA) 5.25%, 05/01/20 (c) | $ | 589,183 | ||||
| 1,232,831 | ||||||||
| New York: 8.1% | ||||||||
| Brooklyn Arena Local Development Corp. PILOT Revenue Refunding Bonds, Series A (RB) | ||||||||
| 400,000 | 5.00%, 07/15/23 | 464,568 | ||||||
| 250,000 | 5.00%, 07/15/24 | 292,015 | ||||||
| 100,000 | 5.00%, 07/15/26 | 117,465 | ||||||
| 100,000 | 5.00%, 01/15/27 (c) | 115,899 | ||||||
| 100,000 | 5.00%, 01/15/27 (c) | 117,179 | ||||||
| 800,000 | Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 3.75%, 01/01/20 | 815,352 | ||||||
| Jefferson County Industrial Development Agency, Reenergy Black River LLC Project (RB) | ||||||||
| 335,000 | 4.75%, 01/01/20 | 328,350 | ||||||
| 1,000,000 | 5.25%, 01/01/24 | 933,190 | ||||||
| 500,000 | Long Island Power Authority Electric System General Revenue Bond, Series A (RB) 6.00%, 05/01/19 (c) | 549,035 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 25,000 | 5.00%, 05/30/17 (c) | 25,059 | ||||||
| 100,000 | 5.00%, 05/30/17 (c) | 100,256 | ||||||
| 65,000 | 5.00%, 05/30/17 (c) | 65,175 | ||||||
| 105,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22 | 116,079 | ||||||
| New York State Dormitory Authority, Medical Center Obligated Group (RB) | ||||||||
| 300,000 | 5.00%, 12/01/26 | 337,644 | ||||||
| 300,000 | 5.00%, 06/01/27 (c) | 338,745 | ||||||
| 50,000 | New York State Dormitory Authority, Montefiore Medical
Center (RB) (FHA) 5.00%, 02/01/18 (c) | 51,019 | ||||||
| 750,000 | New York State Environmental Facilities Corp., Solid Waste Disposal, Casella Waste Systems, Inc. Project (RB) 3.75%, 12/02/19 (p) | 740,355 | ||||||
| 305,000 | New York State Thruway Authority, Series A (RB) 5.00%, 05/01/19 | 328,088 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 575,000 | 5.00%, 08/01/18 | 595,861 | ||||||
| 125,000 | 5.00%, 08/01/19 | 132,690 | ||||||
| 35,000 | 5.00%, 08/01/21 | 38,539 | ||||||
| 135,000 | 5.00%, 08/01/21 (c) | 143,134 | ||||||
See Notes to Financial Statements
| 149 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) | ||||||||
| $ | 35,000 | 5.00%, 01/01/21 | $ | 38,898 | ||||
| 50,000 | 5.00%, 01/01/22 | 56,548 | ||||||
| 190,000 | Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) 5.00%, 12/01/20 | 208,941 | ||||||
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) | ||||||||
| 495,000 | 5.00%, 07/01/18 | 514,567 | ||||||
| 25,000 | 5.00%, 07/01/21 (c) | 27,779 | ||||||
| 185,000 | Suffolk County, New York, Series A (GO) 5.00%, 05/15/20 | 203,840 | ||||||
| 500,000 | Suffolk Tobacco Asset Securitization Corp., Series B (RB) 5.38%, 06/01/18 (c) | 503,750 | ||||||
| Town of Oyster Bay, New York Public Improvement (GO) | ||||||||
| 95,000 | 3.00%, 08/15/17 (c) | 92,243 | ||||||
| 55,000 | 3.00%, 08/15/17 (c) | 52,831 | ||||||
| 505,000 | 3.00%, 08/15/17 (c) | 501,404 | ||||||
| 35,000 | 3.00%, 08/15/17 (c) | 34,399 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 70,000 | 5.00%, 06/01/27 (c) | 81,040 | ||||||
| 70,000 | 5.00%, 06/01/27 | 81,698 | ||||||
| 80,000 | Westchester County Healthcare Corp., Senior Lien, Series B (RB) 5.00%, 11/01/19 | 86,258 | ||||||
| 9,229,893 | ||||||||
| North Carolina: 0.9% | ||||||||
| 390,000 | Johnson Memorial Hospital Authority, FHA Insured
Mortgage (RB) (AGM) (FHA) 5.25%, 04/01/18 (c) | 405,319 | ||||||
| 150,000 | North Carolina Medical Care Commission, Hospital Refunding Bonds, Baptist Hospital (RB) 5.25%, 06/01/20 (c) | 165,236 | ||||||
| 350,000 | North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien (RB) 5.00%, 01/01/25 | 405,888 | ||||||
| 976,443 | ||||||||
| Ohio: 6.9% | ||||||||
| 250,000 | American Municipal Power Prairie State Energy Campus
Project, Series A (RB) (AGO) 5.25%, 02/15/19 (c) | 268,637 | ||||||
| Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 3,800,000 | 5.13%, 06/01/17 (c) | 3,629,304 | ||||||
| 1,200,000 | 5.38%, 06/01/17 (c) | 1,159,884 | ||||||
| 90,000 | City of Cleveland, Airport System Revenue, Series C (RB)
(AMBAC) 5.25%, 01/01/21 | 100,579 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 250,000 | County of Allen, Ohio Hospital Facilities Revenue Bonds, Series B (RB) 5.00%, 09/01/20 (c) | $ | 276,920 | ||||
| County of Muskingum, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 50,000 | 4.00%, 02/15/23 | 51,881 | ||||||
| 135,000 | 5.00%, 02/15/20 | 142,783 | ||||||
| 10,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project (RB) 6.75%, 02/01/22 (c) | 10,201 | ||||||
| 1,285,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 568,612 | ||||||
| 420,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19 | 436,111 | ||||||
| 340,000 | Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20 | 150,450 | ||||||
| 550,000 | Ohio Air Quality Development Authority, Series C (RB) 5.63%, 06/01/18 | 533,544 | ||||||
| 780,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 345,150 | ||||||
| 500,000 | Ohio Water Development Authority, Firstenergy Nuclear Generation Project, Series C (RB) 3.95%, 05/01/20 (p) | 221,250 | ||||||
| 7,895,306 | ||||||||
| Oklahoma: 0.2% | ||||||||
| 250,000 | Payne County Economic Development Authority, Series B (RB) 4.75%, 11/01/17 (c) | 250,047 | ||||||
| Oregon: 0.2% | ||||||||
| 180,000 | Hospital Facilities Authority of Multnomah County, Series A (RB) 5.00%, 10/01/19 | 186,889 | ||||||
| Pennsylvania: 4.9% | ||||||||
| 225,000 | Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) 6.75%, 11/01/19 (c) | 235,114 | ||||||
| 650,000 | Beaver County, Pennsylvania Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 287,625 | ||||||
| 70,000 | City of Philadelphia, Pennsylvania Gas Works Revenue Bonds, Series 13 (RB) 5.00%, 08/01/25 | 82,278 | ||||||
| 300,000 | City of Philadelphia, Pennsylvania Gas Works Revenue
Bonds, Series 17 (RB) (AGM) 5.38%, 07/01/18 | 315,288 | ||||||
See Notes to Financial Statements
| 150 |
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 85,000 | County of Allegheny PA, General Obligation Refunding Bonds, Series C (GO) 5.00%, 11/01/26 | $ | 102,621 | ||||
| 135,000 | Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22 | 150,451 | ||||||
| 240,000 | Montgomery County Industrial Development Authority, Pollution Control, Peco Energy Company Project (RB) 2.60%, 09/01/20 (p) | 240,300 | ||||||
| 130,000 | Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25 | 127,057 | ||||||
| 235,000 | Moon Industrial Development Authority, Baptist Homes Society (RB) 5.00%, 07/01/20 | 242,464 | ||||||
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 425,000 | 5.00%, 06/30/19 | 456,280 | ||||||
| 160,000 | 5.00%, 12/31/19 | 174,070 | ||||||
| 80,000 | 5.00%, 12/31/20 | 88,909 | ||||||
| 250,000 | 5.00%, 12/31/21 | 282,500 | ||||||
| 125,000 | 5.00%, 12/31/23 | 143,730 | ||||||
| 650,000 | 5.00%, 12/31/24 | 752,329 | ||||||
| 130,000 | 5.00%, 06/30/26 | 150,680 | ||||||
| 500,000 | Pennsylvania Economic Development Financing Authority, Talen Energy Supply Project, Series C (RB) 5.00%, 09/01/20 (p) | 502,245 | ||||||
| 250,000 | Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series A (RB) 5.00%, 06/01/19 (c) | 270,457 | ||||||
| 500,000 | Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Bonds, Series B (RB) 5.00%, 06/01/18 (c) | 521,990 | ||||||
| 150,000 | Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 5.88%, 06/15/22 | 160,526 | ||||||
| 100,000 | Philadelphia Gas Works, Fourteenth Series (RB) 5.00%, 10/01/26 | 118,179 | ||||||
| 100,000 | Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB) 5.00%, 07/01/17 (c) | 100,259 | ||||||
| 125,000 | Redevelopment Authority of City Scranton, Pennsylvania, Series A (RB) 5.00%, 11/15/21 | 129,400 | ||||||
| 5,634,752 | ||||||||
| Principal Amount | Value | |||||||
| Puerto Rico: 0.7% | ||||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| $ | 100,000 | 4.13%, 05/30/17 (c) # | $ | 61,038 | ||||
| 100,000 | 4.75%, 05/30/17 (c) # | 60,800 | ||||||
| 10,000 | 5.00%, 05/30/17 (c) | 10,030 | ||||||
| 405,000 | Puerto Rico Highways and Transportation Authority (RB) (FGIC) 5.75%, 05/30/17 (c) # | 247,202 | ||||||
| 100,000 | Puerto Rico Highways and Transportation Authority,
Series A (RB) (AMBAC) 5.25%, 07/01/18 ^ | 96,629 | ||||||
| Puerto Rico Highways and Transportation Authority, Series K (RB) | ||||||||
| 100,000 | 5.00%, 05/30/17 (c) | 26,750 | ||||||
| 75,000 | 5.00%, 05/30/17 (c) | 19,913 | ||||||
| 95,000 | 5.00%, 05/30/17 (c) | 25,204 | ||||||
| Puerto Rico Highways and Transportation Authority, Series M (RB) | ||||||||
| 10,000 | 4.13%, 07/01/17 (c) | 2,655 | ||||||
| 100,000 | 5.00%, 07/01/17 (c) | 26,564 | ||||||
| 40,000 | Puerto Rico Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/21 | 10,700 | ||||||
| Puerto Rico Sales Tax Financing Corp., Balance-First (RB) | ||||||||
| 65,000 | 5.00%, 08/01/18 | 25,448 | ||||||
| 65,000 | 5.50%, 08/01/19 (c) | 21,938 | ||||||
| 65,000 | Puerto Rico Sales Tax Financing Corp., First Subordinate Series A (RB) 4.75%, 02/01/20 (c) | 21,450 | ||||||
| 200,000 | Puerto Rico Sales Tax Financing Corp., Senior Series C (RB) 5.00%, 08/01/21 (c) # | 123,975 | ||||||
| 175,000 | Puerto Rico Sales Tax Financing Corp., Subseries A (RB) 4.63%, 08/01/19 | 62,190 | ||||||
| 842,486 | ||||||||
| Rhode Island: 0.6% | ||||||||
| 100,000 | Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 | 119,366 | ||||||
| 500,000 | Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/20 | 546,745 | ||||||
| 666,111 | ||||||||
| South Carolina: 0.4% | ||||||||
| 100,000 | Charleston Educational Excellence Financing Corporation Installment Purchase Revenue Refunding, Series B (RB) 5.00%, 12/01/23 (c) | 117,393 | ||||||
| 335,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | 359,224 | ||||||
| 476,617 | ||||||||
See Notes to Financial Statements
| 151 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Tennessee: 0.5% | ||||||||
| Clarksville Natural Gas Acquisition Corp. (RB) | ||||||||
| $ | 200,000 | 5.00%, 12/15/19 | $ | 216,496 | ||||
| 25,000 | 5.00%, 12/15/21 | 28,033 | ||||||
| 85,000 | Johnson City Health and Educational Facilities Board, Series A (RB) 5.38%, 07/01/20 (c) | 92,353 | ||||||
| 250,000 | Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series C (RB) 5.00%, 02/01/19 | 265,182 | ||||||
| 602,064 | ||||||||
| Texas: 6.3% | ||||||||
| 120,000 | Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 140,641 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 550,000 | 4.50%, 07/01/20 | 567,633 | ||||||
| 1,000,000 | 4.75%, 07/01/24 | 1,079,480 | ||||||
| 500,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20 | 523,730 | ||||||
| 400,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/20 | 418,984 | ||||||
| 100,000 | Clifton Higher Education Finance Corp., International Leadership of Texas, Series A (RB) 4.63%, 08/15/25 | 101,750 | ||||||
| 35,000 | Dallas/Fort Worth International Airport Joint Revenue Refunding Bonds, Series E (RB) 4.00%, 11/01/19 | 37,268 | ||||||
| 335,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 343,060 | ||||||
| 300,000 | Harris County-Houston Sports Authority, Senior Lien Revenue, Series A (RB) 5.00%, 11/15/20 | 333,699 | ||||||
| 100,000 | La Vernia Higher Education Finance Corp., Series A (RB) 4.20%, 08/15/25 | 101,676 | ||||||
| 470,000 | Love Field Airport Modernization Corp., Southwest Airline Co. (RB) 5.00%, 11/01/18 | 495,366 | ||||||
| 20,000 | Maverick County Public Facility Corp., Series A-1 (RB) 6.25%, 08/01/17 (c) (d) * | 9,670 | ||||||
| New Hope Cultural Education Facilities Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 100,000 | 5.00%, 07/01/23 | 111,766 | ||||||
| 100,000 | 5.00%, 07/01/24 | 112,730 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) | ||||||||
| $ | 250,000 | 3.38%, 08/15/21 | $ | 252,730 | ||||
| 100,000 | 4.00%, 08/15/21 (c) | 99,765 | ||||||
| 90,000 | New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB) 5.00%, 01/01/24 | 94,179 | ||||||
| SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
| 75,000 | 5.50%, 08/01/21 | 85,203 | ||||||
| 85,000 | 5.50%, 08/01/22 | 98,226 | ||||||
| 35,000 | 5.50%, 08/01/24 | 41,181 | ||||||
| 125,000 | 5.50%, 08/01/25 | 147,769 | ||||||
| 80,000 | 5.50%, 08/01/27 | 94,654 | ||||||
| 450,000 | Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21 | 499,284 | ||||||
| 200,000 | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) | 201,096 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien Series A (RB) | ||||||||
| 75,000 | 5.25%, 12/15/18 | 78,845 | ||||||
| 20,000 | 5.25%, 12/15/19 | 21,745 | ||||||
| 240,000 | 5.25%, 12/15/21 | 271,399 | ||||||
| 155,000 | 5.25%, 12/15/22 | 177,202 | ||||||
| 15,000 | 5.25%, 12/15/23 | 17,234 | ||||||
| 60,000 | 5.25%, 12/15/24 | 69,130 | ||||||
| 100,000 | 5.25%, 12/15/25 | 115,003 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 20,000 | 5.00%, 12/15/18 | 21,200 | ||||||
| 115,000 | 5.00%, 12/15/21 | 130,194 | ||||||
| 70,000 | 5.00%, 12/15/22 (c) | 78,453 | ||||||
| 105,000 | 5.00%, 12/15/22 | 120,153 | ||||||
| 115,000 | Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) 6.00%, 01/01/21 (c) | 120,895 | ||||||
| 7,212,993 | ||||||||
| Vermont: 0.1% | ||||||||
| 150,000 | Vermont Economic Development Authority, Recovery Zone Facility (RB) 5.00%, 12/15/20 | 165,291 | ||||||
| Virgin Islands: 3.0% | ||||||||
| Virgin Islands Public Finance Authority, Series A (RB) | ||||||||
| 250,000 | 5.00%, 10/01/19 (c) | 220,000 | ||||||
| 500,000 | 5.00%, 10/01/20 (c) | 436,250 | ||||||
| 800,000 | 5.00%, 10/01/20 | 717,120 | ||||||
| 65,000 | 6.75%, 10/01/19 | 58,565 | ||||||
See Notes to Financial Statements
| 152 |
| Principal Amount | Value | |||||||
| Virgin Islands: (continued) | ||||||||
| Virgin Islands Public Finance Authority, Series B (RB) | ||||||||
| $ | 775,000 | 5.00%, 10/01/18 | $ | 723,230 | ||||
| 30,000 | 5.00%, 10/01/19 (c) | 26,175 | ||||||
| 400,000 | 5.00%, 10/01/19 | 366,432 | ||||||
| 750,000 | Virgin Islands Public Finance Authority, Series C (RB) 5.00%, 10/01/19 (c) | 631,875 | ||||||
| Virgin Islands Water and Power Authority, Series A (RB) | ||||||||
| 75,000 | 5.00%, 07/01/17 (c) | 48,563 | ||||||
| 150,000 | 5.00%, 07/01/17 (c) | 98,625 | ||||||
| 55,000 | Virgin Islands Water and Power Authority, Series B (RB) 5.00%, 07/01/17 (c) | 35,338 | ||||||
| 3,362,173 | ||||||||
| Virginia: 1.5% | ||||||||
| 25,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 25,568 | ||||||
| Economic Development Authority of the City of Newport News, Residential Care Facilities (RB) | ||||||||
| 100,000 | 3.13%, 12/01/25 (c) | 93,320 | ||||||
| 125,000 | 5.00%, 12/01/24 | 138,171 | ||||||
| 270,000 | Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB) 4.75%, 07/01/23 | 282,120 | ||||||
| Wise County Industrial Development Authority, Solid Waste and Sewage Disposal, Series A (RB) | ||||||||
| 680,000 | 1.87%, 06/01/20 (p) | 681,108 | ||||||
| 500,000 | 2.15%, 09/01/20 (p) | 505,300 | ||||||
| 1,725,587 | ||||||||
| Washington: 0.9% | ||||||||
| 105,000 | Clark County Public Utility District No 1, Electric System Revenue and Refunding Bonds (RB) 5.00%, 01/01/26 (c) | 124,785 | ||||||
| 155,000 | King County Public Hospital District No. 4, Series A (RB) 5.00%, 12/01/25 | 156,166 | ||||||
| 500,000 | Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) 4.00%, 01/01/25 (c) | 501,675 | ||||||
| 250,000 | Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) 3.75%, 07/01/26 | 236,578 | ||||||
| 1,019,204 | ||||||||
| Principal Amount | Value | |||||||
| West Virginia: 0.6% | ||||||||
| $ | 400,000 | Mason County Pollution Control, Appalachian Power Co. Project, Series L (RB) 1.63%, 10/01/18 (p) | $ | 402,092 | ||||
| 150,000 | West Virginia Hospital Finance Authority, Series A (RB) 5.00%, 06/01/26 | 177,741 | ||||||
| 65,000 | West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) 6.25%, 10/01/18 (c) | 67,102 | ||||||
| 646,935 | ||||||||
| Wisconsin: 1.1% | ||||||||
| 200,000 | Public Finance Authority North Carolina Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 | 199,992 | ||||||
| 705,000 | Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22 | 748,985 | ||||||
| 250,000 | Wisconsin Public Power Inc., Power
Supply System Revenue Bonds, Series A (RB) (AGM) 5.25%, 07/01/18 (c) | 262,380 | ||||||
| 1,211,357 | ||||||||
| Total Municipal Bonds (Cost: $114,925,378) | 110,988,004 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 1.7% (Cost: $1,883,175) | ||||||||
| 1,883,175 | Dreyfus Government Cash Management Fund – Institutional Shares | 1,883,175 | ||||||
| Total Investments: 99.0% (Cost: $116,808,553) | 112,871,179 | |||||||
| Other assets less liabilities: 1.0% | 1,161,983 | |||||||
| NET ASSETS: 100.0% | $ | 114,033,162 | ||||||
See Notes to Financial Statements
| 153 |
VANECK VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| AGM | Assured Guaranty Municipal Corp. |
| AGO | Assured Guaranty Ltd. |
| AMBAC | American Municipal Bond Assurance Corp. |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default of coupon payment |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| * | Non-income producing |
| # | 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 $493,015 which represents 0.4% of net assets. |
| Summary of Investments By Sector | % of Investments | Value | ||||||
| Education | 6.3 | % | $ | 7,124,098 | ||||
| Health Care | 14.6 | 16,513,285 | ||||||
| Housing | 0.5 | 549,977 | ||||||
| Industrial Revenue | 25.8 | 29,155,493 | ||||||
| Leasing | 4.1 | 4,592,577 | ||||||
| Local | 7.1 | 7,978,640 | ||||||
| Power | 3.0 | 3,338,557 | ||||||
| Solid Waste/Resource Recovery | 1.0 | 1,127,507 | ||||||
| Special Tax | 10.4 | 11,705,209 | ||||||
| State | 6.1 | 6,930,126 | ||||||
| Tobacco | 10.5 | 11,879,556 | ||||||
| Transportation | 6.4 | 7,226,188 | ||||||
| Water & Sewer | 2.5 | 2,866,791 | ||||||
| Money Market Fund | 1.7 | 1,883,175 | ||||||
| 100.0 | % | $ | 112,871,179 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 2 | Level 3 | ||||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||||
| Municipal Bonds* | $ | — | $ | 110,988,004 | $ | — | $ | 110,988,004 | |||||||||||
| Money Market Fund | 1,883,175 | — | — | 1,883,175 | |||||||||||||||
| Total | $ | 1,883,175 | $ | 110,988,004 | $ | — | $ | 112,871,179 | |||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 154 |
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VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2017
| AMT-Free 6-8 Year Municipal Index ETF | AMT-Free 12-17 Year Municipal Index ETF | AMT-Free Intermediate Municipal Index ETF | |||||||||||||
| Assets: | |||||||||||||||
| Investments, at value (1) | $ | 4,821,978 | $ | 4,733,131 | $ | 1,570,239,367 | |||||||||
| Receivables: | |||||||||||||||
| Investment securities sold | — | — | 1,101,615 | ||||||||||||
| Shares sold | — | — | 9,479,333 | ||||||||||||
| Dividends and interest | 49,348 | 59,922 | 18,876,045 | ||||||||||||
| Prepaid expenses | — | — | — | ||||||||||||
| Total assets | 4,871,326 | 4,793,053 | 1,599,696,360 | ||||||||||||
| Liabilities: | |||||||||||||||
| Payables: | |||||||||||||||
| Investment securities purchased | — | — | 6,872,008 | ||||||||||||
| Due to Adviser | 958 | 944 | 309,515 | ||||||||||||
| Due to custodian | — | 415 | — | ||||||||||||
| Deferred Trustee fees | — | — | 3,000 | ||||||||||||
| Accrued expenses | — | — | — | ||||||||||||
| Total liabilities | 958 | 1,359 | 7,184,523 | ||||||||||||
| NET ASSETS | $ | 4,870,368 | $ | 4,791,694 | $ | 1,592,511,837 | |||||||||
| Shares outstanding | 200,000 | 200,000 | 67,200,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 24.35 | $ | 23.96 | $ | 23.70 | |||||||||
| Net assets consist of: | |||||||||||||||
| Aggregate paid in capital | $ | 5,000,000 | $ | 5,005,649 | $ | 1,591,599,123 | |||||||||
| Net unrealized appreciation (depreciation) | (104,275 | ) | (186,000 | ) | (2,119,634 | ) | |||||||||
| Undistributed net investment income | 7,226 | 11,695 | 3,128,991 | ||||||||||||
| Accumulated net realized gain (loss) | (32,583 | ) | (39,650 | ) | (96,643 | ) | |||||||||
| $ | 4,870,368 | $ | 4,791,694 | $ | 1,592,511,837 | ||||||||||
| (1) Cost of investments | $ | 4,926,253 | $ | 4,919,131 | $ | 1,572,359,001 | |||||||||
See Notes to Financial Statements
| 156 |
| AMT-Free Long Municipal Index ETF | AMT-Free Short Municipal Index ETF | CEF Municipal Income ETF | High-Yield Municipal Index ETF | Pre-Refunded Municipal Index ETF | Short High-Yield Municipal Index ETF | |||||||||||||||||||||||
| $ | 157,943,080 | $ | 264,039,607 | $ | 83,686,801 | $ | 2,079,780,082 | $ | 14,586,203 | $ | 112,871,179 | |||||||||||||||||
| 26,174 | 1,625 | — | 9,861,527 | — | — | |||||||||||||||||||||||
| 3,926,957 | — | — | 6,149,095 | — | — | |||||||||||||||||||||||
| 2,058,991 | 3,313,607 | 261,439 | 34,518,956 | 191,691 | 1,694,930 | |||||||||||||||||||||||
| — | — | 615 | — | — | — | |||||||||||||||||||||||
| 163,955,202 | 267,354,839 | 83,948,855 | 2,130,309,660 | 14,777,894 | 114,566,109 | |||||||||||||||||||||||
| 1,957,705 | 171,867 | — | 22,984,068 | — | 499,390 | |||||||||||||||||||||||
| 30,676 | 43,792 | 8,214 | 581,343 | 2,912 | 33,557 | |||||||||||||||||||||||
| — | — | 165,372 | — | — | — | |||||||||||||||||||||||
| 1,517 | 1,600 | 2,260 | 3,184 | 866 | — | |||||||||||||||||||||||
| — | — | 53,646 | — | — | — | |||||||||||||||||||||||
| 1,989,898 | 217,259 | 229,492 | 23,568,595 | 3,778 | 532,947 | |||||||||||||||||||||||
| $ | 161,965,304 | $ | 267,137,580 | $ | 83,719,363 | $ | 2,106,741,065 | $ | 14,774,116 | $ | 114,033,162 | |||||||||||||||||
| 8,250,000 | 15,250,000 | 3,150,000 | 68,500,000 | 600,000 | 4,700,000 | |||||||||||||||||||||||
| $ | 19.63 | $ | 17.52 | $ | 26.58 | $ | 30.76 | $ | 24.62 | $ | 24.26 | |||||||||||||||||
| $ | 164,823,903 | $ | 267,994,550 | $ | 89,491,972 | $ | 2,138,746,863 | $ | 15,178,026 | $ | 119,872,402 | |||||||||||||||||
| (1,124,629 | ) | (444,538 | ) | (3,750,762 | ) | (3,002,309 | ) | 116,891 | (3,937,374 | ) | ||||||||||||||||||
| 440,313 | 270,174 | 335,138 | 14,056,203 | 10,005 | 687,360 | |||||||||||||||||||||||
| (2,174,283 | ) | (682,606 | ) | (2,356,985 | ) | (43,059,692 | ) | (530,806 | ) | (2,589,226 | ) | |||||||||||||||||
| $ | 161,965,304 | $ | 267,137,580 | $ | 83,719,363 | $ | 2,106,741,065 | $ | 14,774,116 | $ | 114,033,162 | |||||||||||||||||
| $ | 159,067,709 | $ | 264,484,145 | $ | 87,437,563 | $ | 2,082,782,391 | $ | 14,469,312 | $ | 116,808,553 | |||||||||||||||||
See Notes to Financial Statements
| 157 |
VANECK VECTORS ETF TRUST
For the Year Ended April 30, 2017
| AMT-Free 6-8 Year Municipal Index ETF(a) | AMT-Free 12-17 Year Municipal Index ETF(a) | AMT-Free Intermediate Municipal Index ETF | |||||||||||||
| Income: | |||||||||||||||
| Dividends | $ | 708 | $ | 23 | $ | 14,501 | |||||||||
| Interest | 47,287 | 70,188 | 37,706,354 | ||||||||||||
| Total income | 47,995 | 70,211 | 37,720,855 | ||||||||||||
| Expenses: | |||||||||||||||
| Management fees | 7,109 | 7,015 | 3,679,232 | ||||||||||||
| Professional fees | — | — | — | ||||||||||||
| Insurance | — | — | — | ||||||||||||
| Trustees’ fees and expenses | — | — | — | ||||||||||||
| Reports to shareholders | — | — | — | ||||||||||||
| Indicative optimized portfolio value fee | — | — | — | ||||||||||||
| Custodian fees | — | — | — | ||||||||||||
| Registration fees | — | — | — | ||||||||||||
| Transfer agent fees | — | — | — | ||||||||||||
| Fund accounting fees | — | — | — | ||||||||||||
| Interest | — | — | — | ||||||||||||
| Other | — | — | — | ||||||||||||
| Total expenses | 7,109 | 7,015 | 3,679,232 | ||||||||||||
| Waiver of management fees | — | — | — | ||||||||||||
| Net expenses | 7,109 | 7,015 | 3,679,232 | ||||||||||||
| Net investment income | 40,886 | 63,196 | 34,041,623 | ||||||||||||
| Net realized gain (loss) on: | |||||||||||||||
| Investments | (32,583 | ) | (39,650 | ) | 1,656,966 | ||||||||||
| In-kind redemptions | — | — | 4,796,223 | ||||||||||||
| Net realized gain (loss) | (32,583 | ) | (39,650 | ) | 6,453,189 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
| Investments | (104,275 | ) | (186,000 | ) | (58,493,964 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (104,275 | ) | (186,000 | ) | (58,493,964 | ) | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (95,972 | ) | $ | (162,454 | ) | $ | (17,999,152 | ) | ||||||
(a) For the period September 19, 2016 (commencement of operations) through April 30, 2017.
See Notes to Financial Statements
| 158 |
| AMT-Free Long Municipal Index ETF | AMT-Free Short Municipal Index ETF | CEF Municipal Income ETF | High-Yield Municipal Index ETF | Pre-Refunded Municipal Index ETF | Short High-Yield Municipal Index ETF | |||||||||||||||||||||||
| $ | 4,138 | $ | — | $ | 5,115,034 | $ | 43,598 | $ | 1,774 | $ | 3,102 | |||||||||||||||||
| 5,338,245 | 3,552,959 | — | 95,435,837 | 217,909 | 4,200,500 | |||||||||||||||||||||||
| 5,342,383 | 3,552,959 | 5,115,034 | 95,479,435 | 219,683 | 4,203,602 | |||||||||||||||||||||||
| 396,412 | 540,652 | 380,419 | 7,084,584 | 45,511 | 448,337 | |||||||||||||||||||||||
| — | — | 43,129 | — | — | — | |||||||||||||||||||||||
| — | — | 1,261 | — | — | — | |||||||||||||||||||||||
| — | — | 2,479 | — | — | — | |||||||||||||||||||||||
| — | — | 29,711 | — | — | — | |||||||||||||||||||||||
| — | — | 922 | — | — | — | |||||||||||||||||||||||
| — | — | 3,866 | — | — | — | |||||||||||||||||||||||
| — | — | 9,061 | — | — | — | |||||||||||||||||||||||
| — | — | 2,385 | — | — | — | |||||||||||||||||||||||
| — | — | 1,119 | — | — | — | |||||||||||||||||||||||
| 9 | 229 | 2,731 | — | — | 294 | |||||||||||||||||||||||
| — | — | 6,359 | — | — | — | |||||||||||||||||||||||
| 396,421 | 540,881 | 483,442 | 7,084,584 | 45,511 | 448,631 | |||||||||||||||||||||||
| — | — | (100,290 | ) | — | — | — | ||||||||||||||||||||||
| 396,421 | 540,881 | 383,152 | 7,084,584 | 45,511 | 448,631 | |||||||||||||||||||||||
| 4,945,962 | 3,012,078 | 4,731,882 | 88,394,851 | 174,172 | 3,754,971 | |||||||||||||||||||||||
| 281,863 | (309,315 | ) | (610,447 | ) | (5,045,301 | ) | (30,846 | ) | (1,596,076 | ) | ||||||||||||||||||
| (92,962 | ) | (74,103 | ) | 440,895 | (10,119,027 | ) | 3,975 | (299,063 | ) | |||||||||||||||||||
| 188,901 | (383,418 | ) | (169,552 | ) | (15,164,328 | ) | (26,871 | ) | (1,895,139 | ) | ||||||||||||||||||
| (7,882,824 | ) | (2,330,487 | ) | (8,528,807 | ) | (64,233,656 | ) | (69,335 | ) | (3,553,125 | ) | |||||||||||||||||
| (7,882,824 | ) | (2,330,487 | ) | (8,528,807 | ) | (64,233,656 | ) | (69,335 | ) | (3,553,125 | ) | |||||||||||||||||
| $ | (2,747,961 | ) | $ | 298,173 | $ | (3,966,477 | ) | $ | 8,996,867 | $ | 77,966 | $ | (1,693,293 | ) | ||||||||||||||
See Notes to Financial Statements
| 159 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| AMT- Free 6-8 Year Municipal Index ETF | AMT- Free 12-17 Year Municipal Index ETF | AMT-Free Intermediate Municipal Index ETF | ||||||||||||||||||
| For the Period September 19, 2016* through April 30, 2017 | For the Period September 19, 2016* through April 30, 2017 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | |||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 40,886 | $ | 63,196 | $ | 34,041,623 | $ | 28,503,472 | ||||||||||||
| Net realized gain (loss) | (32,583 | ) | (39,650 | ) | 6,453,189 | 9,867,570 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (104,275 | ) | (186,000 | ) | (58,493,964 | ) | 40,852,906 | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (95,972 | ) | (162,454 | ) | (17,999,152 | ) | 79,223,948 | |||||||||||||
| Dividends to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (33,660 | ) | (51,501 | ) | (33,484,380 | ) | (27,871,030 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 6,200,149 | 8,555,595 | 599,111,932 | 612,656,986 | ||||||||||||||||
| Cost of shares redeemed | (1,200,149 | ) | (3,549,946 | ) | (373,915,530 | ) | (288,016,469 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 5,000,000 | 5,005,649 | 225,196,402 | 324,640,517 | ||||||||||||||||
| Total increase (decrease) in net assets | 4,870,368 | 4,791,694 | 173,712,870 | 375,993,435 | ||||||||||||||||
| Net Assets, beginning of period | — | — | 1,418,798,967 | 1,042,805,532 | ||||||||||||||||
| Net Assets, end of period† | $ | 4,870,368 | $ | 4,791,694 | $ | 1,592,511,837 | $ | 1,418,798,967 | ||||||||||||
| † Including undistributed net investment income | $ | 7,226 | $ | 11,695 | $ | 3,128,991 | $ | 2,589,636 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 250,000 | 350,000 | 24,900,000 | 25,800,000 | ||||||||||||||||
| Shares redeemed | (50,000 | ) | (150,000 | ) | (15,800,000 | ) | (12,100,000 | ) | ||||||||||||
| Net increase (decrease) | 200,000 | 200,000 | 9,100,000 | 13,700,000 | ||||||||||||||||
* Commencement of operations
See Notes to Financial Statements
| 160 |
| AMT-Free Long Municipal Index ETF | AMT-Free Short Municipal Index ETF | |||||||||||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | |||||||||||||||
| $ | 4,945,962 | $ | 3,847,738 | $ | 3,012,078 | $ | 3,022,058 | |||||||||||
| 188,901 | 1,430,180 | (383,418 | ) | 3,277 | ||||||||||||||
| (7,882,824 | ) | 3,641,015 | (2,330,487 | ) | 2,066,167 | |||||||||||||
| (2,747,961 | ) | 8,918,933 | 298,173 | 5,091,502 | ||||||||||||||
| (4,932,080 | ) | (3,765,845 | ) | (2,990,775 | ) | (3,027,135 | ) | |||||||||||
| 58,358,486 | 71,730,312 | 91,459,930 | 77,265,976 | |||||||||||||||
| (45,004,975 | ) | (29,363,425 | ) | (85,921,138 | ) | (89,580,169 | ) | |||||||||||
| 13,353,511 | 42,366,887 | 5,538,792 | (12,314,193 | ) | ||||||||||||||
| 5,673,470 | 47,519,975 | 2,846,190 | (10,249,826 | ) | ||||||||||||||
| 156,291,834 | 108,771,859 | 264,291,390 | 274,541,216 | |||||||||||||||
| $ | 161,965,304 | $ | 156,291,834 | $ | 267,137,580 | $ | 264,291,390 | |||||||||||
| $ | 440,313 | $ | 426,431 | $ | 270,174 | $ | 248,870 | |||||||||||
| 2,900,000 | 3,600,000 | 5,200,000 | 4,400,000 | |||||||||||||||
| (2,300,000 | ) | (1,500,000 | ) | (4,900,000 | ) | (5,100,000 | ) | |||||||||||
| 600,000 | 2,100,000 | 300,000 | (700,000 | ) | ||||||||||||||
See Notes to Financial Statements
| 161 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | |||||||||||||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | |||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 4,731,882 | $ | 3,185,579 | $ | 88,394,851 | $ | 81,950,863 | ||||||||||||
| Net realized gain (loss) | (169,552 | ) | (228,906 | ) | (15,164,328 | ) | 5,678,323 | |||||||||||||
| Net change in unrealized appreciation (depreciation) | (8,528,807 | ) | 5,687,169 | (64,233,656 | ) | 24,673,365 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (3,966,477 | ) | 8,643,842 | 8,996,867 | 112,302,551 | |||||||||||||||
| Dividends to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (4,809,840 | ) | (2,993,110 | ) | (87,268,300 | ) | (78,355,970 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 33,633,659 | 49,688,364 | 953,619,053 | 561,063,598 | ||||||||||||||||
| Cost of shares redeemed | (36,612,666 | ) | (7,785,754 | ) | (651,162,054 | ) | (318,055,342 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (2,979,007 | ) | 41,902,610 | 302,456,999 | 243,008,256 | |||||||||||||||
| Total increase (decrease) in net assets | (11,755,324 | ) | 47,553,342 | 224,185,566 | 276,954,837 | |||||||||||||||
| Net Assets, beginning of year | 95,474,687 | 47,921,345 | 1,882,555,499 | 1,605,600,662 | ||||||||||||||||
| Net Assets, end of year† | $ | 83,719,363 | $ | 95,474,687 | $ | 2,106,741,065 | $ | 1,882,555,499 | ||||||||||||
| † Including undistributed net investment income | $ | 335,138 | $ | 414,489 | $ | 14,056,203 | $ | 13,766,377 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 1,200,000 | 1,850,000 | 30,400,000 | 18,200,000 | ||||||||||||||||
| Shares redeemed | (1,400,000 | ) | (300,000 | ) | (21,500,000 | ) | (10,300,000 | ) | ||||||||||||
| Net increase (decrease) | (200,000 | ) | 1,550,000 | 8,900,000 | 7,900,000 | |||||||||||||||
See Notes to Financial Statements
| 162 |
| Pre-Refunded Municipal Index ETF | Short High-Yield Municipal Index ETF | |||||||||||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | |||||||||||||||
| $ | 174,172 | $ | 178,173 | $ | 3,754,971 | $ | 3,668,748 | |||||||||||
| (26,871 | ) | 42,108 | (1,895,139 | ) | (610,621 | ) | ||||||||||||
| (69,335 | ) | 46,343 | (3,553,125 | ) | (831,457 | ) | ||||||||||||
| 77,966 | 266,624 | (1,693,293 | ) | 2,226,670 | ||||||||||||||
| (173,770 | ) | (172,440 | ) | (3,543,280 | ) | (3,332,690 | ) | |||||||||||
| — | — | 37,545,452 | 32,681,933 | |||||||||||||||
| (4,915,232 | ) | (2,468,781 | ) | (28,947,558 | ) | (20,075,310 | ) | |||||||||||
| (4,915,232 | ) | (2,468,781 | ) | 8,597,894 | 12,606,623 | |||||||||||||
| (5,011,036 | ) | (2,374,597 | ) | 3,361,321 | 11,500,603 | |||||||||||||
| 19,785,152 | 22,159,749 | 110,671,841 | 99,171,238 | |||||||||||||||
| $ | 14,774,116 | $ | 19,785,152 | $ | 114,033,162 | $ | 110,671,841 | |||||||||||
| $ | 10,005 | $ | 9,603 | $ | 687,360 | $ | 742,463 | |||||||||||
| — | — | 1,500,000 | 1,300,000 | |||||||||||||||
| (200,000 | ) | (100,000 | ) | (1,200,000 | ) | (800,000 | ) | |||||||||||
| (200,000 | ) | (100,000 | ) | 300,000 | 500,000 | |||||||||||||
See Notes to Financial Statements
| 163 |
VANECK VECTORS ETF TRUST
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 164 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (b) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (c) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
| 165 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (b) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (c) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
See Notes to Financial Statements
| 166 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (b) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 167 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 168 |
VANECK VECTORS ETF TRUST
April 30, 2017
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of April 30, 2017, offers fifty-nine investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: AMT-Free 6-8 Year Municipal Index ETF (“Free 6-8”), AMT-Free 12-17 Year Municipal Index ETF (“Free 12-17”), AMT-Free Intermediate Municipal Index ETF (“Intermediate”), AMT-Free Long Municipal Index ETF (“Long”), AMT-Free Short Municipal Index ETF (“Short”), CEF Municipal Income ETF (“CEF Municipal”), High-Yield Municipal Index ETF (“High-Yield”), Pre-Refunded Municipal Index ETF (“Pre-Refunded”) and Short High-Yield Municipal Index ETF (“Short High-Yield”), each a “Fund” and collectively the “Funds”. Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except CEF Municipal) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Municipal seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index.
The Funds’ commencement of operations dates and their respective indices are presented below:
| Fund | Commencement of Operations |
Index | ||
| Free 6-8 | September 19, 2016 | Bloomberg Barclays AMT-Free 6-8 Year Intermediate Continuous Municipal Index | ||
| Free 12-17 | September 19, 2016 | Bloomberg Barclays AMT-Free 12-17 Year Intermediate Continuous Municipal Index | ||
| Intermediate | December 4, 2007 | Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index | ||
| Long | January 2, 2008 | Bloomberg Barclays AMT-Free Long Continuous Municipal Index | ||
| Short | February 22, 2008 | Bloomberg Barclays AMT-Free Short Continuous Municipal Index | ||
| CEF Municipal | July 12, 2011 | S-Network Municipal Bond Closed-End Fund IndexSM | ||
| High-Yield | February 4, 2009 | Bloomberg Barclays Municipal Custom High Yield Composite Index | ||
| Pre-Refunded | February 2, 2009 | Bloomberg Barclays Municipal Pre-Refunded-Treasury-Escrowed Index | ||
| Short High-Yield | January 13, 2014 | Bloomberg Barclays Municipal High-Yield Short Duration Index |
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services - Investment Companies.
The following is a summary of significant accounting policies followed by the Funds.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as |
| 169 |
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NOTES TO FINANCIAL STATEMENTS
(continued)
| Level 1 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes 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. | |
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| D. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| E. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. |
| 170 |
| Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. The Funds held no derivative instruments during the year ended April 30, 2017. | |
| F. | Other—Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Realized gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or an increase in realized gains. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gains and return of capital may differ from estimated amounts. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds (except for CEF Municipal) utilize a unitary management fee where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
For CEF Municipal, the Adviser has agreed, at least until September 1, 2017 to voluntarily waive management fees and assume expenses to prevent the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitation listed in the table below.
The current management fee rate, expense limitation and the amounts waived/assumed by the Adviser for the year ended April 30, 2017 are as follows:
| Fund | Management Fee Rate |
Expense Limitation |
Waiver of Management Fees | |||
| CEF Municipal | 0.40% | 0.40% | $100,290 |
| Fund | Unitary Management Fee Rate | |||
| Free 6-8 | 0.24 | % | ||
| Free 12-17 | 0.24 | |||
| Intermediate | 0.24 | |||
| Long | 0.24 | |||
| Short | 0.20 | |||
| High-Yield | 0.35 | |||
| Pre-Refunded | 0.24 | |||
| Short High-Yield | 0.35 | |||
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NOTES TO FINANCIAL STATEMENTS
(continued)
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (“the Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Investments—For the year ended April 30, 2017, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:
| Fund | Cost of Investments Purchased | Proceeds from Investments Sold | ||||||
| Free 6-8 | $ | 6,171,318 | $ | 1,674,845 | ||||
| Free 12-17 | 5,783,103 | 773,450 | ||||||
| Intermediate | 526,903,346 | 103,806,689 | ||||||
| Long | 75,860,405 | 27,742,313 | ||||||
| Short | 66,131,977 | 32,362,932 | ||||||
| CEF Municipal | 11,423,393 | 11,389,817 | ||||||
| High-Yield | 1,015,889,507 | 200,319,656 | ||||||
| Pre-Refunded | 6,519,472 | 6,459,836 | ||||||
| Short High-Yield | 61,335,908 | 24,371,446 | ||||||
Note 5—Income Taxes—As of April 30, 2017, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
| Fund | Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Free 6-8 | $ | 4,926,253 | $ | 4,994 | $ | (109,269 | ) | $ | (104,275 | ) | ||||||
| Free 12-17 | 4,919,131 | 9,308 | (195,308 | ) | (186,000 | ) | ||||||||||
| Intermediate | 1,572,379,199 | 19,968,155 | (22,107,987 | ) | (2,139,832 | ) | ||||||||||
| Long | 159,061,047 | 1,949,433 | (3,067,400 | ) | (1,117,967 | ) | ||||||||||
| Short | 264,484,741 | 888,369 | (1,333,503 | ) | (445,134 | ) | ||||||||||
| CEF Municipal | 87,434,710 | 174,006 | (3,920,957 | ) | (3,747,909 | ) | ||||||||||
| High-Yield | 2,079,304,004 | 72,733,576 | (72,257,498 | ) | 476,078 | |||||||||||
| Pre-Refunded | 14,469,268 | 127,239 | (10,304 | ) | 116,935 | |||||||||||
| Short High-Yield | 116,585,743 | 1,346,154 | (5,060,718 | ) | (3,714,564 | ) | ||||||||||
At April 30, 2017, the components of accumulated earnings (deficit) on a tax basis, for each Fund, were as follows:
| Fund | Undistributed Tax Exempt Income | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Capital Losses | Qualified Late-Year Losses* | Other Temporary Difference | Unrealized Appreciation (Depreciation) | Total | ||||||||||||||||||||||||
| Free 6-8 | $ | 7,234 | $— | $— | $ | (32,583 | ) | — | $ | (8 | ) | $ | (104,275 | ) | $ | (129,632 | ) | |||||||||||||||
| Free 12-17 | 11,703 | — | — | (39,650 | ) | — | (8 | ) | (186,000 | ) | (213,955 | ) | ||||||||||||||||||||
| Intermediate | 3,188,268 | — | — | (78,734 | ) | — | (56,988 | ) | (2,139,832 | ) | 912,714 | |||||||||||||||||||||
| Long | 441,590 | — | — | (2,174,283 | ) | — | (7,940 | ) | (1,117,966 | ) | (2,858,599 | ) | ||||||||||||||||||||
| Short | 290,052 | — | — | (682,607 | ) | — | (19,281 | ) | (445,134 | ) | (856,970 | ) | ||||||||||||||||||||
| CEF Municipal | 334,396 | — | — | (2,356,835 | ) | — | (2,261 | ) | (3,747,909 | ) | (5,772,609 | ) | ||||||||||||||||||||
| High-Yield | 10,669,897 | — | — | $ | (42,846,543 | ) | — | (305,230 | ) | 476,078 | (32,005,798 | ) | ||||||||||||||||||||
| Pre-Refunded | 12,998 | — | — | (530,806 | ) | — | (3,037 | ) | 116,935 | (403,910 | ) | |||||||||||||||||||||
| Short High-Yield | 465,491 | — | — | (2,589,226 | ) | — | (941 | ) | (3,714,564 | ) | (5,839,240 | ) | ||||||||||||||||||||
| * | Qualified late-year losses, if any, are comprised of post-October capital losses incurred after October 31, 2016, and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31, 2016 and specified losses incurred after October 31, 2016. These losses are deemed to arise on the first day of the Fund’s next taxable year. For the year ended April 30, 2017, the Funds had no such deferrals. |
| 172 |
The tax character of dividends paid to shareholders during the years ended April 30, 2017 and April 30, 2016 were as follows:
| Tax-Exempt Dividends | Ordinary Income | |||||||||||||||
| Fund | April 30, 2017 | April 30, 2016 | April 30, 2017 | April 30, 2016 | ||||||||||||
| Free 6-8 | $ | 32,995 | $ | — | $ | 665 | $ | — | ||||||||
| Free 12-17 | 51,479 | — | 22 | — | ||||||||||||
| Intermediate | 33,471,797 | 27,852,120 | 12,583 | 18,910 | ||||||||||||
| Long | 4,923,087 | 3,758,435 | 8,993 | 7,410 | ||||||||||||
| Short | 2,987,470 | 3,027,135 | 3,305 | — | ||||||||||||
| CEF Municipal | 4,783,569 | 2,976,206 | 26,271 | 16,904 | ||||||||||||
| High-Yield | 85,842,615 | 77,632,113 | 1,425,685 | 723,857 | ||||||||||||
| Pre-Refunded | 172,207 | 172,440 | 1,563 | — | ||||||||||||
| Short High-Yield | 3,515,435 | 3,309,393 | 27,845 | 23,297 | ||||||||||||
At April 30, 2017, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Post-Effective- | Post-Effective- | |||||||||||||||||||
| No Expiration | No Expiration | |||||||||||||||||||
| Short-Term | Long-Term | Amount Expiring in the Year Ended April 30, | ||||||||||||||||||
| Fund | Capital Losses | Capital Losses | 2019 | 2018 | ||||||||||||||||
| Free 6-8 | $ | 32,583 | $ | — | $ | — | $ | — | ||||||||||||
| Free 12-17 | 39,650 | — | — | — | ||||||||||||||||
| Intermediate | 78,734 | — | — | — | ||||||||||||||||
| Long | 541,256 | — | 78,825 | 1,554,202 | ||||||||||||||||
| Short | 143,943 | 538,664 | — | — | ||||||||||||||||
| CEF Municipal | 1,102,321 | 1,254,514 | — | — | ||||||||||||||||
| High-Yield | 9,287,871 | 33,558,673 | — | — | ||||||||||||||||
| Pre-Refunded | 231,072 | 299,734 | — | — | ||||||||||||||||
| Short High-Yield | 829,534 | 1,759,692 | — | — | ||||||||||||||||
During the year ended April 30, 2017, the following Funds utilized accumulated capital loss carryforwards: Intermediate utilized $1,692,763 and Long utilized $281,863.
During the year ended April 30, 2017 $603,978 of capital loss carryforwards expired for Long.
During the year ended April 30, 2017, as a result of permanent book to tax differences, primarily due to the tax treatment of market discount on tax exempt instruments and in-kind share transactions, the Funds incurred differences that affected undistributed net investment income, accumulated net realized gain (loss) on investments and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund | Increase (Decrease) in Undistributed Net Investment Income/Loss | Increase (Decrease) in Accumulated Realized Gain/Loss | Increase (Decrease) in Aggregate Paid in Capital | |||||||||
| Free 6-8 | $ | — | $ | — | $ | — | ||||||
| Free 12-17 | — | — | — | |||||||||
| Intermediate | (17,888 | ) | (4,778,335 | ) | 4,796,223 | |||||||
| Long | — | 696,940 | (696,940 | ) | ||||||||
| Short | 1 | 74,103 | (74,104 | ) | ||||||||
| CEF Municipal | (1,393 | ) | (440,460 | ) | 441,853 | |||||||
| High-Yield | (836,725 | ) | 10,961,154 | (10,124,429 | ) | |||||||
| Pre-Refunded | — | (3,975 | ) | 3,975 | ||||||||
| Short High-Yield | (266,794 | ) | 574,758 | (307,964 | ) | |||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. Therefore, no provision for income tax is required in the Funds’ financial statements.
| 173 |
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NOTES TO FINANCIAL STATEMENTS
(continued)
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2017, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of April 30, 2017, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”), or multiples thereof, consisting of 50,000 shares, except for Intermediate and High-Yield, which have Creation Units consisting of 100,000 shares, or multiples thereof. The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally when the securities are not available in sufficient quantity for delivery, are not eligible for trading by the Authorized Participant, or as a result of market circumstances. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit at the Custodian for the benefit of the Funds, collateral consisting of cash in the form of U.S. dollars at least equal to 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to The Bank of New York Mellon. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
For the year ended April 30, 2017, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| Free 6-8 | $ | — | $ | — | ||||
| Free 12-17 | — | — | ||||||
| Intermediate | 191,987,674 | 371,419,300 | ||||||
| Long | 8,334,570 | 44,787,728 | ||||||
| Short | 70,338,874 | 90,968,341 | ||||||
| CEF Municipal | 33,637,025 | 36,611,365 | ||||||
| High-Yield | 106,808,631 | 634,992,292 | ||||||
| Pre-Refunded | — | 4,763,485 | ||||||
| Short High-Yield | 2,039,551 | 28,413,718 | ||||||
The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.
Note 7—Concentration and Other Risks—Investments in municipal securities involve risks similar to those of investing in any fund of fixed income securities traded on exchanges, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.
Each Fund (except Intermediate, Long, Short, CEF Municipal and High-Yield) is classified as non-diversified funds under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
High-Yield and Short High-Yield invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. High-Yield and Short High-Yield may not be able to sell bonds at desired prices and that large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
| 174 |
CEF Municipal invests in closed-end funds that may trade at a discount or premium to their net asset value. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
High-Yield and Short High-Yield invest in Puerto Rico municipal securities that currently experience significant financial difficulties. Particularly, the Funds may be affected by political, economic, regulatory and other developments within Puerto Rico and by the financial condition of Puerto Rico’s political subdivisions, agencies, instrumentalities and public authorities. As a result, certain securities issued by this municipality are currently considered below-investment-grade securities. The market for these investments may be limited, which may make them difficult to buy or sell. Municipal obligations issued by Puerto Rico are subject to heightened risks that may adversely affect the value of these Funds’ portfolios and the repayment of such bonds are subject to significant uncertainties. If the economic situation in Puerto Rico persists or worsens, the volatility, credit quality and performance of the Funds could be adversely affected.
The Adviser continues to monitor the events in Puerto Rico surrounding the debt crisis. Over the past two years, Puerto Rico has defaulted on principal and interest payments due to municipal bond holders for a number of municipal issues, including issues held by the Funds. The Funds continue to be impacted by the overall increase in securities in default of interest and/or principal obligations due to the crisis though not materially.
The U.S. Congress passed legislation for Puerto Rico in 2016 enabling the Governor to suspend debt service payments on general obligation bonds and other constitutionally protected debt. The U.S. Congress also passed legislation in 2016 giving Puerto Rico a stay against creditor litigation that could have triggered cuts to public service. The legislation authorized an oversight board to oversee Puerto Rico’s finances and to approve any court-supervised debt restructuring. Over the past two years, the Puerto Rican legislation and Governor have enacted legislation or executive orders to cut costs, raise tax revenue, prioritize payments for essential services, reduce debt and restructure debt payments. Some of these actions have been opposed by bond creditors and have been blocked by the courts.
At April 30, 2017, the Adviser owned approximately 25% of AMT-Free 12-17 Year Municipal Index ETF.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
Effective September 1, 2010, High Yield, Intermediate, Long, Pre-Refunded and Short Funds adopted a unitary management fee where the Adviser is responsible for all expenses of the Funds. Therefore, the expense for the Plan for these Funds and for Short High-Yield, Free 6-8 and Free 12-17 are included in “Management fees”. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities for amounts accrued through September 1, 2010 and in “Due to Adviser” for amounts accrued after September 1, 2010.
For CEF Municipal, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2017, the following Funds borrowed under this Facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
| Long | 1 | $ | 159,952 | 2.06 | % | |||||||
| Short | 3 | 1,406,070 | 1.98 | |||||||||
| CEF Municipal | 247 | 169,692 | 1.95 | |||||||||
| Short High-Yield | 17 | 358,284 | 1.79 | |||||||||
| 175 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
As of April 30, 2017, the Funds had no outstanding loan balances.
Note 10—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended April 30, 2017, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statement of Operations.
Note 11—Recent Accounting Pronouncements and Regulatory Requirements—The Fund adopted Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess the Funds’ ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. Based on management’s evaluation, there are no conditions or events that could adversely affect the Funds’ ability to meet their obligations within one year after the date the financial statements are issued. Accordingly, no disclosures are required specific to going concern uncertainties in the Funds’ financial statements.
In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Funds’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.
In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.
Note 12—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
The following dividends from net investment income were declared and paid subsequent to April 30, 2017:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| Free 6-8 | 5/1/17 | 5/3/17 | 5/5/17 | $0.0284 | ||||
| Free 12-17 | 5/1/17 | 5/3/17 | 5/5/17 | $0.0464 | ||||
| Intermediate | 5/1/17 | 5/3/17 | 5/5/17 | $0.0444 | ||||
| Long | 5/1/17 | 5/3/17 | 5/5/17 | $0.0479 | ||||
| Short | 5/1/17 | 5/3/17 | 5/5/17 | $0.0171 | ||||
| CEF Municipal | 5/1/17 | 5/3/17 | 5/5/17 | $0.1050 | ||||
| High-Yield | 5/1/17 | 5/3/17 | 5/5/17 | $0.1082 | ||||
| Pre-Refunded | 5/1/17 | 5/3/17 | 5/5/17 | $0.0230 | ||||
| Short High-Yield | 5/1/17 | 5/3/17 | 5/5/17 | $0.0622 | ||||
| Free 6-8 | 6/1/17 | 6/5/17 | 6/7/17 | $0.0395 | ||||
| Free 12-17 | 6/1/17 | 6/5/17 | 6/7/17 | $0.0478 | ||||
| Intermediate | 6/1/17 | 6/5/17 | 6/7/17 | $0.0463 | ||||
| Long | 6/1/17 | 6/5/17 | 6/7/17 | $0.0498 | ||||
| Short | 6/1/17 | 6/5/17 | 6/7/17 | $0.0188 | ||||
| CEF Municipal | 6/1/17 | 6/5/17 | 6/7/17 | $0.1076 | ||||
| High-Yield | 6/1/17 | 6/5/17 | 6/7/17 | $0.1147 | ||||
| Pre-Refunded | 6/1/17 | 6/5/17 | 6/7/17 | $0.0251 | ||||
| Short High-Yield | 6/1/17 | 6/5/17 | 6/7/17 | $0.0647 |
| 176 |
Puerto Rico
In early May 2017, the Puerto Rico Governor, moved the debt crisis to a form of bankruptcy court. Unlike states and other municipalities, Puerto Rico does not have access to the U.S. bankruptcy regime, and is seeking protection under the 2016 law that gave Puerto Rico a stay against creditor litigation. With over $70 billion in bond obligations and $49 billion in unfunded pensions, this is the largest government to seek bankruptcy protection in U.S. history.
On May 30, 2017, payments on bonds issued by the Puerto Rico Sales Tax Financing Corp. were frozen by a U.S. District Court Judge just before a $16.3 million scheduled interest payment. The decision effectively escrows funds normally paid out to creditors until litigation over claims linked to the $16 billion worth of bonds issued by the government-owned corporation is resolved. The Funds were not impacted by the frozen payments.
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VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of VanEck Vectors ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AMT-Free 6-8 Year Municipal Index ETF, AMT-Free 12-17 Year Municipal Index ETF, AMT-Free Intermediate Municipal Index ETF, AMT-Free Long Municipal Index ETF, AMT-Free Short Municipal Index ETF, CEF Municipal Income ETF, High-Yield Municipal Index ETF, Pre-Refunded Municipal Index ETF and Short High-Yield Municipal Index ETF (nine of the series constituting VanEck Vectors ETF Trust) (the “Funds”) as of April 30, 2017, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AMT-Free 6-8 Year Municipal Index ETF, AMT-Free 12-17 Year Municipal Index ETF, AMT-Free Intermediate Municipal Index ETF, AMT-Free Long Municipal Index ETF, AMT-Free Short Municipal Index ETF, CEF Municipal Income ETF, High-Yield Municipal Index ETF, Pre-Refunded Municipal Index ETF and Short High-Yield Municipal Index ETF (nine of the series constituting VanEck Vectors ETF Trust) at April 30, 2017, and the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
| New York, New York |  |
| June 22, 2017 |
| 178 |
VANECK VECTORS ETF TRUST
(unaudited)
The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.
Accordingly, the information needed by shareholders for calendar year 2017 income tax purposes will be sent to them in early 2018. Please consult your tax advisor for proper treatment of this information.
Of the dividends and distributions paid by the Funds, the corresponding percentages represent the amount of such dividends which, for regular Federal income tax purposes, are tax exempt, from ordinary income and/or from long-term capital gains.
| Fund | Tax-Exempt | Ordinary Income | Long-Term Capital Gains | |||||||||
| Free 6-8 | 98.02 | % | 1.98 | % | — | |||||||
| Free 12-17 | 99.96 | % | 0.04 | % | — | |||||||
| Intermediate | 99.96 | % | 0.04 | % | — | |||||||
| Long | 99.82 | % | 0.18 | % | — | |||||||
| Short | 99.89 | % | 0.11 | % | — | |||||||
| CEF Municipal | 99.45 | % | 0.55 | % | — | |||||||
| High-Yield | 98.37 | % | 1.63 | % | — | |||||||
| Pre-Refunded | 99.10 | % | 0.90 | % | — | |||||||
| Short High-Yield | 99.21 | % | 0.79 | % | — | |||||||
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VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2017 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees: | ||||||||||
| David H. Chow, 1957*† |
Chairman Trustee |
Since 2008 Since 2006 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 59 | Director, Forward Management LLC and Audit Committee Chairman, May 2008 to June 2015; Trustee, Berea College of Kentucky and Vice-Chairman of the Investment Committee, May 2009 to present; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to present, and Board Member of the CFA Society of Stamford, July 2009 to present; Advisory Board member, MainStay Fund Complex4, June 2015 to December 2015; Trustee, MainStay Fund Complex4, January 2016 to present. | |||||
| R. Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle), January 1988 to present; Vice Chairman, W.P. Stewart & Co., Inc. (asset management firm), September 2007 to September 2008; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007. | 71 | Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review. | |||||
| Peter J. Sidebottom, 1962*† |
Trustee | Since 2012 | Partner, PWC/Strategy & Financial Services Advisory, February 2015 to present; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 59 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to present. | |||||
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Director, President and CEO, SmartBrief, Inc. (media company). | 71 | Director, Food and Friends, Inc., 2013 to present. | |||||
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds Trust, MainStay Funds, MainStay VP Funds Trust, Private Advisors Alternative Strategies Master Fund, Private Advisors Alternative Strategies Fund and MainStay DefinedTerm Municipal Opportunities Fund. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| 180 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2017 (unaudited) (continued)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Interested Trustee: | ||||||||||
| Jan F. van Eck, 19634 |
Trustee, President and Chief Executive Officer | Trustee (Since 2006); President and Chief Executive Officer (Since 2009) | Director, President, Chief Executive Officer and Owner of the Adviser, Van Eck Associates Corporation; Director, President and Chief Executive Officer, VESC; Director, President and Chief Executive Officer, VEARA. | 59 | Director, National Committee on US-China Relations. |
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser. |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During The Past Five Years | |||
| Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President and Assistant General Counsel of the Adviser, VESC and VEARA (since 2016); Associate, Clifford Chance US LLP (October 2011 to April 2016); Officer of other investment companies advised by the Adviser. | |||
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President and Assistant Treasurer of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser. | |||
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser. | |||
| Simon Chen, 1971 |
Assistant Vice President | Since 2012 | Greater China Director of the Adviser (since January 2012); General Manager, SinoMarkets Ltd. (June 2007 to December 2011). | |||
| John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser. | |||
| Uwe Eberle, 1965 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG (since 2010). | |||
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 to July 2008). | |||
| Susan C. Lashley, 1955 |
Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016) and Assistant Secretary (Since 2008) | Vice President (since 2016), Associate General Counsel and Assistant Secretary (since 2008) and Assistant Vice President (2008 to 2016) of the Adviser, VESC and VEARA (since 2008); Associate, Davis Polk & Wardwell (October 2005 to June 2008); Officer of other investment companies advised by the Adviser. | |||
| James Parker, 1969 |
Assistant Treasurer | Since June 2014 | Manager (Portfolio Administration) of the Adviser (since June 2010); Vice President of JPMorgan Chase & Co. (April 1999 to January 2010). | |||
| Philipp Schlegel, 1974 |
Vice President | Since 2016 | Senior Director of Van Eck Switzerland AG (since 2010). |
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VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2016 (unaudited) (continued)
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During The Past Five Years | |||
| Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016) and Secretary and Chief Legal Officer (Since 2014) | Senior Vice President (since 2016), General Counsel and Secretary (since 2014) and Vice President (2006 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
| Bruce J. Smith, 1955 |
Senior Vice President | Since 2006 | Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Adviser, VESC and VEARA (since 1997); Director of the Adviser, VESC and VEARA (since October 2010); Officer of other investment companies advised by the Adviser. | |||
| Janet Squitieri, 1961 |
Chief Compliance Officer | Since September 2013 | Vice President, Global Head of Compliance of the Adviser, VESC and VEARA (since September 2013); Chief Compliance Officer and Senior Vice President North America of HSBC Global Asset Management NA (August 2010 to September 2013); Chief Compliance Officer North America of Babcock & Brown LP (July 2008 to June 2010). |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 182 |
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
April 30, 2017 (unaudited)
At a meeting held on December 2, 2016 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck VectorsTM ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors AMT-Free National Municipal Index ETF (“MUNY”), VanEck Vectors Green Bond ETF (“Green Bond”) and VanEck Vectors REIT Preferred Securities ETF (“REIT Preferred”) (each, a “Fund” and together, the “Funds”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of each Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. In evaluating the terms of the Investment Management Agreement and the proposal for MUNY to adopt a unitary fee structure, the Trustees considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of MUNY. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of Green Bond and REIT Preferred to the extent necessary to prevent the operating expenses of Green Bond and REIT Preferred from exceeding agreed upon limits for a period of at least one year following the effective date of their respective registration statements.
The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to each Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of each of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or the quality of services previously provided to each of the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
| 183 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
 |
||
| Investment Adviser: | Van Eck Associates Corporation | |
| Distributor: | Van Eck Securities Corporation | |
| 666 Third Avenue, New York, NY 10017 | ||
| vaneck.com | ||
| Account Assistance: | 800.826.2333 | MUNIAR |
 |
|
| ANNUAL REPORT | |
| April 30, 2017 | |
VANECK VECTORS®
| BDC Income ETF | BIZD® |
| ChinaAMC China Bond ETF | CBON® |
| EM Investment Grade + BB Rated USD Sovereign Bond ETF | IGEM® |
| Emerging Markets Aggregate Bond ETF | EMAG® |
| Emerging Markets High Yield Bond ETF | HYEM® |
| Fallen Angel High Yield Bond ETF | ANGL® |
| Green Bond ETF | GRNB |
| International High Yield Bond ETF | IHY® |
| Investment Grade Floating Rate ETF | FLTR® |
| J.P. Morgan EM Local Currency Bond ETF | EMLC® |
| Mortgage REIT Income ETF | MORT® |
| Preferred Securities ex Financials ETF | PFXF® |
| Treasury-Hedged High Yield Bond ETF | THHY® |
| 800.826.2333 | vaneck.com |
The information contained in the management discussion represents the opinions of VanEck Vectors ETF Trust and may differ from other persons. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of VanEck Vectors ETF Trust are as of April 30, 2017, and are subject to change.
VANECK VECTORS ETFs
(unaudited)
On March 6, we launched the VanEck Vectors Green Bond ETF (NYSE Arca: GRNB). The fund is the first U.S.-listed fixed income ETF to provide targeted exposure to the fast-growing green bond category and is the newest addition to our suite of fixed income ETFs.
“Green bonds” appear poised for significant growth, with issuance of green bonds having grown rapidly since the European Investment Bank issued the first such bond in 2007. These bonds are debt instruments issued to finance projects or activities that promote climate change mitigation or adaptation, including, for example, projects related to renewable energy, energy efficient buildings, and clean transportation, among others.
According to the Climate Bonds Initiative (CBI), an investor-focused non-profit organization that is working to promote large-scale investment in the low carbon economy, $82 billion of green bonds were issued in 2016 and $150 billion is expected to be issued in 2017.
Green Bond Issuance
Source: Climate Bonds Initiative, as of 12/31/2016. Not intended to be a forecast of future results, a guarantee of future results or investment advice. Current market conditions may not continue.
GRNB seeks to track the performance and yield characteristics of the S&P Green Bond Select Index (SPGRNSLT).1 To be included in the fund’s underlying index, a bond’s issuer must clearly disclose the rationale for the issuance, such as the use of proceeds, and the bond must be flagged as “green” by the CBI. All bonds must be rated by at least one rating agency and additional filters are applied with respect to minimum par amount outstanding, maturity, and market of issue.
Green bonds are, essentially, simply conventional bonds with an environmentally friendly use of proceeds. Overall, today’s green bond universe resembles a core global aggregate fixed income benchmark in terms of yield, duration and credit quality. Global bond investors can, therefore, make an allocation to green bonds without significantly altering the risk and return profile of their portfolios. In addition, green bonds have also exhibited low historical correlation to the broad U.S. fixed income market, suggesting potential diversification benefits within a U.S.-focused portfolio. We believe that there is demand for green bonds not only from ESG-focused2 investors, but also that they may appeal to traditional fixed income investors. As the growth of the market progresses, we expect green bonds to make up an increasingly large share of the overall global debt market, and consequently, within investors’ core fixed income portfolios.
| 1 |
VANECK VECTORS ETFs
(unaudited)
Going forward we will, as always, continue to seek out and evaluate the most attractive opportunities for you as a shareholder, and we encourage you stay in touch with us through the videos and email subscriptions available on our website (www.vaneck.com). Should you have any questions, please contact us at 800.826.2333 or visit www.vaneck.com.
Thank you for participating in the VanEck Vectors ETF Trust. You will find the performance comparison of each of the funds for the 12 months ended April 30, 2017 on the following pages. You will also find their respective financial statements. We value your continuing confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
Trustee and President
VanEck Vectors ETF Trust
May 18, 2017
Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Bonds and bond funds will decrease in value as interest rates rise.
| 1 | The S&P Green Bond Select Index (SPGRNSLT) is a market value-weighted subset of the S&P Green Bond Index that seeks to measure the performance of green-labeled bonds issued globally, subject to stringent financial and extra-financial eligibility criteria. |
| 2 | ESG = environmental, social, and governance |
| 2 |
Management Discussion (unaudited)
The suite of VanEck Vectors Income ETFs can most accurately be divided into three groups: equity income, international bonds, and corporate bonds. Over the 12 months ended April 30, 2017, 10 out of the suite of 11 funds posted positive returns.
Note: VanEck Vectors EM Investment Grade + BB Rated USD Sovereign Bond ETF (NYSE Arca: IGEM) and VanEck Vectors Green Bond ETF (NYSE Arca: GRNB) are not included above as they were launched on July 13, 2016 and March 3, 2017, respectively.
Source: VanEck Research. Returns based on NAV. The performance data quoted represents past performance. Past performance is not a guarantee of future results. Bonds and bond funds will decrease in value as interest rates rise. Performance information for the Funds reflects temporary waivers of expenses and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. An improving economy and increased lending benefit the industry, as do active buy-out and IPO markets.1 Over the one-year period, BDCs posted an impressive 26.2% return, outperforming both the S&P 500® Index2 return of 17.9% and BofA Merrill Lynch US High Yield Index return of 13.7%.3 BDCs gained as their valuations, on average, correlated with the high yield credit markets that had rallied during most of 2016 following the mid-February rebound in commodity prices. At the end of the period under review, BDCs were trading at a premium with a 1.1 price-to-book value. The industry ended the period offering a dividend yield of 9.0%, as measured by the MVISTM US Business Development Companies Index.4
Mortgage REITs
Mortgage REITs (mREITs) borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. A potential U.S. Federal Reserve increase combined with deteriorating markets could result in a flattening yield curve, which could hurt mREITs. However, if rates rise and markets strengthen, that could result in a rate increase being reflected across the yield spectrum or a steepening curve, which could bode well for mREITs. For example, while the yield curve has flattened slightly since the end of 2016, it has actually moved relatively parallel over the last 12 months. Despite rate increases over the past year, mREITs, as measured by the MVISTM Global Mortgage REITs Index5 (MVMORTTR), posted a commendable performance of 28.5%, much of which was attributable to improving price-to-book
| 3 |
VANECK INCOME ETFs
(unaudited)
values. Investor concern for rising interest rates weighed on the space most of 2016 and this was reflected in discounted book values. Subsequently, as rates rose, mREITs’ price-to-book valuations appreciated, averaging about 1.1 on April 30, 2017. mREITs offered a dividend yield of 9.5%, as measured by MVMORTTR.
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. The Wells Fargo® Hybrid and Preferred Securities ex Financials Index excludes traditional financial companies which have been more volatile than other sectors historically. Over the 12-month period ending April 30, 2017, REITs positively contributed the most to performance, while the energy and mining industries detracted the most from performance. This subset of preferred securities ended the period offering a current yield of 6.4%, as measured by the Wells Fargo Hybrid and Preferred Securities ex Financials Index.6
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the world’s largest bond market among the emerging economies. The size of the market is now approximately US$9.4 trillion.7 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations.
The Fund’s performance was impacted negatively by depreciation of the Chinese renminbi. Most sectors contributed negatively to performance over the 12-month period ending April 30, 2017. Utility bonds provided a positive contribution to total return and bonds of issuers in the basic materials and diversified sectors detracted the least from total return, while those in the financial, industrial, and government sectors detracted the most.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currency, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East, and Asia.
Over the 12-month period ending April 30, 2017, three key themes positively impacted the emerging markets debt market: a benign interest rate environment in developed countries; improving economic fundamentals in many emerging markets; and signs of accelerating global growth.
Bonds denominated in Brazilian real, South African rand, and Russian ruble contributed most to the Fund’s total return. Bonds denominated in Turkish lira, Mexican peso, and Malaysian ringgit were the greatest detractors from performance.
Emerging Markets Aggregate Bonds
The diverse universe of emerging markets bonds includes sovereign and corporate bonds denominated in U.S. dollars, euros, or local emerging markets currencies.
U.S. dollar-denominated bonds made the greatest positive contribution to performance in terms of currency. Among local currency bonds, Brazilian real, Russian ruble, and South African rand bonds were the greatest contributors to total return, and Turkish lira, Mexican peso, and Nigerian naira bonds were the greatest detractors from total return. All sectors contributed positively to performance, with government, energy, and financial sector bonds the greatest contributors to total return and diversified, industrial, and basic materials bonds contributing the least to total return.
Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporations, quasi-sovereign, and agency issuers from emerging markets countries.
Bonds of Brazilian, Chinese, and Venezuelan issuers were the greatest contributors to the Fund’s total return. Bonds of Croatian issuers were the only detractors from performance in terms of country of risk. On a sector
| 4 |
level, financial, energy, and basic materials bonds were the greatest contributors to total return and technology was the only sector to detract from performance.
International High Yield Bonds
Non-U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars as well as U.S. dollars.
All sectors contributed positively to overall Fund performance, with the energy, basic materials, and financial sectors providing the largest contributions. U.S. dollar, euro, and Canadian dollar-denominated bonds contributed positively to Fund total return, while sterling-denominated bonds detracted from Fund performance. Brazilian, Canadian, and Russian issuers provided the greatest positive contribution to performance, while Croatian and Swiss issuers were the largest detractors.
Green Bonds
Launched on March 3, 2017, the Fund had traded for only a little under two months by the end of the 12-month period under review. The Fund was up 2.86%* from launch, benefitting from euro and sterling exposure. French, supranational, and German issuers contributed most to returns, while bonds issued by Canadian issuers were the only detractors. All sectors contributed positively to the Fund’s total return during the period.
Emerging Markets Investment Grade and Sovereign Bonds
Launched on July 13, 2016, the Fund had traded for only a little over nine and a half months by the end of the 12-month period under review. During this period, bonds issued by Kazakhstan, the Dominican Republic, and Hungary contributed the most to performance, while bonds issued by the Philippines, Turkey, and South Africa were the greatest detractors. The Fund was down -0.44%* from launch.
CORPORATE BOND
Fallen Angel Bonds
Fallen angels warrant distinction for an embedded value proposition that is not common to all of high yield: fallen angels tend to have a higher rate of ascension to investment grade than original-issue high yield bonds. The default rate in this segment has averaged 3.51% historically, below the 4.51% average for U.S. bonds originally issued as high yield bonds.8
Energy and basic industry were the two best performing sectors during the period under review, while the automotive and real estate sectors were the lowest contributors to total return.
Teck Resources Limited 6.25% 01/15/41 bond (1.1% of Fund net assets†) and Sprint Capital Corp. 8.75% 03/15/32 bond (1.6% of Fund net assets†) were the top two performing bonds. FirstEnergy Solutions Corp. 6.05% 08/15/21 bond (0.15% of Fund net assets†) and Illinois Power Generating Company 7.0% 04/15/18 bond (sold during period under review), were the bottom two performing bonds.
Investment Grade Floating Rate Notes
Floating rate notes (FRNs) are investment grade-rated corporate debt issues with variable coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark. The combination of low average years to maturity, typically in the 1-5 year range, and floating interest rates creates the potential for relatively low price fluctuations. In addition, as short-term interest rates rise, portfolio securities reset to higher yields. This was seen over the last 12 months as three-month LIBOR9 rates rose over 50 basis points to 1.17% by April 30, 2017.
The top two performing notes were Goldman Sachs Group, Inc. FRN 11/29/23, rated BBB+ (1.5% of Fund net assets†) and General Electric Capital Corporation FRN 05/05/26, rated AA-, (0.8% of Fund net assets†). The bottom two performing notes were General Motors Financial Company, Inc. FRN 01/14/22, rated BBB (0.4% of Fund net assets†) and Goldman Sachs Group, Inc. FRN 04/26/21, rated BBB+, (1.0% of Fund net assets†).10
| 5 |
VANECK INCOME ETFs
(unaudited)
Treasury-Hedged High Yield Bonds
The Treasury-Hedged High Yield Bond ETF tracks an index that combines the more liquid portion of the high yield universe with short positions in 5-year U.S. Treasury notes. The Fund uses futures on such notes to help hedge against the risk of rising interest rates. Together, the long high yield bond and short comparable U.S. Treasury portfolios offer a combination of income generation and protection against rising interest rates.
The main drivers of returns in this strategy are credit spreads and interest rates. Narrowing credit spreads help returns, while widening credit spreads detract from returns. However, because of the interest rate hedge, rising interest rates positively contribute to performance while declining interest rates detract from returns. Over the 12-month period under review, credit spreads over Treasuries narrowed 249 basis points and the 5-year U.S. Treasury increased 56 basis points, having positively contributed to performance.
The top performing bonds were Sprint Corporation 7.875% 09/15/23 (1.6% of Fund net assets†) and EP Energy Corporation 9.375% 05/01/20 (0.8% of Fund net assets†). The bottom performing bonds were Frontier Communications Corporation 11.0% 06/15/25 (1.2% of Fund net assets†) and Univision Communications, Inc. 8.5% 05/15/21 (sold during the period under review).
| † | All Fund assets referenced are Total Net Assets as of April 30, 2017, unless otherwise stated. |
| * | Returns based on NAV. The performance data quoted represent past performance. Past performance is not a guarantee of future results. Performance information for the Funds reflects temporary waivers of expenses and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. |
All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.
| 1 | Investopedia: Little Known Stocks And ETFs To Buy As Interest Rates Rise, http://www.investopedia.com/stock-analysis/040314/little-known-stocks-and-etfs-buy-interest-rates-rise-bizd-acas-htgc-hrzn.aspx |
| 2 | S&P 500® Index (SPX) is an unmanaged and market-value weighted index which includes a representative sample of 500 companies across industries of the U.S. economy. |
| 3 | Source: FactSet. Data as of April 30, 2017. BDC performance is based on the MVIS US Business Development Companies Index (MVBIZDTG). BofA Merrill Lynch US High Yield Index (H0A0) tracks the performance of U.S. dollar-denominated below investment grade corporate debt publically issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating. Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). |
| 4 | VanEck Vectors BDC Income ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Business Development Companies Index (MVBIZDTG), which includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. As of April 30, 2017 the 30-day SEC yield for VanEck Vectors BDC Income ETF was 8.41%. 30-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest and dividends earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Vectors BDC Income ETF would have been 8.14% as of April 30, 2017. |
| 5 | VanEck Vectors Mortgage REIT Income ETF (MORT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Mortgage REITs Index (MVMORTTR) which is a rules-based index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. mortgage REITs that derive at least 50% of their revenues from mortgage-related activity. As of April 30, 2017 the 30-day SEC yield for VanEck Vectors Mortgage REIT Income ETF was 9.19%. 30-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest and dividends earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Vectors Mortgage REIT Income ETF would have been 8.82% as of April 30, 2017. |
| 6 | VanEck Vectors Preferred Securities ex Financials ETF (PFXF) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) which is a rules-based index designed to track the performance of convertible or exchangeable and non-convertible preferred securities, issued by U.S. or foreign issuers that are not financial services companies or banks and that are listed on U.S. national securities exchanges. As of April 30, 2017 the 30-day |
| 6 |
| SEC yield for VanEck Vectors Preferred Securities ex Financials ETF was 5.95%. 30 Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest and dividends earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last six months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Vectors Preferred Securities ex Financials ETF would have been 5.79% as of April 30, 2017. | |
| 7 | The Bank for International Settlements: Debt securities statistics, http://www.bis.org/statistics/secstats.htm. Data as at September 30, 2016. |
| 8 | Altman, Edward I. and Brenda J. Kuehne. “Defaults and Returns in the High-Yield Bond and Distressed Debt Market: The Year 2016 in Review and Outlook”. February 2017. NYU Salomon Center. |
| 9 | Source; FactSet. Data as of April 30, 2017. London Interbank Offer Rate (LIBOR) refers to the benchmark used by banks, securities houses and investors to gauge the cost of unsecured borrowing in the money markets for various periods of time and currencies |
| 10 | Bloomberg Composite Rating: An evenly weighted blend of a security’s Moody’s, S&P, Fitch, and DBRS ratings. This composite is not intended to be a credit opinion. |
| 7 |
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | MVBIZDTG1 | Share Price | NAV | MVBIZDTG1 | |||||||
| One Year | 26.61% | 26.67% | 26.21% | 26.61% | 26.67% | 26.21% | ||||||
| Life* | 6.98% | 6.99% | 7.05% | 32.89% | 32.95% | 33.24% | ||||||
| * | Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13. |
| 1 | MVISTM US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of BDCs. To be eligible for the BDC Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 8 |
VANECK VECTORS CHINAAMC CHINA BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | CDHATRID1 | Share Price | NAV | CDHATRID1 | |||||||
| One Year | (6.81)% | (6.00)% | (5.79)% | (6.81)% | (6.00)% | (5.79)% | ||||||
| Life* | (2.78)% | (2.12)% | (1.22)% | (6.71)% | (5.14)% | (2.98)% | ||||||
| * | Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14. |
| 1 | ChinaBond China High Quality Bond Index (CDHATRID) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception) |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 9 |
VANECK VECTORS EM INVESTMENT GRADE + BB RATED USD SOVEREIGN BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | JPEGIGBB1 | Share Price | NAV | JPEGIGBB1 | |||||||
| Life* | (2.07)% | (0.44)% | 0.47% | (2.07)% | (0.44)% | 0.47% | ||||||
| * | Commencement of Fund: 7/13/16; First Day of Secondary Market Trading: 7/14/16 |
| 1 | J.P. Morgan Custom EM Investment Grade Plus BB-Rated Sovereign USD Bond Index (JPEGIGBB) is based on the composition of the J.P. Morgan EMBI Global Diversified Index (EMBIGD) but removes the instruments that are closer to maturity (less than 24 months) and those with face amounts outstanding less than $750 million. In addition, eligibility to the Index is restricted to instruments that are currently rated investment grade (“IG”) or BB (i.e., BB-, BB or BB+) in the EMBIGD. After applying the liquidity and credit rating filters set forth above, the diversified country weights of the EMBIGD are applied proportionally on the eligible countries and instruments in the Index. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 10 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | MVEMAG1 | Share Price | NAV | MVEMAG1 | |||||||
| One Year | 5.73% | 4.27% | 5.79% | 5.73% | 4.27% | 5.79% | ||||||
| Five Year | 1.33% | 1.39% | 2.36% | 6.80% | 7.14% | 12.39% | ||||||
| Life* | 2.03% | 2.15% | 3.48% | 12.75% | 13.56% | 22.70% | ||||||
| * | Commencement of Fund: 5/11/11; First Day of Secondary Market Trading: 5/12/11. |
| 1 | MVISTM EM Aggregate Bond Index (MVEMAG) is comprised of emerging market sovereign bonds and corporate bonds denominated in U.S. dollars, Euros or local emerging market currencies. MVEMAG includes both investment grade and below investment grade rated securities. |
| Effective December 10, 2013, Market Vectors® LatAm Aggregate Bond ETF (BONO) changed its name to VanEck Vectors Emerging Markets Aggregate Bond ETF (EMAG). The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® EM Aggregate Bond Index (MVEMAG), from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 9, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. All Index history reflects a blend of the performance of the aforementioned Indexes (MVEMAG and LATS). LATS is a trademark of Merrill Lynch, Pierce, Fenner & Smith Incorporation, which neither sponsors nor endorses EMAG and makes no warranty or representation as to the accuracy and/or completeness of this Index. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 11 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | EMLH1 | Share Price | NAV | EMLH1 | |||||||
| One Year | 13.51% | 13.04% | 14.05% | 13.51% | 13.04% | 14.05% | ||||||
| Life* | 6.35% | 6.32% | 7.11% | 35.84% | 35.67% | 40.79% | ||||||
| * | Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12 |
| 1 | BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) The Emerging Markets High Yield Index is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging markets issuers that are rated BB1 or lower (based on an average of ratings from Moody’s, S&P and Fitch) and that are issued in the major domestic and Eurobond markets. |
| Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index. All Index history reflects a blend of the performance of the aforementioned Indexes. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 12 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | H0FA1 | Share Price | NAV | H0FA1 | |||||||
| One Year | 15.66% | 15.86% | 16.78% | 15.66% | 15.86% | 16.78% | ||||||
| Five Year | 9.43% | 9.70% | 11.02% | 56.91% | 58.88% | 68.62% | ||||||
| Life* | 9.79% | 9.76% | 11.12% | 60.36% | 60.15% | 70.38% | ||||||
| * | Commencement of Fund: 4/10/12; First Day of Secondary Market Trading: 4/11/12 |
| 1 | BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 13 |
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | SPGRNSLT1 | Share Price | NAV | SPGRNSLT1 | |||||||
| Life* | 3.38% | 2.86% | 2.87% | 3.38% | 2.86% | 2.87% | ||||||
| * | Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/6/17 |
| 1 | S&P Green Bond Select Index (SPGRNSLT) is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of green-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 14 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | HXUS1 | Share Price | NAV | HXUS1 | |||||||
| One Year | 8.63% | 8.04% | 9.36% | 8.63% | 8.04% | 9.36% | ||||||
| Five Year | 5.49% | 5.66% | 6.46% | 30.62% | 31.68% | 36.75% | ||||||
| Life* | 5.55% | 5.55% | 6.37% | 31.56% | 31.52% | 36.82% | ||||||
| * | Commencement of Fund: 4/2/12; First Day of Secondary Market Trading: 4/3/12 |
| 1 | BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States denominated in Euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 15 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | MVFLTR1 | Share Price | NAV | MVFLTR1 | |||||||
| One Year | 3.63% | 2.80% | 3.37% | 3.63% | 2.80% | 3.37% | ||||||
| Five Year | 1.93% | 1.58% | 2.03% | 10.01% | 8.15% | 10.58% | ||||||
| Life* | 1.11% | 1.08% | 1.56% | 6.87% | 6.64% | 9.74% | ||||||
| * | Commencement of Fund: 4/25/11; First Day of Secondary Market Trading: 4/26/11 |
| 1 | MVISTM US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating by one of Moody’s, S&P, or Fitch and must not be rated “below investment grade” by any one of Moody’s, S&P, or Fitch. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. | Hypothetical Growth of $10,000 (Since Inception) |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 16 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | GBIEMCOR1 | Share Price | NAV | GBIEMCOR1 | |||||||
| One Year | 3.68% | 3.41% | 4.11% | 3.68% | 3.41% | 4.11% | ||||||
| Five Year | (1.82)% | (1.77)% | (1.08)% | (8.78)% | (8.54)% | (5.27)% | ||||||
| Life* | 0.61% | 0.57% | 1.36% | 4.18% | 3.92% | 9.56% | ||||||
| * | Commencement of Fund: 7/22/10; First Day of Secondary Market Trading: 7/23/10 |
| 1 | J.P. Morgan GBI-EMG Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 17 |
VANECK VECTORS MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | MVMORTTR1 | Share Price | NAV | MVMORTTR1 | |||||||
| One Year | 33.34% | 32.15% | 28.53% | 33.34% | 32.15% | 28.53% | ||||||
| Five Year | 9.86% | 9.92% | 6.70% | 60.01% | 60.47% | 38.33% | ||||||
| Life* | 10.62% | 10.62% | 7.31% | 77.86% | 77.92% | 49.54% | ||||||
| * | Commencement of Fund: 8/16/11; First Day of Secondary Market Trading: 8/17/11 |
| 1 | MVISTM Global Mortgage REITs Index (MVMORTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 18 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | WHPSL1 | Share Price | NAV | WHPSL1 | |||||||
| One Year | 4.92% | 4.88% | 4.34% | 4.92% | 4.88% | 4.34% | ||||||
| Life* | 6.04% | 5.99% | 5.93% | 32.44% | 32.13% | 31.79% | ||||||
| * | Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12 |
| 1 | Wells Fargo Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges. |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 19 |
VANECK VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2017 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||
| Share Price | NAV | MVTHHY1 | Share Price | NAV | MVTHHY1 | |||||||
| One Year | 12.30% | 11.69% | 12.59% | 12.30% | 11.69% | 12.59% | ||||||
| Life* | 3.35% | 3.43% | 3.90% | 14.52% | 14.86% | 17.03% | ||||||
| * | Commencement of Fund: 3/21/13; First Day of Secondary Market Trading: 3/22/13 |
| 1 | MVISTM US Treasury-Hedged High Yield Bond Index (MVTHHY) is comprised of a “Long Portfolio” and a “Short Portfolio.” The “Long Portfolio” includes qualifying corporate bonds that must have a below investment grade (IG) rating (based on ratings from Moody’s, S&P and Fitch). The “Short Portfolio” includes a short position on the cheapest-to-deliver five-year U.S. Treasury note determined monthly as of the most recent rebalance date |
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
Hypothetical Growth of $10,000 (Since Inception)
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 21 for more information.
| 20 |
VANECK VECTORS ETF TRUST
ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell fund shares at NAV.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
BDC Index, EM Aggregate Bond Index, Floating Rate Index, Mortgage REITs Index and Treasury-Hedged High Yield Bond Index are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. ChinaBond Index is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). Emerging Markets Core Index and EM Investment Grade Plus Index are published by JPMorgan Securities Inc. (J.P. Morgan). Emerging Markets High Yield Index, Fallen Angel Index and International High Yield Index are published by Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch). Green Bond Index is published by S&P Dow Jones Indices (S&P). Preferred Securities Index is published by Wells Fargo & Company, LLC (Wells Fargo).
MVIS, China Central Depository, J.P. Morgan, Merrill Lynch, S&P, and Wells Fargo are referred to herein as the “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for each of the four previous calendar quarters and the immediately preceding five years (if applicable) can be found at www.vaneck.com.
| 21 |
VANECK VECTORS ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the period, November 1, 2016 to April 30, 2017.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as program fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value November 1, 2016 | Ending Account Value April 30, 2017 | Annualized Expense Ratio During Period | Expenses Paid During the Period | |||||
| BDC Income ETF* | ||||||||
| Actual | $1,000.00 | $1,160.10 | 0.40% | $2.14 | ||||
| Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| ChinaAMC China Bond ETF* | ||||||||
| Actual | $1,000.00 | $ 956.70 | 0.50% | $2.43 | ||||
| Hypothetical** | $1,000.00 | $1,022.32 | 0.50% | $2.51 | ||||
| EM Investment Grade + BB Rated USD Sovereign Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,007.60 | 0.40% | $1.99 | ||||
| Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| Emerging Markets Aggregate Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,019.70 | 0.49% | $2.45 | ||||
| Hypothetical** | $1,000.00 | $1,022.36 | 0.49% | $2.46 | ||||
| Emerging Markets High Yield Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,047.50 | 0.40% | $2.03 | ||||
| Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| Fallen Angel High Yield Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,051.80 | 0.35% | $1.78 | ||||
| Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
| Green Bond ETF# | ||||||||
| Actual | $1,000.00 | $1,028.60 | 0.40% | $0.62 | ||||
| Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| International High Yield Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,045.10 | 0.40% | $2.03 | ||||
| Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| 22 |
| Beginning Account Value November 1, 2016 | Ending Account Value April 30, 2017 | Annualized Expense Ratio During Period | Expenses Paid During the Period | |||||
| Investment Grade Floating Rate ETF* | ||||||||
| Actual | $1,000.00 | $1,015.20 | 0.14% | $0.70 | ||||
| Hypothetical** | $1,000.00 | $1,024.10 | 0.14% | $0.70 | ||||
| J.P. Morgan EM Local Currency Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,016.80 | 0.49% | $2.45 | ||||
| Hypothetical** | $1,000.00 | $1,022.36 | 0.49% | $2.46 | ||||
| Mortgage REIT Income ETF* | ||||||||
| Actual | $1,000.00 | $1,163.20 | 0.41% | $2.20 | ||||
| Hypothetical** | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
| Preferred Securities ex Financials ETF* | ||||||||
| Actual | $1,000.00 | $1,025.50 | 0.41% | $2.06 | ||||
| Hypothetical** | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
| Treasury-Hedged High Yield Bond ETF* | ||||||||
| Actual | $1,000.00 | $1,055.40 | 0.50% | $2.55 | ||||
| Hypothetical** | $1,000.00 | $1,022.32 | 0.50% | $2.51 | ||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2017) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
| # | Expenses are equal to the Fund’s annualized expense ratio (for the period from March 3, 2017 (commencement of operations) to April 30, 2017) multiplied by the average account value over the period, multiplied by the number of days since commencement of operations divided by the number of days in the fiscal year. |
| 23 |
April 30, 2017
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Diversified Financials: 7.5% | ||||||||
| 170,246 | Fidus Investment Corp. | $ | 3,052,511 | |||||
| 133,794 | Monroe Capital Corp. † | 2,151,407 | ||||||
| 116,961 | Newtek Business Services Corp. † | 1,931,026 | ||||||
| 318,660 | TPG Specialty Lending, Inc. | 6,663,181 | ||||||
| 13,798,125 | ||||||||
| Investment Companies: 90.6% | ||||||||
| 1,246,045 | Apollo Investment Corp. | 8,460,645 | ||||||
| 2,020,070 | Ares Capital Corp. | 35,553,232 | ||||||
| 587,462 | BlackRock Kelso Capital Corp. | 4,306,096 | ||||||
| 978,140 | Fifth Street Finance Corp. | 4,489,663 | ||||||
| 1,449,643 | FS Investment Corp. † | 14,061,537 | ||||||
| 205,896 | Gladstone Capital Corp. | 2,021,899 | ||||||
| 244,249 | Gladstone Investment Corp. | 2,364,330 | ||||||
| 240,458 | Goldman Sachs BDC, Inc. † | 6,011,450 | ||||||
| 423,408 | Golub Capital BDC, Inc. † | 8,599,416 | ||||||
| 615,966 | Hercules Technology Growth Capital, Inc. | 9,559,792 | ||||||
| 327,591 | Main Street Capital Corp. † | 13,116,744 | ||||||
| 466,903 | New Mountain Finance Corp. | 6,956,855 | ||||||
| 215,676 | PennantPark Floating Rate Capital Ltd. | 2,984,956 | ||||||
| 573,372 | PennantPark Investment Corp. | 4,592,710 | ||||||
| 2,001,638 | Prospect Capital Corp. † | 18,615,233 | ||||||
| 238,623 | Solar Capital Ltd. | 5,442,991 | ||||||
| 346,666 | TCP Capital Corp. | 5,927,989 | ||||||
| 254,255 | THL Credit, Inc. | 2,552,720 | ||||||
| 415,373 | TICC Capital Corp. † | 3,044,684 | ||||||
| 384,401 | Triangle Capital Corp. | 7,272,867 | ||||||
| 165,935,809 | ||||||||
| Investment Management / Advisory Services: 1.9% | ||||||||
| 439,536 | Medley Capital Corp. † | 3,393,218 | ||||||
| Total
Common Stocks (Cost: $174,465,832) | 183,127,152 | |||||||
| MONEY MARKET FUND: 0.1% (Cost: $129,262) | ||||||||
| 129,262 | Dreyfus Government Cash Management Fund – Institutional Shares | 129,262 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $174,595,094) | 183,256,414 | |||||||
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 19.6% | ||||||||
| Repurchase Agreements: 19.6% | ||||||||
| $ | 8,511,954 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $8,512,536; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $8,682,193 including accrued interest) | $ | 8,511,954 | ||||
| 8,511,954 | Repurchase agreement dated 4/28/17 with Deutsche Bank Securities, Inc., 0.85%, due 5/1/17, proceeds $8,512,557; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 5/1/17 to 4/1/47, valued at $8,682,193 including accrued interest) | 8,511,954 | ||||||
| 1,791,215 | Repurchase agreement dated 4/28/17 with J.P. Morgan Securities LLC, 0.81%, due 5/1/17, proceeds $1,791,336; (collateralized by various U.S. government and agency obligations, 1.38% to 2.25%, due 11/30/17 to 8/15/21, valued at $1,827,043 including accrued interest) | 1,791,215 | ||||||
| 8,511,954 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, due 5/1/17, proceeds $8,512,529; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 9/20/42 to 4/20/45, valued at $8,682,193 including accrued interest) | 8,511,954 | ||||||
| 8,511,954 | Repurchase agreement dated 4/28/17 with Mizuho Securities USA, Inc., 0.83%, due 5/1/17, proceeds $8,512,543; (collateralized by various U.S. government and agency obligations, 0.00% to 3.50%, due 7/28/17 to 2/1/47, valued at $8,682,193 including accrued interest) | 8,511,954 | ||||||
| Total
Short-Term Investments Held as Collateral for Securities Loaned (Cost: $35,839,031) | 35,839,031 | |||||||
| Total Investments: 119.7% (Cost: $210,434,125) | 219,095,445 | |||||||
| Liabilities in excess of other assets: (19.7)% | (36,028,492 | ) | ||||||
| NET ASSETS: 100.0% | $ | 183,066,953 | ||||||
See Notes to Financial Statements
| 24 |
| † | Security fully or partially on loan. Total market value of securities on loan is $34,451,159. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Financial | 99.9 | % | $ | 183,127,152 | ||||
| Money Market Fund | 0.1 | 129,262 | ||||||
| 100.0 | % | $ | 183,256,414 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Common Stocks* | $ | 183,127,152 | $ | — | $ | — | $ | 183,127,152 | |||||||||||
| Money Market Fund | 129,262 | — | — | 129,262 | |||||||||||||||
| Repurchase Agreements | — | 35,839,031 | — | 35,839,031 | |||||||||||||||
| Total | $ | 183,256,414 | $ | 35,839,031 | $ | — | $ | 219,095,445 | |||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 25 |
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 69.1% | ||||||||
| Basic Materials: 2.2% | ||||||||
| CNY | 1,000,000 | Shandong Gold Mining Co. Ltd. 5.16%, 09/03/18 | $ | 146,263 | ||||
| Consumer, Non-cyclical: 6.9% | ||||||||
| 2,000,000 | Jiangsu Communications Holding Co. Ltd. 4.51%, 12/12/17 | 290,251 | ||||||
| 1,135,000 | Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 | 165,849 | ||||||
| 456,100 | ||||||||
| Diversified: 2.3% | ||||||||
| 1,000,000 | Xiamen C&D Corp. Ltd. 7.30%, 10/28/19 | 153,671 | ||||||
| Energy: 8.2% | ||||||||
| 1,680,000 | China Petroleum & Chemical Corp. 4.90%, 06/01/22 | 247,518 | ||||||
| 2,063,000 | Offshore Oil Engineering Co. Ltd. 5.77%, 11/09/17 | 301,281 | ||||||
| 548,799 | ||||||||
| Financial: 29.0% | ||||||||
| 8,532,000 | China Development Bank Corp. 5.84%, 01/03/19 | 1,274,257 | ||||||
| 2,000,000 | China Fortune Land Development Co. Ltd. 5.10%, 10/22/20 (p) | 285,798 | ||||||
| 1,000,000 | China Merchants Securities Co. Ltd. 5.08%, 05/26/25 | 147,877 | ||||||
| 1,500,000 | Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p) | 220,261 | ||||||
| 1,928,193 | ||||||||
| Principal Amount | Value | |||||||
| Industrial: 20.5% | ||||||||
| CNY | 587,000 | China Railway Corp. 4.63%, 08/25/21 | $ | 85,117 | ||||
| 500,000 | Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p) | 79,485 | ||||||
| Power Construction Corp. of China Ltd. | ||||||||
| 3,000,000 | 5.20%, 10/29/22 | 442,885 | ||||||
| 2,000,000 | 5.70%, 04/23/19 | 296,238 | ||||||
| 1,600,000 | Shanghai Urban Construction Group Corp. 3.50%, 01/06/23 | 221,246 | ||||||
| 1,600,000 | Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 | 238,461 | ||||||
| 1,363,432 | ||||||||
| Total Corporate Bonds (Cost: $5,098,048) | 4,596,458 | |||||||
| GOVERNMENT OBLIGATIONS: 23.8% | ||||||||
| Government: 23.8% | ||||||||
| China Government Bond | ||||||||
| 7,347,000 | 3.40%, 04/17/23 | 1,049,676 | ||||||
| 3,541,000 | 4.26%, 07/31/21 | 528,234 | ||||||
| Total Government Obligations (Cost: $1,755,488) | 1,577,910 | |||||||
| Total Investments: 92.9% (Cost: $6,853,536) | 6,174,368 | |||||||
| Other assets less liabilities: 7.1% | 474,524 | |||||||
| NET ASSETS: 100.0% | $ | 6,648,892 | ||||||
| CNY | Chinese Yuan |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Basic Materials | 2.4 | % | $ | 146,263 | ||||
| Consumer, Non-cyclical | 7.4 | 456,100 | ||||||
| Diversified | 2.5 | 153,671 | ||||||
| Energy | 8.9 | 548,799 | ||||||
| Financial | 31.2 | 1,928,193 | ||||||
| Government | 25.5 | 1,577,910 | ||||||
| Industrial | 22.1 | 1,363,432 | ||||||
| 100.0 | % | $ | 6,174,368 | |||||
See Notes to Financial Statements
| 26 |
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Corporate Bonds* | $ | — | $ | 4,596,458 | $ | — | $ | 4,596,458 | |||||||||||
| Government Obligations* | — | 1,577,910 | — | 1,577,910 | |||||||||||||||
| Total | $ | — | $ | 6,174,368 | $ | — | $ | 6,174,368 | |||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 27 |
VANECK VECTORS EM INVESTMENT GRADE + BB RATED USD SOVEREIGN BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 17.9% | ||||||||
| Azerbaijan: 1.5% | ||||||||
| $ | 200,000 | Southern Gas Corridor CJSC 6.88%, 03/24/26 144A | $ | 221,215 | ||||
| British Virgin Islands: 2.0% | ||||||||
| 300,000 | Sinopec Group Overseas Development 2015 Ltd. 3.25%, 04/28/25 Reg S | 294,757 | ||||||
| Chile: 0.7% | ||||||||
| 100,000 | Corp. Nacional del Cobre de Chile 4.50%, 09/16/25 144A | 105,758 | ||||||
| Indonesia: 1.6% | ||||||||
| 225,000 | Pertamina Persero Pt 4.30%, 05/20/23 Reg S | 232,052 | ||||||
| Kazakhstan: 2.1% | ||||||||
| 275,000 | KazMunayGas National Co. JSC 7.00%, 05/05/20 144A | 302,524 | ||||||
| Malaysia: 4.2% | ||||||||
| Petronas Capital Ltd. | ||||||||
| 175,000 | 4.50%, 03/18/45 Reg S | 184,755 | ||||||
| 400,000 | 5.25%, 08/12/19 Reg S | 426,041 | ||||||
| 610,796 | ||||||||
| Mexico: 4.3% | ||||||||
| Petróleos Mexicanos | ||||||||
| 150,000 | 5.50%, 01/21/21 | 159,188 | ||||||
| 48,000 | 5.50%, 06/27/44 | 42,360 | ||||||
| 70,000 | 6.63%, 06/15/35 | 73,150 | ||||||
| 95,000 | 6.75%, 09/21/47 | 96,786 | ||||||
| 225,000 | 6.88%, 08/04/26 | 252,000 | ||||||
| 623,484 | ||||||||
| Netherlands: 1.5% | ||||||||
| 200,000 | Majapahit Holding BV 7.75%, 01/20/20 Reg S | 225,900 | ||||||
| Total Corporate Bonds (Cost: $2,627,262) | 2,616,486 | |||||||
| GOVERNMENT OBLIGATIONS: 80.7% | ||||||||
| Brazil: 3.5% | ||||||||
| Brazilian Government International Bonds | ||||||||
| 225,000 | 4.25%, 01/07/25 | 224,719 | ||||||
| 100,000 | 4.88%, 01/22/21 † | 106,250 | ||||||
| 100,000 | 5.00%, 01/27/45 | 91,125 | ||||||
| 75,000 | 8.25%, 01/20/34 | 95,629 | ||||||
| 517,723 | ||||||||
| Chile: 2.0% | ||||||||
| Corp. Nacional del Cobre de Chile | ||||||||
| 150,000 | 3.75%, 11/04/20 Reg S | 157,750 | ||||||
| 125,000 | 4.88%, 11/04/44 Reg S | 128,334 | ||||||
| 286,084 | ||||||||
| China / Hong Kong: 2.8% | ||||||||
| 400,000 | Export-Import Bank of China 2.50%, 07/31/19 Reg S | 404,301 | ||||||
| Colombia: 5.4% | ||||||||
| Colombia Government International Bonds | ||||||||
| 300,000 | 4.38%, 07/12/21 | 319,350 | ||||||
| 200,000 | 5.63%, 08/26/43 (c) | 219,500 | ||||||
| 200,000 | 7.38%, 09/18/37 | 258,200 | ||||||
| 797,050 | ||||||||
| Principal Amount | Value | |||||||
| Costa Rica: 0.7% | ||||||||
| $ | 100,000 | Costa Rica Government International Bond 7.00%, 04/04/44 Reg S | $ | 103,579 | ||||
| Croatia: 1.7% | ||||||||
| 225,000 | Croatia Government International Bond 5.50%, 04/04/23 144A | 244,627 | ||||||
| Dominican Republic: 2.3% | ||||||||
| Dominican Republic International Bonds | ||||||||
| 100,000 | 6.85%, 01/27/45 Reg S | 106,875 | ||||||
| 100,000 | 6.88%, 01/29/26 Reg S | 112,042 | ||||||
| 100,000 | 7.50%, 05/06/21 Reg S | 111,250 | ||||||
| 330,167 | ||||||||
| Hungary: 4.6% | ||||||||
| Hungary Government International Bonds | ||||||||
| 225,000 | 5.38%, 03/25/24 | 252,758 | ||||||
| 150,000 | 5.75%, 11/22/23 | 170,940 | ||||||
| 225,000 | 6.38%, 03/29/21 | 254,667 | ||||||
| 678,365 | ||||||||
| India: 0.7% | ||||||||
| 100,000 | Export-Import Bank of India 3.38%, 08/05/26 Reg S | 96,492 | ||||||
| Indonesia: 4.5% | ||||||||
| Indonesia Government International Bonds | ||||||||
| 100,000 | 4.63%, 04/15/43 Reg S | 101,876 | ||||||
| 130,000 | 5.25%, 01/17/42 Reg S | 140,434 | ||||||
| 300,000 | 7.75%, 01/17/38 Reg S | 413,124 | ||||||
| 655,434 | ||||||||
| Kazakhstan: 1.8% | ||||||||
| 225,000 | Kazakhstan Government International Bond 6.50%, 07/21/45 144A | 268,317 | ||||||
| Lithuania: 2.3% | ||||||||
| 300,000 | Lithuania Government International Bond 6.13%, 03/09/21 144A | 339,714 | ||||||
| Mexico: 5.0% | ||||||||
| Mexican Government International Bonds | ||||||||
| 50,000 | 4.00%, 10/02/23 | 52,028 | ||||||
| 224,000 | 4.75%, 03/08/44 | 221,536 | ||||||
| 150,000 | 5.13%, 01/15/20 | 162,825 | ||||||
| 150,000 | 6.05%, 01/11/40 | 174,338 | ||||||
| 100,000 | 6.75%, 09/27/34 | 126,152 | ||||||
| 736,879 | ||||||||
| Morocco: 0.7% | ||||||||
| 100,000 | Moroccan Government International Bond 4.25%, 12/11/22 144A | 104,258 | ||||||
| Oman: 4.0% | ||||||||
| Oman Government International Bonds | ||||||||
| 200,000 | 4.75%, 06/15/26 144A | 201,479 | ||||||
| 260,000 | 5.38%, 03/08/27 144A | 271,653 | ||||||
| 100,000 | 6.50%, 03/08/47 144A | 107,969 | ||||||
| 581,101 | ||||||||
See Notes to Financial Statements
| 28 |
| Principal Amount | Value | |||||||
| Panama: 4.8% | ||||||||
| Panamanian Government International Bonds | ||||||||
| $ | 100,000 | 5.20%, 01/30/20 | $ | 108,250 | ||||
| 200,000 | 6.70%, 01/26/36 | 259,500 | ||||||
| 225,000 | 9.38%, 04/01/29 | 335,250 | ||||||
| 703,000 | ||||||||
| Peru: 4.2% | ||||||||
| Peruvian Government International Bonds | ||||||||
| 175,000 | 5.63%, 11/18/50 | 212,625 | ||||||
| 100,000 | 7.35%, 07/21/25 | 130,650 | ||||||
| 175,000 | 8.75%, 11/21/33 | 268,187 | ||||||
| 611,462 | ||||||||
| Philippines: 6.2% | ||||||||
| Philippine Government International Bonds | ||||||||
| 237,000 | 4.00%, 01/15/21 | 252,434 | ||||||
| 200,000 | 5.00%, 01/13/37 | 235,135 | ||||||
| 100,000 | 6.38%, 10/23/34 | 133,883 | ||||||
| 175,000 | 9.50%, 02/02/30 | 278,567 | ||||||
| 900,019 | ||||||||
| Poland: 5.0% | ||||||||
| Poland Government International Bonds | ||||||||
| 225,000 | 4.00%, 01/22/24 | 237,904 | ||||||
| 225,000 | 5.00%, 03/23/22 | 247,770 | ||||||
| 225,000 | 6.38%, 07/15/19 | 247,016 | ||||||
| 732,690 | ||||||||
| Romania: 2.8% | ||||||||
| 375,000 | Romanian Government International Bond 4.88%, 01/22/24 Reg S | 408,691 | ||||||
| Russia: 3.8% | ||||||||
| Russian Federal Bonds | ||||||||
| 150,000 | 4.88%, 09/16/23 144A | 162,846 | ||||||
| 50,000 | 5.00%, 04/29/20 144A | 53,502 | ||||||
| 75,000 | 5.63%, 04/04/42 144A | 83,701 | ||||||
| 164,125 | 7.50%, 03/31/30 (s) 144A | 198,263 | ||||||
| 50,000 | Russian Foreign Bond 4.50%, 04/04/22 144A | 53,590 | ||||||
| 551,902 | ||||||||
| Serbia: 0.9% | ||||||||
| 120,000 | Serbia International Bond 4.88%, 02/25/20 144A | 125,282 | ||||||
| Slovakia: 0.7% | ||||||||
| 100,000 | Slovakia Government International Bond 4.38%, 05/21/22 144A | 109,207 | ||||||
| South Africa: 2.0% | ||||||||
| Republic of South Africa Government International Bonds | ||||||||
| 150,000 | 4.67%, 01/17/24 | 151,938 | ||||||
| 125,000 | 6.25%, 03/08/41 | 138,415 | ||||||
| 290,353 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Trinidad and Tobago: 0.7% | ||||||||
| $ | 100,000 | Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 08/14/19 Reg S | $ | 106,750 | ||||
| Turkey: 3.9% | ||||||||
| Turkey Government International Bonds | ||||||||
| $ | 200,000 | 6.25%, 09/26/22 | 217,857 | |||||
| 200,000 | 6.63%, 02/17/45 | 224,446 | ||||||
| 110,000 | 7.38%, 02/05/25 | 127,869 | ||||||
| 570,172 | ||||||||
| Uruguay: 3.7% | ||||||||
| Uruguay Government International Bonds | ||||||||
| 265,000 | 4.38%, 10/27/27 | 279,575 | ||||||
| 270,000 | 5.10%, 06/18/50 | 269,325 | ||||||
| 548,900 | ||||||||
| Total Government Obligations (Cost: $12,076,501) | 11,802,519 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.1% (Cost: $14,766) | ||||||||
| 14,766 | Dreyfus Government Cash Management Fund – Institutional Shares | 14,766 | ||||||
| Total Investments Before
Collateral for Securities Loaned: 98.7% (Cost: $14,718,529) | 14,433,771 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.2% (Cost: $318,247) | ||||||||
| Repurchase Agreement: 2.2% | ||||||||
| $ | 318,247 | Repurchase agreement dated 4/28/17 with Daiwa Capital Markets America, Inc., 0.85%, due 5/1/17, proceeds $318,270; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/18/17 to 12/1/51, valued at $324,612 including accrued interest) | 318,247 | |||||
| Total Investments: 100.9% (Cost: $15,036,776) | 14,752,018 | |||||||
| Liabilities in excess of other assets: (0.9)% | (129,942 | ) | ||||||
| NET ASSETS: 100.0% | $ | 14,622,076 | ||||||
See Notes to Financial Statements
| 29 |
VANECK VECTORS EM INVESTMENT GRADE + BB RATED USD SOVEREIGN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (s) | Step Bond — coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| † | Security fully or partially on loan. Total market value of securities on loan is $106,250. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $2,953,905, or 20.2% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 0.7 | % | $ | 105,758 | ||||
| Energy | 15.8 | 2,284,828 | ||||||
| Government | 81.8 | 11,802,519 | ||||||
| Utilities | 1.6 | 225,900 | ||||||
| Money Market Fund | 0.1 | 14,766 | ||||||
| 100.0 | % | $ | 14,433,771 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Corporate Bonds* | $ | — | $ | 2,616,486 | $ | — | $ | 2,616,486 | |||||||||||
| Government Obligations* | — | 11,802,519 | — | 11,802,519 | |||||||||||||||
| Money Market Fund | 14,766 | — | — | 14,766 | |||||||||||||||
| Repurchase Agreement | — | 318,247 | — | 318,247 | |||||||||||||||
| Total | $ | 14,766 | $ | 14,737,252 | $ | — | $ | 14,752,018 | |||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 30 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 37.2% | ||||||||
| Argentina: 0.6% | ||||||||
| USD | 30,000 | Pan American Energy, LLC 7.88%, 05/07/21 Reg S | $ | 32,856 | ||||
| 50,000 | YPF SA 8.75%, 04/04/24 Reg S | 57,850 | ||||||
| 90,706 | ||||||||
| Austria: 0.4% | ||||||||
| 64,000 | ESAL GmbH 6.25%, 02/05/18 (c) Reg S | 65,200 | ||||||
| Bermuda: 1.2% | ||||||||
| 100,000 | Digicel Group Ltd. 7.13%, 05/30/17 (c) 144A | 84,400 | ||||||
| 100,000 | Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S | 99,890 | ||||||
| 184,290 | ||||||||
| Brazil: 1.8% | ||||||||
| 150,000 | Banco do Brasil SA 5.88%, 01/26/22 Reg S | 157,313 | ||||||
| 102,000 | Itau Unibanco Holding SA 6.20%, 04/15/20 144A | 109,626 | ||||||
| 266,939 | ||||||||
| British Virgin Islands: 3.2% | ||||||||
| 157,000 | CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S | 162,561 | ||||||
| 100,000 | CNPC General Capital Ltd. 3.95%, 04/19/22 144A | 104,627 | ||||||
| 100,000 | Gerdau Trade, Inc. 5.75%, 01/30/21 Reg S | 105,500 | ||||||
| 100,000 | Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S | 106,498 | ||||||
| 479,186 | ||||||||
| Cayman Islands: 4.8% | ||||||||
| 100,000 | Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A | 101,732 | ||||||
| 100,000 | China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S | 103,408 | ||||||
| 100,000 | Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S | 105,945 | ||||||
| 100,000 | Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S | 110,211 | ||||||
| 100,000 | QNB Finance Ltd. 2.75%, 10/31/18 Reg S | 101,192 | ||||||
| 100,000 | Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A | 102,020 | ||||||
| 100,000 | Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S | 107,350 | ||||||
| 731,858 | ||||||||
| China / Hong Kong: 1.5% | ||||||||
| EUR | 100,000 | China Construction Bank Asia Corp. Ltd. 1.50%, 02/11/20 Reg S | 111,632 | |||||
| USD | 100,000 | CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S | 113,755 | |||||
| 225,387 | ||||||||
| Principal Amount | Value | |||||||
| Colombia: 1.6% | ||||||||
| USD | 102,000 | Bancolombia SA 5.13%, 09/11/22 | $ | 106,845 | ||||
| 90,000 | Ecopetrol SA 5.88%, 09/18/23 | 97,623 | ||||||
| COP | 110,857,000 | Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S | 38,198 | |||||
| 242,666 | ||||||||
| Curacao: 0.2% | ||||||||
| USD | 40,000 | Teva Pharmaceutical 2.95%, 12/18/22 | 39,481 | |||||
| Czech Republic: 0.4% | ||||||||
| EUR | 50,000 | CEZ AS 4.50%, 06/29/20 Reg S | 61,810 | |||||
| India: 0.2% | ||||||||
| USD | 28,000 | ICICI Bank Ltd. 5.75%, 11/16/20 Reg S | 30,659 | |||||
| Indonesia: 0.5% | ||||||||
| 70,000 | Pertamina Persero Pt 4.30%, 05/20/23 144A | 72,194 | ||||||
| Ireland: 0.4% | ||||||||
| EUR | 50,000 | Vnesheconombank 3.04%, 02/21/18 Reg S | 55,531 | |||||
| Israel: 0.7% | ||||||||
| USD | 100,000 | Israel Electric Corp. Ltd. 5.00%, 11/12/24 Reg S 144A | 108,166 | |||||
| Kazakhstan: 0.7% | ||||||||
| 100,000 | KazMunayGas National Co. 7.00%, 05/05/20 Reg S | 110,009 | ||||||
| Luxembourg: 2.2% | ||||||||
| Gaz Capital SA | ||||||||
| 200,000 | 6.51%, 03/07/22 Reg S | 223,016 | ||||||
| 80,000 | 8.63%, 04/28/34 Reg S | 106,016 | ||||||
| 329,032 | ||||||||
| Malaysia: 0.8% | ||||||||
| 100,000 | Petronas Capital Ltd. 7.88%, 05/22/22 Reg S | 123,321 | ||||||
| Mexico: 4.2% | ||||||||
| America Movil SAB de CV | ||||||||
| EUR | 100,000 | 4.13%, 10/25/19 | 119,445 | |||||
| USD | 25,000 | 5.00%, 03/30/20 | 26,919 | |||||
| 100,000 | BBVA Bancomer SA 6.75%, 09/30/22 144A | 113,330 | ||||||
| 85,000 | Grupo Televisa SAB 6.63%, 01/15/40 | 95,963 | ||||||
| Petróleos Mexicanos | ||||||||
| 150,000 | 5.50%, 01/21/21 | 159,187 | ||||||
| EUR | 50,000 | 5.50%, 02/24/25 Reg S | 61,947 | |||||
| USD | 64,000 | 6.63%, 06/15/38 | 65,760 | |||||
| 642,551 | ||||||||
See Notes to Financial Statements
| 31 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Netherlands: 5.1% | ||||||||
| USD | 100,000 | Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A | $ | 105,536 | ||||
| 100,000 | Lukoil International Finance BV 7.25%, 11/05/19 Reg S | 111,165 | ||||||
| 128,000 | Majapahit Holding BV 7.75%, 01/20/20 Reg S | 144,576 | ||||||
| EUR | 100,000 | Petrobras Global Finance BV 4.75%, 01/14/25 | 114,082 | |||||
| USD | 77,000 | Petrobras International Finance Co. 6.75%, 01/27/41 | 72,958 | |||||
| 125,000 | Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26 † | 116,620 | ||||||
| 100,000 | VimpelCom Holdings BV 5.95%, 02/13/23 144A | 106,551 | ||||||
| 771,488 | ||||||||
| Peru: 0.8% | ||||||||
| 108,000 | Banco de Credito del Peru 5.38%, 09/16/20 Reg S | 118,530 | ||||||
| South Africa: 0.7% | ||||||||
| 100,000 | Eskom Holdings SOC Ltd. 5.75%, 01/26/21 † 144A | 100,738 | ||||||
| Turkey: 1.7% | ||||||||
| 50,000 | Turkiye Garanti Bankasi AS 5.25%, 09/13/22 Reg S | 51,031 | ||||||
| 100,000 | Turkiye Is Bankasi 5.50%, 04/21/19 144A | 103,306 | ||||||
| 100,000 | Turkiye Vakiflar Bankasi Tao 6.00%, 11/01/22 144A | 99,791 | ||||||
| 254,128 | ||||||||
| United Arab Emirates: 1.5% | ||||||||
| 100,000 | DP World Ltd. 6.85%, 07/02/37 Reg S | 117,875 | ||||||
| 100,000 | Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S | 115,488 | ||||||
| 233,363 | ||||||||
| United States: 1.4% | ||||||||
| 100,000 | Cemex Finance, LLC 6.00%, 04/01/19 (c) 144A | 106,000 | ||||||
| 100,000 | Reliance Holding USA, Inc. 5.40%, 02/14/22 144A | 109,576 | ||||||
| 215,576 | ||||||||
| Venezuela: 0.6% | ||||||||
| Petróleos de Venezuela SA | ||||||||
| 132,700 | 5.38%, 04/12/27 Reg S | 50,957 | ||||||
| 30,000 | 9.00%, 11/17/21 Reg S | 15,914 | ||||||
| 50,000 | 9.75%, 05/17/35 Reg S | 24,088 | ||||||
| 90,959 | ||||||||
| Total Corporate Bonds (Cost: $5,556,262) | 5,643,768 | |||||||
| GOVERNMENT OBLIGATIONS: 59.9% | ||||||||
| Argentina: 0.3% | ||||||||
| EUR | 60,000 | Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S | 52,047 | |||||
| Principal Amount | Value | |||||||
| Bahrain: 0.5% | ||||||||
| USD | 64,000 | Bahrain Government International Bonds 6.13%, 08/01/23 144A | $ | 67,883 | ||||
| Brazil: 4.7% | ||||||||
| 28,000 | Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S | 30,170 | ||||||
| 88,000 | Brazilian Government International Bonds 4.88%, 01/22/21 † | 93,500 | ||||||
| BRL | 420,000 | Letra do Tesouro Nacional 15.50%, 01/01/19 ^ | 113,167 | |||||
| Notas do Tesouro Nacional, Series F | ||||||||
| 102,000 | 10.00%, 01/01/19 | 32,217 | ||||||
| 715,000 | 10.00%, 01/01/21 | 224,381 | ||||||
| 425,000 | 10.00%, 01/01/23 | 132,331 | ||||||
| 300,000 | 10.00%, 01/01/25 | 92,762 | ||||||
| 718,528 | ||||||||
| Cayman Islands: 0.7% | ||||||||
| EUR | 100,000 | IPIC GMTN Ltd. 2.38%, 05/30/18 Reg S | 111,778 | |||||
| Chile: 2.0% | ||||||||
| Chilean Government International Bonds | ||||||||
| USD | 100,000 | 3.13%, 03/27/25 † | 102,250 | |||||
| 50,000 | 3.88%, 08/05/20 | 52,955 | ||||||
| CLP | 9,000,000 | 5.50%, 08/05/20 | 14,334 | |||||
| USD | 119,600 | Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 † 144A | 130,713 | |||||
| 300,252 | ||||||||
| China / Hong Kong: 0.9% | ||||||||
| 128,000 | Bank of China Ltd. 5.55%, 02/11/20 Reg S | 137,690 | ||||||
| Colombia: 2.8% | ||||||||
| Colombian Government International Bonds | ||||||||
| 128,000 | 7.38%, 03/18/19 | 141,120 | ||||||
| COP | 537,000,000 | 7.75%, 04/14/21 | 196,965 | |||||
| 200,000,000 | Colombian TES 10.00%, 07/24/24 | 83,049 | ||||||
| 421,134 | ||||||||
| Croatia: 1.3% | ||||||||
| Croatia Government International Bonds | ||||||||
| USD | 75,000 | 6.00%, 01/26/24 144A | 83,651 | |||||
| 100,000 | 6.75%, 11/05/19 Reg S | 109,032 | ||||||
| 192,683 | ||||||||
| Czech Republic: 0.7% | ||||||||
| Czech Republic Government Bonds | ||||||||
| EUR | 35,000 | 3.88%, 05/24/22 Reg S | 45,285 | |||||
| CZK | 1,100,000 | 5.70%, 05/25/24 Reg S | 61,244 | |||||
| 106,529 | ||||||||
See Notes to Financial Statements
| 32 |
| Principal Amount | Value | |||||||
| Dominican Republic: 0.2% | ||||||||
| USD | 21,200 | Dominican Republic International Bonds 7.50%, 05/06/21 Reg S | $ | 23,585 | ||||
| Hungary: 1.9% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 20,300,000 | 6.00%, 11/24/23 | 85,401 | |||||
| USD | 100,000 | 6.38%, 03/29/21 | 113,185 | |||||
| HUF | 22,120,000 | 7.50%, 11/12/20 | 94,293 | |||||
| 292,879 | ||||||||
| Indonesia: 5.0% | ||||||||
| USD | 192,000 | Indonesia Government International Bonds 5.88%, 03/13/20 Reg S | 209,943 | |||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 960,000,000 | 8.38%, 03/15/24 | 77,490 | |||||
| 1,743,000,000 | 8.38%, 09/15/26 | 142,471 | ||||||
| 540,000,000 | 8.38%, 03/15/34 | 43,066 | ||||||
| 1,479,000,000 | 10.50%, 08/15/30 | 138,256 | ||||||
| 1,682,000,000 | 11.00%, 11/15/20 | 143,803 | ||||||
| 755,029 | ||||||||
| Israel: 2.3% | ||||||||
| Israel Government Bonds | ||||||||
| USD | 50,000 | 4.00%, 06/30/22 | 53,436 | |||||
| ILS | 565,000 | 4.25%, 03/31/23 | 181,607 | |||||
| 385,000 | 5.00%, 01/31/20 | 119,372 | ||||||
| 354,415 | ||||||||
| Kazakhstan: 0.4% | ||||||||
| USD | 50,000 | Kazakhstan Government International Bonds 5.13%, 07/21/25 Reg S | 54,684 | |||||
| Lebanon: 1.0% | ||||||||
| 140,000 | Lebanon Government International Bonds 8.25%, 04/12/21 Reg S | 155,653 | ||||||
| Lithuania: 0.4% | ||||||||
| 50,000 | Lithuania Government International Bonds 7.38%, 02/11/20 Reg S | 56,956 | ||||||
| Malaysia: 2.8% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 835,000 | 3.48%, 03/15/23 | 188,196 | |||||
| 670,000 | 3.89%, 03/15/27 | 150,048 | ||||||
| 351,000 | 5.73%, 07/30/19 | 84,819 | ||||||
| 423,063 | ||||||||
| Mexico: 5.1% | ||||||||
| Mexican Government International Bonds | ||||||||
| USD | 77,000 | 4.00%, 10/02/23 | 80,122 | |||||
| 102,000 | 6.05%, 01/11/40 | 118,550 | ||||||
| MXN | 1,220,000 | 6.50%, 06/10/21 | 63,087 | |||||
| 1,460,100 | 7.50%, 06/03/27 | 78,475 | ||||||
| 5,294,900 | 8.00%, 06/11/20 | 286,773 | ||||||
| 2,360,000 | 10.00%, 12/05/24 | 145,258 | ||||||
| 772,265 | ||||||||
| Nigeria: 0.3% | ||||||||
| NGN | 18,470,000 | Nigerian Government Bonds 16.39%, 01/27/22 # | 45,455 | |||||
| Principal Amount | Value | |||||||
| Panama: 0.6% | ||||||||
| USD | 69,400 | Panamanian Government International Bonds 7.13%, 01/29/26 | $ | 88,485 | ||||
| Peru: 1.2% | ||||||||
| Peruvian Government International Bonds | ||||||||
| PEN | 90,000 | 5.70%, 08/12/24 | 28,405 | |||||
| USD | 62,000 | 7.35%, 07/21/25 | 81,003 | |||||
| PEN | 200,000 | 7.84%, 08/12/20 | 68,123 | |||||
| 177,531 | ||||||||
| Philippines: 1.1% | ||||||||
| USD | 142,000 | Philippine Government International Bonds 5.00%, 01/13/37 | 166,946 | |||||
| Poland: 4.4% | ||||||||
| Poland Government International Bonds | ||||||||
| PLN | 200,000 | 1.50%, 04/25/20 | 50,407 | |||||
| 580,000 | 2.50%, 07/25/18 | 151,112 | ||||||
| 150,000 | 3.25%, 07/25/25 | 38,716 | ||||||
| 625,000 | 4.00%, 10/25/23 | 169,994 | ||||||
| 450,000 | 5.75%, 04/25/29 | 142,673 | ||||||
| USD | 100,000 | 6.38%, 07/15/19 | 109,785 | |||||
| 662,687 | ||||||||
| Qatar: 0.7% | ||||||||
| 100,000 | Qatar Government International Bonds 5.25%, 01/20/20 Reg S | 107,992 | ||||||
| Romania: 1.1% | ||||||||
| Romanian Government International Bonds | ||||||||
| EUR | 50,000 | 4.63%, 09/18/20 Reg S | 62,478 | |||||
| RON | 450,000 | 5.90%, 07/26/17 | 109,511 | |||||
| 171,989 | ||||||||
| Russia: 3.5% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 1,900,000 | 7.00%, 08/16/23 | 32,369 | |||||
| 3,550,000 | 7.50%, 03/15/18 | 62,132 | ||||||
| 4,550,000 | 7.50%, 02/27/19 | 79,387 | ||||||
| USD | 25,250 | 7.50%, 03/31/30 (s) Reg S | 30,502 | |||||
| RUB | 10,080,000 | 8.15%, 02/03/27 | 185,832 | |||||
| USD | 130,000 | 11.00%, 07/24/18 Reg S | 145,057 | |||||
| 535,279 | ||||||||
| Serbia: 0.3% | ||||||||
| 50,000 | Serbian International Bonds 4.88%, 02/25/20 144A | 52,201 | ||||||
| South Africa: 3.8% | ||||||||
| South Africa Government International Bonds | ||||||||
| 78,000 | 5.50%, 03/09/20 | 82,951 | ||||||
| ZAR | 2,604,300 | 7.75%, 02/28/23 | 191,468 | |||||
| 681,400 | 8.25%, 09/15/17 | 51,022 | ||||||
| 2,070,000 | 8.75%, 02/28/48 | 140,903 | ||||||
| 1,325,000 | 10.50%, 12/21/26 | 110,599 | ||||||
| 576,943 | ||||||||
See Notes to Financial Statements
| 33 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Thailand: 3.6% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 3,680,000 | 3.25%, 06/16/17 | $ | 106,646 | ||||
| 8,863,000 | 3.63%, 06/16/23 | 274,622 | ||||||
| 590,000 | 3.65%, 12/17/21 | 18,281 | ||||||
| 4,100,000 | 4.88%, 06/22/29 | 141,376 | ||||||
| 540,925 | ||||||||
| Turkey: 4.3% | ||||||||
| Turkey Government International Bonds | ||||||||
| USD | 90,000 | 6.88%, 03/17/36 | 102,218 | |||||
| TRY | 488,600 | 7.20%, 03/08/23 | 118,103 | |||||
| USD | 160,000 | 7.38%, 02/05/25 | 185,991 | |||||
| TRY | 370,000 | 10.50%, 01/15/20 | 103,907 | |||||
| 340,000 | 10.60%, 02/11/26 | 98,209 | ||||||
| 125,000 | 10.70%, 02/17/21 | 35,280 | ||||||
| 643,708 | ||||||||
| Ukraine: 0.4% | ||||||||
| Ukraine Government International Bonds | ||||||||
| USD | 20,000 | 0.00%, 05/31/40 (a) 144A | 7,083 | |||||
| 60,000 | 7.75%, 09/01/23 144A | 58,086 | ||||||
| 65,169 | ||||||||
| United Arab Emirates: 0.7% | ||||||||
| 100,000 | Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S | 109,593 | ||||||
| Uruguay: 0.6% | ||||||||
| 77,000 | Uruguay Government International Bonds 4.50%, 08/14/24 † | 82,698 | ||||||
| Venezuela: 0.3% | ||||||||
| 100,000 | Venezuelan Government International Bonds 9.25%, 05/07/28 Reg S | 48,045 | ||||||
| Total Government Obligations (Cost: $10,119,997) | 9,072,699 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.8% (Cost: $117,149) | ||||||||
| 117,149 | Dreyfus Government Cash Management Fund – Institutional Shares | $ | 117,149 | |||||
| Total Investments Before Collateral for Securities Loaned: 97.9% (Cost: $15,793,408) | 14,833,616 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.5% (Cost: $528,682) | ||||||||
| Repurchase Agreement: 3.5% | ||||||||
| USD | 528,682 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.80%, due 5/1/17, proceeds $528,717; (collateralized by various U.S. government and agency obligations, 0.63% to 3.88%, due 1/15/21 to 2/15/43, valued at $539,256 including accrued interest) | 528,682 | |||||
| Total Investments: 101.4% (Cost: $16,322,090) | 15,362,298 | |||||||
| Liabilities in excess of other assets: (1.4)% | (212,003 | ) | ||||||
| NET ASSETS: 100.0% | $ | 15,150,295 | ||||||
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Sheqel |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |
See Notes to Financial Statements
| 34 |
| (a) | Coupon is based upon predetermined growth targets for the Gross Domestic Product of Ukraine. The rate shown reflects the rate in effect at the end of the reporting period. |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (s) | Step Bond — coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| † | Security fully or partially on loan. Total market value of securities on loan is $510,954. |
| # | 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 $45,455 which represents 0.3% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,927,210, or 12.7% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 0.7 | % | $ | 105,500 | ||||
| Communications | 5.0 | 740,436 | ||||||
| Consumer, Non-cyclical | 2.3 | 339,176 | ||||||
| Diversified | 1.5 | 217,561 | ||||||
| Energy | 13.3 | 1,982,205 | ||||||
| Financial | 10.0 | 1,481,894 | ||||||
| Government | 61.2 | 9,072,699 | ||||||
| Industrial | 0.7 | 106,000 | ||||||
| Utilities | 4.5 | 670,996 | ||||||
| Money Market Fund | 0.8 | 117,149 | ||||||
| 100.0 | % | $ | 14,833,616 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Corporate Bonds* | $ | — | $ | 5,643,768 | $ | — | $ | 5,643,768 | ||||||||||||
| Government Obligations* | — | 9,072,699 | — | 9,072,699 | ||||||||||||||||
| Money Market Fund | 117,149 | — | — | 117,149 | ||||||||||||||||
| Repurchase Agreement | — | 528,682 | — | 528,682 | ||||||||||||||||
| Total | $ | 117,149 | $ | 15,245,149 | $ | — | $ | 15,362,298 | ||||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 35 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 88.1% | ||||||||
| Argentina: 3.8% | ||||||||
| $ | 500,000 | Aeropuertos Argentina 2000 SA 6.88%, 02/06/22 (c) † 144A | $ | 529,000 | ||||
| 500,000 | Arcor SAIC 6.00%, 07/06/20 (c) 144A | 537,125 | ||||||
| 450,000 | Banco de Galicia y Buenos Aires SA 8.75%, 05/04/17 (c) 144A | 450,000 | ||||||
| 500,000 | Banco Hipotecario SA 9.75%, 11/30/20 144A | 573,750 | ||||||
| 500,000 | Banco Macro SA 6.75%, 11/04/21 (c) 144A | 517,000 | ||||||
| 900,000 | Cablevision SA 6.50%, 06/15/19 (c) 144A | 960,750 | ||||||
| 500,000 | IRSA Propiedades Comerciales SA 8.75%, 03/23/20 (c) 144A | 561,250 | ||||||
| 1,000,000 | Pampa Energia SA 7.50%, 01/24/22 (c) 144A | 1,067,500 | ||||||
| Pan American Energy LLC | ||||||||
| 200,000 | 7.88%, 05/07/21 † Reg S | 219,040 | ||||||
| 670,000 | 7.88%, 05/07/21 144A | 733,784 | ||||||
| 700,000 | Petrobras Argentina SA 7.38%, 07/21/20 (c) † 144A | 750,197 | ||||||
| 320 | Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A | 347 | ||||||
| YPF SA | ||||||||
| 2,890,000 | 8.50%, 07/28/25 † 144A | 3,276,537 | ||||||
| 2,845,000 | 8.75%, 04/04/24 † 144A | 3,291,665 | ||||||
| 545,000 | 8.88%, 12/19/18 144A | 591,216 | ||||||
| 14,059,161 | ||||||||
| Austria: 0.2% | ||||||||
| 700,000 | JBS Investments GmbH 7.75%, 10/28/17 (c) 144A | 737,415 | ||||||
| Azerbaijan: 1.1% | ||||||||
| 700,000 | International Bank of Azerbaijan OJSC 5.63%, 06/11/19 Reg S | 705,782 | ||||||
| 2,900,000 | Southern Gas Corridor CJSC 6.88%, 03/24/26 144A | 3,207,617 | ||||||
| 3,913,399 | ||||||||
| Bahamas: 0.2% | ||||||||
| 700,000 | Silversea Cruise Finance Ltd. 7.25%, 02/01/20 (c) 144A | 745,500 | ||||||
| Bahrain: 0.2% | ||||||||
| 600,000 | BBK BSC 3.50%, 03/24/20 Reg S | 592,424 | ||||||
| Bangladesh: 0.1% | ||||||||
| 300,000 | Banglalink Digital Communications Ltd. 8.63%, 05/29/17 (c) 144A | 314,730 | ||||||
| Barbados: 0.5% | ||||||||
| 1,690,000 | Columbus International, Inc. 7.38%, 03/30/18 (c) 144A | 1,825,200 | ||||||
| Bermuda: 3.0% | ||||||||
| 745,000 | China Oil & Gas Group Ltd. 5.25%, 05/21/17 (c) 144A | 752,916 | ||||||
| Digicel Group Ltd. | ||||||||
| 1,400,000 | 7.13%, 05/30/17 (c) 144A | 1,181,600 | ||||||
| 1,135,000 | 8.25%, 05/29/17 (c) 144A | 1,044,200 | ||||||
| Digicel Ltd. | ||||||||
| 2,300,000 | 6.00%, 05/29/17 (c) 144A | 2,196,500 | ||||||
| 2,000,000 | 6.75%, 03/01/18 (c) † 144A | 1,910,000 | ||||||
| Principal Amount | Value | |||||||
| Bermuda: (continued) | ||||||||
| $ | 350,000 | GCX Ltd. 7.00%, 05/30/17 (c) 144A | $ | 360,484 | ||||
| 550,000 | GeoPark Latin America Ltd., Agencia en Chile 7.50%, 05/29/17 (c) † Reg S | 555,500 | ||||||
| Inkia Energy Ltd. | ||||||||
| 300,000 | 8.38%, 05/30/17 (c) Reg S | 311,100 | ||||||
| 350,000 | 8.38%, 05/30/17 (c) 144A | 362,950 | ||||||
| Noble Group Ltd. | ||||||||
| 400,000 | 6.75%, 01/29/20 Reg S | 384,000 | ||||||
| 2,250,000 | 6.75%, 01/29/20 144A | 2,160,000 | ||||||
| 11,219,250 | ||||||||
| Brazil: 4.8% | ||||||||
| Banco Bradesco SA | ||||||||
| 360,000 | 5.75%, 03/01/22 144A | 387,000 | ||||||
| 1,220,000 | 5.90%, 01/16/21 144A | 1,306,376 | ||||||
| Banco BTG Pactual SA | ||||||||
| 725,000 | 5.75%, 09/28/22 Reg S | 681,225 | ||||||
| 75,000 | 5.75%, 09/28/22 144A | 70,472 | ||||||
| Banco do Brasil SA | ||||||||
| 800,000 | 3.88%, 10/10/22 | 778,000 | ||||||
| 930,000 | 5.88%, 01/26/22 144A | 975,337 | ||||||
| 1,395,000 | 8.50%, 10/20/20 (c) 144A | 1,543,567 | ||||||
| Banco do Estado do Rio Grande do Sul SA | ||||||||
| 400,000 | 7.38%, 02/02/22 Reg S | 414,000 | ||||||
| 50,000 | 7.38%, 02/02/22 144A | 51,750 | ||||||
| 2,010,000 | Banco Nacional de Desenvolvimento Economico e Social 5.50%, 07/12/20 † 144A | 2,135,625 | ||||||
| 200,000 | Banco Pan SA 8.50%, 04/23/20 144A | 204,000 | ||||||
| 400,000 | Banco Safra SA 6.75%, 01/27/21 144A | 437,880 | ||||||
| 438,000 | Banco Votorantim SA 7.38%, 01/21/20 144A | 471,945 | ||||||
| 1,420,000 | Caixa Economica Federal 4.25%, 05/13/19 144A | 1,448,400 | ||||||
| Centrais Eletricas Brasileiras SA | ||||||||
| 360,000 | 5.75%, 10/27/21 144A | 370,440 | ||||||
| 885,000 | 6.88%, 07/30/19 144A | 942,525 | ||||||
| 425,000 | Cielo SA 3.75%, 11/16/22 144A | 410,125 | ||||||
| Itau Unibanco Holding SA | ||||||||
| 3,015,000 | 5.13%, 05/13/23 144A | 3,094,144 | ||||||
| 1,150,000 | 5.75%, 01/22/21 144A | 1,228,027 | ||||||
| 1,100,000 | Votorantim Cimentos SA 7.25%, 04/05/41 144A | 1,128,875 | ||||||
| 18,079,713 | ||||||||
| British Virgin Islands: 4.9% | ||||||||
| 650,000 | Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A | 700,446 | ||||||
| 700,000 | Central American Bottling Corp. 5.75%, 01/31/22 (c) 144A | 743,820 | ||||||
| 700,000 | Easy Tactic Ltd. 5.75%, 01/13/20 (c) Reg S | 719,142 | ||||||
| 600,000 | Franshion Brilliant Ltd. 5.75%, 01/17/22 (c) Reg S | 620,741 | ||||||
See Notes to Financial Statements
| 36 |
| Principal Amount | Value | |||||||
| British Virgin Islands: (continued) | ||||||||
| $ | 1,140,000 | Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A | $ | 1,166,220 | ||||
| 1,200,000 | Greenland Global Investment Ltd. 5.88%, 07/03/24 Reg S | 1,238,851 | ||||||
| 550,000 | Grupo Unicomer Co Ltd. 7.88%, 04/01/21 (c) 144A | 595,375 | ||||||
| 1,200,000 | GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) † 144A | 1,228,800 | ||||||
| 500,000 | Hanrui Overseas Investment Co. Ltd. 4.90%, 06/28/19 Reg S | 496,840 | ||||||
| 400,000 | Huayi Finance I Ltd. 4.00%, 12/02/19 Reg S | 400,605 | ||||||
| 825,000 | LS Finance 2022 Ltd. 4.25%, 10/16/22 Reg S | 831,631 | ||||||
| 1,000,000 | Oceanwide Holdings International Co. Ltd. 9.63%, 08/11/18 (c) (p) † Reg S | 1,096,204 | ||||||
| 1,700,000 | RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 Reg S | 1,734,014 | ||||||
| 1,650,000 | Sparkle Assets Ltd. 6.88%, 05/29/17 (c) Reg S | 1,710,839 | ||||||
| 1,550,000 | Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A | 1,665,475 | ||||||
| 1,150,000 | Studio City Finance Ltd. 8.50%, 05/30/17 (c) † 144A | 1,206,062 | ||||||
| 1,100,000 | Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S | 1,229,607 | ||||||
| 400,000 | Zhiyuan Group BVI Co. Ltd. 6.20%, 01/11/19 Reg S | 409,542 | ||||||
| 600,000 | Zhongrong International Bond 2016 Ltd. 6.95%, 06/21/19 † Reg S | 621,002 | ||||||
| 18,415,216 | ||||||||
| Cayman Islands: 11.0% | ||||||||
| 500,000 | 361 Degrees International Ltd. 7.25%, 06/03/19 (c) Reg S | 541,802 | ||||||
| 1,100,000 | Agile Group Holdings Ltd. 8.38%, 05/30/17 (c) Reg S | 1,149,720 | ||||||
| 500,000 | Agricola Senior Trust 6.75%, 06/18/20 144A | 513,985 | ||||||
| 500,000 | Agromercantil Senior Trust 6.25%, 04/10/19 144A | 516,025 | ||||||
| 1,020,000 | Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S | 1,032,416 | ||||||
| 600,000 | Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S | 603,978 | ||||||
| 700,000 | Biostime International Holdings Ltd. 7.25%, 06/21/18 (c) 144A | 743,007 | ||||||
| 800,000 | CAR, Inc. 6.13%, 02/04/18 (c) 144A | 828,000 | ||||||
| 500,000 | Cementos Progreso Trust 7.13%, 05/06/18 (c) † 144A | 532,500 | ||||||
| 750,000 | Central China Real Estate Ltd. 6.50%, 05/30/17 (c) Reg S | 763,607 | ||||||
| 300,000 | China Hongqiao Group Ltd. 6.88%, 05/03/18 † Reg S | 295,130 | ||||||
| 700,000 | China SCE Property Holdings Ltd. 5.88%, 03/10/20 (c) Reg S | 699,100 | ||||||
| 340,000 | China Shanshui Cement Group Ltd. 7.50%, 03/10/18 (c) † § Reg S | 272,000 | ||||||
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 500,000 | CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S | $ | 537,505 | ||||
| 1,025,000 | Comcel Trust 6.88%, 02/06/19 (c) 144A | 1,091,399 | ||||||
| Country Garden Holdings Co. Ltd. | ||||||||
| 1,915,000 | 7.50%, 01/10/18 (c) 144A | 2,028,843 | ||||||
| 1,400,000 | 7.50%, 03/09/18 (c) † Reg S | 1,496,181 | ||||||
| 400,000 | DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S | 409,248 | ||||||
| 4,130,000 | Evergrande Real Estate Group Ltd. 8.75%, 05/29/17 (c) † 144A | 4,293,135 | ||||||
| 1,400,000 | Ezdan Sukuk Co. Ltd. 4.38%, 05/18/21 Reg S | 1,418,816 | ||||||
| 400,000 | Geely Automobile Holdings Ltd. 5.25%, 10/06/17 (c) 144A | 414,520 | ||||||
| 1,355,000 | Global A&T Electronics Ltd. 10.00%, 05/29/17 (c) 144A | 987,456 | ||||||
| Greenland Hong Kong Holdings Ltd. | ||||||||
| 200,000 | 3.88%, 07/28/19 Reg S | 199,486 | ||||||
| 250,000 | 4.38%, 08/07/17 Reg S | 250,529 | ||||||
| 600,000 | Greentown China Holdings Ltd. 5.88%, 08/11/18 (c) † Reg S | 630,999 | ||||||
| 1,350,000 | Grupo Aval Ltd. 4.75%, 09/26/22 144A | 1,369,413 | ||||||
| 388,704 | Guanay Finance Ltd. 6.00%, 12/15/20 144A | 398,421 | ||||||
| 750,000 | Industrial Senior Trust 5.50%, 11/01/22 144A | 764,062 | ||||||
| 1,405,000 | KWG Property Holdings Ltd. 8.98%, 05/30/17 (c) Reg S | 1,474,368 | ||||||
| 800,000 | Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A | 814,800 | ||||||
| 740,000 | Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S | 785,074 | ||||||
| 1,550,000 | MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S | 1,634,596 | ||||||
| 1,490,000 | MCE Finance Ltd. 5.00%, 05/30/17 (c) 144A | 1,530,081 | ||||||
| 650,000 | MIE Holdings Corp. 7.50%, 05/30/17 (c) 144A | 419,250 | ||||||
| 900,000 | Mumtalakat Sukuk Holding Co. 4.00%, 11/25/21 Reg S | 893,159 | ||||||
| 475,475 | Odebrecht Drilling Norbe VIII/IX Ltd. 6.35%, 06/30/20 (c) 144A | 288,851 | ||||||
| 702,865 | Odebrecht Offshore Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A | 279,389 | ||||||
| 500,000 | Parkson Retail Group Ltd. 4.50%, 05/03/18 Reg S | 496,551 | ||||||
| 733,820 | Shelf Drilling Holdings Ltd. 9.50%, 05/29/17 (c) 144A | 733,820 | ||||||
| 2,220,000 | Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) † Reg S | 2,477,915 | ||||||
| 500,000 | Sunac China Holdings Ltd. 8.75%, 12/05/17 (c) Reg S | 535,384 | ||||||
| 700,000 | Suzano Trading Ltd. 5.88%, 01/23/21 144A | 750,050 | ||||||
| 225,000 | TAM Capital 3, Inc. 8.38%, 05/30/17 (c) 144A | 234,281 | ||||||
| 295,000 | Vale Overseas Ltd. 4.38%, 01/11/22 | 303,024 | ||||||
See Notes to Financial Statements
| 37 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 1,955,000 | Wynn Macau Ltd. 5.25%, 05/29/17 (c) 144A | $ | 2,013,650 | ||||
| 500,000 | Yuzhou Properties Co. Ltd. 6.00%, 01/25/20 (c) † Reg S | 516,172 | ||||||
| 40,961,698 | ||||||||
| Chile: 0.8% | ||||||||
| 1,210,000 | AES Gener SA 8.38%, 06/18/19 (c) 144A | 1,303,775 | ||||||
| 750,000 | CorpGroup Banking SA 6.75%, 03/15/18 (c) 144A | 736,500 | ||||||
| 800,000 | Latam Airlines Group SA 7.25%, 06/09/20 144A | 842,056 | ||||||
| 2,882,331 | ||||||||
| China / Hong Kong: 2.6% | ||||||||
| Bank of East Asia Ltd. | ||||||||
| 1,670,000 | 4.25%, 11/20/19 (c) Reg S | 1,688,839 | ||||||
| 900,000 | 5.50%, 12/02/20 (c) † Reg S | 908,498 | ||||||
| 400,000 | Chalieco Hong Kong Corp Ltd. 5.70%, 01/15/20 (c) Reg S | 413,543 | ||||||
| 2,750,000 | China Cinda Asset Management Co. Ltd. 4.45%, 09/30/21 (c) Reg S | 2,719,557 | ||||||
| China CITIC Bank International Ltd. | ||||||||
| 400,000 | 4.25%, 10/11/21 (c) Reg S | 390,593 | ||||||
| 245,000 | 6.88%, 06/24/20 Reg S | 269,817 | ||||||
| 500,000 | 7.25%, 04/22/19 (c) Reg S | 532,700 | ||||||
| 300,000 | Chong Hing Bank Ltd. 6.50%, 09/25/19 (c) Reg S | 312,597 | ||||||
| 1,350,000 | ICBC Asia Ltd. 4.25%, 07/21/21 (c) Reg S | 1,334,835 | ||||||
| 600,000 | Yanlord Land HK Co. Ltd. 5.88%, 01/23/20 (c) † Reg S | 631,816 | ||||||
| 600,000 | Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A | 609,000 | ||||||
| 9,811,795 | ||||||||
| Colombia: 2.3% | ||||||||
| 750,000 | Banco Davivienda SA 5.88%, 07/09/22 144A | 812,625 | ||||||
| 2,268,000 | Banco de Bogota SA 5.38%, 02/19/23 144A | 2,387,070 | ||||||
| 565,000 | Banco GNB Sudameris SA 3.88%, 05/02/18 144A | 567,825 | ||||||
| 2,850,000 | Bancolombia SA 5.13%, 09/11/22 † | 2,985,375 | ||||||
| Colombia Telecomunicaciones SA ESP | ||||||||
| 630,000 | 5.38%, 09/27/17 (c) 144A | 642,600 | ||||||
| 1,015,000 | 8.50%, 03/30/20 (c) † 144A | 1,015,000 | ||||||
| 8,410,495 | ||||||||
| Croatia: 0.3% | ||||||||
| Agrokor D.D. | ||||||||
| 550,000 | 8.88%, 05/30/17 (c) Reg S | 225,844 | ||||||
| 50,000 | 8.88%, 05/30/17 (c) 144A | 20,531 | ||||||
| 800,000 | Hrvatska Elektroprivreda 5.88%, 10/23/22 144A | 861,932 | ||||||
| 1,108,307 | ||||||||
| Principal Amount | Value | |||||||
| Dominican Republic: 0.3% | ||||||||
| $ | 500,000 | Aeropuertos Dominicanos Siglo XXI SA 6.75%, 04/01/24 (c) 144A | $ | 537,315 | ||||
| 550,000 | Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A | 567,617 | ||||||
| 1,104,932 | ||||||||
| Georgia: 0.4% | ||||||||
| 600,000 | BGEO Group JSC 6.00%, 07/26/23 144A | 606,690 | ||||||
| 720,000 | Georgian Railway JSC 7.75%, 07/11/22 144A | 794,657 | ||||||
| 1,401,347 | ||||||||
| India: 1.9% | ||||||||
| 800,000 | Delhi International Airport Pvt Ltd. 6.13%, 10/31/26 144A | 855,083 | ||||||
| 2,100,000 | IDBI Bank Ltd. 3.75%, 01/25/19 Reg S | 2,126,674 | ||||||
| 1,420,000 | JSW Steel Ltd. 4.75%, 11/12/19 Reg S | 1,440,519 | ||||||
| 400,000 | Reliance Communications Ltd. 6.50%, 11/06/20 † Reg S | 405,212 | ||||||
| 500,000 | Syndicate Bank 4.13%, 04/12/18 Reg S | 506,485 | ||||||
| 850,000 | Tata Motors Ltd. 4.63%, 04/30/20 Reg S | 882,300 | ||||||
| 900,000 | Union Bank of India HK 4.50%, 10/28/19 Reg S | 925,528 | ||||||
| 7,141,801 | ||||||||
| Ireland: 3.7% | ||||||||
| 600,000 | AK Transneft OJSC 8.70%, 08/07/18 144A | 649,500 | ||||||
| Alfa Bank OJSC | ||||||||
| 975,000 | 7.75%, 04/28/21 144A | 1,113,852 | ||||||
| 345,000 | 7.88%, 09/25/17 Reg S | 353,327 | ||||||
| 350,000 | Credit Bank of Moscow 7.70%, 02/01/18 Reg S | 362,280 | ||||||
| 300,000 | EDC Finance Ltd. 4.88%, 04/17/20 144A | 308,700 | ||||||
| 775,000 | Gazprombank OJSC 7.25%, 05/03/19 Reg S | 834,371 | ||||||
| 700,000 | Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A | 744,359 | ||||||
| 450,000 | Mobile Telesystems OJSC 5.00%, 05/30/23 144A | 469,014 | ||||||
| 900,000 | Nomos Bank 7.25%, 04/25/18 144A | 932,040 | ||||||
| 1,225,000 | Rosneft Oil Co. 4.20%, 03/06/22 144A | 1,229,900 | ||||||
| 1,500,000 | Russian Railways 5.70%, 04/05/22 Reg S | 1,613,020 | ||||||
| 500,000 | SCF Capital Ltd. 5.38%, 06/16/23 144A | 516,739 | ||||||
| 720,000 | Vimpel Communications OJSC 9.13%, 04/30/18 144A | 768,600 | ||||||
| 3,545,000 | Vnesheconombank 6.90%, 07/09/20 144A | 3,898,032 | ||||||
| 13,793,734 | ||||||||
See Notes to Financial Statements
| 38 |
| Principal Amount | Value | |||||||
| Kazakhstan: 3.0% | ||||||||
| $ | 700,000 | Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 144A | $ | 767,199 | ||||
| 1,275,000 | Kazakhstan Temir Zholy National Co. JSC 6.38%, 10/06/20 144A | 1,382,380 | ||||||
| KazMunayGas National Co. JSC | ||||||||
| 1,300,000 | 4.40%, 04/30/23 144A | 1,316,380 | ||||||
| 1,000,000 | 5.75%, 04/30/43 144A | 992,584 | ||||||
| 1,000,000 | 5.75%, 04/19/47 144A | 976,802 | ||||||
| 1,850,000 | 6.38%, 04/09/21 144A | 2,035,078 | ||||||
| 1,800,000 | 7.00%, 05/05/20 144A | 1,980,157 | ||||||
| 980,000 | 9.13%, 07/02/18 144A | 1,053,461 | ||||||
| 850,000 | Zhaikmunai International BV 7.13%, 05/30/17 (c) 144A | 835,054 | ||||||
| 11,339,095 | ||||||||
| Luxembourg: 7.4% | ||||||||
| 700,000 | ALROSA Finance SA 7.75%, 11/03/20 144A | 800,381 | ||||||
| 250,000 | Andrade Gutierrez International SA 4.00%, 04/30/18 144A | 227,500 | ||||||
| 1,460,000 | Consolidated Energy Finance SA 6.75%, 05/29/17 (c) 144A | 1,496,500 | ||||||
| 300,000 | Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A | 314,640 | ||||||
| 825,000 | CSN Resources SA 6.50%, 07/21/20 144A | 670,313 | ||||||
| 2,000,000 | Evraz Group SA 5.38%, 03/20/23 144A | 2,014,900 | ||||||
| 1,870,000 | Gazprom Neft OAO 6.00%, 11/27/23 144A | 2,028,763 | ||||||
| Gazprom OAO | ||||||||
| 2,700,000 | 4.95%, 07/19/22 144A | 2,818,638 | ||||||
| 1,400,000 | 9.25%, 04/23/19 (p) 144A | 1,572,614 | ||||||
| 1,470,000 | Gazprom PAO 7.29%, 08/16/37 144A | 1,749,022 | ||||||
| 600,000 | Kernel Holding SA 8.75%, 01/31/22 144A | 638,250 | ||||||
| MHP SA | ||||||||
| 200,000 | 8.25%, 04/02/20 Reg S | 208,610 | ||||||
| 875,000 | 8.25%, 04/02/20 144A | 912,670 | ||||||
| Minerva Luxembourg SA | ||||||||
| 560,000 | 6.50%, 09/20/21 (c) 144A | 557,894 | ||||||
| 180,000 | 7.75%, 01/31/18 (c) 144A | 190,125 | ||||||
| Offshore Drilling Holding SA | ||||||||
| 700,000 | 8.38%, 09/20/17 (c) Reg S | 304,500 | ||||||
| 590,000 | 8.38%, 09/20/17 (c) 144A | 256,650 | ||||||
| 1,305,000 | Puma International Financing SA 6.75%, 05/29/17 (c) 144A | 1,356,626 | ||||||
| 300,000 | QGOG Constellation SA 6.25%, 05/30/17 (c) Reg S | 220,500 | ||||||
| 450,000 | Rosneft Finance SA 7.25%, 02/02/20 144A | 497,250 | ||||||
| 1,400,000 | Russian Agricultural Bank OJSC 5.10%, 07/25/18 144A | 1,444,477 | ||||||
| Sberbank of Russia | ||||||||
| 2,120,000 | 5.13%, 10/29/22 144A | 2,200,193 | ||||||
| 1,400,000 | 6.13%, 02/07/22 144A | 1,535,744 | ||||||
| 250,000 | Sistema JSFC 6.95%, 05/17/19 144A | 268,625 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| $ | 400,000 | TMK OAO 6.75%, 04/03/20 144A | $ | 426,438 | ||||
| 500,000 | Topaz Marine SA 8.63%, 05/29/17 (c) 144A | 500,404 | ||||||
| 655,000 | VTB Bank OJSC 6.88%, 05/29/18 (p) 144A | 686,500 | ||||||
| 1,690,000 | VTB Bank SA 6.95%, 10/17/22 144A | 1,846,055 | ||||||
| 27,744,782 | ||||||||
| Marshall Islands: 0.2% | ||||||||
| 690,000 | Navios South American Logistics, Inc. 7.25%, 05/30/17 (c) 144A | 684,825 | ||||||
| Mauritius: 1.2% | ||||||||
| 700,000 | Greenko Investment Co. 4.88%, 08/16/19 (c) 144A | 691,218 | ||||||
| 500,000 | HT Global IT Solutions Holdings Ltd. 7.00%, 07/14/18 (c) 144A | 524,375 | ||||||
| 2,500,000 | MTN Mauritius Investments Ltd. 4.76%, 11/11/24 144A | 2,385,625 | ||||||
| 700,000 | Neerg Energy Ltd. 6.00%, 02/13/20 (c) 144A | 709,536 | ||||||
| 4,310,754 | ||||||||
| Mexico: 3.4% | ||||||||
| 1,420,000 | BBVA Bancomer SA 7.25%, 04/22/20 144A | 1,569,100 | ||||||
| Cemex SAB de CV | ||||||||
| 1,800,000 | 5.70%, 01/11/20 (c) 144A | 1,885,500 | ||||||
| 1,070,000 | 6.50%, 12/10/17 (c) 144A | 1,131,525 | ||||||
| 1,160,000 | 7.25%, 01/15/18 (c) 144A | 1,246,420 | ||||||
| 721,000 | Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S | 795,804 | ||||||
| 900,000 | Credito Real SAB de CV 7.25%, 07/20/20 (c) † 144A | 941,625 | ||||||
| 560,000 | Elementia SAB de CV 5.50%, 01/15/20 (c) 144A | 571,200 | ||||||
| 500,000 | Grupo Idesa SA de CV 7.88%, 12/18/17 (c) 144A | 438,750 | ||||||
| 400,000 | Grupo KUO SAB de CV 6.25%, 12/04/17 (c) 144A | 415,800 | ||||||
| 550,000 | Grupo Posadas SAB de CV 7.88%, 06/30/19 (c) 144A | 569,938 | ||||||
| 500,000 | Metalsa SA de CV 4.90%, 04/24/23 144A | 489,375 | ||||||
| 695,000 | Sixsigma Networks Mexico SA de CV 8.25%, 11/07/17 (c) 144A | 698,475 | ||||||
| 650,000 | Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A | 670,313 | ||||||
| 720,000 | TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S | 714,960 | ||||||
| 620,000 | Unifin Financiera SA de CV 7.25%, 09/27/20 (c) † 144A | 637,050 | ||||||
| 12,775,835 | ||||||||
| Mongolia: 0.2% | ||||||||
| 800,000 | Trade & Development Bank of Mongolia LLC 9.38%, 05/19/20 144A | 866,383 | ||||||
| Morocco: 0.1% | ||||||||
| 500,000 | BMCE Bank 6.25%, 11/27/18 Reg S | 520,440 | ||||||
See Notes to Financial Statements
| 39 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Netherlands: 5.6% | ||||||||
| $ | 400,000 | Access Finance BV 7.25%, 07/25/17 144A | $ | 403,184 | ||||
| 470,000 | Ajecorp BV 6.50%, 05/29/17 (c) † 144A | 401,850 | ||||||
| 550,000 | Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A | 484,275 | ||||||
| 1,500,000 | EA Partners I BV 6.88%, 09/28/20 † Reg S | 1,359,432 | ||||||
| FBN Finance Co. BV | ||||||||
| 675,000 | 8.00%, 07/23/19 (c) 144A | 593,852 | ||||||
| 400,000 | 8.25%, 08/07/18 (c) 144A | 369,560 | ||||||
| 830,000 | Greenko Dutch BV 8.00%, 08/01/17 (c) 144A | 872,197 | ||||||
| 1,010,000 | IHS Netherlands Holdco BV 9.50%, 10/27/18 (c) 144A | 1,058,562 | ||||||
| 655,000 | Indo Energy Finance II BV 6.38%, 01/24/18 (c) 144A | 628,023 | ||||||
| 1,200,000 | Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A | 1,268,866 | ||||||
| 800,000 | Listrindo Capital BV 4.95%, 09/14/21 (c) † 144A | 792,000 | ||||||
| Majapahit Holding BV | ||||||||
| 1,930,000 | 7.75%, 01/20/20 144A | 2,179,935 | ||||||
| 1,415,000 | 8.00%, 08/07/19 144A | 1,586,498 | ||||||
| 1,300,000 | Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A | 1,382,862 | ||||||
| Petrobras Global Finance BV | ||||||||
| 1,885,000 | 4.38%, 05/20/23 | 1,809,034 | ||||||
| 1,450,000 | 6.25%, 03/17/24 | 1,503,650 | ||||||
| 1,955,000 | Petrobras International Finance Co. 5.38%, 01/27/21 | 2,013,357 | ||||||
| 1,900,000 | VTR Finance BV 6.88%, 01/15/19 (c) 144A | 2,023,500 | ||||||
| 20,730,637 | ||||||||
| Nigeria: 0.6% | ||||||||
| 600,000 | Access Bank Plc 10.50%, 10/19/21 144A | 641,598 | ||||||
| 500,000 | Fidelity Bank Plc 6.88%, 05/09/18 144A | 468,955 | ||||||
| 400,000 | GTB Finance BV 6.00%, 11/08/18 144A | 410,744 | ||||||
| 750,000 | Zenith Bank Plc 6.25%, 04/22/19 144A | 766,155 | ||||||
| 2,287,452 | ||||||||
| Panama: 0.8% | ||||||||
| 700,000 | AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A | 639,450 | ||||||
| 1,300,000 | AES Panama SRL 6.00%, 06/25/19 (c) 144A | 1,340,625 | ||||||
| 850,000 | Avianca Holdings SA 8.38%, 05/30/17 (c) 144A | 842,775 | ||||||
| 2,822,850 | ||||||||
| Paraguay: 0.2% | ||||||||
| 450,000 | Banco Regional SAECA 8.13%, 01/24/19 144A | 479,250 | ||||||
| 400,000 | Telefonica Celular del Paraguay SA 6.75%, 12/13/17 (c) 144A | 419,288 | ||||||
| 898,538 | ||||||||
| Principal Amount | Value | |||||||
| Peru: 1.1% | ||||||||
| $ | 500,000 | Cementos Pacasmayo SAA 4.50%, 02/08/23 144A | $ | 512,500 | ||||
| 500,000 | Cia Minera Milpo SAA 4.63%, 03/28/23 144A | 509,375 | ||||||
| 565,000 | InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A | 599,296 | ||||||
| 700,000 | Minsur SA 6.25%, 02/07/24 144A | 753,375 | ||||||
| 900,000 | Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A | 940,500 | ||||||
| 880,000 | Volcan Cia Minera SAA 5.38%, 02/02/22 † 144A | 894,300 | ||||||
| 4,209,346 | ||||||||
| Philippines: 0.2% | ||||||||
| 400,000 | Rizal Commercial Banking Corp. 3.45%, 02/02/21 Reg S | 404,960 | ||||||
| 500,000 | Security Bank Corp. 3.95%, 02/03/20 Reg S | 514,968 | ||||||
| 919,928 | ||||||||
| Russia: 0.1% | ||||||||
| 500,000 | Global Ports Finance Plc 6.50%, 09/22/23 144A | 517,500 | ||||||
| Saudi Arabia: 0.5% | ||||||||
| 1,800,000 | Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 Reg S | 1,811,783 | ||||||
| Singapore: 1.8% | ||||||||
| 2,190,000 | ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S | 2,274,862 | ||||||
| 111,000 | Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) (e) * Reg S | 2,525 | ||||||
| 550,000 | Golden Legacy Pte Ltd. 8.25%, 06/07/19 (c) 144A | 580,390 | ||||||
| 600,000 | Jubilant Pharma Ltd. 4.88%, 10/06/19 (c) Reg S | 605,177 | ||||||
| 500,000 | Pratama Agung Pte Ltd. 6.25%, 02/24/18 (c) Reg S | 524,710 | ||||||
| STATS ChipPAC Ltd. | ||||||||
| 118,000 | 4.50%, 05/29/17 (c) 144A | 116,968 | ||||||
| 600,000 | 8.50%, 11/24/18 (c) 144A | 650,250 | ||||||
| 730,000 | TBG Global Pte Ltd. 4.63%, 05/25/17 (c) 144A | 738,669 | ||||||
| 1,100,000 | Theta Capital Pte Ltd. 7.00%, 04/11/18 (c) Reg S | 1,152,094 | ||||||
| 6,645,645 | ||||||||
| South Africa: 1.5% | ||||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 1,880,000 | 5.75%, 01/26/21 † 144A | 1,893,865 | ||||||
| 1,780,000 | 6.75%, 08/06/23 144A | 1,833,357 | ||||||
| 1,740,000 | 7.13%, 02/11/25 144A | 1,794,171 | ||||||
| 5,521,393 | ||||||||
| South Korea: 0.3% | ||||||||
| Woori Bank Co. Ltd. | ||||||||
| 750,000 | 4.75%, 04/30/24 144A | 776,575 | ||||||
| 500,000 | 5.00%, 06/10/20 (c) 144A | 510,645 | ||||||
| 1,287,220 | ||||||||
| Sri Lanka: 0.3% | ||||||||
| 1,000,000 | National Savings Bank 8.88%, 09/18/18 144A | 1,065,270 | ||||||
See Notes to Financial Statements
| 40 |
| Principal Amount | Value | |||||||
| Thailand: 0.3% | ||||||||
| $ | 1,080,000 | Krung Thai Bank PCL 5.20%, 12/26/19 (c) Reg S | $ | 1,119,541 | ||||
| Turkey: 8.7% | ||||||||
| Akbank TAS | ||||||||
| 1,005,000 | 4.00%, 01/24/20 144A | 1,007,663 | ||||||
| 1,325,000 | 5.13%, 03/31/25 144A | 1,301,818 | ||||||
| 550,000 | 6.50%, 03/09/18 144A | 566,090 | ||||||
| 500,000 | Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 Reg S | 503,786 | ||||||
| 500,000 | Alternatifbank AS 8.75%, 04/16/21 (c) Reg S | 530,370 | ||||||
| 600,000 | Arcelik AS 5.00%, 04/03/23 144A | 599,224 | ||||||
| 600,000 | Finansbank AS 6.25%, 04/30/19 144A | 634,473 | ||||||
| TC Ziraat Bankasi AS | ||||||||
| 940,000 | 4.25%, 07/03/19 144A | 948,225 | ||||||
| 600,000 | 4.75%, 04/29/21 144A | 601,464 | ||||||
| 900,000 | Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A | 910,909 | ||||||
| Turkiye Garanti Bankasi AS | ||||||||
| 1,400,000 | 4.75%, 10/17/19 144A | 1,436,704 | ||||||
| 1,900,000 | 5.25%, 09/13/22 144A | 1,939,167 | ||||||
| 3,100,000 | Turkiye Halk Bankasi AS 3.88%, 02/05/20 144A | 3,005,577 | ||||||
| Turkiye Is Bankasi SA | ||||||||
| 1,050,000 | 3.75%, 10/10/18 144A | 1,053,250 | ||||||
| 3,180,000 | 5.00%, 04/30/20 144A | 3,215,327 | ||||||
| 3,810,000 | 6.00%, 10/24/22 144A | 3,822,009 | ||||||
| 1,700,000 | Turkiye Sinai Kalkinma Bankasi AS 5.13%, 04/22/20 Reg S | 1,717,733 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | ||||||||
| 400,000 | 4.25%, 05/09/20 Reg S | 401,526 | ||||||
| 400,000 | 4.25%, 05/09/20 144A | 401,526 | ||||||
| 2,845,000 | Turkiye Vakiflar Bankasi TAO 8.00%, 11/01/22 (c) 144A | 2,968,046 | ||||||
| 5,030,000 | Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A | 4,924,139 | ||||||
| 32,489,026 | ||||||||
| United Arab Emirates: 0.3% | ||||||||
| 1,000,000 | National Bank of Abu Dhabi PJSC 5.25%, 06/17/20 (c) Reg S | 1,023,545 | ||||||
| United Kingdom: 3.3% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 1,185,000 | 5.13%, 08/01/22 † | 1,228,549 | ||||||
| 650,000 | 5.38%, 04/15/20 | 686,075 | ||||||
| 480,000 | 6.50%, 04/15/40 | 484,320 | ||||||
| 800,000 | Hikma Pharmaceuticals Plc 4.25%, 04/10/20 Reg S | 813,040 | ||||||
| 920,000 | Oschadbank 9.38%, 03/10/23 (s) 144A | 945,594 | ||||||
| 800,000 | Petra Diamonds US Treasury Plc 7.25%, 05/01/19 (c) 144A | 838,000 | ||||||
| 1,300,000 | Polyus Gold International Ltd. 5.63%, 04/29/20 144A | 1,382,335 | ||||||
| 700,000 | Ukraine Railways 9.88%, 09/15/21 144A | 703,500 | ||||||
| Vedanta Resources Plc | ||||||||
| 1,300,000 | 6.00%, 01/31/19 144A | 1,347,125 | ||||||
| 3,010,000 | 8.25%, 06/07/21 144A | 3,281,502 | ||||||
| Principal Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| $ | 400,000 | West China Cement Ltd. 6.50%, 09/11/17 (c) Reg S | $ | 416,219 | ||||
| 12,126,259 | ||||||||
| United States: 2.0% | ||||||||
| Cemex Finance LLC | ||||||||
| 1,855,000 | 6.00%, 04/01/19 (c) † 144A | 1,966,300 | ||||||
| 2,035,000 | 9.38%, 10/12/17 (c) 144A | 2,195,256 | ||||||
| JBS USA LLC | ||||||||
| 1,500,000 | 5.75%, 06/15/20 (c) 144A | 1,556,250 | ||||||
| 710,000 | 7.25%, 05/29/17 (c) 144A | 733,075 | ||||||
| 1,028,240 | Rio Oil Finance Trust 9.25%, 07/06/24 144A | 1,060,372 | ||||||
| 7,511,253 | ||||||||
| Venezuela: 2.9% | ||||||||
| Petroleos de Venezuela SA | ||||||||
| 4,165,000 | 5.38%, 04/12/27 Reg S | 1,599,360 | ||||||
| 1,680,000 | 5.50%, 04/12/37 Reg S | 646,800 | ||||||
| 3,990,000 | 6.00%, 05/16/24 144A | 1,581,037 | ||||||
| 3,380,000 | 6.00%, 11/15/26 144A | 1,297,920 | ||||||
| 133,581 | 8.50%, 11/02/17 144A | 121,558 | ||||||
| 2,200,000 | 8.50%, 10/27/20 144A | 1,729,200 | ||||||
| 2,840,000 | 9.00%, 11/17/21 Reg S | 1,506,478 | ||||||
| 2,380,000 | 9.75%, 05/17/35 144A | 1,146,565 | ||||||
| 2,075,000 | 12.75%, 02/17/22 144A | 1,301,855 | ||||||
| 10,930,773 | ||||||||
| Total
Corporate Bonds (Cost: $324,027,434) | 328,678,521 | |||||||
| GOVERNMENT OBLIGATIONS: 9.8% | ||||||||
| Argentina: 4.9% | ||||||||
| City of Buenos Aires | ||||||||
| 800,000 | 7.50%, 06/01/27 144A | 858,960 | ||||||
| 1,080,000 | 8.95%, 02/19/21 144A | 1,225,800 | ||||||
| 500,000 | Province of Salta 9.13%, 07/07/24 144A | 543,785 | ||||||
| Provincia de Buenos Aires | ||||||||
| 3,300,000 | 9.13%, 03/16/24 144A | 3,755,400 | ||||||
| 905,000 | 9.38%, 09/14/18 144A | 977,400 | ||||||
| 2,155,000 | 9.95%, 06/09/21 144A | 2,494,843 | ||||||
| 630,000 | 10.88%, 01/26/21 144A | 732,501 | ||||||
| 2,460,000 | 10.88%, 01/26/21 Reg S | 2,860,242 | ||||||
| 1,100,000 | Provincia de Chubut 7.75%, 07/26/26 144A | 1,109,823 | ||||||
| 1,650,000 | Provincia de Cordoba 7.13%, 06/10/21 144A | 1,754,065 | ||||||
| 700,000 | Provincia de Mendoza 8.38%, 05/19/24 144A | 744,107 | ||||||
| 1,000,000 | Provincia de Neuquen 8.63%, 05/12/28 144A | 1,106,500 | ||||||
| 18,163,426 | ||||||||
| Azerbaijan: 0.7% | ||||||||
| 2,470,000 | State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S | 2,453,658 | ||||||
| Cayman Islands: 0.2% | ||||||||
| 700,000 | Brazil Minas SPE 5.33%, 02/15/28 144A | 694,750 | ||||||
See Notes to Financial Statements
| 41 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Costa Rica: 1.1% | ||||||||
| $ | 700,000 | Banco de Costa Rica 5.25%, 08/12/18 144A | $ | 713,734 | ||||
| 2,095,000 | Banco Nacional de Costa Rica 6.25%, 11/01/23 144A | 2,192,417 | ||||||
| 1,300,000 | Instituto Costarricense de Electricidad 6.95%, 11/10/21 144A | 1,389,232 | ||||||
| 4,295,383 | ||||||||
| Indonesia: 0.8% | ||||||||
| Perusahaan Listrik Negara PT | ||||||||
| 1,150,000 | 5.25%, 10/24/42 144A | 1,152,875 | ||||||
| 1,250,000 | 5.50%, 11/22/21 Reg S | 1,367,250 | ||||||
| 400,000 | 5.50%, 11/22/21 144A | 437,520 | ||||||
| 2,957,645 | ||||||||
| Kazakhstan: 0.4% | ||||||||
| 1,400,000 | KazAgro National Management Holding JSC 4.63%, 05/24/23 144A | 1,385,714 | ||||||
| Trinidad and Tobago: 0.4% | ||||||||
| Petroleum Co. of Trinidad & Tobago Ltd. | ||||||||
| 983,125 | 6.00%, 05/08/22 144A | 981,129 | ||||||
| 300,000 | 9.75%, 08/14/19 Reg S | 320,250 | ||||||
| 305,000 | 9.75%, 08/14/19 144A | 325,588 | ||||||
| 1,626,967 | ||||||||
| Turkey: 0.8% | ||||||||
| Export Credit Bank of Turkey | ||||||||
| 150,000 | 5.88%, 04/24/19 Reg S | 157,029 | ||||||
| 2,820,000 | 5.88%, 04/24/19 144A | 2,952,140 | ||||||
| 3,109,169 | ||||||||
| Ukraine: 0.5% | ||||||||
| 1,690,000 | Ukreximbank 9.75%, 01/22/25 144A | 1,692,112 | ||||||
| Total
Government Obligations (Cost: $35,020,577) | 36,378,824 | |||||||
| Number
of Shares | ||||||||
| MONEY MARKET FUND: 0.7%
(Cost: $2,565,087) | ||||||||
| 2,565,087 | Dreyfus Government Cash Management Fund – Institutional Shares | 2,565,087 | ||||||
| Total Investments Before
Collateral for Securities Loaned: 98.6% (Cost: $361,613,098) | 367,622,432 | |||||||
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.3% | ||||||||
| Repurchase Agreements: 6.3% | ||||||||
| $ | 5,629,923 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $5,630,308; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $5,742,522 including accrued interest) | $ | 5,629,923 | ||||
| 5,629,923 | Repurchase agreement dated 4/28/17 with Daiwa Capital Markets America, Inc., 0.85%, due 5/1/17, proceeds $5,630,322; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/18/17 to 12/1/51, valued at $5,742,522 including accrued interest) | 5,629,923 | ||||||
| 1,162,567 | Repurchase agreement dated 4/28/17 with Deutsche Bank Securities, Inc., 0.84%, due 5/1/17, proceeds $1,162,648; (collateralized by various U.S. government and agency obligations, 1.38% to 2.50%, due 12/31/18 to 9/9/49, valued at $1,185,819 including accrued interest) | 1,162,567 | ||||||
| 5,629,923 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.80%, due 5/1/17, proceeds $5,630,298; (collateralized by various U.S. government and agency obligations, 2.25% to 2.88%, due 8/15/45 to 9/9/49, valued at $5,742,522 including accrued interest) | 5,629,923 | ||||||
| 5,629,923 | Repurchase agreement dated 4/28/17 with Nomura Securities International, Inc., 0.83%, due 5/1/17, proceeds $5,630,312; (collateralized by various U.S. government and agency obligations, 1.95% to 9.00%, due 6/1/18 to 3/20/67, valued at $5,742,521 including accrued interest) | 5,629,923 | ||||||
| Total
Short-Term Investments Held As Collateral For Securities Loaned (Cost: $23,682,259) | 23,682,259 | |||||||
| Total Investments: 104.9% (Cost: $385,295,357) | 391,304,691 | |||||||
| Liabilities in excess of other assets: (4.9)% | (18,378,765 | ) | ||||||
| NET ASSETS: 100.0% | $ | 372,925,926 | ||||||
See Notes to Financial Statements
| 42 |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default of coupon payment |
| (e) | Security in principal default |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| (s) | Step Bond — coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $22,836,674. |
| § | Illiquid Security — the aggregate value of illiquid securities is $272,000 which represents 0.1% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $271,449,629, or 72.8% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 6.4 | % | $ | 23,532,264 | ||||
| Communications | 6.1 | 22,263,847 | ||||||
| Consumer, Cyclical | 5.1 | 18,758,716 | ||||||
| Consumer, Non-cyclical | 4.0 | 14,861,070 | ||||||
| Diversified | 1.5 | 5,358,284 | ||||||
| Energy | 15.2 | 56,044,882 | ||||||
| Financial | 39.1 | 143,869,608 | ||||||
| Government | 9.9 | 36,378,824 | ||||||
| Industrial | 6.9 | 25,172,425 | ||||||
| Technology | 0.2 | 767,218 | ||||||
| Utilities | 4.9 | 18,050,207 | ||||||
| Money Market Fund | 0.7 | 2,565,087 | ||||||
| 100.0 | % | $ | 367,622,432 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Corporate Bonds* | $ | — | $ | 328,678,521 | $ | — | $ | 328,678,521 | ||||||||||
| Government Obligations* | — | 36,378,824 | — | 36,378,824 | ||||||||||||||
| Money Market Fund | 2,565,087 | — | — | 2,565,087 | ||||||||||||||
| Repurchase Agreements | — | 23,682,259 | — | 23,682,259 | ||||||||||||||
| Total | $ | 2,565,087 | $ | 388,739,604 | $ | — | $ | 391,304,691 | ||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 43 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 98.0% | ||||||||
| Bermuda: 2.3% | ||||||||
| $ | 1,500,000 | Weatherford Bermuda 6.50%, 08/01/36 † | $ | 1,425,000 | ||||
| Weatherford International Ltd. | ||||||||
| 3,967,000 | 4.50%, 01/15/22 (c) † | 3,768,650 | ||||||
| 2,882,000 | 5.13%, 09/15/20 † | 2,920,042 | ||||||
| 9,429,000 | 6.75%, 09/15/40 | 8,957,550 | ||||||
| 2,692,000 | 9.63%, 03/01/19 † | 2,973,637 | ||||||
| 20,044,879 | ||||||||
| Canada: 5.5% | ||||||||
| Bombardier, Inc. | ||||||||
| 500,000 | 6.00%, 05/30/17 (c) Reg S | 500,625 | ||||||
| 910,000 | 7.45%, 05/01/34 144A | 910,000 | ||||||
| Cenovus Energy, Inc. | ||||||||
| 1,300,000 | 3.00%, 05/15/22 (c) | 1,281,367 | ||||||
| 2,235,000 | 3.80%, 06/15/23 (c) | 2,254,988 | ||||||
| 2,418,000 | 4.45%, 03/15/42 (c) | 2,095,270 | ||||||
| 4,000,000 | 5.70%, 10/15/19 | 4,305,112 | ||||||
| 5,400,000 | 6.75%, 11/15/39 | 6,107,918 | ||||||
| Kinross Gold Corp. | ||||||||
| 2,630,000 | 5.13%, 06/01/21 (c) † | 2,761,500 | ||||||
| 2,795,000 | 5.95%, 12/15/23 (c) | 3,010,774 | ||||||
| 1,501,000 | 6.88%, 03/01/41 (c) | 1,570,421 | ||||||
| Teck Resources Ltd. | ||||||||
| 4,656,000 | 3.75%, 11/01/22 (c) † | 4,605,017 | ||||||
| 4,618,000 | 4.75%, 10/15/21 (c) | 4,802,720 | ||||||
| 2,810,000 | 5.20%, 09/01/41 (c) | 2,697,600 | ||||||
| 749,000 | 6.00%, 02/15/40 (c) | 774,279 | ||||||
| 8,974,000 | 6.25%, 01/15/41 (c) | 9,557,310 | ||||||
| 47,234,901 | ||||||||
| Cayman Islands: 3.3% | ||||||||
| Noble Holding International Ltd. | ||||||||
| 530,000 | 3.95%, 03/15/22 | 455,800 | ||||||
| 616,000 | 4.63%, 03/01/21 | 569,800 | ||||||
| 2,553,000 | 5.25%, 03/15/42 † | 1,686,257 | ||||||
| 1,619,000 | 6.05%, 03/01/41 | 1,141,395 | ||||||
| 2,033,000 | 6.20%, 08/01/40 | 1,443,430 | ||||||
| 1,560,000 | 7.70%, 01/01/25 (c) | 1,419,600 | ||||||
| 2,738,000 | 8.70%, 10/01/44 (c) | 2,400,952 | ||||||
| Transocean, Inc. | ||||||||
| 4,781,000 | 5.80%, 07/15/22 (c) (s) † | 4,470,235 | ||||||
| 1,959,000 | 6.50%, 11/15/20 † | 1,998,180 | ||||||
| 7,015,000 | 6.80%, 03/15/38 † | 5,647,075 | ||||||
| 4,135,000 | 7.50%, 04/15/31 | 3,700,825 | ||||||
| 3,343,000 | 8.13%, 12/15/21 (s) | 3,493,435 | ||||||
| 28,426,984 | ||||||||
| Finland: 1.3% | ||||||||
| Nokia OYJ | ||||||||
| 5,314,000 | 5.38%, 05/15/19 | 5,652,767 | ||||||
| 3,003,000 | 6.63%, 05/15/39 | 3,298,195 | ||||||
| 1,705,000 | Stora Enso OYJ | |||||||
| 7.25%, 04/15/36 144A | 1,977,800 | |||||||
| 10,928,762 | ||||||||
| Principal Amount | Value | |||||||
| France: 1.0% | ||||||||
| $ | 2,248,000 | BPCE SA 12.50%, 09/30/19 (c) 144A | $ | 2,714,460 | ||||
| 5,410,000 | Credit Agricole SA 8.38%, 10/13/19 (c) 144A | 6,055,846 | ||||||
| 8,770,306 | ||||||||
| Ireland: 0.2% | ||||||||
| 1,566,000 | Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25 | 1,863,540 | ||||||
| Italy: 1.2% | ||||||||
| 10,720,000 | Intesa Sanpaolo SpA 5.02%, 06/26/24 144A | 10,228,692 | ||||||
| Japan: 1.7% | ||||||||
| 13,585,000 | SoftBank Corp. 4.50%, 04/15/20 † 144A | 14,154,211 | ||||||
| Liberia: 0.3% | ||||||||
| 1,673,000 | Royal Caribbean Cruises 7.50%, 10/15/27 | 2,170,718 | ||||||
| Luxembourg: 7.7% | ||||||||
| ArcelorMittal | ||||||||
| 3,655,000 | 6.00%, 08/05/20 (s) † | 3,965,675 | ||||||
| 3,835,000 | 6.13%, 06/01/18 † | 4,006,770 | ||||||
| 5,085,000 | 6.25%, 03/01/21 (s) † | 5,568,075 | ||||||
| 5,303,000 | 7.00%, 02/25/22 (s) † | 6,038,791 | ||||||
| 5,228,000 | 7.50%, 03/01/41 (s) † | 5,907,640 | ||||||
| 7,503,000 | 7.75%, 10/15/39 (s) | 8,609,692 | ||||||
| Telecom Italia Capital | ||||||||
| 6,850,000 | 6.00%, 09/30/34 | 7,038,375 | ||||||
| 7,300,000 | 6.38%, 11/15/33 | 7,686,754 | ||||||
| 5,364,000 | 7.00%, 06/04/18 | 5,645,610 | ||||||
| 3,645,000 | 7.18%, 06/18/19 | 4,009,500 | ||||||
| 6,492,000 | 7.72%, 06/04/38 | 7,514,490 | ||||||
| 65,991,372 | ||||||||
| Netherlands: 0.2% | ||||||||
| 1,392,000 | Royal Bank of Scotland NV 4.65%, 06/04/18 | 1,424,157 | ||||||
| United Kingdom: 7.6% | ||||||||
| Anglo American Capital Plc | ||||||||
| 355,000 | 2.63%, 09/27/17 144A | 354,517 | ||||||
| 6,725,000 | 3.63%, 05/14/20 144A | 6,842,687 | ||||||
| 7,170,000 | 4.13%, 04/15/21 144A | 7,367,175 | ||||||
| 550,000 | 4.45%, 09/27/20 144A | 574,750 | ||||||
| 3,500,000 | 4.88%, 05/14/25 144A | 3,666,250 | ||||||
| 3,100,000 | 9.38%, 04/08/19 144A | 3,503,000 | ||||||
| 2,972,000 | Barclays Bank Plc 6.28%, 12/15/34 (c) | 3,228,335 | ||||||
| Ensco Plc | ||||||||
| 3,145,000 | 4.50%, 07/01/24 (c) | 2,610,350 | ||||||
| 1,725,000 | 4.70%, 03/15/21 † | 1,737,938 | ||||||
| 3,292,000 | 5.20%, 12/15/24 (c) | 2,806,430 | ||||||
| 6,018,000 | 5.75%, 04/01/44 (c) | 4,413,601 | ||||||
| Lloyds Banking Group Plc | ||||||||
| 125,000 | 6.41%, 10/01/35 (c) Reg S | 135,938 | ||||||
| 1,815,000 | 6.41%, 10/01/35 (c) 144A | 1,973,813 | ||||||
| 2,475,000 | 6.66%, 05/21/37 (c) † 144A | 2,722,252 | ||||||
| Royal Bank of Scotland Group Plc | ||||||||
| 2,657,000 | 4.70%, 07/03/18 | 2,721,132 | ||||||
| 5,770,000 | 7.65%, 09/30/31 (c) | 6,866,300 | ||||||
See Notes to Financial Statements
| 44 |
| Principal Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| $ | 4,125,000 | Standard Chartered Plc 7.01%, 07/30/37 (c) 144A | $ | 4,609,687 | ||||
| 6,340,000 | Tesco Plc 6.15%, 11/15/37 144A | 6,497,682 | ||||||
| 2,545,000 | Virgin Media Secured Finance Plc 5.25%, 01/15/21 | 2,719,969 | ||||||
| 65,351,806 | ||||||||
| United States: 65.7% | ||||||||
| ADT Corp. | ||||||||
| 6,698,000 | 3.50%, 07/15/22 † | 6,513,805 | ||||||
| 2,210,000 | 4.13%, 06/15/23 | 2,160,275 | ||||||
| 420,000 | 4.88%, 07/15/32 144A | 368,550 | ||||||
| Alcatel-Lucent USA, Inc. | ||||||||
| 5,624,000 | 6.45%, 03/15/29 | 6,355,120 | ||||||
| 170,000 | 6.50%, 01/15/28 | 188,700 | ||||||
| Alcoa, Inc. | ||||||||
| 6,743,000 | 5.40%, 01/15/21 (c) | 7,257,154 | ||||||
| 3,824,000 | 5.72%, 02/23/19 | 4,064,988 | ||||||
| 5,259,000 | 5.90%, 02/01/27 | 5,678,195 | ||||||
| 2,999,000 | 5.95%, 02/01/37 | 3,070,976 | ||||||
| 4,805,000 | 6.15%, 08/15/20 | 5,273,487 | ||||||
| 2,140,000 | 6.75%, 07/15/18 | 2,278,105 | ||||||
| Allegheny Technologies, Inc. | ||||||||
| 5,326,000 | 5.95%, 10/15/20 (c) | 5,299,370 | ||||||
| 1,805,000 | 7.88%, 05/15/23 (c) (s) | 1,870,431 | ||||||
| 431,000 | 9.38%, 06/01/19 | 477,333 | ||||||
| 2,829,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 3,380,655 | ||||||
| 6,150,000 | Arconic, Inc. 5.87%, 02/23/22 | 6,663,525 | ||||||
| Avon Products, Inc. | ||||||||
| 706,000 | 6.60%, 03/15/20 (s) | 721,003 | ||||||
| 4,155,000 | 7.00%, 03/15/23 (s) | 4,019,962 | ||||||
| 2,835,000 | BAC Capital Trust XI 6.63%, 05/23/36 | 3,322,336 | ||||||
| Carpenter Technology Corp. | ||||||||
| 1,732,000 | 4.45%, 12/01/22 (c) | 1,770,991 | ||||||
| 1,205,000 | 5.20%, 04/15/21 (c) † | 1,258,435 | ||||||
| CDK Global, Inc. | ||||||||
| 1,467,000 | 3.80%, 09/15/19 (c) | 1,505,377 | ||||||
| 2,725,000 | 5.00%, 07/15/24 (c) | 2,793,125 | ||||||
| CenturyLink, Inc. | ||||||||
| 519,000 | 6.15%, 09/15/19 | 556,628 | ||||||
| 7,688,000 | 6.88%, 01/15/28 | 7,707,220 | ||||||
| 3,725,000 | 7.60%, 09/15/39 | 3,510,812 | ||||||
| CF Industries Holdings, Inc. | ||||||||
| 3,940,000 | 3.45%, 06/01/23 † | 3,683,900 | ||||||
| 3,815,000 | 4.95%, 06/01/43 | 3,222,416 | ||||||
| 4,710,000 | 5.15%, 03/15/34 | 4,274,325 | ||||||
| 3,303,000 | 5.38%, 03/15/44 | 2,890,125 | ||||||
| 1,385,000 | Choice Hotels International, Inc. 5.70%, 08/28/20 | 1,507,919 | ||||||
| 1,562,000 | Clear Channel Communications, Inc. 7.25%, 10/15/27 | 765,380 | ||||||
| 1,580,000 | Cliffs Natural Resources, Inc. 6.25%, 10/01/40 | 1,245,238 | ||||||
| 2,253,000 | Commercial Metals Co. 7.35%, 08/15/18 | 2,399,445 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| Continental Resources, Inc. | ||||||||
| $ | 5,592,000 | 3.80%, 03/01/24 (c) | $ | 5,284,440 | ||||
| 3,735,000 | 4.90%, 12/01/43 (c) † | 3,258,787 | ||||||
| 455,000 | Countrywide Capital III 8.05%, 06/15/27 | 570,850 | ||||||
| 1,869,000 | Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 2,177,385 | ||||||
| DCP Midstream Operating LP | ||||||||
| 2,405,000 | 2.70%, 03/01/19 (c) † | 2,411,013 | ||||||
| 3,874,000 | 3.88%, 12/15/22 (c) | 3,796,520 | ||||||
| 5,575,000 | 4.75%, 06/30/21 (c) 144A | 5,728,312 | ||||||
| 3,734,000 | 5.35%, 03/15/20 144A | 3,916,032 | ||||||
| 2,294,000 | 5.60%, 10/01/43 (c) | 2,202,240 | ||||||
| 1,750,000 | 6.45%, 11/03/36 144A | 1,885,625 | ||||||
| 3,951,000 | 6.75%, 09/15/37 144A | 4,348,668 | ||||||
| Dell, Inc. | ||||||||
| 3,443,000 | 4.63%, 04/01/21 † | 3,554,897 | ||||||
| 5,476,000 | 5.88%, 06/15/19 † | 5,852,037 | ||||||
| 3,401,000 | 6.50%, 04/15/38 | 3,375,833 | ||||||
| Diamond Offshore Drilling, Inc. | ||||||||
| 1,416,000 | 3.45%, 08/01/23 (c) | 1,263,780 | ||||||
| 4,360,000 | 4.88%, 05/01/43 (c) | 3,188,250 | ||||||
| 2,760,000 | 5.70%, 10/15/39 | 2,249,400 | ||||||
| 2,460,000 | 5.88%, 05/01/19 | 2,569,470 | ||||||
| 5,330,000 | Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A | 6,342,700 | ||||||
| Edgewell Personal Care | ||||||||
| 3,124,000 | 4.70%, 05/19/21 | 3,327,060 | ||||||
| 2,984,000 | 4.70%, 05/24/22 | 3,193,895 | ||||||
| 8,165,000 | Embarq Corp. 8.00%, 06/01/36 | 8,358,919 | ||||||
| EMC Corporation | ||||||||
| 10,140,000 | 1.88%, 06/01/18 | 10,098,081 | ||||||
| 10,911,000 | 2.65%, 06/01/20 | 10,685,077 | ||||||
| 6,933,000 | 3.38%, 03/01/23 (c) † | 6,691,121 | ||||||
| 2,167,000 | Energen Corp. 4.63%, 06/01/21 (c) | 2,180,544 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 500,000 | 2.70%, 03/01/19 (c) | 500,844 | ||||||
| 4,000,000 | 4.15%, 03/01/25 (c) | 4,023,236 | ||||||
| 3,000,000 | 5.05%, 10/01/44 (c) | 2,850,504 | ||||||
| FirstEnergy Solutions Co. | ||||||||
| 2,837,000 | 6.05%, 08/15/21 | 1,269,558 | ||||||
| 771,000 | 6.80%, 08/15/39 | 337,313 | ||||||
| Freeport-McMoRan, Inc. | ||||||||
| 1,399,000 | 2.38%, 03/15/18 | 1,397,251 | ||||||
| 9,095,000 | 3.10%, 03/15/20 † | 9,015,419 | ||||||
| 9,352,000 | 3.55%, 12/01/21 (c) | 8,837,640 | ||||||
| 13,335,000 | 3.88%, 12/15/22 (c) † | 12,434,887 | ||||||
| 5,519,000 | 5.40%, 05/14/34 (c) † | 4,925,707 | ||||||
| 9,737,000 | 5.45%, 09/15/42 (c) | 8,349,477 | ||||||
| Frontier Communications Corp. | ||||||||
| 1,606,000 | 6.86%, 02/01/28 † | 1,409,055 | ||||||
| 5,056,000 | 9.00%, 08/15/31 | 4,348,160 | ||||||
| 1,724,000 | GenOn Americas Generation, LLC 9.13%, 05/01/31 | 1,555,910 | ||||||
See Notes to Financial Statements
| 45 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| Genworth Holdings, Inc. | ||||||||
| $ | 5,472,000 | 4.80%, 02/15/24 | $ | 4,569,120 | ||||
| 266,000 | 6.50%, 06/15/34 | 217,455 | ||||||
| 1,582,000 | 6.52%, 05/22/18 † | 1,597,820 | ||||||
| 5,923,000 | 7.63%, 09/24/21 † | 5,671,272 | ||||||
| 4,372,000 | 7.70%, 06/15/20 | 4,348,828 | ||||||
| 7,412,000 | Goldman Sachs Capital I 6.35%, 02/15/34 | 8,887,744 | ||||||
| 2,216,000 | Graham Holdings Co. 7.25%, 02/01/19 | 2,392,394 | ||||||
| 1,656,000 | HCA, Inc. 7.69%, 06/15/25 | 1,896,120 | ||||||
| 1,405,000 | IFM (US) Colonial Pipeline 2 LLC 6.45%, 02/01/21 (c) 144A | 1,521,989 | ||||||
| Ingram Micro, Inc. | ||||||||
| 1,585,000 | 5.00%, 02/10/22 (c) | 1,606,657 | ||||||
| 2,791,000 | 5.45%, 09/15/24 (c) | 2,805,463 | ||||||
| 2,711,000 | International Game Technology 7.50%, 06/15/19 | 2,992,266 | ||||||
| 3,881,000 | Invista Finance LLC 4.25%, 10/15/19 144A | 4,007,132 | ||||||
| JC Penney Corp., Inc. | ||||||||
| 2,368,000 | 6.38%, 10/15/36 † | 1,823,360 | ||||||
| 2,614,000 | 7.40%, 04/01/37 (p) | 2,150,015 | ||||||
| 1,425,000 | 7.63%, 03/01/97 | 1,110,859 | ||||||
| 2,000,000 | Joy Global, Inc. 5.13%, 10/15/21 | 2,210,528 | ||||||
| 3,575,000 | L Brands, Inc. 6.95%, 03/01/33 | 3,432,000 | ||||||
| 2,498,000 | Leidos Holdings, Inc. 4.45%, 09/01/20 (c) | 2,613,532 | ||||||
| Leucadia National Corp. | ||||||||
| 4,208,000 | 5.50%, 01/18/23 (c) | 4,537,722 | ||||||
| 1,276,000 | 6.63%, 07/23/43 (c) | 1,298,052 | ||||||
| 1,835,000 | Lexmark International, Inc. 6.13%, 03/15/20 | 1,898,641 | ||||||
| 1,480,000 | McClatchy Co. 6.88%, 03/15/29 | 1,232,100 | ||||||
| MDC Holdings, Inc. | ||||||||
| 1,374,000 | 5.50%, 10/15/23 (c) | 1,435,418 | ||||||
| 1,600,000 | 5.63%, 02/01/20 | 1,735,680 | ||||||
| 1,740,000 | 6.00%, 10/15/42 (c) | 1,598,082 | ||||||
| Meccanica Holdings USA, Inc. | ||||||||
| 2,085,000 | 6.25%, 07/15/19 † 144A | 2,241,375 | ||||||
| 2,170,000 | 6.25%, 01/15/40 144A | 2,338,175 | ||||||
| 1,540,000 | 7.38%, 07/15/39 144A | 1,801,800 | ||||||
| 2,500,000 | Midcontinent Express Pipeline LLC 6.70%, 09/15/19 144A | 2,687,500 | ||||||
| Murphy Oil Corp. | ||||||||
| 5,303,000 | 4.00%, 03/01/22 (c) † | 5,117,395 | ||||||
| 1,375,000 | 4.70%, 09/01/22 (c) | 1,347,500 | ||||||
| 2,703,000 | 6.13%, 06/01/42 (c) | 2,561,093 | ||||||
| Nabors Industries, Inc. | ||||||||
| 3,005,000 | 4.63%, 09/15/21 | 3,050,075 | ||||||
| 6,394,000 | 5.00%, 09/15/20 | 6,617,790 | ||||||
| 1,660,000 | 5.10%, 06/15/23 (c) | 1,680,750 | ||||||
| 312,000 | 6.15%, 02/15/18 | 320,970 | ||||||
| 50,000 | 9.25%, 01/15/19 | 55,500 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| New Albertsons, Inc. | ||||||||
| $ | 983,000 | 6.63%, 06/01/28 | $ | 884,700 | ||||
| 3,272,000 | 8.00%, 05/01/31 † | 3,206,560 | ||||||
| 1,402,000 | 8.70%, 05/01/30 | 1,394,990 | ||||||
| 2,785,000 | NGPL Pipeco LLC 7.77%, 12/15/37 144A | 3,216,675 | ||||||
| 1,100,000 | Nine West Holdings, Inc. 6.13%, 11/15/34 | 242,000 | ||||||
| NuStar Logistics, LP | ||||||||
| 420,000 | 4.75%, 11/01/21 (c) | 426,300 | ||||||
| 3,436,000 | 4.80%, 09/01/20 | 3,559,696 | ||||||
| 2,105,000 | Och-Ziff Finance Co. LLC 4.50%, 11/20/19 144A | 2,010,275 | ||||||
| ONEOK, Inc. | ||||||||
| 3,082,000 | 4.25%, 11/01/21 (c) | 3,204,787 | ||||||
| 2,099,000 | 6.00%, 06/15/35 | 2,214,445 | ||||||
| 1,524,000 | Pactiv LLC 7.95%, 12/15/25 | 1,684,020 | ||||||
| PulteGroup, Inc. | ||||||||
| 4,114,000 | 6.38%, 05/15/33 | 4,344,096 | ||||||
| 1,354,000 | 7.88%, 06/15/32 | 1,546,945 | ||||||
| 47,000 | RBS Capital Trust II 6.43%, 01/03/34 (c) | 51,465 | ||||||
| 1,594,000 | Rite Aid Corp. 7.70%, 02/15/27 | 1,729,490 | ||||||
| Rockies Express Pipeline | ||||||||
| 5,315,000 | 5.63%, 04/15/20 144A | 5,708,310 | ||||||
| 2,191,000 | 6.85%, 07/15/18 144A | 2,308,460 | ||||||
| 3,861,000 | 6.88%, 04/15/40 144A | 4,145,749 | ||||||
| Rowan Cos, Inc. | ||||||||
| 2,342,000 | 4.75%, 10/15/23 (c) | 2,072,670 | ||||||
| 3,458,000 | 4.88%, 03/01/22 (c) | 3,267,810 | ||||||
| 4,089,000 | 5.40%, 06/01/42 (c) | 3,107,640 | ||||||
| 1,977,000 | RR Donnelley & Sons Co. 7.63%, 06/15/20 † | 2,179,643 | ||||||
| Safeway, Inc. | ||||||||
| 1,467,000 | 5.00%, 08/15/19 | 1,492,673 | ||||||
| 3,273,000 | 7.25%, 02/01/31 | 3,182,992 | ||||||
| 2,090,000 | Sealed Air Corp. 6.88%, 07/15/33 144A | 2,283,325 | ||||||
| SLM Corp. | ||||||||
| 2,525,000 | 5.63%, 08/01/33 | 2,032,625 | ||||||
| 10,396,000 | 8.00%, 03/25/20 | 11,435,600 | ||||||
| 5,887,000 | 8.45%, 06/15/18 | 6,291,731 | ||||||
| Southwestern Energy Co. | ||||||||
| 7,248,000 | 4.10%, 12/15/21 (c) † | 6,813,120 | ||||||
| 3,383,000 | 5.80%, 12/23/19 (c) | 3,433,745 | ||||||
| 5,036,000 | 6.70%, 10/23/24 (c) | 5,036,000 | ||||||
| Sprint Capital Corp. | ||||||||
| 12,735,000 | 6.88%, 11/15/28 | 13,817,475 | ||||||
| 8,415,000 | 6.90%, 05/01/19 | 9,014,569 | ||||||
| 11,153,000 | 8.75%, 03/15/32 | 13,752,987 | ||||||
| 345,000 | Sprint Communications, Inc. 9.25%, 04/15/22 | 419,175 | ||||||
| Symantec Corp. | ||||||||
| 2,500,000 | 3.95%, 03/15/22 (c) | 2,554,275 | ||||||
| 3,774,000 | 4.20%, 09/15/20 | 3,938,169 | ||||||
See Notes to Financial Statements
| 46 |
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| Talen Energy Supply LLC | ||||||||
| $ | 4,627,000 | 4.60%, 09/15/21 (c) † | $ | 3,609,060 | ||||
| 1,566,000 | 6.50%, 05/01/18 | 1,585,575 | ||||||
| 2,308,000 | Tenet Healthcare Corp. 6.88%, 11/15/31 | 1,984,880 | ||||||
| 1,430,000 | Toll Brothers Finance Corp. 6.75%, 11/01/19 | 1,578,363 | ||||||
| 100,000 | TRW Automotive, Inc. 4.45%, 09/01/23 (c) § 144A | 98,250 | ||||||
| 3,004,000 | United States Cellular Corp. 6.70%, 12/15/33 | 3,049,060 | ||||||
| 1,913,000 | United States Steel Corp. 6.65%, 06/01/37 † | 1,673,875 | ||||||
| Williams Cos, Inc. | ||||||||
| 5,787,000 | 3.70%, 10/15/22 (c) | 5,729,130 | ||||||
| 7,605,000 | 4.55%, 03/24/24 (c) | 7,823,644 | ||||||
| 4,462,000 | 5.75%, 12/24/43 (c) | 4,640,480 | ||||||
| 1,224,000 | 7.50%, 01/15/31 | 1,453,500 | ||||||
| 1,341,000 | 7.88%, 09/01/21 | 1,577,351 | ||||||
| 1,654,000 | XPO CNW, Inc. 6.70%, 05/01/34 | 1,563,030 | ||||||
| Yum! Brands, Inc. | ||||||||
| 3,536,000 | 3.75%, 08/01/21 (c) | 3,611,140 | ||||||
| 4,109,000 | 3.88%, 08/01/23 (c) | 4,073,046 | ||||||
| 2,613,000 | 6.88%, 11/15/37 | 2,724,052 | ||||||
| 562,010,998 | ||||||||
| Total Corporate Bonds (Cost: $803,854,662) | 838,601,326 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.7% (Cost: $5,858,882) | ||||||||
| 5,858,882 | Dreyfus Government Cash Management Fund – Institutional Shares | 5,858,882 | ||||||
| Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $809,713,544) | 844,460,208 | |||||||
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 8.1% | ||||||||
| Repurchase Agreements: 8.1% | ||||||||
| $ | 16,476,310 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $16,477,436; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $16,805,836 including accrued interest) | $ | 16,476,310 | ||||
| 16,476,310 | Repurchase agreement dated 4/28/17 with Credit Suisse Securities LLC, 0.80%, due 5/1/17, proceeds $16,477,408; (collateralized by various U.S. government and agency obligations, 0.13% to 2.63%, due 7/15/17 to 1/15/27, valued at $16,806,154 including accrued interest) | 16,476,310 | ||||||
| 16,476,310 | Repurchase agreement dated 4/28/17 with Daiwa Capital Markets America, Inc., 0.85%, due 5/1/17, proceeds $16,477,477; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/18/17 to 12/1/51, valued at $16,805,836 including accrued interest) | 16,476,310 | ||||||
| 3,466,979 | Repurchase agreement dated 4/28/17 with Deutsche Bank Securities, Inc., 0.84%, due 5/1/17, proceeds $3,467,222; (collateralized by various U.S. government and agency obligations, 1.38% to 2.50%, due 12/31/18 to 9/9/49, valued at $3,536,320 including accrued interest) | 3,466,979 | ||||||
| 16,476,310 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, due 5/1/17, proceeds $16,477,422; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 9/20/42 to 4/20/45, valued at $16,805,836 including accrued interest) | 16,476,310 | ||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $69,372,219) | 69,372,219 | |||||||
| Total Investments: 106.8% (Cost: $879,085,763) | 913,832,427 | |||||||
| Liabilities in excess of other assets: (6.8)% | (58,452,121 | ) | ||||||
| NET ASSETS: 100.0% | $ | 855,380,306 | ||||||
See Notes to Financial Statements
| 47 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| (s) | Step Bond — coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| † | Security fully or partially on loan. Total market value of securities on loan is $67,348,491. |
| § | Illiquid Security — the aggregate value of illiquid securities is $98,250 which represents 0.0% 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 $131,111,724, or 15.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 23.6 | % | $ | 199,338,678 | ||||
| Communications | 16.4 | 138,697,675 | ||||||
| Consumer, Cyclical | 5.9 | 49,397,081 | ||||||
| Consumer, Non-cyclical | 4.0 | 33,409,979 | ||||||
| Diversified | 0.7 | 5,835,774 | ||||||
| Energy | 26.3 | 222,442,576 | ||||||
| Financial | 12.2 | 103,411,088 | ||||||
| Industrial | 3.4 | 28,643,338 | ||||||
| Technology | 5.8 | 49,067,721 | ||||||
| Utilities | 1.0 | 8,357,416 | ||||||
| Money Market Fund | 0.7 | 5,858,882 | ||||||
| 100.0 | % | $ | 844,460,208 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Corporate Bonds* | $ | — | $ | 838,601,326 | $ | — | $ | 838,601,326 | ||||||||||
| Money Market Fund | 5,858,882 | — | — | 5,858,882 | ||||||||||||||
| Repurchase Agreements | — | 69,372,219 | — | 69,372,219 | ||||||||||||||
| Total | $ | 5,858,882 | $ | 907,973,545 | $ | — | $ | 913,832,427 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 48 |
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 62.8% | ||||||||
| Australia: 1.5% | ||||||||
| USD | 100,000 | Westpac Banking Corp. 3.50%, 02/07/22 Reg S | $ | 76,002 | ||||
| Cayman Islands: 5.8% | ||||||||
| 100,000 | Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 101,870 | ||||||
| 200,000 | MTR Corp. CI Ltd. 2.50%, 11/02/26 Reg S | 193,210 | ||||||
| 295,080 | ||||||||
| China / Hong Kong: 6.0% | ||||||||
| Bank of China Ltd. | ||||||||
| 100,000 | 0.75%, 07/12/21 Reg S | 108,614 | ||||||
| 200,000 | 2.25%, 07/12/21 Reg S | 195,542 | ||||||
| 304,156 | ||||||||
| France: 13.9% | ||||||||
| Electricite de France SA | ||||||||
| 200,000 | 1.00%, 07/13/26 (c) Reg S | 212,740 | ||||||
| 50,000 | 3.63%, 07/13/25 (c) 144A | 51,120 | ||||||
| 100,000 | Engie SA 2.38%, 05/19/26 Reg S | 121,550 | ||||||
| 100,000 | SNCF Reseau EPIC 1.00%, 11/09/31 Reg S | 102,948 | ||||||
| 100,000 | Societe Generale SA 0.75%, 11/25/20 Reg S | 111,324 | ||||||
| 100,000 | Unibail-Rodamco SE 1.00%, 03/14/25 Reg S | 109,161 | ||||||
| 708,843 | ||||||||
| Germany: 12.7% | ||||||||
| 100,000 | Berlin Hyp AG 0.50%, 09/26/23 | 108,645 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 220,000 | 0.38%, 07/22/19 Reg S | 244,678 | ||||||
| SEK | 1,410,000 | 0.50%, 01/27/21 | 161,018 | |||||
| USD | 130,000 | 1.88%, 11/30/20 | 130,381 | |||||
| 644,722 | ||||||||
| Mexico: 2.0% | ||||||||
| 100,000 | Mexico City Airport Trust 4.25%, 07/31/26 (c) 144A | 101,250 | ||||||
| Netherlands: 8.7% | ||||||||
| 100,000 | Enel Finance International NV 1.00%, 09/16/24 Reg S | 108,606 | ||||||
| 200,000 | ING Bank NV 2.00%, 11/26/18 144A | 199,899 | ||||||
| 120,000 | TenneT Holding BV 0.88%, 03/04/21 (c) Reg S | 134,499 | ||||||
| 443,004 | ||||||||
| Spain: 2.2% | ||||||||
| 100,000 | Iberdrola Finanzas SA 1.00%, 12/07/23 (c) Reg S | 110,184 | ||||||
| Principal Amount | Value | |||||||
| United States: 10.0% | ||||||||
| USD | 100,000 | Apple, Inc. 2.85%, 12/23/22 (c) | $ | 101,651 | ||||
| 100,000 | Bank of America Corp. 2.15%, 11/09/19 (c) | 99,397 | ||||||
| 100,000 | MidAmerican Energy Co. 3.10%, 02/01/27 (c) | 100,685 | ||||||
| Southern Power Co. | ||||||||
| EUR | 100,000 | 1.00%, 06/20/22 | 109,506 | |||||
| USD | 100,000 | 1.95%, 12/15/19 | 99,545 | |||||
| 510,784 | ||||||||
| Total Corporate Bonds (Cost: $3,121,999) | 3,194,025 | |||||||
| GOVERNMENT OBLIGATIONS: 37.1% | ||||||||
| Canada: 1.7% | ||||||||
| 120,000 | Province of Ontario Canada 1.95%, 01/27/23 | 88,931 | ||||||
| France: 10.1% | ||||||||
| 350,000 | French Republic Government Bond OAT 1.75%, 06/25/39 Reg S 144A | 392,132 | ||||||
| 100,000 | Region of Ile de France 2.38%, 04/24/26 | 123,556 | ||||||
| 515,688 | ||||||||
| South Korea: 2.0% | ||||||||
| 100,000 | Export-Import Bank of Korea 1.75%, 02/27/18 | 99,865 | ||||||
| Supranational: 20.6% | ||||||||
| 100,000 | African Development Bank 1.38%, 12/17/18 | 99,904 | ||||||
| 100,000 | Asian Development Bank 1.00%, 08/16/19 | 98,929 | ||||||
| European Investment Bank | ||||||||
| 200,000 | 0.50%, 11/15/23 Reg S | 223,994 | ||||||
| 150,000 | 1.38%, 11/15/19 | 170,992 | ||||||
| 100,000 | 2.13%, 04/13/26 | 97,277 | ||||||
| 50,000 | 2.25%, 03/07/20 Reg S | 67,921 | ||||||
| 120,000 | International Finance Corp. 2.13%, 04/07/26 | 117,101 | ||||||
| Nordic Investment Bank | ||||||||
| 200,000 | 0.16%, 04/23/20 | 22,711 | ||||||
| 400,000 | 0.63%, 01/20/21 Reg S | 45,935 | ||||||
| 100,000 | 2.25%, 09/30/21 | 101,218 | ||||||
| 1,045,982 | ||||||||
| United Kingdom: 2.7% | ||||||||
| 100,000 | Transport for London 2.13%, 04/24/25 Reg S | 137,126 | ||||||
| Total Government Obligations (Cost: $1,833,098) | 1,887,592 | |||||||
| Total Investments: 99.9% (Cost: $4,955,097) | 5,081,617 | |||||||
| Other assets less liabilities: 0.1% | 6,707 | |||||||
| NET ASSETS: 100.0% | $ | 5,088,324 | ||||||
See Notes to Financial Statements
| 49 |
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| EUR | Euro |
| SEK | Swedish Krona |
| USD | United States Dollar |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| 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 $744,401, or 14.6% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Basic Materials | 2.0 | % | $ | 101,870 | ||||
| Consumer, Non-cyclical | 2.0 | 102,948 | ||||||
| Financial | 30.4 | 1,544,661 | ||||||
| Government | 37.2 | 1,887,592 | ||||||
| Industrial | 5.8 | 294,460 | ||||||
| Technology | 2.0 | 101,651 | ||||||
| Utilities | 20.6 | 1,048,435 | ||||||
| 100.0 | % | $ | 5,081,617 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Corporate Bonds* | $ | — | $ | 3,194,025 | $ | — | $ | 3,194,025 | |||||||||||
| Government Obligations* | — | 1,887,592 | — | 1,887,592 | |||||||||||||||
| Total | $ | — | $ | 5,081,617 | $ | — | $ | 5,081,617 | |||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 50 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 95.6% | ||||||||
| Argentina: 1.2% | ||||||||
| USD | 200,000 | Arcor SAIC 6.00%, 07/06/20 (c) 144A | $ | 214,850 | ||||
| 200,000 | Pampa Energia SA 7.50%, 01/24/22 (c) 144A | 213,500 | ||||||
| Pan American Energy LLC | ||||||||
| 150,000 | 7.88%, 05/07/21 Reg S | 164,280 | ||||||
| 25,000 | 7.88%, 05/07/21 144A | 27,380 | ||||||
| 100,000 | Petrobras Argentina SA 7.38%, 07/21/20 (c) † 144A | 107,171 | ||||||
| YPF SA | ||||||||
| 725,000 | 8.50%, 07/28/25 † 144A | 821,969 | ||||||
| 65,000 | 8.88%, 12/19/18 † 144A | 70,512 | ||||||
| 1,619,662 | ||||||||
| Australia: 0.6% | ||||||||
| 100,000 | Barminco Finance Pty Ltd. 9.00%, 06/01/18 144A | 108,500 | ||||||
| 105,000 | FMG Resources August 2006 Pty Ltd. 6.88%, 05/29/17 (c) 144A | 108,872 | ||||||
| EUR | 300,000 | Origin Energy Finance Ltd. 7.88%, 06/16/18 (c) Reg S | 347,062 | |||||
| USD | 150,000 | Virgin Australia Holdings Ltd. 7.88%, 10/15/21 144A | 157,125 | |||||
| 721,559 | ||||||||
| Austria: 1.2% | ||||||||
| 300,000 | JBS Investments GmbH 7.25%, 04/03/19 (c) 144A | 315,375 | ||||||
| 380,000 | JBS USA Finance, Inc. 7.25%, 05/29/17 (c) 144A | 392,350 | ||||||
| EUR | 300,000 | Raiffeisen Bank International 4.50%, 02/21/20 (c) Reg S | 345,861 | |||||
| 200,000 | Sappi Papier Holding GmbH 3.38%, 04/01/18 (c) Reg S | 225,566 | ||||||
| 200,000 | Wienerberger AG 5.00%, 02/09/21 (c) | 234,172 | ||||||
| 1,513,324 | ||||||||
| Barbados: 0.2% | ||||||||
| USD | 250,000 | Columbus International, Inc. 7.38%, 03/30/18 (c) 144A | 270,000 | |||||
| Belgium: 0.2% | ||||||||
| EUR | 200,000 | Barry Callebaut Services NV 5.63%, 06/15/21 Reg S | 261,045 | |||||
| Bermuda: 1.1% | ||||||||
| USD | 200,000 | China Oil & Gas Group Ltd. 5.25%, 05/21/17 (c) 144A | 202,125 | |||||
| Digicel Group Ltd. | ||||||||
| 340,000 | 6.00%, 05/29/17 (c) 144A | 324,700 | ||||||
| 400,000 | 7.13%, 05/30/17 (c) 144A | 337,600 | ||||||
| 200,000 | Inkia Energy Ltd. 8.38%, 05/30/17 (c) 144A | 207,400 | ||||||
| 325,000 | Noble Group Ltd. 6.75%, 01/29/20 144A | 312,000 | ||||||
| 1,383,825 | ||||||||
| Principal Amount | Value | |||||||
| Brazil: 3.3% | ||||||||
| USD | 570,000 | Banco Bradesco SA 5.90%, 01/16/21 144A | $ | 610,356 | ||||
| 380,000 | Banco BTG Pactual SA 5.75%, 09/28/22 Reg S | 357,056 | ||||||
| Banco do Brasil SA | ||||||||
| EUR | 400,000 | 3.75%, 07/25/18 Reg S | 449,301 | |||||
| USD | 570,000 | 5.88%, 01/19/23 144A | 595,650 | |||||
| 200,000 | Banco Votorantim SA 7.38%, 01/21/20 144A | 215,500 | ||||||
| 75,000 | Cent Elet Brasileiras SA 6.88%, 07/30/19 144A | 79,875 | ||||||
| 300,000 | Centrais Eletricas Brasileiras SA 5.75%, 10/27/21 144A | 308,700 | ||||||
| 1,170,000 | Itau Unibanco Holding SA 5.13%, 05/13/23 144A | 1,200,712 | ||||||
| 450,000 | Votorantim Cimentos SA 7.25%, 04/05/41 144A | 461,812 | ||||||
| 4,278,962 | ||||||||
| British Virgin Islands: 2.2% | ||||||||
| 100,000 | Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A | 107,761 | ||||||
| 150,000 | Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A | 153,450 | ||||||
| 200,000 | Greenland Global Investment Ltd. 5.88%, 07/03/24 Reg S | 206,475 | ||||||
| 450,000 | GTL Trade Finance, Inc. 5.89%, 01/29/24 (c) † 144A | 460,800 | ||||||
| 200,000 | Hanrui Overseas Investment Co. Ltd. 4.90%, 06/28/19 Reg S | 198,736 | ||||||
| 200,000 | Oceanwide Holdings International Co. Ltd. 9.63%, 08/11/18 (c) (p) † Reg S | 219,241 | ||||||
| 200,000 | RKI Overseas Finance 2016 A Ltd. 5.00%, 08/09/19 Reg S | 204,002 | ||||||
| 400,000 | Sparkle Assets Ltd. 6.88%, 05/29/17 (c) Reg S | 414,749 | ||||||
| 200,000 | Studio City Co. Ltd. 7.25%, 11/30/18 (c) 144A | 214,900 | ||||||
| 200,000 | Studio City Finance Ltd. 8.50%, 05/30/17 (c) † 144A | 209,750 | ||||||
| 200,000 | Wanda Properties International Co. Ltd. 7.25%, 01/29/24 Reg S | 223,565 | ||||||
| 75,000 | Yingde Gases Investment Ltd. 8.13%, 05/30/17 (c) 144A | 75,927 | ||||||
| 200,000 | Zhongrong International Bond Ltd. 6.95%, 06/21/19 Reg S | 207,001 | ||||||
| 2,896,357 | ||||||||
| Bulgaria: 0.2% | ||||||||
| EUR | 200,000 | Bulgarian Energy Holding 4.25%, 11/07/18 Reg S | 227,427 | |||||
See Notes to Financial Statements
| 51 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Canada: 6.5% | ||||||||
| USD | 125,000 | Air Canada 7.75%, 04/15/21 † 144A | $ | 141,875 | ||||
| 320,000 | Baytex Energy Corp. 5.63%, 06/01/19 (c) † 144A | 294,400 | ||||||
| Bombardier, Inc. | ||||||||
| EUR | 300,000 | 6.13%, 05/15/21 Reg S | 354,192 | |||||
| USD | 445,000 | 6.13%, 01/15/23 144A | 445,000 | |||||
| CAD | 399,000 | 7.35%, 12/22/26 144A | 284,521 | |||||
| USD | 100,000 | 7.50%, 03/15/20 (c) 144A | 104,250 | |||||
| 300,000 | Brookfield Residential 6.50%, 05/29/17 (c) 144A | 312,750 | ||||||
| 150,000 | Cascades, Inc. 5.50%, 07/15/17 (c) 144A | 151,875 | ||||||
| 400,000 | Concordia Healthcare Corp. 9.50%, 12/15/18 (c) 144A | 80,000 | ||||||
| 200,000 | Eldorado Gold Corp. 6.13%, 05/29/17 (c) 144A | 206,500 | ||||||
| 200,000 | Emera Inc. 6.75%, 06/15/26 (c) † | 221,250 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 471,000 | 7.00%, 02/15/18 (c) 144A | 489,840 | ||||||
| 100,000 | 7.50%, 04/01/20 (c) 144A | 102,250 | ||||||
| 150,000 | GFL Environmental, Inc. 9.88%, 02/01/18 (c) 144A | 162,000 | ||||||
| CAD | 150,000 | Great Canadian Gaming Corp. 6.63%, 07/25/17 (c) 144A | 114,916 | |||||
| USD | 200,000 | Hudbay Minerals, Inc. 7.63%, 01/15/20 (c) 144A | 215,250 | |||||
| 250,000 | Jupiter Resources, Inc. 8.50%, 10/01/17 (c) 144A | 205,000 | ||||||
| 275,000 | Kinross Gold Corp. 5.95%, 12/15/23 (c) | 296,230 | ||||||
| 256,000 | Lightstream Resources 8.63%, 05/29/17 (c) (d) * 144A | 1,285 | ||||||
| 250,000 | Lundin Mining Corp. 7.50%, 11/01/17 (c) 144A | 266,250 | ||||||
| 200,000 | Mattamy Group Corp. 6.88%, 12/15/19 (c) 144A | 208,500 | ||||||
| 500,000 | MEG Energy Corp. 6.38%, 07/30/17 (c) 144A | 442,500 | ||||||
| 200,000 | New Gold, Inc. 6.25%, 11/15/17 (c) 144A | 205,000 | ||||||
| 560,000 | New Red Finance, Inc. 6.00%, 10/01/17 (c) 144A | 585,200 | ||||||
| 100,000 | Northern Blizzard Resources, Inc. 7.25%, 05/30/17 (c) 144A | 101,550 | ||||||
| 250,000 | NOVA Chemicals Corp. 5.25%, 08/01/18 (c) 144A | 257,812 | ||||||
| 300,000 | Open Text Corp. 5.63%, 01/15/18 (c) 144A | 315,750 | ||||||
| 280,000 | Precision Drilling Corp. 6.50%, 05/30/17 (c) | 284,900 | ||||||
| Quebecor Media, Inc. | ||||||||
| 290,000 | 5.75%, 01/15/23 | 306,312 | ||||||
| CAD | 175,000 | 6.63%, 01/15/23 144A | 138,869 | |||||
| USD | 300,000 | Seven Generations Energy Ltd. 8.25%, 05/30/17 (c) 144A | 315,000 | |||||
| CAD | 200,000 | Sobeys, Inc. 4.70%, 05/08/23 (c) | 152,995 | |||||
| Principal Amount | Value | |||||||
| Canada: (continued) | ||||||||
| Teck Resources Ltd. | ||||||||
| USD | 150,000 | 4.75%, 10/15/21 (c) | $ | 156,000 | ||||
| 450,000 | 6.25%, 01/15/41 (c) | 479,250 | ||||||
| CAD | 104,000 | Videotron Ltd. 6.88%, 05/01/17 (c) | 78,677 | |||||
| 8,477,949 | ||||||||
| Cayman Islands: 6.0% | ||||||||
| USD | 200,000 | Agile Group Holdings Ltd. 9.00%, 05/21/18 (c) Reg S | 219,118 | |||||
| 200,000 | Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S | 202,435 | ||||||
| 200,000 | Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S | 201,326 | ||||||
| 200,000 | CAR, Inc. 6.13%, 02/04/18 (c) 144A | 207,000 | ||||||
| 200,000 | Central China Real Estate Ltd. 8.75%, 01/23/19 (c) Reg S | 218,235 | ||||||
| 200,000 | CIFI Holdings Group Co. Ltd. 7.75%, 06/05/18 (c) Reg S | 215,002 | ||||||
| 440,000 | Country Garden Holdings Co. Ltd. 7.50%, 01/10/18 (c) 144A | 466,157 | ||||||
| 560,000 | Evergrande Real Estate Group Ltd. 8.75%, 05/29/17 (c) 144A | 582,120 | ||||||
| 150,000 | Global A&T Electronics Ltd. 10.00%, 05/29/17 (c) 144A | 109,313 | ||||||
| 200,000 | Greenland Hong Kong Holdings Ltd. 3.88%, 07/28/19 Reg S | 199,486 | ||||||
| 200,000 | Grupo Aval Ltd. 4.75%, 09/26/22 144A | 202,876 | ||||||
| 200,000 | Industrial Senior Trust 5.50%, 11/01/22 Reg S | 203,750 | ||||||
| 400,000 | KWG Property Holdings Ltd. 8.98%, 05/30/17 (c) Reg S | 419,749 | ||||||
| 200,000 | Latam Finance Ltd. 6.88%, 04/11/21 (c) 144A | 203,700 | ||||||
| 200,000 | Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S | 212,182 | ||||||
| 200,000 | MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S | 210,916 | ||||||
| 200,000 | MCE Finance Ltd. 5.00%, 05/30/17 (c) 144A | 205,380 | ||||||
| 100,000 | MIE Holdings Corp. 7.50%, 05/30/17 (c) 144A | 64,500 | ||||||
| 550,000 | Noble Holding International Ltd. 7.70%, 01/01/25 (c) | 500,500 | ||||||
| 429,988 | Odebrecht Offshore Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A | 170,920 | ||||||
| 500,000 | Park Aerospace Holdings Ltd. 5.50%, 02/15/24 144A | 530,000 | ||||||
| 400,000 | Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) † Reg S | 446,471 | ||||||
| 200,000 | Suzano Trading Ltd. 5.88%, 01/23/21 144A | 214,300 | ||||||
See Notes to Financial Statements
| 52 |
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 200,000 | TAM Capital 3, Inc. 8.38%, 05/30/17 (c) 144A | $ | 208,250 | ||||
| 200,000 | Times Property Holdings Ltd. 11.45%, 03/05/18 (c) Reg S | 223,266 | ||||||
| UPCB Finance IV Ltd. | ||||||||
| EUR | 100,000 | 4.00%, 01/15/21 (c) Reg S | 113,074 | |||||
| USD | 235,000 | 5.38%, 01/15/20 (c) 144A | 240,288 | |||||
| 245,000 | Vale Overseas Ltd. 4.38%, 01/11/22 | 251,664 | ||||||
| 260,000 | Wynn Macau Ltd. 5.25%, 05/29/17 (c) 144A | 267,800 | ||||||
| 300,000 | Yuzhou Properties Co. Ltd. 6.00%, 10/25/20 (c) Reg S | 305,957 | ||||||
| 7,815,735 | ||||||||
| Chile: 0.1% | ||||||||
| 200,000 | Empresa Electrica Guacolda SA 4.56%, 01/30/25 (c) 144A | 193,118 | ||||||
| China / Hong Kong: 0.8% | ||||||||
| 400,000 | Bank of East Asia Ltd. 5.50%, 12/02/20 (c) † Reg S | 403,777 | ||||||
| 400,000 | China Cinda Asset Management Co. Ltd. 4.45%, 09/30/21 (c) Reg S | 395,572 | ||||||
| 200,000 | ICBC Asia Ltd. 4.25%, 07/21/21 (c) Reg S | 197,753 | ||||||
| 997,102 | ||||||||
| Colombia: 1.4% | ||||||||
| 100,000 | Banco Davivienda SA 5.88%, 07/09/22 Reg S | 108,350 | ||||||
| 400,000 | Banco de Bogota SA 5.38%, 02/19/23 144A | 421,000 | ||||||
| Banco GNB Sudameris SA | ||||||||
| 80,000 | 7.50%, 07/30/22 Reg S | 86,400 | ||||||
| 50,000 | 7.50%, 07/30/22 144A | 54,000 | ||||||
| 300,000 | Bancolombia SA 5.13%, 09/11/22 † | 314,250 | ||||||
| 765,000 | Colombia Telecomunicaciones SA, ESP 5.38%, 09/27/17 (c) Reg S | 780,300 | ||||||
| 1,764,300 | ||||||||
| Croatia: 0.1% | ||||||||
| 175,000 | Agrokor D.D. 8.88%, 05/30/17 (c) Reg S | 71,859 | ||||||
| Denmark: 0.1% | ||||||||
| EUR | 150,000 | TDC A/S 3.50%, 02/26/21 (c) Reg S | 164,559 | |||||
| Finland: 0.5% | ||||||||
| USD | 434,000 | Nokia OYJ 5.38%, 05/15/19 | 461,667 | |||||
| EUR | 200,000 | Stora Enso OYJ 5.50%, 03/07/19 Reg S | 239,249 | |||||
| 700,916 | ||||||||
| France: 6.1% | ||||||||
| 200,000 | Accor SA 4.12%, 06/30/20 (c) Reg S | 227,116 | ||||||
| 220,000 | BPCE SA 12.50%, 09/30/19 (c) Reg S | 305,137 | ||||||
| Principal Amount | Value | |||||||
| France: (continued) | ||||||||
| Casino Guichard Perrachon SA | ||||||||
| EUR | 400,000 | 4.50%, 12/07/23 (c) Reg S $ | $ | 481,424 | ||||
| 300,000 | 4.56%, 01/25/23 (p) Reg S | 367,499 | ||||||
| 300,000 | 4.87%, 01/31/19 (c) Reg S | 324,834 | ||||||
| USD | 290,000 | Cie Generale de Geophysique Veritas 6.50%, 05/29/17 (c) | 139,200 | |||||
| EUR | 150,000 | CMA CGM SA 7.75%, 01/15/18 (c) Reg S | 169,740 | |||||
| Credit Agricole SA | ||||||||
| 250,000 | 8.20%, 03/31/18 (c) | 291,621 | ||||||
| USD | 100,000 | 8.38%, 10/13/19 (c) 144A | 111,938 | |||||
| EUR | 200,000 | Europcar Groupe SA 5.75%, 06/15/18 (c) Reg S | 229,277 | |||||
| 275,000 | Faurecia 3.13%, 06/15/18 (c) † Reg S | 310,345 | ||||||
| 350,000 | Groupama SA 7.88%, 10/27/19 (c) | 428,033 | ||||||
| 200,000 | Loxam SAS 4.88%, 07/23/17 (c) 144A | 225,195 | ||||||
| 100,000 | Médi-Partenaires SAS 7.00%, 05/08/17 (c) Reg S | 113,123 | ||||||
| New AREVA Holding SA | ||||||||
| 200,000 | 3.13%, 12/20/22 (c) Reg S | 213,162 | ||||||
| 100,000 | 4.38%, 11/06/19 | 113,316 | ||||||
| 200,000 | 4.88%, 09/23/24 | 227,698 | ||||||
| 100,000 | Nexans SA 3.25%, 02/26/21 (c) Reg S | 116,643 | ||||||
| Numericable Group SA | ||||||||
| 530,000 | 5.63%, 05/15/19 (c) 144A | 624,380 | ||||||
| USD | 1,000,000 | 6.00%, 05/29/17 (c) 144A | 1,046,250 | |||||
| EUR | 260,000 | Peugeot SA 2.38%, 04/14/23 Reg S | 296,618 | |||||
| USD | 330,000 | Rexel SA 5.25%, 05/30/17 (c) 144A | 338,456 | |||||
| 100,000 | SFR Group SA 7.38%, 05/01/21 (c) 144A | 105,500 | ||||||
| EUR | 300,000 | Societe Generale SA 9.38%, 09/04/19 (c) Reg S | 387,448 | |||||
| 250,000 | Solvay Finance, Inc. 4.20%, 05/12/19 (c) Reg S | 286,932 | ||||||
| 200,000 | Tereos Finance Groupe I SA 4.25%, 03/04/19 (c) | 228,992 | ||||||
| 200,000 | Vallourec SA 3.25%, 08/02/19 | 223,400 | ||||||
| 7,933,277 | ||||||||
| Germany: 2.9% | ||||||||
| 200,000 | Deutsche Lufthansa AG 5.13%, 02/12/21 (c) Reg S | 238,615 | ||||||
| 150,000 | Hapag-Lloyd AG 6.75%, 02/01/19 (c) Reg S | 173,272 | ||||||
| 300,000 | K+S AG 3.00%, 06/20/22 Reg S | 346,266 | ||||||
| USD | 200,000 | Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S | 198,039 | |||||
See Notes to Financial Statements
| 53 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Germany: (continued) | ||||||||
| RWE AG | ||||||||
| EUR | 275,000 | 2.75%, 10/21/20 (c) Reg S | $ | 298,643 | ||||
| GBP | 100,000 | 7.00%, 03/20/19 (c) Reg S | 137,007 | |||||
| EUR | 160,000 | Techem GmbH 6.13%, 05/08/17 (c) Reg S | 180,614 | |||||
| ThyssenKrupp AG | ||||||||
| 450,000 | 3.13%, 07/25/19 (c) Reg S | 516,716 | ||||||
| 345,000 | 4.00%, 08/27/18 | 394,017 | ||||||
| 180,000 | Trionista HoldCo GmbH 5.00%, 05/30/17 (c) Reg S | 199,612 | ||||||
| Unitymedia Hessen GmbH & Co. | ||||||||
| 510,000 | 4.00%, 01/15/20 (c) Reg S | 586,326 | ||||||
| 405,000 | 5.50%, 09/15/17 (c) Reg S | 460,910 | ||||||
| 3,730,037 | ||||||||
| India: 0.3% | ||||||||
| USD | 200,000 | Delhi International Airport Ltd. 6.13%, 02/03/22 Reg S | 214,161 | |||||
| 200,000 | Syndicate Bank 4.13%, 04/12/18 Reg S | 202,594 | ||||||
| 416,755 | ||||||||
| Ireland: 4.2% | ||||||||
| 200,000 | AerCap Ireland Capital Ltd. 4.50%, 05/15/21 | 211,600 | ||||||
| 200,000 | AK Transneft OJSC 8.70%, 08/07/18 144A | 216,500 | ||||||
| 320,000 | Alfa Bank 7.75%, 04/28/21 Reg S | 365,572 | ||||||
| EUR | 200,000 | Allied Irish Banks PLC 4.13%, 11/26/20 (c) Reg S | 230,595 | |||||
| Ardagh Packaging Finance Plc | ||||||||
| 200,000 | 2.75%, 03/15/20 (c) Reg S | 216,746 | ||||||
| 200,000 | 4.13%, 05/15/19 (c) Reg S | 231,218 | ||||||
| 426,039 | 4.25%, 06/30/17 (c) Reg S | 477,853 | ||||||
| USD | 400,000 | 4.63%, 05/15/19 (c) 144A | 410,000 | |||||
| EUR | 200,000 | Bank of Ireland 4.25%, 06/11/19 (c) Reg S | 230,052 | |||||
| 500,000 | Gazprombank OJSC 4.00%, 07/01/19 Reg S | 573,245 | ||||||
| USD | 200,000 | Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A | 212,674 | |||||
| 250,000 | Mobile Telesystems OJSC 5.00%, 05/30/23 144A | 260,563 | ||||||
| 200,000 | Nomos Bank 7.25%, 04/25/18 144A | 207,120 | ||||||
| 310,000 | Rosneft Oil Co. 4.20%, 03/06/22 144A | 311,240 | ||||||
| 675,000 | Russian Railways 5.70%, 04/05/22 Reg S | 725,859 | ||||||
| 200,000 | SCF Capital Ltd. 5.38%, 06/16/23 144A | 206,696 | ||||||
| EUR | 300,000 | Smurfit Kappa Acquisitions 2.38%, 11/01/23 (c) Reg S | 333,377 | |||||
| 5,420,910 | ||||||||
| Principal Amount | Value | |||||||
| Italy: 7.1% | ||||||||
| EUR | 200,000 | Astaldi SpA 7.13%, 12/01/17 (c) Reg S | $ | 228,124 | ||||
| 100,000 | Autostrada Brescia Verona Vicenza Padova SpA 2.38%, 03/20/20 Reg S | 115,280 | ||||||
| 200,000 | Banca Monte dei Paschi di Siena SpA 3.63%, 04/01/19 Reg S | 216,457 | ||||||
| Banco Popolare SC | ||||||||
| 300,000 | 3.50%, 03/14/19 Reg S | 338,281 | ||||||
| 350,000 | 6.00%, 11/05/20 Reg S | 408,155 | ||||||
| 175,000 | Buzzi Unicem SpA 6.25%, 09/28/18 Reg S | 207,241 | ||||||
| 600,000 | Enel SpA 6.50%, 01/10/19 (c) Reg S | 707,763 | ||||||
| 200,000 | Iccrea Banca SpA 1.88%, 11/25/19 Reg S | 221,971 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 250,000 | 5.00%, 09/23/19 Reg S | 297,249 | ||||||
| 300,000 | 6.63%, 09/13/23 Reg S | 393,731 | ||||||
| 250,000 | 8.05%, 06/20/18 (c) | 291,573 | ||||||
| 500,000 | 8.38%, 10/14/19 (c) Reg S | 620,338 | ||||||
| Leonardo Finmeccanica SpA | ||||||||
| 167,000 | 4.88%, 03/24/25 | 223,423 | ||||||
| 200,000 | 5.25%, 01/21/22 | 258,736 | ||||||
| GBP | 175,000 | 8.00%, 12/16/19 | 265,481 | |||||
| EUR | 200,000 | Mediobanca SpA 5.00%, 11/15/20 | 245,940 | |||||
| 200,000 | Salini Impregilo SpA 3.75%, 06/24/21 Reg S | 236,063 | ||||||
| Telecom Italia SpA | ||||||||
| 550,000 | 5.25%, 02/10/22 Reg S | 711,911 | ||||||
| USD | 250,000 | 5.30%, 05/30/24 144A | 259,687 | |||||
| EUR | 100,000 | 5.38%, 01/29/19 Reg S | 118,921 | |||||
| GBP | 800,000 | 6.38%, 06/24/19 | 1,131,797 | |||||
| UniCredit SpA | ||||||||
| EUR | 300,000 | 5.75%, 10/28/25 Reg S | 356,276 | |||||
| 50,000 | 6.70%, 06/05/18 Reg S | 58,133 | ||||||
| 500,000 | 6.95%, 10/31/22 Reg S | 651,029 | ||||||
| 200,000 | Unione di Banche Italiane SpA 4.25%, 05/05/21 (c) Reg S | 223,571 | ||||||
| 200,000 | Unipol Gruppo Finanziario SpA 3.00%, 03/18/25 Reg S | 216,870 | ||||||
| 200,000 | UnipolSai Assicurazioni SpA 5.75%, 06/18/24 (c) Reg S | 217,140 | ||||||
| 9,221,141 | ||||||||
| Japan: 0.8% | ||||||||
| USD | 1,050,000 | SoftBank Corp. 4.50%, 04/15/20 144A | 1,093,995 | |||||
| Kazakhstan: 0.8% | ||||||||
| 200,000 | Halyk Savings Bank of Kazakhstan JSC 7.25%, 01/28/21 144A | 219,200 | ||||||
| 550,000 | KazMunayGas National Co. JSC 6.38%, 04/09/21 144A | 605,023 | ||||||
| 200,000 | Zhaikmunai International BV 7.13%, 05/30/17 (c) 144A | 196,483 | ||||||
| 1,020,706 | ||||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| Luxembourg: 13.6% | ||||||||
| USD | 200,000 | Accudyne Industries Borrower 7.75%, 05/29/17 (c) 144A | $ | 201,500 | ||||
| 220,000 | Alrosa Finance SA 7.75%, 11/03/20 144A | 251,548 | ||||||
| Altice Financing SA | ||||||||
| EUR | 200,000 | 5.25%, 02/15/18 (c) Reg S | 232,717 | |||||
| USD | 865,000 | 6.63%, 02/15/18 (c) 144A | 917,981 | |||||
| 970,000 | 7.75%, 05/30/17 (c) 144A | 1,033,176 | ||||||
| ArcelorMittal | ||||||||
| EUR | 250,000 | 3.00%, 04/09/21 Reg S | 286,704 | |||||
| USD | 260,000 | 7.00%, 02/25/22 (s) | 296,075 | |||||
| 375,000 | 7.50%, 03/01/41 (s) † | 423,750 | ||||||
| 380,000 | 7.75%, 10/15/39 (s) | 436,050 | ||||||
| GBP | 100,000 | Cabot Financial Luxembourg SA 6.50%, 05/30/17 (c) Reg S | 133,950 | |||||
| EUR | 100,000 | Cirsa Funding Luxembourg SA 5.88%, 05/15/18 (c) Reg S | 115,467 | |||||
| 440,000 | CNH Industrial Finance Europe
SA 2.88%, 05/17/23 Reg S | 508,377 | ||||||
| USD | 200,000 | Consolidated Energy Finance SA 6.75%, 05/29/17 (c) 144A | 205,000 | |||||
| 200,000 | Cosan Luxembourg SA 7.00%, 01/20/22 (c) 144A | 209,760 | ||||||
| CSN Resources SA | ||||||||
| 220,000 | 6.50%, 07/21/20 Reg S | 178,750 | ||||||
| 200,000 | 6.50%, 07/21/20 † 144A | 162,500 | ||||||
| EUR | 275,000 | Dufry Finance SCA 4.50%, 07/15/17 (c) Reg S | 312,652 | |||||
| Evraz Group SA | ||||||||
| USD | 300,000 | 6.50%, 04/22/20 Reg S | 321,375 | |||||
| 180,000 | 6.50%, 04/22/20 144A | 192,825 | ||||||
| EUR | 690,000 | Fiat Chrysler Finance Europe 4.75%, 07/15/22 Reg S | 835,660 | |||||
| 300,000 | Garfunkelux Holdco 3 SA 7.50%, 08/01/18 (c) Reg S | 352,967 | ||||||
| Gazprom Neft OAO | ||||||||
| USD | 450,000 | 4.38%, 09/19/22 144A | 456,637 | |||||
| 100,000 | 6.00%, 11/27/23 144A | 108,490 | ||||||
| Gazprom OAO | ||||||||
| 740,000 | 4.95%, 07/19/22 144A | 772,516 | ||||||
| 700,000 | 9.25%, 04/23/19 (p) 144A | 786,307 | ||||||
| 780,000 | Gazprom PAO 7.29%, 08/16/37 144A | 928,053 | ||||||
| EUR | 300,000 | INEOS Group Holdings SA 5.38%, 08/01/19 (c) Reg S | 347,891 | |||||
| USD | 95,000 | International Automotive Components
Group SA 9.13%, 05/30/17 (c) 144A | 92,863 | |||||
| EUR | 150,000 | Intralot Capital Luxembourg SA 6.00%, 05/30/17 (c) Reg S | 168,206 | |||||
| 200,000 | Matterhorn Telecom SA 3.88%, 05/01/18 (c) Reg S | 224,233 | ||||||
| USD | 120,000 | MHP SA 8.25%, 04/02/20 144A | 125,166 | |||||
| 300,000 | Millicom International Cellular 6.63%, 10/15/17 (c) 144A | 315,750 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| USD | 200,000 | Minerva Luxembourg SA 6.50%, 09/20/21 (c) 144A | $ | 199,248 | ||||
| 200,000 | OAO TMK 6.75%, 04/03/20 Reg S | 213,219 | ||||||
| 200,000 | Offshore Drilling Holding SA 8.38%, 09/20/17 (c) 144A | 87,000 | ||||||
| 300,000 | Puma International Financing SA 6.75%, 05/30/17 (c) Reg S | 311,868 | ||||||
| 200,000 | Rosneft Finance SA 7.25%, 02/02/20 144A | 221,000 | ||||||
| Sberbank of Russia | ||||||||
| 360,000 | 5.13%, 10/29/22 144A | 373,618 | ||||||
| 200,000 | 5.18%, 06/28/19 Reg S | 210,830 | ||||||
| 290,000 | 6.13%, 02/07/22 144A | 318,118 | ||||||
| EUR | 300,000 | SES SA 4.63%, 01/02/22 (c) Reg S | 349,902 | |||||
| 150,000 | Swissport Investments SA 6.75%, 06/15/18 (c) Reg S | 179,402 | ||||||
| 100,000 | Takko Luxembourg 2 SCA 9.88%, 05/08/17 (c) Reg S | 90,927 | ||||||
| 520,000 | Telecom Italia Finance SA 7.75%, 01/24/33 | 756,857 | ||||||
| 250,000 | Telenet Finance V Luxembourg
SCA 6.25%, 08/15/17 (c) Reg S | 285,713 | ||||||
| USD | 100,000 | Tonon Luxembourg SA 10.05%, 05/29/17 (c) (d) * 144A | 46,500 | |||||
| VTB Bank OJSC | ||||||||
| 10,000 | 6.88%, 05/29/18 (p) 144A | 10,481 | ||||||
| 600,000 | 6.95%, 10/17/22 144A | 655,404 | ||||||
| Wind Acquisition Finance SA | ||||||||
| EUR | 100,000 | 4.00%, 05/08/17 (c) Reg S | 110,587 | |||||
| 450,000 | 4.00%, 05/08/17 (c) 144A | 497,642 | ||||||
| USD | 400,000 | 6.50%, 05/29/17 (c) 144A | 414,400 | |||||
| 310,000 | 7.38%, 06/13/17 (c) 144A | 323,175 | ||||||
| 17,590,787 | ||||||||
| Marshall Islands: 0.1% | ||||||||
| 100,000 | Teekay Corp. 8.50%, 01/15/20 | 99,500 | ||||||
| Mauritius: 0.2% | ||||||||
| 300,000 | MTN Mauritius Investments Ltd. 4.76%, 11/11/24 144A | 286,275 | ||||||
| Mexico: 0.6% | ||||||||
| 200,000 | BBVA Bancomer SA 7.25%, 04/22/20 144A | 221,000 | ||||||
| 170,000 | Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A | 175,313 | ||||||
| 200,000 | TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S | 198,600 | ||||||
| 200,000 | Unifin Financiera SA de CV 7.25%, 09/27/20 (c) † 144A | 205,500 | ||||||
| 800,413 | ||||||||
See Notes to Financial Statements
| 55 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Netherlands: 10.1% | ||||||||
| USD | 200,000 | Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A | $ | 176,100 | ||||
| EUR | 310,000 | Constellium NV 4.63%, 05/15/18 (c) Reg S | 339,505 | |||||
| 200,000 | Delta Lloyd NV 4.38%, 06/13/24 (c) Reg S | 222,383 | ||||||
| USD | 200,000 | EA Partners I BV 6.88%, 09/28/20 Reg S | 181,258 | |||||
| 200,000 | FBN Finance Co. BV 8.00%, 07/23/19 (c) 144A | 175,956 | ||||||
| Fiat Chrysler Automobiles NV | ||||||||
| EUR | 320,000 | 3.75%, 03/29/24 Reg S | 367,954 | |||||
| USD | 100,000 | 5.25%, 04/15/23 | 103,250 | |||||
| EUR | 300,000 | Gas Natural Fenosa Finance BV 4.13%, 11/18/22 (c) Reg S | 344,398 | |||||
| 150,000 | Grupo Antolin Dutch BV 5.13%, 06/30/18 (c) Reg S | 175,389 | ||||||
| USD | 230,000 | InterGen NV 7.00%, 06/30/18 (c) 144A | 215,625 | |||||
| 250,000 | Kazakhstan Temir Zholy Finance BV 6.95%, 07/10/42 144A | 264,347 | ||||||
| GBP | 349,000 | Koninklijke KPN NV 6.88%, 03/14/20 (c) Reg S | 501,615 | |||||
| EUR | 450,000 | LGE HoldCo VI BV 7.13%, 05/15/19 (c) Reg S | 557,418 | |||||
| USD | 475,000 | Majapahit Holding BV 7.75%, 01/20/20 144A | 536,512 | |||||
| 360,000 | Marfrig Holding Europe BV 8.00%, 06/08/19 (c) 144A | 382,946 | ||||||
| NXP BV / NXP Funding LLC | ||||||||
| 200,000 | 3.88%, 09/01/22 144A | 208,200 | ||||||
| 570,000 | 5.75%, 03/15/18 (c) 144A | 602,775 | ||||||
| Petrobras Global Finance BV | ||||||||
| EUR | 950,000 | 3.25%, 04/01/19 Reg S | 1,076,559 | |||||
| USD | 585,000 | 4.38%, 05/20/23 | 561,424 | |||||
| EUR | 250,000 | 4.75%, 01/14/25 | 285,205 | |||||
| USD | 575,000 | 7.88%, 03/15/19 | 625,600 | |||||
| 1,290,000 | Petrobras International Finance Co. 5.38%, 01/27/21 | 1,328,506 | ||||||
| EUR | 200,000 | Phoenix PIB Dutch Finance BV 3.63%, 07/30/21 Reg S | 241,639 | |||||
| 160,000 | Portugal Telecom International Finance BV 4.63%, 05/08/20 Reg S | 60,981 | ||||||
| 450,000 | Repsol International Finance BV 3.88%, 03/25/21 (c) Reg S | 510,566 | ||||||
| 200,000 | Saipem Finance International BV 3.75%, 09/08/23 Reg S | 228,400 | ||||||
| USD | 200,000 | Samvardhana Motherson Automotive Systems Group BV 4.88%, 06/16/19 (c) Reg S | 206,300 | |||||
| Schaeffler Finance BV | ||||||||
| EUR | 250,000 | 3.50%, 05/29/17 (c) 144A | 277,960 | |||||
| 150,000 | 3.50%, 05/29/17 (c) Reg S | 166,776 | ||||||
| USD | 400,000 | 4.25%, 05/24/17 (c) 144A | 409,170 | |||||
| EUR | 400,000 | SNS Bank NV 11.25%, 11/27/19 (c) (d) * Reg S | 7,928 | |||||
| Principal Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| EUR | 300,000 | Telefonica Europe BV 6.50%, 09/18/18 (c) Reg S | $ | 351,064 | ||||
| 50,000 | UPC Holding BV 6.38%, 09/15/17 (c) Reg S | 57,305 | ||||||
| USD | 690,000 | VimpelCom Holdings BV 5.95%, 02/13/23 144A | 735,202 | |||||
| 240,000 | VTR Finance BV 6.88%, 01/15/19 (c) 144A | 255,600 | ||||||
| Ziggo Secured Finance BV | ||||||||
| EUR | 100,000 | 3.75%, 01/15/20 (c) Reg S | 113,829 | |||||
| USD | 200,000 | 5.50%, 01/15/22 (c) 144A | 205,506 | |||||
| 13,061,151 | ||||||||
| Nigeria: 0.3% | ||||||||
| 200,000 | Access Bank Plc 10.50%, 10/19/21 144A | 213,866 | ||||||
| 200,000 | GTB Finance BV 6.00%, 11/08/18 144A | 205,372 | ||||||
| 419,238 | ||||||||
| Norway: 0.2% | ||||||||
| EUR | 200,000 | Lock AS 7.00%, 08/15/17 (c) Reg S | 229,274 | |||||
| 130,000 | Norske Skog Holding AS 8.00%, 02/24/18 (c) 144A | 55,918 | ||||||
| 285,192 | ||||||||
| Panama: 0.2% | ||||||||
| USD | 200,000 | AES Panama SRL 6.00%, 06/25/19 (c) 144A | 206,250 | |||||
| Peru: 0.2% | ||||||||
| 200,000 | Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A | 215,250 | ||||||
| Saudi Arabia: 0.2% | ||||||||
| 200,000 | Dar Al-Arkan Sukuk Co. Ltd. 6.50%, 05/28/19 Reg S | 201,309 | ||||||
| Singapore: 0.4% | ||||||||
| 350,000 | ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S | 363,562 | ||||||
| 150,000 | Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) (e) * Reg S | 3,413 | ||||||
| 200,000 | Theta Capital Pte Ltd. 6.75%, 10/31/21 (c) † Reg S | 199,945 | ||||||
| 566,920 | ||||||||
| South Africa: 0.5% | ||||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 100,000 | 5.75%, 01/26/21 † 144A | 100,738 | ||||||
| 365,000 | 6.75%, 08/06/23 144A | 375,941 | ||||||
| 100,000 | 7.13%, 02/11/25 144A | 103,113 | ||||||
| 121,228 | K2016470219 South Africa Ltd. 3.00%, 12/31/22 144A | 15,029 | ||||||
| 594,821 | ||||||||
| South Korea: 0.4% | ||||||||
| Woori Bank Co. Ltd. | ||||||||
| USD | 300,000 | 4.50%, 09/27/21 (c) 144A | 294,484 | |||||
| 200,000 | 6.21%, 05/02/17 (c) 144A | 200,000 | ||||||
| 494,484 | ||||||||
See Notes to Financial Statements
| 56 |
| Principal Amount | Value | |||||||
| Spain: 1.0% | ||||||||
| USD | 61,622 | Abengoa Abenewco 2 SAU 0.25%, 03/31/23 Reg S | $ | 8,422 | ||||
| EUR | 100,000 | Abengoa SA 8.50%, 03/31/16 (d) (e) * | 1,361 | |||||
| 200,000 | Banco de Sabadell SA 5.63%, 05/06/26 Reg S | 244,068 | ||||||
| 200,000 | Bankia SA 4.00%, 05/22/19 (c) Reg S | 227,024 | ||||||
| 50,000 | Bankinter SA 6.38%, 09/11/19 Reg S | 62,046 | ||||||
| 300,000 | CaixaBank SA 5.00%, 11/14/18 (c) Reg S | 347,568 | ||||||
| 300,000 | Cellnex Telecom SAU 3.13%, 07/27/22 Reg S | 355,226 | ||||||
| Grupo Isolux Corsan SA | ||||||||
| 302 | 0.25%, 05/29/17 (c) (s) § | 3 | ||||||
| 56,417 | 3.00%, 05/29/17 (c) (s) § | 2,150 | ||||||
| 1,247,868 | ||||||||
| Sri Lanka: 0.2% | ||||||||
| USD | 200,000 | National Savings Bank 8.88%, 09/18/18 144A | 213,054 | |||||
| Sweden: 0.4% | ||||||||
| EUR | 135,000 | Verisure Holding AB 6.00%, 11/01/18 (c) Reg S | 159,600 | |||||
| 300,000 | Volvo Treasury AB 4.20%, 06/10/20 (c) Reg S | 347,870 | ||||||
| 507,470 | ||||||||
| Turkey: 2.6% | ||||||||
| USD | 400,000 | Akbank TAS 4.00%, 01/24/20 144A | 401,060 | |||||
| 200,000 | Arcelik AS 5.00%, 04/03/23 144A | 199,741 | ||||||
| 200,000 | TC Ziraat Bankasi AS 4.25%, 07/03/19 144A | 201,750 | ||||||
| 500,000 | Turkiye Garanti Bankasi AS 5.25%, 09/13/22 144A | 510,307 | ||||||
| 300,000 | Turkiye Halk Bankasi AS 3.88%, 02/05/20 144A | 290,862 | ||||||
| Turkiye Is Bankasi SA | ||||||||
| 200,000 | 5.00%, 04/30/20 144A | 202,222 | ||||||
| 625,000 | 6.00%, 10/24/22 144A | 626,970 | ||||||
| Turkiye Vakiflar Bankasi Tao | ||||||||
| 200,000 | 3.75%, 04/15/18 144A | 200,524 | ||||||
| 200,000 | 8.00%, 11/01/22 (c) 144A | 208,650 | ||||||
| 570,000 | Yapi ve Kredi Bankasi A/S 5.50%, 12/06/22 144A | 558,004 | ||||||
| 3,400,090 | ||||||||
| United Kingdom: 11.2% | ||||||||
| 195,167 | Afren Plc 6.63%, 12/09/17 (c) (d) * 144A | 1,015 | ||||||
| Algeco Scotsman Global Finance Plc | ||||||||
| 100,000 | 8.50%, 05/30/17 (c) 144A | 94,250 | ||||||
| 250,000 | 10.75%, 05/30/17 (c) 144A | 209,375 | ||||||
| Anglo American Capital Plc | ||||||||
| EUR | 525,000 | 2.50%, 04/29/21 Reg S | 602,578 | |||||
| USD | 600,000 | 4.88%, 05/14/25 144A | 628,500 | |||||
| Principal Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| USD | 175,000 | 5.13%, 08/01/22 † | $ | 181,431 | ||||
| 137,000 | 5.38%, 04/15/20 | 144,604 | ||||||
| GBP | 100,000 | Arqiva Broadcast Finance Plc 9.50%, 09/30/17 (c) Reg S | 140,049 | |||||
| Barclays Bank Plc | ||||||||
| EUR | 150,000 | 4.75%, 03/15/20 (c) Reg S | 159,101 | |||||
| GBP | 400,000 | 14.00%, 06/15/19 (c) Reg S | 633,424 | |||||
| 200,000 | Boparan Finance Plc 5.50%, 07/15/17 (c) Reg S | 260,044 | ||||||
| USD | 200,000 | CEVA Group Plc 7.00%, 05/09/17 (c) 144A | 180,000 | |||||
| GBP | 149,000 | Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S | 219,274 | |||||
| 100,000 | Elli Finance UK Plc 8.75%, 05/30/17 (c) Reg S | 128,696 | ||||||
| 193,000 | Enterprise Inns 6.50%, 12/06/18 | 269,601 | ||||||
| 115,000 | HBOS Capital Funding LP 6.46%, 11/30/18 (c) Reg S | 158,083 | ||||||
| USD | 300,000 | Inmarsat Finance Plc 4.88%, 05/30/17 (c) 144A | 304,500 | |||||
| EUR | 150,000 | International Personal Finance Plc 5.75%, 04/07/21 Reg S | 137,856 | |||||
| GBP | 150,000 | Iron Mountain Europe Plc 6.13%, 09/15/17 (c) Reg S | 205,949 | |||||
| Jaguar Land Rover Plc | ||||||||
| EUR | 100,000 | 2.20%, 01/15/24 Reg S | 109,045 | |||||
| GBP | 430,000 | 5.00%, 02/15/22 144A | 612,930 | |||||
| USD | 100,000 | KCA Deutag Finance Plc 7.25%, 05/30/17 (c) 144A | 95,250 | |||||
| GBP | 100,000 | Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S | 136,797 | |||||
| EUR | 250,000 | Lincoln Finance Ltd. 6.88%, 04/15/18 (c) Reg S | 293,369 | |||||
| USD | 550,000 | Lloyds TSB Bank Plc 12.00%, 12/16/24 (c) † 144A | 749,787 | |||||
| GBP | 200,000 | Lynx II Corp. 7.00%, 04/15/18 (c) 144A | 278,415 | |||||
| 100,000 | Matalan Finance Plc 6.88%, 05/08/17 (c) 144A | 113,227 | ||||||
| 100,000 | New Look Secured Issuer Plc 6.50%, 06/24/18 (c) Reg S | 113,837 | ||||||
| Old Mutual Plc | ||||||||
| 100,000 | 7.88%, 11/03/25 Reg S | 151,255 | ||||||
| 250,000 | 8.00%, 06/03/21 Reg S | 374,673 | ||||||
| EUR | 100,000 | OTE Plc 3.50%, 07/09/20 Reg S | 111,666 | |||||
| USD | 400,000 | Polyus Gold International Ltd. 5.63%, 04/29/20 144A | 425,334 | |||||
| EUR | 100,000 | PPC Finance Plc 5.50%, 05/08/17 (c) Reg S | 95,448 | |||||
| GBP | 100,000 | Premier Foods Investments Plc 6.50%, 05/30/17 (c) Reg S | 132,616 | |||||
See Notes to Financial Statements
| 57 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| Royal Bank of Scotland Group Plc | ||||||||
| EUR | 400,000 | 3.63%, 03/25/19 (c) Reg S | $ | 447,059 | ||||
| USD | 300,000 | 5.13%, 05/28/24 | 308,886 | |||||
| 225,000 | 6.13%, 12/15/22 | 242,611 | ||||||
| EUR | 300,000 | 6.93%, 04/09/18 | 346,905 | |||||
| USD | 200,000 | Standard Chartered Plc 7.01%, 07/30/37 (c) 144A | 223,500 | |||||
| GBP | 100,000 | Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S | 139,563 | |||||
| EUR | 200,000 | Synlab Bondco Plc 6.25%, 07/01/18 (c) Reg S | 236,373 | |||||
| 600,000 | Tesco Corporate Treasury Services
Plc 1.38%, 07/01/19 Reg S | 665,431 | ||||||
| Tesco Plc | ||||||||
| GBP | 230,000 | 6.13%, 02/24/22 | 343,763 | |||||
| USD | 200,000 | 6.15%, 11/15/37 144A | 204,974 | |||||
| GBP | 100,000 | Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S | 144,631 | |||||
| EUR | 200,000 | Thomas Cook Finance Plc 6.75%, 01/15/18 (c) Reg S | 233,193 | |||||
| GBP | 100,000 | Travis Perkins Plc 4.38%, 09/15/21 Reg S | 134,970 | |||||
| USD | 250,000 | Tullow Oil Plc 6.00%, 05/09/17 (c) 144A | 244,375 | |||||
| GBP | 100,000 | Twinkle Pizza Plc 6.63%, 08/01/17 (c) Reg S | 134,483 | |||||
| USD | 595,000 | Vedanta Resources Plc 6.00%, 01/31/19 144A | 616,569 | |||||
| 220,000 | Virgin Media Finance Plc 4.88%, 02/15/22 | 199,650 | ||||||
| Virgin Media Secured Finance Plc | ||||||||
| GBP | 275,000 | 4.88%, 01/15/21 (c) Reg S | 364,685 | |||||
| 300,000 | 6.00%, 01/15/21 (c) (s) 144A | 453,345 | ||||||
| 100,000 | Voyage Care Bondco Plc 6.50%, 05/13/17 (c) Reg S | 131,348 | ||||||
| 125,000 | William Hill Plc 4.25%, 06/05/20 Reg S | 170,371 | ||||||
| 14,438,664 | ||||||||
| United States: 4.0% | ||||||||
| USD | 325,000 | Ashtead Capital, Inc. 6.50%, 07/15/17 (c) 144A | 338,406 | |||||
| 110,000 | Calfrac Holdings LP 7.50%, 05/30/17 (c) 144A | 101,475 | ||||||
| 77,272 | CEDC Finance Corp International,
Inc. 10.00%, 05/30/17 (c) (d) * | 17,000 | ||||||
| Cemex Finance LLC | ||||||||
| 750,000 | 6.00%, 04/01/19 (c) 144A | 795,000 | ||||||
| 325,000 | 9.38%, 10/12/17 (c) 144A | 350,594 | ||||||
| 250,000 | Cott Beverages, Inc. 5.38%, 07/01/17 (c) | 260,000 | ||||||
| EUR | 160,000 | Deutsche Bank Contingent Capital
Trust IV 8.00%, 05/15/18 (c) Reg S | 184,663 | |||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| USD | 680,000 | Fresenius Medical Care US Finance, Inc. 5.75%, 02/15/21 144A | $ | 746,300 | ||||
| 355,000 | RBS Capital Trust II 6.43%, 01/03/34 (c) | 388,725 | ||||||
| 830,000 | Reynolds Group Issuer, Inc. 5.75%, 05/29/17 (c) | 855,937 | ||||||
| 380,002 | Rio Oil Finance Trust 9.25%, 07/06/24 144A | 391,877 | ||||||
| ZF North America Capital, Inc. | ||||||||
| EUR | 100,000 | 2.75%, 04/27/23 Reg S | 117,895 | |||||
| USD | 650,000 | 4.50%, 04/29/22 144A | 684,937 | |||||
| 5,232,809 | ||||||||
| Venezuela: 1.3% | ||||||||
| Petroleos de Venezuela SA | ||||||||
| 635,000 | 5.38%, 04/12/27 Reg S | 243,840 | ||||||
| 345,000 | 5.50%, 04/12/37 Reg S | 132,825 | ||||||
| 480,000 | 6.00%, 05/16/24 144A | 190,200 | ||||||
| 170,000 | 6.00%, 05/16/24 Reg S | 67,631 | ||||||
| 200,000 | 8.50%, 10/27/20 144A | 157,200 | ||||||
| 90,000 | 9.00%, 11/17/21 Reg S | 47,741 | ||||||
| 775,000 | 9.00%, 11/17/21 144A | 411,099 | ||||||
| 375,000 | 9.75%, 05/17/35 144A | 180,656 | ||||||
| 465,000 | 12.75%, 02/17/22 144A | 291,741 | ||||||
| 1,722,933 | ||||||||
| Total Corporate Bonds (Cost: $126,169,937) | 123,778,998 | |||||||
| GOVERNMENT OBLIGATIONS: 1.6% | ||||||||
| Azerbaijan: 0.3% | ||||||||
| USD | 400,000 | State Oil Company of the Azerbaijan
Republic 4.75%, 03/13/23 Reg S | 397,354 | |||||
| Costa Rica: 0.2% | ||||||||
| 200,000 | Instituto Costarricense de
Electricidad 6.95%, 11/10/21 Reg S | 213,728 | ||||||
| India: 0.3% | ||||||||
| 200,000 | IDBI Bank Ltd. 3.75%, 01/25/19 Reg S | 202,540 | ||||||
| 200,000 | Union Bank of India HK 4.50%, 10/28/19 Reg S | 205,673 | ||||||
| 408,213 | ||||||||
| Indonesia: 0.2% | ||||||||
| 200,000 | Perusahaan Listrik Negara PT 5.25%, 10/24/42 144A | 200,500 | ||||||
| Trinidad and Tobago: 0.2% | ||||||||
| 217,708 | Petroleum Co. of Trinidad &
Tobago Ltd. 6.00%, 05/08/22 144A | 217,266 | ||||||
| Turkey: 0.3% | ||||||||
| 400,000 | Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S | 418,743 | ||||||
| United Kingdom: 0.1% | ||||||||
| 200,000 | Ukreximbank 9.75%, 01/22/25 144A | 200,250 | ||||||
| Total Government Obligations (Cost: $2,052,200) | 2,056,054 | |||||||
See Notes to Financial Statements
| 58 |
| Number of Shares | Value | |||||||
| COMMON STOCK: 0.0% (Cost: $5,626) | ||||||||
| United States: 0.0% | ||||||||
| 988 | Tervita Corp. * # § | $ | 2,875 | |||||
| WARRANTS: 0.0% (Cost: $10,977) | ||||||||
| Spain: 0.0% | ||||||||
| 138 | Grupo Isolux Corsan SA Warrants $0.00 expiring 12/30/21 * § # | 0 | ||||||
| MONEY MARKET FUND: 2.1% (Cost: $2,719,106) | ||||||||
| 2,719,106 | Dreyfus Government Cash Management Fund – Institutional Shares | 2,719,106 | ||||||
| Total Investments Before Collateral for Securities Loaned:
99.3% (Cost: $130,957,846) | 128,557,033 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.1% | ||||||||
| Repurchase Agreements: 4.1% | ||||||||
| USD | 1,252,863 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $1,252,949; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $1,277,920 including accrued interest) | 1,252,863 | |||||
| 1,252,863 | Repurchase agreement dated 4/28/17 with Credit Suisse Securities LLC, 0.80%, due 5/1/17, proceeds $1,252,947; (collateralized by various U.S. government and agency obligations, 0.13% to 2.63%, due 7/15/17 to 1/15/27, valued at $1,277,944 including accrued interest) | 1,252,863 | ||||||
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 1,252,863 | Repurchase agreement dated 4/28/17 with Daiwa Capital Markets America, Inc., 0.85%, due 5/1/17, proceeds $1,252,952; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/18/17 to 12/1/51, valued at $1,277,920 including accrued interest) | $ | 1,252,863 | ||||
| 256,693 | Repurchase agreement dated 4/28/17 with Deutsche Bank Securities, Inc., 0.84%, due 5/1/17, proceeds $256,711; (collateralized by various U.S. government and agency obligations, 1.38% to 2.50%, due 12/31/18 to 9/9/49, valued at $261,827 including accrued interest) | 256,693 | ||||||
| 1,252,863 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, due 5/1/17, proceeds $1,252,948; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 9/20/42 to 4/20/45, valued at $1,277,920 including accrued interest) | 1,252,863 | ||||||
| Total Short-Term Investments Held As Collateral For Securities
Loaned (Cost: $5,268,145) | 5,268,145 | |||||||
| Total Investments: 103.4% (Cost: $136,225,991) | 133,825,178 | |||||||
| Liabilities in excess of other assets: (3.4)% | (4,346,991 | ) | ||||||
| NET ASSETS: 100.0% | $ | 129,478,187 | ||||||
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default of coupon payment |
| (e) | Security in principal default |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| (s) | Step Bond — coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| * | Non-income producing |
See Notes to Financial Statements
| 59 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| † | Security fully or partially on loan. Total market value of securities on loan is $5,101,598. |
| # | 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 $2,875 which represents 0.0% of net assets. |
| § | Illiquid Security — the aggregate value of illiquid securities is $5,028 which represents 0.0% 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 $57,558,984, or 44.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 10.3 | % | $ | 13,225,286 | ||||
| Communications | 16.2 | 20,814,089 | ||||||
| Consumer, Cyclical | 9.3 | 11,962,000 | ||||||
| Consumer, Non-cyclical | 7.5 | 9,680,031 | ||||||
| Diversified | 0.8 | 949,125 | ||||||
| Energy | 12.0 | 15,442,972 | ||||||
| Financial | 27.0 | 34,724,459 | ||||||
| Government | 1.6 | 2,056,054 | ||||||
| Industrial | 8.5 | 10,939,816 | ||||||
| Technology | 0.9 | 1,126,725 | ||||||
| Utilities | 3.8 | 4,917,370 | ||||||
| Money Market Fund | 2.1 | 2,719,106 | ||||||
| 100.0 | % | $ | 128,557,033 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 123,778,998 | $ | — | $ | 123,778,998 | ||||||||
| Government Obligations* | — | 2,056,054 | — | 2,056,054 | ||||||||||||
| Common Stock* | — | — | 2,875 | 2,875 | ||||||||||||
| Warrants* | — | — | 0 | 0 | ||||||||||||
| Money Market Fund | 2,719,106 | — | — | 2,719,106 | ||||||||||||
| Repurchase Agreements | — | 5,268,145 | — | 5,268,145 | ||||||||||||
| Total | $ | 2,719,106 | $ | 131,103,197 | $ | 2,875 | $ | 133,825,178 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended April 30, 2017:
| Common Stock | Warrants | ||||||||||
| United States | Spain | ||||||||||
| Balance as of April 30, 2016 | $ | — | $ | — | |||||||
| Realized gain (loss) | — | — | |||||||||
| Net change in unrealized appreciation (depreciation) | (2,751 | ) | (10,977 | ) | |||||||
| Purchases | 5,626 | 10,977 | |||||||||
| Sales | — | — | |||||||||
| Transfers in and/or out of level 3 | — | — | |||||||||
| Balance as of April 30, 2017 | $ | 2,875 | $ | 0 | |||||||
See Notes to Financial Statements
| 60 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| FLOATING RATE NOTES: 99.7% | ||||||||
| Australia: 6.2% | ||||||||
| Australia & New Zealand Banking Group Ltd. | ||||||||
| $ | 325,000 | 1.60%, 05/15/18 | $ | 326,397 | ||||
| 250,000 | 1.79%, 11/16/18 144A | 252,080 | ||||||
| 600,000 | 1.82%, 09/23/19 144A | 603,821 | ||||||
| Commonwealth Bank of Australia | ||||||||
| 1,020,000 | 1.59%, 03/12/18 144A | 1,021,379 | ||||||
| 282,000 | 1.67%, 11/07/19 144A | 284,154 | ||||||
| 1,950,000 | 1.93%, 09/06/21 144A | 1,967,261 | ||||||
| National Australia Bank Ltd. | ||||||||
| 200,000 | 1.43%, 06/30/17 144A | 200,082 | ||||||
| 750,000 | 1.94%, 01/14/19 144A | 755,731 | ||||||
| 500,000 | 2.16%, 07/12/21 144A | 507,024 | ||||||
| Westpac Banking Corp. | ||||||||
| 1,950,000 | 1.90%, 08/19/21 | 1,966,396 | ||||||
| 1,300,000 | 2.01%, 01/11/22 | 1,310,029 | ||||||
| 9,194,354 | ||||||||
| British Virgin Islands: 0.1% | ||||||||
| 200,000 | Sinopec Group Overseas Development 2014 Ltd. 2.08%, 04/10/19 144A | 200,712 | ||||||
| Canada: 5.4% | ||||||||
| Bank of Montreal | ||||||||
| 160,000 | 1.65%, 07/31/18 | 160,788 | ||||||
| 615,000 | 1.84%, 08/27/21 | 622,824 | ||||||
| Bank of Nova Scotia | ||||||||
| 900,000 | 1.74%, 03/07/22 | 901,926 | ||||||
| 515,000 | 1.99%, 01/15/19 | 519,624 | ||||||
| 836,000 | Canadian Imperial Bank of Commerce 1.62%, 09/06/19 † | 841,021 | ||||||
| Royal Bank of Canada | ||||||||
| 940,000 | 1.62%, 03/06/20 | 944,561 | ||||||
| 2,050,000 | 1.77%, 02/01/22 | 2,065,303 | ||||||
| Toronto-Dominion Bank | ||||||||
| 1,015,000 | 1.72%, 04/30/18 † | 1,019,377 | ||||||
| 400,000 | 1.99%, 01/22/19 | 404,131 | ||||||
| 450,000 | 2.15%, 04/07/21 | 458,742 | ||||||
| 7,938,297 | ||||||||
| China / Hong Kong: 0.1% | ||||||||
| 150,000 | Industrial & Commercial Bank of China Ltd. 2.22%, 11/13/17 | 150,132 | ||||||
| Denmark: 0.2% | ||||||||
| 300,000 | Danske Bank A/S 1.68%, 09/06/19 144A | 301,184 | ||||||
| France: 0.9% | ||||||||
| 650,000 | Credit Agricole SA 1.96%, 04/15/19 144A | 654,278 | ||||||
| 500,000 | Societe Generale SA 2.49%, 04/08/21 144A | 508,099 | ||||||
| 150,000 | Total Capital International SA 1.60%, 08/10/18 | 150,702 | ||||||
| 1,313,079 | ||||||||
| Germany: 0.4% | ||||||||
| Deutsche Bank AG | ||||||||
| 100,000 | 1.71%, 02/13/18 | 99,997 | ||||||
| 400,000 | 2.94%, 05/10/19 | 406,747 | ||||||
| 506,744 | ||||||||
| Principal Amount | Value | |||||||
| Guernsey: 0.7% | ||||||||
| $ | 1,000,000 | Credit Suisse Group Funding Guernsey Ltd. 3.45%, 04/16/21 | $ | 1,051,233 | ||||
| Japan: 5.8% | ||||||||
| Mitsubishi UFJ Financial Group, Inc. | ||||||||
| 1,500,000 | 2.18%, 09/13/21 | 1,518,267 | ||||||
| 550,000 | 2.93%, 03/01/21 | 570,987 | ||||||
| 360,000 | Mizuho Bank Ltd. 1.79%, 03/26/18 144A | 360,652 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 2,850,000 | 2.26%, 09/13/21 | 2,886,451 | ||||||
| 250,000 | 2.64%, 04/12/21 144A | 255,684 | ||||||
| Sumitomo Mitsui Banking Corp. | ||||||||
| 100,000 | 1.40%, 05/02/17 | 100,003 | ||||||
| 350,000 | 1.74%, 01/16/18 | 350,877 | ||||||
| 400,000 | 1.83%, 10/19/18 | 401,031 | ||||||
| 1,152,000 | 2.27%, 07/14/21 | 1,166,902 | ||||||
| 175,000 | 2.30%, 10/19/21 | 177,771 | ||||||
| 300,000 | Sumitomo Mitsui Trust Bank Ltd. 2.07%, 10/18/19 144A | 302,757 | ||||||
| 480,000 | The Bank of Tokyo-Mitsubishi UFJ Ltd. 1.65%, 03/05/18 144A | 480,881 | ||||||
| 8,572,263 | ||||||||
| Luxembourg: 0.4% | ||||||||
| 575,000 | Actavis Funding SCS 2.37%, 03/12/20 | 587,555 | ||||||
| Mexico: 0.7% | ||||||||
| 1,000,000 | Petroleos Mexicanos 4.77%, 03/11/22 144A | 1,087,400 | ||||||
| Netherlands: 4.1% | ||||||||
| 500,000 | ABN AMRO Bank NV 1.80%, 01/18/19 144A | 501,736 | ||||||
| 600,000 | Cooperatieve Rabobank UA 1.99%, 01/10/22 | 605,671 | ||||||
| 400,000 | ING Bank NV 2.29%, 03/22/19 144A | 405,342 | ||||||
| 450,000 | Mondelez International Holdings Netherlands BV 1.78%, 10/28/19 144A | 451,882 | ||||||
| 400,000 | Nederlandse Waterschapsbank NV 1.27%, 02/14/18 144A | 400,803 | ||||||
| Shell International Finance BV | ||||||||
| 1,299,000 | 1.48%, 05/11/20 | 1,308,702 | ||||||
| 200,000 | 1.61%, 11/10/18 | 201,394 | ||||||
| 2,195,000 | Siemens Financieringsmaatschappij NV 1.75%, 03/16/22 144A | 2,221,575 | ||||||
| 6,097,105 | ||||||||
| Norway: 0.3% | ||||||||
| Statoil ASA | ||||||||
| 341,000 | 1.33%, 05/15/18 | 341,846 | ||||||
| 125,000 | 1.50%, 11/08/18 | 125,747 | ||||||
| 467,593 | ||||||||
| Singapore: 0.3% | ||||||||
| 500,000 | DBS Group Holdings Ltd. 1.66%, 07/16/19 144A | 499,905 | ||||||
| Sweden: 0.5% | ||||||||
| 800,000 | Svenska Handelsbanken AB 1.59%, 09/06/19 | 803,114 | ||||||
See Notes to Financial Statements
| 61 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Switzerland: 1.8% | ||||||||
| Credit Suisse AG | ||||||||
| $ | 590,000 | 1.54%, 05/26/17 | $ | 590,177 | ||||
| 300,000 | 1.86%, 01/29/18 | 301,135 | ||||||
| UBS AG | ||||||||
| 900,000 | 1.68%, 08/14/19 | 904,626 | ||||||
| 540,000 | 1.85%, 03/26/18 | 542,072 | ||||||
| 300,000 | UBS Group Funding Switzerland AG 2.38%, 05/23/22 (c) 144A | 301,913 | ||||||
| 2,639,923 | ||||||||
| United Kingdom: 6.5% | ||||||||
| Barclays Plc | ||||||||
| 950,000 | 2.78%, 01/10/22 (c) | 964,581 | ||||||
| 1,150,000 | 3.14%, 08/10/21 | 1,201,436 | ||||||
| 300,000 | BAT International Finance Plc 1.64%, 06/15/18 144A | 300,708 | ||||||
| BP Capital Markets Plc | ||||||||
| 140,000 | 1.39%, 08/14/18 | 140,337 | ||||||
| 400,000 | 1.54%, 05/10/18 | 401,346 | ||||||
| 220,000 | 1.78%, 09/26/18 | 221,157 | ||||||
| 400,000 | HSBC Bank Plc 1.68%, 05/15/18 144A | 401,624 | ||||||
| HSBC Holdings Plc | ||||||||
| 1,450,000 | 2.65%, 01/05/22 | 1,492,093 | ||||||
| 1,150,000 | 2.71%, 05/25/21 | 1,189,083 | ||||||
| 1,000,000 | 3.35%, 03/08/21 | 1,054,669 | ||||||
| 400,000 | Standard Chartered Plc 2.18%, 08/19/19 144A | 403,421 | ||||||
| 1,755,000 | UBS Group Funding Jersey Ltd. 2.56%, 02/01/22 † 144A | 1,801,995 | ||||||
| 9,572,450 | ||||||||
| United States: 65.3% | ||||||||
| 200,000 | Aetna, Inc. 1.76%, 12/08/17 | 200,694 | ||||||
| American Express Credit Corp. | ||||||||
| 1,325,000 | 1.70%, 03/18/19 | 1,332,233 | ||||||
| 50,000 | 2.17%, 08/14/20 (c) | 50,863 | ||||||
| American Honda Finance Corp. | ||||||||
| 700,000 | 1.33%, 11/19/18 | 702,157 | ||||||
| 250,000 | 1.43%, 12/11/17 | 250,484 | ||||||
| 555,000 | Anheuser-Busch InBev Finance, Inc. 2.29%, 02/01/21 | 572,613 | ||||||
| Apple, Inc. | ||||||||
| 450,000 | 1.24%, 02/07/20 | 451,531 | ||||||
| 720,000 | 1.28%, 05/03/18 | 721,698 | ||||||
| 654,000 | 1.29%, 02/07/20 | 657,142 | ||||||
| 750,000 | 1.33%, 05/06/19 | 753,543 | ||||||
| 1,500,000 | 1.54%, 02/09/22 | 1,517,893 | ||||||
| 284,000 | 1.87%, 02/22/19 | 288,301 | ||||||
| 282,000 | 2.18%, 02/23/21 | 291,013 | ||||||
| 893,000 | AT&T, Inc. 2.08%, 06/30/20 | 906,944 | ||||||
| Bank of America Corp. | ||||||||
| 750,000 | 2.02%, 04/01/19 | 757,092 | ||||||
| 1,200,000 | 2.20%, 01/15/19 | 1,213,531 | ||||||
| 706,000 | 2.32%, 01/20/22 (c) | 715,354 | ||||||
| 700,000 | 2.34%, 10/21/21 (c) | 709,993 | ||||||
| 1,600,000 | BB&T Corp. 1.70%, 06/15/20 | 1,608,077 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| Berkshire Hathaway Finance Corp. | ||||||||
| $ | 795,000 | 1.46%, 01/12/18 | $ | 797,039 | ||||
| 200,000 | 1.82%, 03/15/19 | 202,260 | ||||||
| 600,000 | Capital One NA 2.32%, 01/30/22 (c) | 603,679 | ||||||
| Chevron Corp. | ||||||||
| 140,000 | 1.21%, 11/15/17 | 140,170 | ||||||
| 410,000 | 1.23%, 03/02/18 | 410,722 | ||||||
| Cisco Systems, Inc. | ||||||||
| 128,000 | 1.44%, 06/15/18 | 128,433 | ||||||
| 400,000 | 1.49%, 09/20/19 | 402,296 | ||||||
| 433,000 | 1.55%, 03/01/19 | 436,957 | ||||||
| Citigroup, Inc. | ||||||||
| 400,000 | 1.86%, 04/27/18 | 401,621 | ||||||
| 300,000 | 1.95%, 12/10/19 (c) | 301,438 | ||||||
| 1,222,000 | 2.03%, 06/07/19 | 1,230,495 | ||||||
| 2,200,000 | 2.22%, 08/02/21 | 2,237,437 | ||||||
| 2,575,000 | 2.48%, 09/01/22 (c) | 2,639,403 | ||||||
| 2,200,000 | 2.53%, 03/30/21 | 2,251,931 | ||||||
| 25,000 | 2.74%, 05/15/18 | 25,360 | ||||||
| 500,000 | CoBank ACB 1.73%, 06/15/17 (c) | 499,124 | ||||||
| 650,000 | ConocoPhillips Co. 1.94%, 05/15/22 | 661,291 | ||||||
| Exxon Mobil Corp. | ||||||||
| 1,100,000 | 1.28%, 03/15/19 | 1,101,482 | ||||||
| 150,000 | 1.47%, 03/06/22 | 151,118 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 1,660,000 | 1.95%, 03/12/19 | 1,664,962 | ||||||
| 250,000 | 2.16%, 01/09/20 | 252,173 | ||||||
| General Electric Capital Corp. | ||||||||
| 1,182,000 | 1.41%, 05/05/26 | 1,159,216 | ||||||
| 645,000 | 2.13%, 03/15/23 | 663,137 | ||||||
| 600,000 | General Motors Financial Co., Inc. 2.71%, 01/14/22 | 612,236 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 1,155,000 | 2.14%, 11/15/18 | 1,168,609 | ||||||
| 1,250,000 | 2.17%, 10/23/19 | 1,264,675 | ||||||
| 765,000 | 2.20%, 04/25/19 | 773,933 | ||||||
| 300,000 | 2.21%, 11/15/20 (c) | 302,852 | ||||||
| 1,500,000 | 2.28%, 04/26/21 (c) | 1,509,619 | ||||||
| 2,005,000 | 2.31%, 03/23/20 (c) | 2,035,143 | ||||||
| 1,700,000 | 2.33%, 08/15/20 (c) | 1,726,850 | ||||||
| 750,000 | 2.37%, 04/30/18 | 756,563 | ||||||
| 1,800,000 | 2.52%, 03/23/21 (c) | 1,837,274 | ||||||
| 2,119,000 | 2.65%, 11/29/23 | 2,193,129 | ||||||
| 245,000 | 2.82%, 02/25/21 | 253,972 | ||||||
| 900,000 | 2.92%, 10/28/26 (c) | 928,819 | ||||||
| 200,000 | Home Depot, Inc. 1.50%, 09/15/17 | 200,349 | ||||||
| International Business Machines Corp. | ||||||||
| 180,000 | 1.22%, 02/06/18 | 180,354 | ||||||
| 500,000 | 1.40%, 01/27/20 | 502,131 | ||||||
| 830,000 | 1.40%, 02/12/19 | 834,670 | ||||||
| 710,000 | 1.61%, 11/06/21 | 715,814 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 600,000 | 1.66%, 03/09/20 (c) | 598,380 | ||||||
| 550,000 | 1.80%, 01/28/19 | 553,090 | ||||||
| 1,250,000 | 2.06%, 01/25/18 | 1,257,119 | ||||||
See Notes to Financial Statements
| 62 |
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 1,269,000 | 2.11%, 01/23/20 | $ | 1,287,958 | ||||
| 1,050,000 | 2.16%, 01/15/22 (c) | 1,056,620 | ||||||
| 700,000 | 2.20%, 05/07/21 (c) | 710,859 | ||||||
| 3,025,000 | 2.38%, 10/24/22 (c) | 3,080,037 | ||||||
| 1,875,000 | 2.53%, 02/01/21 (c) | 1,929,621 | ||||||
| 450,000 | Medtronic, Inc. 1.93%, 03/15/20 | 458,336 | ||||||
| Merck & Co., Inc. | ||||||||
| 613,000 | 1.41%, 02/10/20 | 618,874 | ||||||
| 249,000 | 1.41%, 05/18/18 | 249,910 | ||||||
| 200,000 | Metropolitan Life Global Funding I 1.58%, 12/19/18 144A | 200,656 | ||||||
| Morgan Stanley | ||||||||
| 1,080,000 | 1.84%, 02/14/19 (c) | 1,083,226 | ||||||
| 1,011,000 | 1.89%, 07/23/19 | 1,016,252 | ||||||
| 378,000 | 2.31%, 01/27/20 | 384,600 | ||||||
| 4,200,000 | 2.34%, 01/20/21 (c) | 4,241,152 | ||||||
| 400,000 | 2.41%, 02/01/19 | 406,712 | ||||||
| 2,100,000 | 2.55%, 10/24/22 (c) | 2,134,549 | ||||||
| 3,039,000 | 2.56%, 04/21/21 | 3,114,486 | ||||||
| 220,000 | NBCUniversal Enterprise, Inc. 1.84%, 04/15/18 144A | 221,379 | ||||||
| Nissan Motor Acceptance Corp. | ||||||||
| 400,000 | 1.64%, 09/13/19 144A | 401,310 | ||||||
| 400,000 | 1.74%, 01/13/20 144A | 401,022 | ||||||
| Oracle Corp. | ||||||||
| 165,000 | 1.35%, 07/07/17 | 165,105 | ||||||
| 385,000 | 1.67%, 10/08/19 | 389,046 | ||||||
| 385,000 | 1.74%, 01/15/19 | 388,751 | ||||||
| 300,000 | PepsiCo, Inc. 1.51%, 10/13/17 | 300,542 | ||||||
| 195,000 | Pfizer, Inc. 1.43%, 06/15/18 | 195,743 | ||||||
| 550,000 | Roche Holdings, Inc. 1.49%, 09/30/19 144A | 551,967 | ||||||
| 50,000 | Santander Holdings USA, Inc. 2.50%, 11/24/17 | 50,284 | ||||||
| 526,000 | State Street Corp. 1.95%, 08/18/20 | 537,163 | ||||||
| 300,000 | Synchrony Financial 2.44%, 11/09/17 | 301,598 | ||||||
| 135,000 | The Bank of New York Mellon Corp. 1.59%, 08/01/18 | 135,845 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 1,350,000 | 1.49%, 03/12/20 | 1,356,140 | ||||||
| 53,000 | 1.60%, 10/18/19 | 53,241 | ||||||
| 411,000 | 1.62%, 07/13/18 | 413,007 | ||||||
| 56,000 | 1.87%, 02/19/19 | 56,733 | ||||||
| 470,000 | US Bancorp 1.53%, 10/15/18 (c) | 472,378 | ||||||
| Verizon Communications, Inc. | ||||||||
| 365,000 | 1.92%, 06/17/19 | 368,028 | ||||||
| 1,804,000 | 2.14%, 03/16/22 | 1,824,948 | ||||||
| 700,000 | 2.87%, 09/14/18 | 714,435 | ||||||
| 700,000 | Walt Disney Co. 1.49%, 03/04/22 | 703,536 | ||||||
| Wells Fargo & Co. | ||||||||
| 2,650,000 | 1.78%, 04/23/18 | 2,661,901 | ||||||
| 650,000 | 1.85%, 01/30/20 | 653,806 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 300,000 | 1.96%, 02/11/21 (c) | $ | 301,874 | ||||
| 1,486,000 | 2.03%, 07/22/20 | 1,505,190 | ||||||
| 248,000 | 2.19%, 07/26/21 | 251,892 | ||||||
| 1,960,000 | 2.26%, 01/24/22 (c) | 1,981,909 | ||||||
| 3,225,000 | 2.40%, 10/31/22 (c) | 3,280,002 | ||||||
| 1,265,000 | 2.44%, 03/04/21 | 1,299,347 | ||||||
| 700,000 | Wells Fargo Bank NA 1.65%, 05/24/19 | 705,606 | ||||||
| 96,886,057 | ||||||||
| Total Floating Rate Notes (Cost: $147,122,656) | 147,869,100 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.1% (Cost: $148,713) | ||||||||
| 148,713 | Dreyfus Government Cash Management Fund – Institutional Shares | 148,713 | ||||||
| Total Investments Before Collateral for Securities Loaned:
99.8% (Cost: $147,271,369) | 148,017,813 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.8% | ||||||||
| Repurchase Agreements: 1.8% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $1,000,068; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $1,019,999 including accrued interest) | 1,000,000 | |||||
| 708,095 | Repurchase agreement dated 4/28/17 with Credit Suisse Securities LLC, 0.80%, due 5/1/17, proceeds $708,142; (collateralized by various U.S. government and agency obligations, 0.13% to 2.63%, due 7/15/17 to 1/15/27, valued at $722,271 including accrued interest) | 708,095 | ||||||
| 1,000,000 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, due 5/1/17, proceeds $1,000,068; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 9/20/42 to 4/20/45, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
| Total Short-Term Investments Held As Collateral For
Securities Loaned (Cost: $2,708,095) | 2,708,095 | |||||||
| Total Investments: 101.6% (Cost: $149,979,464) | 150,725,908 | |||||||
| Liabilities in excess of other assets: (1.6)% | (2,404,092 | ) | ||||||
| NET ASSETS: 100.0% | $ | 148,321,816 | ||||||
See Notes to Financial Statements
| 63 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,635,615. |
| 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 $19,210,417, or 13.0% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communications | 3.9 | % | $ | 5,706,956 | ||||
| Consumer, Cyclical | 4.3 | 6,363,814 | ||||||
| Consumer, Non-cyclical | 3.0 | 4,488,824 | ||||||
| Energy | 4.5 | 6,644,126 | ||||||
| Financial | 77.4 | 114,586,813 | ||||||
| Industrial | 1.5 | 2,221,575 | ||||||
| Technology | 5.3 | 7,856,992 | ||||||
| Money Market Fund | 0.1 | 148,713 | ||||||
| 100.0 | % | $ | 148,017,813 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Floating Rate Notes* | $ | — | $ | 147,869,100 | $ | — | $ | 147,869,100 | |||||||||
| Money Market Fund | 148,713 | — | — | 148,713 | |||||||||||||
| Repurchase Agreements | — | 2,708,095 | — | 2,708,095 | |||||||||||||
| Total | $ | 148,713 | $ | 150,577,195 | $ | — | $ | 150,725,908 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 64 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 4.7% | ||||||||
| Argentina: 3.0% | ||||||||
| Argentine Bonos del Tesoro | ||||||||
| ARS | 560,974,000 | 15.50%, 10/17/26 | $ | 40,341,943 | ||||
| 254,118,000 | 16.00%, 10/17/23 | 18,354,453 | ||||||
| 583,304,000 | 18.20%, 10/03/21 | 41,271,386 | ||||||
| 99,967,782 | ||||||||
| Brazil: 0.1% | ||||||||
| BRL | 4,351,000 | Concessionaria Ecovias dos Imigrantes SA TIPS 5.62%, 04/15/24 | 1,692,976 | |||||
| Colombia: 0.4% | ||||||||
| Empresas Publicas de Medellin ESP | ||||||||
| COP | 5,396,000,000 | 7.63%, 06/10/24 (c) Reg S | 1,813,261 | |||||
| 19,762,000,000 | 8.38%, 02/01/21 Reg S | 6,809,429 | ||||||
| 19,450,000,000 | Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S | 6,464,803 | ||||||
| 15,087,493 | ||||||||
| Germany: 0.6% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| ZAR | 37,530,000 | 7.88%, 01/15/20 | 2,815,257 | |||||
| TRY | 8,950,000 | 9.25%, 05/22/20 Reg S | 2,447,446 | |||||
| 14,309,000 | 10.00%, 03/06/19 | 4,073,730 | ||||||
| Landwirtschaftliche Rentenbank | ||||||||
| ZAR | 98,300,000 | 6.00%, 03/18/19 Reg S | 7,157,173 | |||||
| 34,000,000 | 8.25%, 05/23/22 Reg S | 2,550,556 | ||||||
| 19,044,162 | ||||||||
| Mexico: 0.2% | ||||||||
| Petroleos Mexicanos | ||||||||
| MXN | 28,330,000 | 7.19%, 09/12/24 Reg S | 1,319,636 | |||||
| 109,600,000 | 7.65%, 11/24/21 Reg S | 5,507,793 | ||||||
| 6,827,429 | ||||||||
| South Africa: 0.4% | ||||||||
| Eskom Holdings Ltd. | ||||||||
| ZAR | 11,000,000 | 7.50%, 09/15/33 | 626,671 | |||||
| 25,350,000 | 7.85%, 04/02/26 | 1,679,058 | ||||||
| 13,800,000 | 9.25%, 04/20/18 | 1,042,173 | ||||||
| 77,330,000 | 9.50%, 08/18/27 ^ | 1,701,841 | ||||||
| Transnet Ltd. | ||||||||
| 21,000,000 | 9.50%, 08/19/25 | 1,483,476 | ||||||
| 86,800,000 | 10.80%, 11/06/23 | 6,836,776 | ||||||
| 5,000,000 | 13.50%, 04/18/28 | 434,714 | ||||||
| 13,804,709 | ||||||||
| Total Corporate Bonds (Cost: $171,361,249) |
156,424,551 | |||||||
| GOVERNMENT OBLIGATIONS: 90.3% | ||||||||
| Brazil: 8.9% | ||||||||
| Brazilian Government International Bonds | ||||||||
| BRL | 2,590,000 | 8.50%, 01/05/24 | 781,340 | |||||
| 6,060,000 | 10.25%, 01/10/28 | 1,941,822 | ||||||
| 2,860,000 | 12.50%, 01/05/22 | 996,905 | ||||||
| Principal Amount | Value | |||||||
| Brazil: (continued) | ||||||||
| Letra do Tesouro Nacional | ||||||||
| BRL | 70,515,000 | 9.45%, 04/01/19 ^ | $ | 18,552,777 | ||||
| 171,340,000 | 10.70%, 07/01/20 ^ | 39,722,352 | ||||||
| 52,750,000 | 10.74%, 10/01/18 ^ | 14,532,041 | ||||||
| 100,750,000 | 11.70%, 01/01/20 ^ | 24,593,986 | ||||||
| 54,440,000 | 12.91%, 07/01/18 ^ | 15,354,486 | ||||||
| 58,540,000 | 13.29%, 07/01/19 ^ | 15,043,634 | ||||||
| 133,100,000 | 13.78%, 01/01/19 ^ | 35,863,019 | ||||||
| Nota do Tesouro Nacional, Series F | ||||||||
| 127,551,000 | 10.00%, 01/01/21 | 40,028,055 | ||||||
| 13,850,000 | 10.00%, 01/01/19 | 4,374,568 | ||||||
| 136,943,000 | 10.00%, 01/01/23 | 42,639,688 | ||||||
| 83,705,000 | 10.00%, 01/01/25 | 25,882,095 | ||||||
| 61,260,000 | 10.00%, 01/01/27 | 18,850,385 | ||||||
| 299,157,153 | ||||||||
| Chile: 3.0% | ||||||||
| Bonos del Banco Central de Chile en Pesos | ||||||||
| CLP | 450,000,000 | 4.50%, 06/01/20 | 700,979 | |||||
| 7,145,000,000 | 4.50%, 02/28/21 | 11,153,524 | ||||||
| 39,120,000,000 | 4.50%, 03/01/26 | 61,530,776 | ||||||
| 16,057,000,000 | Chilean Government International Bonds 5.50%, 08/05/20 | 25,573,494 | ||||||
| 98,958,773 | ||||||||
| Colombia: 5.0% | ||||||||
| Colombian TES | ||||||||
| COP | 11,700,000,000 | 7.00%, 06/30/32 | 4,100,809 | |||||
| 80,858,000,000 | 7.50%, 08/26/26 | 29,939,043 | ||||||
| 59,370,000,000 | 7.75%, 09/18/30 | 22,466,040 | ||||||
| 1,520,000,000 | Republic of Colombia 9.85%, 06/28/27 | 678,748 | ||||||
| Titulos de Tesoreria | ||||||||
| 10,426,700,000 | 5.00%, 11/21/18 | 3,508,809 | ||||||
| 44,076,700,000 | 6.00%, 04/28/28 | 14,450,854 | ||||||
| 28,327,200,000 | 7.00%, 09/11/19 | 9,872,849 | ||||||
| 82,187,200,000 | 7.00%, 05/04/22 | 29,365,446 | ||||||
| 74,910,800,000 | 10.00%, 07/24/24 | 31,106,498 | ||||||
| 56,256,700,000 | 11.00%, 07/24/20 | 22,028,270 | ||||||
| 167,517,366 | ||||||||
| Czech Republic: 1.1% | ||||||||
| Czech Republic Government Bonds | ||||||||
| CZK | 119,000,000 | 0.95%, 05/15/30 Reg S | 4,712,864 | |||||
| 142,800,000 | 1.00%, 06/26/26 Reg S | 5,897,635 | ||||||
| 90,000,000 | 2.40%, 09/17/25 Reg S | 4,140,972 | ||||||
| 125,000,000 | 2.50%, 08/25/28 Reg S | 5,882,714 | ||||||
| 149,000,000 | 3.85%, 09/29/21 Reg S | 7,087,465 | ||||||
| 138,400,000 | 4.70%, 09/12/22 Reg S | 6,990,954 | ||||||
| 68,000,000 | 5.70%, 05/25/24 Reg S | 3,786,005 | ||||||
| 38,498,609 | ||||||||
| Hungary: 3.9% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 2,355,070,000 | 2.00%, 10/30/19 | 8,526,918 | |||||
| 1,272,260,000 | 2.50%, 06/22/18 | 4,545,488 | ||||||
| 2,115,070,000 | 2.50%, 10/27/21 | 7,677,719 | ||||||
See Notes to Financial Statements
| 65 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Hungary: (continued) | ||||||||
| HUF | 2,751,400,000 | 3.00%, 06/26/24 | $ | 9,686,499 | ||||
| 1,428,920,000 | 3.00%, 10/27/27 | 4,886,933 | ||||||
| 3,869,990,000 | 3.50%, 06/24/20 | 14,610,985 | ||||||
| 1,282,750,000 | 5.50%, 12/20/18 | 4,855,244 | ||||||
| 4,229,640,000 | 5.50%, 06/24/25 | 17,345,606 | ||||||
| 3,828,670,000 | 6.00%, 11/24/23 | 16,106,981 | ||||||
| 3,775,310,000 | 6.50%, 06/24/19 | 14,881,993 | ||||||
| 3,472,350,000 | 7.00%, 06/24/22 | 15,067,106 | ||||||
| 2,611,920,000 | 7.50%, 11/12/20 | 11,134,061 | ||||||
| 129,325,533 | ||||||||
| Indonesia: 8.4% | ||||||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 101,640,000,000 | 5.63%, 05/15/23 | 7,110,972 | |||||
| 86,116,000,000 | 6.13%, 05/15/28 | 5,898,555 | ||||||
| 155,983,000,000 | 6.63%, 05/15/33 | 10,612,730 | ||||||
| 155,312,000,000 | 7.00%, 05/15/22 | 11,815,318 | ||||||
| 225,521,000,000 | 7.00%, 05/15/27 | 16,868,815 | ||||||
| 8,930,000,000 | 7.88%, 04/15/19 | 688,392 | ||||||
| 332,723,000,000 | 8.25%, 07/15/21 | 26,310,304 | ||||||
| 143,374,000,000 | 8.25%, 06/15/32 | 11,352,663 | ||||||
| 239,100,000,000 | 8.25%, 05/15/36 | 18,911,484 | ||||||
| 440,463,000,000 | 8.38%, 03/15/24 | 35,553,748 | ||||||
| 399,352,000,000 | 8.38%, 09/15/26 | 32,642,659 | ||||||
| 302,629,000,000 | 8.38%, 03/15/34 | 24,134,941 | ||||||
| 283,800,000,000 | 8.75%, 05/15/31 | 23,570,155 | ||||||
| 323,452,000,000 | 9.00%, 03/15/29 | 27,275,334 | ||||||
| 96,811,000,000 | 9.50%, 07/15/31 | 8,420,756 | ||||||
| 78,742,000,000 | 10.50%, 08/15/30 | 7,360,761 | ||||||
| 12,700,000,000 | 11.00%, 11/15/20 | 1,085,790 | ||||||
| 77,989,000,000 | 11.00%, 09/15/25 | 7,316,654 | ||||||
| 60,300,000,000 | Perusahaan Penerbit SBSN Indonesia 8.25%, 09/15/20 | 4,688,503 | ||||||
| 281,618,534 | ||||||||
| Malaysia: 5.3% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 38,745,000 | 3.42%, 08/15/22 | 8,766,607 | |||||
| 61,055,000 | 3.48%, 03/15/23 | 13,760,849 | ||||||
| 23,085,000 | 3.49%, 03/31/20 | 5,309,922 | ||||||
| 3,805,000 | 3.58%, 09/28/18 | 880,821 | ||||||
| 35,997,000 | 3.65%, 10/31/19 | 8,333,791 | ||||||
| 49,438,000 | 3.66%, 10/15/20 | 11,380,158 | ||||||
| 4,322,000 | 3.73%, 06/15/28 | 940,772 | ||||||
| 41,648,000 | 3.80%, 09/30/22 | 9,592,980 | ||||||
| 44,671,000 | 3.80%, 08/17/23 | 10,227,364 | ||||||
| 900,000 | 3.84%, 04/15/33 | 194,622 | ||||||
| 34,247,000 | 3.90%, 11/30/26 | 7,792,719 | ||||||
| 41,223,000 | 3.96%, 09/15/25 | 9,411,028 | ||||||
| 59,994,000 | 4.05%, 09/30/21 | 13,986,493 | ||||||
| 33,053,000 | 4.07%, 09/30/26 | 7,529,848 | ||||||
| 65,011,000 | 4.16%, 07/15/21 | 15,245,791 | ||||||
| 45,377,000 | 4.18%, 07/15/24 | 10,617,507 | ||||||
| 50,600,000 | 4.23%, 06/30/31 | 11,392,134 | ||||||
| 22,129,000 | 4.25%, 05/31/35 | 4,929,409 | ||||||
| 40,412,000 | 4.38%, 11/29/19 | 9,523,491 | ||||||
| 39,354,000 | 4.50%, 04/15/30 | 9,136,483 | ||||||
| 35,020,000 | 5.73%, 07/30/19 | 8,462,562 | ||||||
| 177,415,351 | ||||||||
| Principal Amount | Value | |||||||
| Mexico: 8.9% | ||||||||
| Mexican Government International Bonds | ||||||||
| MXN | 388,230,500 | 4.75%, 06/14/18 | $ | 20,061,090 | ||||
| 499,000 | 5.00%, 06/15/17 | 26,282 | ||||||
| 492,179,000 | 5.00%, 12/11/19 | 24,841,648 | ||||||
| 329,872,000 | 5.75%, 03/05/26 | 15,806,358 | ||||||
| 629,952,000 | 6.50%, 06/10/21 | 32,575,168 | ||||||
| 341,591,000 | 6.50%, 06/09/22 | 17,567,023 | ||||||
| 201,838,300 | 7.50%, 06/03/27 | 10,848,127 | ||||||
| 308,696,000 | 7.75%, 05/29/31 | 16,713,202 | ||||||
| 194,780,000 | 7.75%, 11/23/34 | 10,495,145 | ||||||
| 447,611,800 | 7.75%, 11/13/42 | 23,978,846 | ||||||
| 296,303,900 | 8.00%, 06/11/20 | 16,047,898 | ||||||
| 221,075,000 | 8.00%, 12/07/23 | 12,207,280 | ||||||
| 66,500,000 | 8.00%, 11/07/47 | 3,667,759 | ||||||
| 364,804,700 | 8.50%, 12/13/18 | 19,725,433 | ||||||
| 230,694,000 | 8.50%, 05/31/29 | 13,308,173 | ||||||
| 208,263,900 | 8.50%, 11/18/38 | 12,022,905 | ||||||
| 589,438,200 | 10.00%, 12/05/24 | 36,279,905 | ||||||
| 174,361,000 | 10.00%, 11/20/36 | 11,437,159 | ||||||
| 297,609,401 | ||||||||
| Peru: 3.0% | ||||||||
| Peruvian Government Bonds | ||||||||
| PEN | 45,578,000 | 5.70%, 08/12/24 | 14,385,116 | |||||
| 67,560,000 | 6.35%, 08/12/28 | 21,595,108 | ||||||
| 41,928,000 | 6.90%, 08/12/37 | 13,990,629 | ||||||
| 62,966,000 | 6.95%, 08/12/31 | 21,007,841 | ||||||
| 25,153,000 | 7.84%, 08/12/20 | 8,567,440 | ||||||
| 53,610,000 | 8.20%, 08/12/26 | 19,605,051 | ||||||
| 30,000 | 8.60%, 08/12/17 | 9,377 | ||||||
| 99,160,562 | ||||||||
| Philippines: 3.0% | ||||||||
| Philippine Government International Bonds | ||||||||
| PHP | 1,154,000,000 | 3.90%, 11/26/22 | 22,645,792 | |||||
| 1,569,000,000 | 4.95%, 01/15/21 | 32,344,041 | ||||||
| 1,981,500,000 | 6.25%, 01/14/36 | 44,267,975 | ||||||
| 99,257,808 | ||||||||
| Poland: 9.3% | ||||||||
| Polish Government Bonds | ||||||||
| PLN | 101,719,000 | 1.50%, 04/25/20 | 25,636,794 | |||||
| 97,203,000 | 1.75%, 07/25/21 | 24,150,483 | ||||||
| 102,432,000 | 1.87%, 10/25/18 ^ | 25,701,691 | ||||||
| 95,599,000 | 2.00%, 04/25/21 | 24,082,022 | ||||||
| 29,938,000 | 2.25%, 04/25/22 | 7,502,241 | ||||||
| 75,481,000 | 2.50%, 07/25/18 | 19,665,667 | ||||||
| 125,464,000 | 2.50%, 07/25/26 | 30,300,856 | ||||||
| 58,907,000 | 2.50%, 07/25/27 | 14,039,208 | ||||||
| 79,709,000 | 3.25%, 07/25/19 | 21,065,011 | ||||||
| 93,754,000 | 3.25%, 07/25/25 | 24,198,687 | ||||||
| 19,115,000 | 3.75%, 04/25/18 | 5,036,329 | ||||||
| 88,232,000 | 4.00%, 10/25/23 | 23,998,277 | ||||||
| 54,525,000 | 5.25%, 10/25/20 | 15,355,000 | ||||||
| 55,971,000 | 5.50%, 10/25/19 | 15,591,180 | ||||||
| 50,555,000 | 5.75%, 10/25/21 | 14,687,679 | ||||||
| 73,966,000 | 5.75%, 09/23/22 | 21,736,994 | ||||||
| 312,748,119 | ||||||||
See Notes to Financial Statements
| 66 |
| Principal Amount | Value | |||||||
| Romania: 2.9% | ||||||||
| Romanian Government Bonds | ||||||||
| RON | 25,185,000 | 2.25%, 02/26/20 | $ | 6,104,320 | ||||
| 34,995,000 | 2.50%, 04/29/19 | 8,568,429 | ||||||
| 43,000,000 | 3.25%, 03/22/21 | 10,602,554 | ||||||
| 23,785,000 | 3.50%, 12/19/22 | 5,834,856 | ||||||
| 35,890,000 | 4.75%, 06/24/19 † | 9,193,579 | ||||||
| 35,860,000 | 4.75%, 02/24/25 | 9,272,331 | ||||||
| 35,280,000 | 5.60%, 11/28/18 | 9,069,084 | ||||||
| 41,750,000 | 5.75%, 04/29/20 | 11,119,668 | ||||||
| 28,080,000 | 5.80%, 07/26/27 | 7,803,985 | ||||||
| 42,340,000 | 5.85%, 04/26/23 | 11,640,057 | ||||||
| 31,820,000 | 5.95%, 06/11/21 | 8,633,168 | ||||||
| 97,842,031 | ||||||||
| Russia: 5.0% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 629,823,000 | 6.40%, 05/27/20 | 10,675,125 | |||||
| 789,364,000 | 6.70%, 05/15/19 | 13,588,388 | ||||||
| 525,781,000 | 6.80%, 12/11/19 | 8,994,519 | ||||||
| 576,509,000 | 7.00%, 01/25/23 | 9,901,984 | ||||||
| 939,037,000 | 7.00%, 08/16/23 | 15,997,874 | ||||||
| 1,016,270,000 | 7.05%, 01/19/28 | 17,222,836 | ||||||
| 405,880,000 | 7.50%, 02/27/19 | 7,081,705 | ||||||
| 1,122,831,000 | 7.50%, 08/18/21 | 19,642,073 | ||||||
| 520,126,000 | 7.60%, 04/14/21 | 9,114,707 | ||||||
| 529,713,000 | 7.60%, 07/20/22 | 9,339,870 | ||||||
| 797,660,000 | 7.75%, 09/16/26 | 14,212,665 | ||||||
| 1,005,074,000 | 8.15%, 02/03/27 | 18,529,267 | ||||||
| 790,218,000 | 8.50%, 09/17/31 | 14,794,146 | ||||||
| 169,095,159 | ||||||||
| South Africa: 6.9% | ||||||||
| South African Government Bonds | ||||||||
| ZAR | 286,382,000 | 6.25%, 03/31/36 | 15,487,363 | |||||
| 283,852,000 | 6.50%, 02/28/41 | 15,151,499 | ||||||
| 56,695,000 | 6.75%, 03/31/21 | 4,104,703 | ||||||
| 296,305,000 | 7.00%, 02/28/31 | 18,483,941 | ||||||
| 83,370,000 | 7.25%, 01/15/20 | 6,195,022 | ||||||
| 116,814,000 | 7.75%, 02/28/23 | 8,588,180 | ||||||
| 317,821,000 | 8.00%, 01/31/30 | 21,778,388 | ||||||
| 255,853,000 | 8.25%, 03/31/32 | 17,564,415 | ||||||
| 370,385,000 | 8.50%, 01/31/37 | 25,198,218 | ||||||
| 332,542,000 | 8.75%, 01/31/44 | 22,722,082 | ||||||
| 479,849,000 | 8.75%, 02/28/48 | 32,662,896 | ||||||
| 166,434,000 | 8.88%, 02/28/35 | 11,818,763 | ||||||
| 395,648,000 | 10.50%, 12/21/26 | 33,025,075 | ||||||
| 232,780,545 | ||||||||
| Supranational: 5.0% | ||||||||
| TRY | 2,225,000 | African Development Bank 4.55%, 12/21/17 | 598,896 | |||||
| European Bank for Reconstruction & Development | ||||||||
| IDR | 159,500,000,000 | 7.38%, 04/15/19 | 12,129,204 | |||||
| TRY | 26,677,000 | 8.00%, 10/11/18 | 7,196,135 | |||||
| IDR | 114,130,000,000 | 9.25%, 12/02/20 | 9,260,259 | |||||
| Principal Amount | Value | |||||||
| Supranational: (continued) | ||||||||
| European Investment Bank | ||||||||
| MXN | 68,900,000 | 4.00%, 02/25/20 Reg S | $ | 3,346,839 | ||||
| PLN | 31,700,000 | 4.25%, 10/25/22 | 8,762,691 | |||||
| IDR | 32,700,000,000 | 5.20%, 03/01/22 Reg S | 2,259,879 | |||||
| TRY | 4,497,000 | 5.25%, 09/03/18 Reg S | 1,184,821 | |||||
| IDR | 28,000,000,000 | 6.95%, 02/06/20 Reg S | 2,101,733 | |||||
| 47,400,000,000 | 7.20%, 07/09/19 Reg S | 3,610,832 | ||||||
| ZAR | 45,040,000 | 7.50%, 01/30/19 | 3,360,146 | |||||
| 91,410,000 | 7.50%, 09/10/20 Reg S | 6,757,664 | ||||||
| 184,070,000 | 8.13%, 12/21/26 | 13,338,173 | ||||||
| TRY | 36,991,000 | 8.50%, 07/25/19 | 9,931,138 | |||||
| ZAR | 17,600,000 | 8.50%, 09/17/24 Reg S | 1,325,023 | |||||
| TRY | 33,000,000 | 8.75%, 09/18/21 Reg S | 8,675,088 | |||||
| ZAR | 26,390,000 | 9.00%, 12/21/18 Reg S | 2,008,430 | |||||
| TRY | 9,150,000 | 9.13%, 10/07/20 Reg S | 2,449,942 | |||||
| BRL | 24,600,000 | 9.24%, 08/27/21 ^ | 5,429,411 | |||||
| TRY | 6,150,000 | 9.25%, 07/20/18 | 1,711,634 | |||||
| BRL | 15,410,000 | 9.52%, 10/22/19 ^ | 3,951,691 | |||||
| TRY | 7,150,000 | 10.75%, 11/15/19 | 2,012,563 | |||||
| Inter-American Development Bank | ||||||||
| IDR | 500,000,000 | 7.00%, 02/04/19 | 37,617 | |||||
| 24,680,000,000 | 7.88%, 03/14/23 | 1,931,695 | ||||||
| BRL | 26,450,000 | 10.25%, 05/18/18 | 8,437,739 | |||||
| International Bank for Reconstruction & Development | ||||||||
| MXN | 219,600,000 | 4.00%, 08/16/18 | 11,193,175 | |||||
| 137,588,000 | 7.50%, 03/05/20 | 7,355,306 | ||||||
| COP | 20,690,000,000 | 8.00%, 03/02/20 | 7,414,429 | |||||
| TRY | 26,050,000 | 9.63%, 07/13/18 | 7,196,067 | |||||
| RUB | 194,300,000 | 10.30%, 03/05/19 | 3,598,715 | |||||
| International Finance Corp. | ||||||||
| BRL | 19,510,000 | 10.50%, 04/17/18 | 6,254,386 | |||||
| 13,700,000 | 12.00%, 01/29/19 Reg S | 4,531,947 | ||||||
| 169,353,268 | ||||||||
| Thailand: 5.7% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 574,434,000 | 1.88%, 06/17/22 | 16,372,216 | |||||
| 22,000,000 | 2.13%, 12/17/26 | 604,686 | ||||||
| 654,597,000 | 2.55%, 06/26/20 | 19,389,810 | ||||||
| 260,642,000 | 3.40%, 06/17/36 | 7,630,782 | ||||||
| 239,557,000 | 3.45%, 03/08/19 | 7,164,590 | ||||||
| 51,143,000 | 3.58%, 12/17/27 | 1,578,349 | ||||||
| 697,028,000 | 3.63%, 06/16/23 | 21,597,591 | ||||||
| 1,059,684,000 | 3.65%, 12/17/21 | 32,834,672 | ||||||
| 823,888,000 | 3.85%, 12/12/25 | 26,064,849 | ||||||
| 1,040,390,000 | 3.88%, 06/13/19 | 31,513,200 | ||||||
| 824,000 | 4.75%, 12/20/24 | 27,431 | ||||||
| 772,819,000 | 4.88%, 06/22/29 | 26,648,314 | ||||||
| 191,426,490 | ||||||||
| Turkey: 5.0% | ||||||||
| Turkish Government Bonds | ||||||||
| TRY | 55,480,000 | 7.20%, 03/08/23 | 13,410,431 | |||||
| 39,117,000 | 7.40%, 02/05/20 | 10,154,184 | ||||||
| 44,819,000 | 8.00%, 03/12/25 | 11,174,009 | ||||||
| 8,383,000 | 8.30%, 06/20/18 | 2,295,226 | ||||||
See Notes to Financial Statements
| 67 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount |
Value | |||||||
| Turkey: (continued) | ||||||||
| TRY | 13,220,000 | 8.50%, 07/10/19 | $ | 3,556,333 | ||||
| 35,580,000 | 8.50%, 09/14/22 | 9,273,577 | ||||||
| 1,800,000 | 8.70%, 07/11/18 | 493,972 | ||||||
| 42,770,000 | 8.80%, 11/14/18 | 11,683,266 | ||||||
| 48,166,000 | 8.80%, 09/27/23 | 12,645,481 | ||||||
| 44,760,000 | 9.00%, 07/24/24 | 11,886,669 | ||||||
| 23,924,000 | 9.20%, 09/22/21 | 6,415,638 | ||||||
| 35,102,000 | 9.40%, 07/08/20 | 9,541,620 | ||||||
| 28,248,000 | 9.50%, 01/12/22 | 7,670,579 | ||||||
| 11,550,000 | 10.40%, 03/27/19 | 3,227,337 | ||||||
| 24,430,000 | 10.40%, 03/20/24 | 6,922,549 | ||||||
| 34,160,000 | 10.50%, 01/15/20 | 9,593,157 | ||||||
| 80,680,000 | 10.60%, 02/11/26 | 23,304,402 | ||||||
| 55,305,000 | 10.70%, 02/17/21 | 15,609,121 | ||||||
| 168,857,551 | ||||||||
| Total Government Obligations (Cost: $3,076,701,627) |
3,030,622,253 | |||||||
| Number of Shares |
||||||||
| MONEY MARKET FUND: 0.2% (Cost: $8,483,266) | ||||||||
| 8,483,266 | Dreyfus Government Cash Management Fund – Institutional Shares | 8,483,266 | ||||||
| Total Investments Before Collateral for Securities Loaned: 95.2% (Cost: $3,256,546,142) |
3,195,530,070 | |||||||
| Principal Amount | Value | |||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.1% | ||||||||||
| Repurchase Agreements: 0.1% | ||||||||||
| USD | 1,000,000 | Repurchase agreement dated 4/28/17 with Daiwa Capital Markets America, Inc., 0.85%, due 5/1/17, proceeds $1,000,071; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/18/17 to 12/1/51, valued at $1,020,000 including accrued interest) | $ | 1,000,000 | ||||||
| 897,009 | Repurchase agreement dated 4/28/17 with Nomura Securities International, Inc., 0.83%, due 5/1/17, proceeds $897,071; (collateralized by various U.S. government and agency obligations, 1.95% to 9.00%, due 6/1/18 to 3/20/67, valued at $914,949 including accrued interest) | 897,009 | ||||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $1,897,009) |
1,897,009 | |||||||||
| Total Investments: 95.3% (Cost: $3,258,443,151) |
3,197,427,079 | |||||||||
| Other assets less liabilities: 4.7% | 157,323,751 | |||||||||
| NET ASSETS: 100.0% | $ | 3,354,750,830 | ||||||||
| ARS | Argentine Peso |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht TRY Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |
See Notes to Financial Statements
| 68 |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond — the rate shown is the effective yield at purchase date |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,665,039. |
| 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. |
| TIPS | Treasury Inflation Protected Securities |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||||
| Consumer, Non-cyclical | 0.0 | % | $ | 1,692,976 | |||||
| Energy | 0.2 | 6,827,429 | |||||||
| Financial | 0.8 | 25,508,965 | |||||||
| Government | 98.0 | 3,130,590,035 | |||||||
| Industrial | 0.3 | 8,754,966 | |||||||
| Utilities | 0.4 | 13,672,433 | |||||||
| Money Market Fund | 0.3 | 8,483,266 | |||||||
| 100.0 | % | $ | 3,195,530,070 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 156,424,551 | $ | — | $ | 156,424,551 | |||||||||
| Government Obligations* | — | 3,030,622,253 | — | 3,030,622,253 | |||||||||||||
| Money Market Fund | 8,483,266 | — | — | 8,483,266 | |||||||||||||
| Repurchase Agreements | — | 1,897,009 | — | 1,897,009 | |||||||||||||
| Total | $ | 8,483,266 | $ | 3,188,943,813 | $ | — | $ | 3,197,427,079 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 69 |
VANECK VECTORS MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Number of Shares | Value | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 99.8% | ||||||||
| United States: 99.8% | ||||||||
| 121,997 | AG Mortgage Investment Trust, Inc. | $ | 2,311,843 | |||||
| 559,542 | AGNC Investment Corp. | 11,789,550 | ||||||
| 133,728 | Altisource Residential Corp. † | 1,923,009 | ||||||
| 1,722,245 | Annaly Capital Management, Inc. | 20,339,713 | ||||||
| 460,631 | Anworth Mortgage Asset Corp. | 2,699,298 | ||||||
| 344,383 | Apollo Commercial Real Estate Finance, Inc. | 6,643,148 | ||||||
| 178,755 | ARMOUR Residential REIT, Inc. † | 4,302,633 | ||||||
| 225,515 | Blackstone Mortgage Trust, Inc. | 6,963,903 | ||||||
| 439,772 | Capstead Mortgage Corp. † | 4,899,060 | ||||||
| 365,429 | Chimera Investment Corp. | 7,440,134 | ||||||
| 737,250 | CYS Investments, Inc. | 6,288,743 | ||||||
| 247,789 | Dynex Capital, Inc. | 1,714,700 | ||||||
| 214,201 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 4,695,286 | ||||||
| 417,797 | Invesco Mortgage Capital, Inc. | 6,814,269 | ||||||
| 192,035 | iStar Financial, Inc. * | 2,348,588 | ||||||
| 261,077 | Ladder Capital Corp. | 3,819,557 | ||||||
| 786,413 | MFA Financial, Inc. | 6,535,092 | ||||||
| 222,936 | MTGE Investment Corp. | 4,012,848 | ||||||
| 525,720 | New Residential Investment Corp. | 8,763,752 | ||||||
| 589,787 | New York Mortgage Trust, Inc. † | 3,780,535 | ||||||
| 297,627 | PennyMac Mortgage Investment Trust | 5,321,571 | ||||||
| 254,082 | Redwood Trust, Inc. | 4,337,180 | ||||||
| 454,073 | Starwood Property Trust, Inc. | 10,302,916 | ||||||
| 751,956 | Two Harbors Investment Corp. | 7,512,040 | ||||||
| 221,054 | Western Asset Mortgage Capital Corp. | 2,327,699 | ||||||
Total Real Estate Investment Trusts (Cost: $141,318,897) | 147,887,067 | |||||||
| MONEY MARKET FUND: 0.7% (Cost: $1,071,307) | ||||||||
| 1,071,307 | Dreyfus Government Cash Management Fund – Institutional Shares | 1,071,307 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.5% (Cost: $142,390,204) | 148,958,374 | |||||||
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.0% | ||||||||
| Repurchase Agreements: 4.0% | ||||||||
| $ | 1,398,163 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $1,398,259; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $1,426,126 including accrued interest) | $ | 1,398,163 | ||||
| 1,398,163 | Repurchase agreement dated 4/28/17 with Deutsche Bank Securities, Inc., 0.85%, due 5/1/17, proceeds $1,398,262; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 5/1/17 to 4/1/47, valued at $1,426,126 including accrued interest) | 1,398,163 | ||||||
| 1,398,163 | Repurchase agreement dated 4/28/17 with Goldman Sachs and Co., 0.80%, due 5/1/17, proceeds $1,398,256; (collateralized by various U.S. government and agency obligations, 3.00% to 6.00%, due 1/1/41 to 7/1/46, valued at $1,426,126 including accrued interest) | 1,398,163 | ||||||
| 294,221 | Repurchase agreement dated 4/28/17 with J.P. Morgan Securities LLC, 0.81%, due 5/1/17, proceeds $294,241; (collateralized by various U.S. government and agency obligations, 1.38% to 2.25%, due 11/30/17 to 8/15/21, valued at $300,106 including accrued interest) | 294,221 | ||||||
| 1,398,163 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, due 5/1/17, proceeds $1,398,257; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 9/20/42 to 4/20/45, valued at $1,426,126 including accrued interest) | 1,398,163 | ||||||
| Total Short-Term
Investments Held as Collateral for Securities Loaned (Cost: $5,886,873) |
|
|
5,886,873 |
|
||||
| Total Investments: 104.5% (Cost: $148,277,077) |
|
|
154,845,247 |
|
||||
| Liabilities in excess of other assets: (4.5)% | (6,702,235 | ) | ||||||
| NET ASSETS: 100.0% | $ | 148,143,012 | ||||||
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $5,601,950. |
See Notes to Financial Statements
| 70 |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||||
| Financials | 97.7 | % | $ | 145,538,479 | |||||
| Real Estate | 1.6 | 2,348,588 | |||||||
| Money Market Fund | 0.7 | 1,071,307 | |||||||
| 100.0 | % | $ | 148,958,374 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | Value | ||||||||||||||
| Real Estate Investment Trusts* | $ | 147,887,067 | $ | — | $ | — | $ | 147,887,067 | |||||||||
| Money Market Fund | 1,071,307 | — | — | 1,071,307 | |||||||||||||
| Repurchase Agreements | — | 5,886,873 | — | 5,886,873 | |||||||||||||
| Total | $ | 148,958,374 | $ | 5,886,873 | $ | — | $ | 154,845,247 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 71 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Number of Shares | Value | |||||||
| PREFERRED SECURITIES: 100.0% | ||||||||
| Communications: 20.8% | ||||||||
| 86,825 | Comcast Corp. 5.00%, 12/15/17 (c) | $ | 2,226,193 | |||||
| 226,501 | eBay, Inc. 6.00%, 03/01/21 (c) † | 6,004,542 | ||||||
| 145,338 | Frontier Communications Corp. 11.13%, 06/29/18 | 6,444,287 | ||||||
| General Electric Co. | ||||||||
| 221,103 | 4.70%, 05/16/18 (c) | 5,611,594 | ||||||
| 249,151 | 4.88%, 10/15/17 (c) | 6,283,588 | ||||||
| 191,016 | 4.88%, 01/29/18 (c) | 4,872,818 | ||||||
| Qwest Corp. | ||||||||
| 234,051 | 6.13%, 06/01/18 (c) † | 5,809,146 | ||||||
| 295,207 | 6.50%, 09/01/21 (c) | 7,350,654 | ||||||
| 123,821 | 6.63%, 09/15/20 (c) † | 3,126,480 | ||||||
| 151,001 | 6.88%, 10/01/19 (c) | 3,850,526 | ||||||
| 158,551 | 7.00%, 05/30/17 (c) † | 4,012,926 | ||||||
| 120,801 | 7.00%, 07/01/17 (c) † | 3,061,097 | ||||||
| 87,127 | 7.50%, 05/15/17 (c) † | 2,210,412 | ||||||
| |
90,600 |
|
|
Telephone & Data Systems, Inc. 7.00%, 05/30/17 (c) † |
|
|
2,312,112 |
|
| |
151,001 |
|
|
T-Mobile US, Inc. 5.50%, 12/15/17 |
|
|
16,567,830 |
|
| United States Cellular Corp. | ||||||||
| 103,285 | 6.95%, 05/30/17 (c) † | 2,655,457 | ||||||
| 83,050 | 7.25%, 12/08/19 (c) † | 2,213,283 | ||||||
| 90,600 | 7.25%, 12/01/20 (c) | 2,429,892 | ||||||
| 151,001 | Verizon Communications, Inc. 5.90%, 02/15/19 (c) | 4,019,647 | ||||||
| 91,062,484 | ||||||||
| Consumer, Non-cyclical: 7.7% | ||||||||
| |
188,751 |
|
|
Anthem, Inc. 5.25%, 05/01/18 |
|
|
9,698,026 |
|
| CHS, Inc. | ||||||||
| 148,736 | 6.75%, 09/30/24 (c) † | 4,036,695 | ||||||
| 126,841 | 7.10%, 03/31/24 (c) † | 3,568,037 | ||||||
| 156,286 | 7.50%, 01/21/25 (c) | 4,516,665 | ||||||
| 156,773 | 7.88%, 09/26/23 (c) | 4,530,740 | ||||||
| 92,654 | 8.00%, 07/18/23 (c) | 2,812,975 | ||||||
| |
62,674 |
|
|
Tyson Foods, Inc. 4.75%, 07/15/17 |
|
|
4,346,442 |
|
| 33,509,580 | ||||||||
| Energy: 7.8% | ||||||||
| 241,601 | Kinder Morgan, Inc. 9.75%, 10/26/18 † | 11,125,726 | ||||||
| NextEra Energy, Inc. | ||||||||
| 226,501 | 6.12%, 09/01/19 | 11,868,652 | ||||||
| 105,701 | 6.37%, 09/01/18 † | 6,518,581 | ||||||
| 260,476 | Southwestern Energy Co. 6.25%, 01/15/18 † | 4,813,597 | ||||||
| 34,326,556 | ||||||||
| Government: 0.5% | ||||||||
| 82,569 | Tennessee Valley Authority 3.55%, 06/01/17 (p) | 2,093,950 | ||||||
| Number of Shares | Value | |||||||
| Industrial: 4.9% | ||||||||
| |
188,751 |
|
|
Arconic, Inc. 5.38%, 10/01/17 |
|
$ |
8,014,368 |
|
| |
86,825 |
|
|
Hess Corp. 8.00%, 02/01/19 † |
|
|
5,179,111 |
|
| |
104,191 |
|
|
Seaspan Corp. 6.38%, 04/30/19 |
|
|
2,604,775 |
|
| |
226,501 |
|
|
Stanley Black & Decker, Inc. 5.75%, 07/25/17 (c) |
|
|
5,766,715 |
|
| 21,564,969 | ||||||||
| Real Estate Investment Trusts: 28.1% | ||||||||
| |
78,143 |
|
|
American Homes 4 Rent 6.50%, 05/24/21 (c) |
|
|
2,045,002 |
|
| |
103,813 |
|
|
American Tower Corp. 5.50%, 02/15/18 |
|
|
12,016,355 |
|
| Annaly Capital Management, Inc. | ||||||||
| 138,921 | 7.50%, 09/13/17 (c) † | 3,548,042 | ||||||
| 86,825 | 7.63%, 08/27/17 (c) | 2,227,061 | ||||||
| 90,600 | 7.63%, 05/30/17 (c) | 2,322,078 | ||||||
| |
137,033 |
|
|
CBL & Associates Properties, Inc. 7.38%, 05/30/17 (c) † |
|
|
3,199,721 |
|
| |
98,151 |
|
|
Chimera Investment Corp. 8.00%, 03/30/24 (c) |
|
|
2,524,444 |
|
| Colony NorthStar, Inc. | ||||||||
| 86,825 | 7.13%, 04/13/20 (c) | 2,183,649 | ||||||
| 105,693 | 8.25%, 05/30/17 (c) | 2,704,684 | ||||||
| 76,104 | 8.50%, 05/30/17 (c) † | 1,929,997 | ||||||
| 75,500 | 8.75%, 05/15/19 (c) | 2,006,790 | ||||||
| Digital Realty Trust, Inc. | ||||||||
| 75,500 | 5.88%, 04/09/18 (c) † | 1,922,230 | ||||||
| 75,500 | 6.35%, 08/24/20 (c) † | 2,025,665 | ||||||
| 110,231 | 7.38%, 03/26/19 (c) † | 3,079,854 | ||||||
| |
97,237 |
|
|
FelCor Lodging Trust, Inc. 1.95%, 04/28/66 |
|
|
2,465,930 |
|
| |
75,500 |
|
|
GGP, Inc. 6.38%, 02/13/18 (c) |
|
|
1,912,415 |
|
| |
93,620 |
|
|
Government Properties Income Trust 5.88%, 05/26/21 (c) † |
|
|
2,368,586 |
|
| |
120,801 |
|
|
Kimco Realty Corp. 6.00%, 05/30/17 (c) † |
|
|
3,040,561 |
|
| National Retail Properties, Inc. | ||||||||
| 104,191 | 5.20%, 10/11/21 (c) | 2,516,213 | ||||||
| 86,825 | 5.70%, 05/30/18 (c) † | 2,198,409 | ||||||
| |
121,556 |
|
|
NorthStar Realty Finance Corp. 7.63%, 01/15/18 (c) † |
|
|
3,115,480 |
|
| |
105,701 |
|
|
PS Business Parks, Inc. 6.00%, 05/14/17 (c) † |
|
|
2,673,178 |
|
| Public Storage | ||||||||
| 105,701 | 4.90%, 10/14/21 (c) | 2,482,917 | ||||||
| 98,151 | 4.95%, 07/20/21 (c) † | 2,335,012 | ||||||
| 151,001 | 5.20%, 01/16/18 (c) † | 3,806,735 | ||||||
| 149,491 | 5.38%, 09/20/17 (c) | 3,743,255 | ||||||
| 90,600 | 5.40%, 01/20/21 (c) † | 2,315,736 | ||||||
| 86,825 | 5.63%, 06/15/17 (c) † | 2,187,990 | ||||||
| 139,676 | 5.75%, 05/30/17 (c) | 3,517,042 | ||||||
| 138,921 | 5.90%, 05/30/17 (c) | 3,504,977 | ||||||
| 86,825 | 6.00%, 06/04/19 (c) † | 2,323,437 | ||||||
| 86,070 | 6.38%, 03/17/19 (c) † | 2,325,611 | ||||||
See Notes to Financial Statements
| 72 |
| Number of Shares | Value | |||||||
| Real Estate Investment Trusts: (continued) | ||||||||
| Senior Housing Properties Trust | ||||||||
| 105,701 | 5.63%, 08/01/17 (c) † | $ | 2,634,069 | |||||
| 75,500 | 6.25%, 02/18/21 (c) † | 2,004,525 | ||||||
| 78,143 | Ventas Realty LP 5.45%, 03/07/18 (c) † | 1,947,324 | ||||||
| 323,399 | VEREIT, Inc. 6.70%, 01/03/19 (c) † | 8,321,056 | ||||||
| Vornado Realty Trust | ||||||||
| 90,600 | 5.40%, 01/25/18 (c) † | 2,265,906 | ||||||
| 90,600 | 5.70%, 07/18/17 (c) † | 2,307,582 | ||||||
| 81,540 | 6.63%, 05/30/17 (c) † | 2,100,470 | ||||||
| 83,050 | Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c) † | 2,225,740 | ||||||
| 108,532 | Welltower, Inc. 6.50%, 07/17/65 | 6,860,308 | ||||||
| 123,236,036 | ||||||||
| Reinsurance: 4.5% | ||||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 75,500 | 5.63%, 01/01/27 (c) † | 1,842,200 | ||||||
| 83,050 | 5.95%, 07/01/23 (c) † | 2,292,180 | ||||||
| 166,101 | Axis Capital Holdings Ltd. 5.50%, 11/07/21 (c) † | 4,022,966 | ||||||
| 88,742 | PartnerRe Ltd. 7.25%, 04/29/21 (c) † | 2,567,306 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 120,801 | 5.75%, 06/15/26 (c) † | 3,364,308 | ||||||
| 120,801 | 6.20%, 09/15/22 (c) | 3,555,173 | ||||||
| 83,050 | RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c) † | 2,112,792 | ||||||
| 19,756,925 | ||||||||
| Technology: 0.8% | ||||||||
| 128,351 | Pitney Bowes, Inc. 6.70%, 03/07/18 (c) † | 3,342,260 | ||||||
| Utilities: 24.9% | ||||||||
| 78,143 | AES Trust III 6.75%, 05/30/17 (c) † | 3,939,189 | ||||||
| 75,500 | BGE Capital Trust II 6.20%, 05/30/17 (c) † | 1,953,185 | ||||||
| Dominion Resources, Inc. | ||||||||
| 241,601 | 5.25%, 07/30/21 (c) † | 5,938,553 | ||||||
| 151,001 | 6.38%, 07/01/17 † | 7,604,410 | ||||||
| 211,401 | 6.75%, 08/15/19 † | 10,701,119 | ||||||
| DTE Energy Co. | ||||||||
| 90,600 | 5.38%, 06/01/21 (c) † | 2,253,222 | ||||||
| 84,560 | 6.00%, 12/15/21 (c) † | 2,214,626 | ||||||
| 101,926 | 6.50%, 10/01/19 | 5,492,792 | ||||||
| 151,001 | Duke Energy Corp. 5.13%, 01/15/18 (c) † | 3,879,216 | ||||||
| 123,821 | Entergy Arkansas, Inc. 4.88%, 09/01/21 (c) | 2,875,124 | ||||||
| 81,540 | Entergy Louisiana LLC 4.88%, 09/01/21 (c) | 1,871,343 | ||||||
| 78,520 | Entergy Mississippi, Inc. 4.90%, 10/01/21 (c) | 1,823,234 | ||||||
| 90,600 | FPL Group Capital Trust I 5.88%, 05/30/17 (c) † | 2,382,780 | ||||||
| 130,238 | Great Plains Energy, Inc. 7.00%, 09/15/19 | 7,045,876 | ||||||
| Number of Shares | Value | |||||||
| Utilities: (continued) | ||||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 135,901 | 5.00%, 01/15/18 (c) † | $ | 3,381,217 | |||||
| 151,001 | 5.13%, 11/15/17 (c) † | 3,775,025 | ||||||
| 172,141 | 5.25%, 06/01/21 (c) † | 4,232,947 | ||||||
| 105,701 | 5.63%, 06/15/17 (c) | 2,681,634 | ||||||
| 120,801 | 5.70%, 05/30/17 (c) | 3,068,345 | ||||||
| 135,901 | PPL Capital Funding, Inc. 5.90%, 04/30/18 (c) | 3,523,913 | ||||||
| 143,451 | SCE Trust I 5.63%, 06/15/17 (c) | 3,636,483 | ||||||
| 120,801 | SCE Trust II 5.10%, 03/15/18 (c) | 3,013,985 | ||||||
| 83,050 | SCE Trust III 5.75%, 03/15/24 (c) | 2,350,315 | ||||||
| 98,151 | SCE Trust IV 5.38%, 09/15/25 (c) | 2,721,727 | ||||||
| 90,600 | SCE Trust V 5.45%, 03/15/26 (c) | 2,569,416 | ||||||
| Southern Co. | ||||||||
| 241,601 | 5.25%, 10/01/21 (c) † | 5,924,057 | ||||||
| 302,002 | 6.25%, 10/15/20 (c) | 8,000,033 | ||||||
| 108,853,766 | ||||||||
| Total
Investments Before Collateral for Securities Loaned: 100.0% (Cost: $438,430,460) |
|
|
437,746,526 |
|
||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.6% | ||||||||
| Repurchase Agreements: 5.6% | ||||||||
| $ | 5,850,508 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.82%, due 5/1/17, proceeds $5,850,908; (collateralized by various U.S. government and agency obligations, 0.00% to 11.50%, due 5/1/17 to 6/1/53, valued at $5,967,518 including accrued interest) | 5,850,508 | |||||
| 5,850,508 | Repurchase agreement dated 4/28/17 with Daiwa Capital Markets America, Inc., 0.85%, due 5/1/17, proceeds $5,850,922; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/18/17 to 12/1/51, valued at $5,967,518 including accrued interest) | 5,850,508 | ||||||
| 5,850,508 | Repurchase agreement dated 4/28/17 with Deutsche Bank Securities, Inc., 0.85%, due 5/1/17, proceeds $5,850,922; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 5/1/17 to 4/1/47, valued at $5,967,518 including accrued interest) | 5,850,508 | ||||||
See Notes to Financial Statements
| 73 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 1,231,233 | Repurchase agreement dated 4/28/17 with J.P. Morgan Securities LLC, 0.81%, due 5/1/17, proceeds $1,231,316; (collateralized by various U.S. government and agency obligations, 1.38% to 2.25%, due 11/30/17 to 8/15/21, valued at $1,255,860 including accrued interest) | $ | 1,231,233 | ||||
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 5,850,508 | Repurchase agreement dated 4/28/17 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.81%, due 5/1/17, proceeds $5,850,903; (collateralized by various U.S. government and agency obligations, 3.00% to 4.50%, due 9/20/42 to 4/20/45, valued at $5,967,518 including accrued interest) | $ | 5,850,508 | ||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $24,633,265) |
24,633,265 | |||||||
| Total Investments: 105.6% (Cost: $463,063,725) |
462,379,791 | |||||||
| Liabilities in excess of other assets: (5.6)% | (24,663,425 | ) | ||||||
| NET ASSETS: 100.0% | $ | 437,716,366 | ||||||
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Puttable Security — the redemption date shown is when the security may be redeemed by the investor |
| † | Security fully or partially on loan. Total market value of securities on loan is $23,987,073. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communications | 20.8 | % | $ | 91,062,484 | ||||
| Consumer, Non-cyclical | 7.7 | 33,509,580 | ||||||
| Energy | 7.8 | 34,326,556 | ||||||
| Financial | 0.9 | 4,022,966 | ||||||
| Government | 0.5 | 2,093,950 | ||||||
| Industrial | 4.9 | 21,564,969 | ||||||
| Real Estate Investment Trusts | 28.1 | 123,236,036 | ||||||
| Reinsurance | 3.6 | 15,733,959 | ||||||
| Technology | 0.8 | 3,342,260 | ||||||
| Utilities | 24.9 | 108,853,766 | ||||||
| 100.0 | % | $ | 437,746,526 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Preferred Securities* | $ | 437,746,526 | $ | — | $ | — | $ | 437,746,526 | |||||||||
| Repurchase Agreements | — | 24,633,265 | — | 24,633,265 | |||||||||||||
| Total | $ | 437,746,526 | $ | 24,633,265 | $ | — | $ | 462,379,791 | |||||||||
* See Schedule of Investments for security type and industry sector breakouts.
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 74 |
VANECK VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2017
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 94.4% | ||||||||
| Basic Materials: 5.8% | ||||||||
| Alcoa, Inc. | ||||||||
| $ | 40,000 | 5.13%, 07/01/24 (c) | $ | 42,100 | ||||
| 10,000 | 5.90%, 02/01/27 | 10,797 | ||||||
| 17,000 | Ashland, Inc. 4.75%, 05/15/22 (c) | 17,786 | ||||||
| 20,000 | Blue Cube Spinco, Inc. 9.75%, 10/15/20 (c) | 24,300 | ||||||
| 50,000 | CF Industries Holdings, Inc. 3.45%, 06/01/23 † | 46,750 | ||||||
| 25,000 | Chemours Co. 6.63%, 05/15/18 (c) | 26,875 | ||||||
| Freeport-McMoRan, Inc. | ||||||||
| 50,000 | 3.88%, 12/15/22 (c) † | 46,625 | ||||||
| 50,000 | 5.40%, 05/14/34 (c) † | 44,625 | ||||||
| 17,000 | Hexion US Finance Corp. 6.63%, 05/30/17 (c) | 16,150 | ||||||
| 276,008 | ||||||||
| Communications: 24.7% | ||||||||
| 17,000 | Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 | 19,210 | ||||||
| 25,000 | Altice US Finance I Corp. 5.50%, 05/15/21 (c) 144A | 25,906 | ||||||
| CCO Holdings LLC | ||||||||
| 40,000 | 5.50%, 05/01/21 (c) 144A | 42,075 | ||||||
| 27,000 | 5.75%, 07/15/18 (c) | 28,485 | ||||||
| 67,000 | CenturyLink, Inc. 5.80%, 03/15/22 | 70,350 | ||||||
| 13,000 | Cequel Communications Holdings I LLC 6.38%, 05/30/17 (c) 144A | 13,431 | ||||||
| 27,000 | Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c) | 28,114 | ||||||
| 25,000 | CommScope Technologies LLC 6.00%, 06/15/20 (c) 144A | 26,781 | ||||||
| 50,000 | CSC Holdings LLC 5.50%, 04/15/22 (c) 144A | 51,812 | ||||||
| 100,000 | DISH DBS Corp. 5.88%, 07/15/22 | 106,179 | ||||||
| 27,000 | Equinix, Inc. 5.38%, 04/01/18 (c) | 28,249 | ||||||
| Frontier Communications Corp. | ||||||||
| 34,000 | 8.50%, 04/15/20 | 36,295 | ||||||
| 60,000 | 11.00%, 06/15/25 (c) | 58,125 | ||||||
| 20,000 | Gannett Co, Inc. 6.38%, 10/15/18 (c) | 21,325 | ||||||
| 30,000 | Hughes Satellite Systems Corp. 6.50%, 06/15/19 | 32,550 | ||||||
| 27,000 | iHeartCommunications, Inc. 9.00%, 05/30/17 (c) | 22,376 | ||||||
| 54,000 | Level 3 Financing, Inc. 5.38%, 08/15/17 (c) | 55,901 | ||||||
| 50,000 | Neptune Finco Corp. 10.88%, 10/15/20 (c) 144A | 60,187 | ||||||
| 34,000 | Netflix, Inc. 5.88%, 02/15/25 | 36,975 | ||||||
| 34,000 | Nielsen Finance LLC 4.50%, 05/30/17 (c) | 34,722 | ||||||
| Principal Amount | Value | |||||||
| Communications: (continued) | ||||||||
| $ | 27,000 | Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A | $ | 27,540 | ||||
| Sprint Corp. | ||||||||
| 50,000 | 6.88%, 11/15/28 | 54,250 | ||||||
| 50,000 | 7.13%, 06/15/24 | 54,656 | ||||||
| 67,000 | 7.88%, 09/15/23 | 75,375 | ||||||
| 67,000 | T-Mobile USA, Inc. 6.63%, 04/01/18 (c) | 71,774 | ||||||
| 35,000 | Univision Communications, Inc. 5.13%, 02/15/20 (c) 144A | 35,000 | ||||||
| 30,000 | Windstream Services LLC 7.75%, 05/30/17 (c) † | 30,300 | ||||||
| 30,000 | Zayo Group LLC 6.00%, 04/01/18 (c) | 32,137 | ||||||
| 1,180,080 | ||||||||
| Consumer, Cyclical: 10.0% | ||||||||
| 30,000 | Caesars Entertainment Resort Properties LLC 11.00%, 05/30/17 (c) | 32,625 | ||||||
| 34,000 | Dollar Tree, Inc. 5.75%, 03/01/18 (c) | 36,244 | ||||||
| 40,000 | GLP Capital LP 4.88%, 08/01/20 (c) | 42,800 | ||||||
| 25,000 | Goodyear Tire & Rubber Co. 5.13%, 11/15/18 (c) | 26,362 | ||||||
| 20,000 | Hanesbrands, Inc. 4.88%, 02/15/26 (c) 144A | 20,000 | ||||||
| 25,000 | HD Supply Inc 5.25%, 12/15/17 (c) 144A | 26,563 | ||||||
| 25,000 | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 06/01/19 (c) 144A | 25,875 | ||||||
| 30,000 | Lennar Corp. 4.50%, 08/15/19 (c) | 31,125 | ||||||
| 27,000 | Ltd Brands, Inc. 6.63%, 04/01/21 | 29,835 | ||||||
| 50,000 | MGM Resorts International 6.63%, 12/15/21 | 56,250 | ||||||
| 25,000 | PulteGroup, Inc. 4.25%, 02/01/21 (c) | 25,938 | ||||||
| 17,000 | Rite Aid Corp. 6.75%, 05/30/17 (c) | 17,213 | ||||||
| 30,000 | Scientific Games International, Inc. 7.00%, 01/01/18 (c) 144A | 32,194 | ||||||
| 34,000 | Wynn Las Vegas LLC 4.25%, 02/28/23 (c) 144A | 33,957 | ||||||
| 40,000 | ZF North America Capital, Inc. 4.75%, 04/29/25 144A | 41,753 | ||||||
| 478,734 | ||||||||
| Consumer, Non-cyclical: 15.5% | ||||||||
| 47,000 | ADT Corp. 3.50%, 07/15/22 | 45,707 | ||||||
| 30,000 | Albertson’s LLC 6.63%, 06/15/19 (c) 144A | 30,750 | ||||||
| 25,000 | APX Group, Inc. 7.88%, 12/01/18 (c) † | 27,375 | ||||||
| 20,000 | Centene Corp. 5.63%, 02/15/18 (c) | 21,075 | ||||||
See Notes to Financial Statements
| 75 |
VANECK VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Consumer, Non-cyclical: (continued) | ||||||||
| $ | 40,000 | CHS 6.88%, 02/01/18 (c) † | $ | 33,250 | ||||
| 40,000 | Community Health Systems, Inc. 8.00%, 05/30/17 (c) | 39,076 | ||||||
| 50,000 | DaVita HealthCare Partners, Inc. 5.00%, 05/01/20 (c) | 50,500 | ||||||
| 27,000 | Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A | 28,924 | ||||||
| HCA, Inc. | ||||||||
| 25,000 | 5.38%, 02/01/25 | 26,094 | ||||||
| 110,000 | 6.50%, 02/15/20 | 121,007 | ||||||
| 25,000 | Hertz Corp. 5.50%, 10/15/19 (c) † 144A | 21,688 | ||||||
| 30,000 | Iron Mountain, Inc. 5.75%, 08/15/17 (c) | 30,937 | ||||||
| 14,000 | JBS USA LLC 8.25%, 05/30/17 (c) 144A | 14,413 | ||||||
| 25,000 | LifePoint Health, Inc. 5.50%, 05/30/17 (c) | 25,828 | ||||||
| 20,000 | Prime Security Services Borrower LLC/Prime Finance, Inc. 9.25%, 05/15/19 (c) 144A | 21,900 | ||||||
| 44,000 | Reynolds Group Issuer, Inc. 5.75%, 05/29/17 (c) | 45,375 | ||||||
| 34,000 | Spectrum Brands, Inc. 5.75%, 07/15/20 (c) | 36,615 | ||||||
| 67,000 | Tenet Healthcare Corp. 4.75%, 06/01/20 | 68,340 | ||||||
| 25,000 | United Rentals North America, Inc. 4.63%, 07/15/18 (c) | 26,045 | ||||||
| 27,000 | Valeant Pharmaceuticals International 6.38%, 05/30/17 (c) † 144A | 23,321 | ||||||
| 738,220 | ||||||||
| Energy: 12.5% | ||||||||
| 40,000 | Antero Resources Corp. 5.13%, 06/01/17 (c) | 40,800 | ||||||
| 40,000 | California Resources Corp. 8.00%, 12/15/18 (c) 144A | 30,750 | ||||||
| 30,000 | Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/25 144A | 32,062 | ||||||
| 24,000 | Chesapeake Energy Corp. 8.00%, 12/15/18 (c) 144A | 25,380 | ||||||
| 25,000 | Citgo Holding, Inc. 10.75%, 02/15/20 144A | 26,938 | ||||||
| 34,000 | Concho Resources, Inc. 5.50%, 10/01/17 (c) | 35,424 | ||||||
| 20,000 | CONSOL Energy, Inc. 5.88%, 05/30/17 (c) | 19,600 | ||||||
| 30,000 | Continental Resources, Inc. 4.50%, 01/15/23 (c) | 29,700 | ||||||
| 34,000 | Denbury Resources, Inc. 5.50%, 05/30/17 (c) † | 25,500 | ||||||
| 20,000 | Energy Transfer Equity LP 7.50%, 10/15/20 | 22,638 | ||||||
| 40,000 | EP Energy LLC 9.38%, 05/30/17 (c) | 38,050 | ||||||
| 20,000 | Newfield Exploration Co. 5.63%, 07/01/24 | 21,238 | ||||||
| Principal Amount | Value | |||||||
| Energy: (continued) | ||||||||
| $ | 34,000 | QEP Resources, Inc. 6.88%, 03/01/21 | $ | 36,040 | ||||
| 20,000 | Range Resources Corp. 5.00%, 05/15/22 (c) 144A | 19,875 | ||||||
| 14,000 | Rockies Express Pipeline 6.88%, 04/15/40 144A | 15,033 | ||||||
| 25,000 | SM Energy Co. 6.13%, 11/15/18 (c) † | 25,563 | ||||||
| 25,000 | Sunoco LP 6.38%, 04/01/18 (c) | 26,750 | ||||||
| 20,000 | Targa Resources Partners LP 5.25%, 11/01/17 (c) | 20,700 | ||||||
| 40,000 | Tesoro Logistics LP 6.13%, 05/15/17 (c) | 41,850 | ||||||
| 17,000 | Whiting Petroleum Corp. 5.00%, 12/15/18 (c) | 17,255 | ||||||
| 25,000 | Williams Cos, Inc. 4.55%, 03/24/24 (c) | 25,719 | ||||||
| 20,000 | WPX Energy, Inc. 8.25%, 06/01/23 (c) | 22,400 | ||||||
| 599,265 | ||||||||
| Financial: 11.1% | ||||||||
| 60,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 71,700 | ||||||
| Bank of America Corp. | ||||||||
| 34,000 | 5.20%, 06/01/23 (c) | 34,172 | ||||||
| 50,000 | 8.13%, 05/15/18 (c) | 52,437 | ||||||
| 18,000 | CIT Group, Inc. 5.50%, 02/15/19 144A | 19,058 | ||||||
| 90,000 | Citigroup, Inc. 6.30%, 05/15/24 (c) | 95,089 | ||||||
| 40,000 | Goldman Sachs Group, Inc. 5.38%, 05/10/20 (c) | 41,520 | ||||||
| 34,000 | Icahn Enterprises LP 6.00%, 05/30/17 (c) | 35,275 | ||||||
| 40,000 | Morgan Stanley 5.55%, 07/15/20 (c) | 41,925 | ||||||
| 34,000 | Navient Corp. 5.88%, 03/25/21 | 35,360 | ||||||
| SLM Corp. | ||||||||
| 34,000 | 5.50%, 01/25/23 | 33,765 | ||||||
| 34,000 | 8.45%, 06/15/18 | 36,337 | ||||||
| 30,000 | Springleaf Finance Corp. 8.25%, 12/15/20 | 32,946 | ||||||
| 529,584 | ||||||||
| Industrial: 3.9% | ||||||||
| 27,000 | Ball Corp. 5.00%, 03/15/22 | 28,924 | ||||||
| 30,000 | Building Materials Corp. of America 5.38%, 11/15/19 (c) 144A | 31,425 | ||||||
| 34,000 | Cemex Finance LLC 9.38%, 10/12/17 (c) 144A | 36,677 | ||||||
| 30,000 | Novelis Corp. 5.88%, 09/30/21 (c) 144A | 30,900 | ||||||
| 27,000 | TransDigm, Inc. 5.50%, 05/30/17 (c) | 27,641 | ||||||
| 30,000 | XPO Logistics, Inc. 6.50%, 06/15/18 (c) † 144A | 31,875 | ||||||
| 187,442 | ||||||||
See Notes to Financial Statements
| 76 |
| Principal Amount | Value | |||||||
| Technology: 6.1% | ||||||||
| $ | 17,000 | BMC Software Finance, Inc. 8.13%, 05/30/17 (c) 144A | $ | 17,372 | ||||
| 25,000 | Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 7.13%, 06/15/19 (c) 144A | 27,647 | ||||||
| 45,000 | EMC Corp. 3.38%, 03/01/23 (c) † | 43,430 | ||||||
| 70,000 | First Data Corp. 7.00%, 12/01/18 (c) 144A | 75,229 | ||||||
| 34,000 | Micron Technology, Inc. 5.50%, 08/01/19 (c) | 35,700 | ||||||
| 25,000 | MSCI, Inc. 5.75%, 08/15/20 (c) 144A | 27,062 | ||||||
| 34,000 | NCR Corp. 6.38%, 12/15/18 (c) | 36,533 | ||||||
| 25,000 | Solera LLC 10.50%, 03/01/19 (c) 144A | 28,656 | ||||||
| 291,629 | ||||||||
| Utilities: 4.8% | ||||||||
| 34,000 | AES Corp. 7.38%, 06/01/21 (c) | 38,930 | ||||||
| 25,000 | AmeriGas Partners LP 5.88%, 05/20/26 (c) | 25,500 | ||||||
| Calpine Corp. | ||||||||
| 34,000 | 5.75%, 10/15/19 (c) † | 33,065 | ||||||
| 17,000 | 6.00%, 05/30/17 (c) 144A | 17,829 | ||||||
| 34,000 | Dynegy, Inc. 6.75%, 05/30/17 (c) | 34,680 | ||||||
| 40,000 | NRG Energy, Inc. 6.25%, 07/15/18 (c) | 40,952 | ||||||
| 40,000 | Talen Energy Supply LLC 4.63%, 04/15/19 (c) 144A | 39,500 | ||||||
| 230,456 | ||||||||
| Total Corporate Bonds (Cost: $4,396,669) | 4,511,418 | |||||||
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 3.8% (Cost: $182,760) | ||||||||
| 182,760 | Dreyfus Government Cash Management Fund – Institutional Shares | $ | 182,760 | |||||
| Total Investments Before Collateral for Securities Loaned: 98.2% (Cost: $4,579,429) | 4,694,178 | |||||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 9.3% (Cost: $445,291) | ||||||||
| Repurchase Agreement: 9.3% | ||||||||
| $ | 445,291 | Repurchase agreement dated 4/28/17 with Citigroup Global Markets, Inc., 0.80%, due 5/1/17, proceeds $445,321; (collateralized by various U.S. government and agency obligations, 0.63% to 3.88%, due 1/15/21 to 2/15/43, valued at $454,197 including accrued interest) | 445,291 | |||||
| Total Investments: 107.5% (Cost: $5,024,720) | 5,139,469 | |||||||
| Liabilities in excess of other assets: (7.5)% | (360,280 | ) | ||||||
| NET ASSETS: 100.0% | $ | 4,779,189 | ||||||
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| † | Security fully or partially on loan. Total market value of securities on loan is $429,953. |
| 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 $1,137,338, or 23.8% of net assets. |
| At April 30, 2017, the Fund held the following open futures contracts: |
| Number of | Unrealized | |||||||
| Contracts | Expiration Date | Depreciation | ||||||
| Contracts to Sell: | ||||||||
| U.S. Treasury 5 Year Note (s) | 36 | June 2017 | $(35,438) | |||||
| (s) | Cash in the amount of $85,368 has been segregated by the broker as collateral to cover margin requirements for open futures contracts. |
See Notes to Financial Statements
| 77 |
VANECK VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 5.9 | % | $ | 276,008 | ||||
| Communications | 25.1 | 1,180,080 | ||||||
| Consumer, Cyclical | 10.2 | 478,734 | ||||||
| Consumer, Non-cyclical | 15.7 | 738,220 | ||||||
| Energy | 12.8 | 599,265 | ||||||
| Financial | 11.3 | 529,584 | ||||||
| Industrial | 4.0 | 187,442 | ||||||
| Technology | 6.2 | 291,629 | ||||||
| Utilities | 4.9 | 230,456 | ||||||
| Money Market Fund | 3.9 | 182,760 | ||||||
| 100.0 | % | $ | 4,694,178 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2017 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 4,511,418 | $ | — | $ | 4,511,418 | |||||||||
| Money Market Fund | 182,760 | — | — | 182,760 | |||||||||||||
| Repurchase Agreement | — | 445,291 | — | 445,291 | |||||||||||||
| Total | $ | 182,760 | $ | 4,956,709 | $ | — | $ | 5,139,469 | |||||||||
| Other Financial Instruments: | |||||||||||||||||
| Futures Contracts | $ | (35,438 | ) | $ | — | $ | — | $ | (35,438 | ) | |||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the year ended April 30, 2017.
See Notes to Financial Statements
| 78 |
[This Page Intentionally Left Blank.]
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2017
| BDC Income ETF | ChinaAMC China Bond ETF | EM Investment Grade + BB Rated USD Sovereign Bond ETF | Emerging Markets Aggregate Bond ETF | |||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments, at value (1) (2) | $ | 183,256,414 | $ | 6,174,368 | $ | 14,433,771 | $ | 14,833,616 | ||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 35,839,031 | — | 318,247 | 528,682 | ||||||||||||||||
| Cash | — | 19,161 | 1,250 | — | ||||||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 401,416 | (a) | — | 127,929 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Investment securities sold | — | — | 860,161 | — | ||||||||||||||||
| Shares sold | — | — | — | — | ||||||||||||||||
| Due from Adviser | — | 17,132 | 6,854 | 24,040 | ||||||||||||||||
| Dividends and interest | 280,084 | 91,738 | 162,553 | 241,752 | ||||||||||||||||
| Prepaid expenses | 599 | 101 | — | 105 | ||||||||||||||||
| Total assets | 219,376,128 | 6,703,916 | 15,782,836 | 15,756,124 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payables: | ||||||||||||||||||||
| Investment securities purchased | — | — | 810,122 | — | ||||||||||||||||
| Collateral for securities loaned | 35,839,031 | — | 318,247 | 528,682 | ||||||||||||||||
| Line of credit | 250,952 | — | — | — | ||||||||||||||||
| Due to Adviser | 19,517 | — | — | — | ||||||||||||||||
| Due to custodian | 129,262 | — | — | — | ||||||||||||||||
| Deferred Trustee fees | 2,033 | 143 | 22 | 1,148 | ||||||||||||||||
| Accrued expenses | 68,380 | 54,881 | 32,369 | 75,999 | ||||||||||||||||
| Total liabilities | 36,309,175 | 55,024 | 1,160,760 | 605,829 | ||||||||||||||||
| NET ASSETS | $ | 183,066,953 | $ | 6,648,892 | $ | 14,622,076 | $ | 15,150,295 | ||||||||||||
| Shares outstanding | 9,550,000 | 300,000 | 600,000 | 700,000 | ||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 19.17 | $ | 22.16 | $ | 24.37 | $ | 21.64 | ||||||||||||
| Net assets consist of: | ||||||||||||||||||||
| Aggregate paid in capital | $ | 179,841,250 | $ | 7,374,701 | $ | 14,955,782 | $ | 17,938,775 | ||||||||||||
| Net unrealized appreciation (depreciation) | 8,661,319 | (679,866 | ) | (284,758 | ) | (982,199 | ) | |||||||||||||
| Undistributed (accumulated) net investment income (loss) | 592,625 | (31,443 | ) | 39,735 | (55,219 | ) | ||||||||||||||
| Accumulated net realized gain (loss) | (6,028,241 | ) | (14,500 | ) | (88,683 | ) | (1,751,062 | ) | ||||||||||||
| $ | 183,066,953 | $ | 6,648,892 | $ | 14,622,076 | $ | 15,150,295 | |||||||||||||
| (1) Value of securities on loan | $ | 34,451,159 | $ | — | $ | 106,250 | $ | 510,954 | ||||||||||||
| (2) Cost of investments | $ | 174,595,094 | $ | 6,853,536 | $ | 14,718,529 | $ | 15,793,408 | ||||||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 35,839,031 | $ | — | $ | 318,247 | $ | 528,682 | ||||||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 401,936 | $ | — | $ | 145,219 | ||||||||||||
| (a) | Includes $1,375 of foreign investor minimum settlement reserve funds |
See Notes to Financial Statements
| 80 |
| Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | Green Bond ETF | International High Yield Bond ETF | Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | Mortgage REIT Income ETF | ||||||||||||||||||||
| $ | 367,622,432 | $ | 844,460,208 | $ | 5,081,617 | $ | 128,557,033 | $ | 148,017,813 | $ | 3,195,530,070 | $ | 148,958,374 | |||||||||||||
| 23,682,259 | 69,372,219 | — | 5,268,145 | 2,708,095 | 1,897,009 | 5,886,873 | ||||||||||||||||||||
| 1,107,591 | 1,112,752 | — | 772,300 | 707,978 | 2,434,385 | — | ||||||||||||||||||||
| — | — | 6,441 | 86,004 | — | 5,840,765 | — | ||||||||||||||||||||
| 7,538,468 | 16,834,639 | — | 2,909,534 | — | 332,899,321 | — | ||||||||||||||||||||
| 559 | 39,985,217 | — | — | — | 4,794 | 857 | ||||||||||||||||||||
| — | — | 10,901 | — | 1,808 | — | — | ||||||||||||||||||||
| 6,140,651 | 11,283,855 | 32,811 | 2,201,235 | 352,225 | 64,342,356 | 101,522 | ||||||||||||||||||||
| 1,922 | 992 | — | 899 | 551 | 10,484 | 713 | ||||||||||||||||||||
| 406,093,882 | 983,049,882 | 5,131,770 | 139,795,150 | 151,788,470 | 3,602,959,184 | 154,948,339 | ||||||||||||||||||||
| 9,281,622 | 58,063,132 | — | 4,926,759 | 706,164 | 244,811,776 | — | ||||||||||||||||||||
| 23,682,259 | 69,372,219 | — | 5,268,145 | 2,708,095 | 1,897,009 | 5,886,873 | ||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||
| 87,726 | 138,030 | — | 18,816 | — | 609,575 | 3,858 | ||||||||||||||||||||
| — | — | 4,443 | — | — | — | 821,894 | ||||||||||||||||||||
| 19,114 | 2,009 | — | 19,197 | 4,973 | 92,898 | 7,746 | ||||||||||||||||||||
| 97,235 | 94,186 | 39,003 | 84,046 | 47,422 | 797,096 | 84,956 | ||||||||||||||||||||
| 33,167,956 | 127,669,576 | 43,446 | 10,316,963 | 3,466,654 | 248,208,354 | 6,805,327 | ||||||||||||||||||||
| $ | 372,925,926 | $ | 855,380,306 | $ | 5,088,324 | $ | 129,478,187 | $ | 148,321,816 | $ | 3,354,750,830 | $ | 148,143,012 | |||||||||||||
| 15,000,000 | 28,850,000 | 200,000 | 5,200,000 | 5,900,000 | 180,200,000 | 6,050,000 | ||||||||||||||||||||
| $ | 24.86 | $ | 29.65 | $ | 25.44 | $ | 24.90 | $ | 25.14 | $ | 18.62 | $ | 24.49 | |||||||||||||
| $ | 398,147,349 | $ | 816,674,721 | $ | 4,956,600 | $ | 137,703,124 | $ | 147,504,962 | $ | 3,491,700,458 | $ | 169,709,034 | |||||||||||||
| 6,009,334 | 34,746,665 | 127,007 | (2,383,801 | ) | 746,444 | (61,522,820 | ) | 6,568,169 | ||||||||||||||||||
| 2,002,042 | 3,323,420 | 4,717 | (673,356 | ) | 198,915 | (42,437,845 | ) | 495,676 | ||||||||||||||||||
| (33,232,799 | ) | 635,500 | — | (5,167,780 | ) | (128,505 | ) | (32,988,963 | ) | (28,629,867 | ) | |||||||||||||||
| $ | 372,925,926 | $ | 855,380,306 | $ | 5,088,324 | $ | 129,478,187 | $ | 148,321,816 | $ | 3,354,750,830 | $ | 148,143,012 | |||||||||||||
| $ | 22,836,674 | $ | 67,348,491 | $ | — | $ | 5,101,598 | $ | 2,635,615 | $ | 1,665,039 | $ | 5,601,950 | |||||||||||||
| $ | 361,613,098 | $ | 809,713,544 | $ | 4,955,097 | $ | 130,957,846 | $ | 147,271,369 | $ | 3,256,546,142 | $ | 142,390,204 | |||||||||||||
| $ | 23,682,259 | $ | 69,372,219 | $ | — | $ | 5,268,145 | $ | 2,708,095 | $ | 1,897,009 | $ | 5,886,873 | |||||||||||||
| $ | — | $ | — | $ | 6,376 | $ | 86,173 | $ | — | $ | 5,858,472 | $ | — | |||||||||||||
See Notes to Financial Statements
| 81 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2017 (continued)
| Preferred Securities ex Financials ETF | Treasury- Hedged High Yield Bond ETF | |||||||
| Assets: | ||||||||
| Investments, at value (1)(2) | $ | 437,746,526 | $ | 4,694,178 | ||||
| Short-term investments held as collateral for securities loaned (3) | 24,633,265 | 445,291 | ||||||
| Cash | 42,456 | 85,368 | (a) | |||||
| Receivables: | ||||||||
| Due from Adviser | — | 31,158 | ||||||
| Dividends and interest | 877,869 | 77,760 | ||||||
| Prepaid expenses | 2,241 | 30 | ||||||
| Total assets | 463,302,357 | 5,333,785 | ||||||
| Liabilities: | ||||||||
| Payables: | ||||||||
| Investment securities purchased | 44,956 | — | ||||||
| Collateral for securities loaned | 24,633,265 | 445,291 | ||||||
| Line of credit | 721,446 | — | ||||||
| Due to Adviser | 86,315 | — | ||||||
| Variation margin on futures contracts | — | 35,438 | ||||||
| Deferred Trustee fees | 12,079 | 684 | ||||||
| Accrued expenses | 87,930 | 73,183 | ||||||
| Total liabilities | 25,585,991 | 554,596 | ||||||
| NET ASSETS | $ | 437,716,366 | $ | 4,779,189 | ||||
| Shares outstanding | 21,750,000 | 200,000 | ||||||
| Net asset value, redemption and offering price per share | $ | 20.12 | $ | 23.90 | ||||
| Net assets consist of: | ||||||||
| Aggregate paid in capital | $ | 461,228,793 | $ | 5,079,543 | ||||
| Net unrealized appreciation (depreciation) | (683,934 | ) | 79,311 | |||||
| Undistributed (accumulated) net investment income (loss) | (818,338 | ) | 48,632 | |||||
| Accumulated net realized loss | (22,010,155 | ) | (428,297 | ) | ||||
| $ | 437,716,366 | $ | 4,779,189 | |||||
| (1) Value of securities on loan | $ | 23,987,073 | $ | 429,953 | ||||
| (2) Cost of investments | $ | 438,430,460 | $ | 4,579,429 | ||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 24,633,265 | $ | 445,291 | ||||
| (a) | Represents cash collateral held at broker for future contracts |
See Notes to Financial Statements
| 82 |
[This page intentionally left blank.]
| 83 |
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2017
| BDC Income ETF | ChinaAMC China Bond ETF | EM Investment Grade + BB Rated USD Sovereign Bond ETF (a) | Emerging Markets Aggregate Bond ETF | |||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 10,857,781 | $ | — | $ | — | $ | — | ||||||||||||
| Interest | — | 309,054 | 381,173 | 768,154 | ||||||||||||||||
| Securities lending income | 731,325 | — | 1,353 | 1,847 | ||||||||||||||||
| Foreign taxes withheld | — | (20,480 | ) | (120 | ) | (7,815 | ) | |||||||||||||
| Total income | 11,589,106 | 288,574 | 382,406 | 762,186 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 485,775 | 32,591 | 40,182 | 52,437 | ||||||||||||||||
| Professional fees | 63,425 | 81,079 | 38,444 | 80,263 | ||||||||||||||||
| Insurance | 1,209 | 199 | — | 214 | ||||||||||||||||
| Trustees’ fees and expenses | 2,659 | 56 | 415 | 198 | ||||||||||||||||
| Reports to shareholders | 34,777 | 13,404 | 24,683 | 16,653 | ||||||||||||||||
| Indicative optimized portfolio value fee | 4,314 | 8,847 | 8,688 | 5,834 | ||||||||||||||||
| Custodian fees | 2,912 | 1,925 | 2,828 | 15,514 | ||||||||||||||||
| Registration fees | 6,946 | 5,971 | 7,347 | 4,970 | ||||||||||||||||
| Transfer agent fees | 2,382 | 2,382 | 2,000 | 2,385 | ||||||||||||||||
| Fund accounting fees | 2,716 | 304 | 622 | 689 | ||||||||||||||||
| Interest | 8,135 | 195 | 3 | 5 | ||||||||||||||||
| Other | 20,466 | 7,574 | 2,765 | 9,267 | ||||||||||||||||
| Total expenses | 635,716 | 154,527 | 127,977 | 188,429 | ||||||||||||||||
| Waiver of management fees | (141,806 | ) | (32,591 | ) | (40,182 | ) | (52,437 | ) | ||||||||||||
| Expenses assumed by the Adviser | — | (81,003 | ) | (41,870 | ) | (62,576 | ) | |||||||||||||
| Net expenses | 493,910 | 40,933 | 45,925 | 73,416 | ||||||||||||||||
| Net investment income | 11,095,196 | 247,641 | 336,481 | 688,770 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (998,819 | ) | (148,706 | ) | (84,409 | ) | (240,043 | ) | ||||||||||||
| In-kind redemptions | 1,185,399 | — | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (22,903 | ) | — | 5,160 | |||||||||||||||
| Net realized gain (loss) | 186,580 | (171,609 | ) | (84,409 | ) | (234,883 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | 17,806,372 | (543,172 | ) | (284,758 | ) | 193,861 | (c) | |||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (12,569 | ) | — | (20,288 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 17,806,372 | (555,741 | ) | (284,758 | ) | 173,573 | ||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 29,088,148 | $ | (479,709 | ) | $ | (32,686 | ) | $ | 627,460 | ||||||||||
| (a) | Commencement of operations for EM Investment Grade + BB Rated USD Sovereign Bond ETF was July 13, 2016. |
| (b) | Commencement of operations for Green Bond ETF was March 3, 2017. |
| (c) | Net of foreign taxes of $3,896 |
| (d) | Net of foreign taxes of $15,022 |
| (e) | Net of foreign taxes of $870,623 |
See Notes to Financial Statements
| 84 |
| Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | Green Bond ETF (b) | International High Yield Bond ETF | Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | Mortgage
REIT Income ETF |
|||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,354,589 | ||||||||||||||
| 20,699,154 | 25,199,081 | 11,356 | 7,205,103 | 1,365,197 | 140,197,813 | — | |||||||||||||||||||||
| 338,720 | 382,564 | — | 89,602 | 3,689 | 6,175 | 19,398 | |||||||||||||||||||||
| — | (10,493 | ) | (339 | ) | — | (386 | ) | (3,229,437 | ) | — | |||||||||||||||||
| 21,037,874 | 25,571,152 | 11,017 | 7,294,705 | 1,368,500 | 136,974,551 | 9,373,987 | |||||||||||||||||||||
| 1,287,066 | 1,707,613 | 2,688 | 544,880 | 311,371 | 7,877,217 | 432,192 | |||||||||||||||||||||
| 94,353 | 98,844 | 21,672 | 86,153 | 43,955 | 186,056 | 84,994 | |||||||||||||||||||||
| 4,379 | 2,195 | — | 1,891 | 1,119 | 22,423 | 1,465 | |||||||||||||||||||||
| 8,140 | 9,224 | 1 | 3,963 | 2,208 | 60,717 | 3,453 | |||||||||||||||||||||
| 33,375 | 44,302 | 9,963 | 27,248 | 19,116 | 269,061 | 26,539 | |||||||||||||||||||||
| 6,248 | 6,201 | 1,586 | 6,246 | 5,807 | 4,821 | 354 | |||||||||||||||||||||
| 25,329 | 49,570 | 300 | 44,261 | 10,138 | 2,172,454 | 9,441 | |||||||||||||||||||||
| 24,844 | 13,786 | 5,006 | 10,570 | 4,970 | 63,447 | 4,970 | |||||||||||||||||||||
| 2,385 | 2,389 | 401 | 2,387 | 2,386 | 2,397 | 2,391 | |||||||||||||||||||||
| 11,822 | 9,545 | 132 | 1,276 | 583 | 110,091 | 1,601 | |||||||||||||||||||||
| 1 | 53 | — | 3 | 36 | 19,828 | 12,312 | |||||||||||||||||||||
| 18,506 | 13,594 | 424 | 9,509 | 8,121 | 79,669 | 8,498 | |||||||||||||||||||||
| 1,516,448 | 1,957,316 | 42,173 | 738,387 | 409,810 | 10,868,181 | 588,210 | |||||||||||||||||||||
| (229,382 | ) | (451,556 | ) | (2,688 | ) | (193,505 | ) | (285,226 | ) | (301,619 | ) | (143,706 | ) | ||||||||||||||
| — | — | (36,414 | ) | — | — | — | — | ||||||||||||||||||||
| 1,287,066 | 1,505,760 | 3,071 | 544,882 | 124,584 | 10,566,562 | 444,504 | |||||||||||||||||||||
| 19,750,808 | 24,065,392 | 7,946 | 6,749,823 | 1,243,916 | 126,407,989 | 8,929,483 | |||||||||||||||||||||
| (7,454,034 | ) | 2,691,769 | — | (4,827,811 | ) | 47,344 | (77,942,997 | )(d) | (3,472,652 | ) | |||||||||||||||||
| 2,583,022 | 3,981,426 | — | 806,095 | (2,147 | ) | (508,755 | ) | 375,406 | |||||||||||||||||||
| (135 | ) | — | 71 | (17,725 | ) | — | (1,004,412 | ) | — | ||||||||||||||||||
| (4,871,147 | ) | 6,673,195 | 71 | (4,039,441 | ) | 45,197 | (79,456,164 | ) | (3,097,246 | ) | |||||||||||||||||
| 23,414,085 | 25,903,199 | 126,553 | 7,722,148 | 1,128,632 | 53,473,596 | (e) | 24,450,189 | ||||||||||||||||||||
| — | — | 454 | (29,711 | ) | — | (646,225 | ) | — | |||||||||||||||||||
| 23,414,085 | 25,903,199 | 127,007 | 7,692,437 | 1,128,632 | 52,827,371 | 24,450,189 | |||||||||||||||||||||
| $ | 38,293,746 | $ | 56,641,786 | $ | 135,024 | $ | 10,402,819 | $ | 2,417,745 | $ | 99,779,196 | $ | 30,282,426 | ||||||||||||||
See Notes to Financial Statements
| 85 |
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2017 (continued)
| Preferred Securities ex Financials ETF | Treasury- Hedged High Yield Bond ETF | |||||||||
| Income: | ||||||||||
| Dividends | $ | 24,726,647 | $ | — | ||||||
| Interest | — | 242,279 | ||||||||
| Securities lending income | 826,152 | 1,768 | ||||||||
| Total income | 25,552,799 | 244,047 | ||||||||
| Expenses: | ||||||||||
| Management fees | 1,672,998 | 20,893 | ||||||||
| Professional fees | 88,712 | 88,102 | ||||||||
| Insurance | 4,872 | 63 | ||||||||
| Trustees’ fees and expenses | 11,136 | 128 | ||||||||
| Reports to shareholders | 47,346 | 11,502 | ||||||||
| Indicative optimized portfolio value fee | 4,314 | 8,535 | ||||||||
| Custodian fees | 20,810 | 8,176 | ||||||||
| Registration fees | 7,748 | 4,989 | ||||||||
| Transfer agent fees | 2,385 | 2,387 | ||||||||
| Fund accounting fees | 21,264 | 130 | ||||||||
| Interest | 23,069 | 25 | ||||||||
| Other | 24,300 | 6,605 | ||||||||
| Total expenses | 1,928,954 | 151,535 | ||||||||
| Waiver of management fees | (232,886 | ) | (20,893 | ) | ||||||
| Expenses assumed by the Adviser | — | (107,401 | ) | |||||||
| Net expenses | 1,696,068 | 23,241 | ||||||||
| Net investment income | 23,856,731 | 220,806 | ||||||||
| Net realized gain (loss) on: | ||||||||||
| Investments | (3,679,668 | ) | (141,045 | ) | ||||||
| Futures contracts | — | 73,969 | ||||||||
| In-kind redemptions | 848,176 | (2 | ) | |||||||
| Net realized loss | (2,831,492 | ) | (67,078 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||
| Investments | (5,378,935 | ) | 392,388 | |||||||
| Futures contracts | — | (33,469 | ) | |||||||
| Net change in unrealized appreciation (depreciation) | (5,378,935 | ) | 358,919 | |||||||
| Net Increase in Net Assets Resulting from Operations | $ | 15,646,304 | $ | 512,647 | ||||||
See Notes to Financial Statements
| 86 |
[This page intentionally left blank.]
| 87 |
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | ChinaAMC China Bond ETF | |||||||||||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | |||||||||||||||
| Operations: | ||||||||||||||||||
| Net investment income | $ | 11,095,196 | $ | 7,797,935 | $ | 247,641 | $ | 637,931 | ||||||||||
| Net realized gain (loss) | 186,580 | (4,197,872 | ) | (171,609 | ) | (713,143 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | 17,806,372 | (5,557,403 | ) | (555,741 | ) | (242,223 | ) | |||||||||||
| Net increase (decrease) in net assets resulting from operations | 29,088,148 | (1,957,340 | ) | (479,709 | ) | (317,435 | ) | |||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||||||
| Dividends from net investment income | (10,221,190 | ) | (7,382,900 | ) | — | (376,862 | ) | |||||||||||
| Return of capital | — | — | (243,320 | ) | (264,458 | ) | ||||||||||||
| Total Dividends and Distributions | (10,221,190 | ) | (7,382,900 | ) | (243,320 | ) | (641,320 | ) | ||||||||||
| Share transactions:** | ||||||||||||||||||
| Proceeds from sale of shares | 86,185,712 | 27,352,748 | — | 12,449,569 | ||||||||||||||
| Cost of shares redeemed | (7,439,275 | ) | (6,818,018 | ) | (4,767,696 | ) | (19,306,002 | ) | ||||||||||
| Increase (decrease) in net assets resulting from share transactions | 78,746,437 | 20,534,730 | (4,767,696 | ) | (6,856,433 | ) | ||||||||||||
| Total increase (decrease) in net assets | 97,613,395 | 11,194,490 | (5,490,725 | ) | (7,815,188 | ) | ||||||||||||
| Net Assets, beginning of period | 85,453,558 | 74,259,068 | 12,139,617 | 19,954,805 | ||||||||||||||
| Net Assets, end of period† | $ | 183,066,953 | $ | 85,453,558 | $ | 6,648,892 | $ | 12,139,617 | ||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 592,625 | $ | 246,843 | $ | (31,443 | ) | $ | (462,514 | ) | ||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||
| Shares sold | 4,750,000 | 1,600,000 | — | 500,000 | ||||||||||||||
| Shares redeemed | (400,000 | ) | (400,000 | ) | (200,000 | ) | (800,000 | ) | ||||||||||
| Net increase (decrease) | 4,350,000 | 1,200,000 | (200,000 | ) | (300,000 | ) | ||||||||||||
| (a) | Commencement of operations |
See Notes to Financial Statements
| 88 |
| EM Investment Grade + BB Rated USD Sovereign Bond ETF | Emerging Markets Aggregate Bond ETF | Emerging Markets High Yield Bond ETF | ||||||||||||||||
| For the Period July 13, 2016 (a) through April 30, 2017 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | ||||||||||||||
| $ | 336,481 | $ | 688,770 | $ | 726,126 | $ | 19,750,808 | $ | 22,394,574 | |||||||||
| (84,409 | ) | (234,883 | ) | (561,284 | ) | (4,871,147 | ) | (18,237,012 | ) | |||||||||
| (284,758 | ) | 173,573 | (81,670 | ) | 23,414,085 | (3,135,465 | ) | |||||||||||
| (32,686 | ) | 627,460 | 83,172 | 38,293,746 | 1,022,097 | |||||||||||||
| (301,020 | ) | (429,846 | ) | (282,259 | ) | (19,269,040 | ) | (23,208,340 | ) | |||||||||
| — | (226,334 | ) | (450,211 | ) | — | — | ||||||||||||
| (301,020 | ) | (656,180 | ) | (732,470 | ) | (19,269,040 | ) | (23,208,340 | ) | |||||||||
| 14,955,782 | — | — | 173,587,153 | 43,363,053 | ||||||||||||||
| — | — | (2,100,130 | ) | (67,394,651 | ) | (160,730,217 | ) | |||||||||||
| 14,955,782 | — | (2,100,130 | ) | 106,192,502 | (117,367,164 | ) | ||||||||||||
| 14,622,076 | (28,720 | ) | (2,749,428 | ) | 125,217,208 | (139,553,407 | ) | |||||||||||
| — | 15,179,015 | 17,928,443 | 247,708,718 | 387,262,125 | ||||||||||||||
| $ | 14,622,076 | $ | 15,150,295 | $ | 15,179,015 | $ | 372,925,926 | $ | 247,708,718 | |||||||||
| $ | 39,735 | $ | (55,219 | ) | $ | (70,899 | ) | $ | 2,002,042 | $ | 1,507,892 | |||||||
| 600,000 | — | — | 7,200,000 | 1,800,000 | ||||||||||||||
| — | — | (100,000 | ) | (2,800,000 | ) | (7,000,000 | ) | |||||||||||
| 600,000 | — | (100,000 | ) | 4,400,000 | (5,200,000 | ) | ||||||||||||
See Notes to Financial Statements
| 89 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Period March 3, 2017 (a) through April 30, 2017 | ||||||||||||
| Operations: | ||||||||||||||
| Net investment income | $ | 24,065,392 | $ | 3,760,488 | $ | 7,946 | ||||||||
| Net realized gain (loss) | 6,673,195 | (292,209 | ) | 71 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 25,903,199 | 7,881,867 | 127,007 | |||||||||||
| Net increase (decrease) in net assets resulting from operations | 56,641,786 | 11,350,146 | 135,024 | |||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||
| Dividends from net investment income | (21,498,655 | ) | (3,091,560 | ) | (3,300 | ) | ||||||||
| Distributions from net realized capital gains | (1,601,910 | ) | (134,200 | ) | — | |||||||||
| Return of capital | — | — | — | |||||||||||
| Total Dividends and Distributions | (23,100,565 | ) | (3,225,760 | ) | (3,300 | ) | ||||||||
| Share transactions:** | ||||||||||||||
| Proceeds from sale of shares | 712,790,889 | 122,551,683 | 4,956,600 | |||||||||||
| Cost of shares redeemed | (36,133,995 | ) | (11,772,808 | ) | — | |||||||||
| Increase (decrease) in net assets resulting from share transactions | 676,656,894 | 110,778,875 | 4,956,600 | |||||||||||
| Total increase (decrease) in net assets | 710,198,115 | 118,903,261 | 5,088,324 | |||||||||||
| Net Assets, beginning of period | 145,182,191 | 26,278,930 | — | |||||||||||
| Net Assets, end of period† | $ | 855,380,306 | $ | 145,182,191 | $ | 5,088,324 | ||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 3,323,420 | $ | 756,683 | $ | 4,717 | ||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||
| Shares sold | 24,750,000 | 4,850,000 | 200,000 | |||||||||||
| Shares redeemed | (1,250,000 | ) | (450,000 | ) | — | |||||||||
| Net increase (decrease) | 23,500,000 | 4,400,000 | 200,000 | |||||||||||
| (a) | Commencement of operations |
See Notes to Financial Statements
| 90 |
| International High Yield Bond ETF | Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 | |||||||||||||||||
| $ | 6,749,823 | $ | 7,621,729 | $ | 1,243,916 | $ | 695,181 | $ | 126,407,989 | $ | 70,375,625 | |||||||||||
| (4,039,441 | ) | (5,550,173 | ) | 45,197 | (36,948 | ) | (79,456,164 | ) | (140,608,515 | ) | ||||||||||||
| 7,692,437 | (279,769 | ) | 1,128,632 | (612,847 | ) | 52,827,371 | 36,685,808 | |||||||||||||||
| 10,402,819 | 1,791,787 | 2,417,745 | 45,386 | 99,779,196 | (33,547,082 | ) | ||||||||||||||||
| (4,625,006 | ) | (6,023,046 | ) | (1,118,580 | ) | (674,950 | ) | (32,790,499 | ) | — | ||||||||||||
| — | — | — | — | — | — | |||||||||||||||||
| (2,034,794 | ) | (1,636,654 | ) | — | — | (79,569,141 | ) | (67,576,480 | ) | |||||||||||||
| (6,659,800 | ) | (7,659,700 | ) | (1,118,580 | ) | (674,950 | ) | (112,359,640 | ) | (67,576,480 | ) | |||||||||||
| 38,864,275 | 19,471,203 | 70,225,526 | — | 1,955,982,420 | 786,351,450 | |||||||||||||||||
| (43,815,444 | ) | (37,919,991 | ) | (2,476,311 | ) | (19,865,721 | ) | (78,292,655 | ) | (289,110,180 | ) | |||||||||||
| (4,951,169 | ) | (18,448,788 | ) | 67,749,215 | (19,865,721 | ) | 1,877,689,765 | 497,241,270 | ||||||||||||||
| (1,208,150 | ) | (24,316,701 | ) | 69,048,380 | (20,495,285 | ) | 1,865,109,321 | 396,117,708 | ||||||||||||||
| 130,686,337 | 155,003,038 | 79,273,436 | 99,768,721 | 1,489,641,509 | 1,093,523,801 | |||||||||||||||||
| $ | 129,478,187 | $ | 130,686,337 | $ | 148,321,816 | $ | 79,273,436 | $ | 3,354,750,830 | $ | 1,489,641,509 | |||||||||||
| $ | (673,356 | ) | $ | (16,622 | ) | $ | 198,915 | $ | 73,579 | $ | (42,437,845 | ) | $ | (63,779,550 | ) | |||||||
| 1,600,000 | 800,000 | 2,800,000 | — | 105,800,000 | 42,000,000 | |||||||||||||||||
| (1,800,000 | ) | (1,600,000 | ) | (100,000 | ) | (800,000 | ) | (4,200,000 | ) | (16,600,000 | ) | |||||||||||
| (200,000 | ) | (800,000 | ) | 2,700,000 | (800,000 | ) | 101,600,000 | 25,400,000 | ||||||||||||||
See Notes to Financial Statements
| 91 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Mortgage REIT Income ETF | Preferred Securities ex Financials ETF |
|||||||||||||||||||
| For the Year Ended April 30, 2017 |
For the Year Ended April 30, 2016 |
For the Year Ended April 30, 2017 |
For the Year Ended April 30, 2016 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 8,929,483 | $ | 10,726,888 | $ | 23,856,731 | $ | 16,130,868 | ||||||||||||
| Net realized loss | (3,097,246 | ) | (14,147,582 | ) | (2,831,492 | ) | (14,575,958 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 24,450,189 | (5,785,842 | ) | (5,378,935 | ) | 7,619,192 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 30,282,426 | (9,206,536 | ) | 15,646,304 | 9,174,102 | |||||||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (8,294,740 | ) | (9,690,275 | ) | (24,396,400 | ) | (15,012,980 | ) | ||||||||||||
| Return of capital | — | (332,725 | ) | — | — | |||||||||||||||
| Total Dividends and Distributions | (8,294,740 | ) | (10,023,000 | ) | (24,396,400 | ) | (15,012,980 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 35,547,221 | 13,901,038 | 174,245,882 | 69,646,263 | ||||||||||||||||
| Cost of shares redeemed | (5,541,685 | ) | (16,481,831 | ) | (37,917,755 | ) | (41,022,732 | ) | ||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 30,005,536 | (2,580,793 | ) | 136,328,127 | 28,623,531 | |||||||||||||||
| Total increase (decrease) in net assets | 51,993,222 | (21,810,329 | ) | 127,578,031 | 22,784,653 | |||||||||||||||
| Net Assets, beginning of year | 96,149,790 | 117,960,119 | 310,138,335 | 287,353,682 | ||||||||||||||||
| Net Assets, end of year† | $ | 148,143,012 | $ | 96,149,790 | $ | 437,716,366 | $ | 310,138,335 | ||||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 495,676 | $ | 374,827 | $ | (818,338 | ) | $ | 315,278 | |||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 1,500,000 | 650,000 | 8,450,000 | 3,500,000 | ||||||||||||||||
| Shares redeemed | (250,000 | ) | (850,000 | ) | (1,950,000 | ) | (2,100,000 | ) | ||||||||||||
| Net increase (decrease) | 1,250,000 | (200,000 | ) | 6,500,000 | 1,400,000 | |||||||||||||||
See Notes to Financial Statements
| 92 |
| Treasury-Hedged High Yield Bond ETF |
|||||||||
| For the Year Ended April 30, 2017 | For the Year Ended April 30, 2016 |
||||||||
| $ | 220,806 | $ | 232,671 | ||||||
| (67,078 | ) | (222,730 | ) | ||||||
| 358,919 | (184,273 | ) | |||||||
| 512,647 | (174,332 | ) | |||||||
| (222,520 | ) | (238,620 | ) | ||||||
| — | — | ||||||||
| (222,520 | ) | (238,620 | ) | ||||||
| — | — | ||||||||
| — | (2,411,788 | ) | |||||||
| — | (2,411,788 | ) | |||||||
| 290,127 | (2,824,740 | ) | |||||||
| 4,489,062 | 7,313,802 | ||||||||
| $ | 4,779,189 | $ | 4,489,062 | ||||||
| $ | 48,632 | $ | 50,346 | ||||||
| — | — | ||||||||
| — | (100,000 | ) | |||||||
| — | (100,000 | ) | |||||||
See Notes to Financial Statements
| 93 |
VANECK VECTORS ETF TRUST
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
See Notes to Financial Statements
| 94 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 95 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 96 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 97 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (b) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (c) | Calculated based upon average shares outstanding |
See Notes to Financial Statements
| 98 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Amount represents less than $0.005 per share |
See Notes to Financial Statements
| 99 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Calculated based upon average shares outstanding |
See Notes to Financial Statements
| 100 |
VANECK VECTORS ETF TRUST
April 30, 2017
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of April 30, 2017, offers fifty-nine investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: BDC Income ETF (“BDC Income”), ChinaAMC China Bond ETF (“ChinaAMC China Bond”), EM Investment Grade + BB Rated USD Sovereign Bond ETF (“EM Investment Grade + BB Rated USD Sovereign Bond”), Emerging Markets Aggregate Bond ETF (“Emerging Markets Aggregate”), Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”), Fallen Angel High Yield Bond ETF (“Fallen Angel”), Green Bond ETF (“Green Bond”), International High Yield Bond ETF (“International High Yield”), Investment Grade Floating Rate ETF (“Investment Grade”), J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”), Mortgage REIT Income ETF (“Mortgage REIT”), Preferred Securities ex Financials ETF (“Preferred Securities”) and Treasury-Hedged High Yield Bond ETF (“Treasury-Hedged”), each a “Fund” and collectively the “Funds”. Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC China Bond. ChinaAMC China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.
The Funds’ commencement of operations dates and their respective indices are presented below:
| Fund | Commencement of Operations |
Index | |||
| BDC Income | February 11, 2013 | MVISTM US Business Development Companies Index* | |||
| ChinaAMC China Bond | November 10, 2014 | ChinaBond China High Quality Bond Index | |||
| EM Investment Grade + BB Rated USD Sovereign Bond | July 13, 2016 | J.P. Morgan Custom EM Investment Grade Plus BB-Rated Sovereign USD Bond Index | |||
| Emerging Markets Aggregate | May 11, 2011 | MVISTM EM Aggregate Bond Index* | |||
| Emerging Markets High Yield | May 8, 2012 | The BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index | |||
| Fallen Angel | April 10, 2012 | The BofA Merrill Lynch US Fallen Angel High Yield Index | |||
| Green Bond | March 3, 2017 | S&P Green Bond Select Index | |||
| International High Yield | April 2, 2012 | The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index | |||
| Investment Grade | April 25, 2011 | MVISTM US Investment Grade Floating Rate Index* | |||
| J.P. Morgan EM | July 22, 2010 | J.P. Morgan GBI-EMG Core Index | |||
| Mortgage REIT | August 16, 2011 | MVISTM Global Mortgage REITs Index* | |||
| Preferred Securities | July 16, 2012 | Wells Fargo® Hybrid & Preferred Securities ex Financials Index | |||
| Treasury-Hedged | March 21, 2013 | MVISTM US Treasury-Hedged High Yield Bond Index* |
| * | Published by MV Index Solutions GmbH, an indirect, wholly-owned subsidiary of the Adviser. |
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
| 101 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The following is a summary of significant accounting policies followed by the Funds.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes 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). |
| 102 |
| 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. | ||
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. | |
| C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP. | |
| D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. | |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. | |
| F. | Repurchase Agreements—The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of April 30, 2017 are reflected in the Schedules of Investments. | |
| G. | Warrants—The Funds may invest in warrants whose values are linked to indices or underlying instruments. The Funds may use these warrants to gain exposure to markets that might be difficult to invest in through conventional securities. Warrants may be more volatile than their linked indices or underlying instruments. Potential losses are limited to the amount of the original investment. Warrants are obligations of the issuer and are not secured by any collateral. Warrants may be exercised by the Funds during the exercise period. If the warrants have not been exercised on the last day of the exercise period, the warrants will be automatically exercised on that day. Warrants held at April 30, 2017, if any, are reflected in the Schedules of Investments. | |
| H. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments |
| 103 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. |
| Futures Contracts—The Funds may purchase or sell futures contracts to gain exposure or to hedge against interest rate movement. Using futures contracts involves various market risks, including interest rate and equity risk as well as the risks that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. | |
| Upon entering into a futures contract, a Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, generally are made or received by the Fund each day depending on the fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Treasury-Hedged held futures contracts for 12 months during the year ended April 30, 2017, with an average notional amount of $4,309,125. Futures contracts held by Treasury-Hedged at April 30, 2017 are reflected in the Schedule of Investments. | |
| At April 30, 2017, Treasury-Hedged held the following derivative instruments: |
| Liability Derivatives Interest Rate Risk | |
| Futures contracts1 | $35,438 |
| 1 Statement of Assets and Liabilities location: Variation margin on futures contracts | |
| For Treasury-Hedged, the impact of transactions in derivative instruments during the year ended April 30, 2017, was as follows: |
| Interest Rate Risk | ||
| Net change in unrealized appreciation (depreciation): | ||
| Futures contracts2 | $(33,469) | |
| Net realized gain (loss): | ||
| Futures contracts3 | 73,969 |
| 2 Statements of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts | |
| 3 Statements of Operations location: Net realized gain (loss) on futures contracts |
| I. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of setoff in those agreements allows the Funds to set off any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, securities lending and repurchase agreements. For financial reporting purposes, the Funds present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at April 30, 2017 is presented in the Schedules of Investments. Refer to related disclosures in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending). |
| J. | Other—Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Realized gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of ex-dividend date/rate. The |
| 104 |
| Funds may record distributions received in excess of income from certain underlying investments as a reduction of cost of investments and/or an increase in realized gains. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gains and return of capital may differ from estimated amounts. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. | |
| At April 30, 2017, ChinaAMC China Bond included $1,375 in cash denominated in foreign currency, at value on the Statements of Assets and Liabilities which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, at least until September 1, 2017 (September 1, 2018 for J.P. Morgan EM), to voluntarily waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, offering costs, and taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.
The current expense limitations, management fee rates and the amounts waived/assumed by the Adviser for the year ended April 30, 2017 are as follows:
| Fund | Expense Limitation | Management Fee Rate | Waiver of Management Fees | Expenses Assumed by the Adviser | ||||||||||||
| BDC Income | 0.40 | % | 0.40 | % | $141,806 | $ | — | |||||||||
| ChinaAMC China Bond | 0.50 | 0.40 | 32,591 | 81,003 | ||||||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 0.40 | 0.35 | 40,182 | 41,870 | ||||||||||||
| Emerging Markets Aggregate | 0.49 | 0.35 | 52,437 | 62,576 | ||||||||||||
| Emerging Markets High Yield | 0.40 | 0.40 | 229,382 | — | ||||||||||||
| Fallen Angel | 0.35 | * | 0.40 | 451,556 | — | |||||||||||
| Green Bond | 0.40 | 0.35 | 2,688 | 36,414 | ||||||||||||
| International High Yield | 0.40 | 0.40 | 193,505 | — | ||||||||||||
| Investment Grade | 0.14 | 0.35 | 285,226 | — | ||||||||||||
| J.P. Morgan EM | 0.44 | ** | 0.35 | 301,619 | — | |||||||||||
| Mortgage REIT | 0.40 | 0.40 | 143,706 | — | ||||||||||||
| Preferred Securities | 0.40 | 0.40 | 232,886 | — | ||||||||||||
| Treasury-Hedged | 0.50 | 0.45 | 20,893 | 107,401 | ||||||||||||
| ** | Effective June 20, 2016, the expense limitation for Fallen Angel was reduced from 0.40% to 0.35%. |
| ** | Effective April 26, 2017, the expense limitation for J.P Morgan EM was reduced from 0.47% to 0.44%. |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
| 105 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 4—Investments—For the year ended April 30, 2017, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:
| Fund | Cost of Investments Purchased | Proceeds from Investments Sold | ||||||||
| BDC Income | $ | 29,281,447 | $ | 28,434,764 | ||||||
| ChinaAMC China Bond | 690,348 | 4,602,970 | ||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 13,907,914 | 3,778,171 | ||||||||
| Emerging Markets Aggregate | 1,608,982 | 1,544,621 | ||||||||
| Emerging Markets High Yield | 148,248,803 | 123,329,909 | ||||||||
| Fallen Angel | 567,959,127 | 135,921,864 | ||||||||
| Green Bond | 4,956,378 | — | ||||||||
| International High Yield | 48,811,692 | 44,688,480 | ||||||||
| Investment Grade | 110,229,058 | 42,069,820 | ||||||||
| J.P. Morgan EM | 1,765,828,357 | 824,315,852 | ||||||||
| Mortgage REIT | 26,321,644 | 26,172,342 | ||||||||
| Preferred Securities | 129,742,573 | 129,335,994 | ||||||||
| Treasury-Hedged | 1,367,141 | 1,310,187 | ||||||||
Note 5—Income Taxes—As of April 30, 2017, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
| Fund | Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
| BDC Income | $ | 211,615,599 | $ | 12,199,120 | $ | (4,719,274 | ) | $ | 7,479,846 | ||||||||
| ChinaAMC China Bond | 6,859,622 | — | (685,254 | ) | (685,254 | ) | |||||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 15,036,776 | 67,741 | (352,499 | ) | (284,758 | ) | |||||||||||
| Emerging Markets Aggregate | 16,326,206 | 498,600 | (1,462,508 | ) | (963,908 | ) | |||||||||||
| Emerging Markets High Yield | 385,319,692 | 10,944,515 | (4,959,516 | ) | 5,984,999 | ||||||||||||
| Fallen Angel | 879,758,407 | 35,722,218 | (1,648,198 | ) | 34,074,020 | ||||||||||||
| Green Bond | 4,955,097 | 128,137 | (1,617 | ) | 126,520 | ||||||||||||
| International High Yield | 136,289,690 | 3,791,350 | (6,255,862 | ) | (2,464,512 | ) | |||||||||||
| Investment Grade | 149,979,512 | 772,635 | (26,239 | ) | 746,396 | ||||||||||||
| J.P. Morgan EM | 3,298,417,747 | 76,932,494 | (177,923,162 | ) | (100,990,668 | ) | |||||||||||
| Mortgage REIT | 150,744,164 | 8,526,804 | (4,425,721 | ) | 4,101,083 | ||||||||||||
| Preferred Securities | 462,556,180 | 15,662,401 | (15,838,790 | ) | (176,389 | ) | |||||||||||
| Treasury-Hedged | 5,024,720 | 169,303 | (54,554 | ) | 114,749 | ||||||||||||
| 106 |
At April 30, 2017, the components of accumulated earnings (deficit) on a tax basis, for each Fund, were as follows:
| Undistributed | Undistributed | Accumulated | Qualified | Other | Unrealized | |||||||||||||||||||||||
| Ordinary | Long-Term | Capital | Late-Year | Temporary | Appreciation | |||||||||||||||||||||||
| Fund | Income | Capital Gains | Losses | Losses* | Differences | (Depreciation) | Total | |||||||||||||||||||||
| BDC Income | $ | 570,488 | $ | — | $ | (4,822,596 | ) | $ | — | $ | (2,033 | ) | $ | 7,479,845 | $ | 3,225,704 | ||||||||||||
| ChinaAMC China Bond | — | — | (12,832 | ) | (26,883 | ) | (142 | ) | (685,952 | ) | (725,809 | ) | ||||||||||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 39,757 | — | (88,683 | ) | — | (22 | ) | (284,758 | ) | (333,706 | ) | |||||||||||||||||
| Emerging Markets Aggregate | — | — | (1,746,946 | ) | (54,071 | ) | (1,148 | ) | (986,315 | ) | (2,788,480 | ) | ||||||||||||||||
| Emerging Markets High Yield | 2,021,155 | — | (33,208,464 | ) | — | (19,113 | ) | 5,984,999 | (25,221,423 | ) | ||||||||||||||||||
| Fallen Angel | 4,408,880 | 224,693 | — | — | (2,009 | ) | 34,074,021 | 38,705,585 | ||||||||||||||||||||
| Green Bond | 4,717 | — | — | — | — | 127,007 | 131,724 | |||||||||||||||||||||
| International High Yield | — | — | (5,142,910 | ) | (615,331 | ) | (19,197 | ) | (2,447,499 | ) | (8,224,937 | ) | ||||||||||||||||
| Investment Grade | 203,888 | — | (128,457 | ) | — | (4,973 | ) | 746,396 | 816,854 | |||||||||||||||||||
| J.P. Morgan EM | — | — | (26,889,107 | ) | (8,470,201 | ) | (92,904 | ) | (101,497,416 | ) | (136,949,628 | ) | ||||||||||||||||
| Mortgage REIT | 209,142 | — | (25,868,502 | ) | — | (7,747 | ) | 4,101,085 | (21,566,022 | ) | ||||||||||||||||||
| Preferred Securities | — | — | (21,159,554 | ) | (488,434 | ) | (1,688,050 | ) | (176,389 | ) | (23,512,427 | ) | ||||||||||||||||
| Treasury-Hedged | 49,317 | — | (463,735 | ) | — | (685 | ) | 114,749 | (300,354 | ) | ||||||||||||||||||
| * | Qualified late-year losses are comprised of post-October capital losses incurred after October 31, 2016, and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31, 2016, and specified losses incurred after October 31, 2016. These losses are deemed to arise on the first day of the Funds’ next taxable year. For the year ended April 30, 2017, the Funds intend to defer to May 1, 2017 for federal tax purposes qualified late-year losses as follows: |
| Fund | Late-Year Ordinary Losses | ||||
| ChinaAMC China Bond | $ | 26,883 | |||
| Emerging Markets Aggregate | 54,071 | ||||
| International High Yield | 615,331 | ||||
| J.P. Morgan EM | 8,470,201 | ||||
| Preferred Securities | 488,434 | ||||
The tax character of dividends paid to shareholders during the years ended April 30, 2017 and April 30, 2016 was as follows:
| Ordinary Income | Long-Term Capital Gains | Return of Capital | |||||||||||||||||||||||||
| Fund | April 30, 2017 | April 30, 2016 | April 30, 2017 | April 30, 2016 | April 30, 2017 | April 30, 2016 | |||||||||||||||||||||
| BDC Income | $ | 10,221,190 | $ | 7,382,900 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
| ChinaAMC China Bond | — | 376,862 | — | — | 243,320 | 264,458 | |||||||||||||||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 301,020 | — | — | — | — | — | |||||||||||||||||||||
| Emerging Markets Aggregate | 429,846 | 282,259 | — | — | 226,334 | 450,211 | |||||||||||||||||||||
| Emerging Markets High Yield | 19,269,040 | 23,208,340 | — | — | — | — | |||||||||||||||||||||
| Fallen Angel | 22,967,945 | * | 3,091,560 | 132,620 | 134,200 | — | — | ||||||||||||||||||||
| Green Bond | 3,300 | — | — | — | |||||||||||||||||||||||
| International High Yield | 4,625,006 | 6,023,046 | — | — | 2,034,794 | 1,636,654 | |||||||||||||||||||||
| Investment Grade | 1,118,580 | 674,950 | — | — | — | — | |||||||||||||||||||||
| J.P. Morgan EM | 32,790,499 | — | — | — | 79,569,141 | 67,576,480 | |||||||||||||||||||||
| Mortgage REIT | 8,294,740 | 9,690,275 | — | — | — | 332,725 | |||||||||||||||||||||
| Preferred Securities | 24,396,400 | 15,012,980 | — | — | — | — | |||||||||||||||||||||
| Treasury-Hedged | 222,520 | 238,620 | — | — | — | — | |||||||||||||||||||||
| * | Includes short-term capital gains |
| 107 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At April 30, 2017, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | No Expiration Short-Term Capital Losses | No Expiration Long-Term Capital Losses | ||||||||
| BDC Income | $ | 2,138,507 | $ | 2,684,089 | ||||||
| ChinaAMC China Bond | 12,832 | — | ||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 88,683 | — | ||||||||
| Emerging Markets Aggregate | 1,565,167 | 181,779 | ||||||||
| Emerging Markets High Yield | 5,987,765 | 27,220,699 | ||||||||
| International High Yield | 363,621 | 4,779,289 | ||||||||
| Investment Grade | 128,457 | — | ||||||||
| J.P. Morgan EM | 9,439,750 | 17,449,357 | ||||||||
| Mortgage REIT | 1,703,973 | 24,164,529 | ||||||||
| Preferred Securities | 8,252,571 | 12,906,983 | ||||||||
| Treasury-Hedged | 140,155 | 323,580 | ||||||||
During the year ended April 30, 2017, the following Funds utilized accumulated capital loss carryforwards: ChinaAMC China Bond utilized $7,865, Emerging Markets Aggregate utilized $8,361, and Investment Grade utilized $47,392.
During the year ended April 30, 2017, as a result of permanent book to tax differences, primarily due to the tax treatment of foreign currency gains and losses, reclassification of income from BDC and REIT securities, bond bifurcation adjustments, in-kind share transactions, net operating losses and deemed distributions on shareholder redemptions, the Funds incurred differences that affected undistributed (accumulated) net investment income (loss), accumulated net realized gain (loss) on investments and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund | Increase (Decrease) in Accumulated Net Investment Income/Loss | Increase (Decrease) in Accumulated Net Realized Gain/Loss | Increase (Decrease) in Aggregate Paid in Capital | ||||||||||||
| BDC Income | $ | (528,226 | ) | $ | (561,352 | ) | $ | 1,089,578 | |||||||
| ChinaAMC China Bond | 183,430 | 183,786 | (367,216 | ) | |||||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 4,274 | (4,274 | ) | — | |||||||||||
| Emerging Markets Aggregate | (243,244 | ) | 243,244 | — | |||||||||||
| Emerging Markets High Yield | 12,382 | (2,595,403 | ) | 2,583,021 | |||||||||||
| Green Bond | 71 | (71 | ) | — | |||||||||||
| Fallen Angel | — | (4,103,678 | ) | 4,103,678 | |||||||||||
| International High Yield | (2,781,551 | ) | 2,005,825 | 775,726 | |||||||||||
| Investment Grade | — | 2,147 | (2,147 | ) | |||||||||||
| J.P. Morgan EM | (72,275,785 | ) | 73,511,065 | (1,235,280 | ) | ||||||||||
| Mortgage REIT | (513,894 | ) | 221,422 | 292,472 | |||||||||||
| Preferred Securities | (593,947 | ) | (136,273 | ) | 730,220 | ||||||||||
| Treasury-Hedged | — | 2 | (2 | ) | |||||||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. The Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2017, the Funds did not incur any interest or penalties.
There are still some uncertainties in the Chinese tax rules governing taxation of income and gains from investments in the PRC due to the lack of formal guidance from the PRC’s tax authorities that could result in unexpected tax liabilities for ChinaAMC China Bond. China generally imposes withholding income tax (“WHT”) at a rate of 10% (which may be
| 108 |
reduced by the double taxation agreement/arrangement) on dividends and interest derived by nonresidents, including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFIIs”), from issuers resident in China. Under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. ChinaAMC China Bond currently considers capital gains derived from Chinese bonds to be non PRC-sourced and not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) are evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to the Fund and their shareholders.
If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains from Chinese Bonds to RQFIIs, such as the Sub-Adviser, and/or begin collecting WHT on gains from such investments, ChinaAMC China Bond could be subject to WHT liability. The impact of any such tax liability on the Fund’s return could be substantial. The Fund may also be liable to the Sub-Adviser for any tax that is imposed on the Sub-Adviser by the PRC with respect to the Fund’s investments.
Note 6—Capital Share Transactions—As of April 30, 2017, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”), or multiples thereof, as follows:
| Fund | Creation Units |
| BDC Income | 50,000 |
| ChinaAMC China Bond | 100,000 |
| EM Investment Grade + BB Rated USD Sovereign Bond | 100,000 |
| Emerging Markets Aggregate | 50,000 |
| Emerging Markets High Yield | 200,000 |
| Fallen Angel | 50,000 |
| Green Bond | 100,000 |
| International High Yield | 200,000 |
| Investment Grade | 100,000 |
| J.P. Morgan EM | 200,000 |
| Mortgage REIT | 50,000 |
| Preferred Securities | 50,000 |
| Treasury-Hedged | 100,000 |
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally when the securities are not available in sufficient quantity for delivery, are not eligible for trading by the Authorized Participant, or as a result of market circumstances. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit at the Custodian for the benefit of the Funds, collateral consisting of cash in the form of U.S. dollars at least equal to 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to The Bank of New York Mellon. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
For the year ended April 30, 2017, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||||
| BDC Income | $ | 86,192,405 | $ | 7,395,347 | ||||||
| ChinaAMC China Bond | — | — | ||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 4,841,419 | — | ||||||||
| Emerging Markets Aggregate | — | — | ||||||||
| Emerging Markets High Yield | 146,205,903 | 64,552,471 | ||||||||
| Fallen Angel | 262,575,653 | 29,742,137 | ||||||||
| Green Bond | — | — | ||||||||
| International High Yield | 34,713,261 | 42,895,165 | ||||||||
| Investment Grade | 2,055,349 | 2,379,100 | ||||||||
| J.P. Morgan EM | 892,254,892 | 49,182,402 | ||||||||
| Mortgage REIT | 35,575,349 | 5,534,649 | ||||||||
| Preferred Securities | 173,972,228 | 37,906,314 | ||||||||
| Treasury-Hedged | 20,543 | 20,543 | ||||||||
The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.
Note 7—Concentration and Other Risks—Each Fund (except BDC Income, Emerging Markets High Yield, Fallen Angel, International High Yield, and Treasury-Hedged) is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in the Funds involve risks similar to those of investing in any bond fund, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except ChinaAMC China Bond, Investment Grade, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
ChinaAMC China Bond, EM Investment Grade + BB Rated USD Sovereign Bond, Emerging Markets Aggregate, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Investment Grade and J.P. Morgan EM invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged
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properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk.
Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. This may require the Fund to account for the distribution that has been deferred or suspended for tax purposes, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
Treasury-Hedged invests directly in futures contracts and may invest in securities sold short which are designed to hedge against the price sensitivity of below investment grade corporate bonds. A risk of hedging is the imperfect correlation between price movement of the securities sold short and the price movement of the Fund’s investments.
Should the Chinese government impose restrictions on the ability of ChinaAMC China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
Certain Funds may invest directly in the Russian local market. As a result of events involving Ukraine and the Russian Federation, the United States and the European Union (“EU”) have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact any of the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held, if any, by the Funds.
In 2016, the United Kingdom decided to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s withdrawal from the EU and the effects such withdrawal will have on the Euro, European economies and the global markets. This may further impact the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.
At April 30, 2017, the Adviser owned approximately 64% and 57% of EM Investment Grade + BB Rated USD Sovereign Bond and Emerging Markets Aggregate, respectively.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
For each Fund, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
equivalent thereto, on the securities loaned while receiving a fee from the borrower and/or earning interest on the investment of the cash collateral. Such fees and collateral interest earned are shared with the securities lending agent under the terms of the securities lending agreement. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government Agencies. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral outstanding at April 30, 2017 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
The following table presents repurchase agreements held as collateral by type of security on loan pledged as of April 30, 2017:
| Fund | Corporate Bonds | Equity Securities | Foreign Government Obligations | Gross amount of Recognized Liabilities for Securities Loaned in the Statements of Assets and Liabilities* | ||||||||||||||
| BDC Income | $ | — | $ | 35,839,031 | $ | — | $ | 35,839,031 | ||||||||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 318,247 | — | — | 318,247 | ||||||||||||||
| Emerging Markets Aggregate | 528,682 | — | — | 528,682 | ||||||||||||||
| Emerging Markets High Yield | 23,682,259 | — | — | 23,682,259 | ||||||||||||||
| Fallen Angel | 69,372,219 | — | — | 69,372,219 | ||||||||||||||
| International High Yield | 5,268,145 | — | — | 5,268,145 | ||||||||||||||
| Investment Grade | 2,708,095 | — | — | 2,708,095 | ||||||||||||||
| J.P. Morgan EM | — | — | 1,897,009 | 1,897,009 | ||||||||||||||
| Mortgage REIT | — | 5,886,873 | — | 5,886,873 | ||||||||||||||
| Preferred Securities | — | 24,633,265 | — | 24,633,265 | ||||||||||||||
| Treasury-Hedged | 445,291 | — | — | 445,291 | ||||||||||||||
| * | Remaining contractual maturity of the agreements: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2017, the following Funds borrowed under this Facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | Outstanding Loan Balance as of April 30, 2017 | ||||||||||||||
| BDC Income | 296 | $ | 513,112 | 1.90 | % | $ | 250,952 | |||||||||||
| ChinaAMC China Bond | 3 | 1,300,000 | 1.80 | — | ||||||||||||||
| Fallen Angel | 1 | 1,056,106 | 1.77 | — | ||||||||||||||
| Investment Grade | 3 | 215,308 | 1.80 | — | ||||||||||||||
| J.P. Morgan EM | 69 | 2,773,549 | 1.92 | — | ||||||||||||||
| Mortgage REIT | 292 | 734,086 | 1.91 | — | ||||||||||||||
| Preferred Securities | 258 | 1,677,266 | 1.90 | 721,446 | ||||||||||||||
Note 11—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended April 30, 2017, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statement of Operations.
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Note 12—Recent Accounting Pronouncements and Regulatory Requirements—The Funds adopted Accounting Standards Update No. 2014-15 (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess the Funds’ ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. Based on management’s evaluation, there are no conditions or events that could adversely affect the Funds’ ability to meet their obligations within one year after the date the financial statements are issued. Accordingly, no disclosures are required specific to going concern uncertainties in the Funds’ financial statements.
In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Portfolios’ current financial statement presentation and expects that the Funds will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.
In December 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.
Note 13—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
The following dividends from net investment income were declared and paid subsequent to April 30, 2017:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| ChinaAMC China Bond | 5/1/17 | 5/3/17 | 5/5/17 | $0.0573 | ||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 5/1/17 | 5/3/17 | 5/5/17 | 0.0659 | ||||
| Emerging Markets Aggregate | 5/1/17 | 5/3/17 | 5/5/17 | 0.0759 | ||||
| Emerging Markets High Yield | 5/1/17 | 5/3/17 | 5/5/17 | 0.1180 | ||||
| Fallen Angel | 5/1/17 | 5/3/17 | 5/5/17 | 0.1143 | ||||
| Green Bond | 5/1/17 | 5/3/17 | 5/5/17 | 0.0237 | ||||
| International High Yield | 5/1/17 | 5/3/17 | 5/5/17 | 0.0870 | ||||
| Investment Grade | 5/1/17 | 5/3/17 | 5/5/17 | 0.0322 | ||||
| J.P. Morgan EM | 5/1/17 | 5/3/17 | 5/5/17 | 0.0822 | ||||
| Preferred Securities | 5/1/17 | 5/3/17 | 5/5/17 | 0.0690 | ||||
| Treasury-Hedged | 5/1/17 | 5/3/17 | 5/5/17 | 0.0930 | ||||
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| ChinaAMC China Bond | 6/1/17 | 6/5/17 | 6/7/17 | $0.0981 | ||||
| EM Investment Grade + BB Rated USD Sovereign Bond | 6/1/17 | 6/5/17 | 6/7/17 | 0.0706 | ||||
| Emerging Markets Aggregate | 6/1/17 | 6/5/17 | 6/7/17 | 0.0892 | ||||
| Emerging Markets High Yield | 6/1/17 | 6/5/17 | 6/7/17 | 0.1243 | ||||
| Fallen Angel | 6/1/17 | 6/5/17 | 6/7/17 | 0.1276 | ||||
| Green Bond | 6/1/17 | 6/5/17 | 6/7/17 | 0.0241 | ||||
| International High Yield | 6/1/17 | 6/5/17 | 6/7/17 | 0.1012 | ||||
| Investment Grade | 6/1/17 | 6/5/17 | 6/7/17 | 0.0355 | ||||
| J.P. Morgan EM | 6/1/17 | 6/5/17 | 6/7/17 | 0.0894 | ||||
| Preferred Securities | 6/1/17 | 6/5/17 | 6/7/17 | 0.0896 | ||||
| Treasury-Hedged | 6/1/17 | 6/5/17 | 6/7/17 | 0.0959 |
| 113 |
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of VanEck Vectors ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BDC Income ETF, ChinaAMC China Bond ETF, EM Investment Grade + BB Rated USD Sovereign Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, and Treasury-Hedged High Yield Bond ETF (thirteen of the series constituting VanEck Vectors ETF Trust) (the “Funds”) as of April 30, 2017, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BDC Income ETF, ChinaAMC China Bond ETF, EM Investment Grade + BB Rated USD Sovereign Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, and Treasury-Hedged High Yield Bond ETF (thirteen of the series constituting VanEck Vectors ETF Trust) at April 30, 2017, and the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
New York, New York
June 22, 2017
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VANECK VECTORS ETF TRUST
(unaudited)
The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.
Accordingly, the information needed by shareholders for calendar year 2017 income tax purposes will be sent to them in early 2018. Please consult your tax advisor for proper treatment of this information.
The Funds listed below intend to pass through foreign tax credits in the maximum amounts as shown. The gross foreign source income earned during the fiscal year ended April 30, 2017 by the Funds is as shown below.
| Fund | Foreign Tax Credits | Gross Foreign Source Income | ||||||
| ChinaAMC China Bond | $ | 26,339 | $ | 359,379 | ||||
| Emerging Markets Aggregate | 6,852 | 845,656 | ||||||
| J.P. Morgan EM | 2,163,674 | 134,691,304 | ||||||
Corporate Dividends Received Deduction
The Fund listed below had the following percentage of ordinary income dividends paid that qualified for the Corporate Dividends Received Deduction for the fiscal year ended April 30, 2017.
| Preferred Securities | 18.73% |
| 115 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2017 (unaudited)
| Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees: | ||||||||||
| David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 59 | Director, Forward Management LLC and Audit Committee Chairman, May 2008 to June 2015; Trustee, Berea College of Kentucky and Vice-Chairman of the Investment Committee, May 2009 to present; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to present, and Board Member of the CFA Society of Stamford, July 2009 to present; Advisory Board member, MainStay Fund Complex4, June 2015 to December 2015; Trustee, MainStay Fund Complex4, January 2016 to present. | |||||
| R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle), January 1988 to present; Vice Chairman, W.P. Stewart & Co., Inc. (asset management firm), September 2007 to September 2008; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007. | 71 | Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review. | |||||
| Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | Partner, PWC/Strategy & Financial Services Advisory, February 2015 to present; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 59 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to present. | |||||
| Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Director, President and CEO, SmartBrief, Inc. (media company). | 71 | Director, Food and Friends, Inc., 2013 to present. | |||||
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds Trust, MainStay Funds, MainStay VP Funds Trust, Private Advisors Alternative Strategies Master Fund, Private Advisors Alternative Strategies Fund and MainStay DefinedTerm Municipal Opportunities Fund. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| 116 |
| Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
| Interested Trustee: | ||||||||||
| Jan F. van Eck, 19634 | Trustee, President and Chief Executive Officer | Trustee (Since 2006); President and Chief Executive Officer (Since 2009) | Director, President, Chief Executive Officer and Owner of the Adviser, Van Eck Associates Corporation; Director, President and Chief Executive Officer, VESC; Director, President and Chief Executive Officer, VEARA. | 59 | Director, National Committee on US-China Relations. |
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser. |
| Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During The Past Five Years | |||
| Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President and Assistant General Counsel of the Adviser, VESC and VEARA (since 2016); Associate, Clifford Chance US LLP (October 2011 to April 2016); Officer of other investment companies advised by the Adviser. | |||
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President and Assistant Treasurer of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser. | |||
| Charles T. Cameron, 1960 | Vice President | Since 2006 | Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser. | |||
| Simon Chen, 1971 | Assistant Vice President | Since 2012 | Greater China Director of the Adviser (since January 2012); General Manager, SinoMarkets Ltd. (June 2007 to December 2011). | |||
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser. | |||
| Uwe Eberle, 1965 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG (since 2010). | |||
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 to July 2008). | |||
| Susan C. Lashley, 1955 | Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
| Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016) and Assistant Secretary (Since 2008) | Vice President (since 2016), Associate General Counsel and Assistant Secretary (since 2008) and Assistant Vice President (2008 to 2016) of the Adviser, VESC and VEARA (since 2008); Associate, Davis Polk & Wardwell (October 2005 to June 2008); Officer of other investment companies advised by the Adviser. | |||
| James Parker, 1969 | Assistant Treasurer | Since June 2014 | Manager (Portfolio Administration) of the Adviser (since June 2010); Vice President of JPMorgan Chase & Co. (April 1999 to January 2010). | |||
| Philipp Schlegel, 1974 | Vice President | Since 2016 | Senior Director of Van Eck Switzerland AG (since 2010). |
| 117 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2017 (unaudited) (continued)
| Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During The Past Five Years | |||
| Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016) and Secretary and Chief Legal Officer (Since 2014) | Senior Vice President (since 2016), General Counsel and Secretary (since 2014) and Vice President (2006 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
| Bruce J. Smith, 1955 | Senior Vice President | Since 2006 | Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Adviser, VESC and VEARA (since 1997); Director of the Adviser, VESC and VEARA (since October 2010); Officer of other investment companies advised by the Adviser. | |||
| Janet Squitieri, 1961 | Chief Compliance Officer | Since September 2013 | Vice President, Global Head of Compliance of the Adviser, VESC and VEARA (since September 2013); Chief Compliance Officer and Senior Vice President North America of HSBC Global Asset Management NA (August 2010 to September 2013); Chief Compliance Officer North America of Babcock & Brown LP (July 2008 to June 2010). |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 118 |
VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
April 30, 2017 (unaudited)
At a meeting held on December 2, 2016 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck VectorsTM ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors AMT-Free National Municipal Index ETF (“MUNY”), VanEck Vectors Green Bond ETF (“Green Bond”) and VanEck Vectors REIT Preferred Securities ETF (“REIT Preferred”) (each, a “Fund” and together, the “Funds”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of each Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. In evaluating the terms of the Investment Management Agreement and the proposal for MUNY to adopt a unitary fee structure, the Trustees considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of MUNY. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of Green Bond and REIT Preferred to the extent necessary to prevent the operating expenses of Green Bond and REIT Preferred from exceeding agreed upon limits for a period of at least one year following the effective date of their respective registration statements.
The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to each Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of each of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or the quality of services previously provided to each of the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
| 119 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
 |
||
| Investment Adviser: | Van Eck Associates Corporation | |
| Distributor: | Van Eck Securities Corporation | |
| 666 Third Avenue, New York, NY 10017 | ||
| vaneck.com | ||
| Account Assistance: | 800.826.2333 | INCOMEAR |
Item 2. CODE OF ETHICS.
(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that
applies to the principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions.
(b) The Registrant's code of ethics is reasonably designed as described in this
Form N-CSR.
(c) The Registrant has not amended its Code of Ethics during the period
covered by the shareholder report presented in Item 1 hereto.
(d) The Registrant has not granted a waiver or an implicit waiver from a
provision of its Code of Ethics during the period covered by the
shareholder report presented in Item 1 hereto.
(e) Not applicable.
(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Trustees has determined that David Chow, R.
Alastair Short and Richard Stamberger, members of the Audit and
Governance Committees, are "audit committee financial experts" and
"independent" as such terms are defined in the instructions to Form N-CSR
Item 3(a)(2).
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and
4(g) are for the Funds of the Registrant for which the fiscal year end is
April 30.
(a) Audit Fees. The aggregate Audit Fees of Ernst & Young for professional
services billed for the audits of the financial statements, or services
that are normally provided in connection with statutory and regulatory
filings or engagements for the fiscal years ended April 30, 2017 and
April 30, 2016, were $531,620 and $464,920, respectively.
(b) Audit-Related Fees. Not applicable.
(c) Tax Fees. The aggregate Tax Fees of Ernst & Young for professional
services billed for the review of Federal, state and excise tax returns
and other tax compliance consultations for the fiscal years ended
April 30, 2017 and April 30, 2016, were $326,456 and $359,052,
respectively.
(d) All Other Fees
None.
(e) The Audit Committee will pre-approve all audit and non-audit services,
to be provided to the Funds, by the independent accountants as required by
Section 10A of the Securities Exchange Act of 1934. The Audit Committee
has authorized the Chairman of the Audit Committee to approve, between
meeting dates, appropriate non-audit services.
The Audit Committee after considering all factors, including a review of
independence issues, will recommend to the Board of Trustees the
independent auditors to be selected to audit the financial statements of
the Funds.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The Registrant's Board has an Audit Committee established in accordance
with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A))
consisting of four Independent Trustees. Messrs. Chow, Short, Sidebottom
and Stamberger currently serve as members of the Audit Committee. Mr. Short
is the Chairman of the Audit Committee.
Item 6. SCHEDULE OF INVESTMENTS.
Information included in Item 1.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
Item 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3 (c)) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this
paragraph, based on their evaluation of these controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as
amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a(d)) that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12. EXHIBITS.
(a)(1) The code of ethics is attached as EX-99.CODE ETH
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
furnished as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK VECTORS ETF TRUST
By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO
---------------------------------------
Date July 7, 2017
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Jan F. van Eck, CEO
--------------------------
Date July 7, 2017
----------------
By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO
------------------------------------------
Date July 7, 2017
----------------