BICE INVERSIONES CORREDORES DE BOLSA S.A. 2021-01-07 T-17:26

a] o
br
AIECK

VANECK VECTORS9

Long/Flat Trend ETF LFEQO9
Morningstar Durable Dividend ETF DURAS
Morningstar Global Wide Moat ETF GOATO
Morningstar International Moat ETF MOTI9
Morningstar Wide Moat ETF MOATS
Real Asset Allocation ETF RAAXO

800.826.2333 vaneck.com

President’s Letter 1

Management Discussion 2
Performance Comparison
Long/Flat Trend ETF 4
Morningstar Durable Dividend ETF 5
Morningstar Global Wide Moat ETF 6
Morningstar International Moat ETF 7
Morningstar Wide Moat ETF 8
Real Asset Allocation ETF 9
Explanation of Expenses 11
Schedule of Investments
Long/Flat Trend ETF 12
Morningstar Durable Dividend ETF 13
Morningstar Global Wide Moat ETF 15
Morningstar International Moat ETF 17
Morningstar Wide Moat ETF 20
Real Asset Allocation ETF (Consolidated Schedule of Investments) 22
Statements of Assets and Liabilities (Consolidated for Real Asset Allocation ETF) 24
Statements of Operations (Consolidated for Real Asset Allocation ETF) 26
Statements of Changes in Net Assets (Consolidated for Real Asset Allocation ETF) 28
Financial Highlights
Long/Flat Trend ETF 30
Morningstar Durable Dividend ETF 30
Morningstar Global Wide Moat ETF 31
Morningstar International Moat ETF 31
Morningstar Wide Moat ETF 32
Real Asset Allocation ETF (Consolidated Financial Highlights) 32
Notes to Financial Statements (Consolidated for Real Asset Allocation ETF) 33
Report of Independent Registered Public Accounting Firm 41
Tax Information 43
Board of Trustees and Officers 44
Approval of Investment Management Agreements 46

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not
intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The
information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any
discussion of the Funds” holdings, the Funds” performance, and the views of the investment adviser are as of September 30, 2020.

VANECK VECTORS ETFs

PRESIDENT”S LETTER
September 30, 2020 (unaudited)

Dear Fellow Shareholders:

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

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

One beneficiary is high yield bonds, particularly “fallen angels” -bonds that have been downgraded from
investment grade. In a recessionary environment, some bonds are going to default or be downgraded. Fixed
income markets this year generally started recovering after the Fed announced plans to intervene. We have
already seen a record amount of new fallen angel bond volume-over $140B as of July 31, 2020′-and expect
more through the remainder of the calendar year.

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

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

The investing outlook sometimes does change suddenly, as it certainly has at times this year. To get our
quarterly investment outlooks, please subscribe to “Investment Outlook” on vaneck.com. Should you have any
questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a
performance discussion and financial statements for each of the funds for the twelve month period ended
September, 2020. As always, we value your continued confidence in us and look forward to helping you meet
your investment goals in the future.

Jan E. van Eck
CEO and President
VanEck Vectors ETF Trust

October 19, 2020

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective,
risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and
other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

1 Source: FactSet, ICE Data Indices, LLC and Morningstar.

VANECK VECTORS ETFs

MANAGEMENT DISCUSSION
September 30, 2020 (unaudited)

Market Review

All funds were affected by both the wide market sell off in late-February and ensuing market volatility, sparked by
the evolving COVID-19 pandemic- both domestically in the U.S. and internationally. However, remedial measures,
both financial and fiscal, taken by central governments around the world in response to the crisis (including the
asset purchasing program of the U.S. Federal Reserve), resulted in a positive “bounce back” in markets in April.

Long/Flat Trend

VanEck Vectors* Long/Flat Trend ETF (LFEQS) returned +14.22%* in the 12 month period ended September 30,
2020. The Fund takes a guided allocation approach designed to help investors manage risk in the U.S. equity
market. The Fund seeks to track the Ned Davis Research CMG US Large Cap Long/Flat Index (NDRCMGLP) from
Ned Davis Research (NDR), a world-renowned provider of institutional quality research. lt is a rules-based index
that follows a proprietary model developed by NDR and CMG Capital Management Group, Inc. (CMG).

The model measures the overall health of the market through an evaluation of market breadth. In this case, market
breadth refers to advancing and declining price trends and countertrends at the GICS*%! industry group level. The
model computes a robust moving average score daily to capture multi-industry and multi-term trend and
countertrend measures to gauge overall market health. It then calculates the score’s directional trend to see if it is
improving or declining. Collectively, the score and its directional trend determine the equity allocation of either
100%, 50%, or 0%. At 0%, the allocation would be entirely to cash.

The heightened volatility and broad market selloff in early 2020 nearly led to the model going to cash. However, the
model’s long-term trend indicators remained bullish and kept the model fully invested, which allowed the Fund to
fully participate in the market rebound after the selloff. The Fund’s allocation to equities remained unchanged over
the 12 month period.?

Morningstar Durable Dividend

VanEck Vectors Morningstar Durable Dividend ETF (DURA?) seeks to replicate as closely as possible, before fees
and expenses, the price and yield performance of the Morningstar? US Dividend Valuation Index$M (MSUSDVTU).
The index ¡is intended to track the overall performance of high dividend yielding U.S. companies with strong
financial health and attractive valuations according to Morningstar.

The Fund returned -1.26%* over the 12 month period under review. The consumer staples, information technology
and health care sectors were the top contributors to positive performance and the energy sector detracted by far
the most from performance for the period, with the financial and communications services sectors also both
detracting from performance.

Morningstar Global Wide Moat

The newest addition to our Morningstar Moat Index investment lineup, VanEck Vectors Morningstar Global Wide
Moat ETF (GOAT9) seeks to replicate as closely as possible, before fees and expenses, the price and yield
performance of the Morningstar? Global Wide Moat Focus Index*% (MSGWMFNU). The index is intended to track
the overall performance of global companies with sustainable competitive advantages, ¡.e., “moats,” and attractive
valuations according to Morningstar’s equity research team. The index contains at least 50 stocks that are
reviewed each quarter.

VanEck Vectors Morningstar Global Wide Moat ETF returned +13.70%* for the 12 month period under review. The
information technology, health care and communication services sectors contributed most to performance and the
energy and financial sectors detracted the most. Companies in the United States contributed by far the most to
performance, while those in Mexico, Canada and Belgium detracted the most.

Morningstar International Moat

Launched over five years ago as a means to capture moat-based opportunities abroad, VanEck Vectors
Morningstar International Moat ETF (MOTI%) seeks to replicate as closely as possible, before fees and expenses,
the price and yield performance of the Morningstar? Global ex-US Moat Focus Index*” (MGEUMFUN). The index

is intended to track the overall performance of wide and narrow moat rated companies in developed and
emerging markets outside the U.S. with sustainable competitive advantages at attractive prices according to
Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

For the 12 month period under review, the fund returned -0.14%.* Of several sectors contributing positively to
performance, the industrials sector contributed by far the most. Three sectors, financial, communication services
and real estate, detracted the most from performance. While companies in Germany contributed the most to
performance, those in the U.K. detracted the most.

Morningstar Wide Moat

VanEck Vectors Morningstar Wide Moat ETF (MOAT9), now with an eight year track record, seeks to replicate as
closely as possible, before fees and expenses, the price and yield performance of the Morningstar? Wide Moat
Focus Index*%” (MWMFTR). The index targets U.S. companies with sustainable competitive advantages, ¡.e.,
“moats,” and attractive valuations in the view of Morningstar’s team of more than 100 equity analysts.?

According to the forward-looking process of Morningstar’s Equity Research group, companies with moats have the
potential to create above-average returns for longer periods of time. The index’s approach to investing in U.S.
companies with wide economic moats when they are attractively priced has resulted in long-term outperformance
versus the broad U.S. equity market.*

The Fund returned +10.40%* for the 12 month period under review. The primary driver of performance was the
Fund’s exposure to the information technology sector. In addition, stocks in the health care and consumer
discretionary sectors contributed to solid positive returns. The energy sector was the largest detractor from the
Fund’s performance.

Real Asset Allocation

In its pursuit of long-term total return, VanEck Vectors* Real Asset Allocation ETF (RAAX9) seeks to maximize
real returns, while seeking to reduce downside risk during sustained market declines. The Fund seeks to achieve
this by allocating primarily to exchange-traded products that provide exposure to real assets, which include
commodities, real estate, natural resources, master limited partnerships (MLPs) and infrastructure. The Fund
seeks to reduce downside risk by using a rules-based approach to determine when to allocate to cash and cash
equivalents.

Over the 12 month period, the Fund returned -18.32%.* While gold and gold equities contributed by far the most
positively to the Fund’s total return, their contributions were far outweighed by the aggregated negative returns of
natural resources equities, followed by those of U.S. Real Estate Investment Trusts (REITs), master limited
partnerships (MLPs) and infrastructure.

* Returns based on NAV.

1 Global Industry Classification Standard (GICS%) is a widely accepted equity securities classification system developed by Morgan Stanley
Capital International (MSCI) and Standard 8 Poor’s.

2 Allocations to equities (long) represented by the S£P 500% Index. The S£P 500 Index consists of 500 widely held U.S. common stocks
covering the industrial, utility, financial and transportation sectors. Allocations to cash (flat) represented by the Solactive 13-week U.S.
T-bill Index. The Solactive 13-week U.S. T-bill Index is a rules-based index mirroring the performance of the current U.S. 13-week T-bill.

3 Equity analysts referred to are part of Morningstar’s Equity Research group which consists of various wholly-owned subsidiaries of
Morningstar, Inc., including but not limited to, Morningstar Research Services LLC.

4 Based on the Morningstar Wide Moat Focus Index versus the Morningstar US Market Index from the period 2/14/2007-9/30/2020.

VANECK VECTORS LONG/FLAT TREND ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV NDRCMGLF* SPTR?
One Year 14.52% 14.22% 15.15% 15.15%
Life* 9.20% 9.10% 9.78% 12.05%
* Commencement of Fund: 10/04/17; First Day of Secondary Market Trading: 10/05/17.

1 The Ned Davis Research CMG US Large Cap Long/Flat Index (the “NDR CMG Index”) (NDRCMGLF, is a rules-based index
that follows a proprietary model developed by Ned Davis Research, Inc. in conjunction with CMG Capital Management
Group, Inc. To help limit potential loss associated with adverse market conditions, the model produces trade signals to
dictate the NDR CMG Index’s equity allocation ranging from 100% fully invested (i.e., “long”) to 100% in cash (i.e., “flat”).
When the NDR CMG Index is long, or 100% fully invested, it will be allocated to the S8P 500 Index. When the NDR CMG
Index is flat, or 100% cash, it will be allocated to the Solactive 13-week U.S. T-bill Index.

2 The S8P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and
industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value $15,000
of a hypothetical $10,000
investment in the Fund at $14,000 $14,051 (SPTR)
NAV and at Share Price ya $13,218 (NDRCMGLF)
since inception. The result $13,000 $13,010 (LFEQ SP)
is compared with the $12,972 (LFEQ NAV)
Fund’s benchmark and a $12,000
broad-based index.
$11,000
$10,000
$9,000
$8,000 1 J
E SO AOS
SISSI SS
– LFEO (NAV)
— LFEQ (Share Price)
—-NDRCMGLF
SPTR

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

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

VANECK VECTORS MORNINGSTAR DURABLE DIVIDEND ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV’ MSUSDVTU* SPTR2
One Year – (1.11)% (1.26)% (1.06)% 15.15%
Life” 6.19% 6.08% 6.35% 14.78%

* Commencement of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/2018.

1 The Morningstar? US Dividend Valuation Index?” (MSUSDVTU) is a rules-based index intended to offer exposure to
companies that the Index Provider determines have a high dividend yield, strong financial health and an attractive
uncertainty-adjusted valuation.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value $14,000
of a hypothetical $10,000
investment in the Fund at $13,000 $13,026 (SPTR)
NAV and at Share Price
since inception. The result $12,000
is compared with the $11,253 (MSUSDVTU)
Fund’s benchmark and a $11,220 (DURA SP)
broad-based index. $11,000 $11,198 (DURA NAV)
$10,000
$9,000
$8,000 Ll 1 1 1 1 1 1 1 1 1 1 J
TIE ES
SS
Se Y Y SY XV Y SY S
– DURA (NAV)
=== DURA (Share Price)
—- MSUSDVTU
SPTR

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

VANECK VECTORS MORNINGSTAR GLOBAL WIDE MOAT ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MSGWMFNU* SPTR?

One Year 13.82% 13.70% 13.69% 15.15%

Life* 15.20% 15.01% 15.18% 14.78%

* Commencement of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/2018.

1 The Morningstar? Global Wide Moat Focus Index*% (MSGWMFNU) is a rules-based index intended to offer exposure to
companies that the Index Provider determines have sustainable competitive advantages based on a proprietary
methodology that considers quantitative and qualitative factors.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value $14,000

of a hypothetical $10,000 $13,119 (GOAT SP)
investment in the Fund at $13,000 $13,113 (MSGWMFNU)
NAV and at Share Price e (SoAT NAV)
since inception. The result $12,000 ,026 ( )
is compared with the :
Fund’s benchmark and a
broad-based index. $11,000
$10,000
$9,000
$8,000 Ll 1 | 1 | l 1 l l 1 1 J
DH DAYA A A A AAA SOS
O O ET SS
SS ANYS LKOY SS S
– GOAT (NAV)
—- GOAT (Share Price)
—- MSGWMFNU
SPTR

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

VANECK VECTORS MORNINGSTAR INTERNATIONAL MOAT ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MGEUMFUN! SPTR?

One Year – (0.08)% (0.14)% 0.06% 15.15%
Five Year – 5.26% 5.30% 5.93% 14.15%
Life” 2.44% 2.48% 3.09% 11.69%

* Commencement of Fund: 7/13/15; First Day of Secondary Market Trading: 7/14/15.

1 Morningstar? Global ex-US Moat Focus Index*” (MGEUMFUN) is a rules-based index intended to offer exposure to
companies that Morningstar, Inc. determines have sustainable competitive advantages based on a proprietary methodology
that considers quantitative and qualitative factors (“wide and narrow moat companies”).

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value $20,000

of a hypothetical $10,000 $17,805 (SPTR)
investment in the Fund at

NAV and at Share Price $15,000

since inception. The result

is compared with the

Fund’s benchmark and a

broad-based index. $10,000

– $11,722 (MGEUMFUN)
$11,362 (MOTI NAV)
$11,338 (MOTI SP)

$5,000

loo po pop y
SS. DO OD Op >

XA
LS SS CS

$0 l 1 1 1 1
O A
SNE SS

=- MOTI (NAV)

—- MOTI (Share Price)

== — MGEUMFUN
SPTR

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

VANECK VECTORS MORNINGSTAR WIDE MOAT ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MWMFTR* SPTR?
One Year 10.27% 10.40% 10.73% 15.15%
Five Year 16.05% 16.04% 16.61% 14.15%
Life* 13.90% 13.91% 14.46% 13.54%

* Commencement of Fund: 4/24/12; First Day of Secondary Market Trading: 4/25/12.

1 Morningstar? Wide Moat Focus Index*% (MVWMFTR) is a rules-based index intended to offer exposure to companies that
Morningstar, Inc. determines have sustainable competitive advantages based on a proprietary methodology that considers
Quantitative and qualitative factors (“wide moat companies”).

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value
of a hypothetical $10,000 $35,000

investment in the Fund at 2 $31,237 (MWMFTR)

NAV and at Share Price $30,000 $80.002 (MOT NAV
since inception. The result $29,193 (SPTR)
is compared with the $25,000
Fund’s benchmark and a
broad-based index. $20,000
$15,000
$10,000
$5,000
sol! 1 | 1 1 1 1 1 J
AAA DAI
A LESS SSSS SS
Y

=- MOAT (NAV)
== MOAT (Share Price)
– MWMFTR

SPTR

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

VANECK VECTORS REAL ASSET ALLOCATION ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV BCOMTR* RABLND?

One Year – (18.36)% (18.32)% (8.20)% (9.28)%
Life* (7.51)% (7.53)% (6.88)% (8.26)%
* Commencement of Fund: 4/9/2018; First Day of Secondary Market Trading: 4/10/2018.

1 On January 31, 2020, the Bloomberg Commodity Index (BCOMTR) replaced the Real Asset Blended Index (RABLND) as
the Fund’s broad-based benchmark index. The Fund changed its index as it believes the Bloomberg Commodity Index is
more representative of broad commodities exposure. BCOMTR ¡s calculated on an excess return basis and reflects
commodity futures price movements.

2 The Blended Real Asset Index (RABLND) is calculated by Van Eck Absolute Return Advisers Corporation and comprises an
equally weighted blend of the returns of Bloomberg Commodity Index, S8P Real Assets Equity Index and VanEck? Natural
Resources Index. Equal weightings are reset monthly.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value $12,000
of a hypothetical $10,000
investment in the Fund at $11,000

NAV and at Share Price

since inception. The result
is compared with the $10,000 A
Fund’s benchmark anda o IN error

A
// > $9,213 (RABLND)

broad-based index. $9,000
$8,381 (BCOMTR)
, $8,242 (RAAX SP)
$8,000 y e $8,238 (RAAX NAV)
s ,.”
e
$7,000 7
$6,000 ! 1 1 1 1 1 1 1 1 ,
O RS
ASES SAIESISNS
— RAAX (NAV)
— RAAX (Share Price)
—-BCOMTR
– – – RABLND

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

VANECK VECTORS ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

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

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

The Morningstar? Global ex-US Moat Focus Index3“, Morningstar* Global Wide Moat Focus IndexS”, Morningstar? US Dividend Valuation
IndexóM and Morningstar? Wide Moat Focus Index9% are published by Morningstar. The Morningstar name and logo are registered trademarks
of Morningstar. Morningstar Global ex-US Moat Focus Index*%, Morningstar Global Wide Moat Focus Index*”, Morningstar? US Dividend
Valuation Index9% and Morningstar Wide Moat Focus Index*% are service marks of Morningstar. The Ned Davis Research CMG US Large Cap
Long/Flat Index is published by Ned Davis Research, Inc. (“NDR”). The Blended Real Asset Index is calculated by VanEck Absolute Advisers
Corporation. On January 31, 2020, the Bloomberg Commodity Index replaced the Blended Real Asset Index as the Fund’s broad-based
benchmark index. The Fund changed its index as it believes the Bloomberg Commodity Index is more representative of broad commodities
exposure.

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

VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Beginning Ending Annualized Expenses Paid

Account Account Expense During the Period*
Value Value Ratio April 1, 2020 –
April 1, 2020 September 30, 2020 During Period September 30, 2020

Long/Flat Trend ETF

Actual $1,000.00 $1,305.80 0.55% $3.17

Hypothetical** $1,000.00 $1,022.25 0.55% $2.78
Morningstar Durable Dividend ETF

Actual $1,000.00 $1,161.00 0.29% $1.57

Hypothetical** $1,000.00 $1,023.55 0.29% $1.47
Morningstar Global Wide Moat ETF

Actual $1,000.00 $1,287.20 0.52% $2.97

Hypothetical** $1,000.00 $1,022.40 0.52% $2.63
Morningstar International Moat ETF

Actual $1,000.00 $1,206.50 0.60% $3.31

Hypothetical** $1,000.00 $1,022.00 0.60% $3.03
Morningstar Wide Moat ETF

Actual $1,000.00 $1,246.10 0.47% $2.64

Hypothetical** $1,000.00 $1,022.65 0.47% $2.38
Real Asset Allocation ETF

Actual $1,000.00 $1,055.20 0.55% $2.83

Hypothetical** $1,000.00 $1,022.25 0.55% $2.78

* – Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2020) multiplied by the average
account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the
fiscal year (to reflect the one-half year period).

** Assumes annual return of 5% before expenses

VANECK VECTORS LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number

of Shares Value
EXCHANGE TRADED FUND: 99.9% (a)
(Cost: $28,400,480)

102,427 Vanguard S£P 500 ETF $31,511,667
Total Investments: 99.9% AS
(Cost: $28,400,480) 31,511,667
Other assets less liabilities: 0.1% 37,131
NET ASSETS: 100.0% $31,548,798
Footnotes:

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

Summary of Investments by Sector % of Investments Value
Exchange Traded Fund 100.0% $31,511,667

The summary of inputs used to value the Fund’s investments as of September 30, 2020 is as follows:

Level 2 Level 3
Level 1 Significant Significant
Quoted Observable Unobservable
Prices Inputs Inputs Value
Exchange Traded Fund $31,511,667 $ – $ – $31,511,667

See Notes to Financial Statements
12

VANECK VECTORS MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
COMMON STOCKS: 99.4% Semiconductor: 0.6%
Capital Goods: 11.7% 2,965 Maxim Integrated Products, Inc. $ 200,464
7,867 3M Co. $ 1,260,136 Software 8 Services: 1.4%
4,379 Eaton Corp. Ple 446,789 4,042 Paychex, Inc. 322,430
5,890 Honeywell International, Inc. 969,553 5,955 The Western Union Co. 127,616
540 Hubbell, Inc. 73,894 450,046
475 Lincoln Electric Holdings, Inc. 43,719 Technology Hardware 8. Equipment: 1.0% —–
2,881 Lockheed Martin Corp. 912,590 4,363 Juniper Networks, Inc. 93,805
817 MSC Industrial Direct Co. 51,700 2,454 TE Connectivity Ltd. 239,854
604 Snap-on, Inc. 88,867 “83659
3,847,248 Telecommunication Services: 9.9% O
Consumer Services: 4.6% 56,306 AT81, Inc. 1,605,284
652 Dunkin’ Brands Group, Inc. 53,405 663 Cogent Communications Group, Inc. 39,813
6,669 McDonald’s Corp. 1,463,779 26,756 Verizon Communications, Inc. 1,591,714
1,517,184 3,286,811.
Diversified Financials: 5.2% Utilities: 12.7% —
1,476 BlackRock, Inc. 831,800 2,393 Ameren Corp. 189,238
222 Cohen 8, Steers, Inc. 12,374 1,125 Atmos Energy Corp. 107,539
1,721 Eaton Vance Corp. 65,858 15,172 – Dominion Energy, Inc. 1,197,526
598 Evercore, Inc. 38,818 2,484 DTE Energy Co. 285,759
1,738 Federated Investors, Inc. 37,384 13,093 Duke Energy Corp. 1,159,516
5,633 Franklin Resources, Inc. 114,632 1,643 Hawaiian Electric Industries, Inc. 54,613
4,336 Janus Henderson Group Ple 94,178 3,869 OGE Energy Corp. 116,031
3,359 TD Ameritrade Holding Corp. 131,505 19,499 Southern Co. 1,057,236
10,770 The Bank of New York Mellon Corp. 369,842 – 4,167,458.
1,696,189 Total Common Stocks: 99.4% AS
Energy: 0.2% (Cost: $32,279,610) 32,603,374
food e ar $ Da e – 21.722 Other assets less liabilities: 0.6% 198,020
‘ood, Beverage 8 Tobacco: 20.7% an an 20
35,755 Altria Group, Inc. 1,381,573 NET ASSETS: 100.0% $32,801,894
2,011 Campbell Soup Co. 97,272
3,324 Kellogg Co. 214,697
11,356 PepsiCo, Inc. 1,573,942
19,592 Philip Morris International, Inc. 1,469,204
31,199 The Coca-Cola Co. 1,540,295
1,352 The J.M. Smucker Co. 156,183
12,208 The Kraft Heinz Co. 365,630
6,798,796
Insurance: 3.3%
4,326 Chubb Ltd. 502,335
2,787 The Allstate Corp. 262,368
2,849 Travelers Cos, Inc. 308,233
1,072,936
Materials: 0.4% A
1,016 International Flavors 8. Fragrances, Inc. 124,409
456 Sensient Technologies Corp. 26,329
150,738
Pharmaceuticals / Biotechnology: 27.7%
17,299 AbbVie, Inc. 1,515,219
26,105 Bristol-Myers Squibb Co. 1,573,870
19,746 Gilead Sciences, Inc. 1,247,750
10,743 Johnson 8, Jonnson 1,599,418
18,417 Merck 8 Co., Inc. 1,527,690
43,874 Pfizer, Inc. 1,610,176

9,074,123

See Notes to Financial Statements
13

VANECK VECTORS MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector % of Investments Value
Communication Services 9.9% $ 3,236,811
Consumer Discretionary 4.7 1,517,184
Consumer Staples 20.8 6,798,796
Energy 0.2 57,722
Financials 8.5 2,769,125
Health Care 27.8 9,074,123
Industrials 11.8 3,847,248
Information Technology 3.0 984,169
Materials 0.5 150,738
Utilities 12.8 4,167,458

100.0% $32,603,374

The summary of inputs used to value the Fund’s investments as of September 30, 2020 is as follows:

Level 2 Level 3
Level 1 Significant Significant
Quoted Observable Unobservable
Prices Inputs Inputs Value
Common Stocks* $32,603,374 $ – $ – $32,603,374

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements
14

VANECK VECTORS MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
COMMON STOCKS: 100.2% United States: 63.4%
Australia: 1.0% 128 Alphabet, Inc. * $ 187,597
12,969 – Brambles Ltd. + $ 98,543 2,240 Alria Group, Inc. 86,554
. o H–Á 33 Amazon.com, Inc. * 103,908
Canada: 3.8% , 382 Amgen, Inc. 97,089
6,024 Enbridge, Inc. 175,432 3,311 Applied Materials, Inc. 196,839
1,325 Royal Bank of Canada 92,738 958 Berkshire Hathaway, Inc. * 203,996
2,029 Toronto-Dominion Bank 93,646. 698 Biogen, Inc. * 198,009
361,816 175 BlackRock, Inc. 98,621
China / Hong Kong: 7.5% 3,289 Bristol-Myers Squibb Co. 198,294
3,400 Alibaba Group Holding Ltd. (ADR) * ++ 124,819 708 Caterpillar, Inc. 105,598
1,575 Baidu, Inc. (ADR) * 199,379 2,611 Cerner Corp. 188,749
3,100 Tencent Holdings Ltd. + 209,386 2,330 Comcast Corp. 107,786
3,622 Yum China Holdings, Inc. (USD) * 191,785 3,638 Compass Minerals International, Inc. 215,915
725,369 505 Constellation Brands, Inc. 95,703
Denmark: 1.0% HA 6,780 Corteva, Inc. 195,332
1,345 Novo Nordisk AS + 93,219 1,115 Dominion Energy, Inc. 88,007
France: 1.9% -H— o son ect Co. o
acebook, Inc. ,

1,798 Sanofi SA + 180,212 592 General Dynamics Corp. 81,951
Germany: 2.7% 2,711 Gilead Sciences, Inc. 171,308
1,180 BayerAGk+ 72,811 1,735 Guidewire Software, Inc. * 180,908
5,422 GEA Group AG + 190,009 3,510 Intel Corp. 181,748
262,820 2,839 Kellogg Co. 183,371
Ireland: 2.0% a 326 Lam Research Corp. 108,150
1,888 Medtronic Plc (USD) 196,201 455 McDonald’s Corp. 99,868
RA A 2,325 Merck 8, Co., Inc. 192,859
daran: E Hoshizaki Corp. 4 108,671 967 Microchip Technology, Inc. 99,369
2,500 Kao Corp. + 187,561 920 Microsoft Corp. 193,504
8,000 Nabtesco Corp. + 217,704 e Pasco, lo o
2,700 Yaskawa Electric Corp. ++ _ 105,567. 5,467 Pfizer Inc. 200,639
614,503 2,481 Philip Morris International, Inc. 186,050
Switzerland: 3.8% . 1,422 Raytheon Technologies Corp. 81,822
4,316 Julius Baer Group Ltd. + 183,770 870 Salesforce.com, Inc. * 218,648
524 Roche Holding AG + 179,941 438 ServiceNow, Inc. * 212,430
363,711 2,000 The Coca-Cola Co. 98,740
United Kingdom: 6.7% A 736 The Walt Disney Co. * 91,323
14,815 BAE Systems Ple + 92,183 8,600 The Western Union Co. 184,298
5,115 British American Tobacco Plc + 183,830 820 Tiffany 8 Co. 94,997
9,342 Consumers Packaging, Inc. + 175,472 275 Tyler Technologies, Inc. * 95,854
1,006 Reckitt Benckiser Group Ple + 98,277 362 Veeva Systems, Inc. * 101,791
1,591 Unilever Plc + 98,276 1,424 Zimmer Biomet Holdings, Inc. 193,863
648,038 6,124,025

Total Common Stocks: 100.2%
(Cost: $8,318,147) 9,668,457
Liabilities in excess of other assets: (0.2)% (16,122)
NET ASSETS: 100.0% $9,652,335

See Notes to Financial Statements

VANECK VECTORS MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:
ADR American Depositary Receipt
USD United States Dollar

Footnotes:
, Non-income producing
$ Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued

securities is $2,595,251 which represents 26.9% of net assets.

Summary of Investments by Sector % of Investments Value
Communication Services 9.2% $ 889,231
Consumer Discretionary 7.6 734,640
Consumer Staples 13.6 1,317,461
Energy 1.8 175,432
Financials 7.0 672,771
Health Care 25.2 2,440,457
Industrials 13.1 1,267,463
Information Technology 17.3 1,671,748
Materials 4.3 411,247
Utilities 0.9 88,007
100.0% $9,668,457

The summary of inputs used to value the Fund’s investments as of September 30, 2020 is as follows:

Level 2 Level 3
Level 1 Significant Significant
Quoted Observable Unobservable
Prices Inputs Inputs Value
Common Stocks
Australia $ =- $ 98,543 $ – $ 98,543
Canada 361,816 = = 361,816
China / Hong Kong 391,164 334,205 – 725,369
Denmark – 93,219 – 93,219
France = 180,212 = 180,212
Germany – 262,820 – 262,820
Ireland 196,201 = = 196,201
Japan = 614,503 = 614,503
Switzerland – 363,711 – 363,711
United Kingdom – 648,038 – 648,038
United States 6,124,025 – – 6,124,025
Total $7,073,206 $2,595,251 $ – $9,668,457

See Notes to Financial Statements
16

VANECK VECTORS MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value

COMMON STOCKS: 98.8% Japan: 9.8%

Australia: 7.0% 36,100 Calbee, Inc. ++ $ 1,188,328
59,220 Computershare Ltd. + $ 524,268 53,700 Japan Tobacco, Inc. + 979,087
79,388 Crown Resorts Ltd. + + 504,660 8,600 Murata Manufacturing Co. Ltd. + 558,889

189,627 Link Administration Holdings Ltd. ++ 512,439 8,000 Nidec Corp. $ 749,761
136,305 Pendal Group Ltd. ++ 539,864 17,300 Seven 8, ¡ Holdings Co. Ltd. ++ 537,181
25,837 Perpetual Ltd. + 521,850 28,500 Takeda Pharmaceutical Co. Ltd. $ + 1,018,046
492,645 Telstra Corp. Ltd. +t 987,087 5,031,292
3,590,168 Mexico: 2.0%
Canada: 4.8% HH 1,610,000 America Movil SAB de CV 1,012,278
7,369 Canadian Imperial Bank of Commerce 549,082 Netherlands: 2.7%
96,522 Comeco Corp. 971,904 63,903 ING Groep NV * ++ 456,145
32,909 Enbridge, Inc. 958,383 391,544 Koninklijke KPN NV ++ 918,844
2,479,369 1,374,989
China / Hong Kong: 30.6% TT Singapore: 3.9% A
1,605,000 Agricultural Bank of China Ltd. + 503,580 509,300 CapitaLand Ltd. + 1,018,238
8,601 Baidu, Inc. (ADR) * 1,088,801 163,362 Oversea-Chinese Banking Corp. Ltd. ++ 1,015,868
2,969,000 Bankof China Ltd. 4 923,425 2,034,106
184,500 BOC Hong Kong Holdings Ltd. + 489,110 South Korea: 2.2% HA
642,000 China Construction Bank Corp. + 417,156 5,706 SK Telecom Co. Ltd. + 1,159,923
140,800 China Gas Holdings Ltd. + 402,930 Spain: 2.0% -_–
149,000 China Mobile Ltd. ++ 956,479 __
82,500 CK Asset Holdings Ltd. + 405,385 35,268 GrifolsSAk _2014,252
286,000 CSPC Pharmaceutical Group Ltd. + 558,289 Sweden: 3.4%
120,000 Hangzhou Hikvision Digital Technology 53,603 Elekta AB + ++ 674,041
Co. Ltd. + 677,861 69,286 Swedbank AB + 1,085,423
1,708,000 Industrial 8 Commercial Bank of 1,759,464
China Ltd. + 889,695 Switzerland: 10.9% A
794,400 MGM China Holdings Ltd. + + 990,052 15,881 Cie Financiere Richemont SA + 1,068,965
249,600 Sands China Ltd. + 967,509 97,571 Credit Suisse Group AG + 976,460
309,300 Shanghai Pharmaceuticals Holding 23,578 Julius Baer Group Ltd. + 1,003,920
Co. Ltd. + 518,779 11,484 LafargeHolcim Ltd. + 524,055
849,000 SJM Holdings Ltd. + 1,006,466 2,863 Roche Holding AG +* 983,149
79,000 Sun Hung Kai Properties Ltd. + 1,018,042 2,495 The Swatch Group AG + 583,004
197,000 Swire Properties Ltd. + 521,971 43,038 UBS Group AG + 482,063
19,988 Trip.com Group Ltd. (ADR) * 622,426 – 5.621.616
15,597 Weibo Corp. (ADR) * 568,199 Taiwan: 0.9% AAA
1 00000 LO o 144A4 0070 4,000 Largan Precision Co. Ltd. + 468,438
317,200 Zhengzhou Yutong Bus Co. Ltd. + 737,354 United Kingdom: 6.7%
715.724.684. 27,930 British American Tobacco Ple + 1,003,787
– 219,684 ConvaTec Group PLC Reg S 144A ++ 507,047
Denmare 20% Dansko Bank AS * 4 1014314 25,942 Imperial Brands Ple + 459,096
: anske Ban AA 59,874 Smiths Group Ple + 1,061,160
France: 0.8% 316,834 Vodafone Group Ple + 420,738
6 a 0 Orange SA +t 428,725 3,451,828
¡ermany: 8.2% HA
14,601 BayerAG+ 900,944 IN 50,828,426
15,003 Bayerische Motoren Werke AG + 1,089,061 r : : A
4,826 Continental AG + 528,075 PREFERRED STOCKS: 1.1%
21,658 Fresenius SE 8 Co. KGaA tt 985,050 Germany: 1.1%
8,172 KION Group AG + 697,920 (Cost: $495,211)
4,196,050 5,285 Henkel AG 8 Co. KGaA, 2.07% tt 552,834
Italy: 0.9% “Total Investments Before Collateral
1,164,786 Telecom Italia SpA + 466,930 for Securities Loaned: 99.9%
(Cost: $53,311,366) 51,381,260

See Notes to Financial Statements
17

VANECK VECTORS MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

Number
of Shares Value

SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.2%
(Cost: $70,249)
Money Market Fund: 0.2%
70,249 State Street Navigator Securities
Lending Government Money

Market Portfolio $ 70,249
Total Investments: 100.1%
(Cost: $53,381,615) 51,451,509
Liabilities in excess of other assets: (0.1)% (85,132)
NET ASSETS: 100.0% $51,416,377
Definitions:
ADR American Depositary Receipt
Footnotes:
, Non-income producing
t Security fully or partially on loan. Total market value of securities on loan is $1,938,574.
$ Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued

securities is $45,610,187 which represents 88.7% of net assets.

Reg S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and
sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed
pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may
be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,485,494, or 2.9% of net assets.

Summary of Investments by Sector

Excluding Collateral for Securities Loaned % of Investments Value
Communication Services 15.6% $ 8,008,004
Consumer Discretionary 15.3 7,837,946
Consumer Staples 11.1 5,698,760
Energy 3.8 1,930,287
Financials 21.1 10,867,955
Health Care 13.9 7,159,597
Industrials 6.3 3,246,195
Information Technology 5.3 2,741,895
Materials 1.0 524,055
Real Estate 5.8 2,963,636
Utilities 08 402,930
100.0% $51,381,260

See Notes to Financial Statements
18

The summary of inputs used to value the Fund’s investments as of September 30, 2020 is as follows:

Level 2 Level 3
Level 1 Significant Significant
Quoted Observable Unobservable
Prices Inputs Inputs Value
Common Stocks
Australia $ = $ 3,590,168 $ – $ 3,590,168
Canada 2,479,369 = = 2,479,369
China / Hong Kong 2,279,426 13,445,258 = 15,724,684
Denmark = 1,014,314 = 1,014,314
France – 428,725 – 428,725
Germany – 4,196,050 – 4,196,050
Italy = 466,930 = 466,930
Japan = 5,031,292 = 5,031,292
Mexico 1,012,278 = = 1,012,278
Netherlands = 1,374,989 = 1,374,989
Singapore – 2,034,106 – 2,034,106
South Korea – 1,159,923 – 1,159,923
Spain = 1,014,252 = 1,014,252
Sweden = 1,759,464 = 1,759,464
Switzerland – 5,621,616 – 5,621,616
Taiwan = 468,438 = 468,438
United Kingdom – 3,451,828 – 3,451,828
Preferred Stocks* – 552,834 – 552,834
Money Market Fund 70,249 – – 70,249
Total $ 5,841,322 $45,610,187 $ _- $51,451,509

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements
19

VANECK VECTORS MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value

COMMON STOCKS: 99.9% Media € Entertainment: 3.6%

Banks: 7.0% 1,049,064 Comcast Corp. $ 48,529,701
3,343,637 Bank of America Corp. $ 80,548,215 2,317,752 John Wiley 8 Sons, Inc. 73,495,916
2,261,322 US Bancorp 81,068,394 122,025,617
3,331,541 Wells Fargo 8, Co. 78,324,529 Pharmaceuticals / Biotechnology: 12.6%

239,941,138 310,420 Biogen, Inc. * 88,059,946

Capital Goods: 10.9% HA 1,463,868 Bristol-Myers Squibb Co. 88,256,602
492,130 Boeing Co. * 81,329,404 1,204,939 Gilead Sciences, Inc. 76,140,095
318,668 Caterpillar, Inc. 47,529,332 1,034,716 Merck 8, Co., Inc. 85,829,692
628,208 Emerson Electric Co. 41,191,467 2,433,722 Pfizer, Inc. 89,317,597
561,620 General Dynamics Corp. 77,745,057 427,603,932
112,028 Lockheed Martin Corp. 42,938,092 Retailing: 5.0%

1,364,326 Raytheon Technologies Corp. 78,503,318 13,207 Amazon.com, Inc. * 41,585,277
369,236,670 369,248 Tiffany 8 Co. 42,777,381

Consumer Durables 8. Apparel: 2.4% RNANU- 936,718 Yum! Brands, Inc. 85,522,353

1,636,939 Harley-Davidson, Inc. 40,170,483 169,885,011
459,468 Polaris Industries, Inc. 43,346,211 Semiconductor: 8.9%
83,516,694 1,472,300 Applied Materials, Inc. 87,528,235

Diversified Financials: 8.9% 1,560,148 Intel Corp. 80,784,463
829,112 American Express Co. 83,118,478 143,421 Lam Research Corp. 47,579,917
426,915 Berkshire Hathaway, Inc. * 90,907,280 834,752 Microchip Technology, Inc. 85,779,116

77,043 BlackRock, Inc. 43,417,583 301,671,731
2,358,748 The Charles Schwab Corp. 85,457,440 Software 8 Services: 13.1%
302,900,781 750,252 Aspen Technology, Inc. * 94,974,401

Energy: 2.4% 2 – 1,443,076 Blackbaud, Inc. * 80,566,933
1,736,449 Cheniere Energy, Inc. * 80,345,495 772,087 Guidewire Software, Inc. * 80,505,512

Food, Beverage 8 Tobacco: 10.9% o O o Corp. : od

, o co 7,5 alesforce.com, Inc. * 7, ,
1,994,939 Altria Group, Inc. 77,084,443 100,995 ServiceNow, Inc. * 48,982,575
454,791 Constellation Brands, Inc. 86,187,442 -.
1,263,019 Kellogg Co. 81,578,897 o 445,384,625
1,104,341 Philip Morris International, Inc. 82,814,532 – Utilities: 1.2% o
900,520 The Coca-Cola Co. 44,458,672 501,751 Dominion Energy, Inc. 39,603,206
“872,123,486 Total Common Stocks: 99.9%

Health Care Equipment 8 Services: 7.6% | (Cost: $3,808,510,191) 3,396,176,010
558,423 Cerner Corp. 40,368,399 Other assets less liabilities: 0.1% 1,791,136
840,620 Medtronic Ple 87,357,230 NET ASSETS: 100.0% $3,397,967,146
159,294 Veeva Systems, Inc. * 44,791,880 HR —
634,136 Zimmer Biomet Holdings, Inc. 86,331,275

258,848,784

Materials: 5.4%
1,620,234

3,017,284 Corteva, Inc.

Compass Minerals International, Inc. + 96,160,888

86,927,952

183,088,840

See Notes to Financial Statements
20

Footnotes:
, Non-income producing

T Security fully or partially on loan. Total market value of securities on loan is $3,602,367.
Summary of Investments by Sector % of Investments Value
Communication Services 3.6% $ 122,025,617
Consumer Discretionary 7.4 253,401,705
Consumer Staples 10.9 372,123,486
Energy 2.4 80,345,495
Financials 16.0 542,841,919
Health Care 20.2 686,452,716
Industrials 10.9 369,236,670
Information Technology 22.0 747,056,356
Materials 5.4 183,088,840
Utilities 12 39,603,206
100.0% $3,396,176,010

The summary of inputs used to value the Fund’s investments as of September 30, 2020 is as follows:

Level 2 Level 3
Level 1 Significant Significant
Quoted Observable Unobservable
Prices Inputs Inputs Value
Common Stocks* $3,396,176,010 $ – $ – $3,396,176,010

* See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements
21

VANECK VECTORS REAL ASSET ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
EXCHANGE TRADED FUNDS: 100.0% (a) SHORT-TERM INVESTMENT HELD AS
14,607 Energy Select Sector SPDR Fund $ 437,480 COLLATERAL FOR SECURITIES ON LOAN: 7.7%
103,036 Invesco Optimum Yield Diversified (Cost: $695,909)
Commodity Strategy No K-1 ETF + 1,408,502 Money Market Fund: 7.7%
32,177 ¡Shares Global Infrastructure ETF + 1,241,389 695,909 State Street Navigator Securities
56,626 ¡Shares Gold Trust * 1,018,702 Lending Government Money
12,277 ¡Shares MSCI Global Metals 8 Mining Market Portfolio $ 695,909
Producers ETF 328,778 . o —
54,262 SPDR Gold MiniShares Trust * 1,020,126 Total Investments: 107.7%
9,762 VanEck Vectors Agribusiness ETF + + 659.441 (Cost: $8,998,115) 9,762,304
4,483 VanEck Vectors Coal ETF + 349,211 Liabilities in excess of other assets: (7.7)% _ (696,373)
11,807 VanEck Vectors Energy Income ETF + 404,867 NET ASSETS: 100.0% $9,065,931
12,085 VanEck Vectors Gold Miners ETF + 473,870 HO
3,995 VanEck Vectors Low Carbon
Energy ETF + * 437,983
2,499 VanEck Vectors Oil Services ETF + 244,277
11,053 VanEck Vectors Steel ETF ++ 341,239
4,785 VanEck Vectors Unconventional
Oil 4 Gas ETF + 265,145
5,514 Vanguard Real Estate ETF $ 435,385
Total Exchange Traded Funds
(Cost: $8,302,206) 9,066,395
Footnotes:
(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at
https://www.sec.gov
1 Affillated issuer – as defined under the Investment Company Act of 1940.
, Non-income producing
t Security fully or partially on loan. Total market value of securities on loan is $2,310,109.
A summary of the Fund’s transactions in securities of affiliates for the year ended September 30, 2020 is set forth below:
Net Change
in Unrealized
Value Sales Realized Dividend Appreciation Value
Affiliates 09/30/19 Purchases Proceeds Gain (Loss) Income (Depreciation) 09/30/20
VanEck Vectors Agribusiness ETF $ 629,819 $ 3,016,848 $ (2,750,206) $ (287,299) $ 28,789 $ 50,279 $ 659,441
VanEck Vectors Coal ETF 438,018 3,422,059 (3,010,449) (582,832) 103,333 82,415 349,211
VanEck Vectors Energy Income ETF = 2,463,624 (1,119,028) (867,133)* 199 (38,586)’* 404,867
VanEck Vectors Gold Miners ETF 623,358 5,850,646 (5,555,370) (481,446) 9,748 36,682 473,870
VanEck Vectors Low Carbon
Energy ETF = 1,828,662 (1,297,127) (184,542) = 90,990 437,983
VanEck Vectors Oil Services ETF 645,333 2,196,673 (1,695,501) (921,563) 25,910 19,335 244,277
VanEck Vectors Steel ETF 658,101 1,738,728 (1,468,812) (630,662) = 43,884 341,239
VanEck Vectors Unconventional
Oil 8, Gas ETF 459,934 2,163,716 (1,531,258) (824,998) 21,437 (2,249) 265,145
$3,454,563 $22,680,956 – $(18,427,751) $(4,780,475) $189,416 $282,750 $3,176,033

* Includes Return of Capital distribution reclassification of $26,938.
** Includes Return of Capital distribution reclassification of $7,072.

See Notes to Financial Statements

Summary of Investments by Sector

Excluding Collateral for Securities Loaned % of Investments Value
Agribusiness 7.3% $ 659,441
Coal 3.9 349,211
Diversified Commodities Futures 15.5 1,408,502
Energy 9.3 842,347
Global Metals and Mining 3.6 328,778
Gold Bullion 22.5 2,038,828
Gold Mining 5.2 473,870
Low Carbon Energy 4.8 437,983
Oil Services 27 244,277
Steel 3.8 341,239
Unconventional Oil 8 Gas 29 265,145
US Real Estate Investment Trusts 4.8 435,385
Utilities 13.7 1,241,389
100.0% $9,066,395

The summary of inputs used to value the Fund’s investments as of September 30, 2020 is as follows:

Level 2 Level 3
Significant Significant
Quoted Observable Unobservable
Inputs Inputs Value
Exchange Traded Funds $9,066,395 $ = $ – $ 9,066,395
Money Market Fund 695,909 – – 695,909
Total $9,762,304 $ = $ – $9,762,304

See Notes to Financial Statements
23

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2020

Assets:
Investments, at value (1)
Unaffiliated issuers (2)……..0oooocooccoccoccocccoc
Affiliated issuers (3) o
Short-term investments held as collateral for securities loaned (4)………

Cash denominated in foreign currency, at value (5) …….ooooooooomm.o..

Receivables:
Investment securities SOÍO. …….ooooooccccooococococcnccco..
Shares of beneficial interest SOÍO. ……..ooooocococoooommmmo.o..
Due from AQVISOF ….ooooccocccooococconcccnaccce
Dividends and interest ……..o.oooooccccccccocccccococoocnc..
Prepaid expenses …ooococcooccocc
Total assetS …….ooooooococcoccccccccooo

Liabilities:
Payables:
Investment securities purchased. ….o.oooococcococcocc o
Collateral for securities loaned
Line of credit………….
Due to Adviser ….
Due to custodian . . . . . . .
Deferred Trustee fees ….ooooooococcccccoococon
ACCrued expenses …oooococcoocc
Total liabilitieS ……………..oooooooocccocccoocor…

NETASSETS ooo

Shares OUtStandinQ…….oooooooccccccococcccc

Net asset value, redemption and offering price per share. ……………

Net Assets consist of:
Aggregate paid in Capital ……….oooooccccccoocccccco ooo
Total distributable earnings (l0SS) ……….0oooooooccccooon mo…
NETASSETS occ

1
2

) Value of securities ONÍOAN ……0ooooooccoccocc
)
(3) Cost of investments-Affillated issUerS……..ooooocooooooomoo..
)

)

Cost of investments -Unaffilated issuerS…………ooommmmm.m.o…

(4) Cost of short-term investments held as collateral for securities loaned . .

Cost of cash denominated in foreign CUIrenCy ……oooocccccooo..

(a) Represents Consolidated Statement of Assets and Liabilities

Morningstar Morningstar
Long/Flat Durable International
Trend ETF Dividend ETF Moat ETF
$31,511,667 $32,603,374 $ 9,668,457 $ 51,381,260
– – 70,249
– 17,976 =-
= = 32,913
= 138,588 23,667
6,236 7,744 _
134,026 84,688 173,411
1,326 1,323 2,629
31,653,255 32,853,693 51,684,129
= = 23,688
– – 70,249
= = 11,472
47,184 = 94,967
699 90 1,217
56,574 52,209 66,159
104,457 52,299 267,752
$31,548,798 $32,801,394 51,416,377
1,000,000 1,225,000 1,750,000
$ 3155 $ 26.78 29.38
$30,954,750 $36,166,184 63,368,901
594,048 (8,364,790) (11,952,524)
$31,548,798 $32,801,394 $ 9,652,335 $ 51,416,377
$ -= 8 – 1,938,574
$28,400,480 $32,279,610 $ 8,318,147 $ 53,311,366
$ =$ = =
$ — $ = 70,249
$ -= £ = 32,755

See Notes to Financial Statements

Morningstar
Wide Moat ETF

$3,396,176,010

19,069,226

6,122,737
19,627
3,421,387,668

19,073,676

2,841,106
1,271,590

64,940
169,210
23,420,522
$3,397,967,146

$3,604,604,201

(206,687,055)
$3,397,967,146
$ 3,602,367
$3,308,510,191
ss –

Real Asset

Allocation ETF (a)

$ 5,890,362
3,176,033
695,909
46,246

1,337,976
6,910
2,145
1,315

11,156,896

1,337,967
695,909

241
56,848
2,090,965

$17,877,691

(8,811,760)
$ 9,065,931
$ 2,310,109
$ 5,158,014

See Notes to Financial Statements
25

VANECK VECTORS ETF TRUST

STATEMENT OF OPERATIONS
For the Year Ended September 30, 2020

Income:

Dividends-unaffiliated iSSUerS ……..ooooooocoocococccoocrcc ccoo.

Dividends-affillated isSUerS ………oooooooococcococcccccccococo

IOtOreSt o .oocccccccccccoooo e

Securities lending INCOME …….oooocccccoccccccccoocc

Foreign taxes WIthheld……o.ooooooocccccocoooccc o
Total COME. …oocoococccccocccccc

Expenses:

ManagementÍeeS ……ooooccccccoccccc
Professional fe8S…..ooooooccoccccncccccccc o
Custody and accounting Íe8S ……..ocoooocccccccooocccc
Reports to shareholderS …….oocoocccccoccoccr
IOPVÍ88S .ooooccccccccccoc
Trustees’ fees and expenses…. . . . . o.
Registration feeS……….ooooccoococccccoconocc
Transfer agent fees
Insurance
Interest .

Total expenses …ooooocoocco
Waiver of management fees ….
Expenses assumed by the Adviser

NOS AN
Net investmentincoMe ….oococcoccccccccccocco

Net realized gain (loss) on:
Investments-unaffiliated isSUerS………oooooomccccocconcrco momo.
Investments-affilated iSSUErS. ……..oooooooooccccoccccrcro ooo.
In-kind redemptions-unaffiliated ¡SSUErS. ……..0ooooooocoooommmo.o..
In-kind redemptions- affiliated issuerS …….0ooooooooocoomommmo…
Foreign currency transactions and

foreign denominated assets and liabilities…………………….

Net realized gain ((0SS) ……..0oooooccccococcccccccoooo

Net change in unrealized appreciation (depreciation) on:
Investments-unaffiliated isSUerS………oooooomccccocconcrco momo.
Investments-affilated iSSUErS. ……..oooooooooccccoccccrcro ooo.
Foreign currency transactions and
foreign denominated assets and liabilities…………………….
Net change in unrealized appreciation (depreciation). ……………
Net Increase (Decrease) in Net Assets Resulting from Operations ………

(a) Represents consolidated Statement of Operations.

Morningstar Morningstar Morningstar
Long/Flat Durable Global Wide International
Trend ETF Dividend ETF Moat ETF Moat ETF
$ 998,263 $ 1,023,280 $ 172,136 $ 1,845,617
497 37 4 31
1,664 100 265 23,502
– – (8,946) (156,787)
1,000,424 1,023,417 163,459 1,712,363
259,201 79,598 35,682 320,356
68,709 70,370 70,313 72,297
28,315 26,486 31,506 52,454
16,087 9,512 8,840 13,922
5,904 3,366 3,366 5,643
1,022 650 208 1,951
10,052 7,508 6,477 5,234
200 200 200 200
3,046 1,575 1,549 3,643
34 37 = 12,064
1,721 1,117 3,896 1,628
394,291 200,419 162,037 489,392
(109,661) (79,598) (85,682) (118,906)
– (41,323) (85,083) –
284,630 79,498 41,272 370,486
715,794 943,919 122,187 1,341,877
– (8,909,819) 207,445 (6,058,419)
(675,324) 2,403,325 = 918,546
– – 257 3,485
(675,324) (1,506,494) 207,702 (5,136,388)
(1,380,712) 253,694 908,266 2,142,050
– – (83) 10,069
(1,380,712) 253,694 908,233 2,152,119
$(1,340,242) $ (308,881) $1,238,122 $(1,642,392)

See Notes to Financial Statements

Morningstar

Wide Moat ETF

$ 70,208,847
20,905

82,460
(172,127)
70,140,085

14,106,785
75,346
62,950

183,692
5,643
82,953
74,349
200
29,744
36,233
45,769

14,703,664

14,703,664
55,436,421

(135,560,727)

385,772,112

250,211,385

(82,450,558)

(82,450,558)
$ 273,197,248

Real Asset

Allocation ETF (a)

$ 292,785
189,416
29,489
34,813

546,503

108,692
67,398
30,931
13,502

3,749
358
14,682
400
1,681
1,006
242,399
(108,692)
(14,365)
119,342
427,161

(1,919,576)
(4,012,256)
(697,441
(768,219)

(7,397,492)

(281,365)
282,750

1,885
$(6,968,946)

See Notes to Financial Statements
27

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

Operations:
Net investment income …..oooococccccocococooccnccacaco
Net realized gain ((0SS). ……..ooooooooocccccconoccccc
Net change in unrealized appreciation (depreciation)

Net increase (decrease) in net assets resulting from operations ….

Distributions to shareholders:
From distributable earningS……….0ooooocccccccocccccooo

Share transactions:**
Proceeds from sale Of Shares ……ooooooocccoccoccocccccooo.
Cost of shares redeemed ….oooooococcoccccccccocc

Increase (decrease) in net assets resulting from share transactions. . .

Total increase (decrease) in net assetS……0.oocoocoocccoocco o
Net Assets, beginning Of year …….oooocccccococcccccooo
Net ASSets, end Of YB …oocccccccc

** Shares of Common Stock Issued (no par value)
Shares SO …oooocccccccccocccco
Shares redeemed ….ooooooococcoccccccccccccror

Net increase (decrease). ……ooooocococcooccncc

(a) Represents Consolidated Statement of Changes in Net Assets.
* Commencement of operations

Long/Flat Trend ETF

Morningstar
Durable Dividend ETF

For the Period
October 30, 2018*
Year Ended Year Ended Year Ended through
September 30, September 30, September 30, September 30,
2020 2019 2020 2019
$ 715,794 $ 869,203 $ 943,919 $ 251,795
(675,324) (1,822,896) (1,506,494) 712,818
(1,380,712) 2,238,147 253,694 70,071
(1,340,242) 1,284,544 (808,881) 1,034,684
(1,000,040) (550,200) (991,310) (130,030)
18,877,077 23,560,640 33,663,334 21,719,158
(50,838,556) (10,687,796) – (17,916,809) (4,268,752)
(31,961,479) 12,872,844 15,746,525 17,450,406
(34,301,761) 13,607,188 14,446,334 18,355,060
65,850,559 52,243,371 18,355,060 –
$ 31,548,798 $65,850,559 $32,801,394 $18,355,060
650,000 900,000 1,250,000 800,000
(2,000,000) (400,000) (675,000) (150,000)
(1,350,000) 500,000 575,000 650,000

See Notes to Financial Statements

Morningstar
Global Wide Moat ETF

Morningstar
International Moat ETF

Morningstar
Wide Moat ETF

Real Asset
Allocation ETF (a)

For the Period
October 30, 2018*

Year Ended through Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, September 30, September 30, September 30, September 30, September 30, September 30, September 30,
2020 2019 2020 2019 2020 2019 2020 2019
$ 122,187 $ 70,454 $ 1,341,877 $ 2,724,202 $ 55,436,421 $ 38,743,341 $ 427,161 $ 274,945

207,702 87,961 (5,136,388) (4,499,913) 250,211,385 155,959,301 (7,397,492) (851,309)
908,233 442,069 2,152,119 (3,098,724) (82,450,558) 7,136,244 1,385 704,784
1,238,122 600,484 (1,642,392) (4,874,435) 273,197,248 201,838,886 (6,968,946) 128,420
(181,250) (11,000) (2,750,000) (2,801,050) (43,002,000) (29,003,400) (700,005) (83,400)
2,802,272 5,203,707 7,963,287 21,706,439 2,395,475,138 1,740,552,075 7,646,301 30,284,674
= = (84,704,740) (20,939,444) (1,714,078,307) (997,112,445) (21,216,119) (15,258,996)
2,802,272 5,203,707 (26,741,453) 766,995 681,396,831 743,439,630 (13,569,818) 15,025,678
3,859,144 5,793,191 (81,133,845) (6,908,490) 911,592,079 916,275,116 (21,238,769) 15,070,698
5,793,191 — 82,550,222 89,458,712 2,486,375,067 1,570,099,951 30,304,700 15,234,002
$ 9,652,335 $ 5,793,191 $51,416,377 $ 82,550,222 $ 3,397,967,146 $2,486,375,067 $ 9,065,931 $30,304,700
100,000 200,000 250,000 700,000 45,150,000 36,700,000 300,000 1,200,000
– – (1,200,000) (700,000) (82,550,000) (20,700,000) (1,050,000) (600,000)
100,000 200,000 (950,000) – 12,600,000 16,000,000 (750,000) 600,000

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

Long/Flat Trend ETF

For the Period
For the For the October 4,
Year Ended Year Ended 2017(a) through
September 30, September 30, September 30,

2020 2019 2018
Net asset value, beginning of peri0d …..0.oocoo.o…. $28.02 $28.24 $25.03
Income from investment operations:
Net investment income (D) ……..ooooo.ooo.ooo.. 0.40 0.39 0.42
Net realized and unrealized gain (loss) on investments . . 3.56(h) (0.35) 2.89
Total from investment operati0NS ……0oooooo.oooo.. 0.04 3.31
Less:
Dividends from net investment income ……….. (0.43) (0.26) (0.10)
Net asset value, end of period $31.55 $28.02 $28.24
Total return (0) …..oooocccccnccccccoooo 14.22% 0.29% 13.25%/(a)
Ratios/Supplemental Data
Net assets, end of period (000’S) …….oooooooo.o.oo.. $31,549 $65,851 $52,243
Ratio of gross expenses to average net assets (f) ……. 0.76% 0.69% 0.86%/(e)
Ratio of net expenses to average net assets (f) ……… 0.55% 0.57% 0.56%/(e)
Ratio of net expenses to average net assets
excluding interest expense (h) …….o.oooo.mmm….. 0.55% 0.55% 0.55%l(e)
Ratio of net investment income to average net assets (f) .. 1.38% 1.47% 1.58%(e)
Portfolio turnover rate (9) ……..oooooccccooomo… 0% 59% 28%(d)
Morningstar Durable Dividend ETF
For the Period
For the October 30,
Year Ended 2018(a) through
September 30, September 30,
2020 2019
Net asset value, beginning of peri0d …..0.oocoo.o…. $28.24 $25.36
Income from investment operations:
Net investment income (D) ……..ooooo.ooo.ooo.. 0.92 0.75
Net realized and unrealized gain (loss) on investments . . (1.28) 2.62
Total from investment operati0NS ……0oooooo.oooo.. (0.36) 3.37
Less:
Dividends from net investment income .. (0.90)

Distributions from net realized capital gains .
Total dividends and distributions ………….o…..
Net asset value, end Of peri0d ….ooocooccoccocco o.

(0.20)

Total return (0) …ooocooccoccoccooc

Ratios/Supplemental Data

Net assets, end of period (000’S) …….oooooooo.o.oo.. $32,801 $18,355
Ratio of gross expenses to average net assets ……… 0.73% 1.14%(e)
Ratio of net expenses to average net assets ………. 0.29% 0.29%(e)
Ratio of net expenses to average net assets

excluding interest expense …..ooooccooooocccoo.. 0.29% 0.29%(e)
Ratio of net investment income to average net assets … 3.44% 3.00%(e)
Portfolio turnover rate (9) ……..oooooccccocomo… 67% 94%(d)

(a) Commencement of operations
b) Calculated based upon average shares outstanding
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends
and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the
period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values
for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for
shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or
the redemption of Fund shares.
Not Annualized
Annualized
The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the
timing of sales and repurchaes of shares in relation to fluctuating market values of the investments of the Fund.

See Notes to Financial Statements

38333

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

Morningstar Global Wide Moat ETF

For the

For the Period
October 30,

Year Ended 2018(a) through
September 30, September 30,

2020 2019

Net asset value, beginning of peri0d …..0.oocoo.o…. $28.97 $25.30
Income from investment operations:

Net investment income (D) ……..ooooo.ooo.ooo.. 0.46 0.47

Net realized and unrealized gain on investments …. 3.47 3.31
Total from investment operati0NS ……0oooooo.oooo.. 3.93 3.78
Less:

Dividends from net investment income ……….. (0.34) (0.11)

Distributions from net realized capital gains …….. (0.39) –
Total dividends and distributions ………. (0.73) (0.11)
Net asset value, end of peri0d ……0oooocooooooooo. $32.17 $28.97
Total return (0) …..oooocccccnccccccoooo 13.70% 15.01%(d)
Ratios/Supplemental Data
Net assets, end of period (000’S) …….oooooooo.oo.o.. $9,652 $5,793
Ratio of gross expenses to average net assets … 2.04% 2.50%(e)
Ratio of net expenses to average net assets ………. 0.52% 0.56%(e)
Ratio of net expenses to average net assets

excluding interest expense …..ooooccooooocccoo.. 0.52% 0.52%(e)
Ratio of net investment income to average net assets … 1.54% 1.86%(e)
Portfolio turnover rate ([) ……o.ooooooooocccoo ooo… 68% 71%(d)
Morningstar International Moat ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016

Net asset value, beginning Of year …..oocococccooo.. $30.57 $33.13 $35.49 $28.34 $26.48
Income from investment operations:

NI 0.62(b) 1.00(b) 0.91(b) 0.93(b) 0.76

Net realized and unrealized gain (loss) on investments .. (0.56) (2.50) (1.27) 6.59 1.33
Total from investment Operati0NS …….o.oooo.ooooooo.. 0.06 (1.50) (0.36) 7.52 2.09
Less:

Dividends from net investment income ………… (1.25) (1.06) (0.98) (0.37) (0.23)

Distributions from net realized capital gains .. o =- =- (1.02) =- =-
Total dividends and distributi0nS ………0ooooo.o.oo.. (1.25) (1.06) (2.00) (0.37) (0.23)
Net asset value, end Of year ……oooocooococccoccocs $29.38 $30.57 $33.13 $35.49 $28.34
Total return (0) ..ooooocooooccccccoocccccnnniica (0.14)% (4.25)% (1.14% 26.91% 7.91%
Ratios/Supplemental Data
Net assets, end of year (000’8) …..00oooooccoooccoooo.. $51,416 $82,550 $89,459 $81,631 $12,755
Ratio of gross expenses to average net assetS ………. 0.76% 0.69% 0.72% 0.84% 1.62%
Ratio of net expenses to average net assets ……….. 0.58% 0.57% 0.57% 0.56% 0.56%
Ratio of net expenses to average net assets

excluding interest expense ……ooooococcccooocoo.. 0.56% 0.56% 0.56% 0.56% 0.56%

Ratio of net investment income to average net assets …. 2.10% 3.26% 2.67% 2.92% 2.99%
Portfolio turnover rate (Í) …….oooooooocccoooomo.o… 94% 85% 112% 129% 168%

(a) Commencement of operations
b) Calculated based upon average shares outstanding

1722

Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends

and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the
period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values
for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for

shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or

the redemption of Fund shares.
Not Annualized
Annualized

Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

Morningstar Wide Moat ETF
For the Year Ended September 30,

2020 2019 2018 2017 2016
Net asset value, beginning Of year …..oooooocooco oo. $50.13 $46.73 $40.33 $34.01 $27.96
Income from investment operations:
NIE 0.92(b) 0.89(b) 0.73(b) 0.53(b) 0.48
Net realized and unrealized gain on investments 4.30 3.25 6.13 6.20 6.19
Total from investment operati0NS ……0ooooooooo.o.o. 5.22 4.14 6.86 6.73 6.67
Less:
Dividends from net investment income ……….. (0.72) (0.74) (0.46) (0.41) (0.62)
Net asset value, end Ofyear …..oooocooccocccoccooo $54.63 $50.13 $46.73 $40.33 $34.01
Total return (0) …..ooooooccccccoooccccoo 10.40% 9.21% 17.11% 19.96% 24.23%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……oooooooccoooocoo.. $3,397,967 $2,486,375 $1,570,100 $1,286,451 $753,358
Ratio of gross expenses to average net assets …….. 0.47% 0.48% 0.49% 0.48% 0.50%
Ratio of net expenses to average net assets ………. 0.47% 0.48% 0.49% 0.48% 0.49%
Ratio of net expenses to average net assets
excluding interest expense ……ooooocooooommmo. 0.47% 0.48% 0.49% 0.48% 0.49%
Ratio of net investment income to average net assets … 1.77% 1.90% 1.69% 1.42% 1.44%
Portfolio turnover rate (9) ……..oooococooommm…. 48% 58% 56% 53% 178%
Real Asset Allocation ETF (h)
For the Period
For the For the April 9,
Year Ended Year Ended 2018(a) through
September 30, September 30, September 30,
2020 2019 2018
Net asset value, beginning of peri0d …..0.oocoo.o…. $25.25 $25.39 $25.18
Income from investment operations:
Net investment income (D) ……..ooooo.ooo.ooo.. 0.45 0.31 0.10
Net realized and unrealized gain (loss) on investments. . (4.94) (0.31) 0.11
Total from investment operati0NS ……0oooooo.oooo.. (4.49) 0.00 0.21
Less:
Dividends from net investment income ……….. (0.61) (0.14) =
Net asset value, end of peri0d ……0oooocooooooooo. $20.15 $25.25 $25.39
Total return (0) ..ooooccooooccccccoccccccnccic (18.32)% 0.02% 0.83%/(d)
Ratios/Supplemental Data
Net assets, end of period (000’S) …….oooooooo.ooo.. $9,066 $30,305 $15,234
Ratio of gross expenses to average net assets (f) ……. 1.12% 0.93% 1.57%(e)
Ratio of net expenses to average net assets (f) ……… 0.55% 0.55% 0.55%l(e)
Ratio of net expenses to average net assets
excluding interest expense (f) Q. 0.55% 0.55% 0.55%l(e)
Ratio of net investment income to average net assets(f) .. 1.97% 1.23% 0.78%/(e)

Portfolio turnover rate (9) ……..oooooccccocomo… 195% 449% 130%/(d)

(a) Commencement of operations

b) Calculated based upon average shares outstanding

Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends
and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the
period. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values
for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for
shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or
the redemption of Fund shares.

Not Annualized

Annualized

The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

Represents Consolidated Financial Highlights

1722

3838

See Notes to Financial Statements
32

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS
September 30, 2020

Note 1-Fund Organization -VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act
of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as
a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each
of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios
listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).

Fund Diversification Classification

Long/Flat Trend ETF* Non-Diversified

Morningstar Durable Dividend ETF Non-Diversified

Morningstar Global Wide Moat ETF. Non-Diversified

Morningstar International Moat ETF. Diversified

Morningstar Wide Moat ETF Diversified

Real Asset Allocation ETF Non-Diversified

* Formerly known as NDR CMG Long/Flat Allocation ETF

Each Fund, except for Real Asset Allocation ETF, was created to provide investors with the opportunity to purchase a
security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the
common stocks in approximately the same weighting as their index. The Real Asset Allocation ETF seeks to achieve
its investment objective by investing primarily in exchange traded products (“ETPs”) that provide exposure to real
assets, which include commodities, real estate, natural resources, and infrastructure, using a proprietary, rules-based
real asset allocation model.

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

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

The following summarizes the Funds” significant accounting policies.

A. Security Valuation-The Funds value their investments in securities and other assets and liabilities at fair value
daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants on the measurement date. Securities traded on national exchanges are
valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock
Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included
on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices.
To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described
below). Certain foreign securities, whose values may be affected by market direction or events occurring before the
Funds” pricing time (4:00 p.m. Eastern Time) but after the last close of the securities” primary market, are fair valued
using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods
approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to
intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such
as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such
as, when a particular foreign market is closed but the Fund is open. Short-term obligations with sixty days or less
to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund
investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. The Pricing
Committee of the Van Eck Associate Corporation (“VEAC”) and Van Eck Absolute Return Advisers Corporation
((VEARA”) (VEAC and VEARA, collectively referred to as 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. lf market quotations for a security or other asset are not readily available, or if the
Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair
valued by the Pricing Committee in accordance with the Funds” valuation policies and procedures. The Pricing
Committee employs various methods for calibrating the valuation approaches utilized to determine fair value,

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)

including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other
independent pricing services, transactional back-testing and disposition analysis.

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

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

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of
investments).

A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of
Investments. Additionally, tables that reconcile the valuation of the Funds” Level 3 investments and that present
additional information about valuation methodologies and unobservable inputs, if applicable, are located in the
Schedules of Investments.

B. Basis for Consolidation- The Real Asset Allocation ETF invests in certain ETPs through the Real Asset Allocation
Subsidiary (the “Subsidiary”), a wholly-owned subsidiary organized under the laws of the Cayman Islands. The
Fund’s investment in the Subsidiary may not exceed 25% of the value of the Fund’s total assets at each quarter-
end of the Fund’s fiscal year. Consolidated financial statements of the Fund present the financial position and results
of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions
between the Fund and Subsidiary have been eliminated in consolidation.

C. Federal Income Taxes-lt 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.

D. Distributions to Shareholders-Dividends to shareholders from net investment income and distributions from net
realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment
income from Morningstar Durable Dividend ETF, which are declared and paid quarterly). Income dividends and
capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such
amounts determined in accordance with GAAP.

E. Currency Translation-Assets and liabilities denominated in foreign currencies and commitments under foreign
currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as
quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing
when such investments are acquired or sold. Foreign denominated income and expenses are translated at the
exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that
result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements.
Such amounts are included with the net realized and unrealized gains and losses on investment securities in the
Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign
currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net
change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets
and liabilities in the Statements of Operations.

FR. 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.

G. Offsetting Assets and Liabilities-|n the ordinary course of business, the Funds enter into transactions subject
to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows
the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that
counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as
collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present
securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral
received for securities lending in the form of money market fund investments, if any, at September 30, 2020 is
presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is
disclosed in Note 9 (Securities Lending).

l.. Other-Security transactions are accounted for on trade date. Realized gains and losses are determined based on
the specific identification method. Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including
amortization of premiums and discounts, is accrued as earned.

The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are
presented as interest income in the Statements of Operations.

The character of distributions received from certain investment in underlying funds may be comprised of net
investment income, capital gains, and return of capital. It is the Funds” policy to estimate the character of distributions
received from these investments based on historical data provided by the underlying funds if actual amounts are not
available. After each calendar year end, the underlying funds report the actual tax character of these distributions.
Differences between the estimated and actual amounts are reflected in the Funds” records in the year in which they
are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications.
The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may
be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these
arrangements to be remote.

Note 3- Investment Management and Other Agreements -VEAC is the investment adviser to the Long/Flat Trend
ETF, Morningstar Durable Dividend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF and
Morningstar Wide Moat ETF. VEARA ¡is the investment adviser to the Real Asset Allocation ETF and its Subsidiary.
VEARA is a wholly-owned subsidiary of VEAC. The Adviser receives a management fee, calculated daily and payable
monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least
February 1, 2021, to waive management fees and assume expenses to prevent each Fund’s total annual operating
expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary
expenses) from exceeding expense limitations listed in the following table.

The current management fee rate and expense limitations for the year ended September 30, 2020, are as follows:

Waiver of Expense
Fund Management Fees Limitations
Long/Flat Trend ETF 0.50% 0.55%
Morningstar Durable Dividend ETF 0.29 0.29
Morningstar Global Wide Moat ETF 0.45 0.52
Morningstar International Moat ETF 0.50 0.56
Morningstar Wide Moat ETF 0.45 0.49
Real Asset Allocation ETF 0.50 0.55

Refer to the Statements of Operations for amounts waived/assumed by the Adviser.

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)

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

The Adviser waives the management fees it charges the Funds by the amount it collects as a management fee from
underlying funds managed by the Adviser. For the year ended September 30, 2020, the Adviser waived management
fees of $22,397 due to such investments held in the Real Asset Allocation ETF.

At September 30, 2020, the Adviser owned approximately 12% of Morningstar Durable Dividend ETF.

Effective November 4, 2019, State Street Bank and Trust Company is the Funds’ custodian, securities lending agent
and transfer agent. Prior to November 4, 2019, Bank of New York Mellon provided these services to the Funds.

For the year ended September 30, 2020, there were offsets to custodian fees under an expense offset agreement and
these amounts are reflected in custody expense in the Statements of Operations.

Note 4-Capital Share Transactions-As of September 30, 2020, there were an unlimited number of capital shares
of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are
issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized
Participants”) in blocks of shares (“Creation Units”), or multiples thereof, as follows:

Long/Flat Trend ETF* 25,000
Morningstar Durable Dividend ETF* 25,000
Morningstar Global Wide Moat ETF 50,000
Morningstar International Moat ETF 50,000
Morningstar Wide Moat ETF 50,000
Real Asset Allocation ETF* 25,000

* Effective September 1, 2020 Creation Units changed from 50,000 to 25,000 shares.

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind
contribution or distribution of securities constituting the Funds” underlying index (“Deposit Securities”) plus a balancing
cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash
may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of
market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for
trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities
subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on
deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent.
In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in
Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in
capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5-Investments-For the year ended September 30, 2020, purchases and sales of investments (excluding
short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from
in-kind capital share transactions (excluding short-term investments) were as follows:

In-kind Capital Share Transactions

Fund Purchases Sales Purchases Sales

Long/Flat Trend ETF $ 440,629 $ = $ 18,877,017 $ 51,588,022
Morningstar Durable Dividend ETF 18,019,147 17,896,673 33,666,317 18,112,036
Morningstar Global Wide Moat ETF 5,303,649 5,337,912 2,797,791 =
Morningstar International Moat ETF 60,661,360 62,891,742 7,840,962 33,864,774
Morningstar Wide Moat ETF 1,510,164,835 1,492,708,419 2,295,658,598 1,620,484,117
Real Asset Allocation ETF* 46,323,340 41,047,967 20,340,782 25,780,505

* Represents consolidated cost of investments purchased and proceeds from investments sold.

Note 6-Income Taxes-As of September 30, 2020, for Federal income tax purposes, the identified cost, gross
unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments
were as follows:

Gross Gross Net Unrealized

Tax Cost Unrealized Unrealized Appreciation

Fund of Investments Appreciation (Depreciation) (Depreciation)
Long/Flat Trend ETF $ 28,400,480 $ 3,111,493 $ (306) $ 3,111,187
Morningstar Durable Dividend ETF 32,290,055 1,247,491 (934,171) 313,320
Morningstar Global Wide Moat ETF 8,322,502 1,513,003 (167,048) 1,345,955
Morningstar International Moat ETF 53,397,676 3,502,741 (5,448,908) (1,946,167)
Morningstar Wide Moat ETF 3,309,349,200 279,096,557 (192,269,746) 86,826,810
Real Asset Allocation ETF 9,024,968 987,821 (232,464) 755,357

At September 30, 2020, the components of distributable earnings (loss) on a tax basis, for each Fund, were as follows:
Undistributed

Undistributed Realized Gains / Other Net Unrealized Total

Ordinary Accumulated Temporary Appreciation Distributable
Fund Income Capital (Losses) Differences (Depreciation) Earnings (Loss)
Long/Flat Trend ETF $ 389,266 $ (2,905,706) $ (699) $ 3,111,187 $ 594,048
Morningstar Durable Dividend ETF 221,205 (3,899,226) (91) 313,320 (8,364,792)
Morningstar Global Wide Moat ETF 188,324 112,134 (49) 1,345,947 1,646,356
Morningstar International Moat ETF 980,710 (10,992,693) (1,217) (1,939,324) (11,952,524)
Morningstar Wide Moat ETF 41,856,807 (835,255,731) (64,940) 86,826,810 (206,637,054)
Real Asset Allocation ETF 798,908 (8,944,908) (1,429,948) 764,188 (8,811,760)

The tax character of dividends paid to shareholders during the years ended September 30, 2020 and September 30,
2019 were as follows:

2020 2019

Dividends Dividends

Ordinary Ordinary
Fund Income* Income*
Long/Flat Trend ETF $ 1,000,040 $ 550,200
Morningstar Durable Dividend ETF 991,310 130,030
Morningstar Global Wide Moat ETF 181,250 11,000
Morningstar International Moat ETF 2,750,000 2,801,050
Morningstar Wide Moat ETF 43,002,000 29,003,400
Real Asset Allocation ETF 700,005 83,400

* Includes short-term capital gains (if any)
At September 30, 2020, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

Short-Term
Capital Losses

Long-Term
Capital Losses

Fund with No Expiration with No Expiration Total

Long/Flat Trend ETF $ (2,821,262) $ (84,444) $ (2,905,706)
Morningstar Durable Dividend ETF (3,054,484) (844,742) (3,899,226)
Morningstar International Moat ETF (3,614,090) (7,378,603) (10,992,693)
Morningstar Wide Moat ETF (233,935,842) (101,319,889) (835,255,731)
Real Asset Allocation ETF (8,944,908) = (8,944,908)

During the year ended September 30, 2020, as a result of permanent book to tax differences primarily due to the tax
treatment of in-kind redemptions and the accumulated earnings applicable to the redemption of shares, the Funds
incurred differences that affected distributable earnings / (loss) and aggregate paid in capital by the amounts in the table
below. Net assets were not affected by these reclassifications.

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)
Increase (Decrease) Increase (Decrease)

in Distributable in Aggregate
Fund Earnings Paid in Capital
Long/Flat Trend ETF $ 675,324 $ (675,324)
Morningstar Durable Dividend ETF (2,403,156) 2,403,156
Morningstar International Moat ETF (914,178) 914,178
Morningstar Wide Moat ETF (881,666,649) 381,666,649
Real Asset Allocation ETF (466,006) 466,006

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the
Statements of Operations. During the year ended September 30, 2020, the Funds did not incur any interest or penalties.

Note 7-Principal Risks-Non-diversified funds generally hold securities of fewer issuers than diversified funds (See
Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic,
political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges.
Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S.
issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different
securities transaction clearance and settlement practices, future adverse political and economic developments and
local/regional conflicts or natural or other disasters, such as the recent coronavirus outbreak. These risks are
heightened for investments in emerging market countries. Moreover, securities of many foreign issuers and their
markets may be less liquid and their prices more volatile than those of comparable U.S. issuers.

Long/Flat Trend ETF may invest in shares of other funds, including ETFs that track the S4P 500 Index. As a result, the
Fund will indirectly be exposed to the risks of an investment in the underlying funds. Shares of other funds have many
of the same risks as direct investments in common stocks or bonds. In addition, the market value of the Fund’s shares
is expected to rise and fall as the value of the underlying index or bond rises and falls. The market value of such funds”
shares may differ from the net asset value of the particular fund.

Real Asset Allocation ETF may concentrate ¡ts investments in ETPs that invest directly in, or have exposure to, equity and
debt securities, as well as real asset categories such as commodities, real estate, natural resources and infrastructure.
Such investments may subject the ETPs to greater volatility than investments in traditional securities. The Fund is
dependent on the performance of underlying funds and is subject to the risks of those funds. Changes in laws or
government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

A recent outbreak of respiratory disease caused by a novel coronavirus, which was first detected in China in December
2019, has subsequently spread internationally and has been declared a pandemic by the World Health Organization.
The coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss
of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of
many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways
that cannot necessarily be foreseen presently.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Note 8-Trustee Deferred Compensation Plan-The Trust has a Deferred Compensation Plan (the “Plan”) for
Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination
from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of
the Funds as directed by the Trustees.

The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for
the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9-Securities Lending-To generate additional income, each of the Funds may lend its securities pursuant to
a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments
requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any
combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market
value on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less
than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business
day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent
thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of
the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities
lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is
maintained on the Funds” behalf by the lending agent and is invested in the State Street Navigator Securities Lending
Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency
securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is
held by the agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities.
Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower
will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or
even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned
securities and related collateral, if any, at September 30, 2020 are presented on a gross basis in the Schedules of
Investments and Statements of Assets and Liabilities. The following is a summary of the Funds” securities on loan and
related collateral as of September 30, 2020:

Market Value

of Securities Cash Non-Cash Total
Fund on Loan Collateral Collateral Collateral
Morningstar International Moat ETF $ 1,938,574 $ 70,249 $ 1,987,827 $ 2,058,076
Morningstar Wide Moat ETF 3,602,367 = 3,648,200 3,648,200
Real Asset Allocation ETF 2,310,109 695,909 1,643,436 2,339,345

The following table presents money market fund investments held as collateral by type of security on loan as of
September 30, 2020:

Gross Amount of Recognized
Liabilities for Securities Lending
Transactions* in the Statements

of Assets and Liabilities

Fund Equity Securities
Morningstar International Moat ETF $ 70,249
Real Asset Allocation ETF 695,909

Remaining contractual maturity: overnight and continuous

Note 10-Bank Line of Credit-The Funds may participate in a $200 million committed credit facility (the “Facility”,
to be utilized for temporary financing for the settlement of sales or purchases of portfolio securities, the repurchase or
redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes.
The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest ¡is
charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended
September 30, 2020, the following Funds borrowed under this Facility:

Days Average Daily Average
Fund Outstanding Loan Balance Interest Rate
Morningstar Durable Dividend ETF* 21 $124,860 1.42%
Morningstar International Moat ETF 225 431,577 2.13
Morningstar Wide Moat ETF 172 3,641,941 2.10
Real Asset Allocation ETF* 18 521,169 2.92

The custodian voluntarily waived interest expense for this borrowing activity in the amount of $104 for Morningstar Durable Dividend ETF
and $749 for Real Asset Allocation ETF.

Outstanding loan balances as of September 30, 2020, if any, are reflected in the Statements of Assets and Liabilities.

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)

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

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

VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Vectors Long/Flat Trend ETF, VanEck Vectors Morningstar Durable Dividend ETF,
VanEck Vectors Morningstar Global Wide Moat ETF, VanEck Vectors Morningstar International Moat ETF, VanEck
Vectors Morningstar Wide Moat ETF and VanEck Vectors Real Asset Allocation ETF and the Board of Trustees of
VanEck Vectors ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities (consolidated as it relates to VanEck Vectors
Real Asset Allocation ETF) of VanEck Vectors Long/Flat Trend ETF, VanEck Vectors Morningstar Durable Dividend ETF,
VanEck Vectors Morningstar Global Wide Moat ETF, VanEck Vectors Morningstar International Moat ETF, VanEck
Vectors Morningstar Wide Moat ETF and VanEck Vectors Real Asset Allocation ETF (collectively referred to as the
“Funds”) (six of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments
(consolidated as it relates to VanEck Vectors Real Asset Allocation ETF), as of September 30, 2020, and the related
statements of operations, changes in net assets, and the financial highlights (consolidated as it relates to VanEck
Vectors Real Asset Allocation ETF) for each of the periods indicated in the table below and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position (consolidated as it relates to VanEck Vectors Real Asset Allocation ETF) of each of the Funds (six
of the series constituting VanEck Vectors ETF Trust) at September 30, 2020, and the results of their operations,
changes in net assets and financial highlights (consolidated as it relates to VanEck Vectors Real Asset Allocation ETF)
for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Statements of
changes in net assets

Statement of
operations

Individual fund constituting

the VanEck Vectors ETF Trust Financial highlights

VanEck Vectors Long/Flat
Trend ETF

For the year ended
September 30, 2020

For each of the two years in the
period ended September 30, 2020

For each of the two years in the
period ended September 30, 2020
and the period from October 4, 2017
(commencement of operations)
through September 30, 2018

VanEck Vectors Morningstar
Durable Dividend ETF

VanEck Vectors Morningstar
Global Wide Moat ETF

For the year ended
September 30, 2020

For the year ended September 30,
2020 and the period from October
30, 2018 (commencement of
operations) through September 30,
2019

VanEck Vectors Morningstar
International Moat ETF

For the year ended
September 30, 2020

For each of the two years in the
period ended September 30, 2020

For each of the five years in the
period ended September 30, 2020

VanEck Vectors Morningstar
Wide Moat ETF

VanEck Vectors Real Asset
Allocation ETF

For the year ended
September 30, 2020

For each of the two years in the
period ended September 30, 2020

For each of the two years in the
period ended September 30, 2020
and the period from April 9, 2018
(commencement of operations)
through September 30, 2018

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an
audit of the Trustis internal control over financial reporting. As part of our audits, we are required to obtain an

VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the
effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also
included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for

our opinion.
Érmá y pegar

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

New York, New York
November 23, 2020

VANECK VECTORS ETF TRUST
TAX INFORMATION

(unaudited)

The information set forth below relates to distributions paid during each Fund’s current 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 2020 income tax purposes will be sent to them
in early 2021.

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

The following information is provided with respect to the distributions paid during the taxable year ended September 30,
2020:

Morningstar

Global Wide
Morningstar Durable Dividend ETF Moat ETF
Record Date 10/02/2019 12/31/2019 04/02/2020 07/02/2020 12/24/2019
Ex Date 10/01/2019 12/30/2019 04/01/2020 07/01/2020 12/23/2019
Payable Date 10/07/2019 01/06/2020 04/07/2020 07/08/2020 12/30/2019
Ordinary Income Amount
Paid Per Share $0.202900 $0.386700 $0.200400 $0.307500 $0.725000

Ordinary Income:
Qualified Dividend Income
for Individuals 67.62% 78.21% 100.00% 100.00% 61.58%

Dividends Qualifying for
the Dividends Received

Deduction for Corporations 66.26% 75.33% 100.00% 100.00% 27.21%
Qualified Short-Term
Capital Gains **** $ – $0.195700 $ – $ – $0.385000
Morningstar Morningstar Real Asset
International Wide Long/Flat Allocation
Moat ETF Moat ETF Trend ETF ETF
Record Date 12/24/2019 12/24/2019 12/24/2019 12/24/2019
Ex Date 12/23/2019 12/23/2019 12/23/2019 12/23/2019
Payable Date 12/30/2019 12/30/2019 12/30/2019 12/30/2019
Ordinary Income Amount
Paid Per Share $1.250000 $0.716700 $0.434800 $0.608700

Ordinary Income:

Qualified Dividend
Income for Individuals 80.19%* 100.00% 100.00% 28.79%

Dividends Qualifying for
the Dividends Received
Deduction for Corporations 0.70%* 99.63% 100.00% 15.59%

Qualified Business
Income Deduction = = = 8.20%

Foreign Source Income 98.52%* = = =

Foreign Taxes Paid
Per Share 0.114391** =- = =-

Federal Obligation Interest – – 17.34%’** 12.35%**

Expressed as a percentage of the cash distribution grossed up for foreign taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid
may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign
governments.

Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.
These amounts represent Qualified Short-Term Capital Gains which may be exempt from United States withholding tax when distributed
to non-U.S. shareholders with proper documentation.

VANECK VECTORS ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

September 30, 2020 (unaudited)

Number of
Term of Portfolios
Position(s) Office? and in Fund
Name, Address’ Held with Length of Principal Occupation(s) Complex? Other Directorships Held Outside the
and Year of Birth the Trust Time Served During Past Five Years Overseen Fund Complex? During Past Five Years
Independent Trustees
David H. Chow, Chairman Since 2008 Founder and CEO, DanCourt 55 Director, Forward Management LLC
1957*t Trustee Since 2006 Management LLC (financial/ and Audit Committee Chairman, May
strategy consulting firm and 2008 to June 2015; Trustee, Berea
Registered Investment Adviser), College of Kentucky, May 2009 to
March 1999 to present. present and currently Chairman of the
Investment Committee; Member of the
Governing Council of the Independent
Directors Council, October 2012 to
present; President, July 2013 to June
2015, and Board Member of the CFA
Society of Stamford, July 2009 to
present; Trustee, MainStay Fund
Complex*, January 2016 to present
and currently Chairman of the Risk
and Compliance Committee.
Laurie A. Hesslein, Trustee Since 2019 Citigroup, Managing Director, and 55 Trustee, Eagle Growth and Income
1959*t Business Head, Local Consumer Opportunities Fund; Trustee, THL
Lending North America, and CEO Credit Senior Loan Fund.
and President, CitiFinancial Servicing
LLC (2013 – 2017).
R. Alastair Short, Trustee Since 2006 President, Apex Capital Corporation 66 Chairman and Independent Director,
19534 (personal investment vehicle). EULAV Asset Management; Trustee,
Kenyon Review; Trustee, Children’s
Village. Formerly, Independent
Director, Tremont offshore funds.
Peter J. Trustee Since 2012 Lead Partner, North America 55 Board Member, Special Olympics,
Sidebottom, Banking and Capital Markets New Jersey, November 2011 to
1962*t Strategy, Accenture, May 2017 September 2013; Director, The
to present; Partner, PWC/Strategy Charlotte Research Institute,
8. Financial Services Advisory, December 2000 to 2009; Board
February 2015 to March 2017; Member, Social Capital Institute,
Founder and Board Member, University of North Carolina Charlotte,
AspenWoods Risk Solutions, November 2004 to January 2012;
September 2013 to February 2016; Board Member, NJ-CAN, July 2014
Independent consultant, June 2013 to 2016.
to February 2015; Partner, Bain 8
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.
Richard D. Trustee Since 2006 President and CEO, SmartBrief, LLC 66 Director, Food and Friends, Inc.
Stamberger, (business media company).
1959*4
Interested Trustee
Jan F. van Eck, Trustee, Trustee Director, President and Chief 66 Director, National Committee on US-
19635 Chief (Since 2006); Executive Officer of Van Eck China Relations.
Executive Chief Executive Associates Corporation (VEAO),
Officer and Officer and Van Eck Absolute Return Advisers
President President Corporation (VEARA) and Van Eck
(Since 2009) Securities Corporation (VESC);

Municipal Opportunities Fund.

Officer and/or Director of other
companies affiliated with VEAC
and/or the Trust

The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term

$ “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC.

Member of the Audit Committee.

+ Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Position(s) Term of Office?

Address! and Held with and Length of

Year of Birth the Trust Time Served Principal Occupation(s) During Past Five Years
Officer Information

Matthew A. Babinsky,
1983

Russell G. Brennan,
1964

Charles T. Cameron,
1960

John J. Crimmins,
1957

Eduardo Escario,
1975

Henry Glynn,
1983

E. Michael Gozzillo,
1965

Laura Hamilton,
1977

Nicholas Jackson,
1974

Laura |. Martínez,
1980

Matthew McKinnon,
1970

Arian Neiron,
1979

James Parker,
1969

Adam Phillips,
1970

Philipp Schlegel,
1974

Jonathan R. Simon,
1974

Assistant Vice
President and
Assistant
Secretary

Assistant Vice
President and
Assistant
Treasurer

Vice President

Vice President,
Treasurer, Chief
Financial Officer
and Principal
Accounting
Officer

Vice President

Assistant Vice
President

Chief Compliance
Officer

Vice President

Assistant Vice
President

Vice President
and Assistant
Secretary

Assistant Vice
President

Vice President

Assistant
Treasurer

Vice President

Senior Vice
President,
Secretary
and Chief
Legal Officer

Since 2016

Since 2008

Since 2006

Vice President, Chief
Financial Officer and
Principal Accounting
Officer (Since 2012);
Treasurer (Since 2009)

Since 2012
Since 2018

Since 2018

Since 2019

Since 2018

Vice President
(Since 2016);
Assistant Secretary
(Since 2008)

Since 2018

Since 2014

Since 2018

Since 2016

Senior Vice President
(Since 2016);
Secretary and Chief
Legal Officer

(Since 2014)

Assistant Vice President, Assistant General Counsel and Assistant
Secretary of VEAC, VEARA and VESC; Officer of other investment
companies advised by VEAC and VEARA. Formerly, Associate,
Clifford Chance US LLP.

Assistant Vice President of VEAC; Officer of other investment companies
advised by VEAC and VEARA.

Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other
investment companies advised by VEAC and VEARA. Formerly, Director
of Trading of VEAC.

Vice President of VEAC and VEARA; Officer of other investment companies
advised by VEAC and VEARA. Formerly, Vice President of VESC.

Regional Director, Business Development/Sales for Southern Europe and
South America of VEAC.

Head of ETF Capital Markets Europe of Van Eck Switzerland AG. Formerly,
Member of the Capital Markets team at Vanguard Group.

Vice President and Chief Compliance Officer of VEAC and VEARA; Chief
Compliance Officer of VESC; Officer of other investment companies
advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City
National Rochdale, LLC and City National Rochdale Funds.

Assistant Vice President of VEAC and VESC; Officer of other investment
companies advised by VEAC and VEARA. Formerly, Operations Manager of
Royce 8. Associates.

Vice President, Business Development of VanEck Australia Pty Ltd.

Vice President, Associate General Counsel and Assistant Secretary of
VEAC, VEARA and VESC; Officer of other investment companies advised
by VEAC and VEARA. Formerly, Assistant Vice President of VEAC,
VEARA and VESC.

Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd.
Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.

Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.;
Officer and/or Director of other companies affiliated with VEAC and/or
the Trust.

Assistant Vice President of VEAC; Manager, Portfolio Administration of
VEAC and VEARA. Officer of other investment companies advised by
VEAC and VEARA.

ETF Chief Operating Officer of VEAC; Director of other companies
affiliated with VEAC.

Managing Director of Van Eck Switzerland AG.

Senior Vice President, General Counsel and Secretary of VEAC, VEARA
and VESC; Officer and/or Director of other companies affiliated with VEAC
and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.

1 The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017.

2 Officers are elected yearly by the Trustees.

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
September 30, 2020 (unaudited)

At a meeting held on June 11, 2020 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors?
ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent
Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck
Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors
Biotech ETF, Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF (formerly NDR CMG Long/Flat Allocation
ETP), Morningstar Durable Dividend ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF,
Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Semiconductor ETF, and Video Gaming and eSports ETF
(each, a “Funa” and together, the “Funds”).

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

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

The Independent Trustees” consideration of the Investment Management Agreements was based, in part, on their
review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the
May 7, 2020 meeting regarding the management of the Funds and information obtained at other meetings of the
Trustees and/or based on their review of the materials provided by the Adviser, including the background and
experience of the portfolio managers and others involved in the management and administration of the Funds. The
Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment
Management Agreements, including, where applicable, the Advisers commitment to waive certain fees and/or pay
expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from
exceeding agreed upon limits for a period of time.

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

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

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds” expenses and
performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund
had management fees (after the effect of any applicable fee waiver) below the average and median of its respective
peer group of funds, except for each of VanEck Vectors Morningstar International Moat ETF and Morningstar Wide
Moat ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average and
median of its respective peer group of funds. The Trustees also noted that the information provided showed that each
Fund had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of
its respective peer group of funds, except for each of VanEck Vectors Gaming ETF, Morningstar Global Wide Moat ETF,
Morningstar International Moat ETF, Morningstar Wide Moat ETF, Long/Flat Trend ETF and Video Gaming and eSports

ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average
and/or median of its respective peer group of funds. With respect to these Funds, the Trustees reviewed the amount
by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense
limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser
providing context for these comparisons. The Trustees concludea, in light of this information and the other information
available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the
quality of services received.

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

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

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

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

VanEck Vectors Real Asset Allocation ETF

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

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.

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
September 30, 2020 (unaudited) (continued)

to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance
information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was basea, in part, on their review
of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May
7, 2020 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees
and/or based on their review of the materials provided by the Adviser, including the background and experience of the
portfolio managers and others involved in the management and administration of the Fund. The Trustees also
considered the terms of, and scope of services that the Adviser provides under, the Investment Management
Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent
necessary to prevent the operating expenses of the Fund from exceeding an agreed upon limit for a period of time.

In evaluating the performance of the Funa, the Trustees reviewed various performance metrics, including various data
from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered
information from the Adviser regarding the performance of the Fund against its benchmark and the Adviser’s statement
that the Fund’s performance against its benchmark is more relevant than performance against its peer group, given the
small number of funds with directly competing strategies. Information provided by the Adviser showed that the Fund
had outperformed its benchmark since its inception on April 10, 2018 through May 27, 2020, and although the Fund
underperformed its benchmark during 2019, the Fund’s risk profile was lower than that of its benchmark. Based on
the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to
manage the Fund’s portfolio.

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

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and
performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had
management fees below the average and equal to the median of its peer group of funds. The Trustees also noted that
the information provided showed that the Fund had a total expense ratio greater than the average and median of its
peer group of funds. The Trustees reviewed the amount by which the Fund’s total expense ratio exceeded the average
and median of its peer group and information provided by the Adviser providing context for these comparisons. The
Trustees concludea, in light of this information and the other information available to them, that the fees paid by the
Fund were reasonable in light of the performance of the Fund and the quality of services received.

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

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

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

VanEck Vectors Innovation ETF

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2020. At that meeting, the Trustees
received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management
Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting
and with the Adviser at the May 7, 2020 meeting regarding the proposed management of the Fund and information
obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser,
including the background and experience of the portfolio managers and others proposed to be involved in the
management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the
Renewal Meeting and the May 7, 2020 meeting, the Trustees considered the terms and scope of services that the
Adviser would provide under the Investment Management Agreement, including the Adviser’s commitment to waive
certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund
from exceeding an agreed upon limit for a period of at least one year following the effective date of the Fund’s
registration statement. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill
to manage the Fund’s portfolio.

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

[This page intentionally left blank.]

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

Additional information about the VanEck Vectors ETF Trust’s (the “Trust”) 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 https://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of
each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at https://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 Fund’s complete schedule of portfolio holdings is also available by calling
800.826.2333 or by visiting vaneck.com.

Var eck

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 STRATAR

Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=f757644c25664b53f8a64679bfe365fcVFdwQmVVMVVRWGhOUkVGM1RtcG5OVTUzUFQwPQ==&secuencia=-1&t=1682376108

20 Actualizaciones Hechos relevantes Noticias generales Otros

BICE INVERSIONES CORREDORES DE BOLSA S.A. 2021-01-07 T-17:26

Categorias

Reciente

Archivo

Categorías

Etiquetas

Leer

Categorias

Reciente

Archivo

Categorías

Etiquetas