BICE INVERSIONES CORREDORES DE BOLSA S.A. 2021-01-07 T-17:28

NATID O ANNUAL REPORT

September 30, 2020

VANECK VECTORS?

Biotech ETF BBH
Environmental Services ETF EVXO
Gaming ETF BJK9
Pharmaceutical ETF PPHO
Retail ETF RTHO
Semiconductor ETF SMHO
Video Gaming and eSports ETF ESPO9

800.826.2333 vaneck.com

President’s Letter

Management Discussion 2
Performance Comparison
Biotech ETF 5
Environmental Services ETF 6
Gaming ETF 7
Pharmaceutical ETF 8
Retail ETF 9
Semiconductor ETF 10
Video Gaming and eSports ETF 11
Explanation of Expenses 13
Schedule of Investments
Biotech ETF 14
Environmental Services ETF 15
Gaming ETF 16
Pharmaceutical ETF 18
Retail ETF 19
Semiconductor ETF 20
Video Gaming and eSports ETF 21
Statements of Assets and Liabilities 24
Statements of Operations 26
Statements of Changes in Net Assets 28
Financial Highlights
Biotech ETF 32
Environmental Services ETF 32
Gaming ETF 33
Pharmaceutical ETF 33
Retail ETF 34
Semiconductor ETF 34
Video Gaming and eSports ETF 35
Notes to Financial Statements 36
Report of Independent Registered Public Accounting Firm 43
Tax Information 45
Board of Trustees and Officers 46
Approval of Investment Management Agreements 48

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)

Biotech

Biotech stocks had an excellent year, with the Fund gaining 37.71%. Having started the 12 month period near the
lows they later hit in the midst of the market’s plunge- in the third and fourth weeks in March -they recovered
quickly thereafter, hitting a high on July 30 and ending the period having made a sizeable gain over the entire
period. In an article! in early August, The Wall Street Journal ascribed the “recent surge in biotech stocks” to not
only investor interest in “potential vaccines to combat Covid-19”, but also anticipation of further investment by
governments in “drug discovery and development.”

While, by the end of September 2019, the Food and Drug Administration (FDA) in the U.S. had approved just 28
new drugs, in the remaining three months of the year, a further 20 were approved.? The pace of approvals
accelerated in 2020 and, by mid-September, the FDA had approved 40 “novel drugs.”*

The three top positive contributions to the Fund’s performance came from: Moderna, Amgen and Regeneron
Pharmaceuticals (5.1%, 14.9% and 5.0% of Fund net assets respectively!). The companies that detracted most
from performance were lonis Pharmaceuticals, Grifols and IQVIA Holdings (1.2%, sold by the Fund by period end
and 4.5% of Fund net assets, respectively).

Environmental Services

The Fund lost 4.23% over the 12 month period under review. Having reached a high toward the end of February,
as with so many other stocks, environmental services stocks declined precipitously at the end of March to reach a
low on March 23. Thereafter, however, they never fully recovered, ending slightly down on the year.

The slowdown in economic activity resulting from the COVID-19 virus led to solid waste volumes, especially
industrial and commercial, plummeting.* However, having bottomed out at the end of April, these started to rise
both rapidly and significantly during the second quarter and into the third quarter. But the expectation remains that
volumes for the year will certainly remain down in comparison to 2019.

While large-cap stocks contributed some positive total returns, both small- and mid-cap stocks detracted from the
total return of the Fund. Darling International, Inc. (4.0% of Fund net assetst), Evoqua Water Technologies (4.1% of
Fund net assets!) and STERIS (4.0% of Fund net assets!) were the top three contributors to positive total returns.
Advanced Emissions Solutions (sold by Fund by period end!), Newpark Resources (sold by Fund by period end!)
and Covanta Holding (3.6% of Fund net assetst) detracted the most from performance.

Gaming

While gaming stocks were hit hard by the COVID-19 pandemic, the Fund posted a gain of 10.03% for the 12 month
period. Having reached a high in mid-January, as with so many other stocks, gaming stocks plummeted in March to
reach a low on March 18. Thereafter, however, they clawed their way back up, ending slightly up on the year.

In Macau, China, the world’s biggest gaming hub, the devastating effect of COVID-19 on the gross revenue from
“Games of Fortune” (as the Macau authorities describe them) is best illustrated by the figures for April and June.
For these two months the figures were 754 million Macanese pataca (MOP) and MOP716 million respectively.* In
2019 the figures for the same two months were MOP23,588 million and MOP23,812 million respectively. By
October, however, revenues had improved somewhat, with a revenue in September of MOP2,211 million, up 66%
on August’s figure of MOP1,330 million.S

The virus wreaked similar havoc in Nevada. In March, the “gaming win”” stood at $618,129,278 (vs. $1,022,961,241
in 20198). However, in April, it crashed 99.61% to $3,646,658 (vs. $936,465,930 in 2019). In May it increased to
$5,808,507. It was only in June that business improved to $566,806,790 (vs. $1,040,978,076 in 2019). The figure
for the gaming win in August upped to $743,038,562, but was still down approximately 22% on August 2019’s
figure of $953,623,896, and slightly down from July 2020’s figure of $756,793,269.

Ireland-, Sweden- and U.S.-listed companies were the leading contributors to performance. Eight countries
detracted from performance, with Australian and Swedish companies detracting the most.

Pharmaceutical

Pharmaceutical stocks had a solid, if eventful, 12 months. By the end of September, they had largely recovered
from the low they hit on March 23, 2020 and the Fund had gained 11.02%. As with biotech stocks, hopes for
potential vaccines for COVID-19 and expectations of higher government spending on drug discovery and
development have helped underpin investor optimism in the sector.

While Catalent, Novo Nordisk and Eli Lilly (4.6%, 5.2% and 4.9% of Fund net assets, respectively!) were the three
largest positive contributors to performance, Amarin Corporation (0.1% of Fund net assets%), Mylan (3.4% of Fund
net assets!) and Bausch Health Companies (2.4% of Fund net assets!) were the Fund’s three largest detractors.

Retail

Despite the COVID-19 pandemic, the Fund had an excellent year, returning 31.22% for the 12 month period under
review. While “brick and mortar”, e.g., department stores, retail took a battering during the COVID-19 pandemic (no
customers, no staff), those companies with well-developed ecommerce capabilities or deemed “essential” during
the crisis thrived.

Businesses involved in Internet and catalog retail contributed by far the most to the positive performance of the
Fund with Amazon (19.3% of Fund net assetst) contributing the most of any individual company in the Fund’s
portfolio. While no single sector detracted from performance, companies in the health care providers and services
contributed the least to performance.

Semiconductor

The Fund had an excellent year, returning 48.60% for the 12 month period under review. With global
semiconductor sales of $412.1 billion (down 12.1%), 2019 was not as good a year as 2018 with sales of $468.8
billion. However, seemingly little affected by the COVID-19 crisis, in each of the first two quarters of 2020, sales
remained firm. While down somewhat in the first quarter, the second, with sales of $103.6 billion,*! showed an
increase of 5.1% over the same periods in 2019.

Large-capitalization stocks continued to be key drivers of the Fund’s returns. NVIDIA, Taiwan Semiconductor
Manufacturing Company and Advanced Micro Devices (8.2%, 11.0% and 4.8% of Fund net assets, respectively!)
were the three top contributing companies. No one company detracted from performance, but Universal Display
(1.1% of Fund net assets’), ON Semiconductor (0.8% of Fund net assetst) and NXP Semiconductors (4.4% of
Fund net assetst) contributed the least.

Video Games and eSports

Video gaming and esports stocks provided outstanding returns during the period, performing the best of any of the
VanEck Vectors industry ETFs, and returning a commendable 82.25%. The COVID-19 pandemic had an immediate
and direct effect on the fortunes of video game companies, as consumers around the world were forced inside and
left without traditional entertainment options. Against the pandemic backdrop, video game-related revenues and
engagement metrics soared to all-time highs, leading to rising stock prices for the vast majority of companies
participating.

Leading contributing companies over the period from inception were NVIDIA, Sea and Advanced Micro Devices
(8.3%, 6.3% and 6.8% of the Fund’s net assets respectively). Only three companies detracted from performance
and, then, only minimally: Konami Holdings (1.9% of Fund net assets’), Gungho Online Entertainment (sold by
Fund by period end!) and DeNA Co. (0.6% of Fund net assets’).

T- All Fund assets referenced are Total Net Assets as of September 30, 2020.

1 The Wall Street Journal: During Covid-19 Pandemic, Biotech IPOs Already Surpass Record, August 10, 2020,
https://www.wsj.com/articles/during-covid-19-pandemic-biotech-ipos-already-surpass-record-11597051800

2 U.S. Food 8 Drug Administration: New Drug Therapy Approvals 2019, January 2020, https://www.fda.gov/drugs/new-drugs-fda-cders-
new-molecular-entities-and-new-therapeutic-biological-products/new-drug-therapy-approvals-
2019: -:text=Novel%20drugs%20approved%20in%202019,Wakix%2C%20Xpovio%2C%20and%20Zulresso.

2 U.S. Food 8 Drug Administration: Novel Drug Approvals for 2020, September 2, 2020, https://www.fda.gov/drugs/new-drugs-fda-cders-
new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2020

VANECK VECTORS ETFs

MANAGEMENT DISCUSSION
September 30, 2020 (unaudited) (continued)

4 Goldman Sachs: Americas Environmental Services-20Q’20 Preview: Raising our estimates as faster recovery materializes, July 27, 2020
$ Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune,
http://www.dicj.gov.mo/web/en/information/DadosEstat_mensal/2020/index.html
$ Ibid.
7 Or “gross revenue,” defined (in short) as: the total of all:
(a) Cash received as winnings;
(+) Cash received in payment for credit extended by a licensee to a patron for purposes of gaming; and
( Compensation received for conducting any game, or any contest or tournament in conjunction with interactive gaming, in which
the licensee is not party to a wager, less the total of all cash paid out as losses to patrons, those amounts paid to fund periodic
payments and any other items made deductible as losses by NRS 463.3715. For the purposes of this section, cash or the value of
noncash prizes awarded to patrons in a contest or tournament are not losses, except that losses in a contest or tournament
conducted in conjunction with an inter-casino linked system may be deducted to the extent of the compensation received for the
right to participate in that contest or tournament. For a full definition see Nevada Gaming Control Act,
https://www.leg.state.nv.us/NRS/NRS-463.htmlitNRS463Sec0161
3 Nevada Gaming Control Board: Abbreviated Revenue Release, http://gaming.nv.gov/index.aspx?page=172
2 Semiconductor Industry Association: Worldwide Semiconductor Sales Decrease 12 Percent to $412 Billion in 2019, February 3, 2020,
https://www.semiconductors.org/worldwide-semiconductor-sales-decrease-12-percent-to-412-billion-in-2019/

Semiconductor Industry Association: More Than 1 Trillion Semiconductors Sold Annually for the First Time Ever in 2018, February 14,
2019, https://www.semiconductors.org/more-than-1-trillion-semiconductors-sold-annually-for-the-first-time-ever-in-2018/

Semiconductor Industry Association: Global Semiconductor Sales Increase 5.1 Percent Year-to-Year in June; Q2 Sales Down Slightly
Compared to Q1, August 3, 2020, https://www.semiconductors.org/global-semiconductor-sales-increase-5-1-percent-year-to-year-in-
june-q2-sales-down-slightly-compared-to-q1/

VANECK VECTORS BIOTECH ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MVBBHTR! SPTR?
One Year 37.85% 37.71% 37.84% 15.15%
Five Year 7.65% 7.62% 7.79% 14.15%
Life* 19.29% 19.27% 19.47% 14.36%

* Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

1 MVIS? US Listed Biotech 25 Index (MVBBHTR) is a rules based, modified capitalization weightea, float adjusted index
intended to give investors a means of tracking the overall performance of companies involved in the biotech industry.
Biotechnology includes research (including research contractors), development as well as production, marketing and sales
of drugs based on genetic analysis and diagnostic equipment (excluding pharmacies).

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.

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

Hypothetical Growth of $10,000 (Since Inception)
$55,000

$45,000
$35,000

$25,000

l L ] | l |
AN Ne > de o > AN > >
ZE LE £
– BBH (NAV)
— BBH (Share Price)
=— MVBBHTR

SPTR

$47,681 (MVBBHTR)
$47,049 (BBH SP)
$46,987 (BBH NAV)

$32,488 (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 12 for more information.

VANECK VECTORS ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV AXENVTR! SPTR?
One Year (8.91)% (4.23)% (4.42)% 15.15%
Five Year 12.30% 12.03% 12.51% 14.15%
Ten Year 9.23% 9.17% 9.68% 13.74%

1 NYSE Arca Environmental Services Index (AXENVTR) is a rules based, modified equal dollar weighted index intended to give
investors a means of tracking the overall performance of the common stocks and depositary receipts of U.S. exchange-
listed companies involved in environmental services. The Environmental Services Index is designed to measure the
performance of widely held, highly capitalized companies engaged in business activities that may benefit from the global
increase in demand for consumer waste disposal, removal and storage of industrial by-products, and the management of

associated resources.

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

$40,000
$35,000
$30,000
$25,000
$20,000

$15,000

Hypothetical Growth of $10,000 (Ten Year)

$10,000 14 *

$5,000

$36,244 (SPTR)

7 25,182 RA
de £ $24,172 (EVX SP)
hr $24,054 (EVX NAV)

le o +)
ARA AAA SAS

— EVX (NAV)
— EVX (Share Price)
–=-+ AXENVTR

SPTR

See “About Fund Performance” on page 12 for more information.

VANECK VECTORS GAMING ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MVBJKTR* SPTR?
One Year 10.53% 10.03% 10.05% 15.15%
Five Year 9.14% 8.97% 9.34% 14.15%
Ten Year 6.61% 6.54% 6.94% 13.74%

1 MVIS? Global Gaming Index (MVBJKTR) is a rules based, modified capitalization weighted, float adjusted index intended to
give investors a means of tracking the overall performance of companies involved in the casino and gaming industry.
Gaming includes casinos and casino hotels, sports betting (including internet gambling and racetracks) and lottery services
as well as gaming services, gaming technology and gaming equipment.

Index data prior to September 24, 2012 reflects that of the S-Network Global Gaming Index (WAGRT). Index history which
includes periods prior to September 24, 2012 reflects a blend of the performance of WAGRT and MVBJKTR and is not

intended for third party use.

$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000

$5,000

Hypothetical Growth of $10,000 (Ten Year)

$36,244 (SPTR)

$19.55 (yea)
18,963 (BJK SP)
$18,843 (BJK NAV)

ESSE SS AS
— BJK (NAV)
== BJK (Share Price)
===- MVBJKTR
SPTR

See “About Fund Performance” on page 12 for more information.

VANECK VECTORS PHARMACEUTICAL ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MVPPHTR! SPTR?
One Year 11.08% 11.02% 10.67% 15.15%
Five Year 1.71% 1.66% 1.60% 14.15%
Life* 8.78% 8.64% 8.56% 14.36%

* Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

1 MVIS? US Listed Pharmaceutical 25 Index (MVPPHTR) is a rules based, modified capitalization weightea, float adjusted
index intended to give investors a means of tracking the overall performance of companies involved in the pharmaceutical
industry. Pharmaceuticals include companies engaged primarily in research (including research contractors) and
development as well as production, marketing and sales of pharmaceuticals (excluding pharmacies).

Hypothetical Growth of $10,000 (Since Inception)

$35,000
This chart shows the value $32,488 (SPTR)
of a hypothetical $10,000 $30,000
investment in the Fund at
NAV and at Share Price $25,000
since inception. The result
is compared with the a E5H ÑAY
Fund’s benchmark and a $20,000 $20.574 (MVPPHTR)
broad-based index.
$15,000
a
$10,000 a”
$5,000 l l | l | ] / l J
NN > ne No No ES > > >
EL EEE. SS
$

— PPH (NAV)
— PPH (Share Price)
===> MVPPHTR

SPTR

See “About Fund Performance” on page 12 for more information.

VANECK VECTORS RETAIL ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MVRTHTR! SPTR?
One Year 31.24% 31.22% 31.11% 15.15%
Five Year 16.90% 16.88% 16.75% 14.15%
Life* 18.67% 18.53% 18.35% 14.36%

* Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

1 MVIS? US Listed Retail 25 Index (MVRTHTR) is a rules based, modified capitalization weighted, float adjusted index
intended to give investors a means of tracking the overall performance of companies involved in the retail industry. Retail
includes companies engaged primarily in retail distribution; wholesalers; online, direct mail retailers; multi-line retailers;
specialty retailers, such as apparel, automotive, computer and electronics, drug, home improvement and home furnishing
retailers; and food and other staples retailers.

Hypothetical Growth of $10,000 (Since Inception)

$50,000
This chart shows the value ESTOS ETA al
of a hypothetical $10,000 $40,000 $43,916 (MVRTHTR)

investment in the Fund at
NAV and at Share Price
since inception. The result $30,000
is compared with the :
Fund’s benchmark and a

$32,488 (SPTR)

broad-based index. $20,000
$10,000 -“
$0 | l | l L | l J
IS ES CS o IS
E ZE SL LOS S LOS S SK
$

– RTH (NAV)
— RTH (Share Price)
===> MVRTHTR

SPTR

See “About Fund Performance” on page 12 for more information.

VANECK VECTORS SEMICONDUCTOR ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MVSMHTR* SPTR?
One Year 48.42% 48.60% 48.51% 15.15%
Five Year 30.40% 30.38% 30.39% 14.15%
Life* 23.91% 23.97% 23.90% 14.36%

* Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11.

1 MVIS? US Listed Semiconductor 25 Index (MVSMHTR) ¡is a rules based, modified capitalization weighted, float adjusted
index intended to give investors a means of tracking the overall performance of companies involved in the semiconductor
industry. Semiconductors include companies engaged primarily in the production of semiconductors and semiconductor
equipment.

Hypothetical Growth of $10,000 (Since Inception)

o pss Sesa
This chart shows the value :

65,660 (MVSMHTR)
of a hypothetical $10,000 $60,000 $ )
investment in the Fund at
NAV and at Share Price $50,000
since inception. The result
is compared with the $40,000
Fund’s benchmark and a
broad-based index. $30,000 $82,488 (SPTR)

$20,000 EN,
$10,000 _-T
$0 l l ] / L | | | ]
NN > > No O Xi > > $
S ES E SE. SS
$

– SH (NAV)
— SNH (Share Price)
===> MVSMHTR

SPTR

See “About Fund Performance” on page 12 for more information.

VANECK VECTORS VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON
September 30, 2020 (unaudited)

Average Annual Total Returns

Share Price NAV MVESPOTR*’ SPTR?
One Year 82.53% 82.25% 82.48% 15.15%
Life* 42.45% 42.24% 43.24% 11.81%

* Commencement of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.

1 The MVIS? Global Video Gaming and eSports Index (MVESPOTR) is a rules based, modified capitalization weighted, float
adjusted index intended to give investors a means of tracking the overall performance of companies involved in video
gaming and eSports.

Hypothetical Growth of $10,000 (Since Inception)

$25,000
This chart shows the value
of a hypothetical $10,000 20,197 (MVESPOTR)
investment in the Fund at $20,000 == $19,980 (ESPO SP)
NAV and at Share Price $19,922 (ESPO NAV)
since inception. The result
is compared with the
Fund’s benchmark and a $15,000
broad-based index. $12,440 (SPTR)
$10,000 77
$5,000 l | l | | | | J
IS > > > > > P >
SAS ACES

— ESPO (NAV)
— ESPO (Share Price)
===xx MVESPOTR

SPTR

See “About Fund Performance” on page 12 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 Biotech Index, Gaming Index, Pharmaceutical Index, Retail Index, Semiconductor Index and Global Video Gaming and eSports Index
are published by MV Index Solutions GmbH (MVIS?), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation.
The Environmental Services Index is published by ICE Data Indices, LLC (ICE Data).

MVIS and ICE Data 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

Biotech ETF

Actual $1,000.00 $1,266.70 0.35% $1.98

Hypothetical** $1,000.00 $1,023.25 0.35% $1.77
Environmental Services ETF

Actual $1,000.00 $1,287.10 0.55% $3.14

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

Actual $1,000.00 $1,513.20 0.65% $4.08

Hypothetical** $1,000.00 $1,021.75 0.65% $3.29
Pharmaceutical ETF

Actual $1,000.00 $1,151.70 0.35% $1.88

Hypothetical** $1,000.00 $1,023.25 0.35% $1.77
Retail ETF

Actual $1,000.00 A) 0.35% $2.11

Hypothetical** $1,000.00 $1,023.25 0.35% $1.77
Semiconductor ETF

Actual $1,000.00 $1,489.60 0.35% $2.18

Hypothetical** $1,000.00 $1,023.25 0.35% $1.77
Video Gaming and eSports ETF

Actual $1,000.00 $1,589.80 0.55% $3.56

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 BIOTECH ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
COMMON STOCKS: 100.0% United States: (continued)
China / Hong Kong: 2.6% 296,489 Immunomedics, Inc. * $ 25,210,460
43,876 BeiGene Ltd. (ADR)* $ 12,567,842 197,127 IncyteGorp.* 17,690,177
a – 1.6% H—-Á 125,918 lonis Pharmaceuticals, Inc. * 5,974,809
ermany: 1.6% 138,200 IQVIA Holdings, Inc. * 21,784,466
111,468 BioNTech SE (ADR)” 1,716,980 352,068 Moderna, Inc. * 24,908,811
Netherlands: 3.0% 85,673 Neurocrine Biosciences, Inc. * 8,238,316
277,239 QIAGEN NV (USD) * 14,488,510 75,415 Novavax, Inc. * + 8,171,215
United States: 92.8% 37,085 Quidel Corp. * 8,135,707
185,008 Alexion Pharmaceuticals, Inc. * 21,170,466 43,588 Regeneron Pharmaceuticals, Inc. * 24,399,691
86,439 Alnylam Pharmaceuticals, Inc. * 12,585,518 93,896 Sarepta Therapeutics, Inc. * 13,185,815
284,899 Amgen, Inc. 72,409,930 108,578 Seattle Genetics, Inc. * 21,247,629
81,680 Biogen, Inc. * 23,170,982 95,436 Vertex Pharmaceuticals, Inc. * 25,970,044
169,748 BioMarin Pharmaceutical, Inc. * 12,914,428 450,889,069
64,584 Charles River Laboratories Total Common Stocks: 100.0%
International, Inc. * 14,625,047 (Cost: $440,417,849) 485,662,351
184,812 Exact Sciences Corp. * + 18,841,588 | ¡apilities in excess of other assets: (0.0% (212,140)
538,569 Gilead Sciences, Inc. 34,032,175 o —
137,878 Guardant Health, Inc. * 15,411,444 – NET ASSETS: 100.0% $485,450,211
67,330 lllumina, Inc. * 20,810,356
Definitions:

ADR American Depositary Receipt
USD United States Dollar

Footnotes:

, Non-income producing

+ Security fully or partially on loan. Total market value of securities on loan is $21,317,642.
Summary of Investments by Sector % of Investments Value
Biotechnology 80.4% $390,406,821
Health Care Services 3.2 15,411,444
Health Care Supplies 1.7 8,135,707
Life Sciences Tools 8 Services 14.7 71,708,379

100.0% $485,662,351

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* $485,662,351 $ – $ – $485,662,351

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements
14

VANECK VECTORS ENVIRONMENTAL SERVICES ETF

Number
of Shares Value
COMMON STOCKS: 99.8%
Canada: 3.8%
55,480 GFL Environmental, Inc. (USD) $ 1,179,505
United States: 96.0%
31,558 ABM Industries, Inc. 1,156,916
25,782 Cantel Medical Corp. 1,132,861
21,530 Casella Waste Systems, Inc. * 1,202,450
20,961 Clean Harbors, Inc. * 1,174,445
144,037 Covanta Holding Corp. 1,116,287
34,513 Darling International, Inc. * 1,243,503
24,878 Donaldson Co., Inc. 1,154,837
15,196 Ecolab, Inc. 3,036,769
71,910 Energy Recovery, Inc. * + 589,662
58,816 Evoqua Water Technologies Corp. * 1,248,075
40,872 Heritage-Crystal Clean, Inc. * 545,641
32,696 Republic Services, Inc. 3,052,172
30,334 Schnitzer Steel Industries, Inc. 583,323
87,712 Sharps Compliance Corp. * 549,954
19,263 Stericycle, Inc. * 1,214,725
7,071 STERIS Ple 1,245,839
19,178 Tennant Co. 1,157,584
13,049 Tetra Tech, Inc. 1,246,179
18,013 US Ecology, Inc. 588,485
31,397 Waste Connections, Inc. 3,259,009
27,287 Waste Management, Inc. 3,088,070
29,586,786
Total Common Stocks: 99.8% A
(Cost: $28,051,126) 30,766,291
Other assets less liabilities: 0.2% 49,553
NET ASSETS: 100.0% $30,815,844

SCHEDULE OF INVESTMENTS
September 30, 2020

Definitions:

USD United States Dollar
Footnotes:

, Non-income producing

+ Security fully or partially on loan. Total market value of securities on loan is $229,633.

Summary of Investments by Sector % of Investments Value

Consumer Staples 4.0% $ 1,243,503

Health Care 9.5 2,928,654

Industrials 74.7 22,974,042

Materials 11.8 3,620,092
10.0%

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* $30,766,291 $ – $ – $30,766,291

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements
15

VANECK VECTORS GAMING ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
COMMON STOCKS: 99.7% South Korea: 1.2%
Australia: 11.0% 26,775 Kangwon Land, Inc. ++ $ 492,256
166,111. Aristocrat Leisure Ltd. + $ 3,625,167 14,556 Paradise Co. Ltd. $ 170,727
93,385 Crown Resorts Ltd. + 593,637 662,983
234,744 Star Entertainment Group Ltd. + 518,196 Sweden: 4.5%
538,160 TABCORP Holdings Ltd. + 1,296,857 30,116 Evolution Gaming Group AB
“6,033,857 Reg S 144A + 1,991,159
Cambodia: 1.1% — 54,694 NetEnt AB * + 464,197
516,000 Nagacorp Ltd. ++ 616,698 2,455,356
China / Hong Kong: 17.4% United Kingdom: 5.2%
578,240 Galaxy Entertainment Group Ltd. + 3,909,330 130,175 GVC Holdings Ple * + 1,633,437
119,000 Melco International Development Ltd. ++ 209,697 61,922 Playtech Ltd. 4$ 289,647
52,318 Melco Resorts 8, Entertainment 266,442 William Hill Pic + 948,917
Ltd. (ADR) 871,095 2,872,001
262,100 MGM China Holdings Ltd. + + 326,652 United States: 40.6% A
760,400 Sands China Ltd. + 2,947,490 18,855 Boyd Gaming Corp. 578,660
658,000 SJM Holdings Ltd. + 780,041 32,555 Caesars Entertainment, Inc. * + 1,825,033
309,600 Wynn Macau Ltd. * + 496,851 7,543 Churchill Downs, Inc. 1,235,694
9,541,156 73,165 DraftKings, Inc. * + 4,305,029
France: 2.2% H—-Á 44,898 Gaming and Leisure Properties, Inc. 1,658,083
32,927 La Francaise des Jeux SAEM 31,463 International Game Technology Ple + 350,183
Reg S 144A 4 1,208,182 73,961 Las Vegas Sands Corp. 3,451,020
——- 29,251 MGM Growth Properties LLC 818,443
Greece: 1.0% 102,040 MGM Resorts International 2,219,870
59,622 OPAPSA+ 565,486 26,746 Penn National Gaming, Inc. * + 1,944,434
Ireland: 8.5% 110,394 VICI Properties, Inc. 2,579,908
29,206 Flutter Entertainment Ple + 4,636,028 17,576 Wynn Resorts Ltd. * 1,262,133
Japan: 2.5% 22,227,990
19,400 Heiwa Corp. + +t 318,879 Total Common Stocks A
15,279 Sankyo Co. Ltd. + 399,842 (Cost: $50,990,791) 54,638,622
53,400 Sega Sammy Holdings, Inc. ++ 650,437 SHORT-TERM INVESTMENT HELD AS HO
1,369,158 COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Malaysia: 1.7% (Cost: $109)
638,700 Genting Bhd ++ 490,150 Money Market Fund: 0.0%
839,198 Genting Malaysia Bhd + 420,719 109 State Street Navigator Securities
910,869 Lending Government Money
Malta: 0.7% Market Portfolio 109
54,816 Kindred Group Plc (SDR) + 397,151 Total Investments: 99.7%
New Zealand: 0.5% (Cost: $50,990,900) 54,638,731
133,430 SkyCity Entertainment Group Ltd. ++ 264,526 Other assets less liabilities: 0.3% 154,126
Singapore: 1.6% . NET ASSETS: 100.0% 854,792,857
1,777,100 Genting Singapore Ltd. +t 877,181 –

See Notes to Financial Statements

Definitions:
ADR American Depositary Receipt
SDR Swedish Depositary Receipt

Footnotes:

, Non-income producing

+ Security fully or partially on loan. Total market value of securities on loan is $7,905,823.

$ Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued

securities is $31,539,537 which represents 57.6% of net assets.

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

144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may
be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $3,199,341, or 5.8% of net assets.

Summary of Investments by Sector

Excluding Collateral for Securities Loaned % of Investments Value

Consumer Discretionary 90.7% $49,582,188

Real Estate _ 93 5,056,434
100.0% $54,638,622

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 $ – $ 6,033,857 $ – $ 6,033,857
Cambodia = 616,698 = 616,698
China / Hong Kong 871,095 8,670,061 – 9,541,156
France = 1,208,182 = 1,208,182
Greece – 565,486 – 565,486
Ireland = 4,636,028 = 4,636,028
Japan = 1,369,158 = 1,369,158
Malaysia = 910,869 = 910,869
Malta = 397,151 = 397,151
New Zealand – 264,526 – 264,526
Singapore – 877,181 – 877,181
South Korea – 662,983 – 662,983
Sweden – 2,455,356 – 2,455,356
United Kingdom – 2,872,001 – 2,872,001
United States 22,227,990 = = 22,227,990
Money Market Fund 109 =- =- 109
Total $23,099,194 $831,539,537 $ = $54,638,731

See Notes to Financial Statements
17

VANECK VECTORS PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
COMMON STOCKS: 99.8% United States: 57.6%
Denmark: 5.2% 128,923 AbbVie, Inc. $ 11,292,366
177,243 Novo Nordisk A/S (ADR) $ 12,305,982 110,519 AmerisourceBergen Corp. 10,711,501
F : 4.99 H—-Á 356,279 Bausch Health Cos, Inc. * 5,536,576
rance: 4.9% 199,953 Bristol-Myers Squibb Co. 12,055,166
228,805 Sanofi SA (ADR) 11,479,147 125,376 Catalent, Inc. * 10,739,708
Ireland: 7.6% 265,480 Elanco Animal Health, Inc. * 7,414,856
543,469 Amarin Corp. Ple (ADR) * + 2,288,005 77,734 Eli Lilly 8. Co. 11,506,187
64,936 Jazz Pharmaceuticals Plc (USD) * 9,259,224 78,913 Johnson 8. Johnson 11,748,567
136,974 Perrigo Co. Plc (USD) 6,288,476 69,804 McKesson Corp. 10,395,910
17,835,705 139,175 Merck 8. Co., Inc. 11,544,566
Israel: 4.6% 542,408 Mylan NV * 8,043,837
1,197,285 Teva Pharmaceutical Industries 63,004 Patterson Companies, Inc. 1,518,711
Ltd. (ADR) * 10,787,538 326,512 Pfizer, Inc. 11,982,990
Japan: 4.5% 66,905 Zoetis, Inc. _ 11,064,080
588,698 Takeda Pharmaceutical Co. Ltd. (ADR) 10,502,372 135,555,021
Switzerland: 5.0% — Total Common Stocks
: 5.0% .
133,906 Novartis AG (ADR) 11,644,466 (Cost: $262,480,657) 234,580,292
United Kingdom: 10.4% SHORT-TERM INVESTMENT HELD AS
: 10.4% 000
220,231 AstraZeneca Plc (ADR) 12,068,659 OS SECURITIES ON LOAN: 0.9%
267,469 GlaxoSmithKline Plc (ADR) 10,067,533 A
23,974 GW Pharmaceuticals Plc (ADR) * $ 2,333,869 Money Market Fund: 0.9% .
24,470,061 2,245,622 State Street Navigator Securities
AA Lending Government Money
Market Portfolio 2,245,622
Total Investments: 100.7%
(Cost: $264,726,279) 236,825,914
Liabilities in excess of other assets: (0.7)% (1,676,590)
NET ASSETS: 100.0% $235,149,324
Definitions:

ADR American Depositary Receipt
USD United States Dollar

Footnotes:
, Non-income producing
+ Security fully or partially on loan. Total market value of securities on loan is $4,386,374.

Summary of Investments by Sector

Excluding Collateral for Securities Loaned % of Investments Value
Biotechnology 5.8% $ 13,580,371
Health Care Distributors 9.6 22,626,122
Pharmaceuticals _84.6 198,373,799
100.0% $234,580,292

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* $234,580,292 $ = $ = $234,580,292
Money Market Fund 2,245,622 =- =- 2,245,622
Total $236,825,914 $ = $ = $236,825,914

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements
18

VANECK VECTORS RETAIL ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares Value
COMMON STOCKS: 100.1% United States: (continued)
Canada: 2.1% 12,187 O’Reilly Automotive, Inc. * $ 5,619,182
11,449 – Lululemon Athletica, Inc. (USD)* $ 3,770,957 51,909 Ross Stores, Inc. 4,844,148
. . o —— 77,327 Sysco Corp. 4,811,286
China / Hong Kong: 4.5% 55,477 Target Corp. 8,733,189
106,044 JD.com, Inc. (ADR) * 8,280,075 55,234 TheGap, Inc. 940,635
United States: 93.5% 71,727 The Home Depot, Inc. 19,919,305
11,130 Amazon.com, Inc. * 35,045,365 118,290 The Kroger Co. 4,011,214
24,238 AmerisourceBergen Corp. 2,349,147 149,480 TJX Cos, Inc. 8,318,562
3,746 AutoZone, Inc. * 4,411,439 115,519 Walgreens Boots Alliance, Inc. 4,149,443
33,966 Best Buy Co., Inc. 3,780,076 118,013 Walmart, Inc. 16,511,199
40,814 Cardinal Health, Inc. 1,916,217 5,559 Wayfair, Inc. * + 1,617,725
26,254 Costco Wholesale Corp. 9,320,170
, xx9ZU, 170,022,294
o o cama Corp. EOS Total Common Stocks: 100.1% ES
:387 ollar General Corp. 04D, (Cost: $162,127,027) 182,023,326
36,579 Dollar Tree, Inc. * 3,341,126 ÓN o
30,679 L Brands, Inc. 975,899 Liabilities in excess of other assets: (0.1)% (171,542)
57,011 Lowe’s Companies, Inc. 9,455,844 NET ASSETS: 100.0% $181,851,784
26,014 McKesson Corp. 3,874,265 RX
Definitions:

ADR American Depositary Receipt
USD United States Dollar
Footnotes:

, Non-income producing

Summary of Investments by Sector
Consumer Discretionary

Consumer Staples

Health Care

% of Investments
69.8%
21.3
8.9

100.0%

Security fully or partially on loan. Total market value of securities on loan is $1,536,824.

Value
$127,050,210
38,803,312
16,169,804

$182,023,326

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* $182,023,326 $ = $ = $182,023,326
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements

VANECK VECTORS SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number

of Shares Value of Shares Value

COMMON STOCKS: 100.1% United States: (continued)

Netherlands: 9.3% 361,246 Qoro, Inc. * $ 46,604,346
355,635 ASML Holding N.V. (USD) 131,325,836 1,120,898 Qualcomm, Inc. 131,906,688
925,822 NXP Semiconductor N.V. (USD) 115,551,844 542,871 Skyworks Solutions, Inc. 78,987,731

-_—— 576,079 Teradyne, Inc. 45,775,237
. 0 246,877,180 914,980 Texas Instruments, Inc. 130,649,994

Switzerland: 3.0% 159,290 Universal Display Corp. 28,790,075

2,561,282 STMicroelectronics N.V. (USD) + _ 78,605,745 783,316 Xilinx, Inc. 81,652,860

Taiwan: 11.0%

2,031,287,786

3,601,207 Dan o ADA 201040,861 Total Common Stocks ——

lanufacturing Co. Ltd. (ADR) ¿949,851 (Cost: $2,547,973,532) 2,648,720,562

United States: 76.8% , . SHORT-TERM INVESTMENT HELD AS

1,560,303 Advanced Micro Devices, Inc. 127,929,243 COLLATERAL FOR SECURITIES ON LOAN: 0.3%

996,230 Analog Devices, Inc. 116,299,890 (Cost: $8,908,520)

2,083,770 Applied Materials, Inc. 123,880,127 o
354,985 Broadcom, Inc. 129,328,135 Money Market Fund: 0.3% :

820,395 Cadence Design Systems, Inc. * 87,478,719 8,908,520 State Street Navigator Securities

2,988,855 Intel Corp. 154,762,912 Lending Government Money
430,159 KLA-Tencor Corp. 83,339,005 Market Portfolio 8,908,520
382,244 Lam Research Corp. 126,809,447 Total Investments: 100.4%

1,471,753 Marvell Technology Group Ltd. 58,428,594 (Cost: $2,556,882,052) 2,657,629,082
785,616 Maxim Integrated Products, Inc. 59,115,498. Liabilities in excess of other assets: (0.4)% (11,364,405)
643,078 Microchip Technology, Inc. 66,082,695 . o -_–_-

2,547,594 Micron Technology, Inc. * 119,635,014 NET ASSETS: 100.0% $2,646,264,677
402,637 NVIDIA Corp. 217,915,197

1,010,437 ON Semiconductor Corp. * 21,916,379

Definitions:

ADR American Depositary Receipt

USD United States Dollar

Footnotes:

, Non-income producing

+ Security fully or partially on loan. Total market value of securities on loan is $9,210,867.

Summary of Investments by Sector

Excluding Collateral for Securities Loaned % of Investments Value

Application Software 3.3% $ 87,478,719

Semiconductor Equipment 19.3 511,129,152

Semiconductors 77.4 2,050,112,691

100.0% $2,648,720,562

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* $2,648,720,562 $ =- $ = $2,648,720,562
Money Market Fund 8,908,520 – – 8,908,520
Total $2,657,629,082 $ = $ = $2,657,629,082

* See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements
20

VANECK VECTORS VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS
September 30, 2020

Number Number
of Shares Value of Shares

COMMON STOCKS: 100.1% SHORT-TERM INVESTMENT HELD AS

China / Hong Kong: 18.3% COLLATERAL FOR SECURITIES ON LOAN: 0.0%
496,165 Bilibili, Inc. (ADR) * $ 20,640,464 (Cost: $309)

1,679,000 Kingsoft Corp. Ltd. * + + 8,458,944 Money Market Fund: 0.0%
53,475 NetEase, Inc. (ADR) 24,313,478 309 State Street Navigator Securities
620,700 Tencent Holdings Ltd. + 41,924,440 Lending Government Money
95,337,326 Market Portfolio
France: 3.0% Total Investments: 100.1%
174,916 Ubisoft Entertainment SA * ++ 15,767,526 (Cost: $393,123,388)

Japan: 23.1% Liabilities in excess of other assets: (0.1)%
361,900 Bandai Namco Holdings, Inc. ++ 26,500,085 NET ASSETS: 100.0% $521,567,533
202,000 Capcom Co. Ltd. + 11,266,383 =–

178,200 DeNa Co. Ltd. +t 3,277,537
231,300 Konami Holdings Corp. + + 9,999,522
951,000 Nexon Co. Ltd. ++ 23,706,913
60,600 Nintendo Co. Ltd. + 34,320,328
175,100 Square Enix Holdings Co. Ltd. + 11,581,204
120,651,972

Poland: 4.1%

197,881 CD Project SA * + 21,420,845

Singapore: 6.3%

213,261 Sea Ltd. (ADR) * + 32,850,724

South Korea: 6.3%

31,993 NCSoft Corp. + 22,047,435
76,562 Netmarble Corp. Reg S 144A * + + 10,831,805
32,879,240

Sweden: 3.1%

444,592 Embracer Group AB * + 8,263,731
64,542 Stillfront Group AB * + 8,067,214
16,330,945

Taiwan: 2.1%

2,362,000 Micro-Star International Co. Ltd. ++ 10,904,344

United States: 33.8%

348,850 Activision Blizzard, Inc. 28,239,407
431,416 Advanced Micro Devices, Inc. * 35,371,798
176,511 Electronic Arts, Inc. * 23,018,800
79,402 NVIDIA Corp. 42,973,950
143,240 Take-Two Interactive Software, Inc. * 23,666,113
2,500,621 Zynga, Inc. * 22,805,664
176,075,732

Total Common Stocks

(Cost: $393,123,079)

522,218,654

See Notes to Financial Statements
21

VANECK VECTORS VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(continued)

Definitions:

ADR American Depositary Receipt

Footnotes:

, Non-income producing

+ Security fully or partially on loan. Total market value of securities on loan is $50,298,117.

$ Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued

securities is $268,338,256 which represents 51.4% of net assets.

Summary of Investments by Sector

Excluding Collateral for Securities Loaned % of Investments Value
Communication Services 76.2% $398,009,533
Consumer Discretionary 5.1 26,500,085
Information Technology _18.7 97,709,036
100.0% 8522,218,654

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
China / Hong Kong $ 44,953,942 $ 50,383,384 $ = $ 05,337,326
France – 15,767,526 – 15,767,526
Japan = 120,651,972 = 120,651,972
Poland = 21,420,845 = 21,420,845
Singapore 32,850,724 – – 32,850,724
South Korea = 32,879,240 = 32,879,240
Sweden = 16,330,945 = 16,330,945
Taiwan = 10,904,344 = 10,904,344
United States 176,075,732 – – 176,075,732
Money Market Fund 309 =- =- 309
Total $253,880,707 $268,338,256 $8 – $522,218,963

See Notes to Financial Statements
22

[This page intentionally left blank.]

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2020

Assets:
Investments, at value
Unaffiliated issuers (11(2) …….oooocoocooccoccooaco co
Short-term investments held as collateral for securities loaned (3) ……..
CO cc
Cash denominated in foreign currency, at value (4)………ooo.o….o.o..
Receivables:
Investment securities SOI) …….ooooooccococooccocccocococoo.
Shares of beneficial interest sold
Dividends and interest………
Prepaid expenses . .
Total assetS ……..oooooccoccocccoo

Liabilities:
Payables:
Investment securities purchased. ….o.ooocococcoccccocc
Collateral for securities l0aned……..ooooooococcooccococcocoo.o
Line of credit. ……….ooooo.o..
Shares of beneficial interest redeemed .
Due to Adviser . . .
Dueto CustodiaN……o.oooooococccoccoccccooo
Deferred Trustee fe8S…..oooococcocococoncnnocnacr
Accrued expenses. .
Total liabilitieS ……………oooooocoococcocoooommoo..

NETASSETS ooo

Shares OUtStandinQ …….ooococococccccccoococ

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

Net Assets consist of:
Aggregate paid in Capital. ……….ooooooooccccccoonoccco
Total distributable earnings (088). ………oooocccooommcccoooo..

NETASSETS ooo
1
2
3

Value of securities ON lOAN……oooooocccocccccoccocococooo
Cost of investments ….ooooocococccoccccooooc

(1)
(2)
(3) Cost of short-term investments held as collateral for securities loaned. …..
(4)

Cost of cash denominated in foreign CUrrenCy……o.ooooooommm….

Environmental
Biotech Services Gaming Pharmaceutical
ETF ETF ETF ETF

$485,662,351 $30,766,291 $54,638,622 $234,580,292
– – 109 2,245,622
52,279 281,849 = 177,916
– – 12,472 =
4,050,403 6,376,489 112,793 =
= = 3,913,772 =
11,507 28,204 97,896 555,306
6,550 1,325 1,330 3,946
489,783,090 37,454,158 58,776,994 237,563,082
= 3,592,195 3,810,544 =
= = 109 2,245,622
4,050,139 2,978,951 = =
131,557 887 12,432 57,054
= = 82,619 =
48,779 2,702 6,805 28,323
102,404 63,579 71,628 82,759
4,332,879 6,638,314 3,984,137 2,413,758
$485,450,211 $30,815,844 $54,792,857 $235,149,324
2,996,503 310,000 1,400,000 3,788,138
$ 162.01 $ 99.41 $ 39.14 $ 62.08
$522,864,905 $41,336,755 $64,959,986 $332,307,287
(87,414,694) – (10,520,911) (10,167,129) (97,157,963)
$485,450,211 $30,815,844 $54,792,857 $235,149,324
$ 21,317,642 $ 229,633 $ 7,905,823 $ 4,386,374
$440,417,849 $28,051,126 $50,990,791 $262,480,657
$ – $ = $ 109 $ 2,245,622
$ – $ = $ 12,463 $ =

See Notes to Financial Statements

Video Gaming

Retail Semiconductor and eSports
ETF ETF ETF

$182,023,326 $2,648,720,562 $522,218,654
– 8,908,520 309
– – 470,118
– – 127,266
– 87,217,025 192,830
– 34,886,904 935
47,057 2,389,718 173,492
2,641 13,114 3,967
182,073,024 2,782,135,843 523,187,571
– 17,440,624 898,473
– 8,908,520 309
– 3,984,928 476,860
– 104,658,387 –
34,930 676,311 175,254
115,366 15,208 –
6,820 42,635 339
64,124 144,558 68,803
221,240 135,871,166 1,620,038
$181,851,784 $2,646,264,677 $521,567,533
1,221,531 15,170,987 8,500,000
$ 148.87 $ 174.43 $ 61.36
$171,138,305 $2,601,629,377 $393,563,000
10,713,479 44,635,300 128,004,533
$181,851,784 $2,646,264,677 $521,567,533
$ 1,536,824 $ 9,210,867 $ 50,298,117
$162,127,027 $2,547,973,532 $393,123,079
$ – $ 8,908,520 $ 309
$ – $ – $ 127,266

See Notes to Financial Statements
25

VANECK VECTORS ETF TRUST

STATEMENT OF OPERATIONS
For the Year Ended September 30, 2020

Income:

DivideNdS…..oooococccccocccccccccc o
IOreSt ..ooooooocccccoo
Securities lending incoMe …….oooooocccccococccccoo
Foreign taxes WIthheld……..oooooccococccccccoocccc

Total COME …ooococcccccccccoo ooo

Expenses:

ManagementÍees …..o.ocoooooccccccccoccc

Professional fees
Custody and accounting fees

Reports to shareholderS. …….occoccooccoocco cc
[OP fe8S..ooocooocccccco
Trustees’ fees and expenses ….oooooccocccoocc

Registration fees
Transfer agent fees

ÍOSUTANCO..oooccococ

Interest .

Total expenses

Waiver Of Management ÍeeS…….oooocoooocccccccc
Net expenses …ooocoooccocc
NN

Net realized gain (loss) on:

IOVESIMONtS o ooooccccccco

In-kind redemptions
Capital gain distributions received
Foreign currency transactions and

foreign denominated assets and liabilitieS. ……………………
Net realized gain (0SS) ………oooccoooccccccococcccc

Net change in unrealized appreciation (depreciation) on:

IOVESIMONtS o ooooccccccco

Foreign currency transactions and

foreign denominated assets and liabilitieS. ……………………

Net change in unrealized appreciation (depreciation)

Net Increase (Decrease) in Net Assets Resulting from Operations

Environmental
Biotech Services Gaming Pharmaceutical
ETF ETF ETF ETF

$ 3,018,101 $ 330,987 $ 687,362 $ 4,402,731
261 193 171 238

45,614 18,977 10,807 27,601
(13,813) (4,192) (14,736) (217,388)
3,050,163 345,965 683,604 4,213,182
1,411,239 169,331 165,791 705,625
68,721 70,310 70,443 66,794
29,245 27,356 39,184 30,143
24,675 10,586 12,017 17,846
5,712 = 5,509 4,062
12,423 317 176 5,247
4,594 6,901 5,169 5,576

200 200 200 200

8,938 1,702 1,685 5,368
11,006 = 508 7,948
5,320 1,000 3,779 2,933
1,582,073 287,703 304,461 851,742
(160,681) (101,413) (88,120) (138,347)
1,421,392 186,290 216,341 713,395
1,628,771 159,675 467,263 3,499,787
(40,769,794) (6,015,068) (8,697,559) (19,412,913)
44,343,087 4,232,201 2,339,895 23,762,097
– =- 787 –

– 4 (7,958) –
3,573,293 (1,782,863) (1,364,835) 4,349,184
111,943,737 239,751 8,613,829 20,416,513
=- – 1,918 =-
111,943,737 239,751 8,615,747 20,416,513
$117,145,801 – $(1,383,437) $7,718,175 $ 28,265,484

See Notes to Financial Statements

Video Gaming

Retail Semiconductor and eSports
ETF ETF ETF
$ 1,406,636 $ 33,430,206 $ 1,221,565
326 6,455 255
1,960 141,409 48,004
– (2,034,079) (128,229)
1,408,922 31,544,081 1,141,595
375,184 6,658,157 935,048
67,115 68,475 67,359
28,561 52,200 45,093
16,075 90,305 21,606
5,656 5,711 3,381
3,245 64,480 8,558
5,172 6,111 9,272
200 200 200
3,628 15,240 2,436
270 18,870 2,324
1,689 22,791 1,557
506,795 7,002,540 1,096,834
(131,054) (845,202) (59,209)
375,741 6,657,338 1,037,625
1,033,181 24,886,743 103,970
(4,786,728) (49,967,925) (906,768)
12,056,803 589,773,697 =
– – (19,565)
7,270,080 539,805,772 (926,333)
24,679,366 193,386,180 126,217,930
– – (633)
24,679,366 193,386,180 126,217,297
$32,982,627 $758,078,695 $125,394,934

See Notes to Financial Statements
27

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

Operations:
NN
Net realized gain (l0SS). ……….ooooooccccccocccccccooo..
Net change in unrealized appreciation (depreciation)………….

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

Distributions to shareholders:
From distributable earningS……….oooooooccccccocococcc..

Share transactions:*
Proceeds from sale Of Shares …..ooooooocococcccccoocomomo.
Cost of shares redeemed …..oooococococoococccccccc

Increase (decrease) in net assets resulting from

share transactiONS …oooooccococcccccccnccc
Total increase (decrease) in net assets
Net Assets, beginning of year …… . . .
Net AsSets, end OÍ YB ..oocooccccccc

* Shares of Common Stock Issued (no par value)
Shares SO …oocooocococccoccocccccc
Shares redeemed …oooococcccococcccccccon oc

Net increase (decrease)

Biotech ETF Environmental Services ETF
Year Ended Year Ended Year Ended Year Ended
September 30, September 30, September 30, September 30,
2020 2019 2020 2019
$ 1,628,771 $ 1,220,768 $ 159,675 $ 138,740
3,573,293 (5,451,394) (1,782,863) 3,118,604
111,943,787 (54,057,304) 289,751 (1,067,809)
117,145,801 (58,287,930) (1,383,437) 2,189,535
(1,250,208) (1,899,023) (165,025) (95,100)
195,549,299 45,900,271 12,786,779 29,326,383
(144,293,768) (143,308,258) (16,911,063) (19,092,505)
51,255,531 (97,407,987) (4,124,284) 10,233,878
167,151,124 (157,594,940) (5,672,746) 12,328,313
318,299,087 475,894,027 36,488,590 24,160,277
$ 485,450,211 $ 318,299,087 $ 30,815,844 $ 36,488,590
1,275,000 400,000 130,000 300,000
(975,000) (1,200,000) (170,000) (200,000)
300,000 (800,000) (40,000) 100,000

See Notes to Financial Statements

Gaming ETF Pharmaceutical ETF

Year Ended Year Ended Year Ended Year Ended
September 30, September 30, September 30, September 30,
2020 2019 2020 2019
$ 467,263 $ 769,118 $ 3,499,787 $ 3,577,677
(1,364,835) (2,157,504) 4,349,184 (86,404,108)
8,615,747 285,460 20,416,513 7,257,515
7,718,175 (1,102,926) 28,265,484 (25,568,916)
(800,020) (849,750) (8,321,670) (8,869,339)
33,435,454 3,636,558 388,323,148 147,451,491
(9,359,864) (8,726,047) (819,778,063) (252,397,944)
24,075,590 (89,489) 68,545,085 (104,946,453)
30,993,745 (2,042,165) 93,488,899 (134,384,708)
23,799,112 25,841,277 141,660,425 276,045,133
$54,792,857 $23,799,112 $ 235,149,324 $ 141,660,425
1,000,000 100,000 6,450,000 2,550,000
(250,000) (100,000) (5,150,000) (4,350,000)
750,000 – 1,300,000 (1,800,000)

See Notes to Financial Statements
29

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

Operations:
Net investment income
Net realized gain (l0SS). ……….ooooooccccccocccccccooo..
Net change in unrealized appreciation (depreciation)………….

Net increase in net assets resulting from operations……….

Distributions to shareholders:
From distributable earnings

Share transactions:*
Proceeds from sale of shares
Cost of shares redeemed

Increase in net assets resulting from share transactions …….
Total increase in Net assetS …..oooooocococccocccoooooo
Net Assets, beginning of period

Net Assets, end of period

* Shares of Common Stock Issued (no par value)
Shares SO …oocooocococcocococccccr
Shares redeemed …oooococcccococcccccccon oc

Commencement of operations

Retail ETF

Semiconductor ETF

Year Ended Year Ended Year Ended Year Ended
September 30, September30, September 30, September 30,
2020 2019 2020 2019

$ 1,033,181 $ 1,128,265 $ 24,886,743 $ 17,752,181
7,270,080 2,451,083 539,805,772 113,864,810
24,679,366 (8,435,510) 193,386,180 17,079,544
32,982,627 (4,856,162) 758,078,695 148,696,535
(950,056) (1,300,386) (19,250,343) (14,202,995)

145,515,451 52,873,806
(66,852,325) – (111,684,252)
78,663,126 (58,810,446)
110,695,697 (64,966,994)
71,156,087 136,123,081
$181,851,784 $ 71,156,087

13,726,301,764

19,302,146,323

(13,179,602,021) (19,291,227,081)

546,699,743
1,285,528,095
1,360,736,582

$ 2,646,264,677 $

10,919,292

145,412,832
1,215,323,750

1,360,736,582

1,150,000 500,000 99,350,000 188,800,000
(550,000) (1,100,000) (95,600,000) (188,800,000)
600,000 (600,000) 3,750,000 –

See Notes to Financial Statements

Video Gaming and eSports ETF

Year Ended
September 30,
2020

$ 103,970

(926,333)
126,217,297
125,394,934

(125,100)

357,494,489

357, 494,489
482,764,323
38,803,210
$521,567,533

7,350,000

350,000

For the Period
October 16,
2018* through
September 30,
2019

$ 64,985
(205,932)
2,877,646
2,736,699

(2,000)

36,068,511

36,068,511
38,803,210

$38,803,210

1,150,000

0,000

See Notes to Financial Statements
31

VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

Biotech ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016
Net asset value, beginning Of year …..ooooccocoo. oo. $118.04 $136.11 $134.17 $115.25 $114.45
Income from investment operations:
NI 0.59(a) 0.39(a) 0.52(a) 0.58(a) 0.33
Net realized and unrealized gain (loss) on investments . . 43.85 (17.91) 2.10(d) 18.67 0.81
Total from investment operati0NS …….0oocooo.oo… 44,44 (17.52) 2.62 19.25 1.14
Less:
Dividends from net investment income ………… (0.47) (0.55) (0.68) (0.33) (0.34)
Net asset value, end Of year …..oooocococccoccccoo $162.01 $118.04 $136.11 $134.17 $115.25
Total return (D) …ooooooccccooocccccccccccnns 37.71% (12.84)% 2.00% 16.77% 0.97%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……oooooooooccooc.. $485,450 $318,299 $475,894 $717,330 $598,914
Ratio of gross expenses to average net assets . . 0.39% 0.40% 0.40% 0.39% 0.40%
Ratio of net expenses to average net assets ……….. 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of net expenses to average net assets
excluding interest expense …..oooocccococoo ooo. 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of net investment income to average net assets …. 0.40% 0.31% 0.41% 0.48% 0.29%
Portfolio turnover rate (C) …….ooocoooooccccccoo mo. 40% 24% 30% 27% 41%
Environmental Services ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016
Net asset value, beginning Of year …..ooooccocoo. oo. $104.25 $ 96.64 $86.02 $69.68 $58.37
Income from investment operations:
NI 0.46(a) 0.46(a) 0.42(a) 0.66 (a) 0.63
Net realized and unrealized gain (loss) on investments . . (4.83) 7.47 10.98 16.21 11.36
Total from investment operati0NS …….0oocooo.oo… (4.37) 7.93 11.40 16.87 11.99
Less:
Dividends from net investment income ………… (0.47) (0.32) (0.78) (0.53) (0.68)
Net asset value, end Of year …..oooocococccoccccoo $ 99.41 $104.25 $96.64 $86.02 $69.68
Total return (D) …..oooocccoocccccccoco (4.23)% 8.30% 13.36% 24.31% 20.75%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……oooooooooccooc.. $30,816 $36,489 $24,160 $17,204 $17,420
Ratio of gross expenses to average net assets ……… 0.85% 0.81% 0.98% 0.95% 0.93%
Ratio of net expenses to average net assets ……….. 0.55% 0.55% 0.56% 0.55% 0.55%
Ratio of net expenses to average net assets
excluding interest expense …..oooocccococoo ooo. 0.55% 0.55% 0.55% 0.55% 0.55%
Ratio of net investment income to average net assets …. 0.47% 0.47% 0.47% 0.86% 1.00%
Portfolio turnover rate (C) …….ooococoooccccccoom.. 38% 20% 24% 20% 40%

(a) Calculated based upon average shares outstanding

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

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

(d) The 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 repurchases of shares in relation to fluctuating market values of the investments of the Fund.

See Notes to Financial Statements
32

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

Gaming ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016
Net asset value, beginning Of year …..ooooccoccoco.. $36.61 $39.76 $42.61 $36.15 $29.82
Income from investment operations:
Net investment income (8) …….oocoocooo.oo… 0.51 1.07 1.03 1.13 0.94
Net realized and unrealized gain (loss) on investments . . 3.25 (3.09) (2.80) 6.40 6.69
Total from investment operati0NS …….0oocooo.oo… 3.76 (2.02) (1.77) 7.53 7.63
Less:
Dividends from net investment income ………… (1.23) (1.18) (1.08) (1.07) (1.30)
Net asset value, end Of year ….oooocococccocococcccoo $39.14 $36.61 $39.76 $42.61 $36.15
Total return (D) …ooooooccccooccccccnccccn 10.03% (4.73)% (4.51)% 21.58% 26.23%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……ooooooooococooc.. $54,793 $23,799 $25,841 $23,436 $19,881
Ratio of gross expenses to average net assets ……… 0.92% 0.94% 0.86% 0.94% 0.93%
Ratio of net expenses to average net assets ……….. 0.65% 0.66% 0.66% 0.65% 0.67%
Ratio of net expenses to average net assets
excluding interest expense …..oooocccococoo ooo. 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income to average net assets . 1.41% 2.92% 2.24% 2.97% 2.88%
Portfolio turnover rate (C) …….ooocoooooccccccoom.. 29% 20% 31% 22% 29%
Pharmaceutical ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016
Net asset value, beginning Of year …..ooooccoccoco.. $56.93 $64.37 $57.75 $57.44 $63.01
Income from investment operations:
Net investment income (8) …….oocoocooo.oo… 1.06 1.04 1.01 1.18 1,24
Net realized and unrealized gain (loss) on investments . . 5.14 (7.37) 6.62 0.26 (5.41)
Total from investment operati0NS …….0oocooo.oo… 6.20 (6.33) 7.63 1,44 (4.17)
Less:
Dividends from net investment income ………… (1.05) (1.11) (1.01) (1.13) (1.40)
Net asset value, end Of year ….oooocococccocococcccoo $62.08 $56.93 $64.37 $57.75 $57.44
Total return (D) …ooooooccccooccccccnccccn 11.02% (9.88)% 13.42% 2.59% (6.72)%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……ooooooooococooc.. $235,149 $141,660 $276,045 $285,190 $231,938
Ratio of gross expenses to average net assets . 0.42% 0.43% 0.43% 0.40% 0.41%
Ratio of net expenses to average net assets ……….. 0.35% 0.36% 0.36% 0.35% 0.35%
Ratio of net expenses to average net assets
excluding interest expense …..oooocccococoo ooo. 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of net investment income to average net assets …. 1.74% 1.77% 1.70% 2.14% 2.04%
e 18% 21% 18% 40% 25%

Portfolio turnover rate (c)

(a)

Calculated based upon average shares outstanding

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

the redemption of Fund shares.

(c)

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

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

Retail ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016

Net asset value, beginning Of year …..ooooccocoo. oo. $114.49 $111.44 $ 81.42 $78.02 $73.57
Income from investment operations:

Net investment income (8) …….oocoocooo.oo… 1.22 1.31 1.13 1.15 0.93

Net realized and unrealized gain on investments . 34.25 2.72 30.32 3.64 5.27
Total from investment operati0NS …….0oocooo.oo… 35.47 4.03 31.45 4.79 6.20
Less:

Dividends from net investment income ………… (1.09) (0.98) (1.43) (1.39) (1.75)
Net asset value, end Of year ….oooocococccocococcccoo $148.87 $114.49 $111.44 $81.42 $78.02
Total return (D) …..ooooocccoocccccccooo 31.22% 3.82% 39.01% 6.25% 8.42%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……ooooocoooococooc.. $181,852 $71,156 $136,123 $58,746 $118,706
Ratio of gross expenses to average net assets ……… 0.47% 0.48% 0.52% 0.50% 0.43%
Ratio of net expenses to average net assets ……….. 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of net expenses to average net assets

excluding interest expense …..oooocccococoo ooo. 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of net investment income to average net assets . 0.96% 1.25% 1.15% 1.46% 1.22%
Portfolio turnover rate (C) …….ooocoooooccccccoo mo. 12% 9% 16% 17% 9%
Semiconductor ETF
For the Year Ended September 30,
2020 2019 2018 2017 2016

Net asset value, beginning Of year …..ooooccocoo. oo. $119.14 $106.41 $ 93.34 $69.36 $49.97
Income from investment operations:

Net investment income (8) …….oocoocooo.oo… 1.88 1.75 1.19 1.10 0.82

Net realized and unrealized gain on investments . 55.53 12.62 13.28 23.46 19.67
Payment from AQVISOT …..ococoocoooccooccocco = =- = = 0.04(d)
Total from investment operati0NS …….0oocooo.oo… 57.41 14.37 14.47 24.56 20.53
Less:

Dividends from net investment income ………… (2.12) (1.64) (1.40) (0.58) (1.14)
Net asset value, end Of year ….oooocococccocococcccoo $174.43 $119.14 $106.41 $93.34 $69.36
Total return (D) …..ooooocccoocccccccooo 48.60% 14.09% 15.61% 35.63% 41.73%
Ratios/Supplemental Data
Net assets, end of year (000’8) ……ooooocoooococooc.. $2,646,265 $1,360,737 $1,215,324 $800,053 $577,130
Ratio of gross expenses to average net assets ……… 0.37% 0.39% 0.39% 0.38% 0.41%
Ratio of net expenses to average net assets ……….. 0.35% 0.35% 0.35% 0.35% 0.36%
Ratio of net expenses to average net assets

excluding interest expense …..oooocccococoo ooo. 0.35% 0.35% 0.35% 0.35% 0.35%

Ratio of net investment income to average net assets . 1.31% 1.68% 1.14% 1.38% 1.45%
Portfolio turnover rate (C) …….ooocoooooccccccoom.. 14% 19% 23% 22% 53%

(a) Calculated based upon average shares outstanding

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

and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the
year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for

financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for

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

the redemption of Fund shares.

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

(d) For the year ended September 30, 2016, 0.06% of total return, representing $0.04 per share, consisted of a payment by the Adviser (See

Note 3).

See Notes to Financial Statements

VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

Video Gaming and eSports ETF

For the Period

For the October 16,
Year Ended 2018(f) through
September 30, September 30,

2020 2019

Net asset value, beginning of peri0d ……o0oooo.o…. $33.74 $30.88
Income from investment operations:

Net investment income (8) …….oocoocooo.oo… 0.03 0.12

Net realized and unrealized gain on investments …… 27.67 2.75
Total from investment operati0NS …….0oocooo.oo… 27.70 2.87
Less:

Dividends from net investment income ………… (0.08) (0.01)
Net asset value, end of peri0d …….oooooooocooooo.. $61.36 $33.74
Total return (D) …..oooocccccococcccco 82.25% 9.31%(c)
Ratios/Supplemental Data
Net assets, end of period (000’S) ……..oooooo.ooo… $521,568 $38,803
Ratio of gross expenses to average net assets . . 0.58% 0.99%(d)
Ratio of net expenses to average net assets ……….. 0.55% 0.55%(d)
Ratio of net expenses to average net assets

excluding interest expense ……ooooccccooooo… 0.55% 0.55%(d)

Ratio of net investment income to average net assets ….. 0.06% 0.38%(d)
Portfolio turnover rate (8) …….oooooooocccccooom.. 25% 27%/(c)

(a) Calculated based upon average shares outstanding

(b) Total return is calculated assuming an initial investment made at the net asset value at the beginning of 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.

Commencement of operations

3333

See Notes to Financial Statements
35

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
Biotech ETF Non-Diversified
Environmental Services ETF Non-Diversified
Gaming ETF Non-Diversified
Pharmaceutical ETF Non-Diversified
Retail ETF Non-Diversified
Semiconductor ETF Non-Diversified

Video Gaming and eSports ETF Non-Diversified

Each Fund 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.

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 debt securities with sixty days or
less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market
fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. The
Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation
policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these
procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other
market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial
instruments or other assets. If market quotations for a security or other asset are not readily available, or if the
Agviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair
valued by the Pricing Committee in accordance with the Funds” valuation policies and procedures. The Pricing
Committee employs various methods for calibrating the valuation approaches utilized to determine fair value,
including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other
independent pricing services, transactional back-testing and disposition analysis.

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

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

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

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

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

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

. Federal Income Taxes-!It is each Fund’s policy to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its taxable income to ¡its shareholders.
Therefore, no federal income tax provision is required.

. 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 on Pharmaceutical 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,

. 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.

. Restricted Securities -The Funds may invest in securities that are subject to legal or contractual restrictions on
resale. These securities generally may be resold in transactions exempt from registration or to the public if the
securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and
prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at
the end of each Fund’s Schedule of Investments.

Offsetting Assets and Liabilities-In the ordinary course of business, the Funds enter into transactions subject
to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows
the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)

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).

G. 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 investments may be comprised of net investment income,
Capital gains, and return of capital. It is the Funds” policy to estimate the character of distributions received from
these investments based on historical data if actual amounts are not available. After each calendar year end, these
investments report the actual tax character of 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-The Adviser is the investment adviser to the Funds.
The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s
average daily net assets. The Adviser has agreed, until at least 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 the expense limitations listed in
the table below.

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

Management Expense
Fund Fees Rates Limitations
Biotech ETF 0.35% 0.35%
Environmental Services ETF 0.50 0.55
Gaming ETF 0.50 0.65
Pharmaceutical ETF 0.35 0.35
Retail ETF 0.35 0.35
Semiconductor ETF 0.35 0.35
Video Gaming and eSports ETF 0.50 0.55

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

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

During the year ended September 30, 2016, the Adviser voluntarily reimbursed the Semiconductor ETF $340,000 for
transactional losses. The per share and total return impact to the Fund is reflected in the Financial Highlights.

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:

Fund Creation Units
Biotech ETF* 25,000
Environmental Services ETF* 25,000
Gaming ETF* 25,000
Pharmaceutical ETF 50,000
Retail ETF 50,000
Semiconductor ETF 50,000
Video Gaming and eSports ETF 50,000

* 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

Biotech ETF $160,463,971 $163,088,286 $ 191,607,417 $ 137,136,837
Environmental Services ETF 12,995,337 15,595,338 12,784,674 14,312,415
Gaming ETF 12,399,952 9,772,229 33,230,698 12,255,536
Pharmaceutical ETF 37,165,797 37,060,417 350,007,325 281,495,236
Retail ETF 12,694,656 15,550,957 145,519,780 63,792,606
Semiconductor ETF 279,532,245 267,992,654 9,113,947,128 8,570,483,528
Video Gaming and eSports ETF 82,235,388 48,271,270 324,165,502 =-

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

Gross Gross Net Unrealized
Tax Cost of Unrealized Unrealized Appreciation

Fund Investments Appreciation Depreciation (Depreciation)
Biotech ETF $ 441,117,913 $ 76,559,861 $(32,015,423) $ 44,544,438
Environmental Services ETF 28,052,504 3,997,490 (1,283,701) 2,713,789
Gaming ETF 52,224,520 8,077,279 (5,663,068) 2,414,211
Pharmaceutical ETF 264,875,886 10,019,152 (38,069,122) (28,049,970)
Retail ETF 162,145,330 26,394,450 (6,516,454) 19,877,996
Semiconductor ETF 2,556,882,052 183,223,077 (82,476,047) 100,747,030
Video Gaming and eSports ETF 394,192,783 131,785,656 (3,759,477) 128,026,180

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)

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

Undistributed Accumulated Other Net Unrealized Total
Ordinary Capital Temporary Appreciation Distributable
Fund Income Losses Differences (Depreciation) Earnings (Loss)
Biotech ETF $ 1,162,803 $(83,073,156) $(48,779) $ 44,544,438 $(37,414,694)
Environmental Services ETF 99,096 (13,331,095) (2,701) 2,713,789 (10,520,911)
Gaming ETF 325,168 (12,900,594) (6,805) 2,415,102 (10,167,129)
Pharmaceutical ETF 888,954 (69,968,625) (28,322) (28,049,970) (97,157,963)
Retail ETF 614,848 (9,772,545) (6,820) 19,877,996 10,713,479
Semiconductor ETF 19,750,196 (75,819,291) (42,635) 100,747,030 44,635,300
Video Gaming and eSports ETF 869,436 (890,112) (339) 128,025,548 128,004,533

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

2020 2019

Ordinary Ordinary

Income Income
Fund Dividends Dividends
Biotech ETF $ 1,250,208 $ 1,899,023
Environmental Services ETF 165,025 95,100
Gaming ETF 800,020 849,750
Pharmaceutical ETF 3,321,670 3,869,339
Retail ETF 950,056 1,300,386
Semiconductor ETF 19,250,343 14,202,995
Video Gaming and eSports ETF 125,100 2,000

At September 30, 2020, the Funds had capital loss carryforwards available to offset future capital gains as follows:

Short-Term Long-Term
Capital Losses Capital Losses

Fund with No Expiration with No Expiration Total

Biotech ETF $ (5,870,462) $(77,202,694) $(83,073,156)
Environmental Services ETF (4,230,864) (9,100,231) (13,331,095)
Gaming ETF (8,465,157) (9,435,437) (12,900,594)
Pharmaceutical ETF (8,967,224) (66,001,401) (69,968,625)
Retail ETF (2,692,096) (7,080,449) (9,772,545)
Semiconductor ETF (61,040,390) (14,778,901) (75,819,291)
Video Gaming and eSports ETF (724,941) (165,171) (890,112)

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

Increase Increase

(Decrease) in (Decrease)

Distributable in Aggregate
Fund Earnings (Loss) Paid in Capital
Biotech ETF $ (41,825,656) $ 41,825,656
Environmental Services ETF (4,222,183) 4,222,183
Gaming ETF (2,171,228) 2,171,228
Pharmaceutical ETF (21,837,097) 21,837,097
Retail ETF (12,055,639) 12,055,639
Semiconductor ETF (589,711,560) 589,711,560

Video Gaming and eSports ETF =- –

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, certain 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.

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:

VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS

(continued)

Market Value

of Securities Cash Non-Cash Total
Fund on Loan Collateral Collateral Collateral
Biotech ETF $21,317,642 $ = $21,725,290 $21,725,290
Environmental Services ETF 229,633 =- 240,092 240,092
Gaming ETF 7,905,823 109 8,068,278 8,068,387
Pharmaceutical ETF 4,386,374 2,245,622 2,235,647 4,481,269
Retail ETF 1,536,824 =- 1,614,114 1,614,114
Semiconductor ETF 9,210,867 8,908,520 493,419 9,401,939
Video Gaming and eSports ETF 50,298,117 309 53,020,808 53,021,117

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
Gaming ETF $ 109
Pharmaceutical ETF 2,245,622
Semiconductor ETF 8,908,520
Video Gaming and eSports ETF 309

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
Biotech ETF 171 $ 924,253 1.73%
Environmental Services ETF* 72 1,127,562 1.72
Gaming ETF 46 173,214 2.39
Pharmaceutical ETF 279 519,627 2.19
Retail ETF 50 179,889 2.26
Semiconductor ETF 182 1,734,924 2.10
Video Gaming and eSports ETF 132 394,467 1.76

The custodian voluntarily waived interest expense for this borrowing activity in the amount of $3,793 during the year ended September 30, 2020.
Outstanding loan balances as of September 30, 2020, if any, are reflected in the Statements of Assets and Liabilities.

Note 11-Recent Accounting Pronouncements- The Funds adopted all provisions of the Accounting Standards
Update No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement
((ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. Based on
management’s evaluation, the adoption of the ASU 2018-13 had no material impact on the financial statements and
related disclosures.

Note 12-Subsequent Event Review-The Funds have evaluated subsequent events and transactions for potential
recognition or disclosure through the date the financial statements were issued.

VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of VanEck Vectors Biotech ETF, VanEck Vectors Environmental Services ETF, VanEck Vectors
Gaming ETF, VanEck Vectors Pharmaceutical ETF, VanEck Vectors Retail ETF, VanEck Vectors Semiconductor ETF and
VanEck Vectors Video Gaming and eSports ETF and the Board of Trustees of VanEck Vectors ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of VanEck Vectors Biotech ETF, VanEck Vectors
Environmental Services ETF, VanEck Vectors Gaming ETF, VanEck Vectors Pharmaceutical ETF, VanEck Vectors Retail
ETF, VanEck Vectors Semiconductor ETF and VanEck Vectors Video Gaming and eSports ETF (collectively referred to
as the “Funds”) (seven of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of
investments, as of September 30, 2020, and the related statements of operations, changes in net assets, and the
financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as
the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of each of the Funds (seven of the series constituting VanEck Vectors ETF Trust) at September 30, 2020, and
the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the
table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting Statement of Statements of
the VanEck Vectors ETF Trust operations changes in net assets Financial highlights
VanEck Vectors Biotech ETF For the year ended For each of the two years in the For each of the five years in the

September 30, 2020 period ended September 30, 2020 period ended September 30, 2020
VanEck Vectors Environmental
Services ETF
VanEck Vectors Gaming ETF

VanEck Vectors Pharmaceutical
ETF

VanEck Vectors Retail ETF

VanEck Vectors Semiconductor

ETF

VanEck Vectors Video Gaming For the year ended For the year ended September 30, For the year ended September 30,

and eSports ETF September 30, 2020 2020 and the period October 16, 2020 and the period October 16,
2018 (commencement of operations) 2018 (commencement of operations)
through September 30, 2019 through September 30, 2019

Basis for Opinion

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

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

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

VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

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.
Sama y LLP

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:

Video
Biotech Environmental Gaming Retail Semiconductor Gaming
ETF Services ETF ETF ETF ETF and eSports

Record Date 12/24/2019 12/24/2019 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 12/23/2019 12/23/2019
Payable Date 12/30/2019 12/30/2019 12/30/2019 12/30/2019 12/30/2019 12/30/2019
Amount Paid Per Share $0.047240 $0.471500 $1.230800 $1.090100 $2.122200 $0.083400
Ordinary Income:
Qualified Dividend Income for Individuals 100.00% 100.00% 63.71%* 100.00% 66.78% 100.00%*
Dividends Qualifying for the Dividends

Received Deduction for Corporations 100.00% 100.00% 23.33%* 100.00% 52.75% 12.12%*
Foreign Source Income = = 64.92%* = = 64.97%*
Foreign Taxes Paid Per Share $ – $ – $0.020989** $ – $ – $0.012329**

Pharmaceutical ETF

Record Date 10/02/2019 12/31/2019 04/02/2020 07/02/2020
Ex Date 10/01/2019 12/30/2019 04/01/2020 07/01/2020
Payable Date 10/07/2019 01/06/2020 04/07/2020 07/08/2020
Amount Paid Per Share $0.292000 $0.172900 $0.337400 $0.249300

Ordinary Income:
Qualified Dividend Income for Individuals 100.00%* 100.00% 100.00% 100.00%

Dividends Qualifying for the Dividends
Received Deduction for Corporations 59.27%* 82.60% 59.76% 59.76%

Foreign Source Income – – – –

Foreign Taxes Paid Per Share $ – $ – $ – $ –

* 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. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

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
19594 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-
1963* 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 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.

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

? 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 difter 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 Adviser’s 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.

[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 INDUAR

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