Edgar Filing: VanEck Vectors ETF Trust

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM N-CSR

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

                              INVESTMENT COMPANIES

Investment Company Act file number  811-10325

                            VANECK VECTORS ETF TRUST
               (Exact name of registrant as specified in charter)

                      666 Third Avenue, New York, NY 10017
               (Address of principal executive offices) (Zip code)

                         Van Eck Associates Corporation
                      666 Third Avenue, New York, NY 10017
                     (Name and address of agent for service)

Registrant's telephone number, including area code: (212) 293-2000

Date of fiscal year end:  DECEMBER 31

Date of reporting period: JUNE 30, 2016

Item 1. Report to Shareholders

SEMI-ANNUAL REPORT
June 30, 2016 (unaudited)

VANECK VECTORS^TM
COUNTRY/REGIONAL ETFs

Africa Index ETF	AFK^®
Brazil Small-Cap ETF	BRF^®
ChinaAMC CSI 300 ETF	PEK^®
ChinaAMC SME-ChiNext ETF	CNXT^®
Egypt Index ETF	EGPT^®
Gulf States Index ETF	MES^®
India Small-Cap Index ETF	SCIF^®
Indonesia Index ETF	IDX^®
Indonesia Small-Cap ETF	IDXJ^®
Israel ETF	ISRA^®
Poland ETF	PLND^®
Russia ETF	RSX^®
Russia Small-Cap ETF	RSXJ^®
Vietnam ETF	VNM^®



	800.826.2333	vaneck.com



VANECK VECTORS COUNTRY/REGIONAL ETFs
President’s Letter	1
Management Discussion	3
Performance Comparison	8
Africa Index ETF	8
Brazil Small-Cap ETF	9
ChinaAMC CSI 300 ETF	10
ChinaAMC SME-ChiNext ETF	11
Egypt Index ETF	12
Gulf States Index ETF	13
India Small-Cap Index ETF	14
Indonesia Index ETF	15
Indonesia Small-Cap ETF	16
Israel ETF	17
Poland ETF	18
Russia ETF	19
Russia Small-Cap ETF	20
Vietnam ETF	21
Explanation of Expenses	22
Schedule of Investments	24
Africa Index ETF	24
Brazil Small-Cap ETF	27
ChinaAMC CSI 300 ETF	30
ChinaAMC SME-ChiNext ETF	35
Egypt Index ETF	38
Gulf States Index ETF	40
India Small-Cap Index ETF	42
Indonesia Index ETF	45
Indonesia Small-Cap ETF	47
Israel ETF	49
Poland ETF	52
Russia ETF	54
Russia Small-Cap ETF	56
Vietnam ETF	58
Statements of Assets and Liabilities	62
Statements of Operations	66
Statements of Changes in Net Assets	70
Financial Highlights	76
Africa Index ETF	76
Brazil Small-Cap ETF	76
ChinaAMC CSI 300 ETF	77
ChinaAMC SME-ChiNext ETF	77
Egypt Index ETF	78
Gulf States Index ETF	78
India Small-Cap Index ETF	79
Indonesia Index ETF	79
Indonesia Small-Cap ETF	80
Israel ETF	80
Poland ETF	81
Russia ETF	81
Russia Small-Cap ETF	82
Vietnam ETF	82
Notes to Financial Statements	83
Approval of Investment Management Agreements	93

The information contained in this report represents the opinions of VanEck and may differ from other persons. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of VanEck are as of June 30, 2016.

VANECK VECTORS COUNTRY/REGIONAL ETFs

(unaudited)

Dear Shareholder:

China remains an important part of the world economy and while it may not be posting the growth numbers of a decade ago, we believe the country continues to offer interesting investment opportunities. While recent growth rates have been in the single digits, based on the size of China’s current economy, it still exceeds, in absolute monetary terms, the size of the economy during the double digit growth numbers posted 10 years ago.

We continue to believe that when evaluating any investment in either the emerging markets or any global allocation of assets, China needs to be considered. Although current concern surrounding China’s capital outflows may have decreased, there continues to be net depreciation pressure on the Renminbi. However, in some ways, mild, engineered depreciation versus a basket of currencies, while keeping a lid on capital outflow pressures, represents a positive outcome for China. Market concern has tended to focus more on the rapid increase in leverage that we have seen in China since the global financial crisis. Although we agree that this is a significant issue that will necessitate some hard decisions, we think that there are serious differences in the nature of that debt and the management of the economy that will prevent a systemic crisis in the foreseeable future.

Much of the debt risks concern is around state owned enterprises, or SOEs. Privately owned enterprises tend not to carry as much debt. According to estimates from Shi Kang, an associate professor at Chines University of Hong Kong, private companies have cut debt to 53 percent of assets from 58 percent in 2007, while SOEs have seen those figures jump to 62 percent from 55 percent.¹

Small and medium enterprises (SMEs) remain at the center of the narrative as China transitions from an “old” production-driven model to the “new” consumer and service-led economy. In this context, we believe VanEck Vectors ChinaAMC SME-ChiNext ETF (NYSE Arca: CNXT) provides not only exposure primarily to China’s market for innovative, non-government owned companies, but also to the very sectors that are increasingly recognized as underpinning the growth of the country’s “New Economy.” CNXT gives investors a liquid, transparent way to gain access to some of these growing companies.

Absolute Growth and Growth Rate in China: 2000 - 2015
(Current USD)

Source: World Bank. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.

VanEck Vectors continues to be an industry leader in offering single-country and region-specific equity ETFs. When performance varies so widely between countries and regions, it is all the more important to be able to select your focus. The suite of VanEck Vectors country and regional ETFs give you the flexibility to do just that, and we at VanEck continue to look for ways to enhance your access to the markets you choose and to seek out and evaluate the most attractive opportunities for you as a shareholder in the international space.

Please stay in touch with us through our website (http://www.vaneck.com) on which we offer videos, email subscriptions, and educational literature, all of which are designed to keep you up to date with your investments in VanEck Vectors ETFs.

VANECK VECTORS COUNTRY/REGIONAL ETFs

(unaudited) (continued)

On the following pages, you will find the performance record of each of the funds for the six-month period ending June 30, 2016. You will also find their financial statements. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
Trustee and President
VanEck Vectors ETF Trust

July 29, 2016

Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.

¹	Bloomberg: China Private Firms Show Way Out of Debt Trap for State Giants.

Management Discussion (unaudited)

Six out of 14 funds in the suite of VanEck Vectors Country/Regional ETFs posted positive total returns. The top performing fund was the VanEck Vectors Brazil Small-Cap ETF (NYSE Arca: BRF) (+44.92%).

January 1 through June 30, 2016
VanEck Vectors Country/Regional Total Return

Source: VanEck. Returns based on each fund’s net asset value (NAV). The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the funds reflects temporary waivers of expenses and/or fees. Had the funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

Country/Regional Overviews

Africa

As a result of the improvement in commodities prices over the first half of 2016, the materials sector was by far the greatest contributor to performance for the six-month period. The financial sector was the single largest detractor from performance. Mid-cap companies contributed the most to performance. Geographically, gold mining companies operating in South Africa, Egypt, Suriname, Burkina Faso, and Mali were among the most significant contributors to positive performance. Financial companies in Egypt were the most significant detractors from total returns.

Brazil

The first half of 2016 may have been challenging for Brazil, but the VanEck Vectors Brazil Small-Cap ETF brought an impressive return of 44.92%, helped by a robust stock market and by a strengthening Brazilian real. On the economic front, the country remained in one of the worst recessions it has ever experienced.¹Politically, too, things were somewhat unsettled. On May 12, the Brazilian senate voted to suspend President Dilma Rousseff pending her trial and potential impeachment. Perhaps on expectations of a brighter future for the country post-Rousseff, Brazilian small-cap companies, having hit a low point in mid-January, rose through the end of the period under review. The consumer discretionary, health care, financial, and materials sectors all delivered healthy performance. Only one sector, telecommunication services, detracted from performance and only minimally.

China

The Chinese economy continued to be one in transition during the first half of the year. As with many transitions, there have been bumps along the way. Similar to the last several months of 2015, the first six months of 2016 were marked by uncertainty, both as to the growth prospects for the country going forward, and as to the extent and nature of government policy for addressing the country’s economic predicament and, in particular, the value of the yuan.

VANECK VECTORS COUNTRY/REGIONAL ETFs

(unaudited) (continued)

On June 14, MSCI Inc. announced that it would delay including China A-shares in the MSCI Emerging Markets Index.² While this came as some surprise to many, VanEck included, the decision in no way changes our strategy. We continue to believe that, when evaluating any investment in the emerging markets, foreign stocks, or any global allocation of assets, China needs to be considered: it is the world’s second largest economy and second largest market.

VanEck Vectors ChinaAMC CSI 300 ETF (formerly Market Vectors ChinaAMC A-Share ETF) achieved some of its exposure through swap contracts, though none of these remained outstanding at June 30, 2016 and all of its exposure is now achieved through direct investment in A-shares. Only a single sector, consumer staples, contributed positively to performance during the period under review. All other sectors detracted from performance with the financial and industrial sectors the worst detractors.

VanEck Vectors ChinaAMC SME-ChiNext ETF seeks to provide not only exposure primarily to China’s market for innovative, non-government owned companies, but also to the sectors that are increasingly underpinning the growth of China’s “New Economy”. It is not surprising that under such market conditions, the vast majority of the Fund’s losses during the six-month period came from companies in the information technology sector, followed by those in the industrial and consumer discretionary sectors. The consumer staples sector contributed positively to performance.

Egypt

In June it was reported that non-oil business activity in Egypt had slowed for the ninth consecutive month.³ Following the destruction of a Russian plane over the Sinai Peninsula by a terrorist bomb (with the loss of all 224 passengers on board) at the end of October last year, the country’s important tourism industry suffered a fresh blow in May when an EgyptAir flight from Paris crashed with no survivors.⁴ The weaker tourism industry has only exacerbated a debilitating U.S. dollar shortage in the country, foreign currency that is vital for paying for imported raw materials. In addition, the latest figures indicate that annual urban consumer price inflation rose steeply from 10.3% in April to 12.3% in May.⁵ President Abdel Fattah El-Sisi has vowed to reduce unemployment significantly over the next five years, however, the employment rate continued to decline over the six-month period under review. Against this backdrop, and an overvalued Egyptian pound, the VanEck Vectors Egypt ETF failed to provide positive returns in the first half of 2016. While four sectors—materials, industrials, telecommunication services, and energy—contributed positively to total returns, their contributions was overshadowed by the negative performance of the financial sector, the single greatest detractor. Although mid-cap companies contributed positively to performance, they were overshadowed by small-cap companies with the largest average weighting during the period under review, which detracted the most from performance. Large-cap companies with a much smaller average weighting detracted commensurately less.

Gulf States

The Gulf States were challenged over the first six months of 2016 with both continuing conflict in the Middle East and low crude oil prices. Diversification away from an overdependence on crude oil remains essential for the future economic stability and health of the region. So far, efforts have not been particularly successful.⁶ The effect of current oil prices is most evident in the forecasts for economic growth in Saudi Arabia in 2016. Expected GDP growth in the country of approximately 0.8% will be its weakest in 14 years.⁷ Only two countries contributed positively to total returns. Geographically, the United Arab Emirates, with the greatest average country weighting, contributed the most to performance. Bahrain provided minimal positive returns. Kuwait, with the third greatest average country weighting, detracted most from performance. Industrial stocks were the greatest detractors from, and telecommunication services the greatest contributors to, performance.

India

According to the Indian rating agency Crisil, the quality of the country’s growth has been improving, with the focus shifting from boosting cyclical growth through fiscal and monetary stimuli to “repairing the system and initiating structural reforms”.⁸ While this may be true, June saw the country’s consumer price index inflation jump to a 22-month high of 5.77%.⁹ The manufacturing sector output, however, surprised with an increase to 0.7% compared with -3.1% on a month-on-month basis. Boosted by the manufacturing and capital goods sector, the industrial production index for May rose to 1.2% compared with -1.35% in April.¹⁰ That said, a recent report

from the Bureau of Economic and Business Affairs of the U.S. State Department not only throws doubt on the veracity of country’s stated 7.5% growth rate, but also questions the speed with which Prime Minister Narendra Modi’s government has matched economic reforms with rhetoric.¹¹

For the six months under review, the Fund recorded a loss of 2.75%. A number of sectors—financial, consumer staples, and materials—provided creditable positive returns. These were offset by negative performance in all other sectors, in particular industrial, the greatest detractor from performance.

Indonesia

After a disappointing first quarter, Indonesia’s stock market had a much stronger second quarter on the back of a central bank interest rate cut.¹² While both sector openings and infrastructure projects, promised by President Jokowi, appear to have started to get off on a firm footing, the country’s central bank still expects economic growth in the second quarter to rise only slightly above the 4.9% figure for the first quarter, reaching 4.9%-5%.¹³ With low demand for credit, Indonesia’s household consumption has yet to improve markedly.¹⁴ Despite this, as the World Bank describes it, the country’s “economy continues to prove resilient”, with “private consumption and public capital
spending . . . projected to support growth in Indonesia in 2016.”¹⁵ For mid- and large-cap names, the focus of VanEck Vectors Indonesia ETF, all sectors, apart from materials and utilities, contributed to performance, with consumer staples, followed by financial and consumer discretionary stocks, contributing the most. The materials sector detracted the most from performance. Among the Indonesia Small-Cap ETF stocks, all sectors apart from two, health care and materials, contributed positively to performance. Industrial, financial, and consumer discretionary companies were the best performers and the health care sector detracted the most from performance.

Israel

The first quarter of 2016 was a slow one for Israel, with GDP decelerating and expanding at the slowest rate in three quarters. While private consumption and fixed investment remained robust during the quarter, contractions in both exports and government spending constituted strong headwinds.¹⁶ Israel’s economy grew an annualized 1.3 percent in the first quarter and is forecast to grow about 2.8 percent in 2016.¹⁷ The rapprochement, after six years, between the country and Turkey following the raid by Israel on a Turkish aid flotilla heading to the Gaza Strip, should be positive for the country’s economy.¹⁸ Over the period under review, the performances of all sectors, whether positive or negative, were overshadowed by the negative returns of the health care sector, which detracted from performance the most of any sector. Minimal positive performance came from companies in the consumer discretionary, financial, information technology, utilities sectors. Only small-cap companies contributed positively to the Fund, with the majority of the Fund’s losses coming from large-cap companies.

Poland

Economic growth in Poland decelerated significantly, to its slowest in two years, in the first quarter of 2016.¹⁹ This was due to weakness in the external sector, tepid public spending and a collapse in fixed investment due to reduced European Union (EU) funds.²⁰ On a political front, Poland and the EU continued to be at odds over a number of issues, including rule of law, with no immediate resolution in sight. The vote for British withdrawal from the European Union (Brexit) did not help sentiment and the zloty depreciated to a four-month low against the euro following the vote.²¹ As recently as the end of June, the administration once again opined that it should purchase foreign banks in the country,²² with Jaroslaw Gowin, deputy prime minister, saying that foreign capital “definitely has too much power.”²³ Such statements have only fueled fears that the country might be moving away from free-market principles and toward, among other things, greater protectionism. Four sectors—consumer staples, energy, information technology, and materials—contributed positively to performance. Together with the financial sector, the greatest detractor from performance, the consumer discretionary, telecommunication services, and utilities sectors all provided negative returns. Small-cap companies contributed to performance. Mid-cap companies, followed by large-cap companies, detracted from performance.

Russia

The first six months of 2016 remained difficult for Russia. In the first quarter, the economy contracted 1.2% year-on-year, but this was less than was expected.²⁴ However, the country does appear to be in recovery mode.²⁵ The economy benefited both from higher oil prices in the period under review and a stabilization in the ruble’s

VANECK VECTORS COUNTRY/REGIONAL ETFs

(unaudited) (continued)

exchange rate. In June, stating steady inflation as a reason, the Bank of Russia lowered its key interest rate by 50 bps to 10.5%.²⁶ By June 30, 2016, the stock market had risen 9.02% in local currency (ruble) terms for the six-month period under review, and 24.78% in U.S. dollar terms. The energy, followed by the materials and financial sectors, were the three most significant contributors to positive performance in the large-cap fund, VanEck Vectors Russia ETF. The consumer staples sector detracted the most from performance. For VanEck Vectors Russia Small-Cap ETF, companies in the utilities sector performed particularly well. Similarly sized companies in the information technology sector were, however, the bottom performers.

Vietnam

Following economic growth that slowed to 5.46% in the first quarter of 2016,²⁷ expansion of the country’s economy in the second quarter of 2016 remained lackluster. This was the result of an agricultural sector that continued to suffer severely (contracting 0.8% in the first half of 2016)²⁸ from a crippling drought.²⁹ Among other things, export growth slowed from 4.9% in May to 3.3% in June. Inflows of foreign investment were strong, as was the performance of other, non-agricultural sectors of the economy.³⁰ Manufacturing jumped 10% in the first half of the year and there was strong growth in both services and construction.³¹ The Fund ended the six-month period down 0.42%. Mid-cap companies performed positively over the six-month period. While large-cap companies detracted from performance, small-cap companies, with an average weighting of approximately 63%, were by far the greatest detractors from performance. The utilities, materials, and energy sectors all contributed positively to total returns. The consumer discretionary sector detracted the most from performance.

¹	Financial Times: Rousseff crowdfunds impeachment battle, http://www.ft.com/cms/s/0/ca2edc6e-3fee-11e6-93e1-426e2e7bb8ad.html#axzz4ECvYaUEA
²	MSCI Inc.: MSCI will delay including China A shares in the MSCI Emerging Markets Index, https://www.msci.com/documents/10199/4b1ba122-5f18-4a36-91c0-41a9b358c2ff
³	Arab News: Egypt non-oil business activity slows for ninth straight month in June, http://www.arabnews.com/node/951716/economy
⁴	Ibid.
⁵	Ibid.
⁶	Rabobank – Economic Research: The GCC: going cold turkey on oil?, https://economics.rabobank.com/publications/2016/june/the-gcc-going-cold-turkey-on-oil/
⁷	EMIA: Saudi GDP Growth Forecast to Hit 14-Year Low in 2016.
⁸	NDTV: Quality Of Growth Improving, But Jobs Hold The Key: Crisil, http://profit.ndtv.com/news/economy/article-quality-of-growth-improving-but-jobs-hold-the-key-crisil-1430615
⁹	The Economic Times: June CPI jumps to 22-month high, dampens rate cut hopes, http://economictimes.indiatimes.com/news/economy/indicators/june-cpi-jumps-to-22-month-high-dampens-rate-cut-hopes/articleshow/53175698.cms?prtpage=1
¹⁰	Ibid.
¹¹	NDTV: India’s 7.5 Per Cent Growth Rate May Be Overstated, Says US, http://www.ndtv.com/india-news/indias-7-5-per-cent-growth-rate-may-be-overstated-says-us-1428432
¹²	Asia Times: Economic monitor: ASEAN’s mid-year lateral lure, http://atimes.com/2016/07/economic-monitor-aseans-mid-year-lateral-lure/
¹³	Indonesia Investments: Bank Indonesia: Domestic Economy Remains Sluggish in Q2-2016, http://www.indonesia-investments.com/news/todays-headlines/bank-indonesia-domestic-economy-remains-sluggish-in-q2-2016/item6987
¹⁴	Ibid.
¹⁵	World Bank: Reforms Strengthen Indonesia’s Economic Resilience: World Bank Report, http://www.worldbank.org/en/news/press-release/2016/06/17/reforms-strengthen-indonesias-economic-resilience-world-bank-report
¹⁶	Focus Economics: Israel Economic Outlook (July 5, 2016)
¹⁷	Reuters: No direct impact on Israeli economy from Brexit: Netanyahu
¹⁸	Al Jazeera: Netanyahu: Israel-Turkey deal immense boost to economy
¹⁹	Focus Economics: Poland Economic Outlook (July 5, 2016)
²⁰	Ibid.
²¹	bid.
²²	Financial Times: Poland should buy up foreign banks says deputy PM, http://www.ft.com/cms/s/0/57b26cae-348c-11e6-ad39-3fee5ffe5b5b.html#axzz4ECvYaUEA

²³	Ibid.
²⁴	Focus Economics: Russia Economic Outlook
²⁵	Ibid.
²⁶	EconoTimes: Russian economy to shrink 0.6 pct in 2016; consumer demand unlikely to expand before Q3, http://www.econotimes.com/Russian-economy-to-shrink-06-pct-in-2016-consumer-demand-unlikely-to-expand-before-Q3-223986
²⁷	The Wall Street Journal: Vietnam’s Economic Growth Slows to 5.46% in First Quarter, http://www.wsj.com/articles/vietnams-economic-growth-slows-to-5-46-in-first-quarter-1458908638
²⁸	Bloomberg: Drought in Vietnam Holds Back Growth as Farming Takes Knock, http://www.bloomberg.com/news/articles/2016-06-28/vietnam-economy-expands-5-6-in-second-quarter-amid-global-risks
²⁹	The Economist: Vietnam, http://country.eiu.com/vietnam
³⁰	Ibid.
³¹	Bloomberg: Drought in Vietnam Holds Back Growth as Farming Takes Knock, http://www.bloomberg.com/news/articles/2016-06-28/vietnam-economy-expands-5-6-in-second-quarter-amid-global-risks

AFRICA INDEX ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVAFKTR²
Six Months		12.76	%		11.65	%		11.79	%
One Year		(15.89	)%		(16.02	)%		(15.52	)%
Five Year		(6.36	)%		(6.29	)%		(5.32	)%
Life* (annualized)		(6.34	)%		(6.25	)%		(5.06	)%
Life* (cumulative)		(40.70	)%		(40.23	)%		(33.89	)%
^† Returns less than one year are not annualized
* since 7/10/2008

Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 Index^SM. From June 21, 2013, forward, the index data reflects that of the MVIS GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Africa Index ETF was 7/10/08.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/10/08) to the first day of secondary market trading in shares of the Fund (7/14/08), the NAV of the 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 the Fund reflects temporary waivers of expenses and/or fees. Had the 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 the 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. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

Gross Expense Ratio 0.95% / Net Expense Ratio 0.79%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.78% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in cash. Shares may trade at a premium or discount to their NAV in the secondary market.

The “Net Asset Value” (NAV) of a VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

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

²	MVIS^TMGDP Africa Index (MVAFKTR) tracks the performance of the largest and most liquid companies in Africa. The weighting of a country in the index is determined by the size of its gross domestic product.

MVAFKTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Africa Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVBRFTR²
Six Months		44.51	%		44.92	%		45.19	%
One Year		(5.82	)%		(5.08	)%		(4.48	)%
Five Year		(19.53	)%		(19.12	)%		(18.45	)%
Life* (annualized)		(2.58	)%		(2.46	)%		(1.80	)%
Life* (cumulative)		(17.02	)%		(16.26	)%		(12.15	)%
^† Returns less than one year are not annualized
* since 5/12/2009

Commencement date for the VanEck Vectors Brazil Small-Cap ETF was 5/12/09.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/12/09) to the first day of secondary market trading in shares of the Fund (5/14/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.77% / Net Expense Ratio 0.60%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

MVIS^TMBrazil Small-Cap Index (MVBRFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed on an exchange in Brazil, or that generate at least 50% of their revenues in Brazil.

MVBRFTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Brazil Small-Cap ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

CHINAAMC CSI 300 ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			CSIR0300²
Six Months		(15.95	)%		(16.82	)%		(16.80	)%
One Year		(33.69	)%		(33.89	)%		(33.11	)%
Five Year		(2.13	)%		0.34	%		2.16	%
Life* (annualized)		(0.30	)%		(0.14	)%		1.63	%
Life* (cumulative)		(1.72	)%		(0.82	)%		9.65	%
^† Returns less than one year are not annualized
* since 10/13/2010

As of May 1, 2016, Market Vectors ChinaAMC A-Share ETF’s name changed to VanEck Vectors ChinaAMC CSI 300 ETF.

Commencement date for the VanEck Vectors ChinaAMC CSI 300 ETF was 10/13/10

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/13/10) to the first day of secondary market trading in shares of the Fund (10/14/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.13% / Net Expense Ratio 0.72%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.72% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

CSI 300 Index (CSIR0300) is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Constituent stocks for the Index must have been listed for more than three months (unless the stock’s average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing what the Index Provider believes to be obvious abnormal fluctuations or market manipulation.

CSI 300 Index and its logo are service marks of China Securities Index Co., Ltd. (“CSI”) and have been licensed for use by Van Eck Associates Corporation. The VanEck Vectors ChinaAMC CSI 300 ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by CSI and CSI makes no representation regarding the advisability of investing in the Fund. CSI 300 is a registered trademark of China Securities Index Co., Ltd.

CHINAAMC SME-CHINEXT ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			SZ399611²
Six Months		(18.50	)%		(18.85	)%		(17.37	)%
One Year		(29.10	)%		(30.01	)%		(28.46	)%
Life* (annualized)		17.36	%		17.75	%		21.33	%
Life* (cumulative)		36.35	%		37.24	%		45.43	%
^† Returns less than one year are not annualized
* since 7/23/2014

Commencement date for the VanEck Vectors ChinaAMC SME-ChiNext ETF was 7/23/14.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/23/14) to the first day of secondary market trading in shares of the Fund (7/24/14), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.23% / Net Expense Ratio 0.83%

The SME-ChiNext 100 Index (SZ399611) is a modified, free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange. The Index is comprised of A-shares.

The SME-ChiNext 100 Index (the “Index”) is the exclusive property of the Shenzhen Securities Information Co., Ltd (the “Index Provider”), which is a subsidiary of the Shenzhen Stock Exchange. The Index Provider does not sponsor, endorse, or promote VanEck Vectors ChinaAMC SME-ChiNext ETF (the “Fund”) and bears no liability with respect to the Fund or any security.

EGYPT INDEX ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVEGPTTR²
Six Months		(7.46	)%		(8.72	)%		(8.25	)%
One Year		(25.64	)%		(26.03	)%		(25.82	)%
Five Year		(7.20	)%		(7.13	)%		(6.26	)%
Life* (annualized)		(9.79	)%		(9.71	)%		(9.61	)%
Life* (cumulative)		(48.10	)%		(47.80	)%		(47.45	)%
^† Returns less than one year are not annualized
* since 2/16/2010

Commencement date for the VanEck Vectors Egypt Index ETF was 2/16/10.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (2/16/10) to the first day of secondary market trading in shares of the Fund (2/18/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.26% / Net Expense Ratio 0.96%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.94% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS^TMEgypt Index (MVEGPTTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Egypt, or that generate at least 50% of their revenues in Egypt.

MVEGPTTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Egypt Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

GULF STATES INDEX ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVMESTR²
Six Months		(1.63	)%		(0.36	)%		(0.33	)%
One Year		(16.57	)%		(17.05	)%		(16.47	)%
Five Year		3.54	%		3.46	%		4.63	%
Life* (annualized)		(5.18	)%		(5.00	)%		(4.23	)%
Life* (cumulative)		(34.43	)%		(33.48	)%		(29.04	)%
^† Returns less than one year are not annualized
* since 7/22/2008

Index data prior to June 21, 2013 reflects that of the Dow Jones GCC Titans 40 Index^SM. From June 21, 2013, forward, the index data reflects that of the MVIS GDP GCC Index (MVMESTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Gulf States Index ETF was 7/22/08.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/22/08) to the first day of secondary market trading in shares of the Fund (7/24/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 3.77% / Net Expense Ratio 1.00%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.98% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS^TMGDP GCC Index (MVMESTR) provides exposure to publicly traded companies either headquartered in countries belonging to the Gulf Cooperation Council (GCC) or companies that generate the majority of their revenues in these countries.

MVMESTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Gulf States Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

INDIA SMALL-CAP INDEX ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVSCIFTR²
Six Months		(2.06	)%		(2.75	)%		(3.80	)%
One Year		3.21	%		2.24	%		2.19	%
Five Year		(6.97	)%		(6.79	)%		(6.22	)%
Life* (annualized)		(9.06	)%		(9.03	)%		(8.74	)%
Life* (cumulative)		(42.62	)%		(42.53	)%		(41.42	)%
^† Returns less than one year are not annualized
* since 8/24/2010

Commencement date for the VanEck Vectors India Small-Cap Index ETF was 8/24/10.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/24/10) to the first day of secondary market trading in shares of the Fund (8/25/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.87% / Net Expense Ratio 0.85%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.85% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS^TMIndia Small-Cap Index (MVSCIFTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are headquartered in India or that generate the majority of their revenues in India.

MVSCIFTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors India Small-Cap Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

INDONESIA INDEX ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVIDXTR²
Six Months		18.58	%		18.46	%		17.16	%
One Year		5.50	%		4.18	%		3.97	%
Five Year		(5.26	)%		(5.11	)%		(4.56	)%
Life* (annualized)		15.76	%		15.70	%		16.46	%
Life* (cumulative)		197.69	%		196.66	%		211.32	%
^† Returns less than one year are not annualized
* since 1/15/2009

Commencement date for the VanEck Vectors Indonesia Index ETF was 1/15/09.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (1/15/09) to the first day of secondary market trading in shares of the Fund (1/20/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.71% / Net Expense Ratio 0.58%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.57% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS^TMIndonesia Index (MVIDXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Indonesia, or that generate at least 50% of their revenues in Indonesia.

MVIDXTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Indonesia Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

INDONESIA SMALL-CAP ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVIDXJTR²
Six Months		6.08	%		5.93	%		4.74	%
One Year		(21.59	)%		(20.73	)%		(22.11	)%
Life* (annualized)		(16.95	)%		(16.92	)%		(16.52	)%
Life* (cumulative)		(54.84	)%		(54.75	)%		(53.83	)%

^† Returns less than one year are not annualized
* since 3/20/2012

Commencement date for the VanEck Vectors Indonesia Small-Cap ETF was 3/20/12.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (3/20/12) to the first day of secondary market trading in shares of the Fund (3/21/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 2.64% / Net Expense Ratio 0.64%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.61% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS^TMIndonesia Small-Cap Index (MVIDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed on an exchange in Indonesia, or that generate at least 50% of their revenues in Indonesia.

MVIDXJTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations toward MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Indonesia Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

ISRAEL ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			BLSNTR²
Six Months		(7.86	)%		(7.46	)%		(7.71	)%
One Year		(17.45	)%		(16.50	)%		(16.58	)%
Life* (annualized)		3.02	%		3.22	%		3.57	%
Life* (cumulative)		9.37	%		10.03	%		11.17	%
^† Returns less than one year are not annualized
* since 6/25/2013

Commencement date for the VanEck Vectors Israel ETF was 6/25/13.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (6/25/13) to the first day of secondary market trading in shares of the Fund (6/26/13), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.89% / Net Expense Ratio 0.60%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

BlueStar Israel Global Index^TM(BLSNTR) is a rules-based index intended to track the overall performance of publicly traded companies that are generally considered by the Indexer to be Israeli and Israeli linked companies. It primarily includes the largest and the most liquid companies, as well as mid-cap and small-cap companies that display sufficient liquidity.

The BlueStar Israel Global Index (the “Index”) is the exclusive property and a trademark of BlueStar Global Investors LLC and has been licensed for use for certain purposes by Van Eck Associates Corporation for VanEck Vectors Israel ETF (the “Fund”) based on the Index. The Fund is not sponsored, endorsed, sold or promoted by BlueStar Global Investors LLC, and BlueStar Global Investors LLC makes no representation regarding the advisability of trading in the Fund.

POLAND ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVPLNDTR²
Six Months		(2.71	)%		(2.79	)%		(3.29	)%
One Year		(24.41	)%		(24.50	)%		(24.50	)%
Five Year		(11.99	)%		(11.95	)%		(11.70	)%
Life* (annualized)		(6.64	)%		(6.67	)%		(6.36	)%
Life* (cumulative)		(36.44	)%		(36.57	)%		(35.17	)%
^† Returns less than one year are not annualized
* since 11/24/2009

Commencement date for the VanEck Vectors Poland ETF was 11/24/09.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (11/24/09) to the first day of secondary market trading in shares of the Fund (11/25/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.24% / Net Expense Ratio 0.60%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS^TMPoland Index (MVPLNDTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed in Poland, or that generate at least 50% of their revenues in Poland.

MVPLNDTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Poland ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

RUSSIA ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVRSXTR²
Six Months		18.91	%		19.20	%		19.35	%
One Year		(1.29	)%		0.58	%		1.09	%
Five Year		(12.07	)%		(11.99	)%		(12.29	)%
Life* (annualized)		(6.56	)%		(6.53	)%		(6.87	)%
Life* (cumulative)		(46.36	)%		(46.22	)%		(47.99	)%
^† Returns less than one year are not annualized
* since 4/24/2007

Index data prior to March 19, 2012 reflects that of the DAXglobal^®Russia+ Index (DXRPUS). From March 19, 2012 forward, the index data reflects that of the MVIS Russia Index (MVRSXTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Russia ETF was 4/24/07.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/24/07) to the first day of secondary market trading in shares of the Fund (4/30/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.78% / Net Expense Ratio 0.64%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, depository receipt fees up to 0.10% of the Fund’s average daily net assets, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.62% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS^TMRussia Index (MVRSXTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed in Russia, or that generate at least 50% of their revenues in Russia.

MVRSXTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Russia ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

RUSSIA SMALL-CAP ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVRSXJTR²
Six Months		40.52	%		38.53	%		39.37	%
One Year		21.95	%		21.96	%		23.58	%
Five Year		(15.72	)%		(15.79	)%		(15.67	)%
Life* (annualized)		(16.39	)%		(16.45	)%		(16.37	)%
Life* (cumulative)		(60.67	)%		(60.81	)%		(60.63	)%
^† Returns less than one year are not annualized
* since 4/13/2011

Commencement date for the VanEck Vectors Russia Small-Cap ETF was 4/13/11.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/13/11) to the first day of secondary market trading in shares of the Fund (4/14/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.27% / Net Expense Ratio 0.71%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, depository receipt fees up to 0.08% of the Fund’s average daily net assets, trading expenses, taxes and extraordinary expenses) from exceeding 0.67% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS^TMRussia Small-Cap Index (MVRSXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded small-capitalization companies that are domiciled and primarily listed in Russia, or that generate at least 50% of their revenues in Russia.

MVRSXJTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Russia Small-Cap ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

VIETNAM ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVVNMTR²
Six Months		(0.84	)%		(0.42	)%		(0.88	)%
One Year		(18.63	)%		(15.95	)%		(14.84	)%
Five Year		(4.47	)%		(4.29	)%		(3.41	)%
Life* (annualized)		(5.60	)%		(5.52	)%		(4.76	)%
Life* (cumulative)		(32.74	)%		(32.37	)%		(28.52	)%
^† Returns less than one year are not annualized
* since 8/11/2009

Commencement date for the VanEck Vectors Vietnam ETF was 8/11/09.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/11/09) to the first day of secondary market trading in shares of the Fund (8/14/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.72% / Net Expense Ratio 0.72%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.76% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS^TMVietnam Index (MVVNMTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of publicly traded companies that are domiciled and primarily listed in Vietnam, or that generate at least 50% of their revenues in Vietnam.

MVVNMTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Vietnam ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

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, January 1, 2016 to June 30, 2016.

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 your 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 program fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending		Annualized			Expenses Paid
	Account	Account		Expense			During the Period*
	Value	Value		Ratio			January 1, 2016-
	January 1, 2016	June 30, 2016		During Period			June 30, 2016
Africa Index ETF
Actual	$1,000.00	$	1,116.50		0.79	%	$	4.16
Hypothetical**	$1,000.00	$	1,020.94		0.79	%	$	3.97
Brazil Small-Cap ETF
Actual	$1,000.00	$	1,449.20		0.60	%	$	3.65
Hypothetical**	$1,000.00	$	1,021.88		0.60	%	$	3.02
ChinaAMC CSI 300 ETF
Actual	$1,000.00	$	831.80		0.72	%	$	3.28
Hypothetical**	$1,000.00	$	1,021.28		0.72	%	$	3.62
ChinaAMC SME-ChiNext ETF
Actual	$1,000.00	$	811.50		0.83	%	$	3.74
Hypothetical**	$1,000.00	$	1,020.74		0.83	%	$	4.17
Egypt Index ETF
Actual	$1,000.00	$	912.80		0.96	%	$	4.57
Hypothetical**	$1,000.00	$	1,020.09		0.96	%	$	4.82
Gulf States Index ETF
Actual	$1,000.00	$	996.40		1.00	%	$	4.96
Hypothetical**	$1,000.00	$	1,019.89		1.00	%	$	5.02
India Small-Cap Index ETF
Actual	$1,000.00	$	972.50		0.85	%	$	4.17
Hypothetical**	$1,000.00	$	1,020.64		0.85	%	$	4.27
Indonesia Index ETF
Actual	$1,000.00	$	1,184.60		0.58	%	$	3.15
Hypothetical**	$1,000.00	$	1,021.98		0.58	%	$	2.92
Indonesia Small-Cap ETF
Actual	$1,000.00	$	1,059.30		0.64	%	$	3.28
Hypothetical**	$1,000.00	$	1,021.68		0.64	%	$	3.22
Israel ETF
Actual	$1,000.00	$	925.40		0.60	%	$	2.87
Hypothetical**	$1,000.00	$	1,021.88		0.60	%	$	3.02
Poland ETF
Actual	$1,000.00	$	972.10		0.60	%	$	2.94
Hypothetical**	$1,000.00	$	1,021.88		0.60	%	$	3.02
Russia ETF
Actual	$1,000.00	$	1,192.00		0.64	%	$	3.49
Hypothetical**	$1,000.00	$	1,021.68		0.64	%	$	3.22
Russia Small-Cap ETF
Actual	$1,000.00	$	1,385.30		0.71	%	$	4.21
Hypothetical**	$1,000.00	$	1,021.33		0.71	%	$	3.57
Vietnam ETF
Actual	$1,000.00	$	995.80		0.72	%	$	3.57
Hypothetical**	$1,000.00	$	1,021.28		0.72	%	$	3.62

*		Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2016) 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

AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 98.7%
Canada: 9.1%
	542,766	Africa Oil Corp. (SEK) * #	$	795,111
	240,196	First Quantum Minerals Ltd.		1,677,507
	552,138	IAMGOLD Corp. (USD) *		2,285,851
	350,681	Semafo, Inc. *		1,674,153
				6,432,622
Egypt: 15.3%
	1,561,680	Commercial International Bank Egypt SAE (GDR) # Reg S		5,568,496
	1,078,084	Egyptian Financial Group-Hermes Holding SAE * #		1,296,574
	1,415,978	Global Telecom Holding SAE (GDR) * Reg S		2,619,559
	2,504,775	Talaat Moustafa Group		1,376,506
				10,861,135
Kenya: 4.0%
	16,096,400	Safaricom Ltd. #		2,837,652
Morocco: 10.2%
	61,046	Attijariwafa Bank		2,146,453
	91,108	Banque Centrale Populaire		2,046,403
	47,847	Banque Marocaine du Commerce Exterieur		997,679
	166,017	Maroc Telecom #		2,017,435
				7,207,970
Netherlands: 1.3%
	160,676	Steinhoff International Holdings NV #		926,970
Nigeria: 17.0%
	55,287,652	First Bank Nigeria Holdings Plc		760,633
	45,331,315	Guaranty Trust Bank Plc #		3,743,479
	451,729	Nestle Nigeria Plc #		1,368,162
	5,862,136	Nigerian Breweries Plc		2,861,096
	49,173,931	United Bank for Africa Plc		817,392
	44,006,131	Zenith Bank Ltd. #		2,463,376
				12,014,138
Singapore: 2.4%
	6,423,200	Golden Agri-Resources Ltd. #		1,682,135
South Africa: 21.6%
	86,258	African Bank Investments Ltd. * # §		0
	25,487	Al Noor Hospitals Group Plc (GBP) #		374,681
	4,467	Anglo American Platinum Ltd. * #		112,309
	21,144	AngloGold Ashanti Ltd. (ADR) *		381,861
	23,336	Aspen Pharmacare Holdings Ltd. * #		578,939
	19,775	AVI Ltd.		112,074
	19,539	Barclays Africa Group Ltd. #		192,728
	9,804	Barloworld Ltd. #		49,129
	17,634	Bid Corp Ltd. *		332,331
	17,634	Bidvest Group Ltd. #		167,303
	3,831	Capitec Bank Holdings Ltd. † #		156,284
	12,055	Clicks Group Ltd.		101,000
	20,406	Coronation Fund Managers Ltd. † #		93,090
	27,512	Discovery Ltd. #		231,128
	9,801	Exxaro Resources Ltd. #		45,411

Number
of Shares			Value

South Africa: (continued)
	210,085	FirstRand Ltd. #	$	644,790
	54,785	Fortress Income Fund Ltd. #		134,778
	9,771	Foschini Group Ltd. #		92,772
	38,459	Gold Fields Ltd. (ADR)		188,449
	26,989	Impala Platinum Holdings Ltd. * #		87,449
	9,706	Imperial Holdings Ltd. #		99,677
	13,010	Investec Ltd. #		80,214
	37,821	Investec PCL (GBP) #		236,066
	9,483	Liberty Holdings Ltd. #		77,834
	56,635	Life Healthcare Group Holdings Ltd. #		140,131
	4,848	Massmart Holdings Ltd. #		41,647
	65,744	MMI Holdings Ltd. #		102,002
	7,073	Mondi Ltd. #		130,014
	14,382	Mr Price Group Ltd. #		203,216
	102,347	MTN Group Ltd. #		1,000,285
	26,142	Naspers Ltd. #		4,014,378
	11,071	Nedbank Group Ltd. #		141,334
	62,105	Netcare Ltd. #		132,633
	13,016	Pick n Pay Stores Ltd. † #		63,735
	9,371	Pioneer Foods Ltd. #		110,584
	9,475	PSG Group Ltd. #		125,907
	50,291	Rand Merchant Investment Holdings Ltd. #		141,828
	28,760	Remgro Ltd. #		501,875
	42,704	RMB Holdings Ltd. #		164,597
	102,984	Sanlam Ltd. #		427,860
	15,989	Sappi Ltd. * #		74,857
	31,902	Sasol Ltd. (ADR)		865,182
	27,232	Shoprite Holdings Ltd. #		310,175
	9,316	Sibanye Gold Ltd. (ADR)		126,884
	10,402	Spar Group Ltd.		143,476
	78,080	Standard Bank Group Ltd. #		683,886
	18,596	Telkom SA SOC Ltd. #		84,384
	10,375	Tiger Brands Ltd. #		257,050
	19,394	Truworths International Ltd. #		113,502
	22,505	Vodacom Group Ltd. #		257,890
	59,517	Woolworths Holdings Ltd. #		342,730
				15,272,339
United Kingdom: 14.5%
	1,189,538	African Minerals Ltd. * # §		0
	81,756	Anglo American Plc #		804,733
	2,047,139	Cenatamin Plc #		3,621,407
	273,335	Old Mutual Plc #		741,484
	19,867	Randgold Resources Ltd. (ADR)		2,225,899
	803,289	Tullow Oil Plc * #		2,844,910
				10,238,433
United States: 3.3%
	131,153	Kosmos Energy Ltd. *		714,784
	24,780	Royal Caribbean Cruises Ltd.		1,663,977
				2,378,761
Total Common Stocks (Cost: $72,442,235)				69,852,155

See Notes to Financial Statements

Number
of Shares			Value


REAL ESTATE INVESTMENT TRUSTS: 1.1%
South Africa: 1.1%
	152,503	Growthpoint Properties Ltd. #	$	267,940
	14,191	Hyprop Investments Ltd. #		125,639
	297,980	Redefine Properties Ltd. #		230,013
	19,295	Resilient REIT Ltd. #		173,854
Total Real Estate Investment Trusts
(Cost: $850,284)				797,446
Total Investments Before Collateral for Securities Loaned: 99.8%
(Cost: $73,292,519)				70,649,601

Principal
Amount			Value

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4%
(Cost: $243,970)
Repurchase Agreement: 0.4%
$	243,970	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $243,973; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $248,849 including accrued interest)	$	243,970
Total Investments: 100.2%
(Cost: $73,536,489)				70,893,571
Liabilities in excess of other assets: (0.2)%				(124,416	)
NET ASSETS: 100.0%			$	70,769,155


ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
SEK	Swedish Krona
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $206,853.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $44,530,452 which represents 62.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.6	%	$	7,457,222
Consumer Staples		10.4			7,383,465
Energy		7.4			5,265,398
Financials		38.1			26,892,122
Health Care		1.7			1,226,384
Industrials		0.3			216,432
Materials		19.0			13,391,373
Telecommunication Services		12.5			8,817,205
		100.0	%	$	70,649,601

See Notes to Financial Statements

AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Common Stocks
Canada	$	5,637,511	$	795,111		$	—	$	6,432,622
Egypt		3,996,065		6,865,070			—		10,861,135
Kenya		—		2,837,652			—		2,837,652
Morocco		5,190,535		2,017,435			—		7,207,970
Netherlands		—		926,970			—		926,970
Nigeria		4,439,121		7,575,017			—		12,014,138
Singapore		—		1,682,135			—		1,682,135
South Africa		2,251,257		13,021,082			0		15,272,339
United Kingdom		2,225,899		8,012,534			0		10,238,433
United States		2,378,761		—			—		2,378,761
Real Estate Investment Trusts
South Africa		—		797,446			—		797,446
Repurchase Agreement		—		243,970			—		243,970
Total	$	26,119,149	$	44,774,422		$	0	$	70,893,571

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $6,592,358 and transfers from Level 2 to Level 1 were $8,783,709. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	South Africa				United Kingdom
Balance as of December 31, 2015		$	213			$	1,420
Realized gain (loss)			—				—
Net change in unrealized appreciation (depreciation)			(213	)			(1,420	)
Purchases			—				—
Sales			—				—
Transfers in and/or out of level 3			—				—
Balance as of June 30, 2016		$	0			$	0

See Notes to Financial Statements

BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 81.9%
Automobiles & Components: 2.2%
	170,500	Mahle-Metal Leve SA Industria e Comercio	$	1,218,123
	217,350	Tupy SA		798,409
				2,016,532
Capital Goods: 1.1%
	239,600	Iochpe Maxion SA		1,021,860
Commercial & Professional Services: 2.8%
	49,024	Atento SA (USD) *		436,804
	255,300	Valid Solucoes SA		2,185,584
				2,622,388
Consumer Durables & Apparel: 12.3%
	86,600	Arezzo Industria e Comercio SA		721,959
	850,400	Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,724,097
	418,800	Even Construtora e Incorporadora SA		500,636
	372,894	EZ Tec Empreendimentos e Participacoes SA		1,857,331
	413,150	Grendene SA		2,117,003
	1,043,150	MRV Engenharia e Participacoes SA		3,510,398
				11,431,424
Consumer Services: 2.8%
	184,500	CVC Brasil Operadora e Agencia de Viagens SA		1,314,698
	154,250	GAEC Educacao SA		690,987
	166,450	Ser Educacional SA Reg S 144A		646,151
				2,651,836
Energy: 6.3%
	610,399	Cosan Ltd. (Class A) (USD)		3,973,698
	87,500	Modec, Inc. #		1,343,187
	353,250	QGEP Participacoes SA		501,454
				5,818,339
Financials: 0.5%
	182,690	GP Investments Ltd. (BDR) *		425,971
Food, Beverage & Tobacco: 3.8%
	854,150	Marfrig Alimentos SA *		1,494,357
	488,800	Minerva SA *		1,393,832
	149,100	SLC Agricola SA		686,947
				3,575,136
Health Care Equipment & Services: 13.0%
	360,100	Fleury SA		3,082,760
	1,012,400	Odontoprev SA		4,194,827
	838,700	Qualicorp SA		4,858,888
				12,136,475
Insurance: 1.0%
	233,900	FPC Par Corretora de Seguros SA		946,580
Materials: 4.6%
	1,379,425	Duratex SA		3,650,068
	127,800	Magnesita Refratarios SA *		584,833
				4,234,901

Number
of Shares			Value

Media: 3.6%
	223,950	Smiles SA	$	3,345,690
Real Estate: 3.9%
	223,600	Aliansce Shopping Centers SA		981,465
	396,400	BR Properties SA		925,505
	195,600	Iguatemi Empresa de Shopping Centers SA		1,715,298
				3,622,268
Retailing: 5.2%
	501,600	B2W Cia Global Do Varejo *		1,467,808
	355,600	Cia Hering SA		1,642,781
	762,800	Via Varejo SA		1,769,094
				4,879,683
Software & Services: 1.6%
	287,850	Linx SA		1,443,596
Telecommunication Services: 0.7%
	218,369	NII Holdings, Inc. (USD) *		694,413
Transportation: 10.7%
	891,316	EcoRodovias Infraestrutura e Logistica SA		2,325,196
	45,064	Gol Linhas Aereas Inteligentes SA (ADR) * †		477,228
	183,400	Julio Simoes Logistica SA		570,930
	159,985	Prumo Logistica SA *		318,247
	3,204,168	Rumo Logistica Operadora Multimodal SA *		4,887,596
	354,150	Santos Brasil Participacoes SA		1,367,077
				9,946,274
Utilities: 5.8%
	532,185	Alupar Investimento SA		2,319,394
	200,500	Cia de Saneamento de Minas Gerais SA		1,847,524
	343,400	Light SA		1,204,781
				5,371,699
Total Common Stocks
(Cost: $73,982,861)				76,185,065
PREFERRED STOCKS: 15.2%
Banks: 1.0%
	233,745	Banco ABC Brasil SA		951,047
Capital Goods: 1.2%
	1,550,350	Marcopolo SA *		1,158,310
Consumer Durables & Apparel: 2.4%
	679,355	Alpargatas SA		2,212,139
Financials: 1.7%
	603,950	Banco do Estado do Rio Grande do Sul SA		1,605,620
Materials: 5.2%
	835,000	Bradespar SA		2,300,455
	2,093,850	Metalurgica Gerdau SA		1,303,645
	1,957,400	Usinas Siderurgicas de Minas Gerais SA *		1,200,410
				4,804,510

See Notes to Financial Statements

BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number
of Shares			Value

Utilities: 3.7%
	654,350	Cia Energetica de Sao Paulo	$	2,424,047
	388,450	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		1,021,823
				3,445,870
Total Preferred Stocks (Cost: $16,610,398)				14,177,496
REAL ESTATE INVESTMENT TRUST: 2.3% (Cost: $2,599,789)
Real Estate: 2.3%
	76,674	FII BTG Pactual Corporate Office Fund		2,115,976
RIGHTS: 0.2%
Utilities: 0.2%
	66,852	Alupar Investimento SA Rights (BRL 4.10, expiring 07/21/16) *		32,257
	12,915	Cia de Saneamento de Minas Gerais SA Rights (BRL 18.17, expiring 07/13/16) * #		118,242
Total Rights (Cost: $68,887)				150,499
MONEY MARKET FUND: 0.6% (Cost: $577,653)
	577,653	Dreyfus Government Cash Management Fund		577,653


			Value

Total Investments Before Collateral for Securities Loaned: 100.2%
(Cost: $93,839,588)			$	93,206,689

Principal
Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4%
(Cost: $338,968)
Repurchase Agreement: 0.4%
$	338,968	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $338,973; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $345,747 including accrued interest)		338,968
Total Investments: 100.6%
(Cost: $94,178,556)				93,545,657
Liabilities in excess of other assets: (0.6)%				(526,443	)
NET ASSETS: 100.0%			$	93,019,214


ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt
BRL	Brazilian Real
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $334,644.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,461,429 which represents 1.6% 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 $646,151, or 0.7% of net assets.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		28.5	%	$	26,537,304
Consumer Staples		3.8			3,575,136
Energy		6.2			5,818,339
Financials		10.4			9,667,462
Health Care		13.0			12,136,475
Industrials		15.8			14,748,832
Information Technology		1.6			1,443,596
Materials		9.7			9,039,411
Telecommunication Services		0.8			694,413
Utilities		9.6			8,968,068
Money Market Fund		0.6			577,653
		100.0	%	$	93,206,689

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Common Stocks
Automobiles & Components	$	2,016,532	$	—		$	—	$	2,016,532
Capital Goods		1,021,860		—			—		1,021,860
Commercial & Professional Services		2,622,388		—			—		2,622,388
Consumer Durables & Apparel		11,431,424		—			—		11,431,424
Consumer Services		2,651,836		—			—		2,651,836
Energy		4,475,152		1,343,187			—		5,818,339
Financials		425,971		—			—		425,971
Food, Beverage & Tobacco		3,575,136		—			—		3,575,136
Health Care Equipment & Services		12,136,475		—			—		12,136,475
Insurance		946,580		—			—		946,580
Materials		4,234,901		—			—		4,234,901
Media		3,345,690		—			—		3,345,690
Real Estate		3,622,268		—			—		3,622,268
Retailing		4,879,683		—			—		4,879,683
Software & Services		1,443,596		—			—		1,443,596
Telecommunication Services		694,413		—			—		694,413
Transportation		9,946,274		—			—		9,946,274
Utilities		5,371,699		—			—		5,371,699
Preferred Stocks*		14,177,496		—			—		14,177,496
Real Estate Investment Trust*		2,115,976		—			—		2,115,976
Rights
Utilities		32,257		118,242			—		150,499
Money Market Fund		577,653		—			—		577,653
Repurchase Agreement		—		338,968			—		338,968
Total	$	91,745,260	$	1,800,397		$	—	$	93,545,657

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

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

CHINAAMC CSI 300 ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.2%
Automobiles & Components: 2.5%
	35,181	Byd Co. Ltd. * #	$	325,041
	127,157	Chongqing Changan Automobile Co. Ltd. #		263,057
	45,800	FAW Car Co. Ltd. #		75,316
	79,000	Fuyao Glass Industry Group Co. Ltd. #		166,892
	67,974	Great Wall Motor Co. Ltd. #		86,580
	71,073	Huayu Automotive Systems Co. Ltd. #		150,363
	186,363	SAIC Motor Corp. Ltd. #		571,036
	64,560	Wanxiang Qianchao Co. Ltd. #		152,720
				1,791,005
Banks: 18.5%
	2,154,200	Agricultural Bank of China Ltd #		1,037,120
	571,288	Bank of Beijing Co. Ltd. #		893,642
	1,187,800	Bank of China Ltd. #		574,421
	1,548,416	Bank of Communications Co. Ltd. #		1,315,180
	204,837	Bank of Nanjing Co. Ltd. #		290,422
	109,880	Bank of Ningbo Co. Ltd. #		245,421
	172,800	China CITIC Bank Corp. Ltd. * #		147,768
	432,500	China Construction Bank Corp. #		309,816
	897,400	China Everbright Bank Co. Ltd. #		509,272
	581,260	China Merchants Bank Co. Ltd. #		1,535,228
	1,332,355	China Minsheng Banking Corp. Ltd. #		1,795,984
	301,080	Huaxia Bank Co. Ltd. #		449,333
	1,367,504	Industrial & Commercial Bank of China Ltd. #		913,938
	751,591	Industrial Bank Co. Ltd. #		1,728,108
	387,118	Ping An Bank Co. Ltd. #		509,132
	487,334	Shanghai Pudong Development Bank Co. Ltd. #		1,145,260
				13,400,045
Capital Goods: 10.8%
	25,800	AVIC Aero-Engine Controls Co. Ltd. #		103,546
	62,400	AVIC Aircraft Co. Ltd. #		186,507
	44,000	Avic Aviation Engine Corp. Plc #		230,976
	13,300	AVIC Helicopter Co. Ltd. #		83,728
	29,699	China Avionics Systems Co. Ltd. #		87,554
	89,700	China Baoan Group Co. Ltd. #		186,151
	86,024	China Communications Construction Co. Ltd. #		136,820
	38,800	China CSSC Holdings Ltd. #		130,355
	147,400	China First Heavy Industries #		116,198
	155,700	China Gezhouba Group Co. Ltd. #		136,724
	41,600	China International Marine Containers Group Co. Ltd. #		88,741
	111,200	China National Chemical Engineering Co. Ltd. #		92,711
	194,500	China Railway Construction Corp. Ltd. #		292,311
	315,108	China Railway Group Ltd. #		331,546
	501,300	China Shipbuilding Industry Co. Ltd. #		479,408
	33,300	China Spacesat Co. Ltd. #		169,420
	845,391	China State Construction Engineering Corp. Ltd. #		678,929
	115,500	China XD Electric Co. Ltd. #		88,339
	73,300	CITIC Heavy Industries Co. Ltd. #		59,533
	516,545	CRRC Corp. Ltd. #		715,806
	13,800	CSSC Offshore and Marine Engineering Group Co. Ltd. * #		52,884

Number of Shares			Value

Capital Goods: (continued)
	67,600	Dongfang Electric Corp. Ltd. #	$	100,351
	48,100	Han’s Laser Technology Co. Ltd. #		166,537
	53,075	Luxshare Precision Industry Co. Ltd. #		157,487
	274,500	Metallurgical Corp of China Ltd. #		153,052
	82,105	NARI Technology Co. Ltd. #		166,101
	232,500	Power Construction Corp. of China Ltd. * #		200,606
	214,600	Sany Heavy Industry Co. Ltd. #		162,702
	160,845	Shanghai Construction Group Co. Ltd. #		92,972
	166,500	Shanghai Electric Group Co. Ltd. #		190,234
	88,600	Shanghai Tunnel Engineering Co. Ltd. #		112,386
	21,119	Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. #		62,992
	53,749	Shenzhen Inovance Technology Co. Ltd. #		157,728
	61,500	Siasun Robot & Automation Co. Ltd. #		236,579
	89,400	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		135,457
	146,262	TBEA Co. Ltd. #		188,345
	93,300	Tian Di Science & Technology Co. Ltd. #		63,480
	136,500	Weichai Power Co. Ltd. #		160,700
	239,500	XCMG Construction Machinery Co. Ltd. #		110,623
	92,851	Xiamen C & D, Inc.		167,151
	88,200	Xinjiang Goldwind Science & Technology Co. Ltd. #		202,093
	74,853	Zhengzhou Yutong Bus Co. Ltd. #		223,812
	247,500	Zoomlion Heavy Industry Science and Technology Co. Ltd. #		154,044
				7,813,619
Commercial & Professional Services: 0.8%
	87,541	Beijing Originwater Technology Co. Ltd. #		197,174
	78,928	BlueFocus Communication Group Co. Ltd. #		115,746
	71,000	Eternal Asia Supply Chain Management Ltd. #		154,134
	87,000	Jihua Group Corp. Ltd. #		101,025
				568,079
Consumer Durables & Apparel: 3.7%
	305,728	Gree Electric Appliances, Inc. # §		936,921
	29,500	Guangdong Alpha Animation and Culture Co. Ltd. #		134,524
	75,891	Heilan Home Co. Ltd. #		129,176
	44,240	Hisense Electric Co. Ltd. #		118,491
	174,795	Midea Group Co. Ltd. #		625,560
	172,000	Qingdao Haier Co. Ltd. #		230,753
	208,200	Sichuan Changhong Electric Co. Ltd. * #		139,235
	413,000	TCL Corp. #		205,070
	86,553	Youngor Group Co. Ltd. #		180,398
				2,700,128
Consumer Services: 0.7%
	27,500	China International Travel Service Corp. Ltd. #		182,329
	184,920	Shenzhen Overseas Chinese Town Co. Ltd. #		178,381

See Notes to Financial Statements

Number of Shares			Value

Consumer Services: (continued)
	32,800	Songcheng Performance Development Co. Ltd. #	$	123,800
				484,510
Diversified Financials: 9.4%
	49,900	Anxin Trust Co. Ltd. #		127,669
	252,986	Avic Capital Co. Ltd. #		225,042
	115,500	Bohai Leasing Co. Ltd. # §		128,869
	163,700	China Merchants Securities Co. Ltd. #		409,020
	443,600	CITIC Securities Co. Ltd. #		1,092,561
	56,400	Dongxing Securities Co. Ltd. #		208,719
	66,071	Everbright Securities Co. Ltd. #		170,303
	231,950	Founder Securities Co. Ltd. * #		269,475
	85,937	Guotai Junan Securities Co. Ltd. #		231,253
	138,600	Guoyuan Securities Co. Ltd. #		362,815
	456,035	Haitong Securities Co. Ltd. #		1,065,997
	184,104	Huatai Securities Co. Ltd. * #		529,061
	264,118	Industrial Securities Co. Ltd. #		295,823
	148,900	Orient Securities Co. Ltd. #		379,966
	256,090	Pacific Securities Co. Ltd. #		237,962
	62,500	SDIC Essence Holdings Co. Ltd. * #		169,453
	251,139	Shenwan Hongyuan Group Co. Ltd. * #		319,973
	102,300	Sinolink Securities Co. Ltd. #		208,764
	118,400	SooChow Securities Co. Ltd. #		240,367
	159,028	Southwest Securities Co. Ltd. #		174,862
				6,847,954
Energy: 2.4%
	103,100	China Coal Energy Co. Ltd. #		80,578
	119,476	China Merchants Energy Shipping Co. Ltd. #		84,444
	33,300	China Oilfield Services Ltd. #		61,199
	592,400	China Petroleum & Chemical Corp. #		422,662
	111,535	China Shenhua Energy Co. Ltd. #		237,266
	176,600	Guanghui Energy Co. Ltd. #		109,348
	124,580	Offshore Oil Engineering Co. Ltd. #		130,285
	273,800	PetroChina Co. Ltd. #		298,658
	106,707	Shaanxi Coal Industry Co. Ltd. #		83,501
	101,800	Sinopec Oilfield Service Corp. * #		59,403
	210,110	Wintime Energy Co. Ltd. * #		125,176
	21,600	Yanzhou Coal Mining Co. Ltd. #		35,755
				1,728,275
Financials: 2.3%
	187,100	Changjiang Securities Co. Ltd. #		328,897
	166,756	GF Securities Co. Ltd. * #		423,678
	67,400	Guoyuan Securities Co. Ltd. * # §		175,596
	79,148	Northeast Securities Co. Ltd. #		154,964
	115,022	Sealand Securities Co. Ltd. #		129,060
	63,800	Shanxi Securities Co. Ltd. #		160,757
	78,808	Western Securities Co. Ltd. #		309,773
				1,682,725
Food & Staples Retailing: 0.4%
	43,500	Shanghai Bailian Group Co. Ltd. #		79,541
	47,800	Shenzhen Agricultural Products Co. Ltd. #		87,647
	229,256	Yonghui Superstores Co. Ltd. #		143,366
				310,554

Number of Shares			Value

Food, Beverage & Tobacco: 5.6%
	115,475	Beijing Dabeinong Technology Group Co. Ltd. #	$	140,351
	79,500	Beijing Yanjing Brewery Co. Ltd. #		90,696
	57,800	COFCO Tunhe Co. Ltd. #		100,621
	55,800	Henan Shuanghui Investment & Development Co. Ltd. #		175,616
	341,800	Inner Mongolia Yili Industrial Group Co. Ltd. #		856,226
	33,940	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #		366,437
	28,326	Kweichow Moutai Co. Ltd.		1,242,178
	39,493	Luzhou Laojiao Co. Ltd. #		176,471
	105,100	MeiHua Holdings Group Co. Ltd. #		98,819
	117,400	New Hope Liuhe Co. Ltd. #		146,537
	10,100	Shanghai Bairun Investment Holding Group Co. Ltd. #		33,697
	15,698	Tsingtao Brewery Co. Ltd. #		68,605
	107,000	Wuliangye Yibin Co. Ltd. #		524,850
				4,021,104
Health Care Equipment & Services: 0.1%
	18,512	Jointown Pharmaceutical Group Co. Ltd. #		48,925
Health Care Equipment & Services: 1.1%
	22,241	Aier Eye Hospital Group Co. Ltd. #		122,722
	13,678	Huadong Medicine Co. Ltd. #		138,788
	49,200	Lepu Medical Technology Beijing Co. Ltd. #		135,534
	40,565	Searainbow Holding Corp. * #		247,213
	65,000	Shanghai Pharmaceuticals Holding Co. Ltd. #		177,089
				821,346
Household & Personal Products: 0.1%
	41,000	By-health Co. Ltd. #		83,777
Insurance: 5.9%
	93,911	China Life Insurance Co. Ltd. #		295,594
	177,048	China Pacific Insurance Group Co. Ltd. #		723,860
	46,976	New China Life Insurance Co. Ltd. #		287,592
	610,500	Ping An Insurance Group Co. of China Ltd. #		2,955,955
				4,263,001
Materials: 5.8%
	308,900	Aluminum Corporation of China Ltd. * #		175,991
	103,900	Angang Steel Co. Ltd. * #		60,089
	112,700	Anhui Conch Cement Co. Ltd. #		247,280
	278,400	Baoshan Iron & Steel Co. Ltd. # §		209,625
	70,500	BBMG Corp. #		82,348
	145,236	Beijing Kangde Xin Composite Material Co. Ltd. #		375,509
	66,500	China Hainan Rubber Industry Group Co. Ltd. * #		56,447
	219,000	China Molybdenum Co. Ltd. #		137,618
	122,770	China Northern Rare Earth Group High-Tech Co. Ltd. #		247,048
	239,300	Hebei Iron & Steel Co. Ltd. * #		100,157
	71,408	Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. #		80,948

See Notes to Financial Statements

CHINAAMC CSI 300 ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number of Shares			Value

Materials: (continued)
	550,500	Inner Mongolian Baotou Steel Union Co. Ltd. * #	$	238,163
	46,800	Jiangxi Copper Co. Ltd. #		95,510
	54,600	Jinduicheng Molybdenum Co. Ltd. * #		67,328
	88,400	Kingenta Ecological Engineering Group Co. Ltd. #		107,476
	16,800	Luxin Venture Capital Group Co. Ltd. #		55,092
	245,600	Pangang Group Vanadium Titanium & Resources Co. Ltd. * # §		89,785
	41,802	Qinghai Salt Lake Industry Co. Ltd. #		133,593
	40,100	Shandong Gold Mining Co. Ltd. #		235,633
	94,900	Shandong Iron and Steel Co. Ltd. * #		34,019
	128,412	Shanxi Taigang Stainless Steel Co. Ltd. * #		61,277
	87,300	Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. #		138,835
	123,505	Sinopec Shanghai Petrochemical Co. Ltd. * #		114,238
	377,100	Tongling Nonferrous Metals Group Co. Ltd. #		144,639
	60,875	Wanhua Chemical Group Co. Ltd. #		158,972
	227,600	Wuhan Iron & Steel Co. Ltd. * # §		95,156
	123,160	Xinxing Ductile Iron Pipes Co. Ltd. #		86,264
	128,300	Zhejiang Longsheng Group Co. Ltd. #		167,129
	97,246	Zhongjin Gold Corp. Ltd. * #		165,054
	534,400	Zijin Mining Group Co. Ltd. #		271,612
				4,232,835
Media: 2.8%
	49,620	Beijing Enlight Media Co. Ltd. #		86,882
	39,200	Beijing Gehua CATV Network Co. Ltd. #		90,294
	40,500	China South Publishing & Media Group Co. Ltd. #		110,847
	31,100	Chinese Universe Publishing and Media Co. Ltd. #		97,438
	61,800	CITIC Guoan Information Industry Co. Ltd. #		199,128
	115,600	Huawen Media Investment Group Corp. #		172,903
	109,854	Huayi Brothers Media Corp. #		225,004
	64,000	Hunan TV & Broadcast Intermediary Co. Ltd. #		160,249
	33,600	Jiangsu Broadcasting Cable Information Network Corp. Ltd. * #		70,781
	43,000	Jiangsu Phoenix Publishing and Media Corp. Ltd. #		68,650
	74,013	Shanghai Oriental Pearl Media Co. Ltd. * #		271,637
	26,500	Wanda Cinema Line Co. Ltd. #		320,632
	24,300	Wasu Media Holding Co. Ltd. * #		68,341
	39,340	Zhejiang Huace Film & TV Co. Ltd. #		92,785
				2,035,571
Pharmaceuticals, Biotechnology: 4.4%
	13,000	Aurora Optoelectronics Co. Ltd. * #		68,055
	30,900	Beijing Tongrentang Co. Ltd. #		139,204
	22,076	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #		80,630
	156,700	Guangxi Wuzhou Zhongheng Group Co. Ltd. #		102,876

Number of Shares			Value

Pharmaceuticals, Biotechnology: (continued)
	30,161	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. #	$	112,203
	23,900	Guizhou Bailing Group Pharmaceutical Co. Ltd. #		62,236
	26,160	Hualan Biological Engineering, Inc. #		124,022
	79,405	Jiangsu Hengrui Medicine Co. Ltd. #		479,629
	40,400	Jilin Aodong Medicine Industry Groups Co. Ltd. #		152,506
	174,258	Kangmei Pharmaceutical Co. Ltd. #		399,975
	29,400	Shandong Dong-E E-Jiao Co. Ltd. #		234,510
	64,600	Shanghai Fosun Pharmaceutical Group Co. Ltd. #		185,925
	31,100	Shanghai RAAS Blood Products Co. Ltd. #		176,496
	21,160	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		55,792
	17,639	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		72,473
	48,652	Sichuan Kelun Pharmaceutical Co. Ltd. #		113,163
	36,536	Tasly Pharmaceutical Group Co. Ltd. #		196,698
	53,751	Tonghua Dongbao Pharmaceutical Co. Ltd. #		167,513
	29,260	Yunnan Baiyao Group Co. Ltd. #		283,164
				3,207,070
Real Estate: 5.6%
	63,200	Beijing Capital Development Co. Ltd. * #		106,322
	49,974	China Fortune Land Development Co. Ltd. #		183,828
	133,659	China Merchants Shekou Industrial Zone Co. Ltd. #		287,694
	544,400	China Vanke Co. Ltd. # §		1,533,825
	84,200	Financial Street Holdings Co. Ltd. * #		123,537
	126,801	Gemdale Corp. #		197,716
	20,600	Greenland Holdings Corp. Ltd. #		33,762
	87,800	Oceanwide Real Estate Group Co. Ltd. #		133,965
	363,804	Poly Real Estate Group Co. Ltd. #		474,239
	73,500	RiseSun Real Estate Development Co. Ltd. #		74,694
	41,340	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. #		142,090
	84,190	Shanghai SMI Holding Co. Ltd. * # §		184,021
	43,701	Shanghai Zhangjiang High-Tech Park Development Co. Ltd. #		119,818
	256,400	Xinhu Zhongbao Co. Ltd. #		164,207
	153,400	Zhejiang China Commodities City Group Co. Ltd. #		143,540
	158,400	Zhongtian Urban Development Group Co. Ltd. #		149,076
				4,052,334
Retailing: 1.0%
	68,900	Liaoning Cheng Da Co. Ltd. #		162,600
	255,600	Pang Da Automobile Trade Co. Ltd. * #		106,300
	209,900	Suning Commerce Group Co. Ltd. #		345,528
	64,740	Wuchan Zhongda Group Co. Ltd. #		91,891
				706,319

See Notes to Financial Statements

Number of Shares			Value

Semiconductor: 0.4%
	71,852	Sanan Optoelectronics Co. Ltd. #	$	216,687
	71,880	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. * # §		95,860
				312,547
Software & Services: 4.4%
	62,500	Aisino Co. Ltd. #		226,179
	51,020	Anhui USTC iFlytek Co. Ltd. #		254,010
	18,000	Beijing Shiji Information Technology Co. Ltd. #		72,105
	67,300	Beijing Ultrapower Software Co. Ltd. #		108,529
	53,200	DHC Software Co. Ltd. # §		143,410
	120,340	East Money Information Co. Ltd. #		404,705
	12,900	Hundsun Technologies, Inc. #		130,954
	15,000	Hundsun Technologies, Inc. #		152,272
	52,300	Leshi Internet Information and Technology Corp. #		418,635
	56,042	Neusoft Corp. #		156,338
	109,400	Ourpalm Co. Ltd. * #		174,009
	31,200	People.cn Co. Ltd. #		78,548
	43,100	Shanghai 2345 Network Holding Group Co. Ltd. #		80,232
	15,400	Shenzhen Infogem Technologies Co. Ltd. #		69,965
	28,300	Shenzhen Kingdom Sci-Tech Co. Ltd. #		153,689
	26,669	Wangsu Science & Technology Co. Ltd. #		271,045
	40,200	Wonders Information Co. Ltd. #		158,691
	41,264	Yonyou Network Technology Co. Ltd. #		122,662
				3,175,978
Technology Hardware & Equipment: 3.8%
	65,900	Beijing Xinwei Telecom Technology Group Co. Ltd. #		178,006
	1,339,300	BOE Technology Group Co. Ltd. #		466,678
	101,000	Dongxu Optoelectronic Technology Co. Ltd. #		131,141
	34,600	Focus Media Information Technology Co. Ltd. #		86,619
	51,600	GoerTek, Inc. #		224,089
	45,400	GRG Banking Equipment Co. Ltd. #		112,852
	84,200	Guangzhou Haige Communications Group, Inc. Co. # §		153,240
	103,176	Hangzhou Hikvision Digital Technology Co. Ltd. #		334,300
	33,800	Inspur Electronic Information Industry Co. Ltd. #		120,109
	52,000	Jiangsu Protruly Vision Technology Group Co. Ltd. * #		117,060
	40,660	Shenzhen O-film Tech Co. Ltd. #		181,984
	100,200	Tsinghua Tongfang Co. Ltd. #		227,724
	81,695	Zhejiang Dahua Technology Co. Ltd. #		161,547
	132,920	ZTE Corp. #		288,261
				2,783,610
Telecommunication Services: 0.6%
	477,778	China United Network Communications Ltd. #		274,959
	63,828	Dr Peng Telecom & Media Group Co. Ltd. #		176,159
				451,118

Number of Shares			Value

Transportation: 2.9%
	144,100	Air China Ltd. #	$	146,699
	215,200	China COSCO Holdings Co. Ltd. * #		165,591
	191,200	China Eastern Airlines Corp. Ltd. * #		190,206
	178,800	China Shipping Container Lines Co. Ltd. * #		107,473
	197,900	China Southern Airlines Co. Ltd. #		210,335
	335,091	Daqin Railway Co. Ltd. #		325,430
	191,100	Guangshen Railway Co. Ltd. #		112,863
	332,800	Hainan Airlines Co. Ltd. #		159,111
	8,000	Juneyao Airlines Co. Ltd. #		31,583
	216,400	Ningbo Port Co. Ltd. #		161,214
	54,300	Shanghai International Airport Co. Ltd. #		213,455
	182,800	Shanghai International Port Group Co. Ltd. * #		140,664
	13,600	Spring Airlines Co. Ltd. #		98,127
	101,000	Yingkou Port Liability Co. Ltd. #		51,134
				2,113,885
Utilities: 4.2%
	135,800	Beijing Capital Co. Ltd. #		79,963
	78,100	Beijing Jingneng Power Co. Ltd. #		50,404
	11,760	CECEP Wind-Power Corp. #		17,729
	263,099	China National Nuclear Power Co. Ltd. * #		270,903
	371,900	China Yangtze Power Co. Ltd. #		699,287
	169,000	Datang International Power Generation Co. Ltd. #		99,290
	664,400	GD Power Development Co. Ltd. #		293,709
	25,300	Guangdong Golden Dragon Development, Inc. #		79,610
	46,100	Guangzhou Development Group, Inc. #		54,413
	137,800	Huadian Power International Corp. Ltd. #		102,953
	236,675	Huaneng Power International, Inc. #		268,891
	110,000	Hubei Energy Group Co. Ltd. #		77,075
	163,700	Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd. #		74,753
	191,200	SDIC Power Holdings Co. Ltd. #		190,385
	48,306	Shanghai Electric Power Co. Ltd. #		75,066
	128,300	Shenergy Co. Ltd. #		111,176
	67,000	Shenzhen Energy Group Co. Ltd. #		64,583
	124,000	Sichuan Chuantou Energy Co. Ltd. #		154,506
	28,880	Sound Environmental Co. Ltd. #		133,391
	229,910	Zhejiang Zheneng Electric Power Co. Ltd. #		177,098
				3,075,185
Total Common Stocks
(Cost: $72,776,098)				72,711,499

Principal Amount
FOREIGN DEBT OBLIGATION: 0.0% (Cost: $17,231)
Software & Services: 0.0%
$	107,000	Aisino Corp. 0.50%, 06/12/21 §		17,707
Total Investments: 100.2% (Cost: $72,793,329)				72,729,206
Liabilities in excess of other assets: (0.2)%				(131,391	)
NET ASSETS: 100.0%			$	72,597,815

See Notes to Financial Statements

CHINAAMC CSI 300 ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $72,544,348 which represents 99.9% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $3,764,014 which represents 5.2% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		10.6	%	$	7,717,533
Consumer Staples		6.1			4,415,435
Energy		2.4			1,728,275
Financials		41.6			30,246,059
Health Care		5.6			4,077,341
Industrials		14.4			10,495,583
Information Technology		8.7			6,289,842
Materials		5.8			4,232,835
Telecommunication Services		0.6			451,118
Utilities		4.2			3,075,185
		100.0	%	$	72,729,206

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks
Automobiles & Components	$	—	$	1,791,005		$	—	$	1,791,005
Banks		—		13,400,045			—		13,400,045
Capital Goods		167,151		7,646,468			—		7,813,619
Commercial & Professional Services		—		568,079			—		568,079
Consumer Durables & Apparel		—		2,700,128			—		2,700,128
Consumer Services		—		484,510			—		484,510
Diversified Financials		—		6,847,954			—		6,847,954
Energy		—		1,728,275			—		1,728,275
Financials		—		1,682,725			—		1,682,725
Food & Staples Retailing		—		310,554			—		310,554
Food, Beverage & Tobacco		—		4,021,104			—		4,021,104
Health Care Equipment & Services		—		48,925			—		48,925
Health Care Equipment & Services		—		821,346			—		821,346
Household & Personal Products		—		83,777			—		83,777
Insurance		—		4,263,001			—		4,263,001
Materials		—		4,232,835			—		4,232,835
Media		—		2,035,571			—		2,035,571
Pharmaceuticals, Biotechnology		—		3,207,070			—		3,207,070
Real Estate		—		4,052,334			—		4,052,334
Retailing		—		706,319			—		706,319
Semiconductor		—		312,547			—		312,547
Software & Services		—		3,175,978			—		3,175,978
Technology Hardware & Equipment		—		2,783,610			—		2,783,610
Telecommunication Services		—		451,118			—		451,118
Transportation		—		2,113,885			—		2,113,885
Utilities		—		3,075,185			—		3,075,185
Foreign Debt Obligation
Software & Services		—		17,707			—		17,707
Total	$	167,151	$	72,562,055		$	—	$	72,729,206

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $126,258 and transfers from Level 2 to Level 1 were $3,284,298. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

CHINAAMC SME-CHINEXT ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares		Value

COMMON STOCKS: 100.2%
Automobiles & Components: 2.4%
84,122	Byd Co. Ltd. * #	$	777,211
29,900	Sichuan Chengfei Integration Technology Corp. # §		163,563
			940,774
Banks: 1.5%
269,840	Bank of Ningbo Co. Ltd. #		602,697
Capital Goods: 10.6%
98,400	Beijing SPC Environmental Protection Tech Co. Ltd. #		251,664
63,692	China CAMC Engineering Co. Ltd. #		189,229
131,300	Han’s Laser Technology Co. Ltd. #		454,602
153,900	Jiangxi Special Electric Motor Co. Ltd. #		358,243
133,506	Luxshare Precision Industry Co. Ltd. #		396,146
153,990	Shenzhen Inovance Technology Co. Ltd. #		451,889
169,322	Siasun Robot & Automation Co. Ltd. #		651,351
208,349	Suzhou Gold Mantis Construction Decoration Co. Ltd. #		315,687
252,846	Xinjiang Goldwind Science & Technology Co. Ltd. #		579,346
249,640	Zhefu Holding Group Co. Ltd. # §		220,088
91,000	Zhejiang Wanma Co. Ltd. #		272,957
			4,141,202
Commercial & Professional Services: 4.0%
69,400	Beijing Orient Landscape Co. Ltd. #		251,071
232,463	Beijing Originwater Technology Co. Ltd. #		523,590
202,997	BlueFocus Communication Group Co. Ltd. #		297,691
225,200	Eternal Asia Supply Chain Management Ltd. #		488,886
			1,561,238
Consumer Durables & Apparel: 2.6%
78,700	Guangdong Alpha Animation and Culture Co. Ltd. #		358,882
127,051	NavInfo Co. Ltd. #		473,403
158,400	Yotrio Group Co. Ltd. #		189,229
			1,021,514
Consumer Services: 1.4%
94,121	Songcheng Performance Development Co. Ltd. #		355,250
105,300	Zhejiang Yasha Decoration Co. Ltd. #		180,231
			535,481
Diversified Financials: 5.4%
278,881	Guoyuan Securities Co. Ltd. #		730,030
180,100	Shanxi Securities Co. Ltd. #		453,799
236,300	Western Securities Co. Ltd. #		928,832
			2,112,661
Energy: 0.6%
76,518	Yantai Jereh Oilfield Services Group Co. Ltd. #		223,729
Food, Beverage & Tobacco: 4.1%
330,075	Beijing Dabeinong Technology Group Co. Ltd. #		401,182
52,380	Guangdong Wens Foodstuffs Group Co. Ltd. #		287,165

Number of Shares		Value

Food, Beverage & Tobacco: (continued)
84,538	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. #	$	912,724
			1,601,071
Health Care Equipment & Services: 3.5%
48,580	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. #		233,626
134,096	Lepu Medical Technology Beijing Co. Ltd. #		369,402
88,110	Shanghai Kingstar Winning Software Co. Ltd. #		330,514
47,520	Zhejiang Dian Diagnostics Co. Ltd. #		237,572
72,050	Zhuhai Hokai Medical Instruments Co. Ltd. * #		208,931
			1,380,045
Household & Personal Products: 0.6%
114,800	By-health Co. Ltd. #		234,575
Materials: 10.4%
394,195	Beijing Kangde Xin Composite Material Co. Ltd. #		1,019,195
87,333	Beijing Sanju Environmental Protection and New Material Co. Ltd. #		365,461
187,900	Huapont-Nutrichem Co. Ltd. #		259,761
75,600	Jiangxi Ganfeng Lithium Co. Ltd. #		384,470
226,500	Kingenta Ecological Engineering Group Co. Ltd. #		275,377
203,744	Org Packaging Co. Ltd. #		271,398
339,520	Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd. #		451,804
137,200	Shenzhen Jinjia Color Printing Group Co. Ltd. * #		239,575
97,500	Tianqi Lithium Industries, Inc. #		631,746
47,800	Zhejiang Transfar Co. Ltd. #		143,251
			4,042,038
Media: 6.5%
31,800	Baofeng Group Co. Ltd. * #		351,978
146,110	Beijing Enlight Media Co. Ltd. #		255,831
151,035	Guangdong Advertising Co. Ltd. #		323,051
246,391	Huayi Brothers Media Corp. #		504,660
68,700	Wanda Cinema Line Co. Ltd. #		831,223
106,646	Zhejiang Huace Film & TV Co. Ltd. #		251,529
			2,518,272
Pharmaceuticals, Biotechnology: 6.9%
64,998	Beijing SL Pharmaceutical Co. Ltd. #		296,596
78,680	Da An Gene Co. Ltd. Sun Yat-Sen University #		329,966
67,900	Guizhou Bailing Group Pharmaceutical Co. Ltd. #		176,812
84,060	Hualan Biological Engineering, Inc. #		398,521
64,300	Shanghai Kehua Bio-Engineering Co. Ltd. #		207,511
77,113	Shanghai RAAS Blood Products Co. Ltd. #		437,626
53,980	Shenzhen Hepalink Pharmaceutical Co. Ltd. #		142,327
51,640	Shenzhen Salubris Pharmaceuticals Co. Ltd. #		212,171

See Notes to Financial Statements

CHINAAMC SME-CHINEXT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number of Shares		Value

Pharmaceuticals, Biotechnology: (continued)
107,398	Sichuan Kelun Pharmaceutical Co. Ltd. #	$	249,805
77,800	Zhejiang NHU Co. Ltd. #		248,599
			2,699,934
Real Estate: 0.5%
188,300	RiseSun Real Estate Development Co. Ltd. #		191,358
Retailing: 2.6%
603,237	Suning Commerce Group Co. Ltd. #		993,022
Semiconductor: 1.5%
91,056	Nationz Technologies, Inc. #		273,986
235,220	Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd. * # §		313,692
			587,678
Software & Services: 20.8%
135,500	Anhui USTC iFlytek Co. Ltd. #		674,605
69,900	Beijing Kunlun Tech Co. Ltd. #		300,740
51,490	Beijing Shiji Information Technology Co. Ltd. #		206,261
53,300	Beijing Sinnet Technology Co. Ltd. #		306,226
164,981	Beijing Ultrapower Software Co. Ltd. #		266,050
182,379	DHC Software Co. Ltd. # §		491,634
322,852	East Money Information Co. Ltd. #		1,085,757
97,679	Glodon Software Co. Ltd. #		211,240
100,000	Hand Enterprise Solutions Co. Ltd. #		230,128
30,200	Hithink RoyalFlush Information Network Co. Ltd. #		373,309
156,148	Leshi Internet Information and Technology Corp. #		1,249,885
246,440	Ourpalm Co. Ltd. * #		391,982
110,300	Shanghai Network Holding Group Co. Ltd. #		205,326
43,670	Shenzhen Infogem Technologies Co. Ltd. #		198,401
26,900	Sinodata Co. Ltd. #		224,298

Number of Shares		Value

Software & Services: (continued)
79,900	Venustech Group, Inc. #	$	313,254
74,789	Wangsu Science & Technology Co. Ltd. #		760,102
110,400	Wonders Information Co. Ltd. #		435,808
71,079	YGSOFT, Inc. #		166,707
			8,091,713
Technology Hardware & Equipment: 13.6%
87,200	Chengdu Santai Holding Group Co. Ltd. #		251,608
45,200	China Aviation Optical-Electrical Technology Co. Ltd. #		296,974
69,400	Focus Media Information Technology Co. Ltd. #		173,738
133,508	GoerTek, Inc. #		579,801
109,193	GRG Banking Equipment Co. Ltd. #		271,424
260,500	Guangzhou Haige Communications Group, Inc. Co. # §		474,097
302,800	Hangzhou Hikvision Digital Technology Co. Ltd. #		981,100
95,400	Hengbao Co. Ltd. #		238,124
34,700	Lens Technology Co. Ltd. #		148,187
117,525	Shenzhen O-film Tech Co. Ltd. #		526,011
195,098	Sumavision Technologies Co. Ltd. #		254,035
52,700	Tongfang Guoxin Electronics Co. Ltd. #		349,829
68,200	Zhejiang Crystal-Optech Co. Ltd. #		289,790
231,605	Zhejiang Dahua Technology Co. Ltd. #		457,986
			5,292,704
Utilities: 0.7%
91,500	Beijing Water Business Doctor Co. Ltd. * #		252,258
Total Common Stocks (Cost: $33,411,304)			39,023,964
Liabilities in excess of other assets: (0.2)%			(70,238	)
NET ASSETS: 100.0%		$	38,953,726


*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $39,023,964 which represents 100.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,663,074 which represents 4.3% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		15.4	%	$	6,009,063
Consumer Staples		4.7			1,835,646
Energy		0.6			223,729
Financials		7.4			2,906,716
Health Care		10.5			4,079,979
Industrials		14.6			5,702,440
Information Technology		35.8			13,972,095
Materials		10.4			4,042,038
Utilities		0.6			252,258
		100.0	%	$	39,023,964

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Common Stocks*

—

39,023,964

—

39,023,964

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

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $2,628,169. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares		Value

COMMON STOCKS: 100.0%
Banks: 8.1%
626,454	Commercial International Bank Egypt SAE (GDR) # Reg S	$	2,233,753
Capital Goods: 6.0%
340,770	El Sewedy Electric Co. #		1,658,976
Consumer Durables & Apparel: 1.0%
983,011	Arab Cotton Ginning Co. * #		274,338
Consumer Services: 0.7%
6,476,256	Porto Holding SAE		182,328
Diversified Financials: 16.5%
3,849,018	Citadel Capital Corp. * #		431,769
1,432,694	Egyptian Financial Group-Hermes Holding SAE * #		1,723,051
2,872,381	Egyptian Kuwaiti Holding Co. (USD) #		1,182,447
1,101,269	Pioneers Holding * #		1,216,875
			4,554,142
Energy: 1.7%
252,574	Transglobe Energy Corp. (CAD)		462,868
Food, Beverage & Tobacco: 11.0%
590,850	Arabian Food Industries Co. DOMTY *		489,716
168,968	Edita Food Industries SAE (GDR) Reg S		1,216,570
1,689,639	Juhayna Food Industries #		1,330,800
			3,037,086
Health Care Equipment & Services: 3.5%
243,153	Integrated Diagnostics Holdings Plc (USD) Reg S 144A		960,454

Number of Shares		Value

Materials: 10.6%
821,191	Cenatamin Plc (GBP) #	$	1,452,694
811,288	Ezz Steel * #		660,540
627,209	Sidi Kerir Petrochemcials Co. #		824,507
			2,937,741
Real Estate: 24.4%
6,419,935	Amer Group Holding #		187,040
2,168,042	Emaar Misr for Development SAE * #		531,406
132,917	Heliopolis Housing #		680,763
1,005,384	Medinet Nasr Housing * #		1,368,927
4,750,922	Palm Hills Developments SAE #		1,193,622
939,923	Six of October Development & Investment Co. *		1,068,004
3,080,744	Talaat Moustafa Group		1,693,031
			6,722,793
Telecommunication Services: 16.5%
1,397,752	Global Telecom Holding SAE (GDR) * Reg S		2,585,841
10,743,336	Orascom Telecom Media and Technology Holding SAE *		653,315
1,440,262	Telecom Egypt #		1,328,414
			4,567,570
Total Common Stocks (Cost: $31,387,835)			27,592,049
Other assets less liabilities: 0.0%			3,450
NET ASSETS: 100.0%		$	27,595,499


CAD	Canadian Dollar
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $18,279,922 which represents 66.2% 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 $960,454, or 3.5% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		1.7	%	$	456,666
Consumer Staples		11.0			3,037,086
Energy		1.7			462,868
Financials		49.0			13,510,688
Health Care		3.5			960,454
Industrials		6.0			1,658,976
Materials		10.6			2,937,741
Telecommunication Services		16.5			4,567,570
		100.0	%	$	27,592,049

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Banks	$	—	$	2,233,753	$	—	$	2,233,753
Capital Goods		—		1,658,976		—		1,658,976
Consumer Durables & Apparel		—		274,338		—		274,338
Consumer Services		182,328		—		—		182,328
Diversified Financials		—		4,554,142		—		4,554,142
Energy		462,868		—		—		462,868
Food, Beverage & Tobacco		1,706,286		1,330,800		—		3,037,086
Health Care Equipment & Services		960,454		—		—		960,454
Materials		—		2,937,741		—		2,937,741
Real Estate		2,761,035		3,961,758		—		6,722,793
Telecommunication Services		3,239,156		1,328,414		—		4,567,570
Total	$	9,312,127	$	18,279,922	$	—	$	27,592,049

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $6,315,888 and transfers from Level 2 to 1 were $4,251,572. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

GULF STATES INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.1%
Kuwait: 19.4%
	44,650	Boubyan Bank KSC #	$	56,256
	30,129	Boubyan Petrochemicals Co.		51,912
	38,014	Burgan Bank #		40,992
	102,609	Gulf Bank KSC #		78,936
	176,446	Kuwait Finance House #		266,396
	29,358	Kuwait Investment Projects Co. KSCC #		48,834
	29,418	Mabanee Co. SAKC #		73,272
	148,635	Mobile Telecommunications Co. KSC #		165,113
	189,714	National Bank of Kuwait SAK #		370,869
	65,395	National Industries Group Holding SA #		24,705
	47,455	Public Warehousing Co. KSC #		74,063
	10,979	VIVA Kuwait Telecom Co. *		33,832
				1,285,180
Oman: 5.6%
	143,091	Bank Muscat SAOG #		140,648
	38,605	Oman Telecommunications Co.		162,943
	34,268	Omani Qatari Telecommunications Co. SAOG #		66,065
				369,656
Qatar: 30.7%
	5,505	Barwa Real Estate Co. QSC #		50,042
	9,057	Commercial Bank of Qatar QSC #		92,314
	7,164	Doha Bank QSC #		69,738
	9,006	Ezdan Holding Group QSC #		44,452
	2,629	Gulf International Services QSC #		26,533
	8,559	Industries Qatar QSC #		231,142
	20,796	Masraf Al Rayan QSC #		194,536
	10,664	Mesaieed Petrochemical Holding Co. #		54,898
	6,525	Ooredoo QSC		158,408
	1,556	Qatar Electricity & Water Co. QSC #		88,909
	1,290	Qatar Fuel Co. #		53,675
	15,362	Qatar Gas Transport Co. Ltd. Nakilat #		97,215
	6,686	Qatar Insurance Co. SAQ #		135,160
	2,141	Qatar International Islamic Bank #		36,211
	3,343	Qatar Islamic Bank SAQ #		88,275
	11,879	Qatar National Bank SAQ #		457,721
	3,175	Qatar Navigation QSC #		76,618
	5,009	United Development Co. #		26,445
	18,179	Vodafone Qatar QSC #		52,953
				2,035,245
South Korea: 3.1%
	23,172	Samsung Engineering Co. Ltd. * #		208,308
United Arab Emirates: 35.6%
	113,397	Abu Dhabi Commercial Bank #		187,510
	132,401	Air Arabia PJSC #		47,365
	182,102	Aldar Properties PJSC #		134,259

Number of Shares			Value

United Arab Emirates: (continued)
	130,936	Arabtec Holding Co. PJSC * #	$	48,893
	98,084	DAMAC Properties Dubai Co. PJSC #		61,324
	197,710	Dana Gas PJSC * #		29,783
	9,612	DP World Ltd. (USD) #		159,769
	92,642	Dubai Financial Market PJSC #		31,998
	82,066	Dubai Investments PJSC #		45,955
	71,540	Dubai Islamic Bank #		99,970
	162,121	Dubai Parks & Resorts PJSC * # Reg S		69,169
	113,031	Emaar Malls Group PJSC #		87,040
	203,133	Emaar Properties PJSC #		345,496
	100,710	Emirates Telecommunications Group Co. PJSC		519,576
	65,139	First Gulf Bank PJSC #		223,926
	75,412	National Bank of Abu Dhabi PJSC #		198,776
	63,724	Union National Bank of Abu Dhabi PJSC #		71,248
				2,362,057
United Kingdom: 3.7%
	23,488	Petrofac Ltd. #		245,166
United States: 2.0%
	27,013	McDermott International, Inc. * †		133,444
Total Common Stocks (Cost: $5,560,497)				6,639,056

Principal Amount
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES LOANED: 2.0% (Cost: $134,768)
Repurchase Agreement: 2.0%
$	134,768	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $134,770; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $137,463 including accrued interest)		134,768
Total Investments: 102.1% (Cost: $5,695,265)				6,773,824
Liabilities in excess of other assets: (2.1)%				(140,687	)
NET ASSETS: 100.0%			$	6,633,137

USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $126,770.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,578,941 which represents 84.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

See Notes to Financial Statements

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.1	%	$	69,169
Energy		8.8			585,816
Financials		56.6			3,758,599
Industrials		13.1			870,863
Materials		1.6			106,810
Telecommunication Services		17.5			1,158,890
Utilities		1.3			88,909
		100.0	%	$	6,639,056

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks
Kuwait	$	85,744	$	1,199,436		$	—	$	1,285,180
Oman		162,943		206,713			—		369,656
Qatar		158,408		1,876,837			—		2,035,245
South Korea		—		208,308			—		208,308
United Arab Emirates		519,576		1,842,481			—		2,362,057
United Kingdom		—		245,166			—		245,166
United States		133,444		—			—		133,444
Repurchase Agreement		—		134,768			—		134,768
Total	$	1,060,115	$	5,713,709		$	—	$	6,773,824

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $376,515 and transfers from Level 2 to Level 1 were $1,005,817. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

INDIA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS (a)

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.6%
Automobiles & Components: 2.0%
	1,110,786	Amtek Auto Ltd. * #	$	591,485
	52,055	Atul Auto Ltd. #		380,902
	179,921	Ceat Ltd. #		2,245,154
	538,059	JK Tyre & Industries Ltd. #		719,462
				3,937,003
Banks: 10.0%
	1,286,414	Allahabad Bank #		1,324,911
	1,346,578	Andhra Bank #		1,157,759
	1,318,448	Dena Bank * #		768,941
	1,378,173	Development Credit Bank Ltd. * #		1,995,050
	1,730,548	Dewan Housing Finance Corp. Ltd. #		5,247,626
	1,501,648	Indian Overseas Bank * #		608,548
	912,759	Karnataka Bank Ltd. #		1,912,792
	354,774	Lakshmi Vilas Bank Ltd. #		520,746
	684,337	Oriental Bank of Commerce #		1,102,277
	6,540,025	South Indian Bank Ltd. #		1,899,307
	1,578,537	Syndicate Bank #		1,710,804
	1,382,105	UCO Bank #		890,904
				19,139,665
Capital Goods: 13.0%
	98,791	BEML Ltd. #		1,253,758
	171,186	BGR Energy Systems Ltd. * #		295,678
	581,567	Escorts Ltd. #		1,901,256
	362,811	Finolex Cables Ltd. #		1,959,085
	30,917	Force Motors Ltd. #		1,401,573
	3,773,742	Hindustan Construction Co. Ltd. * #		1,152,533
	2,627,984	Jain Irrigation Systems Ltd. #		2,914,766
	10,819,515	Jaiprakash Associates Ltd. * #		1,424,748
	609,879	KEC International Ltd. #		1,310,095
	6,522,104	Lanco Infratech Ltd. * #		470,273
	178,934	Lloyd Electric & Engineering #		626,196
	3,077,227	Nagarjuna Construction Co. Ltd. #		3,408,928
	873,234	Pipavav Defence & Offshore Engineering Co. Ltd. * #		822,946
	422,362	Praj Industries Ltd. #		593,882
	2,736,608	Sintex Industries Ltd. #		3,298,382
	58,648	SML Isuzu Ltd. #		1,015,619
	498,847	Texmaco Rail & Engineering Ltd. #		696,201
	273,721	Titagarh Wagons Ltd. #		366,943
				24,912,862
Consumer Durables & Apparel: 5.0%
	239,717	Bajaj Electricals Ltd. #		846,086
	489,953	Bombay Dyeing & Manufacturing Co. Ltd. #		336,932
	233,565	Himatsingka Seide Ltd. #		797,503
	53,753	Hitachi Home & Life Solutions India Ltd. #		1,115,468
	93,656	Indo Count Industries Ltd. #		1,348,267
	112,682	Kitex Garments Ltd. #		883,194
	285,397	Mirza International Ltd. #		389,091
	51,554	Monte Carlo Fashions Ltd. #		311,578
	145,611	Raymond Ltd. #		1,006,705
	27,616	TTK Prestige Ltd. #		1,926,008
	335,241	VIP Industries Ltd. #		571,977
				9,532,809

Number of Shares			Value

Consumer Services: 2.0%
	1,298,085	Chennai Super Kings Cricket Ltd. * # §	$	21,636
	753,109	Cox & Kings Ltd. #		1,881,802
	547,194	Delta Corp. Ltd. #		780,047
	30,641	Kaya Ltd. * #		396,883
	134,034	Wonderla Holidays Ltd. #		807,161
				3,887,529
Consumer, Cyclical: 0.3%
	278,191	Kesoram Industries Ltd. * #		552,402
Diversified Financials: 11.4%
	171,461	Credit Analysis & Research Ltd.		2,525,871
	216,460	Future Capital Holdings Ltd. #		1,820,610
	7,228,423	IFCI Ltd. #		2,876,298
	1,095,651	India Infoline Ltd. #		3,632,928
	1,873,106	JM Financial Ltd. #		1,433,043
	4,074,264	Manappuram Finance Ltd. #		4,183,879
	1,333,405	PTC India Financial Services Ltd. #		751,203
	302,910	Repco Home Finance Ltd. #		3,482,909
	1,143,722	SREI Infrastructure Finance Ltd. #		1,227,872
				21,934,613
Energy: 0.8%
	138,457	Aban Offshore Ltd. #		436,741
	353,256	Chennai Petroleum Corp. Ltd. * #		1,036,613
				1,473,354
Food, Beverage & Tobacco: 6.5%
	6,610,687	Bajaj Hindusthan Ltd. * #		2,085,017
	1,210,590	Balrampur Chini Mills Ltd. * #		2,255,379
	3,931,875	Future Consumer Enterprise Ltd. * #		1,383,486
	252,550	Kaveri Seed Co. Ltd. #		1,665,156
	555,759	Kwality Dairy India Ltd. #		915,479
	98,951	Manpasand Beverages Ltd. #		810,575
	432,762	McLeod Russel India Ltd. #		1,245,139
	231,713	Prabhat Dairy Ltd. * # Reg S		339,556
	526,003	Radico Khaitan Ltd. #		728,531
	4,131,332	Shree Renuka Sugars Ltd. * #		1,050,994
				12,479,312
Household & Personal Products: 0.7%
	352,050	Eveready Industries India Ltd. #		1,391,402
Materials: 10.6%
	94,345	Andhra Pradesh Paper Mills * #		420,371
	70,365	Atul Ltd. #		2,142,698
	527,051	Century Plyboards India Ltd. #		1,533,270
	264,971	Century Textile & Industries Ltd. #		2,600,414
	987,262	Chambal Fertilizers & Chemicals Ltd. #		1,039,553
	1,214,510	India Cements Ltd. * #		2,045,825
	476,243	Jai Corp. Ltd. #		536,977
	903,030	Jindal Saw Ltd. #		715,494
	279,143	JK Lakshmi Cement Ltd. #		1,601,649
	40,952	Monsanto India Ltd. #		1,574,449
	35,400	Nilkamal Ltd. #		663,238
	461,330	Rallis India Ltd. #		1,515,403
	817,966	Rashtriya Chemicals & Fertilizers Ltd. #		596,660
	314,488	SH Kelkar & Co. Ltd. # Reg S 144A		995,942
	178,355	Sharda Cropchem Ltd. #		1,037,317
	36,533	Tata Sponge Iron Ltd. #		338,955
	891,344	Welspun Corp. Ltd. #		1,056,294
				20,414,509

See Notes to Financial Statements

Number of Shares			Value

Media: 4.5%
	775,015	DEN Networks Ltd. * #	$	1,053,338
	222,034	Eros International Media Ltd. * #		700,132
	230,904	PVR Ltd. #		3,464,345
	141,514	TV Today Network Ltd. #		620,139
	4,066,899	TV18 Broadcast Ltd. * #		2,723,577
				8,561,531
Pharmaceuticals, Biotechnology: 3.0%
	244,690	Bliss Gvs Pharma Ltd. #		334,396
	382,868	Dishman Pharmaceuticals & Chemicals Ltd. #		793,652
	514,096	Granules India Ltd. #		1,056,985
	201,215	JB Chemicals & Pharmaceuticals Ltd. #		748,091
	1,861,077	Marksans Pharma Ltd. #		1,322,793
	503,244	Suven Life Sciences Ltd. #		1,542,882
				5,798,799
Real Estate: 6.5%
	1,079,234	Anant Raj Industries Ltd. #		784,778
	577,072	DB Realty Ltd. * #		442,050
	1,946,553	Housing Development & Infrastructure Ltd. * #		2,996,105
	2,848,878	Indiabulls Real Estate Ltd. * #		3,956,090
	433,887	OMAXE Ltd. #		1,029,160
	319,870	Sobha Developers Ltd. #		1,556,067
	18,090,857	Unitech Ltd. * #		1,725,051
				12,489,301
Retailing: 3.8%
	556,581	Bharti Retail Ltd. * # §		1,080,672
	921,587	Future Enterprises Ltd. #		342,181
	125,946	Infibeam Incorporation Ltd. *		1,311,615
	145,256	Makemytrip Ltd. (USD) *		2,158,504
	424,871	PC Jeweller Ltd. #		2,437,543
				7,330,515
Software & Services: 8.5%
	25,844	8K Miles Software Services Ltd. * #		711,762
	1,598,813	Firstsource Solutions Ltd. * #		1,102,645
	282,814	Geometric Ltd. #		931,842
	925,439	HCL Infosystems Ltd. * #		541,063
	239,651	Intellect Design Arena Ltd. * #		727,230
	1,307,944	KPIT Cummins Infosystems Ltd. #		3,583,355
	54,906	Majesco Ltd. * #		439,709
	801,581	NIIT Ltd. * #		1,026,282
	296,440	NIIT Technologies Ltd. #		2,260,434
	255,521	OnMobile Global Ltd. #		374,815

Number of Shares			Value

Software & Services: (continued)
	220,692	Polaris Software Lab Ltd. #	$	639,194
	152,287	Quick Heal Technologies Ltd. * # Reg S 144A		611,309
	788,034	Rolta India Ltd. #		753,170
	290,364	Take Solutions Ltd. #		758,945
	73,868	Tata Elxsi Ltd. #		1,867,232
				16,328,987
Technology Hardware & Equipment: 1.4%
	205,465	Astra Microwave Products Ltd. #		376,511
	711,344	Redington India Ltd. #		1,094,484
	937,488	Sterlite Technologies Ltd. #		1,232,939
				2,703,934
Telecommunication Services: 1.2%
	6,002,742	Himachal Futuristic Communications Ltd. * #		1,635,955
	1,494,521	Mahanagar Telephone Nigam Ltd. * #		495,517
	181,136	Sterlite Power Transmission Ltd * # §		240,862
				2,372,334
Transportation: 5.7%
	47,050	Dredging Corp. of India Ltd. #		301,468
	569,597	Gateway Distriparks Ltd. #		2,616,471
	208,101	Gati Ltd. #		533,880
	7,180,388	GVK Power & Infrastructure Ltd. * #		618,412
	269,482	Jet Airways India Ltd. * #		2,225,846
	267,823	Navkar Corp. Ltd. * # Reg S 144A		859,969
	1,012,911	Shipping Corp of India Ltd. * #		1,008,683
	396,375	Snowman Logistics Ltd. #		476,612
	1,422,049	SpiceJet Ltd. * #		1,373,346
	216,453	VRL Logistics Ltd. #		1,023,628
				11,038,315
Utilities: 3.7%
	2,609,030	Adani Transmission Ltd. * #		1,505,507
	89,357	BF Utilities Ltd. * #		703,208
	6,969,693	Jaiprakash Power Ventures Ltd. * #		513,423
	1,755,518	PTC India Ltd. #		2,010,484
	263,945	VA Tech Wabag Ltd. #		2,324,271
				7,056,893
Total Common Stocks (Cost: $171,273,014)				193,336,069
Liabilities in excess of other assets: (0.6)%				(1,226,963	)
NET ASSETS: 100.0%			$	192,109,106

USD	United States Dollar
(a)	Represents Consolidated Schedule of Investments.
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $187,340,079 which represents 97.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,343,170 which represents 0.7% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $2,467,220, or 1.3% of net assets.

See Notes to Financial Statements

INDIA SMALL-CAP INDEX ETF

SCHEDULE OF INVESTMENTS (a)

(unaudited) (continued)

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		17.5	%	$	33,801,789
Consumer Staples		7.2			13,870,714
Energy		0.8			1,473,354
Financials		27.7			53,563,579
Health Care		3.0			5,798,799
Industrials		18.9			36,654,385
Information Technology		9.8			19,032,921
Materials		10.6			20,414,509
Telecommunication Services		1.2			2,372,334
Utilities		3.3			6,353,685
		100.0	%	$	193,336,069

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks
Automobiles & Components	$	—	$	3,937,003		$	—	$	3,937,003
Banks		—		19,139,665			—		19,139,665
Capital Goods		—		24,912,862			—		24,912,862
Consumer Durables & Apparel		—		9,532,809			—		9,532,809
Consumer Services		—		3,865,893			21,636		3,887,529
Consumer, Cyclical		—		552,402			—		552,402
Diversified Financials		2,525,871		19,408,742			—		21,934,613
Energy		—		1,473,354			—		1,473,354
Food, Beverage & Tobacco		—		12,479,312			—		12,479,312
Household & Personal Products		—		1,391,402			—		1,391,402
Materials		—		20,414,509			—		20,414,509
Media		—		8,561,531			—		8,561,531
Pharmaceuticals, Biotechnology		—		5,798,799			—		5,798,799
Real Estate		—		12,489,301			—		12,489,301
Retailing		3,470,119		2,779,724			1,080,672		7,330,515
Software & Services		—		16,328,987			—		16,328,987
Technology Hardware & Equipment		—		2,703,934			—		2,703,934
Telecommunication Services		—		2,131,472			240,862		2,372,334
Transportation		—		11,038,315			—		11,038,315
Utilities		—		7,056,893			—		7,056,893
Total	$	5,995,990	$	185,996,909		$	1,343,170	$	193,336,069

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $1,160,936. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	Consumer Services				Retailing				Telecommunication Services
Balance as of December 31, 2015		$	44,148			$	—			$	—
Realized gain (loss)			—				—				—
Net change in unrealized appreciation (depreciation)			(22,512	)			(14,440	)			(62,178	)
Purchases			—				1,095,112				303,040
Sales			—				—				—
Transfers in and/or out of level 3			—				—				—
Balance as of June 30, 2016		$	21,636			$	1,080,672			$	240,862

See Notes to Financial Statements

INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 98.7%
Automobiles & Components: 7.3%
	13,360,200	Astra International Tbk PT #	$	7,531,971
Banks: 24.6%
	8,042,300	Bank Central Asia Tbk PT #		8,143,294
	2,870,248	Bank Danamon Indonesia Tbk PT #		771,212
	8,317,451	Bank Mandiri Persero Tbk PT #		6,018,966
	9,712,132	Bank Negara Indonesia Persero Tbk PT #		3,848,811
	8,037,500	Bank Rakyat Indonesia Tbk PT #		6,613,514
				25,395,797
Capital Goods: 3.0%
	2,271,700	Adhi Karya Persero Tbk PT #		481,217
	2,711,100	Pembangunan Perumahan Persero Tbk PT #		803,598
	6,008,488	Waskita Karya Persero Tbk PT #		1,166,428
	2,802,200	Wijaya Karya Persero Tbk PT #		630,582
				3,081,825
Diversified Financials: 1.3%
	1,893,250	First Pacific Company Ltd. (HKD) #		1,374,514
Energy: 4.6%
	20,822,900	Adaro Energy Tbk PT #		1,353,248
	2,706,725	Banpu PCL (NVDR) (THB) † #		1,137,759
	1,991,269	United Tractors Tbk PT #		2,246,684
				4,737,691
Food, Beverage & Tobacco: 13.4%
	501,133	Astra Agro Lestari Tbk PT * #		562,197
	9,394,100	Charoen Pokphand Indonesia Tbk PT #		2,689,164
	639,400	First Resources Ltd. (SGD) #		746,726
	6,466,500	Golden Agri-Resources Ltd. (SGD) #		1,693,474
	601,300	Gudang Garam Tbk PT #		3,146,113
	1,442,400	Indofood Cbp Sukses Makmur Tbk PT #		1,896,194
	5,716,100	Indofood Sukses Makmur Tbk PT #		3,145,106
				13,878,974
Health Care Equipment & Services: 0.7%
	3,410,097	Mitra Keluarga Karyasehat Tbk PT # Reg S		712,393
Household & Personal Products: 4.9%
	1,490,100	Unilever Indonesia Tbk PT #		5,092,759
Materials: 4.8%
	1,725,400	Indocement Tunggal Prakarsa Tbk PT #		2,218,929
	3,784,200	Semen Gresik Persero Tbk PT #		2,695,410
				4,914,339
Media: 0.6%
	3,717,500	Media Nusantara Citra Tbk PT #		623,676
Pharmaceuticals, Biotechnology: 3.0%
	26,243,400	Kalbe Farma Tbk PT #		3,054,030
Real Estate: 8.6%
	11,777,800	Bumi Serpong Damai Tbk PT #		1,895,261
	9,980,243	Ciputra Development Tbk PT #		1,101,545
	13,529,000	Hanson International Tbk PT * #		804,469
	23,136,200	Lippo Karawaci Tbk PT #		2,009,939
	30,097,800	Pakuwon Jati Tbk PT #		1,412,825
	11,645,900	Summarecon Agung Tbk PT #		1,610,466
				8,834,505

Number
of Shares			Value

Retailing: 7.9%
	128,588	Jardine Cycle & Carriage Ltd. (SGD) #	$	3,520,774
	3,039,300	Matahari Department Store Tbk PT #		4,632,224
				8,152,998
Telecommunication Services: 10.7%
	138,078	Telekomunikasi Indonesia Tbk PT (ADR)		8,486,274
	2,560,500	Tower Bersama Infrastructure Tbk PT #		1,283,540
	4,731,275	XL Axiata Tbk PT * #		1,315,302
				11,085,116
Transportation: 1.0%
	2,656,100	Jasa Marga Persero Tbk PT #		1,065,577
Utilities: 2.3%
	13,571,800	Perusahaan Gas Negara Tbk PT #		2,419,948
Total Common Stocks (Cost: $125,643,752)				101,956,113
REAL ESTATE INVESTMENT TRUST: 0.6% (Cost: $726,411)
Real Estate: 0.6%
	2,299,200	Lippo Malls Indonesia Retail Trust		597,905
WARRANTS: 0.4% (Cost: $0)
Energy: 0.4%
	1,730,575	Banpu PCL Warrants (THB 5.00, expiring 06/05/17) † *		453,082
MONEY MARKET FUND: 0.1% (Cost: $47,944)
	47,944	Dreyfus Government Cash Management Fund		47,944
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $126,418,107)				103,055,044

Principal
Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4%
(Cost: $457,416)
Repurchase Agreement: 0.4%
$	457,416	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $457,422; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $466,564 including accrued interest)		457,416
Total Investments: 100.2% (Cost: $126,875,523)				103,512,460
Liabilities in excess of other assets: (0.2)%				(213,872	)
NET ASSETS: 100.0%			$	103,298,588

See Notes to Financial Statements

INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $431,367.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $93,469,839 which represents 90.5% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		15.8	%	$	16,308,645
Consumer Staples		18.4			18,971,733
Energy		5.0			5,190,773
Financials		35.1			36,202,721
Health Care		3.7			3,766,423
Industrials		4.0			4,147,402
Materials		4.8			4,914,339
Telecommunication Services		10.8			11,085,116
Utilities		2.4			2,419,948
Money Market Fund		0.0			47,944
		100.0	%	$	103,055,044

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Common Stocks
Automobiles & Components	$	—	$	7,531,971		$	—	$	7,531,971
Banks		—		25,395,797			—		25,395,797
Capital Goods		—		3,081,825			—		3,081,825
Diversified Financials		—		1,374,514			—		1,374,514
Energy		—		4,737,691			—		4,737,691
Food, Beverage & Tobacco		—		13,878,974			—		13,878,974
Health Care Equipment & Services		—		712,393			—		712,393
Household & Personal Products		—		5,092,759			—		5,092,759
Materials		—		4,914,339			—		4,914,339
Media		—		623,676			—		623,676
Pharmaceuticals, Biotechnology		—		3,054,030			—		3,054,030
Real Estate		—		8,834,505			—		8,834,505
Retailing		—		8,152,998			—		8,152,998
Telecommunication Services		8,486,274		2,598,842			—		11,085,116
Transportation		—		1,065,577			—		1,065,577
Utilities		—		2,419,948			—		2,419,948
Real Estate Investment Trust
Real Estate		597,905		—			—		597,905
Warrants
Energy		453,082		—			—		453,082
Money Market Fund		47,944		—			—		47,944
Repurchase Agreement		—		457,416			—		457,416
Total	$	9,585,205	$	93,927,255		$	—	$	103,512,460

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 100.0%
Capital Goods: 11.4%
	1,254,000	Garuda Metalindo Tbk PT #	$	86,519
	6,273,000	Sitara Propertindo Tbk PT * #		319,078
	5,622,600	Surya Semesta Internusa Tbk PT #		265,109
				670,706
Consumer Durables & Apparel: 4.1%
	12,269,500	Sri Rejeki Isman Tbk PT #		242,693
Energy: 14.0%
	7,564,700	Berau Coal Energy Tbk PT * # §		0
	4,165,500	Elnusa Tbk PT #		163,647
	1,970,700	Energy Earth PCL (NVDR) (THB) #		263,980
	864,800	Geo Energy Resources Ltd. (SGD) * #		72,911
	11,200	Japan Drilling Co. Ltd. #		242,497
	2,518,000	Soechi Lines Tbk PT #		80,901
				823,936
Food, Beverage & Tobacco: 3.9%
	1,894,300	Tiga Pilar Sejahtera Food Tbk * #		228,216
Materials: 1.9%
	7,044,000	Enviro Energy International Holdings Ltd. (HKD) * #		112,814
Media: 2.4%
	5,872,900	Visi Media Asia Tbk PT * #		139,205

Number
of Shares			Value

Pharmaceuticals, Biotechnology: 3.3%
	26,300	3-D Matrix Ltd. * #	$	192,927
Real Estate: 47.5%
	7,226,600	Bekasi Fajar Industrial Estate Tbk PT #		146,048
	7,430,500	Eureka Prima Jakarta Tbk PT * #		157,509
	10,722,900	Intiland Development Tbk PT #		475,909
	21,954,501	Kawasan Industri Jababeka Tbk PT #		473,996
	693,700	Lippo Cikarang Tbk PT * #		408,840
	13,863,000	Modernland Realty Tbk PT #		462,501
	18,212,400	Nirvana Development Tbk PT * #		144,915
	8,767,000	PP Properti Tbk PT #		336,281
	28,334,600	Sentul City Tbk PT #		189,599
				2,795,598
Retailing: 5.9%
	12,206,500	Multipolar Tbk PT #		343,659
Technology Hardware & Equipment: 5.6%
	2,068,900	Erajaya Swasembada Tbk PT #		91,873
	7,752,300	Sigmagold Inti Perkasa Tbk PT * #		237,095
				328,968
Total Common Stocks
(Cost: $7,370,878)				5,878,722
Other assets less liabilities: 0.0%				2,268
NET ASSETS: 100.0%			$	5,880,990


HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,878,722 which represents 100.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.

Summary of Investments
by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		12.3	%	$	725,557
Consumer Staples		3.9			228,216
Energy		14.0			823,936
Financials		47.6			2,795,598
Health Care		3.3			192,927
Industrials		11.4			670,706
Information Technology		5.6			328,968
Materials		1.9			112,814
		100.0	%	$	5,878,722

See Notes to Financial Statements

INDONESIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Common Stocks
Capital Goods	$	—	$	670,706		$	—	$	670,706
Consumer Durables & Apparel		—		242,693			—		242,693
Energy		—		823,936			0		823,936
Food, Beverage & Tobacco		—		228,216			—		228,216
Materials		—		112,814			—		112,814
Media		—		139,205			—		139,205
Pharmaceuticals, Biotechnology		—		192,927			—		192,927
Real Estate		—		2,795,598			—		2,795,598
Retailing		—		343,659			—		343,659
Technology Hardware & Equipment		—		328,968			—		328,968
Total	$	—	$	5,878,722		$	0	$	5,878,722

There were no transfers between levels during the period of June 30, 2016.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	Energy			Materials
Balance as of December 31, 2015		$	0		$	44,016
Realized gain (loss)			—			(101,499	)
Net change in unrealized appreciation (depreciation)			0			—
Purchases			—			—
Sales			—			57,483
Transfers in and/or out of level 3			—			—
Balance as of June 30, 2016		$	0			—

See Notes to Financial Statements

ISRAEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.2%
Banks: 10.5%
	291,535	Bank Hapoalim BM #	$	1,471,905
	396,533	Bank Leumi Le-Israel BM * #		1,395,311
	19,617	First International Bank of Israel Ltd. † #		240,512
	302,515	Israel Discount Bank Ltd. * † #		522,084
	37,747	Mizrahi Tefahot Bank Ltd. #		436,198
				4,066,010
Capital Goods: 4.0%
	7,514	Caesarstone Sdot-Yam Ltd. (USD) *		261,187
	6,905	Elbit Systems Ltd. #		626,646
	8,306	Elco Holdings Ltd. #		89,703
	945	Electra Ltd. #		116,813
	8,869	Kornit Digital Ltd. (USD) *		86,561
	103,600	Sarine Technologies Ltd. (SGD) #		131,056
	55,602	Shapir Engineering and Industry Ltd. #		93,405
	85,887	Shikun & Binui Ltd. #		146,698
				1,552,069
Consumer Durables & Apparel: 1.2%
	5,100	Delta-Galil Industries Ltd. #		137,273
	6,898	Fox Wizel Ltd. #		87,265
	31,648	Maytronics Ltd. #		94,118
	7,168	SodaStream International Ltd. (USD) *		152,893
				471,549
Consumer Services: 0.4%
	61,202	888 Holdings Plc (GBP) #		168,141
Diversified Financials: 0.5%
	22,422	Plus500 Ltd. (GBP)		195,878
Energy: 4.2%
	17,965	Alon USA Energy, Inc. (USD) †		116,413
	263	Delek Energy Systems Ltd. * † #		137,249
	1,535	Delek Group Ltd. #		299,477
	18,472	Delek US Holdings, Inc. (USD)		244,015
	4,082	Jerusalem Oil Exploration * #		159,881
	22,956	Naphtha Israel Petroleum Corp. Ltd. * #		113,140
	542,199	Oil Refineries Ltd. * † #		191,624
	2,159	Paz Oil Co. Ltd. † #		347,583
				1,609,382
Food & Staples Retailing: 0.6%
	3,316	Rami Levi Chain Stores Hashikma Marketing Ltd. #		125,244
	36,365	Shufersal Ltd. #		122,000
				247,244
Food, Beverage & Tobacco: 0.6%
	13,757	Strauss Group Ltd. #		216,807
Health Care Equipment & Services: 0.9%
	18,274	EndoChoice Holdings, Inc. (USD) *		89,543
	15,106	Mazor Robotics Ltd. * † #		134,791
	16,515	Syneron Medical Ltd. (USD) *		127,000
				351,334
Insurance: 1.6%
	12,873	Clal Insurance Enterprises Holdings Ltd. * † #		130,287
	46,228	Harel Insurance Investments & Financial Services Ltd. #		161,815
	14,028	Menorah Mivtachim Holdings Ltd. * #		109,356

Number of Shares			Value

Insurance: (continued)
	190,994	Migdal Insurance & Financial Holding Ltd. * † #	$	109,384
	42,730	Phoenix Holdings Ltd. * #		98,083
				608,925
Materials: 3.5%
	11,672	Frutarom Industries Ltd. #		540,026
	152,810	Israel Chemicals Ltd. #		596,650
	1,303	Israel Corp. Ltd. #		206,625
				1,343,301
Pharmaceuticals, Biotechnology: 25.5%
	16,820	Alcobra Ltd. (USD) *		75,522
	23,658	Chiasma, Inc. (USD) * †		68,372
	22,195	Compugen Ltd. (USD) *		143,824
	12,659	Enzymotec Ltd. (USD) *		105,829
	16,570	Evogene Ltd. * #		103,334
	14,776	Foamix Pharmaceuticals Ltd. (USD) *		93,828
	25,357	Kamada Ltd. * #		93,983
	15,688	Medgenics, Inc. (USD) *		87,068
	6,350	Neuroderm Ltd. (USD) * †		103,187
	89,123	Opko Health, Inc. (USD) * †		832,409
	31,430	Perrigo Co. Plc (USD)		2,849,758
	63,194	Pluristem Therapeutics, Inc. (USD) *		84,048
	9,623	Redhill Biopharma Ltd. (ADR) * †		105,083
	3,470	Taro Pharmaceutical Industries Ltd. (USD) *		505,232
	91,109	Teva Pharmaceutical Industries Ltd. #		4,621,045
				9,872,522
Real Estate: 5.1%
	7,899	Africa Israel Properties Ltd. #		122,515
	5,588	Alrov Properties and Lodgings Ltd. #		111,474
	43,437	Amot Investments Ltd. #		177,482
	10,446	Azrieli Group Ltd. #		445,172
	354	Bayside Land Corp. #		121,405
	1,979	Big Shopping Centers Ltd. #		116,074
	3,347	Blue Square Real Estate Ltd.		109,941
	30,555	Gazit-Globe Ltd. #		273,989
	83,603	Jerusalem Economy Ltd. * #		150,940
	5,645	Melisron Ltd. #		227,416
	1,330	Property & Building Corp. #		96,416
				1,952,824
Retailing: 0.4%
	16,603	Delek Automotive Systems Ltd. #		139,228
Semiconductor: 3.4%
	7,171	Ceva, Inc. (USD) *		194,836
	10,965	DSP Group, Inc. (USD) *		116,339
	9,408	Mellanox Technologies Ltd. (USD) *		451,208
	12,507	Nova Measuring Instruments Ltd. * #		136,901
	6,749	SolarEdge Technologies, Inc. (USD) * †		132,280
	23,942	Tower Semiconductor Ltd. (USD) * †		297,360
				1,328,924
Software & Services: 27.2%
	20,430	Allot Communications Ltd. (USD) * †		100,516
	39,553	Amdocs Ltd. (USD)		2,282,999
	10,526	Attunity Ltd. (USD) *		97,997
	30,488	Check Point Software Technologies Ltd. (USD) *		2,429,284

See Notes to Financial Statements

ISRAEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number of Shares			Value

Software & Services: (continued)
	7,234	CyberArk Software Ltd. (USD) *	$	351,500
	3,714	Formula Systems Ltd. † #		121,077
	7,529	Hilan Ltd.		100,938
	8,088	Imperva, Inc. (USD) *		347,865
	20,163	LivePerson, Inc. (USD) *		127,833
	23,599	Magic Software Enterprises Ltd. (USD)		156,461
	17,664	Matrix IT Ltd. #		113,222
	41,876	Mobileye NV (USD) * †		1,932,159
	16,627	NICE Systems Ltd. #		1,060,320
	71,315	Perion Network Ltd. (USD) *		84,865
	34,217	SafeCharge International Group Ltd. (GBP)		92,397
	11,570	Sapiens International Corp. NV (USD)		135,485
	4,788	Varonis Systems, Inc. (USD) * †		115,008
	15,326	Verint Systems, Inc. (USD) *		507,750
	9,468	Wix.com Ltd. (USD) *		287,354
	84,773	XLMedia Plc (GBP) †		74,369
				10,519,399
Technology Hardware & Equipment: 4.1%
	22,593	AudioCodes Ltd. (USD) *		94,665
	52,890	Ceragon Networks Ltd. (USD) *		85,682
	19,941	Gilat Satellite Networks Ltd. * #		85,626
	6,991	Ituran Location and Control Ltd. (USD)		158,626
	10,993	Orbotech Ltd. (USD) *		280,871
	7,317	RADCOM Ltd. (USD) *		85,243
	13,447	Radware Ltd. (USD) *		151,413
	3,676	Silicom Ltd. (USD) †		109,912
	13,534	Stratasys Ltd. (USD) *		309,793
	20,941	SuperCom Ltd. (USD) * †		79,576
	40,944	Telit Communications Plc (GBP) † #		133,720
				1,575,127
Telecommunication Services: 4.0%
	622,494	Bezeq The Israeli Telecommunication Corp. Ltd. #		1,235,790
	21,578	Cellcom Israel Ltd. * #		144,552
	40,265	Partner Communications Co. Ltd. * #		184,850
				1,565,192
Transportation: 0.3%
	186,525	El Al Israel Airlines #		123,546
Utilities: 1.2%
	10,259	Ormat Technologies, Inc. (USD)		448,934
Total Common Stocks (Cost: $45,672,630)				38,356,336
REAL ESTATE INVESTMENT TRUST: 0.7% (Cost: $241,115)
Real Estate: 0.7%
	32,295	Alony Hetz Properties & Investments Ltd. † #		264,498
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $45,913,745)				38,620,834

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 10.6%
Repurchase Agreements: 10.6%
	$1,000,000	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $1,020,000 including accrued interest)	$	1,000,000
	1,000,000	Repurchase agreement dated 6/30/16 with HSBC Securities USA, Inc., 0.40%, due 7/1/16, proceeds $1,000,011; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 8/1/22 to 6/1/46, valued at $1,020,003 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 4.00%, due 3/20/46 to 5/20/46, valued at $1,020,000 including accrued interest)		1,000,000
	76,249	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $76,250; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $77,774 including accrued interest)		76,249
	1,000,000	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $4,076,249)				4,076,249
Total Investments: 110.5% (Cost: $49,989,994)				42,697,083
Liabilities in excess of other assets: (10.5)%				(4,046,858	)
NET ASSETS: 100.0%			$	38,650,225

See Notes to Financial Statements

ADR	American Depositary Receipt
GBP	British Pound
SGD	Singapore Dollar
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,127,276.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $19,961,725 which represents 51.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.1	%	$	778,918
Consumer Staples		1.2			464,051
Energy		3.9			1,609,382
Financials		18.4			7,088,135
Health Care		26.5			10,223,856
Industrials		4.3			1,675,615
Information Technology		34.8			13,423,450
Materials		3.5			1,343,301
Telecommunication Services		4.1			1,565,192
Utilities		1.2			448,934
		100.0	%	$	38,620,834

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Value
Common Stocks
Banks	$	—	$	4,066,010		$	—	$	4,066,010
Capital Goods		347,748		1,204,321			—		1,552,069
Consumer Durables & Apparel		152,893		318,656			—		471,549
Consumer Services		—		168,141			—		168,141
Diversified Financials		195,878		—			—		195,878
Energy		360,428		1,248,954			—		1,609,382
Food & Staples Retailing		—		247,244			—		247,244
Food, Beverage & Tobacco		—		216,807			—		216,807
Health Care Equipment & Services		216,543		134,791			—		351,334
Insurance		—		608,925			—		608,925
Materials		—		1,343,301			—		1,343,301
Pharmaceuticals, Biotechnology		5,054,160		4,818,362			—		9,872,522
Real Estate		109,941		1,842,883			—		1,952,824
Retailing		—		139,228			—		139,228
Semiconductor		1,192,023		136,901			—		1,328,924
Software & Services		9,224,780		1,294,619			—		10,519,399
Technology Hardware & Equipment		1,355,781		219,346			—		1,575,127
Telecommunication Services		—		1,565,192			—		1,565,192
Transportation		—		123,546			—		123,546
Utilities		448,934		—			—		448,934
Real Estate Investment Trust
Real Estate		—		264,498			—		264,498
Repurchase Agreements		—		4,076,249			—		4,076,249
Total	$	18,659,109	$	24,037,974		$	—	$	42,697,083

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $256,049 and transfers from Level 2 to Level 1 were $184,981. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

POLAND ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.5%
Banks: 30.8%
	42,976	Alior Bank SA * † #	$	569,631
	17,239	Bank Handlowy w Warszawie SA #		312,714
	217,667	Bank Millennium SA * †		257,155
	27,633	Bank Pekao SA † #		960,829
	9,063	Bank Zachodni WBK SA #		603,578
	5,573	mBank SA * † #		436,614
	142,660	PKO Bank Polski SA * #		842,130
				3,982,651
Consumer Durables & Apparel: 7.5%
	446	LPP SA #		569,863
	9,719	NG2 SA † #		393,358
				963,221
Energy: 15.8%
	40,003	Grupa Lotos SA * #		308,176
	54,092	Polski Koncern Naftowy Orlen SA † #		946,255
	551,795	Polskie Gornictwo Naftowe I Gazownictwo SA #		783,432
				2,037,863
Food & Staples Retailing: 8.4%
	41,106	Eurocash SA #		479,688
	38,445	Jeronimo Martins, SGPS SA (EUR) #		607,000
				1,086,688
Insurance: 7.5%
	132,980	Powszechny Zaklad Ubezpieczen SA #		965,082
Materials: 7.5%
	43,052	KGHM Polska Miedz SA #		723,597
	265,375	Synthos SA * † #		242,110
				965,707
Media: 3.6%
	82,564	Cyfrowy Polsat SA * #		460,003
Software & Services: 4.4%
	30,225	Asseco Poland SA #		399,223
	24,106	CD Projekt SA * #		167,208
				566,431
Telecommunication Services: 3.4%
	339,377	Orange Polska SA #		435,834
Utilities: 11.6%
	114,157	Enea SA #		285,824
	68,179	Energa SA #		164,103
	232,091	Polska Grupa Energetyczna SA #		696,224
	499,457	Tauron Polska Energia SA #		358,849
				1,505,000
Total Common Stocks (Cost: $20,387,943)				12,968,480

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 17.8%
Repurchase Agreements: 17.8%
$	1,000,000	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $1,000,014; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $1,020,000 including accrued interest)	$	1,000,0000
	301,422	Repurchase agreement dated 6/30/16 with Deutsche Bank Securities, Inc., 0.42%, due 7/1/16, proceeds $301,426; (collateralized by various U.S. government and agency obligations, 0.00% to 8.75%, due 7/31/16 to 9/30/21, valued at $307,450 including accrued interest)		301,422
	1,000,000	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,301,422)				2,301,422
Total Investments: 118.3% (Cost: $22,689,365)				15,269,902
Liabilities in excess of other assets: (18.3)%				(2,361,659	)
NET ASSETS: 100.0%			$	12,908,243

EUR	Euro
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,190,245.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $12,711,325 which represents 98.5% of net assets.

See Notes to Financial Statements

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		11.0	%	$	1,423,224
Consumer Staples		8.4			1,086,688
Energy		15.7			2,037,863
Financials		38.1			4,947,733
Information Technology		4.4			566,431
Materials		7.4			965,707
Telecommunication Services		3.4			435,834
Utilities		11.6			1,505,000
		100.0	%	$	12,968,480

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	257,155	$	3,725,496	$	—	$	3,982,651
Consumer Durables & Apparel		—		963,221		—		963,221
Energy		—		2,037,863		—		2,037,863
Food & Staples Retailing		—		1,086,688		—		1,086,688
Insurance		—		965,082		—		965,082
Materials		—		965,707		—		965,707
Media		—		460,003		—		460,003
Software & Services		—		566,431		—		566,431
Telecommunication Services		—		435,834		—		435,834
Utilities		—		1,505,000		—		1,505,000
Repurchase Agreements		—		2,301,422		—		2,301,42
Total	$	257,155	$	15,012,747	$	—	$	15,269,902

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $636,853 and transfers from Level 2 to Level 1 were $366,318. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

RUSSIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 95.4%
Banks: 12.5%
	15,703,255	Sberbank of Russia (ADR) #	$	137,724,801
	32,683,715	VTB Bank OJSC (GDR) # Reg S		67,623,489
	7,358,060,000	VTB Bank PJSC #		7,836,334
				213,184,624
Diversified Financials: 2.6%
	25,218,712	Moscow Exchange MICEX-RTS PJSC #		44,419,962
Energy: 35.2%
	2,953,185	Lukoil PJSC (ADR) #		123,601,518
	989,278	Novatek OAO (GDR) # Reg S		101,214,140
	31,115,712	OAO Gazprom (ADR) #		134,449,996
	14,725,640	Rosneft Oil Co. (GDR) # Reg S		75,760,340
	14,951,614	Surgutneftegas OJSC (ADR) #		76,295,231
	2,864,631	Tatneft PJSC (ADR) #		88,428,016
				599,749,241
Food & Staples Retailing: 10.5%
	5,355,139	Lenta Ltd. (GDR) * # Reg S		38,850,794
	3,193,572	Magnit OAO (GDR) # Reg S		106,470,775
	1,671,682	X5 Retail Group NV (GDR) * # Reg S		33,518,801
				178,840,370
Materials: 17.6%
	31,775,696	Alrosa PJSC #		34,478,410
	6,966,402	MMC Norilsk Nickel PJSC (ADR) #		93,303,356
	1,565,090	Novolipetsk Steel (GDR) # Reg S		20,496,982
	2,391,666	PhosAgro OAO (GDR) # Reg S		35,370,896
	4,289,665	Polymetal International (GBP) #		60,364,602
	3,281,483	Severstal OAO (GDR) # Reg S		36,135,346
	7,710,420	Uralkali PJSC * #		21,110,752
				301,260,344

Number
of Shares			Value

Software & Services: 6.5%
	1,946,948	Mail.ru Group Ltd. (GDR) * Reg S	$	35,434,454
	3,440,526	Yandex NV (USD) *		75,175,493
				110,609,947
Telecommunication Services: 9.2%
	2,197,332	MegaFon PJSC (GDR) # Reg S		22,946,373
	8,547,191	Mobile TeleSystems OJSC (ADR)		70,770,741
	2,881,820	Rostelecom OJSC (ADR) #		24,973,898
	3,240,672	Sistema JSFC (GDR) Reg S		24,402,260
	3,588,587	VimpelCom Ltd. (ADR)		13,923,718
				157,016,990
Utilities: 1.3%
	7,410,870	Irkutsk Electronetwork Co. JSC (USD) * # §		0
	23,776,119	RusHydro PJSC (ADR) #		21,814,875
				21,814,875
Total Common Stocks (Cost: $1,988,851,343)				1,626,896,875
PREFERRED STOCK: 4.5% (Cost: $60,228,806)
Energy: 4.5%
	29,187	AK Transneft OAO #		76,209,469
MONEY MARKET FUND: 0.1% (Cost: $1,621,166)
	1,621,166	Dreyfus Government Cash Management Fund		1,621,166
Total Investments: 100.0% (Cost: $2,050,701,315)				1,704,726,988
Liabilities in excess of other assets: (0.0)%				81,461
NET ASSETS: 100.0%			$	1,704,808,449

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
USD	United States Dollar
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,483,399,156 which represents 87.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

See Notes to Financial Statements

Summary of Investments
by Sector (unaudited)	% of Investments			Value
Consumer Staples		10.5	%	$	178,840,370
Energy		39.6			675,958,710
Financials		15.1			257,604,586
Information Technology		6.5			110,609,947
Materials		17.7			301,260,344
Telecommunication Services		9.2			157,016,990
Utilities		1.3			21,814,875
Money Market Fund		0.1			1,621,166
		100.0	%	$	1,704,726,988

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	213,184,624	$	—	$	213,184,624
Diversified Financials		—		44,419,962		—		44,419,962
Energy		—		599,749,241		—		599,749,241
Food & Staples Retailing		—		178,840,370		—		178,840,370
Materials		—		301,260,344		—		301,260,344
Software & Services		110,609,947		—		—		110,609,947
Telecommunication Services		109,096,719		47,920,271		—		157,016,990
Utilities		—		21,814,875		0		21,814,875
Preferred Stock
Energy		—		76,209,469		—		76,209,469
Money Market Fund		1,621,166		—		—		1,621,166
Total	$	221,327,832	$	1,483,399,156	$	0	$	1,704,726,998

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $69,271,903 and transfers from Level 2 to Level 1 were $79,675,174. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	Utilities
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of June 30, 2016	$	0

See Notes to Financial Statements

RUSSIA SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 100.5%
Banks: 3.4%
	353,748	TCS Group Holding Plc (GDR) # Reg S	$	1,818,343
Diversified Financials: 2.1%
	207,134	Vostok New Ventures Ltd. (SDR) (SEK) * #		1,159,526
Energy: 4.4%
	57,732	CAT Oil AG (EUR) #		423,949
	721,384	OAO TMK (GDR) # Reg S		1,977,189
				2,401,138
Food & Staples Retailing: 2.5%
	587,068	O’Key Group SA (GDR) # Reg S		1,362,996
Food, Beverage & Tobacco: 4.8%
	174,361	Ros Agro Plc (GDR) Reg S		2,580,543
Materials: 17.6%
	51,269	Acron JSC * #		2,808,209
	1,265,565	Evraz Plc (GBP) * #		2,335,833
	1,034,793	Highland Gold Mining Ltd. (GBP)		1,452,477
	624,403	Mechel PJSC (ADR) *		1,048,997
	14,617,053	Petropavlovsk Plc (GBP) * #		1,431,662
	1,150,672	Raspadskaya OJSC * #		513,383
				9,590,561
Media: 3.8%
	1,094,072	ITE Group Plc (GBP) #		2,080,032
Real Estate: 12.5%
	849,829	Etalon Group Ltd. (GDR) Reg S		2,077,832
	1,352,012	LSR Group PJSC (GDR) # Reg S		3,831,298
	1,819,917	Raven Russia Ltd. (GBP) *		906,242
				6,815,372

Number of Shares			Value

Software & Services: 4.2%
	173,859	Qiwi Plc (ADR)	$	2,277,553
Transportation: 12.2%
	3,260,991	Aeroflot - Russian Airlines OJSC * #		4,371,257
	571,574	Globaltrans Investment Plc (GDR) Reg S		2,240,570
				6,611,827
Utilities: 33.0%
	1,873,851,200	Federal Grid Co. Unified Energy System JSC #		4,589,062
	124,626,600	Inter Rao Ues PJSC #		4,923,872
	72,270,800	Mosenergo PJSC #		1,829,319
	271,081,600	OGK-2 PJSC #		1,181,916
	219,652,200	Rosseti PJSC * #		2,129,528
	76,924,000	Unipro PJSC #		3,310,655
				17,964,352
Total Common Stocks (Cost: $56,726,117)				54,662,243
Liabilities in excess of other assets: (0.5)%				(270,104	)
NET ASSETS: 100.0%			$	54,392,139

ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
SDR	Special Drawing Right
SEK	Swedish Krona
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $42,078,029 which represents 77.4% 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.

See Notes to Financial Statements

Summary of Investments
by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		3.8	%	$	2,080,032
Consumer Staples		7.2			3,943,539
Energy		4.4			2,401,138
Financials		17.9			9,793,241
Industrials		12.1			6,611,827
Information Technology		4.2			2,277,553
Materials		17.5			9,590,561
Utilities		32.9			17,964,352
		100.0	%	$	54,662,243

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Banks	$	—	$	1,818,343	$	—	$	1,818,343
Diversified Financials		—		1,159,526		—		1,159,526
Energy		—		2,401,138		—		2,401,138
Food & Staples Retailing		—		1,362,996		—		1,362,996
Food, Beverage & Tobacco		2,580,543		—		—		2,580,543
Materials		2,501,474		7,089,087		—		9,590,561
Media		—		2,080,032		—		2,080,032
Real Estate		2,984,074		3,831,298		—		6,815,372
Software & Services		2,277,553		—		—		2,277,553
Transportation		2,240,570		4,371,257		—		6,611,827
Utilities		—		17,964,352		—		17,964,352
Total	$	12,584,214	$	42,078,029	$	—	$	54,662,243

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $5,777,575 and transfers from Level 2 to Level 1 were $921,480. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

VIETNAM ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.8%
Automobiles & Components: 3.7%
	3	Danang Rubber JSC #	$	5
	3,487,000	Eurocharm Holdings Co. Ltd. ‡ #		12,577,119
				12,577,124
Banks: 16.1%
	12,968,798	Bank for Foreign Trade of Vietnam JSC #		27,588,866
	38,434,853	Saigon Thuong Tin Commercial JSB * #		19,531,438
	3,277,289	Saigon Thuong Tin Commercial JSB * # §		1,665,420
	22,299,621	Saigon-Hanoi Commercial Joint Stock Bank * #		6,110,475
				54,896,199
Capital Goods: 4.4%
	3	Hoang Huy Investment Services JSC #		1
	38,337,931	Tan Tao Investment Industry Corp. * #		7,417,599
	12,120,697	Viet Nam Construction & Import-Export JSC #		7,734,612
				15,152,212
Consumer Durables & Apparel: 4.3%
	447,225	Hansae Co. Ltd. (KRW) #		14,757,351
Consumer Services: 3.8%
	41,292,221	Donaco International Ltd. (AUD) * † #		12,841,760
Diversified Financials: 8.4%
	30,964,434	HAGL JSC * #		10,194,936
	6	Ocean Group JSC *		1
	19,859,401	Saigon Securities, Inc. * #		18,580,543
				28,775,480
Energy: 12.1%
	12,837,350	Petroleum Technical Services Corp. #		10,534,074
	68	Petrovietnam Construction Co. * #		7
	5,910,227	PetroVietnam Drilling & Well Services JSC #		8,282,636
	10,360,275	Petrovietnam Transportation Corp. * #		6,447,979
	8,438,773	Soco International Plc (GBP) #		16,118,676
				41,383,372
Food, Beverage & Tobacco: 13.5%
	6,985,860	Kinh Do Corp. #		8,801,829
	7,761,100	Masan Group Corp. * #		23,163,720
	10,060,990	Thanh Thanh Cong Tay Ninh JSC ‡ #		14,065,362
				46,030,911
Insurance: 5.8%
	7,394,136	Bao Viet Holdings #		19,662,155
Materials: 9.9%
	10,519,670	Hoa Phat Group JSC * #		18,697,975
	12,217,160	PetroVietnam Fertilizer & Chemical JSC #		15,195,908
				33,893,883

Number of Shares			Value

Real Estate: 14.7%
	32,987,200	Amata VN PCL (NVDR) (THB) #	$	8,294,574
	25,614,712	FLC Group JSC * #		6,806,191
	9,819,850	Kinh Bac City Development Share Holding Corp. * #		6,836,933
	12,647,952	Vingroup JSC * #		28,033,408
				49,971,106
Transportation: 0.0%
	9	Gemadept Corp. #		11
Utilities: 4.1%
	8,931,299	PetroVietnam Nhon Trach 2 Power
		JSC #		13,893,511
Total Common Stocks (Cost: $352,378,293)				343,835,075
RIGHTS: 0.0% (Cost: $0)
Real Estate: 0.0%
	28,557,712	FLC Group JSC Rights (VND 10,000.00, expiring 07/21/16) *		0
WARRANTS: 0.0% (Cost: $0)
Consumer Services: 0.0%
	32	Minor International PCL Warrants (THB 36.36, expiring 11/03/17) # *		5
Total Investments Before Collateral for Securities Loaned: 100.8% (Cost: $352,378,293)				343,835,080

Principal
Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3% (Cost: $926,804)
Repurchase Agreement: 0.3%
$	926,804	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $926,817; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $945,340 including accrued interest)		926,804
Total Investments: 101.1% (Cost: $353,305,097)				344,761,884
Liabilities in excess of other assets: (1.1)%				(3,758,896	)
NET ASSETS: 100.0%			$	341,002,988

See Notes to Financial Statements

AUD	Australian Dollar
GBP	British Pound
KRW	Korean Won
NVDR	Non-Voting Depositary Receipt
THB	Thai Baht
VND	Vietnamese Dong
‡	Affiliated issuer — as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $826,037.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $343,835,079 which represents 100.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,665,420 which represents 0.5% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2016 is set forth below:

Affiliates	Value as of December 31, 2015		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value as of June 30, 2016
Eurocharm Holdings Co. Ltd. (b)	$	—	$	12,978,450	$	—		$	—		$	—	$	12,577,119
FLC Group JSC (a)		9,923,885		998,100		(1,670,232	)		(1,088,407	)		—		—
Petrovietnam Transportation Corp. (a)		5,845,379		546,976		(1,885,050	)		(547,264	)		—		—
Thanh Thanh Cong Tay Ninh JSC (b)		—		13,555,976		(546,602	)		35,625			—		14,065,362
	$	15,769,264	$	28,079,502	$	(4,101,884		$	(1,600,046	)	$	—	$	26,642,481

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

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		11.7	%	$	40,176,240
Consumer Staples		13.4			46,030,911
Energy		12.0			41,383,372
Financials		44.6			153,304,940
Industrials		4.4			15,152,223
Materials		9.9			33,893,883
Utilities		4.0			13,893,511
		100.0	%	$	343,835,080

See Notes to Financial Statements

VIETNAM ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	—	$	12,577,124	$	—	$	12,577,124
Banks		—		54,896,199		—		54,896,199
Capital Goods		—		15,152,212		—		15,152,212
Consumer Durables & Apparel		—		14,757,351		—		14,757,351
Consumer Services		—		12,841,760		—		12,841,760
Diversified Financials		1		28,775,479		—		28,775,480
Energy		—		41,383,372		—		41,383,372
Food, Beverage & Tobacco		—		46,030,911		—		46,030,911
Insurance		—		19,662,155		—		19,662,155
Materials		—		33,893,883		—		33,893,883
Real Estate		—		49,971,106		—		49,971,106
Transportation		—		11		—		11
Utilities		—		13,893,511		—		13,893,511
Rights
Real Estate		—		0		—		0
Warrants
Consumer Services		—		5		—		5
Repurchase Agreement		—		926,804		—		926,804
Total	$	1	$	344,761,883	$	—	$	344,761,884

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $37,351,907. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

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VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2016 (unaudited)

		Africa Index ETF				Brazil Small-Cap ETF				ChinaAMC CSI 300 ETF				ChinaAMC SME-ChiNext ETF
Assets:
Investments, at value (1) (2)			$	70,649,601			$	93,206,689			$	72,729,206			$	39,023,964
Short-term investments held as collateral for securities loaned (3)				243,970				338,968				—				—
Cash				233,340				—				—				—
Cash denominated in foreign currency, at value (4)				380,988				682,320				514,595	(b)			596,842	(c)
Receivables:
Investment securities sold				69,886				2,683,831				—				3,867,814
Shares sold				34,886				10,172				—				—
Due from Adviser				—				—				—				—
Dividends and interest				270,357				266,580				6,551				48
Prepaid expenses				253				2,772				2,745				2,600
Total assets				71,883,281				97,191,332				73,253,097				43,491,268

Liabilities:
Payables:
Investment securities purchased				683,843				1,362,217				1,063				4,210,677
Collateral for securities loaned				243,970				338,968				—				—
Line of credit				—				—				382,171				217,733
Shares redeemed				—				1,321,710				2,991				—
Due to Adviser				29,097				28,074				5,331				4,052
Due to custodian				—				402,209				50,138				33,652
Deferred Trustee fees				7,707				29,848				2,670				210
Accrued expenses				149,509				689,092				210,918				71,218
Total liabilities				1,114,126				4,172,118				655,282				4,537,542
NET ASSETS			$	70,769,155			$	93,019,214			$	72,597,815			$	38,953,726
Shares outstanding				3,500,000				6,150,000				1,950,000				1,150,000
Net asset value, redemption and offering price per share			$	20.22			$	15.13			$	37.23			$	33.87

Net assets consist of:
Aggregate paid in capital			$	124,458,381			$	277,434,474			$	75,292,122			$	41,514,116
Net unrealized appreciation (depreciation)				(2,765,058	)			(612,991	)			(68,553	)			5,604,656
Undistributed (accumulated) net investment income (loss)				1,592,849				1,640,166				168,444				(17,744	)
Accumulated net realized loss				(52,517,017	)			(185,442,435	)			(2,794,198	)			(8,147,302	)
			$	70,769,155			$	93,019,214			$	72,597,815			$	38,953,726
(1)	Value of securities on loan		$	206,853			$	334,644			$	—			$	—
(2)	Cost of investments		$	73,292,519			$	93,839,588			$	72,793,329			$	33,411,304
(3)	Cost of short-term investments held as collateral for securities loaned		$	243,970			$	338,968			$	—			$	—
(4)	Cost of cash denominated in foreign currency		$	389,089			$	682,304			$	509,436			$	592,804

(a)	Represents consolidated Statement of Assets and Liabilities.
(b)	Includes $8,078 of foreign investor minimum settlement reserve funds.
(c)	Includes $10,862 of foreign investor minimum settlement reserve funds.

See Notes to Financial Statements

Egypt Index ETF				Gulf States Index ETF				India Small-Cap Index ETF(a)				Indonesia Index ETF				Indonesia Small-Cap ETF				Israel ETF				Poland ETF

	$	27,592,049			$	6,639,056			$	193,336,069			$	103,055,044			$	5,878,722			$	38,620,834			$	12,968,480
		—				134,768				—				457,416				—				4,076,249				2,301,422
		—				—				—				—				—				—				—
		94,333				159,200				67,124				283,189				90,315				264,983				7,438

		—				—				—				79,845				—				—				—
		—				—				—				—				—				—				—
		—				14,854				—				—				6,798				—				2,367
		47,905				1,167				88,992				628,039				4,362				20,753				83,085
		2,676				2,567				3,626				2,948				2,538				2,636				2,571
		27,736,963				6,951,612				193,495,811				104,506,481				5,982,735				42,985,455				15,365,363

		14,057				—				—				87,578				295				—				—
		—				134,768				—				457,416				—				4,076,249				2,301,422
		—				—				968,926				411,576				—				142,089				112,980
		—				—				—				—				—				—				—
		8,800				—				75,585				32,595				—				2,515				—
		13,741				51,064				58,596				58,070				50,509				68,080				3,040
		3,336				1,251				7,383				23,878				366				1,532				2,333
		101,530				131,392				276,215				136,780				50,575				44,765				37,345
		141,464				318,475				1,386,705				1,207,893				101,745				4,335,230				2,457,120
	$	27,595,499			$	6,633,137			$	192,109,106			$	103,298,588			$	5,880,990			$	38,650,225			$	12,908,243
		774,974				300,000				4,524,967				4,750,000				700,000				1,450,000				1,000,000

	$	35.61			$	22.11			$	42.46			$	21.75			$	8.40			$	26.66			$	12.91

	$	61,700,201			$	12,450,854			$	222,269,089			$	223,241,492			$	11,878,943			$	47,559,844			$	36,664,557
		(3,819,246	)			1,078,471				22,063,255				(23,499,426	)			(1,501,278	)			(7,292,341	)			(7,422,520	)
		(800,232	)			302,048				1,327,204				1,661,685				4,329				137,915				99,736
		(29,485,224	)			(7,198,236	)			(53,550,442	)			(98,105,163	)			(4,501,004	)			(1,755,193	)			(16,433,530	)
	$	27,595,499			$	6,633,137			$	192,109,106			$	103,298,588			$	5,880,990			$	38,650,225			$	12,908,243
	$	—			$	126,770			$	—			$	431,367			$	—			$	4,127,276			$	2,190,245
	$	31,387,835			$	5,560,497			$	171,273,014			$	126,418,107			$	7,370,878			$	45,913,745			$	20,387,943
	$	—			$	134,768			$	—			$	457,416			$	—			$	4,076,249			$	2,301,422
	$	94,469			$	159,229			$	66,907			$	300,568			$	99,456			$	264,378			$	7,456

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2016 (unaudited) (continued)

		Russia ETF				Russia Small-Cap ETF				Vietnam ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)			$	1,704,726,988			$	54,662,243			$	317,192,599
Affiliated issuers (3)				—				—				26,642,481
Short-term investments held as collateral for securities loaned (4)				—				—				926,804
Cash				—				1,960,265				—
Cash denominated in foreign currency, at value (5)				77,525				218,959				2,501,897
Receivables:
Investment securities sold				—				1,603,896				—
Dividends and interest				12,403,791				131,066				670,091
Prepaid expenses				12,096				2,659				5,272
Total assets				1,717,220,400				58,579,088				347,939,144

Liabilities:
Payables:
Investment securities purchased				—				4,006,876				—
Collateral for securities loaned				—				—				926,804
Line of credit				9,395,113				—				5,462,811
Due to Adviser				405,502				12,613				140,263
Due to custodian				2,181,770				—				50,198
Deferred Trustee fees				118,740				1,503				27,378
Accrued expenses				310,826				165,957				328,702
Total liabilities				12,411,951				4,186,949				6,936,156
NET ASSETS			$	1,704,808,449			$	54,392,139			$	341,002,988
Shares outstanding				97,350,000				2,033,318				23,250,000
Net asset value, redemption and offering price per share			$	17.51			$	26.75			$	14.67

Net assets consist of:
Aggregate paid in capital			$	3,695,713,770			$	77,742,273			$	587,341,272
Net unrealized depreciation				(345,885,089	)			(2,083,104	)			(8,541,544	)
Undistributed net investment income				7,564,065				651,785				365,580
Accumulated net realized loss				(1,652,584,297	)			(21,918,815	)			(238,162,320	)
			$	1,704,808,449			$	54,392,139			$	341,002,988
(1)	Value of securities on loan		$	—			$	—			$	826,037
(2)	Cost of investments – Unaffiliated issuers		$	2,050,681,469			$	56,726,117			$	326,354,845
(3)	Cost of investments – Affiliated issuers		$	—			$	—			$	26,023,448
(4)	Cost of short-term investments held as collateral for securities loaned		$	—			$	—			$	926,804
(5)	Cost of cash denominated in foreign currency		$	73,294			$	237,984			$	2,500,343

See Notes to Financial Statements

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VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2016 (unaudited)

	Africa Index ETF				Brazil Small-Cap ETF				ChinaAMC CSI 300 ETF				ChinaAMC SME-ChiNext ETF
Income:
Dividends		$	2,005,441			$	2,131,924			$	692,516			$	231,019
Interest			—				—				19				—
Securities lending income			77,484				2,108				—				—
Foreign taxes withheld			(155,148	)			(52,114	)			(72,152	)			(28,824	)
Total income			1,927,777				2,081,918				620,383				202,195

Expenses:
Management fees			159,103				185,472				192,281				90,540
Professional fees			28,109				30,073				61,556				35,631
Insurance			819				795				1,127				428
Trustees’ fees and expenses			1,717				1,106				1,874				1,363
Reports to shareholders			12,043				12,238				10,396				7,080
Indicative optimized portfolio value fee			7,906				2,394				9,333				2,709
Custodian fees			72,602				40,983				100,866				52,920
Registration fees			2,100				2,529				6,039				2,545
Transfer agent fees			1,191				1,191				1,191				1,191
Fund accounting fees			8,343				1,683				17,093				7,960
Interest			5,034				4,971				919				9,537
Other			2,672				1,768				31,646				11,198
Total expenses			301,639				285,203				434,321				223,102
Waiver of management fees			(48,407	)			(61,376	)			(156,517	)			(72,324	)
Expenses assumed by the Adviser			—				—				—				—
Net expenses			253,232				223,827				277,804				150,778
Net investment income			1,674,545				1,858,091				342,579				51,417

Net realized gain (loss) on:
Investments			(5,840,092	)			(13,301,526	)			(1,023,535	)			(2,285,184	)
In-kind redemptions			240,261				59,532				—				—
Swap contracts			—				—				(337,220	)			—
Foreign currency transactions and foreign denominated assets and liabilities			(314,811	)			99,370				(138,822	)			(136,650	)
Net realized gain (loss)			(5,914,642	)			(13,142,624	)			(1,499,577	)			(2,421,834	)

Net change in unrealized appreciation (depreciation) on:
Investments			10,706,890				40,857,779				(15,862,461	)			(7,936,281	)
Swap contracts			—				—				(95,211	)			—
Foreign currency transactions and foreign denominated assets and liabilities			(17,226	)			26,092				(3,362	)			(7,414	)
Net change in unrealized appreciation (depreciation)			10,689,664				40,883,871				(15,961,034	)			(7,943,695	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	6,449,567			$	29,599,338			$	(17,118,032	)		$	(10,314,112	)

(a) Represents consolidated Statement of Operations.

See Notes to Financial Statements

Egypt Index ETF				Gulf States Index ETF				India Small-Cap Index ETF(a)				Indonesia Index ETF				Indonesia Small-Cap ETF				Israel ETF				Poland ETF

	$	525,703			$	393,359			$	2,079,620			$	2,027,268			$	27,168			$	353,963			$	160,336
		—				—				—				—				—				—				—
		1,996				89				—				10,070				—				59,948				9,845
		(55,455	)			(9,778	)			(2,803	)			(325,874	)			(3,829	)			(67,714	)			(24,045	)
		472,244				383,670				2,076,817				1,711,464				23,339				346,197				146,136

		65,307				17,527				400,453				255,287				13,954				106,064				36,286
		25,796				28,447				48,924				29,733				27,327				29,141				28,838
		444				129				1,922				1,037				58				422				171
		951				767				12,819				2,003				491				1,176				469
		5,829				4,473				17,079				11,674				3,862				5,127				5,454
		3,528				9,329				9,329				9,329				7,902				3,528				3,528
		51,959				58,046				90,782				30,862				11,297				28,356				6,829
		2,481				2,481				2,481				2,485				2,482				2,490				2,486
		1,191				1,191				2,382				1,191				1,191				1,191				1,191
		2,753				4,730				29,059				6,673				2,357				5,790				2,214
		2,072				646				7,108				5,296				870				2,800				65
		1,870				4,254				76,990				5,527				1,800				1,956				2,448
		164,181				132,020				699,328				361,097				73,591				188,041				89,979
		(39,331	)			(17,527	)			(14,887	)			(64,774	)			(13,954	)			(60,086	)			(36,286	)
		—				(79,493	)			—				—				(41,744	)			—				(10,085	)
		124,850				35,000				684,441				296,323				17,893				127,955				43,608
		347,394				348,670				1,392,376				1,415,141				5,446				218,242				102,528

		(140,985	)			(312,145	)			4,383,429				(7,403,613	)			(753,633	)			(1,188,560	)			(1,258,518	)
		—				(19,154	)			—				(181,994	)			6,700				299,764				(190,599	)
		—				—				—				—				—				—				—

		(21,498	)			(10,820	)			(96,558	)			(11,738	)			(4,196	)			(13,668	)			(2,156	)
		(162,483	)			(342,119	)			4,286,871				(7,597,345	)			(751,129	)			(902,464	)			(1,451,273	)

		(2,862,204	)			(208,133	)			(8,934,041	)			21,865,261				1,042,436				(2,798,688	)			1,123,597
		—				—				—				—				—				—				—

		(13,349	)			(54	)			(3,043	)			14,466				2,087				592				(632	)
		(2,875,553	)			(208,187	)			(8,937,084	)			21,879,727				1,044,523				(2,798,096	)			1,122,965

	$	(2,690,642	)		$	(201,636	)		$	(3,257,837	)		$	15,697,523			$	298,840			$	(3,482,318	)		$	(225,780	)

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2016 (unaudited) (continued)

	Russia ETF				Russia Small-Cap ETF				Vietnam ETF
Income:
Dividends		$	19,778,375			$	900,912			$	2,762,869
Securities lending income			—				—				21,799
Foreign taxes withheld			(2,618,749	)			(86,509	)			(22,122	)
Total income			17,159,626				814,403				2,762,546

Expenses:
Management fees			4,421,083				97,970				846,079
Professional fees			48,367				35,395				36,541
Insurance			17,321				346				4,275
Trustees’ fees and expenses			28,331				802				5,857
Reports to shareholders			63,768				6,773				26,549
Indicative optimized portfolio value fee			2,746				7,943				9,329
Custodian fees			2,197,824				91,440				193,639
Registration fees			11,381				2,481				3,532
Transfer agent fees			742				1,191				1,191
Fund accounting fees			49,028				1,685				13,033
Interest			42,543				1,594				52,242
Other			29,163				2,334				20,116
Total expenses			6,912,297				249,954				1,212,383
Waiver of management fees			(1,267,442	)			(97,970	)			—
Expenses assumed by the Adviser			—				(12,667	)			—
Net expenses			5,644,855				139,317				1,212,383
Net investment income			11,514,771				675,086				1,550,163

Net realized gain (loss) on:
Investments – unaffiliated issuers			(84,373,663	)			(1,806,592	)			(36,260,521	)
Investments – affiliated issuers			—				—				(1,600,046	)
In-kind redemptions			38,078,847				—				(682,934	)
Foreign currency transactions and foreign denominated assets and liabilities			(60,237	)			(9,971	)			(286,901	)
Net realized loss			(46,355,053	)			(1,816,563	)			(38,830,402	)

Net change in unrealized appreciation (depreciation) on:
Investments			346,074,463				14,771,245				31,150,676
Foreign currency transactions and foreign denominated assets and liabilities			16,237				(17,175	)			(7,471	)
Net change in unrealized appreciation (depreciation)			346,090,700				14,754,070				31,143,205
Net Increase (Decrease) in Net Assets Resulting from Operations		$	311,250,418			$	13,612,593			$	(6,137,034	)

See Notes to Financial Statements

[This page intentionally left blank.]

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Africa Index ETF								Brazil Small-Cap ETF
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
	(unaudited)								(unaudited)
Operations:
Net investment income (loss)		$	1,674,545			$	1,801,320			$	1,858,091			$	2,723,510
Net realized gain (loss)			(5,914,642	)			(20,306,145	)			(13,142,624	)			(54,341,983	)
Net change in unrealized appreciation (depreciation)			10,689,664				(11,158,968	)			40,883,871				(5,049,261	)
Net increase (decrease) in net assets resulting from operations			6,449,567				(29,663,793	)			29,599,338				(56,667,734	)

Dividends and Distributions to shareholders:
Dividends from net investment income			—				(1,309,000	)			—				(2,493,750	)
Distributions from net realized capital gains			—				—				—				—
Total Dividends and Distributions			—				(1,309,000	)			—				(2,493,750	)

Share transactions:**
Proceeds from sale of shares			11,722,377				9,067,339				973,090				23,401,917
Cost of shares redeemed			(7,168,947	)			(13,973,637	)			(2,817,410	)			(2,987,160	)
Increase (Decrease) in net assets resulting from share transactions			4,553,430				(4,906,298	)			(1,844,320	)			20,414,757
Total increase (decrease) in net assets			11,002,997				(35,879,091	)			27,755,018				(38,746,727	)
Net Assets, beginning of period			59,766,158				95,645,249				65,264,196				104,010,923
Net Assets, end of period†		$	70,769,155			$	59,766,158			$	93,019,214			$	65,264,196
† Including undistributed (accumulated) net investment income (loss)		$	1,592,849			$	(81,696	)		$	1,640,166			$	(217,925	)
** Shares of Common Stock Issued (no par value)
Shares sold			600,000				350,000				100,000				1,500,000
Shares redeemed			(400,000	)			(700,000	)			(200,000	)			(150,000	)
Net increase (decrease)			200,000				(350,000	)			(100,000	)			1,350,000

See Notes to Financial Statements

ChinaAMC CSI 300 ETF								ChinaAMC SME-ChiNext ETF								Egypt Index ETF
For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
(unaudited)								(unaudited)								(unaudited)

	$	342,579			$	950,714			$	51,417			$	(139,822	)		$	347,394			$	272,022
		(1,499,577	)			3,435,354				(2,421,834	)			(5,977,981	)			(162,483	)			(11,533,270	)
		(15,961,034	)			(6,819,446	)			(7,943,695	)			13,330,157				(2,875,553	)			(10,328,983	)

		(17,118,032	)			(2,433,378	)			(10,314,112	)			7,212,354				(2,690,642	)			(21,590,231	)

		—				(1,224,350	)			—				—				—				(409,034	)
		—				(2,086,800	)			—				—				—				—
		—				(3,311,150	)			—				—				—				(409,034	)

		3,791,310				64,451,582				6,388,916				108,496,422				3,957,428				17,049,802
		(19,268,278	)			(47,928,705	)			(13,464,331	)			(80,816,904	)			—				(18,182,607	)

		(15,476,968	)			16,522,877				(7,075,415	)			27,679,518				3,957,428				(1,132,805	)
		(32,595,000	)			10,778,349				(17,389,527	)			34,891,872				1,266,786				(23,132,070	)
		105,192,815				94,414,466				56,343,253				21,451,381				26,328,713				49,460,783
	$	72,597,815			$	105,192,815			$	38,953,726			$	56,343,253			$	27,595,499			$	26,328,713

	$	168,444			$	(174,135	)		$	(17,744	)		$	(69,161	)		$	(800,232	)		$	(1,147,626	)

		100,000				1,300,000				200,000				2,350,000				100,000				300,000
		(500,000	)			(1,000,000	)			(400,000	)			(1,750,000	)			—				(450,000	)
		(400,000	)			300,000				(200,000	)			600,000				100,000				(150,000	)

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Gulf States Index ETF								India Small-Cap Index ETF (a)
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
	(unaudited)								(unaudited)
Operations:
Net investment income		$	348,670			$	415,938			$	1,392,376			$	305,235
Net realized gain (loss)			(342,119	)			122,239				4,286,871				20,963,922
Net change in unrealized appreciation (depreciation)			(208,187	)			(2,492,522	)			(8,937,084	)			(20,563,269	)
Net increase (decrease) in net assets resulting from operations			(201,636	)			(1,954,345	)			(3,257,837	)			705,888

Dividends to shareholders:
Dividends from net investment income			—				(375,200	)			—				(5,350,305	)

Share transactions:**
Proceeds from sale of shares			—				—				23,996,716				23,988,821
Cost of shares redeemed			(2,040,346	)			(7,514,759	)			—				(120,719,322	)
Increase (Decrease) in net assets resulting from share transactions			(2,040,346	)			(7,514,759	)			23,996,716				(96,730,501	)
Total increase (decrease) in net assets			(2,241,982	)			(9,844,304	)			20,738,879				(101,374,918	)
Net Assets, beginning of period			8,875,119				18,719,423				171,370,227				272,745,145
Net Assets, end of period†		$	6,633,137			$	8,875,119			$	192,109,106			$	171,370,227
† Including undistributed (accumulated) net investment income (loss)		$	302,048			$	(46,623	)		$	1,327,204			$	(65,172	)

** Shares of Common Stock Issued (no par value)
Shares sold			—				—				600,000				550,000
Shares redeemed			(100,000	)			(300,000	)			—				(2,750,000	)
Net increase (decrease)			(100,000	)			(300,000	)			600,000				(2,200,000	)

(a)	Represents consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements

Indonesia Index ETF								Indonesia Small-Cap ETF								Israel ETF
For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
(unaudited)								(unaudited)								(unaudited)

	$	1,415,141			$	2,109,332			$	5,446			$	28,805			$	218,242			$	514,402
		(7,597,345	)			(29,274,550	)			(751,129	)			(2,069,967	)			(902,464	)			4,206,992
		21,879,727				(6,897,353	)			1,044,523				(1,761,835	)			(2,798,096	)			(6,207,550	)

		15,697,523				(34,062,571	)			298,840				(3,802,997	)			(3,482,318	)			(1,486,156	)

		—				(2,105,600	)			—				(1,500	)			—				(601,600	)

		18,920,145				908,259				—				2,211,704				—				24,708,761
		(17,611,839	)			(63,278,405	)			(366,474	)			—				(3,958,089	)			(20,865,169	)

		1,308,306				(62,370,146	)			(366,474	)			2,211,704				(3,958,089	)			3,843,592
		17,005,829				(98,538,317	)			(67,634	)			(1,592,793	)			(7,440,407	)			1,755,836
		86,292,759				184,831,076				5,948,624				7,541,417				46,090,632				44,334,796
	$	103,298,588			$	86,292,759			$	5,880,990			$	5,948,624			$	38,650,225			$	46,090,632

	$	1,661,685			$	246,544			$	4,329			$	(1,117	)		$	137,915			$	(80,326	)

		950,000				50,000				—				200,000				—				750,000
		(900,000	)			(2,950,000	)			(50,000	)			—				(150,000	)			(650,000	)
		50,000				(2,900,000	)			(50,000	)			200,000				(150,000	)			100,000

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Poland ETF								Russia ETF
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
	(unaudited)								(unaudited)
Operations:
Net investment income		$	102,528			$	513,461			$	11,514,771			$	56,368,227
Net realized loss			(1,451,273	)			(2,688,407	)			(46,355,053	)			(332,552,496	)
Net change in unrealized appreciation (depreciation)			1,122,965				(2,844,709	)			346,090,700				205,821,769
Net increase (decrease) in net assets resulting from operations			(225,780	)			(5,019,655	)			311,250,418				(70,362,500	)

Dividends to shareholders:
Dividends from net investment income			—				(500,250	)			—				(58,387,500	)

Share transactions:**
Proceeds from sale of shares			606,102				2,819,051				233,390,085				904,381,956
Cost of shares redeemed			(2,741,043	)			(915,900	)			(575,681,128	)			(581,727,621	)
Increase (Decrease) in net assets resulting from share transactions			(2,134,941	)			1,903,151				(342,291,043	)			322,654,335
Total increase (decrease) in net assets			(2,360,721	)			(3,616,754	)			(31,040,625	)			193,904,335
Net Assets, beginning of period			15,268,964				18,885,718				1,735,849,074				1,541,944,739
Net Assets, end of period†		$	12,908,243			$	15,268,964			$	1,704,808,449			$	1,735,849,074
† Including undistributed (accumulated) net investment income (loss)		$	99,736			$	(2,791	)		$	7,564,065			$	(3,950,704	)

** Shares of Common Stock Issued (no par value)
Shares sold			50,000				150,000				15,100,000				52,350,000
Shares redeemed			(200,000	)			(50,000	)			(35,950,000	)			(35,800,000	)
Net increase (decrease)			(150,000	)			100,000				(20,850,000	)			16,550,000

See Notes to Financial Statements

Russia Small-Cap ETF								Vietnam ETF
For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
(unaudited)								(unaudited)

	$	675,086			$	720,237			$	1,550,163			$	15,298,325
		(1,816,563	)			(10,186,215	)			(38,830,402	)			(73,391,441	)
		14,754,070				13,792,201				31,143,205				(47,743,936	)
		13,612,593				4,326,223				(6,137,034	)			(105,837,052	)

		—				(700,327	)			—				(14,004,900	)

		8,281,611				1,113,532				10,857,827				193,491,201
		(2,894,379	)			(22,920,403	)			(42,948,877	)			(162,650,857	)

		5,387,232				(21,806,871	)			(32,091,050	)			30,840,344
		18,999,825				(18,180,975	)			(38,228,084	)			(89,001,608	)
		35,392,314				53,573,289				379,231,072				468,232,680
	$	54,392,139			$	35,392,314			$	341,002,988			$	379,231,072
	$	651,785			$	(23,298	)		$	365,580			$	(1,184,584	)

		350,000				50,000				750,000				10,600,000
		(150,000	)			(950,000	)			(3,150,000	)			(9,800,000	)
		200,000				(900,000	)			(2,400,000	)			800,000

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Africa Index ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$18.11			$26.20			$30.93			$30.77			$26.06			$34.68
Income from investment operations:
Net investment income		0.48			0.50			0.64			0.67			1.05			1.00
Net realized and unrealized gain (loss) on investments		1.63			(8.20	)		(4.61	)		0.32			4.72			(8.65	)
Total from investment operations		2.11			(7.70	)		(3.97	)		0.99			5.77			(7.65	)
Less:
Dividends from net investment income		—			(0.39	)		(0.76	)		(0.83	)		(1.06	)		(0.97	)
Net asset value, end of period		$20.22			$18.11			$26.20			$30.93			$30.77			$26.06
Total return (a)		11.65	%(c)		(29.41	)%		(12.86	)%		3.24	%		22.15	%		(22.06	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$70,769			$59,766			$95,645			$108,245			$84,627			$63,838
Ratio of gross expenses to average net assets		0.95	%(b)		0.82	%		0.80	%		0.93	%		0.91	%		1.07	%
Ratio of net expenses to average net assets		0.79	%(b)		0.79	%		0.80	%		0.81	%		0.80	%		0.81	%
Ratio of net expenses, excluding interest expense, to average net assets		0.78	%(b)		0.78	%		0.78	%		0.78	%		0.78	%		0.81	%
Ratio of net investment income to average net assets		5.26	%(b)		2.05	%		2.00	%		2.35	%		3.63	%		2.61	%
Portfolio turnover rate (d)		18	%(c)		33	%		30	%		86	%		24	%		24	%
	Brazil Small-Cap ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$10.44			$21.23			$29.61			$42.20			$36.35			$57.19
Income from investment operations:
Net investment income		0.30			0.44			0.88			0.54			0.62			1.04
Net realized and unrealized gain (loss) on investments		4.39			(10.83	)		(8.37	)		(12.58	)		5.88			(16.75	)
Total from investment operations		4.69			(10.39	)		(7.49	)		(12.04	)		6.50			(15.71	)
Less:
Dividends from net investment income		—			(0.40	)		(0.89	)		(0.55	)		(0.62	)		(1.12	)
Distributions from net realized capital gains		—			—			—			—			(0.03	)		(4.01	)
Total dividends and distributions		—			(0.40	)		(0.89	)		(0.55	)		(0.65	)		(5.13	)
Net asset value, end of period		$15.13			$10.44			$21.23			$29.61			$42.20			$36.35
Total return (a)		44.92	%(c)		(48.97	)%		(25.19	)%		(28.58	)%		17.86	%		(27.47	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$93,019			$65,264			$104,011			$196,891			$552,816			$512,575
Ratio of gross expenses to average net assets		0.77	%(b)		0.72	%		0.66	%		0.64	%		0.64	%		0.62	%
Ratio of net expenses to average net assets		0.60	%(b)		0.60	%		0.60	%		0.60	%		0.60	%		0.62	%
Ratio of net expenses, excluding interest expense, to average net assets		0.59	%(b)		0.59	%		0.59	%		0.59	%		0.59	%		0.62	%
Ratio of net investment income to average net assets		5.00	%(b)		3.29	%		2.99	%		1.11	%		1.42	%		1.82	%
Portfolio turnover rate (d)		27	%(c)		57	%		64	%		33	%		76	%		64	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Annualized
(c)	Not Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	ChinaAMC CSI 300 ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$44.76			$46.06			$30.89			$33.17			$30.28			$38.81
Income from investment operations:
Net investment income (loss)		0.16			0.45			0.32	(f)		(0.40	)		—	(e)		(0.27	)
Net realized and unrealized gain (loss) on investments		(7.69	)		(0.34	)		14.85			(1.18	)		2.89			(8.26	)
Total from investment operations		(7.53	)		0.11			15.17			(1.58	)		2.89			(8.53	)
Less:
Dividends from net investment income		—			(0.52	)		—			(0.70	)		—			—
Distributions from net realized capital gains		—			(0.89	)		—			—			—			—
Total dividends and distributions		—			(1.41	)		—			(0.70	)		—			—
Net asset value, end of period		$37.23			$44.76			$46.06			$30.89			$33.17			$30.28
Total return (b)		(16.82	)%(d)		0.22	%		49.11	%		(4.74	)%		9.54	%		(21.98	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$72,598			$105,193			$94,414			$29,344			$33,169			$15,139
Ratio of gross expenses to average net assets		1.13	%(c)		1.20	%		1.69	%		1.14	%		2.21	%		1.71	%
Ratio of net expenses to average net assets		0.72	%(c)		0.75	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of net expenses, excluding interest expense, to average net assets		0.72	%(c)		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of net investment income (loss) to average net assets		0.89	%(c)		0.91	%		1.00	%		(0.70	)%		(0.69	)%		(0.71	)%
Portfolio turnover rate (g)		14	%(d)		70	%		59	%		0	%		0	%		0	%

	ChinaAMC SME-ChiNext ETF
	For the						For the Period
	Six Months			For the			July 23, 2014(a)
	Ended			Year Ended			through
	June 30,			December 31,			December 31,
	2016			2015			2014
	(unaudited)
Net asset value, beginning of period		$41.74			$28.60			$24.68
Income from investment operations:
Net investment income (loss)		0.04			(0.10	)		(0.05	)
Net realized and unrealized gain (loss) on investments		(7.91	)		13.24			3.97
Total from investment operations		(7.87	)		13.14			3.92
Net asset value, end of period		$33.87			$41.74			$28.60
Total return (b)		(18.85	)%(d)		45.94	%		15.88	%(d)

Ratios/Supplemental Data
Net assets, end of period (000’s)	$38,954			$56,343			$21,451
Ratio of gross expenses to average net assets		1.23	%(c)		1.11	%		1.48	%(c)
Ratio of net expenses to average net assets		0.83	%(c)		0.79	%		0.78	%(c)
Ratio of net expenses, excluding interest expense, to average net assets		0.78	%(c)		0.78	%		0.78	%(c)
Ratio of net investment income (loss) to average net assets		0.28	%(c)		(0.29	)%		(0.73	)%(c)
Portfolio turnover rate (g)		28	%(d)		160	%		7	%(d)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Annualized
(d)	Not Annualized
(e)	Amount represents less than $0.005 per share
(f)	Calculated based upon average shares outstanding
(g)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Egypt Index ETF #
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$39.01			$59.95			$55.51			$51.00			$38.56			$79.20
Income from investment operations:
Net investment income		0.67			0.04			0.53			1.13			3.48			1.40
Net realized and unrealized gain (loss) on investments		(4.07	)		(20.37	)		6.67			4.42			12.68			(40.88	)
Total from investment operations		(3.40	)		(20.33	)		7.20			5.55			16.16			(39.48	)
Less:
Dividends from net investment income		—			(0.61	)		(2.76	)		(1.04	)		(3.72	)		(1.16	)
Net asset value, end of period		$35.61			$39.01			$59.95			$55.51			$51.00			$38.56
Total return (a)		(8.72	)%(c)		(33.89	)%		12.92	%		10.90	%		41.94	%		(49.84	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$27,595			$26,329			$49,461			$48,571			$36,325			$36,155
Ratio of gross expenses to average net assets		1.26	%(b)		1.07	%		0.97	%		1.18	%		1.08	%		1.20	%
Ratio of net expenses to average net assets		0.96	%(b)		0.98	%		0.97	%		0.98	%		0.96	%		0.94	%
Ratio of net expenses, excluding interest expense, to average net assets		0.94	%(b)		0.94	%		0.92	%		0.94	%		0.94	%		0.94	%
Ratio of net investment income to average net assets		2.66	%(b)		0.60	%		0.63	%		2.31	%		5.29	%		2.40	%
Portfolio turnover rate (d)		9	%(c)		57	%		69	%		78	%		50	%		54	%

	Gulf States Index ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$22.19			$26.74			$27.09			$20.56			$20.10			$23.30
Income from investment operations:
Net investment income		1.12			0.94			1.04			0.51			0.62			0.80
Net realized and unrealized gain (loss) on investments		(1.20	)		(4.55	)		(0.35	)		6.57			0.45			(3.20	)
Total from investment operations		(0.08	)		(3.61	)		0.69			7.08			1.07			(2.40	)
Less:
Dividends from net investment income		—			(0.94	)		(1.04	)		(0.55	)		(0.61	)		(0.80	)
Net asset value, end of period		$22.11			$22.19			$26.74			$27.09			$20.56			$20.10
Total return (a)		(0.36	)%(c)		(13.42	)%		2.41	%		34.46	%		5.30	%		(10.30	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$6,633			$8,875			$18,719			$16,251			$10,278			$14,070
Ratio of gross expenses to average net assets		3.77	%(b)		2.77	%		2.07	%		2.59	%		3.19	%		1.94	%
Ratio of net expenses to average net assets		1.00	%(b)		1.00	%		0.99	%		0.98	%		0.99	%		0.98	%
Ratio of net expenses, excluding interest expense, to average net assets		0.98	%(b)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income to average net assets		9.96	%(b)		2.85	%		2.80	%		2.24	%		2.78	%		2.69	%
Portfolio turnover rate (d)		23	%(c)		23	%		77	%		32	%		16	%		29	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Annualized
(c)	Not Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On July 1, 2013, the Fund effected a 1 for 4 reverse share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split.

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	India Small-Cap Index ETF *
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$43.66			$44.53			$31.31			$44.24			$35.28			$81.00
Income from investment operations:
Net investment income		0.31			0.06	(d)		0.37			0.25			0.36			0.40
Net realized and unrealized gain (loss) on investments		(1.51	)		0.42			13.29			(13.04	)		8.64			(45.44	)
Total from investment operations		(1.20	)		0.48			13.66			(12.79	)		9.00			(45.04	)
Less:
Dividends from net investment income		—			(1.35	)		(0.44	)		(0.14	)		(0.04	)		(0.64	)
Distributions from net realized capital gains		—			—			—			—			—			(0.04	)
Total dividends and distributions		—			(1.35	)		(0.44	)		(0.14	)		(0.04	)		(0.68	)
Net asset value, end of period		$42.46			$43.66			$44.53			$31.31			$44.24			$35.28
Total return (a)		(2.75	)%(c)		1.07	%		43.65	%		(28.91	)%		25.54	%		(55.63	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$192,109			$171,370			$272,745			$110,352			$93,999			$30,881
Ratio of gross expenses to average net assets		0.87	%(b)		0.78	%		0.92	%		1.39	%		1.68	%		1.72	%
Ratio of net expenses to average net assets		0.85	%(b)		0.78	%		0.89	%		0.93	%		0.91	%		0.85	%
Ratio of net expenses, excluding interest expense, to average net assets		0.84	%(b)		0.75	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of net investment income to average net assets		1.74	%(b)		0.13	%		0.82	%		0.73	%		0.28	%		0.67	%
Portfolio turnover rate (e)		13	%(c)		40	%		120	%		77	%		65	%		76	%

	Indonesia Index ETF #
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$18.36			$24.32			$20.98			$28.63			$28.48			$28.87
Income from investment operations:
Net investment income		0.30			0.47			0.53			0.75			0.54			0.15
Net realized and unrealized gain (loss) on investments		3.09			(5.98	)		3.31			(7.68	)		0.12			(0.09	)
Total from investment operations		3.39			(5.51	)		3.84			(6.93	)		0.66			0.06
Less:
Dividends from net investment income		—			(0.45	)		(0.50	)		(0.72	)		(0.51	)		(0.45	)

Net asset value, end of period		$21.75			$18.36			$24.32			$20.98			$28.63			$28.48
Total return (a)		18.46	%(c)		(22.69	)%		18.34	%		(24.20	)%		2.31	%		0.22	%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$103,299			$86,293			$184,831			$183,618			$405,095			$471,304
Ratio of gross expenses to average net assets		0.71	%(b)		0.72	%		0.66	%		0.67	%		0.65	%		0.64	%
Ratio of net expenses to average net assets		0.58	%(b)		0.58	%		0.58	%		0.57	%		0.59	%		0.61	%
Ratio of net expenses, excluding interest expense, to average net assets		0.57	%(b)		0.57	%		0.57	%		0.57	%		0.58	%		0.61	%
Ratio of net investment income to average net assets		2.77	%(b)		1.65	%		1.80	%		1.95	%		1.70	%		1.43	%
Portfolio turnover rate (e)		6	%(c)		11	%		12	%		20	%		19	%		18	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Annualized
(c)	Not Annualized
(d)	Calculated based upon average shares outstanding
(e)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
*	On July 1, 2013, the Fund effected a 1 for 4 reverse share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split.
#	On February 1, 2011, the Fund effected a share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Indonesia Small-Cap ETF
	For the												For the Period
	Six Months												March 20,
	Ended												2012(a) through
	June 30,				For the Year Ended December 31,								December 31,
	2016				2015			2014			2013		2012
	(unaudited)
Net asset value, beginning of period		$7.93			$13.71			$11.68			$14.72			$19.89
Income from investment operations:
Net investment income		0.01			0.18			0.10			0.16			0.08
Net realized and unrealized gain (loss) on investments		0.46			(5.96	)		2.53			(3.11	)		(4.98	)
Total from investment operations		0.47			(5.78	)		2.63			(2.95	)		(4.90	)
Less:
Dividends from net investment income		—			—	(e)		(0.60	)		(0.09	)		(0.27	)
Net asset value, end of period		$8.40			$7.93			$13.71			$11.68			$14.72
Total return (b)		5.93	%(d)		(42.14	)%		22.52	%		(20.02	)%		(24.65	)%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$5,881			$5,949			$7,541			$5,258			$2,208
Ratio of gross expenses to average net assets		2.64	%(c)		2.68	%		2.30	%		2.69	%		2.71	%(c)
Ratio of net expenses to average net assets		0.64	%(c)		0.63	%		0.61	%		0.61	%		0.61	%(c)
Ratio of net expenses, excluding interest expense, to average net assets		0.61	%(c)		0.61	%		0.61	%		0.61	%		0.61	%(c)
Ratio of net investment income to average net assets		0.20	%(c)		0.41	%		0.73	%		0.46	%		0.48	%(c)
Portfolio turnover rate (f)		26	%(d)		35	%		46	%		68	%		51	%(d)

	Israel ETF
	For the									For the Period
	Six Months									June 25, 2013(a)
	Ended				For the Year Ended					through
	June 30,				December 31,					December 31,
	2016				2015			2014		2013
	(unaudited)
Net asset value, beginning of period		$28.81			$29.56			$30.04			$25.30
Income from investment operations:
Net investment income		0.15			0.32			0.31			0.10
Net realized and unrealized gain (loss) on investments		(2.30	)		(0.69	)		(0.05	)		4.80
Total from investment operations		(2.15	)		(0.37	)		0.26			4.90
Less:
Dividends from net investment income		—			(0.38	)		(0.28	)		(0.16	)
Distributions from net realized capital gains		—			—			(0.46	)		—
Total dividends and distributions		—			(0.38	)		(0.74	)		(0.16	)
Net asset value, end of period		$26.66			$28.81			$29.56			$30.04
Total return (b)		(7.46	)%(d)		(1.27	)%		0.88	%		19.39	%(d)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$38,650			$46,091				$44,335		$30,036
Ratio of gross expenses to average net assets		0.89	%(c)		0.85	%		0.76	%		0.94	%(c)
Ratio of net expenses to average net assets		0.60	%(c)		0.59	%		0.60	%		0.59	%(c)
Ratio of net expenses, excluding interest expense, to average net assets		0.59	%(c)		0.59	%		0.59	%		0.59	%(c)
Ratio of net investment income to average net assets		1.03	%(c)		1.04	%		1.03	%		0.83	%(c)
Portfolio turnover rate (f)		7	%(d)		18	%		17	%		24	%(d)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Annualized
(d)	Not Annualized
(e)	Amount represents less than $0.005 per share.
(f)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Poland ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$13.28			$17.99			$22.60			$22.25			$17.24			$27.10
Income from investment operations:
Net investment income		0.10			0.45			0.80			0.74			0.84			0.81
Net realized and unrealized gain (loss) on investments		(0.47	)		(4.72	)		(4.61	)		0.36			4.99			(9.92	)
Total from investment operations		(0.37	)		(4.27	)		(3.81	)		1.10			5.83			(9.11	)
Less:
Dividends from net investment income		—			(0.44	)		(0.80	)		(0.75	)		(0.82	)		(0.75	)
Net asset value, end of period		$12.91			$13.28			$17.99			$22.60			$22.25			$17.24
Total return (a)		(2.79	)%(c)		(23.85	)%		(16.90	)%		4.92	%		33.82	%		(33.60	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$12,908			$15,269			$18,886			$30,514			$32,266			$31,034
Ratio of gross expenses to average net assets		1.24	%(b)		1.11	%		0.99	%		1.07	%		1.03	%		0.84	%
Ratio of net expenses to average net assets		0.60	%(b)		0.60	%		0.60	%		0.61	%		0.61	%		0.61	%
Ratio of net expenses, excluding interest expense, to average net assets		0.60	%(b)		0.60	%		0.60	%		0.61	%		0.60	%		0.61	%
Ratio of net investment income to average net assets		1.41	%(b)		2.69	%		2.91	%		3.31	%		3.79	%		2.61	%
Portfolio turnover rate (d)		5	%(c)		30	%		19	%		21	%		20	%		27	%

	Russia ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$14.69			$15.17			$28.69			$29.63			$26.32			$37.47
Income from investment operations:
Net investment income		0.11			0.50			0.59			0.80			0.73			0.59
Net realized and unrealized gain (loss) on investments		2.71			(0.46	)		(13.45	)		(1.00	)		3.31			(11.16	)
Total from investment operations		2.82			0.04			(12.86	)		(0.20	)		4.04			(10.57	)
Less:
Dividends from net investment income		—			(0.52	)		(0.66	)		(0.74	)		(0.73	)		(0.58	)
Net asset value, end of period		$17.51			$14.69			$15.17			$28.69			$29.63			$26.32
Total return (a)		19.20	%(c)		0.39	%		(44.95	)%		(0.65	)%		15.35	%		(28.20	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$1,704,808			$1,735,849			$1,541,945			$1,187,720			$1,634,230			$1,557,002
Ratio of gross expenses to average net assets		0.78	%(b)		0.72	%		0.61	%		0.71	%		0.63	%		0.62	%
Ratio of net expenses to average net assets		0.64	%(b)		0.63	%		0.61	%		0.63	%		0.62	%		0.62	%
Ratio of net expenses, excluding interest expense and depositary receipt fees, to average net assets		0.63	%(b)		0.62	%		0.61	%		0.62	%		0.62	%		0.62	%
Ratio of net investment income to average net assets		1.30	%(b)		2.98	%		3.92	%		2.52	%		2.28	%		1.25	%
Portfolio turnover rate (d)		10	%(c)		33	%		23	%		27	%		41	%		29	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Annualized
(c)	Not Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Russia Small-Cap ETF #
	For the															For the Period
	Six Months															April 13,
	Ended															2011(a) through
	June 30,				For the Year Ended December 31,											December 31,
	2016				2015			2014			2013			2012		2011
	(unaudited)
Net asset value, beginning of period		$19.31			$19.60			$42.24			$45.15			$47.58				$74.88
Income from investment operations:
Net investment income		0.33			0.38			0.91			0.30			0.72				0.21
Net realized and unrealized gain (loss) on investments		7.11			(0.29	)		(23.14	)		(2.01	)		(2.22	)			(27.30	)
Total from investment operations		7.44			0.09			(22.23	)		(1.71	)		(1.50	)			(27.09	)
Less:
Dividends from net investment income		—			(0.38	)		(0.41	)		(1.20	)		(0.93	)			(0.21	)
Net asset value, end of period		$26.75			$19.31			$19.60			$42.24			$45.15				$47.58
Total return (b)		38.53	%(d)		0.48	%		(52.67	)%		(3.77	)%		(3.17	)%			(36.18	)%(d)

Ratios/Supplemental Data
Net assets, end of period (000’s)	$54,392			$35,392			$53,573			$16,191			$8,276				$3,172
Ratio of gross expenses to average net assets		1.27	%(c)		1.19	%		0.95	%		1.87	%		2.21	%			7.02	%(c)
Ratio of net expenses to average net assets		0.71	%(c)		0.69	%		0.68	%		0.67	%		0.71	%			0.67	%(c)
Ratio of net expenses, excluding interest expense and depositary receipt fees, to average net assets		0.70	%(c)		0.67	%		0.67	%		0.67	%		0.67	%			0.67	%(c)
Ratio of net investment income to average net assets		3.44	%(c)		1.58	%		2.42	%		0.59	%		1.63	%			0.52	%(c)
Portfolio turnover rate (e)		32	%(d)		30	%		32	%		74	%		67	%			41	%(d)

	Vietnam ETF
	For the
	Six Months
	Ended
	June 30,				For the Year Ended December 31,
	2016				2015			2014			2013			2012				2011
	(unaudited)
Net asset value, beginning of period		$14.78			$18.84			$18.63			$17.06			$14.76				$25.34
Income from investment operations:
Net investment income		0.06			0.55			0.51			0.59			0.35				0.19
Net realized and unrealized gain (loss) on investments		(0.17	)		(4.11	)		0.21			1.58			2.32				(10.61	)
Total from investment operations		(0.11	)		(3.56	)		0.72			2.17			2.67				(10.42	)
Less:
Dividends from net investment income		—			(0.50	)		(0.49	)		(0.60	)		(0.37	)			(0.16	)
Return of capital		—			—			(0.02	)		—			—				—
Total dividends		—			(0.50	)		(0.51	)		(0.60	)		(0.37	)			(0.16	)
Net asset value, end of period		$14.67			$14.78			$18.84			$18.63			$17.06				$14.76
Total return (b)		(0.42	)%(d)		(18.87	)%		3.95	%		12.75	%		18.07	%			(41.11	)%

Ratios/Supplemental Data
Net assets, end of period (000’s)	$341,003			$379,231			$468,233			$372,634			$286,672				$198,525
Ratio of gross expenses to average net assets		0.72	%(c)		0.67	%		0.66	%		0.72	%		0.76	%			0.86	%
Ratio of net expenses to average net assets		0.72	%(c)		0.67	%		0.66	%		0.72	%		0.76	%			0.76	%
Ratio of net expenses, excluding interest expense, to average net assets		0.69	%(c)		0.65	%		0.65	%		0.70	%		0.74	%			0.76	%
Ratio of net investment income to average net assets		0.92	%(c)		3.29	%		2.32	%		2.98	%		2.08	%			1.00	%
Portfolio turnover rate (e)		21	%(d)		67	%		67	%		48	%		54	%			43	%

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Annualized
(d)	Not Annualized
(e)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On July 1, 2013, the Fund effected a 1 for 3 reverse share split as described in the Notes to Financial Statements (See Note 10). Per share data has been adjusted to give effect to the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2016 (unaudited)

Note 1–Fund Organization–VanEck Vectors ETF Trust (the “Trust”) (formerly known as Market Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of June 30, 2016, offers fifty-seven investment portfolios, each of which represents a separate series of the Trust.

These financial statements relate only to the following investment portfolios: Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC CSI 300 ETF, ChinaAMC SME-ChiNext ETF, Egypt Index ETF, Gulf States Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Israel ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (each a “Fund” and, together, the “Funds”). China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF. ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF seek to achieve their investment objective by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser. India Small-Cap Index ETF makes its investments through the India Small-Cap Mauritius Fund (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. 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 substantially the same weighting, in an index published by the China Securities Index Co. Ltd., BlueStar Global Investors LLC or MV Index Solutions GmbH (formerly Market Vectors Index Solutions GmbH), a wholly owned subsidiary of Van Eck Associates Corporation (the “Adviser”).

The Funds’ commencement of operations dates and their respective indices are presented below:

Fund	Commencement of Operations	Index
Africa Index ETF	July 10, 2008	MVIS^TMGDP Africa Index*
Brazil Small-Cap ETF	May 12, 2009	MVIS^TMBrazil Small-Cap Index*
ChinaAMC CSI 300 ETF **	October 13, 2010	CSI 300 Index
ChinaAMC SME-ChiNext ETF	July 23, 2014	SME-ChiNext 100 Index
Egypt Index ETF	February 16, 2010	MVIS^TMEgypt Index*
Gulf States Index ETF	July 22, 2008	MVIS^TMGDP GCC Index*
India Small-Cap Index ETF	August 24, 2010	MVIS^TMIndia Small-Cap Index*
Indonesia Index ETF	January 15, 2009	MVIS^TMIndonesia Index*
Indonesia Small-Cap ETF	March 20, 2012	MVIS^TMIndonesia Small-Cap Index*
Israel ETF	June 25, 2013	BlueStar Israel Global Index^TM
Poland ETF	November 24, 2009	MVIS^TMPoland Index*
Russia ETF	April 24, 2007	MVIS^TMRussia Index*
Russia Small-Cap ETF	April 13, 2011	MVIS^TMRussia Small-Cap Index*
Vietnam ETF	August 11, 2009	MVIS^TMVietnam Index*

*	Published by MV Index Solutions GmbH.
**	Effective May 1, 2016, ChinaAMC A-Share ETF changed its name to ChinaAMC CSI 300 ETF.

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

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

The following is a summary of significant accounting policies followed by the Funds.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee 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 for which market prices are not readily available. 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, transactional back-testing and disposition analysis.

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

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

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

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

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

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

Basis for Consolidation–The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Small-Cap Index ETF (the “SCIF”) in order to effect certain investments on behalf of the SCIF. The SCIF is the sole shareholder of the Subsidiary, and it is intended that the SCIF will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the SCIF include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation.

C.	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.

Dividends and 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. 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.Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

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.

Repurchase Agreements—The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of June 30, 2016 are reflected in the Schedules of Investments.

Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below.

Swap Agreements—The Funds may enter into swap transactions to gain investment exposure for total return or for hedging purposes. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts. Swap contracts are marked to market daily and the change in value, if any, is recorded as unrealized appreciation or depreciation. Upfront payments, if any, made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized over the contract’s term/event. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded in the Statements of Operations. The Funds, other than ChinaAMC CSI 300 ETF, held no swap contracts during the period ended June 30, 2016. ChinaAMC CSI 300 ETF invested in the following type of swap during the period ended June 30, 2016:

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. During the period ended June 30, 2016, the average monthly notional amount of the total return swap contracts in ChinaAMC CSI 300 ETF was $2,155,028. The Fund held no total return swap contracts at June 30, 2016.

For ChinaAMC CSI 300 ETF, the impact of transactions in derivative instruments, during the period ended June 30, 2016, was as follows:

	Equity Risk
Realized gain (loss):
Swap contracts¹	$	(337,220	)
Net change in unrealized appreciation (depreciation):
Swap contracts²		(95,211	)

¹	Statements of Operations location: Net realized gain (loss) on swap contracts
²	Statements of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts

Other—Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Realized gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date/rate. Interest income, including amortization of premiums and discounts, is accrued as earned.

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 0.50% of each Fund’s average daily net assets. The Adviser has agreed, at least until May 1, 2017, to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does not exceed the expense limitation (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses; for Russia ETF and Russia Small-Cap ETF, depositary receipt fees up to 0.10% and 0.08% of average daily net assets, respectively) as listed in the table below.

The current management fee rate/expense limitation and the amounts waived/assumed by the Adviser for the period ended June 30, 2016, are as follows:

Fund	Expense Limitation			Waiver of Management Fees		Expenses Assumed by the Adviser
Africa Index ETF		0.78	%	$	48,407	$	—
Brazil Small-Cap ETF		0.59			61,376		—
ChinaAMC CSI 300 ETF*		0.72			156,517		—
ChinaAMC SME-ChiNext ETF*		0.78			72,324		—
Egypt Index ETF		0.94			39,331		—
Gulf States Index ETF		0.98			17,527		79,493
India Small-Cap Index ETF		0.85			14,887		—
Indonesia Index ETF		0.57			64,774		—
Indonesia Small-Cap ETF		0.61			13,954		41,744
Israel ETF		0.59			60,086		—
Poland ETF		0.60			36,286		10,085
Russia ETF		0.62			1,267,442		—
Russia Small-Cap ETF		0.67			97,970		12,667
Vietnam ETF		0.76			—		—

*	The Adviser paid sub-advisory fees directly to the Sub-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.

Note 4—Investments—For the period ended June 30, 2016, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:

Fund	Cost of Investments Purchased		Proceeds from Investments Sold
Africa Index ETF	$	14,280,518	$	11,409,433
Brazil Small-Cap ETF		20,730,022		20,614,974
ChinaAMC CSI 300 ETF		10,758,095		23,473,528
ChinaAMC SME-ChiNext ETF		10,790,977		18,557,800
Egypt Index ETF		5,398,790		2,316,279
Gulf States Index ETF		1,626,927		2,977,456
India Small-Cap Index ETF		48,237,528		21,887,575
Indonesia Index ETF		7,324,230		6,184,655
Indonesia Small-Cap ETF		1,485,620		1,494,301
Israel ETF		3,335,992		3,084,447
Poland ETF		965,646		784,340
Russia ETF		184,422,023		208,663,831
Russia Small-Cap ETF		16,331,732		12,828,343
Vietnam ETF		70,839,576		94,639,667

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 5—Income Taxes—As of June 30, 2016, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Africa Index ETF	$	76,997,438	$	9,464,438	$	(15,568,305	)	$	(6,103,867	)
Brazil Small-Cap ETF		106,967,076		14,720,400		(28,141,819	)		(13,421,419	)
ChinaAMC CSI 300 ETF		74,808,231		6,618,283		(8,697,308	)		(2,079,025	)
ChinaAMC SME-ChiNext ETF		35,124,078		7,092,889		(3,193,003	)		3,899,886
Egypt Index ETF		35,632,440		3,055,577		(11,095,968	)		(8,040,391	)
Gulf States Index ETF		7,063,748		1,566,222		(1,856,146	)		(289,924	)
India Small-Cap Index ETF		183,480,723		38,073,690		(28,218,344	)		9,855,346
Indonesia Index ETF		126,978,432		7,709,694		(31,175,666	)		(23,465,972	)
Indonesia Small-Cap ETF		7,670,348		214,670		(2,006,296	)		(1,791,626	)
Israel ETF		50,033,897		2,274,672		(9,611,486	)		(7,336,814	)
Poland ETF		22,829,375		276,509		(7,835,982	)		(7,559,473	)
Russia ETF		2,079,742,196		65,825,896		(440,841,104	)		(375,015,208	)
Russia Small-Cap ETF		58,803,367		9,780,461		(13,921,585	)		(4,141,124	)
Vietnam ETF		393,055,359		53,558,434		(101,851,909	)		(48,293,475	)

The tax character of dividends paid to shareholders during the year ended December 31, 2015 was as follows:

	2015 Dividends
Fund	Ordinary Income		Long-Term Capital Gain
Africa Index ETF	$	1,309,000	$	—
Brazil Small-Cap ETF		2,493,750		—
ChinaAMC CSI 300 ETF		2,986,850^*		324,300
Egypt Index ETF		409,034		—
Gulf States Index ETF		375,200		—
India Small-Cap Index ETF		5,350,305		—
Indonesia Index ETF		2,105,600		—
Indonesia Small-Cap ETF		1,500		—
Israel ETF		601,600		—
Poland ETF		500,250		—
Russia ETF		58,387,500		—
Russia Small-Cap ETF		700,327		—
Vietnam ETF		14,004,900		—

*	Includes short-term capital gains

The tax character of current year distributions will be determined at the end of the current fiscal year.

Qualified late-year losses incurred after October 31, 2015 and within the taxable year, are deemed to arise on the first day of the Funds’ next taxable year. For the year ended December 31, 2015, the Funds’ intend to defer to January 1, 2016 for federal tax purposes qualified late-year losses as follows:

Fund	Late-Year Ordinary Losses		Post-October Capital Losses
Brazil Small-Cap ETF	$	43,820	$	—
ChinaAMC SME-ChiNext ETF		69,016		—
Egypt Index ETF		46,168		—
Gulf States Index ETF		7,929		—
Israel ETF		39,118		848,713
Poland ETF		782		—
Russia ETF		3,573,810		—
Vietnam ETF		173,951		—

At December 31, 2015, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

	Post-Effective-		Post-Effective-
	No Expiration		No Expiration		Amount Expiring in
	Short-Term		Long-Term		the Year Ended December 31,
Fund	Capital Losses		Capital Losses		2018		2017		2016
Africa Index ETF	$	8,909,786	$	32,214,885	$	1,095,985	$	951,177	$	163,267
Brazil Small-Cap ETF		32,427,681		127,232,631		—		—		—
ChinaAMC SME-ChiNext ETF		4,012,695		—		—		—		—
Egypt Index ETF		11,516,837		14,531,436		128,400		—		—
Gulf States Index ETF		470,171		2,979,697		835,393		1,233,252		6,741
India Small-Cap Index ETF		34,968,513		10,798,540		—		—		—
Indonesia Index ETF		36,806,410		50,752,630		2,845,870		—		—
Indonesia Small-Cap ETF		1,898,550		1,552,652		—		—		—
Poland ETF		2,793,007		11,877,914		171,326		—		—
Russia ETF		230,703,184		855,873,990		121,306,708		349,754,000		19,808,213
Russia Small-Cap ETF		8,070,552		9,993,526		—		—		—
Vietnam ETF		43,934,949		114,773,367		1,860,199		—		—

During the year ended December 31, 2015, the following Funds utilized accumulated capital loss carryforwards: ChinaAMC CSI 300 ETF utilized $312,686; India Small-Cap Index ETF utilized $9,353,236.

During the year ended December 31, 2015, Russia ETF had $1,049,748 of its accumulated capital loss carryforwards expire.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2016, the Funds did not incur any interest or penalties.

Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for the ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by Qualified Foreign Institutional Investors (“QFII”) from issuers resident in China. China also imposes withholding tax at a rate of 10% on capital gains derived by nonresident enterprises from investments in an issuer resident in China. Effective November 17, 2014, Qualified Foreign institutional investors (QFIIs) and Renminbi Foreign institutional investors (RQFIIs), which includes these Funds, are exempted temporarily from capital gains tax for a period of three years.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The Finance Act, 2012 introduced a general anti-avoidance rule (“GAAR”), which is slated to be effective from April 1, 2017.

GAAR is applicable where the main purpose of an arrangement is tax avoidance and would empower Indian tax authorities to declare such arrangement as an impermissible avoidance arrangement. A special committee was constituted by the Indian Revenue authorities to provide clarity and guidance on the application and implementation of GAAR and have submitted proposed recommendations. Although the rules and guidelines have not yet been finalized, the Adviser expects the India Small-Cap Index ETF, investing through its Mauritius Subsidiary, will fall within the scope of the GAAR provision.

Additionally, on May 10, 2016, the Governments of India and Mauritius signed the Protocol for amending the tax treaty between India and Mauritius. The renegotiation of the Treaty clarifies the uncertainty surrounding GAAR and addresses the question whether a Mauritius subsidiary would continue to be deemed a tax resident of Mauritius or if the Indian tax authorities would declare the structure as an impermissible avoidance arrangement. As per the Protocol, India shall have the right to tax capital gains arising from disposition of shares acquired on or after April 1, 2017 in a company resident in India with shares acquired on or before March 31, 2017 being grandfathered as exempt from capital gains taxation. The Protocol could reduce the return to the Fund on its investments made after April 1, 2017 and the return received by Fund shareholders.

Note 6—Capital Share Transactions—As of June 30, 2016, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Shares are issued and redeemed by the Funds only in Creation Units, consisting of 50,000 shares, or multiples thereof. The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index plus a small amount of cash. For the period ended June 30, 2016, the Funds had in-kind contributions and redemptions as follows:

Fund	In-Kind Contributions			In-Kind Redemptions
Africa Index ETF		$	7,261,861		$	4,327,161
Brazil Small-Cap ETF			97,139			213,828
Egypt Index ETF			1,200,273			—
Gulf States Index ETF			—			108,396
India Small-Cap Index ETF			332,738			—
Indonesia Index ETF			18,910,204			17,589,007
Indonesia Small-Cap ETF			—			366,707
Israel ETF			—			3,957,470
Poland ETF			606,683			2,740,872
Russia ETF			210,506,925			517,788,436
Russia Small-Cap ETF			4,487,799			1,616,336
Vietnam ETF			1,279,746			5,021,740

The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.

Note 7—Concentration of Risk—The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective by investing in a portfolio of securities that generally replicates the Funds’ index. Each of the Funds (except Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF) is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. 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. 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.

The United Kingdom recently decided to leave the European Union (“EU”), creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s withdrawal from the EU and the effects such withdrawal will have on the Euro, European economies and the global markets. This may further impact, the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.

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

Should the Chinese government impose restrictions on the ability of ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF to repatriate funds associated with direct investment in A-Shares, the Funds may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended, and the Funds may therefore be subject to Fund-level U.S. federal taxes.

At June 30, 2016, the Adviser owned approximately 5.1% of ChinaAMC CSI 300 ETF and 87% of ChinaAMC SME-ChiNext ETF.

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

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

Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts 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. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government Agencies. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral outstanding at June 30, 2016 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

The following table presents the amount of repurchase agreements held as collateral by type of security on loan pledged as of June 30, 2016:

	Gross Amount of Recognized Liabilities for Securities Loaned in the Statements of Assets and Liabilities*
Fund	Equity Securities
Africa Index ETF	$	243,970
Brazil Small-Cap ETF		338,968
Gulf States Index ETF		134,768
Indonesia Index ETF		457,416
Israel ETF		4,076,249
Poland ETF		2,301,422
Vietnam ETF		926,804

*	Remaining contractual maturity of the agreements: overnight and continuous

Note 10—Share Split—On January 19, 2011, the Adviser announced the Board of Trustees approved a 3 for 1 share split of the Indonesia Index ETF. This split took place for shareholders of record as of the close of business on January 28, 2011 and was payable on January 31, 2011. Fund shares began trading on the split adjusted NAV on February 1, 2011. The Financial Highlights prior to February 1, 2011 for the Fund have been adjusted to reflect this reverse share split.

On July 1, 2013, the Board of Trustees of the Trust approved a 1 for 3 reverse share split for Russia Small-Cap ETF, and 1 for 4 reverse share splits for Egypt Index ETF and India Small-Cap Index ETF. Fund shares began trading on the split adjusted NAV on July 1, 2013. The Financial Highlights prior to July 1, 2013 for the Funds have been adjusted to reflect these reverse share splits.

Note 11—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2016, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate			Outstanding Loan Balance as of June 30, 2016
Africa Index ETF		162	$	597,948		1.76	%	$	—
Brazil Small-Cap ETF		179		533,337		1.77			—
ChinaAMC CSI 300 ETF		12		1,365,363		1.77			382,171
ChinaAMC SME-ChiNext ETF		164		1,199,566		1.77			217,733
Egypt Index ETF		51		549,028		1.76			—
Gulf States Index ETF		33		167,988		1.77			—
India Small-Cap Index ETF		25		3,098,942		1.76			968,926
Indonesia Index ETF		182		528,407		1.77			411,576
Israel ETF		113		324,001		1.76			142,089
Poland ETF		3		112,980		1.81			112,980
Russia ETF		145		5,967,235		1.76			9,395,113
Russia Small-Cap ETF		75		289,020		1.76			—
Vietnam ETF		166		5,362,988		1.77			5,462,811

Note 12—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the period ended June 30, 2016, there were no offsets to custodian fees.

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

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2016 (unaudited)

12/31 Equity Funds

At a meeting held on June 10, 2016 (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 (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors Africa Index ETF, Agribusiness ETF, Agriculture Producers ETF, Brazil Small-Cap ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, ChinaAMC All China Consumer ETF, ChinaAMC CSI 300 ETF, ChinaAMC Environmental Protection ETF, ChinaAMC Private-Owned Enterprises ETF, ChinaAMC MSCI All China ETF, ChinaAMC MSCI All China Small Cap ETF, ChinaAMC SME-ChiNext ETF, Coal ETF, Egypt Index ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Alternative Energy ETF, Global Frontier Index ETF, Gold Miners ETF, Gulf States Index ETF, Hard Assets Producers Extra Liquid ETF, India Small-Cap Index ETF, Indonesia Index ETF, Indonesia Small-Cap ETF, Internet ETF, Israel ETF, Junior Gold Miners ETF, Kuwait Index ETF, Metals ETF, MLP ETF, Mongolia ETF, Natural Resources ETF, Ned Davis Long/Flat International Equity ETF, Ned Davis Long/Flat US Equity ETF, Ned Davis Long/Flat US Small Cap Equity ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Oil Refiners ETF, Oil Services ETF, Poland ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Saudi Arabia ETF, Saudi Arabia Small-Cap ETF, Software ETF, Solar Energy ETF, Steel ETF, Telecom ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to VanEck Vectors ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF (the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the 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 10, 2016. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) 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 (for those Funds which had begun operations) and expenses of the Funds and the Funds’ peer funds (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 except for the VanEck Vectors ChinaAMC CSI 300 ETF, Gold Miners ETF, Junior Gold Miners ETF and Russia ETF generally invests in a different group of issuers than the funds in its designated peer group. They also considered the fact that VanEck Vectors Oil Refiners ETF had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes, since the expense information prepared by Broadridge was based on estimated amounts for the Fund and the performance comparisons provided by Broadridge covered approximately a six month period (August 18, 2015 (the date operations commenced for the Fund) through February 29, 2016). In addition, as noted below, the Trustees reviewed certain performance information for each Fund that was not provided by Broadridge. 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 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 10, 2016 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 and the Sub-Adviser (with respect to the China Funds). The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2016 (unaudited) (continued)

to the China Funds) provide under, the Agreements, including 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. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co. Ltd., China’s largest asset management company measured by fund assets under management.

The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance over relevant periods of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating 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 fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund had management fees (after the effect of any applicable fee waiver) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Agribusiness ETF, Global Alternative Energy ETF and Vietnam ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average, but at or below the median, of its peer group of funds. The Trustees also noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Africa Index ETF, ChinaAMC SME-ChiNext ETF, Egypt Index ETF, Global Alternative Energy ETF, Gulf States Index ETF, India Small-Cap Index ETF, Israel ETF, Russia Small-Cap ETF, Solar Energy ETF, Unconventional Oil & Gas ETF and Vietnam ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and/or median of its peer group of funds. With respect to these Operating Funds, the Trustees reviewed the amount by which these Operating Funds’ total expense ratios (after the effect of any applicable expense limitation) exceeded the average and median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.

The Trustees also considered the benefits, other than 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 Operating 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 (e.g., precious metals and emerging markets) in which certain of the Operating 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 Operating Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Operating Fund since its inception. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rates for each fund currently reflects an appropriate sharing of any economies of scale which may exist with shareholders. 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. Due to the relatively small size of the China Funds during the period, the Sub-Adviser did not provide the Trustees with profitability information and, therefore, the Trustees did not consider such information.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of VanEck Vectors Agriculture Producers ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, ChinaAMC All China Consumer ETF, ChinaAMC Environmental Protection ETF, ChinaAMC Private-Owned Enterprises ETF, ChinaAMC MSCI All China ETF, ChinaAMC MSCI All China Small Cap ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Frontier Index ETF, Hard Assets Producers Extra Liquid ETF, Internet ETF, Kuwait Index ETF, Metals ETF, MLP ETF, Mongolia ETF, Ned Davis Long/Flat International Equity ETF, Ned Davis Long/Flat US Equity ETF, Ned Davis Long/Flat US Small Cap Equity ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Saudi Arabia ETF, Saudi Arabia Small-Cap ETF, Software ETF and Telecom ETF to the Adviser because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees also could not consider the historical performance or the quality of services previously provided to each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser (and the Sub-Adviser, with respect to those Funds in respect of which the Sub-Adviser had been retained) were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2016 meeting as part of their consideration of the Agreements.

In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each 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 Agreement is in the best interest of each Fund and such Fund’s shareholders.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.

Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.


Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation
	666 Third Avenue, New York, NY 10017
	vaneck.com
Account Assistance:	800.826.2333	INTLSAR

SEMI-ANNUAL REPORT
June 30, 2016 (unaudited)

VANECK VECTORS^TM
HARD ASSETS ETFs

Agribusiness ETF	MOO^®
Coal ETF	KOL^®
Global Alternative Energy ETF	GEX^®
Gold Miners ETF	GDX^®
Junior Gold Miners ETF	GDXJ^®
Natural Resources ETF	HAP^®
Oil Refiners ETF	CRAK^®
Oil Services ETF	OIH^®
Rare Earth/Strategic Metals ETF	REMX^®
Solar Energy ETF	KWT^®
Steel ETF	SLX^®
Unconventional Oil & Gas ETF	FRAK^®
Uranium+Nuclear Energy ETF	NLR^®



	800.826.2333	vaneck.com

VANECK VECTORS HARD ASSETS ETFs
President’s Letter	1
Management Discussion	3
Performance Comparison
Agribusiness ETF	7
Coal ETF	8
Global Alternative Energy ETF	9
Gold Miners ETF	10
Junior Gold Miners ETF	11
Natural Resources ETF	12
Oil Refiners ETF	13
Oil Services ETF	14
Rare Earth/Strategic Metals ETF	15
Solar Energy ETF	16
Steel ETF	17
Unconventional Oil & Gas ETF	18
Uranium+Nuclear Energy ETF	19
Explanation of Expenses	20
Schedule of Investments	22
Agribusiness ETF	22
Coal ETF	25
Global Alternative Energy ETF	27
Gold Miners ETF	29
Junior Gold Miners ETF	32
Natural Resources ETF	35
Oil Refiners ETF	41
Oil Services ETF	43
Rare Earth/Strategic Metals ETF	45
Solar Energy ETF	47
Steel ETF	49
Unconventional Oil & Gas ETF	51
Uranium+Nuclear Energy ETF	53
Statements of Assets and Liabilities	56
Statements of Operations	58
Statements of Changes in Net Assets	60
Financial Highlights	66
Agribusiness ETF	66
Coal ETF	66
Global Alternative Energy ETF	67
Gold Miners ETF	67
Junior Gold Miners ETF	68
Natural Resources ETF	68
Oil Refiners ETF	69
Oil Services ETF	69
Rare Earth/Strategic Metals ETF	70
Solar Energy ETF	70
Steel ETF	71
Unconventional Oil & Gas ETF	71
Uranium+Nuclear Energy ETF	72
Notes to Financial Statements	73
Approval of Investment Management Agreement	82

VANECK VECTORS HARD ASSETS ETFs

(unaudited)

Dear Shareholder:

In our last letter at the end of December 2015, we noted that we were in the 14th month of a commodities bear market and that commodity downturns had generally lasted 18 months. We also noted that if it was a normal cycle—and unless commodity prices fell much further—our analyses suggested a bottom occurring during the first half of 2016, more likely within the first quarter.

On the evidence of the markets over the first half of 2016, it appears that we were in a normal cycle and that a bottom did occur in the first quarter.

Two of our Hard Assets ETFs that have benefited substantially from the change in market conditions during the six-month period under review are our two gold miner funds. Both performed strongly during the first six months of 2016. VanEck Vectors Gold Miners ETF (NYSE Arca: GDX) was up 102.04% and VanEck Vectors Junior Gold Miners ETF (NYSE Arca: GDXJ) was up 121.75%, based on net asset value. The performance of each has been better even than that of the metal itself.

Gold Miners vs. Gold Bullion

12/31/2015 - 6/30/2016

Source: Factset. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted. Index performance is not illustrative of fund performance. Investors cannot invest directly in an Index.

The recovery of oil prices during the past six months provided opportunities in both VanEck Vectors Oil Services ETF (NYSE Arca: OIH), the largest and most liquid oil services ETF, and VanEck Vectors Unconventional Oil & Gas ETF (NYSE Arca: FRAK), the first and only ETF dedicated to the unconventional energy segment with a heavy concentration in exploration and production companies. During the six-month period, OIH was up 10.55% and FRAK was up 25.38%.

VanEck Vectors Natural Resources ETF (NYSE Arca: HAP) has benefited from improvements in commodities prices during the first six months of 2016, gaining 16.19% over the period. The fund tracks the most comprehensive global natural resources index providing diverse exposure to commodity-producing companies across all commodities sectors and along the entire supply chain.

Going forward, we will continue to seek out and evaluate the most attractive opportunities for you as a shareholder in the hard assets space. Please stay in touch with us through our website (http://www.vaneck.com) on which we offer videos, blogs, and email subscriptions, all of which are designed to keep you up to date with your investment in VanEck Vectors ETFs.

VANECK VECTORS HARD ASSETS ETFs

(unaudited) (continued)

On the following pages, you will find the performance record of each of the funds for the period ended June 30, 2016. You will also find their financial statements. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
Trustee and President
VanEck Vectors ETF Trust

July 22, 2016

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.

¹	NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold.

²	MVIS™ Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver.

³	Gold London PM Fixing is the price of a fine ounce of gold as set by the afternoon session of the twice daily fix of the price of a fine ounce which starts at 3:00 PM London, England time and is performed by the ICE Benchmark Administration as an independent third-party administrator for the LBMA.

Management Discussion (unaudited)

Hard Assets Market Overview

The index^‡tracked by HAP (VanEck Vectors Natural Resources ETF), which includes equities of the world’s largest and most prominent hard assets producers, remains the most comprehensive index in the hard assets producer space. For the six-month period ending June 30, 2016, the index returned +15.76%.

The table below shows average sector weightings within this index and the total return of each sector for the six-month period ending June 30, 2016.

		Six Month Total Return
		for Period Ending
RVEIT Sector^‡	Average Sector Weighting	June 30, 2016
Energy	39.65%	16.73%
Agriculture	31.16%	4.94%
Base/Industrial Metals	13.01%	16.26%
Precious Metals	8.15%	105.59%
Paper & Forest Products	4.04%	0.47%
Alternatives	4.00%	0.74%

Source: VanEck; FactSet; S-Network Global Indexes, LLC. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted. Index performance is not illustrative of fund performance. Investors cannot invest directly in an Index.

All six sectors had positive returns over the six months ended June 30, 2016. The precious metals sector (the third smallest average weighting) posted the highest total return for the period. Second and third highest returns were posted by energy and base and industrial metals.

Ten of 13 VanEck Vectors Hard Assets ETFs posted positive total returns during the six-month period. The two gold ETFs, the VanEck Vectors Junior Gold Miners ETF (NYSE Arca: GDXJ) and the VanEck Vectors Gold Miners ETF (NYSE Arca: GDX), posted sizable returns of +121.75% and +102.04%, respectively, for the period under review. VanEck Vectors Solar Energy ETF (NYSE Arca: KWT) (-28.68%) was the worst performing Hard Assets ETF.

The result of the U.K. Brexit vote at the end of June, in which the country chose to exit the European Union (EU), came as a surprise to many. While the vote may have sent shock waves through the world’s financial markets, for most of the VanEck Vectors Hard Assets ETFs these shock waves constituted only a temporary blip in performances. Many had recovered by month end and the six-month period under review.

January 1 through June 30, 2016
VanEck Vectors Hard Assets ETFs Total Return

VANECK VECTORS HARD ASSETS ETFs

(unaudited) (continued)

Agribusiness

The agribusiness industry proved resilient in the first six months of the year. The primary drivers of positive performance for the six-month period were companies in the consumer staples sector and, in particular, those in the food products segment. Geographically, the greatest positive returns came from companies in the U.S., while the greatest negative returns came from those in China. The primary negative drivers were companies in the materials sector and the chemicals segment.

Coal

Having dropped from their most recent high in mid-August 2014 to their lowest in mid-January 2016, coal stocks staged a welcome comeback between mid-January and the end of the period on June 30, 2016. As with other raw materials, coal has benefitted not only from better supply and demand fundamentals, but also a weaker U.S. dollar.¹In particular, thermal coal, used in power stations, enjoyed a rebound. In addition, coal has been helped by both rising oil prices and stronger domestic coal prices in China.²Canada was the single largest contributor to returns, followed by the U.S. The Philippines and Russia were the only two countries that detracted from the sector’s performance.

Global Alternative Energy

Global alternative energy stocks as a whole performed disappointingly during the first half of 2016, with the Fund recording a negative return for the six-month period. While the utilities sector recorded positive performance, the strongest negative performance came from companies involved in semiconductors and semiconductor equipment. Companies in Spain, Italy, and Japan contributed positively to performance. They were, however, not able to counterbalance U.S. companies, with the largest average weighting in the sector, which detracted the most from performance.

Gold Miners

Both major gold miners and their junior peers had a spectacular six months. Performance in the final week of June was particularly strong, following the largely unexpected result of the Brexit vote that may result in the U.K. exiting the EU. Both funds benefitted from a 24.6% rise in the price of gold bullion for the period under review, and both junior miners and their larger peers outperformed the metal over the same period.

Among the major mining stocks, Canadian companies, with the largest average sector weighting, were also the strongest contributors to performance. Their performance far surpassed, both individually and together, the positive performance of companies in South Africa, the U.S., and Australia. The situation was similar among the juniors, with Canada the strongest contributor, followed by Australia, the U.S., and South Africa. China was the only country to detract from performance, but only minimally.

Oil Refiners

The six-month period was particularly tempestuous for the refining stocks in the Oil Refiners ETF, much of it related to the changes in the crude oil market. Refiners ceased to benefit from continuing low crude oil prices, and suffered subsequently from higher refinery feedstock prices. However, demand for gasoline remained strong,³with the U.S. Energy Information Administration predicting that U.S. domestic gasoline demand will grow 1.4% in 2016, after rising 2.7% in 2015.⁴While exposure to refiners in Finland, Portugal, and South Korea contributed most to performance, refiners out of the U.S., with the largest average weighting in the sector, detracted most from performance for the period.

Oil Services

Following an abysmal year in 2015, oil services stocks continued on a downward path through late-January 2016. They then embarked on a steady rise to the end of the six-month period. Oil services stocks benefitted from the rise in oil prices during the first half of the year. Although Halliburton (15.5% of Fund net assets^†) and Baker Hughes (5.0% of Fund net assets^†) may have aborted their $28 billion merger,⁵another significant deal is now pending—the merger of the French drilling giants FMC Technologies (4.4% of Fund net assets^†) and Technip (not owned by the Fund).⁶Drilling activity, however, continues to be muted. At the beginning of July, the total U.S. rig count stood at 431,⁷having in mid-May hit the lowest level ever recorded by Baker Hughes since it started tracking the number in 1949.⁸Oil service stocks in the U.S., the largest average weighting in the sector, contributed the most to performance. Companies in the U.K. and Switzerland detracted from performance.

Rare Earth and Strategic Metals

Having sunk to an all-time low in late January 2016, the VanEck Vectors Rare Earth/Strategic Metals ETF, rose slowly over the remainder of the six-month period. Companies operating in South Africa and Argentina,⁹involved specifically in the mining of manganese and chrome,¹⁰and lithium and boron respectively, were the greatest contributors to performance. The greatest detractors included companies involved in titanium and the rare earths. Small-cap companies performed considerably better than their large- and mid-cap peers during the period under review.

Natural Resources

Five sectors contributed positively to performance. Precious metals companies and energy companies, constituting the largest segment of the natural resources industry, provided the largest positive returns. Only one sector, paper and forest products, contributed negatively to performance during the period under review.

Solar Energy

Continuing weakened performance over the second half of 2015, and despite the unexpected further five year extension of the Solar Investment Tax Credit in December 2015, solar energy stocks remained on a downward trajectory during the first half of 2016. Within the sector, the greatest detractors from performance were companies in the U.S., followed by those in China. Only companies in Thailand and Spain contributed positively to performance.

Steel

In a welcome reversal to its fortunes over the last six months of 2015, the first half of 2016 was generally good for the steel industry, particularly in the U.S. While the global industry continued to suffer significant overcapacity, with China continuing to roll out steel with abandon, the U.S. Department of Commerce announced in March that both government subsidies and dumping were occurring. It levied significant tariffs; more than enough to lock Chinese steel out from the U.S. market. This led to the continuation of a strengthening U.S. steel environment. The U.S. had the largest average sector weighting during the period under review and was the greatest contributor to total return. Brazil was the second largest contributor to performance. Companies operating in the U.K. and Bahamas contributed the least to performance.

Unconventional Oil & Gas

In contrast to the preceding six-month period, during the first half of 2016, unconventional energy companies benefitted from more robust oil prices. Over the period, in addition to a tightening in supply,¹¹demand also remained healthy.¹²Forest fires in Canada, pipeline outages in Nigeria, and reduced supplies from Libya all contributed to further balancing of the market.¹³By the time West Texas Intermediate (WTI) front month crude prices hit $37.04 at the end of December 2015, oil had fallen 30% over the previous 12-month period. When it finished the first half of 2016 on June 30, 2016, front month WTI at $48.33 was up 30.48% on the year. U.S. stocks (on average approximately 82% of the fund by weight during the period under review) contributed the most to performance.

VANECK VECTORS HARD ASSETS ETFs

(unaudited) (continued)

Uranium and Nuclear Energy

Performance in the first half of 2016 was positive. Utility companies, with the largest average weighting over the period, produced all the sector’s positive total return, with the energy and industrial sectors both detracting from performance. Geographically, companies in the U.S. contributed the most to performance, while Japan was the greatest detractor from performance.

In Japan, a number of reactors restarted during the first half of 2016. While Kansai Electric Power’s (3.4% of Fund net assets^†) Takahama 3 plant resumed commercial operations at the end of January, its sister plant, Takahama 4, was restarted at the end of February.¹⁴And, in just one week in the middle of June, three power companies (including Kansai) announced the proposed restarting of four further reactors.¹⁵While the viability of energy production in the U.S. has remained in question for some time¹⁶—in an event not seen since 1996—a new reactor came to life in Tennessee when the Watts Bar nuclear reactor went live in early June.¹⁷According to the World Nuclear Association at the end of April, there were some 440 nuclear power reactors operating in 32 countries and 60 power reactors currently under construction in 14 countries, notably China, South Korea, United Arab Emirates, and Russia.¹⁸

	All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance.

	Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.

^‡	The Rogers^TM-Van Eck Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index comprising publicly traded companies engaged in the production and distribution of commodities and commodity-related products and services in the following sectors: 1) Agriculture; 2) Alternatives (Water & Alternative Energy); 3) Base and Industrial Metals; 4) Energy; 5) Forest Products; and 6) Precious Metals.

^†	All Fund assets referenced are Total Net Assets as of June 30, 2016, unless otherwise stated.

¹	The Financial Times: Unloved coal rides commodities rebound, http://www.ft.com/cms/s/0/2463e5fc-2e4d-11e6-a18d-a96ab29e3c95.html

²	Ibid.

³	The Wall Street Journal: Oil Retreats But Remains Near Highs, http://www.wsj.com/articles/oil-retreats-but-remains-near-highs-1465466360

⁴	The Wall Street Journal: Oil Price Upheaval Finally Hits Refiners, http://www.wsj.com/articles/oil-price-upheaval-finally-hits-refiners-1462316442

⁵	Reuters: Halliburton and Baker Hughes scrap $28 billion merger, http://www.reuters.com/article/us-bakerhughes-m-a-halliburton-idUSKCN0XS1KW

⁶	The Street – Real Money: Time To Put (Some) Oil Services Companies on Your Radar, http://realmoney.thestreet.com/articles/05/23/2016/time-put-some-oil-services-companies-your-radar

⁷	Baker Hughes: Rig Count Overview & Summary Count, http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother

⁸	Petro Global News: U.S. rig count plunges to lowest level since 2009, http://petroglobalnews.com/2016/05/u-s-oil-rig-count-falls-7-year-low/

⁹	Orocobre Limited: http://www.orocobre.com/

¹⁰	Assore: http://www.assore.com/about-us/group-profile-2/

¹¹	CNBC: Oil Supply Balances Tightening More Rapidly Than Expected, with “Very Real” Prospect of Extremely Undersupplied Market in 2016 and 2017 – Hall, http://www.cnbc.com/2016/06/07/reuters-america-oil-supply-balances-tightening-more-rapidly-than-expected-with-very-real-prospect-of-extremely-undersupplied-market-in.html

¹²	CNBC: Oil market ‘to be balanced in the second half of 2016’: IEA, http://www.cnbc.com/2016/06/14/oil-market-to-be-balanced-in-the-second-half-of-2016-iea.html

¹³	The Wall Street Journal: Forest Fires Cut Into Canadian Oil Production, http://www.wsj.com/articles/fires-cause-drop-in-canadian-oil-output-1462484697

¹⁴	Nuclear Energy Institute: News & Media, http://www.nei.org/News-Media/News/Japan-Nuclear-Update

¹⁵	Ibid.

¹⁶	Public Radio International: Nuclear reactor closings in the US continue to roil the energy industry, http://www.pri.org/stories/2015-11-22/nuclear-reactor-closings-us-continue-roil-energy-industry

¹⁷	The Washington Post: It’s the first new U.S. nuclear reactor in decades. And climate change has made that a very big deal, https://www.washingtonpost.com/news/energy-environment/wp/2016/06/17/the-u-s-is-powering-up-its-first-new-nuclear-reactor-in-decades/

¹⁸	World Nuclear Association: Plans for New Reactors Worldwide, http://www.world-nuclear.org/information-library/current-and-future-generation/plans-for-new-reactors-worldwide.aspx

AGRIBUSINESS ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVMOOTR²
Six Months		3.27	%		3.07	%		2.50	%
One Year		(10.41	)%		(10.57	)%		(11.05	)%
Five Year		(0.21	)%		(0.13	)%		0.03	%
Life* (annualized)		3.33	%		3.32	%		3.67	%
Life* (cumulative)		33.54	%		33.44	%		37.51	%

^†	Returns less than one year are not annualized
*	since 8/31/2007

Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Agribusiness ETF was 8/31/07.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/31/07) to the first day of secondary market trading in shares of the Fund (9/5/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.56% / Net Expense Ratio 0.56%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS™ Global Agribusiness Index (MVMOOTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors exposure to the overall performance of the global agribusiness industry.

MVMOOTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Agribusiness ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

COAL ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVKOLTR²
Six Months		47.36	%		45.86	%		44.62	%
One Year		(15.37	)%		(16.34	)%		(16.94	)%
Five Year		(26.16	)%		(26.21	)%		(26.03	)%
Life* (annualized)		(14.59	)%		(14.65	)%		(14.28	)%
Life* (cumulative)		(73.72	)%		(73.86	)%		(72.89	)%

^†	Returns less than one year are not annualized
*	since 1/10/2008

Index data prior to September 24, 2012 reflects that of the Stowe Coal Index^SM(TCOAL). From September 24, 2012 forward, the index data reflects that of the MVIS Global Coal Index (MVKOLTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Coal ETF was 1/10/08.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (1/10/08) to the first day of secondary market trading in shares of the Fund (1/14/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.71% / Net Expense Ratio 0.59%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS™ Global Coal Index (MVKOLTR) is a rules-based, capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the coal industry.

MVKOLTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Coal ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

GLOBAL ALTERNATIVE ENERGY ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			AGIXLT²
Six Months		(9.29	)%		(8.19	)%		(9.10	)%
One Year		(18.23	)%		(17.69	)%		(18.35	)%
Five Year		(1.04	)%		(0.91	)%		(1.51	)%
Life* (annualized)		(8.26	)%		(8.19	)%		(8.59	)%
Life* (cumulative)		(54.60	)%		(54.26	)%		(56.09	)%

^†	Returns less than one year are not annualized
*	since 5/3/2007

Commencement dates for the VanEck Vectors Global Alternative Energy ETF was 5/3/07.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/3/07) to the first day of secondary market trading in shares of the Fund (5/9/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.62% / Net Expense Ratio 0.62%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.62% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	Ardour Global Index^SM(Extra Liquid) (AGIXLT) is a rules-based, global capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry.

“Ardour Global Indexes^SM, LLC”, “ARDOUR GLOBAL INDEX^SM(Extra Liquid)”, and “ARDOUR – XL^SM” are service marks of Ardour Global Indexes^SM, LLC and have been licensed for use by Van Eck Associates Corporation in connection with VanEck Vectors Global Alternative Energy ETF (the “Fund”). The Fund is not sponsored, endorsed, sold or promoted by Ardour Global Indexes^SM, LLC and Ardour Global Indexes^SM, LLC makes no representation regarding the advisability of investing in the Fund. AGIXLT is calculated by Dow Jones Indexes. The Fund, based on the AGIXLT, is not sponsored, endorsed, sold or promoted by Dow Jones Indexes, and Dow Jones Indexes makes no representation regarding the advisability of investing in the Fund.

GOLD MINERS ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			GDMNTR²
Six Months		101.97	%		102.04	%		102.49	%
One Year		57.34	%		57.39	%		57.93	%
Five Year		(12.03	)%		(12.04	)%		(11.63	)%
Ten Year		(2.65	)%		(2.65	)%		(2.17	)%

^†	Returns less than one year are not annualized

Commencement date for the VanEck Vectors Gold Miners ETF was 5/16/06.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/16/06) to the first day of secondary market trading in shares of the Fund (5/22/06), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.51% / Net Expense Ratio 0.51%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.53% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	NYSE Arca Gold Miners Index (GDMNTR) is a modified capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold.

GDMNTR, a trademark of NYSE Euronext or its affiliates (NYSE Euronext), is licensed for use by Van Eck Associates Corporation in connection with VanEck Vectors Gold Miners ETF (the “Fund”). The Fund is not sponsored, endorsed, sold or promoted by NYSE Euronext and NYSE Euronext makes no representation as to the accuracy and/or completeness of GDMNTR or results to be obtained by any person from using GDMNTR in connection with trading the Fund.

JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVGDXJTR²
Six Months		121.76	%		121.75	%		121.97	%
One Year		77.66	%		78.17	%		78.48	%
Five Year		(19.11	)%		(18.95	)%		(18.52	)%
Life* (annualized)		(9.41	)%		(9.40	)%		(9.03	)%
Life* (cumulative)		(48.10	)%		(48.05	)%		(46.64	)%

^†	Returns less than one year are not annualized
*	since 11/10/2009

Commencement date for the VanEck Vectors Junior Gold Miners ETF was 11/10/09.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (11/10/09) to the first day of secondary market trading in shares of the Fund (11/11/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.53% / Net Expense Ratio 0.53%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.56% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

MVIS™ Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver.

MVGDXJTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate MVGDXJTR. Solactive AG uses its best efforts to ensure that MVGDXJTR is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in MVGDXJTR to third parties. VanEck Vectors Junior Gold Miners ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			RVEIT²
Six Months		15.95	%		16.19	%		15.76	%
One Year		(5.75	)%		(5.40	)%		(5.50	)%
Five Year		(3.15	)%		(3.01	)%		(2.95	)%
Life* (annualized)		(1.56	)%		(1.51	)%		(1.35	)%
Life* (cumulative)		(11.58	)%		(11.25	)%		(10.14	)%

†	Returns less than one year are not annualized
*	since 8/29/2008

Effective May 1, 2014, the name of the index that the Fund seeks to replicate changed from the Rogers^TM-Van Eck Hard Assets Producers Index to the Rogers^TM-Van Eck Natural Resources Index. The Index rulebook has not changed in connection with the Index name change.

Commencement date for the VanEck Vectors Natural Resources ETF was 8/29/08.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/29/08) to the first day of secondary market trading in shares of the Fund (9/3/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.72% / Net Expense Ratio 0.49%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.49% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

The Rogers^TM-Van Eck Natural Resources Index (RVEIT) is a rules-based, modified capitalization-weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services.

The Rogers^TM-Van Eck Natural Resources Index has been licensed by Van Eck Associates Corporation from S-Network Global Indexes, LLC in connection with VanEck Vectors Natural Resources ETF. VanEck Vectors Natural Resources ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by S-Network Global Indexes, LLC, which makes no representation regarding the advisability of investing in the Fund.

“Jim Rogers,” “James Beeland Rogers, Jr.,” and “Rogers,” are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc. (“Beeland Interests”), which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland Rogers, Jr.

The Fund is not sponsored, endorsed, sold or promoted by Beeland Interests or James Beeland Rogers, Jr. Neither Beeland Interests nor James Beeland Rogers, Jr. makes any representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this material, or the advisability of investing in securities or commodities generally, or in the Fund or in futures particularly.

BEELAND INTERESTS AND ITS AFFILIATES AND VAN ECK AND ITS AFFILIATES SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS, AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF HAP, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF RVEI. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS OR VAN ECK OR ANY THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

OIL REFINERS ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Total Return^†	Share Price¹			NAV			MVCRAKTR²
Six Months		(6.28	)%		(5.59	)%		(6.37	)%
Life* (cumulative)		(5.89	)%		(5.44	)%		(5.81	)%

^†	Returns less than one year are not annualized
*	since 8/18/2015

Commencement date for the VanEck Vectors Oil Refiners ETF was 8/18/2015.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/18/15) to the first day of secondary market trading in shares of the Fund (8/19/15), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 3.25% / Net Expense Ratio 0.59%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.59% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS™ US Global Oil Refiners Index (MVCRAKTR) 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 crude oil refining

MVCRAKTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate MVCRAKTR. Solactive AG uses its best efforts to ensure that MVCRAKTR is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Oil Refiners ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

OIL SERVICES ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVOIHTR²
Six Months		10.59	%		10.55	%		10.40	%
One Year		(14.19	)%		(14.16	)%		(14.38	)%
Life* (annualized)		(4.03	)%		(4.22	)%		(4.32	)%
Life* (cumulative)		(17.00	)%		(17.76	)%		(18.13	)%

^†	Returns less than one year are not annualized
*	since 12/20/2011

Commencement date for the VanEck Vectors Oil Services ETF was 12/20/2011.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (12/20/11) to the first day of secondary market trading in shares of the Fund (12/21/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.39% / Net Expense Ratio 0.35%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.35% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS™ US Listed Oil Services 25 Index (MVOIHTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of 25 of the largest U.S. listed, publicly traded oil services companies.

MVOIHTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate MVOIHTR. Solactive AG uses its best efforts to ensure that MVOIHTR is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in MVOIHTR to third parties. VanEck Vectors Oil Services ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVREMXTR²
Six Months		23.49	%		20.91	%		19.42	%
One Year		(22.08	)%		(22.66	)%		(23.58	)%
Five Year		(28.63	)%		(28.59	)%		(29.20	)%
Life* (annualized)		(22.13	)%		(22.16	)%		(22.72	)%
Life* (cumulative)		(75.82	)%		(75.87	)%		(76.84	)%

^†	Returns less than one year are not annualized
*	since 10/27/2010

Commencement date for the VanEck Vectors Rare Earth/Strategic Metals ETF was 10/27/10.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/27/10) to the first day of secondary market trading in shares of the Fund (10/28/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.92% / Net Expense Ratio 0.60%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.57% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS™ Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules-based, modified capitalization-weighted, float-adjusted index comprised of publicly traded companies engaged in a variety of activities that are related to the mining, refining and manufacturing of rare earth/strategic metals.

MVREMXTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Rare Earth/Strategic Metals ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

SOLAR ENERGY ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVKWTTR²
Six Months		(29.60	)%		(28.68	)%		(29.96	)%
One Year		(41.14	)%		(41.21	)%		(45.78	)%
Five Year		(21.18	)%		(20.90	)%		(22.70	)%
Life* (annualized)		(26.42	)%		(26.27	)%		(27.31	)%
Life* (cumulative)		(91.90	)%		(91.76	)%		(92.67	)%

^†	Returns less than one year are not annualized
*	since 4/21/2008

Index data prior to March 18, 2013 reflects that of the Ardour Solar Energy Index (SOLRXT). From March 18, 2013, forward, the index data reflects that of the MVIS Global Solar Energy Index (MVKWTTR). All Index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Solar Energy ETF was 4/21/08.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/21/08) to the first day of secondary market trading in shares of the Fund (4/23/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.16% / Net Expense Ratio 0.65%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

²	MVIS™ Global Solar Energy Index (MVKWTTR) is a rules-based, modified-capitalization-weighted, float-adjusted index intended to give investors exposure to the overall performance of the global solar energy industry.

MVKWTTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Solar Energy ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

STEEL ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			STEELTR²
Six Months		41.59	%		41.60	%		41.00	%
One Year		(4.51	)%		(4.34	)%		(5.09	)%
Five Year		(14.25	)%		(14.22	)%		(14.12	)%
Life* (annualized)		(1.54	)%		(1.53	)%		(1.29	)%
Life* (cumulative)		(14.02	)%		(13.94	)%		(11.81	)%

^†	Returns less than one year are not annualized
*	since 10/10/2006

Commencement date for the VanEck Vectors Steel ETF was 10/10/06.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/10/06) to the first day of secondary market trading in shares of the Fund (10/16/06), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.64% / Net Expense Ratio 0.55%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.55% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	NYSE Arca Steel Index (STEEL) is a modified capitalization-weighted index comprised of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore.

NYSE Arca Steel Index (STEEL) is a trademark of NYSE Euronext or its affiliates (NYSE Euronext), is licensed for use by Van Eck Associates Corporation in connection with VanEck Vectors Steel ETF (SLX). VanEck Vectors Steel ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by NYSE Euronext and NYSE Euronext makes no representation as to the accuracy and/or completeness of STEEL or the results to be obtained by any person from the using STEEL in connection with trading the Fund.

UNCONVENTIONAL OIL & GAS ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVFRAKTR²
Six Months		24.70	%		25.38	%		25.51	%
One Year		(18.16	)%		(18.05	)%		(17.93	)%
Life* (annualized)		(7.89	)%		(7.84	)%		(7.73	)%
Life* (cumulative)		(30.20	)%		(30.03	)%		(29.69	)%

^†	Returns less than one year are not annualized
*	since 2/14/2012

Commencement date for the Unconventional Oil & Gas ETF was 2/14/2012.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (2/14/12) to the first day of secondary market trading in shares of the Fund (2/15/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.71% / Net Expense Ratio 0.54%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.54% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

MVIS™ Global Unconventional Oil & Gas Index (MVFRAKTR) is a rules-based, modified capitalization-weighted, float-adjusted index intended to track the overall performance of companies involved in the exploration, development, extraction, production and/or refining of unconventional oil and natural gas.

MVFRAKTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate MVFRAKTR. Solactive AG uses its best efforts to ensure that MVFRAKTR is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in MVFRAKTR to third parties. VanEck Vectors Unconventional Oil & Gas ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

June 30, 2016 (unaudited)

Average Annual
Total Return^†	Share Price¹			NAV			MVNLRTR²
Six Months		11.01	%		11.51	%		10.50	%
One Year		7.81	%		8.00	%		6.80	%
Five Year		(0.49	)%		(0.37	)%		(0.88	)%
Life* (annualized)		(5.86	)%		(5.78	)%		(5.84	)%
Life* (cumulative)		(41.53	)%		(41.07	)%		(41.41	)%

^†	Returns less than one year are not annualized
*	since 8/13/2007

Index data prior to March 24, 2014 reflects that of the DAXglobal^®Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes.

Commencement date for the VanEck Vectors Uranium+Nuclear Energy ETF was 8/13/07.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/13/07) to the first day of secondary market trading in shares of the Fund (8/15/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.78% / Net Expense Ratio 0.61%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year until at least May 1, 2017. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

²	MVIS™ Global Uranium & Nuclear Energy Index 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 uranium and nuclear energy.

MVNLRTR is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck Vectors Uranium+Nuclear Energy ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2016 to June 30, 2016.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning		Ending		Annualized			Expenses Paid
	Account		Account		Expense			During the Period*
	Value		Value		Ratio			January 1, 2016-
	January 1, 2016		June 30, 2016		During Period			June 30, 2016
Agribusiness ETF
Actual	$	1,000.00	$	1,030.70		0.56	%	$	2.83
Hypothetical**	$	1,000.00	$	1,022.08		0.56	%	$	2.82
Coal ETF
Actual	$	1,000.00	$	1,458.60		0.59	%	$	3.61
Hypothetical**	$	1,000.00	$	1,021.93		0.59	%	$	2.97
Global Alternative Energy ETF
Actual	$	1,000.00	$	918.10		0.62	%	$	2.96
Hypothetical**	$	1,000.00	$	1,021.78		0.62	%	$	3.12
Gold Miners ETF
Actual	$	1,000.00	$	2,020.40		0.51	%	$	3.83
Hypothetical**	$	1,000.00	$	1,022.33		0.51	%	$	2.56
Junior Gold Miners ETF
Actual	$	1,000.00	$	2,217.50		0.53	%	$	4.24
Hypothetical**	$	1,000.00	$	1,022.23		0.53	%	$	2.66
Natural Resources ETF
Actual	$	1,000.00	$	1,161.90		0.49	%	$	2.63
Hypothetical**	$	1,000.00	$	1,022.43		0.49	%	$	2.46
Oil Refiners ETF
Actual	$	1,000.00	$	944.10		0.59	%	$	2.85
Hypothetical**	$	1,000.00	$	1,021.93		0.59	%	$	2.97
Oil Services ETF
Actual	$	1,000.00	$	1,105.50		0.35	%	$	1.83
Hypothetical**	$	1,000.00	$	1,023.12		0.35	%	$	1.76
Rare Earth / Strategic Metals ETF
Actual	$	1,000.00	$	1,209.10		0.60	%	$	3.30
Hypothetical**	$	1,000.00	$	1,021.88		0.60	%	$	3.02
Solar Energy ETF
Actual	$	1,000.00	$	713.20		0.65	%	$	2.77
Hypothetical**	$	1,000.00	$	1,021.63		0.65	%	$	3.27
Steel ETF
Actual	$	1,000.00	$	1,416.00		0.55	%	$	3.30
Hypothetical**	$	1,000.00	$	1,022.13		0.55	%	$	2.77
Unconventional Oil & Gas ETF
Actual	$	1,000.00	$	1,253.80		0.54	%	$	3.03
Hypothetical**	$	1,000.00	$	1,022.18		0.54	%	$	2.72
Uranium+Nuclear Energy ETF
Actual	$	1,000.00	$	1,115.10		0.61	%	$	3.21
Hypothetical**	$	1,000.00	$	1,021.83		0.61	%	$	3.07

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2016) 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

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.1%
Australia: 3.3%
	5,023,278	Incitec Pivot Ltd. #	$	11,265,688
	536,578	Nufarm Ltd. #		2,978,649
	1,953,492	Treasury Wine Estates Ltd. #		13,552,726
				27,797,063
Canada: 8.5%
	402,254	Agrium, Inc. (USD) †		36,371,807
	2,248,596	Potash Corp. of Saskatchewan, Inc. (USD)		36,517,199
				72,889,006
Chile: 0.5%
	167,255	Sociedad Quimica y Minera de Chile SA (ADR)		4,134,544
China / Hong Kong: 1.1%
	12,038,000	China Huishan Dairy Holdings Co. Ltd. † #		4,914,895
	6,938,000	Goldin Financial Holdings Ltd. * #		4,382,792
				9,297,687
Denmark: 0.6%
	130,920	Bakkafrost P/F (NOK) #		4,939,985
Germany: 1.5%
	633,181	K+S AG † #		12,976,623
Indonesia: 0.8%
	23,868,700	Charoen Pokphand Indonesia Tbk PT #		6,832,678
Israel: 0.8%
	1,687,447	Israel Chemicals Ltd. (USD)		6,581,043
Japan: 7.1%
	3,424,130	Kubota Corp. #		46,617,193
	554,000	Nippon Meat Packers, Inc. #		13,658,955
				60,276,148
Malaysia: 3.0%
	4,465,400	Felda Global Ventures Holdings Bhd #		1,678,726
	9,569,055	IOI Corp. Bhd #		10,282,814
	1,268,370	Kuala Lumpur Kepong Bhd #		7,335,658
	1,647,100	PPB Group Bhd #		6,766,817
				26,064,015
Netherlands: 0.3%
	187,847	OCI NV * † #		2,547,477
Norway: 3.7%
	982,709	Marine Harvest ASA (ADR) †		16,607,782
	473,208	Yara International ASA #		15,033,750
				31,641,532
Russia: 1.2%
	424,164	PhosAgro OAO (GDR) # Reg S		6,273,059
	1,359,792	Uralkali PJSC * #		3,723,044
				9,996,103
Singapore: 2.6%
	1,624,600	First Resources Ltd. † #		1,897,297
	16,430,245	Golden Agri-Resources Ltd. #		4,302,822
	6,690,451	Wilmar International Ltd. #		16,301,108
				22,501,227
South Africa: 0.2%
	250,306	Tongaat Hulett Ltd.		2,005,695

Number of Shares			Value

South Korea: 0.4%
	111,692	Komipharm International Co. Ltd. * #	$	3,298,232
Switzerland: 7.9%
	876,506	Syngenta AG (ADR) †		67,306,896
Taiwan: 0.4%
	2,464,000	Taiwan Fertilizer Co. Ltd. #		3,289,512
Thailand: 1.5%
	15,881,136	Charoen Pokphand Foods (NVDR) #		13,019,890
Ukraine: 0.2%
	131,802	Kernel Holding SA #		1,762,890
United Kingdom: 2.4%
	2,885,495	CNH Industrial NV (USD) †		20,631,289
United States: 52.1%
	144,603	AGCO Corp.		6,815,139
	67,277	Andersons, Inc.		2,391,025
	1,329,574	Archer-Daniels-Midland Co.		57,025,429
	62,673	Balchem Corp.		3,738,444
	364,256	Bunge Ltd.		21,545,742
	601,465	CF Industries Holdings, Inc.		14,495,307
	719,701	Deere & Co. †		58,324,569
	278,756	FMC Corp.		12,909,190
	177,709	IDEXX Laboratories, Inc. *		16,502,058
	662,360	Monsanto Co.		68,494,648
	879,507	Mosaic Co. †		23,025,493
	86,895	Neogen Corp. *		4,887,844
	193,671	Pilgrim’s Pride Corp. * †		4,934,737
	56,762	Sanderson Farms, Inc. †		4,917,860
	143,825	Toro Co.		12,685,365
	322,219	Tractor Supply Co.		29,379,928
	749,947	Tyson Foods, Inc.		50,088,960
	1,110,016	Zoetis, Inc.		52,681,359
				444,843,097
Total Common Stocks (Cost: $963,483,054)				854,632,632


Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 14.8%
Repurchase Agreements: 14.8%
$	30,087,773	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $30,088,141; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $30,689,530 including accrued interest)	30,087,773
	30,087,773	Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $30,088,174; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $30,689,541 including accrued interest)	30,087,773

See Notes to Financial Statements

Principal Amount			Value

Repurchase Agreements: (continued)
$	30,087,773	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $30,088,181; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $30,689,529 including accrued interest)	$	30,087,773
	6,333,076	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $6,333,155; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $6,459,738 including accrued interest)		6,333,076

Principal Amount			Value

$	30,087,773	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $30,088,124; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $30,689,529 including accrued interest)	$	30,087,773
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $126,684,168)				126,684,168
Total Investments: 114.9% (Cost: $1,090,167,222)				981,316,800
Liabilities in excess of other assets: (14.9)%				(127,341,101	)
NET ASSETS: 100.0%			$	853,975,699

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NOK	Norwegian Krone
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $124,442,527.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $219,633,280 which represents 25.7% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		3.4	%	$	29,379,928
Consumer Staples		31.2			266,764,491
Financials		0.5			4,382,792
Health Care		9.1			77,369,493
Industrials		17.0			145,073,555
Materials		38.8			331,662,373
		100.0	%	$	854,632,632

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia		$	—		$	27,797,063		$	—	$	27,797,063
Canada			72,889,006			—			—		72,889,006
Chile			4,134,544			—			—		4,134,544
China / Hong Kong			—			9,297,687			—		9,297,687
Denmark			—			4,939,985			—		4,939,985
Germany			—			12,976,623			—		12,976,623
Indonesia			—			6,832,678			—		6,832,678
Israel			6,581,043			—			—		6,581,043
Japan			—			60,276,148			—		60,276,148

See Notes to Financial Statements

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks (continued)
Malaysia		$	—		$	26,064,015		$	—	$	26,064,015
Netherlands			—			2,547,477			—		2,547,477
Norway			16,607,782			15,033,750			—		31,641,532
Russia			—			9,996,103			—		9,996,103
Singapore			—			22,501,227			—		22,501,227
South Africa			2,005,695			—			—		2,005,695
South Korea			—			3,298,232			—		3,298,232
Switzerland			67,306,896			—			—		67,306,896
Taiwan			—			3,289,512			—		3,289,512
Thailand			—			13,019,890			—		13,019,890
Ukraine			—			1,762,890			—		1,762,890
United Kingdom			20,631,289			—			—		20,631,289
United States			444,843,097			—			—		444,843,097
Repurchase Agreements			—			126,684,168			—		126,684,168
Total		$	634,999,352		$	346,317,448		$	—	$	981,316,800

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

COAL ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 98.1%
Australia: 18.1%
	1,340,460	Aurizon Holdings Ltd. #	$	4,855,750
	289,465	Washington H Soul Pattinson & Co. Ltd. #		3,672,960
	3,024,992	Whitehaven Coal Ltd. * #		2,473,224
				11,001,934
Canada: 12.5%
	376,916	Teck Cominco Ltd. (USD)		4,963,984
	184,758	Westshore Terminals Investment Corp.		2,661,756
				7,625,740
China / Hong Kong: 22.2%
	5,708,095	China Coal Energy Co. Ltd. * #		2,990,780
	2,416,408	China Shenhua Energy Co. Ltd. #		4,494,367
	13,828,067	Fushan International Energy Group Ltd. #		2,475,744
	27,260,000	National United Resources Holdings Ltd. * #		573,767
	475,207	Yanzhou Coal Mining Co. Ltd. (ADR)		2,970,044
				13,504,702
Indonesia: 16.1%
	39,922,915	Adaro Energy Tbk PT #		2,594,528
	1,857,852	Indo Tambangraya Megah Tbk PT #		1,328,306
	3,396,600	Tambang Batubara Bukit Asam Tbk PT #		1,998,170
	3,459,900	United Tractors Tbk PT #		3,903,693
				9,824,697
Philippines: 4.0%
	921,850	Semirara Mining and Power Corp. #		2,459,982
Poland: 3.1%
	299,556	Jastrzebska Spolka Weglowa SA * #		1,303,994
	65,566	Lubelski Wegiel Bogdanka SA		598,169
				1,902,163

Number of Shares			Value

Russia: 0.5%
	717,630	Raspadskaya OJSC * #	$	320,177
South Africa: 4.3%
	558,254	Exxaro Resources Ltd. #		2,586,575
Thailand: 3.9%
	5,689,700	Banpu PCL (NVDR) #		2,391,639
United States: 13.4%
	211,879	Cloud Peak Energy, Inc. *		436,471
	173,748	Consol Energy, Inc.		2,795,605
	49,761	FreightCar America, Inc.		699,142
	141,107	Joy Global, Inc.		2,983,002
	210,984	SunCoke Energy, Inc.		1,227,927
				8,142,147
Total Common Stocks (Cost: $87,631,712)				59,759,756
WARRANTS: 1.1% (Cost: $0)
Thailand: 1.1%
	2,576,100	Banpu PCL 06/05/17 Warrants (THB 5.00, expiring 06/05/17)		674,448
MONEY MARKET FUND: 0.8% (Cost: $479,652)
	479,652	Dreyfus Government Cash Management Fund		479,652
Total Investments: 100.0% (Cost: $88,111,364)				60,913,856
Liabilities in excess of other assets: (0.0)%				(16,468	)
NET ASSETS: 100.0%			$	60,897,388

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
THB	Thai Baht
USD	United States Dollar
*	Non-income producing
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $40,423,656 which represents 66.4% of net assets.

Summary of Investments
by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		0.9	%	$	573,767
Energy		63.0			38,368,961
Industrials		18.4			11,199,650
Materials		16.9			10,291,826
Money Market Fund		0.8			479,652
		100.0	%	$	60,913,856

See Notes to Financial Statements

COAL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia		$	—		$	11,001,934		$	—	$	11,001,934
Canada			7,625,740			—			—		7,625,740
China / Hong Kong			2,970,044			10,534,658			—		13,504,702
Indonesia			—			9,824,697			—		9,824,697
Philippines			—			2,459,982			—		2,459,982
Poland			598,169			1,303,994			—		1,902,163
Russia			—			320,177			—		320,177
South Africa			—			2,586,575			—		2,586,575
Thailand			—			2,391,639			—		2,391,639
United States			8,142,147			—			—		8,142,147
Warrants			674,448			—			—		674,448
Money Market Fund			479,652			—			—		479,652
Total		$	20,490,200		$	40,423,656		$	—	$	60,913,856

During the period ended June 30, 2016, transfers of securities from Level 2 to Level 1 were $455,364. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.9%
Austria: 1.0%
	58,224	Verbund – Oesterreichische Elektrizis AG † #	$	822,030
Brazil: 1.9%
	248,475	Cosan Ltd. (Class A) (USD)		1,617,572
Canada: 1.1%
	61,391	Canadian Solar, Inc. (USD) * †		928,232
China / Hong Kong: 12.4%
	1,468,000	China High Speed Transmission Equipment Group Co. Ltd. * #		1,182,730
	4,427,000	China Longyuan Power Group Corp. Ltd. #		3,695,738
	484,600	Dongfang Electric Corp. Machinery Co. Ltd. #		381,588
	18,012,600	GCL-Poly Energy Holdings Ltd. #		2,367,560
	44,703	JinkoSolar Holding Co. Ltd. (ADR) * †		911,047
	125,185	Trina Solar Ltd. (ADR) * †		968,932
	712,600	Xinjiang Goldwind Science & Technology Co. Ltd. † #		980,350
				10,487,945
Denmark: 10.0%
	124,154	Vestas Wind Systems A/S #		8,445,170
Germany: 3.5%
	82,926	Nordex SE * † #		2,356,472
	12,363	SMA Solar Technology AG † #		611,417
				2,967,889
Japan: 4.2%
	157,904	Kurita Water Industries Ltd. #		3,543,116
Spain: 10.0%
	273,490	EDP Renovaveis SA #		2,060,773
	318,391	Gamesa Corp. Tecnologica SA #		6,350,490
				8,411,263
Sweden: 4.3%
	432,711	Nibe Industrier AB #		3,593,218
Taiwan: 0.6%
	609,000	Gintech Energy Corp. * #		498,869
United States: 50.9%
	186,137	Covanta Holding Corp.		3,061,954
	143,121	Cree, Inc. * †		3,497,877
	139,853	Eaton Corp. Plc		8,353,420
	61,651	EnerSys, Inc.		3,666,385
	109,283	First Solar, Inc. *		5,298,040
	51,527	Green Plains Renewable Energy, Inc.		1,016,112
	54,008	Itron, Inc. *		2,327,745
	49,974	Ormat Technologies, Inc.		2,186,862
	41,046	Power Integrations, Inc.		2,055,173
	85,463	Solarcity Corp. * †		2,045,130
	84,594	Sunpower Corp. * †		1,310,361
	38,274	Tesla Motors, Inc. * †		8,124,805
				42,943,864
Total Common Stocks (Cost: $90,973,586)				84,259,168

Principal
Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 21.7%
Repurchase Agreements: 21.7%
$	4,347,237	Repurchase agreement dated 6/30/16 with BNP Paribas Securities Corp., 0.40%, due 7/1/16, proceeds $4,347,285; (collateralized by various U.S. government and agency obligations, 0.00% to 8.75%, due 11/1/16 to 6/1/46, valued at $4,434,182 including accrued interest)	$	4,347,237
	4,347,237	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $4,347,290; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $4,434,182 including accrued interest)		4,347,237
	4,347,237	Repurchase agreement dated 6/30/16 with HSBC Securities USA, Inc., 0.40%, due 7/1/16, proceeds $4,347,285; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 8/1/22 to 6/1/46, valued at $4,434,195 including accrued interest)		4,347,237
	4,347,237	Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $4,347,290; (collateralized by various U.S. government and agency obligations, 4.00% to 4.00%, due 3/20/46 to 5/20/46, valued at $4,434,182 including accrued interest)		4,347,237
	915,007	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $915,018; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $933,307 including accrued interest)		915,007
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $18,303,955)				18,303,955
Total Investments: 121.6% (Cost: $109,277,541)				102,563,123
Liabilities in excess of other assets: (21.6)%				(18,223,260	)
NET ASSETS: 100.0%			$	84,339,863

See Notes to Financial Statements

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

ADR	American Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $17,801,032.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $36,889,521 which represents 43.7% of net assets.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		9.6	%	$	8,124,805
Energy		3.1			2,633,684
Industrials		52.2			43,960,023
Information Technology		24.7			20,775,253
Utilities		10.4			8,765,403
		100.0	%	$	84,259,168

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	822,030	$	—	$	822,030
Brazil		1,617,572		—		—		1,617,572
Canada		928,232		—		—		928,232
China / Hong Kong		1,879,979		8,607,966		—		10,487,945
Denmark		—		8,445,170		—		8,445,170
Germany		—		2,967,889		—		2,967,889
Japan		—		3,543,116		—		3,543,116
Spain		—		8,411,263		—		8,411,263
Sweden		—		3,593,218		—		3,593,218
Taiwan		—		498,869		—		498,869
United States		42,943,864		—		—		42,943,864
Repurchase Agreements		—		18,303,955		—		18,303,955
Total	$	47,369,647	$	55,193,476	$	—	$	102,563,123

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $615,677. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%
Australia: 11.5%
	68,331,092	Evolution Mining Ltd. #	$	119,222,480
	23,800,991	Independence Group NL #		59,151,516
	33,368,007	Newcrest Mining Ltd. * #		577,398,505
	27,932,989	Northern Star Resources Ltd. #		103,243,757
	28,376,878	OceanaGold Corp. † #		109,003,057
	23,262,578	Regis Resources Ltd. #		59,506,858
	37,268,081	Saracen Mineral Holdings Ltd. * #		40,004,740
	23,041,462	St. Barbara Ltd. * † #		50,673,844
				1,118,204,757
Canada: 55.4%
	9,641,900	Agnico-Eagle Mines Ltd. (USD)		515,841,650
	12,309,342	Alamos Gold, Inc. (USD)		105,860,341
	9,169,681	Asanko Gold, Inc. (USD) *		34,936,485
	43,221,891	B2GOLD Corp. (USD) * †		108,486,946
	50,724,574	Barrick Gold Corp. (USD)		1,082,969,655
	11,262,833	Centerra Gold, Inc.		66,777,404
	8,055,440	Detour Gold Corp. *		200,471,102
	33,349,082	Eldorado Gold Corp. (USD) †		150,070,869
	7,505,933	First Majestic Silver Corp. (USD) * †		101,930,570
	6,076,841	Fortuna Silver Mines, Inc. * †		42,252,925
	7,717,502	Franco-Nevada Corp. (USD) †		586,993,202
	36,228,703	Goldcorp, Inc. (USD)		693,055,088
	7,177,039	Guyana Goldfields, Inc. *		51,173,775
	18,891,811	IAMGOLD Corp. (USD) * †		78,212,098
	57,902,005	Kinross Gold Corp. (USD) *		283,140,804
	5,320,413	Kirkland Lake Gold, Inc. *		43,589,123
	13,872,061	McEwen Mining, Inc. (USD) ‡		53,407,435
	23,746,018	New Gold, Inc. (USD) *		104,007,559
	4,948,102	Osisko Gold Royalties Ltd.		64,351,615
	7,074,147	Pan American Silver Corp. (USD) †		116,369,718
	15,046,141	Semafo, Inc. *		71,830,349
	5,509,906	Silver Standard Resources, Inc. (USD) *		71,573,679
	19,150,848	Silver Wheaton Corp. (USD) †		450,619,453
	36,624,148	Torex Gold Resources, Inc. *		65,143,437
	44,082,810	Yamana Gold, Inc. (USD) †		229,230,612
				5,372,295,894
China / Hong Kong: 1.4%
	40,715,500	Zhaojin Mining Industry Co. Ltd. † #		43,301,628
	268,438,000	Zijin Mining Group Ltd. † #		90,172,635
				133,474,263
Monaco: 0.7%
	3,927,439	Endeavour Mining Corp. (CAD) *		66,319,194
Peru: 1.6%
	12,827,706	Cia de Minas Buenaventura SA (ADR) *		153,291,087
South Africa: 7.7%
	19,050,906	AngloGold Ashanti Ltd. (ADR) *		344,059,362
	38,233,113	Gold Fields Ltd. (ADR)		187,342,254
	20,351,331	Harmony Gold Mining Co. Ltd. (USD) * †		73,468,305
	10,749,306	Sibanye Gold Ltd. (ADR) †		146,405,548
				751,275,469

Number of Shares			Value

United Kingdom: 5.9%
	53,617,672	Cenatamin Plc #	$	94,850,142
	4,287,819	Randgold Resources Ltd. (ADR) †		480,407,241
				575,257,383
United States: 15.8%
	13,586,476	Alacer Gold Corp. (CAD) *		32,221,719
	7,127,860	Coeur d’Alene Mines Corp. * †		75,982,988
	17,871,435	Hecla Mining Co.		91,144,319
	23,095,239	Newmont Mining Corp.		903,485,750
	3,055,075	Royal Gold, Inc. †		220,026,501
	13,951,331	Tahoe Resources, Inc.		208,851,425
				1,531,712,702
Total Common Stocks (Cost: $8,436,059,494)				9,701,830,749
MONEY MARKET FUND: 0.0% (Cost: $2,537,352)
	2,537,352	Dreyfus Government Cash Management Fund		2,537,352
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $8,438,596,846)				9,704,368,101

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.6%
Repurchase Agreements: 0.6%
$	13,912,547	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $13,912,717; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $14,190,799 including accrued interest)	13,912,547
	13,912,547	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $13,912,740; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $14,190,798 including accrued interest)	13,912,547
	13,912,547	Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $13,912,717; (collateralized by various U.S. government and agency obligations, 4.00% to 4.00%, due 3/20/46 to 5/20/46, valued at $14,190,798 including accrued interest)	13,912,547

See Notes to Financial Statements

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Principal Amount			Value

Repurchase Agreements: (continued)
$	2,928,321	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $2,928,358; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $2,986,887 including accrued interest)	$	2,928,321

Principal Amount			Value

$	13,912,547	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $13,912,709; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $14,190,798 including accrued interest)	$	13,912,547
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $58,578,509)				58,578,509
Total Investments: 100.6% (Cost: $8,497,175,355)				9,762,946,610
Liabilities in excess of other assets: (0.6)%				(59,335,904	)
NET ASSETS: 100.0%			$	9,703,610,706

ADR	American Depositary Receipt
CAD	Canadian Dollar
USD	United States Dollar
‡	Affiliated issuer — as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $56,009,564.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,346,529,162 which represents 13.9% of net assets.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Metals & Mining		0.6	%	$	59,151,516
Gold		90.3			8,764,379,260
Silver		9.1			878,299,973
Money Market Fund		0.0			2,537,352
		100.0	%	$	9,704,368,101

A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2016 is set forth below:

Affiliates	Value 12/31/15		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 06/30/16
Alacer Gold Corp.	$	33,672,921	$	16,962,528	$	(27,770,587	)	$	(6,542,962	)	$	—	$	—	(b)
Alamos Gold, Inc.		54,918,549		39,800,855		(68,886,753	)		5,809,174			137,668		—	(b)
AngloGold Ashanti Ltd.		187,853,752		139,966,354		(245,228,568	)		(140,632,538	)		—		—	(b)
B2GOLD Corp.		61,483,463		40,301,197		(71,109,818	)		(6,510,112	)		—		—	(b)
Cenatamin Plc		70,939,054		42,979,721		(73,042,138	)		13,347,072			1,168,021		—	(b)
Centerra Gold, Inc.		72,984,295		33,782,133		(54,613,853	)		(2,219,080	)		870,412		—	(b)
Cia de Minas Buenaventura SA		70,955,167		52,485,943		(78,465,107	)		(53,398,311	)		—		—	(b)
Detour Gold Corp.		115,259,336		84,157,594		(139,542,310	)		31,026,509			—		—	(b)
Eldorado Gold Corp.		138,401,911		69,834,442		(115,680,576	)		(106,652,928	)		—		—	(b)
Evolution Mining Ltd.		96,237,854		54,704,983		(94,028,011	)		15,197,871			701,763		—	(b)
Gold Fields Ltd.		140,168,723		85,037,624		(134,256,072	)		(42,331,529	)		665,817		—	(b)
G-Resources Group Ltd.		41,016,138		8,791,697		(43,067,336	)		(23,179,851	)		—		—	(b)
Hecla Mining Co.		46,472,985		33,386,168		(56,300,724	)		(8,797,613	)		110,777		—	(b)
IAMGOLD Corp.		36,143,902		29,490,854		(47,038,058	)		(24,031,811	)		—		—	(b)
Kinross Gold Corp.		135,689,716		122,673,095		(184,225,642	)		(145,009,534	)		—		—	(b)
McEwen Mining, Inc.		—		46,804,171		(785,962	)		109,893			—		53,407,435
New Gold, Inc.		76,818,007		50,067,966		(86,924,171	)		(54,763,229	)		—		—	(b)
Northern Star Resources Ltd.		79,223,331		46,181,763		(82,357,089	)		17,356,481			765,115		—	(b)

See Notes to Financial Statements

Affiliates (continued)	Value 12/31/15		Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 06/30/16
OceanaGold Corp.	$	76,440,254	$	47,599,339	$	(80,253,794	)	$	9,083,470		$	1,534,606	$	—	(b)
Osisko Gold Royalties Ltd.		60,400,833		31,245,772		(45,284,650	)		(2,350,187	)		330,156		—	(b)
Pan American Silver Corp.		64,109,994		47,959,794		(82,005,427	)		(2,983,245	)		232,079		—	(b)
Regis Resources Ltd.		55,027,961		27,789,510		(47,180,355	)		4,445,218			971,574		—	(b)
Royal Gold, Inc.		155,681,349		91,278,486		(161,610,310	)		(23,487,480	)		2,520,981		—	(b)
Semafo, Inc.		48,355,408		29,992,852		(44,962,038	)		2,108,322			—		—	(b)
Sibanye Gold Ltd.		90,706,299		76,750,815		(134,812,513	)		29,886,915			3,316,736		—	(b)
Tahoe Resources, Inc.		128,072,018		70,111,919		(74,181,258	)		(3,990,059	)		1,628,247		—	(b)
Yamana Gold, Inc.		114,499,902		91,753,275		(155,995,857	)		(226,044,807	)		482,778		—	(b)
Zhaojin Mining Industry Co. Ltd.		32,224,294		19,226,850		(34,021,050	)		2,509,982			314,472		—	(b)
Zijin Mining Group Ltd.		98,209,214		46,947,777		(80,801,139	)		4,345,852			2,448,456		—	(b)
	$	2,381,966,630	$	1,578,065,477	$	(2,544,431,166	)	$	(737,698,517	)	$	18,199,658	$	53,407,435

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

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia		$	—		$	1,118,204,757		$	—	$	1,118,204,757
Canada			5,372,295,894			—			—		5,372,295,894
China / Hong Kong			—			133,474,263			—		133,474,263
Monaco			66,319,194			—			—		66,319,194
Peru			153,291,087			—			—		153,291,087
South Africa			751,275,469			—			—		751,275,469
United Kingdom			480,407,241			94,850,142			—		575,257,383
United States			1,531,712,702			—			—		1,531,712,702
Money Market Fund			2,537,352			—			—		2,537,352
Repurchase Agreements			—			58,578,509			—		58,578,509
Total		$	8,357,838,939		$	1,405,107,671		$	—	$	9,762,946,610

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.8%
Australia: 11.0%
	97,324,544	Beadell Resources Ltd. ‡ * † #	$	27,601,701
	26,714,162	Independence Group NL ‡ † #		66,391,486
	46,108,978	Regis Resources Ltd. ‡ #		117,949,112
	37,078,328	Resolute Mining Ltd. ‡ * #		35,693,540
	62,299,660	Saracen Mineral Holdings Ltd. ‡ * † #		66,874,430
	36,866,664	St. Barbara Ltd. ‡ * #		81,078,864
				395,589,133
Canada: 65.7%
	20,870,926	Alamos Gold, Inc. (USD) ‡		179,489,964
	12,118,677	Argonaut Gold, Inc. ‡ *		35,459,284
	17,518,327	Asanko Gold, Inc. ‡ * †		66,636,279
	77,413,049	B2Gold Corp. (USD) ‡ *		194,306,753
	16,675,869	Centerra Gold, Inc. ‡		98,871,326
	10,987,201	Continental Gold, Inc. ‡ * †		30,710,356
	9,994,476	Dundee Precious Metals, Inc. ‡ * †		23,702,923
	11,681,675	Endeavour Silver Corp. (USD) ‡ * †		46,142,616
	12,131,315	First Majestic Silver Corp. (USD) ‡ * †		164,743,258
	12,044,924	Fortuna Silver Mines, Inc. (USD) ‡ *		84,073,569
	10,454,988	Guyana Goldfields, Inc. ‡ * †		74,546,230
	35,640,986	IAMGOLD Corp. (USD) ‡ *		147,553,682
	9,529,113	Kirkland Lake Gold, Inc. ‡ *		78,070,195
	4,264,869	MAG Silver Corp. ‡ * †		53,495,585
	20,629,491	McEwen Mining, Inc. (USD) ‡ †		79,423,540
	18,129,562	Novagold Resources, Inc. (USD) ‡ * †		110,952,919
	9,216,732	Osisko Gold Royalties Ltd. ‡		119,866,485
	13,600,259	Premier Gold Mines Ltd. ‡ * †		40,108,564
	14,438,455	Pretium Resources, Inc. (USD) ‡ * †		161,710,696
	13,178,787	Primero Mining Corp. (USD) ‡ *		27,411,877
	13,370,910	Sandstorm Gold Ltd. (USD) ‡ * †		59,634,259
	3,661,659	Seabridge Gold, Inc. (USD) ‡ * †		53,753,154
	22,636,745	Semafo, Inc. ‡ *		108,067,929
	12,236,976	Silver Standard Resources, Inc. (USD) ‡ * †		158,958,318
	17,059,603	Silvercorp Metals, Inc. ‡ †		38,619,568
	1,916,254	Sulliden Mining Capital, Inc. ‡ *		553,319
	31,806,367	Teranga Gold Corp. ‡ *		28,164,566
	60,348,479	Torex Gold Resources, Inc. ‡ *		107,341,947
				2,372,369,161
China / Hong Kong: 1.9%
	24,671,804	China Gold International Resources Corp. Ltd. (CAD) ‡ * †		44,453,701
	773,538,000	China Precious Metal Resources Holdings Co. Ltd. ‡ * † #		24,548,972
	19,287,400	Real Gold Mining Ltd. * # §		—
				69,002,673
Monaco: 2.8%
	6,002,587	Endeavour Mining Corp. (CAD) ‡ *		101,360,386
South Africa: 2.5%
	24,786,407	Harmony Gold Mining Co. Ltd.
		(USD) ‡ * †		89,478,929
Turkey: 0.6%
	5,084,558	Koza Altin Isletmeleri AS * #		22,551,440

Number of Shares			Value

United Kingdom: 4.8%
	88,349,956	Cenatamin Plc ‡ #	$	156,291,864
	12,650,628	Highland Gold Mining Ltd.		17,756,929
	38,603,767	Patagonia Gold Plc * #		967,861
				175,016,654
United States: 10.5%
	21,089,691	Alacer Gold Corp. (CAD) ‡ *		50,016,361
	13,617,501	Coeur d’Alene Mines Corp. ‡ * †		145,162,561
	5,608,951	Gold Resource Corp. ‡ †		20,136,134
	32,008,878	Hecla Mining Co. ‡ †		163,245,278
	71,691	Paramount Gold Nevada Corp. *		119,007
				378,679,341
Total Common Stocks (Cost: $2,640,361,430)				3,604,047,717

Principal Amount
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.5%
Repurchase Agreements: 6.5%
$	55,769,990	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $55,770,672; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $56,885,393 including accrued interest)	55,769,990
	55,769,990	Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $55,770,734; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $56,885,413 including accrued interest)	55,769,990
	55,769,990	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $55,770,765; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $56,885,390 including accrued interest)	55,769,990
	11,738,540	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $11,738,687; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $11,973,311 including accrued interest)	11,738,540

See Notes to Financial Statements

Principal Amount			Value

Repurchase Agreements: (continued)
$	55,769,990	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $55,770,641; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $56,885,391 including accrued interest)	$	55,769,990
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $234,818,500)				234,818,500
Total Investments: 106.3% (Cost: $2,875,179,930)				3,838,866,217
Liabilities in excess of other assets: (6.3)%				(227,545,194	)
NET ASSETS: 100.0%			$	3,611,321,023




CAD	Canadian Dollar
USD	United States Dollar
‡	Affiliated issuer — as defined under the Investment Company Act of 1940.
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $225,810,592.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $599,949,270 which represents 16.6% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gold		29.1	%	$	1,048,597,529
Materials		63.0			2,272,182,885
Precious Metals & Minerals		0.7			24,670,784
Silver		7.2			258,596,519
		100.0	%	$	3,604,047,717

A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2016 is set forth below:

Affiliates	Value 12/31/15			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 06/30/16
Alacer Gold Corp.	$	—	(a)	$	20,360,300	$	(5,143,491	)	$	(88,104	)	$	—	$	50,016,361
Alamos Gold, Inc.		52,823,141			67,001,398		(39,055,719	)		5,459,917			194,692		179,489,964
Argonaut Gold, Inc.		7,207,452			10,563,360		(2,891,647	)		(988,655	)		—		35,459,284
Asanko Gold, Inc.		16,909,125			26,168,612		(9,154,203	)		1,259,571			—		66,636,279
B2Gold Corp.		51,046,867			69,332,233		(15,777,928	)		1,483,432			—		194,306,753
Beadell Resources Ltd.		5,792,241			13,791,711		(4,742,143	)		(5,468,401	)		—		27,601,701
Cenatamin Plc		56,583,430			57,771,667		(14,115,729	)		2,131,741			1,449,480		156,291,864
Centerra Gold, Inc.		—			90,888,942		—			—			—		98,871,326
China Gold International Resources Corp. Ltd.		—			20,179,728		(8,744,360	)		(4,362,229	)		—		44,453,701
China Precious Metal Resources Holdings Co. Ltd.		10,849,757			17,485,484		(1,417,815	)		(332,516	)		—		24,548,972
Coeur d’Alene Mines Corp.		19,465,924			54,340,636		(5,201,898	)		1,886,526			—		145,162,561
Continental Gold, Inc.		—	(a)		11,925,308		(1,102,446	)		123,821			—		30,710,356
Dundee Precious Metals, Inc.		—	(a)		9,808,300		(1,915,991	)		(724,338	)		—		23,702,923
Endeavour Mining Corp.		21,268,267			42,959,893		(10,552,159	)		2,052,122			—		101,360,386
Endeavour Silver Corp.		10,272,697			17,724,958		(2,310,244	)		272,091			—		46,142,616
First Majestic Silver Corp.		36,854,087			59,598,445		(60,874,829	)		15,114,524			—		164,743,258
Fortuna Silver Mines, Inc.		18,387,950			26,885,618		(5,850,878	)		1,480,288			—		84,073,569
Gold Resource Corp.		6,448,848			6,946,993		(1,690,218	)		(406,761	)		43,716		20,136,134
Guyana Goldfields, Inc.		—	(a)		24,272,264		(4,943,836	)		1,274,589			—		74,546,230
Harmony Gold Mining Co. Ltd.		—	(a)		28,124,566		(11,254,374	)		5,086,347			—		89,478,929
Hecla Mining Co.		41,429,378			50,444,907		(12,370,782	)		2,269,525			126,574		163,245,278
IAMGOLD Corp.		36,884,936			40,664,531		(8,262,664	)		2,656,961			—		147,553,682
Independence Group NL		—			86,345,303		(22,075,386	)		(150,244	)		—		66,391,486
Kingsgate Consolidated Ltd.		4,038,167			21,535		(4,753,267	)		(7,527,655	)		—		—
Kirkland Lake Gold, Inc.		14,371,239			46,920,111		(3,665,752	)		1,414,304			—		78,070,195

See Notes to Financial Statements

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Affiliates (continued)	Value 12/31/15			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 06/30/16
Lake Shore Gold Corp.	$	24,696,622		$	13,278,123	$	(56,800,078	)	$	17,017,520		$	—	$	—
MAG Silver Corp.		—	(a)		21,267,461		(3,869,823	)		501,631			—		53,495,585
McEwen Mining, Inc.		15,101,226			21,159,154		(4,812,005	)		1,338,258			—		79,423,540
Northern Star Resources Ltd.		71,554,817			505,641		(102,577,415	)		61,189,581			—		—
Novagold Resources, Inc.		—	(a)		48,470,917		(20,149,349	)		2,386,810			—		110,952,919
OceanaGold Corp.		69,926,904			498,787		(105,255,735	)		29,627,694			1,464,785		—
Osisko Gold Royalties Ltd.		53,845,590			51,931,050		(7,941,322	)		290,250			487,608		119,866,485
Pan American Silver Corp.		53,323,244			36,039,863		(158,225,034	)		50,074,820			216,505		—
Premier Gold Mines Ltd.		19,641,686			15,265,484		(6,358,946	)		(147,201	)		—		40,108,564
Pretium Resources, Inc.		—	(a)		62,688,973		(5,928,047	)		678,368			—		161,710,696
Primero Mining Corp.		19,217,283			14,122,838		(5,132,131	)		(6,662,621	)		—		27,411,877
Regis Resources Ltd.		44,465,829			53,442,494		(6,365,873	)		2,122,266			749,106		117,949,112
Resolute Mining Ltd.		—	(a)		12,093,810		(6,216,728	)		1,103,137			—		35,693,540
Sandstorm Gold Ltd.		22,137,120			24,387,222		(5,097,247	)		(937,776	)		—		59,634,259
Saracen Mineral Holdings Ltd.		19,708,944			22,566,389		(7,195,257	)		2,333,362			—		66,874,430
Seabridge Gold, Inc.		25,027,062			17,468,433		(8,197,746	)		965,080			—		53,753,154
Semafo, Inc.		40,838,743			35,641,787		(6,710,078	)		1,685,445			—		108,067,929
Silver Standard Resources, Inc.		29,701,462			71,465,216		(5,100,905	)		894,698			—		158,958,318
Silvercorp Metals, Inc.		5,331,037			14,894,640		(3,992,925	)		(186,963	)		—		38,619,568
St. Barbara Ltd.		—			78,466,253		—			—			—		81,078,864
Sulliden Mining Capital, Inc.		636,969			—		(534,688	)		(577,413	)		—		553,319
Teranga Gold Corp.		7,594,406			9,105,624		(1,449,878	)		269,722			—		28,164,566
Torex Gold Resources, Inc.		40,215,837			34,341,092		(8,267,206	)		1,172,636			—		107,341,947
	$	973,598,287		$	1,559,628,054	$	(794,046,175	)	$	189,056,160		$	4,732,466	$	3,562,652,480

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

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia		$	—		$	395,589,133		$	—	$	395,589,133
Canada			2,372,369,161			—			—		2,372,369,161
China / Hong Kong			44,453,701			24,548,972			0		69,002,673
Monaco			101,360,386			—			—		101,360,386
South Africa			89,478,929			—			—		89,478,929
Turkey			—			22,551,440			—		22,551,440
United Kingdom			17,756,929			157,259,725			—		175,016,654
United States			378,679,341			—			—		378,679,341
Repurchase Agreements			—			234,818,500			—		234,818,500
Total		$	3,004,098,447		$	834,767,770		$	0	$	3,838,866,217

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $995,717. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	China / Hong Kong
Balance as of December 31, 2015		$ 0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of June 30, 2016		$ 0

See Notes to Financial Statements

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.3%
Argentina: 0.3%
	13,415	Adecoagro SA (USD) *	$	147,163
	3,909	Cresud S.A.C.I.F. y A (ADR) *		55,234
	2,067	YPF SA (ADR)		39,686
				242,083
Australia: 3.7%
	84,406	Alumina Ltd. † #		82,835
	19,576	Bega Cheese Ltd. #		83,323
	109,563	BHP Billiton Ltd. #		1,524,439
	19,297	BlueScope Steel Ltd. #		93,085
	3,187	Caltex Australia Ltd. #		76,715
	58,085	Fortescue Metals Group Ltd. † #		155,188
	23,715	GrainCorp. Ltd. #		153,449
	14,287	Iluka Resources Ltd. #		70,320
	32,445	Newcrest Mining Ltd. * #		561,427
	14,292	Oil Search Ltd. #		72,052
	21,306	Origin Energy Ltd. #		92,939
	19,419	Santos Ltd. #		68,629
	181,670	South32 Ltd. * #		212,717
	8,853	Woodside Petroleum Ltd. #		179,226
				3,426,344
Austria: 0.3%
	1,720	OMV AG #		48,403
	4,996	Verbund – Oesterreichische Elektrizis AG † #		70,536
	3,763	Voestalpine AG #		126,782
				245,721
Brazil: 0.7%
	13,372	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		119,813
	23,685	Cia Siderurgica Nacional SA (ADR) *		58,028
	5,950	Fibria Celulose SA		39,986
	30,518	Gerdau SA (ADR)		55,543
	18,188	Petroleo Brasileiro SA (ADR) *		130,226
	51,623	Vale SA (ADR) †		261,212
				664,808
Canada: 11.2%
	9,414	Agnico-Eagle Mines Ltd. (USD)		503,649
	17,946	Agrium, Inc. (USD) †		1,622,677
	11,242	Alamos Gold, Inc.		96,172
	4,281	ARC Resources Ltd. †		72,883
	39,475	B2Gold Corp. *		98,482
	49,526	Barrick Gold Corp. (USD)		1,057,380
	13,513	Cameco Corp. (USD)		148,238
	13,409	Canadian Natural Resources Ltd. (USD) †		413,399
	1,686	Canadian Solar, Inc. (USD) * †		25,492
	1,997	Canfor Corp. *		20,067
	6,892	Centerra Gold, Inc.		40,863
	7,357	Detour Gold Corp. *		183,089
	30,458	Eldorado Gold Corp. (USD)		137,061
	11,353	Enbridge, Inc. (USD)		480,913
	10,385	EnCana Corp. (USD)		80,899
	23,534	First Quantum Minerals Ltd.		164,359
	35,373	Goldcorp, Inc. (USD)		676,686
	3,686	Husky Energy, Inc.		44,759
	3,107	Imperial Oil Ltd. (USD)		98,057
	52,882	Kinross Gold Corp. (USD) *		258,593

Number of Shares			Value

Canada: (continued)
	21,375	Lundin Mining Corp. *	$	71,760
	17,420	New Gold, Inc. *		75,786
	6,461	Pan American Silver Corp. (USD)		106,283
	108,986	Potash Corp. of Saskatchewan, Inc. (USD)		1,769,933
	361	PrairieSky Royalty Ltd.		6,816
	18,702	Silver Wheaton Corp. (USD)		440,058
	19,332	Suncor Energy, Inc.		536,076
	15,872	Teck Cominco Ltd. (USD) †		209,034
	2,394	Tourmaline Oil Corp. *		62,693
	8,584	TransCanada Corp. (USD)		388,168
	41,911	Turquoise Hill Resources Ltd. *		141,026
	1,794	West Fraser Timber Co. Ltd.		52,175
	40,261	Yamana Gold, Inc. (USD)		209,357
				10,292,883
Chile: 0.3%
	106,864	Aguas Andinas SA		61,281
	13,126	Antofagasta Plc (GBP) † #		82,419
	33,573	Empresas CMPC SA		69,842
	14,477	Inversiones Aguas Metropolitanas SA		23,054
				236,596
China / Hong Kong: 1.7%
	134,600	Aluminum Corp of China Ltd. * † #		42,643
	38,000	Angang New Steel Co. Ltd. * #		17,105
	286,514	China Agri-Industries Holdings Ltd. * #		94,334
	50,300	China Coal Energy Co. Ltd. * #		26,355
	26,400	China Gas Holdings Ltd. #		40,411
	52,100	China Hongqiao Group Ltd. #		35,117
	371,800	China Modern Dairy Holdings Ltd. #		53,717
	123,200	China Molybdenum Co. Ltd. (Class H) #		27,749
	21,600	China Oilfield Services Ltd. (Class H) #		16,782
	311,727	China Petroleum & Chemical Corp. #		225,264
	41,391	China Shenhua Energy Co. Ltd. #		76,985
	196,079	CNOOC Ltd. #		244,754
	13,400	Dongfang Electric Corp. Machinery Co. Ltd. #		10,552
	82,500	Fosun International Ltd. #		107,290
	49,800	Huaneng Power International, Inc. #		30,932
	43,100	Jiangxi Copper Co. Ltd. (Class H) #		48,370
	42,000	Kunlun Energy Co. Ltd. #		34,952
	45,700	Lee & Man Paper Manufacturing Ltd. #		34,142
	58,200	Maanshan Iron and Steel Co. Ltd. (Class H) * #		12,581
	44,857	Nine Dragons Paper Holdings Ltd. #		34,392
	257,440	PetroChina Co. Ltd. (Class-H) #		177,441
	13,200	Tianjin Capital Environmental Protection Group Co. Ltd. #		6,043
	21,500	Yanzhou Coal Mining Co. Ltd. #		14,008
	37,100	Zhaojin Mining Industry Co. Ltd. † #		39,456
	244,861	Zijin Mining Group Ltd. #		82,253
				1,533,628
Denmark: 0.7%
	8,767	Vestas Wind Systems A/S #		596,346
Finland: 0.2%
	1,567	Neste Oil Oyj #		56,252
	10,500	Outokumpu Oyj * † #		44,186
	15,296	Stora Enso Oyj (R Shares) #		123,145
				223,583

See Notes to Financial Statements

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number of Shares			Value

France: 2.4%
	13,951	Suez Environnement Co. #	$	217,836
	1,493	Technip SA #		80,896
	30,289	Total SA #		1,454,110
	18,921	Veolia Environnement SA #		409,033
				2,161,875
Germany: 0.6%
	1,151	Aurubis AG #		52,396
	1,693	BayWa AG † #		50,835
	249	KWS Saat AG #		82,456
	2,277	Nordex SE * #		64,705
	1,313	Salzgitter AG #		34,753
	14,877	ThyssenKrupp AG #		299,356
				584,501
Hungary: 0.1%
	779	MOL Hungarian Oil & Gas Plc #		45,154
India: 0.3%
	9,665	Reliance Industries Ltd. (GDR) Reg S 144A		275,936
	2,188	Vedanta Resources Plc (GBP) #		12,278
				288,214
Indonesia: 0.1%
	49,976	Astra Agro Lestari Tbk PT * #		56,066
	363,300	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		38,185
				94,251
Ireland: 0.2%
	6,301	Smurfit Kappa Group Plc (GBP) #		139,821
Italy: 0.6%
	32,861	ENI SpA #		529,870
	70,688	Saipem SpA * #		28,294
				558,164
Japan: 3.8%
	14,400	Calbee, Inc. #		606,401
	13,400	Daido Steel Co. #		46,198
	3,100	Daio Paper Corp. † #		33,992
	10,200	Dowa Holdings Co. Ltd. #		52,920
	6,817	Hitachi Metals Ltd. #		69,711
	4,100	Hokuetsu Kishu Paper Co. Ltd. † #		28,387
	13,200	Inpex Holdings, Inc. #		103,911
	19,764	JFE Holdings, Inc. #		259,522
	30,500	JX Holdings, Inc. #		119,835
	123,935	Kobe Steel Ltd. #		102,529
	4,365	Kurita Water Industries Ltd. #		97,944
	44,429	Mitsubishi Materials Corp. #		107,079
	3,100	Nippon Paper Industries #		54,486
	32,400	Nippon Steel Corp. #		631,379
	36,014	Nippon Suisan Kaisha Ltd. #		186,169
	34,750	Nisshin Seifun Group, Inc. #		562,278
	26,576	OJI Paper Co. Ltd. #		102,697
	7,070	Rengo Co. Ltd. #		46,030
	4,483	Sumitomo Forestry Co. Ltd. #		61,245
	19,023	Sumitomo Metal Mining Ltd. #		194,783
	3,100	TonenGeneral Sekiyu KK #		28,425
	1,700	Yamato Kogyo Co. Ltd. #		38,841
				3,534,762

Number of Shares			Value

Luxembourg: 0.4%
	63,461	ArcelorMittal * #	$	289,644
	2,885	Tenaris SA (ADR) †		83,203
	1,643	Ternium SA (ADR)		31,316
				404,163
Malaysia: 0.9%
	28,751	Genting Plantation Bhd		75,737
	369,294	IOI Corp. Bhd #		396,840
	54,078	Kuala Lumpur Kepong Bhd #		312,762
	3,600	Petronas Dagangan Bhd #		20,881
				806,220
Mexico: 0.9%
	25,850	Gruma, SAB de CV		369,621
	146,164	Grupo Mexico, SAB de CV		341,380
	5,237	Industrias Penoles, SAB de CV		123,627
				834,628
Netherlands: 1.5%
	536	Core Laboratories NV (USD) †		66,405
	45,767	Royal Dutch Shell Plc (GBP) #		1,269,749
				1,336,154
Norway: 2.0%
	44,426	Marine Harvest ASA #		749,417
	46,620	Norsk Hydro ASA #		170,684
	12,858	Statoil ASA #		222,188
	22,865	Yara International ASA #		726,418
				1,868,707
Peru: 0.3%
	7,849	Cia de Minas Buenaventura SA (ADR) *		93,796
	6,342	Southern Copper Corp. (USD) †		171,107
				264,903
Poland: 0.2%
	4,643	KGHM Polska Miedz SA #		78,037
	3,763	Polski Koncern Naftowy Orlen SA † #		65,828
	20,186	Polskie Gornictwo Naftowe I Gazownictwo SA #		28,660
				172,525
Portugal: 0.1%
	5,089	Galp Energia, SGPS, SA #		70,856
	5,974	Portucel-Empresa Productora de Pasta e Papel SA #		16,676
				87,532
Russia: 1.8%
	9,258	Evraz Plc (GBP) * #		17,087
	5,924	Lukoil PJSC (ADR) #		247,941
	3,814	Magnitogorsk Iron & Steel Works (GDR) # Reg S		18,572
	22,691	MMC Norilsk Nickel PJSC (ADR) #		303,908
	853	Novatek OAO (GDR) # Reg S		87,271
	2,865	Novolipetsk Steel (GDR) # Reg S		37,521
	73,765	OAO Gazprom (ADR) #		318,736
	10,597	PhosAgro OAO (GDR) # Reg S		156,721
	10,016	Polymetal International (GBP) #		140,946
	2,961	Ros Agro Plc (GDR) Reg S		43,823
	12,950	Rosneft Oil Co. (GDR) # Reg S		66,625
	6,006	Severstal OAO (GDR) # Reg S		66,137
	11,787	Surgutneftegas OJSC (ADR) #		60,147
	2,928	Tatneft PJSC (ADR) #		90,384
				1,655,819

See Notes to Financial Statements

Number of Shares			Value

Singapore: 1.1%
	893,119	Golden Agri-Resources Ltd. #	$	233,894
	320,164	Wilmar International Ltd. #		780,071
				1,013,965
South Africa: 1.3%
	2,522	Anglo American Platinum Ltd. * #		63,408
	17,090	AngloGold Ashanti Ltd. (ADR) *		308,645
	31,427	Gold Fields Ltd. (ADR)		153,992
	15,746	Harmony Gold Mining Co. Ltd. (ADR) *		56,843
	27,171	Impala Platinum Holdings Ltd. * #		88,039
	9,863	Mondi Plc (GBP) #		185,430
	14,702	Northern Platinum Ltd. * #		43,514
	12,506	Sappi Ltd. * #		58,551
	6,203	Sasol Ltd. #		168,766
	27,997	Sibanye Gold Ltd. #		95,866
				1,223,054
South Korea: 1.2%
	2,597	Hyundai Steel Co. #		104,495
	470	Korea Zinc Co. Ltd. #		208,421
	2,738	POSCO #		485,038
	757	SK Energy Co. Ltd. #		93,273
	509	S-Oil Corp. #		33,731
	2,082	Woongjin Coway Co. Ltd. #		189,571
	30	Young Poong Corp. #		25,116
				1,139,645
Spain: 0.4%
	4,553	Acerinox SA #		50,700
	8,742	Gamesa Corp. Tecnologica SA #		174,364
	1,409	Pescanova SA * # §		—
	13,037	Repsol YPF SA #		167,300
				392,364
Sweden: 1.0%
	6,042	BillerudKorsnas AB #		90,034
	9,338	Boliden AB #		182,244
	1,368	Holmen AB (B Shares) #		43,819
	2,623	Lundin Petroleum AB * #		47,732
	17,836	SSAB AB (B Shares) * † #		33,959
	17,126	Svenska Cellulosa AB (B Shares) #		549,490
				947,278
Switzerland: 5.5%
	147,934	Glencore Xstrata Plc (GBP) * #		306,181
	12,095	Syngenta AG #		4,653,610
	4,195	Transocean, Inc. (USD) †		49,879
	10,945	Weatherford International Plc (USD) *		60,745
				5,070,415
Taiwan: 0.4%
	424,172	China Steel Corp. #		276,380
	21,420	Formosa Petrochemical Corp. #		58,402
				334,782
Thailand: 0.1%
	17,000	PTT Exploration & Production PCL (NVDR) #		40,828
	10,500	PTT PCL (NVDR) #		94,170
				134,998
Turkey: 0.1%
	60,941	Eregli Demir ve Celik Fabrikalari TAS #		86,232
	1,499	Tupras-Turkiye Petrol Rafinerileri AS #		33,287
				119,519

Number of Shares			Value

United Kingdom: 6.2%
	47,461	Anglo American Plc #	$	467,164
	222,458	BP Plc #		1,307,591
	66,944	Centrica Plc #		203,282
	129,046	CNH Industrial NV (USD)		922,679
	24,897	DS Smith Plc #		129,347
	16,098	Pennon Group Plc #		204,445
	3,128	Petrofac Ltd. † #		32,650
	3,905	Randgold Resources Ltd. (ADR)		437,516
	41,418	Rio Tinto Plc #		1,292,078
	9,324	Severn Trent Plc #		305,503
	26,680	United Utilities Group Plc #		371,335
				5,673,590
United States: 47.7%
	9,212	AGCO Corp.		434,162
	44,898	Alcoa, Inc.		416,204
	3,717	Allegheny Technologies, Inc. †		47,392
	1,430	American States Water Co.		62,663
	6,237	Anadarko Petroleum Corp.		332,120
	3,411	Andersons, Inc.		121,227
	4,625	Apache Corp.		257,474
	6,936	Aqua America, Inc.		247,338
	76,313	Archer-Daniels-Midland Co.		3,273,065
	5,351	Baker Hughes, Inc.		241,491
	18,177	Bunge Ltd.		1,075,170
	5,682	Cabot Oil & Gas Corp.		146,255
	1,591	Carpenter Technology Corp.		52,392
	30,273	CF Industries Holdings, Inc.		729,579
	2,878	Cheniere Energy, Inc. *		108,069
	23,030	Chevron Corp.		2,414,235
	1,159	Cimarex Energy Co.		138,292
	3,911	Commercial Metals Co.		66,096
	1,593	Concho Resources, Inc. *		189,997
	15,132	ConocoPhillips		659,755
	1,007	Continental Resources, Inc. * †		45,587
	3,929	Cree, Inc. *		96,025
	21,373	Darling International, Inc. *		318,458
	38,774	Deere & Co. †		3,142,245
	6,403	Devon Energy Corp.		232,109
	876	Diamondback Energy, Inc. *		79,900
	1,681	Domtar Corp.		58,852
	6,724	EOG Resources, Inc.		560,916
	2,111	EQT Corp.		163,455
	50,669	Exxon Mobil Corp.		4,749,712
	3,000	First Solar, Inc. *		145,440
	2,766	FMC Technologies, Inc. *		73,769
	42,749	Freeport-McMoRan Copper & Gold, Inc. †		476,224
	8,649	Graphic Packaging Holding Co.		108,458
	10,500	Halliburton Co.		475,545
	1,320	Helmerich & Payne, Inc. †		88,612
	3,221	Hess Corp.		193,582
	2,148	HollyFrontier Corp.		51,058
	9,349	Ingredion, Inc.		1,209,854
	11,043	International Paper Co.		468,002
	1,483	Itron, Inc. *		63,917
	22,360	Kinder Morgan, Inc.		418,579
	1,399	Lindsay Corp.		94,936
	3,861	Louisiana-Pacific Corp. *		66,988
	10,358	Marathon Oil Corp.		155,474

See Notes to Financial Statements

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Number of Shares			Value

United States: (continued)
	56,736	Monsanto Co.	$	5,867,070
	45,433	Mosaic Co. †		1,189,436
	1,978	Murphy Oil Corp.		62,802
	4,607	National Oilwell Varco, Inc.		155,026
	2,404	Newfield Exploration Co. *		106,209
	22,550	Newmont Mining Corp.		882,156
	5,237	Noble Energy, Inc.		187,851
	10,854	Nucor Corp.		536,296
	9,332	Occidental Petroleum Corp.		705,126
	2,567	ONEOK, Inc.		121,804
	1,372	Ormat Technologies, Inc.		60,039
	2,528	Packaging Corp. of America		169,199
	5,716	Phillips 66		453,507
	8,265	Pilgrim’s Pride Corp. *		210,592
	1,999	Pioneer Natural Resources Co.		302,269
	2,074	Range Resources Corp. †		89,472
	2,469	Reliance Steel & Aluminum Co.		189,866
	2,229	Royal Gold, Inc.		160,533
	16,979	Schlumberger Ltd.		1,342,699
	821	Schweitzer-Mauduit International, Inc.		28,965
	35	Seaboard Corp. *		100,472
	8,361	Spectra Energy Corp.		306,263
	8,316	Steel Dynamics, Inc.		203,742
	2,161	Sunpower Corp. * †		33,474
	1,962	Targa Resources Corp		82,679
	1,466	Tesoro Corp.		109,833
	17,329	Tractor Supply Co.		1,580,058
	39,033	Tyson Foods, Inc.		2,607,014
	4,999	United States Steel Corp. †		84,283
	5,741	Valero Energy Corp.		292,791
	6,785	WestRock Co.		263,733
	20,065	Weyerhaeuser Co.		597,335
	8,346	Williams Companies, Inc.		180,524
	1,535	Worthington Industries, Inc.		64,931
				43,878,722
Total Common Stocks (Cost: $100,706,396)				92,227,717
RIGHTS: 0.0% (Cost: $5,832)
Spain: 0.0%
	17,917	Repsol SA Rights (EUR 0.296, expiring 07/01/16) *		5,832
Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $100,712,228)				92,233,549

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 8.6%
Repurchase Agreements: 8.6%
$	1,870,563	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $1,870,586; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $1,907,974 including accrued interest)	$	1,870,563
	1,870,563	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $1,870,589; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $1,907,974 including accrued interest)		1,870,563
	1,870,563	Repurchase agreement dated 6/30/16 with Goldman Sachs & Co., 0.42%, due 7/1/16, proceeds $1,870,585; (collateralized by various U.S. government and agency obligations, 2.50% to 6.00%, due 11/1/22 to 5/1/46, valued at $1,907,974 including accrued interest)		1,870,563
	393,708	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $393,713; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $401,582 including accrued interest)		393,708
	1,870,563	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $1,870,585; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $1,907,974 including accrued interest)		1,870,563
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $7,875,960)				7,875,960
Total Investments: 108.9% (Cost: $108,588,188)				100,109,509
Liabilities in excess of other assets: (8.9)%				(8,162,529	)
NET ASSETS: 100.0%			$	91,946,980

See Notes to Financial Statements

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $7,760,838.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $33,328,794 which represents 36.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $ which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $275,936, or 0.3% of net assets.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.0	%	$	1,830,874
Consumer Staples		15.7			14,491,048
Energy		30.1			27,747,902
Financials		0.7			652,569
Industrials		6.2			5,702,101
Information Technology		0.4			364,348
Materials		42.3			39,017,206
Utilities		2.6			2,427,501
		100.0	%	$	92,233,549

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Argentina	$	242,083	$	—	$	—	$	242,083
Australia		—		3,426,344		—		3,426,344
Austria		—		245,721		—		245,721
Brazil		664,808		—		—		664,808
Canada		10,292,883		—		—		10,292,883
Chile		154,177		82,419		—		236,596
China / Hong Kong		—		1,533,628		—		1,533,628
Denmark		—		596,346		—		596,346
Finland		—		223,583		—		223,583
France		—		2,161,875		—		2,161,875
Germany		—		584,501		—		584,501
Hungary		—		45,154		—		45,154
India		275,936		12,278		—		288,214
Indonesia		—		94,251		—		94,251
Ireland		—		139,821		—		139,821
Italy		—		558,164		—		558,164
Japan		—		3,534,762		—		3,534,762
Luxembourg		114,519		289,644		—		404,163
Malaysia		75,737		730,483		—		806,220
Mexico		834,628		—		—		834,628
Netherlands		66,405		1,269,749		—		1,336,154
Norway		—		1,868,707		—		1,868,707
Peru		264,903		—		—		264,903
Poland		—		172,525		—		172,525
Portugal		—		87,532		—		87,532
Russia		43,823		1,611,996		—		1,655,819

See Notes to Financial Statements

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks (continued)
Singapore	$	—	$	1,013,965	$	—	$	1,013,965
South Africa		519,480		703,574		—		1,223,054
South Korea		—		1,139,645		—		1,139,645
Spain		—		392,364		0		392,364
Sweden		—		947,278		—		947,278
Switzerland		110,624		4,959,791		—		5,070,415
Taiwan		—		334,782		—		334,782
Thailand		—		134,998		—		134,998
Turkey		—		119,519		—		119,519
United Kingdom		1,360,195		4,313,395		—		5,673,590
United States		43,878,722		—		—		43,878,722
Rights
Spain		5,832		—		—		5,832
Repurchase Agreements		—		7,875,960		—		7,875,960
Total	$	58,904,755	$	41,204,754	$	0	$	100,109,509

During the period ended June 30, 2016, transfers of securities from Level 1 to Level 2 were $ 105,542, transfers of securities from Level 2 to Level 1 were $371,858. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	Spain
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of June 30, 2016	$	0

See Notes to Financial Statements

OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.1%
Australia: 4.6%
	7,136	Caltex Australia Ltd. #	$	171,772
China / Hong Kong: 1.8%
	148,000	Sinopec Shanghai Petrochemical Co. Ltd. * #		68,098
Finland: 4.7%
	4,900	Neste Oil Oyj #		175,899
India: 8.3%
	10,807	Reliance Industries Ltd. (GDR) Reg S 144A		308,540
Israel: 1.4%
	317	Paz Oil Co. Ltd. #		51,035
Japan: 15.6%
	2,800	Cosmo Energy Holdings Co. Ltd. #		34,550
	5,100	Idemitsu Kosan Co. Ltd. #		111,450
	56,400	JX Holdings, Inc. #		221,596
	8,900	Showa Shell Sekiyu KK #		83,616
	14,000	TonenGeneral Sekiyu KK #		128,372
				579,584
Poland: 4.5%
	9,575	Polski Koncern Naftowy Orlen SA #		167,500
Portugal: 4.8%
	12,762	Galp Energia, SGPS, SA #		177,690
South Korea: 8.0%
	1,406	SK Energy Co. Ltd. #		173,239
	1,887	S-Oil Corp. #		125,050
				298,289
Taiwan: 4.7%
	64,000	Formosa Petrochemical Corp. #		174,498
Thailand: 4.0%
	481,300	IRPC PCL (NVDR) #		65,441
	47,100	Thai Oil PCL (NVDR) #		80,741
				146,182
Turkey: 3.3%
	5,558	Tupras-Turkiye Petrol Rafinerileri AS #		123,423

Number of Shares			Value

United States: 34.4%
	5,917	HollyFrontier Corp.	$	140,647
	6,857	Marathon Petroleum Corp.		260,292
	2,880	PBF Energy, Inc.		68,486
	3,778	Phillips 66		299,747
	2,647	Tesoro Corp.		198,313
	5,007	Valero Energy Corp.		255,357
	2,646	Western Refining, Inc. †		54,587
				1,277,429
Total Common Stocks
(Cost: $3,901,379)				3,719,939
MONEY MARKET FUND: 0.1%
(Cost: $5,243)
	5,243	Dreyfus Government Cash Management Fund		5,243
Total Investments Before Collateral
for Securities Loaned: 100.2%
(Cost: $3,906,622)				3,725,182

Principal Amount
SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES LOANED: 1.4% (Cost: $52,813)
Repurchase Agreement: 1.4%
$	52,813	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $52,814; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $53,869 including accrued interest)		52,813
Total Investments: 101.6%
(Cost: $3,959,435)				3,777,995
Liabilities in excess of other assets: (1.6)%				(60,753	)
NET ASSETS: 100.0%			$	3,717,242

GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $51,843.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,133,970 which represents 57.4% 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 $308,540, or 8.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		98.1	%	$	3,651,841
Materials		1.8			68,098
Money Market Fund		0.1			5,243
		100.0	%	$	3,725,182

See Notes to Financial Statements

OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia		$	—		$	171,772		$	—		$	171,772
China / Hong Kong			—			68,098			—			68,098
Finland			—			175,899			—			175,899
India			308,540			—			—			308,540
Israel			—			51,035			—			51,035
Japan			—			579,584			—			579,584
Poland			—			167,500			—			167,500
Portugal			—			177,690			—			177,690
South Korea			—			298,289			—			298,289
Taiwan			—			174,498			—			174,498
Thailand			—			146,182			—			146,182
Turkey			—			123,423			—			123,423
United States			1,277,429			—			—			1,277,429
Money Market Fund			5,243			—			—			5,243
Repurchase Agreement			—			52,813			—			52,813
Total		$	1,591,212		$	2,186,783		$	—		$	3,777,995

During the period ended June 30, 2016, transfers of securities from Level 2 to Level 1 were $280,305. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Financial Statements.

See Notes to Financial Statements

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.2%
Luxembourg: 5.2%
	1,726,658	Tenaris SA (ADR) †	$	49,796,817
Netherlands: 4.5%
	343,942	Core Laboratories NV (USD) †		42,610,974
Switzerland: 8.0%
	3,449,715	Transocean, Inc. (USD) †		41,017,111
	6,318,429	Weatherford International Plc (USD) * †		35,067,281
				76,084,392
United Kingdom: 5.8%
	2,998,529	Ensco Plc CL A (USD)		29,115,717
	1,623,840	Noble Corp Plc (USD) †		13,380,442
	4,039,228	Seadrill Ltd. (USD) * †		13,087,099
				55,583,258
United States: 76.7%
	1,050,956	Baker Hughes, Inc.		47,429,644
	70,769	CARBO Ceramics, Inc. †		927,074
	811,710	Diamond Offshore Drilling, Inc. †		19,748,904
	334,392	Dril-Quip, Inc. *		19,538,525
	1,559,765	FMC Technologies, Inc. *		41,598,933
	3,262,370	Halliburton Co.		147,752,737
	673,010	Helmerich & Payne, Inc. †		45,179,161
	2,330,697	McDermott International, Inc. * †		11,513,643
	2,767,598	Nabors Industries Ltd.		27,814,360
	1,361,785	National Oilwell Varco, Inc.		45,824,065
	814,884	Oceaneering International, Inc.		24,332,436
	433,219	Oil States International, Inc. *		14,244,241
	1,280,170	Patterson-UTI Energy, Inc.		27,293,224
	836,575	Rowan Companies Plc		14,773,915
	2,492,432	Schlumberger Ltd.		197,101,523
	1,544,001	Superior Energy Services, Inc.		28,425,058
	320,255	Tidewater, Inc. †		1,412,325
	455,671	US Silica Holdings, Inc.		15,706,979
				730,616,747
Total Common Stocks
(Cost: $1,627,393,546)				954,692,188

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS
COLLATERAL FOR SECURITIES LOANED: 22.3%
Repurchase Agreements: 22.3%
$	50,525,800	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $50,526,418; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $51,536,319 including accrued interest)	$	50,525,800
	50,525,800	Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $50,526,474; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $51,536,337 including accrued interest)		50,525,800
	50,525,800	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $50,526,502; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $51,536,316 including accrued interest)		50,525,800
	10,634,721	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $10,634,854; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $10,847,415 including accrued interest)		10,634,721
	50,525,800	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $50,526,389; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $51,536,317 including accrued interest)		50,525,800
Total Short-Term Investments Held
as Collateral for Securities Loaned
(Cost: $212,737,921)				212,737,921
Total Investments: 122.5%
(Cost: $1,840,131,467)				1,167,430,109
Liabilities in excess of other assets: (22.5)%				(214,293,230	)
NET ASSETS: 100.0%			$	953,136,879

See Notes to Financial Statements

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

ADR	American Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $209,368,570.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		3.7	%	$	35,245,504
Oil & Gas Drilling		24.2			231,409,933
Oil & Gas Equipment & Services		72.1			688,036,751
		100.0	%	$	954,692,188

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks*		$	954,692,188		$	—		$	—		$	954,692,188
Repurchase Agreements			—			212,737,921			—			212,737,921
Total		$	954,692,188		$	212,737,921		$	—		$	1,167,430,109

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

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 95.1%
Australia: 20.7%
	4,644,035	Galaxy Resources Ltd. * #	$	1,727,276
	476,667	Iluka Resources Ltd. #		2,346,136
	599,009	Orocobre Ltd. * #		2,147,840
	3,823,626	Pilbara Minerals Ltd. * †		1,750,949
				7,972,201
Canada: 3.5%
	866,896	5N Plus, Inc. *		1,355,047
China / Hong Kong: 44.2%
	4,167,936	China Molybdenum Co. Ltd. #		2,619,077
	1,483,841	China Northern Rare Earth Group High-Tech Co. Ltd. #		2,985,906
	24,319,895	China Rare Earth Holdings Ltd. * #		1,706,206
	25,826,000	CITIC Dameng Holdings Ltd. * #		1,092,133
	2,030,111	Jinduicheng Molybdenum Co. Ltd. * #		2,503,373
	121,602,964	North Mining Shares Co. Ltd. * #		2,884,022
	715,270	Xiamen Tungsten Co. Ltd. #		3,220,510
				17,011,227
France: 3.9%
	45,704	Eramet SA * † #		1,491,712
Japan: 8.6%
	136,692	OSAKA Titanium Technologies Co. † #		1,686,330
	250,647	Toho Titanium Co. Ltd. † #		1,613,866
				3,300,196
Malaysia: 3.7%
	35,171,738	Lynas Corp. Ltd. (AUD) * † #		1,406,290
Mexico: 2.0%
	2,027,445	Cia Minera Autlan SAB de CV *		780,241
South Africa: 4.7%
	147,005	Assore Ltd. † #		1,796,049
United States: 3.8%
	331,990	Tronox Ltd.		1,464,076
Total Common Stocks
	(Cost: $44,143,232)			36,577,039
PREFERRED STOCKS: 4.7%
Brazil: 4.7%
(Cost: $2,243,420)
	765,123	Cia de Ferro Ligas da Bahia		1,815,040
Total Investments Before Collateral for Securities Loaned: 99.8%
(Cost: $46,386,652)				38,392,079

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS
COLLATERAL FOR SECURITIES LOANED: 15.9%
Repurchase Agreements: 15.9%
$	1,447,377	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $1,447,395; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $1,476,325 including accrued interest)	$	1,447,377
	1,447,377	Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $1,447,396; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $1,476,325 including accrued interest)		1,447,377
	1,447,377	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $1,447,397; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $1,476,325 including accrued interest)		1,447,377
	304,649	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $304,653; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $310,742 including accrued interest)		304,649
	1,447,377	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $1,447,394; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $1,476,325 including accrued interest)		1,447,377
Total Short-Term Investments Held as Collateral for Securities Loaned
(Cost: $6,094,157)				6,094,157
Total Investments: 115.7%
(Cost: $52,480,809)				44,486,236
Liabilities in excess of other assets: (15.7)%				(6,029,802	)
NET ASSETS: 100.0%			$	38,456,434

See Notes to Financial Statements

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

AUD	Australian Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,135,444.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $31,226,726 which represents 81.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Commodity Chemicals		3.8	%	$	1,464,076
Diversified Metals & Mining		38.9			14,930,611
Electronic Components		3.5			1,355,047
Materials		47.0			18,047,064
Steel		6.8			2,595,281
		100.0	%	$	38,392,079

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Value
Common Stocks
Australia		$	1,750,949		$	6,221,252		$	—		$	7,972,201
Canada			1,355,047			—			—			1,355,047
China / Hong Kong			—			17,011,227			—			17,011,227
France			—			1,491,712			—			1,491,712
Japan			—			3,300,196			—			3,300,196
Malaysia			—			1,406,290			—			1,406,290
Mexico			780,241			—			—			780,241
South Africa			—			1,796,049			—			1,796,049
United States			1,464,076			—			—			1,464,076
Preferred Stocks			1,815,040			—			—			1,815,040
Repurchase Agreements			—			6,094,157			—			6,094,157
Total		$	7,165,353		$	37,320,883		$	—		$	44,486,236

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%
Canada: 4.2%
	36,353	Canadian Solar, Inc. (USD) *	$	549,657
China / Hong Kong: 26.6%
	6,754,800	GCL-Poly Energy Holdings Ltd. #		887,845
	1,842,000	Hanergy Thin Film Power Group Ltd. * # §		—
	33,501	JA Solar Holdings Co. Ltd. (ADR) *		229,482
	19,574	JinkoSolar Holding Co. Ltd. (ADR) * †		398,918
	2,624,000	Shunfeng International Clean Energy Ltd. * #		345,166
	50,280	Trina Solar Ltd. (ADR) *		389,167
	2,502,000	United Photovoltaics Group Ltd. * #		191,969
	2,678,000	Xinyi Solar Holdings Ltd. † #		1,063,855
				3,506,402
Germany: 5.3%
	14,229	SMA Solar Technology AG † #		703,700
Israel: 2.8%
	18,517	SolarEdge Technologies, Inc. (USD) * †		362,933
Spain: 7.5%
	33,055	Atlantica Yield plc (USD) †		614,162
	37,814	Saeta Yield SA #		380,631
				994,793
Switzerland: 1.7%
	61,087	Meyer Burger Technology AG * † #		219,104
Taiwan: 19.0%
	410,000	E-Ton Solar Tech Co. Ltd. * #		152,330
	25,500	Giga Solar Materials Corp. #		395,531
	400,601	Gintech Energy Corp. * #		328,157
	422,000	Motech Industries, Inc. * #		443,267
	762,425	Neo Solar Power Corp. #		425,351
	517,000	Sino-American Silicon Products, Inc. #		583,524
	304,301	Solartech Energy Corp. #		181,264
				2,509,424
Thailand: 6.4%
	1,574,000	Inter Far East Energy Corp. (NVDR) #		283,400
	10,971,000	Superblock PCL (NVDR) * † #		566,195
				849,595
United States: 26.5%
	21,483	First Solar, Inc. * †		1,041,496
	1,655,366	Renewable Energy Corp. AS (NOK) * † #		296,327
	38,533	SolarCity Corp. * †		922,095
	38,148	Sunpower Corp. * †		590,913
	52,718	Sunrun, Inc. * †		312,618
	30,107	TerraForm Power, Inc.		328,166
				3,491,615
Total Common Stocks (Cost: $17,744,757)				13,187,223

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 26.1%
Repurchase Agreements: 26.1%
$	1,000,000	Repurchase agreement dated 6/30/16 with BNP Paribas Securities Corp., 0.40%, due 7/1/16, proceeds $1,000,011; (collateralized by various U.S. government and agency obligations, 0.00% to 8.75%, due 11/1/16 to 6/1/46, valued at $1,020,000 including accrued interest)	$	1,000,000
	1,000,000	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $1,020,000 including accrued interest)		1,000,000
	437,003	Repurchase agreement dated 6/30/16 with Deutsche Bank Securities, Inc., 0.42%, due 7/1/16, proceeds $437,008; (collateralized by various U.S. government and agency obligations, 0.00% to 8.75%, due 7/31/16 to 9/30/21, valued at $445,743 including accrued interest)		437,003
	1,000,000	Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 4.00% to 4.00%, due 3/20/46 to 5/20/46, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $3,437,003)				3,437,003
Total Investments: 126.1% (Cost: $21,181,760)				16,624,226
Liabilities in excess of other assets: (26.1)%				(3,437,538	)
NET ASSETS: 100.0%			$	13,186,688

See Notes to Financial Statements

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

ADR	American Depositary Receipt
NOK	Norwegian Krone
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,279,840.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $7,447,616 which represents 56.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Electrical Components & Equipment		7.0	%	$	922,095
Industrial Machinery		1.6			219,104
Industrials		2.4			312,618
Information Technology		5.4			708,099
Semiconductor Equipment		27.5			3,634,455
Semiconductors		39.6			5,218,298
Utilities		16.5			2,172,554
		100.0	%	$	13,187,223

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks
Canada	$	549,657	$	—	$	—	$	549,657
China / Hong Kong		1,017,567		2,488,835		0		3,506,402
Germany		—		703,700		—		703,700
Israel		362,933		—		—		362,933
Spain		614,162		380,631		—		994,793
Switzerland		—		219,104		—		219,104
Taiwan		—		2,509,424		—		2,509,424
Thailand		—		849,595		—		849,595
United States		3,195,288		296,327		—		3,491,615
Repurchase Agreements		—		3,437,003		—		3,437,003
Total	$	5,739,607	$	10,884,619	$	0	$	16,624,226

There were no transfers between levels during the period ended June 30, 2016.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2016:

	Common Stocks
	China / Hong Kong
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of June 30, 2016	$	0

See Notes to Financial Statements

STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.2%
Brazil: 20.4%
	2,119,141	Cia Siderurgica Nacional SA
		(ADR) * †	$	5,191,896
	2,717,487	Gerdau SA (ADR)		4,945,826
	2,239,435	Vale SA (ADR) †		11,331,541
				21,469,263

India: 4.8%
	634,578	Vedanta Ltd. (ADR)		4,994,129
Luxembourg: 17.1%
	1,309,124	ArcelorMittal (USD) *		6,100,518
	252,057	Tenaris SA (ADR) †		7,269,324
	237,885	Ternium SA (ADR)		4,534,088
				17,903,930
South Korea: 6.3%
	148,923	POSCO (ADR)		6,627,074
United Kingdom: 13.6%
	456,537	Rio Tinto Plc (ADR) †		14,289,608
United States: 38.0%
	338,252	AK Steel Holding Corp. *		1,576,254
	154,633	Allegheny Technologies, Inc. †		1,971,571
	66,166	Carpenter Technology Corp.		2,178,846
	258,370	Cliffs Natural Resources, Inc. * †		1,464,958
	162,678	Commercial Metals Co.		2,749,258
	44,511	Gibraltar Industries, Inc. *		1,405,212
	14,689	LB Foster Co.		159,963
	135,762	Nucor Corp.		6,708,001
	15,565	Olympic Steel, Inc. †		425,080
	60,349	Reliance Steel & Aluminum Co.		4,640,838
	45,588	Ryerson Holding Corp. *		797,790
	37,999	Schnitzer Steel Industries, Inc.		668,782
	183,250	Steel Dynamics, Inc.		4,489,625
	91,121	SunCoke Energy, Inc.		530,324
	62,802	TimkenSteel Corp. †		604,155
	269,844	United States Steel Corp. †		4,549,570
	118,303	Worthington Industries, Inc.		5,004,217
				39,924,444
Total Common Stocks (Cost: $148,795,955)				105,208,448

Principal Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 27.8%
Repurchase Agreements: 27.8%
$	6,935,818	Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $6,935,903; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $7,074,535 including accrued interest)	$	6,935,818
	6,935,818	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $6,935,914; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $7,074,535 including accrued interest)		6,935,818
	6,935,818	Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $6,935,903; (collateralized by various U.S. government and agency obligations, 4.00% to 4.00%, due 3/20/46 to 5/20/46, valued at $7,074,534 including accrued interest)		6,935,818
	1,459,838	Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $1,459,856; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $1,489,035 including accrued interest)		1,459,838
	6,935,818	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $6,935,899; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $7,074,535 including accrued interest)		6,935,818
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $29,203,110)				29,203,110
Total Investments: 128.0% (Cost: $177,999,065)				134,411,558
Liabilities in excess of other assets: (28.0)%				(29,377,095	)
NET ASSETS: 100.0%			$	105,034,463

See Notes to Financial Statements

STEEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

ADR	American Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $29,522,797.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		6.9	%	$	7,269,324
Industrials		1.5			1,565,175
Materials		91.6			96,373,949
		100.0	%	$	105,208,448

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Common Stocks*	$	105,208,448	$	—	$	—	$	105,208,448
Repurchase Agreements		—		29,203,110		—		29,203,110
Total	$	105,208,448	$	29,203,110	$	—	$	134,411,558

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

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 99.9%
Canada: 17.8%
	54,382	ARC Resources Ltd. †	$	925,838
	129,331	Cenovus Energy, Inc. (USD)		1,787,354
	79,442	Crescent Point Energy Corp. (USD)		1,254,389
	83,689	EnCana Corp. (USD) †		651,937
	40,138	Enerplus Corp. (USD)		263,707
	52,023	Husky Energy, Inc.		631,711
	23,283	MEG Energy Corp. *		121,372
	22,257	Peyto Exploration & Development Corp.		594,343
	15,671	PrairieSky Royalty Ltd. †		295,875
	28,299	Seven Generations Energy Ltd. *		537,348
	26,476	Tourmaline Oil Corp. *		693,346
	52,504	Whitecap Resources, Inc.		399,430
				8,156,650
United States: 82.1%
	60,456	Anadarko Petroleum Corp.		3,219,282
	14,816	Antero Resources Corp. *		384,920
	43,594	Apache Corp.		2,426,878
	48,119	Cabot Oil & Gas Corp.		1,238,583
	7,456	Carrizo Oil & Gas, Inc. *		267,298
	45,706	Chesapeake Energy Corp. * †		195,622
	11,552	Cimarex Energy Co.		1,378,385
	13,613	Concho Resources, Inc. *		1,623,622
	15,004	Continental Resources, Inc. * †		679,231
	82,212	Devon Energy Corp.		2,980,185
	7,420	Diamondback Energy, Inc. *		676,778
	9,721	Energen Corp.		468,649
	44,664	EOG Resources, Inc.		3,725,871
	19,028	EQT Corp.		1,473,338
	14,644	Gulfport Energy Corp. *		457,771
	37,004	Hess Corp.		2,223,940
	11,533	Laredo Petroleum, Inc. * †		120,866
	89,131	Marathon Oil Corp.		1,337,856
	11,210	Matador Resources Co. * †		221,958
	15,844	Memorial Resource Development Corp. *		251,603
	9,923	National Fuel Gas Co.		564,420
	23,190	Newfield Exploration Co. *		1,024,534
	40,870	Noble Energy, Inc.		1,466,007
	23,793	Oasis Petroleum, Inc. *		222,227
	50,538	Occidental Petroleum Corp.		3,818,651
	20,763	Parsley Energy, Inc. *		561,847
	17,112	Pioneer Natural Resources Co.		2,587,506
	22,791	QEP Resources, Inc.		401,805
	10,483	Range Resources Corp.		452,237
	5,681	SM Energy Co. †		153,387
	20,317	Southwestern Energy Co. * †		255,588
	27,304	Whiting Petroleum Corp. * †		252,835
	37,704	WPX Energy, Inc. *		351,024
				37,464,704
Total Common Stocks (Cost: $64,260,182)				45,621,354
MONEY MARKET FUND: 0.2% (Cost: $71,469)
	71,469	Dreyfus Government Cash Management Fund		71,469
Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $64,331,651)				45,692,823

Principal
Amount			Value

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.1%
Repurchase Agreements: 6.1%
$	1,000,000	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $1,000,014; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $1,020,000 including accrued interest)	$	1,000,000
	768,933	Repurchase agreement dated 6/30/16 with HSBC Securities USA, Inc., 0.40%, due 7/1/16, proceeds $768,942; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 8/1/22 to 6/1/46, valued at $784,314 including accrued interest)		768,933
	1,000,000	Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $1,000,012; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,768,933)				2,768,933
Total Investments: 106.2% (Cost: $67,100,584)				48,461,756
Liabilities in excess of other assets: (6.2)%				(2,811,719	)
NET ASSETS: 100.0%			$	45,650,037

See Notes to Financial Statements

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $2,618,840.

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		15.1	%		$	6,887,754
Gas Utilities		1.2				564,420
Integrated Oil & Gas		18.5				8,461,656
Oil & Gas Exploration & Production		65.0				29,707,524
Money Market Fund		0.2				71,469
		100.0	%		$	45,692,823

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2			Level 3
	Level 1		Significant			Significant
	Quoted		Observable			Unobservable
	Prices		Inputs			Inputs			Value
Common Stocks*	$	45,621,354		$	—		$	—	$	45,621,354
Money Market Fund		71,469			—			—		71,469
Repurchase Agreements		—			2,768,933			—		2,768,933
Total	$	45,692,823		$	2,768,933		$	—	$	48,461,756

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

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2016 (unaudited)

Number
of Shares			Value

COMMON STOCKS: 100.1%
Canada: 1.8%
	62,958	Cameco Corp. (USD)	$	690,649
China / Hong Kong: 1.1%
	1,511,000	CGN Power Co. Ltd. # Reg S 144A		422,320
Czech Republic: 1.2%
	27,312	CEZ AS #		466,096
Finland: 3.1%
	73,663	Fortum OYJ #		1,184,781
France: 1.6%
	51,989	Electricite de France SA † #		631,060
Japan: 18.4%
	54,000	Chugoku Electric Power Co., Inc. #		691,027
	33,800	Hokuriku Electric Power Co. #		421,577
	133,400	Kansai Electric Power Co., Inc. * #		1,307,765
	76,200	Kyushu Electric Power Co., Inc. #		769,269
	421,106	Mitsubishi Heavy Industries Ltd. #		1,704,502
	85,100	Tohoku Electric Power Co., Inc. #		1,081,073
	271,900	Tokyo Electric Power Co., Inc. * #		1,159,084
				7,134,297
South Korea: 4.4%
	65,168	Korea Electric Power Corp. (ADR)		1,689,806
Spain: 2.8%
	53,749	Endesa SA #		1,079,666
United Kingdom: 1.8%
	58,180	Babcock International Group Plc #		706,342
United States: 63.9%
	32,847	Ameren Corp.		1,759,942
	36,547	Dominion Resources, Inc.		2,848,108
	37,846	Duke Energy Corp.		3,246,808
	20,265	Entergy Corp.		1,648,558
	65,199	Exelon Corp.		2,370,636
	46,716	FirstEnergy Corp.		1,630,855

Number
of Shares			Value

United States: (continued)
	39,924	PG&E Corp.	$	2,551,942
	14,482	Pinnacle West Capital Corp.		1,173,911
	47,297	Public Service Enterprise Group, Inc.		2,204,513
	60,492	The Southern Co.		3,244,186
	45,159	Xcel Energy, Inc.		2,022,220
				24,701,679
Total Common Stocks (Cost: $36,543,108)				38,706,696
MONEY MARKET FUND: 0.1% (Cost: $31,070)
	31,070	Dreyfus Government Cash Management Fund		31,070
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $36,574,178)				38,737,766

Principal
Amount
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% (Cost: $88,901)
Repurchase Agreement: 0.2%
$	88,901	Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $88,902; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $90,679 including accrued interest)		88,901
Total Investments: 100.4% (Cost: $36,663,079)				38,826,667
Liabilities in excess of other assets: (0.4)%				(140,648	)
NET ASSETS: 100.0%			$	38,686,019

ADR	American Depositary Receipt
USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $88,719.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,624,562 which represents 30.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $422,320, or 1.1% of net assets.

See Notes to Financial Statements

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		1.8	%		$	690,649
Industrials		6.2				2,410,844
Utilities		91.9				35,605,203
Money Market Fund		0.1				31,070
		100.0	%		$	38,737,766

The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs			Value
Common Stocks
Canada	$	690,649	$	—		$	—	$	690,649
China / Hong Kong		—		422,320			—		422,320
Czech Republic		—		466,096			—		466,096
Finland		—		1,184,781			—		1,184,781
France		—		631,060			—		631,060
Japan		—		7,134,297			—		7,134,297
South Korea		1,689,806		—			—		1,689,806
Spain		—		1,079,666			—		1,079,666
United Kingdom		—		706,342			—		706,342
United States		24,701,679		—			—		24,701,679
Money Market Fund		31,070		—			—		31,070
Repurchase Agreement		—		88,901			—		88,901
Total	$	27,113,204	$	11,713,463		$	—	$	38,826,667

There were no transfers between levels during the period ended June 30, 2016.

See Notes to Financial Statements

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VANECK VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2016 (unaudited)

	Agribusiness ETF				Coal ETF				Global Alternative Energy ETF				Gold Miners ETF				Junior Gold Miners ETF

Assets:
Investments, at value (1)
Unaffiliated issuers (2)		$	854,632,632			$	60,913,856			$	84,259,168			$	9,650,960,666			$	41,395,237
Affiliated issuers (3)			—				—				—				53,407,435				3,562,652,480
Short-term investments held as collateral for securities loaned (4)			126,684,168				—				18,303,955				58,578,509				234,818,500
Cash			—				15,340				—				235,175				—
Cash denominated in foreign currency, at value (5)			424,108				8				90,202				286,860				12,442,801
Receivables:
Investment securities sold			30,815				—				31,961				283,027				—
Shares sold			—				—				—				71				2,399
Due from Adviser			—				—				—				—				—
Dividends and interest			2,162,756				175,187				330,715				3,472,015				581,252
Prepaid expenses			3,583				2,039				1,510				24,058				6,792
Total assets			983,938,062				61,106,430				103,017,511				9,767,247,816				3,851,899,461

Liabilities:
Payables:
Investment securities purchased			52,204				7,380				32,216				283,398				—
Collateral for securities loaned			126,684,168				—				18,303,955				58,578,509				234,818,500
Line of credit			1,864,453				—				218,912				—				4,039,250
Shares redeemed			—				—				—				1,839				—
Due to Adviser			353,742				23,533				34,817				3,506,786				1,273,679
Due to custodian			14,689				—				3,489				—				63,738
Deferred Trustee fees			362,389				18,340				9,408				642,093				134,415
Accrued expenses			630,718				159,789				74,851				624,485				248,856
Total liabilities			129,962,363				209,042				18,677,648				63,637,110				240,578,438
NET ASSETS		$	853,975,699			$	60,897,388			$	84,339,863			$	9,703,610,706			$	3,611,321,023
Shares outstanding			17,800,000				6,650,000				1,683,298				350,102,500				84,737,446
Net asset value, redemption and offering price per share		$	47.98			$	9.16			$	50.10			$	27.72			$	42.62

Net assets consist of:
Aggregate paid in capital		$	1,965,009,211			$	567,988,131			$	377,587,557			$	16,625,023,969			$	5,941,455,165
Net unrealized appreciation (depreciation)			(108,913,401	)			(27,210,725	)			(6,714,516	)			1,265,765,396				963,741,488
Undistributed (accumulated) net investment income (loss)			10,950,386				357,769				1,316,130				17,505,092				(4,111,944	)
Accumulated net realized loss			(1,013,070,497	)			(480,237,787	)			(287,849,308	)			(8,204,683,751	)			(3,289,763,686	)
		$	853,975,699			$	60,897,388			$	84,339,863			$	9,703,610,706			$	3,611,321,023
(1) Value of securities on loan		$	124,442,527			$	—			$	17,801,032			$	56,009,564			$	225,810,592
(2) Cost of investments – Unaffiliated issuers		$	963,483,054			$	88,111,364			$	90,973,586			$	8,392,468,745			$	80,094,908
(3) Cost of investments – Affiliated issuers		$	—			$	—			$	—			$	46,128,101			$	2,560,266,522
(4) Cost of short-term investments held as collateral for securities loaned		$	126,684,168			$	—			$	18,303,955			$	58,578,509			$	234,818,500
(5) Cost of cash denominated in foreign currency		$	430,015			$	7			$	89,937			$	286,904			$	12,389,330

See Notes to Financial Statements

Natural Resources ETF				Oil Refiners ETF				Oil Services ETF				Rare Earth/ Strategic Metals ETF				Solar Energy ETF				Steel ETF				Unconventional Oil & Gas ETF				Uranium+Nuclear Energy ETF

	$	92,233,549			$	3,725,182			$	954,692,188			$	38,392,079			$	13,187,223			$	105,208,448			$	45,692,823			$	38,737,766
		—				—				—				—				—				—				—				—

		7,875,960				52,813				212,737,921				6,094,157				3,437,003				29,203,110				2,768,933				88,901
		—				—				—				—				—				—				4,241				—
		93,883				7,497				—				136,775				21,041				—				2,170				68,300

		15,434				3,785				—				98,307				1,276				2,054,968				—				87,413
		—				—				267				—				—				—				—				—
		—				4,438				—				—				—				—				—				—
		224,701				8,887				1,912,932				12,856				50,926				136,242				45,669				178,597
		2,271				2,516				6,407				2,566				177				560				1,045				2,056
		100,445,798				3,805,118				1,169,349,715				44,736,740				16,697,646				136,603,328				48,514,881				39,163,033

		14,450				3,977				—				—				—				2,192,253				—				87,586
		7,875,960				52,813				212,737,921				6,094,157				3,437,003				29,203,110				2,768,933				88,901
		496,059				—				3,062,106				56,330				—				—				—				178,342
		—				—				2,223				—				—				—				—				—
		23,325				—				261,036				10,672				590				36,701				13,046				12,481
		499				—				9,880				9,257				11,418				36,569				—				31,757
		9,213				12				103,870				10,676				1,725				13,963				2,217				9,122
		79,312				31,074				35,800				99,214				60,222				86,269				80,648				68,825
		8,498,818				87,876				216,212,836				6,280,306				3,510,958				31,568,865				2,864,844				477,014
	$	91,946,980			$	3,717,242			$	953,136,879			$	38,456,434			$	13,186,688			$	105,034,463			$	45,650,037			$	38,686,019
		3,000,000				200,000				32,610,863				2,324,962				300,000				3,800,000				2,750,000				766,632

	$	30.65			$	18.59			$	29.23			$	16.54			$	43.96			$	27.64			$	16.60			$	50.46

	$	128,751,000			$	3,863,076			$	1,662,502,948			$	266,080,160			$	81,437,494			$	350,905,321			$	86,156,479			$	218,278,974
		(8,480,889	)			(181,385	)			(672,701,359	)			(7,991,250	)			(4,557,881	)			(43,587,507	)			(18,638,808	)			2,159,273

		1,093,544				62,169				9,609,385				1,173,053				176,162				990,488				196,899				1,922,632
		(29,416,675	)			(26,618	)			(46,274,095	)			(220,805,529	)			(63,869,087	)			(203,273,839	)			(22,064,533	)			(183,674,860	)
	$	91,946,980			$	3,717,242			$	953,136,879			$	38,456,434			$	13,186,688			$	105,034,463			$	45,650,037			$	38,686,019
	$	7,760,838			$	51,843			$	209,368,570			$	4,135,444			$	3,279,840			$	29,522,797			$	2,618,840			$	88,719
	$	100,712,228			$	3,906,622			$	1,627,393,546			$	46,386,652			$	17,744,757			$	148,795,955			$	64,331,651			$	36,574,178
	$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

	$	7,875,960			$	52,813			$	212,737,921			$	6,094,157			$	3,437,003			$	29,203,110			$	2,768,933			$	88,901
	$	89,893			$	7,436			$	—			$	137,156			$	21,183			$	—			$	2,195			$	67,835

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2016 (unaudited)

	Agribusiness ETF				Coal ETF				Global Alternative Energy ETF				Gold Miners ETF				Junior Gold Miners ETF

Income:
Dividends – unaffiliated issuers		$	13,350,553			$	701,660			$	819,285			$	12,068,258			$	829,154
Dividends – affiliated issuers			—				—				—				18,119,658				4,732,466
Securities lending income			814,964				—				555,458				788,968				1,549,842
Foreign taxes withheld			(1,218,471	)			(90,087	)			(66,196	)			(3,770,159	)			(474,220	)
Total income			12,947,046				611,573				1,308,547				27,206,725				6,637,242

Expenses:
Management fees			1,989,970				113,030				217,938				16,027,070				5,202,212
Professional fees			20,470				18,911				21,786				71,878				49,596
Insurance			11,957				681				792				50,976				12,917
Trustees’ fees and expenses			7,337				824				1,001				53,764				21,143
Reports to shareholders			25,364				10,463				10,795				154,058				81,896
Indicative optimized portfolio value fee			11,856				1,983				1,982				—				1,856
Custodian fees			58,694				5,201				4,425				83,763				53,231
Registration fees			1,831				2,484				1,709				9,194				4,039
Transfer agent fees			1,080				1,191				1,090				890				1,068
Fund accounting fees			33,967				3,199				2,550				—				36,909
Interest			22,927				856				2,053				7,548				98,965
Other			35,473				1,305				4,339				75,113				32,914
Total expenses			2,220,926				160,128				270,460				16,534,254				5,596,746
Waiver of management fees			—				(25,896	)			—				—				—
Expenses assumed by the Adviser			—				—				—				—				—
Net expenses			2,220,926				134,232				270,460				16,534,254				5,596,746
Net investment income			10,726,120				477,341				1,038,087				10,672,471				1,040,496

Net realized gain (loss) on:
Investments – unaffiliated issuers			(21,125,279	)			(34,348,841	)			(9,813,134	)			(175,344,803	)			(48,521,805	)
Investments – affiliated issuers			—				—				—				(737,698,517	)			189,056,160
In-kind redemptions			(1,074,353	)			(235,590	)			1,658,546				318,688,472				62,390,478
Foreign currency transactions and foreign denominated assets and liabilities			(60,545	)			(23,420	)			(12,309	)			(81,331	)			(575,775	)
Net realized gain (loss)			(22,260,177	)			(34,607,851	)			(8,166,897	)			(594,436,179	)			202,349,058

Net change in unrealized appreciation (depreciation) on:
Investments			30,604,281				51,806,904				(335,171	)			4,988,989,057				1,422,461,588
Foreign currency transactions and foreign denominated assets and liabilities			60,284				1,457				4,927				2,861				(276,857	)
Net change in unrealized appreciation (depreciation)			30,664,565				51,808,361				(330,244	)			4,988,991,918				1,422,184,731
Net Increase (Decrease) in Net Assets Resulting from Operations		$	19,130,508			$	17,677,851			$	(7,459,054	)		$	4,405,228,210			$	1,625,574,285

See Notes to Financial Statements

Natural Resources ETF				Oil Refiners ETF				Oil Services ETF				Rare Earth / Strategic Metals ETF				Solar Energy ETF				Steel ETF				Unconventional Oil & Gas ETF				Uranium+Nuclear Energy ETF

	$	1,318,551			$	80,937			$	9,479,959			$	277,635			$	31,165			$	910,449			$	296,728			$	865,661
		—				—				—				—				—				—				—				—
		33,322				117				1,787,356				82,426				184,236				296,827				26,549				4,581
		(79,054	)			(7,707	)			(62,478	)			(15,639	)			(514	)			(49	)			(12,768	)			(53,735	)
		1,272,819				73,347				11,204,837				344,422				214,887				1,207,227				310,509				816,507


		196,847				9,457				1,662,322				74,835				35,899				172,966				107,680				96,585
		23,102				29,397				44,842				19,580				17,398				20,379				26,021				21,271
		746				—				9,570				420				191				628				551				455
		1,387				558				17,478				684				700				599				1,013				565
		6,698				5,218				40,717				9,784				5,956				9,800				7,328				7,340
		8,562				3,361				2,373				9,271				8,963				—				50				9,459
		26,079				6,538				7,530				6,431				6,355				6,095				2,359				4,931
		2,189				2,493				4,227				2,483				974				1,130				626				2,097
		1,148				497				1,135				1,122				1,123				1,135				946				1,129
		15,222				2,049				26,750				1,785				1,646				1,549				1,481				3,077
		1,551				10				10,739				4,845				95				1,591				501				1,991
		2,009				1,799				43,775				6,702				3,698				5,385				4,253				1,219
		285,540				61,377				1,871,458				137,942				82,998				221,257				152,809				150,119
		(91,079	)			(9,457	)			(198,398	)			(47,786	)			(35,899	)			(29,404	)			(36,013	)			(32,226	)
		—				(40,749	)			—				—				(336	)			—				—				—
		194,461				11,171				1,673,060				90,156				46,763				191,853				116,796				117,893
		1,078,358				62,176				9,531,777				254,266				168,124				1,015,374				193,713				698,614


		(9,229,631	)			8,841				(15,190,764	)			(20,567,559	)			(3,403,980	)			(11,946,652	)			(7,361,162	)			567,864
		—				—				—				—				—				—				—				—
		285,328				—				(24,463,253	)			(225,928	)			—				4,029,406				1,649,406				542,550

		(9,812	)			1,553				—				190				4,343				—				(6,111	)			2,111
		(8,954,115	)			10,394				(39,654,017	)			(20,793,297	)			(3,399,637	)			(7,917,246	)			(5,717,867	)			1,112,525


		19,236,192				(293,852	)			106,720,004				26,192,289				(2,074,404	)			28,270,776				16,087,997				2,412,673

		5,262				63				—				(354	)			(69	)			—				530				2,489
		19,241,454				(293,789	)			106,720,004				26,191,935				(2,074,473	)			28,270,776				16,088,527				2,415,162

	$	11,365,697			$	(221,219	)		$	76,597,764			$	5,652,904			$	(5,305,986	)		$	21,368,904			$	10,564,373			$	4,226,301

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Agribusiness ETF								Coal ETF
	For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
		(unaudited)								(unaudited)

Operations:
Net investment income		$	10,726,120			$	25,492,498			$	477,341			$	1,835,301
Net realized gain (loss)			(22,260,177	)			(107,948,848	)			(34,607,851	)			(60,726,520	)
Net change in unrealized appreciation (depreciation)			30,664,565				(43,327,540	)			51,808,361				2,313,271
Net increase (decrease) in net assets resulting from operations			19,130,508				(125,783,890	)			17,677,851				(56,577,948	)

Dividends to shareholders:
Dividends from net investment income			—				(24,912,650	)			—				(1,806,250	)

Share transactions:**
Proceeds from sale of shares			72,856,599				84,809,462				6,982,889				15,093,533
Cost of shares redeemed			(73,562,400	)			(539,463,371	)			(3,011,030	)			(32,366,651	)
Increase (Decrease) in net assets resulting from share transactions			(705,801	)			(454,653,909	)			3,971,859				(17,273,118	)
Total increase (decrease) in net assets			18,424,707				(605,350,449	)			21,649,710				(75,657,316	)
Net Assets, beginning of period			835,550,992				1,440,901,441				39,247,678				114,904,994
Net Assets, end of period†		$	853,975,699			$	835,550,992			$	60,897,388			$	39,247,678
† Including undistributed (accumulated) net investment income (loss)		$	10,950,386			$	224,266			$	357,769			$	(119,572	)

** Shares of Common Stock Issued (no par value)
Shares sold			1,500,000				1,500,000				850,000				1,150,000
Shares redeemed			(1,650,000	)			(10,950,000	)			(450,000	)			(2,750,000	)
Net increase (decrease)			(150,000	)			(9,450,000	)			400,000				(1,600,000	)

See Notes to Financial Statements

Global Alternative Energy ETF								Gold Miners ETF								Junior Gold Miners ETF
For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
		(unaudited)								(unaudited)								(unaudited)

	$	1,038,087			$	763,351			$	10,672,471			$	37,102,439			$	1,040,496			$	9,943,182
		(8,166,897	)			1,509,001				(594,436,179	)			(1,905,529,155	)			202,349,058				(335,048,596	)
		(330,244	)			(1,600,989	)			4,988,991,918				184,214,755				1,422,184,731				3,826,004

		(7,459,054	)			671,363				4,405,228,210				(1,684,211,961	)			1,625,574,285				(321,279,410	)

		—				(504,689	)			—				(36,731,690	)			—				(9,304,305	)

		5,019,447				14,619,851				3,073,492,129				2,793,038,295				864,217,193				496,144,925
		(5,077,365	)			(5,867,062	)			(2,091,827,410	)			(2,250,824,207	)			(179,151,905	)			(387,570,093	)

		(57,918	)			8,752,789				981,664,719				542,214,088				685,065,288				108,574,832
		(7,516,972	)			8,919,463				5,386,892,929				(1,178,729,563	)			2,310,639,573				(222,008,883	)
		91,856,835				82,937,372				4,316,717,777				5,495,447,340				1,300,681,450				1,522,690,333
	$	84,339,863			$	91,856,835			$	9,703,610,706			$	4,316,717,777			$	3,611,321,023			$	1,300,681,450

	$	1,316,130			$	278,043			$	17,505,092			$	6,832,621			$	(4,111,944	)		$	(5,152,440	)

		100,000				250,000				143,650,000				151,050,000				23,600,000				21,600,000
		(100,000	)			(100,000	)			(108,200,000	)			(134,650,000	)			(6,550,000	)			(17,250,000	)
		—				150,000				35,450,000				16,400,000				17,050,000				4,350,000

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

		Natural Resources ETF								Oil Refiners ETF
		For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Period August 18, 2015* through December 31, 2015
		(unaudited)								(unaudited)

Operations:
Net investment income			$	1,078,358			$	2,261,019			$	62,176			$	14,033
Net realized gain (loss)				(8,954,115	)			(4,190,938	)			10,394				(35,902	)
Net change in unrealized appreciation (depreciation)				19,241,454				(16,097,564	)			(293,789	)			112,404
Net increase (decrease) in net assets resulting from operations				11,365,697				(18,027,483	)			(221,219	)			90,535

Dividends and Distributions to shareholders:
Dividends from net investment income				—				(2,209,200	)			—				(15,150	)
Return of capital				—				—				—				(3,250	)
Total Dividends and Distributions				—				(2,209,200	)			—				(18,400	)

Share transactions:**
Proceeds from sale of shares				9,060,402				18,528,599				—				3,866,326
Cost of shares redeemed				(4,990,587	)			(7,803,107	)			—				—
Increase (Decrease) in net assets resulting from share transactions				4,069,815				10,725,492				—				3,866,326
Total increase (decrease) in net assets				15,435,512				(9,511,191	)			(221,219	)			3,938,461
Net Assets, beginning of period				76,511,468				86,022,659				3,938,461				—
Net Assets, end of period†			$	91,946,980			$	76,511,468			$	3,717,242			$	3,938,461
†	Including undistributed (accumulated) net investment income (loss)		$	1,093,544			$	15,186			$	62,169			$	(7	)

**	Shares of Common Stock Issued (no par value)
Shares sold				300,000				600,000				—				200,000
Shares redeemed				(200,000	)			(250,000	)			—				—
Net increase (decrease)				100,000				350,000				—				200,000

*	Commencement of operations

See Notes to Financial Statements

Oil Services ETF									Rare Earth/Strategic Metals ETF							Solar Energy ETF
For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
(unaudited)								(unaudited)								(unaudited)

	$	9,531,777			$	25,726,730			$	254,266			$	951,304			$	168,124			$	193,368
		(39,654,017	)			37,605,430				(20,793,297	)			(36,968,507	)			(3,399,637	)			(67,570	)
		106,720,004				(355,057,413	)			26,191,935				11,068,461				(2,074,473	)			(1,701,355	)

		76,597,764				(291,725,253	)			5,652,904				(24,948,742	)			(5,305,986	)			(1,575,557	)

		—				(25,643,376	)			—				(1,325,901	)			—				(177,900	)
		—				—				—				—				—				—
		—				(25,643,376	)			—				(1,325,901	)			—				(177,900	)

		1,499,332,945				6,269,131,022				4,993,859				—				—				3,214,646
		(1,741,694,627	)			(5,762,695,857	)			(571,422	)			(3,329,807	)			—				(3,278,391	)

		(242,361,682	)			506,435,165				4,422,437				(3,329,807	)			—				(63,745	)
		(165,763,918	)			189,066,536				10,075,341				(29,604,450	)			(5,305,986	)			(1,817,202	)
		1,118,900,797				929,834,261				28,381,093				57,985,543				18,492,674				20,309,876
	$	953,136,879			$	1,118,900,797			$	38,456,434			$	28,381,093			$	13,186,688			$	18,492,674

	$	9,609,385			$	77,608			$	1,173,053			$	918,787			$	176,162			$	8,038

		56,150,000				188,600,000				300,000				—				—				50,000
		(65,850,000	)			(172,200,000	)			(50,000	)			(200,000	)			—				(50,000	)
		(9,700,000	)			16,400,000				250,000				(200,000	)			—				—

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

		Steel ETF								Unconventional Oil & Gas ETF
		For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015				For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
		(unaudited)								(unaudited)

Operations:
Net investment income			$	1,015,374			$	2,354,967			$	193,713			$	929,692
Net realized gain (loss)				(7,917,246	)			(22,055,831	)			(5,717,867	)			(14,611,757	)
Net change in unrealized appreciation (depreciation)				28,270,776				(15,312,059	)			16,088,527				(12,906,573	)
Net increase (decrease) in net assets resulting from operations				21,368,904				(35,012,923	)			10,564,373				(26,588,638	)

Dividends and Distributions to shareholders:
Dividends from net investment income				—				(2,353,573	)			—				(991,800	)
Return of capital				—				(45,327	)			—				—
Total Dividends and Distributions				—				(2,398,900	)			—				(991,800	)

Share transactions:**
Proceeds from sale of shares				77,822,902				45,894,025				7,631,535				15,122,954
Cost of shares redeemed				(39,061,382	)			(32,705,305	)			(10,943,423	)			(11,082,306	)
Increase (Decrease) in net assets resulting from share transactions				38,761,520				13,188,720				(3,311,888	)			4,040,648
Total increase (decrease) in net assets				60,130,424				(24,223,103	)			7,252,485				(23,539,790	)
Net Assets, beginning of period				44,904,039				69,127,142				38,397,552				61,937,342
Net Assets, end of period†			$	105,034,463			$	44,904,039			$	45,650,037			$	38,397,552
†	Including undistributed (accumulated) net investment income (loss)		$	990,488			$	(24,886	)		$	196,899			$	3,186

**	Shares of Common Stock Issued (no par value)
Shares sold				3,100,000				1,650,000				550,000				750,000
Shares redeemed				(1,600,000	)			(1,300,000	)			(700,000	)			(650,000	)
Net increase (decrease)				1,500,000				350,000				(150,000	)			100,000

See Notes to Financial Statements

Uranium+Nuclear Energy ETF
For the Six Months Ended June 30, 2016				For the Year Ended December 31, 2015
(unaudited)

	$	698,614			$	1,239,171
		1,112,525				(839,101	)
		2,415,162				(5,541,712	)
		4,226,301				(5,141,642	)

		—				(1,362,115	)
		—				—
		—				(1,362,115	)

		—				—
		(4,751,082	)			(22,097,379	)

		(4,751,082	)			(22,097,379	)
		(524,781	)			(28,601,136	)
		39,210,800				67,811,936
	$	38,686,019			$	39,210,800
	$	1,922,632			$	1,224,018

		—				—
		(100,000	)			(450,000	)
		(100,000	)			(450,000	)

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Agribusiness ETF
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$46.55			$52.59			$54.44			$52.94			$47.21			$53.39
Income from investment operations:
Net investment income		0.60			1.37			1.68			1.08			1.00			0.30
Net realized and unrealized gain (loss) on investments		0.83			(6.07	)		(1.84	)		1.46			5.70			(6.18	)
Total from investment operations		1.43			(4.70	)		(0.16	)		2.54			6.70			(5.88	)
Less:
Dividends from net investment income		—			(1.34	)		(1.69	)		(1.04	)		(0.97	)		(0.29	)
Return of capital		—			—			—			—			—			(0.01	)
Total dividends		—			(1.34	)		(1.69	)		(1.04	)		(0.97	)		(0.30	)
Net asset value, end of period		$47.98			$46.55			$52.59			$54.44			$52.94			$47.21
Total return (a)		3.07	%(b)		(8.96	)%		(0.13	)%		4.60	%		14.20	%		(11.01	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$853,976			$835,551			$1,440,901			$4,635,318			$5,667,221			$5,530,813
Ratio of gross expenses to average net assets		0.56	%(c)		0.55	%		0.57	%		0.55	%		0.55	%		0.53	%
Ratio of net expenses to average net assets		0.56	%(c)		0.55	%		0.57	%		0.55	%		0.55	%		0.53	%
Ratio of net expenses, excluding interest expense, to average net assets		0.55	%(c)		0.54	%		0.56	%		0.55	%		0.54	%		0.53	%
Ratio of net investment income to average net assets		2.69	%(c)		2.00	%		1.77	%		1.79	%		1.89	%		0.76	%
Portfolio turnover rate (d)		7	%(b)		20	%		14	%		33	%		19	%		22	%

	Coal ETF
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$6.28			$14.64			$19.50			$25.17			$32.41			$47.07
Income from investment operations:
Net investment income		0.07			0.29			0.34			0.39			0.49			0.53
Net realized and unrealized gain (loss) on investments		2.81			(8.36	)		(4.83	)		(5.62	)		(7.30	)		(14.71	)
Total from investment operations		2.88			(8.07	)		(4.49	)		(5.23	)		(6.81	)		(14.18	)
Less:
Dividends from net investment income		—			(0.29	)		(0.37	)		(0.44	)		(0.43	)		(0.48	)
Net asset value, end of period		$9.16			$ 6.28			$14.64			$19.50			$25.17			$32.41
Total return (a)		45.86	%(b)		(55.14	)%		(23.07	)%		(20.77	)%		(21.05	)%		(30.12	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$60,897			$39,248			$114,905			$154,994			$235,358			$314,420
Ratio of gross expenses to average net assets		0.71	%(c)		0.66	%		0.63	%		0.64	%		0.62	%		0.59	%
Ratio of net expenses to average net assets		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of net expenses, excluding interest expense, to average net assets		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of net investment income to average net assets		2.11	%(c)		2.31	%		1.75	%		1.78	%		2.02	%		0.93	%
Portfolio turnover rate (d)		21	%(b)		36	%		27	%		20	%		55	%		47	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Not Annualized
(c)	Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Global Alternative Energy ETF#
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$54.57			$54.09			$55.90			$33.26			$32.88			$60.24
Income from investment operations:
Net investment income		0.62			0.46			0.12			0.51			0.66			1.02
Net realized and unrealized gain (loss) on investments		(5.09	)		0.33			(1.82	)		22.68			0.35			(27.33	)
Total from investment operations		(4.47	)		0.79			(1.70	)		23.19			1.01			(26.31	)
Less:
Dividends from net investment income		—			(0.31	)		(0.11	)		(0.54	)		(0.63	)		(1.02	)
Return of capital		—			—			—			(0.01	)		—			(0.03	)
Total dividends		—			(0.31	)		(0.11	)		(0.55	)		(0.63	)		(1.05	)
Net asset value, end of period		$50.10			$54.57			$54.09			$55.90			$33.26			$32.88
Total return (a)		(8.19	)%(b)		1.45	%		(3.04	)%		69.69	%		3.07	%		(43.69	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$84,340			$91,857			$82,937			$91,309			$46,013			$58,644
Ratio of gross expenses to average net assets		0.62	%(c)		0.62	%		0.64	%		0.72	%		0.81	%		0.68	%
Ratio of net expenses to average net assets		0.62	%(c)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Ratio of net expenses, excluding interest expense, to average net assets		0.62	%(c)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Ratio of net investment income to average net assets		2.38	%(c)		0.88	%		0.18	%		1.16	%		1.81	%		1.59	%
Portfolio turnover rate (d)		16	%(b)		27	%		31	%		18	%		35	%		26	%

	Gold Miners ETF
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$13.72			$18.43			$21.16			$46.32			$51.50			$61.44
Income from investment operations:
Net investment income		0.03			0.12			0.12			0.23			0.39			0.26
Net realized and unrealized gain (loss) on investments		13.97			(4.71	)		(2.73	)		(25.20	)		(5.11	)		(10.05	)
Total from investment operations		14.00			(4.59	)		(2.61	)		(24.97	)		(4.72	)		(9.79	)
Less:
Dividends from net investment income		—			(0.12	)		(0.12	)		(0.19	)		(0.46	)		(0.15	)
Net asset value, end of period		$27.72			$13.72			$18.43			$21.16			$46.32			$51.50
Total return (a)		102.04	%(b)		(24.93	)%		(12.31	)%		(53.90	)%		(9.16	)%		(15.93	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$9,703,611			$4,316,718			$5,495,447			$6,652,611			$9,406,054			$8,772,539
Ratio of gross expenses to average net assets		0.51	%(c)		0.52	%		0.53	%		0.53	%		0.52	%		0.52	%
Ratio of net expenses to average net assets		0.51	%(c)		0.52	%		0.53	%		0.53	%		0.52	%		0.52	%
Ratio of net expenses, excluding interest expense, to average net assets		0.51	%(c)		0.52	%		0.53	%		0.53	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		0.33	%(c)		0.66	%		0.52	%		1.01	%		0.88	%		0.35	%
Portfolio turnover rate (d)		24	%(b)		24	%		18	%		33	%		5	%		9	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Not Annualized
(c)	Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On July 1, 2013, the Fund effected a 1 for 3 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Junior Gold Miners ETF#
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$19.22			$24.04			$30.90			$79.13			$97.84			$159.24
Income from investment operations:
Net investment income		0.03			0.15			—	(d)(e)		0.41			0.36			2.72
Net realized and unrealized gain (loss) on investments		23.37			(4.83	)		(6.68	)		(48.64	)		(16.07	)		(57.80	)
Total from investment operations		23.40			(4.68	)		(6.68	)		(48.23	)		(15.71	)		(55.08	)
Less:
Dividends from net investment income		—			(0.14	)		(0.18	)		—			(3.00	)		(4.84	)
Distributions from net realized capital gains		—			—			—			—			—			(1.48	)
Total dividends and distributions		—			(0.14	)		(0.18	)		—			(3.00	)		(6.32	)
Net asset value, end of period		$42.62			$19.22			$24.04			$30.90			$79.13			$97.84
Total return (a)		121.75	%(b)		(19.48	)%		(21.60	)%		(60.95	)%		(16.07	)%		(34.57	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$3,611,321			$1,300,681			$1,522,690			$1,136,823			$2,537,231			$1,922,665
Ratio of gross expenses to average net assets		0.53	%(c)		0.56	%		0.55	%		0.58	%		0.55	%		0.54	%
Ratio of net expenses to average net assets		0.53	%(c)		0.56	%		0.55	%		0.57	%		0.55	%		0.54	%
Ratio of net expenses, excluding interest expense, to average net assets		0.52	%(c)		0.55	%		0.54	%		0.56	%		0.55	%		0.54	%
Ratio of net investment income (loss) to average net assets		0.10	%(c)		0.66	%		(0.01	)%		(0.07	)%		0.01	%		(0.22	)%
Portfolio turnover rate (f)		34	%(b)		47	%		65	%		34	%		22	%		60	%

	Natural Resources ETF
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$26.38			$33.73			$37.46			$35.94			$33.76			$38.83
Income from investment operations:
Net investment income		0.36			0.81			0.82			0.87			0.86			0.66
Net realized and unrealized gain (loss) on investments		3.91			(7.37	)		(3.70	)		1.48			2.17			(5.07	)
Total from investment operations		4.27			(6.56	)		(2.88	)		2.35			3.03			(4.41	)
Less:
Dividends from net investment income		—			(0.79	)		(0.85	)		(0.83	)		(0.85	)		(0.66	)
Net asset value, end of period		$30.65			$26.38			$33.73			$37.46			$35.94			$33.76
Total return (a)		16.19	%(b)		(19.48	)%		(7.71	)%		6.55	%		8.98	%		(11.36	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$91,947			$76,511			$86,023			$101,140			$122,204			$158,687
Ratio of gross expenses to average net assets		0.72	%(c)		0.75	%		0.73	%		0.74	%		0.68	%		0.64	%
Ratio of net expenses to average net assets		0.49	%(c)		0.50	%		0.50	%		0.50	%		0.52	%		0.61	%
Ratio of net expenses, excluding interest expense, to average net assets		0.49	%(c)		0.49	%		0.49	%		0.49	%		0.51	%		0.61	%
Ratio of net investment income to average net assets		2.74	%(c)		2.66	%		2.10	%		2.13	%		1.95	%		1.40	%
Portfolio turnover rate (f)		19	%(b)		9	%		13	%		14	%		10	%		15	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Not Annualized
(c)	Annualized
(d)	Calculated based upon average shares outstanding.
(e)	Amount represents less than $0.005 per share.
(f)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On July 1, 2013, the Fund effected a 1 for 4 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Oil Refiners ETF
	For the Six Months Ended June 30,			For the Period August 18, 2015(a) through December 31,
	2016			2015
	(unaudited)
Net asset value, beginning of period		$19.69			$19.75
Income from investment operations:
Net investment income		0.31			0.07
Net realized and unrealized loss on investments		(1.41	)		(0.04	)
Total from investment operations		(1.10	)		0.03
Less:
Dividends from net investment income		—			(0.07	)
Return of capital		—			(0.02	)
Total dividends		—			(0.09	)
Net asset value, end of period		$18.59			$19.69
Total return (b)		(5.59	)%(c)		0.16	%(c)


Ratios/Supplemental Data
Net assets, end of period (000’s)	$3,717			$3,938
Ratio of gross expenses to average net assets		3.25	%(d)		4.98	%(d)
Ratio of net expenses to average net assets		0.59	%(d)		0.59	%(d)
Ratio of net expenses, excluding interest expense, to average net assets		0.59	%(d)		0.59	%(d)
Ratio of net investment income to average net assets		3.29	%(d)		1.19	%(d)
Portfolio turnover rate (f)		7	%(c)		12	%(c)

	Oil Services ETF*
	For the Six Months Ended															For the Period December 20, 2011(a) through
	June 30,			For the Year Ended December 31,												December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$26.44			$35.89			$48.10			$38.64			$38.29			$38.06
Income from investment operations:
Net investment income		0.29			0.63			0.85			0.55			0.42			—	(e)
Net realized and unrealized gain (loss) on investments		2.50			(9.45	)		(12.20	)		9.45			0.34			0.23
Total from investment operations		2.79			(8.82	)		(11.35	)		10.00			0.76			0.23
Less:
Dividends from net investment income		—			(0.63	)		(0.86	)		(0.54	)		(0.40	)		—
Distributions from net realized capital gains		—			—			—			—			(0.01	)		—
Total dividends and distributions		—			(0.63	)		(0.86	)		(0.54	)		(0.41	)		—
Net asset value, end of period		$29.23			$26.44			$35.89			$48.10			$38.64			$38.29
Total return (b)		10.55	%(c)		(24.58	)%		(23.64	)%		25.90	%		1.98	%		0.61	%(c)


Ratios/Supplemental Data
Net assets, end of period (000’s)	$953,137			$1,118,901			$929,834			$1,482,094			$1,283,326			$913,653
Ratio of gross expenses to average net assets		0.39	%(d)		0.39	%		0.39	%		0.39	%		0.38	%		0.46	%(d)
Ratio of net expenses to average net assets		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(d)
Ratio of net expenses, excluding interest expense, to average net assets		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(d)
Ratio of net investment income (loss) to average net assets		2.01	%(d)		2.30	%		1.99	%		1.24	%		1.23	%		(0.35	)%(d)
Portfolio turnover rate (f)		15	%(c)		18	%		15	%		10	%		6	%		0	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not Annualized
(d)	Annualized
(e)	Amount represents less than $0.005 per share.
(f)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
*	On February 14, 2012, the Fund effected a 3 for 1 share split (See Note 10). Per share data has been adjusted to reflect the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Rare Earth/Strategic Metals ETF#
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$13.68			$25.49			$35.98			$52.92			$60.40			$94.72
Income from investment operations:
Net investment income		0.06			0.51			0.65			0.35			0.88			1.00
Net realized and unrealized gain (loss) on investments		2.80			(11.68	)		(10.75	)		(17.21	)		(7.44	)		(31.52	)
Total from investment operations		2.86			(11.17	)		(10.10	)		(16.86	)		(6.56	)		(30.52	)
Less:
Dividends from net investment income		—			(0.64	)		(0.39	)		(0.08	)		(0.92	)		(3.80	)
Net asset value, end of period		$16.54			$13.68			$25.49			$35.98			$52.92			$60.40
Total return (a)		20.91	%(b)		(43.76	)%		(28.07	)%		(31.85	)%		(10.88	)%		(32.21	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$38,456			$28,381			$57,986			$96,243			$174,652			$198,535
Ratio of gross expenses to average net assets		0.92	%(c)		0.82	%		0.72	%		0.70	%		0.66	%		0.59	%
Ratio of net expenses to average net assets		0.60	%(c)		0.57	%		0.58	%		0.57	%		0.59	%		0.57	%
Ratio of net expenses, excluding interest expense, to average net assets		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		1.70	%(c)		2.01	%		1.55	%		0.69	%		1.59	%		0.95	%
Portfolio turnover rate (d)		85	%(b)		49	%		37	%		31	%		44	%		35	%

	Solar Energy ETF*
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$61.64			$67.70			$72.63			$36.38			$55.35			$165.75
Income from investment operations:
Net investment income		0.56			0.64			0.51			0.32			1.29			3.75
Net realized and unrealized gain (loss) on investments		(18.24	)		(6.11	)		(4.99	)		36.66			(18.94	)		(110.70	)
Total from investment operations		(17.68	)		(5.47	)		(4.48	)		36.98			(17.65	)		(106.95	)
Less:
Dividends from net investment income		—			(0.59	)		(0.45	)		(0.73	)		(1.32	)		(3.45	)
Net asset value, end of period		$43.96			$61.64			$67.70			$72.63			$36.38			$55.35
Total return (a)		(28.68	)%(b)		(8.09	)%		(6.17	)%		101.66	%		(31.89	)%		(64.50	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$13,187			$18,493			$20,310			$21,788			$10,914			$9,950
Ratio of gross expenses to average net assets		1.16	%(c)		1.08	%		1.08	%		1.54	%		1.86	%		1.06	%
Ratio of net expenses to average net assets		0.65	%(c)		0.65	%		0.65	%		0.66	%		0.66	%		0.65	%
Ratio of net expenses, excluding interest expense, to average net assets		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		2.35	%(c)		0.93	%		0.60	%		0.58	%		3.47	%		2.63	%
Portfolio turnover rate (d)		20	%(b)		46	%		50	%		75	%		59	%		35	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Not Annualized
(c)	Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On July 1, 2013, the Fund effected a 1 for 4 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split.
*	On July 2, 2012 the Fund effected a 1 for 15 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Steel ETF
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$19.52			$35.45			$49.76			$48.85			$47.64			$72.48
Income from investment operations:
Net investment income		1.29			1.03			1.13			0.93			1.09			1.14
Net realized and unrealized gain (loss) on investments		7.87			(15.92	)		(14.28	)		0.96			1.20			(24.84	)
Total from investment operations		9.16			(14.89	)		(13.15	)		1.89			2.29			(23.70	)
Less:
Dividends from net investment income		(1.02	)		(1.02	)		(1.16	)		(0.94	)		(1.08	)		(1.14	)
Distributions from net realized capital gains		(0.02	)		—			—			—			—			—
Return of capital		—			(0.02	)		—			(0.04	)		—			—
Total dividends and distributions		(1.04	)		(1.04	)		(1.16	)		(0.98	)		(1.08	)		(1.14	)
Net asset value, end of period		$27.64			$19.52			$35.45			$49.76			$48.85			$47.64
Total return (b)		41.60	%(c)		(42.03	)%		(26.44	)%		3.88	%		4.80	%		(32.70	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$105,034			$44,904			$69,127			$144,312			$153,881			$181,037
Ratio of gross expenses to average net assets		0.64	%(d)		0.69	%		0.63	%		0.62	%		0.60	%		0.58	%
Ratio of net expenses to average net assets		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net expenses, excluding interest expense, to average net assets		0.55	%(d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		2.92	%(d)		3.76	%		2.43	%		2.21	%		2.40	%		1.97	%
Portfolio turnover rate (e)		10	%(c)		15	%		11	%		15	%		13	%		3	%


	Unconventional Oil & Gas ETF
	For the Six Months Ended												For the Period February 14, 2012(a) through
	June 30,			For the Year Ended December 31,									December 31,
	2016			2015			2014			2013			2012
	(unaudited)
Net asset value, beginning of period		$13.24			$22.12			$28.43			$22.54			$25.02
Income from investment operations:
Net investment income		0.07			0.32			0.30			0.13			0.23
Net realized and unrealized gain (loss) on investments		3.29			(8.86	)		(6.32	)		5.90			(2.49	)
Total from investment operations		3.36			(8.54	)		(6.02	)		6.03			(2.26	)
Less:
Dividends from net investment income		—			(0.34	)		(0.29	)		(0.14	)		(0.22	)
Net asset value, end of period		$16.60			$13.24			$22.12			$28.43			$22.54
Total return (b)		25.38	%(c)		(38.60	)%		(21.18	)%		26.77	%		(9.04	)%(c)


Ratios/Supplemental Data
Net assets, end of period (000’s)	$45,650			$38,398			$61,937			$46,906			$15,780
Ratio of gross expenses to average net assets		0.71	%(d)		0.72	%		0.67	%		1.04	%		0.92	%(d)
Ratio of net expenses to average net assets		0.54	%(d)		0.54	%		0.54	%		0.54	%		0.54	%(d)
Ratio of net expenses, excluding interest expense, to average net assets		0.54	%(d)		0.54	%		0.54	%		0.54	%		0.54	%(d)
Ratio of net investment income to average net assets		0.90	%(d)		1.62	%		1.07	%		0.89	%		1.12	%(d)
Portfolio turnover rate (e)		11	%(c)		22	%		11	%		11	%		35	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not Annualized
(d)	Annualized
(e)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Uranium+Nuclear Energy ETF#
	For the Six Months Ended
	June 30,			For the Year Ended December 31,
	2016			2015			2014			2013			2012			2011
	(unaudited)
Net asset value, beginning of period		$45.25			$51.50			$48.11			$41.35			$44.82			$75.87
Income from investment operations:
Net investment income (loss)		1.10			1.87			1.27			0.80			1.26			(0.27	)
Net realized and unrealized gain (loss) on investments		4.11			(6.63	)		3.39			6.29			(2.84	)		(24.99	)
Total from investment operations		5.21			(4.76	)		4.66			7.09			(1.58	)		(25.26	)
Less:
Dividends from net investment income		—			(1.49	)		(1.27	)		(0.33	)		(1.89	)		(5.79	)
Net asset value, end of period		$50.46			$45.25			$51.50			$48.11			$41.35			$44.82
Total return (a)		11.51	%(b)		(9.26	)%		9.61	%		17.18	%		(3.53	)%		(33.29	)%


Ratios/Supplemental Data
Net assets, end of period (000’s)	$38,686			$39,211			$67,812			$77,778			$78,567			$86,668
Ratio of gross expenses to average net assets		0.78	%(c)		0.70	%		0.76	%		0.80	%		0.67	%		0.63	%
Ratio of net expenses to average net assets		0.61	%(c)		0.61	%		0.60	%		0.60	%		0.60	%		0.62	%
Ratio of net expenses, excluding interest expense, to average net assets		0.60	%(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income to average net assets		3.62	%(c)		2.34	%		1.89	%		1.60	%		2.82	%		1.42	%
Portfolio turnover rate (d)		21	%(b)		27	%		31	%		48	%		52	%		51	%

(a)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(b)	Not Annualized
(c)	Annualized
(d)	Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions.
#	On July 1, 2013, the Fund effected a 1 for 3 reverse share split (See Note 10). Per share data has been adjusted to reflect the share split.

See Notes to Financial Statements

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2016 (unaudited)

Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) (formerly known as Market Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of June 30, 2016, offers fifty seven investment portfolios, each of which represents a separate series of the Trust.

These financial statements relate only to the following investment portfolios: Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Solar Energy ETF, Steel ETF, Unconventional Oil & Gas ETF and Uranium+Nuclear Energy ETF (each a “Fund” and, together, the “Funds”). 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 substantially the same weighting, in an index sponsored, licensed or managed by the NYSE Group Inc., Ardour Global Indexes, LLC, S-Network Global Indexes, LLC and MV Index Solutions GmbH (“MVIS”) formerly known as Market Vectors Index Solutions GmbH, a wholly owned subsidiary of Van Eck Associates Corporation (the “Adviser”).

The Funds’ commencement of operations dates and their respective Indices are presented below:

	Commencement
Fund	of Operations	Index
Agribusiness ETF	August 31, 2007	MVIS™ Global Agribusiness Index*
Coal ETF	January 10, 2008	MVIS™ Global Coal Index*
Global Alternative Energy ETF	May 03, 2007	Ardour Global Index^SM(Extra Liquid)
Gold Miners ETF	May 16, 2006	NYSE Arca Gold Miners Index
Junior Gold Miners ETF	November 10, 2009	MVIS™ Global Junior Gold Miners Index*
Natural Resources ETF	August 29, 2008	Rogers^TM—Van Eck Natural Resources Index
Oil Refiners ETF	August 18, 2015	MVIS™ Global Oil Refiners Index*
Oil Services ETF	December 20, 2011	MVIS™ US Listed Oil Services 25 Index*
Rare Earth/Strategic Metals ETF	October 27, 2010	MVIS™ Global Rare Earth/Strategic Metals Index*
Solar Energy ETF	April 21, 2008	MVIS™ Global Solar Energy Index*
Steel ETF	October 10, 2006	NYSE Arca Steel Index
Unconventional Oil & Gas ETF	February 14, 2012	MVIS™ Global Unconventional Oil & Gas Index*
Uranium+Nuclear Energy ETF	August 13, 2007	MVIS™ Global Uranium & Nuclear Energy Index*

*	Published by MV Index Solutions GmbH.

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

The following is a summary of significant accounting policies followed by the Funds.

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser. The Pricing Committee 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 for which market prices are not readily available. 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, transactional back-testing and disposition analysis.

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).

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

attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

Use of Derivative Instruments—The Funds may invest in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. The Funds held no derivative instruments during the period ended June 30, 2016.

Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting agreements or other similar agreements. Generally, the right of setoff in those agreements allows the Funds to set off any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, securities lending and repurchase agreements. For financial reporting purposes, the Funds present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at June 30, 2016 is presented in the Schedules of Investments. Refer to related disclosures in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending).

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 0.50% of each Fund’s average daily net assets (except for Oil Services ETF). The management fee rate for Oil Services ETF is 0.35%. The Adviser has agreed, at least until May 1, 2017, to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does not exceed the expense limitation (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) listed in the table below.

The current expense limitations and the amounts waived/assumed by the Adviser for the period ended June 30, 2016, are as follows:

Fund	Expense Limitations			Waiver of Management Fees		Expenses Assumed by the Adviser
Agribusiness ETF		0.56	%	$	—	$	—
Coal ETF		0.59			25,896		—
Global Alternative Energy ETF		0.62			—		—
Gold Miners ETF		0.53			—		—
Junior Gold Miners ETF		0.56			—		—
Natural Resources ETF		0.49			91,079		—
Oil Refiners ETF		0.59			9,457		40,749
Oil Services ETF		0.35			198,398		—
Rare Earth/Strategic Metals ETF		0.57			47,786		—
Solar Energy ETF		0.65			35,899		336
Steel ETF		0.55			29,404		—
Unconventional Oil & Gas ETF		0.54			36,013		—
Uranium+Nuclear Energy ETF		0.60			32,226		—

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.

Fund	Cost of Investments Purchased		Proceeds from Investments Sold
Agribusiness ETF	$	69,861,957	$	57,917,618
Coal ETF		9,645,810		9,535,769
Global Alternative Energy ETF		15,508,754		14,124,821
Gold Miners ETF		1,594,917,554		1,582,107,011
Junior Gold Miners ETF		717,224,586		724,682,177
Natural Resources ETF		16,438,387		15,241,762
Oil Refiners ETF		327,645		258,597
Oil Services ETF		156,451,371		145,501,349
Rare Earth/Strategic Metals ETF		25,915,351		53,427,927
Solar Energy ETF		3,388,018		3,092,130
Steel ETF		8,123,487		6,926,255
Unconventional Oil & Gas ETF		4,892,746		4,733,810
Uranium+Nuclear Energy ETF		8,928,882		8,134,157

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agribusiness ETF	$	1,102,107,377	$	104,764,366	$	(225,554,943	)	$	(120,790,577	)
Coal ETF		95,082,755		3,862,133		(38,031,032	)		(34,168,899	)
Global Alternative Energy ETF		109,137,467		11,880,871		(18,455,215	)		(6,574,344	)
Gold Miners ETF		8,528,278,449		1,596,999,877		(362,331,716	)		1,234,668,161
Junior Gold Miners ETF		2,899,285,139		1,064,990,619		(125,409,541	)		939,581,078
Natural Resources ETF		108,881,009		10,165,464		(18,936,964	)		(8,771,500	)
Oil Refiners ETF		3,959,435		286,756		(468,196	)		(181,440	)
Oil Services ETF		1,840,090,698		1,688,722		(674,349,311	)		(672,660,589	)
Rare Earth/Strategic Metals ETF		60,560,528		3,955,111		(20,029,403	)		(16,074,292	)
Solar Energy ETF		21,529,843		960,424		(5,866,041	)		(4,905,617	)
Steel ETF		178,945,735		1,915,841		(46,450,018	)		(44,534,177	)
Unconventional Oil & Gas ETF		67,434,506		392,966		(19,365,716	)		(18,972,750	)
Uranium+Nuclear Energy ETF		36,808,854		4,695,813		(2,678,000	)		2,017,813

The tax character of dividends paid to shareholders during the year ended December 31, 2015 was as follows:

	2015 Dividends and Distributions
Fund	Ordinary Income		Return of Capital
Agribusiness ETF	$	24,912,650	$	—
Coal ETF		1,806,250		—
Global Alternative Energy ETF		504,689		—
Gold Miners ETF		36,731,690		—
Junior Gold Miners ETF		9,304,305		—
Natural Resources ETF		2,209,200		—
Oil Refiners*		15,150		3,250
Oil Services ETF		25,643,376		—
Rare Earth/Strategic Metals ETF		1,325,901		—
Solar Energy ETF		177,900		—
Steel ETF		2,353,573		45,327
Unconventional Oil & Gas ETF		991,800		—
Uranium+Nuclear Energy ETF		1,362,115		—

*	For the period August 18, 2015 (Commencement of Operations) to December 31, 2015.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Qualified late-year losses incurred after October 31, 2015 and within the taxable year, are deemed to arise on the first day of the Funds’ next taxable year. For the year ended December 31, 2015, the Funds intend to defer to January 1, 2016 for federal tax purpose qualified late-year losses as follows:

Fund	Late Year Ordinary Losses
Global Alternative Energy ETF	$	2,282
Junior Gold Miners ETF		591,323

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

At December 31, 2015, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

	Post-Effective
	No Expiration		Post-Effective
	Short-Term		No Expiration
	Capital		Long-Term		Amount Expiring in the Year Ended December 31,
Fund	Losses		Capital Losses		2018		2017		2016
Agribusiness ETF	$	177,183,575	$	418,803,346	$	85,630,099	$	257,031,280	$	40,221,865
Coal ETF		22,023,646		224,195,453		18,822,843		155,793,705		17,994,621
Global Alternative Energy ETF		2,399,561		70,992,308		34,193,213		158,919,596		13,029,866
Gold Miners ETF		854,768,383		6,270,494,794		1,784,160		388,612,074		63,268,444
Junior Gold Miners ETF		825,365,167		2,647,087,591		—		—		—
Natural Resources ETF		2,475,717		15,403,754		540,880		1,722,348		24,629
Oil Refiners ETF		37,012		—		—		—		—
Oil Services ETF		6,113,124		506,954		—		—		—
Rare Earth/Strategic Metals ETF		36,166,836		155,795,927		—		—		—
Solar Energy ETF		4,444,022		27,273,569		8,586,525		19,016,483		800,768
Steel ETF		3,028,105		80,553,916		21,020,656		79,176,906		10,643,838
Unconventional Oil & Gas ETF		5,353,320		10,659,424		—		—		—
Uranium+Nuclear Energy ETF		14,221,670		68,743,461		41,593,262		49,042,636		11,040,582

During the year ended December 31, 2015, the following funds had a portion of its accumulated capital loss carryforwards expired: $28,875 from Agribusiness ETF; $67,613 from Global Alternative Energy ETF and $500,169 from Uranium+Nuclear Energy 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, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

Note 6—Capital Share Transactions—As of June 30, 2016, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Shares are issued and redeemed by the Funds only in Creation Units, consisting of 50,000 shares, or multiples thereof. The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index plus a small amount of cash. For the period ended June 30, 2016 the Trust had in-kind contributions and redemptions as follows:

Fund	In-Kind Contributions		In-Kind Redemptions
Agribusiness ETF	$	70,306,425	$	70,333,119
Coal ETF		6,943,969		3,005,543
Global Alternative Energy ETF		5,018,016		5,068,565
Gold Miners ETF		3,069,486,559		2,091,940,635
Junior Gold Miners ETF		862,173,674		179,147,177
Natural Resources ETF		8,803,396		4,849,990
Oil Refiners ETF		—		—
Oil Services ETF		1,499,273,906		1,741,634,387
Rare Earth/Strategic Metals ETF		41,572,323		9,368,590
Solar Energy ETF		—		—
Steel ETF		77,821,540		39,060,408
Unconventional Oil & Gas ETF		7,617,409		10,942,826
Uranium+Nuclear Energy ETF		—		4,748,201

The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

Note 7—Concentration of Risk—The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective by investing in a portfolio of securities that generally replicates the Funds’ index. Each of the Funds (except for Natural Resources ETF) is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. 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. 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.

At June 30, 2016, the Adviser owned 2,500 shares of Gold Miners ETF.

VANECK VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

collateral outstanding at June 30, 2016 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.

The following table presents the amount of repurchase agreements held as collateral by type of security on loan pledged as of June 30, 2016:

	Gross Amount of Recognized Liabilities for Securities Loaned in the Statements of Assets and Liabilities*
Fund	Equity Securities
Agribusiness ETF	$	126,684,168
Global Alternative Energy ETF		18,303,955
Gold Miners ETF		58,578,509
Junior Gold Miners ETF		234,818,500
Natural Resources ETF		7,875,960
Oil Refiners ETF		52,813
Oil Services ETF		212,737,921
Rare Earth/Strategic Metals ETF		6,094,157
Solar Energy ETF		3,437,003
Steel ETF		29,203,110
Unconventional Oil & Gas ETF		2,768,933
Uranium+Nuclear Energy ETF		88,901

*	Remaining contractual maturity of the agreements: overnight and continuous

Note 10—Share Split—Effective February 14, 2012, the Board of Trustees of the Trust approved a 3 for 1 share split for the Oil Services ETF. Fund shares began trading on a split-adjusted basis on February 14, 2012. The Financial Highlights for the Oil Services ETF prior to February 14, 2012 have been adjusted to reflect the 3 for 1 share split.

On July 2, 2012, the Board of Trustees of the Trust approved a 1 for 15 reverse share split for Solar Energy ETF. Fund shares began trading on a split-adjusted basis on July 2, 2012. The Financial Highlights for Solar Energy ETF prior to July 2, 2012 have been adjusted to reflect the 1 for 15 reverse share split.

On July 1, 2013, the Board of Trustees of the Trust approved a 1 for 3 reverse share split for Global Alternative Energy ETF and Uranium+Nuclear Energy ETF, and 1 for 4 reverse share split for Junior Gold Miners ETF and Rare Earth/Strategic Metals ETF. Fund shares began trading on a split-adjusted basis on July 1, 2013. The Financial Highlights prior to July 1, 2013 for the respective Funds have been adjusted to reflect the reverse share splits.

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate			Outstanding Loan Balance as of June 30, 2016
Agribusiness ETF		179	$	2,546,553		1.77	%	$	1,864,453
Coal ETF		39		286,132		1.77			—
Global Alternative Energy ETF		152		249,779		1.77			218,912
Gold Miners ETF		44		2,922,223		1.76			—
Junior Gold Miners ETF		153		12,955,825		1.77			4,039,250
Natural Resources ETF		112		386,359		1.76			496,059
Oil Services ETF		138		1,578,208		1.77			3,062,106
Rare Earth/Strategic Metals ETF		105		367,823		1.77			56,330
Solar Energy ETF		7		243,639		1.77			—
Steel ETF		79		288,134		1.77			—
Unconventional Oil & Gas ETF		12		96,334		1.76			—
Uranium+Nuclear Energy ETF		94		203,344		1.76			178,342

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

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2016 (unaudited)

12/31 Equity Funds

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

VANECK VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

June 30, 2016 (unaudited) (continued)

DPUT and LFCM

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

In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2016. At that meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser and its affiliates at the Renewal Meeting and the May 10, 2016 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 and its affiliates, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. In evaluating the terms of the Investment Management Agreement at each Meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding interest expense, offering costs, trading expenses, taxes, accrued deferred tax liability and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios.

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

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

This report is intended for the Funds’ shareholders. It 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. An investor should consider the investment objective, risks, and charges and expenses of each Fund carefully before investing. The prospectus and summary prospectus contains this and other information about the investment company. 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 http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Fund’s complete schedule of portfolio holdings is also available by calling 800.826.2333 or by visiting vaneck.com.


Investment Adviser:	Van Eck Associates Corporation
Distributor:	Van Eck Securities Corporation
	666 Third Avenue, New York, NY 10017
	vaneck.com
Account Assistance:	800.826.2333	HASAR


Item 2. CODE OF ETHICS.

  Not applicable.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

  Not applicable.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

  Not applicable.


Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

     Not applicable.

Item 6. SCHEDULE OF INVESTMENTS.

     Information included in Item 1.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
        MANAGEMENT INVESTMENT COMPANIES.

     Not applicable.

Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

     Not applicable.

Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
        COMPANY AND AFFILIATED PURCHASERS.

     Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     Not applicable.

Item 11. CONTROLS AND PROCEDURES.

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

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


Item 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) A separate certification for each principal executive officer and
       principal financial officer of the registrant as required by Rule 30a-2(a)
       under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.

(b)  Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
     furnished as Exhibit 99.906CERT.



                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK VECTORS ETF TRUST

By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
                         ---------------------------------------------------------
Date September 5, 2016
     ------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title) /s/ Jan F. van Eck, Chief Executive Officer
                        --------------------------------------------
Date September 5, 2016
     ------------------

By (Signature and Title)  /s/ John J. Crimmins, Treasurer & Chief Financial Officer
                        -----------------------------------------------------------

Date September 5, 2016
     ------------------