Edgar Filing: VanEck Vectors ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

VANECK VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

666 Third Avenue, New York, N.Y.		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

VanEck Vectors ETF Trust

666 Third Avenue

New York, N.Y. 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:	September 30, 2016

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1 -5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N -Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%

Australia: 3.7%
	4,295,317	Incitec Pivot Ltd. #	$	9,334,306
	529,406	Nufarm Ltd. #		3,823,957
	2,071,934	Treasury Wine Estates Ltd. #		17,581,566
				30,739,829
Canada: 8.1%
	356,287	Agrium, Inc. (USD)		32,311,668
	2,197,001	Potash Corp. of Saskatchewan, Inc. (USD)		35,855,056
				68,166,724
Chile: 0.5%
	161,090	Sociedad Quimica y Minera de Chile SA (ADR)		4,333,321
China / Hong Kong: 1.0%
	11,881,000	China Huishan Dairy Holdings Co. Ltd. † #		4,448,532
	6,846,000	Goldin Financial Holdings Ltd. * #		3,907,166
				8,355,698
Denmark: 0.6%
	129,170	Bakkafrost P/F (NOK) #		5,405,315
Germany: 1.4%
	624,717	K+S AG † #		11,867,308
Indonesia: 0.8%
	23,549,700	Charoen Pokphand Indonesia Tbk PT #		6,343,981
Israel: 0.8%
	1,666,108	Israel Chemicals Ltd. (USD) †		6,497,821
Japan: 6.8%
	2,915,130	Kubota Corp. #		44,182,993
	546,000	Nippon Meat Packers, Inc. #		13,208,180
				57,391,173
Malaysia: 3.1%
	5,246,300	Felda Global Ventures Holdings Bhd #		2,973,809
	8,619,455	IOI Corp. Bhd #		9,287,562
	1,251,870	Kuala Lumpur Kepong Bhd #		7,270,187
	1,664,900	PPB Group Bhd #		6,522,091
				26,053,649
Netherlands: 0.3%
	164,742	OCI NV * † #		2,428,937
Norway: 4.2%
	1,087,098	Marine Harvest ASA (ADR) †		19,480,796
	463,718	Yara International ASA #		15,456,928
				34,937,724
Russia: 0.9%
	418,495	PhosAgro OAO (GDR) Reg S		5,398,585
	766,637	Uralkali PJSC * #		2,168,207
				7,566,792
Singapore: 2.6%
	1,602,800	First Resources Ltd. #		2,157,553
	16,210,545	Golden Agri-Resources Ltd. #		4,239,341
	6,596,551	Wilmar International Ltd. #		15,664,318
				22,061,212
South Africa: 0.3%
	242,549	Tongaat Hulett Ltd.		2,082,204
South Korea: 0.5%
	105,694	Komipharm International Co. Ltd. * #		4,144,660
Switzerland: 8.1%
	778,862	Syngenta AG (ADR) †		68,228,311
Taiwan: 0.4%
	2,330,000	Taiwan Fertilizer Co. Ltd. #		3,128,460
Thailand: 1.7%
	15,921,636	Charoen Pokphand Foods (NVDR) #		14,635,772
Ukraine: 0.2%
	117,037	Kernel Holding SA #		1,808,747
United Kingdom: 2.5%
	2,844,019	CNH Industrial NV (USD) †		20,533,817
United States: 51.5%
	150,910	AGCO Corp.		7,442,881
	69,953	Andersons, Inc.		2,530,900
	1,175,194	Archer-Daniels-Midland Co.		49,557,931
	62,968	Balchem Corp.		4,881,909
	386,848	Bunge Ltd.		22,913,007
	540,254	CF Industries Holdings, Inc.		13,155,185
	667,020	Deere & Co. †		56,930,157
	253,312	FMC Corp.		12,245,102
	172,430	IDEXX Laboratories, Inc. *		19,438,034
	647,237	Monsanto Co.		66,147,621
	845,830	Mosaic Co. †		20,689,002
	85,973	Neogen Corp. *		4,809,330
	191,066	Pilgrim’s Pride Corp.		4,035,314
	53,061	Sanderson Farms, Inc. †		5,111,366
	281,864	Toro Co.		13,202,510
	322,842	Tractor Supply Co.		21,743,409
	629,929	Tyson Foods, Inc.		47,036,798
	1,159,763	Zoetis, Inc.		60,319,274
				432,189,730
Total Common Stocks (Cost: $924,885,338)				838,901,185

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.5%

Repurchase Agreements: 5.5%
$	11,023,296	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $11,023,774; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $11,243,762 including accrued interest)		11,023,296
	11,023,296	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $11,023,774; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $11,243,762 including accrued interest)		11,023,296
	11,023,296	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $11,023,719; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $11,243,800 including accrued interest)		11,023,296
	2,320,085	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $2,320,182; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $2,366,487 including accrued interest)		2,320,085
	11,023,296	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $11,023,774; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $11,243,762 including accrued interest)		11,023,296
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $46,413,269)				46,413,269
Total Investments: 105.5% (Cost: $971,298,607)				885,314,454
Liabilities in excess of other assets: (5.5)%				(46,165,949	)
NET ASSETS: 100.0%			$	839,148,505

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 $45,491,689.
#	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 $211,989,876 which represents 25.3% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		2.6	%	$	21,743,409
Consumer Staples		31.5			264,295,270
Financials		0.5			3,907,166
Health Care		10.6			88,711,298
Industrials		16.9			142,292,358
Materials		37.9			317,951,684
		100.0	%	$	838,901,185

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	30,739,829	$	—	$	30,739,829
Canada		68,166,724		—		—		68,166,724
Chile		4,333,321		—		—		4,333,321
China / Hong Kong		—		8,355,698		—		8,355,698
Denmark		—		5,405,315		—		5,405,315
Germany		—		11,867,308		—		11,867,308
Indonesia		—		6,343,981		—		6,343,981
Israel		6,497,821		—		—		6,497,821
Japan		—		57,391,173		—		57,391,173
Malaysia		—		26,053,649		—		26,053,649
Netherlands		—		2,428,937		—		2,428,937
Norway		19,480,796		15,456,928		—		34,937,724
Russia		5,398,585		2,168,207		—		7,566,792
Singapore		—		22,061,212		—		22,061,212
South Africa		2,082,204		—		—		2,082,204
South Korea		—		4,144,660		—		4,144,660
Switzerland		68,228,311		—		—		68,228,311
Taiwan		—		3,128,460		—		3,128,460
Thailand		—		14,635,772		—		14,635,772
Ukraine		—		1,808,747		—		1,808,747
United Kingdom		20,533,817		—		—		20,533,817
United States		432,189,730		—		—		432,189,730
Repurchase Agreements		—		46,413,269		—		46,413,269
Total	$	626,911,309	$	258,403,145	$	—	$	885,314,454

During the period ended September 30, 2016, transfers of securities from Level 2 to Level 1 were $ 5,492,880. 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 Schedule of Investments.

See Notes to Schedules of Investments

COAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 98.7%

Australia: 17.2%
	1,965,602	Aurizon Holdings Ltd. #	$	7,105,989
	290,511	Washington H Soul Pattinson & Co. Ltd. #		3,587,151
	2,321,343	Whitehaven Coal Ltd. * #		4,402,825
				15,095,965
Canada: 12.5%
	390,420	Teck Cominco Ltd. (USD)		7,039,273
	215,704	Westshore Terminals Investment Corp.		3,914,430
				10,953,703
China / Hong Kong: 19.9%
	7,700,095	China Coal Energy Co. Ltd. * #		4,191,496
	3,143,408	China Shenhua Energy Co. Ltd. #		6,213,248
	10,680,067	Fushan International Energy Group Ltd. #		2,423,693
	29,780,000	National United Resources Holdings Ltd. * # §		408,921
	6,232,000	Yanzhou Coal Mining Co. Ltd. #		4,225,356
				17,462,714
Indonesia: 15.4%
	48,296,115	Adaro Energy Tbk PT #		4,481,705
	1,787,452	Indo Tambangraya Megah Tbk PT #		1,497,731
	3,267,700	Tambang Batubara Bukit Asam Tbk PT #		2,419,490
	3,800,000	United Tractors Tbk PT #		5,177,217
				13,576,143
Philippines: 4.1%
	1,552,610	Semirara Mining and Power Corp. #		3,651,744
Poland: 5.6%
	288,182	Jastrzebska Spolka Weglowa SA * #		3,977,840
	63,078	Lubelski Wegiel Bogdanka SA *		937,101
				4,914,941
Russia: 0.7%
	690,381	Raspadskaya OJSC * #		592,683
South Africa: 4.6%
	661,472	Exxaro Resources Ltd. #		4,058,010
South Korea: 1.1%
	697,024	Kiwi Media Group * #		1,013,488
Thailand: 4.3%
	8,273,900	Banpu PCL (NVDR) #		3,759,461
United States: 13.3%
	227,437	Cloud Peak Energy, Inc. *		1,237,257
	224,355	Consol Energy, Inc.		4,307,616
	49,998	FreightCar America, Inc.		718,971
	136,816	Joy Global, Inc.		3,795,276
	203,033	SunCoke Energy, Inc.		1,628,325
				11,687,445
Total Common Stocks (Cost: $92,444,368)				86,766,297
RIGHTS: 0.0% (Cost: $114,311)
Thailand: 0.0%
	284,936	Banpu Power PCL Rights (THB 21.00, expiring 08/26/17) * #		0
WARRANTS: 0.9% (Cost: $0)
Thailand: 0.9%
	2,576,100	Banpu PCL 06/05/17 Warrants (THB 5.00, expiring 06/05/17) * #		783,523
MONEY MARKET FUND: 0.2% (Cost: $144,715)
	144,715	Dreyfus Government Cash Management Fund		144,715
Total Investments: 99.8% (Cost: $92,703,394)				87,694,535
Other assets less liabilities: 0.2%				169,067
NET ASSETS: 100.0%			$	87,863,602

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 $63,971,571 which represents 72.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $408,921 which represents 0.5% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Energy		63.8			55,944,419
Industrials		18.2			15,943,587
Materials		17.8			15,661,814
Money Market Fund		0.2			144,715
		100.0	%	$	87,694,535

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	15,095,965	$	—	$	15,095,965
Canada		10,953,703		—		—		10,953,703
China / Hong Kong		—		17,462,714		—		17,462,714
Indonesia		—		13,576,143		—		13,576,143
Philippines		—		3,651,744		—		3,651,744
Poland		937,101		3,977,840		—		4,914,941
Russia		—		592,683		—		592,683
South Africa		—		4,058,010		—		4,058,010
South Korea		—		1,013,488		—		1,013,488
Thailand		—		3,759,461		—		3,759,461
United States		11,687,445		—		—		11,687,445
Rights
Thailand		—		0		—		0
Warrants
Thailand		—		783,523		—		783,523
Money Market Fund		144,715		—		—		144,715
Total	$	23,722,964	$	63,971,571	$	—	$	87,694,535

During the period ended September 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 Schedule of Investments.

See Notes to Schedules of Investments

GLOBAL ALTERNATIVE ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%

Austria: 1.1%
	53,710	Verbund - Oesterreichische Elektrizis AG #	$	896,168
Brazil: 1.8%
	213,454	Cosan Ltd. (Class A) (USD)		1,526,196
Canada: 0.9%
	57,643	Canadian Solar, Inc. (USD) * †		792,015
China / Hong Kong: 11.1%
	1,390,000	China High Speed Transmission Equipment Group Co. Ltd. # §		1,413,526
	4,079,000	China Longyuan Power Group Corp. Ltd. #		3,342,483
	16,043,600	GCL-Poly Energy Holdings Ltd. † #		2,150,677
	41,238	JinkoSolar Holding Co. Ltd. (ADR) * †		651,560
	88,470	Trina Solar Ltd. (ADR) * †		905,933
	615,200	Xinjiang Goldwind Science & Technology Co. Ltd. † #		926,327
				9,390,506
Denmark: 9.7%
	99,796	Vestas Wind Systems A/S #		8,245,932
Germany: 2.8%
	61,223	Nordex SE * † #		1,866,504
	17,338	SMA Solar Technology AG † #		554,409
				2,420,913
Japan: 4.0%
	141,704	Kurita Water Industries Ltd. #		3,371,733
Spain: 10.4%
	256,422	EDP Renovaveis SA #		2,058,343
	280,815	Gamesa Corp. Tecnologica SA #		6,730,972
				8,789,315
Sweden: 4.9%
	465,531	Nibe Industrier AB #		4,150,284
United States: 53.3%
	36,700	Badger Meter, Inc.		1,229,817
	154,952	Covanta Holding Corp. †		2,384,711
	131,206	Cree, Inc. * †		3,374,618
	128,573	Eaton Corp. Plc		8,448,532
	56,133	EnerSys, Inc.		3,883,842
	98,737	First Solar, Inc. * †		3,899,124
	50,581	Franklin Electric Co., Inc.		2,059,153
	46,645	Green Plains Renewable Energy, Inc.		1,222,099
	48,547	Itron, Inc. *		2,706,981
	51,814	Ormat Technologies, Inc.		2,508,316
	36,530	Power Integrations, Inc.		2,302,486
	88,970	Solarcity Corp. * †		1,740,253
	76,918	Sunpower Corp. * †		686,109
	43,049	Tesla Motors, Inc. * †		8,783,288
				45,229,329
Total Common Stocks (Cost: $86,016,218)				84,812,391
MONEY MARKET FUND: 0.0% (Cost: $15,272)
	15,272	Dreyfus Government Cash Management Fund		15,272
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $86,031,490)				84,827,663

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 28.8%

Repurchase Agreements: 28.8%
$	5,801,191	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $5,801,442; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $5,917,215 including accrued interest)		5,801,191
	5,801,191	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $5,801,442; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $5,917,215 including accrued interest)		5,801,191
	5,801,191	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $5,801,413; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $5,917,235 including accrued interest)		5,801,191
	1,220,981	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $1,221,032; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $1,245,401 including accrued interest)		1,220,981
	5,801,191	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $5,801,442; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $5,917,215 including accrued interest)		5,801,191
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $24,425,745)				24,425,745
Total Investments: 128.8% (Cost: $110,457,235)				109,253,408
Liabilities in excess of other assets: (28.8)%				(24,416,869	)
NET ASSETS: 100.0%			$	84,836,539

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 $23,718,948.
#	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 $35,707,358 which represents 42.1% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,413,526 which represents 1.7% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		10.4	%	$	8,783,288
Energy		3.2			2,748,295
Industrials		53.3			45,221,769
Information Technology		22.7			19,253,729
Utilities		10.4			8,805,310
Money Market Fund		0.0			15,272
		100.0	%	$	84,827,663

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	896,168	$	—	$	896,168
Brazil		1,526,196		—		—		1,526,196
Canada		792,015		—		—		792,015
China / Hong Kong		1,557,493		7,833,013		—		9,390,506
Denmark		—		8,245,932		—		8,245,932
Germany		—		2,420,913		—		2,420,913
Japan		—		3,371,733		—		3,371,733
Spain		—		8,789,315		—		8,789,315
Sweden		—		4,150,284		—		4,150,284
United States		45,229,329		—		—		45,229,329
Money Market Fund		15,272		—		—		15,272
Repurchase Agreements		—		24,425,745		—		24,425,745
Total	$	49,120,305	$	60,133,103	$	—	$	109,253,408

During the period ended September 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 Schedule of Investments.

See Notes to Schedules of Investments

GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%

Australia: 12.6%
	93,094,809	Evolution Mining Ltd. ‡ #	$	177,036,881
	33,536,085	Independence Group NL ‡ #		108,261,264
	36,775,410	Newcrest Mining Ltd. #		620,693,427
	34,327,542	Northern Star Resources Ltd. ‡ #		121,629,212
	34,794,935	OceanaGold Corp. ‡ † #		108,339,156
	28,584,990	Regis Resources Ltd. ‡ #		83,817,771
	37,664,384	Resolute Mining Ltd. ‡ #		56,081,933
	46,083,399	Saracen Mineral Holdings Ltd. ‡ * #		50,460,462
	28,427,794	St. Barbara Ltd. ‡ * #		68,942,777
				1,395,262,883
Canada: 53.1%
	10,876,720	Agnico-Eagle Mines Ltd. (USD)		589,300,690
	15,222,597	Alamos Gold, Inc. (USD) ‡ †		124,825,295
	11,262,540	Asanko Gold, Inc. (USD) ‡ *		47,302,668
	54,614,533	B2GOLD Corp. (USD) ‡ * †		143,636,222
	55,909,812	Barrick Gold Corp. (USD)		990,721,869
	15,353,974	Centerra Gold, Inc. ‡ †		83,998,534
	9,997,660	Detour Gold Corp. ‡ *		217,107,260
	40,960,701	Eldorado Gold Corp. (USD) ‡		160,975,555
	9,351,651	First Majestic Silver Corp. (USD) ‡ * †		96,322,005
	8,306,996	Fortuna Silver Mines, Inc. ‡ *		60,109,973
	8,505,647	Franco-Nevada Corp. (USD) †		594,289,556
	40,944,102	Goldcorp, Inc. (USD)		676,396,565
	9,670,891	Guyana Goldfields, Inc. ‡ *		60,266,005
	25,760,421	IAMGOLD Corp. (USD) ‡ *		104,329,705
	71,149,673	Kinross Gold Corp. (USD) ‡ *		299,540,123
	6,708,630	Kirkland Lake Gold, Inc. ‡ *		50,790,085
	9,669,394	Klondex Mines Ltd. (USD) ‡ *		55,599,016
	17,058,672	McEwen Mining, Inc. (USD) ‡ †		62,605,326
	29,314,728	New Gold, Inc. (USD) ‡ *		127,519,067
	6,089,670	Osisko Gold Royalties Ltd. ‡		66,538,072
	8,699,305	Pan American Silver Corp. (USD) ‡ †		153,281,754
	8,597,100	Sandstorm Gold Ltd. (USD) ‡ * †		43,243,413
	18,537,566	Semafo, Inc. ‡ *		77,013,590
	6,804,010	Silver Standard Resources, Inc. (USD) ‡ * †		82,056,361
	21,120,296	Silver Wheaton Corp. (USD)		570,881,601
	4,525,813	Torex Gold Resources, Inc. ‡ *		97,730,700
	54,161,729	Yamana Gold, Inc. (USD) ‡		233,437,052
				5,869,818,062
China / Hong Kong: 1.4%
	49,987,000	Zhaojin Mining Industry Co. Ltd. ‡ † #		50,200,671
	328,166,000	Zijin Mining Group Ltd. ‡ #		105,163,664
				155,364,335
Monaco: 0.9%
	5,298,919	Endeavour Mining Corp. (CAD) ‡ *		102,732,704
Peru: 2.0%
	15,755,580	Cia de Minas Buenaventura SA (ADR) ‡ *		218,057,227
South Africa: 7.9%
	23,421,393	AngloGold Ashanti Ltd. (ADR) ‡ *		372,868,577
	46,959,344	Gold Fields Ltd. (ADR) ‡ †		227,752,818
	24,996,289	Harmony Gold Mining Co. Ltd. (USD) ‡ †		87,237,049
	13,202,801	Sibanye Gold Ltd. (ADR) ‡ †		186,555,578
				874,414,022
United Kingdom: 5.8%
	65,855,359	Cenatamin Plc ‡ #		126,770,858
	5,104,941	Randgold Resources Ltd. (ADR) ‡ †		510,851,446
				637,622,304
United States: 16.3%
	16,687,504	Alacer Gold Corp. (CAD) ‡ *		41,647,337
	9,280,774	Coeur Mining, Inc. Corp. ‡ * †		109,791,556
	22,089,902	Hecla Mining Co. ‡ †		125,912,441
	25,456,621	Newmont Mining Corp.		1,000,190,639
	3,752,504	Royal Gold, Inc. ‡ †		290,556,385
	17,773,349	Tahoe Resources, Inc. ‡ †		228,032,068
				1,796,130,426
Total Common Stocks (Cost: $10,341,772,473)				11,049,401,963

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.1%

Repurchase Agreements: 1.1%
$	29,165,486	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $29,166,750; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $29,748,796 including accrued interest)		29,165,486
	29,165,486	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $29,166,750; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $29,748,796 including accrued interest)		29,165,486
	29,168,574	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $29,169,692; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $29,752,045 including accrued interest)		29,168,574
	6,135,307	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $6,135,563; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $6,258,013 including accrued interest)		6,135,307
	29,165,486	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $29,166,750; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $29,748,796 including accrued interest)		29,165,486
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $122,800,339)				122,800,339
Total Investments: 101.1% (Cost: $10,464,572,812)				11,172,202,302
Liabilities in excess of other assets: (1.1)%				(118,565,877	)
NET ASSETS: 100.0%			$	11,053,636,425

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 $115,595,197.
#	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 $1,677,398,076 which represents 15.2% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Metals & Mining		1.0	%	$	108,261,264
Gold		88.9			9,824,841,369
Silver		10.1			1,116,299,330
		100.0	%	$	11,049,401,963

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

Affiliates	Value 12/31/15			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/16
Alacer Gold Corp.	$	33,672,921		$	25,818,630	$	(28,698,397	)	$	(6,424,290	)	$	—	$	41,647,337
Alamos Gold, Inc.		54,918,549			66,956,980		(71,994,012	)		6,997,742			137,668		124,825,295
AngloGold Ashanti Ltd.		187,853,752			224,989,164		(255,752,872	)		(135,786,712	)		—		372,868,577
Asanko Gold, Inc.		—			48,935,318		(1,525,347	)		(27,843	)		—		47,302,668
B2GOLD Corp.		61,483,463			76,692,912		(74,613,038	)		(4,820,863	)		—		143,636,222
Cenatamin Plc		70,939,054			70,889,894		(76,047,178	)		15,062,966			2,393,210		126,770,858
Centerra Gold, Inc.		72,984,295			58,283,292		(56,309,970	)		(1,988,107	)		1,214,076		83,998,534
Cia de Minas Buenaventura SA		70,955,167			99,237,695		(82,954,507	)		(52,153,825	)		—		218,057,227
Coeur Mining, Inc.		—			98,448,410		(3,643,361	)		979,714			—		109,791,556
Detour Gold Corp.		115,259,336			134,380,195		(144,947,274	)		34,376,527			—		217,107,260
Eldorado Gold Corp.		138,401,911			103,222,028		(119,768,537	)		(106,102,316	)		—		160,975,555
Endeavour Mining Corp.		—			89,459,050		(2,805,320	)		287,645			—		102,732,704
Evolution Mining Ltd.		96,237,854			100,929,759		(97,966,917	)		17,390,786			1,789,186		177,036,881
First Majestic Silver Corp.		—			109,148,420		(39,679,773	)		8,425,480			—		96,322,005
Fortuna Silver Mines, Inc.		—			57,924,365		(2,013,538	)		462,100			—		60,109,973
Gold Fields Ltd.		140,168,723			138,083,407		(140,265,906	)		(40,467,933	)		2,148,479		227,752,818
G-Resources Group Ltd.		41,016,138			8,791,697		(43,067,336	)		(23,179,851	)		—		—
Guyana Goldfields, Inc.		—			71,395,240		(2,042,318	)		(36,270	)		—		60,266,005
Harmony Gold Mining Co. Ltd.		—			133,072,828		(37,744,668	)		(1,397,195	)		832,276		87,237,049
Hecla Mining Co.		46,472,985			61,485,863		(59,230,303	)		(7,279,764	)		157,299		125,912,441
IAMGOLD Corp.		36,143,902			60,481,175		(49,472,186	)		(22,890,355	)		—		104,329,705
Independence Group NL		—			88,962,388		(2,894,821	)		526,686			410,313		108,261,264
Kinross Gold Corp.		135,689,716			189,512,953		(192,322,710	)		(141,666,113	)		—		299,540,123
Kirkland Lake Gold, Inc.		—			71,658,947		(22,201,525	)		1,004,068			—		50,790,085
Klondex Mines Ltd.		—			52,493,341		—			—			—		55,599,016
McEwen Mining, Inc.		—			61,023,497		(2,431,438	)		538,915			72,519		62,605,326
New Gold, Inc.		76,818,007			81,158,185		(90,011,241	)		(54,152,756	)		—		127,519,067
Northern Star Resources Ltd.		79,223,331			70,053,868		(85,392,927	)		19,028,501			1,816,362		121,629,212
OceanaGold Corp.		76,440,254			72,840,177		(83,150,741	)		10,038,184			1,534,606		108,339,156
Osisko Gold Royalties Ltd.		60,400,833			46,621,880		(46,999,469	)		(2,242,009	)		513,877		66,538,072
Pan American Silver Corp.		64,109,994			81,455,431		(85,520,469	)		(1,396,429	)		324,154		153,281,754
Randgold Resources Ltd.		—	(a)		280,067,232		(130,365,620	)		18,263,942			2,164,496		510,851,446
Regis Resources Ltd.		55,027,961			45,265,527		(49,019,309	)		5,247,910			2,645,912		83,817,771
Resolute Mining Ltd.		—			60,133,988		—			—			466,769		56,081,933
Royal Gold, Inc.		155,681,349			152,774,659		(168,176,596	)		(21,461,891	)		3,384,056		290,556,385
Sandstorm Gold Ltd.		—			47,077,521		—			—			—		43,243,413
Saracen Mineral Holdings Ltd.		—			51,318,672		(1,871,261	)		229,548			—		50,460,462
Semafo, Inc.		48,355,408			48,279,509		(47,036,303	)		3,018,588			—		77,013,590
Sibanye Gold Ltd.		90,706,299			121,059,735		(139,711,137	)		32,527,882			6,596,470		186,555,578
Silver Standard Resources, Inc.		—			82,926,637		(3,116,733	)		529,973			—		82,056,361
St. Barbara Ltd.		—			79,408,558		(24,338,435	)		1,074,677			—		68,942,777
Tahoe Resources, Inc.		128,072,018			129,578,251		(80,044,399	)		(2,797,780	)		2,545,035		228,032,068
Torex Gold Resources, Inc.		—			84,680,300		(2,878,012	)		409,416			—		97,730,700
Yamana Gold, Inc.		114,499,902			145,771,889		(162,658,455	)		(224,059,434	)		753,586		233,437,052
Zhaojin Mining Industry Co. Ltd.		32,224,294			30,481,773		(35,332,825	)		3,138,625			314,472		50,200,671
Zijin Mining Group Ltd.		98,209,214			70,160,793		(83,484,295	)		5,202,025			2,448,469		105,163,664
	$	2,381,966,630		$	4,083,392,033	$	(2,929,501,479	)	$	(665,569,836	)	$	34,663,290	$	6,006,927,616

(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 September 30, 2016 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	1,395,262,883	$	—	$	1,395,262,883
Canada		5,869,818,062		—		—		5,869,818,062
China / Hong Kong		—		155,364,335		—		155,364,335
Monaco		102,732,704		—		—		102,732,704
Peru		218,057,227		—		—		218,057,227
South Africa		874,414,022		—		—		874,414,022
United Kingdom		510,851,446		126,770,858		—		637,622,304
United States		1,796,130,426		—		—		1,796,130,426
Repurchase Agreements		—		122,800,339		—		122,800,339
Total	$	9,372,003,887	$	1,800,198,415	$	—	$	11,172,202,302

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

See Notes to Schedules of Investments

JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 95.7%

Australia: 14.2%
	137,515,803	Beadell Resources Ltd. ‡ * † #	$	43,688,951
	37,661,396	Independence Group NL ‡ † #		121,578,602
	56,544,764	Regis Resources Ltd. ‡ #		165,802,265
	66,727,804	Resolute Mining Ltd. ‡ † #		99,357,107
	76,399,946	Saracen Mineral Holdings Ltd. ‡ * #		83,656,515
	58,772,565	St. Barbara Ltd. ‡ * #		142,534,586
				656,618,026
Canada: 67.5%
	28,096,318	Alamos Gold, Inc. (USD) ‡		230,389,808
	20,864,131	Argonaut Gold, Inc. ‡ *		54,769,832
	23,666,096	Asanko Gold, Inc. ‡ *		99,040,158
	42,760,414	B2Gold Corp. (USD) ‡ *		112,459,889
	25,333,922	Centerra Gold, Inc. ‡ †		138,596,842
	18,594,965	Continental Gold, Inc. ‡ * †		56,594,910
	15,459,290	Dundee Precious Metals, Inc. ‡ * †		38,111,546
	19,728,832	Endeavour Silver Corp. (USD) ‡ * †		101,208,908
	16,830,828	Fortuna Silver Mines, Inc. (USD) ‡ *		121,855,195
	17,421,578	Guyana Goldfields, Inc. ‡ * †		108,565,892
	48,523,352	IAMGOLD Corp. (USD) ‡ *		196,519,576
	12,884,136	Kirkland Lake Gold, Inc. ‡ *		97,543,963
	7,055,925	MAG Silver Corp. ‡ *		106,140,869
	31,560,723	McEwen Mining, Inc. (USD) ‡ †		115,827,853
	20,661,207	Newmarket Gold, Inc. ‡ *		74,045,490
	24,860,663	Novagold Resources, Inc. (USD) ‡ * †		139,219,713
	12,529,356	Osisko Gold Royalties Ltd. ‡		136,900,553
	20,106,603	Premier Gold Mines Ltd. ‡ * †		61,807,629
	22,329,515	Pretium Resources, Inc. (USD) ‡ * †		229,324,119
	22,505,475	Primero Mining Corp. (USD) ‡ * †		37,359,088
	8,350,731	Richmont Mines, Inc. (USD) ‡ *		83,924,846
	18,420,056	Sandstorm Gold Ltd. (USD) ‡ * †		92,652,882
	6,122,680	Seabridge Gold, Inc. (USD) ‡ * †		67,533,160
	31,825,698	Semafo, Inc. ‡ *		132,218,612
	15,006,611	Silver Standard Resources, Inc. (USD) ‡ * †		180,979,729
	25,378,331	Silvercorp Metals, Inc. ‡ * †		80,909,421
	1,774,754	Sulliden Mining Capital, Inc. ‡ *		540,157
	52,292,320	Teranga Gold Corp. ‡ * †		46,552,798
	8,423,494	Torex Gold Resources, Inc. ‡ *		181,897,477
				3,123,490,915
China / Hong Kong: 3.0%
	37,481,339	China Gold International Resources Corp. Ltd. (CAD) ‡ * †		91,546,584
	1,328,428,000	China Precious Metal Resources Holdings Co. Ltd. ‡ * † #		42,872,053
	19,287,400	Real Gold Mining Ltd. * # §		1,880,534
				136,299,171
Monaco: 3.5%
	8,297,349	Endeavour Mining Corp. (CAD) ‡ *		160,864,716
South Africa: 2.8%
	37,655,415	Harmony Gold Mining Co. Ltd. (USD) ‡ †		131,417,398
Turkey: 0.9%
	7,724,493	Koza Altin Isletmeleri AS ‡ * #		43,578,564
United Kingdom: 0.9%
	19,218,796	Highland Gold Mining Ltd. ‡ #		39,187,247
	38,603,767	Patagonia Gold Plc * #		1,301,948
				40,489,195
United States: 2.9%
	29,279,226	Alacer Gold Corp. (CAD) ‡ *		73,072,750
	8,429,673	Gold Resource Corp. ‡ †		62,548,174
				135,620,924
Total Common Stocks (Cost: $3,737,471,096)				4,428,378,909
EXCHANGE TRADED FUND: 4.5% (Cost: $204,570,616)
	7,898,158	VanEck Vectors Gold Miners ETF		208,748,316
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $3,942,041,712)				4,637,127,225

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.9%

Repurchase Agreements: 4.9%
$	53,757,803	Repurchase agreement dated 9/30/16 with BNP Paribas Securities Corp., 0.48%, due 10/3/16, proceeds $53,759,953; (collateralized by various U.S. government and agency obligations, 0.00% to 6.25%, due 10/14/16 to 9/9/49, valued at $54,832,959 including accrued interest)		53,757,803
	46,967,078	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $46,969,113; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $47,906,420 including accrued interest)		46,967,078
	53,657,984	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $53,660,309; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $54,731,144 including accrued interest)		53,657,984
	17,884,592	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $17,885,278; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $18,242,345 including accrued interest)		17,884,592
	53,657,984	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $53,660,309; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $54,731,144 including accrued interest)		53,657,984
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $225,925,441)				225,925,441
Total Investments: 105.1% (Cost: $4,167,967,153)				4,863,052,666
Liabilities in excess of other assets: (5.1)%				(235,532,991	)
NET ASSETS: 100.0%			$	4,627,519,675

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 $209,966,039.
#	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 $785,438,372 which represents 17.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,880,534 which represents 0.0% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Diversified Metals & Mining		2.6	%	$	121,578,602
Exchange Traded Fund		4.5			208,748,316
Gold		83.2			3,858,034,211
Precious Metals & Minerals		0.8			38,651,703
Silver		8.9			410,114,393
		100.0	%	$	4,637,127,225

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

Affiliates	Value 12/31/15			Purchases		Sales Proceeds			Realized Gain (Loss)			Dividend Income		Value 09/30/16
Alacer Gold Corp.	$	—	(a)	$	43,263,380	$	(6,361,493	)	$	2,445		$	—	$	73,072,750
Alamos Gold, Inc.		52,823,141			138,765,773		(47,812,913	)		4,809,065			194,692		230,389,808
Argonaut Gold, Inc.		7,207,452			36,121,353		(3,673,140	)		(1,072,541	)		—		54,769,832
Asanko Gold, Inc.		16,909,125			55,177,572		(11,787,734	)		1,558,506			—		99,040,158
B2Gold Corp.		51,046,867			153,644,544		(190,148,811	)		58,228,530			—		—	(b)
Beadell Resources Ltd.		5,792,241			27,719,749		(5,453,424	)		(5,626,790	)		—		43,688,951
Cenatamin Plc		56,583,430			123,454,938		(227,235,158	)		49,190,178			3,604,992		—
Centerra Gold, Inc.		—			141,181,557		(2,064,242	)		(135,573	)		553,330		138,596,842
China Gold International Resources Corp. Ltd.		—	(a)		48,891,527		(9,892,999	)		(4,616,697	)		—		91,546,584
China Precious Metal Resources Holdings Co. Ltd.		10,849,757			36,819,952		(1,979,139	)		(1,293,125	)		—		42,872,053
Coeur Mining, Inc.		19,465,924			120,508,746		(236,622,228	)		79,240,202			—		—
Continental Gold, Inc.		—	(a)		36,578,370		(1,847,880	)		265,957			—		56,594,910
Dundee Precious Metals, Inc.		—	(a)		25,548,743		(2,457,753	)		(751,259	)		—		38,111,546
Endeavour Mining Corp.		21,268,267			86,336,753		(12,909,181	)		2,601,429			—		160,864,716
Endeavour Silver Corp.		10,272,697			59,167,312		(3,774,715	)		657,800			—		101,208,908
First Majestic Silver Corp.		36,854,087			121,890,013		(249,231,100	)		76,270,723			—		—
Fortuna Silver Mines, Inc.		18,387,950			84,761,174		(21,146,414	)		(1,707,565	)		—		121,855,195
Gold Resource Corp.		6,448,848			24,930,777		(2,484,577	)		(208,573	)		74,696		62,548,174
Guyana Goldfields, Inc.		—			72,862,465		(6,589,796	)		1,602,967			—		108,565,892
Harmony Gold Mining Co. Ltd.		—	(a)		78,832,931		(13,559,913	)		5,635,391			1,054,476		131,417,398
Hecla Mining Co.		41,429,378			119,279,772		(253,420,348	)		75,169,386			217,328		—
Highland Gold Mining Ltd.		—	(a)		17,863,580		(2,120,798	)		252,327			389,493		39,187,247
IAMGOLD Corp.		36,884,936			124,511,629		(32,576,111	)		(1,294,277	)		—		196,519,576
Independence Group NL		—			128,968,325		(32,454,747	)		(1,455,315	)		553,312		121,578,602
Kingsgate Consolidated Ltd.		4,038,167			21,535		(4,753,267	)		(7,527,655	)		—		—
Kirkland Lake Gold, Inc.		14,371,239			79,816,234		(6,623,007	)		1,794,489			—		97,543,963
Koza Altin Isletmeleri AS		—	(a)		26,798,644		(3,432,893	)		(867,592	)		—		43,578,564
Lake Shore Gold Corp.		24,696,622			13,278,123		(56,800,078	)		17,017,520			—		—
MAG Silver Corp.		—	(a)		66,287,542		(5,433,471	)		804,367			—		106,140,869
McEwen Mining, Inc.		15,101,226			66,004,212		(6,750,897	)		1,779,937			118,012		115,827,853
Newmarket Gold, Inc.		—			65,806,137		—			—			—		74,045,490
Northern Star Resources Ltd.		71,554,817			505,641		(102,577,415	)		61,189,581			—		—
Novagold Resources, Inc.		—	(a)		91,170,091		(22,632,496	)		2,591,662			—		139,219,713
OceanaGold Corp.		69,926,904			498,787		(105,255,735	)		29,627,694			1,464,785		—
Osisko Gold Royalties Ltd.		53,845,590			96,118,501		(11,283,224	)		145,721			865,610		136,900,553
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			38,633,061		(7,461,199	)		(1,698	)		—		61,807,629
Pretium Resources, Inc.		—	(a)		152,264,064		(9,558,224	)		1,285,525			—		229,324,119
Primero Mining Corp.		19,217,283			32,095,984		(5,670,571	)		(7,300,805	)		—		37,359,088
Regis Resources Ltd.		44,465,829			105,948,338		(27,478,145	)		1,449,090			4,381,677		165,802,265
Resolute Mining Ltd.		—	(a)		59,062,654		(7,479,082	)		1,563,343			845,247		99,357,107
Richmont Mines, Inc.		—			84,211,069		—			—			—		83,924,846
Sandstorm Gold Ltd.		22,137,120			55,609,047		(6,956,721	)		(613,590	)		—		92,652,882
Saracen Mineral Holdings Ltd.		19,708,944			50,153,866		(17,641,563	)		691,270			—		83,656,515
Seabridge Gold, Inc.		25,027,062			47,332,380		(9,219,452	)		982,385			—		67,533,160
Semafo, Inc.		40,838,743			84,051,503		(10,628,126	)		1,562,121			—		132,218,612
Silver Standard Resources, Inc.		29,701,462			134,140,215		(28,759,301	)		(1,911,567	)		—		180,979,729
Silvercorp Metals, Inc.		5,331,037			42,742,335		(5,267,657	)		214,707			—		80,909,421
St. Barbara Ltd.		—			129,228,661		(1,924,072	)		(150,477	)		—		142,534,586
Sulliden Mining Capital, Inc.		636,969			—		(583,924	)		(625,134	)		—		—	(b)
Teranga Gold Corp.		7,594,406			29,857,188		(2,126,648	)		386,132			—		46,552,798
Torex Gold Resources, Inc.		40,215,837			91,460,373		(11,465,713	)		1,850,440			—		181,897,477
	$	973,598,287		$	3,586,216,983	$	(2,013,592,529	)	$	493,335,477		$	14,534,155	$	4,312,196,381

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

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	656,618,026	$	—	$	656,618,026
Canada		3,123,490,915		—		—		3,123,490,915
China / Hong Kong		91,546,584		42,872,053		1,880,534		136,299,171
Monaco		160,864,716		—		—		160,864,716
South Africa		131,417,398		—		—		131,417,398
Turkey		—		43,578,564		—		43,578,564
United Kingdom		—		40,489,195		—		40,489,195
United States		135,620,924		—		—		135,620,924
Exchange Traded Fund		208,748,316		—		—		208,748,316
Repurchase Agreements		—		225,925,441		—		225,925,441
Total	$	3,851,688,853	$	1,009,483,279	$	1,880,534	$	4,863,052,666

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $ 8,290,333. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

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

	Common Stocks
	China/Hong Kong
Balance as of December 31, 2015	$	0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		1,880,534
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of September 30, 2016	$	1,880,534

See Notes to Schedules of Investments

NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.5%

Argentina: 0.3%
	10,603	Adecoagro SA (USD) *	$	120,980
	3,648	Cresud S.A.C.I.F. y A (ADR) *		65,153
	1,903	YPF SA (ADR)		34,673
				220,806
Australia: 4.1%
	69,950	Alumina Ltd. #		78,743
	18,266	Bega Cheese Ltd. † #		93,167
	96,336	BHP Billiton Ltd. #		1,668,562
	16,967	BlueScope Steel Ltd. #		101,280
	2,936	Caltex Australia Ltd. #		77,614
	38,058	Evolution Mining Ltd. #		72,374
	51,072	Fortescue Metals Group Ltd. #		195,457
	22,128	GrainCorp. Ltd. #		133,479
	12,561	Iluka Resources Ltd. #		60,835
	25,829	Newcrest Mining Ltd. #		435,940
	13,163	Oil Search Ltd. #		72,486
	19,623	Origin Energy Ltd. #		82,745
	17,885	Santos Ltd. #		50,402
	159,736	South32 Ltd. #		297,584
	8,153	Woodside Petroleum Ltd. #		180,751
				3,601,419
Austria: 0.3%
	1,583	OMV AG #		45,596
	4,308	Verbund - Oesterreichische Elektrizis AG #		71,880
	3,308	Voestalpine AG #		114,407
				231,883
Brazil: 0.7%
	12,353	Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		114,389
	20,370	Cia Siderurgica Nacional SA (ADR) *		56,221
	5,350	Fibria Celulose SA		37,891
	26,835	Gerdau SA (ADR)		72,991
	16,751	Petroleo Brasileiro SA (ADR) *		156,287
	38,630	Vale SA (ADR)		212,465
				650,244
Canada: 10.5%
	7,597	Agnico-Eagle Mines Ltd. (USD)		411,605
	16,744	Agrium, Inc. (USD)		1,518,513
	9,012	Alamos Gold, Inc.		74,057
	3,957	ARC Resources Ltd. †		71,447
	31,463	B2Gold Corp. *		82,353
	39,431	Barrick Gold Corp. (USD)		698,717
	11,882	Cameco Corp. (USD)		101,710
	12,396	Canadian Natural Resources Ltd. (USD)		397,168
	1,737	Canfor Corp. *		19,257
	5,568	Centerra Gold, Inc.		30,461
	5,710	Crescent Point Energy Corp.		75,163
	5,919	Detour Gold Corp. *		128,536
	24,246	Eldorado Gold Corp. (USD)		95,287
	10,513	Enbridge, Inc. (USD)		464,990
	9,566	EnCana Corp. (USD)		100,156
	5,537	First Majestic Silver Corp. (USD) *		57,031
	20,693	First Quantum Minerals Ltd.		170,992
	28,877	Goldcorp, Inc. (USD)		477,048
	3,394	Husky Energy, Inc.		41,500
	2,861	Imperial Oil Ltd. (USD) †		89,607
	42,116	Kinross Gold Corp. (USD) *		177,308
	18,801	Lundin Mining Corp. *		74,246
	15,395	New Gold, Inc. *		66,652
	5,151	Pan American Silver Corp. (USD)		90,761
	101,726	Potash Corp. of Saskatchewan, Inc. (USD)		1,660,168
	5,019	Pretium Resources, Inc. *		51,441
	14,895	Silver Wheaton Corp. (USD)		402,612
	18,731	Suncor Energy, Inc. (USD)		520,347
	13,957	Teck Cominco Ltd. (USD)		251,645
	2,427	Tourmaline Oil Corp. *		65,631
	9,002	TransCanada Corp. (USD)		428,135
	33,364	Turquoise Hill Resources Ltd. *		98,499
	1,658	West Fraser Timber Co. Ltd.		51,005
	32,061	Yamana Gold, Inc. (USD)		138,183
				9,182,231
Chile: 0.3%
	98,846	Aguas Andinas SA		63,372
	11,542	Antofagasta Plc † #		78,357
	29,736	Empresas CMPC SA		59,074
	13,392	Inversiones Aguas Metropolitanas SA		23,906
				224,709
China / Hong Kong: 1.7%
	123,900	Aluminum Corp of China Ltd. * #		45,205
	35,000	Angang New Steel Co. Ltd. * #		17,014
	262,514	China Agri-Industries Holdings Ltd. * #		95,499
	47,500	China Coal Energy Co. Ltd. * #		25,856
	24,100	China Gas Holdings Ltd. #		38,347
	48,000	China Hongqiao Group Ltd. #		43,407
	340,500	China Modern Dairy Holdings Ltd. * #		64,367
	113,000	China Molybdenum Co. Ltd. (Class H) #		23,287
	19,600	China Oilfield Services Ltd. (Class H) #		17,189
	285,727	China Petroleum & Chemical Corp. #		210,953
	37,891	China Shenhua Energy Co. Ltd. #		74,895
	179,579	CNOOC Ltd. #		226,554
	12,400	Dongfang Electric Corp. Machinery Co. Ltd. #		9,856
	75,800	Fosun International Ltd. #		114,791
	45,500	Huaneng Power International, Inc. #		28,700
	39,900	Jiangxi Copper Co. Ltd. (Class H) #		45,831
	38,500	Kunlun Energy Co. Ltd. #		29,763
	42,000	Lee & Man Paper Manufacturing Ltd. #		38,370
	53,500	Maanshan Iron and Steel Co. Ltd. (Class H) * #		12,235
	41,357	Nine Dragons Paper Holdings Ltd. #		38,999
	235,940	PetroChina Co. Ltd. (Class-H) #		156,404
	12,200	Tianjin Capital Environmental Protection Group Co. Ltd. #		6,962
	19,500	Yanzhou Coal Mining Co. Ltd. #		13,221
	34,400	Zhaojin Mining Industry Co. Ltd. #		34,547
	226,161	Zijin Mining Group Ltd. #		72,475
				1,484,727
Denmark: 0.8%
	8,009	Vestas Wind Systems A/S #		661,767
Finland: 0.3%
	1,443	Neste Oil Oyj #		61,577
	9,233	Outokumpu Oyj * #		63,416
	13,532	Stora Enso Oyj (R Shares) #		120,256
				245,249
France: 2.3%
	12,889	Suez Environnement Co. #		213,079
	1,375	Technip SA #		84,561
	27,895	Total SA #		1,327,234
	18,497	Veolia Environnement SA #		426,371
				2,051,245
Germany: 0.6%
	863	Aurubis AG #		48,411
	1,539	BayWa AG † #		50,081
	2,243	Nordex SE * #		68,382
	1,154	Salzgitter AG #		37,849
	13,081	ThyssenKrupp AG #		312,668
				517,391
Hungary: 0.1%
	718	MOL Hungarian Oil & Gas Plc #		44,347
India: 0.4%
	9,082	Reliance Industries Ltd. (GDR) Reg S 144A		297,890
	1,924	Vedanta Resources Plc (GBP) #		14,564
				312,454
Indonesia: 0.1%
	46,776	Astra Agro Lestari Tbk PT * #		53,230
	62,700	International Nickel Indonesia Tbk PT * #		14,240
	339,100	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #		38,961
				106,431
Ireland: 0.1%
	5,574	Smurfit Kappa Group Plc (GBP) #		124,448
Italy: 0.5%
	30,265	ENI SpA #		436,302
	65,104	Saipem SpA * #		27,594
				463,896
Japan: 3.7%
	13,600	Calbee, Inc. #		515,992
	12,400	Daido Steel Co. #		56,944
	2,900	Daio Paper Corp. † #		34,378
	8,200	Dowa Holdings Co. Ltd. #		57,567
	6,317	Hitachi Metals Ltd. #		77,820
	3,400	Hokuetsu Kishu Paper Co. Ltd. #		20,532
	12,200	Inpex Holdings, Inc. #		111,081
	17,364	JFE Holdings, Inc. #		254,186
	28,100	JX Holdings, Inc. #		113,894
	10,973	Kobe Steel Ltd. * #		99,662
	3,965	Kurita Water Industries Ltd. #		94,344
	3,932	Mitsubishi Materials Corp. #		107,698
	2,600	Nippon Paper Industries #		47,634
	27,100	Nippon Steel Corp. #		556,872
	33,614	Nippon Suisan Kaisha Ltd. #		144,781
	32,450	Nisshin Seifun Group, Inc. #		495,306
	22,576	OJI Paper Co. Ltd. #		89,605
	5,570	Rengo Co. Ltd. #		34,250
	3,883	Sumitomo Forestry Co. Ltd. #		52,041
	16,523	Sumitomo Metal Mining Ltd. #		228,527
	3,600	TonenGeneral Sekiyu KK #		36,558
	1,500	Yamato Kogyo Co. Ltd. #		44,457
				3,274,129
Luxembourg: 0.5%
	56,714	ArcelorMittal * #		346,001
	2,658	Tenaris SA (ADR)		75,487
	1,445	Ternium SA (ADR)		28,365
				449,853
Malaysia: 1.0%
	35,851	Genting Plantation Bhd		95,360
	389,994	IOI Corp. Bhd #		420,223
	56,378	Kuala Lumpur Kepong Bhd #		327,413
	3,300	Petronas Dagangan Bhd #		18,756
				861,752
Mexico: 0.7%
	24,600	Gruma, SAB de CV		324,051
	102,814	Grupo Mexico, SAB de CV		251,703
	3,097	Industrias Penoles, SAB de CV		74,583
				650,337
Netherlands: 1.3%
	496	Core Laboratories NV (USD) †		55,716
	42,152	Royal Dutch Shell Plc (GBP) #		1,095,223
				1,150,939
Norway: 2.2%
	45,815	Marine Harvest ASA #		822,070
	40,992	Norsk Hydro ASA #		177,291
	11,842	Statoil ASA #		198,864
	21,335	Yara International ASA #		711,151
				1,909,376
Peru: 0.3%
	6,250	Cia de Minas Buenaventura SA (ADR) *		86,500
	5,842	Southern Copper Corp. (USD) †		153,645
				240,145
Poland: 0.2%
	4,082	KGHM Polska Miedz SA #		79,465
	3,465	Polski Koncern Naftowy Orlen SA † #		58,877
	19,919	Polskie Gornictwo Naftowe I Gazownictwo SA #		26,300
				164,642
Portugal: 0.1%
	4,773	Galp Energia, SGPS, SA #		65,234
	5,284	Portucel-Empresa Productora de Pasta e Papel SA #		15,199
				80,433
Russia: 1.8%
	8,592	Evraz Plc (GBP) * #		17,974
	4,881	Lukoil PJSC (ADR) #		238,012
	3,353	Magnitogorsk Iron & Steel Works (GDR) # Reg S		19,879
	20,427	MMC Norilsk Nickel PJSC (ADR) #		326,487
	751	Novatek OAO (GDR) # Reg S		82,786
	2,518	Novolipetsk Steel (GDR) # Reg S		32,730
	67,937	OAO Gazprom (ADR) #		286,374
	9,888	PhosAgro OAO (GDR) Reg S		127,555
	7,546	Polymetal International (GBP) #		94,948
	3,199	Ros Agro Plc (GDR) Reg S		42,547
	13,119	Rosneft Oil Co. (GDR) # Reg S		71,759
	5,280	Severstal OAO (GDR) # Reg S		63,716
	10,453	Surgutneftegas OJSC (ADR) #		50,340
	2,860	Tatneft PJSC (ADR) #		88,179
				1,543,286
Singapore: 1.6%
	818,019	Golden Agri-Resources Ltd. #		213,926
	66,500	Olam International Ltd. #		100,613
	451,564	Wilmar International Ltd. #		1,072,294
				1,386,833
South Africa: 1.2%
	2,009	Anglo American Platinum Ltd. * #		56,402
	13,810	AngloGold Ashanti Ltd. (ADR) *		219,855
	25,295	Gold Fields Ltd. (ADR)		122,681
	12,536	Harmony Gold Mining Co. Ltd. (ADR)		43,751
	22,128	Impala Platinum Holdings Ltd. * #		111,580
	1,643	Kumba Iron Ore Ltd. * #		14,799
	8,726	Mondi Plc (GBP) #		183,736
	9,283	Northern Platinum Ltd. * #		35,181
	11,063	Sappi Ltd. * #		57,183
	5,712	Sasol Ltd. #		155,729
	21,979	Sibanye Gold Ltd. #		77,981
				1,078,878
South Korea: 1.4%
	2,511	Hyundai Steel Co. #		116,723
	394	Korea Zinc Co. Ltd. #		172,876
	2,498	POSCO #		517,758
	723	SK Energy Co. Ltd. #		107,125
	394	SK Holdings Co. Ltd. #		76,247
	486	S-Oil Corp. #		36,112
	1,996	Woongjin Coway Co. Ltd. #		173,383
	30	Young Poong Corp. #		28,867
				1,229,091
Spain: 0.5%
	4,475	Acerinox SA #		59,218
	8,077	Gamesa Corp. Tecnologica SA #		193,601
	1,409	Pescanova SA * § #		—
	12,866	Repsol YPF SA #		174,845
				427,664
Sweden: 1.0%
	4,206	BillerudKorsnas AB #		74,526
	8,210	Boliden AB #		193,230
	914	Holmen AB (B Shares) #		32,602
	2,223	Lundin Petroleum AB * #		40,744
	15,684	SSAB AB (B Shares) * #		38,307
	15,150	Svenska Cellulosa AB (B Shares) #		450,264
				829,673
Switzerland: 6.2%
	136,246	Glencore Xstrata Plc (GBP) * #		373,886
	11,285	Syngenta AG #		4,952,888
	3,866	Transocean, Inc. (USD) †		41,212
	10,085	Weatherford International Plc (USD) *		56,678
				5,424,664
Taiwan: 0.4%
	403,372	China Steel Corp. #		285,140
	20,420	Formosa Petrochemical Corp. #		61,561
				346,701
Thailand: 0.2%
	15,600	PTT Exploration & Production PCL (NVDR) #		36,697
	9,600	PTT PCL (NVDR) #		94,472
				131,169
Turkey: 0.1%
	53,584	Eregli Demir ve Celik Fabrikalari TAS #		73,749
	1,381	Tupras-Turkiye Petrol Rafinerileri AS #		26,154
				99,903
United Kingdom: 6.0%
	42,190	Anglo American Plc * #		527,300
	211,188	BP Plc #		1,233,666
	61,654	Centrica Plc #		182,697
	120,408	CNH Industrial NV (USD)		869,346
	22,488	DS Smith Plc #		112,142
	14,872	Pennon Group Plc #		172,328
	2,881	Petrofac Ltd. #		33,420
	3,110	Randgold Resources Ltd. (ADR)		311,218
	36,418	Rio Tinto Plc #		1,213,058
	8,615	Severn Trent Plc #		280,153
	24,649	United Utilities Group Plc #		320,864
				5,256,192
United States: 47.0%
	8,256	AGCO Corp.		407,186
	39,485	Alcoa, Inc.		400,378
	3,273	Allegheny Technologies, Inc. †		59,143
	1,321	American States Water Co.		52,906
	5,745	Anadarko Petroleum Corp.		364,003
	3,177	Andersons, Inc.		114,944
	4,271	Apache Corp.		272,789
	6,411	Aqua America, Inc.		195,407
	70,500	Archer-Daniels-Midland Co.		2,972,985
	4,816	Baker Hughes, Inc.		243,063
	16,898	Bunge Ltd.		1,000,869
	5,234	Cabot Oil & Gas Corp.		135,037
	1,735	California Water Service Group		55,676
	1,400	Carpenter Technology Corp.		57,764
	28,251	CF Industries Holdings, Inc. †		687,912
	2,653	Cheniere Energy, Inc. *		115,671
	21,230	Chevron Corp.		2,184,992
	1,070	Cimarex Energy Co.		143,776
	5,494	Coeur d’Alene Mines Corp. *		64,994
	3,442	Commercial Metals Co.		55,726
	1,600	Concho Resources, Inc. *		219,760
	13,938	ConocoPhillips		605,885
	968	Continental Resources, Inc. * †		50,297
	3,646	Cree, Inc. * †		93,775
	19,945	Darling International, Inc. *		269,457
	35,053	Deere & Co. †		2,991,774
	5,892	Devon Energy Corp.		259,896
	878	Diamondback Energy, Inc. *		84,762
	1,487	Domtar Corp.		55,212
	6,198	EOG Resources, Inc.		599,409
	1,945	EQT Corp.		141,246
	46,666	Exxon Mobil Corp.		4,073,008
	2,776	First Solar, Inc. * †		109,624
	2,539	FMC Technologies, Inc. *		75,332
	36,683	Freeport-McMoRan Copper & Gold, Inc.		398,377
	7,583	Graphic Packaging Holding Co.		106,086
	9,690	Halliburton Co.		434,887
	13,345	Hecla Mining Co.		76,066
	1,216	Helmerich & Payne, Inc. †		81,837
	3,029	Hess Corp.		162,415
	1,987	HollyFrontier Corp.		48,681
	8,747	Ingredion, Inc.		1,163,876
	9,770	International Paper Co.		468,765
	1,202	Itron, Inc. *		67,024
	21,605	Kinder Morgan, Inc.		499,724
	1,289	Lindsay Corp.		95,360
	3,378	Louisiana-Pacific Corp. *		63,608
	9,534	Marathon Oil Corp.		150,733
	53,028	Monsanto Co.		5,419,462
	42,438	Mosaic Co. †		1,038,033
	1,822	Murphy Oil Corp.		55,389
	4,250	National Oilwell Varco, Inc. †		156,145
	2,235	Newfield Exploration Co. *		97,133
	17,955	Newmont Mining Corp.		705,452
	4,834	Noble Energy, Inc.		172,767
	9,557	Nucor Corp.		472,594
	8,597	Occidental Petroleum Corp.		626,893
	2,368	ONEOK, Inc.		121,692
	1,268	Ormat Technologies, Inc.		61,384
	2,238	Packaging Corp. of America		181,860
	5,000	Phillips 66		402,750
	7,094	Pilgrim’s Pride Corp. *		149,825
	1,908	Pioneer Natural Resources Co.		354,220
	2,117	Range Resources Corp.		82,034
	2,179	Reliance Steel & Aluminum Co.		156,953
	1,959	Royal Gold, Inc.		151,685
	15,651	Schlumberger Ltd.		1,230,795
	726	Schweitzer-Mauduit International, Inc.		27,995
	31	Seaboard Corp. *		106,640
	5,552	Southwestern Energy Co. *		76,840
	7,890	Spectra Energy Corp.		337,297
	7,316	Steel Dynamics, Inc.		182,827
	2,097	Sunpower Corp. * †		18,705
	10,520	Tahoe Resources, Inc.		134,972
	1,875	Targa Resources Corp.		92,081
	1,338	Tesoro Corp.		106,451
	16,198	Tractor Supply Co.		1,090,935
	36,046	Tyson Foods, Inc.		2,691,555
	5,056	United States Steel Corp. †		95,356
	5,192	Valero Energy Corp.		275,176
	5,976	WestRock Co.		289,716
	17,789	Weyerhaeuser Co.		568,181
	7,688	Williams Companies, Inc.		236,252
	1,323	Worthington Industries, Inc.		63,544
				41,063,686
Total Common Stocks (Cost: $94,212,376)				87,722,593

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.7%

Repurchase Agreements: 6.7%
$	1,411,867	Repurchase agreement dated 9/30/16 with BNP Paribas Securities Corp., 0.48%, due 10/3/16, proceeds $1,411,923; (collateralized by various U.S. government and agency obligations, 0.00% to 6.25%, due 10/14/16 to 9/9/49, valued at $1,440,104 including accrued interest)		1,411,867
	1,391,828	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $1,391,888; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $1,419,665 including accrued interest)		1,391,828
	1,391,828	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,391,888; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,419,665 including accrued interest)		1,391,828
	272,902	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $272,913; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $278,360 including accrued interest)		272,902
	1,391,828	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $1,391,888; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,419,665 including accrued interest)		1,391,828
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $5,860,253)				5,860,253
Total Investments: 107.2% (Cost: $100,072,629)				93,582,846
Liabilities in excess of other assets: (7.2)%				(6,257,292	)
NET ASSETS: 100.0%			$	87,325,554

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 $5,800,361.
#	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 $33,181,131 which represents 38.0% 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.
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 $297,890, or 0.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Consumer Discretionary		1.5	%	$	1,316,359
Consumer Staples		16.1			14,094,674
Energy		29.9			26,233,721
Industrials		6.4			5,639,697
Information Technology		0.4			289,128
Materials		42.4			37,214,221
Real Estate		0.7			633,334
Utilities		2.6			2,301,459
		100.0	%	$	87,722,593

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Argentina	$	220,806	$	—	$	—	$	220,806
Australia		—		3,601,419		—		3,601,419
Austria		—		231,883		—		231,883
Brazil		650,244		—		—		650,244
Canada		9,182,231		—		—		9,182,231
Chile		146,352		78,357		—		224,709
China / Hong Kong		—		1,484,727		—		1,484,727
Denmark		—		661,767		—		661,767
Finland		—		245,249		—		245,249
France		—		2,051,245		—		2,051,245
Germany		—		517,391		—		517,391
Hungary		—		44,347		—		44,347
India		297,890		14,564		—		312,454
Indonesia		—		106,431		—		106,431
Ireland		—		124,448		—		124,448
Italy		—		463,896		—		463,896
Japan		—		3,274,129		—		3,274,129
Luxembourg		103,852		346,001		—		449,853
Malaysia		95,360		766,392		—		861,752
Mexico		650,337		—		—		650,337
Netherlands		55,716		1,095,223		—		1,150,939
Norway		—		1,909,376		—		1,909,376
Peru		240,145		—		—		240,145
Poland		—		164,642		—		164,642
Portugal		—		80,433		—		80,433
Russia		170,102		1,373,184		—		1,543,286
Singapore		—		1,386,833		—		1,386,833
South Africa		386,287		692,591		—		1,078,878
South Korea		—		1,229,091		—		1,229,091
Spain		—		427,664		0		427,664
Sweden		—		829,673		—		829,673
Switzerland		97,890		5,326,774		—		5,424,664
Taiwan		—		346,701		—		346,701
Thailand		—		131,169		—		131,169
Turkey		—		99,903		—		99,903
United Kingdom		1,180,564		4,075,628		—		5,256,192
United States		41,063,686		—		—		41,063,686
Repurchase Agreements		—		5,860,253		—		5,860,253
Total	$	54,541,462	$	39,041,384	$	0	$	93,582,846

During the period ended September 30, 2016, transfers of securities from Level 1 to Level 2 were $ 55,592, transfers of securities from Level 2 to Level 1 were $ 462,499. 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 Schedule of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 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 September 30, 2016	$	0

See Notes to Schedules of Investments

OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%

Australia: 4.6%
	6,931	Caltex Australia Ltd. #	$	183,223
China / Hong Kong: 2.1%
	162,000	Sinopec Shanghai Petrochemical Co. Ltd. #		82,272
Finland: 4.5%
	4,255	Neste Oil Oyj #		181,574
India: 8.4%
	10,286	Reliance Industries Ltd. (GDR) Reg S 144A		337,381
Israel: 1.3%
	339	Paz Oil Co. Ltd.		52,981
Japan: 15.6%
	2,800	Cosmo Energy Holdings Co. Ltd. #		35,334
	5,000	Idemitsu Kosan Co. Ltd. #		103,664
	59,800	JX Holdings, Inc. #		242,379
	9,600	Showa Shell Sekiyu KK #		89,366
	15,000	TonenGeneral Sekiyu KK #		152,324
				623,067
Poland: 4.5%
	10,482	Polski Koncern Naftowy Orlen SA #		178,109
	Portugal: 4.1%
	12,071	Galp Energia, SGPS, SA #		164,979
South Korea: 9.6%
	1,559	SK Energy Co. Ltd. #		230,993
	2,047	S-Oil Corp. #		152,103
				383,096
Taiwan: 4.4%
	58,000	Formosa Petrochemical Corp. #		174,854
Thailand: 4.4%
	522,400	IRPC PCL (NVDR) #		73,792
	51,100	Thai Oil PCL (NVDR) #		101,317
				175,109
Turkey: 2.9%
	6,032	Tupras-Turkiye Petrol Rafinerileri AS #		114,236
United States: 33.6%
	6,422	HollyFrontier Corp.		157,339
	5,964	Marathon Petroleum Corp.		242,079
	2,837	PBF Energy, Inc. †		64,230
	3,974	Phillips 66		320,106
	2,481	Tesoro Corp.		197,388
	4,934	Valero Energy Corp.		261,502
	3,625	Western Refining, Inc. †		95,917
				1,338,561
Total Common Stocks (Cost: $3,925,352)				3,989,442
MONEY MARKET FUND: 0.2% (Cost: $5,953)
	5,953	Dreyfus Government Cash Management Fund		5,953
Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $3,931,305)				3,995,395

	Principal Amount

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.7% (Cost: $150,165)
Repurchase Agreement: 3.7%
$	150,165	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $150,171; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $153,168 including accrued interest)		150,165
Total Investments: 103.9% (Cost: $4,081,470)				4,145,560
Liabilities in excess of other assets: (3.9)%				(156,907	)
NET ASSETS: 100.0%			$	3,988,653

GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
†	Security fully or partially on loan. Total market value of securities on loan is $152,117.
#	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 $2,260,519 which represents 56.7% 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 $337,381, or 8.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		97.8	%	$	3,907,170
Materials		2.1			82,272
Money Market Fund		0.1			5,953
		100.0	%	$	3,995,395

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	183,223	$	—	$	183,223
China / Hong Kong		—		82,272		—		82,272
Finland		—		181,574		—		181,574
India		337,381		—		—		337,381
Israel		52,981		—		—		52,981
Japan		—		623,067		—		623,067
Poland		—		178,109		—		178,109
Portugal		—		164,979		—		164,979
South Korea		—		383,096		—		383,096
Taiwan		—		174,854		—		174,854
Thailand		—		175,109		—		175,109
Turkey		—		114,236		—		114,236
United States		1,338,561		—		—		1,338,561
Money Market Fund		5,953		—		—		5,953
Repurchase Agreement		—		150,165		—		150,165
Total	$	1,734,876	$	2,410,684	$	—	$	4,145,560

During the period ended September 30, 2016, transfers of securities from Level 2 to Level 1 were $ 331,684. 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 Schedule of Investments.

See Notes to Schedules of Investments

OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.0%

Luxembourg: 5.0%
	1,790,637	Tenaris SA (ADR) †	$	50,854,091
Netherlands: 4.4%
	400,289	Core Laboratories NV (USD) †		44,964,463
Switzerland: 8.1%
	4,285,130	Transocean, Inc. (USD) †		45,679,486
	6,708,077	Weatherford International Plc (USD) * †		37,699,393
				83,378,879
United Kingdom: 5.5%
	3,627,433	Ensco Plc CL A (USD)		30,833,180
	2,109,807	Noble Corp Plc (USD) †		13,376,176
	5,337,706	Seadrill Ltd. (USD) * †		12,650,363
				56,859,719
United States: 77.0%
	991,057	Baker Hughes, Inc.		50,018,647
	103,524	CARBO Ceramics, Inc.		1,132,553
	982,399	Diamond Offshore Drilling, Inc. †		17,300,046
	400,813	Dril-Quip, Inc. *		22,341,317
	1,575,364	FMC Technologies, Inc. *		46,741,050
	3,397,662	Halliburton Co.		152,487,071
	706,758	Helmerich & Payne, Inc. †		47,564,813
	2,822,576	McDermott International, Inc. * †		14,141,106
	3,367,782	Nabors Industries Ltd.		40,952,229
	1,449,359	National Oilwell Varco, Inc. †		53,249,450
	956,870	Oceaneering International, Inc.		26,323,494
	431,934	Oil States International, Inc. *		13,636,156
	1,464,738	Patterson-UTI Energy, Inc.		32,766,189
	994,115	Rowan Companies Plc		15,070,783
	2,512,644	Schlumberger Ltd.		197,594,324
	1,872,304	Superior Energy Services, Inc.		33,514,242
	387,303	Tidewater, Inc. †		1,092,194
	552,250	US Silica Holdings, Inc. †		25,712,760
				791,638,424
Total Common Stocks (Cost: $1,669,921,400)				1,027,695,576
MONEY MARKET FUND: 0.0% (Cost: $55,908)
	55,908	Dreyfus Government Cash Management Fund		55,908
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $1,669,977,308)				1,027,751,484

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 18.4%

Repurchase Agreements: 18.4%
$	45,277,121	Repurchase agreement dated 9/30/16 with BNP Paribas Securities Corp., 0.48%, due 10/3/16, proceeds $45,278,932; (collateralized by various U.S. government and agency obligations, 0.00% to 6.25%, due 10/14/16 to 9/9/49, valued at $46,182,663 including accrued interest)		45,277,121
	44,772,151	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $44,774,091; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $45,667,594 including accrued interest)		44,772,151
	44,772,151	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $44,774,091; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $45,667,595 including accrued interest)		44,772,151
	8,918,596	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $8,918,968; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $9,096,968 including accrued interest)		8,918,596
	44,772,151	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $44,774,091; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $45,667,594 including accrued interest)		44,772,151
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $188,512,170)				188,512,170
Total Investments: 118.4% (Cost: $1,858,489,478)				1,216,263,654
Liabilities in excess of other assets: (18.4)%				(188,658,610	)
NET ASSETS: 100.0%			$	1,027,605,044

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 $183,355,314.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Oil & Gas Drilling		24.9	%	$	256,193,265
Oil & Gas Equipment & Services		75.1			771,502,311
Money Market Fund		0.0			55,908
		100.0	%	$	1,027,751,484

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	1,027,695,576	$	—	$	—	$	1,027,695,576
Money Market Fund		55,908		—		—		55,908
Repurchase Agreements		—		188,512,170		—		188,512,170
Total	$	1,027,751,484	$	188,512,170	$	—	$	1,216,263,654

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

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

See Notes to Schedules of Investments

RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 96.7%

Australia: 19.9%
	6,477,053	Galaxy Resources Ltd. * † #	$	1,613,883
	509,360	Iluka Resources Ltd. #		2,466,921
	698,675	Orocobre Ltd. * † #		1,999,467
	4,454,502	Pilbara Minerals Ltd. * † #		1,662,507
				7,742,778
Canada: 10.7%
	2,541,633	Lithium Americas Corp. *		1,740,513
	2,015,778	Nemaska Lithium, Inc. * †		2,423,381
				4,163,894
China / Hong Kong: 38.3%
	4,698,636	China Molybdenum Co. Ltd. #		2,620,390
	1,600,241	China Northern Rare Earth Group High-Tech Co. Ltd. #		2,976,844
	22,865,895	China Rare Earth Holdings Ltd. * #		1,662,299
	13,292,000	CITIC Dameng Holdings Ltd. * #		656,411
	2,154,711	Jinduicheng Molybdenum Co. Ltd. * #		2,501,590
	80,112,964	North Mining Shares Co. Ltd. * #		1,585,278
	766,070	Xiamen Tungsten Co. Ltd. #		2,922,530
				14,925,342
France: 5.0%
	48,876	Eramet SA * † #		1,945,465
Japan: 9.4%
	126,892	OSAKA Titanium Technologies Co. † #		1,776,977
	261,747	Toho Titanium Co. Ltd. † #		1,892,850
				3,669,827
Malaysia: 3.9%
	36,321,321	Lynas Corp. Ltd. (AUD) * † #		1,540,671
South Africa: 4.7%
	170,929	Assore Ltd. †		1,845,617
United States: 4.8%
	198,273	Tronox Ltd. †		1,857,818
Total Common Stocks (Cost: $38,920,270)				37,691,412
PREFERRED STOCKS: 3.1%
Brazil: 3.1% (Cost: $1,257,057)
	542,423	Cia de Ferro Ligas da Bahia		1,200,431
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $40,177,327)				38,891,843

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 16.8%

Repurchase Agreements: 16.8%
$	1,556,803	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $1,556,870; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $1,587,939 including accrued interest)		1,556,803
	1,556,803	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,556,870; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,587,939 including accrued interest)		1,556,803
	1,556,803	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $1,556,863; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $1,587,944 including accrued interest)		1,556,803
	327,655	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $327,669; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $334,208 including accrued interest)		327,655
	1,556,803	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $1,556,870; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,587,939 including accrued interest)		1,556,803
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $6,554,867)				6,554,867
Total Investments: 116.6% (Cost: $46,732,194)				45,446,710
Liabilities in excess of other assets: (16.6)%				(6,461,167	)
NET ASSETS: 100.0%			$	38,985,543

AUD	Australian Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $6,224,273.
#	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 $29,824,083 which represents 76.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Commodity Chemicals		4.8	%	$	1,857,818
Diversified Metals & Mining		37.8			14,716,078
Materials		54.3			21,117,516
Steel		3.1			1,200,431
		100.0	%	$	38,891,843

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	7,742,778	$	—	$	7,742,778
Canada		4,163,894		—		—		4,163,894
China / Hong Kong		—		14,925,342		—		14,925,342
France		—		1,945,465		—		1,945,465
Japan		—		3,669,827		—		3,669,827
Malaysia		—		1,540,671		—		1,540,671
South Africa		1,845,617		—		—		1,845,617
United States		1,857,818		—		—		1,857,818
Preferred Stocks
Brazil		1,200,431		—		—		1,200,431
Repurchase Agreements		—		6,554,867		—		6,554,867
Total	$	9,067,760	$	36,378,950	$	—	$	45,446,710

During the period ended September 30, 2016, transfers of securities from Level 2 to Level 1 were $1,204,038. 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 Schedule of Investments.

See Notes to Schedules of Investments

SOLAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.9%

Canada: 4.2%
	36,184	Canadian Solar, Inc. (USD) * †	$	497,168
China / Hong Kong: 28.1%
	6,060,800	GCL-Poly Energy Holdings Ltd. † #		812,463
	1,842,000	Hanergy Thin Film Power Group Ltd. * # §		—
	32,500	JA Solar Holdings Co. Ltd. (ADR) *		195,325
	19,483	JinkoSolar Holding Co. Ltd. (ADR) * †		307,831
	2,832,000	Shunfeng International Clean Energy Ltd. * #		339,211
	52,507	Trina Solar Ltd. (ADR) *		537,672
	2,962,000	United Photovoltaics Group Ltd. * #		281,020
	2,366,000	Xinyi Solar Holdings Ltd. #		892,256
				3,365,778
Germany: 3.8%
	14,163	SMA Solar Technology AG † #		452,884
Israel: 2.6%
	18,144	SolarEdge Technologies, Inc. (USD) * †		312,621
Spain: 8.2%
	33,790	Atlantica Yield plc (USD)		642,348
	34,019	Saeta Yield SA #		338,360
				980,708
Switzerland: 2.2%
	77,017	Meyer Burger Technology AG * † #		263,591
Taiwan: 17.7%
	408,000	E-Ton Solar Tech Co. Ltd. * #		129,669
	24,500	Giga Solar Materials Corp. #		290,857
	398,601	Gintech Energy Corp. * #		274,816
	364,000	Motech Industries, Inc. * #		370,548
	697,425	Neo Solar Power Corp. * #		363,384
	515,000	Sino-American Silicon Products, Inc. #		541,441
	303,301	Solartech Energy Corp. * #		150,322
				2,121,037
Thailand: 5.5%
	1,566,700	Inter Far East Energy Corp. (NVDR) #		212,216
	10,919,900	Superblock PCL (NVDR) * #		451,970
				664,186
United States: 27.6%
	25,759	First Solar, Inc. * †		1,017,223
	1,783,079	Renewable Energy Corp. AS (NOK) * † #		249,858
	44,606	SolarCity Corp. * †		872,493
	39,225	Sunpower Corp. * †		349,887
	43,898	Sunrun, Inc. * †		276,557
	38,875	TerraForm Power, Inc.		540,751
				3,306,769
Total Common Stocks (Cost: $17,679,804)				11,964,742
MONEY MARKET FUND: 0.0% (Cost: $3,811)
	3,811	Dreyfus Government Cash Management Fund		3,811
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $17,683,615)				11,968,553

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 24.3%

Repurchase Agreements: 24.3%
$	916,293	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $916,333; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $934,619 including accrued interest)		916,293
	1,000,000	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,916,293)				2,916,293
Total Investments: 124.2% (Cost: $20,599,908)				14,884,846
Liabilities in excess of other assets: (24.2)%				(2,901,120	)
NET ASSETS: 100.0%			$	11,983,726

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 $2,736,115.
#	Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,414,866 which represents 53.5% 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		7.3	%	$	872,493
Industrial Machinery		2.2			263,591
Industrials		2.3			276,557
Information Technology		5.4			651,832
Semiconductor Equipment		25.0			2,989,901
Semiconductors		39.5			4,724,723
Utilities		18.3			2,185,645
Money Market Fund		0.0			3,811
		100.0	%	$	11,968,553

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	497,168	$	—	$	—	$	497,168
China / Hong Kong		1,040,828		2,324,950		0		3,365,778
Germany		—		452,884		—		452,884
Israel		312,621		—		—		312,621
Spain		642,348		338,360		—		980,708
Switzerland		—		263,591		—		263,591
Taiwan		—		2,121,037		—		2,121,037
Thailand		—		664,186		—		664,186
United States		3,056,911		249,858		—		3,306,769
Money Market Fund		3,811		—		—		3,811
Repurchase Agreements		—		2,916,293		—		2,916,293
Total	$	5,553,687	$	9,331,159	$	0	$	14,884,846

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

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 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 September 30, 2016	$	0

See Notes to Schedules of Investments

STEEL ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 100.1%

Brazil: 19.7%
	1,669,285	Cia Siderurgica Nacional SA (ADR) * †	$	4,607,227
	1,706,797	Gerdau SA (ADR) †		4,642,488
	2,024,772	Vale SA (ADR) †		11,136,246
				20,385,961
India: 4.5%
	451,650	Vedanta Ltd. (ADR)		4,683,611
Luxembourg: 17.6%
	1,183,637	ArcelorMittal (USD) * †		7,149,167
	227,896	Tenaris SA (ADR) †		6,472,246
	233,460	Ternium SA (ADR)		4,582,820
				18,204,233
South Korea: 6.6%
	134,647	POSCO (ADR) †		6,877,769
United Kingdom: 13.7%
	426,162	Rio Tinto Plc (ADR) †		14,233,811
United States: 38.0%
	291,777	AK Steel Holding Corp. * †		1,409,283
	133,437	Allegheny Technologies, Inc. †		2,411,207
	57,098	Carpenter Technology Corp. †		2,355,863
	279,673	Cliffs Natural Resources, Inc. * †		1,636,087
	140,414	Commercial Metals Co.		2,273,303
	38,529	Gibraltar Industries, Inc. *		1,431,352
	12,720	LB Foster Co.		152,767
	122,914	Nucor Corp.		6,078,097
	13,425	Olympic Steel, Inc.		296,693
	63,692	Reliance Steel & Aluminum Co.		4,587,735
	45,445	Ryerson Holding Corp. * †		513,074
	32,809	Schnitzer Steel Industries, Inc.		685,708
	184,351	Steel Dynamics, Inc.		4,606,931
	78,616	SunCoke Energy, Inc.		630,500
	54,168	TimkenSteel Corp.		566,056
	250,393	United States Steel Corp. †		4,722,412
	104,474	Worthington Industries, Inc.		5,017,886
				39,374,954
Total Common Stocks (Cost: $134,319,626)				103,760,339

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 30.3%

Repurchase Agreements: 30.3%
$	7,449,162	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $7,449,485; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $7,598,145 including accrued interest)		7,449,162
	7,449,162	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $7,449,485; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $7,598,145 including accrued interest)		7,449,162
	7,449,162	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $7,449,448; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $7,598,171 including accrued interest)		7,449,162
	1,567,845	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $1,567,910; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $1,599,202 including accrued interest)		1,567,845
	7,449,162	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $7,449,485; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $7,598,145 including accrued interest)		7,449,162
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $31,364,493)				31,364,493
Total Investments: 130.4% (Cost: $165,684,119)				135,124,832
Liabilities in excess of other assets: (30.4)%				(31,520,240	)
NET ASSETS: 100.0%			$	103,604,592

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 $30,263,425.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		6.3	%	$	6,472,246
Industrials		1.5			1,584,119
Materials		92.2			95,703,974
		100.0	%	$	103,760,339

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	103,760,339	$	—	$	—	$	103,760,339
Repurchase Agreements		—		31,364,493		—		31,364,493
Total	$	103,760,339	$	31,364,493	$	—	$	135,124,832

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

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

See Notes to Schedules of Investments

UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.9%

Canada: 16.9%
	59,567	ARC Resources Ltd. †	$	1,075,537
	141,122	Cenovus Energy, Inc. (USD)		2,027,923
	84,990	Crescent Point Energy Corp. (USD)		1,121,868
	111,444	EnCana Corp. (USD)		1,166,819
	40,731	Enerplus Corp. (USD)		261,086
	56,766	Husky Energy, Inc.		694,107
	22,486	Peyto Exploration & Development Corp. †		629,967
	20,821	PrairieSky Royalty Ltd. †		423,787
	32,508	Seven Generations Energy Ltd. *		781,132
	32,442	Tourmaline Oil Corp. *		877,298
	62,935	Whitecap Resources, Inc.		524,838
				9,584,362
United States: 83.0%
	68,467	Anadarko Petroleum Corp.		4,338,069
	30,770	Antero Resources Corp. *		829,252
	42,843	Apache Corp.		2,736,382
	52,523	Cabot Oil & Gas Corp.		1,355,093
	6,767	Carrizo Oil & Gas, Inc. *		274,876
	100,467	Chesapeake Energy Corp. * †		629,928
	11,417	Cimarex Energy Co.		1,534,102
	17,179	Concho Resources, Inc. *		2,359,536
	16,371	Continental Resources, Inc. * †		850,637
	75,921	Devon Energy Corp.		3,348,875
	7,533	Diamondback Energy, Inc. *		727,236
	10,254	Energen Corp.		591,861
	47,437	EOG Resources, Inc.		4,587,632
	21,394	EQT Corp.		1,553,632
	14,841	Gulfport Energy Corp. *		419,258
	37,488	Hess Corp.		2,010,107
	14,431	Laredo Petroleum, Inc. *		186,160
	109,556	Marathon Oil Corp.		1,732,080
	10,876	Matador Resources Co. *		264,722
	10,834	National Fuel Gas Co. †		585,794
	22,787	Newfield Exploration Co. *		990,323
	51,647	Noble Energy, Inc.		1,845,864
	24,974	Oasis Petroleum, Inc. * †		286,452
	58,009	Occidental Petroleum Corp.		4,230,016
	26,660	Parsley Energy, Inc. *		893,377
	19,305	Pioneer Natural Resources Co.		3,583,973
	32,291	QEP Resources, Inc.		630,643
	28,380	Range Resources Corp.		1,099,725
	19,392	Rice Energy, Inc. *		506,325
	9,333	SM Energy Co.		360,067
	53,024	Southwestern Energy Co. *		733,852
	38,119	Whiting Petroleum Corp. * †		333,160
	48,287	WPX Energy, Inc. *		636,906
				47,045,915
Total Common Stocks (Cost: $69,034,121)				56,630,277
MONEY MARKET FUND: 0.1% (Cost: $95,526)
	95,526	Dreyfus Government Cash Management Fund		95,526
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $69,129,647)				56,725,803

Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.8%

Repurchase Agreements: 7.8%
$	1,049,563	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $1,049,608; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $1,070,554 including accrued interest)		1,049,563
	1,049,563	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,049,608; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,070,554 including accrued interest)		1,049,563
	1,049,563	Repurchase agreement dated 9/30/16 with HSBC Securities USA, Inc., 0.46%, due 10/3/16, proceeds $1,049,603; (collateralized by various U.S. government and agency obligations, 0.00% to 7.13%, due 10/3/16 to 7/15/37, valued at $1,070,558 including accrued interest)		1,049,563
	220,908	Repurchase agreement dated 9/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.50%, due 10/3/16, proceeds $220,917; (collateralized by various U.S. government and agency obligations, 2.14% to 6.00%, due 3/1/26 to 9/1/46, valued at $225,326 including accrued interest)		220,908
	1,049,563	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $1,049,608; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,070,554 including accrued interest)		1,049,563
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $4,419,160)				4,419,160
Total Investments: 107.8% (Cost: $73,548,807)				61,144,963
Liabilities in excess of other assets: (7.8)%				(4,448,051	)
NET ASSETS: 100.0%			$	56,696,912

USD	United States Dollar
*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,291,602.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Gas Utilities		1.0	%	$	585,794
Integrated Oil & Gas		12.3			6,952,046
Oil & Gas Exploration & Production		86.5			49,092,437
Money Market Fund		0.2			95,526
		100.0	%	$	56,725,803

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	56,630,277	$	—	$	—	$	56,630,277
Money Market Fund		95,526		—		—		95,526
Repurchase Agreements		—		4,419,160		—		4,419,160
Total	$	56,725,803	$	4,419,160	$	—	$	61,144,963

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

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

See Notes to Schedules of Investments

URANIUM+NUCLEAR ENERGY ETF

SCHEDULE OF INVESTMENTS

September 30, 2016 (unaudited)

Number of Shares			Value

COMMON STOCKS: 99.8%

Canada: 1.7%
	74,358	Cameco Corp. (USD) †	$	636,504
China / Hong Kong: 1.2%
	1,518,000	CGN Power Co. Ltd. # Reg S 144A		452,269
Czech Republic: 1.5%
	32,257	CEZ AS #		576,463
Finland: 3.8%
	87,001	Fortum OYJ #		1,406,493
France: 2.1%
	64,380	Electricite de France SA #		783,961
Japan: 21.9%
	60,100	Chugoku Electric Power Co., Inc. † #		756,762
	39,900	Hokuriku Electric Power Co. † #		486,895
	170,700	Kansai Electric Power Co., Inc. * #		1,555,072
	89,100	Kyushu Electric Power Co., Inc. † #		837,470
	437,106	Mitsubishi Heavy Industries Ltd. #		1,830,989
	100,500	Tohoku Electric Power Co., Inc. #		1,312,428
	321,200	Tokyo Electric Power Co., Inc. * #		1,393,332
				8,172,948
South Korea: 4.2%
	64,473	Korea Electric Power Corp. (ADR)		1,571,852
Spain: 3.7%
	63,482	Endesa SA #		1,361,582
United States: 59.7%
	34,428	Ameren Corp.		1,693,169
	15,088	BWX Technologies, Inc.		578,927
	40,608	Dominion Resources, Inc.		3,015,956
	38,012	Duke Energy Corp.		3,042,480
	21,453	Entergy Corp.		1,646,089
	71,974	Exelon Corp.		2,396,014
	51,979	FirstEnergy Corp.		1,719,465
	42,588	PG&E Corp.		2,605,108
	16,887	Pinnacle West Capital Corp.		1,283,243
	54,179	Public Service Enterprise Group, Inc.		2,268,475
	49,664	Xcel Energy, Inc.		2,043,177
				22,292,103
Total Common Stocks (Cost: $36,801,999)				37,254,175
MONEY MARKET FUND: 0.0% (Cost: $4,857)
	4,858	Dreyfus Government Cash Management Fund		4,858
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $36,806,856)				37,259,033


Principal Amount

SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 6.8%

Repurchase Agreements: 6.8%
$	541,215	Repurchase agreement dated 9/30/16 with Citigroup Global Markets, Inc., 0.52%, due 10/3/16, proceeds $541,238; (collateralized by various U.S. government and agency obligations, 0.00% to 7.00%, due 2/15/20 to 9/9/49, valued at $552,039 including accrued interest)		541,215
	1,000,000	Repurchase agreement dated 9/30/16 with Daiwa Capital Markets America, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 10/13/16 to 9/9/49, valued at $1,020,000 including accrued interest)		1,000,000
	1,000,000	Repurchase agreement dated 9/30/16 with Nomura Securities International, Inc., 0.52%, due 10/3/16, proceeds $1,000,043; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 4/15/17 to 2/20/63, valued at $1,020,000 including accrued interest)		1,000,000
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,541,215)				2,541,215
Total Investments: 106.6% (Cost: $39,348,071)				39,800,248
Liabilities in excess of other assets: (6.6)%				(2,463,304	)
NET ASSETS: 100.0%			$	37,336,944


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 $2,404,600.
#	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 $12,753,716 which represents 34.2% 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 $452,269, or 1.2% of net assets.


Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Energy		1.7	%	$	636,504
Industrials		6.5			2,409,916
Utilities		91.8			34,207,755
Money Market Fund		0.0			4,858
		100.0	%	$	37,259,033

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Canada	$	636,504	$	—	$	—	$	636,504
China / Hong Kong		—		452,269		—		452,269
Czech Republic		—		576,463		—		576,463
Finland		—		1,406,493		—		1,406,493
France		—		783,961		—		783,961
Japan		—		8,172,948		—		8,172,948
South Korea		1,571,852		—		—		1,571,852
Spain		—		1,361,582		—		1,361,582
United States		22,292,103		—		—		22,292,103
Money Market Fund		4,858		—		—		4,858
Repurchase Agreements		—		2,541,215		—		2,541,215
Total	$	24,505,317	$	15,294,931	$	—	$	39,800,248

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

See Notes to Schedules of Investments

VANECK VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2016 (unaudited)

Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term 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 Van Eck Associates Corporation (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.

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 the 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.

Income Taxes–As of September 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)
Agribusiness ETF	$	983,238,762	$	119,844,965	$	(217,769,273	)	$	(97,924,308	)
Coal ETF		99,674,785		12,182,969		(24,163,219	)		(11,980,250	)
Global Alternative Energy ETF		110,317,161		14,913,765		(15,977,518	)		(1,063,753	)
Gold Miners ETF		10,495,675,906		1,256,448,328		(579,921,932	)		676,526,396
Junior Gold Miners ETF		4,192,072,362		798,786,251		(127,805,947	)		670,980,304
Natural Resources ETF		100,365,450		9,385,321		(16,167,925	)		(6,782,604	)
Oil Refiners ETF		4,081,470		465,668		(401,578	)		64,090
Oil Services ETF		1,858,448,709		3,311,948		(645,497,003	)		(642,185,055	)
Rare Earth / Strategic Metals ETF		54,811,913		3,260,763		(12,625,966	)		(9,365,203	)
Solar Energy ETF		20,947,991		485,021		(6,548,166	)		(6,063,145	)
Steel ETF		166,630,789		4,679,846		(36,185,803	)		(31,505,957	)
Unconventional Oil & Gas ETF		73,882,729		1,659,512		(14,397,278	)		(12,737,766	)
Uranium+Nuclear Energy ETF		39,493,846		2,695,322		(2,388,920	)		306,402

Other–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 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 the Funds.

ITEM 2. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VanEck Vectors ETF Trust

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

Date: November 28, 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 Jan F. van Eck, Chief Executive Officer, VanEck Vectors ETF Trust

Date: November 28, 2016

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

Date: November 28, 2016