vaneck vectors ucits etfs 30.06.2016 final draft (v5) · vaneck vectors tm ucits etfs plc (formerly...

VanEck Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc)

Condensed Interim Report &

Unaudited Financial Statements

For the financial period ended 30 June 2016

Company Number: 548554

VanEck Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Condensed Interim Report & Unaudited Financial Stat ements


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Contents

Page Directors and Other Information 2 Investment Manager’s Report 3 Statement of Financial Position 10 Statement of Comprehensive Income 12 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 14 Statement of Cash Flows 16 Notes to the Financial Statements 18 Portfolio Listings 28 Statement of Portfolio Changes 34



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Directors and Other Information

Board of Directors Mr Lars Hamich (GER) 2 (Resigned 11 March 2016) Mr Adam Phillips (USA) 2 Mr Jon Lukomnik (USA) 1 Ms Eimear Cowhey (IRL) 1

Mr Adrian Waters (IRL) 1

Mr Jonathan R. Simon (USA) 2

Registrar and Transfer Agent (Secondary Market) Computershare Investor Services (Ireland) Limited Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18

Manager and Distributor VanEck Investments Limited 25/28 North Wall Quay Dublin 1 Ireland

Secretary Goodbody Secretarial Limited International Financial Services Centre North Wall Quay Dublin 1 Ireland

Investment Manager and Promoter Van Eck Associates Corporation 666 Third Avenue 9th Floor New York NY 10017 USA Depositary BNY Mellon Trust Company (Ireland) Limited Guild House Guild Street, IFSC Dublin 1 Ireland Administrator BNY Mellon Fund Services (Ireland) Designated Activity Company Guild House Guild Street, IFSC Dublin 1 Ireland Swiss Representative First Independent Fund Services Klausstrasse, 33 8008 Zurich Switzerland

1 Independent non-executive Director. 2 Related party to Van Eck Associates Corporation

Auditors KPMG 1 Stokes Place St Stephen’s Green Dublin 2 Irish Legal Advisers to the Company A&L Goodbody International Financial Services Centre North Wall Quay Dublin 1 UK Facilities Agent Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE United Kingdom

Swiss Paying Agent Neue Helvetische Bank AG Seefeldstrasse 215 8008 Zürich Switzerland



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Investment Manager’s Report

MARKET REPORT Gold Miners This market background summary covers VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Junior Gold Miners UCITS ETF. Gold Sector Overview

� For the six month period starting on 31 December 2015, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Junior Gold Miners UCITS ETF returned 101.37% and 120.18% respectively.

� The primary drivers of performance for VanEck VectorsTM Gold Miners UCITS ETF were the exposures in Canada, South Africa and the United States.The primary drivers of performance for VanEck VectorsTM Junior Gold Miners UCITS ETF were the exposures in Canada and the United States.

� It was an eventful start to the year. On 4 January , the first trading day of 2016, the Chinese equity market fell

drastically, with the Shanghai Composite Stock Index1 down 6.9% during the session. The Chinese selloff spread to global equity markets, and the S&P 500® Index2 had one of the worse starts to the year historically. Commodities also took a hit, with oil and copper down 9% and 3%, respectively during January. On 29 January, the Bank of Japan surprised the markets with the adoption of negative interest rates. In addition, most major U.S. economic data releases in January were disappointing.

� All of these factors contributed to an environment which is very positive for gold as a portfolio diversifier and

hedge against tail risk,3 enabling gold to post strong gains early in the year.

� The gold rally continued through the month of April, supported by a weaker dollar, volatility, and weakness in global equity markets, the adoption of negative interest rates by the European Central Bank (ECB), and waning conviction in the market regarding further rate hikes by the U.S. Federal Reserve (the “Fed”).

� In early May, gold traded above USD 1,300 per ounce for the first time since January 2015.

� On 23 June, the U.K. defied market expectations by passing a referendum to leave the European Union (EU). Once Brexit4 results were known on 24 June, gold soared to new two year highs, reaching an intra-day peak of $1,359 per ounce.

Morningstar US Wide Moat This market background summary covers VanEck VectorsTM Morningstar US Wide Moat UCITS ETF.

� For the six month period starting on 31 December 2015, VanEck Vectors Morningstar US Wide Moat UCITS ETF returned 11.04% and outperformed the S&P 500 index (TR) by 7.20%.

� The primary drivers of performance were the Fund’s exposure to the information technology (in particular LinkedIn Corporation Class A), the Industrials sector (especially railroad and electronic component & equipment companies) and the consumer discretionary sector (particularly Polaris Industires Inc. and Time Warner Inc.).

1 The Shanghai Stock Exchange Composite Index, a capitalization-weighted index, tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. 2 S&P 500® Index (S&P 500) consists of 500 widely held common stocks covering industrial, utility, financial, and transportation sectors. 3 Tail risk is a form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution.



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Investment Manager’s Report (continued)

MARKET REPORT (continued)

� Only two sectors detracted from the Fund’s performance: Financial and healthcare companies.

� In May and April the performance of the Fund was boosted by increasing M&A activities from companies in the underlying index.

� The financial sector suffered the most from the results of the Brexit4 referendum in June, in particular large

financial sectors companies experienced the greatest spillover effect of Brexit.

� On 20 June 2016, the methodology of the Fund’s underlying index changed. For more details please see the market announcement on www.vaneck.com/etf-europe.

4 British withdrawal from the European Union

.



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FUND REPORT Investment Objective The investment objective of the Funds is to track or replicate, before fees and expenses, the price and yield performance of the indices listed in the table below.

Fund Index

VanEck VectorsTM Gold Miners UCITS ETF* NYSE Arca Gold Miners Index (GDMNTR) VanEck VectorsTM Junior Gold Miners UCITS ETF* MVIS Global Junior Gold Miners Index (MVGDXJTR) VanEck VectorsTM Morningstar US Wide Moat UCITS ETF* Morningstar® Wide Moat Focus IndexTM (MWMFTR)

Fund Performance The following table shows the performance (returns) of the funds and the indices for the reported period.

Fund Fund performance (%)

Index performance (%)

Performance differential (%)

VanEck VectorsTM Gold Miners UCITS ETF 101.75 102.49 -0.74 VanEck VectorsTM Junior Gold Miners UCITS ETF 121.11 121.97 -0.86 VanEck VectorsTM Morningstar US Wide Moat UCITS ETF 12.24 12.78 -0.54 The fund returns are based on the calculated ending net asset value (“NAV”) for the financial period under review. The fund returns are net of management fees.

Tracking Error The realised tracking error is the annualised standard deviation of the difference in daily returns between a Fund and its index. Tracking error shows the consistency of the returns relative to the index over the defined period of time. Anticipated tracking error is based on the annualised standard deviation of the difference in daily returns between a Fund and its index under normal market conditions. Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking error as well as the return differential between the cash component of the fund. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. In addition to the above, the Funds may also have a tracking error due to withholding tax charged to the Funds on any income received from its investments. The level of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed by the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by the Funds. The table below shows the anticipated annual tracking error of the Funds against the realised tracking error of the Funds. Realised tracking error is an annualized figure calculated using data from the preceding 36 months observation period. Where a fund has not been trading for 36 months, the table shows the annualised tracking error since inception.

Fund Anticipated Tracking

Error Realised Tracking

Error

VanEck VectorsTM Gold Miners UCITS ETF Up to 0.5% 0.03% VanEck VectorsTM Junior Gold Miners UCITS ETF Up to 1.0% 0.02% VanEck VectorsTM Morningstar US Wide Moat UCITS ETF Up to 0.5% 0.01%

*Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to VanEck VectorsTM Junior Gold Miners UCITS ETF, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively.



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FUND REPORT (continued)

Performance Comparison Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Commencement date for Performance Comparison The price used to calculate market return (Share Price) is the closing price listed on the London Stock Exchange. Since the shares of the Funds did not trade on the secondary market until several days after the Funds’ commencement, the NAV of the Funds is used as a proxy for the secondary market trading price to calculate market returns for the periods between commencement date and the first day of secondary market trading in shares of the Funds. For the VanEck VectorsTM Gold Miners UCITS ETF and the VanEck VectorsTM Junior Gold Miners UCITS ETF, this period extends from 25 March 2015 to 15 April 2015; for the VanEck VectorsTM Morningstar US Wide Moat UCITS ETF from 16 October 2015 to 28 October 2015. The NYSE Arca Gold Miners Index (GDMNTR) is a rules-based, modified capitalisation-weighted, float-adjusted index intended to give investors exposure to the overall performance of publicly traded companies involved in the mining for gold and silver. The NYSE Arca Gold Miners Index is the exclusive property of the New York Stock Exchange (NYSE). NYSE uses its best efforts to ensure that the Index is calculated correctly. The VanEck VectorsTM Gold Miners UCITS ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by NYSE and NYSE makes no representation regarding the advisability of investing in the Fund.

Hypothetical Growth of USD 10,000 (Since Inception)

Total Return Share Price NAV GDMNTR

One Year 56.60% 57.09% 57.93% Five Year N/A N/A -46.09% Life* (annualised) 34.28% 34.88% 35.58% Life* (cumulative) 45.34% 46.16% 47.12% *since 25 March 2015

The Total Expense Ratio of the VanEck VectorsTM Gold Miners UCITS ETF for the period from 31 December 2015 to

30 June 2016 was 0.53%.

This chart shows the value of a hypothetical USD 10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.



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FUND REPORT (continued)

The MVIS Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified capitalisation-weighted, float adjusted index intended to give investors exposure to the overall performance of small-capitalisation companies in the global gold and silver mining industry. MVIS Global Junior Gold Miners Index (the “Index”) is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of Van Eck Associates Corporation) which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. VanEck VectorsTM Junior Gold Miners UCITS ETF is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.


Total Return Share Price NAV MVGDXJTR

One Year 75.83% 77.38% 78.49% Five Year N/A N/A -64.09% Life* (annualised) 55.81% 53.63% 57.72% Life* (cumulative) 75.51% 72.41% 78.24%

*since 25 March 2015 The Total Expense Ratio of the VanEck VectorsTM Junior Gold Miners UCITS ETF for the period from 31 December 2015 to 30 June 2016 was 0.55%.




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FUND REPORT (continued) The Morningstar ® Wide Moat Focus Index TM (MWMFTR) is a rules-based, equally weighted index indended to give investors exposure to the overall performance of at least 40 attractively priced companies with sustainable competitive advantages according to Morningstar’s equity research team**. The Morningstar® Wide Moat Focus IndexTM is a trade mark of Morningstar Inc. and has been exclusively licensed for use for certain purposes by VanEck. VanEck VectorsTM Morningstar US Wide Moat UCITS ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund.


Total Return Share Price NAV MWMFTR

One Year N/A N/A 9.06% Five Year N/A N/A 90.35% Life* (annualised) 16.78% 17.90% 19.10% Life* (cumulative) 11.59% 12.34% 13.15% *since 16 October 2015

The Total Expense Ratio of the VanEck VectorsTM Morningstar US Wide Moat UCITS ETF for the period from 31 December 2015 to 30 June 2016 was 0.49%.

** Please note that the index methodology has changed on 20 June 2016. For more details please see the market announcement on www.vaneck.com/etf-europe.




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FUND REPORT (continued) Calendar Year Performance The following table shows the performance of the Funds and their underlying indices on a calendar year basis (31 December 2015 – 30 June 2016).

Fund Name Fund Index

VanEck VectorsTM Gold Miners UCITS ETF 101.75% 102.49% VanEck VectorsTM Junior Gold Miners UCITS ETF 121.11% 121.97% VanEck VectorsTM Morningstar US Wide Moat UCITS ETF 12.24% 12.78%

The fund returns are based on the calculated ending net asset value (“NAV”) for the financial period under review.

Important information on performance The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund is net of expenses and/or fees. These returns do not reflect the deduction of taxes that a shareholder would pay on the sale of Fund shares. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. The “Net Asset Value” (NAV) of a VanEck VectorsTM UCITS ETFs Plc sub-fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.



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Statement of Financial Position

0 0 VanEck

Vectors™ VanEck

Vectors™ VanEck

Vectors™ 0 0 Junior Gold Gold Morningstar US 0 0 Miners Miners Wide Moat Company 0 0 UCITS ETF* UCITS ETF* UCITS ETF* Total 0 0

0 0 Financial

period ended Financial



period ended 0 0 30 June 30 June 30 June 30 June 2016 2016 2016 2016 0 Notes US$ US$ US$ US$ Assets Cash and cash equivalents 5 5,539,215 61,685 1,733 5,602,633 Financial assets at fair value through profit or loss: 6 Transferable securities 44,820,357 143,584,670 3,369,832 191,774,859 Dividends receivable 2,198 72,759 1,399 76,356 Capital shares receivable 5,125,090 – – 5,125,090 Securities sold receivable 845,786 – – 845,786 Total Current Assets 56,332,646 143,719,114 3,372,964 203,424,724 Liabilities Bank overdraft 5 – – – – Financial liabilities at fair value through profit or loss 6 – – – – Total fee payable 9 (22,864) (113,657) (2,748) (139,269) Other Payable – (485) – (485) Capital shares payable – – – – Securities purchased payable (11,484,134) – – (11,484,134) Total Current Liabilities (11,506,998) (114,142) (2,748) (11,623,888) Net assets attributable to holders of redeemable participating shares 44,825,648 143,604,972 3,370,216 191,800,836 *Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to VanEck VectorsTM Junior Gold Miners UCITS ETF, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements.



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Statement of Financial Position (continued)

0 0 VanEck

Vectors™ VanEck

Vectors™ VanEck

Vectors™ 0 0 Junior Gold Gold Morningstar US 0 0 Miners Miners Wide Moat Company 0 0 UCITS ETF1 UCITS ETF1 UCITS ETF2 Total 0 0

0 0 Financial

year ended Financial



year ended 0 0 31 December 31 December 31 December 31 December 2015 2015 2015 2015 0 Notes US$ US$ US$ US$ Assets Cash and cash equivalents 5 – 3,922 3,002 6,924 Financial assets at fair value through profit or loss: 6 Transferable securities 8,594,310 71,935,657 1,997,239 82,527,206 Dividends receivable 886 15,597 2,372 18,855 Securities sold receivable – – – (history) Total Current Assets 8,595,196 71,955,176 2,002,613 82,552,985 Liabilities Bank overdraft 5 (10,762) – – (10,762) Total fee payable 9 (7,284) (64,254) (838) (72,376) Securities purchased payable – – – (history) Total Current Liabilities (18,046) (64,254) (838) (83,138) Net assets attributable to holders of redeemable participating shares 8,577,150 71,890,922 2,001,775 82,469,847 1 Launched on 25 March 2015. 2 Launched on 16 October 2015. The accompanying notes form an integral part of the financial statements.



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Statement of Comprehensive Income

VanEck

Vectors™ VanEck

Vectors™ VanEck

Vectors™ Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF* UCITS ETF* UCITS ETF* Total

Financial period

ended Financial period

ended Financial p eriod


ended 30 June 30 June 30 June 30 June 2016 2016 2016 2016 Notes US$ US$ US$ US$ Income Dividend income 40,597 498,196 23,006 561,799 Net gains on financial assets and liabilities at fair value through profit or loss 4 12,963,084 72,756,207 218,942 85,938,233 Total investment income 13,003,681 73,254,403 241,948 86,500,032 Operating expenses Total fee 9 (45,195) (280,222) (6,078) (331,495) Net income 12,958,486 72,974,181 235,870 86,168,537 Finance costs Interest expense (552) (75) (3) (630) Profit for the period before tax 12,957,934 72,974,106 235,867 86,167,907 Withholding tax (3,118) (66,389) (3,451) (72,958) Increase in net assets resulting from operations attributable to holder of redeemable participating shares 12,954,816 72,907,717 232,416 86,094,949 * Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to VanEck VectorsTM Junior Gold Miners UCITS ETF, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements.



13

Statement of Comprehensive Income (continued)

VanEck Vectors™ VanEck Vectors™ Junior Gold Gold Miners Miners Company UCITS ETF1 UCITS ETF1 Total 2

Financial period



ended 30 June 30 June 30 June 2015 2015 2015 Notes US$ US$ US$ Income Dividend income 11,687 337,236 348,923 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 4 (246,908) (9,034,678) (9,281,586) Total investment loss (235,221) (8,697,442) (8,932,663) Operating expenses Total fee 9 (7,395) (124,024) (131,419) Net loss (242,616) (8,821,466) (9,064,082) Finance costs Interest expense (29) (122) (151) Loss for the period before tax (242,645) (8,821,588) (9,064,233) Withholding tax (711) (39,149) (39,860) Decrease in net assets resulting from operations attributable to holder of redeemable participating shares (243,356) (8,860,737) (9,104,093) 1 Launched on 25 March 2015. 2 Company was incorporated on 26 August 2014. The accompanying notes form an integral part of the financial statements.



14

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

VanEck

Vectors™ VanEck

Vectors™ VanEck


Financial period




ended 30 June 30 June 30 June 30 June 2016 2016 2016 2016 US$ US$ US$ US$ Net assets attributable to holders of redeemable participating shares at beginning of the period 8,577,150 71,890,922 2,001,775 82,469,847 Increase in net assets resulting from operations 12,954,816 72,907,717 232,416 86,094,949 Amounts received on issue of redeemable participating shares 24,775,056 4,752,378 1,136,025 30,663,459 Amounts paid on redemption of redeemable participating shares (1,481,374) (5,946,045) – (7,427,419) Increase/(decrease) in net assets resulting from share transactions 23,293,682 (1,193,667) 1,136,025 23,236,040 Net assets attributable to holders of redeemable participating shares at end of the period 44,825,648 143,604,972 3,370,216 191,800,836 * Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to VanEck VectorsTM Junior Gold Miners UCITS ETF, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements.



15

Statement of Changes in Net Assets Attributable

to Holders of Redeemable Participating Shares (cont inued) VanEck Vectors™ VanEck Vectors™ Junior Gold Gold Miners Miners Company UCITS ETF1 UCITS ETF1 Total 2

Financial period



ended 30 June 30 June 30 June 2015 2015 2015 US$ US$ US$ Net assets attributable to holders of redeemable participating shares at beginning of the period 1 1 2 Decrease in net assets resulting from operations (243,356) (8,860,737) (9,104,093) Amounts received on issue of redeemable participating shares 6,075,521 101,201,640 107,277,161 Amounts paid on redemption of redeemable participating shares (319) (11,795) (12,114) Increase in net assets resulting from share transactions 6,075,202 101,189,845 107,265,047 Net assets attributable to holders of redeemable participating shares at end of the period 5,831,847 92,329,109 98,160,956 1 Launched on 25 March 2015. 2 Company was incorporated on 26 August 2014. The accompanying notes form an integral part of the financial statements.



16

Statement of Cash Flows

VanEck

Vectors™ VanEck

Vectors™ VanEck


Financial period




ended 30 June 30 June 30 June 30 June 2016 2016 2016 2016 US$ US$ US$ US$ Cash flows from operating activities Proceeds from sale of investments (including realised gains) 1,797,596 30,583,765 3,525,690 35,907,051 Purchase of investments (19,547,301) (29,476,571) (4,679,341) (53,703,213) Dividend income received 36,167 374,645 20,528 431,340 Operating expenses paid (29,615) (230,334) (4,168) (264,117) Net cash (outflow)/inflow from operating activities (17,743,153) 1,251,505 (1,137,291) (17,628,939) Cash flows from financing activities Interest expense paid (552) (75) (3) (630) Amounts received on issue of redeemable participating shares 24,775,056 4,752,378 1,136,025 30,663,459 Amounts paid on redemption of redeemable participating shares (1,481,374) (5,946,045) – (7,427,419) Net cash inflow/(outflow) from financing activities 23,293,130 (1,193,742) 1,136,022 23,235,410 Net increase/(decrease) in cash and cash equivalents 5,549,977 57,763 (1,269) 5,606,471 Cash and cash equivalents at beginning of period (10,762) 3,922 3,002 (3,838) Cash and cash equivalents at end of the period 5,539,215 61,685 1,733 5,602,633 Bank overdraft at end of the period – – – – * Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to VanEck VectorsTM Junior Gold Miners UCITS ETF, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements.



17

Statement of Cash Flows (continued)

VanEck Vectors™ VanEck Vectors™ Junior Gold Gold Miners Miners Company UCITS ETF1 UCITS ETF1 Total 2

Financial period



ended 30 June 30 June 30 June 2015 2015 2015 US$ US$ US$ Cash flows from operating activities Proceeds from sale of investments (including realised gains) 729,688 5,391,748 6,121,436 Purchase of investments (6,797,045) (106,688,264) (113,485,309) Dividend income received 10,454 166,404 176,858 Operating expenses paid (4,436) (79,224) (83,660) Net cash outflow from operating activities (6,061,339) (101,209,336) (107,270,675) Cash flows from financing activities Interest expense paid (29) (122) (151) Amounts received on issue of redeemable participating shares 6,075,521 101,201,640 107,277,161 Amounts paid on redemption of redeemable participating shares (319) (11,795) (12,114) Net cash inflow from financing activities 6,075,173 101,189,723 107,264,896 Net increase/(decrease) in cash and cash equivalents 13,834 (19,613) (5,779) Cash and cash equivalents at beginning of period – – – Cash and cash equivalents at end of the period 13,834 – 13,834 Bank overdraft at end of the period – (19,613) (19,613) 1 Launched on 25 March 2015. 2 Company was incorporated on 26 August 2014. The accompanying notes form an integral part of the financial statements.



18

Notes to the Financial Statements

1. Organisation

VanEck VectorsTM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) (the “Company”) was incorporated on 26 August 2014 under the laws of Ireland. The Company is a public limited company with variable capital and is structured as an umbrella fund with segregated liability between sub-funds established pursuant to the Companies Act 2014. The sole objective for which the Company is established is the collective investment in transferable securities and/or other liquid financial assets as referred to in Regulation 68 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”). As at 8 December 2014, the Company has been authorised by the Central Bank of Ireland. As at 30 June 2016, the Company consisted of three sub-funds, collectively the “sub-funds”, and individually the “sub-fund”. As at 30 June 2016, each fund had one share class in issue – USD A Share class. VanEck Vectors TM Junior Gold Miners UCITS ETF (the “sub-fund”) The investment objective of the sub-fund is to track, before fees and expenses, the price and yield performance of the MVIS Global Junior Gold Miners Index (the “Index”). VanEck Vectors TM Gold Miners UCITS ETF (the “sub-fund”) The investment objective of the sub-fund is to track, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index (the “Index”). VanEck Vectors TM Morningstar US Wide Moat UCITS ETF (the “sub-fund”) The investment objective of the sub-fund is to track, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus IndexSM (the “Index”). Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to VanEck VectorsTM Junior Gold Miners UCITS ETF, VanEck VectorsTM Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively. The sub-funds VanEck VectorsTM Junior Gold Miners UCITS ETF and VanEck VectorsTM Junior Gold Miners UCITS ETF were launched on 25 March 2015 and the sub-fund VanEck VectorsTM Morningstar US Wide Moat UCITS ETF was launched on 16 October 2015.

The share class of VanEck VectorsTM Junior Gold Miners UCITS ETF and VanEck VectorsTM Gold Miners UCITS ETF are listed on the Irish Stock Exchange, London Stock Exchange, BATS CHI-X Europe Exchange, the Six Swiss Exchange and Deutsche Börse XETRA. The share class of VanEck Vectors Morningstar US Wide Moat UCITS ETF is listed on the Irish Stock Exchange, London Stock Exchange, Six Swiss Exchange and Deutsche Börse XETRA.

2. Significant Accounting Policies

(a) Basis of Preparation

The Company’s annual financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU’), the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations. These condensed interim unaudited financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting", and Irish Statute comprising the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations.

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss.



19

Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)

(a) Basis of Preparation (continued)

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

The Board of Directors makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

3. Share Capital

The Authorised Share Capital of the Company is 2 subscriber shares of €1 each and l,000,000,000,000 participating shares of no par value. There are no rights of pre-emption attached to the shares.

The Company complies with the minimum capital requirements by ensuring that each shareholder holds a minimum of 50,000 shares.

Shareholders are entitled to attend and vote at general meetings of the Company. Every shareholder, holding shares that are present in person or by proxy shall have one vote and on a poll, every shareholder present in person or by proxy shall have one vote for every share of which they are the holder.

Shareholders can redeem shares in any of the sub-funds for cash and/or in specie or in a combination of both on any dealing day. The Company may levy a redemption charge not exceeding 3% of the Net Asset Value per Share.

The Directors are authorised to allot relevant securities up to an amount equal to the authorised share capital off the Company. No shares were allotted during the financial period ended 30 June 2016 and the financial year ended 31 December 2015.

During the financial period ended 30 June 2016 and financial year ended 31 December 2015 the number of redeemable shares issued and fully paid was as follows:

VanEck

Vectors™ VanEck

Vectors™ VanEck

Vectors™ Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF UCITS ETF UCITS ETF Total

Financial period



ended Financial p eriod

ended 30 June 30 June 30 June 30 June 2016 2016 2016 2016

Balance at beginning of financial period 550,000 5,050,000 100,000 5,700,000 Shares Issued 800,000 200,000 50,000 1,050,000 Shares Redeemed (50,000) (250,000) – (300,000) Balance at end of financial period 1,300,000 5,000,000 150,000 6,450,000



20


3. Share Capital (continued)

VanEck

Vectors™ VanEck

Vectors™ VanEck


Financial year

ended Financial year

ended Financial year

ended Financial ye ar

ended 31 December 31 December 31 December 31 December 2015 2015 2015 2015

Balance at beginning of financial year – – – – Shares Issued 750,000 5,050,000 100,000 5,900,000 Shares Redeemed (200,000) – – (200,000) Balance at end of financial year 550,000 5,050,000 100,000 5,700,000 Refer to page 14 for details of amounts received on issue of redeemable participating shares and amounts paid on redemption of redeemable participating shares. 4. Net Gains/(Losses) on Financial Assets and Liab ilities at Fair Value Through Profit or Loss

VanEck

Vectors™ VanEck

Vectors™ VanEck


Financial period




ended 30 June 30 June 30 June 30 June 2016 2016 2016 2016 US$ US$ US$ US$

Net realised gains on sale of investments 1,282,100 4,107,481 144,450 5,534,031 Net change in unrealised appreciation on investments 11,679,800 68,656,743 74,492 80,411,035 Other currency gains/(losses) 1,184 (8,017) – (6,833) Net gains on financial assets and liabilities at fair value through profit or loss 12,963,084 72,756,207 218,942 85,938,233



21


4. Net Gains/(Losses) on Financial Assets and Liab ilities at Fair Value Through Profit or Loss (conti nued)

VanEck Vectors™ VanEck Vectors™ Junior Gold Gold Miners Miners Company UCITS ETF UCITS ETF Total

Financial period



ended 30 June 30 June 30 June 2015 2015 2015 US$ US$ US$

Net realised losses on sale of investments (28,504) (383,810) (412,314) Net change in unrealised depreciation on investments (206,671) (8,707,896) (8,914,567) Other currency (losses)/gains (11,733) 57,028 45,295 Net losses on financial assets and liabilities at fair value through profit or loss (246,908) (9,034,678) (9,281,586) 5. Cash and Cash Equivalents

The cash and bank overdraft balances for the financial period ended 30 June 2016 and the financial year ended 31 December 2015 are held at the Depositary BNY Mellon Trust Company (Ireland) Limited. 6. Financial Assets and Financial Liabilities at F air Value through Profit or Loss

IFRS 13 'Fair Value Measurement' requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities in the Statement of Financial Position.

The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. The fair value of financial assets and financial liabilities traded in an active market (such as trading securities) are based on quoted market prices at the close of trading on the reporting date.

The quoted market price used for financial assets held by the sub-funds is the last traded price; the appropriate quoted market price for financial liabilities is the last traded price.

A financial instrument is regarded as quoted in an active market if the quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis.

The fair value of financial assets and financial liabilities that are not traded in an active market is determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at the reporting date. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).



22


6. Financial Assets and Financial Liabilities at F air Value through Profit or Loss (continued)

As the fair values of the Company’s investments are based on quoted prices in active markets, the Company’s financial assets measured at fair value are considered Level 1 for the financial period ended 30 June 2016 and the financial year ended 31 December 2015. The Company’s assets and liabilities (by class) not measured at fair value at 31 December 2015 but for which fair value is disclosed within the fair value hierarchy are considered Level 2, except for cash and cash equivalents, which are considered Level 1. 7. Efficient Portfolio Management

The Company may, on behalf of each sub-fund and subject to the conditions and within the limits laid down by the Central Bank of Ireland, employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. Transactions for the purposes of efficient portfolio management may be undertaken with a view to achieving a reduction in risk, a reduction in costs or an increase in capital or income returns to a sub-fund and may not be speculative in nature.

The sub-funds may invest in financial derivative instruments (“FDI”) for efficient portfolio management or hedging purposes. The sub-funds may use futures, swaps and currency forwards for the purpose of reducing risk associated with currency exposures within the sub-fund. These techniques and instruments may include investments into hedging transactions on currencies to protect against a decline in the value of investments denominated in currencies other than US$, and against any increase in the cost of investments denominated in currencies other than US$. The subfunds employ the commitment approach to assess the global exposure and to ensure that the sub-fund’s use of derivative instruments is in accordance with the requirements of the Central Bank of Ireland.

Forward foreign currency contracts can be used to hedge out unwanted currency exposures and to limit the sub-funds exposure to anticipated changes in exchange rates. There are no forward foreign currency contracts held at the financial period ended 30 June 2016 or the financial year ended 31 December 2015.

The sub-funds may enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. The sub-funds did not enter into such agreements during the financial period ended 30 June 2016 or the financial year ended 31 December 2015.

8. Taxation

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On this basis, it is generally not chargeable to Irish tax on its income or gains.

However, Irish tax can arise on the happening of a “chargeable event” in the Company. A chargeable event includes any payments of distributions to shareholders, any encashment, repurchase, redemption, cancellation or transfer of shares and any deemed disposal of shares as described below for Irish tax purposes arising as a result of holding shares in the Company for a period of eight years or more. Where a chargeable event occurs, the Company is required to account for the Irish tax thereon.



23


8. Taxation (continued)

No Irish tax will arise on the Company in respect of chargeable events where:

(a) a shareholder who is not Irish resident nor ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Company; or

(b) certain exempted Irish resident investors who have provided the Company with the necessary signed statutory declarations; or

(c) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or

(d) an exchange of shares representing one Fund for another Fund of the Company; or

(e) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another company; or

(f) certain exchanges of shares between spouses and former spouses.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable event. There were no chargeable events during the period under review. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its shareholders.

9. Expenses

Total fee The Total fee, a percentage of the Net Asset Value of the relevant class of shares, is payable by the Company out of the subfunds’ assets to the Manager.

The Total fee incurred by the Company during the financial period ended 30 June 2016 and 30 June 2015 are detailed below.

Total Fee Total Fee Financial period ended Financial period ended

30 June 2016 30 June 2015

VanEck VectorsTM Junior Gold Miners UCITS ETF

Up to 0.55% per annum or such lower amount as may be advised to

Shareholders from time to time.



VanEck VectorsTM Gold Miners UCITS ETF





VanEck VectorsTM Morningstar US Wide Moat UCITS ETF



n/a



24


9. Expenses (continued)

Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Transaction costs on purchases and sales of equities are included in net gains/(losses) on investments in the Statement of Comprehensive Income for each sub-fund. For the financial period ended 30 June 2016, the Company incurred transaction costs on purchases and sales as follows:

30 June 2016 US$ VanEck VectorsTM Junior Gold Miners UCITS ETF 20,290 VanEck VectorsTM Gold Miners UCITS ETF 23,941

VanEck VectorsTM Morningstar US Wide Moat UCITS ETF 2,110

There were no transaction costs incurred during the financial period ended 30 June 2015.

10. Related Parties

Mr Lars Hamich (resigned 11 March 2016) and Mr Adam Phillips are related to VanEck Europe and Van Eck Associates Corporation respectively. Mr Jonathan R. Simon is related to Van Eck Associates Corporation, VanEck Securities Corporation and VanEck Absolute Return Advisers Corporation. Ms Eimear Cowhey, Mr Jon Lukomnik and Mr Adrian Waters are independent directors. Ms Eimear Cowhey, Mr Adrian Waters and Mr Jonathan R. Simon also serve as Directors of the Manager, VanEck Investments Limited. Mr Jon Lukomnik is also an independent director of the VanEck US mutual funds and investment trusts. As outlined on page 2 of this report, Van Eck Associates Corporation acts as Fund Promoter and Investment Manager. VanEck Investments Limited, the Manager and Distributor, are wholly owned subsidiaries of Van Eck Associates Corporation. Management Fees earned by VanEck Investments Limited are disclosed in the Statement of Comprehensive Income and amounts owed at the period end are disclosed in the Statement of Financial Position.

VanEck Switzerland AG is a related party, by virtue of the fact that it has the same ultimate parent group, VanEck, which held 150,000 shares in the Company.

MV Index Solutions, the index provider of the VanEck VectorsTM Global Junior Gold Miners Index, which the VanEck VectorsTM Junior Gold Miners UCITS ETF seeks to track, is a wholly owned subsidiary of Van Eck Associates Corporation. The index licensing fees related to the VanEck VectorsTM Global Junior Gold Miners Index are borne by the Manager.

Regulation 41 of the Central Bank UCITS Regulations ‘Restrictions of transactions with connected persons” states that ‘A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in the best interest of the unitholders of the UCITS”.

As required under Central Bank UCITS Regulation 78.4, the Directors of the Management Company, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected party; and all transactions with connected parties that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(l).



25


11. Contingent Liabilities and Commitments

There were no significant liabilities or commitments at the financial period ended 30 June 2016 and the financial year ended 31 December 2015.

12. Segregation of Liability

Under the provisions of the Companies Act 2014, the Directors maintain for each sub-fund a separate portfolio of assets. As between shareholders, each portfolio of assets is invested for the exclusive benefit of the relevant sub-fund. The shareholders are only entitled to the assets and profits of that sub-fund In which they participate. The Company is considered one single legal entity. With regard to third parties, in particular towards the Company’s creditors, the Company is responsible for all liabilities incurred by a sub-fund exclusively based on the assets of this relevant subfund. Among the shareholders, the liabilities of each sub-fund shall only be incurred to the sub-fund. While the provisions of the Companies Act 2014 provide for segregated liability between sub-funds, these provisions have yet to be tested in foreign courts, in particular, in satisfying local creditors’ claims. Accordingly, it is not free from doubt that the assets of a sub-fund of the Company may not be exposed to the liabilities of other sub-funds of the Company.

13. Significant Events during the period

On 27 January 2016, the Administrator, BNY Mellon Fund Services (Ireland) Limited converted to a designated activity company under the Companies Act 2014 and changed its name to BNY Mellon Fund Services (Ireland) Designated Activity Company.

On 11 March 2016, Lars Hamich resigned as a Director of the Manager, VanEck Investments Limited and the Company, VanEck Vectors UCITS ETFs Plc.

The Market Vectors Gold Miners UCITS ETF, Market Vectors Junior Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF funds have changed their names to VanEck VectorsTM Gold Miners UCITS ETF, VanEck VectorsTM Junior Gold Miners UCITS ETF and VanEck VectorsTM Morningstar US Wide Moat UCITS ETF respectively on 1 May 2016.

The Manager, Van Eck Global Investments Limited, underwent a name change to VanEck Investments Limited on 1 May 2016.

A new Prospectus and supporting Supplements were issued on 2 May 2016.

14. Subsequent Events after the period

There have been no significant events after the period end that require disclosure in the financial statements.



26


15. Net Asset Value Attributable to Holders of Red eemable Participating Shares

Financial period ended 30 June 2016

VanEck

Vectors™ VanEck

Vectors™ VanEck

Vectors™ Junior Gold Gold Morningstar US Miners Miners Wide Moat UCITS ETF UCITS ETF UCITS ETF

US$ US$ US$ Total Net Asset Value USD Shares 44,825,648 143,604,972 3,370,216

Net Asset Value per Share USD Shares 34.48 28.72 22.47 Financial year ended 31 December 2015

VanEck

Vectors™ VanEck

Vectors™ VanEck

Vectors™ Junior Gold Gold Morningstar US Miners Miners Wide Moat UCITS ETF UCITS ETF UCITS ETF

US$ US$ US$ Total Net Asset Value USD Shares 8,577,150 71,890,922 2,001,775

Net Asset Value per Share USD Shares 15.59 14.24 20.02 16. Soft Commisions

No soft commission arrangements were entered into during the financial period ended 30 June 2016 or the financial year ended 31 December 2015.

17. Exchange Rates

The following exchange rates were used to convert investments, assets and liabilities to the presentation currency of the Company:

As at 30 June 2016

As at 31 December 2015

Australian Dollar 1.3430 1.3744

Canadian Dollar 1.2987 1.3891

Chinese Yuan Renminbi 6.6436 6.4936

Hong Kong Dollar 7.7579 7.7502

Pound Sterling 0.7481 0.6785

Turkish Yeni 2.8756 2.9189

VanEck Vectors UCITS ETFs plc (formerly Market Vect ors UCITS ETFs plc) Condensed Interim Report & Unaudited Financial Stat ements


27


18. Swiss Investors

The Prospectus, the statutes, the Key Investor Information Document, the annual and semi-annual report as well as a list containing all purchases and sales which have been made during the reporting period can be obtained free of charge at the Swiss Representative.

19. Approval of Financial Statements

The financial statements were approved by the Directors on 30 August 2016.


Condensed Interim Report & Unaudited Financial Stat ements For the financial period ended

30 June 2016

Portfolio Listing - VanEck Vectors TM Junior Gold Miners UCITS ETF*

28

As at 30 June 2016

Transferable securities admitted to an official sto ck exchange

Security Description Nominal

Fair Value USD

% of Net Assets

Australia 10.93% (31 December 2015: 16.39%)

Beadell Resources Ltd 1,211,837 342,882 0.76 Independence Group NL 332,631 812,370 1.81 Regis Resources Ltd 574,127 1,462,014 3.26 Resolute Mining Ltd 461,680 441,735 0.99 Saracen Mineral Holdings Ltd 775,725 831,740 1.86 St Barbara Ltd 459,044 1,008,309 2.25

Total Australia 4,899,050 10.93

Bermuda 0.00% (31 December 2015: 2.08%)

Canada 61.81% (31 December 2015: 62.61%)

Alacer Gold Corp 262,597 622,776 1.39 Alamos Gold Inc 259,876 2,234,934 4.99 Argonaut Gold Inc 150,897 441,526 0.98 Asanko Gold Inc 218,130 829,725 1.85 B2Gold Corp 963,911 2,419,417 5.40 Centerra Gold Inc 207,639 1,231,094 2.75 China Gold International Resources Corp Ltd 307,202 553,518 1.23 Continental Gold Inc 136,808 382,393 0.85 Dundee Precious Metals Inc 124,446 295,137 0.66 Endeavour Silver Corp 145,454 574,543 1.28 First Majestic Silver Corp 151,054 2,051,313 4.58 Fortuna Silver Mines Inc 149,977 1,046,839 2.34 Guyana Goldfields Inc 130,181 928,219 2.07 IAMGOLD Corp 443,783 1,837,262 4.10 Kirkland Lake Gold Inc 118,651 972,086 2.17 MAG Silver Corp 53,107 666,138 1.49 Novagold Resources Inc 225,742 1,381,541 3.08 Osisko Gold Royalties Ltd 114,764 1,492,544 3.33 Premier Gold Mines Ltd 169,343 499,410 1.11 Primero Mining Corp 164,094 341,315 0.76 Sandstorm Gold Ltd 166,487 742,532 1.66 Seabridge Gold Inc 45,595 669,335 1.49 SEMAFO Inc 281,860 1,345,603 3.00 Silver Standard Resources Inc 152,369 1,979,273 4.42 Silvercorp Metals Inc 212,418 480,873 1.07 Teranga Gold Corp 396,037 350,691 0.78 Torex Gold Resources Inc 751,429 1,336,570 2.98

Total Canada 27,706,607 61.81

Cayman Islands 3.49% (31 December 2015: 2.48%)

China Precious Metal Resources Holdings Co Ltd 9,628,000 304,058 0.68 Endeavour Mining Corp 74,741 1,262,087 2.81

Total Cayman Islands 1,566,145 3.49

Jersey 4.82% (31 December 2015: 4.93%)

Centamin Plc 1,100,089 1,939,720 4.33 Highland Gold Mining Ltd 157,518 221,099 0.49

Total Jersey 2,160,819 4.82



30 June 2016

Portfolio Listing - VanEck Vectors TM Junior Gold Miners UCITS ETF* (continued)

29

Transferable securities admitted to an official sto ck exchange (continued)


Fair Value USD

% of Net Assets

South Africa 2.49% (31 December 2015: 1.45%)

Harmony Gold Mining Co Ltd 308,627 1,114,143 2.49

Total South Africa 1,114,143 2.49

Turkey 0.63% (31 December 2015: 1.13%)

Koza Altin Isletmeleri AS 63,308 280,255 0.63

Total Turkey 280,255 0.63

United States 15.82% (31 December 2015: 9.13%)

Coeur Mining Inc 169,556 1,807,467 4.03 Gold Resource Corp 69,841 250,729 0.56 Hecla Mining Co 398,558 2,032,646 4.53 McEwen Mining Inc 256,867 988,938 2.21 Pretium Resources Inc 179,782 2,013,558 4.49

Total United States 7,093,338 15.82

Total Transferable securities admitted to an offici al stock exchange 44,820,357 99.99

Total Financial assets at fair value through profit or loss 44,820,357 99.99

Cash and cash equivalents 5,539,215 12.36

Other liabilities (5,533,924) (12.35)

Total Net assets attributable to holders of redeema ble participating shares 44,825,648 100.00

* Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF changed name to VanEck VectorsTM Junior Gold Miners UCITS ETF.

Analysis of total assets % of Total

Assets Transferable securities admitted to an offical stock exchange listing 79.56 Cash and cash equivalents 9.83 Other assets 10.61 Total Assets 100.00



30 June 2016

Portfolio Listing - VanEck Vectors TM Gold Miners UCITS ETF*

30

As at 30 June 2016



Fair Value USD

% of Net Assets

Australia 10.33% (31 December 2015: 10.85%)

Evolution Mining Ltd 1,012,403 1,756,413 1.23 Independence Group NL 352,638 861,232 0.60 Newcrest Mining Ltd 494,385 8,466,627 5.90 Northern Star Resources Ltd 413,859 1,522,288 1.06 Regis Resources Ltd 344,661 877,679 0.61 Saracen Mineral Holdings Ltd 552,170 592,042 0.41 St Barbara Ltd 341,385 749,866 0.52

Total Australia 14,826,147 10.33

Bermuda 0.00% (31 December 2015: 0.95%)

Canada 53.83% (31 December 2015: 50.91%)

Agnico Eagle Mines Ltd 142,856 7,642,796 5.32 Alacer Gold Corp 201,299 477,402 0.33 Alamos Gold Inc 182,377 1,568,442 1.09 Asanko Gold Inc 135,859 517,623 0.36 B2Gold Corp 640,381 1,607,356 1.12 Barrick Gold Corp 751,542 16,045,422 11.17 Centerra Gold Inc 166,871 989,380 0.69 Detour Gold Corp 119,351 2,970,223 2.07 Eldorado Gold Corp 494,104 2,223,468 1.55 First Majestic Silver Corp 111,209 1,510,218 1.05 Fortuna Silver Mines Inc 90,035 626,024 0.44 Franco-Nevada Corp 114,344 8,697,005 6.06 Goldcorp Inc 536,769 10,268,391 7.15 Guyana Goldfields Inc 106,336 758,199 0.53 IAMGOLD Corp 279,903 1,158,798 0.81 Kinross Gold Corp 857,883 4,195,048 2.92 Kirkland Lake Gold Inc 78,828 645,823 0.45 New Gold Inc 351,824 1,540,989 1.07 OceanaGold Corp 420,435 1,599,695 1.11 Osisko Gold Royalties Ltd 73,311 953,434 0.66 Pan American Silver Corp 104,813 1,724,174 1.20 SEMAFO Inc 222,925 1,064,246 0.74 Silver Standard Resources Inc 81,635 1,060,439 0.74 Tahoe Resources Inc 206,705 3,094,374 2.16 Torex Gold Resources Inc 542,629 965,176 0.67 Yamana Gold Inc 653,136 3,396,307 2.37

Total Canada 77,300,452 53.83

Cayman Islands 0.68% (31 December 2015: 0.00%)

Endeavour Mining Corp 58,189 982,587 0.68

Total Cayman Islands 982,587 0.68

China 1.37% (31 December 2015: 3.02%)

Zhaojin Mining Industry Co Ltd 603,000 636,584 0.44 Zijin Mining Group Co Ltd 3,978,000 1,328,063 0.93

Total China 1,964,647 1.37

Jersey 5.93% (31 December 2015: 6.77%)

Centamin Plc 794,406 1,400,728 0.97 Randgold Resources Ltd 63,530 7,117,901 4.96

Total Jersey 8,518,629 5.93



30 June 2016

Portfolio Listing - VanEck Vectors TM Gold Miners UCITS ETF* (continued)

31

Transferable securities admitted to an official sto ck exchange (continued)


Fair Value USD

% of Net Assets

Peru 1.58% (31 December 2015: 1.65%)

Cia de Minas Buenaventura SAA 190,057 2,271,181 1.58

Total Peru 2,271,181 1.58

South Africa 7.75% (31 December 2015: 9.71%)

AngloGold Ashanti Ltd 282,260 5,097,616 3.55 Gold Fields Ltd 566,467 2,775,688 1.93 Harmony Gold Mining Co Ltd 301,529 1,088,520 0.76 Sibanye Gold Ltd 159,263 2,169,162 1.51

Total South Africa 11,130,986 7.75


Coeur Mining Inc 105,607 1,125,771 0.79 Hecla Mining Co 264,786 1,350,409 0.94 McEwen Mining Inc 205,530 791,290 0.55 Newmont Mining Corp 342,182 13,386,160 9.32 Royal Gold Inc 45,265 3,259,985 2.27 Silver Wheaton Corp Npv 283,741 6,676,426 4.65




Cash and cash equivalents 61,685 0.04

Other liabilities (41,383) (0.03)


* Effective 1 May 2016 Market Vectors Gold Miners UCITS ETF changed name to VanEck VectorsTM Gold Miners UCITS ETF. Analysis of total assets % of Total




30 June 2016

Portfolio Listing - VanEck Vectors TM Morningstar US Wide Moat UCITS ETF*

32

As at 30 June 2016



Fair Value USD

% of Net Assets

Ireland 2.38% (31 December 2015: 0.00%)

Allergan Plc 347 80,188 2.38

Total Ireland 80,188 2.38


Amazon.com Inc 119 85,159 2.53 American Express Co 1,310 79,596 2.36 AmerisourceBergen Corp 1,138 90,266 2.68 Amgen Inc 549 83,530 2.48 Bank of New York Mellon Corp 2,063 80,148 2.38 Berkshire Hathaway Inc 609 88,177 2.62 Biogen Inc 341 82,461 2.45 CBRE Group Inc 2,796 74,038 2.20 Cerner Corp 1,520 89,072 2.64 Compass Minerals International Inc 1,085 80,496 2.39 CSX Corp 3,214 83,821 2.49 Eli Lilly & Co 1,158 91,192 2.70 Emerson Electric Co 1,612 84,082 2.49 Express Scripts Holding Co 1,129 85,578 2.54 Gilead Sciences Inc 993 82,836 2.46 Harley-Davidson Inc 1,871 84,756 2.51 Jones Lang LaSalle Inc 705 68,702 2.04 LinkedIn Corp 648 122,634 3.64 MasterCard Inc 886 78,021 2.31 McKesson Corp 462 86,232 2.56 Microsoft Corp 1,667 85,300 2.53 Monsanto Co 802 82,935 2.46 Norfolk Southern Corp 1,010 85,981 2.55 Polaris Industries Inc 1,010 82,578 2.45 salesforce.com Inc 1,041 82,666 2.45 Starbucks Corp 1,571 89,736 2.66 State Street Corp 1,410 76,027 2.25 Stericycle Inc 850 88,502 2.62 Tiffany & Co 1,356 82,228 2.44 Time Warner Inc 1,150 84,571 2.51 Twenty-First Century Fox Inc 2,948 79,743 2.37 United Technologies Corp 850 87,168 2.59 US Bancorp 2,027 81,749 2.42 Varian Medical Systems Inc 1,015 83,463 2.48 VF Corp 1,374 84,487 2.51 Visa Inc 1,063 78,843 2.34 Walt Disney Co 885 86,571 2.57 Wells Fargo & Co 1,735 82,118 2.44 Western Union Co 4,389 84,181 2.50




Cash and cash equivalents 1,733 0.05

Other liabilities (1,349) (0.04)




30 June 2016

Portfolio Listing - VanEck Vectors TM Morningstar US Wide Moat UCITS ETF* (continued)

33

* Effective 1 May 2016 Market Vectors Morningstar US Wide Moat UCITS ETF changed name to VanEck VectorsTM Morningstar US Wide Moat UCITS ETF. Analysis of total assets % of Total



Condensed Interim Report & Unaudited Financial Stat ements For the financial period ended 30 June 2016

Statement of Portfolio Changes - VanEck Vectors TM Junior Gold Miners UCITS ETF *

34

Major Purchases** Security Description Nominal Cost

US$ B2Gold Corp 707,443 1,479,776 Alamos Gold Inc 201,212 1,436,963 First Majestic Silver Corp 124,437 1,308,340 Silver Standard Resources Inc 120,073 1,281,852 Centamin Plc 781,644 1,246,732 Pretium Resources Inc 140,350 1,202,750 Hecla Mining Co 281,106 1,173,835 Centerra Gold Inc 207,639 1,153,194 Coeur Mining Inc 124,978 1,092,180 IAMGOLD Corp 295,414 1,061,987 Osisko Gold Royalties Ltd 84,419 1,034,638 Regis Resources Ltd 423,508 1,012,210 Independence Group NL 424,230 1,005,960 St Barbara Ltd 459,044 988,357 Novagold Resources Inc 166,432 980,744 Endeavour Mining Corp 61,062 896,906 SEMAFO Inc 188,971 845,423 Torex Gold Resources Inc 502,636 820,354 Kirkland Lake Gold Inc 95,706 775,191 Harmony Gold Mining Co Ltd 199,565 694,447 Fortuna Silver Mines Inc 105,239 611,250 Asanko Gold Inc 165,022 573,970 Pan American Silver Corp 41,584 569,670 Guyana Goldfields Inc 92,770 556,603 McEwen Mining Inc 178,920 522,226 Saracen Mineral Holdings Ltd 548,750 518,302 Sandstorm Gold Ltd 122,077 488,554 MAG Silver Corp 37,786 439,779 Alacer Gold Corp 185,392 424,347 Seabridge Gold Inc 30,924 417,335 China Gold International Resources Corp Ltd 227,495 407,297 Endeavour Silver Corp 104,775 366,911 Premier Gold Mines Ltd 122,104 329,827 * Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF changed name to VanEck VectorsTM Junior Gold Miners UCITS ETF.

** In accordance with the Central Bank UCITS Regulations, the interim report documents material changes that have occurred in the disposition of the assets of the Company during the financial period. A material change is defined as aggregate purchases of a security exceeding 1 per cent of the total value of the purchases for the financial period and/or aggregate disposals greater than 1 per cent of the total value of sales for the financial period. If there are fewer than 20 purchases/sales that meet the material changes definition, the Company shall disclose those purchases/sales so at least 20 purchases/sales are disclosed.



30 June 2016

Statement of Portfolio Changes - VanEck Vectors TM Junior Gold Miners UCITS ETF * (continued)

35

Major Sales** Security Description Nominal Proceeds

US$ Pan American Silver Corp 95,774 1,427,133 OceanaGold Corp 285,178 813,332 Northern Star Resources Ltd 273,159 793,329 Evolution Mining Ltd 482,953 633,626 First Majestic Silver Corp 47,831 558,677 Lake Shore Gold Corp 301,427 436,517 Alamos Gold Inc 47,394 350,601 Independence Group NL 91,599 219,390 Novagold Resources Inc 28,792 178,317 G-Resources Group Ltd 8,796,000 173,715 B2Gold Corp 75,140 156,019 Endeavour Mining Corp 11,898 154,307 Centamin Plc 76,310 123,897 Hecla Mining Co 27,345 113,013 Harmony Gold Mining Co Ltd 25,192 88,767 Asanko Gold Inc 23,324 80,767 China Gold International Resources Corp Ltd 42,137 75,044 Osisko Gold Royalties Ltd 5,798 74,717 IAMGOLD Corp 23,214 74,069 Seabridge Gold Inc 5,271 72,630 * Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF changed name to VanEck VectorsTM Junior Gold Miners UCITS ETF.




30 June 2016

Statement of Portfolio Changes - VanEck Vectors TM Gold Miners UCITS ETF*

36

Major Purchases**

Security Description Nominal Cost US$

Barrick Gold Corp 195,450 3,465,551 Newmont Mining Corp 89,570 2,903,275 Franco-Nevada Corp 40,205 2,718,325 Goldcorp Inc 140,407 2,452,844 Harmony Gold Mining Co Ltd 422,652 1,588,756 Newcrest Mining Ltd 94,234 1,477,308 First Majestic Silver Corp 150,540 1,030,237 Coeur Mining Inc 105,607 981,831 Silver Standard Resources Inc 81,635 934,395 Endeavour Mining Corp 58,189 925,835 St Barbara Ltd 478,294 900,719 Torex Gold Resources Inc 542,629 889,098 Independence Group NL 352,638 867,175 Randgold Resources Ltd 8,411 792,760 Kirkland Lake Gold Inc 110,600 776,882 Guyana Goldfields Inc 106,336 776,170 Agnico Eagle Mines Ltd 19,393 757,618 McEwen Mining Inc 205,530 682,149 Saracen Mineral Holdings Ltd 552,170 591,255 Fortuna Silver Mines Inc 90,035 569,788 Asanko Gold Inc 135,859 567,696 Silver Wheaton Corp Npv 20,885 410,487 * Effective 1 May 2016 Market Vectors Gold Miners UCITS ETF changed name to VanEck VectorsTM Gold Miners UCITS ETF.




30 June 2016

Statement of Portfolio Changes - VanEck Vectors TM Gold Miners UCITS ETF* (continued)

37


US$ AngloGold Ashanti Ltd 173,383 2,540,618 Kinross Gold Corp 432,745 1,935,159 Royal Gold Inc 28,442 1,707,970 Yamana Gold Inc 409,842 1,689,988 Detour Gold Corp 72,530 1,455,933 Sibanye Gold Ltd 97,924 1,326,707 Gold Fields Ltd 307,517 1,262,035 Eldorado Gold Corp 310,554 1,195,447 Evolution Mining Ltd 623,846 965,919 New Gold Inc 219,928 886,340 Pan American Silver Corp 65,508 870,386 Northern Star Resources Ltd 259,093 843,452 Cia de Minas Buenaventura SAA 96,226 808,536 OceanaGold Corp 255,964 806,526 Zijin Mining Group Co Ltd 2,494,000 797,418 B2Gold Corp 400,464 781,517 Centamin Plc 499,295 742,792 Alamos Gold Inc 106,111 729,589 Hecla Mining Co 159,821 602,231 Tahoe Resources Inc 48,443 556,839 G-Resources Group Ltd 28,794,000 547,097 Barrick Gold Corp 32,727 533,891 Centerra Gold Inc 98,887 517,083 IAMGOLD Corp 159,714 497,850 Regis Resources Ltd 215,852 471,827 Newmont Mining Corp 14,863 462,138 First Majestic Silver Corp 39,331 452,435 SEMAFO Inc 107,549 438,876 Harmony Gold Mining Co Ltd 121,123 432,559 Agnico Eagle Mines Ltd 9,711 418,415 Goldcorp Inc 23,323 414,980 Osisko Gold Royalties Ltd 33,128 412,092 Randgold Resources Ltd 4,361 411,649 Zhaojin Mining Industry Co Ltd 377,500 347,952 Franco-Nevada Corp 4,964 333,604 * Effective 1 May 2016 Market Vectors Gold Miners UCITS ETF changed name to VanEck VectorsTM Gold Miners UCITS ETF.




30 June 2016

Statement of Portfolio Changes - VanEck Vectors TM Morningstar US Wide Moat UCITS ETF*

38

Major Purchases**

Security Description Nominal Cost US$

Norfolk Southern Corp 2,073 180,560 CBRE Group Inc 5,863 171,702 MasterCard Inc 1,801 169,931 Amgen Inc 1,115 168,023 Visa Inc 2,222 167,662 Gilead Sciences Inc 1,787 167,552 State Street Corp 2,755 167,191 Jones Lang LaSalle Inc 1,391 166,455 US Bancorp 3,949 166,121 Bank of New York Mellon Corp 4,227 165,698 St Jude Medical Inc 2,876 164,294 Walt Disney Co 1,608 162,809 Express Scripts Holding Co 2,256 161,701 McKesson Corp 970 159,919 LinkedIn Corp 1,331 153,123 Allergan Plc 541 136,973 VF Corp 1,383 87,799 Starbucks Corp 1,573 87,016 United Technologies Corp 856 86,596 Berkshire Hathaway Inc 614 86,390 Stericycle Inc 851 86,372 Compass Minerals International Inc 1,086 86,328 AmerisourceBergen Corp 1,139 86,235 Eli Lilly & Co 1,160 85,690 Twenty-First Century Fox Inc 2,968 85,463 Emerson Electric Co 1,624 85,131 Harley-Davidson Inc 1,883 84,985 Amazon.com Inc 120 84,780 Polaris Industries Inc 1,016 84,381 Western Union Co 4,418 84,018 salesforce.com Inc 1,042 83,894 Time Warner Inc 1,158 83,795 Microsoft Corp 1,669 83,680 Tiffany & Co 1,357 83,102 Cerner Corp 1,522 81,972 American Express Co 1,317 81,474 Wells Fargo & Co 1,738 81,003 Biogen Inc 263 71,974 Monsanto Co 735 68,957 CSX Corp 2,267 62,921 Varian Medical Systems Inc 746 62,867 * Effective 1 May 2016 Market Vectors Morningstar US Wide Moat UCITS ETF changed name to VanEck VectorsTM Morningstar US Wide Moat UCITS ETF.




30 June 2016

Statement of Portfolio Changes - VanEck Vectors TM Morningstar US Wide Moat UCITS ETF* (continued)

39


US$ St Jude Medical Inc 2,876 219,261 Spectra Energy Corp 4,191 129,935 LinkedIn Corp 683 129,362 Emerson Electric Co 2,131 116,410 Kansas City Southern 1,318 115,313 Wal-Mart Stores Inc 1,697 113,589 Union Pacific Corp 1,294 109,216 Berkshire Hathaway Inc 763 108,445 Harley-Davidson Inc 2,177 107,949 International Business Machines Corp 734 107,940 QUALCOMM Inc 2,065 106,510 VF Corp 1,601 106,439 Time Warner Inc 1,470 106,346 United Technologies Corp 1,067 105,667 Monsanto Co 967 105,468 Polaris Industries Inc 1,058 105,466 Western Union Co 5,322 101,788 Twenty-First Century Fox Inc 3,569 100,734 Norfolk Southern Corp 1,063 90,514 McKesson Corp 508 90,142 Visa Inc 1,159 89,149 American Express Co 1,437 87,955 Bank of New York Mellon Corp 2,164 86,609 CBRE Group Inc 3,067 86,229 MasterCard Inc 915 85,325 Amgen Inc 566 84,629 Express Scripts Holding Co 1,127 83,934 CSX Corp 3,047 81,511 Varian Medical Systems Inc 998 80,799 US Bancorp 1,922 79,008 State Street Corp 1,345 77,942 Jones Lang LaSalle Inc 686 76,287 Walt Disney Co 723 71,565 Gilead Sciences Inc 794 65,724 Biogen Inc 273 65,068 Allergan Plc 194 45,733 * Effective 1 May 2016 Market Vectors Morningstar US Wide Moat UCITS ETF changed name to VanEck VectorsTM Morningstar US Wide Moat UCITS ETF.


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