SEMI-ANNUAL REPORT

October 31, 2023

(unaudited)

 

 

  CEF Muni Income ETF XMPT
  High Yield Muni ETF HYD
  HIP Sustainable Muni ETF SMI
  Intermediate Muni ETF ITM
  Long Muni ETF MLN
  Short High Yield Muni ETF SHYD
  Short Muni ETF SMB

 

         
    800.826.2333 vaneck.com  
 

 

 

President’s Letter 1
Explanation of Expenses 3
Schedule of Investments  
CEF Muni Income ETF 5
High Yield Muni ETF 7
HIP Sustainable Muni ETF 49
Intermediate Muni ETF 52
Long Muni ETF 84
Short High Yield Muni ETF 101
Short Muni ETF 120
Statements of Assets and Liabilities 131
Statements of Operations 133
Statements of Changes in Net Assets 135
Financial Highlights  
CEF Muni Income ETF 139
High Yield Muni ETF 140
HIP Sustainable Muni ETF 141
Intermediate Muni ETF 142
Long Muni ETF 143
Short High Yield Muni ETF 144
Short Muni ETF 145
Notes to Financial Statements 146
Approval of Investment Management Agreements 153

 

 

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2023.

 

VANECK ETFs

PRESIDENT’S LETTER

October 31, 2023 (unaudited)

 

Dear Fellow Shareholders:

 

Our outlook for financial markets in 2023 was “sideways.” The three major forces on markets—monetary policy, government spending and economic growth—were negative or muted coming into the year. This remains my view.

 

Discussion

 

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.

 

There are three things investors continue to face, none of which is particularly positive for financial assets.

 

1. Monetary Policy: Tightening

 

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

 

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just under of $8 trillion toward the end of October 2023.1

 

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

 

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

 

2. Fiscal Tightening

 

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected. A political expert just commented that the next U.S. President will have to face the country’s big budget deficits in 2025. If this does happen, and I’m more positive on this than most, then I could see the Fed cut rates to offset the contractionary effects of smaller budget deficits. Again, more in 2025 than 2024.

 

3. Global Growth is at Low Levels

 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

Outlook

 

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. Now after the 2022 and 2023 losses, bond investments are now offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.

 

This period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

 

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends,3 Episode 113, released on October 13, 2023.

 

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin). Timing market moves is almost impossible, but the cycle will eventually turn in favor of these assets and they have rallied since we started discussing this several months ago.

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

November 9, 2023

 

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.4 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1  U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, October 26, 2023, https://www.federalreserve.gov/releases/h41/20231026/

2  What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/

3  https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860

4. https://www.vaneck.com/us/en/subscribe/

2

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2023 to October 31, 2023.

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

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

 

    Beginning
Account
Value
May 1, 2023
  Ending
Account
Value
October 31, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
May 1, 2023 -
October 31, 2023(a)
 
CEF Muni Income ETF                  
Actual   $1,000.00   $869.40   0.41%   $1.93  
Hypothetical (b)   $1,000.00   $1,023.08   0.41%   $2.08  
High Yield Muni ETF                  
Actual   $1,000.00   $945.50   0.33%   $1.61  
Hypothetical (b)   $1,000.00   $1,023.48   0.33%   $1.68  
HIP Sustainable Muni ETF                  
Actual   $1,000.00   $954.50   0.24%   $1.18  
Hypothetical (b)   $1,000.00   $1,023.93   0.24%   $1.22  
Intermediate Muni ETF                  
Actual   $1,000.00   $950.00   0.24%   $1.18  
Hypothetical (b)   $1,000.00   $1,023.93   0.24%   $1.22  
Long Muni ETF                  
Actual   $1,000.00   $921.90   0.24%   $1.16  
Hypothetical (b)   $1,000.00   $1,023.93   0.24%   $1.22  
Short High Yield Muni ETF                  
Actual   $1,000.00   $972.10   0.35%   $1.74  
Hypothetical (b)   $1,000.00   $1,023.38   0.35%   $1.78  
3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
May 1, 2023
  Ending
Account
Value
October 31, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
May 1, 2023 -
October 31, 2023(a)
 
Short Muni ETF                  
Actual   $1,000.00   $992.70   0.11%   $0.55  
Hypothetical (b)   $1,000.00   $1,024.58   0.11%   $0.56  
   
(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b) Assumes annual return of 5% before expenses
4

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
CLOSED-END FUNDS: 99.9% (a)                
abrdn National  Municipal Income  Fund     90,462     $ 728,219  
Alliance Bernstein National Municipal Income Fund, Inc.     210,154       1,906,097  
Blackrock Investment Quality Municipal Trust, Inc.     126,519       1,229,765  
BlackRock Long-Term Municipal Advantage Trust     79,840       704,189  
BlackRock MuniAssets Fund, Inc.     273,658       2,394,507  
BlackRock Municipal 2030 Target Term Trust     501,480       9,713,668  
BlackRock Municipal Income Fund, Inc.     531,640       5,236,654  
BlackRock Municipal Income Quality Trust     190,720       1,809,933  
BlackRock Municipal Income Trust     323,359       2,813,223  
BlackRock Municipal Income Trust II     351,542       3,132,239  
BlackRock MuniHoldings Fund, Inc.     384,028       3,886,363  
BlackRock MuniHoldings Quality Fund II, Inc.     162,173       1,401,175  
BlackRock MuniVest Fund II, Inc.     154,428       1,405,295  
BlackRock MuniVest Fund, Inc.     467,379       2,832,317  
BlackRock MuniYield Fund, Inc.     338,234       3,030,577  
BlackRock MuniYield Quality Fund II, Inc.     162,423       1,414,704  
BlackRock MuniYield Quality Fund III, Inc.     490,961       4,708,316  
BlackRock MuniYield Quality Fund, Inc.     523,546       5,204,047  
BNY Mellon Municipal Bond Infrastructure Fund, Inc.     126,390       1,136,246  
BNY Mellon Municipal Income, Inc.     152,378       827,412  
BNY Mellon Strategic Municipal Bond Fund, Inc.     361,157       1,719,107  
BNY Mellon Strategic Municipals, Inc.     458,323       2,328,281  
DWS Municipal Income Trust     287,129       2,147,725  
Eaton Vance Municipal Bond Fund     513,695       4,561,612  
Eaton Vance Municipal Income 2028 Term Trust     73,883       1,241,973  
    Number
of Shares
    Value  
Eaton Vance Municipal Income Trust     286,756     $ 2,526,320  
Eaton Vance National Municipal Opportunities Trust     103,774       1,542,082  
Invesco Advantage Municipal Income Trust II     323,205       2,343,236  
Invesco Municipal Income Opportunities Trust     197,866       1,015,053  
Invesco Municipal Opportunity Trust     493,651       3,978,827  
Invesco Municipal Trust     401,944       3,267,805  
Invesco Quality Municipal Income Trust     386,895       3,157,063  
Invesco Trust for Investment Grade Municipals     394,921       3,289,692  
Invesco Value Municipal Income Trust     335,665       3,356,650  
MFS High Income Municipal Trust     229,911       698,929  
MFS Municipal Income Trust     302,241       1,338,928  
Neuberger Berman Municipal Fund, Inc.     137,687       1,219,907  
Nuveen AMT-Free Municipal Credit Income Fund     1,562,386       15,670,732  
Nuveen AMT-Free Municipal Value Fund     124,673       1,570,880  
Nuveen AMT-Free Quality Municipal Income Fund     1,672,460       15,838,196  
Nuveen Dynamic Municipal Opportunities Fund     324,184       2,956,558  
Nuveen Municipal Credit Income Fund     1,427,932       14,422,113  
Nuveen Municipal High Income Opportunity Fund     668,772       5,597,622  
Nuveen Municipal Value Fund, Inc.     1,402,723       11,207,757  
Nuveen Quality Municipal Income Fund     1,603,860       15,733,867  
Nuveen Select Tax-Free Income Portfolio     246,117       3,251,205  
PIMCO Municipal Income Fund     114,506       902,307  
PIMCO Municipal Income Fund II     289,724       2,062,835  
PIMCO Municipal Income Fund III     209,518       1,296,916  
Pioneer Municipal High Income Advantage Fund, Inc.     176,873       1,139,062  


 

See Notes to Financial Statements

5

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Pioneer Municipal High Income Fund Trust     169,114     $ 1,182,107  
Pioneer Municipal High Income Opportunities Fund, Inc.     123,419       1,158,904  
Putnam Managed Municipal Income Trust     326,080       1,676,051  
Putnam Municipal Opportunities Trust     225,039       1,973,592  
Western Asset Managed Municipals Fund, Inc.     317,197       2,781,818  
Total Closed-End Funds: 99.9%
(Cost: $264,142,575)
            195,670,658  
Other assets less liabilities: 0.1%             236,682  
NET ASSETS: 100.0%           $ 195,907,340  


 

 

Footnotes:

 

(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
   
Summary of Investments by Sector          % of
Investments
  Value  
Financials   100.0%   $ 195,670,658  

 

The summary of inputs used to value the Fund’s investments as of October 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Closed-End Funds   $ 195,670,658     $     $     $ 195,670,658  

 

See Notes to Financial Statements

6

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2023 (unaudited)

 

    Par  
(000’s
)     Value  
MUNICIPAL BONDS: 97.2%                
Alabama: 2.4%                
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)                
5.25%, 06/01/25   $ 215     $ 210,009  
5.75%, 06/01/26 (c)     2,000       1,568,103  
5.75%, 06/01/26 (c)     1,400       1,243,251  
6.00%, 06/01/26 (c)     5,900       4,666,919  
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM)                
5.00%, 10/01/27 (c)     1,675       1,689,540  
5.00%, 10/01/27 (c)     1,000       1,004,469  
Black Belt Energy Gas District, Series A (RB)

5.25%, 10/01/30 (c) (p)

    5,000       5,007,965  
Hoover Industrial Development Board, United States Steel Corp. Project (RB)

6.38%, 11/01/30 (p)

    1,180       1,226,811  
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG)

5.75%, 10/01/29 (c)

    8,540       7,963,897  
Jefferson County, Sewer Revenue, Series D (RB)                
6.00%, 11/21/23 (c)     10,000       10,289,039  
6.50%, 11/21/23 (c)     9,000       9,350,486  
Jefferson County, Sewer Revenue, Series E (RB)                
0.00%, 11/21/23 (c) ^     100       48,930  
0.00%, 11/21/23 (c) ^     60       24,937  
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB)

5.00%, 03/01/26 (c)

    1,350       1,203,466  
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB)

6.00%, 07/15/32 (c) (p)

    10,000       6,761,826  
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)                
4.50%, 05/01/29 (c)     2,914       2,579,742  
5.25%, 05/01/29 (c)     5,000       4,120,991  
              58,960,381  
Alaska: 0.0%                
Northern Tobacco Securitization Corp., Series B-2 (RB)

0.00%, 06/01/31 (c) ^

    3,000       264,005  
    Par  
(000’s
)     Value  
American Samoa: 0.2%                
American Samoa Economic Development Authority, Series A (RB)                
5.00%, 09/01/31 (c)   $ 4,250     $ 3,786,951  
6.50%, 09/01/28     250       257,526  
6.62%, 09/01/25 (c)     1,000       1,023,824  
              5,068,301  
Arizona: 2.8%                
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB)

4.50%, 07/01/29 (c)

    1,000       774,476  
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB)

4.00%, 07/01/24 (c)

    500       458,403  
Arizona Industrial Development Authority, Academies of Math and Science Projects (RB)

5.00%, 07/01/29 (c)

    1,000       893,661  
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB)

5.00%, 01/01/27 (c)

    200       195,269  
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)                
6.00%, 07/01/27 (c)     2,940       2,804,201  
6.00%, 07/01/27 (c)     1,270       1,270,701  
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB)

5.00%, 09/01/27 (c)

    1,545       1,386,111  
Arizona Industrial Development Authority, Basis School Project, Series A (RB)                
5.12%, 07/01/26 (c)     250       232,643  
5.25%, 07/01/26 (c)     500       433,620  
Arizona Industrial Development Authority, Basis School Project, Series D (RB)                
5.00%, 07/01/27 (c)     270       225,940  
5.00%, 07/01/27 (c)     515       421,447  
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)

5.00%, 07/01/27 (c)

    500       418,407  
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)

5.25%, 07/01/28 (c)

    1,000       849,115  


 

See Notes to Financial Statements

7

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)     Value  
Arizona (continued)                
Arizona Industrial Development Authority, Education Facility, Series A (RB)                
5.25%, 12/01/23 (c)   $ 2,650     $ 2,459,209  
5.50%, 12/01/23 (c)     2,100       1,821,065  
Arizona Industrial Development Authority, Kaizen Education Project (RB)

5.70%, 07/01/26 (c)

    1,000       947,758  
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB)

4.50%, 07/15/25 (c)

    500       459,420  
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB)

3.62%, 05/20/33

    6,497       5,657,223  
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB)

4.00%, 12/15/29 (c)

    1,400       934,599  
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM)

5.00%, 07/01/29 (c)

    6,990       6,753,614  
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)                
4.00%, 11/15/24 (c)     250       230,283  
5.00%, 11/15/24 (c)     1,000       796,824  
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB)

5.00%, 05/15/26 (c)

    1,340       1,000,626  
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)                
4.00%, 07/01/25     200       195,341  
5.00%, 07/01/25 (c)     500       424,743  
5.00%, 07/01/25 (c)     1,000       842,036  
5.00%, 07/01/25 (c)     900       854,136  
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB)

5.00%, 07/01/28 (c)

    750       696,610  
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB)

5.00%, 07/01/25 (c)

    3,320       2,858,934  
    Par  
(000’s
)     Value  
Arizona (continued)                
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)

5.00%, 07/01/26 (c)

  $ 750     $ 706,267  
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB)

4.00%, 01/01/26 (c)

    3,580       2,766,731  
Maricopa County Arizona Industrial Development Authority, Valley Christian Schools Project, Series A (RB)

6.38%, 07/01/30 (c)

    1,000       908,038  
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)

6.00%, 07/01/28 (c)

    1,000       964,173  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)                
5.00%, 07/01/29 (c)     1,400       1,265,858  
5.00%, 07/01/29 (c)     1,300       1,192,811  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)                
5.00%, 07/01/29 (c)     500       451,521  
5.00%, 07/01/29 (c)     1,990       1,670,231  
5.00%, 07/01/29 (c)     500       411,022  
Maricopa County Industrial Development Authority, Paradise School Project (RB)

5.00%, 07/01/26 (c)

    1,750       1,496,787  
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB)

5.00%, 11/15/24 (d) *

    255       234,365  
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB)

4.15%, 12/01/31 (c)

    5,000       3,231,434  
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB)

5.12%, 02/01/24 (c)

    1,000       893,912  
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB)

4.00%, 12/01/31 (c)

    1,000       663,262  


 

See Notes to Financial Statements

8

 

 

    Par  
(000’s
)     Value  
Arizona (continued)                
Pima County Industrial Development Authority, American Leadership Academy Project (RB)

5.62%, 06/15/25 (c)

  $ 1,250     $ 1,157,944  
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)                
5.25%, 07/01/26 (c)     250       232,759  
5.38%, 07/01/26 (c)     250       216,154  
5.50%, 07/01/26 (c)     250       214,514  
Pima County, Industrial Development Authority, Edkey Charter School Project (RB)

5.00%, 07/01/26 (c)

    1,000       967,238  
Sacramento County, Community Facilities District No. 2005-2 (RB)

5.00%, 12/01/32

    2,000       1,989,719  
Salt Verde Financial Corp. (RB)                
5.00%, 12/01/37     9,605       9,323,910  
5.25%, 12/01/24     305       306,183  
5.25%, 12/01/25     265       266,813  
5.25%, 12/01/27     215       217,111  
5.25%, 12/01/28     245       247,478  
Tempe Industrial Development Authority, Friendship Village of Tempe (RB)

5.00%, 12/01/26 (c)

    355       273,513  
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)                
6.00%, 10/01/27 (c)     1,200       759,570  
6.12%, 10/01/27 (c)     600       319,881  
              70,645,614  
Arkansas: 0.3%                
Arkansas Development Finance Authority, Big River Steel Project (RB)

4.50%, 09/01/26 (c)

    5,570       4,946,576  
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB)

5.70%, 05/01/26 (c)

    3,205       2,924,861  
              7,871,437  
California: 12.2%                
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)                
5.00%, 10/01/26 (c)     3,000       3,002,123  
5.00%, 10/01/26 (c)     5,000       4,897,201  
5.00%, 10/01/26 (c)     2,230       2,201,032  
5.00%, 10/01/26 (c)     1,650       1,640,284  
    Par  
(000’s
)     Value  
California (continued)                
Anaheim Community Facilities District No. 08-1 (ST)                
4.00%, 03/01/24 (c)   $ 160     $ 143,063  
4.00%, 03/01/24 (c)     420       327,123  
4.00%, 03/01/24 (c)     615       508,098  
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM)

5.00%, 09/01/27 (c)

    2,000       2,034,504  
Antelope Valley Healthcare District, Series A (RB)

5.25%, 03/01/26 (c)

    1,480       1,445,453  
California Community Choice Financing Authority, Clean Energy Project, Series C (RB)

5.25%, 10/01/31 (c) (p)

    7,270       7,117,174  
California Community Choice Financing Authority, Clean Energy, Series D (RB)

5.50%, 11/01/28 (c) (p)

    10,000       10,231,348  
California Community College Financing Authority, Orange Coast College Project (RB)

5.25%, 05/01/28 (c)

    1,695       1,528,789  
California Community Housing Agency Senior Essential Housing, Series A-1 (RB) (AGM)

3.00%, 08/01/32 (c)

    3,000       1,649,428  
California Community Housing Agency, Essential Housing, Arbors, Series A (RB)

5.00%, 08/01/30 (c)

    3,100       2,592,574  
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB)

4.00%, 08/01/31 (c)

    5,000       2,877,941  
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB)

4.00%, 08/01/31 (c)

    8,150       6,001,529  
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)

3.00%, 08/01/31 (c)

    4,000       2,381,616  
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM)

4.00%, 08/01/32 (c)

    3,000       1,769,571  
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB)

4.00%, 08/01/31 (c)

    2,000       1,251,738  


 

See Notes to Financial Statements

9

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)     Value  
California (continued)                
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB)

5.00%, 02/01/30 (c)

  $ 3,000     $ 2,234,630  
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB)

4.00%, 08/01/32 (c)

    2,000       1,353,402  
California Community Housing Agency, Series A-1 (RB)

4.00%, 08/01/31 (c)

    4,500       3,350,239  
California Community Housing Agency, Stoneridge Apartments, Series A (RB)

4.00%, 02/01/31 (c)

    6,000       4,002,838  
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB)

5.88%, 12/01/23 (c)

    5       5,080  
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB)

5.00%, 11/16/23 (c)

    15       13,762  
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)                
4.00%, 08/15/27 (c)     250       195,771  
4.20%, 08/15/27 (c)     500       419,752  
5.00%, 08/15/27 (c)     990       932,545  
5.00%, 08/15/27 (c)     460       455,387  
California Health Facilities Financing Authority, Sutter Health, Series A (RB)

5.00%, 11/15/27 (c)

    590       581,628  
California Housing Finance Agency (RB)                
3.25%, 08/20/36     1,942       1,665,330  
3.50%, 11/20/35     962       832,759  
California Housing Finance Agency, Series A (RB)

4.00%, 03/20/33

    3,752       3,537,208  
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB)

4.00%, 11/01/31 (c)

    2,300       1,783,696  
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB)

5.00%, 08/01/29 (c)

    1,085       1,153,068  
    Par  
(000’s
)     Value  
California (continued)                
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB)

5.00%, 07/01/30 (c)

  $ 1,000     $ 711,110  
California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL)

5.00%, 04/01/25 (c)

    1,910       1,675,269  
California Municipal Finance Authority, California Baptist University, Series A (RB)                
5.50%, 11/01/25 (c)     500       461,661  
6.12%, 12/01/23 (c)     1,000       1,000,849  
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB)

5.00%, 07/01/32 (c)

    1,000       817,205  
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB)

5.00%, 11/15/28 (c)

    500       501,092  
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM)

4.00%, 11/15/28 (c)

    150       123,758  
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)                
3.00%, 05/15/31 (c)     3,650       2,441,914  
4.00%, 05/15/31 (c)     5,000       4,064,841  
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM)

4.00%, 05/15/31 (c)

    1,500       1,287,221  
California Municipal Finance Authority, Community Medical Centers, Series A (RB)

4.00%, 02/01/27 (c)

    1,165       964,825  
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)                
5.00%, 07/01/27 (c)     250       252,605  
5.00%, 07/01/27 (c)     200       202,263  
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)                
5.00%, 10/01/27 (c)     500       416,344  
5.00%, 10/01/27 (c)     500       402,352  
5.00%, 10/01/27 (c)     500       448,694  


 

See Notes to Financial Statements

10

 

 

    Par  
(000’s
)     Value  
California (continued)                
California Municipal Finance Authority, Julian Charter School Project, Series A (RB)

5.62%, 03/01/25 (c)

  $ 2,390     $ 2,047,280  
California Municipal Finance Authority, LINXS APM Project, Series A (RB)                
5.00%, 06/30/28 (c)     2,490       2,356,052  
5.00%, 06/30/28     65       65,967  
5.00%, 06/30/28 (c)     500       507,099  
5.00%, 06/30/28 (c)     600       608,760  
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)                
3.00%, 06/30/28 (c)     1,950       1,689,942  
5.00%, 06/30/28 (c)     700       706,019  
5.00%, 06/30/28 (c)     1,035       1,049,299  
5.00%, 06/30/28 (c)     1,000       986,606  
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB)

5.25%, 11/01/26 (c)

    230       198,130  
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)                
5.00%, 07/01/26 (c)     500       443,463  
5.00%, 07/01/28 (c)     130       118,971  
5.00%, 07/01/28 (c)     1,000       835,566  
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB)

5.00%, 11/01/29 (c)

    3,000       2,419,983  
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM)

4.00%, 11/15/28 (c)

    250       206,263  
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB)

4.00%, 07/15/29

    19,000       17,787,849  
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA)

5.00%, 01/01/24 (c)

    1,500       1,472,247  
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)                
7.00%, 07/01/22 (d) *     1,000       50,000  
7.50%, 12/01/23 (c) (d) *     10,500       525,000  
7.50%, 12/01/29 (c) (d) *     7,000       350,000  
8.00%, 07/01/27 (c) (d) *     6,635       331,750  
    Par  
(000’s
)     Value  
California (continued)                
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW)

7.50%, 07/01/32 (d) *

  $ 1,000     $ 130,000  
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB)                
5.00%, 01/01/24 (c)     2,500       2,317,265  
5.00%, 07/01/33 (c)     1,000       1,001,452  
5.00%, 07/01/33 (c)     1,000       993,772  
California Public Finance Authority, Enso Village Project, Series A (RB)

5.00%, 06/01/27 (c)

    400       324,878  
California Public Finance Authority, Enso Village Project, Series B (RB)

3.12%, 11/21/23 (c)

    1,000       920,314  
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB)

5.00%, 07/01/26 (c)

    2,000       1,905,984  
California School Finance Authority, Charter School, John Adams Academies, Series A (RB)

5.00%, 07/01/30 (c)

    1,000       821,614  
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)                
4.00%, 11/01/31 (c)     2,700       1,906,398  
4.00%, 11/01/31 (c)     1,000       725,024  
California School Finance Authority, River Springs Charter School Project, Series A (RB)                
5.00%, 07/01/27 (c)     2,000       1,656,624  
6.38%, 07/01/25 (c)     9,075       9,449,015  
California School Finance Authority, Rocketship Education, Series A (RB)                
5.12%, 06/01/26 (c)     250       218,308  
5.25%, 06/01/26 (c)     250       217,471  
California Statewide Communities Development Authority, Baptist University, Series A (RB)                
3.50%, 11/01/27     1,500       1,400,800  
5.00%, 11/01/27 (c)     1,000       892,869  
6.38%, 12/01/23 (c)     1,000       1,000,362  
California Statewide Communities Development Authority, College Housing (RB)

5.25%, 07/01/29 (c)

    250       224,380  


 

See Notes to Financial Statements

11

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)     Value  
California (continued)                
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)                
5.50%, 12/01/23 (c)   $ 22     $ 20,255  
5.75%, 12/01/23 (c)     4       3,875  
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)

5.75%, 12/01/23 (c)

    1       568  
California Statewide Communities Development Authority, Infrastucture Program, Series B (RB) (NATL)

5.00%, 09/02/29 (c)

    1,000       956,947  
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)                
5.00%, 05/15/26 (c)     545       546,789  
5.00%, 05/15/26 (c)     385       387,267  
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)

5.00%, 06/01/29 (c)

    435       385,291  
California Statewide Communities Development Authority, Lancer Plaza Project (RB)

5.62%, 12/01/23 (c)

    1,075       1,067,303  
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)                
5.00%, 06/01/26 (c)     10,000       9,166,274  
5.00%, 06/01/26 (c)     3,595       3,427,993  
5.00%, 06/01/26 (c)     350       350,269  
5.25%, 12/01/24 (c)     1,740       1,733,687  
5.25%, 12/01/24 (c)     5,300       4,929,462  
5.25%, 06/01/26 (c)     10,000       8,859,415  
5.25%, 06/01/28 (c)     1,000       915,409  
5.50%, 12/01/24 (c)     20,180       19,224,182  
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB)

5.00%, 01/01/28 (c)

    2,000       2,009,437  
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)                
5.00%, 06/01/26 (c)     3,230       2,854,252  
    Par  
(000’s
)     Value  
California (continued)                
5.75%, 12/01/23 (c)   $ 125     $ 113,878  
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB)

3.50%, 05/15/26 (c)

    615       514,535  
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB)

5.00%, 05/15/27 (c)

    3,170       2,911,222  
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB)

6.00%, 12/01/23 (c)

    3,175       3,228,619  
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)

6.00%, 12/01/23 (c)

    900       915,197  
City & County of San Francisco, Special Tax District No 2020-1, Series A (ST)

4.00%, 09/01/28 (c)

    1,635       1,283,303  
City of Fontana, Community Facilities District No. 90 (ST)

4.00%, 09/01/28 (c)

    500       386,197  
City of Fremont, Community Facilities District No. 1 (ST)

5.00%, 09/01/25 (c)

    250       242,156  
City of Irvine, Community Facilities District No. 2013-3 (ST)                
4.00%, 03/01/24 (c)     230       217,036  
4.00%, 03/01/24 (c)     250       232,482  
4.00%, 03/01/24 (c)     250       234,107  
City of Irvine, Reassessment District No. 15-2 (SA)

5.00%, 09/02/25 (c)

    750       727,475  
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST)

4.00%, 09/01/26 (c)

    180       157,780  
City of Rocklin, Community Facilities District No. 10 (ST)

5.00%, 09/01/25 (c)

    810       802,303  
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)                
3.75%, 09/01/27 (c)     500       425,112  
5.00%, 09/01/27 (c)     155       157,318  
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST)

5.00%, 09/01/27 (c)

    3,450       3,232,486  


 

See Notes to Financial Statements

12

 

 

    Par  
(000’s
)     Value  
California (continued)                
City of Roseville, Westpark Community Facility District No. 1 (ST)

5.00%, 09/01/25 (c)

  $ 200     $ 199,050  
City of San Clemente, Facilities District No. 2006-1 (ST)

5.00%, 09/01/25 (c)

    1,045       1,013,344  
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB)

3.00%, 08/01/31 (c)

    3,000       1,798,285  
CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB)

4.00%, 08/01/31 (c)

    1,975       1,444,309  
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB)

3.00%, 08/01/31 (c)

    6,650       3,946,156  
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB)

4.38%, 02/01/32 (c)

    1,000       700,534  
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB)

4.00%, 02/01/32 (c)

    2,500       1,866,651  
Compton Public Finance Authority (RB)                
4.00%, 09/01/24 (c)     800       767,265  
4.50%, 09/01/24 (c)     1,585       1,473,088  
County of Los Angeles Community Facilities District No 2021-01 (ST)

5.00%, 09/01/29 (c)

    1,000       914,604  
CSCDA Community Improvement Authority Essential Housing, Acacia on Santa Rosa Creek, Series A (RB) (NATL)

4.00%, 10/01/31 (c)

    2,500       1,856,785  
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB)

3.50%, 10/01/31 (c)

    1,000       686,988  
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB)

4.00%, 10/01/31 (c)

    7,750       5,201,081  
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)

3.00%, 12/01/31 (c)

    2,000       1,192,074  
    Par  
(000’s
)     Value  
California (continued)                
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)                
4.00%, 04/01/32 (c)   $ 1,000     $ 625,019  
4.00%, 05/01/32 (c)     1,500       948,108  
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB)

3.00%, 07/01/31 (c)

    1,000       664,568  
CSCDA Community Improvement Authority, Essential Housing, Westgate Phase, Series A-2 (RB)

3.12%, 06/01/31 (c)

    3,000       1,708,984  
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB)

4.00%, 07/01/31 (c)

    5,350       3,419,236  
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB)

3.25%, 07/01/32 (c)

    2,000       1,208,303  
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB)

3.00%, 07/01/32 (c)

    2,500       1,707,831  
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB)

4.00%, 08/01/31 (c)

    2,000       1,367,912  
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB)

4.00%, 06/01/32 (c)

    1,000       655,467  
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB)

4.00%, 12/01/31 (c)

    1,000       641,585  
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB)

4.00%, 04/01/32 (c)

    500       322,159  
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB)

4.00%, 06/01/32 (c)

    2,000       1,336,239  
Dublin Community Facilities District No 2015-1 (ST)                
5.00%, 09/01/26 (c)     500       465,737  
5.00%, 09/01/26 (c)     500       478,143  
5.00%, 09/01/26 (c)     500       494,178  


 

See Notes to Financial Statements

13

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)     Value  
California (continued)                
5.00%, 09/01/27 (c)   $ 485     $ 454,422  
5.00%, 09/01/27 (c)     1,150       1,151,214  
Folsom Ranch Financing Authority (ST)                
5.00%, 09/01/27 (c)     2,000       1,972,886  
5.00%, 09/01/27 (c)     1,100       1,111,778  
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)

3.95%, 07/15/27 (c)

    100       78,789  
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB)

3.50%, 07/15/29 (c)

    475       340,291  
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB)

0.00%, 12/01/31 (c) ^

    51,000       4,183,137  
Independent Cities Finance Authority, Mobil Home Park, Series A (RB)

3.75%, 10/15/26 (c)

    250       176,725  
Lake Elsinore Public Financing Authority, Local Agency (ST)

5.00%, 09/01/25 (c)

    405       395,823  
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA)

6.00%, 12/01/23 (c)

    27       27,041  
MSR Energy Authority, Series A (RB)                
6.12%, 11/01/29     455       471,441  
6.50%, 11/01/39     6,200       6,983,258  
Orange County Community Facilities District No. 1, Series A (ST)                
4.25%, 08/15/25 (c)     975       876,651  
5.25%, 08/15/25 (c)     455       449,398  
Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA)

4.00%, 09/02/28 (c)

    1,200       1,032,597  
Palomar Health (RB)

5.00%, 11/01/26 (c)

    250       247,602  
Palomar Pomerado Health, Series A (GO) (NATL)

0.00%, 08/01/25 ^

    125       116,000  
Perris Union High School District Financing Authority (ST)

5.00%, 03/01/25 (c)

    1,000       964,806  
Poway Unified School District Public Financing Authority, Series A (ST)

5.00%, 09/01/25 (c)

    750       755,185  
    Par  
(000’s
)     Value  
California (continued)                
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)

5.00%, 09/01/26 (c)

  $ 500     $ 475,423  
Romoland School District No. 2004-1 (ST)

5.00%, 09/01/25 (c)

    500       466,325  
Sacramento County, Community Facilities District No. 2005-2 (ST)                
5.00%, 09/01/26 (c)     345       334,549  
5.00%, 09/01/26 (c)     495       465,785  
San Diego County Regional Airport Authority, Series A (RB)

5.00%, 07/01/31 (c)

    745       748,650  
San Diego County, California Regional Airport, Series A (RB)

4.00%, 07/01/31 (c)

    1,050       910,906  
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB)

5.00%, 01/01/29 (c)

    1,475       1,416,962  
San Francisco City & County, International Airport, Series A (RB) (BAM-TCRS)

5.00%, 05/01/24 (c)

    2,750       2,688,658  
San Jacinto Unified School District Financing Authority (ST)

5.00%, 09/01/26 (c)

    300       276,341  
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)

5.00%, 01/15/25 (c)

    500       508,014  
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB)

5.25%, 01/15/25 (c)

    200       200,377  
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)                
0.00%, 01/15/25 ^     1,000       948,991  
0.00%, 01/15/32 ^     145       97,806  
0.00%, 01/15/36 ^     105       57,038  
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)

5.00%, 03/01/26 (c)

    500       476,860  


 

See Notes to Financial Statements

14

 

 

    Par  
(000’s
)     Value  
California (continued)                
Successor Agency of Pttsburg, Los Medanos Community Development Project, Series A (TA) (AGM)

5.00%, 09/01/26 (c)

  $ 1,020     $ 1,040,522  
Tobacco Securitization Authority of Southern California, Series A (RB)

5.00%, 12/01/29 (c)

    5,735       5,657,287  
Tustin Community Facilities District, Series A (ST)                
5.00%, 09/01/25 (c)     100       93,977  
5.00%, 09/01/25 (c)     100       96,754  
Val Verde Unified School District (ST)

5.00%, 03/01/25 (c)

    750       750,068  
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)                
4.00%, 09/01/21 (d) *     850       272,000  
5.30%, 03/01/24 (c) (d) *     530       169,600  
William S. Hart Union High School District No. 2015-1 (ST)

5.00%, 09/01/26 (c)

    445       432,154  
              304,850,118  
Colorado: 2.7%                
Aerotropolis Colorado Regional Transportation Authority (RB)

4.38%, 12/01/26 (c)

    2,000       1,443,766  
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)

5.00%, 12/01/23 (c)

    500       450,829  
Arkansas River Power Authority, Power Supply System, Series A (RB)

5.00%, 10/01/28 (c)

    2,010       1,877,196  
Base Village Metropolitan District No. 2, Series A (GO)

5.75%, 12/01/23 (c)

    1,000       936,600  
Brighton Crossing Metropolitan District No. 6, Series A (GO)                
5.00%, 12/01/25 (c)     500       447,129  
5.00%, 12/01/25 (c)     500       419,193  
Broadway Station Metropolitan District No. 3, Series A (GO)

5.00%, 06/01/24 (c)

    1,425       1,012,037  
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO)

5.00%, 12/01/25 (c)

    1,000       805,246  
Centerra Metropolitan District No. 1 (TA)                
5.00%, 12/01/23 (c)     500       479,723  
5.00%, 12/01/23 (c)     500       418,344  
5.00%, 12/01/23 (c)     500       449,461  
    Par  
(000’s
)     Value  
Colorado (continued)                
City and County of Denver, United Airlines, Inc. Project (RB)

5.00%, 12/01/23 (c)

  $ 10,195     $ 9,558,724  
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)

5.50%, 01/01/28 (c)

    2,250       1,773,963  
Clear Creek Transit Metropolitan District No. 2, Colorado, Series A (GO)

5.00%, 12/01/26 (c)

    1,000       788,719  
Colorado Bridge Enterprise, Central 70 Project (RB)

4.00%, 12/31/27 (c)

    2,700       1,993,951  
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB)

5.00%, 10/01/27 (c)

    500       404,976  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)

4.00%, 08/01/29 (c)

    510       443,717  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)                
3.25%, 08/01/29 (c)     5       3,269  
4.00%, 08/01/29 (c)     4,735       3,662,856  
5.00%, 08/01/29 (c)     2,000       1,891,040  
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB)

5.00%, 06/01/25 (c)

    1,000       959,171  
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB)

2.00%, 07/01/32 (c)

    536       134,040  
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)

5.00%, 12/31/24 (c)

    350       319,467  
Creekwalk Marketplace Business Improvement District, Series A (RB)                
5.50%, 12/01/26 (c)     500       410,504  
5.75%, 12/01/26 (c)     500       393,772  
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)

5.62%, 12/01/23 (c)

    1,000       940,331  


 

See Notes to Financial Statements

15

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)     Value  
Colorado (continued)                
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)                
4.50%, 11/01/25 (c)   $ 760     $ 690,420  
5.25%, 11/01/25 (c)     2,345       2,112,137  
5.50%, 11/01/25 (c)     1,865       1,639,423  
Green Valley Ranch East Metropolitan District No. 6, Series A (GO)

5.88%, 09/01/25 (c)

    1,000       894,162  
Jefferson Center Metropolitan District No. 1, Series A-2 (RB)

4.38%, 12/01/23 (c)

    1,000       753,859  
Kinston Metropolitan District No. 5, Series A (GO)

5.12%, 12/01/25 (c)

    1,000       733,642  
Painted Prairie Public Improvement Authority (RB)

5.00%, 12/01/24 (c)

    1,000       882,623  
Peak Metropolitan District No. 1, El Paco County, Series A (GO)

4.00%, 03/01/26 (c)

    540       428,573  
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB)

5.00%, 12/15/26 (c)

    4,000       3,634,212  
Public Authority for Colorado Energy Natural Gas (RB)

6.50%, 11/15/38

    2,000       2,211,862  
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)

3.62%, 06/01/26 (c)

    981       661,206  
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB)

4.00%, 10/01/26 (c)

    5,750       3,728,649  
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB)

4.00%, 07/15/39

    1,500       1,314,590  
Southglenn Metropolitan District (GO)

5.00%, 12/01/23 (c)

    1,000       846,115  
Southlands Metropolitan District No. 1, Series A-1 (GO)

5.00%, 12/01/27 (c)

    1,200       1,027,731  
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)

4.25%, 12/01/25 (c)

    1,000       763,841  
Transport Metropolitan District No. 3 (GO)                
5.00%, 03/01/26 (c)     4,000       2,900,378  
5.00%, 03/01/26 (c)     2,000       1,562,418  
    Par  
(000’s
)     Value  
Colorado (continued)                
Tree Farm Metropolitan District, Eagle County, Colorado (GO)

4.75%, 12/01/26 (c)

  $ 2,000     $ 1,554,584  
Velocity Metropolitan District No. 3 (GO)                
5.12%, 12/01/23 (c)     500       469,554  
5.38%, 12/01/23 (c)     1,500       1,386,964  
Verve Metropolitan District No. 1 (GO)                
5.00%, 03/01/26 (c)     1,025       805,013  
5.75%, 03/01/26 (c)     1,000       875,491  
Windler Public Improvement Authority, Series A-1 (RB) (BAM)                
4.00%, 09/01/26 (c)     1,000       638,447  
4.00%, 09/01/26 (c)     1,000       713,378  
4.12%, 09/01/26 (c)     2,980       1,666,375  
              67,313,671  
Connecticut: 0.6%                
Bridgeport Housing Authority, Energy Performance Equipment (RB)

5.60%, 11/13/23 (c)

    630       617,417  
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)                
5.00%, 09/01/26 (c)     3,500       2,642,933  
5.00%, 09/01/26 (c)     1,200       865,212  
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)                
5.00%, 07/01/29 (c)     2,630       2,095,559  
5.00%, 07/01/29 (c)     1,100       917,026  
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB)

5.00%, 10/01/24 (c)

    5,000       3,437,716  
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB)

5.00%, 01/01/26 (c)

    2,000       1,491,028  
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)                
4.00%, 07/01/29 (c)     500       416,342  
5.00%, 07/01/29 (c)     1,000       997,883  
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)

4.00%, 07/01/29 (c)

    250       174,830  


 

See Notes to Financial Statements

16

 

 

    Par  
(000’s
)     Value  
Connecticut (continued)                
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)

4.00%, 07/01/29 (c)

  $ 250     $ 164,655  
Town of Hamden, Whitney Center Project (RB)

5.00%, 01/01/26 (c)

    3,000       2,261,106  
              16,081,707  
Delaware: 0.2%                
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB)

5.00%, 01/01/28 (c)

    1,450       1,280,018  
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)                
4.00%, 06/01/32 (c)     915       598,085  
5.00%, 06/01/26 (c)     1,000       820,551  
5.00%, 06/01/26 (c)     250       229,369  
Delaware State Economic Development Authority (RB)

5.00%, 06/01/26 (c)

    1,100       874,253  
              3,802,276  
District of Columbia: 0.7%                
District of Columbia Tobacco Settlement Financing Corp. (RB)

0.00%, 12/01/23 (c) ^

    7,500       1,609,624  
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW)

5.00%, 12/01/29 (c)

    1,225       1,298,528  
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)                
5.00%, 07/01/24 (c)     250       231,525  
5.00%, 07/01/24 (c)     1,180       960,426  
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)                
5.00%, 06/01/30 (c)     2,500       2,077,048  
5.00%, 06/01/30 (c)     500       446,944  
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB)

0.00%, 10/01/37 ^

    9,325       4,443,335  
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)                
0.00%, 10/01/37 ^     1,020       486,701  
4.00%, 10/01/29 (c)     7,315       5,984,794  
4.00%, 10/01/29 (c)     250       226,229  
6.50%, 10/01/28 (c)     245       258,533  
              18,023,687  
    Par  
(000’s
)     Value  
Florida: 5.0%                
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB)

5.00%, 12/01/24 (c)

  $ 1,055     $ 1,040,569  
Brevard County, Florida Health Facilities Authority, Series A (RB)

5.00%, 04/01/32 (c)

    1,000       937,662  
Broward County Florida Port Facilities, Series B (RB)

4.00%, 09/01/29 (c)

    2,150       1,880,142  
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB)

6.00%, 07/01/25 (c)

    295       190,067  
Capital Trust Agency, Education Growth Fund, Series A-1 (RB)

5.00%, 07/01/31 (c)

    7,200       5,872,370  
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB)

5.00%, 07/15/26 (c)

    1,335       1,206,126  
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)

5.00%, 07/15/26 (c)

    500       419,564  
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)                
4.50%, 01/01/29 (c)     400       375,906  
5.12%, 01/01/29 (c)     500       443,364  
5.25%, 01/01/29 (c)     500       421,329  
5.38%, 01/01/29 (c)     500       421,537  
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)                
4.38%, 06/15/27     225       216,070  
5.25%, 06/15/27 (c)     500       432,040  
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)                
4.00%, 12/01/28     2,200       2,036,935  
5.25%, 12/01/28 (c)     2,000       1,754,226  
5.25%, 12/01/28 (c)     2,200       1,824,259  
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)

5.00%, 07/01/30 (c)

    2,250       1,575,378  
Charlotte County Industrial Development Authority, Town & Country Utilities Project (RB)

5.00%, 10/01/27 (c)

    1,000       849,649  


 

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Florida (continued)                

City of Lakeland, Florida Energy System (RB)

4.25%, 10/01/33 (c)

  $ 5,000     $ 4,358,068  

City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM)

5.00%, 11/01/27 (c)

    3,000       3,085,483  
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)                
5.00%, 11/01/27 (c)     500       502,007  
5.00%, 11/01/27     1,100       1,135,637  
5.00%, 11/01/27 (c)     2,500       2,563,647  
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)                
4.00%, 06/01/25 (c)     230       195,941  
5.00%, 06/01/25 (c)     1,210       1,119,106  
5.00%, 06/01/25 (c)     300       268,320  

Clay County, Florida Sales Surtax (RB)

4.00%, 10/01/29 (c)

    1,100       932,002  
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)                
7.00%, 05/15/24 (d) *     440       24,198  
8.12%, 05/15/24 (c) (d) *     343       18,866  

County of Broward, Florida Airport System, Series A (RB)

5.00%, 10/01/25 (c)

    2,135       2,131,325  

County of Broward, Florida Port Facilities, Series A (RB)

5.00%, 09/01/29 (c)

    1,645       1,554,615  

County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW)

5.00%, 02/15/30 (c)

    2,000       2,016,350  

Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW)

4.00%, 02/15/30 (c)

    2,000       1,564,917  

Florida Development Finance Corp., Central Charter School Project (RB)

5.88%, 08/01/32 (c)

    1,000       867,951  

Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB)

5.00%, 06/15/27 (c)

    2,225       2,019,697  

Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB)

5.00%, 06/01/28 (c)

    425       380,038  
    Par  
(000’s
)   Value  
Florida (continued)                
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)                
4.00%, 06/01/28 (c)   $ 1,250     $ 687,159  
5.25%, 06/01/27 (c)     1,000       744,140  
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)                
5.75%, 06/15/24 (c)     1,000       993,308  
6.00%, 06/15/25 (c)     500       490,144  
6.12%, 06/15/25 (c)     685       638,637  
6.62%, 06/15/30 (c)     1,000       969,531  
6.75%, 06/15/30 (c)     1,000       959,219  

Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB)

5.00%, 02/01/32 (c)

    1,000       796,267  
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)                
6.38%, 01/01/26 (c) (p)     5,300       5,045,112  
6.50%, 01/01/29 (c) (p)     9,750       9,215,191  
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)                
3.00%, 06/01/24 (c)     1,500       1,129,894  
6.12%, 07/01/26 (c) (p)     4,000       3,951,921  
FRERC Community Development District (SA) (AGM)                
5.38%, 11/01/29 (c)     1,500       1,356,497  
5.50%, 11/01/29 (c)     2,450       2,134,517  

Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)

4.00%, 02/01/31 (c)

    6,500       5,317,572  

Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB)

5.75%, 08/15/27 (c)

    2,000       1,623,387  

Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB)

5.75%, 12/01/23 (c)

    500       443,893  

Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB)

5.25%, 10/01/29 (c)

    1,000       761,780  


 

See Notes to Financial Statements

   18  

 

 

    Par  
(000’s
)   Value  
Florida (continued)                

Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM)

4.00%, 11/15/31 (c)

  $ 2,500     $ 2,004,755  
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)                
5.00%, 11/15/24 (c)     3,000       2,803,675  
5.00%, 11/15/24 (c)     1,880       1,788,774  
Miami World Center Community Development District (SA)                
5.12%, 11/01/27 (c)     750       699,167  
5.25%, 11/01/27 (c)     250       227,232  

Miami-Dade County Aviation, Series A (RB) (BAM-TCRS)

5.00%, 10/01/24 (c)

    3,000       2,930,605  

Miami-Dade County Industrial Development Authority (RB)

5.50%, 07/01/29 (c)

    1,000       847,981  

Miami-Date County, Florida Subordinate Special (RB)

5.00%, 10/01/26 (c)

    1,360       1,392,317  
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)                
5.00%, 10/01/25 (c)     500       492,664  
5.00%, 10/01/25 (c)     2,500       2,357,326  

Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB)

5.00%, 10/01/25 (c)

    1,000       936,664  
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)                
4.25%, 12/01/23 (c)     360       358,532  
5.00%, 12/01/23 (c)     85       77,949  

North Broward Hospital District, Broward Health, Series B (RB)

5.00%, 01/01/28 (c)

    2,000       1,825,943  

North Broward Hospital District, Series B (RB)

5.00%, 01/01/28 (c)

    155       156,916  
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)                
5.00%, 08/01/27 (c)     200       175,337  
5.00%, 08/01/27 (c)     200       186,764  

Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB)

5.00%, 06/01/25 (c)

    3,230       2,526,436  
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)                
5.00%, 04/01/29 (c)     2,500       2,165,607  
    Par  
(000’s
)   Value  
Florida (continued)                
5.00%, 04/01/29 (c)   $ 1,000     $ 927,225  

Palm Cost Park Community Development District (SA)

5.70%, 12/01/23 (c)

    150       149,991  

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understaing Inc. Project (RB)

5.00%, 07/01/29 (c)

    1,900       1,755,851  

Polk Country Industrial Development Authority, Florida Industrial Development (RB)

5.88%, 01/01/33

    5,000       4,799,548  

Sanger Industrial Development Corp., Texas Pellets Project, Series B (SA)

4.12%, 05/01/31 (c)

    1,055       816,607  
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)                
5.50%, 11/15/26 (c)     500       356,894  
5.75%, 11/15/26 (c)     1,500       1,088,774  

Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB)

4.25%, 12/01/23 (c)

    1,500       1,418,159  

Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB)

5.00%, 12/01/25 (c)

    1,100       932,417  
Village Community Development District No. 12 (SA)                
3.25%, 05/01/26     150       146,130  
3.62%, 05/01/26 (c)     995       926,871  
4.25%, 05/01/28 (c)     915       768,673  
Village Community Development District No. 13 (SA)                
3.00%, 05/01/29     715       647,058  
3.55%, 05/01/29 (c)     2,765       2,163,402  
              124,745,774  
Georgia: 1.4%                

Burke County Development Authority, Series C (RB) (SAW)

4.12%, 02/01/28 (c)

    6,525       5,111,188  

Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG)

5.50%, 12/01/24 (c)

    1,250       1,196,568  


 

See Notes to Financial Statements

   19  

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Georgia (continued)                

Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB)

4.00%, 04/01/28 (c)

  $ 2,500     $ 1,771,602  

Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM)

5.00%, 03/01/27 (c)

    700       534,439  

George L Smith II World Congress Center Authority, Series A (RB)

4.00%, 01/01/31 (c)

    4,750       3,559,289  

Georgia Local Government, Grantor Trust, Series A (CP) (NATL)

4.75%, 06/01/28

    416       411,892  

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB)

5.00%, 08/01/27 (c)

    2,680       2,356,241  

Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)

5.75%, 06/15/27 (c)

    250       241,964  

Main Street Natural Gas, Inc., Series C (RB)

4.00%, 11/01/27 (c) (p)

    15,000       13,973,215  
Marietta Development Authority, Life University, Inc. Project, Series A (RB)                
5.00%, 11/01/27 (c)     1,000       785,531  
5.00%, 11/01/27 (c)     5,000       4,284,499  

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)

5.00%, 07/01/25 (c)

    375       347,127  
White County Development Authority, Truett McConnell University Project, Series A (RB)                
5.12%, 10/01/26 (c)     500       416,316  
5.25%, 10/01/26 (c)     500       387,169  
              35,377,040  
Guam: 1.0%                

Guam Government (GO)

5.00%, 05/15/29 (c)

    1,165       1,152,998  
Guam Government, Business Privilege Tax, Series D (RB)                
4.00%, 11/15/25 (c)     600       483,490  
5.00%, 11/15/25 (c)     1,100       1,049,271  
5.00%, 11/15/25 (c)     1,040       1,002,421  
5.00%, 11/15/25 (c)     5,805       5,634,387  
5.00%, 11/15/25 (c)     1,085       985,920  
                 
    Par  
(000’s
)   Value  
Guam (continued)                
Guam Government, Business Privilege Tax, Series F (RB)                
4.00%, 01/01/31 (c)   $ 7,000     $ 5,815,448  
4.00%, 01/01/31 (c)     1,000       899,639  
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)                
4.25%, 02/01/30     500       458,837  
5.00%, 02/01/30 (c)     500       439,846  

Guam Government, Hotel Occupancy Tax, Series A (RB)

5.00%, 11/01/30

    750       755,714  
Guam Government, Limited Obligation, Series A (RB)                
5.00%, 12/01/26 (c)     3,120       2,663,039  
5.00%, 12/01/26 (c)     2,290       2,270,100  

Guam Power Authority, Series A (RB)

5.00%, 10/01/27 (c)

    500       471,687  
              24,082,797  
Hawaii: 0.2%                

Kuakini, Hawaii Health System, Series A (RB)

6.38%, 12/01/23 (c)

    1,645       1,432,531  
State of Hawaii, Department of Budget and Finance, Series A (RB)                
6.25%, 12/01/23 (c)     1,400       1,399,966  
6.62%, 12/01/23 (c)     2,085       2,085,852  
              4,918,349  
Idaho: 0.1%                

Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP)

5.25%, 05/15/26 (c)

    2,000       1,736,368  
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)                
3.50%, 09/01/26 (c)     450       363,396  
5.00%, 09/01/26 (c)     1,135       1,022,927  

Idaho Health Facilities Authority, Terraces of Boise, Series A (RB)

3.80%, 10/01/28 (c)

    100       81,286  
              3,203,977  
Illinois: 10.4%                
Chicago Board of Education, Series A (GO)                
4.00%, 12/01/31 (c)     6,250       4,643,255  
4.00%, 12/01/31 (c)     2,975       2,294,687  
5.00%, 12/01/23 (c)     17,755       15,769,668  
5.00%, 12/01/28 (c)     1,265       1,252,329  
5.00%, 12/01/28 (c)     250       245,047  
5.00%, 12/01/29 (c)     1,195       1,181,637  
5.00%, 12/01/29     1,000       995,301  


 

See Notes to Financial Statements

   20  

 

 

    Par  
(000’s
)   Value  
Illinois (continued)                
5.00%, 12/01/30 (c)   $ 6,000     $ 5,513,901  
5.00%, 12/01/30 (c)     395       384,610  
5.00%, 12/01/30 (c)     6,990       6,632,312  
5.00%, 12/01/30 (c)     5,575       5,483,000  
5.00%, 12/01/30 (c)     100       96,366  
5.00%, 12/01/30 (c)     6,350       5,813,594  
5.00%, 12/01/30 (c)     5,100       5,000,956  
5.00%, 12/01/30 (c)     3,610       3,394,062  
5.00%, 12/01/31 (c)     8,000       7,018,215  
7.00%, 12/01/25 (c)     14,210       14,522,609  
7.00%, 12/01/25 (c)     5,200       5,391,304  
7.00%, 12/01/27 (c)     2,250       2,336,189  

Chicago Board of Education, Series A (GO) (AGM)

5.00%, 12/01/28 (c)

    250       250,399  
Chicago Board of Education, Series A (GO) (AMBAC)                
5.50%, 12/01/25     145       145,988  
5.50%, 12/01/26     175       175,353  
5.50%, 12/01/31     1,285       1,295,943  
Chicago Board of Education, Series A (GO) (NATL)                
0.00%, 12/01/27 ^     760       622,284  
0.00%, 12/01/28 ^     390       303,743  
0.00%, 12/01/30 ^     55       38,475  
5.50%, 12/01/26     355       357,615  
Chicago Board of Education, Series B (GO)                
4.00%, 12/01/31 (c)     5,000       4,063,473  
4.00%, 12/01/31 (c)     5,000       4,006,839  
4.00%, 12/01/31 (c)     7,130       5,643,762  
5.00%, 12/01/23 (c)     1,105       1,052,766  
5.00%, 12/01/23 (c)     1,680       1,582,369  
5.00%, 12/01/27     1,500       1,505,426  
5.00%, 12/01/29 (c)     200       196,116  
5.00%, 12/01/30 (c)     3,600       3,550,499  
6.50%, 12/01/26 (c)     4,000       4,063,406  
Chicago Board of Education, Series C (GO)                
5.00%, 12/01/27 (c)     3,750       3,643,802  
5.00%, 12/01/27     2,000       2,007,234  
5.25%, 12/01/24 (c)     8,040       7,446,452  
5.25%, 12/01/24 (c)     8,485       8,205,132  
6.00%, 12/01/24 (c)     1,160       1,164,337  

Chicago Board of Education, Series C (GO) (AGM)

5.00%, 12/01/28 (c)

    500       502,409  

Chicago Board of Education, Series D (GO) (AGM)

5.00%, 12/01/28 (c)

    2,500       2,200,470  

Chicago Board of Education, Series E (GO)

5.12%, 12/01/24 (c)

    2,415       2,355,134  
Chicago Board of Education, Series G (GO)                
5.00%, 12/01/27 (c)     4,960       4,819,536  
5.00%, 12/01/27 (c)     3,000       2,679,557  
    Par  
(000’s
)   Value  
Illinois (continued)                
Chicago Board of Education, Series H (GO)                
5.00%, 12/01/27 (c)   $ 12,710     $ 11,187,188  
5.00%, 12/01/27 (c)     5,000       4,730,249  

Chicago O’Hare International Airport, Senior Special Facilities (RB)

5.00%, 07/01/28 (c)

    3,000       2,651,203  

Chicago O’Hare International Airport, Series A (RB) (AGM)

5.25%, 01/01/32 (c)

    3,000       2,993,817  
Chicago School Reform Board of Trustees, Series A (GO) (NATL)                
0.00%, 12/01/25 ^     355       320,480  
0.00%, 12/01/29 ^     1,460       1,077,715  
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)                
0.00%, 12/01/24 ^     1,165       1,104,425  
0.00%, 12/01/25 ^     1,650       1,489,552  
0.00%, 12/01/26 ^     1,630       1,400,965  
0.00%, 12/01/27 ^     1,030       843,358  
0.00%, 12/01/28 ^     690       537,392  
0.00%, 12/01/29 ^     645       476,114  
0.00%, 12/01/31 ^     520       344,307  

Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)

5.00%, 06/01/26

    100       101,698  
City of Chicago, City Colleges (GO) (NATL)                
0.00%, 01/01/28 ^     345       292,346  
0.00%, 01/01/30 ^     420       308,918  
0.00%, 01/01/33 ^     985       606,544  
0.00%, 01/01/34 ^     760       443,148  

City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)

5.00%, 01/01/25

    235       236,251  
City of Chicago, Series A (GO)                
5.00%, 01/01/27     275       285,065  
5.00%, 01/01/27     200       203,161  
5.00%, 01/01/27     725       736,610  
5.00%, 01/01/31 (c)     3,000       3,049,954  
5.00%, 01/01/31 (c)     3,000       3,047,382  
5.00%, 01/01/31 (c)     1,500       1,525,242  
5.25%, 01/01/24 (c)     1,810       1,813,422  
5.50%, 01/01/29 (c)     1,000       977,275  
5.50%, 01/01/30 (c)     1,000       1,003,944  
6.00%, 01/01/27 (c)     5,000       5,122,624  

City of Chicago, Series A (GO) (NATL)

0.00%, 01/01/29 ^

    140       108,907  

City of Chicago, Series A (GO) (SAW)

5.00%, 01/01/29

    2,775       2,829,166  


 

See Notes to Financial Statements

   21  

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Illinois (continued)                

City of Chicago, Series B (GO)

5.25%, 01/01/25 (c)

  $ 2,195     $ 2,227,741  
City of Chicago, Series C (GO)                
0.00%, 01/01/32 ^     195       126,637  
5.00%, 01/01/24     10       10,001  
5.00%, 01/01/25     1,760       1,769,366  
5.00%, 01/01/26     380       384,400  
5.00%, 01/01/26 (c)     250       251,745  

City of Chicago, Series D (GO)

5.50%, 01/01/25 (c)

    5,000       4,918,198  

City of Chicago, Series F (GO)

5.50%, 01/01/25 (c)

    1,175       1,144,033  

City of Chicago, Water Revenue, Second Lien (RB) (AMBAC)

5.75%, 11/01/30

    990       1,032,005  

City of Harvey, Series A (GO)

4.50%, 01/01/54

    4,659       3,417,248  
Cook County, Illinois, Series B (GO)

4.00%, 11/15/26

    1,200       1,196,621  

Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB)

5.00%, 08/15/27 (c)

    4,125       3,610,655  

Illinois Finance Authority, Acero Charter Schools, Inc. (RB)

4.00%, 10/01/31 (c)

    1,000       730,048  

Illinois Finance Authority, Admiral Lake Project (RB)

5.12%, 05/15/24 (c)

    390       314,469  

Illinois Finance Authority, Central Baptist Village (RB)

5.38%, 12/01/23 (c)

    35       30,986  
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)                
5.00%, 07/01/25 (c)     1,000       927,481  
5.00%, 07/01/25 (c)     1,340       1,025,842  
Illinois Finance Authority, Friendship Village of Schaumburg (RB)                
5.00%, 02/15/27 (c) (d) *     6,500       1,755,000  
5.00%, 02/15/27 (d) *     3,000       810,000  
5.12%, 02/15/27 (c) (d) *     6,130       1,655,100  

Illinois Finance Authority, Greenfields of Geneva Project (RB)

7.10%, 11/01/27 (c)

    100       77,636  

Illinois Finance Authority, Illinois Institute of Technology (RB)

5.00%, 09/01/29 (c)

    175       148,361  
    Par  
(000’s
)   Value  
Illinois (continued)                

Illinois Finance Authority, Intrinsic School Project, Series A (RB)

6.00%, 12/01/25 (c)

  $ 500     $ 464,802  
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)                
5.00%, 11/01/26 (c)     5       4,355  
5.00%, 11/01/26 (c)     250       231,169  
5.00%, 11/01/26 (c)     500       467,948  

Illinois Finance Authority, OSF Healthcare System, Series A (RB)

5.00%, 11/15/25 (c)

    1,125       1,120,911  

Illinois Finance Authority, Roosevelt University (RB)

5.50%, 12/01/23 (c)

    475       437,897  
Illinois Sports Facilities Authority (RB)                
5.00%, 06/15/28     1,000       990,804  
5.00%, 06/15/29     1,000       985,269  
5.00%, 06/15/29 (c)     3,055       2,994,958  
5.00%, 06/15/30     1,000       984,447  

Illinois Sports Facilities Authority (RB) (AGM)

5.00%, 06/15/24 (c)

    3,000       3,000,617  

Illinois Sports Facilities Authority (RB) (AMBAC)

0.00%, 06/15/26 ^

    690       601,599  
Illinois State, Series A (GO)                
5.00%, 12/01/27 (c)     500       508,049  
5.00%, 05/01/28 (c)     500       469,818  

Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB)

5.00%, 12/15/25 (c)

    1,000       981,554  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)                
3.00%, 12/15/24 (c)     2,000       1,928,476  
4.00%, 12/15/31 (c)     75       62,249  
5.00%, 12/15/29 (c)     3,000       2,789,707  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)                
0.00%, 12/15/30 ^     475       338,138  
0.00%, 12/15/34 ^     590       344,163  
0.00%, 06/15/30 ^     745       543,251  
0.00%, 06/15/31 ^     125       86,860  
0.00%, 06/15/34 ^     190       113,879  
0.00%, 06/15/39 ^     115       49,975  

Northeastern Illinois University, Capital Improvement Project (CP)

4.00%, 12/01/23 (c)

    585       431,606  


 

See Notes to Financial Statements

   22  

 

 

    Par  
(000’s
)   Value  
Illinois (continued)                

Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB)

4.00%, 12/01/26 (c)

  $ 2,000     $ 1,888,436  
State of Illinois (GO)                
3.50%, 06/01/26 (c)     175       159,035  
4.00%, 01/01/26 (c)     610       584,256  
4.00%, 06/01/26 (c)     270       247,912  
4.00%, 06/01/26 (c)     360       335,173  
4.00%, 06/01/26 (c)     460       409,263  
4.12%, 11/01/26 (c)     600       576,213  
5.00%, 11/01/24     200       201,198  
5.00%, 02/01/24 (c)     375       374,958  
5.00%, 02/01/24 (c)     350       348,751  
5.00%, 02/01/27     500       510,348  
5.00%, 05/01/24 (c)     175       171,052  
5.00%, 05/01/24 (c)     100       97,801  
5.00%, 06/01/26     125       127,029  

State of Illinois (RB)

3.00%, 06/15/26 (c)

    100       86,190  
State of Illinois, Series A (GO)                
5.00%, 10/01/28     500       514,780  
5.00%, 11/01/28     5       5,150  
5.00%, 12/01/27 (c)     100       100,707  
5.00%, 05/01/28 (c)     365       345,020  

State of Illinois, Series D (GO)

5.00%, 11/01/25

    250       253,136  

Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB)

6.00%, 03/01/30 (c)

    1,000       873,695  

Village of Bolingbrook, Special Service Area No. 1 (ST)

5.25%, 03/01/28 (c)

    500       430,996  

Village of Bridgeview (GO)

5.00%, 12/01/23 (c)

    360       292,531  
Will County Community High School District No. 210, Series B (GO)                
0.00%, 01/01/29 ^     90       70,259  
0.00%, 01/01/31 ^     245       172,218  
0.00%, 01/01/33 ^     540       340,637  
              261,708,801  
Indiana: 0.8%                

City of Anderson, Indiana Economic Development, Anderson University (RB)

4.75%, 12/01/23 (c)

    175       163,982  

Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB)

5.00%, 12/01/23 (c)

    150       149,127  
    Par  
(000’s
)   Value  
Indiana (continued)                

Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB)

3.00%, 11/01/30

  $ 1,500     $ 1,329,583  

Indiana Finance Authority, Baptist Healthcare System, Series A (RB)

5.00%, 08/15/27 (c)

    4,000       3,644,320  

Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)

4.25%, 11/01/30

    7,000       6,717,087  

Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB)

3.00%, 11/01/30

    3,500       3,102,361  

Indiana Finance Authority, United States Steel Corp. Project, Series A (RB)

4.12%, 12/01/26

    5,500       5,307,740  
              20,414,200  
Iowa: 0.8%                

City of Coralville, Marriott Hotel and Convention Center, Series E (CP)

4.00%, 06/01/24 (c)

    1,025       951,267  
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)                
5.00%, 05/15/27 (c)     4,000       2,910,089  
5.00%, 05/15/27 (c)     655       500,023  

Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB)

4.75%, 12/01/23 (c)

    10,140       8,921,376  

Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB)

5.00%, 12/01/42 (c) (p)

    5,105       4,648,111  
Iowa Higher Education Loan Authority, Wartburg College Project (RB)                
4.00%, 10/01/25     1,170       1,122,540  
5.00%, 10/01/25 (c)     2,115       1,770,784  
              20,824,190  
Kansas: 0.4%                

City of Hutchinson, Regional Medical Center, Inc. (RB)

5.00%, 12/01/26 (c)

    250       206,116  

City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB)

5.00%, 05/15/27 (c)

    1,000       847,090  


 

See Notes to Financial Statements

   23  

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Kansas (continued)                

City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB)

4.00%, 06/01/28 (c)

  $ 3,000     $ 2,011,529  

City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB)

4.00%, 06/01/25 (c)

    625       616,181  

City of Wichita, Health Care Facilities, Series I (RB)

5.00%, 05/15/25 (c)

    1,355       1,011,197  
City of Wichita, Health Care Facilities, Series III (RB)                
5.00%, 05/15/26 (c)     250       205,818  
5.00%, 05/15/26 (c)     500       309,884  

Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB)

4.00%, 06/01/28 (c)

    1,000       793,236  
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)                
6.25%, 12/01/29 (c)     1,000       912,393  
6.50%, 12/01/29 (c)     1,000       908,397  

Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)

6.00%, 09/01/25 (c)

    2,125       1,820,930  
              9,642,771  
Kentucky: 0.9%                

Christian County, Jennie Stuart Medical Center (RB)

5.38%, 02/01/26 (c)

    100       100,421  

City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB)

4.45%, 01/01/32 (c)

    2,250       1,992,467  
Kentucky Economic Development Finance Authority Hospital, Series A (RB)                
5.00%, 06/01/27 (c)     1,720       1,552,598  
5.00%, 06/01/27 (c)     1,315       1,312,104  

Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM)

5.00%, 12/01/23 (c)

    760       723,569  

Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM)

5.00%, 12/01/27 (c)

    4,655       4,649,402  
    Par  
(000’s
)   Value  
Kentucky (continued)                
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)                
5.00%, 05/15/26 (c)   $ 2,545     $ 2,220,918  
5.00%, 05/15/26 (c)     350       278,947  
5.00%, 05/15/26 (c)     250       171,267  
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)                
5.38%, 11/21/23 (c)     400       347,056  
5.50%, 11/21/23 (c)     250       189,503  

Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB)

4.25%, 07/01/25 (c)

    1,790       1,636,921  
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)                
5.00%, 06/01/26     175       174,631  
5.00%, 06/01/27 (c)     990       921,218  
5.25%, 06/01/27 (c)     750       711,129  

Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB)

5.00%, 06/01/27 (c)

    500       465,643  

Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AGM)

5.00%, 05/15/32 (c)

    3,170       2,894,716  

Paducah Electric Plant Board, Series A (RB) (AGM)

5.00%, 10/01/26 (c)

    1,045       1,068,656  
              21,411,166  
Louisiana: 1.1%                

Calcasieu Parish Memorial Hospital Service District (RB)

5.00%, 12/01/29 (c)

    3,800       3,048,865  

City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)

5.00%, 12/01/25

    100       101,718  

Hospital Service District No. 1 of Parish of Tangipahoa, North Oaks Health System Project (RB)

4.00%, 02/01/31 (c)

    2,075       1,658,557  


 

See Notes to Financial Statements

   24  

 

 

    Par  
(000’s
)   Value  
Louisiana (continued)                

Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB)

5.00%, 07/01/29 (c)

  $ 500     $ 394,052  

Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB)

5.62%, 06/01/25 (c)

    925       709,379  

Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB)

4.00%, 11/01/30 (c)

    3,000       2,386,824  

Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL)

4.00%, 11/01/29 (c)

    2,000       1,631,276  

Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB)

4.25%, 12/01/23 (c)

    175       128,114  

Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB)

5.00%, 07/01/29 (c)

    500       347,590  

Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)

3.50%, 11/01/27 (c)

    5,745       5,126,694  

Louisiana Public Facilities Authority, Loyola University Project, (RB)

5.25%, 10/01/33 (c)

    1,500       1,319,924  

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) (SAW)

3.00%, 05/15/30 (c)

    1,250       777,995  

Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB)

7.50%, 07/01/23 (d) *∞

    2,259       23  
    Par  
(000’s
)   Value  
Louisiana (continued)                

Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB)

7.75%, 07/01/24 (c) (d) *∞

  $ 1,647     $ 17  

Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)

8.38%, 07/01/24 (c) (d) *∞

    1,389       14  

New Orleans Aviation Board, North Terminal Project, Series A (RB)

5.00%, 01/01/25 (c)

    2,160       2,089,371  
Parish of St James, Nustar Logistics, LP Project (RB)                
5.85%, 06/01/25 (p)     750       758,515  
6.35%, 06/01/30 (c)     4,000       4,198,874  

Parish of St James, Nustar Logistics, LP Project, Series A (RB)

6.35%, 06/01/30 (c)

    1,000       1,049,719  

Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB)

4.00%, 02/01/31 (c)

    1,530       1,342,840  
              27,070,361  
Maine: 0.3%                
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)                
4.00%, 07/01/26 (c)     1,695       1,223,109  
5.00%, 07/01/26 (c)     1,000       857,379  
5.00%, 07/01/26 (c)     5,345       4,302,728  
              6,383,216  
Maryland: 1.6%                

Baltimore Maryland, Special Obligation, Harbor Point Project (RB)

5.00%, 06/01/31 (c)

    1,000       874,414  
City of Baltimore, Convention Center Hotel (RB)                
5.00%, 09/01/27 (c)     1,000       854,963  
5.00%, 09/01/27 (c)     2,250       1,870,771  
5.00%, 09/01/27 (c)     2,000       1,612,747  
5.00%, 09/01/27 (c)     1,000       951,031  

City of Baltimore, East Baltimore Research Park Project, Series A (RB)

5.00%, 09/01/27 (c)

    500       468,344  

City of Baltimore, Harbor Point Project (RB)

5.12%, 06/01/26 (c)

    250       228,359  


 

See Notes to Financial Statements

   25  

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Maryland (continued)                

County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB)

5.00%, 09/01/27 (c)

  $ 1,000     $ 905,947  

Frederick County Maryland, Urban Community Development Authority, Series A (ST)

4.00%, 07/01/30 (c)

    2,000       1,571,312  

Frederick County, Education Facilities Project, Series A (RB)

5.00%, 09/01/27 (c)

    4,100       3,442,162  

Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB)

5.00%, 09/01/27 (c)

    2,000       1,915,794  

Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA)

4.62%, 07/01/30 (c)

    1,900       1,668,366  

Howard County, Series A (TA)

4.50%, 02/15/26 (c)

    2,500       2,070,770  

Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)

5.75%, 12/01/23 (c)

    7,785       7,853,487  
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)                
3.75%, 01/01/27 (c)     100       95,696  
4.38%, 01/01/27 (c)     470       422,192  
4.50%, 01/01/27 (c)     530       451,024  
Maryland Economic Development Corp., Port Covington Project (TA)                
4.00%, 09/01/30 (c)     2,250       1,841,512  
4.00%, 09/01/30 (c)     3,250       2,398,604  
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)                
5.25%, 06/30/32 (c)     2,285       2,141,920  
5.25%, 06/30/32 (c)     1,085       1,003,519  
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)                
4.00%, 07/01/26 (c)     400       324,755  
5.00%, 07/01/26 (c)     250       236,360  
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)                
4.00%, 07/01/25 (c)     210       194,756  
4.25%, 07/01/25 (c)     145       130,161  
    Par  
(000’s
)   Value  
Maryland (continued)                
5.00%, 07/01/25 (c)   $ 500     $ 482,798  
5.00%, 07/01/25 (c)     1,500       1,397,417  
5.00%, 07/01/25 (c)     625       627,659  

Prince George County, Collington Episcopal Life Care Community, Inc. (RB)

5.25%, 04/01/27 (c)

    1,000       904,961  

Prince George’s County, Suitland-Naylor Road Project (TA)

4.75%, 01/01/26 (c)

    500       478,836  
              39,420,637  
Massachusetts: 1.4%                

Collegiate Charter School of Lowell (RB)

5.00%, 06/15/26 (c)

    365       326,598  

Commonwealth of Massachusetts (RB) (BAM-TCRS NATL)

5.50%, 01/01/34

    1,420       1,576,914  

Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB)

4.00%, 07/01/25 (c)

    535       406,123  

Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB)

5.00%, 07/01/25 (c)

    2,120       1,973,176  

Massachusetts Development Finance Agency, Boston Student Housing Project (RB)

5.00%, 10/01/26 (c)

    1,000       871,493  

Massachusetts Development Finance Agency, Emerson College (RB)

5.00%, 01/01/25 (c)

    500       500,355  

Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)

5.00%, 10/01/26 (c)

    1,035       956,059  

Massachusetts Development Finance Agency, Lasell University (RB)

4.00%, 07/01/31 (c)

    2,400       1,793,699  

Massachusetts Development Finance Agency, Lawrence General Hospital (RB)

5.00%, 07/01/27 (c)

    1,000       858,122  

Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)

5.25%, 07/01/24 (c)

    350       306,871  
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)                
5.00%, 11/15/25 (c)     500       475,720  


 

See Notes to Financial Statements

   26  

 

 

    Par  
(000’s
)   Value  
Massachusetts (continued)                
5.12%, 11/15/25 (c)   $ 500     $ 469,991  
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)                
4.00%, 11/21/23 (c)     1,000       863,422  
4.12%, 11/21/23 (c)     2,500       1,839,088  
5.00%, 11/21/23 (c)     14,550       11,444,218  
5.00%, 11/21/23 (c)     1,400       1,148,286  

Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB)

4.00%, 07/01/26 (c)

    1,500       1,297,649  

Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM)

4.00%, 06/01/30 (c)

    5       3,537  

Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB)

5.00%, 10/01/26 (c)

    1,930       1,765,312  

Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB)

5.00%, 10/01/28 (c)

    2,000       1,675,193  
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)                
5.00%, 07/01/26 (c)     190       191,890  
5.00%, 07/01/26 (c)     510       472,712  

Massachusetts Educational Financing Authority Educational Loan, (RB)

5.00%, 01/01/25

    2,500       2,513,827  

Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB)

5.00%, 01/01/29 (c)

    1,250       1,211,087  
              34,941,342  
Michigan: 1.0%                

Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)

5.00%, 02/15/27 (c)

    290       253,460  

City of Detroit, Michigan Unlimited Tax (GO)

5.50%, 04/01/30 (c)

    250       241,579  
City of Detroit, Michigan Unlimited Tax, Series A (GO)                
5.00%, 04/01/31 (c)     1,475       1,306,165  
5.00%, 04/01/31 (c)     135       121,784  
    Par  
(000’s
)   Value  
Michigan (continued)                

Detroit Service Learning Academy, Public School Academy (RB) (AGM)

4.00%, 07/01/28 (c)

  $ 1,000     $ 748,172  

Flint Michigan Hospital Building Authority, Hurley Medical Center (RB)

4.00%, 07/01/30 (c)

    500       387,522  

Flint Michigan Hospital Building Authority, Hurley Medical Center, Series A (RB)

5.25%, 12/01/23 (c)

    2,000       1,809,465  

Flint Michigan Hospital Building Authority, Series B (RB)

4.75%, 12/01/23 (c)

    395       371,771  
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)                
5.25%, 11/15/25 (c)     250       218,302  
5.50%, 11/15/25 (c)     300       242,371  
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)                
5.00%, 07/01/24 (c)     3,575       3,173,855  
5.00%, 07/01/24 (c)     215       198,115  

Michigan Finance Authority, Sold Tobacco Receipts, Series A-2 (RB)

5.00%, 06/01/40

    9,000       8,850,294  

Michigan Finance Authority, Thomas M. Cooley Law School Project (RB)

5.00%, 07/01/24 (c)

    795       779,460  

Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB)

0.00%, 12/01/30 (c) ^

    15,500       1,152,028  

Michigan State Building Authority, Series F (RB)

4.00%, 10/01/24

    100       99,096  
Michigan Strategic Fund, Evangelical Homes Project (RB)                
5.25%, 12/01/23 (c)     1,000       886,103  
5.50%, 12/01/23 (c)     2,000       1,486,623  
Michigan Strategic Fund, I-75 Improvement Project (RB)                
5.00%, 12/31/28 (c)     1,250       1,137,861  
5.00%, 12/31/28 (c)     700       706,875  
5.00%, 12/31/28 (c)     600       606,068  

Michigan Tobacco Settlement Finance Authority, Series B (RB)

0.00%, 11/16/23 (c) ^

    260       25,442  

Summit Academy North, Michigan Public School (RB)

4.00%, 11/01/28 (c)

    1,000       758,915  
              25,561,326  


 

See Notes to Financial Statements

   27  

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Minnesota: 0.7%                

Chippewa County, Chippewa County-Montevideo Hospital Project (RB)

4.00%, 03/01/26 (c)

  $ 135     $ 115,036  

City of Anoka, Homestead at Anoka, Inc. Project (RB)

4.25%, 11/01/24 (c)

    500       464,105  
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)                
5.50%, 07/01/25 (c)     245       202,853  
5.50%, 07/01/25 (c)     250       222,426  

City of Crookston, Health Care Facilities, Riverview Health Project (RB)

5.00%, 05/01/29 (c)

    3,000       2,475,840  
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)                
5.25%, 07/01/25 (c)     500       451,520  
5.50%, 07/01/25 (c)     2,860       2,516,004  

City of Forest Lake, International Language Academy, Series A (RB) (SAW)

5.38%, 08/01/27 (c)

    500       426,251  

City of Maple Grove, Minnesota Health Care Facilities (RB)

3.38%, 05/01/27 (c)

    115       97,013  

City of St. Louis Park, Place Via Sol Project (RB) (AMBAC)

6.00%, 07/01/27 (d) (p) *

    2,000       1,060,000  
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)                
4.00%, 07/01/25 (c)     1,000       920,354  
5.75%, 09/01/26 (c)     325       300,892  

Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB)

5.00%, 11/15/28 (c)

    2,000       1,841,820  

Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB)

5.00%, 05/01/26 (c)

    3,730       3,077,170  

Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB)

4.25%, 11/21/23 (c)

    940       719,963  

Minnesota Higher Education Facilities Authority, Bethel University (RB)

5.00%, 05/01/27 (c)

    2,000       1,647,368  

Rochester Minnesota Health Care and Housing, Samaritan Bethany, Inc., Project, Series A (RB)

5.00%, 08/01/25 (c)

    1,075       782,052  
    Par  
(000’s
)   Value  
Minnesota (continued)                

Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB)

4.00%, 08/01/26 (c)

  $ 250     $ 202,963  

Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB)

4.00%, 07/01/28 (c)

    1,150       718,270  
              18,241,900  
Mississippi: 0.3%                
Mississippi Development Bank, Magnolia Regional Health Center Project (RB)                
4.00%, 10/01/31 (c)     3,500       2,561,824  
5.00%, 10/01/31 (c)     1,530       1,481,857  

Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB)

5.00%, 09/01/26 (c)

    3,000       2,841,443  
              6,885,124  
Missouri: 1.0%                
Boone County, Boone Hospital Center (RB)                
3.00%, 08/01/26 (c)     410       269,796  
4.00%, 08/01/26 (c)     565       392,750  
5.00%, 08/01/26 (c)     1,000       913,594  

Cape Girardeau County Industrial Development Authority, Series A (RB)

5.00%, 03/01/27 (c)

    1,000       995,421  

City of Liberty, Liberty Commons Project, Series A (TA)

5.75%, 06/01/25 (c)

    500       438,303  

City of Nevada, Regional Medical Center (RB) (ACA)

4.30%, 12/01/23 (c)

    40       39,100  

City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)

4.38%, 11/15/26 (c)

    250       188,980  

Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB)

4.00%, 02/01/29 (c)

    475       373,144  

I-470 Western Gateway Transportation Development District, Series A (RB)

5.25%, 12/01/26 (c)

    1,100       1,005,607  

Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB)

5.00%, 11/15/46

    5,352       3,653,569  

 

See Notes to Financial Statements

28

 

 

    Par  
(000’s
)   Value  
Missouri (continued)                

Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM)

5.00%, 02/01/28 (c)

  $ 2,475     $ 1,707,545  
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)                
5.25%, 05/15/27 (c)     1,500       1,201,853  
5.25%, 05/15/27 (c)     4,000       2,783,189  
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)                
5.00%, 08/15/24 (c)     1,550       1,341,521  
5.00%, 08/15/25 (c)     2,430       2,222,165  
5.00%, 08/15/25 (c)     2,000       1,599,472  

Lee’s Summit, Missouri Summit Fair Project (TA)

4.88%, 11/01/27 (c)

    2,500       2,112,322  

Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB)

5.00%, 02/01/24 (c)

    3,000       2,688,130  

St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB)

5.00%, 01/01/26 (c)

    1,000       669,858  

St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB)

5.00%, 09/01/25 (c)

    500       436,155  

St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB)

5.00%, 12/01/25 (c)

    150       133,787  

University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB)

4.88%, 06/15/33 (c)

    1,000       937,542  
              26,103,803  
Montana: 0.2%                

City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB)

3.90%, 12/01/23 (c)

    2,000       1,859,324  

Montana Facility Finance Authority, Bozeman Deaconess Health Services, Series A (RB)

4.00%, 06/01/31 (c)

    415       340,044  
    Par  
(000’s)
    Value  
Montana (continued)                

Montana Facility Finance Authority, Health Care Facilities, Children’s Home & Hospital Project, Series A (RB)

4.00%, 07/01/30 (c)

  $ 1,700     $ 1,177,198  
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)                
4.12%, 07/01/28 (c)     500       415,227  
5.00%, 07/01/28 (c)     1,270       1,097,782  
              4,889,575  
Nebraska: 0.1%                
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)                
5.00%, 09/01/34     1,000       993,474  
5.00%, 09/01/36     500       482,243  
5.00%, 09/01/42     1,780       1,673,821  

Central Plains Energy Project, Series G (RB)

5.00%, 10/01/29 (c) (p)

    235       232,371  
              3,381,909  
Nevada: 0.4%                
City of Las Vegas, Special Improvement District No. 814 (SA)                
4.00%, 06/01/29 (c)     535       397,641  
4.00%, 06/01/29 (c)     230       179,688  

City of Reno, Tax Increment Senior Lien, Series C (TA)

5.40%, 12/01/23 (c)

    965       934,634  

Clark County School District, Series A (GO)

5.00%, 06/15/26

    2,000       2,056,050  

Clark County, Special Improvement District No. 159 (SA)

5.00%, 08/01/25 (c)

    165       160,138  

Director of the State of Nevada Department of Business and Industry, Brightline West Passenger Rail Project, Series A-3 (RB)

8.13%, 08/15/24 (c) (p)

    1,000       1,003,248  

Henderson Local Improvement District No. T-18 (SA)

4.00%, 09/01/26 (c)

    615       529,546  

North Las Vegas, Special Improvement District No. 64 (SA)

4.62%, 12/01/28 (c)

    230       193,381  

North Las Vegas, Special Improvement District No. 64 (SA) (SAW)

4.62%, 12/01/28 (c)

    470       412,342  

 

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)