SEMI-ANNUAL REPORT
October 31, 2023
(unaudited)
|
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 |
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
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
(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 |
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 |
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)
| Par (000’s |
) | Value | ||||||
| Nevada (continued) | ||||||||
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
| 5.00%, 12/15/25 (c) | $ | 2,000 | $ | 1,865,270 | ||||
| 5.00%, 12/15/25 (c) | 400 | 358,377 | ||||||
| 5.00%, 12/15/25 (c) | 500 | 409,310 | ||||||
| 5.12%, 12/15/25 (c) | 1,000 | 851,204 | ||||||
| 9,350,829 | ||||||||
| New Hampshire: 0.4% | ||||||||
| National Finance Authority, Ascentria Care Alliance Project (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 2,000 | 1,389,702 | ||||||
| 5.00%, 07/01/28 (c) | 1,220 | 870,611 | ||||||
|
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 12/01/23 (c) |
4,000 | 3,020,418 | ||||||
|
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 12/01/23 (c) |
3,375 | 2,636,592 | ||||||
|
National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB) 5.25%, 07/01/29 (c) |
1,000 | 905,190 | ||||||
|
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c) |
1,000 | 760,750 | ||||||
|
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/25 (c) |
1,600 | 1,329,563 | ||||||
| New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
| 6.12%, 07/01/24 (c) (d) * | 835 | 50,087 | ||||||
| 6.12%, 07/01/24 (c) (d) * | 1,252 | 75,131 | ||||||
| 6.25%, 07/01/24 (c) (d) * | 417 | 25,044 | ||||||
| 11,063,088 | ||||||||
| New Jersey: 3.1% | ||||||||
|
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/24 (c) |
8,450 | 7,880,206 | ||||||
|
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/24 (c) |
1,410 | 1,364,444 | ||||||
|
City of Atlantic City, New Jersey Tax Appeal (GO) 5.00%, 12/01/23 (c) |
65 | 64,454 | ||||||
|
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) |
470 | 416,311 | ||||||
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.25%, 12/01/23 (c) | $ | 1,645 | $ | 1,609,192 | ||||
| 5.50%, 12/01/23 (c) | 60 | 58,955 | ||||||
| 5.62%, 03/05/24 (c) | 2,035 | 2,034,959 | ||||||
| 5.62%, 03/05/24 (c) | 285 | 284,994 | ||||||
| 5.75%, 12/01/23 (c) | 725 | 721,439 | ||||||
|
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 |
55 | 52,631 | ||||||
| New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
| 4.88%, 01/01/24 (c) | 655 | 625,994 | ||||||
| 5.00%, 01/01/24 (c) | 500 | 464,841 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/27 (c) | 2,000 | 1,796,855 | ||||||
| 4.00%, 07/01/27 (c) | 1,640 | 1,512,526 | ||||||
| 5.00%, 07/01/27 (c) | 4,640 | 4,463,380 | ||||||
|
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 5.00%, 07/01/27 (c) |
2,500 | 2,563,012 | ||||||
|
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^ |
515 | 456,244 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25 |
120 | 119,852 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
| 5.00%, 12/15/26 (c) | 305 | 306,447 | ||||||
| 5.00%, 12/15/26 (c) | 725 | 730,125 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) |
165 | 173,338 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 12/15/28 (c) |
2,880 | 2,823,879 | ||||||
See Notes to Financial Statements
| 30 |
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) |
$ | 600 | $ | 608,293 | ||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) |
500 | 473,139 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/24 (c) |
100 | 100,480 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
| 4.00%, 12/15/29 (c) | 1,705 | 1,409,244 | ||||||
| 4.00%, 12/15/30 (c) | 700 | 662,395 | ||||||
| 4.00%, 12/15/30 (c) | 600 | 531,846 | ||||||
| 4.00%, 12/15/30 (c) | 600 | 548,412 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
| 5.00%, 06/15/25 (c) | 680 | 693,065 | ||||||
| 5.00%, 06/15/25 (c) | 630 | 642,104 | ||||||
| 5.25%, 06/15/25 (c) | 435 | 440,234 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 4.38%, 06/15/25 (c) | 420 | 419,215 | ||||||
| 5.00%, 06/15/25 (c) | 105 | 107,017 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 5.12%, 01/01/24 (c) | 350 | 350,174 | ||||||
| 5.25%, 01/01/24 (c) | 1,000 | 1,000,716 | ||||||
| 5.38%, 01/01/24 (c) | 900 | 874,255 | ||||||
| 5.50%, 01/01/24 (c) | 500 | 500,591 | ||||||
| 5.62%, 01/01/24 (c) | 2,000 | 2,000,142 | ||||||
|
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c) |
150 | 131,338 | ||||||
|
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) |
330 | 331,375 | ||||||
|
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c) |
490 | 376,970 | ||||||
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
New Jersey Educational Facilities Authority, The College of saint Elizabeth Issue, Series D (RB) 5.00%, 07/01/26 (c) |
$ | 2,500 | $ | 2,037,874 | ||||
|
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 04/01/28 (c) |
500 | 517,137 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/25 ^ | 270 | 246,799 | ||||||
| 0.00%, 12/15/25 ^ | 230 | 210,236 | ||||||
| 0.00%, 12/15/33 ^ | 5 | 3,095 | ||||||
| 5.00%, 12/15/26 | 5 | 5,138 | ||||||
| 5.00%, 12/15/28 | 200 | 209,035 | ||||||
| 5.00%, 12/15/29 (c) | 385 | 388,332 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.75%, 06/15/25 (c) | 150 | 149,309 | ||||||
| 5.00%, 06/15/25 (c) | 340 | 326,410 | ||||||
| 5.25%, 06/15/25 (c) | 505 | 505,409 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
| 0.00%, 12/15/24 ^ | 430 | 410,530 | ||||||
| 0.00%, 12/15/25 ^ | 250 | 228,659 | ||||||
| 0.00%, 12/15/28 ^ | 185 | 148,182 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^ |
365 | 251,943 | ||||||
|
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27 |
100 | 102,537 | ||||||
|
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/28 (c) |
360 | 357,479 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 18,290 | 17,159,728 | ||||||
| 5.25%, 06/01/28 (c) | 2,675 | 2,629,728 | ||||||
|
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c) |
8,530 | 7,919,499 | ||||||
| 76,532,142 | ||||||||
| New Mexico: 0.1% | ||||||||
|
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c) |
3,480 | 2,608,971 | ||||||
See Notes to Financial Statements
| 31 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York: 10.2% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
| 0.00%, 07/15/32 ^ | $ | 395 | $ | 253,969 | ||||
| 0.00%, 07/15/33 ^ | 370 | 225,057 | ||||||
| 0.00%, 07/15/47 ^ | 180 | 44,230 | ||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 4,050 | 3,721,769 | ||||||
| 5.00%, 07/15/26 | 345 | 347,487 | ||||||
|
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/25 (c) |
4,820 | 4,328,691 | ||||||
| Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
| 5.00%, 12/31/28 | 5,390 | 4,892,019 | ||||||
| 5.25%, 12/31/28 (c) | 9,700 | 8,214,970 | ||||||
|
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) 5.75%, 06/01/30 (c) |
1,000 | 972,167 | ||||||
| Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB) | ||||||||
| 5.25%, 07/01/32 (c) | 1,000 | 934,152 | ||||||
| 5.25%, 07/01/32 (c) | 1,000 | 922,879 | ||||||
|
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c) |
1,200 | 968,329 | ||||||
|
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c) |
4,750 | 3,609,399 | ||||||
|
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB) 5.50%, 06/15/33 (c) |
1,000 | 873,446 | ||||||
| City
of Troy Capital Resource Corp., Series A (RB)
4.00%, 09/01/30 (c) |
1,250 | 1,041,989 | ||||||
|
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c) |
1,000 | 1,004,977 | ||||||
|
Dublin Community Facilities District No 2015-1 (RB) 5.00%, 07/01/26 (c) |
1,000 | 997,097 | ||||||
| Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,000 | 918,622 | ||||||
| 5.00%, 07/01/30 (c) | 3,370 | 3,005,576 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,421,389 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 12/01/23 (c) | $ | 2,000 | $ | 1,724,966 | ||||
| 5.00%, 12/01/23 (c) | 5 | 4,491 | ||||||
|
Metropolitan Transportation Authority, Series B (RB) 4.25%, 11/15/42 (c) |
1,000 | 869,911 | ||||||
|
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 3.00%, 12/01/30 (c) |
5 | 3,228 | ||||||
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) | ||||||||
| 4.00%, 12/01/30 (c) | 1,100 | 974,636 | ||||||
| 5.00%, 12/01/30 (c) | 500 | 496,441 | ||||||
|
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 11/16/23 (c) |
2,905 | 2,459,529 | ||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c) |
2,500 | 2,456,100 | ||||||
|
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 12/01/23 (c) |
1,725 | 1,693,975 | ||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 3.75%, 06/01/26 (c) | 500 | 364,348 | ||||||
| 5.00%, 11/16/23 (c) | 7,335 | 6,430,221 | ||||||
| 5.00%, 11/16/23 (c) | 785 | 672,043 | ||||||
|
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 11/16/23 (c) ^ |
5 | 327 | ||||||
|
New York Counties Tobacco Trust VI, Series A-2B (RB) 5.00%, 06/01/26 (c) |
1,270 | 1,117,369 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 5.00%, 11/15/24 (c) | 2,025 | 1,813,692 | ||||||
| 5.15%, 11/15/24 (c) | 4,210 | 3,982,556 | ||||||
| 7.25%, 11/15/24 (c) | 5,000 | 5,000,273 | ||||||
|
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c) |
7,000 | 5,960,827 | ||||||
|
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35 |
3,000 | 3,147,431 | ||||||
See Notes to Financial Statements
| 32 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 |
$ | 480 | $ | 482,668 | ||||
|
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31 |
150 | 146,196 | ||||||
|
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/26 (c) |
1,550 | 1,555,032 | ||||||
|
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27 |
1,000 | 996,550 | ||||||
|
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) |
2,500 | 2,373,248 | ||||||
|
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c) |
1,370 | 1,382,585 | ||||||
|
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/32 (c) |
1,000 | 876,706 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 2.25%, 08/01/26 | 1,230 | 1,149,223 | ||||||
| 5.00%, 11/21/23 (c) | 10,640 | 10,300,637 | ||||||
| 5.00%, 11/21/23 (c) | 5,010 | 4,969,111 | ||||||
| 5.25%, 08/01/30 (c) | 8,005 | 7,997,338 | ||||||
| 5.38%, 08/01/30 (c) | 2,000 | 1,937,962 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 2,750 | 2,387,482 | ||||||
| 4.38%, 10/01/30 (c) | 19,050 | 15,746,970 | ||||||
| 5.00%, 01/01/28 (c) | 5,230 | 5,066,488 | ||||||
| 5.00%, 01/01/28 (c) | 1,300 | 1,263,151 | ||||||
| 5.00%, 10/01/30 (c) | 13,300 | 12,122,205 | ||||||
| 5.62%, 04/01/31 (c) | 1,000 | 996,234 | ||||||
| 6.00%, 04/01/31 (c) | 1,000 | 1,036,186 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 8,665 | 7,972,564 | ||||||
| 5.00%, 01/01/28 (c) | 4,600 | 4,499,995 | ||||||
| 5.00%, 01/01/28 (c) | 610 | 594,714 | ||||||
| 5.00%, 10/01/30 (c) | 16,150 | 15,357,412 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 |
$ | 5,765 | $ | 4,841,789 | ||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
| 4.00%, 07/01/24 (c) | 1,000 | 926,961 | ||||||
| 5.00%, 07/01/24 (c) | 10,130 | 9,328,224 | ||||||
| 5.00%, 07/01/24 (c) | 4,230 | 4,188,142 | ||||||
| 5.00%, 07/01/24 (c) | 420 | 414,859 | ||||||
| 5.00%, 07/01/24 (c) | 6,515 | 6,186,746 | ||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) | ||||||||
| 5.00%, 12/01/32 (c) | 1,000 | 944,437 | ||||||
| 5.00%, 12/01/32 (c) | 1,000 | 953,364 | ||||||
| 5.00%, 12/01/32 (c) | 1,000 | 968,025 | ||||||
|
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) 5.00%, 12/01/30 |
4,000 | 4,051,980 | ||||||
|
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 12/01/23 (c) |
2,250 | 1,728,356 | ||||||
|
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c) |
355 | 261,734 | ||||||
|
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ |
10,515 | 891,513 | ||||||
|
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) 5.00%, 12/16/24 |
10,000 | 10,114,558 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 18,780 | 16,097,536 | ||||||
| 5.00%, 06/01/27 (c) | 2,500 | 2,101,742 | ||||||
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
| 4.00%, 09/15/24 (c) | 330 | 311,045 | ||||||
| 5.00%, 09/15/24 (c) | 400 | 300,499 | ||||||
| 5.25%, 09/15/24 (c) | 180 | 118,261 | ||||||
|
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c) |
3,000 | 2,417,568 | ||||||
See Notes to Financial Statements
| 33 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
Westchester County Local Development Corp., Pace University, Series A (RB) 5.50%, 05/01/24 (c) |
$ | 5,000 | $ | 4,846,357 | ||||
|
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/27 (c) |
200 | 198,536 | ||||||
|
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 11/21/23 (c) |
4,575 | 4,365,645 | ||||||
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c) |
275 | 217,558 | ||||||
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c) |
315 | 277,040 | ||||||
| 256,133,710 | ||||||||
| North Carolina: 0.6% | ||||||||
|
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) 5.00%, 06/30/25 (c) |
1,000 | 964,176 | ||||||
| North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 1,770 | 1,608,125 | ||||||
| 5.00%, 10/01/24 (c) | 1,000 | 949,452 | ||||||
|
North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c) |
205 | 162,714 | ||||||
|
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25 |
60 | 59,192 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
| 4.70%, 07/01/25 (c) | 550 | 428,402 | ||||||
| 5.00%, 10/01/24 (c) | 3,530 | 3,356,893 | ||||||
| 5.00%, 10/01/24 (c) | 250 | 221,010 | ||||||
|
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c) |
165 | 154,699 | ||||||
|
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/26 (c) |
385 | 299,064 | ||||||
| Par (000’s |
) | Value | ||||||
| North Carolina (continued) | ||||||||
|
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c) |
$ | 465 | $ | 402,289 | ||||
|
North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB) 5.00%, 01/01/29 (c) |
5,000 | 4,937,969 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) |
1,000 | 1,014,646 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) |
100 | 103,823 | ||||||
| 14,662,454 | ||||||||
| North Dakota: 0.2% | ||||||||
|
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/31 (c) |
2,000 | 1,962,643 | ||||||
|
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c) |
1,000 | 790,747 | ||||||
| City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
| 6.25%, 09/01/23 (d) * | 615 | 430,500 | ||||||
| 7.75%, 12/01/23 (c) (d) * | 1,285 | 899,500 | ||||||
|
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c) (d) * |
5,500 | 1,100,000 | ||||||
|
Ward County, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) |
1,000 | 751,936 | ||||||
| 5,935,326 | ||||||||
| Ohio: 3.2% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) | ||||||||
| 5.25%, 11/15/26 (c) | 500 | 477,708 | ||||||
| 5.25%, 11/15/26 (c) | 5,000 | 4,598,418 | ||||||
|
American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB) 5.00%, 02/15/24 (c) |
1,585 | 1,585,335 | ||||||
|
Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM) 5.25%, 06/01/31 (c) |
2,000 | 2,039,809 | ||||||
|
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c) |
31,160 | 25,526,107 | ||||||
See Notes to Financial Statements
| 34 |
| Par (000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/27 (c) |
$ | 1,000 | $ | 820,911 | ||||
|
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 |
800 | 787,302 | ||||||
|
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/25 (c) |
3,800 | 2,573,046 | ||||||
|
County of Butler (RB) 5.00%, 11/15/27 (c) |
1,035 | 1,021,646 | ||||||
|
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 06/01/24 (c) |
1,805 | 1,810,573 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 4.75%, 02/15/27 (c) | 340 | 298,365 | ||||||
| 5.00%, 02/15/27 (c) | 2,010 | 1,770,067 | ||||||
| 5.25%, 02/15/27 (c) | 7,250 | 6,870,672 | ||||||
| 5.50%, 02/15/27 (c) | 1,225 | 1,162,799 | ||||||
| County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
| 4.00%, 11/15/29 (c) | 3,940 | 3,143,509 | ||||||
| 4.00%, 11/15/29 (c) | 2,250 | 1,732,176 | ||||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 4,030 | 3,275,298 | ||||||
| 5.00%, 12/01/23 (c) | 1,750 | 1,458,028 | ||||||
| 5.00%, 12/01/23 (c) | 490 | 451,416 | ||||||
|
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c) |
13,565 | 10,840,060 | ||||||
|
Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB) 4.25%, 06/01/27 (p) |
1,000 | 968,923 | ||||||
|
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 06/01/27 (p) |
1,000 | 979,447 | ||||||
|
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 |
2,750 | 2,524,660 | ||||||
|
Ohio University, A State University of Ohio, Series A (RB) 5.00%, 06/01/27 (c) |
1,250 | 1,248,497 | ||||||
| Par (000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 5.00%, 12/01/24 (c) | $ | 1,240 | $ | 920,607 | ||||
| 5.00%, 12/01/24 (c) | 245 | 206,436 | ||||||
| 5.50%, 12/01/24 (c) | 70 | 56,687 | ||||||
|
Washington County, Ohio Hospital Facilities, Memorial Health System (RB) 6.75%, 12/01/32 (c) |
2,235 | 2,149,903 | ||||||
| 81,298,405 | ||||||||
| Oklahoma: 1.4% | ||||||||
|
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/26 (c) |
1,000 | 956,827 | ||||||
| Norman Regional Hospital Authority (RB) | ||||||||
| 3.25%, 09/01/29 (c) | 340 | 239,470 | ||||||
| 4.00%, 09/01/26 (c) | 2,365 | 1,898,175 | ||||||
| 4.00%, 09/01/29 (c) | 1,000 | 731,416 | ||||||
| Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
| 5.00%, 12/01/23 (c) (d) * | 825 | 536,250 | ||||||
| 5.00%, 04/01/23 (d) * | 90 | 58,500 | ||||||
|
Oklahoma Development Finance Authority, Oklahoma City University Project (RB) 5.00%, 08/01/29 (c) |
4,305 | 3,728,681 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/28 (c) | 700 | 634,286 | ||||||
| 5.25%, 08/15/28 (c) | 2,900 | 2,530,764 | ||||||
| 5.25%, 08/15/28 (c) | 8,000 | 6,741,372 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) | ||||||||
| 5.50%, 08/15/28 (c) | 6,290 | 5,379,186 | ||||||
| 5.50%, 08/15/28 (c) | 1,300 | 1,127,153 | ||||||
|
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c) |
375 | 298,580 | ||||||
|
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) |
4,455 | 4,400,372 | ||||||
|
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 12/01/23 (c) |
5,000 | 4,947,635 | ||||||
| 34,208,667 | ||||||||
See Notes to Financial Statements
| 35 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Oregon: 0.1% | ||||||||
|
Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM) 4.00%, 12/01/28 (c) |
$ | 1,000 | $ | 766,421 | ||||
|
Oregon State Facilities Authority, Samaritan Health Services Project (RB) 5.00%, 10/01/26 (c) |
1,000 | 889,814 | ||||||
| 1,656,235 | ||||||||
| Pennsylvania: 4.3% | ||||||||
|
Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AGM) 5.50%, 01/01/33 (c) |
1,410 | 1,426,071 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/27 (c) | 2,000 | 1,832,674 | ||||||
| 5.00%, 05/01/27 (c) | 250 | 249,859 | ||||||
| 5.00%, 05/01/28 (c) | 250 | 248,158 | ||||||
| 5.00%, 05/01/28 | 670 | 665,587 | ||||||
| 5.00%, 05/01/28 | 1,000 | 998,056 | ||||||
| 5.00%, 05/01/28 (c) | 1,000 | 914,208 | ||||||
| 5.38%, 05/01/28 (c) | 4,000 | 3,778,016 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 5.00%, 11/01/24 | 500 | 373,650 | ||||||
| 5.00%, 11/01/26 | 120 | 78,216 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 559,310 | ||||||
| 5.00%, 11/01/27 (c) | 470 | 272,663 | ||||||
| 5.00%, 11/01/27 (c) | 110 | 60,237 | ||||||
|
Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 11/21/23 (c) |
1,000 | 545,950 | ||||||
|
Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c) |
3,425 | 1,866,672 | ||||||
| Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
| 5.00%, 02/01/27 | 1,000 | 621,595 | ||||||
| 5.00%, 02/01/30 | 860 | 481,276 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) |
6,000 | 3,729,572 | ||||||
|
Butler County Hospital Authority, Butler Health System Project, Series A (RB) 5.00%, 07/01/25 (c) |
1,465 | 1,298,695 | ||||||
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c) |
$ | 1,000 | $ | 861,867 | ||||
|
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c) |
430 | 314,142 | ||||||
|
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c) |
440 | 311,275 | ||||||
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
| 5.00%, 03/01/28 (c) | 1,200 | 1,093,091 | ||||||
| 5.12%, 03/01/28 (c) | 1,897 | 1,615,821 | ||||||
|
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c) |
185 | 165,716 | ||||||
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
| 6.00%, 06/01/26 (c) | 440 | 422,070 | ||||||
| 6.00%, 06/01/26 (c) | 345 | 320,574 | ||||||
|
Cumberland County Municipal Authority (RB) 5.00%, 01/01/25 (c) |
3,000 | 2,353,439 | ||||||
|
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c) |
395 | 331,540 | ||||||
|
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 |
2,880 | 3,056,325 | ||||||
|
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/28 (c) |
525 | 502,149 | ||||||
|
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/26 (c) |
1,000 | 871,644 | ||||||
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 500 | 361,283 | ||||||
| 5.00%, 12/01/25 (c) | 215 | 150,203 | ||||||
|
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c) |
1,000 | 867,637 | ||||||
See Notes to Financial Statements
| 36 |
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) | ||||||||
| 5.00%, 03/01/27 (c) | $ | 425 | $ | 338,435 | ||||
| 5.00%, 03/01/27 (c) | 310 | 232,918 | ||||||
| 5.00%, 03/01/27 (c) | 425 | 307,463 | ||||||
|
McCandless Industrial Development Authority, LA Roche University Project, Series A (RB) 6.75%, 12/01/32 (c) |
1,000 | 871,100 | ||||||
|
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/26 (c) |
5,150 | 4,339,276 | ||||||
|
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) |
2,000 | 1,664,774 | ||||||
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/32 (c) |
4,800 | 4,549,824 | ||||||
|
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p) |
2,500 | 2,447,511 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 5.00%, 01/01/25 (c) | 150 | 140,735 | ||||||
| 5.25%, 01/01/25 (c) | 870 | 732,863 | ||||||
| Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
| 5.62%, 07/01/25 (c) | 300 | 254,988 | ||||||
| 6.00%, 07/01/25 (c) | 590 | 403,251 | ||||||
|
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/26 (c) |
1,000 | 845,116 | ||||||
| Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
| 6.50%, 12/01/28 (c) (d) * | 3,040 | 1,159,000 | ||||||
| 6.75%, 12/01/28 (c) (d) * | 6,470 | 2,466,688 | ||||||
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB) | ||||||||
| 5.25%, 12/31/32 (c) | $ | 3,000 | $ | 2,839,814 | ||||
| 5.50%, 12/31/32 (c) | 3,000 | 3,047,227 | ||||||
| 5.50%, 12/31/32 (c) | 2,500 | 2,511,912 | ||||||
| 5.75%, 12/31/32 (c) | 2,000 | 2,038,330 | ||||||
| 6.00%, 12/31/32 (c) | 6,000 | 6,225,641 | ||||||
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 5.00%, 12/31/24 | 550 | 550,877 | ||||||
| 5.00%, 12/31/25 | 1,105 | 1,106,024 | ||||||
| 5.00%, 06/30/26 (c) | 500 | 461,018 | ||||||
| 5.00%, 06/30/26 (c) | 1,485 | 1,487,082 | ||||||
| 5.00%, 06/30/26 (c) | 575 | 575,199 | ||||||
| 5.00%, 06/30/26 (c) | 410 | 408,717 | ||||||
| Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 1,000 | 771,093 | ||||||
| 5.00%, 12/01/23 (c) | 1,915 | 1,597,268 | ||||||
|
Pennsylvania Turnpike Commission, Series B (RB) (BAM) 4.00%, 12/01/31 (c) |
2,840 | 2,479,371 | ||||||
|
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c) |
1,000 | 1,012,987 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 6.38%, 06/01/25 (c) | 440 | 407,555 | ||||||
| 6.50%, 06/01/25 (c) | 440 | 403,343 | ||||||
| 6.62%, 06/01/25 (c) | 415 | 380,491 | ||||||
|
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c) |
355 | 314,040 | ||||||
|
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c) |
350 | 321,555 | ||||||
See Notes to Financial Statements
| 37 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AGM) 5.00%, 04/01/26 (c) |
$ | 1,000 | $ | 835,533 | ||||
|
Philadelphia Authority for Industrial Development, LA Salle University (RB) 4.00%, 11/01/27 (c) |
2,000 | 1,340,508 | ||||||
| Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) | ||||||||
| 5.00%, 06/15/28 (c) | 500 | 451,242 | ||||||
| 5.00%, 06/15/28 (c) | 1,000 | 838,794 | ||||||
|
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/25 (c) |
3,000 | 3,032,541 | ||||||
|
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/25 (c) |
5,695 | 5,713,309 | ||||||
|
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/27 (c) |
735 | 643,207 | ||||||
|
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/27 (c) |
1,000 | 990,345 | ||||||
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,240 | 1,234,826 | ||||||
| 5.00%, 07/01/27 (c) | 220 | 218,321 | ||||||
|
Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM) 5.00%, 07/01/32 (c) |
2,470 | 2,482,934 | ||||||
|
Reading Pennsylvania School District (GO) (AGM) 5.00%, 03/01/27 (c) |
1,535 | 1,565,978 | ||||||
|
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/26 (c) |
1,500 | 1,326,256 | ||||||
|
The School District of Philadelphia, Se (GO) (SAW) 5.00%, 09/01/26 |
3,000 | 3,074,867 | ||||||
| 107,041,388 | ||||||||
| Par (000’s |
) | Value | ||||||
| Puerto Rico: 8.5% | ||||||||
|
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^ |
$ | 80 | $ | 19,946 | ||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 7,365 | 5,901,060 | ||||||
| 4.00%, 07/01/32 (c) | 2,040 | 1,634,530 | ||||||
| 5.00%, 07/01/30 (c) | 15,000 | 13,341,255 | ||||||
| 5.00%, 07/01/30 | 7,500 | 7,457,554 | ||||||
| 5.00%, 07/01/30 (c) | 2,000 | 1,917,915 | ||||||
| 5.00%, 07/01/32 (c) | 6,290 | 5,931,879 | ||||||
| 6.12%, 07/01/24 | 55 | 55,445 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/29 | 3,000 | 2,995,406 | ||||||
| 5.00%, 07/01/31 (c) | 3,365 | 3,173,445 | ||||||
| 5.00%, 07/01/31 (c) | 3,500 | 3,428,901 | ||||||
|
Puerto Rico Commonwealth Highway and Transportation Authority Restructured Toll, Series B (RB) 0.00%, 07/01/32 ^ |
5,000 | 3,193,750 | ||||||
|
Puerto Rico Commonwealth Highway and Transportation Authority, Series A (RB) 5.00%, 07/01/32 (c) |
10,000 | 9,875,000 | ||||||
|
Puerto Rico Commonwealth Highway and Transportation Authority, Series C (RB) 5.00%, 01/01/33 (c) |
5,000 | 3,212,518 | ||||||
| Puerto Rico Commonwealth, Series A-1 (GO) | ||||||||
| 4.00%, 07/01/31 (c) | 1,855 | 1,359,806 | ||||||
| 4.00%, 07/01/31 (c) | 8,260 | 6,392,170 | ||||||
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) | ||||||||
| 4.00%, 07/01/31 (c) | 9,500 | 7,736,848 | ||||||
| 4.00%, 07/01/31 (c) | 12,573 | 10,568,746 | ||||||
| 4.00%, 07/01/31 (c) | 13,570 | 11,827,117 | ||||||
| 5.62%, 07/01/27 | 4,000 | 4,072,408 | ||||||
| 5.75%, 07/01/31 | 10,055 | 10,361,499 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/23 (c) (d) * |
100 | 70,000 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 01/01/24 (c) |
20 | 19,440 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.00%, 07/01/24 ^ |
2 | 1,940 | ||||||
See Notes to Financial Statements
| 38 |
| Par (000’s |
) | Value | ||||||
| Puerto Rico (continued) | ||||||||
| 4.50%, 07/01/25 (c) | $ | 2,800 | $ | 2,674,042 | ||||
| 5.00%, 07/01/28 (c) | 36,530 | 31,982,304 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c) |
10,414 | 9,269,663 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c) |
13,559 | 11,486,109 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
| 4.33%, 07/01/28 (c) | 12,303 | 10,658,403 | ||||||
| 4.33%, 07/01/28 (c) | 26,108 | 22,618,026 | ||||||
| 4.55%, 07/01/28 (c) | 6,432 | 5,725,223 | ||||||
| 4.78%, 07/01/28 (c) | 5,000 | 4,205,517 | ||||||
| 213,167,865 | ||||||||
| Rhode Island: 0.3% | ||||||||
| Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) | ||||||||
| 5.00%, 09/01/26 | 100 | 97,143 | ||||||
| 5.00%, 09/01/26 (c) | 3,750 | 3,254,486 | ||||||
|
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c) |
500 | 461,235 | ||||||
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 690 | 642,151 | ||||||
| 5.00%, 05/15/26 (c) | 1,000 | 967,166 | ||||||
|
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c) |
1,650 | 1,571,277 | ||||||
| 6,993,458 | ||||||||
| South Carolina: 0.5% | ||||||||
|
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c) |
800 | 600,167 | ||||||
|
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/27 (c) |
1,000 | 1,014,584 | ||||||
|
Scago Educational Facilities, School District of Pickens County Project (RB) 5.00%, 06/01/25 (c) |
1,425 | 1,434,496 | ||||||
| South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
| 5.00%, 11/01/24 (c) | 650 | 593,591 | ||||||
| 5.00%, 11/01/24 (c) | 500 | 485,053 | ||||||
| Par (000’s |
) | Value | ||||||
| South Carolina (continued) | ||||||||
| South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
| 5.75%, 12/15/26 (c) | $ | 500 | $ | 470,044 | ||||
| 5.75%, 12/15/26 (c) | 500 | 488,392 | ||||||
|
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/25 (c) |
3,000 | 2,316,685 | ||||||
|
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 12/01/23 (c) |
320 | 240,312 | ||||||
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | ||||||||
| 4.00%, 11/15/24 (c) | 255 | 240,965 | ||||||
| 5.25%, 11/15/24 (c) | 2,000 | 1,830,575 | ||||||
| 5.25%, 11/15/24 (c) | 2,000 | 1,639,704 | ||||||
| 11,354,568 | ||||||||
| South Dakota: 0.1% | ||||||||
| City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 500 | 392,208 | ||||||
| 5.00%, 11/01/26 (c) | 750 | 609,955 | ||||||
| County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB) | ||||||||
| 4.00%, 08/01/31 (c) | 1,550 | 1,115,702 | ||||||
| 4.00%, 08/01/31 (c) | 1,000 | 697,210 | ||||||
|
Lincoln County, South Dakota Economic Development Bonds, The Augustana College Association Project, Series A (RB) 4.00%, 08/01/31 (c) |
1,300 | 883,058 | ||||||
| 3,698,133 | ||||||||
| Tennessee: 0.6% | ||||||||
|
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) * |
740 | 170,200 | ||||||
|
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/26 (c) |
2,000 | 1,762,905 | ||||||
|
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c) |
310 | 293,111 | ||||||
|
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c) |
6,180 | 5,435,447 | ||||||
See Notes to Financial Statements
| 39 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Tennessee (continued) | ||||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 4.00%, 09/01/26 (c) | $ | 295 | $ | 235,998 | ||||
| 4.00%, 09/01/26 (c) | 290 | 206,866 | ||||||
| 5.00%, 04/01/27 (c) | 1,055 | 1,023,187 | ||||||
|
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26 |
5,000 | 5,000,759 | ||||||
|
The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) |
200 | 176,924 | ||||||
| 14,305,397 | ||||||||
| Texas: 5.9% | ||||||||
|
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 06/01/28 (c) |
1,500 | 927,056 | ||||||
|
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/30 (c) |
5 | 4,341 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/27 (c) |
500 | 491,261 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27 |
280 | 277,960 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 | 715 | 700,619 | ||||||
| 5.00%, 01/01/27 (c) | 500 | 466,716 | ||||||
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 610 | 515,676 | ||||||
| 5.00%, 12/01/25 (c) | 215 | 173,469 | ||||||
|
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c) |
4,215 | 3,606,648 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c) |
$ | 1,850 | $ | 1,614,348 | ||||
|
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) |
2,700 | 2,447,124 | ||||||
|
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) |
7,000 | 7,114,226 | ||||||
|
Central Texas Regional Mobility Authority, Subordinated Lien, Series F (RB) 5.00%, 07/01/24 (c) |
5,000 | 5,019,722 | ||||||
|
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/29 (c) |
7,500 | 5,950,497 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
| 4.00%, 07/15/29 (c) | 18,855 | 14,954,530 | ||||||
| 5.00%, 07/15/25 (c) | 4,150 | 3,853,729 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
| 5.00%, 07/15/27 | 5,590 | 5,404,542 | ||||||
| 5.00%, 07/15/28 | 2,500 | 2,424,879 | ||||||
|
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 |
1,000 | 969,951 | ||||||
|
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c) |
4,335 | 4,154,196 | ||||||
|
City of New Braunfels, Utility System (RB) 4.00%, 07/01/28 (c) |
445 | 357,432 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 5.12%, 08/15/25 (c) | 730 | 705,391 | ||||||
| 5.50%, 08/15/25 (c) | 610 | 589,927 | ||||||
| 6.00%, 06/15/31 (c) | 1,000 | 906,042 | ||||||
|
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) |
1,000 | 989,553 | ||||||
See Notes to Financial Statements
| 40 |
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.75%, 08/15/25 (c) | $ | 500 | $ | 498,164 | ||||
| 6.00%, 08/15/25 (c) | 500 | 493,781 | ||||||
|
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/31 (c) |
2,035 | 1,412,947 | ||||||
|
Dallas County Flood Control District No. 1 (GO) 5.00%, 12/01/23 (c) |
850 | 809,062 | ||||||
|
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/37 (c) |
1,000 | 928,531 | ||||||
|
El Paso County Hospital District (GO) 5.00%, 12/01/23 (c) |
4,680 | 4,072,247 | ||||||
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) | ||||||||
| 0.00%, 11/15/25 ^ | 495 | 447,279 | ||||||
| 0.00%, 11/15/27 ^ | 590 | 482,782 | ||||||
| 0.00%, 11/15/29 ^ | 1,405 | 1,030,297 | ||||||
| 0.00%, 11/15/30 ^ | 115 | 79,641 | ||||||
| 0.00%, 11/15/31 (c) ^ | 705 | 430,065 | ||||||
| 0.00%, 11/15/31 (c) ^ | 170 | 58,672 | ||||||
| 0.00%, 11/15/31 (c) ^ | 1,140 | 366,160 | ||||||
| 0.00%, 11/15/31 (c) ^ | 350 | 149,611 | ||||||
| 0.00%, 11/15/31 (c) ^ | 120 | 59,489 | ||||||
| 0.00%, 11/15/31 (c) ^ | 145 | 53,888 | ||||||
| Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL) | ||||||||
| 0.00%, 11/15/24 (c) ^ | 335 | 160,658 | ||||||
| 0.00%, 11/15/24 (c) ^ | 100 | 62,636 | ||||||
|
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 |
1,035 | 989,413 | ||||||
|
Matagorda County, Navigation District 1 (RB) 4.00%, 12/01/23 (c) |
5,000 | 4,666,893 | ||||||
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) | ||||||||
| 5.12%, 02/15/24 (c) (d) * | 907 | 9,069 | ||||||
| 5.12%, 02/15/24 (c) (d) * | 237 | 2,369 | ||||||
|
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/23 (c) |
11,500 | 10,825,595 | ||||||
|
Montgomery County Toll Road Authority (RB) 5.00%, 09/15/25 (c) |
1,000 | 912,660 | ||||||
|
New Hampshire Health and Education Facilities Authority, (RB) 4.00%, 08/15/31 (c) |
2,315 | 1,696,056 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) (d) * |
$ | 235 | $ | 94,000 | ||||
|
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) (d) * |
1,595 | 638,000 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c) |
230 | 182,844 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., CHF - Collegiate Housing College Station I, L.L.C - Texas A&M University Project, Series A (RB) (AGM) 5.00%, 04/01/24 (c) |
1,105 | 989,771 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 12/01/23 (c) |
150 | 147,462 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/26 (c) |
750 | 568,061 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/24 | 115 | 104,362 | ||||||
| 5.00%, 07/01/25 (c) | 440 | 399,300 | ||||||
| 5.00%, 07/01/25 (c) | 100 | 90,750 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c) |
1,000 | 724,918 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 1,000 | 814,359 | ||||||
| 5.00%, 12/01/26 (c) | 2,045 | 1,713,460 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c) |
2,800 | 1,843,607 | ||||||
See Notes to Financial Statements
| 41 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
| 5.00%, 01/01/26 (c) | $ | 250 | $ | 162,948 | ||||
| 5.00%, 01/01/26 (c) | 250 | 168,063 | ||||||
| 5.50%, 01/01/25 (c) | 1,000 | 873,063 | ||||||
|
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/26 (c) |
400 | 373,008 | ||||||
|
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c) |
2,825 | 2,545,131 | ||||||
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
| 5.00%, 08/15/26 (c) | 400 | 366,948 | ||||||
| 5.00%, 08/15/26 (c) | 400 | 335,387 | ||||||
|
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c) |
1,000 | 941,125 | ||||||
|
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 12/01/23 (c) (d) * |
9,900 | 2,326,500 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c) |
125 | 105,346 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) * |
535 | 294,250 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/29 | 1,375 | 1,351,776 | ||||||
| 5.00%, 12/15/31 | 2,920 | 2,844,224 | ||||||
| 5.00%, 12/15/32 | 3,425 | 3,324,466 | ||||||
|
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 |
925 | 913,373 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | ||||||||
| 5.00%, 12/31/25 (c) | 460 | 416,207 | ||||||
| 5.00%, 12/31/25 (c) | 4,750 | 4,224,582 | ||||||
| 5.00%, 12/31/25 (c) | 230 | 212,192 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) | ||||||||
| 4.00%, 12/31/30 (c) | $ | 1,700 | $ | 1,513,819 | ||||
| 4.00%, 12/31/30 (c) | 3,175 | 2,847,012 | ||||||
|
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB) 5.50%, 12/31/33 (c) |
1,000 | 1,005,998 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
| 6.75%, 12/01/23 (c) | 5,000 | 5,006,659 | ||||||
| 7.00%, 12/01/23 (c) | 515 | 515,851 | ||||||
|
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c) |
500 | 443,418 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 5.00%, 08/15/24 (c) | 6,735 | 6,493,027 | ||||||
| 5.00%, 08/15/24 (c) | 600 | 591,184 | ||||||
| Town of Westlake, Solana Public Improvement District (SA) | ||||||||
| 6.12%, 09/01/25 (c) | 1,000 | 940,982 | ||||||
| 6.25%, 09/01/25 (c) | 1,000 | 928,054 | ||||||
| 6.38%, 09/01/25 (c) | 1,000 | 920,164 | ||||||
|
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) * |
3,645 | 72,897 | ||||||
| 146,686,348 | ||||||||
| Utah: 0.2% | ||||||||
|
Medical School Campus, Public Infrastructure District, Series A (GO) 5.50%, 09/01/25 (c) |
2,000 | 1,486,700 | ||||||
|
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/30 (c) |
2,000 | 1,577,370 | ||||||
| Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
| 5.25%, 06/15/27 (c) | 1,500 | 1,357,301 | ||||||
| 5.38%, 06/15/27 (c) | 2,195 | 1,828,057 | ||||||
| 6,249,428 | ||||||||
See Notes to Financial Statements
| 42 |
| Par (000’s |
) | Value | ||||||
| Vermont: 0.0% | ||||||||
|
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c) |
$ | 500 | $ | 409,185 | ||||
| Virgin Islands: 0.6% | ||||||||
| Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) | ||||||||
| 5.00%, 10/01/28 | 1,000 | 995,469 | ||||||
| 5.00%, 10/01/32 (c) | 5,000 | 4,741,979 | ||||||
| 5.00%, 10/01/32 | 4,010 | 3,943,032 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 12/01/23 (c) |
720 | 727,280 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/24 (c) |
550 | 386,789 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/24 (c) |
1,000 | 916,680 | ||||||
| Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 1,070 | 1,012,030 | ||||||
| 5.00%, 12/01/23 (c) | 65 | 63,803 | ||||||
| 5.00%, 12/01/23 (c) | 1,170 | 1,125,061 | ||||||
| 5.00%, 12/01/23 (c) | 170 | 158,716 | ||||||
| 14,070,839 | ||||||||
| Virginia: 1.9% | ||||||||
|
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) (d) * |
250 | 134,899 | ||||||
|
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/25 (c) |
200 | 199,137 | ||||||
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 8,000 | 7,582,570 | ||||||
| 5.00%, 07/01/26 (c) | 1,025 | 952,787 | ||||||
|
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 12/01/23 (c) |
380 | 356,103 | ||||||
|
City of Hopewell, Sewer System, Series A (RB) 5.00%, 12/01/23 (c) |
240 | 232,849 | ||||||
|
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c) |
2,420 | 2,164,584 | ||||||
| Par (000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
| Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | $ | 1,000 | $ | 798,071 | ||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,241,453 | ||||||
|
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26 |
1,395 | 1,428,087 | ||||||
|
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/27 (c) |
4,950 | 4,587,796 | ||||||
|
Peninsula Town Center Community Development Authority (RB) 5.00%, 09/01/27 (c) |
500 | 458,258 | ||||||
|
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (d) (p) * |
1,000 | 570,000 | ||||||
|
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) (d) * |
500 | 285,000 | ||||||
|
Roanoke Economic Development Authority, Residential Care Facility, Series A (RB) 5.38%, 09/01/26 (c) (d) * |
3,500 | 1,995,000 | ||||||
|
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) |
1,300 | 1,284,105 | ||||||
|
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 01/01/32 (c) |
2,500 | 2,535,271 | ||||||
|
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM) 4.00%, 12/01/26 (c) |
1,000 | 868,986 | ||||||
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
| 4.00%, 01/01/32 (c) | 3,925 | 3,129,470 | ||||||
| 4.00%, 01/01/32 (c) | 1,000 | 838,100 | ||||||
| 4.00%, 01/01/32 (c) | 1,000 | 840,885 | ||||||
| 4.00%, 01/01/32 (c) | 1,250 | 1,060,036 | ||||||
| 5.00%, 01/01/32 (c) | 4,945 | 5,023,638 | ||||||
See Notes to Financial Statements
| 43 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
|
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/32 (c) |
$ | 2,000 | $ | 1,866,548 | ||||
|
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 06/30/27 (c) |
3,520 | 3,227,678 | ||||||
|
Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB) 4.00%, 01/01/32 (c) |
2,810 | 2,411,958 | ||||||
|
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) |
1,000 | 916,292 | ||||||
| 46,989,561 | ||||||||
| Washington: 1.3% | ||||||||
| Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 250 | 253,354 | ||||||
| 5.25%, 01/01/28 (c) | 250 | 253,314 | ||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) | ||||||||
| 5.75%, 12/01/25 (c) | 500 | 498,227 | ||||||
| 6.00%, 12/01/25 (c) | 500 | 502,141 | ||||||
| 6.25%, 12/01/25 (c) | 250 | 224,327 | ||||||
|
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 11/21/23 (c) |
3,110 | 3,039,887 | ||||||
|
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) |
100 | 80,605 | ||||||
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 205 | 203,027 | ||||||
| 5.00%, 08/15/27 (c) | 3,000 | 2,870,364 | ||||||
| Washington State Convention Center Public Facilities District, Series B (RB) | ||||||||
| 3.00%, 07/01/31 (c) | 1,000 | 835,404 | ||||||
| 4.00%, 07/01/31 (c) | 1,945 | 1,465,980 | ||||||
| 4.00%, 07/01/31 (c) | 3,745 | 2,965,718 | ||||||
|
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) 5.00%, 07/01/24 (c) |
1,150 | 955,399 | ||||||
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| 5.00%, 07/01/24 (c) | $ | 2,150 | $ | 1,560,842 | ||||
|
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/28 (c) |
1,000 | 726,153 | ||||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 5.00%, 01/01/25 (c) | 2,495 | 1,747,229 | ||||||
| 5.00%, 01/01/25 (c) | 2,125 | 1,753,151 | ||||||
|
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 |
3,183 | 2,704,309 | ||||||
|
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c) |
7,000 | 4,789,854 | ||||||
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 1,250 | 887,557 | ||||||
| 5.00%, 07/01/26 (c) | 500 | 369,029 | ||||||
|
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 |
2,700 | 2,473,874 | ||||||
|
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) |
1,000 | 947,924 | ||||||
| 32,107,669 | ||||||||
| West Virginia: 0.2% | ||||||||
|
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.00%, 12/01/23 (c) |
760 | 660,165 | ||||||
| Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
| 3.12%, 10/01/27 (c) | 700 | 440,760 | ||||||
| 3.25%, 10/01/27 (c) | 820 | 502,892 | ||||||
| 3.50%, 10/01/27 (c) | 1,000 | 773,207 | ||||||
|
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p) |
1,900 | 1,884,354 | ||||||
|
West Virginia Economic Development Authority, West Virginia Lottery (RB) 4.00%, 06/15/27 (c) |
1,600 | 1,552,592 | ||||||
| 5,813,970 | ||||||||
See Notes to Financial Statements
| 44 |
| Par (000’s |
) | Value | ||||||
| Wisconsin: 2.3% | ||||||||
|
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c) |
$ | 1,000 | $ | 728,875 | ||||
|
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c) |
250 | 201,317 | ||||||
|
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c) |
5,250 | 3,571,661 | ||||||
| Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 495 | 443,325 | ||||||
| 5.12%, 02/01/26 (c) | 550 | 448,855 | ||||||
| Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
| 4.25%, 06/15/24 (c) | 400 | 367,358 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 420,013 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 380,646 | ||||||
| Public Finance Authority, Crossroads Health Project, Series A (RB) | ||||||||
| 8.00%, 07/01/35 (c) | 1,000 | 929,764 | ||||||
| 8.12%, 07/01/35 (c) | 1,000 | 929,001 | ||||||
|
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c) |
1,000 | 732,250 | ||||||
|
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 5.00%, 02/01/32 (c) |
960 | 810,171 | ||||||
| Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) | ||||||||
| 5.00%, 09/01/24 (c) | 1,500 | 1,246,398 | ||||||
| 5.00%, 09/01/25 | 50 | 48,998 | ||||||
| Public Finance Authority, Living Community First Mortgage (RB) | ||||||||
| 4.25%, 05/01/27 (c) | 395 | 340,433 | ||||||
| 5.00%, 03/01/28 (c) | 1,250 | 1,063,096 | ||||||
|
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) * |
890 | 470,024 | ||||||
|
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) 6.25%, 01/01/28 (c) |
500 | 307,500 | ||||||
| Par (000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
|
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c) |
$ | 1,350 | $ | 1,216,442 | ||||
| Public Finance Authority, Penick Village (RB) | ||||||||
| 4.00%, 09/01/26 (c) | 370 | 322,078 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 394,238 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 349,527 | ||||||
|
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/27 (c) |
1,405 | 1,318,704 | ||||||
|
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c) |
1,920 | 1,337,432 | ||||||
|
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/25 (c) |
1,000 | 970,915 | ||||||
| Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 500 | 348,168 | ||||||
| 4.00%, 09/01/31 (c) | 1,500 | 985,375 | ||||||
| 4.25%, 07/01/31 (c) | 1,765 | 1,101,608 | ||||||
|
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c) |
1,060 | 669,966 | ||||||
|
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c) |
300 | 296,423 | ||||||
|
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) (d) * |
4,265 | 2,559,000 | ||||||
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
| 5.00%, 10/01/29 (c) | 2,000 | 1,918,655 | ||||||
| 5.00%, 10/01/29 (c) | 1,950 | 1,753,600 | ||||||
|
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c) |
1,000 | 741,081 | ||||||
|
Public Finance Authority, Wingate University, Series A (RB) 5.25%, 10/01/28 (c) |
2,255 | 1,906,885 | ||||||
|
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 12/01/23 (c) |
9,000 | 8,125,582 | ||||||
See Notes to Financial Statements
| 45 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
|
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) 5.00%, 07/01/30 (c) |
$ | 5,545 | $ | 3,882,431 | ||||
|
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 11/21/23 (c) |
105 | 73,243 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 11/21/23 (c) |
850 | 607,653 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c) |
7,930 | 7,094,580 | ||||||
| Par (000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) | ||||||||
| 5.00%, 11/01/26 (c) | $ | 1,950 | $ | 1,547,909 | ||||
| 5.00%, 11/01/26 (c) | 500 | 345,449 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c) |
260 | 205,619 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 11/21/23 (c) |
3,950 | 3,520,753 | ||||||
|
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM) 5.00%, 02/15/30 (c) |
1,500 | 1,550,165 | ||||||
| 58,583,166 | ||||||||
| Total Municipal Bonds: 97.2%
(Cost: $2,849,967,528) |
2,433,010,257 | |||||||
| Other assets less liabilities: 2.8% | 70,970,195 | |||||||
| NET ASSETS: 100.0% | $ | 2,503,980,452 | ||||||
| Definitions: | |
| ACA | Credit Agricole SA |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| * | Non-income producing |
| (d) | Security in default |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
See Notes to Financial Statements
| 46 |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Industrial Development Revenue | 14.1 | % | $ | 342,760,367 | ||||
| Tax | 11.8 | 287,380,560 | ||||||
| Hospitals | 11.7 | 285,607,249 | ||||||
| Local GO | 10.6 | 257,786,767 | ||||||
| Education | 9.6 | 232,902,680 | ||||||
| Health | 7.1 | 172,216,994 | ||||||
| Leasing COPS & Appropriations | 4.9 | 118,616,461 | ||||||
| Tobacco | 4.8 | 117,139,080 | ||||||
| Toll & Turnpike | 4.2 | 102,238,169 | ||||||
| Multi-Family Housing | 3.4 | 82,340,579 | ||||||
| Utilities - Other | 3.0 | 73,318,146 | ||||||
| Power | 2.6 | 63,432,627 | ||||||
| Airport | 2.5 | 61,630,759 | ||||||
| State GO | 2.5 | 59,811,242 | ||||||
| Water & Sewer | 2.0 | 48,714,818 | ||||||
| Miscellaneous | 1.9 | 47,148,661 | ||||||
| Transportation | 1.6 | 38,912,982 | ||||||
| Pollution Control | 0.8 | 19,448,304 | ||||||
| Refunded | 0.7 | 15,805,793 | ||||||
| Unassigned | 0.2 | 5,798,019 | ||||||
| 100.0 | % | $ | 2,433,010,257 | |||||
See Notes to Financial Statements
| 47 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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 | |||||||||||||
| Municipal Bonds | ||||||||||||||||
| Alabama | $ | — | $ | 58,960,381 | $ | — | $ | 58,960,381 | ||||||||
| Alaska | — | 264,005 | — | 264,005 | ||||||||||||
| American Samoa | — | 5,068,301 | — | 5,068,301 | ||||||||||||
| Arizona | — | 70,645,614 | — | 70,645,614 | ||||||||||||
| Arkansas | — | 7,871,437 | — | 7,871,437 | ||||||||||||
| California | — | 304,850,118 | — | 304,850,118 | ||||||||||||
| Colorado | — | 67,313,671 | — | 67,313,671 | ||||||||||||
| Connecticut | — | 16,081,707 | — | 16,081,707 | ||||||||||||
| Delaware | — | 3,802,276 | — | 3,802,276 | ||||||||||||
| District of Columbia | — | 18,023,687 | — | 18,023,687 | ||||||||||||
| Florida | — | 124,745,774 | — | 124,745,774 | ||||||||||||
| Georgia | — | 35,377,040 | — | 35,377,040 | ||||||||||||
| Guam | — | 24,082,797 | — | 24,082,797 | ||||||||||||
| Hawaii | — | 4,918,349 | — | 4,918,349 | ||||||||||||
| Idaho | — | 3,203,977 | — | 3,203,977 | ||||||||||||
| Illinois | — | 261,708,801 | — | 261,708,801 | ||||||||||||
| Indiana | — | 20,414,200 | — | 20,414,200 | ||||||||||||
| Iowa | — | 20,824,190 | — | 20,824,190 | ||||||||||||
| Kansas | — | 9,642,771 | — | 9,642,771 | ||||||||||||
| Kentucky | — | 21,411,166 | — | 21,411,166 | ||||||||||||
| Louisiana | — | 27,070,307 | 54 | 27,070,361 | ||||||||||||
| Maine | — | 6,383,216 | — | 6,383,216 | ||||||||||||
| Maryland | — | 39,420,637 | — | 39,420,637 | ||||||||||||
| Massachusetts | — | 34,941,342 | — | 34,941,342 | ||||||||||||
| Michigan | — | 25,561,326 | — | 25,561,326 | ||||||||||||
| Minnesota | — | 18,241,900 | — | 18,241,900 | ||||||||||||
| Mississippi | — | 6,885,124 | — | 6,885,124 | ||||||||||||
| Missouri | — | 26,103,803 | — | 26,103,803 | ||||||||||||
| Montana | — | 4,889,575 | — | 4,889,575 | ||||||||||||
| Nebraska | — | 3,381,909 | — | 3,381,909 | ||||||||||||
| Nevada | — | 9,350,829 | — | 9,350,829 | ||||||||||||
| New Hampshire | — | 11,063,088 | — | 11,063,088 | ||||||||||||
| New Jersey | — | 76,532,142 | — | 76,532,142 | ||||||||||||
| New Mexico | — | 2,608,971 | — | 2,608,971 | ||||||||||||
| New York | — | 256,133,710 | — | 256,133,710 | ||||||||||||
| North Carolina | — | 14,662,454 | — | 14,662,454 | ||||||||||||
| North Dakota | — | 5,935,326 | — | 5,935,326 | ||||||||||||
| Ohio | — | 81,298,405 | — | 81,298,405 | ||||||||||||
| Oklahoma | — | 34,208,667 | — | 34,208,667 | ||||||||||||
| Oregon | — | 1,656,235 | — | 1,656,235 | ||||||||||||
| Pennsylvania | — | 107,041,388 | — | 107,041,388 | ||||||||||||
| Puerto Rico | — | 213,167,865 | — | 213,167,865 | ||||||||||||
| Rhode Island | — | 6,993,458 | — | 6,993,458 | ||||||||||||
| South Carolina | — | 11,354,568 | — | 11,354,568 | ||||||||||||
| South Dakota | — | 3,698,133 | — | 3,698,133 | ||||||||||||
| Tennessee | — | 14,305,397 | — | 14,305,397 | ||||||||||||
| Texas | — | 146,686,348 | — | 146,686,348 | ||||||||||||
| Utah | — | 6,249,428 | — | 6,249,428 | ||||||||||||
| Vermont | — | 409,185 | — | 409,185 | ||||||||||||
| Virgin Islands | — | 14,070,839 | — | 14,070,839 | ||||||||||||
| Virginia | — | 46,989,561 | — | 46,989,561 | ||||||||||||
| Washington | — | 32,107,669 | — | 32,107,669 | ||||||||||||
| West Virginia | — | 5,813,970 | — | 5,813,970 | ||||||||||||
| Wisconsin | — | 58,583,166 | — | 58,583,166 | ||||||||||||
| Total | $ | — | $ | 2,433,010,203 | $ | 54 | $ | 2,433,010,257 | ||||||||
See Notes to Financial Statements
| 48 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
| Par (000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 94.2% | ||||||||
| Arizona: 1.7% | ||||||||
|
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c) |
$ | 400 | $ | 298,789 | ||||
| California: 31.0% | ||||||||
|
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c) |
275 | 204,051 | ||||||
|
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/27 (c) |
300 | 265,668 | ||||||
|
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31 (c) |
475 | 452,621 | ||||||
|
El Dorado Irrigation District, Series C (RB) 4.00%, 03/01/26 (c) |
250 | 248,266 | ||||||
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) |
250 | 255,079 | ||||||
|
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c) |
250 | 255,483 | ||||||
|
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/32 (c) |
250 | 212,446 | ||||||
|
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c) |
370 | 376,160 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 4.00%, 04/01/31 (c) | 370 | 373,309 | ||||||
| 5.00%, 10/01/28 (c) | 500 | 527,953 | ||||||
| 5.00%, 02/01/25 (c) | 410 | 416,415 | ||||||
| 5.00%, 04/01/27 | 250 | 260,708 | ||||||
| 5.00%, 08/01/27 | 300 | 314,262 | ||||||
|
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c) |
250 | 256,714 | ||||||
|
University of California, Series BB (RB) 5.00%, 05/15/29 (c) |
250 | 252,879 | ||||||
|
University of California, Series BH (RB) 4.00%, 05/15/31 (c) |
280 | 249,558 | ||||||
|
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c) |
720 | 434,728 | ||||||
| 5,356,300 | ||||||||
| Par (000’s |
) | Value | ||||||
| Colorado: 1.3% | ||||||||
|
State of Colorado, Series A (CP) 4.00%, 12/15/31 (c) |
$ | 250 | $ | 221,309 | ||||
| Connecticut: 4.3% | ||||||||
|
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c) |
250 | 240,057 | ||||||
|
State of Connecticut, Special Tax Obligation, Series A (RB) 5.00%, 08/01/25 (c) |
250 | 254,091 | ||||||
|
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/26 |
250 | 258,550 | ||||||
| 752,698 | ||||||||
| Hawaii: 2.9% | ||||||||
|
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) |
510 | 502,855 | ||||||
| Massachusetts: 3.6% | ||||||||
|
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c) |
250 | 251,353 | ||||||
|
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24 |
360 | 364,559 | ||||||
| 615,912 | ||||||||
| Michigan: 1.2% | ||||||||
|
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 4.00%, 12/01/29 (c) |
250 | 204,320 | ||||||
| Nevada: 1.2% | ||||||||
|
Las Vegas Valley Water District, Series A (GO) 4.00%, 12/01/31 (c) |
250 | 214,358 | ||||||
| New York: 27.1% | ||||||||
|
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c) |
250 | 254,169 | ||||||
|
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) |
500 | 501,305 | ||||||
|
Long Island Power Authority, Electric System, Series C (RB) 5.25%, 09/01/29 |
255 | 273,649 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 4.25%, 11/15/42 (c) | 330 | 287,070 | ||||||
| 4.25%, 12/01/23 (c) | 240 | 216,526 | ||||||
|
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24 |
250 | 253,209 | ||||||
See Notes to Financial Statements
| 49 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/25 (c) |
$ | 400 | $ | 400,340 | ||||
|
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 4.00%, 12/15/31 (c) |
250 | 215,476 | ||||||
|
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c) |
300 | 296,295 | ||||||
|
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c) |
250 | 248,931 | ||||||
|
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) |
250 | 254,425 | ||||||
|
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c) |
250 | 251,270 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/27 (c) |
275 | 278,314 | ||||||
|
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/30 (c) |
250 | 253,284 | ||||||
|
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/27 (c) |
500 | 492,003 | ||||||
|
Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series C (RB) 4.00%, 11/15/31 (c) |
250 | 215,792 | ||||||
| 4,692,058 | ||||||||
| North Carolina: 1.5% | ||||||||
|
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 |
265 | 261,036 | ||||||
| Ohio: 1.2% | ||||||||
|
County of Franklin, Hospital Facilities, Series A (RB) (XLCA) 4.00%, 05/15/28 (c) |
250 | 204,398 | ||||||
| Par (000’s |
) | Value | ||||||
| Oregon: 1.5% | ||||||||
|
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c) |
$ | 250 | $ | 253,943 | ||||
| Pennsylvania: 4.5% | ||||||||
|
Commonwealth of Pennsylvania, 2nd Series (GO) (AGM) 4.00%, 08/15/25 (c) |
250 | 242,703 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 4.00%, 12/01/31 (c) | 250 | 207,282 | ||||||
| 5.00%, 06/01/31 (c) | 330 | 329,048 | ||||||
| 779,033 | ||||||||
| South Dakota: 1.3% | ||||||||
|
South Dakota Housing Development Authority, Series A (RB) 4.55%, 11/01/31 (c) |
250 | 219,376 | ||||||
| Washington: 7.0% | ||||||||
|
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/31 (c) |
250 | 208,608 | ||||||
|
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/26 (c) |
250 | 252,245 | ||||||
|
King County, Washington School District No. 414 (GO) (SBG) 4.00%, 06/01/26 (c) |
250 | 248,241 | ||||||
|
Port of Seattle, First Lien (RB) 5.00%, 09/01/24 |
250 | 251,573 | ||||||
|
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c) |
250 | 250,724 | ||||||
| 1,211,391 | ||||||||
| Wisconsin: 2.9% | ||||||||
|
State of Wisconsin, Department of Transportation (RB) 5.00%, 07/01/27 (c) |
265 | 278,390 | ||||||
|
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 12/01/23 (c) |
250 | 220,542 | ||||||
| 498,932 | ||||||||
| Total Municipal
Bonds: 94.2% (Cost: $18,411,731) |
16,286,708 | |||||||
| Other assets less liabilities: 5.8% | 999,192 | |||||||
| NET ASSETS: 100.0% | $ | 17,285,900 | ||||||
See Notes to Financial Statements
| 50 |
| Definitions: | ||
| AGM | Assured Guaranty Municipal Corp. | |
| BAM | Build America Assurance Co. | |
| CP | Certificate of Participation | |
| GO | General Obligation | |
| RB | Revenue Bond | |
| SAW | State Aid Withholding | |
| SBG | School Board Guaranteed | |
| XLCA | Syncora Guarantee, Inc. | |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| State GO | 19.9 | % | $ | 3,247,405 | ||||
| Tax | 15.9 | 2,588,127 | ||||||
| Local GO | 10.2 | 1,659,223 | ||||||
| Hospitals | 9.6 | 1,572,461 | ||||||
| Transportation | 7.7 | 1,247,172 | ||||||
| Water & Sewer | 6.9 | 1,118,670 | ||||||
| Education | 6.5 | 1,055,651 | ||||||
| Power | 6.0 | 983,562 | ||||||
| Airport | 5.1 | 828,781 | ||||||
| Toll & Turnpike | 3.3 | 536,330 | ||||||
| Leasing COPS & Appropriations | 2.9 | 472,662 | ||||||
| Refunded | 1.6 | 255,079 | ||||||
| Miscellaneous | 1.6 | 253,943 | ||||||
| Utilities - Other | 1.5 | 248,266 | ||||||
| Single Family Housing | 1.3 | 219,376 | ||||||
| 100.0 | % | $ | 16,286,708 | |||||
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 | |||||||||||||
| Municipal Bonds * | $ | — | $ | 16,286,708 | $ | — | $ | 16,286,708 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 51 |
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
| Par (000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 1.2% | ||||||||
| Alabama Public School and College Authority, Series A (RB) | ||||||||
| 4.00%, 11/01/30 (c) | $ | 2,000 | $ | 1,887,714 | ||||
| 5.00%, 11/01/30 (c) | 2,015 | 2,152,663 | ||||||
| 5.00%, 11/01/30 (c) | 525 | 564,466 | ||||||
|
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/29 (c) (p) |
3,500 | 3,216,417 | ||||||
| Black Belt Energy Gas District, Series A (RB) | ||||||||
| 4.00%, 12/01/31 (c) (p) | 5,065 | 4,662,281 | ||||||
| 5.25%, 10/01/30 (c) (p) | 2,000 | 2,003,186 | ||||||
|
Black Belt Energy Gas District, Series B (RB) 5.25%, 12/01/30 (c) (p) |
1,000 | 1,008,102 | ||||||
|
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) |
860 | 733,260 | ||||||
|
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34 |
2,500 | 2,449,044 | ||||||
|
Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/31 (c) (p) |
3,000 | 2,737,355 | ||||||
|
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) |
150 | 152,737 | ||||||
|
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/29 (c) |
820 | 780,770 | ||||||
| 22,347,995 | ||||||||
| Alaska: 0.1% | ||||||||
|
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c) |
1,040 | 757,719 | ||||||
|
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c) |
305 | 307,659 | ||||||
|
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) |
635 | 637,201 | ||||||
| 1,702,579 | ||||||||
| Arizona: 1.2% | ||||||||
|
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 |
1,856 | 1,616,349 | ||||||
| Arizona Transportation Board, Highway (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 835 | 860,835 | ||||||
| 5.00%, 07/01/26 (c) | 1,050 | 1,082,488 | ||||||
|
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/26 (c) |
1,550 | 1,510,702 | ||||||
| Par (000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/26 (c) |
$ | 620 | $ | 638,708 | ||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB) 5.00%, 07/01/31 (c) |
800 | 862,497 | ||||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB) 5.00%, 07/01/26 (c) |
1,475 | 1,504,131 | ||||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c) |
1,000 | 1,046,411 | ||||||
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 1,275 | 1,313,932 | ||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,034,671 | ||||||
|
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c) |
550 | 562,385 | ||||||
|
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c) |
1,150 | 812,043 | ||||||
|
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c) |
1,500 | 1,059,187 | ||||||
| Maricopa County, Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 3.12%, 01/01/27 (c) | 20 | 17,855 | ||||||
| 4.00%, 01/01/27 (c) | 1,500 | 1,366,997 | ||||||
| 5.00%, 01/01/27 (c) | 605 | 605,598 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 2,380 | 2,490,638 | ||||||
| 5.00%, 01/01/32 | 1,000 | 1,089,498 | ||||||
| 5.00%, 06/01/25 (c) | 1,000 | 1,015,584 | ||||||
|
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 |
1,600 | 1,553,176 | ||||||
| 22,043,685 | ||||||||
| Arkansas: 0.1% | ||||||||
|
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) |
1,000 | 1,028,871 | ||||||
See Notes to Financial Statements
| 52 |
| Par (000’s |
) | Value | ||||||
| Arkansas (continued) | ||||||||
|
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c) |
$ | 1,000 | $ | 677,484 | ||||
| 1,706,355 | ||||||||
| California: 17.0% | ||||||||
|
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB) 5.00%, 10/01/27 (c) |
1,000 | 1,046,000 | ||||||
| Bay Area Toll Authority, Series S-7 (RB) | ||||||||
| 3.25%, 04/01/27 (c) | 1,270 | 1,083,016 | ||||||
| 4.00%, 04/01/27 (c) | 1,735 | 1,724,041 | ||||||
|
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p) |
7,000 | 6,486,643 | ||||||
|
California Community Choice, Financing Authority Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p) |
6,065 | 5,937,505 | ||||||
|
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p) |
2,000 | 2,117,153 | ||||||
|
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c) |
1,000 | 742,003 | ||||||
|
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) |
310 | 318,803 | ||||||
|
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) |
400 | 342,809 | ||||||
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
| 4.00%, 04/01/30 (c) | 1,060 | 962,764 | ||||||
| 4.00%, 04/01/30 (c) | 500 | 445,127 | ||||||
|
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) |
750 | 786,269 | ||||||
| California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 450 | 467,272 | ||||||
| 5.00%, 11/15/27 (c) | 1,575 | 1,620,666 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| California Housing Finance Agency (RB) | ||||||||
| 3.25%, 08/20/36 | $ | 1,944 | $ | 1,666,475 | ||||
| 3.50%, 11/20/35 | 1,202 | 1,040,948 | ||||||
|
California Housing Finance Agency (RB) (FHLMC COLL) 3.75%, 03/25/35 |
6,184 | 5,655,546 | ||||||
|
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) |
840 | 848,792 | ||||||
|
California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) 5.00%, 09/01/24 (c) |
2,200 | 2,215,094 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 3.00%, 09/01/27 (c) | 500 | 451,129 | ||||||
| 3.00%, 09/01/27 (c) | 360 | 319,676 | ||||||
|
California State Public Works Board, Various Capital Project, Series A (RB) 5.00%, 08/01/31 (c) |
2,000 | 2,152,500 | ||||||
| California State Public Works Board, Various Capital Project, Series B (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 320 | 335,457 | ||||||
| 5.00%, 10/01/27 (c) | 20 | 21,111 | ||||||
| 5.00%, 12/01/32 (c) | 2,000 | 2,183,898 | ||||||
| 5.00%, 12/01/32 (c) | 1,845 | 2,000,991 | ||||||
| California State Public Works Board, Various Capital Project, Series C (RB) | ||||||||
| 4.00%, 08/01/31 (c) | 2,000 | 1,916,730 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,081,602 | ||||||
| California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
| 4.00%, 11/01/26 (c) | 425 | 419,630 | ||||||
| 4.00%, 11/01/26 (c) | 1,000 | 993,387 | ||||||
| California State University, Series A (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 2,035 | 2,078,873 | ||||||
| 5.00%, 05/01/26 (c) | 1,510 | 1,558,676 | ||||||
| 5.00%, 05/01/27 (c) | 510 | 531,223 | ||||||
| California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) | ||||||||
| 3.00%, 04/01/31 (c) | 1,000 | 784,515 | ||||||
| 4.00%, 04/01/31 (c) | 1,400 | 1,226,105 | ||||||
| 4.00%, 04/01/31 (c) | 1,000 | 864,441 | ||||||
See Notes to Financial Statements
| 53 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p) |
$ | 2,000 | $ | 2,117,153 | ||||
|
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c) |
2,000 | 1,574,949 | ||||||
| City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) | ||||||||
| 4.00%, 10/01/25 (c) | 2,000 | 1,954,139 | ||||||
| 4.00%, 10/01/25 (c) | 2,000 | 1,838,933 | ||||||
|
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) |
255 | 232,816 | ||||||
|
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c) |
1,400 | 914,056 | ||||||
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
| 4.00%, 05/15/30 (c) | 1,000 | 986,117 | ||||||
| 5.00%, 05/15/31 (c) | 1,400 | 1,485,956 | ||||||
|
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c) |
565 | 591,518 | ||||||
|
City of San Jose, California Airport, Series B (RB) (BAM) 4.00%, 03/01/31 (c) |
325 | 324,285 | ||||||
|
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 02/01/25 (c) ^ |
1,250 | 547,908 | ||||||
|
County of Sacramento, Regional County Sanitation District, Series A (RB) 5.00%, 06/01/24 (c) |
3,000 | 3,019,200 | ||||||
|
County of Santa Clara, Series C (GO) 5.00%, 08/01/27 (c) |
525 | 549,248 | ||||||
|
East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/25 (c) |
1,000 | 1,020,383 | ||||||
|
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) |
2,590 | 2,158,949 | ||||||
|
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) 4.00%, 07/01/26 (c) |
1,150 | 1,125,710 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Fontana Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 10/01/27 (c) |
$ | 760 | $ | 793,189 | ||||
|
Fremont Union High School District (GO) 4.00%, 08/01/24 (c) |
2,350 | 2,182,429 | ||||||
| Kern High School District, Series C (GO) (AGM) | ||||||||
| 2.00%, 08/01/30 (c) | 3,000 | 2,399,093 | ||||||
| 2.00%, 08/01/30 (c) | 1,600 | 1,319,569 | ||||||
| Los Angeles Community College District, Series J (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 750 | 754,884 | ||||||
| 4.00%, 08/01/27 (c) | 400 | 403,176 | ||||||
| Los Angeles Community
College District, Series L (GO)
5.00%, 08/01/32 (c) |
1,000 | 1,092,129 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB) | ||||||||
| 4.00%, 06/01/30 (c) | 1,695 | 1,641,655 | ||||||
| 4.00%, 06/01/30 (c) | 1,045 | 1,032,653 | ||||||
| 4.00%, 06/01/30 (c) | 1,000 | 1,000,631 | ||||||
| 4.00%, 06/01/31 (c) | 1,000 | 942,549 | ||||||
| 4.00%, 06/01/31 (c) | 1,460 | 1,391,530 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,078,757 | ||||||
| 5.00%, 07/01/27 (c) | 795 | 836,140 | ||||||
| 5.00%, 07/01/31 (c) | 900 | 974,815 | ||||||
| 5.00%, 07/01/31 (c) | 2,530 | 2,695,048 | ||||||
| 5.00%, 07/01/31 (c) | 1,060 | 1,137,945 | ||||||
|
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) 4.00%, 12/01/30 (c) |
1,500 | 1,411,337 | ||||||
|
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/30 (c) |
1,900 | 1,809,430 | ||||||
|
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/31 (c) |
2,000 | 2,099,386 | ||||||
|
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/32 (c) |
1,380 | 1,456,016 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,125 | 1,219,556 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,605,783 | ||||||
|
Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/24 (c) |
2,000 | 2,007,070 | ||||||
See Notes to Financial Statements
| 54 |
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 07/01/28 (c) | $ | 2,000 | $ | 2,073,195 | ||||
| 5.00%, 07/01/32 (c) | 1,000 | 1,061,463 | ||||||
|
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/26 (c) |
2,000 | 1,910,400 | ||||||
|
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO) 4.00%, 07/01/30 (c) |
1,605 | 1,511,906 | ||||||
| Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) | ||||||||
| 4.00%, 01/01/32 (c) | 1,500 | 1,433,170 | ||||||
| 5.00%, 01/01/32 (c) | 1,300 | 1,412,916 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 4.00%, 07/01/29 (c) | 1,580 | 1,592,388 | ||||||
| 5.00%, 07/01/29 (c) | 1,720 | 1,841,220 | ||||||
| 5.00%, 07/01/30 | 500 | 543,947 | ||||||
|
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/26 (c) |
915 | 944,899 | ||||||
| Los Angeles Unified School District, Series B-1 (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 645 | 679,293 | ||||||
| 5.00%, 01/01/28 (c) | 585 | 612,171 | ||||||
| Los Angeles Unified School District, Series C (GO) | ||||||||
| 3.00%, 07/01/30 (c) | 1,880 | 1,583,795 | ||||||
| 4.00%, 07/01/30 (c) | 2,000 | 1,934,969 | ||||||
|
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c) |
1,000 | 955,447 | ||||||
|
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c) |
1,000 | 1,003,333 | ||||||
|
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/26 (c) |
615 | 634,043 | ||||||
|
Oakland Unified School District (GO) 5.00%, 08/01/26 (c) |
625 | 642,446 | ||||||
|
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/31 (c) |
1,055 | 979,369 | ||||||
|
Orange County, Local Transportation Authority Sales Tax (RB) 4.00%, 02/15/29 (c) |
1,500 | 1,448,611 | ||||||
|
Palomar Health (RB) 5.00%, 11/01/26 (c) |
1,725 | 1,584,872 | ||||||
|
Palomar Health, Series B (GO) 4.00%, 08/01/26 (c) |
1,000 | 906,328 | ||||||
|
Peralta Community College District, Series D (GO) 4.00%, 08/01/25 (c) |
2,000 | 1,833,225 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) 5.00%, 11/01/27 (c) |
$ | 785 | $ | 822,124 | ||||
|
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/26 (c) |
650 | 671,436 | ||||||
|
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) |
560 | 578,355 | ||||||
|
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c) |
1,000 | 1,006,515 | ||||||
|
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) |
535 | 569,074 | ||||||
|
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/30 (c) |
2,075 | 2,232,830 | ||||||
|
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) |
2,000 | 2,006,485 | ||||||
| San Diego Unified School District, Series I (GO) | ||||||||
| 0.00%, 07/01/25 (c) ^ | 1,000 | 569,579 | ||||||
| 5.00%, 07/01/27 (c) | 650 | 681,569 | ||||||
|
San Francisco Bay Area Rapid Transit District, Series F-1 (GO) 5.00%, 08/01/29 (c) |
140 | 147,768 | ||||||
|
San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB) 4.00%, 05/01/30 (c) |
1,010 | 973,125 | ||||||
| San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB) | ||||||||
| 5.00%, 10/01/32 (c) | 1,000 | 1,089,386 | ||||||
| 5.00%, 10/01/32 (c) | 1,500 | 1,589,336 | ||||||
|
San Francisco City & County, Public Utilities Commission Wastewater, Series B (RB) 5.00%, 10/01/32 (c) |
1,000 | 1,059,558 | ||||||
| San Francisco County Transportation Authority (RB) | ||||||||
| 3.00%, 02/01/27 (c) | 135 | 123,204 | ||||||
| 3.00%, 02/01/27 (c) | 500 | 438,449 | ||||||
|
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) |
2,000 | 2,001,484 | ||||||
|
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) |
230 | 239,607 | ||||||
See Notes to Financial Statements
| 55 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| San Marcos Unified School District (GO) | ||||||||
| 4.00%, 08/01/27 (c) | $ | 400 | $ | 399,084 | ||||
| 5.00%, 08/01/27 (c) | 350 | 365,615 | ||||||
| Santa Clara County Financing Authority, Capital Facilities, Series A (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 840 | 834,926 | ||||||
| 5.00%, 05/01/31 (c) | 1,855 | 2,030,916 | ||||||
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
| 3.00%, 05/15/25 (c) | 1,000 | 829,148 | ||||||
| 4.00%, 05/15/25 (c) | 1,510 | 1,487,949 | ||||||
| 4.00%, 05/15/25 (c) | 400 | 393,701 | ||||||
|
Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO) 3.35%, 08/01/26 (c) |
1,520 | 1,329,716 | ||||||
| Santa Clara Unified School District (GO) | ||||||||
| 3.00%, 07/01/26 (c) | 1,535 | 1,303,067 | ||||||
| 3.00%, 07/01/26 (c) | 395 | 344,877 | ||||||
| 3.00%, 07/01/26 (c) | 2,000 | 1,737,862 | ||||||
| Santa Monica-Malibu Unified School District, Series C (GO) | ||||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,055,741 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,050,563 | ||||||
| State of California (GO) | ||||||||
| 4.00%, 11/01/30 (c) | 1,310 | 1,298,493 | ||||||
| 4.00%, 04/01/31 (c) | 2,000 | 2,007,341 | ||||||
| 5.00%, 09/01/33 (c) | 2,000 | 2,171,963 | ||||||
|
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/27 (c) |
915 | 966,103 | ||||||
|
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) |
365 | 391,701 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 350 | 293,242 | ||||||
| 3.00%, 10/01/29 (c) | 2,000 | 1,777,659 | ||||||
| 3.12%, 04/01/29 (c) | 1,575 | 1,389,255 | ||||||
| 4.00%, 10/01/29 (c) | 2,000 | 1,890,435 | ||||||
| 4.00%, 11/01/30 (c) | 2,945 | 2,952,876 | ||||||
| 4.00%, 11/01/30 (c) | 2,000 | 1,899,063 | ||||||
| 4.00%, 03/01/30 (c) | 5,020 | 4,889,373 | ||||||
| 4.00%, 03/01/30 (c) | 9,500 | 9,360,879 | ||||||
| 4.00%, 04/01/31 (c) | 1,795 | 1,811,054 | ||||||
| 4.00%, 04/01/31 (c) | 2,300 | 2,164,916 | ||||||
| 4.00%, 08/01/26 (c) | 700 | 698,402 | ||||||
| 4.00%, 09/01/26 (c) | 1,500 | 1,484,561 | ||||||
| 4.00%, 09/01/26 (c) | 1,815 | 1,812,310 | ||||||
| 4.00%, 09/01/26 (c) | 2,960 | 2,874,093 | ||||||
| 5.00%, 10/01/28 (c) | 1,065 | 1,123,236 | ||||||
| 5.00%, 10/01/29 | 2,000 | 2,145,346 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 10/01/29 (c) | $ | 5,050 | $ | 5,388,176 | ||||
| 5.00%, 10/01/29 (c) | 2,340 | 2,497,648 | ||||||
| 5.00%, 10/01/31 | 4,000 | 4,348,893 | ||||||
| 5.00%, 11/01/27 (c) | 3,375 | 3,524,482 | ||||||
| 5.00%, 11/01/27 (c) | 1,020 | 1,063,067 | ||||||
| 5.00%, 11/01/27 (c) | 2,645 | 2,755,921 | ||||||
| 5.00%, 11/01/28 (c) | 3,135 | 3,252,631 | ||||||
| 5.00%, 11/01/30 (c) | 1,610 | 1,731,227 | ||||||
| 5.00%, 12/01/23 (c) | 2,000 | 2,001,650 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 2,120,643 | ||||||
| 5.00%, 03/01/30 (c) | 2,330 | 2,486,571 | ||||||
| 5.00%, 04/01/24 (c) | 500 | 501,083 | ||||||
| 5.00%, 04/01/26 (c) | 1,690 | 1,734,998 | ||||||
| 5.00%, 04/01/29 (c) | 3,500 | 3,678,785 | ||||||
| 5.00%, 04/01/29 (c) | 2,500 | 2,649,409 | ||||||
| 5.00%, 04/01/29 (c) | 3,000 | 3,129,092 | ||||||
| 5.00%, 04/01/30 | 2,910 | 3,133,217 | ||||||
| 5.00%, 04/01/32 | 4,270 | 4,662,059 | ||||||
| 5.00%, 04/01/33 (c) | 2,615 | 2,789,298 | ||||||
| 5.00%, 04/01/33 (c) | 2,000 | 2,163,961 | ||||||
| 5.00%, 05/01/24 (c) | 2,480 | 2,486,809 | ||||||
| 5.00%, 08/01/24 (c) | 1,000 | 1,004,012 | ||||||
| 5.00%, 08/01/24 (c) | 1,000 | 1,003,939 | ||||||
| 5.00%, 08/01/26 (c) | 490 | 499,512 | ||||||
| 5.00%, 08/01/27 (c) | 2,250 | 2,339,441 | ||||||
| 5.00%, 08/01/28 (c) | 3,245 | 3,386,150 | ||||||
| 5.00%, 09/01/26 (c) | 1,095 | 1,123,399 | ||||||
| 5.00%, 09/01/32 (c) | 2,250 | 2,444,025 | ||||||
|
State of California, Various Purpose (GO) (SAW) 5.00%, 06/01/26 (c) |
1,000 | 1,018,526 | ||||||
| State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 2,000 | 1,940,894 | ||||||
| 4.00%, 05/01/31 (c) | 1,500 | 1,410,730 | ||||||
|
University of California, Series AM (RB) 4.00%, 05/15/24 (c) |
3,000 | 2,943,027 | ||||||
|
University of California, Series AY (RB) 5.00%, 05/15/27 (c) |
625 | 654,038 | ||||||
|
University of California, Series AZ (RB) 5.00%, 05/15/28 (c) |
310 | 328,250 | ||||||
|
University of California, Series BE (RB) 5.00%, 05/15/30 (c) |
1,500 | 1,608,331 | ||||||
|
University of California, Series BM (RB) 5.00%, 05/15/33 (c) |
1,000 | 1,111,029 | ||||||
| University of California, Series BN (RB) | ||||||||
| 5.00%, 05/15/33 (c) | 1,000 | 1,086,359 | ||||||
| 5.00%, 05/15/33 (c) | 1,000 | 1,100,020 | ||||||
| 5.00%, 05/15/33 (c) | 2,000 | 2,222,058 | ||||||
See Notes to Financial Statements
| 56 |
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
University of California, Series BQ (RB) 5.00%, 05/15/33 (c) |
$ | 1,000 | $ | 1,111,029 | ||||
|
University of California, Series I (RB) 4.00%, 05/15/25 (c) |
2,160 | 2,107,569 | ||||||
|
University of California, Series O (RB) 5.00%, 05/15/28 (c) |
1,170 | 1,222,828 | ||||||
|
University of California, Series Q (RB) 4.00%, 05/15/31 (c) |
2,500 | 2,307,873 | ||||||
| 304,714,375 | ||||||||
| Colorado: 1.9% | ||||||||
|
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) |
540 | 557,377 | ||||||
| Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) | ||||||||
| 5.00%, 12/15/26 (c) | 2,000 | 2,055,671 | ||||||
| 5.00%, 12/15/26 (c) | 2,000 | 2,047,423 | ||||||
|
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) |
1,000 | 1,023,362 | ||||||
| City and County of Denver,
Series A-2 (RB)
0.00%, 08/01/26 (c) ^ |
1,200 | 610,393 | ||||||
|
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/29 (c) |
2,000 | 1,801,993 | ||||||
|
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) |
2,350 | 2,044,577 | ||||||
|
Colorado Health Facilities Authority, Sanford, Series A (RB) 4.00%, 11/01/29 (c) |
2,000 | 1,759,844 | ||||||
|
Denver City and County School District No. 1 (GO) (SAW) 5.00%, 12/01/30 (c) |
1,000 | 1,040,254 | ||||||
|
Denver City and County School, Board of Water Commissioners, Series A (RB) 3.00%, 12/15/31 (c) |
1,000 | 787,977 | ||||||
|
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c) |
1,110 | 1,173,383 | ||||||
| Pueblo City, Schools District No. 60 (GO) (SAW) | ||||||||
| 3.00%, 12/15/29 (c) | 500 | 393,072 | ||||||
| 5.00%, 12/15/29 (c) | 1,085 | 1,113,421 | ||||||
| 5.00%, 12/15/29 (c) | 1,010 | 1,068,912 | ||||||
| 5.00%, 12/15/29 (c) | 1,625 | 1,674,270 | ||||||
| Par (000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
|
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/26 (c) |
$ | 1,820 | $ | 1,859,984 | ||||
| Regional Transportation District, Fastracks Project, Series B (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 1,995 | 2,067,071 | ||||||
| 5.00%, 11/01/27 (c) | 530 | 549,543 | ||||||
| State of Colorado, Series A (CP) | ||||||||
| 4.00%, 12/15/28 (c) | 1,315 | 1,237,827 | ||||||
| 4.00%, 12/15/31 (c) | 1,750 | 1,645,253 | ||||||
| 4.00%, 12/15/31 (c) | 1,540 | 1,378,959 | ||||||
| 5.00%, 12/15/31 (c) | 1,000 | 1,066,798 | ||||||
|
State of Colorado, Series A (CP) (SAW) 4.00%, 12/15/30 (c) |
2,000 | 1,845,969 | ||||||
|
University of Colorado, Series A-2 (RB) 3.00%, 06/01/24 (c) |
800 | 702,280 | ||||||
|
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) |
2,165 | 2,263,736 | ||||||
| 33,769,349 | ||||||||
| Connecticut: 2.2% | ||||||||
|
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/31 (c) |
1,530 | 1,401,797 | ||||||
|
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c) |
1,290 | 938,052 | ||||||
|
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/26 (c) |
260 | 232,224 | ||||||
|
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series F-1 (RB) 3.05%, 05/15/26 (c) |
140 | 125,475 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) |
335 | 344,197 | ||||||
| Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
| 4.00%, 07/01/29 (c) | 625 | 563,650 | ||||||
| 4.00%, 07/01/29 (c) | 525 | 465,143 | ||||||
| 5.00%, 07/01/29 (c) | 2,200 | 2,196,918 | ||||||
See Notes to Financial Statements
| 57 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Connecticut (continued) | ||||||||
|
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c) |
$ | 1,000 | $ | 1,001,311 | ||||
| State of Connecticut, Series A (GO) | ||||||||
| 3.00%, 01/15/31 (c) | 1,000 | 856,605 | ||||||
| 3.00%, 01/15/31 (c) | 2,200 | 1,936,446 | ||||||
| 3.00%, 01/15/31 (c) | 1,000 | 822,215 | ||||||
| 4.00%, 01/15/31 | 1,780 | 1,784,145 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,025,429 | ||||||
|
State of Connecticut, Series A (GO) (SBG) 4.00%, 04/15/29 (c) |
1,000 | 946,946 | ||||||
|
State of Connecticut, Series B (GO) 4.00%, 06/15/25 (c) |
1,830 | 1,758,823 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 4.00%, 06/01/30 (c) | 1,950 | 1,922,315 | ||||||
| 4.00%, 06/01/30 (c) | 850 | 814,136 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 3.00%, 10/15/26 (c) | 395 | 345,883 | ||||||
| 5.00%, 11/15/32 | 1,000 | 1,091,013 | ||||||
| 5.00%, 09/15/28 (c) | 1,665 | 1,748,486 | ||||||
| State of Connecticut, Series F (GO) | ||||||||
| 5.00%, 11/15/25 (c) | 1,525 | 1,540,527 | ||||||
| 5.00%, 11/15/25 (c) | 1,550 | 1,568,864 | ||||||
| State of Connecticut, Special Tax, Series A (RB) | ||||||||
| 5.00%, 05/01/31 (c) | 1,500 | 1,601,390 | ||||||
| 5.00%, 05/01/31 | 1,650 | 1,781,025 | ||||||
| 5.00%, 09/01/24 (c) | 1,250 | 1,254,288 | ||||||
| 5.00%, 09/01/24 (c) | 1,300 | 1,305,589 | ||||||
| 5.00%, 09/01/26 (c) | 475 | 486,678 | ||||||
|
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c) |
2,500 | 2,608,259 | ||||||
| State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 1,225 | 1,175,320 | ||||||
| 4.00%, 05/01/31 (c) | 2,000 | 1,838,593 | ||||||
| 5.00%, 05/01/31 (c) | 1,025 | 1,100,770 | ||||||
|
State of Connecticut, State Revolving Fund, Series A (RB) 5.00%, 05/01/27 (c) |
1,000 | 1,038,114 | ||||||
|
University of Connecticut, Series A (RB) 5.00%, 01/15/27 (c) |
745 | 763,705 | ||||||
| 40,384,331 | ||||||||
| Delaware: 0.2% | ||||||||
|
Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c) |
1,000 | 860,919 | ||||||
| Par (000’s |
) | Value | ||||||
| Delaware (continued) | ||||||||
| State of Delaware (GO) | ||||||||
| 2.00%, 02/01/31 (c) | $ | 1,000 | $ | 750,031 | ||||
| 2.00%, 02/01/31 (c) | 1,000 | 745,035 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 2.00%, 01/01/30 (c) | 650 | 473,757 | ||||||
| 5.00%, 05/01/33 (c) | 1,000 | 1,092,666 | ||||||
| 3,922,408 | ||||||||
| District of Columbia: 1.7% | ||||||||
|
District of Columbia Water & Sewer Authority (RB) 4.00%, 10/01/24 (c) |
1,000 | 970,094 | ||||||
|
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/29 (c) |
2,250 | 2,372,298 | ||||||
|
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c) |
645 | 658,145 | ||||||
| District of Columbia, Series A (GO) | ||||||||
| 5.00%, 01/01/33 (c) | 1,000 | 1,068,462 | ||||||
| 5.00%, 06/01/27 (c) | 1,500 | 1,548,167 | ||||||
| 5.00%, 06/01/27 (c) | 580 | 599,227 | ||||||
| 5.00%, 06/01/28 (c) | 750 | 778,005 | ||||||
|
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c) |
1,000 | 1,047,476 | ||||||
|
District of Columbia, Series C (GO) 5.00%, 06/01/24 (c) |
1,980 | 1,964,151 | ||||||
|
District of Columbia, Series C (RB) 5.00%, 05/01/30 (c) |
1,000 | 1,058,358 | ||||||
|
District of Columbia, Series D (GO) 5.00%, 06/01/24 (c) |
1,350 | 1,354,014 | ||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c) |
250 | 226,229 | ||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c) |
250 | 230,592 | ||||||
|
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/27 (c) |
2,545 | 2,636,444 | ||||||
|
Washington Metropolitan Area Transit Authority (RB) 5.00%, 07/01/27 (c) |
1,000 | 1,016,488 | ||||||
| Washington Metropolitan Area Transit Authority, Series A (RB) | ||||||||
| 4.00%, 07/15/31 (c) | 4,000 | 3,949,484 | ||||||
| 5.00%, 07/15/30 (c) | 1,400 | 1,458,375 | ||||||
| 5.00%, 07/15/31 (c) | 2,000 | 2,094,895 | ||||||
See Notes to Financial Statements
| 58 |
| Par (000’s |
) | Value | ||||||
| District of Columbia (continued) | ||||||||
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 810 | $ | 829,332 | ||||
| 5.00%, 07/01/27 (c) | 550 | 563,695 | ||||||
| 5.00%, 07/01/27 (c) | 300 | 307,516 | ||||||
| Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 880 | 901,002 | ||||||
| 5.00%, 07/01/27 (c) | 555 | 569,106 | ||||||
| 5.00%, 07/01/27 (c) | 1,140 | 1,152,816 | ||||||
| 5.00%, 07/01/27 (c) | 650 | 666,521 | ||||||
| 30,020,892 | ||||||||
| Florida: 3.2% | ||||||||
| Brevard County Health Facilities Authority, Health First, Inc. Project (RB) | ||||||||
| 5.00%, 04/01/24 (c) | 2,510 | 2,514,818 | ||||||
| 5.00%, 04/01/24 (c) | 1,000 | 1,001,920 | ||||||
|
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c) |
2,000 | 1,829,476 | ||||||
|
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c) |
520 | 436,694 | ||||||
|
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/26 (c) |
1,250 | 1,206,691 | ||||||
|
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/27 (c) |
2,000 | 2,025,512 | ||||||
| City of Gainesville, Utilities System, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 195 | 203,371 | ||||||
| 5.00%, 10/01/27 (c) | 1,045 | 1,083,966 | ||||||
|
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c) |
1,095 | 1,150,473 | ||||||
| City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) | ||||||||
| 5.00%, 11/01/27 (c) | 2,000 | 2,056,989 | ||||||
| 5.00%, 11/01/27 (c) | 560 | 564,016 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 0.00%, 10/01/26 (c) ^ | 565 | 387,357 | ||||||
| 0.00%, 10/01/26 (c) ^ | 400 | 259,140 | ||||||
| 5.00%, 10/01/26 (c) | 2,005 | 2,030,658 | ||||||
| 5.00%, 10/01/26 (c) | 510 | 519,873 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
| 5.00%, 07/01/26 (c) | 555 | 566,100 | ||||||
| 5.00%, 07/01/26 (c) | 520 | 534,229 | ||||||
| Par (000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c) |
$ | 1,600 | $ | 1,507,007 | ||||
| County of Miami-Dade, Expressway Authority Toll System, Series A (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 2,000 | 1,935,485 | ||||||
| 5.00%, 07/01/24 (c) | 2,000 | 1,941,203 | ||||||
|
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/30 (c) |
1,500 | 1,364,743 | ||||||
|
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) |
865 | 845,547 | ||||||
| County of Miami-Dade, Water and Sewer System (RB) | ||||||||
| 4.00%, 04/01/31 (c) | 1,475 | 1,357,490 | ||||||
| 5.00%, 04/01/31 (c) | 3,500 | 3,776,536 | ||||||
|
County of Miami-Dade, Water and Sewer System, Series A (RB) 5.00%, 10/01/25 (c) |
1,500 | 1,518,373 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 3.00%, 10/01/27 (c) | 370 | 307,581 | ||||||
| 5.00%, 10/01/25 (c) | 605 | 612,078 | ||||||
|
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c) |
2,000 | 1,785,811 | ||||||
|
Florida Housing Finance Corp., Homeowner Mortgage (RB) 2.10%, 01/01/30 (c) |
950 | 745,774 | ||||||
|
JEA Electric System, Series A (RB) 5.00%, 12/01/23 (c) |
2,000 | 2,001,109 | ||||||
| JEA Electric System, Series B (RB) | ||||||||
| 3.38%, 12/01/23 (c) | 520 | 454,022 | ||||||
| 5.00%, 10/01/27 (c) | 850 | 876,215 | ||||||
| 5.00%, 10/01/27 (c) | 610 | 630,092 | ||||||
| 5.00%, 10/01/27 (c) | 885 | 908,411 | ||||||
|
JEA Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c) |
1,360 | 1,225,703 | ||||||
|
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) |
605 | 620,600 | ||||||
|
Orange County Health Facilities Authority (RB) 5.00%, 10/01/26 (c) |
1,000 | 969,866 | ||||||
|
Orange County, Health Facilities Authority, Series A (RB) 5.00%, 10/01/26 (c) |
1,325 | 1,326,834 | ||||||
See Notes to Financial Statements
| 59 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
Orange County, School Board, Series C (CP) 5.00%, 08/01/26 (c) |
$ | 410 | $ | 419,119 | ||||
|
Orange County, Tourist Development Tax (RB) 5.00%, 10/01/30 |
490 | 520,549 | ||||||
|
Polk County, School District (RB) (SAW) 5.00%, 10/01/29 (c) |
1,000 | 1,063,092 | ||||||
| Reedy Creek Improvement District, Series A (GO) | ||||||||
| 4.00%, 06/01/27 (c) | 1,000 | 984,673 | ||||||
| 5.00%, 06/01/26 (c) | 1,000 | 1,007,899 | ||||||
|
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/27 (c) |
800 | 812,468 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 4.00%, 06/01/27 (c) | 780 | 782,354 | ||||||
| 4.00%, 06/01/27 (c) | 1,000 | 1,000,843 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c) |
510 | 429,750 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
| 2.38%, 06/01/26 (c) | 590 | 498,937 | ||||||
| 3.00%, 06/01/25 (c) | 1,000 | 914,797 | ||||||
| State of Florida, Department of Transportation Financing Corp. (RB) | ||||||||
| 3.00%, 07/01/30 (c) | 1,000 | 893,651 | ||||||
| 3.00%, 07/01/30 (c) | 1,000 | 835,383 | ||||||
|
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 |
880 | 940,618 | ||||||
|
Volusia County, School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c) |
1,320 | 1,328,913 | ||||||
| 57,514,809 | ||||||||
| Georgia: 2.5% | ||||||||
|
Athens-Clarke County, Georgia Water and Sewerage (RB) 4.00%, 01/01/25 (c) |
1,450 | 1,433,209 | ||||||
| City of Atlanta, Airport Passenger Facility Charge, Series C (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 2,275 | 2,335,990 | ||||||
| 5.00%, 07/01/29 (c) | 800 | 839,148 | ||||||
| City of Atlanta, Water and Wastewater (RB) | ||||||||
| 4.00%, 11/01/29 (c) | 1,450 | 1,326,123 | ||||||
| 5.00%, 05/01/25 (c) | 1,000 | 1,013,378 | ||||||
| Par (000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
|
Clarke County, Hospital Authority, Piedmont Healthcare, Inc. Project, Series A (RB) 5.00%, 07/01/26 (c) |
$ | 250 | $ | 253,726 | ||||
|
Clarke County, Nevada Airport System, Series A-2 (RB) 5.00%, 01/01/24 (c) |
1,705 | 1,707,680 | ||||||
|
Dekalb County, Water and Sewerage, Series B (RB) (AGM) 5.00%, 10/01/26 (c) |
1,530 | 1,558,733 | ||||||
|
Fulton County, Georgia Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c) |
3,000 | 2,438,527 | ||||||
|
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c) |
225 | 227,889 | ||||||
|
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) |
925 | 807,385 | ||||||
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) | ||||||||
| 4.00%, 12/01/29 (c) (p) | 2,500 | 2,325,528 | ||||||
| 5.00%, 05/15/35 | 2,000 | 1,956,582 | ||||||
| 5.00%, 05/15/37 | 2,000 | 1,931,955 | ||||||
| 5.00%, 05/15/38 | 1,000 | 954,429 | ||||||
|
Main Street Natural Gas, Inc., Gas Supply, Series B (RB) 5.00%, 03/01/30 (c) (p) |
1,000 | 993,968 | ||||||
|
Main Street Natural Gas, Inc., Gas Supply, Series C (RB) 5.00%, 09/01/30 (c) (p) |
1,000 | 993,573 | ||||||
| Private Colleges and Universities Authority, Emory University, Series B (RB) | ||||||||
| 4.00%, 10/01/26 (c) | 2,000 | 1,848,187 | ||||||
| 4.00%, 09/01/30 (c) | 2,175 | 2,083,727 | ||||||
| 4.00%, 09/01/30 (c) | 2,000 | 1,806,478 | ||||||
| State of Georgia, Road and Tollway Authority (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 2,550 | 2,732,031 | ||||||
| 5.00%, 06/01/30 (c) | 2,000 | 2,131,444 | ||||||
|
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c) |
3,255 | 3,216,591 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 4.00%, 08/01/30 (c) | 935 | 942,418 | ||||||
| 5.00%, 02/01/27 (c) | 1,200 | 1,241,582 | ||||||
| 5.00%, 02/01/27 (c) | 2,000 | 2,069,565 | ||||||
|
State of Georgia, Series C (GO) 5.00%, 07/01/27 (c) |
3,000 | 3,129,352 | ||||||
| 44,299,198 | ||||||||
See Notes to Financial Statements
| 60 |
| Par (000’s |
) | Value | ||||||
| Hawaii: 0.7% | ||||||||
|
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c) |
$ | 1,930 | $ | 2,058,449 | ||||
|
City and County of Honolulu, Series A (GO) 4.00%, 09/01/28 (c) |
1,075 | 975,066 | ||||||
|
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) |
1,015 | 1,056,544 | ||||||
|
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) |
970 | 956,410 | ||||||
|
City and County of Honolulu, Wastewater System, Series B (RB) 5.00%, 07/01/29 (c) |
875 | 911,928 | ||||||
|
State of Hawaii (RB) 5.00%, 01/01/31 (c) |
1,000 | 1,064,290 | ||||||
|
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/30 (c) |
2,000 | 2,114,590 | ||||||
|
State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c) |
1,000 | 927,036 | ||||||
| State of Hawaii, Series FK (GO) | ||||||||
| 3.25%, 05/01/27 (c) | 1,000 | 910,532 | ||||||
| 5.00%, 05/01/27 (c) | 690 | 711,121 | ||||||
|
State of Hawaii, Series FN (GO) 5.00%, 10/01/27 (c) |
500 | 517,822 | ||||||
|
State of Hawaii, Series FT (GO) 5.00%, 01/01/28 (c) |
405 | 422,399 | ||||||
| 12,626,187 | ||||||||
| Illinois: 5.2% | ||||||||
|
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/30 (c) |
1,000 | 1,046,287 | ||||||
|
Chicago O’Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/30 (c) |
1,000 | 937,991 | ||||||
|
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/27 (c) |
365 | 368,822 | ||||||
|
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) |
135 | 136,318 | ||||||
|
Chicago O’Hare International Airport, Series D (RB) 4.12%, 01/01/25 (c) |
1,150 | 1,058,100 | ||||||
|
City of Chicago, Second Lien Water (RB) 5.00%, 11/01/27 (c) |
1,390 | 1,418,969 | ||||||
| City of Chicago, Second Lien Water (RB) (AGM) | ||||||||
| 5.00%, 11/01/27 (c) | 1,420 | 1,446,963 | ||||||
| 5.00%, 11/01/27 (c) | 2,000 | 2,022,309 | ||||||
|
City of Chicago, Series A (GO) 5.00%, 01/01/24 (c) |
1,500 | 1,502,234 | ||||||
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 01/01/24 (c) | $ | 1,250 | $ | 1,251,862 | ||||
| 5.00%, 01/01/30 | 2,000 | 2,042,390 | ||||||
| 5.00%, 01/01/31 (c) | 2,455 | 2,495,879 | ||||||
| 5.00%, 01/01/31 (c) | 1,000 | 1,016,828 | ||||||
| City of Chicago, Series B (GO) | ||||||||
| 4.00%, 01/01/30 | 358 | 339,893 | ||||||
| 4.00%, 01/01/32 (c) | 1,064 | 884,483 | ||||||
|
City of Chicago, Series C (GO) 5.00%, 01/01/26 (c) |
1,150 | 1,097,488 | ||||||
|
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) |
750 | 747,831 | ||||||
|
City of Chicago, Wastewater Transmission, Series B (RB) (AGM) 5.00%, 07/01/32 (c) |
1,000 | 1,041,753 | ||||||
|
Cook County, Series A (GO) 5.00%, 11/15/26 (c) |
325 | 327,885 | ||||||
| Illinois Finance Authority, Carle Foundation, Series A (RB) | ||||||||
| 4.00%, 08/15/31 (c) | 1,500 | 1,326,890 | ||||||
| 4.00%, 08/15/31 (c) | 1,500 | 1,350,474 | ||||||
| 5.00%, 08/15/31 (c) | 1,000 | 1,030,157 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 4.00%, 01/01/31 (c) | 1,000 | 920,069 | ||||||
| 4.00%, 01/01/31 (c) | 1,600 | 1,541,271 | ||||||
| 5.00%, 01/01/27 (c) | 700 | 724,777 | ||||||
| 5.00%, 07/01/29 (c) | 2,560 | 2,671,545 | ||||||
|
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c) |
1,400 | 1,480,377 | ||||||
|
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/29 (c) |
1,435 | 1,457,512 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 4.00%, 06/01/26 (c) | 90 | 84,752 | ||||||
| 4.00%, 06/01/26 (c) | 160 | 151,719 | ||||||
| 5.00%, 06/01/26 (c) | 250 | 251,158 | ||||||
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
| 5.00%, 08/15/30 (c) | 1,365 | 1,428,383 | ||||||
| 5.00%, 08/15/30 (c) | 1,000 | 1,045,420 | ||||||
| 5.00%, 08/15/30 (c) | 1,295 | 1,349,777 | ||||||
|
Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c) |
125 | 125,341 | ||||||
|
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB) 4.12%, 08/15/25 (c) |
2,145 | 1,840,519 | ||||||
|
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) |
420 | 385,851 | ||||||
See Notes to Financial Statements
| 61 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Illinois Municipal Electric Agency Power Supply System, Series A (RB) 4.00%, 08/01/25 (c) |
$ | 1,500 | $ | 1,387,074 | ||||
|
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/27 (c) |
1,000 | 907,756 | ||||||
|
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33 |
1,000 | 1,093,163 | ||||||
|
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c) |
2,000 | 1,823,353 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 1,135 | 1,134,906 | ||||||
| 5.00%, 07/01/25 (c) | 2,000 | 1,996,152 | ||||||
| Illinois State Toll Highway Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/24 (c) | 5,000 | 4,974,712 | ||||||
| 5.00%, 01/01/26 (c) | 1,000 | 998,075 | ||||||
| 5.00%, 01/01/26 (c) | 1,500 | 1,501,908 | ||||||
|
Metropolitan Water Reclamation District of Greater Chicago (GO) 5.25%, 12/01/35 |
1,000 | 1,106,088 | ||||||
|
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 5.00%, 12/01/26 (c) |
780 | 798,950 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
| 4.00%, 12/01/26 (c) | 1,235 | 1,159,043 | ||||||
| 4.00%, 12/01/26 (c) | 1,500 | 1,310,246 | ||||||
| 5.00%, 12/01/26 (c) | 990 | 1,011,417 | ||||||
| 5.00%, 12/01/26 (c) | 910 | 933,651 | ||||||
| Sales Tax Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 570 | 576,401 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,179,615 | ||||||
| 5.00%, 01/01/33 (c) | 1,000 | 1,046,334 | ||||||
| State of Illinois (GO) | ||||||||
| 4.00%, 10/01/30 (c) | 2,000 | 1,853,952 | ||||||
| 4.00%, 03/01/31 (c) | 1,000 | 879,671 | ||||||
| 4.00%, 06/01/26 (c) | 2,155 | 2,024,573 | ||||||
| 4.00%, 07/01/32 (c) | 1,000 | 888,438 | ||||||
| 4.12%, 11/01/26 (c) | 360 | 345,728 | ||||||
| 5.00%, 11/01/26 (c) | 305 | 305,776 | ||||||
| 5.00%, 05/01/32 (c) | 1,000 | 1,007,572 | ||||||
| 5.00%, 07/01/32 (c) | 1,000 | 1,006,216 | ||||||
| 5.25%, 02/01/24 (c) | 1,320 | 1,313,179 | ||||||
| State of Illinois (RB) | ||||||||
| 3.00%, 06/15/26 (c) | 320 | 263,303 | ||||||
| 3.00%, 06/15/26 (c) | 680 | 577,248 | ||||||
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/31 (c) |
$ | 3,000 | $ | 2,546,681 | ||||
|
State of Illinois, Sales Tax, Series C (RB) 5.00%, 06/15/30 |
1,000 | 1,031,187 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 03/01/31 (c) | 500 | 426,163 | ||||||
| 5.00%, 10/01/28 (c) | 2,500 | 2,532,333 | ||||||
| 5.00%, 12/01/27 (c) | 1,000 | 1,003,423 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,020,362 | ||||||
| 5.00%, 05/01/28 (c) | 2,250 | 2,263,737 | ||||||
| 5.25%, 12/01/27 (c) | 1,200 | 1,233,425 | ||||||
|
State of Illinois, Series B (GO) 5.00%, 11/01/29 (c) |
1,000 | 1,030,338 | ||||||
|
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) |
4,105 | 4,189,629 | ||||||
| 93,032,055 | ||||||||
| Indiana: 0.7% | ||||||||
|
City of Indianapolis, Indiana Water System, Series A (RB) 5.00%, 10/01/28 (c) |
1,720 | 1,769,168 | ||||||
|
Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c) |
1,000 | 773,256 | ||||||
|
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c) |
2,500 | 2,376,712 | ||||||
|
Indiana Finance Authority, Indiana University Health Inc., Series B (RB) 5.00%, 07/01/32 (c) (p) |
1,000 | 1,045,772 | ||||||
|
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 |
1,545 | 1,482,557 | ||||||
| Indiana Finance Authority, Series A (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 1,310 | 1,375,425 | ||||||
| 5.00%, 02/01/28 (c) | 200 | 208,662 | ||||||
|
Indiana Finance Authority, Series C (RB) 5.00%, 02/01/28 (c) |
610 | 640,465 | ||||||
|
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) |
20 | 18,123 | ||||||
|
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) |
250 | 259,634 | ||||||
|
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c) |
1,715 | 1,809,081 | ||||||
See Notes to Financial Statements
| 62 |
| Par (000’s |
) | Value | ||||||
| Indiana (continued) | ||||||||
|
Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM) 4.00%, 06/01/31 (c) |
$ | 2,000 | $ | 1,786,346 | ||||
| 13,545,201 | ||||||||
| Iowa: 0.4% | ||||||||
|
Iowa Finance Authority (RB) 5.00%, 08/01/27 (c) |
1,000 | 1,043,141 | ||||||
|
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p) |
3,210 | 2,916,500 | ||||||
| Iowa Finance Authority, Series A (RB) | ||||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,057,576 | ||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,064,561 | ||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,076,333 | ||||||
| 7,158,111 | ||||||||
| Kansas: 0.4% | ||||||||
|
County of Butler, Unified School District No. 385 (GO) 4.00%, 09/01/27 (c) |
500 | 493,766 | ||||||
|
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) |
750 | 714,401 | ||||||
|
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/31 (p) |
2,450 | 2,560,726 | ||||||
|
State of Kansas, Department of Transportation, Series A (RB) 5.00%, 09/01/27 (c) |
1,165 | 1,204,835 | ||||||
|
University of Kansas Hospital Authority (RB) 4.00%, 09/01/25 (c) |
2,000 | 1,750,458 | ||||||
| 6,724,186 | ||||||||
| Kentucky: 0.4% | ||||||||
|
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 4.00%, 08/01/30 (c) (p) |
1,200 | 1,109,214 | ||||||
|
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/28 (c) |
3,285 | 3,393,275 | ||||||
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
| 4.00%, 10/01/26 (c) | 1,000 | 872,132 | ||||||
| 5.00%, 10/01/26 (c) | 290 | 291,595 | ||||||
| University of Kentucky, Series A (RB) | ||||||||
| 3.00%, 04/01/26 (c) | 770 | 636,514 | ||||||
| 4.00%, 04/01/26 (c) | 500 | 485,410 | ||||||
| 6,788,140 | ||||||||
| Par (000’s |
) | Value | ||||||
| Louisiana: 0.8% | ||||||||
|
Ascension Parish-Wide School District (GO) 4.00%, 03/01/30 (c) |
$ | 1,000 | $ | 887,052 | ||||
|
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c) |
615 | 639,289 | ||||||
|
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/29 (c) |
500 | 471,086 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/26 (c) |
1,455 | 1,082,898 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) |
5,040 | 4,497,570 | ||||||
|
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/32 (c) |
1,000 | 1,037,004 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 5.00%, 03/01/30 (c) | 930 | 986,125 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,044,847 | ||||||
| 5.00%, 03/01/31 (c) | 750 | 809,305 | ||||||
| 5.00%, 04/01/33 (c) | 1,000 | 1,075,759 | ||||||
| 5.00%, 04/01/33 (c) | 1,000 | 1,090,699 | ||||||
|
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/30 (c) |
910 | 971,990 | ||||||
| 14,593,624 | ||||||||
| Maryland: 2.1% | ||||||||
|
City of Baltimore, Wastewater Project, Series C (RB) 5.00%, 01/01/25 (c) |
1,500 | 1,499,940 | ||||||
| County of Baltimore (GO) | ||||||||
| 4.00%, 03/01/30 (c) | 1,140 | 1,135,584 | ||||||
| 5.00%, 03/01/30 | 945 | 1,018,871 | ||||||
|
County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c) |
1,925 | 1,904,724 | ||||||
|
County of Baltimore (GO) (CA MTG INS) 4.00%, 03/01/29 (c) |
2,420 | 2,354,926 | ||||||
|
County of Montgomery, Series A (GO) 3.00%, 08/01/30 (c) |
750 | 670,338 | ||||||
|
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c) |
1,070 | 1,077,308 | ||||||
|
Maryland Department of Transportation (RB) 3.00%, 09/01/27 (c) |
500 | 448,246 | ||||||
See Notes to Financial Statements
| 63 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
| Prince George’s County, Public Improvement, Series A (GO) | ||||||||
| 5.00%, 07/15/28 (c) | $ | 2,500 | $ | 2,604,157 | ||||
| 5.00%, 08/01/33 (c) | 1,500 | 1,656,400 | ||||||
| 5.00%, 08/01/33 (c) | 2,500 | 2,744,171 | ||||||
|
Prince George’s County, Public Improvement, Series A (GO) (SAW) 4.00%, 07/15/28 (c) |
1,000 | 1,008,119 | ||||||
|
State of Maryland (GO) 4.00%, 06/01/24 (c) |
1,500 | 1,490,688 | ||||||
|
State of Maryland State, Series A (GO) 5.00%, 08/01/30 (c) |
1,000 | 1,069,460 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
| 3.00%, 11/01/24 (c) | 520 | 470,802 | ||||||
| 3.12%, 05/01/25 (c) | 855 | 778,703 | ||||||
|
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c) |
2,340 | 1,921,919 | ||||||
|
State of Maryland, Department of Transportation, Series A (RB) 2.12%, 10/01/29 (c) |
2,000 | 1,425,693 | ||||||
|
State of Maryland, Department of Transportation, Series B (RB) 4.00%, 05/01/28 (c) |
750 | 757,453 | ||||||
| State of Maryland, State and Local Facilities Loan (GO) | ||||||||
| 4.00%, 08/01/28 (c) | 530 | 529,224 | ||||||
| 5.00%, 03/15/29 (c) | 3,000 | 3,185,430 | ||||||
| 5.00%, 08/01/28 (c) | 1,000 | 1,055,668 | ||||||
| State of Maryland, State and Local Facilities Loan, Series A (GO) | ||||||||
| 3.00%, 08/01/27 (c) | 1,000 | 898,984 | ||||||
| 5.00%, 03/15/30 (c) | 3,500 | 3,767,663 | ||||||
|
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/26 (c) |
1,650 | 1,686,487 | ||||||
| 37,160,958 | ||||||||
| Massachusetts: 3.4% | ||||||||
|
City of Boston, Series A (GO) 5.00%, 11/01/32 (c) |
2,000 | 2,123,864 | ||||||
|
Commonwealth of Massachusetts (RB) (BAM-TCRS NATL) 5.50%, 01/01/34 |
3,000 | 3,331,509 | ||||||
|
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/34 |
1,000 | 1,093,525 | ||||||
| Par (000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
|
Commonwealth of Massachusetts Transportation Fund, Series A (RB) 5.00%, 06/01/24 (c) |
$ | 1,275 | $ | 1,281,575 | ||||
|
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) |
980 | 984,490 | ||||||
|
Commonwealth of Massachusetts, Series A (GO) 5.00%, 10/01/31 |
3,000 | 3,294,019 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 5.00%, 07/01/26 (c) | 600 | 616,281 | ||||||
| 5.00%, 07/01/26 (c) | 1,860 | 1,901,230 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 3.00%, 02/01/24 (c) | 400 | 362,617 | ||||||
| 5.00%, 12/01/23 (c) | 2,000 | 2,000,546 | ||||||
| 5.00%, 12/01/23 (c) | 350 | 349,908 | ||||||
| 5.00%, 05/01/30 | 1,000 | 1,083,613 | ||||||
|
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 |
2,665 | 2,914,841 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
| 4.00%, 11/01/30 (c) | 2,000 | 1,897,400 | ||||||
| 4.00%, 05/01/28 (c) | 1,165 | 1,150,246 | ||||||
| 5.00%, 07/01/30 (c) | 365 | 384,802 | ||||||
|
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c) |
2,000 | 2,076,974 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 11/01/27 (c) | 1,275 | 1,122,438 | ||||||
| 4.00%, 04/01/25 (c) | 1,000 | 932,038 | ||||||
| 4.00%, 04/01/25 (c) | 1,000 | 994,207 | ||||||
| 4.00%, 09/01/25 (c) | 3,000 | 2,743,615 | ||||||
| 5.00%, 11/01/30 (c) | 1,000 | 1,078,868 | ||||||
| 5.00%, 09/01/28 (c) | 1,010 | 1,041,488 | ||||||
|
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 05/01/24 (c) |
1,100 | 1,104,423 | ||||||
|
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c) |
500 | 513,837 | ||||||
|
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/31 (c) |
800 | 846,353 | ||||||
See Notes to Financial Statements
| 64 |
| Par (000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) | ||||||||
| 4.00%, 07/01/31 (c) | $ | 2,000 | $ | 1,838,341 | ||||
| 5.00%, 07/01/33 (c) | 1,000 | 1,046,514 | ||||||
|
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c) |
1,000 | 1,054,865 | ||||||
|
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) |
255 | 260,434 | ||||||
|
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) |
130 | 133,171 | ||||||
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
| 4.00%, 07/15/26 (c) | 2,000 | 1,967,679 | ||||||
| 5.00%, 07/15/26 (c) | 480 | 494,595 | ||||||
| 5.00%, 07/15/26 (c) | 6,300 | 6,493,192 | ||||||
|
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c) |
1,500 | 1,413,230 | ||||||
|
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) |
500 | 500,088 | ||||||
|
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 08/15/25 (c) |
1,150 | 1,158,283 | ||||||
|
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30 |
2,000 | 2,207,480 | ||||||
|
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c) |
2,115 | 2,190,335 | ||||||
| University of Massachusetts Building Authority (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 1,020 | 1,063,834 | ||||||
| 5.00%, 11/01/29 (c) | 750 | 797,205 | ||||||
| 5.00%, 05/01/29 (c) | 1,220 | 1,285,934 | ||||||
|
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/29 (c) |
500 | 534,121 | ||||||
| 61,664,008 | ||||||||
| Par (000’s |
) | Value | ||||||
| Michigan: 1.1% | ||||||||
|
Detroit City School District, Series A (GO) (AGM) 6.00%, 05/01/29 |
$ | 3,185 | $ | 3,409,729 | ||||
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 250 | 254,943 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 254,901 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 290 | 293,872 | ||||||
| 5.00%, 07/01/26 (c) | 570 | 577,207 | ||||||
| 5.00%, 07/01/26 (c) | 500 | 511,617 | ||||||
|
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c) |
1,025 | 1,037,401 | ||||||
|
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/26 (c) |
2,000 | 1,836,503 | ||||||
|
Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB) 5.00%, 05/15/25 (c) |
1,500 | 1,447,689 | ||||||
|
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) |
140 | 115,945 | ||||||
|
Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) 5.00%, 10/01/24 (c) |
725 | 717,691 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 2,000 | 2,038,021 | ||||||
| 5.00%, 12/01/27 (c) | 585 | 592,999 | ||||||
|
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/26 (c) |
570 | 584,614 | ||||||
|
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c) |
410 | 371,216 | ||||||
|
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/30 (c) |
750 | 611,352 | ||||||
|
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 06/01/26 (c) |
1,370 | 1,216,067 | ||||||
|
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/33 (c) |
1,000 | 1,079,707 | ||||||
See Notes to Financial Statements
| 65 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
|
State of Michigan, Trunk Line Fund, Series A (RB) 5.00%, 11/15/31 (c) |
$ | 1,900 | $ | 2,048,410 | ||||
| 18,999,884 | ||||||||
| Minnesota: 0.9% | ||||||||
|
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) |
125 | 124,485 | ||||||
|
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/26 (c) |
1,000 | 1,031,203 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
| 5.00%, 01/01/24 (c) | 2,500 | 2,503,723 | ||||||
| 5.00%, 01/01/27 (c) | 325 | 333,953 | ||||||
| 5.00%, 01/01/27 (c) | 515 | 530,041 | ||||||
|
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/26 (c) |
1,500 | 1,532,628 | ||||||
|
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) |
1,000 | 1,043,792 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,055,489 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,067,339 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,111,587 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,127,907 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 2.25%, 08/01/26 (c) | 925 | 804,106 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 906,675 | ||||||
|
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c) |
1,000 | 884,814 | ||||||
| 16,057,742 | ||||||||
| Mississippi: 0.1% | ||||||||
|
State of Mississippi, Series A (GO) 5.00%, 10/01/27 (c) |
430 | 447,744 | ||||||
| State of Mississippi, Series A (RB) | ||||||||
| 5.00%, 10/15/28 (c) | 400 | 410,214 | ||||||
| 5.00%, 10/15/28 (c) | 550 | 553,476 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,018,672 | ||||||
| 2,430,106 | ||||||||
| Missouri: 0.5% | ||||||||
|
City of Springfield, Public Utility (RB) 4.00%, 08/01/25 (c) |
1,000 | 962,213 | ||||||
|
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/32 (c) |
1,000 | 1,033,666 | ||||||
| Par (000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
|
Curators of the University of Missouri, Series A (RB) 5.00%, 11/01/24 (c) |
$ | 1,405 | $ | 1,421,004 | ||||
|
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 |
1,400 | 1,516,666 | ||||||
|
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) |
250 | 257,072 | ||||||
|
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) |
685 | 661,346 | ||||||
|
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c) |
650 | 636,899 | ||||||
| Springfield School District No. R-12 (GO) (SAW) | ||||||||
| 4.00%, 03/01/29 (c) | 1,415 | 1,363,358 | ||||||
| 5.00%, 03/01/29 (c) | 450 | 469,647 | ||||||
|
St. Louis School District, Board of Education (GO) (AGM) 5.00%, 04/01/32 (c) |
1,000 | 1,040,417 | ||||||
| 9,362,288 | ||||||||
| Nebraska: 0.4% | ||||||||
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
| 5.00%, 09/01/32 | 1,280 | 1,272,741 | ||||||
| 5.00%, 09/01/34 | 3,300 | 3,278,464 | ||||||
| 5.00%, 09/01/35 | 2,000 | 1,977,247 | ||||||
|
Nebraska Public Power District, Series B (RB) 5.00%, 01/01/26 (c) |
1,000 | 1,007,074 | ||||||
| 7,535,526 | ||||||||
| Nevada: 0.9% | ||||||||
|
Clark County School District, Limited Tax, Series A (GO) 5.00%, 06/15/33 (c) |
1,000 | 1,023,489 | ||||||
|
Clark County, Limited Tax, Series B (GO) 4.00%, 11/01/26 (c) |
155 | 152,727 | ||||||
| Clark County, Nevada Airport System, Series A-2 (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 1,500 | 1,487,598 | ||||||
| 5.00%, 07/01/24 (c) | 1,000 | 999,941 | ||||||
|
Clark County, Nevada Limited Tax, Flood Control (GO) 4.00%, 05/01/25 (c) |
1,675 | 1,639,743 | ||||||
|
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) |
470 | 488,292 | ||||||
| Clark County, School District, Series A (GO) (AGM) | ||||||||
| 5.00%, 06/15/30 (c) | 1,000 | 1,059,301 | ||||||
| 5.00%, 06/15/30 (c) | 915 | 964,712 | ||||||
See Notes to Financial Statements
| 66 |
| Par (000’s |
) | Value | ||||||
| Nevada (continued) | ||||||||
|
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c) |
$ | 1,500 | $ | 1,139,551 | ||||
|
Clark County, School District, Series C (GO) 5.00%, 12/15/27 (c) |
1,050 | 1,088,568 | ||||||
|
Clark County, Transportation Improvement, Limited Tax, Series B (GO) 4.00%, 12/01/28 (c) |
2,245 | 2,022,221 | ||||||
|
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/31 (c) |
1,000 | 877,003 | ||||||
|
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 4.00%, 06/01/27 (c) |
1,000 | 979,150 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
| 3.38%, 06/01/28 (c) | 325 | 290,983 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 748,977 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 746,599 | ||||||
|
Truckee Meadows Water Authority (RB) 5.00%, 07/01/26 (c) |
355 | 362,369 | ||||||
| 16,071,224 | ||||||||
| New Jersey: 3.9% | ||||||||
|
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/24 (c) |
1,210 | 1,170,906 | ||||||
| County of Camden, Board of Education of Township of Cherry Hill (GO) | ||||||||
| 4.00%, 08/01/29 (c) | 1,500 | 1,399,796 | ||||||
| 4.00%, 08/01/29 (c) | 1,000 | 977,339 | ||||||
| 4.00%, 08/01/29 (c) | 1,500 | 1,372,779 | ||||||
| County of Hudson (GO) | ||||||||
| 2.00%, 11/15/28 (c) | 685 | 489,051 | ||||||
| 2.00%, 11/15/28 (c) | 2,000 | 1,474,504 | ||||||
| 2.12%, 11/15/28 (c) | 265 | 184,311 | ||||||
|
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c) |
755 | 680,363 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) |
1,000 | 1,034,837 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) |
380 | 389,696 | ||||||
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | ||||||||
| 5.00%, 12/15/29 (c) | $ | 1,250 | $ | 1,278,855 | ||||
| 5.00%, 12/15/29 (c) | 1,970 | 2,007,256 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) |
1,080 | 1,010,321 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
| 4.00%, 12/15/30 (c) | 1,000 | 899,771 | ||||||
| 4.00%, 12/15/30 (c) | 2,455 | 2,296,609 | ||||||
|
New Jersey Economic Development Authority, State House Project, Series B (RB) 5.00%, 12/15/28 (c) |
315 | 322,687 | ||||||
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/31 (c) | 1,000 | 714,010 | ||||||
| 2.00%, 03/01/31 (c) | 2,000 | 1,313,745 | ||||||
| 2.00%, 03/01/31 (c) | 1,975 | 1,355,619 | ||||||
|
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) |
500 | 523,293 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 4.00%, 07/01/27 (c) |
1,000 | 910,607 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c) |
360 | 311,837 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 12/01/23 (c) |
2,355 | 2,356,397 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c) |
1,000 | 1,030,473 | ||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 2,900 | 3,010,076 | ||||||
| 5.00%, 01/01/28 (c) | 1,080 | 1,122,387 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 2,830 | 2,767,975 | ||||||
| 4.25%, 06/15/33 (c) | 3,045 | 2,777,838 | ||||||
See Notes to Financial Statements
| 67 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.00%, 12/15/28 (c) | $ | 1,000 | $ | 1,014,020 | ||||
| 5.00%, 12/15/28 (c) | 1,395 | 1,433,376 | ||||||
| 5.00%, 12/15/28 (c) | 1,100 | 1,128,125 | ||||||
| 5.00%, 06/15/26 (c) | 435 | 442,154 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c) |
780 | 761,161 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.00%, 12/15/30 (c) | 1,000 | 901,797 | ||||||
| 4.75%, 06/15/25 (c) | 2,950 | 2,881,120 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/24 (c) |
1,720 | 1,725,656 | ||||||
|
New Jersey Turnpike Authority, Series A (RB) 5.00%, 07/01/24 (c) |
4,000 | 4,000,032 | ||||||
|
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c) |
3,000 | 3,097,433 | ||||||
|
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c) |
2,130 | 2,099,618 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,475,811 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,205,026 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,060,359 | ||||||
| 5.00%, 12/01/29 (c) | 5,000 | 5,124,149 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 500 | 515,232 | ||||||
| 5.00%, 06/01/28 (c) | 2,755 | 2,836,331 | ||||||
| 69,884,738 | ||||||||
| New Mexico: 0.1% | ||||||||
|
State of New Mexico (GO) 5.00%, 03/01/33 |
1,000 | 1,091,553 | ||||||
| New York: 19.0% | ||||||||
|
Battery Park City Authorization, Series B (RB) 5.00%, 11/01/33 (c) |
1,000 | 1,079,970 | ||||||
|
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) |
500 | 442,189 | ||||||
| City of New York, Series A (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 485 | 468,267 | ||||||
| 4.00%, 08/01/31 (c) | 600 | 548,449 | ||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,052,284 | ||||||
| 5.00%, 09/01/32 (c) | 2,170 | 2,335,300 | ||||||
|
City of New York, Series A-1 (GO) 5.00%, 09/01/32 (c) |
2,000 | 2,094,746 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| City of New York, Series B-1 (GO) | ||||||||
| 4.00%, 10/01/29 (c) | $ | 1,800 | $ | 1,621,194 | ||||
| 5.00%, 10/01/29 (c) | 1,125 | 1,186,133 | ||||||
| 5.00%, 10/01/29 (c) | 500 | 528,588 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,069,310 | ||||||
| 5.00%, 12/01/26 (c) | 395 | 403,221 | ||||||
| 5.25%, 10/01/27 (c) | 920 | 959,651 | ||||||
|
City of New York, Series C (GO) 5.00%, 02/01/25 (c) |
1,165 | 1,176,172 | ||||||
|
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c) |
1,565 | 1,627,051 | ||||||
| City of New York, Series E (GO) | ||||||||
| 5.00%, 04/01/33 (c) | 1,000 | 1,054,556 | ||||||
| 5.00%, 08/01/26 (c) | 540 | 549,902 | ||||||
| City of New York, Series E-1 (GO) | ||||||||
| 5.00%, 03/01/28 (c) | 1,015 | 1,054,182 | ||||||
| 5.00%, 03/01/28 (c) | 2,000 | 2,026,459 | ||||||
| 5.25%, 03/01/28 (c) | 1,000 | 1,046,534 | ||||||
| 5.25%, 03/01/28 (c) | 1,500 | 1,580,334 | ||||||
| City of New York, Series F-1 (GO) | ||||||||
| 5.00%, 04/01/28 (c) | 1,435 | 1,454,349 | ||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,064,717 | ||||||
|
City of New York, Series L (GO) 5.00%, 04/01/29 (c) |
655 | 687,924 | ||||||
|
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) |
1,865 | 1,989,800 | ||||||
|
City of New York, Series L-6 (GO) 5.00%, 04/01/29 (c) |
1,000 | 1,055,819 | ||||||
|
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM) 4.00%, 04/01/30 (c) |
925 | 782,810 | ||||||
|
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/30 (c) |
865 | 595,534 | ||||||
| County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) | ||||||||
| 4.00%, 05/15/31 (c) | 1,000 | 1,004,517 | ||||||
| 5.00%, 05/15/31 (c) | 1,500 | 1,630,338 | ||||||
|
County of Nassau, Series C (GO) 5.00%, 10/01/27 (c) |
600 | 617,853 | ||||||
|
County of Suffolk, New York Water System, Series A (RB) 5.00%, 06/01/28 (c) |
1,515 | 1,587,524 | ||||||
| County of Suffolk, Public Improvement, Series C (GO) | ||||||||
| 4.00%, 09/01/30 (c) | 1,000 | 926,823 | ||||||
| 5.00%, 09/01/30 (c) | 1,500 | 1,580,672 | ||||||
See Notes to Financial Statements
| 68 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
| 5.00%, 02/15/27 (c) | $ | 1,700 | $ | 1,744,993 | ||||
| 5.00%, 02/15/27 (c) | 1,000 | 1,029,618 | ||||||
| 5.00%, 02/15/27 (c) | 460 | 471,540 | ||||||
| 5.00%, 02/15/27 (c) | 1,400 | 1,439,046 | ||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 305 | 314,115 | ||||||
| 5.00%, 09/01/27 (c) | 500 | 513,108 | ||||||
| 5.00%, 09/01/27 (c) | 750 | 767,018 | ||||||
| Long Island Power Authority, Electric System, Series A (RB) | ||||||||
| 3.00%, 09/01/28 (c) | 450 | 371,495 | ||||||
| 5.00%, 09/01/30 (c) | 1,500 | 1,571,792 | ||||||
|
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) |
2,000 | 2,021,009 | ||||||
|
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c) |
340 | 325,558 | ||||||
|
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/30 (p) |
4,935 | 5,036,775 | ||||||
|
Metropolitan Transportation Authority, Series B-2 (RB) 5.00%, 11/15/27 (c) |
1,185 | 1,215,106 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 1,980 | 1,905,496 | ||||||
| 4.00%, 05/15/28 (c) | 395 | 375,689 | ||||||
| 5.00%, 05/15/28 (c) | 1,540 | 1,568,687 | ||||||
| 5.00%, 05/15/28 (c) | 2,540 | 2,578,692 | ||||||
| 5.00%, 05/15/28 (c) | 810 | 820,476 | ||||||
| 5.00%, 05/15/28 (c) | 470 | 479,262 | ||||||
| 5.00%, 05/15/28 (c) | 1,445 | 1,470,270 | ||||||
|
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ |
1,035 | 634,682 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 3.12%, 11/15/26 (c) | 265 | 214,673 | ||||||
| 4.00%, 11/15/26 (c) | 400 | 384,949 | ||||||
| 5.00%, 05/15/28 (c) | 535 | 543,071 | ||||||
| 5.00%, 05/15/28 (c) | 1,570 | 1,595,982 | ||||||
| 5.00%, 05/15/28 (c) | 1,085 | 1,105,211 | ||||||
|
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/25 (c) |
2,000 | 2,022,704 | ||||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| 5.00%, 01/08/24 (c) | 1,775 | 1,778,296 | ||||||
| 5.00%, 11/15/30 | 1,000 | 1,027,594 | ||||||
|
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c) |
1,000 | 769,041 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) |
$ | 1,100 | $ | 829,913 | ||||
|
New York City Housing Development Corp., Multi- Family Housing, Series F-1 (RB) 2.10%, 05/01/29 (c) |
2,000 | 1,415,122 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) | ||||||||
| 2.00%, 01/01/31 (c) | 1,250 | 780,670 | ||||||
| 4.00%, 01/01/31 (c) | 500 | 483,942 | ||||||
| 5.00%, 01/01/31 | 2,700 | 2,825,237 | ||||||
| New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) | ||||||||
| 4.00%, 09/01/30 (c) | 2,500 | 2,419,961 | ||||||
| 5.00%, 03/01/30 | 2,145 | 2,239,775 | ||||||
| New York City Municipal Water Finance Authority, Series AA (RB) | ||||||||
| 5.00%, 12/15/29 (c) | 1,000 | 1,065,545 | ||||||
| 5.00%, 06/15/27 (c) | 960 | 974,604 | ||||||
|
New York City Municipal Water Finance Authority, Series BB (RB) 5.00%, 06/15/27 (c) |
310 | 321,192 | ||||||
|
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 12/15/26 (c) |
1,000 | 1,019,314 | ||||||
| New York City Municipal Water Finance Authority, Series DD (RB) | ||||||||
| 5.00%, 06/15/33 (c) | 3,685 | 4,032,502 | ||||||
| 5.00%, 06/15/34 | 5,360 | 5,957,718 | ||||||
|
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/29 (c) |
500 | 529,653 | ||||||
|
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 12/15/27 (c) |
750 | 760,736 | ||||||
| New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW) | ||||||||
| 4.00%, 07/15/28 (c) | 2,000 | 1,891,188 | ||||||
| 4.00%, 07/15/31 (c) | 1,015 | 976,834 | ||||||
| 5.00%, 01/15/25 (c) | 1,305 | 1,293,685 | ||||||
|
New York City Transitional Finance Authority Future Tax, Series A-1 (RB) 5.00%, 05/01/33 (c) |
1,000 | 1,058,852 | ||||||
See Notes to Financial Statements
| 69 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 05/01/33 (c) | $ | 1,000 | $ | 1,070,452 | ||||
|
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/33 (c) |
1,000 | 1,037,184 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
| 3.00%, 07/15/31 (c) | 1,400 | 1,095,103 | ||||||
| 4.00%, 07/15/31 (c) | 1,375 | 1,300,653 | ||||||
|
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/28 (c) |
1,010 | 1,054,805 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) | ||||||||
| 5.00%, 07/15/28 (c) | 1,605 | 1,671,174 | ||||||
| 5.00%, 07/15/28 (c) | 1,000 | 1,034,723 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) | ||||||||
| 5.00%, 07/15/28 (c) | 500 | 520,615 | ||||||
| 5.25%, 07/15/28 (c) | 1,415 | 1,479,091 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| 3.00%, 11/01/30 (c) | 2,000 | 1,589,324 | ||||||
| 5.00%, 11/01/30 (c) | 3,000 | 3,149,650 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 4.00%, 05/01/26 (c) | 630 | 631,498 | ||||||
| 5.00%, 11/01/31 (c) | 1,000 | 1,073,539 | ||||||
| 5.00%, 05/01/26 (c) | 655 | 665,306 | ||||||
| 5.00%, 05/01/26 (c) | 880 | 896,349 | ||||||
| 5.00%, 05/01/26 (c) | 450 | 459,216 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c) |
2,000 | 2,018,372 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 4.00%, 08/01/26 (c) | 2,000 | 1,927,310 | ||||||
| 5.00%, 11/01/33 (c) | 1,000 | 1,073,463 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 4.00%, 11/01/29 (c) | 1,500 | 1,354,953 | ||||||
| 4.00%, 08/01/31 (c) | 1,190 | 1,075,435 | ||||||
| 5.00%, 05/01/24 (c) | 2,980 | 2,980,641 | ||||||
| 5.00%, 05/01/27 (c) | 1,065 | 1,093,494 | ||||||
| 5.00%, 08/01/24 (c) | 1,345 | 1,345,494 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 08/01/26 (c) | $ | 540 | $ | 552,047 | ||||
| 5.00%, 08/01/26 (c) | 690 | 705,573 | ||||||
| 5.00%, 08/01/26 (c) | 895 | 914,966 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 359,294 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,029,178 | ||||||
| 5.00%, 08/01/28 (c) | 780 | 809,803 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,065,508 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,067,060 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
| 5.00%, 05/01/27 (c) | 2,280 | 2,343,965 | ||||||
| 5.00%, 05/01/27 (c) | 900 | 923,465 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 1,690 | 1,528,257 | ||||||
| 4.00%, 11/01/30 (c) | 775 | 696,259 | ||||||
| 5.00%, 11/01/30 (c) | 2,500 | 2,613,892 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 05/01/32 (c) |
1,500 | 1,367,018 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 5.00%, 02/01/25 (c) | 1,195 | 1,199,317 | ||||||
| 5.00%, 02/01/26 (c) | 1,500 | 1,528,071 | ||||||
| 5.00%, 02/01/27 (c) | 1,710 | 1,704,905 | ||||||
| 5.00%, 02/01/27 (c) | 1,190 | 1,220,122 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 |
6,000 | 6,043,678 | ||||||
|
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c) |
660 | 494,242 | ||||||
|
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c) |
800 | 817,114 | ||||||
|
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35 |
1,000 | 1,049,144 | ||||||
|
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) |
1,000 | 931,800 | ||||||
|
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/28 (c) |
1,000 | 993,769 | ||||||
See Notes to Financial Statements
| 70 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 5.00%, 07/01/25 (c) | $ | 3,000 | $ | 3,050,007 | ||||
| 5.00%, 07/01/27 (c) | 1,140 | 1,184,461 | ||||||
| 5.00%, 07/01/28 (c) | 400 | 407,580 | ||||||
| 5.00%, 07/01/28 (c) | 385 | 403,229 | ||||||
|
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c) |
1,250 | 1,269,622 | ||||||
| New York State Dormitory Authority, Sales Tax, Series A (RB) | ||||||||
| 5.00%, 03/15/24 (c) | 2,150 | 2,145,134 | ||||||
| 5.00%, 03/15/24 (c) | 1,310 | 1,298,276 | ||||||
| 5.00%, 03/15/33 (c) | 2,000 | 2,124,028 | ||||||
| 5.00%, 03/15/33 (c) | 1,000 | 1,047,726 | ||||||
| 5.00%, 03/15/33 (c) | 1,500 | 1,535,743 | ||||||
|
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) 4.00%, 10/01/29 (c) |
1,315 | 1,240,048 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) | ||||||||
| 5.00%, 10/01/31 (c) | 1,000 | 1,045,926 | ||||||
| 5.00%, 10/01/31 (c) | 2,040 | 2,155,046 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 5.00%, 10/01/26 (c) | 1,325 | 1,356,456 | ||||||
| 5.00%, 10/01/26 (c) | 1,200 | 1,227,826 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 3,120 | 2,432,437 | ||||||
| 4.00%, 02/15/27 (c) | 2,475 | 2,408,041 | ||||||
| 4.00%, 02/15/27 (c) | 1,000 | 990,620 | ||||||
| 4.00%, 02/15/27 (c) | 1,235 | 1,177,488 | ||||||
| 4.00%, 03/15/31 (c) | 1,075 | 1,003,922 | ||||||
| 4.00%, 03/15/31 (c) | 2,795 | 2,547,886 | ||||||
| 4.00%, 09/15/30 (c) | 1,135 | 1,059,954 | ||||||
| 5.00%, 02/15/27 (c) | 595 | 610,564 | ||||||
| 5.00%, 02/15/27 (c) | 2,115 | 2,173,987 | ||||||
| 5.00%, 03/15/29 (c) | 1,950 | 2,033,865 | ||||||
| 5.00%, 03/15/29 (c) | 3,910 | 4,053,373 | ||||||
| 5.00%, 03/15/29 (c) | 2,370 | 2,481,346 | ||||||
| 5.00%, 03/15/30 | 1,000 | 1,063,954 | ||||||
| 5.00%, 08/15/26 (c) | 2,000 | 2,018,422 | ||||||
| 5.00%, 09/15/32 (c) | 2,000 | 2,057,990 | ||||||
| 5.25%, 09/15/28 (c) | 1,305 | 1,350,880 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/25 (c) |
1,095 | 1,098,192 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 08/15/27 (c) | $ | 2,000 | $ | 2,065,780 | ||||
| 5.00%, 08/15/27 (c) | 2,270 | 2,294,626 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) |
385 | 385,701 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 5.00%, 02/15/30 (c) | 2,000 | 2,121,139 | ||||||
| 5.00%, 02/15/30 | 1,150 | 1,222,706 | ||||||
| 5.00%, 08/15/26 (c) | 940 | 959,742 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 4.00%, 03/15/32 (c) | 1,500 | 1,367,380 | ||||||
| 4.00%, 03/15/32 (c) | 2,000 | 1,867,761 | ||||||
| 4.00%, 03/15/32 (c) | 1,000 | 895,346 | ||||||
| 5.00%, 09/15/25 (c) | 3,000 | 3,019,829 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 250 | 251,108 | ||||||
| 5.00%, 03/15/24 (c) | 340 | 340,943 | ||||||
| 5.00%, 03/15/27 (c) | 2,110 | 2,165,919 | ||||||
| 5.00%, 03/15/27 (c) | 515 | 530,028 | ||||||
| 5.00%, 03/15/27 (c) | 1,000 | 1,028,202 | ||||||
| 5.00%, 03/15/27 (c) | 305 | 314,054 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
| 5.00%, 03/15/28 (c) | 520 | 540,357 | ||||||
| 5.00%, 03/15/28 (c) | 1,970 | 2,033,134 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 2,000 | 2,010,117 | ||||||
| 5.00%, 06/15/26 (c) | 765 | 785,359 | ||||||
| 5.00%, 06/15/26 (c) | 415 | 424,901 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) | ||||||||
| 4.00%, 06/15/29 (c) | 1,530 | 1,451,964 | ||||||
| 5.00%, 06/15/29 (c) | 1,250 | 1,313,233 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
| 3.00%, 06/15/27 (c) | 495 | 454,099 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,036,188 | ||||||
| 5.00%, 06/15/27 (c) | 500 | 517,031 | ||||||
|
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) |
835 | 613,817 | ||||||
See Notes to Financial Statements
| 71 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c) |
$ | 525 | $ | 473,975 | ||||
| New York State Thruway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 650 | 653,801 | ||||||
| 5.00%, 01/01/26 (c) | 600 | 601,062 | ||||||
| New York State Thruway Authority, Series B (RB) (AGM) | ||||||||
| 4.00%, 01/01/30 (c) | 3,155 | 2,782,327 | ||||||
| 4.00%, 01/01/30 (c) | 800 | 732,155 | ||||||
| New York State Thruway Authority, Series K (RB) | ||||||||
| 5.00%, 01/01/25 (c) | 4,335 | 4,325,645 | ||||||
| 5.00%, 01/01/25 (c) | 2,500 | 2,510,161 | ||||||
| New York State Thruway Authority, Series L (RB) | ||||||||
| 3.50%, 01/01/28 (c) | 1,120 | 977,171 | ||||||
| 4.00%, 01/01/28 (c) | 2,500 | 2,353,657 | ||||||
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) | ||||||||
| 5.00%, 03/15/31 (c) | 2,000 | 2,143,943 | ||||||
| 5.00%, 03/15/31 (c) | 800 | 852,771 | ||||||
|
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 4.00%, 09/15/30 (c) |
500 | 450,779 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 12/26/23 (c) | 1,800 | 1,802,876 | ||||||
| 5.00%, 03/15/27 (c) | 750 | 775,369 | ||||||
| 5.00%, 09/15/30 (c) | 1,475 | 1,533,729 | ||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 4.00%, 09/15/30 (c) | 1,000 | 935,052 | ||||||
| 4.00%, 09/15/30 (c) | 1,000 | 977,113 | ||||||
| 5.00%, 09/15/27 (c) | 4,295 | 4,449,142 | ||||||
| 5.00%, 09/15/27 (c) | 350 | 363,140 | ||||||
| New York State Urban Development Corp., State Sales Tax, Series A (RB) | ||||||||
| 3.00%, 09/15/31 (c) | 2,500 | 1,891,522 | ||||||
| 5.00%, 09/15/29 (c) | 1,000 | 1,052,422 | ||||||
| 5.00%, 09/15/31 (c) | 4,500 | 4,773,451 | ||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
| 5.00%, 12/01/30 | 1,150 | 1,183,732 | ||||||
| 5.00%, 12/01/30 (c) | 750 | 759,979 | ||||||
| 5.00%, 12/01/30 (c) | 1,000 | 994,259 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
Port Authority of New York and New Jersey, Series 179 (RB) 5.00%, 12/01/23 (c) |
$ | 2,000 | $ | 2,002,355 | ||||
|
Port Authority of New York and New Jersey, Series 184 (RB) 5.00%, 09/01/24 (c) |
2,000 | 2,015,990 | ||||||
|
Port Authority of New York and New Jersey, Series 205 (RB) 5.00%, 11/15/27 (c) |
840 | 867,673 | ||||||
|
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/28 (c) |
500 | 515,640 | ||||||
|
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) |
500 | 520,440 | ||||||
|
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) |
500 | 519,920 | ||||||
| Port Authority of New York and New Jersey, Series 222 (RB) | ||||||||
| 4.00%, 07/15/30 (c) | 3,975 | 3,666,280 | ||||||
| 4.00%, 07/15/30 (c) | 2,600 | 2,440,630 | ||||||
| 5.00%, 07/15/30 (c) | 1,000 | 1,055,963 | ||||||
| 5.00%, 07/15/30 (c) | 1,000 | 1,062,303 | ||||||
|
Port Authority of New York and New Jersey, Series 243 (RB) 5.00%, 12/01/32 |
1,615 | 1,761,214 | ||||||
|
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) |
615 | 552,486 | ||||||
|
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c) |
460 | 406,337 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB) | ||||||||
| 5.00%, 11/15/31 | 1,000 | 1,081,131 | ||||||
| 5.00%, 05/15/33 (c) | 1,000 | 1,083,613 | ||||||
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) 5.00%, 05/15/31 |
1,130 | 1,217,023 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | ||||||||
| 5.00%, 11/15/31 (c) | 1,225 | 1,282,186 | ||||||
| 5.00%, 11/15/33 (c) | 3,000 | 3,190,683 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/31 | 1,000 | 1,083,290 | ||||||
| 5.00%, 05/15/27 (c) | 1,000 | 1,019,307 | ||||||
| 5.00%, 05/15/27 (c) | 1,255 | 1,299,642 | ||||||
| 5.00%, 05/15/27 (c) | 1,070 | 1,108,500 | ||||||
| 5.00%, 05/15/27 (c) | 2,085 | 2,118,832 | ||||||
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) | ||||||||
| 5.00%, 09/01/30 (c) | 500 | 501,281 | ||||||
| 5.00%, 09/01/30 (c) | 1,795 | 1,854,455 | ||||||
See Notes to Financial Statements
| 72 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | $ | 845 | $ | 856,374 | ||||
| 5.00%, 06/01/27 (c) | 500 | 508,826 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 5.00%, 12/15/25 (c) | 2,830 | 2,861,820 | ||||||
| 5.00%, 12/15/27 (c) | 2,000 | 2,033,514 | ||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 2,000 | 2,044,221 | ||||||
| 5.00%, 06/15/26 (c) | 610 | 623,639 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 509,313 | ||||||
| Utility Debt Securitization Authority, Series E (RB) | ||||||||
| 5.00%, 12/15/23 (c) | 1,250 | 1,250,480 | ||||||
| 5.00%, 12/15/32 (c) | 2,000 | 2,183,173 | ||||||
| 340,924,114 | ||||||||
| North Carolina: 1.4% | ||||||||
|
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series B (RB) 1.95%, 11/01/29 (p) |
1,500 | 1,273,482 | ||||||
|
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 12/01/31 (p) |
3,000 | 3,188,699 | ||||||
|
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c) |
1,925 | 1,846,492 | ||||||
|
City of Charlotte, North Carolina Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) |
1,670 | 1,547,027 | ||||||
|
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c) |
900 | 896,583 | ||||||
|
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) |
250 | 207,893 | ||||||
|
County of Wake (RB) 3.00%, 03/01/31 (c) |
1,500 | 1,273,389 | ||||||
|
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) |
1,000 | 931,610 | ||||||
|
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/31 (c) |
1,000 | 960,171 | ||||||
|
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) |
1,000 | 1,050,299 | ||||||
| Par (000’s |
) | Value | ||||||
|
North Carolina (continued) | ||||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) |
$ | 500 | $ | 506,999 | ||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) |
380 | 394,529 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 890 | 878,424 | ||||||
| 4.00%, 01/01/28 (c) | 800 | 781,606 | ||||||
| 4.00%, 01/01/28 (c) | 360 | 354,422 | ||||||
|
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c) |
625 | 459,819 | ||||||
|
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/29 (c) |
1,500 | 1,585,528 | ||||||
| State of North Carolina, Series A (GO) | ||||||||
| 3.00%, 06/01/28 (c) | 380 | 336,789 | ||||||
| 5.00%, 06/01/28 (c) | 1,140 | 1,202,467 | ||||||
| 5.00%, 06/01/30 (c) | 1,100 | 1,189,845 | ||||||
| State of North Carolina, Series A (RB) | ||||||||
| 5.00%, 05/01/29 (c) | 1,000 | 1,062,392 | ||||||
| 5.00%, 05/01/32 (c) | 1,000 | 1,086,204 | ||||||
|
State of North Carolina, Series B (RB) 3.00%, 05/01/27 (c) |
800 | 716,848 | ||||||
|
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/31 (c) |
1,000 | 1,061,549 | ||||||
| 24,793,066 | ||||||||
| Ohio: 1.8% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Summa Health (RB) | ||||||||
| 4.00%, 11/15/30 (c) | 1,000 | 879,861 | ||||||
| 4.00%, 11/15/30 (c) | 1,000 | 855,024 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 3,000 | 3,099,677 | ||||||
| 5.00%, 06/01/30 (c) | 500 | 517,268 | ||||||
| 5.00%, 06/01/30 (c) | 500 | 517,540 | ||||||
|
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30 |
1,000 | 1,079,080 | ||||||
|
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) |
1,245 | 1,325,119 | ||||||
See Notes to Financial Statements
| 73 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 5.00%, 12/01/29 | $ | 1,250 | $ | 1,313,004 | ||||
| 5.00%, 02/01/28 (c) | 1,030 | 1,064,455 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,049,451 | ||||||
|
County of Butler, Ohio Hospital Facilities, UC Health (RB) 4.00%, 11/15/27 (c) |
1,205 | 993,155 | ||||||
|
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/27 (c) |
100 | 100,876 | ||||||
|
County of Hamilton, Series A (RB) 4.00%, 12/01/26 (c) |
1,000 | 959,823 | ||||||
|
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) |
1,000 | 829,054 | ||||||
|
Ohio State University, Series A (RB) 5.00%, 12/01/29 |
2,225 | 2,384,187 | ||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
| 5.00%, 02/15/28 (c) | 500 | 521,379 | ||||||
| 5.00%, 02/15/28 (c) | 500 | 521,400 | ||||||
| 5.00%, 02/15/28 (c) | 1,845 | 1,924,089 | ||||||
|
Ohio Water Development Authority, Drinking Water, Series A (RB) 5.00%, 06/01/31 (c) |
1,335 | 1,414,957 | ||||||
|
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) |
1,760 | 1,834,129 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 2,065 | 2,145,652 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,073,103 | ||||||
| 5.00%, 06/01/30 (c) | 1,970 | 2,058,913 | ||||||
|
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c) |
480 | 481,526 | ||||||
|
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 4.00%, 01/01/28 (c) |
760 | 720,309 | ||||||
|
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) |
165 | 141,227 | ||||||
|
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) |
1,000 | 1,040,703 | ||||||
| Par (000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31 |
$ | 1,225 | $ | 1,329,670 | ||||
| 32,174,631 | ||||||||
| Oklahoma: 0.2% | ||||||||
|
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c) |
330 | 305,095 | ||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
| 4.00%, 12/01/26 (c) | 2,000 | 1,960,356 | ||||||
| 5.00%, 12/01/26 (c) | 515 | 521,122 | ||||||
|
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) |
565 | 580,723 | ||||||
| 3,367,296 | ||||||||
| Oregon: 1.2% | ||||||||
|
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c) |
720 | 746,163 | ||||||
|
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c) |
700 | 724,690 | ||||||
|
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c) |
2,350 | 1,868,599 | ||||||
|
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) |
1,285 | 1,339,934 | ||||||
| Hillsboro School District No. 1J (GO) (SBG) | ||||||||
| 5.00%, 06/15/27 (c) | 590 | 609,120 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,038,553 | ||||||
| Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG) | ||||||||
| 4.00%, 06/15/28 (c) | 740 | 722,946 | ||||||
| 5.00%, 06/15/28 (c) | 545 | 573,352 | ||||||
|
Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG) 4.00%, 06/15/30 (c) |
2,000 | 1,814,487 | ||||||
| Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG) | ||||||||
| 0.01%, 06/15/27 (c) | 1,010 | 638,977 | ||||||
| 0.01%, 06/15/27 (c) | 1,215 | 810,052 | ||||||
|
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) |
1,280 | 1,108,241 | ||||||
|
Multnomah County, School District No. 1J (GO) (SBG) 5.00%, 06/15/33 (c) |
1,000 | 1,089,123 | ||||||
See Notes to Financial Statements
| 74 |
| Par (000’s |
) | Value | ||||||
| Oregon (continued) | ||||||||
|
Portland Community College District (GO) 5.00%, 06/15/33 (c) |
$ | 1,000 | $ | 1,074,573 | ||||
| State of Oregon, Department of Transportation, Highway User Tax, Series A (RB) | ||||||||
| 4.00%, 11/15/30 (c) | 3,000 | 2,764,165 | ||||||
| 5.00%, 11/15/29 (c) | 1,650 | 1,725,354 | ||||||
| 5.00%, 11/15/30 (c) | 1,000 | 1,054,107 | ||||||
|
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 04/01/28 (c) |
570 | 494,595 | ||||||
| Washington County, Beaverton School District No. 48, Series A (GO) (SBG) | ||||||||
| 0.00%, 06/15/32 (c) ^ | 1,000 | 439,889 | ||||||
| 0.00%, 06/15/32 (c) ^ | 1,000 | 411,616 | ||||||
| 21,048,536 | ||||||||
| Pennsylvania: 3.7% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
| 5.00%, 04/01/28 (c) | 1,120 | 1,133,976 | ||||||
| 5.00%, 07/15/29 (c) | 810 | 838,701 | ||||||
| 5.00%, 07/15/29 (c) | 360 | 375,004 | ||||||
|
Allegheny County Sanitary Authority Sewer (RB) 5.00%, 12/01/25 (c) |
1,000 | 1,007,589 | ||||||
|
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c) |
380 | 390,627 | ||||||
| City of Philadelphia, Gas Works (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 880 | 890,304 | ||||||
| 5.00%, 10/01/26 (c) | 680 | 684,275 | ||||||
| 5.00%, 10/01/26 (c) | 970 | 978,460 | ||||||
| 5.00%, 10/01/26 (c) | 735 | 742,607 | ||||||
| City of Philadelphia, Series A (GO) | ||||||||
| 4.00%, 05/01/31 (c) | 1,925 | 1,666,281 | ||||||
| 5.00%, 08/01/27 (c) | 750 | 771,826 | ||||||
|
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c) |
1,000 | 935,386 | ||||||
|
City of Philadelphia, Series B (GO) 5.00%, 08/01/29 (c) |
1,500 | 1,541,275 | ||||||
|
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/25 (c) |
1,595 | 1,610,168 | ||||||
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/28 (c) |
775 | 794,779 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 3.00%, 01/01/27 (c) | 510 | 458,903 | ||||||
| 3.00%, 09/15/26 (c) | 1,055 | 906,493 | ||||||
| 4.00%, 02/01/26 (c) | 1,500 | 1,459,359 | ||||||
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 4.00%, 05/15/31 (c) | $ | 2,000 | $ | 1,991,300 | ||||
| 4.00%, 08/15/25 (c) | 1,500 | 1,442,702 | ||||||
| Geisinger Authority Health System, Series A (RB) | ||||||||
| 4.00%, 04/01/30 (c) | 1,000 | 881,280 | ||||||
| 5.00%, 02/15/27 (c) | 3,100 | 3,057,862 | ||||||
|
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) |
2,000 | 2,054,148 | ||||||
|
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c) |
1,100 | 1,104,059 | ||||||
|
Pennsylvania Economic Development Financing Authority, UPMC (RB) 5.00%, 09/15/26 (c) |
385 | 392,056 | ||||||
|
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) 3.38%, 11/15/27 (c) |
1,000 | 886,978 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) |
125 | 126,504 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c) |
775 | 731,778 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/26 (c) |
1,000 | 983,657 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/25 (c) |
2,675 | 2,719,567 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) 5.00%, 08/15/27 (c) |
270 | 276,406 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) |
425 | 376,950 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) |
700 | 603,788 | ||||||
See Notes to Financial Statements
| 75 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) |
$ | 315 | $ | 289,080 | ||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) |
1,620 | 1,477,761 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c) |
300 | 266,622 | ||||||
|
Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/24 (c) |
1,000 | 1,006,510 | ||||||
|
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/27 (c) |
2,000 | 1,802,674 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 310 | 319,049 | ||||||
| 5.00%, 12/01/26 (c) | 750 | 771,676 | ||||||
| 5.00%, 12/01/28 (c) | 1,250 | 1,282,743 | ||||||
| 5.00%, 12/01/29 (c) | 500 | 523,618 | ||||||
| 5.00%, 12/01/29 (c) | 1,000 | 1,031,244 | ||||||
| 5.00%, 12/01/32 (c) | 1,000 | 1,071,132 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 1,010 | 1,029,049 | ||||||
| 5.00%, 06/01/26 (c) | 2,650 | 2,661,911 | ||||||
| 5.00%, 06/01/31 (c) | 700 | 747,575 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) (AGM) | ||||||||
| 5.00%, 06/01/27 (c) | 510 | 526,276 | ||||||
| 5.00%, 06/01/27 (c) | 1,735 | 1,788,568 | ||||||
|
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c) |
1,355 | 1,255,999 | ||||||
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
| 5.00%, 09/01/31 | 1,460 | 1,558,608 | ||||||
| 5.00%, 09/01/32 | 2,000 | 2,144,453 | ||||||
| 5.00%, 09/01/33 | 2,000 | 2,147,872 | ||||||
|
School District of Philadelphia, Series A (GO) (SAW) 5.00%, 09/01/28 (c) |
660 | 678,021 | ||||||
| School District of Philadelphia, Series F (GO) (SAW) | ||||||||
| 5.00%, 09/01/26 (c) | 1,000 | 1,000,256 | ||||||
| 5.00%, 09/01/26 (c) | 1,570 | 1,537,133 | ||||||
| 5.00%, 09/01/26 (c) | 485 | 490,736 | ||||||
|
Sports and Exhibition Authority, Regional Asset District (RB) (AGM) 5.00%, 08/01/29 (c) |
1,000 | 1,048,133 | ||||||
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) | ||||||||
| 5.00%, 12/01/26 (c) | $ | 1,225 | $ | 1,245,897 | ||||
| 5.00%, 12/01/26 (c) | 1,750 | 1,779,853 | ||||||
| 66,297,497 | ||||||||
| Rhode Island: 0.3% | ||||||||
|
Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB) 4.00%, 05/15/31 (c) |
1,000 | 890,130 | ||||||
|
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) 2.05%, 04/01/30 (c) |
1,000 | 706,508 | ||||||
|
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM) 2.10%, 10/01/29 (c) |
1,000 | 749,090 | ||||||
|
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) |
250 | 260,785 | ||||||
|
State of Rhode Island, Series A (GO) 5.00%, 08/01/32 (c) |
2,000 | 2,074,403 | ||||||
|
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/25 (c) |
1,000 | 952,289 | ||||||
| 5,633,205 | ||||||||
| South Carolina: 0.6% | ||||||||
|
Lancaster County, School District (GO) 3.25%, 03/01/27 (c) |
325 | 296,412 | ||||||
|
Lexington County, Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) |
100 | 102,194 | ||||||
|
Patriots Energy Group Financing Agency, Gas Supply, Series A (RB) 5.25%, 08/01/31 (c) (p) |
5,000 | 4,980,273 | ||||||
|
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c) |
1,000 | 1,041,574 | ||||||
|
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/27 (c) |
1,000 | 1,018,113 | ||||||
| South Carolina, Public Service Authority, Series A (RB) | ||||||||
| 4.00%, 12/01/31 (c) | 1,115 | 1,031,730 | ||||||
| 5.00%, 06/01/26 (c) | 1,500 | 1,470,675 | ||||||
See Notes to Financial Statements
| 76 |
| Par (000’s |
) | Value | ||||||
| South Carolina (continued) | ||||||||
|
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/27 (c) |
$ | 1,000 | $ | 910,336 | ||||
| 10,851,307 | ||||||||
| South Dakota: 0.2% | ||||||||
| South Dakota Health and Educational Facilities Authority (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 2,750 | 2,672,895 | ||||||
| 5.00%, 09/01/27 (c) | 100 | 101,413 | ||||||
| 5.00%, 09/01/27 (c) | 255 | 258,757 | ||||||
| 3,033,065 | ||||||||
| Tennessee: 0.9% | ||||||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 4.00%, 07/01/26 (c) | 545 | 538,907 | ||||||
| 4.00%, 07/01/26 (c) | 580 | 572,494 | ||||||
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 1,000 | 1,037,585 | ||||||
| 5.00%, 07/01/26 (c) | 3,050 | 2,987,435 | ||||||
| Shelby County, Public Improvement, Series B (GO) | ||||||||
| 4.00%, 04/01/30 (c) | 3,000 | 2,984,941 | ||||||
| 4.00%, 04/01/30 (c) | 1,000 | 987,436 | ||||||
| 4.00%, 04/01/30 (c) | 1,000 | 980,893 | ||||||
|
State of Tennessee, Series A (GO) 5.00%, 05/01/33 (c) |
1,000 | 1,095,794 | ||||||
|
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 12/01/30 (c) (p) |
2,000 | 2,007,584 | ||||||
|
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) |
4,000 | 3,943,218 | ||||||
| 17,136,287 | ||||||||
| Texas: 8.7% | ||||||||
| Aldine Independent School District, Series A (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 910 | 890,666 | ||||||
| 4.00%, 02/15/27 (c) | 675 | 651,507 | ||||||
|
Alvin Independent School District, Unlimited Tax School House (GO) 3.38%, 02/15/28 (c) |
350 | 281,432 | ||||||
| Arlington Independent School District, Unlimited Tax School Building (GO) | ||||||||
| 4.00%, 02/15/29 (c) | 1,000 | 987,501 | ||||||
| 4.00%, 02/15/29 (c) | 500 | 490,858 | ||||||
|
Austin Independent School District, Unlimited Tax School Building (GO) 5.00%, 02/01/33 (c) |
1,500 | 1,596,540 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Bexar County Hospital District, Limited Tax (GO) 4.00%, 02/15/28 (c) |
$ | 1,000 | $ | 964,047 | ||||
|
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30 |
2,950 | 3,172,785 | ||||||
|
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) |
850 | 900,940 | ||||||
|
City of Austin, Water and Wastewater System (RB) 5.00%, 05/15/24 (c) |
1,065 | 1,069,216 | ||||||
|
City of Dallas (GO) 5.00%, 02/15/25 (c) |
1,055 | 1,062,162 | ||||||
|
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c) |
600 | 482,246 | ||||||
| City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 600 | 613,542 | ||||||
| 5.00%, 10/01/26 (c) | 565 | 578,532 | ||||||
|
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/30 (c) |
1,000 | 1,074,815 | ||||||
|
City of Denton, Utility System (RB) 5.00%, 12/01/26 (c) |
965 | 975,389 | ||||||
|
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/28 (c) |
1,000 | 1,026,622 | ||||||
|
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) |
4,500 | 4,789,709 | ||||||
|
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) |
1,500 | 1,404,047 | ||||||
| City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
| 5.00%, 11/15/28 (c) | 750 | 779,024 | ||||||
| 5.00%, 11/15/28 (c) | 1,000 | 1,047,837 | ||||||
| City of Houston, Public Improvement, Series A (GO) | ||||||||
| 5.00%, 03/01/29 (c) | 1,000 | 1,049,719 | ||||||
| 5.00%, 03/01/29 (c) | 1,215 | 1,280,278 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 5.00%, 03/01/26 (c) | 515 | 524,634 | ||||||
| 5.00%, 03/01/26 (c) | 180 | 183,157 | ||||||
| 5.00%, 03/01/27 (c) | 500 | 516,743 | ||||||
| 5.00%, 03/01/27 (c) | 520 | 536,934 | ||||||
|
City of Houston, Texas Public Improvement, Series A (GO) 5.00%, 03/01/33 (c) |
1,000 | 1,083,741 | ||||||
|
City of Lubbock, Texas Electric Light and Power System (RB) 4.00%, 04/15/30 (c) |
1,550 | 1,342,389 | ||||||
See Notes to Financial Statements
| 77 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| City of San Antonio, Electric and Gas Systems (RB) | ||||||||
| 4.00%, 02/01/30 | $ | 1,000 | $ | 994,132 | ||||
| 5.00%, 02/01/32 (c) | 1,000 | 1,068,326 | ||||||
| City of San Antonio, Electric and Gas Systems, Series B (RB) | ||||||||
| 4.00%, 02/01/33 | 1,000 | 978,559 | ||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,035,242 | ||||||
|
Conroe Independent School District (GO) 5.00%, 02/15/25 (c) |
1,430 | 1,447,992 | ||||||
|
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) |
320 | 316,918 | ||||||
|
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/30 (c) |
1,000 | 984,577 | ||||||
| County of Bexar, Hospital District (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 115 | 113,341 | ||||||
| 5.00%, 02/15/26 (c) | 1,315 | 1,341,294 | ||||||
| County of Collin, Community College District (GO) | ||||||||
| 3.25%, 08/15/27 (c) | 500 | 456,628 | ||||||
| 4.00%, 08/15/27 (c) | 925 | 921,407 | ||||||
|
County of El Paso, Hospital District (GO) 4.00%, 08/15/27 (c) |
250 | 220,509 | ||||||
| County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 950 | 918,414 | ||||||
| 5.00%, 11/15/27 (c) | 850 | 877,190 | ||||||
|
County of Harris, Flood Control District, Series A (GO) 5.00%, 10/01/25 (c) |
480 | 488,248 | ||||||
| County of Harris, Flood Control District, Series A (RB) | ||||||||
| 4.00%, 10/01/27 (c) | 1,000 | 909,515 | ||||||
| 4.00%, 10/01/27 (c) | 2,855 | 2,637,621 | ||||||
|
County of Harris, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c) |
1,100 | 1,006,274 | ||||||
|
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/26 (c) |
675 | 688,820 | ||||||
| Cypress-Fairbanks Independent School District (GO) | ||||||||
| 4.00%, 02/15/25 (c) | 1,735 | 1,690,447 | ||||||
| 4.00%, 02/15/30 (c) | 1,275 | 1,160,544 | ||||||
| Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
| 3.00%, 02/15/31 (c) | 500 | 434,190 | ||||||
| 4.00%, 02/15/31 (c) | 1,500 | 1,390,530 | ||||||
| 5.00%, 02/15/29 (c) | 1,805 | 1,916,147 | ||||||
|
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) |
1,835 | 1,939,682 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Dallas Fort Worth International Airport, Series C (RB) 4.12%, 11/01/23 (c) |
$ | 1,150 | $ | 1,150,000 | ||||
| Dallas Independent School District, Unlimited Tax School Building (GO) | ||||||||
| 4.00%, 02/15/30 (c) | 1,000 | 995,929 | ||||||
| 5.00%, 02/15/32 (c) | 1,000 | 1,071,951 | ||||||
| 5.00%, 02/15/32 (c) | 1,000 | 1,064,323 | ||||||
| 5.00%, 02/15/32 (c) | 1,500 | 1,558,247 | ||||||
|
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 02/15/26 (c) |
335 | 329,592 | ||||||
| Fort Bend Independent School District (GO) | ||||||||
| 5.00%, 08/15/27 (c) | 2,000 | 2,075,973 | ||||||
| 5.00%, 08/15/27 (c) | 645 | 670,178 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 4.00%, 08/15/30 (c) | 1,345 | 1,276,684 | ||||||
| 4.00%, 08/15/30 (c) | 1,350 | 1,331,179 | ||||||
| 5.00%, 02/15/29 (c) | 2,000 | 2,079,083 | ||||||
|
Harris County Flood Control District Improvement, Series A (GO) 4.00%, 10/01/30 (c) |
1,000 | 977,307 | ||||||
|
Hays Consolidated Independent School District (GO) 5.00%, 02/15/32 (c) |
1,000 | 1,036,725 | ||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 5.00%, 02/15/27 (c) | 540 | 556,929 | ||||||
| 5.00%, 02/15/27 (c) | 750 | 777,687 | ||||||
|
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) |
605 | 634,124 | ||||||
|
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/27 (c) |
2,510 | 2,548,500 | ||||||
| Lone Star College System (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 1,500 | 1,480,121 | ||||||
| 5.00%, 02/15/26 (c) | 400 | 406,415 | ||||||
|
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c) |
1,000 | 1,063,173 | ||||||
|
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/30 (c) |
1,250 | 1,271,066 | ||||||
|
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/33 (c) |
1,000 | 1,054,836 | ||||||
See Notes to Financial Statements
| 78 |
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB) 4.00%, 08/15/27 (c) |
$ | 555 | $ | 491,747 | ||||
|
North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/26 (c) |
715 | 727,131 | ||||||
| North Texas Tollway Authority System, Series B (RB) | ||||||||
| 4.00%, 01/01/31 (c) | 2,000 | 1,860,424 | ||||||
| 4.00%, 01/01/31 (c) | 2,250 | 1,981,952 | ||||||
| 4.00%, 01/01/31 (c) | 1,975 | 1,893,940 | ||||||
| 5.00%, 01/01/24 (c) | 3,500 | 3,505,502 | ||||||
| 5.00%, 01/01/24 (c) | 3,325 | 3,330,227 | ||||||
| 5.00%, 01/01/27 (c) | 1,000 | 1,006,332 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 4.12%, 01/01/32 (c) | 2,000 | 1,783,135 | ||||||
| 5.00%, 01/01/26 (c) | 1,675 | 1,704,609 | ||||||
| 5.00%, 01/01/26 (c) | 1,195 | 1,217,455 | ||||||
| 5.00%, 01/01/26 (c) | 500 | 507,801 | ||||||
| 5.00%, 01/01/26 (c) | 425 | 432,986 | ||||||
|
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c) |
450 | 429,808 | ||||||
|
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/27 (c) |
880 | 912,165 | ||||||
|
Permanent University Fund, University of Texas System (RB) 5.00%, 07/01/32 (c) |
1,180 | 1,280,888 | ||||||
| Pflugerville Independent School District, Unlimited Tax, Series A (GO) | ||||||||
| 5.00%, 02/15/32 (c) | 1,875 | 2,018,777 | ||||||
| 5.00%, 02/15/32 (c) | 1,000 | 1,050,296 | ||||||
| Plano Independent School District, Unlimited Tax (GO) | ||||||||
| 5.00%, 08/15/32 (c) | 1,000 | 1,071,378 | ||||||
| 5.00%, 08/15/32 (c) | 1,000 | 1,079,440 | ||||||
|
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c) |
1,000 | 1,063,401 | ||||||
|
San Antonio Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/28 (c) |
500 | 490,005 | ||||||
|
San Antonio Water System, Junior Lien, Series A (RB) 4.00%, 05/15/31 (c) |
1,150 | 1,020,918 | ||||||
|
State of Texas, Transportation Commission (GO) 4.00%, 04/01/24 (c) |
1,525 | 1,477,961 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c) |
$ | 500 | $ | 511,212 | ||||
|
State of Texas, Water Financial Assistance, Series B (GO) 5.00%, 08/01/25 (c) |
1,000 | 1,004,447 | ||||||
|
Texas Department of Housing & Community Affairs, Series A (RB) 3.80%, 07/01/28 (c) |
1,670 | 1,423,000 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/29 | 2,250 | 2,211,997 | ||||||
| 5.00%, 12/15/31 | 1,475 | 1,436,723 | ||||||
| 5.00%, 12/15/32 | 1,000 | 970,647 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) | ||||||||
| 4.00%, 12/31/30 (c) | 1,150 | 1,046,235 | ||||||
| 4.00%, 12/31/30 (c) | 1,390 | 1,276,446 | ||||||
|
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/29 (c) |
1,000 | 886,837 | ||||||
|
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c) |
1,570 | 1,534,542 | ||||||
|
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/26 (c) |
1,000 | 1,013,230 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 3.00%, 10/15/30 (c) | 500 | 429,246 | ||||||
| 3.00%, 10/15/30 (c) | 950 | 778,024 | ||||||
| 3.00%, 10/15/30 (c) | 750 | 631,048 | ||||||
| 4.00%, 10/15/26 (c) | 2,000 | 1,904,784 | ||||||
| 4.00%, 10/15/30 (c) | 2,000 | 1,984,382 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 3.00%, 10/15/29 (c) | 2,650 | 2,229,702 | ||||||
| 4.00%, 10/15/25 (c) | 1,000 | 983,994 | ||||||
| 4.00%, 10/15/27 (c) | 400 | 395,818 | ||||||
| 4.00%, 10/15/27 (c) | 1,000 | 983,167 | ||||||
| 4.00%, 10/15/27 (c) | 2,000 | 1,862,705 | ||||||
| 4.00%, 04/15/28 (c) | 600 | 593,726 | ||||||
| 4.60%, 10/15/33 (c) | 1,000 | 990,538 | ||||||
| 5.00%, 10/15/27 (c) | 250 | 260,188 | ||||||
| 5.00%, 10/15/27 (c) | 200 | 208,005 | ||||||
|
Texas Water Development Board, Series B (RB) 4.00%, 10/15/28 (c) |
1,000 | 983,167 | ||||||
See Notes to Financial Statements
| 79 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 4.00%, 10/15/28 (c) | $ | 3,000 | $ | 2,794,058 | ||||
| 5.00%, 10/15/28 (c) | 1,500 | 1,579,864 | ||||||
|
Texas Water Development Board, Series D (RB) 3.00%, 10/15/30 (c) |
500 | 397,912 | ||||||
| Tomball Independent School District, Unlimited Tax (GO) | ||||||||
| 5.00%, 02/15/33 (c) | 1,000 | 1,048,889 | ||||||
| 5.00%, 02/15/33 (c) | 1,100 | 1,169,206 | ||||||
|
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/27 (c) |
670 | 698,059 | ||||||
|
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c) |
1,500 | 1,605,738 | ||||||
| University of Texas, Board of Regents, Series A (RB) | ||||||||
| 5.00%, 07/01/33 (c) | 1,000 | 1,043,311 | ||||||
| 5.00%, 08/15/32 (c) | 2,000 | 2,171,771 | ||||||
| 156,084,477 | ||||||||
| Utah: 0.4% | ||||||||
|
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/27 (c) |
395 | 386,423 | ||||||
|
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c) |
2,000 | 1,949,100 | ||||||
|
University of Utah, Series A (RB) 5.00%, 08/01/27 (c) |
365 | 378,162 | ||||||
|
University of Utah, Series B (RB) 5.00%, 08/01/32 (c) |
2,220 | 2,326,164 | ||||||
| Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
| 4.00%, 06/15/26 (c) | 2,000 | 1,910,469 | ||||||
| 4.00%, 06/15/26 (c) | 850 | 843,889 | ||||||
| 7,794,207 | ||||||||
| Vermont: 0.1% | ||||||||
|
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 06/01/26 (c) |
1,000 | 1,009,356 | ||||||
| Virginia: 1.6% | ||||||||
|
Arlington County, Public Improvement (GO) 5.00%, 06/15/32 (c) |
2,000 | 2,191,459 | ||||||
|
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c) |
375 | 277,074 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 4.00%, 04/01/32 (c) | 1,000 | 962,096 | ||||||
| 4.00%, 04/01/32 (c) | 1,000 | 983,737 | ||||||
| 5.00%, 04/01/28 (c) | 750 | 790,710 | ||||||
| 5.00%, 04/01/29 (c) | 1,755 | 1,869,526 | ||||||
| Par (000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
|
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/29 (c) |
$ | 1,500 | $ | 1,200,323 | ||||
|
Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/30 (c) |
665 | 608,568 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 3.00%, 02/01/31 (c) | 2,750 | 2,280,635 | ||||||
| 4.00%, 02/01/26 (c) | 2,000 | 1,998,621 | ||||||
| 4.00%, 02/01/30 (c) | 1,500 | 1,455,298 | ||||||
| 4.00%, 02/01/30 (c) | 2,095 | 1,950,438 | ||||||
| 5.00%, 02/01/30 (c) | 1,950 | 2,071,106 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 880 | 920,251 | ||||||
| 5.00%, 02/01/28 (c) | 2,180 | 2,275,968 | ||||||
|
Virginia Commonwealth Transportation Board, Series A (RB) |
||||||||
|
4.00%, 11/15/27 (c) |
1,000 | 956,224 | ||||||
| 4.00%, 05/15/26 (c) | 500 | 494,352 | ||||||
| 5.00%, 11/15/27 (c) | 800 | 829,238 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 3.00%, 08/01/26 (c) | 695 | 609,863 | ||||||
| 3.12%, 08/01/28 (c) | 1,050 | 911,112 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,074,902 | ||||||
| Virginia Public Building Authority, Series A-2 (RB) | ||||||||
| 4.00%, 08/01/31 (c) | 1,000 | 980,743 | ||||||
| 4.00%, 08/01/31 (c) | 1,000 | 943,991 | ||||||
| Virginia
State, Public Building Authority, Series A (RB)
4.00%, 08/01/27 (c) |
185 | 185,336 | ||||||
| 28,821,571 | ||||||||
| Washington: 3.9% | ||||||||
|
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 07/01/31 (c) |
1,000 | 929,012 | ||||||
|
County of King, Limited Tax (GO) 4.00%, 07/01/27 (c) |
2,110 | 2,112,617 | ||||||
|
County of King, Limited Tax (GO) (SAW) 5.00%, 01/01/29 (c) |
1,000 | 1,062,187 | ||||||
|
Energy Northwest, Colombia Generating Station Electric, Series A (RB) 5.00%, 07/01/27 (c) |
400 | 415,478 | ||||||
See Notes to Financial Statements
| 80 |
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| 5.00%, 07/01/28 (c) | $ | 695 | $ | 731,136 | ||||
| 5.00%, 07/01/30 (c) | 1,930 | 2,061,943 | ||||||
| 5.00%, 07/01/31 (c) | 1,955 | 2,025,168 | ||||||
| 5.00%, 07/01/33 (c) | 1,000 | 1,070,209 | ||||||
| 5.00%, 07/01/33 (c) | 2,000 | 2,161,546 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | ||||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,044,255 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 515,397 | ||||||
| 5.00%, 07/01/30 (c) | 1,415 | 1,487,266 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series C (RB) | ||||||||
| 5.00%, 07/01/25 (c) | 1,250 | 1,270,837 | ||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,048,293 | ||||||
|
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/30 (c) |
1,545 | 1,317,544 | ||||||
|
King County, School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/27 (c) |
880 | 865,903 | ||||||
| King County, School District No. 401 Highline (GO) (SBG) | ||||||||
| 3.12%, 12/01/26 (c) | 690 | 621,086 | ||||||
| 5.00%, 12/01/26 (c) | 700 | 723,606 | ||||||
|
King County, School District No. 411 Issaquah (GO) (SBG) 4.00%, 06/01/26 (c) |
635 | 626,723 | ||||||
|
King County, School District No. 414 Lake Washington (GO) (SBG) 5.00%, 06/01/27 (c) |
1,335 | 1,389,409 | ||||||
|
King County, Washington Sewer, Series B (RB) 4.00%, 07/01/24 (c) |
1,000 | 950,327 | ||||||
| Kitsap County, School District No. 401 Central Kitsap (GO) (SBG) | ||||||||
| 4.00%, 06/01/26 (c) | 1,000 | 950,891 | ||||||
| 4.00%, 06/01/26 (c) | 1,425 | 1,370,628 | ||||||
| 4.00%, 06/01/26 (c) | 1,250 | 1,198,428 | ||||||
|
Pierce County, Puyallup School District No. 3 (GO) (SBG) 5.00%, 06/01/27 (c) |
970 | 1,008,215 | ||||||
|
Pierce County, School District No. 403 Bethel (GO) (SBG) 5.00%, 06/01/29 (c) |
500 | 527,822 | ||||||
|
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) |
825 | 844,697 | ||||||
|
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c) |
1,000 | 1,074,650 | ||||||
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
State of Washington, Series A (GO) 5.00%, 08/01/26 (c) |
$ | 755 | $ | 772,434 | ||||
|
State of Washington, Series C (GO) 5.00%, 08/01/27 (c) |
880 | 909,361 | ||||||
|
State of Washington, Series D (GO) 5.00%, 08/01/27 (c) |
880 | 914,327 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/27 (c) | 500 | 516,682 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 515,980 | ||||||
| State of Washington, Various Purpose, Series C (GO) | ||||||||
| 5.00%, 02/01/28 (c) | 2,165 | 2,211,186 | ||||||
| 5.00%, 02/01/31 (c) | 2,175 | 2,324,976 | ||||||
|
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/27 (c) |
735 | 745,057 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 5.00%, 08/01/27 (c) | 880 | 908,124 | ||||||
| 5.00%, 08/01/27 (c) | 420 | 436,235 | ||||||
|
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) |
||||||||
|
5.00%, 02/15/28 (c) |
2,000 | 1,912,261 | ||||||
| 5.00%, 02/15/28 (c) | 1,815 | 1,764,164 | ||||||
|
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 12/01/23 (c) |
1,820 | 1,636,680 | ||||||
| Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) | ||||||||
| 4.00%, 10/01/30 (p) | 1,595 | 1,483,797 | ||||||
| 5.00%, 10/01/28 (c) | 250 | 252,293 | ||||||
| 5.00%, 10/01/28 (c) | 225 | 226,665 | ||||||
|
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB) 5.00%, 10/01/24 (c) |
2,270 | 2,197,819 | ||||||
|
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) |
760 | 755,973 | ||||||
|
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 |
1,669 | 1,417,714 | ||||||
|
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c) |
1,050 | 1,107,384 | ||||||
See Notes to Financial Statements
| 81 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/31 (c) |
$ | 2,000 | $ | 2,078,812 | ||||
|
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c) |
1,000 | 912,458 | ||||||
| Washington State, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,038,846 | ||||||
| 5.00%, 08/01/31 (c) | 1,250 | 1,314,349 | ||||||
| 5.00%, 08/01/33 (c) | 2,000 | 2,105,834 | ||||||
|
Washington State, Various Purpose, Series A-1 (GO) 5.00%, 08/01/24 (c) |
1,500 | 1,510,789 | ||||||
| Washington State, Various Purpose, Series C (GO) | ||||||||
| 5.00%, 01/01/25 (c) | 1,575 | 1,592,417 | ||||||
| 5.00%, 02/01/28 (c) | 1,145 | 1,174,396 | ||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,038,736 | ||||||
| 5.00%, 02/01/29 (c) | 1,080 | 1,110,481 | ||||||
| 5.00%, 02/01/30 (c) | 1,000 | 1,054,581 | ||||||
| 69,346,084 | ||||||||
| West Virginia: 0.2% | ||||||||
| State of West Virginia, Series A (GO) | ||||||||
| 5.00%, 06/01/29 (c) | 1,000 | 1,064,993 | ||||||
| 5.00%, 06/01/29 (c) | 500 | 522,709 | ||||||
|
State of West Virginia, Series B (GO) 5.00%, 06/01/28 (c) |
675 | 708,690 | ||||||
|
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/31 (c) |
1,320 | 1,394,476 | ||||||
| 3,690,868 | ||||||||
| Wisconsin: 0.9% | ||||||||
|
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) |
350 | 300,492 | ||||||
|
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p) |
1,335 | 1,265,224 | ||||||
|
State of Wisconsin (GO) 5.00%, 05/01/27 (c) |
450 | 468,608 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 4.00%, 05/01/28 (c) | 1,655 | 1,523,879 | ||||||
| 5.00%, 05/01/25 (c) | 890 | 903,457 | ||||||
| 5.00%, 05/01/32 (c) | 1,000 | 1,072,775 | ||||||
| 5.00%, 05/01/32 (c) | 1,000 | 1,082,707 | ||||||
|
Wisconsin Department of Transportation (RB) 5.00%, 07/01/27 (c) |
115 | 120,763 | ||||||
|
Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/24 (c) |
940 | 944,854 | ||||||
| Par (000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 4.00%, 05/15/26 (c) | $ | 1,875 | $ | 1,667,934 | ||||
| 4.00%, 05/15/26 (c) | 1,500 | 1,410,824 | ||||||
| 5.00%, 05/15/26 (c) | 1,000 | 987,125 | ||||||
| 5.00%, 05/15/26 (c) | 100 | 101,431 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) |
500 | 482,495 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c) |
125 | 127,096 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 5.00%, 08/15/24 (c) |
2,500 | 2,482,650 | ||||||
|
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.12%, 09/01/32 (c) |
1,000 | 927,743 | ||||||
| 15,870,057 | ||||||||
| Wyoming: 0.2% | ||||||||
|
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 05/15/29 (c) |
4,500 | 3,537,225 | ||||||
| Total Municipal Bonds: 98.6% (Cost: $1,943,586,794) |
1,768,564,356 | |||||||
| Other assets less liabilities: 1.4% | 25,920,628 | |||||||
| NET ASSETS: 100.0% | $ | 1,794,484,984 | ||||||
See Notes to Financial Statements
| 82 |
Definitions:
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector |
%
of |
Value | ||||||
| State GO | 16.7 | % | $ | 296,133,365 | ||||
| Local GO | 15.3 | 270,266,800 | ||||||
| Tax | 14.7 | 260,105,745 | ||||||
| Water & Sewer | 7.9 | 139,395,631 | ||||||
| Hospitals | 7.0 | 124,150,739 | ||||||
| Education | 6.6 | 115,897,900 | ||||||
| Toll & Turnpike | 5.9 | 104,046,171 | ||||||
| Transportation | 5.7 | 101,629,826 | ||||||
| Power | 5.0 | 87,963,664 | ||||||
| Leasing COPS & Appropriations | 3.9 | 69,576,943 | ||||||
| Utilities - Other | 3.7 | 65,926,045 | ||||||
| Airport | 2.0 | 36,080,528 | ||||||
| Miscellaneous | 1.8 | 31,049,243 | ||||||
| Multi-Family Housing | 1.1 | 18,838,127 | ||||||
| Single Family Housing | 0.8 | 13,314,532 | ||||||
| Industrial Development Revenue | 0.6 | 11,401,184 | ||||||
| Tobacco | 0.6 | 10,598,316 | ||||||
| Pollution Control | 0.5 | 8,723,846 | ||||||
| Health | 0.2 | 2,875,061 | ||||||
| Local | 0.0 | 569,579 | ||||||
| Unassigned | 0.0 | 21,111 | ||||||
| 100.0 | % | $ | 1,768,564,356 | |||||
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 | |||||||||
| Municipal Bonds * | $ | — | $ | 1,768,564,356 | $ | — | $ | 1,768,564,356 | ||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 83 |
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
| Par (000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.2% | ||||||||
| Alabama: 0.3% | ||||||||
|
City of Huntsville, Alabama Scholl, Series D (GO) 5.00%, 03/01/33 (c) |
$ | 1,000 | $ | 1,005,012 | ||||
| Arizona: 1.2% | ||||||||
|
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/29 (c) |
500 | 413,759 | ||||||
|
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c) |
1,000 | 969,093 | ||||||
|
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/30 (c) |
750 | 767,546 | ||||||
|
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c) |
750 | 596,145 | ||||||
| Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB) | ||||||||
| 5.00%, 01/01/33 (c) | 1,000 | 1,019,681 | ||||||
| 5.00%, 01/01/33 (c) | 1,000 | 1,020,154 | ||||||
| 4,786,378 | ||||||||
| Arkansas: 0.2% | ||||||||
|
City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM) 4.25%, 02/01/30 (c) |
1,000 | 849,860 | ||||||
| California: 17.4% | ||||||||
|
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 12/01/23 (c) |
500 | 496,114 | ||||||
|
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/28 (c) |
995 | 996,983 | ||||||
|
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/29 (c) |
1,000 | 1,003,603 | ||||||
|
Alameda County, Pleasanton United School District (GO) 4.00%, 08/01/31 (c) |
1,500 | 1,290,777 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL) 5.00%, 10/01/25 (c) |
$ | 500 | $ | 502,571 | ||||
|
Bay Area Toll Authority, Toll Bridge, Series S (RB) 4.00%, 04/01/27 (c) |
1,000 | 874,786 | ||||||
|
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) |
1,350 | 1,099,177 | ||||||
|
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) 5.00%, 08/15/27 (c) |
1,000 | 919,570 | ||||||
|
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c) |
750 | 704,310 | ||||||
|
California Health Facilities Financing Authority, Commonspririt Health, Series A (RB) 4.00%, 04/01/30 (c) |
1,000 | 825,200 | ||||||
|
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) 4.00%, 11/01/27 (c) |
1,000 | 897,331 | ||||||
|
California Health Facilities Financing Authority, Lucile Salter Packard Childrens Hospital, Series A (RB) 4.00%, 05/15/32 (c) |
1,000 | 833,034 | ||||||
|
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c) |
750 | 590,155 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/26 (c) |
680 | 488,336 | ||||||
|
California Health Facilities Financing Authority, Series A (RB) 4.00%, 11/21/23 (c) |
1,000 | 829,859 | ||||||
|
California Health Facilities Financing Authority, Series B (RB) 4.00%, 11/15/26 (c) |
1,000 | 890,817 | ||||||
|
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/28 (c) |
500 | 506,973 | ||||||
See Notes to Financial Statements
| 84 |
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California State Public Works Board, Air Resources Board, Series D (RB) 4.00%, 05/01/32 (c) |
$ | 500 | $ | 433,584 | ||||
|
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/31 (c) |
840 | 723,677 | ||||||
|
Chabot-Las Positas Community College District, Series C (GO) 5.25%, 08/01/33 (c) |
1,000 | 1,049,656 | ||||||
|
Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c) |
500 | 510,568 | ||||||
|
Chaffey Joint Union High School District, Series G (GO) 5.25%, 08/01/32 (c) |
1,000 | 1,039,251 | ||||||
|
Chino Valley Unified School District, Series B (GO) (SBG) 5.00%, 08/01/30 (c) |
620 | 626,979 | ||||||
|
City and County of San Francisco, Public Utilities Commission Water, Series D (RB) 3.00%, 11/01/30 (c) |
500 | 330,459 | ||||||
|
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/30 (c) |
750 | 664,026 | ||||||
|
County of Bernardino, Raito Unified School District (GO) (BAM) 5.00%, 02/01/33 (c) |
1,000 | 1,002,379 | ||||||
|
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/27 (c) |
1,210 | 1,078,905 | ||||||
|
El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/30 (c) |
630 | 548,354 | ||||||
|
Fremont Union High School District, Series A (GO) 4.00%, 08/01/27 (c) |
500 | 445,191 | ||||||
|
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c) |
325 | 223,086 | ||||||
|
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/28 (c) |
1,000 | 891,927 | ||||||
|
Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST) 5.00%, 09/01/33 (c) |
500 | 515,560 | ||||||
|
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/24 (c) |
500 | 500,534 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 07/01/30 (c) | $ | 800 | $ | 833,182 | ||||
| 5.00%, 07/01/33 (c) | 800 | 824,097 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 1,000 | 1,022,280 | ||||||
| 5.25%, 01/01/33 (c) | 500 | 523,993 | ||||||
|
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/31 (c) |
500 | 510,238 | ||||||
| Los Angeles Department of Water and Power, Series D (RB) | ||||||||
| 5.00%, 07/01/32 (c) | 500 | 514,982 | ||||||
| 5.00%, 07/01/32 (c) | 750 | 767,994 | ||||||
| Metropolitan Water District of Southern California, Series A (RB) | ||||||||
| 5.00%, 04/01/33 (c) | 1,500 | 1,561,660 | ||||||
| 5.00%, 04/01/33 (c) | 1,000 | 1,035,548 | ||||||
|
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c) |
530 | 485,620 | ||||||
|
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/30 (c) |
500 | 447,846 | ||||||
|
Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) |
900 | 779,996 | ||||||
|
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/26 (c) |
1,015 | 917,414 | ||||||
|
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/32 (c) |
1,000 | 849,784 | ||||||
|
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) |
570 | 516,844 | ||||||
|
Sacramento Area Flood Control Agency, Series A (SA) 5.00%, 10/01/26 (c) |
1,500 | 1,500,566 | ||||||
|
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c) |
500 | 426,172 | ||||||
|
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/27 (c) |
610 | 612,371 | ||||||
|
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) |
750 | 756,203 | ||||||
See Notes to Financial Statements
| 85 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| San Diego Public Facilities Financing Authority, Series A (RB) | ||||||||
| 4.00%, 04/15/33 (c) | $ | 500 | $ | 439,318 | ||||
| 5.25%, 08/01/33 (c) | 1,000 | 1,052,132 | ||||||
|
San Diego Unified School District, Series I (GO) 4.00%, 07/01/27 (c) |
595 | 519,640 | ||||||
|
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c) |
600 | 410,278 | ||||||
|
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c) |
610 | 533,786 | ||||||
|
San Francisco City and County, International Airport, Series B (RB) 5.00%, 05/01/27 (c) |
700 | 700,081 | ||||||
|
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/31 (c) |
885 | 769,274 | ||||||
|
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c) |
750 | 636,139 | ||||||
|
San Jacinto County, Transportation Authority, Limited Tax (RB) 4.00%, 03/01/27 (c) |
1,000 | 894,461 | ||||||
|
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c) |
825 | 617,330 | ||||||
|
San Jose Financing Authority Wastewater, Series B (RB) 5.00%, 11/01/32 (c) |
1,500 | 1,552,809 | ||||||
|
San Mateo County Community College District, Series B (GO) 5.00%, 09/01/28 (c) |
1,570 | 1,610,510 | ||||||
|
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/29 (c) |
500 | 440,395 | ||||||
|
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c) |
1,000 | 612,328 | ||||||
|
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/33 (c) |
500 | 524,242 | ||||||
|
Southwestern Community College District, Series A (GO) 4.00%, 08/01/27 (c) |
750 | 657,871 | ||||||
|
State of California, Various Purpose (GO) 3.00%, 10/01/29 (c) |
500 | 354,755 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 3.00%, 12/01/30 (c) | $ | 400 | $ | 301,014 | ||||
| 3.62%, 04/01/26 (c) | 645 | 534,728 | ||||||
| 4.00%, 10/01/29 (c) | 500 | 450,144 | ||||||
| 5.00%, 10/01/27 (c) | 660 | 675,441 | ||||||
| 5.00%, 10/01/28 (c) | 935 | 948,782 | ||||||
| 5.00%, 11/01/27 (c) | 515 | 523,829 | ||||||
| 5.00%, 12/13/23 (c) | 1,000 | 1,001,381 | ||||||
| 5.00%, 04/01/29 (c) | 1,000 | 1,016,091 | ||||||
| 5.00%, 04/01/33 (c) | 1,500 | 1,580,237 | ||||||
| 5.00%, 09/01/31 (c) | 630 | 657,017 | ||||||
|
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c) |
875 | 898,501 | ||||||
|
Sunnyvale Financing Authority, Civic Center Project (RB) (AGM) 4.00%, 04/01/30 (c) |
1,195 | 1,062,626 | ||||||
| University of California, Series BN (RB) | ||||||||
| 5.00%, 05/15/33 (c) | 1,000 | 1,054,875 | ||||||
| 5.00%, 05/15/33 (c) | 1,000 | 1,060,131 | ||||||
|
University of California, Series EE (RB) 5.00%, 05/15/30 (c) |
1,000 | 1,038,167 | ||||||
|
University of California, Series M (RB) 5.00%, 05/15/27 (c) |
1,950 | 1,972,397 | ||||||
|
University of California, Series O (RB) 5.00%, 05/15/28 (c) |
1,000 | 1,010,424 | ||||||
|
University of California, Series Q (RB) 5.00%, 05/15/31 (c) |
1,000 | 1,028,738 | ||||||
|
Ventura Unified School District, Series A (GO) 4.00%, 08/01/32 (c) |
500 | 425,944 | ||||||
| 68,786,338 | ||||||||
| Colorado: 2.0% | ||||||||
|
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/28 (c) |
1,050 | 891,295 | ||||||
|
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 06/01/25 (c) |
500 | 503,142 | ||||||
|
City of Colorado Springs, Utilities System, Series C (RB) 5.00%, 11/15/30 (c) |
600 | 604,056 | ||||||
|
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/29 (c) |
685 | 590,850 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
| 3.25%, 08/01/29 (c) | 500 | 326,891 | ||||||
| 4.00%, 08/01/29 (c) | 745 | 576,310 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 945,520 | ||||||
See Notes to Financial Statements
| 86 |
| Par (000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
|
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c) |
$ | 500 | $ | 465,185 | ||||
|
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/24 (c) |
250 | 228,191 | ||||||
|
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c) |
850 | 499,759 | ||||||
|
State of Colorado, Series A (CP) 4.00%, 12/15/31 (c) |
1,000 | 885,238 | ||||||
|
Weld County School District No. 5J (GO) (SAW) 4.00%, 12/01/30 (c) |
1,000 | 847,106 | ||||||
|
Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c) |
800 | 689,451 | ||||||
| 8,052,994 | ||||||||
| Connecticut: 0.3% | ||||||||
|
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) 4.70%, 11/15/31 (c) |
500 | 469,125 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/26 (c) |
750 | 719,204 | ||||||
| 1,188,329 | ||||||||
| Delaware: 0.3% | ||||||||
|
State of Delaware (GO) 4.00%, 05/01/33 (c) |
500 | 443,684 | ||||||
|
State of Delaware, Series A (GO) 4.00%, 05/01/33 (c) |
1,000 | 894,148 | ||||||
| 1,337,832 | ||||||||
| District of Columbia: 1.2% | ||||||||
|
District of Columbia, Children’s Hospital (RB) 5.00%, 01/15/26 (c) |
500 | 475,273 | ||||||
|
District of Columbia, Income Tax, Series A (RB) 5.00%, 09/01/29 (c) |
750 | 758,838 | ||||||
|
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/30 (c) |
805 | 697,184 | ||||||
| District of Columbia, Series A (RB) | ||||||||
| 2.62%, 03/01/30 (c) | 575 | 368,559 | ||||||
| 3.00%, 03/01/30 (c) | 275 | 203,209 | ||||||
| Par (000’s |
) | Value | ||||||
| District of Columbia (continued) | ||||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM) 4.00%, 10/01/31 (c) |
$ | 1,000 | $ | 829,922 | ||||
| Washington Metropolitan Area Transit Authority, Series A (RB) | ||||||||
| 3.00%, 07/15/31 (c) | 750 | 526,136 | ||||||
| 5.00%, 07/15/33 (c) | 1,000 | 1,011,430 | ||||||
| 4,870,551 | ||||||||
| Florida: 4.0% | ||||||||
|
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/32 (c) |
1,055 | 989,233 | ||||||
|
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c) |
845 | 725,021 | ||||||
| City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) | ||||||||
| 4.00%, 11/01/29 (c) | 1,000 | 784,604 | ||||||
| 5.00%, 11/01/29 (c) | 1,000 | 917,658 | ||||||
|
City of Lakeland, Florida Hospital, Regional Health Systems (RB) 5.00%, 11/15/24 (c) |
1,000 | 936,902 | ||||||
|
City of Orlando, Capital of Improvements, Series B (RB) 5.00%, 10/01/28 (c) |
1,000 | 1,014,823 | ||||||
|
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c) |
200 | 145,023 | ||||||
|
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c) |
180 | 131,271 | ||||||
|
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/32 (c) |
500 | 509,914 | ||||||
|
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) |
500 | 472,528 | ||||||
| County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) | ||||||||
| 4.00%, 09/01/31 (c) | 1,010 | 813,000 | ||||||
| 4.00%, 09/01/31 (c) | 1,000 | 823,264 | ||||||
|
County of Broward, School District (GO) 5.00%, 07/01/31 (c) |
665 | 674,551 | ||||||
See Notes to Financial Statements
| 87 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
County of Miami-Dade, Florida Seaport, Series A (RB) (AGM) 4.00%, 10/01/31 (c) |
$ | 2,000 | $ | 1,650,402 | ||||
|
County of Miami-Dade, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c) |
500 | 428,676 | ||||||
|
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c) |
500 | 400,829 | ||||||
|
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c) |
330 | 193,493 | ||||||
|
County of Saint Luce, School Board, Series A (CP) (AGM) 5.00%, 07/01/33 (c) |
1,000 | 991,534 | ||||||
|
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/30 (c) |
500 | 502,207 | ||||||
|
Fort Pierce Utilities Authority, Series A (RB) (AGM) 4.00%, 10/01/32 (c) |
1,000 | 799,550 | ||||||
|
Halifax Hospital Medical Center (RB) 4.00%, 06/01/26 (c) |
525 | 421,727 | ||||||
|
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c) |
500 | 266,715 | ||||||
|
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/28 (c) |
1,000 | 912,971 | ||||||
|
South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c) |
750 | 506,071 | ||||||
| 16,011,967 | ||||||||
| Georgia: 2.0% | ||||||||
|
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c) |
660 | 570,114 | ||||||
|
County of Burke, Development Authority, Series D (RB) 4.12%, 02/01/28 (c) |
260 | 203,664 | ||||||
|
County of Clarke, Hospital Authority, Piedmont Healthcare, Inc., Series A (RB) 4.00%, 07/01/26 (c) |
1,000 | 853,127 | ||||||
|
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/30 (c) |
500 | 305,619 | ||||||
| Par (000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
| Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | ||||||||
| 4.00%, 02/15/27 (c) | $ | 1,000 | $ | 852,403 | ||||
| 4.00%, 02/15/30 (c) | 630 | 527,556 | ||||||
|
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/25 (c) |
215 | 164,305 | ||||||
|
Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c) |
500 | 334,044 | ||||||
|
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49 |
990 | 921,287 | ||||||
|
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c) |
1,000 | 672,722 | ||||||
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) 4.50%, 07/01/32 (c) |
500 | 426,600 | ||||||
|
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/28 (c) |
500 | 464,356 | ||||||
|
Private Colleges & Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) |
855 | 763,822 | ||||||
|
State of Georgia, Series A (GO) 4.00%, 07/01/33 (c) |
1,000 | 931,231 | ||||||
| 7,990,850 | ||||||||
| Hawaii: 0.2% | ||||||||
|
City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c) |
750 | 655,925 | ||||||
| Idaho: 0.1% | ||||||||
|
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/24 (c) |
500 | 463,653 | ||||||
| Illinois: 4.4% | ||||||||
|
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c) |
890 | 736,155 | ||||||
|
Chicago Transit Authority Sales Tax Receipts Fund (RB) 5.25%, 12/01/24 (c) |
750 | 737,339 | ||||||
|
City of Chicago, Second Lien Water Project, Series A (RB) (AGM) 5.25%, 05/01/33 (c) |
500 | 504,038 | ||||||
|
City of Chicago, Series A (GO) 5.50%, 01/01/30 (c) |
750 | 748,427 | ||||||
See Notes to Financial Statements
| 88 |
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
City of Chicago, Wastewater Transmission Project, Series A (RB) (AGM) 5.25%, 07/01/33 (c) |
$ | 500 | $ | 504,816 | ||||
|
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c) |
1,000 | 859,071 | ||||||
|
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c) |
500 | 441,010 | ||||||
|
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/25 (c) |
1,000 | 940,544 | ||||||
| Illinois Housing Development Authority, Series G (RB) | ||||||||
| 4.85%, 04/01/32 (c) | 500 | 482,735 | ||||||
| 5.00%, 04/01/32 (c) | 1,000 | 963,182 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/32 (c) | 1,000 | 846,566 | ||||||
| 5.00%, 01/01/31 (c) | 1,000 | 999,368 | ||||||
|
Illinois State Toll Highway Authority, Series E (RB) 5.25%, 10/01/31 (c) |
1,605 | 1,617,808 | ||||||
|
Illinois State, Series C (GO) 4.00%, 10/01/30 (c) |
1,000 | 845,296 | ||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) 5.00%, 12/15/25 (c) |
735 | 677,368 | ||||||
|
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/31 (c) |
1,500 | 1,253,506 | ||||||
|
Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS) 4.00%, 01/01/28 (c) |
1,000 | 817,433 | ||||||
|
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c) |
750 | 765,355 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 5.00%, 03/01/31 (c) | 1,250 | 1,174,867 | ||||||
| 5.00%, 05/01/28 (c) | 630 | 595,513 | ||||||
|
State of Illinois, Series C (GO) 4.00%, 11/01/29 (c) |
900 | 733,468 | ||||||
| 17,243,865 | ||||||||
| Indiana: 0.7% | ||||||||
|
Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c) |
300 | 307,235 | ||||||
|
Indiana Finance Authority, Indiana University Health Inc., Series A (RB) 5.00%, 10/01/33 (c) |
1,000 | 974,004 | ||||||
| Par (000’s |
) | Value | ||||||
| Indiana (continued) | ||||||||
| Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) | ||||||||
| 5.00%, 02/01/29 (c) | $ | 1,000 | $ | 984,373 | ||||
| 5.00%, 02/01/29 (c) | 500 | 499,613 | ||||||
| 2,765,225 | ||||||||
| Iowa: 0.4% | ||||||||
|
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Co. Project, Series A (RB) 5.00%, 12/01/42 (c) (p) |
500 | 455,251 | ||||||
|
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/30 (c) |
530 | 542,615 | ||||||
|
Iowa Finance Authority, Single Family Mortgage, Series C (RB) 4.85%, 01/01/33 (c) |
500 | 482,018 | ||||||
| 1,479,884 | ||||||||
| Kentucky: 0.4% | ||||||||
|
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c) |
1,225 | 964,437 | ||||||
|
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c) |
750 | 632,627 | ||||||
| 1,597,064 | ||||||||
| Louisiana: 0.8% | ||||||||
|
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM) 4.00%, 12/01/28 (c) |
700 | 557,735 | ||||||
|
Louisiana Stadium and Exposition District, Series A (RB) 5.25%, 07/01/33 (c) |
1,500 | 1,503,559 | ||||||
|
State of Louisiana, Series A (GO) 4.00%, 04/01/33 (c) |
1,500 | 1,279,380 | ||||||
| 3,340,674 | ||||||||
| Maine: 0.2% | ||||||||
|
Maine Turnpike Authority (RB) 4.00%, 07/01/30 (c) |
750 | 607,357 | ||||||
| Maryland: 1.5% | ||||||||
|
County of Baltimore, Metropolitan District (GO) 5.00%, 03/01/33 (c) |
1,000 | 1,020,914 | ||||||
|
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c) |
310 | 179,751 | ||||||
See Notes to Financial Statements
| 89 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
|
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c) |
$ | 500 | $ | 362,305 | ||||
|
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c) |
500 | 335,718 | ||||||
|
Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) |
1,000 | 1,008,708 | ||||||
|
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/31 (c) |
1,000 | 1,009,567 | ||||||
|
Montgomery County, Trinity Health Credit Group, Series MD (RB) 5.00%, 06/01/25 (c) |
1,000 | 978,008 | ||||||
|
Washington Suburban Sanitary Commission (RB) 4.00%, 06/01/33 (c) |
1,000 | 862,217 | ||||||
| 5,757,188 | ||||||||
| Massachusetts: 4.0% | ||||||||
| Commonwealth of Massachusetts Transportation, Series A (RB) | ||||||||
| 3.00%, 06/01/30 (c) | 800 | 524,656 | ||||||
| 5.00%, 06/01/31 (c) | 500 | 511,295 | ||||||
| Commonwealth of Massachusetts Transportation, Series B (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 560 | 569,644 | ||||||
| 5.00%, 06/01/32 (c) | 1,000 | 1,007,637 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,006,440 | ||||||
| 5.00%, 04/01/27 (c) | 275 | 276,852 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 2.12%, 04/01/31 (c) | 1,300 | 673,250 | ||||||
| 5.00%, 11/01/32 (c) | 1,190 | 1,202,079 | ||||||
|
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c) |
360 | 242,059 | ||||||
|
Commonwealth of Massachusetts, Series D (GO) 5.00%, 07/01/30 (c) |
750 | 761,168 | ||||||
|
Commonwealth of Massachusetts, Series E (GO) 5.00%, 11/01/30 (c) |
605 | 614,430 | ||||||
| Par (000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | $ | 800 | $ | 663,667 | ||||
| 4.00%, 07/01/33 (c) | 1,000 | 826,187 | ||||||
|
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/28 (c) |
500 | 474,979 | ||||||
|
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/25 (c) |
500 | 465,372 | ||||||
|
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series G (RB) 5.25%, 07/01/33 (c) |
1,000 | 953,079 | ||||||
|
Massachusetts Development Finance Agency, Boston University, Series FF (RB) 5.00%, 10/01/33 (c) |
1,105 | 1,122,228 | ||||||
|
Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c) |
1,900 | 1,900,849 | ||||||
|
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c) |
305 | 307,072 | ||||||
| Massachusetts School Building Authority, Sales Tax, Series A (RB) | ||||||||
| 5.00%, 02/15/29 (c) | 1,055 | 1,061,735 | ||||||
| 5.00%, 08/15/30 (c) | 750 | 755,766 | ||||||
| 15,920,444 | ||||||||
| Michigan: 2.3% | ||||||||
|
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) |
390 | 379,680 | ||||||
|
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) |
570 | 554,672 | ||||||
|
Michigan Finance Authority (RB) 5.00%, 05/15/25 (c) |
225 | 228,434 | ||||||
|
Michigan Finance Authority, Beaumont Health, Series A (RB) 5.00%, 11/01/25 (c) |
1,000 | 950,113 | ||||||
|
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c) |
500 | 490,093 | ||||||
See Notes to Financial Statements
| 90 |
| Par (000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
|
Michigan State Building Authority, Facilities Program, Series I (RB) 5.00%, 10/15/25 (c) |
$ | 500 | $ | 500,781 | ||||
|
Michigan State Housing Development Authority (RB) 4.88%, 10/01/32 (c) |
1,000 | 964,787 | ||||||
|
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/24 (c) |
725 | 644,063 | ||||||
| Michigan State Housing Development Authority, Series A-1 (RB) | ||||||||
| 3.35%, 10/01/28 (c) | 500 | 349,340 | ||||||
| 3.60%, 10/01/28 (c) | 1,000 | 702,047 | ||||||
|
Michigan State University, Board of Trustee, Series B (RB) 5.00%, 02/15/29 (c) |
765 | 767,645 | ||||||
|
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/33 (c) |
2,000 | 2,055,371 | ||||||
|
State of Michigan, Trunk Line Fund, Series A (RB) 4.00%, 11/15/31 (c) |
620 | 530,761 | ||||||
| 9,117,787 | ||||||||
| Minnesota: 0.6% | ||||||||
|
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c) |
530 | 361,825 | ||||||
| Minnesota Housing Finance Agency Residential Housing, Series I (RB) | ||||||||
| 2.15%, 01/01/30 (c) | 890 | 556,210 | ||||||
| 3.00%, 01/01/30 (c) | 415 | 392,587 | ||||||
|
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 01/01/32 (c) |
500 | 501,048 | ||||||
|
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/31 (c) |
500 | 455,890 | ||||||
| 2,267,560 | ||||||||
| Mississippi: 0.1% | ||||||||
|
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/26 (c) |
500 | 473,574 | ||||||
| Missouri: 0.8% | ||||||||
| County of Jackson, Series A (RB) | ||||||||
| 4.25%, 12/01/33 (c) | 1,000 | 840,003 | ||||||
| 4.38%, 12/01/33 (c) | 1,000 | 850,243 | ||||||
| Par (000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
|
Missouri State Health and Educational Facilities Authority, Mercy Health, Series C (RB) 4.00%, 11/15/27 (c) |
$ | 500 | $ | 402,731 | ||||
|
Missouri State Health and Educational Facilities Authority, Mercy Health, Series F (RB) 4.25%, 11/15/24 (c) |
1,000 | 854,005 | ||||||
|
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c) |
190 | 129,644 | ||||||
| 3,076,626 | ||||||||
| Nebraska: 0.7% | ||||||||
|
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/42 |
500 | 470,174 | ||||||
|
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c) |
550 | 453,961 | ||||||
|
Nebraska Investment Finance Authority, Single Family Housing, Series E (RB) 4.80%, 03/01/32 (c) |
500 | 466,282 | ||||||
|
Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c) |
750 | 632,369 | ||||||
|
University of Nebraska Facilities Corp., Series A (RB) 4.00%, 07/15/31 (c) |
750 | 606,519 | ||||||
| 2,629,305 | ||||||||
| Nevada: 0.8% | ||||||||
|
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c) |
390 | 363,738 | ||||||
|
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c) |
675 | 559,645 | ||||||
|
County of Clarke, School District, Limited Tax, Series A (GO) 4.00%, 06/15/33 (c) |
1,000 | 852,246 | ||||||
|
County of Clarke, Water Reclamation District, Limited Tax (GO) 5.00%, 07/01/33 (c) |
1,000 | 1,014,044 | ||||||
|
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c) |
275 | 276,280 | ||||||
| 3,065,953 | ||||||||
See Notes to Financial Statements
| 91 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New Hampshire: 0.1% | ||||||||
|
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c) |
$ | 500 | $ | 337,419 | ||||
| New Jersey: 2.9% | ||||||||
|
Hudson County Improvement Authority, Courthouse Project (RB) 4.00%, 10/01/30 (c) |
1,000 | 847,312 | ||||||
|
New Jersey Economic Development Authority School Facilities, Series FFF (RB) 4.62%, 12/15/28 (c) |
1,000 | 915,427 | ||||||
|
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) 2.00%, 03/01/31 (c) |
500 | 302,143 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c) |
490 | 259,446 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 4.00%, 07/01/26 (c) |
800 | 673,084 | ||||||
|
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/31 (c) |
555 | 490,412 | ||||||
|
New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 04/01/32 (c) |
500 | 466,183 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.25%, 06/15/24 (c) | 640 | 569,840 | ||||||
| 4.50%, 12/15/28 (c) | 910 | 831,476 | ||||||
| 5.00%, 06/15/25 (c) | 1,000 | 963,151 | ||||||
| New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
| 3.50%, 12/15/28 (c) | 365 | 280,793 | ||||||
| 4.00%, 12/15/28 (c) | 1,000 | 856,473 | ||||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/29 (c) | 1,280 | 1,092,937 | ||||||
| 4.00%, 01/01/31 (c) | 1,000 | 840,647 | ||||||
|
New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/25 (c) |
955 | 927,689 | ||||||
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/30 (c) |
$ | 500 | $ | 474,700 | ||||
|
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) |
500 | 469,101 | ||||||
|
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c) |
465 | 431,719 | ||||||
| 11,692,533 | ||||||||
| New Mexico: 0.1% | ||||||||
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c) |
175 | 155,656 | ||||||
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c) |
290 | 232,492 | ||||||
| 388,148 | ||||||||
| New York: 20.7% | ||||||||
|
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c) |
1,000 | 876,549 | ||||||
| City of New York, Series A (GO) | ||||||||
| 4.00%, 08/01/31 (c) | 1,000 | 836,184 | ||||||
| 4.12%, 08/01/33 (c) | 2,000 | 1,689,501 | ||||||
| City of New York, Series C (GO) | ||||||||
| 4.00%, 08/01/30 (c) | 1,000 | 882,267 | ||||||
| 5.00%, 08/01/30 (c) | 500 | 505,322 | ||||||
| City of New York, Series D (GO) (BAM) | ||||||||
| 4.00%, 03/01/30 (c) | 1,000 | 837,080 | ||||||
| 5.00%, 03/01/30 (c) | 1,000 | 1,010,085 | ||||||
|
City of New York, Series F (GO) 5.00%, 03/01/31 (c) |
1,000 | 994,950 | ||||||
|
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c) |
900 | 744,615 | ||||||
|
Dutchess County Local Development Corp., Bard College Project, Series A (RB) 5.00%, 07/01/30 (c) |
1,000 | 891,862 | ||||||
|
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) |
645 | 640,182 | ||||||
|
Hudson Yards Infrastructure Corp., Series A (RB) (AGM) 4.00%, 02/15/27 (c) |
1,000 | 850,447 | ||||||
|
Long Island Power Authority Electric System (RB) 5.00%, 09/01/27 (c) |
1,500 | 1,502,876 | ||||||
See Notes to Financial Statements
| 92 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 09/01/25 (c) |
$ | 1,000 | $ | 997,319 | ||||
|
Metropolitan Transportation Authority, Series A (RB) 4.00%, 05/15/32 (c) |
1,000 | 818,234 | ||||||
|
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c) |
715 | 706,726 | ||||||
| Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
| 4.00%, 05/15/27 (c) | 400 | 336,113 | ||||||
| 4.00%, 05/15/31 (c) | 1,000 | 802,573 | ||||||
| 5.00%, 05/15/25 (c) | 590 | 573,027 | ||||||
|
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/26 (c) |
500 | 494,289 | ||||||
|
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c) |
1,000 | 838,871 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 4.75%, 05/15/30 (c) | 1,000 | 920,438 | ||||||
| 5.25%, 11/15/26 (c) | 1,050 | 1,022,441 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 1,245 | 1,053,406 | ||||||
| 4.00%, 05/15/28 (c) | 250 | 204,820 | ||||||
|
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/23 (c) |
600 | 586,740 | ||||||
|
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/30 (c) |
650 | 492,570 | ||||||
|
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/21/23 (c) |
1,000 | 931,179 | ||||||
|
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c) |
500 | 423,662 | ||||||
|
New York City Housing Development Corp., Housing Impact, Series A (RB) 4.80%, 08/01/31 (c) |
500 | 462,837 | ||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) 4.85%, 06/01/31 (c) |
500 | 466,285 | ||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c) |
800 | 505,445 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series I-1 (RB) 2.35%, 02/01/29 (c) |
$ | 525 | $ | 345,075 | ||||
|
New York City Housing Development Corp., Multi- Family Housing, Series J (RB) 3.05%, 09/01/27 (c) |
555 | 364,129 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) | ||||||||
| 4.00%, 12/15/30 (c) | 1,000 | 844,293 | ||||||
| 5.00%, 06/15/31 (c) | 850 | 855,305 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) | ||||||||
| 4.00%, 12/15/31 (c) | 2,000 | 1,723,805 | ||||||
| 5.00%, 12/15/29 (c) | 1,000 | 997,160 | ||||||
| 5.00%, 12/15/31 (c) | 955 | 971,523 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) | ||||||||
| 3.75%, 11/21/23 (c) | 710 | 568,999 | ||||||
| 4.00%, 12/15/31 (c) | 500 | 418,323 | ||||||
| 4.00%, 06/15/24 (c) | 500 | 431,653 | ||||||
| 5.00%, 12/15/31 (c) | 1,000 | 1,003,960 | ||||||
| 5.00%, 06/15/24 (c) | 1,000 | 989,514 | ||||||
| 5.00%, 06/15/31 (c) | 500 | 502,236 | ||||||
|
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/33 (c) |
1,000 | 873,883 | ||||||
|
New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) (SBG) 5.00%, 06/15/30 (c) |
1,000 | 1,024,442 | ||||||
| New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) | ||||||||
| 3.00%, 07/15/29 (c) | 350 | 234,109 | ||||||
| 5.00%, 07/15/28 (c) | 500 | 502,206 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.25%, 11/01/33 (c) |
1,000 | 1,025,467 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 4.00%, 08/01/31 (c) | 1,500 | 1,326,078 | ||||||
| 4.00%, 08/01/31 (c) | 1,000 | 862,675 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 4.00%, 11/01/30 (c) |
1,000 | 869,063 | ||||||
See Notes to Financial Statements
| 93 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 4.00%, 11/01/30 (c) | $ | 500 | $ | 445,894 | ||||
| 4.00%, 05/01/29 (c) | 1,120 | 989,629 | ||||||
| 5.00%, 02/01/32 (c) | 565 | 572,195 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/30 (c) |
500 | 425,202 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 2.25%, 02/01/31 (c) | 650 | 338,034 | ||||||
| 4.00%, 02/01/27 (c) | 1,000 | 869,868 | ||||||
| 5.00%, 02/01/27 (c) | 1,000 | 992,344 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) | ||||||||
| 4.00%, 02/01/32 (c) | 1,000 | 839,223 | ||||||
| 5.25%, 02/01/33 (c) | 1,000 | 1,027,369 | ||||||
|
New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c) |
640 | 540,348 | ||||||
|
New York City, Series B-1 (GO) 5.25%, 10/01/32 (c) |
1,000 | 1,037,978 | ||||||
|
New York City, Series D-1 (GO) 5.00%, 12/01/28 (c) |
1,000 | 1,003,870 | ||||||
|
New York Convention Center Development Corp., Series A (RB) 0.00%, 11/15/54 ^ |
170 | 27,293 | ||||||
|
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/30 (c) |
620 | 529,151 | ||||||
| New York State Dormitory Authority, New School, Series A (RB) | ||||||||
| 4.00%, 01/01/27 (c) | 475 | 382,039 | ||||||
| 5.00%, 01/01/27 (c) | 420 | 398,706 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 500 | 364,077 | ||||||
| 5.00%, 03/15/31 (c) | 500 | 499,298 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series B (RB) | ||||||||
| 5.00%, 02/15/25 (c) | 730 | 725,585 | ||||||
| 5.00%, 08/15/27 (c) | 1,500 | 1,501,809 | ||||||
|
New York State Dormitory Authority, Sales Tax, Series A (RB) 4.00%, 03/15/28 (c) |
1,000 | 835,205 | ||||||
|
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) |
550 | 434,714 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/27 (c) | $ | 800 | $ | 670,307 | ||||
| 4.00%, 03/15/33 (c) | 1,000 | 836,447 | ||||||
| 5.00%, 03/15/28 (c) | 1,000 | 1,004,392 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/28 (c) |
1,000 | 1,008,430 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c) |
500 | 497,878 | ||||||
|
New York State Mortgage Agency, Homeowner Mortgage (RB) 4.90%, 04/01/32 (c) |
1,355 | 1,283,687 | ||||||
|
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c) |
330 | 190,976 | ||||||
|
New York State Power Authority, Green Transmission Project, Series A (RB) (AGM) 4.00%, 11/15/31 (c) |
1,000 | 795,696 | ||||||
|
New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c) |
500 | 414,289 | ||||||
|
New York State Thruway Authority, Junior Indebtedness, Series B (RB) 4.00%, 01/01/30 (c) |
1,440 | 1,210,951 | ||||||
| New York State Thruway Authority, Personal Income Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/31 (c) | 1,000 | 831,023 | ||||||
| 5.00%, 09/15/32 (c) | 1,000 | 1,001,263 | ||||||
|
New York State Thruway Authority, Series A (RB) 5.00%, 01/01/26 (c) |
1,000 | 992,659 | ||||||
|
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 09/15/28 (c) |
500 | 499,842 | ||||||
|
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 09/15/30 (c) |
550 | 373,775 | ||||||
|
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 09/15/31 (c) |
1,000 | 668,106 | ||||||
|
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c) |
820 | 819,939 | ||||||
See Notes to Financial Statements
| 94 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) |
$ | 925 | $ | 790,410 | ||||
| Port Authority of New York & New Jersey (RB) | ||||||||
| 5.00%, 10/15/25 (c) | 1,000 | 1,005,612 | ||||||
| 5.00%, 12/01/23 (c) | 500 | 500,589 | ||||||
| 5.00%, 07/15/33 (c) | 1,000 | 1,013,587 | ||||||
|
Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) |
940 | 834,165 | ||||||
| Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB) | ||||||||
| 4.00%, 11/15/32 (c) | 840 | 684,778 | ||||||
| 4.25%, 05/15/33 (c) | 1,000 | 855,206 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 500 | 491,200 | ||||||
| 5.25%, 11/15/33 (c) | 750 | 762,187 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | ||||||||
| 4.00%, 11/15/31 (c) | 750 | 634,789 | ||||||
| 5.00%, 11/15/31 (c) | 1,000 | 991,409 | ||||||
| 5.00%, 11/15/33 (c) | 1,000 | 1,016,393 | ||||||
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 11/15/32 (c) |
500 | 470,579 | ||||||
| Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 1,000 | 847,541 | ||||||
| 5.00%, 11/15/30 (c) | 1,000 | 995,734 | ||||||
| 5.00%, 11/15/30 (c) | 750 | 741,654 | ||||||
| 82,148,117 | ||||||||
| North Carolina: 0.9% | ||||||||
|
Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c) |
600 | 524,801 | ||||||
|
City of Raleigh, North Carolina Combine Enterprise System (RB) 4.00%, 09/01/33 (c) |
610 | 538,250 | ||||||
|
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/31 (c) |
500 | 487,451 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 750 | 717,929 | ||||||
| 5.00%, 01/01/30 (c) | 500 | 485,740 | ||||||
| Par (000’s |
) | Value | ||||||
| North Carolina (continued) | ||||||||
|
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 |
$ | 800 | $ | 788,032 | ||||
| 3,542,203 | ||||||||
| North Dakota: 0.2% | ||||||||
|
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/32 (c) |
1,000 | 919,101 | ||||||
| Ohio: 2.2% | ||||||||
|
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 4.00%, 06/01/30 (c) |
1,000 | 800,352 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 4.00%, 02/01/28 (c) | 510 | 415,042 | ||||||
| 5.00%, 11/01/24 (c) | 600 | 589,419 | ||||||
|
County of Cuyahoga, Ohio Hospital, Metrohealth System (RB) 5.00%, 02/15/27 (c) |
1,000 | 927,214 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/27 (c) | 1,000 | 866,611 | ||||||
| 5.25%, 02/15/27 (c) | 1,000 | 947,679 | ||||||
|
County of Franklin, Ohio Various Purpose Sales Tax (RB) 5.00%, 06/01/28 (c) |
1,075 | 1,081,501 | ||||||
|
County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) |
250 | 210,127 | ||||||
|
County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB) 5.00%, 08/15/27 (c) |
1,000 | 970,413 | ||||||
|
Ohio Higher Educational Facility Commission, Oberlin College Project (RB) 5.00%, 10/01/33 (c) |
500 | 505,435 | ||||||
|
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) |
500 | 510,902 | ||||||
|
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c) |
835 | 727,070 | ||||||
| 8,551,765 | ||||||||
| Oklahoma: 0.2% | ||||||||
|
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/27 (c) |
700 | 602,916 | ||||||
See Notes to Financial Statements
| 95 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Oregon: 0.9% | ||||||||
|
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 06/01/33 (c) |
$ | 500 | $ | 514,850 | ||||
| Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
| 2.00%, 06/15/30 (c) | 550 | 316,723 | ||||||
| 3.25%, 06/15/27 (c) | 295 | 223,537 | ||||||
|
Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c) |
1,000 | 817,778 | ||||||
|
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c) |
935 | 656,733 | ||||||
|
University of Oregon, Series A (RB) 5.00%, 04/01/30 (c) |
1,000 | 1,004,001 | ||||||
| 3,533,622 | ||||||||
| Pennsylvania: 4.2% | ||||||||
|
Allegheny County Hospital Development Authority, Allegheny Health Network, Series A (RB) 5.00%, 04/01/28 (c) |
1,000 | 936,833 | ||||||
|
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/30 (c) |
645 | 515,299 | ||||||
| City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 486,676 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 491,467 | ||||||
|
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c) |
1,170 | 939,587 | ||||||
|
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c) |
280 | 261,315 | ||||||
|
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c) |
1,000 | 923,614 | ||||||
|
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/29 (c) |
1,000 | 944,234 | ||||||
|
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB) 5.25%, 07/01/29 (c) |
1,000 | 922,759 | ||||||
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) 2.28%, 10/01/30 (c) |
$ | 500 | $ | 311,802 | ||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) 4.85%, 10/01/32 (c) |
500 | 480,248 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c) |
260 | 207,910 | ||||||
|
Pennsylvania State University (RB) 5.25%, 09/01/33 (c) |
1,000 | 1,033,172 | ||||||
|
Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c) |
155 | 150,457 | ||||||
|
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c) |
290 | 287,464 | ||||||
|
Pennsylvania Turnpike Commission, Oil Franchise, Series A (RB) (BAM) 4.00%, 12/01/31 (c) |
1,000 | 830,349 | ||||||
|
Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/24 (c) |
1,000 | 990,673 | ||||||
|
Pennsylvania Turnpike Commission, Series A (RB) (AGM) 4.00%, 12/01/29 (c) |
1,045 | 870,088 | ||||||
|
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c) |
900 | 892,700 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 4.00%, 12/01/31 (c) | 1,000 | 868,484 | ||||||
| 4.00%, 12/01/31 (c) | 1,000 | 829,126 | ||||||
| 5.00%, 12/01/30 (c) | 800 | 803,339 | ||||||
|
Philadelphia Gas Works Co. (RB) 5.00%, 08/01/27 (c) |
805 | 763,145 | ||||||
|
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/29 (c) |
1,105 | 936,333 | ||||||
| 16,677,074 | ||||||||
| Rhode Island: 0.1% | ||||||||
|
State of Rhode Island, Series A (GO) 4.12%, 08/01/32 (c) |
600 | 540,508 | ||||||
| South Carolina: 1.3% | ||||||||
|
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 06/01/30 (c) |
1,355 | 1,127,927 | ||||||
See Notes to Financial Statements
| 96 |
| Par (000’s |
) | Value | ||||||
| South Carolina (continued) | ||||||||
|
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/28 (c) |
$ | 1,000 | $ | 948,185 | ||||
| South Carolina Public Service Authority, Santee Cooper, Series A (RB) | ||||||||
| 4.00%, 06/01/32 (c) | 500 | 387,163 | ||||||
| 5.12%, 12/01/23 (c) | 1,000 | 971,019 | ||||||
|
South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/25 (c) |
1,000 | 963,722 | ||||||
|
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/31 (c) |
820 | 825,418 | ||||||
| 5,223,434 | ||||||||
| Tennessee: 0.9% | ||||||||
|
City of Memphis (GO) 4.00%, 05/01/28 (c) |
665 | 581,561 | ||||||
|
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) 5.00%, 07/01/26 (c) |
1,500 | 1,454,481 | ||||||
| Tennessee Housing Development Agency, Residential Finance Program (RB) | ||||||||
| 2.95%, 01/01/29 (c) | 335 | 221,037 | ||||||
| 3.60%, 01/01/27 (c) | 225 | 213,200 | ||||||
|
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c) |
185 | 168,507 | ||||||
|
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/27 (c) |
1,040 | 1,044,761 | ||||||
| 3,683,547 | ||||||||
| Texas: 11.3% | ||||||||
|
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/31 (c) |
1,000 | 648,317 | ||||||
|
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/29 (c) |
675 | 550,336 | ||||||
|
Austin Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/01/33 (c) |
1,000 | 824,514 | ||||||
| Board of Regents of the University of Texas System, Series A (RB) | ||||||||
| 3.00%, 08/15/31 (c) | 525 | 382,818 | ||||||
| 4.00%, 07/01/33 (c) | 500 | 446,029 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c) |
$ | 650 | $ | 562,915 | ||||
|
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c) |
750 | 735,013 | ||||||
|
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/29 (c) |
1,375 | 1,384,218 | ||||||
|
City of Austin, Waterwaste System (RB) 5.00%, 05/15/33 (c) |
1,000 | 1,020,353 | ||||||
|
City of El Paso (GO) 4.00%, 08/15/29 (c) |
950 | 786,832 | ||||||
|
City of Houston, Texas Public Improvement, Series A (GO) 5.25%, 03/01/33 (c) |
750 | 783,369 | ||||||
|
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/30 (c) |
650 | 531,954 | ||||||
|
City of Royse, Independent School District (GO) 5.00%, 02/15/33 (c) |
950 | 960,958 | ||||||
| City of San Antonio, Texas Electric & Gas Systems (RB) | ||||||||
| 5.00%, 02/01/24 (c) | 605 | 601,904 | ||||||
| 5.00%, 02/01/32 (c) | 500 | 501,246 | ||||||
|
Colin and Kaufman Counties, School Independent District (GO) 4.00%, 02/15/33 (c) |
1,000 | 825,570 | ||||||
|
County of Collin, Limited Tax (GO) 4.00%, 02/15/33 (c) |
1,000 | 864,939 | ||||||
|
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c) |
600 | 365,350 | ||||||
|
Dallas Fort Worth International Airport, Series B (RB) 4.00%, 11/01/30 (c) |
3,000 | 2,543,491 | ||||||
|
Dallas Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/32 (c) |
1,000 | 835,737 | ||||||
|
Denton Independent School District, Unlimited Tax School (GO) 5.00%, 08/15/33 (c) |
1,000 | 1,017,748 | ||||||
|
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/29 (c) |
1,000 | 840,468 | ||||||
|
Ford Bens County, Unlimited Tax Road (GO) 5.25%, 03/01/33 (c) |
1,000 | 1,030,163 | ||||||
See Notes to Financial Statements
| 97 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c) |
$ | 770 | $ | 622,097 | ||||
|
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c) |
640 | 635,637 | ||||||
|
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 06/01/25 (c) |
590 | 477,940 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) | ||||||||
| 3.00%, 10/01/31 (c) | 1,145 | 846,705 | ||||||
| 4.00%, 10/01/31 (c) | 1,000 | 837,495 | ||||||
|
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/29 (c) |
500 | 432,144 | ||||||
|
Harris County, Hospital District (RB) 4.00%, 02/15/26 (c) |
560 | 456,030 | ||||||
|
Harris County, Humble Independent School District (GO) 5.00%, 02/15/32 (c) |
1,000 | 1,007,429 | ||||||
|
Harris County, Texas Toll Road, Series A (RB) 4.00%, 02/15/28 (c) |
2,000 | 1,653,351 | ||||||
|
Katy Independent School District (GO) 4.00%, 02/15/32 (c) |
750 | 622,415 | ||||||
|
Leander Independent School District, Series A (GO) 0.00%, 08/16/26 (c) ^ |
900 | 329,960 | ||||||
|
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB) 5.00%, 05/15/28 (c) |
1,000 | 983,576 | ||||||
|
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c) |
1,000 | 824,070 | ||||||
|
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/31 (c) |
1,000 | 857,283 | ||||||
|
Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO) 5.00%, 02/15/29 (c) |
1,000 | 1,001,613 | ||||||
|
Plano Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/32 (c) |
1,000 | 1,027,026 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c) |
$ | 900 | $ | 890,842 | ||||
|
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 07/01/32 (c) |
1,000 | 992,335 | ||||||
|
Tarrant County, Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 4.00%, 07/01/32 (c) |
1,220 | 939,454 | ||||||
|
Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB) 5.25%, 01/01/32 (c) |
1,000 | 992,869 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 4.00%, 10/15/30 (c) | 500 | 436,794 | ||||||
| 4.75%, 10/15/32 (c) | 655 | 643,755 | ||||||
| 4.80%, 10/15/32 (c) | 1,000 | 959,376 | ||||||
| 5.00%, 10/15/33 (c) | 1,000 | 1,004,536 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 4.00%, 10/15/29 (c) | 990 | 837,272 | ||||||
| 5.00%, 04/15/28 (c) | 840 | 843,606 | ||||||
|
Texas Water Development Board, Series B (RB) 4.00%, 10/15/28 (c) |
1,000 | 872,551 | ||||||
| Tomball Independent School District (GO) | ||||||||
| 4.00%, 02/15/30 (c) | 1,000 | 854,241 | ||||||
| 5.00%, 02/15/33 (c) | 1,000 | 1,027,106 | ||||||
|
University of Houston, Series A (RB) 5.00%, 02/15/32 (c) |
500 | 499,849 | ||||||
|
University of Texas, Series A (RB) 5.00%, 08/15/32 (c) |
500 | 514,435 | ||||||
|
Waller Independent School District, Series A (GO) 4.00%, 02/15/33 (c) |
500 | 425,674 | ||||||
|
Ysleta Independent School District (GO) 5.00%, 02/15/32 (c) |
500 | 502,610 | ||||||
| 44,896,318 | ||||||||
| Utah: 0.6% | ||||||||
|
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c) |
360 | 355,447 | ||||||
| University of Utah, Board of Higher Education (RB) | ||||||||
| 5.00%, 08/01/31 (c) | 1,160 | 1,181,349 | ||||||
| 5.00%, 08/01/32 (c) | 585 | 602,447 | ||||||
See Notes to Financial Statements
| 98 |
| Par (000’s |
) | Value | ||||||
| Utah (continued) | ||||||||
|
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/26 (c) |
$ | 210 | $ | 145,044 | ||||
| 2,284,287 | ||||||||
| Virginia: 1.3% | ||||||||
| Hampton Roads Transportation Accountability Commission, Series A (RB) | ||||||||
| 4.00%, 07/01/32 (c) | 600 | 499,758 | ||||||
| 5.00%, 07/01/30 (c) | 500 | 504,438 | ||||||
| 5.00%, 07/01/30 (c) | 625 | 632,393 | ||||||
|
Rector and Visitors of Virginia University, Series A (RB) 4.00%, 04/01/25 (c) |
500 | 439,457 | ||||||
|
University of Virginia, Series A (RB) 5.00%, 04/01/27 (c) |
1,000 | 1,013,268 | ||||||
|
Virginia Commonwealth Transportation Board, US Route 58, Corridor Development Program, Series A (RB) 4.00%, 05/15/33 (c) |
500 | 426,429 | ||||||
|
Virginia Small Business Financing Authority Health Facilities, Bon Secours Mercy Health, Series A (RB) 4.00%, 06/01/30 (c) |
500 | 400,230 | ||||||
|
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c) |
500 | 399,611 | ||||||
|
Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AGM) 4.38%, 07/01/33 (c) |
1,000 | 847,143 | ||||||
| 5,162,727 | ||||||||
| Washington: 2.0% | ||||||||
|
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB) 5.00%, 11/01/26 (c) |
1,000 | 1,011,022 | ||||||
|
City of Seattle, Washington Municipal Light and Power Improvement, Series A (RB) 5.00%, 03/01/33 (c) |
1,000 | 1,002,637 | ||||||
| Energy Northwest, Columbia Generating Station Electric, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 1,000 | 881,936 | ||||||
| 5.00%, 07/01/31 (c) | 600 | 620,569 | ||||||
|
King County, Highline School District No. 401, Unlimited Tax (GO) (SBG) 4.00%, 12/01/32 (c) |
500 | 440,206 | ||||||
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c) |
$ | 650 | $ | 541,310 | ||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,019,106 | ||||||
| 5.00%, 08/01/31 (c) | 1,590 | 1,631,491 | ||||||
|
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c) |
800 | 813,286 | ||||||
|
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c) |
205 | 159,499 | ||||||
| 8,121,062 | ||||||||
| West Virginia: 0.4% | ||||||||
|
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 4.38%, 06/01/33 (c) |
1,000 | 857,902 | ||||||
|
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/31 (c) |
620 | 627,150 | ||||||
| 1,485,052 | ||||||||
| Wisconsin: 1.0% | ||||||||
|
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/25 (c) |
500 | 428,651 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/27 (c) |
1,000 | 827,558 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/26 (c) |
1,000 | 894,651 | ||||||
| Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) | ||||||||
| 4.85%, 09/01/32 (c) | 1,000 | 959,664 | ||||||
| 5.00%, 09/01/32 (c) | 1,000 | 976,552 | ||||||
| 4,087,076 | ||||||||
| Total Municipal Bonds: 98.2% (Cost: $445,523,456) |
389,219,104 | |||||||
| Other assets less liabilities: 1.8% | 7,107,061 | |||||||
| NET ASSETS: 100.0% | $ | 396,326,165 | ||||||
See Notes to Financial Statements
| 99 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | ||
| AGC | Assured Guaranty Corp. | |
| AGM | Assured Guaranty Municipal Corp. | |
| BAM | Build America Assurance Co. | |
| CP | Certificate of Participation | |
| FHA | Federal Housing Association | |
| GO | General Obligation | |
| NATL | National Public Finance Guarantee Corp. | |
| RB | Revenue Bond | |
| SA | Special Assessment | |
| SAW | State Aid Withholding | |
| SBG | School Board Guaranteed | |
| SD CRED PROG | Special District Credit Enhancement Program | |
| ST | Special Tax | |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Hospitals | 14.9 | % | $ | 57,870,177 | ||||
| Local GO | 14.7 | 57,162,657 | ||||||
| Tax | 14.3 | 55,487,625 | ||||||
| Water & Sewer | 9.9 | 38,475,387 | ||||||
| Education | 7.8 | 30,290,394 | ||||||
| Toll & Turnpike | 6.7 | 26,175,477 | ||||||
| State GO | 6.5 | 25,385,530 | ||||||
| Transportation | 5.9 | 23,139,364 | ||||||
| Single Family Housing | 4.1 | 16,026,189 | ||||||
| Power | 3.9 | 15,229,600 | ||||||
| Leasing COPS & Appropriations | 3.1 | 12,012,654 | ||||||
| Airport | 2.2 | 8,725,083 | ||||||
| Utilities - Other | 1.9 | 7,515,220 | ||||||
| Multi-Family Housing | 1.2 | 4,804,009 | ||||||
| Tobacco | 0.9 | 3,634,515 | ||||||
| Miscellaneous | 0.9 | 3,425,444 | ||||||
| Health | 0.6 | 2,182,020 | ||||||
| Industrial Development Revenue | 0.3 | 1,245,661 | ||||||
| Refunded | 0.1 | 228,434 | ||||||
| Pollution Control | 0.1 | 203,664 | ||||||
| 100.0 | % | $ | 389,219,104 | |||||
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 | |||||||||||||
| Municipal Bonds * | $ | — | $ | 389,219,104 | $ | — | $ | 389,219,104 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 100 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
| Par (000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 2.0% | ||||||||
|
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p) |
$ | 2,100 | $ | 2,023,301 | ||||
|
City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB) 5.50%, 06/01/26 (c) |
500 | 460,459 | ||||||
|
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) |
390 | 405,471 | ||||||
|
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) |
1,000 | 977,657 | ||||||
|
Sumter County, Alabama Industrial Development Authority Exempt Facilities, Enviva, Inc. Project (RB) 6.00%, 07/15/32 (c) (p) |
2,000 | 1,352,365 | ||||||
|
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) |
2,156 | 1,909,009 | ||||||
| 7,128,262 | ||||||||
| American Samoa: 0.1% | ||||||||
|
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28 |
250 | 257,526 | ||||||
| Arizona: 2.0% | ||||||||
|
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 | 458,404 | ||||||
|
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) 4.75%, 12/01/23 (c) |
1,085 | 1,037,135 | ||||||
|
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31 |
925 | 886,360 | ||||||
|
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) |
445 | 413,404 | ||||||
|
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) |
500 | 459,421 | ||||||
| Par (000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
|
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 |
$ | 464 | $ | 404,087 | ||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/29 (c) |
1,000 | 1,019,257 | ||||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/27 (c) |
500 | 514,134 | ||||||
|
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 |
225 | 219,759 | ||||||
|
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 |
1,390 | 1,299,908 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.25%, 12/01/24 | 65 | 65,252 | ||||||
| 5.25%, 12/01/28 | 10 | 10,101 | ||||||
| 5.50%, 12/01/29 | 370 | 378,497 | ||||||
| 7,165,719 | ||||||||
| Arkansas: 0.6% | ||||||||
|
Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB) 5.00%, 09/01/27 (c) (p) |
2,000 | 2,041,052 | ||||||
| California: 7.7% | ||||||||
|
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26 |
440 | 433,546 | ||||||
|
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 08/01/29 (c) (p) |
1,000 | 993,942 | ||||||
|
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 10/01/31 (c) (p) |
3,000 | 2,936,935 | ||||||
|
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33 |
1,876 | 1,768,604 | ||||||
|
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c) |
1,340 | 1,380,823 | ||||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
| 5.00%, 02/01/27 | 50 | 50,632 | ||||||
See Notes to Financial Statements
| 101 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 02/01/27 (c) | $ | 50 | $ | 50,609 | ||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/27 | 610 | 616,342 | ||||||
| 5.00%, 06/30/28 | 220 | 223,272 | ||||||
|
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c) |
260 | 263,592 | ||||||
|
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 |
6,625 | 6,202,342 | ||||||
|
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * |
1,000 | 50,000 | ||||||
|
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * |
1,360 | 176,800 | ||||||
| California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) | ||||||||
| 3.38%, 07/01/25 | 400 | 389,354 | ||||||
| 3.62%, 07/01/25 (c) | 2,000 | 1,917,912 | ||||||
|
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/21/23 (c) |
1,500 | 1,380,471 | ||||||
|
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27 |
1,000 | 933,867 | ||||||
|
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 12/01/23 (c) |
2 | 1,860 | ||||||
|
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 05/31/22 (c) |
7 | 6,279 | ||||||
|
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c) |
300 | 300,985 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c) |
$ | 350 | $ | 350,269 | ||||
|
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 |
250 | 248,524 | ||||||
| City and County of San Francisco, Airport Commission, International Airport, Series H (RB) | ||||||||
| 5.00%, 05/01/26 | 500 | 505,920 | ||||||
| 5.00%, 05/01/27 | 500 | 508,373 | ||||||
| 5.00%, 05/01/29 | 500 | 512,739 | ||||||
|
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23 |
5 | 5,000 | ||||||
|
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c) |
1,000 | 929,393 | ||||||
|
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 |
250 | 254,453 | ||||||
|
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28 |
115 | 121,901 | ||||||
|
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c) |
785 | 734,231 | ||||||
|
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 |
110 | 111,832 | ||||||
|
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 |
260 | 269,395 | ||||||
|
Oakland Unified School District (GO) 5.00%, 08/01/26 |
380 | 391,540 | ||||||
| Palomar Health (RB) | ||||||||
| 5.00%, 11/01/25 | 250 | 250,400 | ||||||
| 5.00%, 11/01/26 (c) | 90 | 89,895 | ||||||
|
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 |
110 | 110,406 | ||||||
|
River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM) 5.00%, 09/01/29 (c) |
500 | 542,401 | ||||||
See Notes to Financial Statements
| 102 |
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| San Francisco Community College District (GO) | ||||||||
| 5.00%, 06/15/25 | $ | 1,000 | $ | 1,023,023 | ||||
| 5.00%, 06/15/25 (c) | 205 | 209,324 | ||||||
|
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * |
370 | 118,400 | ||||||
| 27,365,586 | ||||||||
| Colorado: 1.6% | ||||||||
|
City and County of Broomfield, Arista Metropolitan District, Series A (GO) 4.38%, 12/01/23 (c) |
500 | 468,201 | ||||||
|
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c) |
295 | 300,205 | ||||||
|
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 12/01/23 (c) |
1,000 | 937,589 | ||||||
|
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 12/01/23 (c) |
1,000 | 866,441 | ||||||
|
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c) |
600 | 601,164 | ||||||
|
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c) |
535 | 486,019 | ||||||
|
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c) |
500 | 452,741 | ||||||
|
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 |
140 | 144,914 | ||||||
|
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27 |
200 | 181,580 | ||||||
|
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c) |
500 | 446,593 | ||||||
|
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c) |
1,000 | 802,745 | ||||||
| 5,688,192 | ||||||||
| Connecticut: 0.6% | ||||||||
|
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) |
120 | 109,875 | ||||||
| Par (000’s |
) | Value | ||||||
| Connecticut (continued) | ||||||||
| Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) | ||||||||
| 5.00%, 07/01/27 | $ | 430 | $ | 420,971 | ||||
| 5.00%, 07/01/29 | 300 | 291,060 | ||||||
|
Harbor Point Infrastructure Improvement District, Harbor Point Project (TA) 5.00%, 04/01/27 (c) |
900 | 894,172 | ||||||
|
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c) |
450 | 418,501 | ||||||
| 2,134,579 | ||||||||
| Delaware: 0.3% | ||||||||
|
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) |
1,000 | 911,654 | ||||||
| District of Columbia: 0.1% | ||||||||
|
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30 |
500 | 460,598 | ||||||
| Florida: 4.7% | ||||||||
|
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31 |
1,540 | 1,383,133 | ||||||
|
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/24 (c) |
350 | 312,780 | ||||||
|
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/26 (c) |
535 | 467,312 | ||||||
|
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c) |
500 | 538,841 | ||||||
|
City of Orlando, Florida Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 (c) |
500 | 517,576 | ||||||
|
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 |
600 | 619,438 | ||||||
|
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c) |
290 | 289,501 | ||||||
|
County of Broward, School District, Series B (CP) 5.00%, 07/01/27 (c) |
315 | 324,408 | ||||||
See Notes to Financial Statements
| 103 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 02/15/30 (c) |
$ | 1,500 | $ | 1,512,263 | ||||
|
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) |
315 | 296,269 | ||||||
|
County of Miami-Dade, School Board, Series D (CP) 5.00%, 02/01/26 (c) |
120 | 121,962 | ||||||
|
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 |
500 | 499,275 | ||||||
|
County of St. Lucie, School District, Sales Tax (RB) (AGM) 5.00%, 10/01/25 |
250 | 254,569 | ||||||
|
Florida Development Finance Corp. Education Facilities, Central School Project (RB) 5.00%, 08/15/32 |
500 | 473,052 | ||||||
|
Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/29 (c) |
500 | 488,389 | ||||||
|
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/27 (c) |
470 | 415,735 | ||||||
|
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27 |
145 | 138,695 | ||||||
|
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) 6.50%, 01/01/29 (c) (p) |
2,750 | 2,599,156 | ||||||
| Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 500 | 460,363 | ||||||
| 6.12%, 07/01/26 (c) (p) | 1,750 | 1,728,966 | ||||||
|
JEA Electric System, Series B (RB) 5.00%, 10/01/27 (c) |
110 | 113,623 | ||||||
|
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/24 |
250 | 251,008 | ||||||
| Par (000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 |
$ | 2,000 | $ | 1,919,819 | ||||
|
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 |
465 | 450,401 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 2.62%, 05/01/24 | 125 | 123,612 | ||||||
| 3.00%, 05/01/29 | 235 | 212,669 | ||||||
| 16,512,815 | ||||||||
| Georgia: 2.3% | ||||||||
|
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 |
250 | 112,500 | ||||||
|
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p) |
1,000 | 977,420 | ||||||
|
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) |
250 | 239,314 | ||||||
|
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 |
380 | 376,248 | ||||||
| Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB) | ||||||||
| 5.00%, 06/01/25 | 300 | 305,586 | ||||||
| 5.00%, 06/01/28 | 250 | 263,972 | ||||||
|
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/25 (c) |
1,500 | 1,476,085 | ||||||
|
Main Street Natural Gas, Inc., Series A-1 (RB) 5.50%, 09/15/25 |
135 | 135,996 | ||||||
| Main Street Natural Gas, Inc., Series C (RB) | ||||||||
| 4.00%, 11/01/27 (c) (p) | 2,000 | 1,863,096 | ||||||
| 4.00%, 09/01/26 (c) (p) | 2,000 | 1,943,379 | ||||||
|
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 |
250 | 241,574 | ||||||
See Notes to Financial Statements
| 104 |
| Par (000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
|
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c) |
$ | 200 | $ | 188,937 | ||||
| 8,124,107 | ||||||||
| Guam: 1.6% | ||||||||
|
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c) |
360 | 358,807 | ||||||
| Guam Government, Business Privilege Tax, Series F (RB) | ||||||||
| 5.00%, 01/01/30 | 1,000 | 1,008,580 | ||||||
| 5.00%, 01/01/31 | 1,000 | 1,006,427 | ||||||
|
Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25 |
190 | 183,366 | ||||||
|
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28 |
250 | 253,430 | ||||||
| Guam Government, Series A (RB) | ||||||||
| 5.00%, 12/01/24 | 1,000 | 1,002,531 | ||||||
| 5.00%, 12/01/25 | 1,000 | 1,004,310 | ||||||
|
Guam Power Authority, Series A (RB) 5.00%, 10/01/32 (c) |
880 | 895,179 | ||||||
| 5,712,630 | ||||||||
| Hawaii: 0.3% | ||||||||
|
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 |
1,500 | 1,130,509 | ||||||
| Illinois: 14.0% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 5.00%, 12/01/29 | 1,000 | 995,301 | ||||||
| 5.00%, 12/01/29 (c) | 1,000 | 988,818 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 1,966,995 | ||||||
| 5.00%, 12/01/30 (c) | 1,500 | 1,470,869 | ||||||
| 7.00%, 12/01/25 (c) | 200 | 207,358 | ||||||
| Chicago Board of Education, Series A (GO) (AGM) | ||||||||
| 5.00%, 12/01/28 (c) | 200 | 201,009 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 249,084 | ||||||
| Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
| 5.50%, 12/01/26 | 230 | 230,464 | ||||||
| 5.50%, 12/01/31 | 1,000 | 1,008,516 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/28 ^ | 795 | 619,169 | ||||||
| 0.01%, 12/01/24 | 310 | 293,882 | ||||||
| 0.01%, 12/01/26 | 310 | 266,441 | ||||||
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 5.00%, 12/01/23 (c) | $ | 2,215 | $ | 2,110,296 | ||||
| 5.00%, 12/01/29 | 1,250 | 1,243,906 | ||||||
| 5.00%, 12/01/29 (c) | 1,950 | 1,917,821 | ||||||
| 5.00%, 12/01/29 (c) | 1,250 | 1,236,022 | ||||||
| 5.00%, 12/01/29 (c) | 2,000 | 1,972,499 | ||||||
| 5.00%, 12/01/29 (c) | 1,400 | 1,372,811 | ||||||
| 5.00%, 12/01/30 | 2,000 | 1,981,134 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 1,972,499 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 5.00%, 12/01/24 | 1,000 | 1,000,509 | ||||||
| 5.00%, 12/01/27 | 500 | 501,809 | ||||||
| 5.00%, 12/01/27 (c) | 1,560 | 1,540,567 | ||||||
|
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c) |
1,320 | 1,287,278 | ||||||
|
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) |
750 | 741,885 | ||||||
|
Chicago Midway International Airport, Series B (RB) 5.00%, 02/06/24 (c) |
260 | 260,698 | ||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 4.00%, 12/01/23 (c) | 1,000 | 962,452 | ||||||
| 5.00%, 01/01/25 (c) | 105 | 104,991 | ||||||
| 5.00%, 01/01/25 (c) | 295 | 294,954 | ||||||
| 5.00%, 01/01/25 (c) | 190 | 189,960 | ||||||
|
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^ |
575 | 424,443 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/24 ^ | 515 | 488,222 | ||||||
| 0.00%, 12/01/25 ^ | 560 | 505,545 | ||||||
| 0.00%, 12/01/26 ^ | 490 | 421,149 | ||||||
| 0.00%, 12/01/28 ^ | 1,515 | 1,179,926 | ||||||
| 0.00%, 12/01/29 ^ | 585 | 431,825 | ||||||
| 0.01%, 12/01/30 | 190 | 132,913 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 5.00%, 06/01/24 | 115 | 115,322 | ||||||
| 5.00%, 06/01/25 | 1,000 | 1,008,068 | ||||||
| 5.00%, 06/01/26 | 535 | 544,082 | ||||||
|
Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25 |
1,000 | 1,008,068 | ||||||
|
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25 |
280 | 281,490 | ||||||
See Notes to Financial Statements
| 105 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| City of Chicago, Second Lien Water (RB) | ||||||||
| 5.00%, 11/01/24 (c) | $ | 270 | $ | 271,392 | ||||
| 5.00%, 11/01/24 (c) | 100 | 100,337 | ||||||
| 5.00%, 11/01/24 (c) | 150 | 150,739 | ||||||
|
City of Chicago, Second Lien Water, Series A-1 (RB) 5.00%, 11/01/26 (c) |
100 | 101,219 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/30 | 1,500 | 1,531,793 | ||||||
| 5.25%, 01/01/24 (c) | 125 | 125,257 | ||||||
| 5.25%, 01/01/24 (c) | 55 | 55,022 | ||||||
|
County of Cook, Community College District No. 508 (GO) 5.25%, 12/01/23 (c) |
240 | 237,511 | ||||||
|
County of Cook, Series A (GO) 5.00%, 11/15/26 (c) |
500 | 512,828 | ||||||
|
Eastern Illinois Economic Development Authority (RB) 5.00%, 11/01/28 (c) |
1,000 | 927,757 | ||||||
|
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c) |
500 | 438,224 | ||||||
|
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) * |
1,190 | 321,300 | ||||||
|
Illinois Finance Authority, Lutheran Life Communities, Series A (RB) 5.00%, 11/01/26 (c) |
250 | 236,762 | ||||||
|
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 12/01/23 (c) |
100 | 96,085 | ||||||
|
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c) |
205 | 194,440 | ||||||
|
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c) |
785 | 796,282 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 395 | 391,368 | ||||||
| 5.00%, 06/15/29 | 545 | 536,971 | ||||||
|
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ |
260 | 226,690 | ||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^ |
130 | 123,503 | ||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c) |
500 | 513,211 | ||||||
| Par (000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ |
$ | 115 | $ | 92,699 | ||||
|
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c) |
330 | 338,577 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 350 | 321,878 | ||||||
| 4.12%, 11/01/26 (c) | 100 | 96,035 | ||||||
| 5.00%, 02/01/24 (c) | 150 | 150,031 | ||||||
| 5.00%, 05/01/24 (c) | 100 | 99,630 | ||||||
| State of Illinois, Sales Tax (RB) | ||||||||
| 4.00%, 06/15/26 (c) | 810 | 798,015 | ||||||
| 5.00%, 12/01/23 (c) | 190 | 190,977 | ||||||
| 5.00%, 12/01/23 (c) | 285 | 285,163 | ||||||
| 5.00%, 06/15/26 | 235 | 238,461 | ||||||
|
State of Illinois, Series A (GO) 5.00%, 03/01/31 (c) |
2,200 | 2,256,141 | ||||||
|
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) |
315 | 321,494 | ||||||
|
State of Illinois, Series D (GO) 5.00%, 11/01/27 (c) |
460 | 470,423 | ||||||
| 49,279,265 | ||||||||
| Indiana: 1.2% | ||||||||
|
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 12/01/23 (c) |
240 | 224,889 | ||||||
|
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 |
2,015 | 1,933,562 | ||||||
|
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 |
2,000 | 1,930,087 | ||||||
| 4,088,538 | ||||||||
| Iowa: 1.0% | ||||||||
|
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) |
945 | 877,021 | ||||||
|
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/32 (c) (p) |
2,000 | 1,817,134 | ||||||
|
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c) |
300 | 290,344 | ||||||
|
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 |
530 | 508,501 | ||||||
| 3,493,000 | ||||||||
See Notes to Financial Statements
| 106 |
| Par (000’s |
) | Value | ||||||
| Kansas: 0.2% | ||||||||
|
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 11/21/23 (c) |
$ | 150 | $ | 139,700 | ||||
|
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) |
600 | 493,964 | ||||||
|
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25 |
100 | 100,001 | ||||||
| 733,665 | ||||||||
| Kentucky: 0.9% | ||||||||
|
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32 |
2,000 | 1,850,189 | ||||||
|
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c) |
140 | 142,225 | ||||||
|
Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26 |
140 | 143,994 | ||||||
| Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB) | ||||||||
| 5.00%, 11/01/25 | 630 | 640,830 | ||||||
| 5.00%, 11/01/26 (c) | 325 | 332,414 | ||||||
|
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 |
65 | 62,068 | ||||||
|
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) |
175 | 176,290 | ||||||
| 3,348,010 | ||||||||
| Louisiana: 2.2% | ||||||||
|
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27 |
1,025 | 974,828 | ||||||
|
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29 |
150 | 139,438 | ||||||
|
City of New Orleans, Louisiana Water (RB) 5.00%, 12/01/25 (c) |
305 | 311,952 | ||||||
| Par (000’s |
) | Value | ||||||
| Louisiana (continued) | ||||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) |
$ | 4,310 | $ | 3,846,136 | ||||
|
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * ∞ |
330 | 4 | ||||||
|
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) * ∞ |
521 | 5 | ||||||
| Parish of St James, Nustar Logistics, LP Project (RB) | ||||||||
| 6.10%, 06/01/30 (p) | 1,500 | 1,566,679 | ||||||
| 6.10%, 06/01/30 (p) | 1,000 | 1,044,470 | ||||||
| 7,883,512 | ||||||||
| Maryland: 1.3% | ||||||||
|
City of Baltimore, Convention Center Hotel (RB) 5.00%, 09/01/27 (c) |
1,200 | 1,141,238 | ||||||
|
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 |
200 | 192,685 | ||||||
|
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 |
300 | 294,555 | ||||||
|
County of Howard, Series A (TA) 4.00%, 02/15/26 (c) |
200 | 191,613 | ||||||
|
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 12/01/23 (c) |
695 | 701,114 | ||||||
|
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30 |
2,000 | 1,795,178 | ||||||
|
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 |
425 | 432,059 | ||||||
| 4,748,442 | ||||||||
| Massachusetts: 0.6% | ||||||||
|
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) |
490 | 480,346 | ||||||
|
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/26 (c) |
310 | 314,374 | ||||||
See Notes to Financial Statements
| 107 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
|
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB) 5.00%, 07/01/28 |
$ | 500 | $ | 518,255 | ||||
|
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 11/21/23 (c) |
250 | 234,767 | ||||||
|
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) |
335 | 338,744 | ||||||
|
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/26 (c) |
100 | 101,011 | ||||||
|
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c) |
275 | 275,531 | ||||||
| 2,263,028 | ||||||||
| Michigan: 1.3% | ||||||||
|
City of Detroit, Michigan Unlimited Tax (GO) 5.00%, 04/01/26 |
1,000 | 1,001,526 | ||||||
|
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c) |
500 | 502,789 | ||||||
|
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c) |
250 | 231,122 | ||||||
|
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31 |
500 | 429,686 | ||||||
|
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c) |
1,000 | 960,800 | ||||||
|
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c) |
155 | 156,403 | ||||||
|
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27 |
1,415 | 1,476,955 | ||||||
| 4,759,281 | ||||||||
| Minnesota: 0.8% | ||||||||
|
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) |
100 | 92,821 | ||||||
|
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 (d) * ∞ |
415 | 269,750 | ||||||
| Par (000’s |
) | Value | ||||||
| Minnesota (continued) | ||||||||
|
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c) |
$ | 350 | $ | 323,576 | ||||
|
City of Minneapolis, Farview Health Services, Series A (RB) 5.00%, 11/15/28 (c) |
605 | 601,467 | ||||||
|
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c) |
1,000 | 859,059 | ||||||
|
Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB) 5.00%, 07/01/25 (c) |
500 | 502,659 | ||||||
|
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26 |
75 | 73,927 | ||||||
| 2,723,259 | ||||||||
| Mississippi: 0.6% | ||||||||
|
Mississippi Business Finance Corp., Enviva, Inc. Project (RB) 7.75%, 07/15/32 (c) (p) |
2,195 | 1,571,715 | ||||||
|
Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 08/02/27 (p) |
500 | 472,644 | ||||||
| 2,044,359 | ||||||||
| Missouri: 0.8% | ||||||||
|
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c) |
455 | 424,358 | ||||||
|
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/26 (c) |
205 | 172,570 | ||||||
|
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c) |
915 | 752,141 | ||||||
|
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/25 (c) |
125 | 114,309 | ||||||
|
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c) |
365 | 325,507 | ||||||
See Notes to Financial Statements
| 108 |
| Par (000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
|
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c) |
$ | 500 | $ | 430,400 | ||||
|
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/25 (c) |
500 | 484,338 | ||||||
| 2,703,623 | ||||||||
| Nebraska: 0.2% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 09/01/27 | 500 | 499,376 | ||||||
| 5.00%, 09/01/28 | 100 | 100,017 | ||||||
| 5.00%, 09/01/30 | 125 | 124,853 | ||||||
| 724,246 | ||||||||
| Nevada: 0.9% | ||||||||
|
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 12/01/23 (c) |
250 | 242,133 | ||||||
|
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB) 2.75%, 06/15/28 |
955 | 866,507 | ||||||
|
Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c) |
100 | 100,695 | ||||||
|
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 |
5 | 3,781 | ||||||
| Clark County, School District, Series B (GO) (AGM) | ||||||||
| 5.00%, 06/15/29 (c) | 250 | 262,962 | ||||||
| 5.00%, 06/15/29 | 250 | 263,806 | ||||||
|
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30 |
250 | 265,772 | ||||||
|
Clark County, School District, Series C (GO) 5.00%, 12/15/25 (c) |
115 | 117,240 | ||||||
|
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 |
344 | 137,646 | ||||||
|
Tahoe-Douglas Visitors Authority (RB) 5.00%, 07/01/30 (c) |
1,000 | 979,906 | ||||||
| 3,240,448 | ||||||||
| New Hampshire: 0.1% | ||||||||
|
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 12/01/23 (c) |
250 | 234,488 | ||||||
| Par (000’s |
) | Value | ||||||
| New Hampshire (continued) | ||||||||
|
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) * |
$ | 242 | $ | 14,525 | ||||
| 249,013 | ||||||||
| New Jersey: 4.3% | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.25%, 12/01/23 (c) | 2,000 | 1,956,464 | ||||||
| 5.62%, 03/05/24 (c) | 1,000 | 999,980 | ||||||
| 5.75%, 12/01/23 (c) | 275 | 273,649 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/27 (c) | 1,155 | 1,065,225 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 961,935 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 |
380 | 378,496 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 4.00%, 11/01/25 | 500 | 499,384 | ||||||
| 5.00%, 11/01/25 | 115 | 117,043 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) |
110 | 115,121 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) |
115 | 119,091 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) |
100 | 105,053 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 340 | 341,632 | ||||||
| 5.00%, 06/15/24 (c) | 320 | 321,927 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 4.25%, 06/15/25 (c) | 440 | 437,769 | ||||||
| 4.38%, 06/15/25 (c) | 130 | 129,757 | ||||||
| 5.00%, 06/15/25 (c) | 345 | 351,629 | ||||||
See Notes to Financial Statements
| 109 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c) |
$ | 750 | $ | 742,244 | ||||
|
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/25 (c) |
175 | 153,228 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 175 | 175,975 | ||||||
| 5.00%, 06/15/24 (c) | 145 | 145,446 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24 |
315 | 317,676 | ||||||
|
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26 |
500 | 515,097 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/25 ^ | 120 | 109,688 | ||||||
| 0.00%, 12/15/26 ^ | 360 | 315,225 | ||||||
| 0.00%, 12/15/32 ^ | 5 | 3,264 | ||||||
| 5.00%, 12/15/28 (c) | 205 | 212,072 | ||||||
| 5.00%, 06/15/26 (c) | 395 | 401,496 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 5.00%, 06/15/26 (c) |
110 | 111,944 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 5.00%, 06/15/25 (c) | 275 | 277,644 | ||||||
| 5.25%, 06/15/25 (c) | 365 | 369,735 | ||||||
| 5.25%, 06/15/25 (c) | 100 | 101,356 | ||||||
| 5.25%, 06/15/25 (c) | 435 | 440,913 | ||||||
| State of New Jersey, Covid-19 General Emergency, Series A (GO) | ||||||||
| 5.00%, 06/01/26 | 500 | 514,396 | ||||||
| 5.00%, 06/01/27 | 500 | 520,378 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 3.00%, 06/01/26 | 80 | 76,729 | ||||||
| 5.00%, 06/01/27 | 100 | 104,076 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 150 | 154,885 | ||||||
| 5.00%, 06/01/28 | 655 | 676,603 | ||||||
| 5.00%, 06/01/28 (c) | 640 | 660,324 | ||||||
| 15,274,549 | ||||||||
| Par (000’s |
) | Value | ||||||
| New Mexico: 0.4% | ||||||||
|
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan And Four Corners Projects, Series B (RB) 2.15%, 10/01/31 (c) |
$ | 700 | $ | 510,587 | ||||
|
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29 |
1,000 | 803,028 | ||||||
| 1,313,615 | ||||||||
| New York: 12.3% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 1,800 | 1,804,616 | ||||||
| 5.00%, 01/15/27 (c) | 100 | 100,698 | ||||||
| 5.00%, 01/15/27 (c) | 100 | 100,503 | ||||||
| 5.00%, 07/15/26 | 100 | 100,721 | ||||||
|
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 |
1,185 | 1,075,518 | ||||||
|
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 |
275 | 247,522 | ||||||
|
Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c) |
595 | 543,718 | ||||||
|
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26 |
250 | 256,747 | ||||||
|
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26 |
250 | 259,181 | ||||||
|
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) |
||||||||
| 5.00%, 07/01/26 (c) | 275 | 273,740 | ||||||
| 5.00%, 07/01/26 (c) | 270 | 267,293 | ||||||
|
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27 |
820 | 767,483 | ||||||
|
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c) |
250 | 252,362 | ||||||
|
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c) |
250 | 254,927 | ||||||
See Notes to Financial Statements
| 110 |
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 5.00%, 11/15/26 (c) | $ | 500 | $ | 505,999 | ||||
| 5.00%, 05/15/28 (c) | 560 | 570,431 | ||||||
| Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
| 5.00%, 11/15/25 (c) | 250 | 250,989 | ||||||
| 5.00%, 11/15/25 (c) | 250 | 250,521 | ||||||
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) | ||||||||
| 5.00%, 12/01/30 (c) | 500 | 496,441 | ||||||
| 5.00%, 12/01/30 (c) | 1,060 | 1,042,869 | ||||||
|
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c) |
930 | 822,932 | ||||||
|
New York Convention Center Development Corp., Hotel Unit (RB) 5.00%, 11/15/25 (c) |
500 | 501,725 | ||||||
|
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/24 (c) |
1,000 | 945,975 | ||||||
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
| 5.00%, 08/01/28 (c) | 1,000 | 995,057 | ||||||
| 5.00%, 08/01/28 (c) | 945 | 939,111 | ||||||
|
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/03/29 (p) |
1,000 | 855,467 | ||||||
|
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p) |
600 | 568,078 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 2.25%, 08/01/26 | 620 | 579,283 | ||||||
| 5.00%, 11/21/23 (c) | 475 | 471,123 | ||||||
| 5.00%, 11/21/23 (c) | 4,155 | 4,022,476 | ||||||
| 5.25%, 08/01/30 (c) | 1,790 | 1,788,287 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 4,380 | 4,029,986 | ||||||
| 5.00%, 01/01/28 (c) | 1,785 | 1,746,194 | ||||||
| 5.00%, 01/01/28 (c) | 780 | 766,240 | ||||||
| 5.00%, 01/01/28 (c) | 4,405 | 4,294,617 | ||||||
| 5.00%, 10/01/30 (c) | 1,000 | 950,923 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York Transportation Development Corp., John F. Kennedy Interational Airport Project, Series A (RB) 5.00%, 12/01/24 |
$ | 2,050 | $ | 2,055,617 | ||||
|
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 |
2,100 | 1,763,705 | ||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) | ||||||||
| 5.00%, 12/01/30 | 1,430 | 1,448,583 | ||||||
| 5.00%, 12/01/31 | 1,885 | 1,907,667 | ||||||
|
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c) |
665 | 644,727 | ||||||
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
| 4.00%, 12/01/23 (c) | 120 | 108,502 | ||||||
| 4.12%, 12/01/23 (c) | 100 | 88,773 | ||||||
|
Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/30 (c) |
1,000 | 1,056,178 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 70 | 71,598 | ||||||
| 5.00%, 06/01/27 | 70 | 71,557 | ||||||
|
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c) |
170 | 160,236 | ||||||
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 |
200 | 183,413 | ||||||
| 43,260,309 | ||||||||
| North Carolina: 0.4% | ||||||||
|
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25 |
125 | 127,591 | ||||||
|
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c) |
250 | 254,694 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25 |
350 | 353,480 | ||||||
See Notes to Financial Statements
| 111 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| North Carolina (continued) | ||||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) |
$ | 500 | $ | 519,117 | ||||
| 1,254,882 | ||||||||
| North Dakota: 0.3% | ||||||||
|
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/31 (c) |
500 | 481,320 | ||||||
|
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) (d) * |
3,000 | 600,000 | ||||||
| 1,081,320 | ||||||||
| Ohio: 2.0% | ||||||||
|
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 |
500 | 522,693 | ||||||
|
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/29 (c) |
920 | 843,643 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/25 | 250 | 250,942 | ||||||
| 5.00%, 02/15/26 | 50 | 50,339 | ||||||
| 5.00%, 02/15/27 | 350 | 353,653 | ||||||
| 5.00%, 02/15/27 (c) | 110 | 111,244 | ||||||
|
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 12/01/23 (c) |
1,860 | 1,812,563 | ||||||
|
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p) |
1,000 | 833,087 | ||||||
|
Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB) 2.40%, 10/01/29 (c) (p) |
500 | 414,274 | ||||||
|
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 |
2,000 | 1,836,117 | ||||||
| 7,028,555 | ||||||||
| Oklahoma: 0.9% | ||||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/26 | 1,000 | 977,614 | ||||||
| 5.00%, 08/15/27 | 250 | 241,563 | ||||||
|
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) |
2,000 | 1,975,476 | ||||||
| 3,194,653 | ||||||||
| Par (000’s |
) | Value | ||||||
| Oregon: 0.0% | ||||||||
|
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * ∞ |
$ | 500 | $ | 5 | ||||
| Pennsylvania: 4.5% | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/27 | 1,050 | 1,048,499 | ||||||
| 5.00%, 05/01/28 | 1,420 | 1,410,647 | ||||||
| 5.00%, 05/01/28 | 875 | 873,299 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 4.00%, 11/01/27 (c) | 200 | 109,708 | ||||||
| 5.00%, 11/01/24 | 1,000 | 747,300 | ||||||
| 5.00%, 11/01/25 | 1,000 | 683,676 | ||||||
| 5.00%, 11/01/26 | 400 | 260,720 | ||||||
| 5.00%, 11/01/27 (c) | 1,065 | 595,665 | ||||||
| Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
| 5.00%, 02/01/30 | 800 | 447,698 | ||||||
| 5.00%, 02/01/31 | 425 | 233,284 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) |
1,500 | 932,393 | ||||||
|
City of Philadelphia, Gas Works (RB) 5.00%, 08/01/25 |
80 | 81,197 | ||||||
|
County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB) 4.88%, 11/01/24 |
1,500 | 1,487,309 | ||||||
|
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) 5.00%, 10/15/28 (c) |
500 | 438,387 | ||||||
|
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/28 (c) |
130 | 124,342 | ||||||
|
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/26 (c) |
660 | 621,531 | ||||||
|
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p) |
1,010 | 988,794 | ||||||
See Notes to Financial Statements
| 112 |
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 5.00%, 06/30/32 |
$ | 1,000 | $ | 1,013,997 | ||||
|
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26 |
130 | 130,057 | ||||||
|
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c) |
100 | 101,881 | ||||||
|
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 12/01/25 (c) |
765 | 779,428 | ||||||
|
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c) |
875 | 943,982 | ||||||
| Philadelphia Authority for Industrial Development, University of the Arts (RB) | ||||||||
| 4.50%, 03/15/28 (c) | 675 | 634,668 | ||||||
| 4.50%, 03/15/28 (c) | 25 | 25,808 | ||||||
|
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31 |
565 | 511,058 | ||||||
|
Philadelphia Gas Works Co. (RB) 5.00%, 10/01/26 |
100 | 102,503 | ||||||
|
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) |
200 | 203,748 | ||||||
| The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | ||||||||
| 5.00%, 07/01/26 | 115 | 115,164 | ||||||
| 5.00%, 07/01/27 (c) | 275 | 275,560 | ||||||
| 15,922,303 | ||||||||
| Puerto Rico: 6.4% | ||||||||
|
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 5.00%, 07/01/30 |
3,000 | 2,983,022 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/28 | 1,000 | 1,003,231 | ||||||
| 5.00%, 07/01/31 (c) | 2,000 | 1,959,372 | ||||||
|
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) 4.00%, 07/01/31 (c) |
2,000 | 1,743,127 | ||||||
| Par (000’s |
) | Value | ||||||
| Puerto Rico (continued) | ||||||||
| 5.38%, 07/01/25 | $ | 3,638 | $ | 3,659,388 | ||||
| 5.62%, 07/01/27 | 1,000 | 1,018,102 | ||||||
| 5.62%, 07/01/29 | 3,000 | 3,069,743 | ||||||
| 5.75%, 07/01/31 | 2,000 | 2,060,997 | ||||||
|
Puerto Rico Electric Power Authority, Series SS (RB) (NATL) 5.00%, 12/01/23 (c) |
545 | 545,084 | ||||||
|
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 12/01/23 (c) |
250 | 249,685 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB) 6.62%, 12/01/23 (c) (d) * |
100 | 70,000 | ||||||
|
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 12/01/23 (c) |
780 | 785,123 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 0.01%, 07/01/28 (c) | 2,000 | 1,392,530 | ||||||
| 0.01%, 07/01/28 (c) | 1,500 | 939,547 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c) |
1,308 | 1,006,999 | ||||||
| 22,485,950 | ||||||||
| Rhode Island: 0.5% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | ||||||||
| 5.00%, 05/15/30 (c) | 400 | 423,987 | ||||||
| 5.00%, 05/15/30 (c) | 250 | 263,780 | ||||||
|
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 |
155 | 158,955 | ||||||
|
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/26 (c) |
1,000 | 922,469 | ||||||
| 1,769,191 | ||||||||
| South Carolina: 0.7% | ||||||||
|
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c) |
600 | 585,346 | ||||||
|
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) 5.25%, 07/01/25 (c) |
755 | 764,396 | ||||||
|
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) |
305 | 288,213 | ||||||
See Notes to Financial Statements
| 113 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| South Carolina (continued) | ||||||||
| South Carolina Public Service Authority, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | $ | 290 | $ | 291,447 | ||||
| 5.00%, 06/01/26 (c) | 525 | 529,172 | ||||||
| 2,458,574 | ||||||||
| Tennessee: 0.8% | ||||||||
|
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) (d) * |
500 | 115,000 | ||||||
|
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 (d) * |
105 | 87,976 | ||||||
|
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) |
1,000 | 985,805 | ||||||
|
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p) |
1,000 | 978,445 | ||||||
|
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26 |
525 | 526,659 | ||||||
| 2,693,885 | ||||||||
| Texas: 8.6% | ||||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 1,200 | 1,179,025 | ||||||
| 5.00%, 01/01/27 (c) | 1,155 | 1,138,342 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) | ||||||||
| 5.00%, 01/01/25 | 650 | 647,480 | ||||||
| 5.00%, 01/01/26 | 775 | 769,922 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c) |
500 | 477,331 | ||||||
|
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) |
50 | 52,996 | ||||||
|
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) |
2,465 | 2,234,134 | ||||||
|
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) |
750 | 789,680 | ||||||
|
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) |
1,000 | 1,016,318 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 |
$ | 120 | $ | 120,500 | ||||
| City of Austin, Texas Airport System (RB) | ||||||||
| 5.00%, 11/15/24 (c) | 395 | 394,472 | ||||||
| 5.00%, 11/15/25 | 625 | 629,537 | ||||||
|
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 |
180 | 183,024 | ||||||
|
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c) |
3,000 | 2,900,730 | ||||||
|
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 |
250 | 241,786 | ||||||
|
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 12/01/23 (c) |
200 | 199,973 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
| 5.00%, 07/15/27 | 1,000 | 966,823 | ||||||
| 5.00%, 07/15/28 | 500 | 484,976 | ||||||
|
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 |
1,500 | 1,454,927 | ||||||
|
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/25 (c) |
1,000 | 958,292 | ||||||
|
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27 |
1,750 | 1,691,941 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 4.62%, 08/15/25 | 40 | 39,157 | ||||||
| 5.12%, 08/15/25 (c) | 200 | 193,258 | ||||||
| 5.50%, 06/15/31 (c) | 1,000 | 968,745 | ||||||
|
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) |
500 | 495,634 | ||||||
|
Dallas Forth Worth Texas International Airport, Series A (RB) 5.00%, 11/01/23 (c) |
1,000 | 1,000,000 | ||||||
See Notes to Financial Statements
| 114 |
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 12/01/23 (c) |
$ | 335 | $ | 331,039 | ||||
|
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^ |
315 | 230,992 | ||||||
|
Harris County, Houston Sports Authority, Third Lien, Series A (RB) (NATL) 0.00%, 11/15/24 (c) ^ |
1,005 | 555,118 | ||||||
|
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 12/01/23 (c) |
1,000 | 988,702 | ||||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 5.00%, 05/15/25 (c) | 335 | 336,926 | ||||||
| 5.00%, 05/15/29 (c) | 200 | 207,262 | ||||||
|
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30 |
105 | 100,620 | ||||||
|
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) * |
102 | 1,015 | ||||||
|
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/21/23 (c) |
3,200 | 3,012,340 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c) |
1,000 | 871,792 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 12/01/23 (c) |
150 | 147,462 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/23 | 100 | 90,750 | ||||||
| 5.00%, 07/01/24 | 100 | 90,750 | ||||||
|
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29 |
405 | 324,574 | ||||||
|
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c) |
185 | 187,897 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 12/01/23 (c) |
$ | 550 | $ | 426,488 | ||||
| SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
| 5.50%, 08/01/24 | 55 | 55,223 | ||||||
| 5.50%, 08/01/25 | 125 | 125,940 | ||||||
| 5.50%, 08/01/27 | 110 | 111,250 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c) |
250 | 231,098 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) |
225 | 209,240 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
| 5.25%, 12/15/23 | 15 | 15,007 | ||||||
| 5.25%, 12/15/24 | 60 | 60,273 | ||||||
| 5.25%, 12/15/25 | 100 | 100,662 | ||||||
|
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 |
350 | 345,601 | ||||||
| 30,387,024 | ||||||||
| Utah: 0.5% | ||||||||
|
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27 |
700 | 669,531 | ||||||
|
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31 |
1,000 | 1,026,485 | ||||||
| 1,696,016 | ||||||||
| Virgin Islands: 0.9% | ||||||||
| Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) | ||||||||
| 5.00%, 10/01/28 | 585 | 582,349 | ||||||
| 5.00%, 10/01/32 | 1,000 | 983,300 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 1,000 | 916,680 | ||||||
| 5.00%, 10/01/24 | 100 | 98,827 | ||||||
| Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
| 5.00%, 12/01/23 (c) | 55 | 52,888 | ||||||
| 5.00%, 12/01/23 (c) | 620 | 578,845 | ||||||
| 5.00%, 12/01/23 (c) | 75 | 73,619 | ||||||
| 3,286,508 | ||||||||
See Notes to Financial Statements
| 115 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Virginia: 1.0% | ||||||||
|
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 12/01/23 (c) |
$ | 140 | $ | 127,874 | ||||
|
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c) |
325 | 312,720 | ||||||
|
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) (d) * |
1,835 | 1,045,950 | ||||||
|
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) (d) * |
1,525 | 869,250 | ||||||
|
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) |
710 | 701,319 | ||||||
|
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31 |
635 | 588,741 | ||||||
| 3,645,854 | ||||||||
| Washington: 2.0% | ||||||||
|
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 |
110 | 107,318 | ||||||
|
Klickitat County, Public Hospital District No. 2 (RB) 4.00%, 12/01/27 |
750 | 694,851 | ||||||
|
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 11/21/23 (c) |
1,800 | 1,759,420 | ||||||
|
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p) |
480 | 482,153 | ||||||
|
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 |
2,250 | 2,061,562 | ||||||
|
Washington State, Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c) |
250 | 235,646 | ||||||
|
Washington State, Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) |
1,000 | 947,924 | ||||||
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 4.00%, 01/01/25 (c) | $ | 500 | $ | 472,610 | ||||
| 5.00%, 01/01/25 (c) | 365 | 325,140 | ||||||
| 7,086,624 | ||||||||
| West Virginia: 0.5% | ||||||||
|
County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) 4.75%, 12/01/23 (c) |
680 | 643,159 | ||||||
|
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p) |
1,000 | 978,048 | ||||||
|
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26 |
150 | 153,319 | ||||||
| 1,774,526 | ||||||||
| Wisconsin: 1.6% | ||||||||
|
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c) |
1,000 | 925,582 | ||||||
|
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c) |
430 | 370,598 | ||||||
|
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 |
425 | 405,077 | ||||||
|
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c) |
445 | 387,364 | ||||||
|
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c) |
150 | 140,768 | ||||||
|
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 |
1,505 | 1,494,001 | ||||||
|
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 |
1,050 | 1,000,094 | ||||||
See Notes to Financial Statements
| 116 |
| Par (000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
|
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 3.00%, 08/15/24 (c) |
$ | 825 | $ | 790,549 | ||||
| 5,514,033 | ||||||||
| Total Municipal Bonds: 98.6% (Cost: $391,267,444) |
348,043,294 | |||||||
| Other assets less liabilities: 1.4% | 4,977,300 | |||||||
| NET ASSETS: 100.0% | $ | 353,020,594 | ||||||
| Definitions: | |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| * | Non-income producing |
| (d) | Security in default |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| ^ | Zero Coupon Bond |
See Notes to Financial Statements
| 117 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Industrial Development Revenue | 22.5 | % | $ | 78,461,414 | ||||
| Local GO | 11.6 | 40,490,508 | ||||||
| Tax | 9.5 | 32,973,068 | ||||||
| Hospitals | 8.1 | 28,112,450 | ||||||
| Education | 6.2 | 21,490,756 | ||||||
| Airport | 5.2 | 18,199,641 | ||||||
| Power | 5.2 | 17,941,346 | ||||||
| Utilities - Other | 5.2 | 17,930,634 | ||||||
| Health | 4.8 | 16,559,523 | ||||||
| State GO | 4.7 | 16,482,570 | ||||||
| Leasing COPS & Appropriations | 4.3 | 14,869,611 | ||||||
| Transportation | 2.9 | 10,218,891 | ||||||
| Miscellaneous | 2.3 | 8,061,520 | ||||||
| Toll & Turnpike | 2.2 | 7,585,857 | ||||||
| Water & Sewer | 1.9 | 6,569,312 | ||||||
| Pollution Control | 1.4 | 4,929,503 | ||||||
| Refunded | 0.6 | 2,237,242 | ||||||
| Multi-Family Housing | 0.6 | 2,172,692 | ||||||
| Tobacco | 0.5 | 1,634,967 | ||||||
| Unassigned | 0.3 | 1,121,789 | ||||||
| 100.0 | % | $ | 348,043,294 | |||||
See Notes to Financial Statements
| 118 |
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 | |||||||||||||
| Municipal Bonds | ||||||||||||||||
| Alabama | $ | — | $ | 7,128,262 | $ | — | $ | 7,128,262 | ||||||||
| American Samoa | — | 257,526 | — | 257,526 | ||||||||||||
| Arizona | — | 7,165,719 | — | 7,165,719 | ||||||||||||
| Arkansas | — | 2,041,052 | — | 2,041,052 | ||||||||||||
| California | — | 27,365,586 | — | 27,365,586 | ||||||||||||
| Colorado | — | 5,688,192 | — | 5,688,192 | ||||||||||||
| Connecticut | — | 2,134,579 | — | 2,134,579 | ||||||||||||
| Delaware | — | 911,654 | — | 911,654 | ||||||||||||
| District of Columbia | — | 460,598 | — | 460,598 | ||||||||||||
| Florida | — | 16,512,815 | — | 16,512,815 | ||||||||||||
| Georgia | — | 8,124,107 | — | 8,124,107 | ||||||||||||
| Guam | — | 5,712,630 | — | 5,712,630 | ||||||||||||
| Hawaii | — | 1,130,509 | — | 1,130,509 | ||||||||||||
| Illinois | — | 49,279,265 | — | 49,279,265 | ||||||||||||
| Indiana | — | 4,088,538 | — | 4,088,538 | ||||||||||||
| Iowa | — | 3,493,000 | — | 3,493,000 | ||||||||||||
| Kansas | — | 733,665 | — | 733,665 | ||||||||||||
| Kentucky | — | 3,348,010 | — | 3,348,010 | ||||||||||||
| Louisiana | — | 7,883,503 | 9 | 7,883,512 | ||||||||||||
| Maryland | — | 4,748,442 | — | 4,748,442 | ||||||||||||
| Massachusetts | — | 2,263,028 | — | 2,263,028 | ||||||||||||
| Michigan | — | 4,759,281 | — | 4,759,281 | ||||||||||||
| Minnesota | — | 2,453,509 | 269,750 | 2,723,259 | ||||||||||||
| Mississippi | — | 2,044,359 | — | 2,044,359 | ||||||||||||
| Missouri | — | 2,703,623 | — | 2,703,623 | ||||||||||||
| Nebraska | — | 724,246 | — | 724,246 | ||||||||||||
| Nevada | — | 3,240,448 | — | 3,240,448 | ||||||||||||
| New Hampshire | — | 249,013 | — | 249,013 | ||||||||||||
| New Jersey | — | 15,274,549 | — | 15,274,549 | ||||||||||||
| New Mexico | — | 1,313,615 | — | 1,313,615 | ||||||||||||
| New York | — | 43,260,309 | — | 43,260,309 | ||||||||||||
| North Carolina | — | 1,254,882 | — | 1,254,882 | ||||||||||||
| North Dakota | — | 1,081,320 | — | 1,081,320 | ||||||||||||
| Ohio | — | 7,028,555 | — | 7,028,555 | ||||||||||||
| Oklahoma | — | 3,194,653 | — | 3,194,653 | ||||||||||||
| Oregon | — | — | 5 | 5 | ||||||||||||
| Pennsylvania | — | 15,922,303 | — | 15,922,303 | ||||||||||||
| Puerto Rico | — | 22,485,950 | — | 22,485,950 | ||||||||||||
| Rhode Island | — | 1,769,191 | — | 1,769,191 | ||||||||||||
| South Carolina | — | 2,458,574 | — | 2,458,574 | ||||||||||||
| Tennessee | — | 2,693,885 | — | 2,693,885 | ||||||||||||
| Texas | — | 30,387,024 | — | 30,387,024 | ||||||||||||
| Utah | — | 1,696,016 | — | 1,696,016 | ||||||||||||
| Virgin Islands | — | 3,286,508 | — | 3,286,508 | ||||||||||||
| Virginia | — | 3,645,854 | — | 3,645,854 | ||||||||||||
| Washington | — | 7,086,624 | — | 7,086,624 | ||||||||||||
| West Virginia | — | 1,774,526 | — | 1,774,526 | ||||||||||||
| Wisconsin | — | 5,514,033 | — | 5,514,033 | ||||||||||||
| Total | $ | — | $ | 347,773,530 | $ | 269,764 | $ | 348,043,294 | ||||||||
See Notes to Financial Statements
| 119 |
SCHEDULE OF INVESTMENTS
October 31, 2023 (unaudited)
| Par (000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 97.9% | ||||||||
| Alabama: 2.9% | ||||||||
|
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c) |
$ | 1,000 | $ | 1,045,467 | ||||
|
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/25 (c) (p) |
1,000 | 977,560 | ||||||
|
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p) |
600 | 578,086 | ||||||
|
County of Jefferson (RB) 5.00%, 03/15/27 (c) |
525 | 538,326 | ||||||
|
Jefferson County, Series A (GO) 5.00%, 04/01/25 |
340 | 344,493 | ||||||
|
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) |
1,500 | 1,466,486 | ||||||
|
The Black Belt Energy Gas District, Gas Project, Series E (RB) 5.00%, 06/01/28 (p) |
1,000 | 995,055 | ||||||
|
Tuscaloosa City Board of Education (RB) 5.00%, 08/01/26 (c) |
1,055 | 1,087,874 | ||||||
| 7,033,347 | ||||||||
| Alaska: 0.3% | ||||||||
|
Alaska Housing Finance Corp., Series A (RB) 4.00%, 06/01/25 (c) |
700 | 699,841 | ||||||
| Arizona: 0.9% | ||||||||
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 5.00%, 01/01/26 | 700 | 716,218 | ||||||
| 5.00%, 05/15/26 (c) (p) | 500 | 509,519 | ||||||
| Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/26 | 500 | 512,839 | ||||||
| 5.00%, 01/01/27 | 500 | 519,663 | ||||||
| 2,258,239 | ||||||||
| California: 17.5% | ||||||||
|
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/26 (c) (p) |
1,180 | 1,137,524 | ||||||
|
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p) |
385 | 376,349 | ||||||
|
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p) |
725 | 717,852 | ||||||
|
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 08/01/28 (c) (p) |
500 | 475,792 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 11/01/28 (c) (p) |
$ | 1,000 | $ | 1,023,135 | ||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p) |
500 | 499,586 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p) |
335 | 322,430 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/25 (p) |
585 | 595,044 | ||||||
|
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/26 (c) (p) |
500 | 480,479 | ||||||
| California State Public Works Board, Series B (RB) | ||||||||
| 5.00%, 10/01/26 | 830 | 861,873 | ||||||
| 5.00%, 10/01/26 | 55 | 57,205 | ||||||
| 5.00%, 10/01/27 (c) | 785 | 823,842 | ||||||
| 5.00%, 10/01/27 (c) | 50 | 52,779 | ||||||
|
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26 |
500 | 518,575 | ||||||
|
California State University, Systemwide, Series B-3 (RB) 3.12%, 11/01/26 (c) (p) |
500 | 486,489 | ||||||
|
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c) |
1,000 | 787,474 | ||||||
|
City & County of San Francisco, Series R-1 (GO) 4.00%, 11/21/23 (c) |
1,000 | 1,000,074 | ||||||
|
City of San Francisco, Public Utilities Commission Water, Series C (RB) 5.00%, 11/01/28 |
500 | 537,224 | ||||||
|
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^ |
500 | 443,303 | ||||||
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 1,870 | 1,907,994 | ||||||
| 5.00%, 06/01/25 (c) | 1,000 | 1,020,317 | ||||||
See Notes to Financial Statements
| 120 |
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^ |
$ | 1,000 | $ | 910,503 | ||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 5.00%, 07/01/24 | 875 | 882,208 | ||||||
| 5.00%, 07/01/26 | 730 | 756,465 | ||||||
| 5.00%, 07/01/26 | 800 | 829,002 | ||||||
|
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/24 (c) |
1,000 | 1,008,997 | ||||||
|
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) |
1,000 | 993,755 | ||||||
|
Oakland Unified School District, Series A (GO) 5.00%, 08/01/25 (c) |
1,000 | 1,023,279 | ||||||
| Orange County Transportation Authority, I-405 Improvement Project (RB) | ||||||||
| 4.00%, 10/15/24 | 675 | 677,309 | ||||||
| 5.00%, 10/15/24 | 750 | 759,524 | ||||||
|
Public Facilities Financing Authory of the City of San Diego, Subordinated Water, Series B (RB) 5.00%, 08/01/26 (c) |
500 | 519,487 | ||||||
|
Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB) 5.00%, 10/01/26 |
1,000 | 1,041,777 | ||||||
|
San Bernardino Community College District, Series A (GO) 4.00%, 08/16/27 (c) |
540 | 550,715 | ||||||
|
San Bernardino County, Capital Facilities, Project B (CP) 6.88%, 08/01/24 |
535 | 547,049 | ||||||
| San Joaquin Hills, Agency Toll Road (RB) | ||||||||
| 0.00%, 01/01/24 ^ | 1,000 | 994,073 | ||||||
| 0.00%, 01/01/25 ^ | 500 | 479,544 | ||||||
|
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c) |
725 | 726,561 | ||||||
|
Southwestern Community College District, Series D (GO) 5.00%, 08/01/25 (c) |
500 | 512,151 | ||||||
|
State of California Department of Water Resources (RB) 5.00%, 12/01/26 |
500 | 523,254 | ||||||
|
State of California, Various Purpose (GO) 3.00%, 03/01/26 |
1,000 | 978,203 | ||||||
| Par (000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 4.00%, 11/01/24 | $ | 300 | $ | 301,297 | ||||
| 4.00%, 03/01/24 | 500 | 500,660 | ||||||
| 5.00%, 10/01/24 | 555 | 562,207 | ||||||
| 5.00%, 10/01/27 | 530 | 556,483 | ||||||
| 5.00%, 10/01/27 | 1,000 | 1,049,968 | ||||||
| 5.00%, 10/01/27 | 500 | 524,984 | ||||||
| 5.00%, 11/01/23 | 525 | 525,000 | ||||||
| 5.00%, 11/01/26 | 915 | 949,981 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,047,181 | ||||||
| 5.00%, 11/01/28 | 910 | 966,987 | ||||||
| 5.00%, 12/01/27 | 500 | 526,138 | ||||||
| 5.00%, 04/01/27 | 750 | 782,124 | ||||||
| 5.00%, 08/01/24 | 325 | 328,430 | ||||||
| 5.00%, 08/01/25 | 1,000 | 1,022,256 | ||||||
| 5.00%, 08/01/27 | 1,305 | 1,367,041 | ||||||
| 5.00%, 09/01/25 | 300 | 306,996 | ||||||
| 5.00%, 09/01/26 | 1,000 | 1,035,787 | ||||||
| 5.00%, 09/01/28 | 1,000 | 1,062,689 | ||||||
| 42,255,405 | ||||||||
| Colorado: 1.7% | ||||||||
|
City Of Colorado Springs, Colorado Utilities System, Series A-1 (RB) 5.00%, 11/15/26 |
500 | 518,074 | ||||||
|
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 |
500 | 507,253 | ||||||
|
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 |
500 | 506,866 | ||||||
|
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23 |
450 | 450,527 | ||||||
|
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28 |
1,000 | 1,062,154 | ||||||
|
State of Colorado, Series A (CP) 5.00%, 12/15/26 |
500 | 518,614 | ||||||
|
University of Colorado, Series A-2 (RB) 4.00%, 06/01/28 (c) |
500 | 508,728 | ||||||
| 4,072,216 | ||||||||
| Connecticut: 2.3% | ||||||||
|
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 |
1,000 | 921,712 | ||||||
|
State of Connecticut, Series C (GO) 5.00%, 06/15/26 |
300 | 309,087 | ||||||
|
State of Connecticut, Special Tax, Transportation Infrastructure Purpose, Series A (ST) 5.00%, 05/01/28 |
600 | 632,152 | ||||||
See Notes to Financial Statements
| 121 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Connecticut (continued) | ||||||||
|
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26 |
$ | 1,015 | $ | 1,044,162 | ||||
|
State of Connecticut, Transportation Infrastructure Purposes, Series B (RB) 5.00%, 10/01/24 |
535 | 540,600 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 5.00%, 04/15/24 | 575 | 577,722 | ||||||
| 5.00%, 04/15/26 | 550 | 565,479 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,044,314 | ||||||
| 5,635,228 | ||||||||
| Delaware: 0.6% | ||||||||
|
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) |
500 | 455,827 | ||||||
|
Delaware Transportation Authority (RB) 5.00%, 07/01/26 |
500 | 516,326 | ||||||
|
State of Delaware, Series A (GO) 5.00%, 10/01/25 |
410 | 419,927 | ||||||
| 1,392,080 | ||||||||
| District of Columbia: 1.3% | ||||||||
|
District of Columbia, Series C (RB) 5.00%, 10/01/26 |
785 | 812,945 | ||||||
|
District of Columbia, Series D (GO) 5.00%, 06/01/25 |
315 | 320,866 | ||||||
|
District of Columbia, Series E (GO) 5.00%, 06/01/25 |
500 | 509,310 | ||||||
|
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28 |
500 | 528,681 | ||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road, Series C (RB) (AGC) 6.50%, 10/01/26 (c) |
1,000 | 1,073,233 | ||||||
| 3,245,035 | ||||||||
| Florida: 2.8% | ||||||||
|
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27 |
500 | 521,085 | ||||||
|
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/28 |
1,000 | 1,046,835 | ||||||
|
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26 |
250 | 258,194 | ||||||
| Par (000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/24 |
$ | 1,000 | $ | 1,006,744 | ||||
|
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/25 (c) |
655 | 666,130 | ||||||
|
Miami-Dade County, Florida Water and Sewer System, Series B (RB) 5.00%, 10/01/27 |
500 | 523,125 | ||||||
|
School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/25 (c) |
895 | 904,831 | ||||||
|
School District of Broward County, Series C (CP) 5.00%, 07/01/24 |
340 | 342,022 | ||||||
|
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/27 (c) |
710 | 726,459 | ||||||
|
State of Florida, Board of Education, Lottery Revenue, Series A (RB) 5.00%, 07/01/24 |
650 | 654,715 | ||||||
| 6,650,140 | ||||||||
| Georgia: 3.1% | ||||||||
|
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 |
500 | 505,696 | ||||||
|
Georgia State Road and Tollway Authority (RB) 5.00%, 06/01/29 |
800 | 852,218 | ||||||
|
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 09/01/27 (c) (p) |
1,250 | 1,203,076 | ||||||
|
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p) |
500 | 495,242 | ||||||
| Main Street Natural Gas, Inc., Series C (RB) | ||||||||
| 4.00%, 11/01/27 (c) (p) | 500 | 465,774 | ||||||
| 4.00%, 09/01/26 (c) (p) | 1,500 | 1,457,534 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 5.00%, 02/01/26 (c) | 680 | 697,445 | ||||||
| 5.00%, 08/01/26 | 700 | 724,402 | ||||||
|
State of Georgia, Series C (GO) 5.00%, 07/01/26 |
1,000 | 1,033,680 | ||||||
| 7,435,067 | ||||||||
| Hawaii: 0.8% | ||||||||
| City & County of Honolulu, Rail Transit Project, Series E (GO) | ||||||||
| 5.00%, 03/01/26 | 785 | 806,360 | ||||||
| 5.00%, 03/01/27 | 500 | 520,026 | ||||||
|
State of Hawaii, General Obligation, Series EO (GO) 5.00%, 08/01/24 (c) |
520 | 524,256 | ||||||
| 1,850,642 | ||||||||
See Notes to Financial Statements
| 122 |
| Par (000’s |
) | Value | ||||||
| Illinois: 4.8% | ||||||||
|
Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/25 |
$ | 500 | $ | 507,502 | ||||
|
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 |
500 | 510,229 | ||||||
|
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 |
315 | 321,444 | ||||||
|
Chicago Park District, Series A (GO) (NATL) 5.50%, 01/01/24 (c) |
1,375 | 1,378,495 | ||||||
|
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/25 |
340 | 342,743 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/27 | 135 | 139,941 | ||||||
| 5.00%, 01/01/27 | 365 | 370,845 | ||||||
|
Cook County, Series A (GO) 5.00%, 11/15/26 |
300 | 306,606 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 5.00%, 01/01/28 | 500 | 524,510 | ||||||
| 5.00%, 07/01/27 | 685 | 714,125 | ||||||
|
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24 |
500 | 503,595 | ||||||
|
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 |
415 | 429,938 | ||||||
|
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 |
650 | 673,398 | ||||||
|
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/24 |
550 | 550,792 | ||||||
|
State of Illinois (GO) 3.50%, 06/01/26 (c) |
685 | 637,167 | ||||||
|
State of Illinois (GO) (AGC) 5.50%, 05/01/25 |
335 | 340,533 | ||||||
|
State of Illinois, Series A (RB) 4.00%, 06/15/28 |
580 | 569,840 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 5.00%, 11/01/23 | 500 | 500,000 | ||||||
| 5.00%, 11/01/25 | 1,345 | 1,361,870 | ||||||
| 5.00%, 11/01/26 | 800 | 815,159 | ||||||
| 11,498,732 | ||||||||
| Indiana: 0.9% | ||||||||
|
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23 |
500 | 500,294 | ||||||
|
Indiana Finance Authority, Series C (RB) 5.00%, 12/01/24 |
575 | 582,200 | ||||||
| Par (000’s |
) | Value | ||||||
| Indiana (continued) | ||||||||
|
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29 |
$ | 935 | $ | 998,947 | ||||
| 2,081,441 | ||||||||
| Kentucky: 1.2% | ||||||||
|
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 4.00%, 01/01/25 (c) (p) |
500 | 493,781 | ||||||
|
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p) |
1,100 | 1,081,003 | ||||||
|
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26 |
275 | 282,175 | ||||||
|
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p) |
1,000 | 1,013,505 | ||||||
| 2,870,464 | ||||||||
| Louisiana: 0.6% | ||||||||
|
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p) |
500 | 503,115 | ||||||
|
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 07/01/26 (p) |
750 | 700,374 | ||||||
|
State of Louisiana, Series A (GO) 5.00%, 03/01/26 |
335 | 344,115 | ||||||
| 1,547,604 | ||||||||
| Maine: 0.2% | ||||||||
|
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25 |
500 | 508,926 | ||||||
| Maryland: 2.7% | ||||||||
|
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26 |
265 | 275,207 | ||||||
|
Department of Transportation of Maryland, Series B (RB) 5.00%, 12/01/23 |
500 | 500,454 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
| 4.00%, 11/01/24 (c) | 500 | 497,213 | ||||||
| 5.00%, 10/01/26 | 595 | 616,681 | ||||||
|
State of Maryland, Series B (GO) 5.00%, 08/01/24 |
550 | 555,033 | ||||||
|
State of Maryland, State and Local Facilities Loan (GO) 4.00%, 06/01/24 (c) |
560 | 560,203 | ||||||
See Notes to Financial Statements
| 123 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
| State of Maryland, State and Local Facilities Loan, Series A (GO) | ||||||||
| 5.00%, 03/15/24 | $ | 1,500 | $ | 1,506,643 | ||||
| 5.00%, 03/15/27 (c) | 500 | 521,198 | ||||||
| 5.00%, 03/15/28 | 500 | 529,085 | ||||||
| 5.00%, 03/15/29 | 1,000 | 1,069,839 | ||||||
| 6,631,556 | ||||||||
| Massachusetts: 2.8% | ||||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 01/01/27 | 710 | 739,214 | ||||||
| 5.00%, 05/01/27 | 500 | 523,022 | ||||||
| 5.00%, 07/01/27 | 500 | 524,228 | ||||||
|
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26 |
400 | 415,473 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 12/01/25 | 750 | 730,092 | ||||||
| 5.00%, 11/01/26 | 295 | 306,788 | ||||||
|
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26 |
250 | 259,356 | ||||||
|
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) 5.00%, 07/01/24 |
515 | 519,175 | ||||||
|
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26 |
500 | 520,067 | ||||||
|
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 12/01/24 (c) |
500 | 448,177 | ||||||
|
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/25 (c) |
775 | 788,809 | ||||||
|
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/26 (c) |
1,000 | 1,035,919 | ||||||
| 6,810,320 | ||||||||
| Michigan: 1.1% | ||||||||
|
City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c) |
1,000 | 1,002,618 | ||||||
|
Great Lakes Water Authority Water Supply System, Series A (RB) 5.00%, 07/01/24 |
590 | 593,586 | ||||||
| Par (000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
| State of Michigan, Grant Anticipation (RB) | ||||||||
| 5.00%, 03/15/24 | $ | 650 | $ | 652,400 | ||||
| 5.00%, 03/15/26 | 500 | 512,609 | ||||||
| 2,761,213 | ||||||||
| Minnesota: 1.6% | ||||||||
|
Minneapolis-St. Paul Metropolitan Airports, Series A (RB) 5.00%, 01/01/29 |
1,000 | 1,052,227 | ||||||
|
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 |
1,000 | 1,037,899 | ||||||
|
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24 |
1,200 | 1,210,893 | ||||||
|
State of Minnesota, Various Purpose, Series D (GO) 5.00%, 08/01/26 |
570 | 589,568 | ||||||
| 3,890,587 | ||||||||
| Missouri: 0.2% | ||||||||
|
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c) |
500 | 509,413 | ||||||
| Montana: 0.2% | ||||||||
|
City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB) 3.88%, 04/02/28 (c) |
500 | 478,026 | ||||||
| Nebraska: 0.2% | ||||||||
|
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 01/01/24 (c) (p) |
500 | 501,535 | ||||||
| Nevada: 0.6% | ||||||||
|
Clark County (GO) 5.00%, 06/01/25 |
1,090 | 1,108,620 | ||||||
|
County of Clark, Series B (GO) 5.00%, 11/01/23 |
450 | 450,000 | ||||||
| 1,558,620 | ||||||||
| New Jersey: 4.4% | ||||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) 5.00%, 06/15/27 (c) |
615 | 643,280 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 500 | 501,537 | ||||||
| 5.00%, 06/15/24 | 575 | 578,434 | ||||||
See Notes to Financial Statements
| 124 |
| Par (000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Educational Facilities Authority, Princeton University, Series B (RB) | ||||||||
| 5.00%, 07/01/25 | $ | 1,000 | $ | 1,021,366 | ||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,049,825 | ||||||
|
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23 |
500 | 500,363 | ||||||
|
New Jersey State, COVID-19, Series A (GO) 5.00%, 06/01/29 |
1,000 | 1,057,520 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 5.00%, 12/15/23 | 1,175 | 1,176,363 | ||||||
| 5.00%, 12/15/26 | 500 | 513,825 | ||||||
| 5.00%, 06/15/24 | 1,410 | 1,416,875 | ||||||
| State of New Jersey, Covid-19 General Emergency, Series A (GO) | ||||||||
| 5.00%, 06/01/25 | 600 | 610,434 | ||||||
| 5.00%, 06/01/27 | 500 | 520,378 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 06/01/25 | 500 | 477,167 | ||||||
| 2.00%, 06/01/26 | 500 | 465,079 | ||||||
| 10,532,446 | ||||||||
| New Mexico: 0.8% | ||||||||
|
State of New Mexico, Capital Projects (GO) 5.00%, 03/01/24 |
500 | 501,953 | ||||||
|
State of New Mexico, Series A (RB) 5.00%, 07/01/27 |
840 | 877,472 | ||||||
|
State of New Mexico, Series B (RB) 5.00%, 07/01/26 |
535 | 551,646 | ||||||
| 1,931,071 | ||||||||
| New York: 13.4% | ||||||||
|
City of New York, Series A (GO) 5.00%, 08/01/24 |
1,500 | 1,512,953 | ||||||
|
City of New York, Series C (GO) 5.00%, 08/01/24 |
750 | 756,476 | ||||||
|
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27 |
500 | 521,988 | ||||||
|
City of New York, Series C and D (GO) 5.00%, 08/01/26 |
325 | 335,556 | ||||||
|
City of New York, Series F-1 (GO) 5.00%, 03/01/27 |
410 | 425,770 | ||||||
|
Dormitory Authority of the State of New York State, Series A (RB) 5.00%, 03/15/26 |
1,265 | 1,299,498 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26 |
$ | 510 | $ | 527,834 | ||||
|
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p) |
2,000 | 1,994,106 | ||||||
|
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p) |
1,160 | 1,161,312 | ||||||
|
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/26 |
500 | 510,218 | ||||||
|
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/23 |
500 | 500,077 | ||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p) |
300 | 277,500 | ||||||
|
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27 |
750 | 767,551 | ||||||
|
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27 |
440 | 460,528 | ||||||
|
New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB) 5.00%, 02/01/27 |
850 | 881,239 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
| 5.00%, 07/15/24 | 550 | 554,525 | ||||||
| 5.00%, 07/15/25 | 570 | 581,506 | ||||||
|
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26 |
1,000 | 1,034,494 | ||||||
|
New York City Transitional Finance Authority, Series C (RB) 5.00%, 11/01/23 |
700 | 700,000 | ||||||
|
New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c) |
700 | 700,844 | ||||||
|
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c) |
430 | 434,849 | ||||||
|
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26 |
700 | 725,197 | ||||||
See Notes to Financial Statements
| 125 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27 |
$ | 510 | $ | 532,806 | ||||
|
New York State Dormitory Authority, Series A (RB) 5.00%, 02/15/27 |
500 | 522,359 | ||||||
|
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28 |
640 | 673,256 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series B (RB) | ||||||||
| 5.00%, 09/15/25 (c) | 500 | 511,995 | ||||||
| 5.00%, 09/15/25 (c) | 595 | 606,407 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/25 |
1,035 | 1,053,897 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 |
680 | 699,581 | ||||||
|
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 |
500 | 509,467 | ||||||
|
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28 |
605 | 644,135 | ||||||
|
New York State Housing Finance Agency, Series A-2 (RB) 2.50%, 05/01/27 (c) (p) |
975 | 903,964 | ||||||
|
New York State Housing Finance Agency, Series C (RB) (SONYMA HUD SECT 8) 3.80%, 05/01/29 (c) (p) |
500 | 481,300 | ||||||
|
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 11/21/23 (c) |
215 | 211,903 | ||||||
|
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 11/21/23 (c) |
700 | 629,533 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/25 | 495 | 503,042 | ||||||
| 5.00%, 03/15/26 (c) | 500 | 514,398 | ||||||
| 5.00%, 03/15/27 | 690 | 719,501 | ||||||
| Par (000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25 |
$ | 500 | $ | 508,196 | ||||
|
Town of Oyster Bay, Water District Notes (GO) 5.00%, 03/08/24 |
1,000 | 1,003,170 | ||||||
|
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/26 (p) |
875 | 814,767 | ||||||
| Triborough Bridge & Tunnel Authority, Series A (RB) | ||||||||
| 5.00%, 11/15/26 | 1,000 | 1,037,895 | ||||||
| 5.00%, 11/15/27 | 500 | 525,279 | ||||||
| 5.00%, 11/15/28 | 1,000 | 1,062,529 | ||||||
|
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 08/15/28 (c) |
1,000 | 1,057,392 | ||||||
| 32,390,793 | ||||||||
| North Carolina: 1.7% | ||||||||
|
County of Guilford, Series B (GO) 5.00%, 05/01/24 |
500 | 502,988 | ||||||
|
County of Mecklenburg, Series A (GO) 4.00%, 04/01/27 (c) |
500 | 500,146 | ||||||
|
County of Wake (RB) 5.00%, 09/01/26 |
375 | 388,114 | ||||||
|
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/26 (p) |
500 | 508,202 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 |
1,625 | 1,628,517 | ||||||
|
State of North Carolina, Series B (RB) 5.00%, 05/01/27 (c) |
585 | 607,940 | ||||||
| 4,135,907 | ||||||||
| Ohio: 2.2% | ||||||||
|
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28 |
1,000 | 1,036,867 | ||||||
|
City of Columbus, Various Purpose (GO) 5.00%, 10/01/27 (c) |
750 | 787,196 | ||||||
|
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 08/01/26 |
410 | 419,870 | ||||||
|
Lancaster Port Authority, Gas Supply (RB) (SBG) 5.00%, 02/01/25 (c) (p) |
485 | 484,560 | ||||||
See Notes to Financial Statements
| 126 |
| Par (000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^ |
$ | 500 | $ | 488,027 | ||||
|
Ohio Water Development Authority, Series B (RB) 5.00%, 12/01/26 (c) |
1,000 | 1,035,783 | ||||||
|
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23 |
560 | 560,476 | ||||||
|
State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/27 |
500 | 502,547 | ||||||
| 5,315,326 | ||||||||
| Oklahoma: 0.6% | ||||||||
|
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c) |
535 | 545,456 | ||||||
|
Oklahoma County Independent School District, Series A (GO) 3.00%, 07/01/27 |
1,000 | 954,568 | ||||||
| 1,500,024 | ||||||||
| Oregon: 1.0% | ||||||||
|
Beaverton School District 48J, Series B (GO) (SBG) 5.00%, 06/15/24 (c) |
1,000 | 1,006,937 | ||||||
|
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/26 |
500 | 519,097 | ||||||
|
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26 |
350 | 360,690 | ||||||
|
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25 |
500 | 509,534 | ||||||
| 2,396,258 | ||||||||
| Pennsylvania: 3.1% | ||||||||
|
City of Philadelphia, Series A (GO) 5.00%, 08/01/25 |
300 | 305,047 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 5.00%, 01/01/26 | 560 | 574,262 | ||||||
| 5.00%, 01/01/27 | 315 | 327,197 | ||||||
| 5.00%, 03/15/25 (c) | 500 | 506,584 | ||||||
| 5.00%, 06/15/29 | 500 | 503,468 | ||||||
|
Commonwealth of Pennsylvania (GO) (SBG) 5.00%, 07/15/26 |
1,000 | 1,032,669 | ||||||
|
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 |
600 | 609,380 | ||||||
| Par (000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Delaware River Port Authority, Series B (RB) 5.00%, 01/01/25 |
$ | 350 | $ | 354,754 | ||||
|
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 |
805 | 854,285 | ||||||
|
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/03/28 (p) |
500 | 489,502 | ||||||
|
Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25 |
660 | 668,379 | ||||||
|
University of Pittsburgh of the Commonwealth, System of Higher Education (RB) 4.00%, 02/15/26 (c) |
500 | 502,174 | ||||||
|
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c) |
765 | 773,369 | ||||||
| 7,501,070 | ||||||||
| Rhode Island: 0.4% | ||||||||
|
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/25 (c) |
500 | 505,805 | ||||||
|
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c) |
500 | 502,206 | ||||||
| 1,008,011 | ||||||||
| South Carolina: 0.7% | ||||||||
|
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p) |
1,765 | 1,758,997 | ||||||
| South Dakota: 0.2% | ||||||||
|
South Dakota Health and Educational Facilities Authority, Avera Health, Series A (RB) 5.00%, 07/01/24 (c) (p) |
535 | 536,093 | ||||||
| Tennessee: 1.6% | ||||||||
|
Johnson City Health & Educational Facilities Board, Series A (RB) 5.00%, 07/01/25 |
500 | 503,683 | ||||||
|
Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 07/01/26 |
525 | 542,008 | ||||||
See Notes to Financial Statements
| 127 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s |
) | Value | ||||||
| Tennessee (continued) | ||||||||
|
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24 |
$ | 500 | $ | 500,944 | ||||
|
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p) |
1,775 | 1,736,740 | ||||||
|
Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB) 5.00%, 05/01/28 (c) (p) |
500 | 495,021 | ||||||
| 3,778,396 | ||||||||
| Texas: 8.9% | ||||||||
|
Bexar County, Limited Tax (GO) 5.00%, 06/15/26 (c) |
500 | 513,056 | ||||||
|
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29 |
1,000 | 1,066,040 | ||||||
|
City of Dallas, Series A (GO) 5.00%, 02/15/25 |
500 | 507,818 | ||||||
|
City of Denton, Utility System (RB) 5.00%, 12/01/26 |
310 | 317,480 | ||||||
|
City of Houston, Series A (GO) 5.00%, 03/01/24 (c) |
750 | 752,706 | ||||||
|
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c) |
630 | 648,559 | ||||||
|
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 |
500 | 509,768 | ||||||
|
Comal Independent School District (GO) 5.00%, 02/01/26 |
775 | 793,226 | ||||||
|
Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27 |
2,000 | 2,077,664 | ||||||
|
Dallas Area Rapid Transit, Series A (RB) 5.00%, 12/01/25 (c) |
1,000 | 1,025,008 | ||||||
|
Dallas Independent School District, Series A (GO) 4.00%, 02/15/25 (c) |
500 | 499,853 | ||||||
|
Denton Independent School District (GO) 5.00%, 08/15/29 |
1,000 | 1,066,576 | ||||||
|
Denton Independent School District, Series A (GO) 5.00%, 08/15/25 (c) |
500 | 510,152 | ||||||
|
Dripping Springs Independent School District (GO) 4.00%, 02/15/24 (c) |
1,000 | 1,000,290 | ||||||
|
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27 |
1,000 | 1,043,067 | ||||||
| Par (000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Houston Independent School District, Limited Tax School House (GO) 5.00%, 02/15/26 |
$ | 250 | $ | 256,714 | ||||
|
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/27 |
500 | 518,255 | ||||||
|
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/25 (c) |
1,000 | 1,025,267 | ||||||
|
North Texas Tollway Authority System, Series A (RB) 5.00%, 01/01/27 |
500 | 517,295 | ||||||
|
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/26 (c) |
595 | 607,570 | ||||||
|
Pflugerville Independent School District (GO) 5.00%, 02/15/24 (c) |
500 | 501,548 | ||||||
|
Pflugerville Independent School District, Series A (GO) 5.00%, 02/15/24 |
1,000 | 1,002,928 | ||||||
|
Texas A&M University, Series D (RB) 5.00%, 05/15/26 |
820 | 845,567 | ||||||
|
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 |
600 | 597,856 | ||||||
|
Texas Water Development Board (RB) 5.00%, 04/15/26 |
1,000 | 1,029,798 | ||||||
|
Texas Water Development Board, Series B (RB) 5.00%, 10/15/24 |
500 | 505,378 | ||||||
|
University of Houston, Series A (RB) 5.00%, 02/15/26 |
1,000 | 1,026,194 | ||||||
|
Ysleta Independent School District (GO) 5.00%, 08/15/25 (c) |
650 | 662,634 | ||||||
| 21,428,267 | ||||||||
| Utah: 0.6% | ||||||||
|
County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p) |
1,000 | 1,005,989 | ||||||
|
County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p) |
500 | 501,069 | ||||||
| 1,507,058 | ||||||||
| Virginia: 2.1% | ||||||||
|
County of Fairfax, Public Improvement, Series A (GO) 4.00%, 10/01/24 |
285 | 285,525 | ||||||
See Notes to Financial Statements
| 128 |
| Par (000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
|
County of Fairfax, Public Improvement, Series A (GO) (SAW) 4.00%, 10/01/25 |
$ | 990 | $ | 994,202 | ||||
|
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26 |
1,250 | 1,279,648 | ||||||
|
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/27 |
600 | 622,981 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 5.00%, 09/15/24 | 325 | 328,368 | ||||||
| 5.00%, 09/15/26 (c) | 510 | 526,363 | ||||||
|
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) |
1,000 | 916,292 | ||||||
| 4,953,379 | ||||||||
| Washington: 3.1% | ||||||||
|
Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB) 5.00%, 11/01/26 |
520 | 539,281 | ||||||
|
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/25 (c) |
500 | 511,389 | ||||||
|
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25 |
1,000 | 1,019,581 | ||||||
| Par (000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| Energy Northwest Project Electric, Series C (RB) | ||||||||
| 5.00%, 07/01/24 | $ | 540 | $ | 544,165 | ||||
| 5.00%, 07/01/25 | 1,375 | 1,401,925 | ||||||
|
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/27 (c) |
725 | 755,319 | ||||||
|
State of New Mexico, Series A (GO) 5.00%, 06/01/26 |
1,000 | 1,031,276 | ||||||
|
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24 |
750 | 756,587 | ||||||
|
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p) |
1,000 | 1,000,949 | ||||||
| 7,560,472 | ||||||||
| West Virginia: 0.4% | ||||||||
|
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26 |
1,000 | 1,029,001 | ||||||
| Wisconsin: 1.4% | ||||||||
|
City of Milwaukee, Series N4 (GO) 5.00%, 04/01/26 |
750 | 757,941 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 5.00%, 05/01/25 | 500 | 509,347 | ||||||
| 5.00%, 05/01/25 (c) | 500 | 510,041 | ||||||
|
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) |
1,500 | 1,501,666 | ||||||
| 3,278,995 | ||||||||
| Total Municipal Bonds: 97.9% (Cost: $247,244,041) |
236,717,241 | |||||||
| Other assets less liabilities: 2.1% | 4,980,211 | |||||||
| NET ASSETS: 100.0% | $ | 241,697,452 | ||||||
| Definitions: | |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
See Notes to Financial Statements
| 129 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| State GO | 19.2 | % | $ | 45,465,698 | ||||
| Refunded | 13.3 | 31,426,558 | ||||||
| Local GO | 13.0 | 30,716,153 | ||||||
| Tax | 8.4 | 19,976,048 | ||||||
| Utilities - Other | 7.3 | 17,266,175 | ||||||
| Water & Sewer | 5.6 | 13,181,868 | ||||||
| Transportation | 5.1 | 12,096,758 | ||||||
| Education | 5.1 | 12,033,178 | ||||||
| Hospitals | 4.6 | 10,978,657 | ||||||
| Power | 4.6 | 10,923,558 | ||||||
| Toll & Turnpike | 4.3 | 10,147,096 | ||||||
| Leasing COPS & Appropriations | 4.0 | 9,554,274 | ||||||
| Miscellaneous | 1.3 | 3,094,526 | ||||||
| Multi-Family Housing | 1.3 | 2,952,377 | ||||||
| Airport | 1.0 | 2,412,581 | ||||||
| Tobacco | 0.6 | 1,412,709 | ||||||
| Pollution Control | 0.5 | 1,265,501 | ||||||
| Unassigned | 0.5 | 1,113,153 | ||||||
| Industrial Development Revenue | 0.3 | 700,373 | ||||||
| 100.0 | % | $ | 236,717,241 | |||||
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 | |||||||||||||
| Municipal Bonds * | $ | — | $ | 236,717,241 | $ | — | $ | 236,717,241 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 130 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2023 (unaudited)
| CEF Muni Income ETF |
High Yield Muni ETF |
HIP Sustainable Muni ETF |
Intermediate Muni ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value | ||||||||||||||||
| Unaffiliated issuers (1) | $ | 195,670,658 | $ | 2,433,010,257 | $ | 16,286,708 | $ | 1,768,564,356 | ||||||||
| Cash | 148 | 31,902,263 | 762,983 | 2,416,079 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 1,738,897 | — | — | ||||||||||||
| Dividends and interest | 595,221 | 41,644,576 | 239,749 | 23,873,939 | ||||||||||||
| Total assets | 196,266,027 | 2,508,295,993 | 17,289,440 | 1,794,854,374 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 3,619,991 | — | — | ||||||||||||
| Line of credit | 285,292 | — | — | — | ||||||||||||
| Due to Adviser | 66,506 | 692,366 | 3,540 | 366,390 | ||||||||||||
| Deferred Trustee fees | 4,195 | 3,184 | — | 3,000 | ||||||||||||
| Accrued expenses | 2,694 | — | — | — | ||||||||||||
| Total liabilities | 358,687 | 4,315,541 | 3,540 | 369,390 | ||||||||||||
| NET ASSETS | $ | 195,907,340 | $ | 2,503,980,452 | $ | 17,285,900 | $ | 1,794,484,984 | ||||||||
| Shares outstanding | 10,700,000 | 52,596,401 | 400,000 | 41,248,916 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 18.31 | $ | 47.61 | $ | 43.21 | $ | 43.50 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 287,267,524 | $ | 3,090,042,656 | $ | 19,518,631 | $ | 1,993,979,232 | ||||||||
| Total distributable earnings (loss) | (91,360,184 | ) | (586,062,204 | ) | (2,232,731 | ) | (199,494,248 | ) | ||||||||
| NET ASSETS | $ | 195,907,340 | $ | 2,503,980,452 | $ | 17,285,900 | $ | 1,794,484,984 | ||||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 264,142,575 | $ | 2,849,967,528 | $ | 18,411,731 | $ | 1,943,586,794 | ||||||||
See Notes to Financial Statements
| 131 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2023 (unaudited)
| Long Muni ETF | Short High Yield Muni ETF |
Short Muni ETF | ||||||||||
| Assets: | ||||||||||||
| Investments, at value | ||||||||||||
| Unaffiliated issuers (1) | $ | 389,219,104 | $ | 348,043,294 | $ | 236,717,241 | ||||||
| Cash | 2,634,772 | 6,729 | 2,263,605 | |||||||||
| Receivables: | ||||||||||||
| Dividends and interest | 5,628,254 | 5,503,497 | 3,249,830 | |||||||||
| Total assets | 397,482,130 | 353,553,520 | 242,230,676 | |||||||||
| Liabilities: | ||||||||||||
| Payables: | ||||||||||||
| Investment securities purchased | 1,073,170 | — | 517,300 | |||||||||
| Line of credit | — | 427,667 | — | |||||||||
| Due to Adviser | 81,278 | 105,165 | 14,324 | |||||||||
| Deferred Trustee fees | 1,517 | — | 1,600 | |||||||||
| Accrued expenses | — | 94 | — | |||||||||
| Total liabilities | 1,155,965 | 532,926 | 533,224 | |||||||||
| NET ASSETS | $ | 396,326,165 | $ | 353,020,594 | $ | 241,697,452 | ||||||
| Shares outstanding | 24,400,000 | 16,500,000 | 14,500,000 | |||||||||
| Net asset value, redemption and offering price per share | $ | 16.24 | $ | 21.40 | $ | 16.67 | ||||||
| Net Assets consist of: | ||||||||||||
| Aggregate paid in capital | $ | 468,492,531 | $ | 415,104,526 | $ | 255,901,116 | ||||||
| Total distributable earnings (loss) | (72,166,366 | ) | (62,083,932 | ) | (14,203,664 | ) | ||||||
| NET ASSETS | $ | 396,326,165 | $ | 353,020,594 | $ | 241,697,452 | ||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 445,523,456 | $ | 391,267,444 | $ | 247,244,041 | ||||||
See Notes to Financial Statements
| 132 |
VANECK ETF TRUST
For the Period Ended October 31, 2023 (unaudited)
| CEF Muni Income ETF |
High Yield Muni ETF |
HIP Sustainable Muni ETF |
Intermediate Muni ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 4,377,543 | $ | — | $ | — | $ | — | ||||||||
| Interest | 1,603 | 64,005,988 | 217,863 | 24,124,586 | ||||||||||||
| Total income | 4,379,146 | 64,005,988 | 217,863 | 24,124,586 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 401,869 | 4,543,329 | 21,772 | 2,150,596 | ||||||||||||
| Interest | 10,404 | 1,968 | — | 27 | ||||||||||||
| Total expenses | 412,273 | 4,545,297 | 21,772 | 2,150,623 | ||||||||||||
| Net investment income | 3,966,873 | 59,460,691 | 196,091 | 21,973,963 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (7,263,181 | ) | (45,481,713 | ) | (34,253 | ) | (7,227,168 | ) | ||||||||
| In-kind redemptions | (313,800 | ) | (15,304,636 | ) | — | (30,653 | ) | |||||||||
| Net realized loss | (7,576,981 | ) | (60,786,349 | ) | (34,253 | ) | (7,257,821 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (24,123,416 | ) | (150,924,183 | ) | (996,333 | ) | (106,151,051 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (24,123,416 | ) | (150,924,183 | ) | (996,333 | ) | (106,151,051 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (27,733,524 | ) | $ | (152,249,841 | ) | $ | (834,495 | ) | $ | (91,434,909 | ) | ||||
See Notes to Financial Statements
| 133 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (unaudited)
| Long Muni ETF | Short High Yield Muni ETF |
Short Muni ETF | ||||||||||
| Income: | ||||||||||||
| Interest | $ | 7,274,804 | $ | 6,481,463 | $ | 2,266,437 | ||||||
| Total income | 7,274,804 | 6,481,463 | 2,266,437 | |||||||||
| Expenses: | ||||||||||||
| Management fees | 469,144 | 673,168 | 136,213 | |||||||||
| Interest | — | 4,091 | 122 | |||||||||
| Total expenses | 469,144 | 677,259 | 136,335 | |||||||||
| Net investment income | 6,805,660 | 5,804,204 | 2,130,102 | |||||||||
| Net realized gain (loss) on: | ||||||||||||
| Investments | (3,995,942 | ) | (5,598,536 | ) | (938,800 | ) | ||||||
| In-kind redemptions | — | (752,711 | ) | (191,761 | ) | |||||||
| Net realized loss | (3,995,942 | ) | (6,351,247 | ) | (1,130,561 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Investments | (38,626,565 | ) | (9,930,273 | ) | (2,843,644 | ) | ||||||
| Net change in unrealized appreciation (depreciation) | (38,626,565 | ) | (9,930,273 | ) | (2,843,644 | ) | ||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (35,816,847 | ) | $ | (10,477,316 | ) | $ | (1,844,103 | ) | |||
See Notes to Financial Statements
| 134 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Muni Income ETF | High Yield Muni ETF | |||||||||||||||
| Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 3,966,873 | $ | 7,054,402 | $ | 59,460,691 | $ | 115,767,853 | ||||||||
| Net realized loss | (7,576,981 | ) | (10,058,432 | ) | (60,786,349 | ) | (223,053,505 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (24,123,416 | ) | (4,228,703 | ) | (150,924,183 | ) | 23,487,727 | |||||||||
| Net decrease in net assets resulting from operations | (27,733,524 | ) | (7,232,733 | ) | (152,249,841 | ) | (83,797,925 | ) | ||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (3,705,208 | ) | (7,307,370 | ) | (58,719,435 | ) | (116,558,558 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 32,658,116 | 108,726,605 | 370,254,124 | 1,884,282,300 | ||||||||||||
| Cost of shares redeemed | (9,712,324 | ) | (59,193,418 | ) | (455,669,880 | ) | (1,901,509,192 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 22,945,792 | 49,533,187 | (85,415,756 | ) | (17,226,892 | ) | ||||||||||
| Total increase (decrease) in net assets | (8,492,940 | ) | 34,993,084 | (296,385,032 | ) | (217,583,375 | ) | |||||||||
| Net Assets, beginning of period | 204,400,280 | 169,407,196 | 2,800,365,484 | 3,017,948,859 | ||||||||||||
| Net Assets, end of period | $ | 195,907,340 | $ | 204,400,280 | $ | 2,503,980,452 | $ | 2,800,365,484 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 1,675,000 | 4,975,000 | 7,300,000 | 36,250,000 | ||||||||||||
| Shares redeemed | (500,000 | ) | (2,650,000 | ) | (9,150,000 | ) | (36,500,000 | ) | ||||||||
| Net increase (decrease) | 1,175,000 | 2,325,000 | (1,850,000 | ) | (250,000 | ) | ||||||||||
See Notes to Financial Statements
| 135 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| HIP Sustainable Muni ETF | Intermediate Muni ETF | |||||||||||||||
| Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 196,091 | $ | 270,801 | $ | 21,973,963 | $ | 37,766,412 | ||||||||
| Net realized loss | (34,253 | ) | (50,609 | ) | (7,257,821 | ) | (41,185,667 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (996,333 | ) | 152,910 | (106,151,051 | ) | 74,928,897 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (834,495 | ) | 373,102 | (91,434,909 | ) | 71,509,642 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (208,600 | ) | (244,845 | ) | (21,560,827 | ) | (37,452,413 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | — | 4,502,190 | 184,530,150 | 529,630,220 | ||||||||||||
| Cost of shares redeemed | — | — | (98,616,349 | ) | (437,272,087 | ) | ||||||||||
| Increase in net assets resulting from share transactions | — | 4,502,190 | 85,913,801 | 92,358,133 | ||||||||||||
| Total increase (decrease) in net assets | (1,043,095 | ) | 4,630,447 | (27,081,935 | ) | 126,415,362 | ||||||||||
| Net Assets, beginning of period | 18,328,995 | 13,698,548 | 1,821,566,919 | 1,695,151,557 | ||||||||||||
| Net Assets, end of period | $ | 17,285,900 | $ | 18,328,995 | $ | 1,794,484,984 | $ | 1,821,566,919 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 100,000 | 4,150,000 | 11,650,000 | ||||||||||||
| Shares redeemed | — | — | (2,200,000 | ) | (9,450,000 | ) | ||||||||||
| Net increase | — | 100,000 | 1,950,000 | 2,200,000 | ||||||||||||
See Notes to Financial Statements
| 136 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Long Muni ETF | Short High Yield Muni ETF | |||||||||||||||
| Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 6,805,660 | $ | 7,123,325 | $ | 5,804,204 | $ | 10,922,410 | ||||||||
| Net realized loss | (3,995,942 | ) | (16,413,312 | ) | (6,351,247 | ) | (6,800,019 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (38,626,565 | ) | 11,529,092 | (9,930,273 | ) | (1,990,336 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | (35,816,847 | ) | 2,239,105 | (10,477,316 | ) | 2,132,055 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (6,303,555 | ) | (6,781,265 | ) | (5,696,825 | ) | (11,315,025 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 158,890,826 | 121,166,375 | 4,362,586 | 49,297,949 | ||||||||||||
| Cost of shares redeemed | (33,919,339 | ) | (18,716,807 | ) | (32,777,922 | ) | (60,769,201 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 124,971,487 | 102,449,568 | (28,415,336 | ) | (11,471,252 | ) | ||||||||||
| Total increase (decrease) in net assets | 82,851,085 | 97,907,408 | (44,589,477 | ) | (20,654,222 | ) | ||||||||||
| Net Assets, beginning of period | 313,475,080 | 215,567,672 | 397,610,071 | 418,264,293 | ||||||||||||
| Net Assets, end of period | $ | 396,326,165 | $ | 313,475,080 | $ | 353,020,594 | $ | 397,610,071 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 8,950,000 | 6,800,000 | 200,000 | 2,200,000 | ||||||||||||
| Shares redeemed | (2,050,000 | ) | (1,050,000 | ) | (1,500,000 | ) | (2,700,000 | ) | ||||||||
| Net increase (decrease) | 6,900,000 | 5,750,000 | (1,300,000 | ) | (500,000 | ) | ||||||||||
See Notes to Financial Statements
| 137 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Short Muni ETF | ||||||||
| Period Ended October 31, 2023 |
Year Ended April 30, 2023 |
|||||||
| (unaudited) | ||||||||
| Operations: | ||||||||
| Net investment income | $ | 2,130,102 | $ | 4,024,049 | ||||
| Net realized loss | (1,130,561 | ) | (6,143,979 | ) | ||||
| Net change in unrealized appreciation (depreciation) | (2,843,644 | ) | 8,399,993 | |||||
| Net increase (decrease) in net assets resulting from operations | (1,844,103 | ) | 6,280,063 | |||||
| Distributions to shareholders from: | ||||||||
| Distributable earnings | (2,330,400 | ) | (4,788,660 | ) | ||||
| Share transactions*: | ||||||||
| Proceeds from sale of shares | 3,345,607 | 49,753,782 | ||||||
| Cost of shares redeemed | (26,055,642 | ) | (110,242,493 | ) | ||||
| Decrease in net assets resulting from share transactions | (22,710,035 | ) | (60,488,711 | ) | ||||
| Total decrease in net assets | (26,884,538 | ) | (58,997,308 | ) | ||||
| Net Assets, beginning of period | 268,581,990 | 327,579,298 | ||||||
| Net Assets, end of period | $ | 241,697,452 | $ | 268,581,990 | ||||
| *Shares of Common Stock Issued (no par value) | ||||||||
| Shares sold | 200,000 | 2,950,000 | ||||||
| Shares redeemed | (1,550,000 | ) | (6,500,000 | ) | ||||
| Net decrease | (1,350,000 | ) | (3,550,000 | ) | ||||
See Notes to Financial Statements
| 138 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (e) | Periods after November 1, 2019 reflect a unitary management fee structure. |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 139 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 140 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period September 9, 2021 (commencement of operations) through April 30, 2022. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 141 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 142 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 143 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 144 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 145 |
VANECK ETF TRUST
October 31, 2023 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification | |
| CEF Muni Income ETF (“CEF Muni”) | Diversified | |
| High Yield Muni ETF (“High Yield”) | Diversified | |
| HIP Sustainable Muni ETF (“HIP Sustainable”) | Non-Diversified | |
| Intermediate Muni ETF (“Intermediate”) | Diversified | |
| Long Muni ETF (“Long”) | Diversified | |
| Short High Yield Muni ETF (“Short High Yield”) | Diversified | |
| Short Muni ETF (“Short”) | Diversified |
Each Fund’s investment objective (except for HIP Sustainable) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index.
| Fund | Index | |
| CEF Muni | S-Network Municipal Bond Closed-End Fund Index | |
| High Yield | ICE Broad High Yield Crossover Municipal Index | |
| Intermediate | ICE Intermediate AMT-Free Broad National Municipal Index | |
| Long | ICE Long AMT-Free Broad National Municipal Index | |
| Short High Yield | ICE 1-12 Year Broad High Yield Crossover Municipal Index | |
| Short | ICE Short AMT-Free Broad National Municipal Index |
The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The Funds (except CEF Muni and HIP Sustainable) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Muni seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The HIP Sustainable is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development, in alignment with the goals and metrics defined by the United Nations Sustainable Development Goals.
Note 2—Significant Accounting Policies— The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services — Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives |
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highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B. Federal Income Taxes —It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, in any, to its shareholders. Therefore, no federal income tax provision is required. |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
|
C. Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.
D. Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
E. Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.
The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations.
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Fund’s and other industry sources. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
The management fee rates for the period ended October 31, 2023, are as follows:
| Fund | Unitary Management Fee Rate | |||
| CEF Muni | 0.40 | % | ||
| High Yield* | 0.32 | |||
| HIP Sustainable | 0.24 | |||
| Intermediate | 0.24 | |||
| Long | 0.24 | |||
| Short High Yield | 0.35 | |||
| Short* | 0.07 | |||
| * | Prior to June 20, 2023, the unitary management fee rate for High Yield and Short was 0.35% and 0.20%, respectively. |
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In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At October 31, 2023, the Adviser owned approximately 13% of HIP Sustainable.
Note 4—Capital Share Transactions—As of October 31, 2023, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of a designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended October 31, 2023, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| CEF Muni | $ | 14,329,433 | $ | 14,065,738 | $ | 32,656,454 | $ | 9,679,921 | ||||||||
| High Yield | 435,081,781 | 379,136,017 | — | 147,590,062 | ||||||||||||
| HIP Sustainable | 1,355,233 | 1,736,992 | — | — | ||||||||||||
| Intermediate | 261,707,320 | 137,293,530 | — | 24,242,855 | ||||||||||||
| Long | 173,745,721 | 48,876,541 | — | — | ||||||||||||
| Short High Yield | 41,909,649 | 56,899,139 | — | 10,033,717 | ||||||||||||
| Short | 36,597,441 | 47,936,653 | — | 7,240,084 | ||||||||||||
During the period ended October 31, 2023, the High Yield, Intermediate, Long, Short High Yield and Short funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act and aggregated to approximately $1 million of sales for High Yield, $16 million of purchases and $20 million of sales for Intermediate, $16 million of sales for Long, $1 million of purchases for Short High Yield and $20 million of purchases for Short.
Note 6—Income Taxes—As of October 31, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax
Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net
Unrealized Appreciation (Depreciation) | ||||
| CEF Muni | $264,154,506 | $– | $(68,483,848) | $(68,483,848) | ||||
| High Yield | 2,848,636,057 | 2,655,698 | (418,281,498) | (415,625,800) | ||||
| HIP Sustainable | 18,411,612 | – | (2,124,904) | (2,124,904) |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| Fund | Tax
Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net
Unrealized Appreciation (Depreciation) | ||||
| Intermediate | 1,944,259,779 | 134,312 | (175,829,735) | (175,695,423) | ||||
| Long | 445,498,590 | 4,799 | (56,284,285) | (56,279,486) | ||||
| Short High Yield | 391,550,388 | 238,848 | (43,745,942) | (43,507,094) | ||||
| Short | 248,479,077 | 1,038,614 | (12,800,450) | (11,761,836) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30 2023, the following Funds had capital loss carryforwards available to offset future capital gains:
| Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
| CEF Muni | $ | (6,236,418) | $ | (9,804,872) | $ | (16,041,290) | ||||||
| High Yield | (39,183,945) | (80,863,172) | (120,047,117) | |||||||||
| HIP Sustainable | (46,340) | (52,700) | (99,040) | |||||||||
| Intermediate | (4,121,023) | (16,344,088) | (20,465,111) | |||||||||
| Long | (2,390,258) | (10,817,847) | (13,208,105) | |||||||||
| Short High Yield | (3,942,367) | (9,268,569) | (13,210,936) | |||||||||
| Short | (570,417) | (894,715) | (1,465,132) | |||||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2023, the Funds did not incur any interest or penalties.
Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.
High Yield and Short High Yield invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market. High Yield and Short High Yield may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
CEF Muni invests in closed-end funds that may trade at a discount or premium to their net asset value. The Fund is dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
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The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider’s methodology will align with the Fund’s investment strategy or desirable issuers can be correctly identified.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni Fund. For these Funds, the liability for the Plan which is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Amounts accrued after these dates, including those from Short High Yield and HIP Sustainable, are presented in “Due to Adviser”.
Note 9—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. These fees are included in custody and accounting fees in the Statements of Operations. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2023, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||
| CEF Muni | 151 | $378,575 | 6.55 | % | ||||
| High Yield | 5 | 1,942,131 | 6.68 | |||||
| Intermediate | 1 | 143,761 | 6.68 | |||||
| Short High Yield | 40 | 481,287 | 6.50 | |||||
Outstanding loan balances as of October 31, 2023, if any, are reflected in the Statements of Assets and Liabilities.
Note 10—New Regulatory Requirements— On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.
In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.
The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery).
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
These rules are effective January 24, 2023, and the compliance date is July 24, 2024.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2023 (unaudited)
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CEF Muni Income ETF, High Yield Muni ETF, Intermediate Muni ETF, Long Muni ETF, Short High Yield Muni ETF and Short Muni ETF (each, a “Fund” and together, the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each of the VanEck CEF Muni Income ETF and Short Muni ETF had management fees below the average and median of its respective peer group of funds, while each of the VanEck High Yield Muni ETF, Intermediate Muni ETF, Long Muni ETF and Short High Yield Muni ETF had management fees below the average and equal to the median of its respective peer group of funds. The Trustees also noted that the
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2023 (unaudited) (continued)
information provided showed that each of the VanEck CEF Muni Income ETF, Intermediate Muni ETF, Long Muni ETF and Short Muni ETF had a total expense ratio below the average and median of its respective peer group of funds, while each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had a total expense ratio below the average and equal to the median of its respective peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting, as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck HIP Sustainable Muni ETF
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck HIP Sustainable Muni ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and
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the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides, under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2022 and the period since its inception on September 8, 2021 through December 31, 2022 due to differences in duration and yield curve positioning between the Fund and its benchmark, as well as the Fund’s sector allocation. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees below the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and the median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2023 (unaudited) (continued)
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
VanEck Muni ETF
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Muni ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to the Fund by the Adviser, although they concluded that the nature, quality and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | |
| Distributor: | VanEck Securities Corporation | |
| 666 Third Avenue, New York, NY 10017 | ||
| vaneck.com | ||
| Account Assistance: | 800.826.2333 | MUNISAR |