ANNUAL REPORT
April 30, 2023

 

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

 

     
  800.826.2333 vaneck.com
 

 

   
President’s Letter 1
Management Discussion 3
Performance Comparison  
CEF Muni Income ETF 4
High Yield Muni ETF 5
HIP Sustainable Muni ETF 6
Intermediate Muni ETF 7
Long Muni ETF 8
Muni Allocation ETF 9
Short High Yield Muni ETF 10
Short Muni ETF 11
About Fund Performance 12
Explanation of Expenses 13
Schedule of Investments  
CEF Muni Income ETF 15
High Yield Muni ETF 17
HIP Sustainable Muni ETF 60
Intermediate Muni ETF 63
Long Muni ETF 95
Muni Allocation ETF 110
Short High Yield Muni ETF 112
Short Muni ETF 131
Statements of Assets and Liabilities 143
Statements of Operations 145
Statements of Changes in Net Assets 147
Financial Highlights  
CEF Muni Income ETF 151
High Yield Muni ETF 152
HIP Sustainable Muni ETF 153
Intermediate Muni ETF 154
Long Muni ETF 155
Muni Allocation ETF 156
Short High Yield Muni ETF 157
Short Muni ETF 158
Notes to Financial Statements 159
Report of Independent Registered Public Accounting Firm 167
Tax Information 168
Board of Trustees and Officers 169
Funds’ Liquidity Risk Management Program 172

 

 

Certain information contained in this report 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 April 30, 2023.

 

VANECK ETFs

PRESIDENT’S LETTER

April 30, 2023 (unaudited)

 

Dear Fellow Shareholders:

 

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This is still my view despite events in the last few months, discussed at the end of this letter.

 

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 are facing, none of which is particularly positive for financial assets.

 

1. Monetary Policy: Tightening

 

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. 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 short of $8.3 trillion in March.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

 

Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is 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. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

 

Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

 

2. Fiscal Tightening

 

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

 

3. Global Growth is at Low Levels

 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

 

The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

 

I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

 

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

 

Outlook

 

My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

 

The only “new” thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 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

 

May 17, 2023

 

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 Barron’s: The Fed’s Balance Sheet Is Shrinking Again. What That Means for Stocks., April 26, 2023, https://www.barrons.com/articles/fed-stocks-balance-sheet-banking-turmoil-cf781ef0

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

2

VANECK ETFs

MANAGEMENT DISCUSSION

April 30, 2023 (unaudited) (unaudited)

 

CEF Muni Income ETF

 

The CEF Muni Income ETF lost 4.53% over the prior 12 months due both to the significant widening of municipal closed-end fund (CEF) discounts and price decreases in the underlying bonds themselves. During the period, the discount at which CEFs traded fluctuated hugely.

 

The fund is affected by the discount or premium of closed end funds to their NAV. Starting the fund’s fiscal year at a discount of 7.04% on May 2, 2022, the discount narrowed to a high of 3.11% on August 15, 2022. Thereafter, however, the discount then widened meaningfully to 12.41% on March 27, 2023 and ended the fiscal year on April 28 having narrowed a little to 10.80%.

 

High Yield Muni ETF/Short High Yield Muni ETF

 

In the High Yield Muni ETF, healthcare, industrial revenue and education sectors contributed the most to the fund’s loss of 3.11%. In terms of state/U.S. territory, California detracted by far the most from performance and Puerto Rico contributed the most positively to performance, but even then, only minimally.

 

The local and state sectors were the largest contributors to the 0.43% gain recorded by the Short High Yield Muni ETF, with the hospitals and pollution control sectors detracting the most from performance. In terms of state/U.S. territory, Illinois contributed the most positively to performance and Pennsylvania was the greatest detractor from the fund’s performance.

 

HIP Sustainable Muni ETF

 

The HIP Sustainable Muni ETF recorded a 1.74% gain over the 12 months period. The state, local and tax sectors contributed the most to performance, while only the toll & turnpike sector detracted from performance. In terms of state/U.S. territory, California, New York and Massachusetts contributed the most positively to performance and Arizona detracted the most, but then only minimally, to the fund’s performance.

 

Intermediate Muni ETF

 

In terms of state/U.S. territory, municipal bonds from California and New York contributed the most to the fund’s total return of 3.59%. Four states detracted from the fund’s total return but each only minimally. The state, local and tax sectors contributed the most to the fund’s performance. The health sector detracted, but only minimally.

 

Long Muni ETF

 

The tax, water & sewer and state sectors contributed most to the fund’s gain of 0.40% for the 12 month period. The health sector detracted the most from performance. In terms of state/U.S. territory, municipal bonds issued by California, New York and Illinois contributed the most to performance. Florida, Maryland, Michigan, Missouri and Pennsylvania detracted the most from performance.

 

Muni Allocation ETF

 

The Muni Allocation ETF returned 0.08% over the 12 month period versus 2.60% for the ICE US Broad Municipal Index. The largest contributors to the fund’s performance were intermediate- and short-term bonds. The greatest detractors from performance were high-yield and long-term bonds.

 

Short Muni ETF

 

Among short municipal bonds, the state, local, tax and refunded sectors contributed the most to the return of the fund, which overall gained 1.82% for the year. No one sector contributed negatively to performance. In terms of state/U.S. territory, California, New York and Texas contributed the most to the total return of the fund. While no state or U.S. territory detracted from performance, South Dakota contributed the least.

 

Returns based on funds’ net asset values (NAVs).

3

VANECK CEF MUNI INCOME ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   CEFMXTR1   US002   LBUSTRUU3
One Year     (4.11 )%     (4.53 )%     (4.12 )%       (0.57 )%     (0.43 )%   
Five Year     1.23 %     1.23 %     1.65 %     1.19 %     1.18 %
Ten Year     2.04 %     2.04 %     2.42 %     1.34 %     1.32 %

 

1 S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market.
   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

4

VANECK HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MHYX1   US002   LBUSTRUU3
One Year     (2.47 )%     (3.11 )%     0.22 %       (0.57 )%     (0.43 )%   
Five Year     0.21 %     0.15 %     2.91 %     1.19 %     1.18 %
Ten Year     1.92 %     1.84 %     3.90 %     1.34 %     1.32 %

 

1 ICE Broad High Yield Crossover Municipal Index (MHYX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
   
 

From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MHYX.

Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE High Yield Crossover Municipal Bond Transition Index (MXYT), an interim index that gradually increased exposure to securities based on their weightings in MHYX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR).

Index data prior to March 1, 2022 reflects that of the LMEHTR.

   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

5

VANECK HIP SUSTAINABLE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MUNI1
One Year     1.62 %     1.74 %     2.60 %  
Life*     (4.15 )%     (4.12 )%     (3.50 )%

 

* Inception of Fund: 9/8/21; First Day of Secondary Market Trading: 9/9/21.
   
1 ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

6

VANECK INTERMEDIATE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MBNI1   US002   LBUSTRUU3
One Year     3.79 %     3.59 %     3.91 %       (0.57 )%     (0.43 )%   
Five Year     1.94 %     1.90 %     2.42 %     1.19 %     1.18 %
Ten Year     1.96 %     1.98 %     2.58 %     1.34 %     1.32 %

 

1 ICE Intermediate AMT-Free Broad National Municipal Index (MBNI) is comprised of intermediate maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
   
 

From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNI.

Index data from March 1, 2022 to November 30, 2022 reflects the ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT), an interim index that gradually increased exposure to securities based on their weightings in MBNI and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR).

Index data prior to March 1, 2022 reflects that of LMT2TR.

   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

7

VANECK LONG MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MBNL1   US002   LBUSTRUU3
One Year     1.99 %     0.40 %     1.18 %        (0.57 )%     (0.43 )%   
Five Year     1.13 %     0.93 %     1.88 %     1.19 %     1.18 %
Ten Year     1.95 %     1.86 %     2.78 %     1.34 %     1.32 %

 

1 ICE Long AMT-Free Broad National Municipal Index (MBNL) is comprised of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
   
 

From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNL.

Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE Long AMT-Free Broad National Municipal Transition Index (MLBT), an interim index that gradually increased exposure to securities based on their weightings in MBNL and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR).

Index data prior to March 1, 2022 reflects that of LMT3TR.

   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

8

VANECK MUNI ALLOCATION ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MUNI1   LMBITR2
One Year     (0.10 )%     0.08 %     2.60 %     2.87 %  
Life*     (1.74 )%     (1.72 )%     0.88 %     0.83 %

 

* Inception of Fund: 5/15/19; First Day of Secondary Market Trading: 5/16/19.
   
1 ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market.
   
  On September 1, 2022, MUNI replaced the Bloomberg Municipal Bond Index (LMBITR) as the primary performance benchmark index. The MUNI is more representative of broad tax-exempt market exposure.
   
2 LMBITR is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

9

VANECK SHORT HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MIHX1   US002   LBUSTRUU3
One Year     2.17 %     0.43 %     2.32 %     (0.57 )%     (0.43 )%   
Five Year     1.47 %     1.29 %     3.31 %     1.19 %     1.18 %
Life*     1.87 %     1.78 %     3.63 %     1.69 %     1.65 %

 

* Inception of Fund: 1/13/14; First Day of Secondary Market Trading: 1/14/14.
   
1 ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX) is comprised of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
   
 

From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MIHX.

Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT), an interim index that gradually increased exposure to securities based on their weightings in MIHX and proportionally reduced exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR). Index data prior to March 1, 2022 reflects that of the BMHYTR.

   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

10

VANECK SHORT MUNI ETF

PERFORMANCE COMPARISON

April 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MBNS1   US002   LBUSTRUU3
One Year     1.71 %     1.82 %     2.14 %       (0.57 )%     (0.43 )%   
Five Year     1.21 %     1.18 %     1.45 %     1.19 %     1.18 %
Ten Year     0.77 %     0.84 %     1.25 %     1.34 %     1.32 %

 

1 ICE Short AMT-Free Broad National Municipal Index (MBNS) is comprised of short maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions.
   
 

From December 1, 2022 forward, the index data reflects that of the Fund’s underlying index, MBNS.

Index data from March 1, 2022 to November 30, 2022 reflects the ICE Short AMT-Free Broad National Municipal Transition

Index (MSBT), an interim index that gradually increased exposure to securities based on their weightings in MBNS and proportionally reduced exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR).

Index data prior to March 1, 2022 reflects that of LMT1TR.

   
2 The ICE BofA US Broad Market Index (US00) is a broad-based benchmark that measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities.
   
  On September 1, 2022, the US00 replaced the Bloomberg US Aggregate Bond Index (LBUSTRUU) as the broad-based benchmark index. The US00 is more representative of broad US market exposure.
   
3 LBUSTRUU is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities.

 

Hypothetical Growth of $10,000

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 12 for more information.

11

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees, if any. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

 

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

 

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

 

CEFMXTR is published by S-Network Global Indexes, LLC (“S-Network”). MHYX, MXYT, MBNI, MIBT, MBNL, MLBT, MIHX, MXIT, MBNS, MSBT, MUNI and US00 are published by ICE Data Indices, LLC (“ICE Data”) and its affiliates. LMEHTR, LMT2TR, LMT3TR, LMBITR, BMHYTR, LMT1TR and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (“Bloomberg”). Bloomberg, ICE Data and S-Network are referred to herein as the “Index Providers”. Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

12

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2022, to April 30, 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
November 1, 2022
  Ending
Account
Value
April 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
November 1, 2022 -
April 30, 2023(a)
CEF Muni Income ETF                
Actual   $1,000.00   $1,102.50   0.41%   $2.14
Hypothetical (b)   $1,000.00   $1,022.76   0.41%   $2.06
High Yield Muni ETF                
Actual   $1,000.00   $1,070.10   0.35%   $1.80
Hypothetical (b)   $1,000.00   $1,023.06   0.35%   $1.76
HIP Sustainable Muni ETF                
Actual   $1,000.00   $1,065.80   0.24%   $1.23
Hypothetical (b)   $1,000.00   $1,023.60   0.24%   $1.20
Intermediate Muni  ETF                
Actual   $1,000.00   $1,075.90   0.24%   $1.24
Hypothetical (b)   $1,000.00   $1,023.60   0.24%   $1.20
Long Muni ETF                
Actual   $1,000.00   $1,109.80   0.24%   $1.26
Hypothetical (b)   $1,000.00   $1,023.60   0.24%   $1.20
Muni Allocation ETF                
Actual   $1,000.00   $1,073.50   0.08%   $0.41
Hypothetical (b)   $1,000.00   $1,024.40   0.08%   $0.40
Short High Yield Muni ETF                
Actual   $1,000.00   $1,045.40   0.35%   $1.78
Hypothetical (b)   $1,000.00   $1,023.06   0.35%   $1.76
13

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
November 1, 2022
  Ending
Account
Value
April 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
November 1, 2022 -
April 30, 2023(a)
Short Muni ETF                
Actual   $1,000.00   $1,028.80   0.20%   $1.01
Hypothetical (b)   $1,000.00   $1,023.80   0.20%   $1.00

 

(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 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
14

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Number
of Shares
    Value  
CLOSED-END FUNDS: 99.9% (a)                
Alliance Bernstein National Municipal Income Fund, Inc.     219,889     $ 2,368,205  
Blackrock Investment Quality Municipal Trust, Inc.     96,703       1,136,260  
BlackRock Long-Term Municipal Advantage Trust     70,466       714,525  
BlackRock MuniAssets Fund, Inc.     209,454       2,165,754  
BlackRock Municipal 2030 Target Term Trust     383,597       8,197,468  
BlackRock Municipal Income Fund, Inc.     554,575       6,372,067  
BlackRock Municipal Income Quality Trust     181,974       2,096,341  
BlackRock Municipal Income Trust     338,934       3,406,287  
BlackRock Municipal Income Trust II     334,309       3,516,931  
BlackRock MuniHoldings Fund, Inc.     396,404       4,681,531  
BlackRock MuniHoldings Quality Fund II, Inc.     168,980       1,671,212  
BlackRock MuniVest Fund II, Inc.     161,419       1,711,041  
BlackRock MuniVest Fund, Inc.     477,324       3,264,896  
BlackRock MuniYield Fund, Inc.     319,897       3,371,714  
BlackRock MuniYield Quality Fund II, Inc.     154,641       1,586,617  
BlackRock MuniYield Quality Fund III, Inc.     461,516       5,132,058  
BlackRock MuniYield Quality Fund, Inc.     498,173       5,883,423  
BNY Mellon Municipal Bond Infrastructure Fund, Inc.     97,691       1,089,255  
BNY Mellon Municipal Income, Inc.     160,183       1,009,153  
BNY Mellon Strategic Municipal Bond Fund, Inc.     374,624       2,195,297  
BNY Mellon Strategic Municipals, Inc.     409,938       2,590,808  
Delaware Investments National Municipal Income Fund     83,206       866,175  
DWS Municipal Income Trust     302,431       2,628,125  
Eaton Vance Municipal Bond Fund     487,314       5,019,334  
Eaton Vance Municipal Income 2028 Term Trust     56,915       1,054,066  
    Number
of Shares
    Value  
Eaton Vance Municipal Income Trust     268,973     $ 2,743,525  
Eaton Vance National Municipal Opportunities Trust     72,070       1,255,459  
Invesco Advantage Municipal Income Trust II     297,517       2,555,671  
Invesco Municipal Income Opportunities Trust     171,942       1,108,166  
Invesco Municipal Opportunity Trust     456,074       4,360,067  
Invesco Municipal Trust     372,129       3,579,881  
Invesco Quality Municipal Income Trust     356,427       3,475,163  
Invesco Trust for Investment Grade Municipals     363,126       3,565,897  
Invesco Value Municipal Income Trust     315,534       3,836,893  
MFS High Income Municipal Trust     242,626       856,470  
MFS Municipal Income Trust     316,110       1,650,094  
Neuberger Berman Municipal Fund, Inc.     128,072       1,362,686  
Nuveen AMT-Free Municipal Credit Income Fund     1,402,172       16,545,630  
Nuveen AMT-Free Municipal Value Fund     96,315       1,332,036  
Nuveen AMT-Free Quality Municipal Income Fund     1,472,445       16,358,864  
Nuveen Dynamic Municipal Opportunities Fund     231,667       2,462,620  
Nuveen Municipal Credit Income Fund     1,141,223       13,318,072  
Nuveen Municipal Credit Opportunities Fund     257,321       2,853,690  
Nuveen Municipal High Income Opportunity Fund     512,120       5,530,896  
Nuveen Municipal Value Fund, Inc.     958,956       8,438,813  
Nuveen Quality Municipal Income Fund     1,408,422       16,154,600  
Nuveen Select Tax-Free Income Portfolio     182,518       2,655,637  
PIMCO Municipal Income Fund     100,935       1,000,266  
PIMCO Municipal Income Fund II     248,364       2,272,531  
PIMCO Municipal Income Fund III     132,616       1,079,494  


 

 

See Notes to Financial Statements

15

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Pioneer Municipal High Income Advantage Fund, Inc.     182,479     $ 1,476,255  
Pioneer Municipal High Income Fund Trust     174,104       1,528,633  
Pioneer Municipal High Income Opportunities Fund, Inc.     126,553       1,351,586  
Putnam Managed Municipal Income Trust     181,915       1,100,586  
Putnam Municipal Opportunities Trust     126,330       1,299,936  
Western Asset Managed Municipals Fund, Inc.     325,313       3,292,168  
Total Closed-End Funds: 99.9%
(Cost: $248,479,329)
            204,130,828  
Other assets less liabilities: 0.1%             269,452  
NET ASSETS: 100.0%           $ 204,400,280  

 

 

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 %   $ 204,130,828  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Closed-End Funds   $ 204,130,828     $     $     $ 204,130,828  

 

See Notes to Financial Statements

16

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.0%                
Alabama: 2.2%                
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)                
5.25%, 06/01/25   $ 315     $ 309,945  
5.75%, 06/01/26 (c)     2,000       1,699,099  
5.75%, 06/01/26 (c)     1,400       1,310,740  
6.00%, 06/01/26 (c)     5,900       5,048,672  

Alabama State Port Authority Docks Facilities, Series A (RB) (AGM)

5.00%, 10/01/27 (c)

    1,000       1,052,552  

Hoover Industrial Development Board, United States Steel Corp. Project (RB)

6.38%, 11/01/30 (p)

    1,180       1,298,985  

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

5.75%, 10/01/29 (c)

    12,540       12,733,886  
Jefferson County, Sewer Revenue, Series D (RB)                
6.00%, 10/01/23 (c)     10,000       10,575,833  
6.50%, 10/01/23 (c)     9,000       9,532,272  
Jefferson County, Sewer Revenue, Series E (RB)                
0.00%, 10/01/23 (c) ^     60       24,408  
0.00%, 10/01/23 (c) ^     100       47,931  

Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB)

5.00%, 03/01/26 (c)

    1,350       1,344,462  

Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB)

4.00%, 12/01/31 (c) (p)

    1,000       992,578  

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

6.00%, 07/15/32 (c) (p)

    13,500       12,177,689  

Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)

4.50%, 05/01/29 (c)

    3,204       2,938,738  
              61,087,790  
Alaska: 0.1%                

Northern Tobacco Securitization Corp., Series A (RB)

4.00%, 06/01/31 (c)

    1,500       1,327,450  
    Par  
(000’s
)   Value  
Alaska (continued)                

Northern Tobacco Securitization Corp., Series B-2 (RB)

0.00%, 06/01/31 (c) ^

  $ 3,000     $ 380,655  
              1,708,105  
American Samoa: 0.2%                
American Samoa Economic Development Authority, Series A (RB)                
5.00%, 09/01/31 (c)     4,250       4,225,716  
6.50%, 09/01/28     250       267,527  
6.62%, 09/01/25 (c)     1,000       1,047,680  
              5,540,923  
Arizona: 2.5%                

Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB)

4.50%, 07/01/29 (c)

    1,000       893,856  

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

4.00%, 07/01/24 (c)

    500       471,193  

Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB)

5.00%, 01/01/27 (c)

    200       202,724  
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)                
6.00%, 07/01/27 (c)     2,940       2,987,178  
6.00%, 07/01/27 (c)     1,320       1,358,971  

Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB)

5.00%, 09/01/27 (c)

    1,545       1,488,125  
Arizona Industrial Development Authority, Basis School Project, Series A (RB)                
5.12%, 07/01/26 (c)     250       250,091  
5.25%, 07/01/26 (c)     500       475,667  
Arizona Industrial Development Authority, Basis School Project, Series D (RB)                
5.00%, 07/01/27 (c)     270       247,998  
5.00%, 07/01/27 (c)     515       464,704  

Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)

5.00%, 07/01/27 (c)

    500       459,256  


 

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

    Par  
(000’s
)   Value  
Arizona (continued)                

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

5.25%, 07/01/28 (c)

  $ 1,000     $ 942,309  
Arizona Industrial Development Authority, Education Facility, Series A (RB)                
4.00%, 07/01/31 (c)     1,500       1,177,825  
5.25%, 07/01/23 (c)     2,650       2,623,661  
5.50%, 07/01/23 (c)     2,100       1,997,554  

Arizona Industrial Development Authority, Kaizen Education Project (RB)

5.70%, 07/01/26 (c)

    1,000       1,009,113  

Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)

6.62%, 07/01/27 (d) *

    1,000       650,000  

Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM)

6.75%, 07/01/27 (c) (d) *

    2,000       1,300,000  

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

4.50%, 07/15/25 (c)

    500       487,034  

Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB)

4.00%, 12/15/29 (c)

    1,400       1,019,202  

City of Phoenix Civic Improvement Corp., Series B (RB) (BAM-TCRS ST AID WITHHLDG)

5.00%, 07/01/29 (c)

    6,990       7,256,303  
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)                
4.00%, 11/15/24 (c)     250       235,025  
5.00%, 11/15/24 (c)     1,000       859,357  

Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB)

5.00%, 05/15/26 (c)

    1,340       1,103,854  
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)                
4.00%, 07/01/25     315       309,482  
5.00%, 07/01/25 (c)     500       464,537  
5.00%, 07/01/25 (c)     900       902,866  
5.00%, 07/01/25 (c)     1,000       923,809  
    Par  
(000’s
)   Value  
Arizona (continued)                

Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB)

5.00%, 07/01/28 (c)

  $ 750     $ 755,036  

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

5.00%, 07/01/25 (c)

    2,320       2,119,613  

Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)

5.00%, 07/01/26 (c)

    750       739,225  

Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB)

4.00%, 01/01/26 (c)

    5,830       4,839,632  

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

6.00%, 07/01/28 (c)

    1,000       1,020,774  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)                
5.00%, 07/01/29 (c)     1,400       1,427,382  
5.00%, 07/01/29 (c)     1,300       1,330,729  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)                
5.00%, 07/01/29 (c)     500       481,187  
5.00%, 07/01/29 (c)     500       438,067  
5.00%, 07/01/29 (c)     1,990       1,776,856  

Maricopa County Industrial Development Authority, Paradise School Project (RB)

5.00%, 07/01/26 (c)

    1,750       1,649,261  

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

5.00%, 11/15/24 (d) *

    255       233,464  

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

4.15%, 12/01/31 (c)

    5,000       3,828,471  

Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB)

5.12%, 02/01/24 (c)

    1,000       1,001,296  


 

See Notes to Financial Statements

18

 

 

    Par  
(000’s
)   Value  
Arizona (continued)                

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

4.00%, 12/01/31 (c)

  $ 1,000     $ 781,114  

Pima County Industrial Development Authority, American Leadership Academy Project (RB)

5.62%, 06/15/25 (c)

    1,250       1,251,022  
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)                
5.25%, 07/01/26 (c)     250       249,763  
5.38%, 07/01/26 (c)     250       237,704  
5.50%, 07/01/26 (c)     250       237,602  

Pima County, Industrial Development Authority, Edkey Charter School Project (RB)

5.00%, 07/01/26 (c)

    1,000       1,009,047  
Salt Verde Financial Corp. (RB)                
5.00%, 12/01/37     9,605       9,964,241  
5.25%, 12/01/24     305       309,206  
5.25%, 12/01/25     265       271,565  
5.25%, 12/01/27     215       224,864  
5.25%, 12/01/28     245       258,908  

Tempe Industrial Development Authority, Friendship Village of Tempe (RB)

5.00%, 12/01/26 (c)

    355       289,579  
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)                
6.00%, 10/01/27 (c)     1,200       851,023  
6.12%, 10/01/27 (c)     600       366,158  
              70,504,483  
Arkansas: 0.9%                
Arkansas Development Finance Authority, Big River Steel Project (RB)                
4.50%, 09/01/26 (c)     20,570       18,461,949  
4.75%, 09/01/27 (c)     5,000       4,665,380  

Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB)

5.45%, 09/01/25 (c)

    3,000       2,995,391  
              26,122,720  
California: 12.1%                
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)                
5.00%, 10/01/26 (c)     5,000       5,135,156  
5.00%, 10/01/26 (c)     3,000       3,119,234  
5.00%, 10/01/26 (c)     1,650       1,708,024  
    Par  
(000’s
)   Value  
California (continued)                
5.00%, 10/01/26 (c)   $ 2,230     $ 2,299,798  
Anaheim Community Facilities District No. 08-1 (ST)                
4.00%, 09/01/23 (c)     615       574,098  
4.00%, 09/01/23 (c)     420       380,414  
4.00%, 09/01/23 (c)     160       158,552  

Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM)

5.00%, 09/01/27 (c)

    2,000       2,136,209  

Antelope Valley Healthcare District, Series A (RB)

5.25%, 03/01/26 (c)

    1,480       1,517,334  

California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB)

5.00%, 08/01/29 (c) (p)

    1,000       1,061,434  

California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB)

4.00%, 08/01/31 (c) (p)

    1,500       1,513,905  

California Community College Financing Authority, Orange Coast College Project (RB)

5.25%, 05/01/28 (c)

    1,695       1,711,295  

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

3.00%, 08/01/32 (c)

    3,000       1,937,815  

California Community Housing Agency, Essential Housing, Arbors, Series A (RB)

5.00%, 08/01/30 (c)

    3,100       2,865,740  

California Community Housing Agency, Essential Housing, Creekwood, Series A (RB)

4.00%, 08/01/31 (c)

    11,735       9,060,609  

California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB)

4.00%, 08/01/31 (c)

    8,150       6,640,765  

California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)

3.00%, 08/01/31 (c)

    4,000       2,666,217  

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

4.00%, 08/01/32 (c)

    3,000       2,149,873  


 

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB)

4.00%, 08/01/31 (c)

  $ 2,000     $ 1,375,801  

California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB)

5.00%, 02/01/30 (c)

    3,000       2,488,408  

California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB)

4.00%, 08/01/32 (c)

    2,000       1,500,475  

California Community Housing Agency, Series A-1 (RB)

4.00%, 08/01/31 (c)

    4,500       3,715,685  

California Community Housing Agency, Stoneridge Apartments, Series A (RB)

4.00%, 02/01/31 (c)

    6,000       4,456,112  

California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB)

5.88%, 05/30/23 (c)

    15       15,232  

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

5.00%, 05/15/23 (c)

    15       14,662  

California County Tobacco Securitization Agency, Series A (RB)

4.00%, 06/01/30 (c)

    1,170       1,085,782  
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)                
4.00%, 08/15/27 (c)     250       229,219  
4.20%, 08/15/27 (c)     500       498,552  
5.00%, 08/15/27 (c)     460       479,354  
5.00%, 08/15/27 (c)     990       1,014,397  

California Health Facilities Financing Authority, Sutter Health, Series A (RB)

5.00%, 11/15/27 (c)

    590       608,636  
California Housing Finance Agency, Series A (RB)                
3.50%, 11/20/35     969       918,496  
4.00%, 03/20/33     3,782       3,777,085  

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

4.00%, 11/01/31 (c)

    2,300       2,084,320  
    Par  
(000’s
)   Value  
California (continued)                

California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB)

5.00%, 08/01/29 (c)

  $ 1,085     $ 1,234,083  

California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB)

5.00%, 07/01/30 (c)

    1,000       772,333  

California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)

5.00%, 01/01/31 (c)

    2,500       1,923,082  

California Municipal Finance Authority, Azusa Pacific University Project, Series B (RB) (NATL)

5.00%, 04/01/25 (c)

    1,910       1,787,502  
California Municipal Finance Authority, California Baptist University, Series A (RB)                
5.50%, 11/01/25 (c)     500       504,284  
6.12%, 11/01/23 (c)     1,000       1,011,244  

California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB)

5.00%, 07/01/32 (c)

    1,000       886,463  

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

5.00%, 11/15/28 (c)

    500       518,318  

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

4.00%, 11/15/28 (c)

    150       143,205  
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)                
3.00%, 05/15/31 (c)     3,650       2,834,793  
4.00%, 05/15/31 (c)     5,000       4,714,271  

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       1,462,695  

California Municipal Finance Authority, Community Medical Centers, Series A (RB)

4.00%, 02/01/27 (c)

    1,165       1,121,475  


 

See Notes to Financial Statements

20

 

 

    Par  
(000’s
)   Value  
California (continued)                
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)                
5.00%, 07/01/27 (c)   $ 250     $ 265,422  
5.00%, 07/01/27 (c)     200       212,367  
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)                
5.00%, 10/01/27 (c)     500       444,708  
5.00%, 10/01/27 (c)     500       483,668  
5.00%, 10/01/27 (c)     500       456,295  

California Municipal Finance Authority, Julian Charter School Project, Series A (RB)

5.62%, 03/01/25 (c)

    2,390       2,231,975  
California Municipal Finance Authority, LINXS APM Project, Series A (RB)                
5.00%, 06/30/28 (c)     500       533,060  
5.00%, 06/30/28     65       69,292  
5.00%, 06/30/28 (c)     600       639,633  
5.00%, 06/30/28 (c)     2,490       2,538,616  
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)                
3.00%, 06/30/28 (c)     1,950       1,877,924  
5.00%, 06/30/28 (c)     700       736,079  
5.00%, 06/30/28 (c)     1,000       1,034,386  
5.00%, 06/30/28 (c)     1,035       1,102,268  

California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB)

5.25%, 11/01/26 (c)

    230       227,062  
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)                
5.00%, 07/01/26 (c)     500       468,744  
5.00%, 07/01/28 (c)     1,000       894,126  
5.00%, 07/01/28 (c)     130       124,456  

California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB)

5.00%, 11/01/29 (c)

    2,000       1,949,920  

California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM)

4.00%, 11/15/28 (c)

    250       238,676  

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

4.00%, 07/15/29

    19,000       18,529,915  
    Par  
(000’s
)   Value  
California (continued)                

California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA)

5.00%, 07/01/23 (c)

  $ 1,500     $ 1,500,589  
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)                
7.00%, 07/01/22 (d) *     1,000       50,000  
7.50%, 12/01/29 (c) (d) *     7,000       350,000  
7.50%, 05/30/23 (c) (d) *     10,500       525,000  
8.00%, 07/01/27 (c) (d) *     6,635       331,750  

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%, 07/01/23 (c)     2,500       2,499,865  
5.00%, 07/01/33 (c)     1,000       1,046,183  
5.00%, 07/01/33 (c)     1,000       1,042,023  

California Public Finance Authority, Enso Village Project, Series A (RB)

5.00%, 06/01/27 (c)

    400       361,568  

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

3.12%, 11/15/23 (c)

    1,000       924,010  
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)                
5.00%, 07/01/27 (c)     300       289,957  
5.00%, 07/01/27 (c)     1,000       964,814  
5.00%, 07/01/27     110       106,787  
5.00%, 07/01/27 (c)     485       469,446  

California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB)

5.00%, 07/01/26 (c)

    2,000       2,013,816  

California School Finance Authority, Charter School, John Adams Academies, Series A (RB)

5.00%, 07/01/30 (c)

    1,000       897,048  

California School Finance Authority, Hawking Steam Charter School Project (RB)

5.50%, 07/01/29 (c)

    1,000       982,554  

California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)

4.00%, 11/01/31 (c)

    2,700       1,999,025  


 

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                
4.00%, 11/01/31 (c)   $ 1,000     $ 756,154  
California School Finance Authority, River Springs Charter School Project, Series A (RB)                
5.00%, 07/01/27 (c)     1,000       873,196  
6.38%, 07/01/25 (c)     4,425       4,767,599  
California School Finance Authority, Rocketship Education, Series A (RB)                
5.12%, 06/01/26 (c)     250       231,592  
5.25%, 06/01/26 (c)     250       232,762  
California Statewide Communities Development Authority, Baptist University, Series A (RB)                
3.50%, 11/01/27     1,500       1,436,592  
5.00%, 11/01/27 (c)     1,000       995,222  
6.38%, 11/01/23 (c)     1,000       1,008,526  

California Statewide Communities Development Authority, College Housing (RB)

5.25%, 07/01/29 (c)

    250       228,143  
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)                
5.50%, 05/30/23 (c)     32       29,679  
5.75%, 05/30/23 (c)     6       5,678  

California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)

5.75%, 05/30/23 (c)

    1       833  
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)                
5.00%, 05/15/26 (c)     545       558,704  
5.00%, 05/15/26 (c)     385       397,557  

California Statewide Communities Development Authority, John Muir Health, Series A (RB)

5.00%, 12/01/27 (c)

    2,305       2,380,023  

California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)

5.00%, 06/01/29 (c)

    435       423,730  

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

5.62%, 11/01/23 (c)

    75       75,227  
    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)   $ 1,595     $ 1,614,916  
5.00%, 06/01/26 (c)     12,445       12,402,897  
5.00%, 06/01/26 (c)     350       361,077  
5.25%, 12/01/24 (c)     5,300       5,307,789  
5.25%, 12/01/24 (c)     1,740       1,777,023  
5.25%, 06/01/26 (c)     10,000       9,588,332  
5.25%, 06/01/28 (c)     1,000       972,927  
5.50%, 12/01/24 (c)     20,180       20,147,647  
5.50%, 06/01/28 (c)     7,500       7,464,277  

California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB)

5.00%, 01/01/28 (c)

    2,000       2,123,587  
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)                
5.00%, 06/01/26 (c)     3,230       3,093,175  
5.75%, 05/30/23 (c)     125       124,996  

California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB)

3.50%, 05/15/26 (c)

    615       570,942  

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

5.00%, 05/15/27 (c)

    3,170       3,194,442  

California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB)

6.00%, 05/30/23 (c)

    3,175       3,226,723  

California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)

6.00%, 05/30/23 (c)

    900       914,659  

City of Fontana, Community Facilities District No. 90 (ST)

4.00%, 09/01/28 (c)

    500       432,600  

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

5.00%, 09/01/25 (c)

    250       253,827  
City of Irvine, Community Facilities District No. 2013-3 (ST)                
4.00%, 09/01/23 (c)     250       251,555  
4.00%, 09/01/23 (c)     230       232,396  


 

See Notes to Financial Statements

22

 

 

    Par  
(000’s
)   Value  
California (continued)                
4.00%, 09/01/23 (c)   $ 250     $ 252,215  

City of Irvine, Reassessment District No. 15-2 (SA)

5.00%, 09/02/25 (c)

    750       760,634  

City of Oroville Hospital (RB)

5.25%, 04/01/29 (c)

    2,500       2,148,348  

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

4.00%, 09/01/26 (c)

    180       175,094  

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

5.00%, 09/01/25 (c)

    810       825,453  
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)                
3.75%, 09/01/27 (c)     500       477,272  
5.00%, 09/01/27 (c)     155       163,507  

City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST)

5.00%, 09/01/27 (c)

    3,450       3,513,699  

City of Roseville, Westpark Community Facility District No. 1 (ST)

5.00%, 09/01/25 (c)

    200       204,641  

City of San Clemente, Facilities District No. 2006-1 (ST)

5.00%, 09/01/25 (c)

    1,045       1,060,997  

CMFA Special Finance Agency I, Essential Housing, Series A-2 (RB)

4.00%, 04/01/31 (c)

    2,000       1,430,711  

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

3.00%, 08/01/31 (c)

    3,000       1,999,663  

CMFA Special Finance Agency VII, Essential Housing, Series A-2 (RB)

4.00%, 08/01/31 (c)

    1,985       1,531,394  

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

3.00%, 08/01/31 (c)

    6,650       4,408,925  

CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB)

4.38%, 02/01/32 (c)

    1,000       786,474  

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

4.00%, 02/01/32 (c)

    2,500       2,061,692  
Compton Public Finance Authority (RB)                
4.00%, 09/01/24 (c)     1,000       982,403  
4.50%, 09/01/24 (c)     1,585       1,551,811  
    Par  
(000’s
)   Value  
California (continued)                

County of Los Angeles Community Facilities District No 2021-01 (ST)

5.00%, 09/01/29 (c)

  $ 1,000     $ 1,016,029  

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

4.00%, 10/01/31 (c)

    1,000       813,415  

CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB)

3.50%, 10/01/31 (c)

    1,000       754,623  

CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB)

4.00%, 10/01/31 (c)

    7,750       5,782,486  

CSCDA Community Improvement Authority, City Anaheim, Series A (RB)

5.00%, 01/01/31 (c)

    3,000       2,469,612  

CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)

3.00%, 12/01/31 (c)

    2,000       1,335,368  
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)                
4.00%, 04/01/32 (c)     1,000       695,176  
4.00%, 05/01/32 (c)     1,500       1,047,320  

CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB)

3.00%, 07/01/31 (c)

    1,000       734,922  

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

3.12%, 06/01/31 (c)

    3,000       1,975,830  

CSCDA Community Improvement Authority, Link-Glendale, Series A-2 (RB)

4.00%, 07/01/31 (c)

    5,350       3,829,234  

CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB)

3.25%, 07/01/32 (c)

    2,000       1,353,483  

CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB)

3.00%, 07/01/32 (c)

    2,500       1,893,085  


 

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB)

4.00%, 08/01/31 (c)

  $ 2,000     $ 1,502,591  

CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB)

4.00%, 06/01/32 (c)

    1,000       736,960  

CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB)

4.00%, 12/01/31 (c)

    1,000       722,491  

CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB)

4.00%, 04/01/32 (c)

    500       361,663  

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

4.00%, 06/01/32 (c)

    2,000       1,498,718  
Dublin Community Facilities District No 2015-1 (ST)                
5.00%, 09/01/26 (c)     500       510,873  
5.00%, 09/01/26 (c)     500       507,151  
5.00%, 09/01/26 (c)     500       519,740  
5.00%, 09/01/27 (c)     1,150       1,194,066  
5.00%, 09/01/27 (c)     485       494,337  
Folsom Ranch Financing Authority (ST)                
5.00%, 09/01/27 (c)     1,100       1,155,625  
5.00%, 09/01/27 (c)     2,000       2,050,252  

Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)

3.95%, 07/15/27 (c)

    100       90,873  

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

3.50%, 07/15/29 (c)

    475       396,175  

Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB)

5.00%, 12/01/31 (c)

    2,000       2,095,058  

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

0.00%, 12/01/31 (c) ^

    51,000       5,656,818  

Independent Cities Finance Authority, Mobil Home Park, Series A (RB)

3.75%, 10/15/26 (c)

    250       197,468  
    Par  
(000’s
)   Value  
California (continued)                

Lake Elsinore Public Financing Authority, Local Agency (ST)

5.00%, 09/01/25 (c)

  $ 405     $ 413,272  

Lammersville Joint Unified School District, Mountain House School Facilities (ST)

5.00%, 09/01/25 (c)

    1,000       1,023,543  

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

6.00%, 05/30/23 (c)

    37       37,070  
MSR Energy Authority, Series A (RB)                
6.12%, 11/01/29     455       489,721  
6.50%, 11/01/39     6,200       7,274,582  
Orange County Community Facilities District No. 1, Series A (ST)                
4.25%, 08/15/25 (c)     975       975,719  
5.25%, 08/15/25 (c)     455       463,511  

Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA)

4.00%, 09/02/28 (c)

    1,200       1,149,812  

Palomar Health (RB)

5.00%, 11/01/26 (c)

    250       261,895  

Palomar Pomerado Health, Series A (GO) (NATL)

0.00%, 08/01/25 ^

    125       115,605  

Perris Union High School District Financing Authority (ST)

5.00%, 03/01/25 (c)

    1,000       1,011,648  

Poway Unified School District Public Financing Authority, Series A (ST)

5.00%, 09/01/25 (c)

    750       774,115  

River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)

5.00%, 09/01/26 (c)

    500       508,830  

Romoland School District No. 2004-1 (ST)

5.00%, 09/01/25 (c)

    500       506,332  

Roseville California Special Tax, The Ranch at Sierra Vista (ST) (AGM)

4.00%, 09/01/27 (c)

    1,000       864,582  
Sacramento County, Community Facilities District No. 2005-2 (ST)                
5.00%, 09/01/26 (c)     495       502,424  
5.00%, 09/01/26 (c)     345       351,971  

San Diego County Regional Airport Authority, Series A (RB)

5.00%, 07/01/31 (c)

    745       799,611  


 

See Notes to Financial Statements

24

 

 

    Par  
(000’s
)   Value  
California (continued)                

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

4.00%, 07/01/31 (c)

  $ 1,050     $ 1,036,365  

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

5.00%, 01/01/29 (c)

    1,475       1,525,272  

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

5.00%, 05/01/24 (c)

    4,750       4,771,525  

San Jacinto Unified School District Financing Authority (ST)

5.00%, 09/01/26 (c)

    300       306,595  

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

5.00%, 01/15/25 (c)

    500       518,990  

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

5.25%, 01/15/25 (c)

    200       203,158  

San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB)

4.00%, 01/15/32 (c)

    2,000       1,879,595  
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)                
0.00%, 01/15/25 ^     1,000       939,509  
0.00%, 01/15/32 ^     145       103,925  
0.00%, 01/15/36 ^     105       61,600  

Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)

5.00%, 03/01/26 (c)

    500       507,502  

Thousand Oaks, California Community Facilities, District No. 1994-1 (ST)

5.38%, 09/01/23 (c)

    1,035       1,041,613  

Tobacco Securitization Authority of Northern California (RB)

4.00%, 12/01/30 (c)

    4,500       4,124,133  

Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Settlement, Series B-2 (RB)

0.00%, 12/01/30 (c) ^

    20,000       3,382,952  
    Par  
(000’s
)   Value  
California (continued)                

Tobacco Securitization Authority of Southern California, Series A (RB)

5.00%, 12/01/29 (c)

  $ 1,495     $ 1,549,155  

Tobacco Securitization Authority of Southern California, Series B (RB)

4.00%, 12/01/30 (c)

    1,205       1,181,694  
Tustin Community Facilities District, Series A (ST)                
5.00%, 09/01/25 (c)     100       101,093  
5.00%, 09/01/25 (c)     100       101,509  

Val Verde Unified School District (ST)

5.00%, 03/01/25 (c)

    750       762,998  
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)                
4.00%, 09/01/21 (d) *     850       280,500  
5.30%, 09/01/23 (c) (d) *     530       174,900  

William S. Hart Union High School District No. 2015-1 (ST)

5.00%, 09/01/26 (c)

    445       453,414  
              340,071,082  
Colorado: 3.0%                

Arista Metropolitan District in the City and County of Broomfield, Series A (GO)

5.00%, 12/01/23 (c)

    500       487,589  

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

5.00%, 10/01/28 (c)

    2,010       2,016,557  

Base Village Metropolitan District No. 2, Series A (GO)

5.75%, 05/30/23 (c)

    1,000       1,002,738  
Brighton Crossing Metropolitan District No. 6, Series A (GO)                
5.00%, 12/01/25 (c)     500       456,251  
5.00%, 12/01/25 (c)     500       477,928  

Broadway Station Metropolitan District No. 3, Series A (GO)

5.00%, 06/01/24 (c)

    1,425       1,107,311  

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

5.00%, 12/01/25 (c)

    1,000       868,941  
Centerra Metropolitan District No. 1 (TA)                
5.00%, 05/30/23 (c)     500       493,475  
5.00%, 05/30/23 (c)     500       453,766  
5.00%, 05/30/23 (c)     500       475,408  

City and County of Denver, United Airlines, Inc. Project (RB)

5.00%, 10/01/23 (c)

    10,195       10,206,163  


 

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Colorado (continued)                

City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)

5.50%, 01/01/28 (c)

  $ 2,250     $ 2,034,517  

Clear Creek Transit Metropolitan District No. 2, Colorado, Series A (GO)

5.00%, 12/01/26 (c)

    1,000       867,031  

Colorado Bridge Enterprise, Central 70 Project (RB)

4.00%, 12/31/27 (c)

    2,700       2,415,944  

Colorado Crossing Metropolitan District No. 2, Series A-2 (GO)

5.00%, 12/01/25 (c)

    3,000       2,619,580  

Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB)

5.00%, 07/01/26 (c)

    1,000       896,215  

Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB)

5.00%, 10/01/27 (c)

    500       458,860  

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

4.00%, 08/01/29 (c)

    510       499,511  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)                
3.25%, 08/01/29 (c)     5       3,635  
4.00%, 08/01/29 (c)     4,735       4,294,470  
5.00%, 08/01/29 (c)     2,000       2,066,009  

Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB)

5.00%, 06/01/25 (c)

    1,000       1,010,895  

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)     3,250       3,172,152  
5.00%, 12/31/24 (c)     350       344,578  
Creekwalk Marketplace Business Improvement District, Series A (RB)                
5.50%, 12/01/26 (c)     500       446,685  
5.75%, 12/01/26 (c)     500       436,914  
    Par  
(000’s
)   Value  
Colorado (continued)                

Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)

5.62%, 12/01/23 (c)

  $ 1,000     $ 1,002,972  
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)                
4.50%, 11/01/25 (c)     820       768,883  
5.25%, 11/01/25 (c)     2,345       2,259,736  
5.50%, 11/01/25 (c)     1,865       1,781,333  

Green Valley Ranch East Metropolitan District No. 6, Series A (GO)

5.88%, 09/01/25 (c)

    1,000       963,380  

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

4.38%, 12/01/23 (c)

    1,000       816,678  

Kinston Metropolitan District No. 5, Series A (GO)

5.12%, 12/01/25 (c)

    1,000       801,990  

Painted Prairie Public Improvement Authority (RB)

5.00%, 12/01/24 (c)

    1,000       961,000  

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

4.00%, 03/01/26 (c)

    540       460,517  

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

5.00%, 12/15/26 (c)

    4,000       3,945,899  

Public Authority for Colorado Energy Natural Gas (RB)

6.50%, 11/15/38

    2,000       2,397,831  

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

3.62%, 06/01/26 (c)

    981       722,872  

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

4.00%, 10/01/26 (c)

    5,750       4,042,138  

Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB)

4.00%, 07/15/39

    1,500       1,425,847  

Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB)

4.00%, 07/15/40

    1,615       1,517,089  
Rocky Mountain Rail Park Metropolitan District, Series A (GO)                
5.00%, 03/01/26 (c)     2,000       1,152,260  
5.00%, 03/01/26 (c)     1,000       671,191  


 

See Notes to Financial Statements

26

 

 

    Par  
(000’s
)   Value  
Colorado (continued)                

Southglenn Metropolitan District (GO)

5.00%, 05/30/23 (c)

  $ 1,000     $ 936,843  

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

5.00%, 12/01/27 (c)

    1,200       1,127,471  

Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)

4.25%, 12/01/25 (c)

    1,000       786,783  
Transport Metropolitan District No. 3 (GO)                
5.00%, 03/01/26 (c)     4,000       3,220,670  
5.00%, 03/01/26 (c)     4,200       3,767,859  

Tree Farm Metropolitan District, Eagle County, Colorado (GO)

4.75%, 12/01/26 (c)

    2,000       1,712,647  
Velocity Metropolitan District No. 3 (GO)                
5.12%, 12/01/23 (c)     500       498,036  
5.38%, 12/01/23 (c)     1,500       1,494,656  

Verve Metropolitan District No. 1 (GO)

5.00%, 03/01/26 (c)

    1,025       1,011,052  
Windler Public Improvement Authority, Series A-1 (RB) (BAM)                
4.00%, 09/01/26 (c)     1,000       760,113  
4.00%, 09/01/26 (c)     1,000       693,148  
4.12%, 09/01/26 (c)     2,980       1,820,743  
              83,268,800  
Connecticut: 0.6%                

Bridgeport Housing Authority, Energy Performance Equipment (RB)

5.60%, 05/09/23 (c)

    630       612,485  
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)                
5.00%, 09/01/26 (c)     1,200       969,461  
5.00%, 09/01/26 (c)     3,500       2,943,617  
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)                
5.00%, 07/01/29 (c)     2,630       2,475,646  
5.00%, 07/01/29 (c)     1,100       1,057,023  

Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB)

5.00%, 10/01/24 (c)

    8,000       6,234,332  

Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB)

5.00%, 01/01/26 (c)

    2,000       1,715,275  
    Par  
(000’s
)   Value  
Connecticut (continued)                
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)                
4.00%, 07/01/29 (c)   $ 500     $ 461,639  
5.00%, 07/01/29 (c)     1,000       1,031,228  

Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)

4.00%, 07/01/29 (c)

    250       205,635  

Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)

4.00%, 07/01/29 (c)

    250       196,411  
              17,902,752  
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       1,344,286  
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)                
4.00%, 06/01/32 (c)     915       676,650  
5.00%, 06/01/26 (c)     1,000       914,299  
5.00%, 06/01/26 (c)     250       246,920  

Delaware State Economic Development Authority (RB)

5.00%, 06/01/26 (c)

    1,100       982,870  
              4,165,025  
District of Columbia: 0.7%                

District of Columbia, Federal Highway Grant Anticipation (RB) (SAW)

5.00%, 12/01/29 (c)

    1,225       1,402,972  
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)                
5.00%, 07/01/24 (c)     250       243,532  
5.00%, 07/01/24 (c)     1,180       1,046,581  
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)                
5.00%, 06/01/30 (c)     2,500       2,285,564  
5.00%, 06/01/30 (c)     500       482,169  

Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB)

0.00%, 10/01/37 ^

    11,325       5,888,804  

Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)

0.00%, 10/01/37 ^

    2,020       1,103,087  


 

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
District of Columbia (continued)              
4.00%, 10/01/29 (c)   $ 250     $ 253,545  
4.00%, 10/01/29 (c)     7,315       7,060,363  
6.50%, 10/01/28 (c)     245       278,638  
              20,045,255  
Florida: 4.7%                

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       1,071,660  

Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series A (RB)

4.00%, 12/01/29 (c)

    1,000       898,627  

Brevard County, Florida Health Facilities Authority, Series A (RB)

5.00%, 04/01/32 (c)

    1,000       1,046,291  

Broward County Florida Port Facilities, Series B (RB)

4.00%, 09/01/29 (c)

    2,150       2,123,041  

Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB)

6.00%, 07/01/25 (c)

    295       204,737  

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

5.00%, 07/01/31 (c)

    7,200       6,563,632  

Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB)

5.00%, 07/15/26 (c)

    1,335       1,291,252  

Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)

5.00%, 07/15/26 (c)

    500       459,290  
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)                
4.50%, 01/01/29 (c)     500       486,847  
5.12%, 01/01/29 (c)     500       479,537  
5.25%, 01/01/29 (c)     500       464,435  
5.38%, 01/01/29 (c)     500       467,445  
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)                
4.38%, 06/15/27     260       254,856  
5.25%, 06/15/27 (c)     500       475,063  
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)                
4.00%, 12/01/28     2,200       2,054,217  
5.25%, 12/01/28 (c)     2,200       2,000,726  
5.25%, 12/01/28 (c)     2,000       1,903,291  
    Par  
(000’s
)   Value  
Florida (continued)                

Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)

5.00%, 07/01/30 (c)

  $ 2,250     $ 1,709,513  

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

5.00%, 11/01/27 (c)

    3,000       3,271,574  
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)                
5.00%, 11/01/27     1,100       1,195,005  
5.00%, 11/01/27 (c)     2,500       2,725,755  
5.00%, 11/01/27 (c)     500       537,130  
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)                
4.00%, 06/01/25 (c)     230       223,472  
5.00%, 06/01/25 (c)     1,210       1,215,879  
5.00%, 06/01/25 (c)     300       299,635  

Clay County, Florida (RB)

4.00%, 10/01/29 (c)

    1,100       1,087,591  
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)                
7.00%, 05/15/24 (d) *     590       330,400  
8.12%, 05/15/24 (c) (d) *     460       257,600  

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

5.00%, 10/01/25 (c)

    2,135       2,200,708  

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

5.00%, 09/01/29 (c)

    1,645       1,721,616  

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

5.00%, 02/15/30 (c)

    1,000       1,074,290  

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

4.00%, 02/15/30 (c)

    2,000       1,787,933  

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

5.88%, 08/01/32 (c)

    1,000       956,239  

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

5.00%, 06/15/27 (c)

    2,225       2,214,338  

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

5.00%, 06/01/28 (c)

    425       393,650  


 

See Notes to Financial Statements

28

 

 

    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     $ 786,429  
5.25%, 06/01/27 (c)     1,000       843,881  
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)                
5.75%, 06/15/24 (c)     1,000       1,012,895  
6.00%, 06/15/25 (c)     500       505,100  
6.12%, 06/15/25 (c)     685       687,028  

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

5.00%, 02/01/32 (c)

    1,000       913,744  
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)                
6.38%, 01/01/26 (c) (p)     9,695       9,219,518  
6.50%, 01/01/29 (c) (p)     9,750       9,201,603  

Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)

3.00%, 06/01/24 (c)

    1,500       1,160,708  
FRERC Community Development District (SA) (AGM)                
5.38%, 11/01/29 (c)     1,500       1,452,911  
5.50%, 11/01/29 (c)     2,450       2,330,232  
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)                
3.50%, 02/01/31 (c)     1,500       1,176,413  
4.00%, 02/01/31 (c)     6,500       6,099,772  

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

5.75%, 08/15/27 (c)

    2,000       1,716,616  

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

5.75%, 05/30/23 (c)

    500       481,866  

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

5.25%, 10/01/29 (c)

    1,000       838,410  

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

5.00%, 11/15/24 (c)

    3,000       3,016,707  
    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     $ 2,276,640  

Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)

5.00%, 11/15/24 (c)

    1,880       1,893,202  
Miami World Center Community Development District (SA)                
5.12%, 11/01/27 (c)     750       751,108  
5.25%, 11/01/27 (c)     250       246,738  

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

5.00%, 10/01/24 (c)

    3,000       3,025,989  

Miami-Dade County Industrial Development Authority (RB)

5.50%, 07/01/29 (c)

    1,000       942,364  

Miami-Dade County, Florida Expressway Authority Toll System, Series A (RB)

5.00%, 05/30/23 (c)

    2,450       2,456,815  

Miami-Date County, Florida Subordinate Special (RB)

5.00%, 10/01/26 (c)

    1,360       1,448,056  
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)                
5.00%, 10/01/25 (c)     500       510,467  
5.00%, 10/01/25 (c)     2,500       2,522,504  

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

5.00%, 10/01/25 (c)

    1,000       1,005,598  
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)                
4.25%, 05/30/23 (c)     705       704,833  
5.00%, 05/30/23 (c)     2,000       1,993,920  

North Broward Hospital District, Series B (RB)

5.00%, 01/01/28 (c)

    155       164,141  
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)                
5.00%, 08/01/27 (c)     200       192,021  
5.00%, 08/01/27 (c)     200       200,134  
Osceola County, Florida Transportation Improvement, Refunding Bonds, Series A (RB)                
0.00%, 10/01/29 (c) ^     2,905       1,118,420  
0.00%, 10/01/29 (c) ^     1,250       512,519  


 

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Florida (continued)                

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     $ 2,760,151  
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)                
5.00%, 04/01/29 (c)     1,000       961,733  
5.00%, 04/01/29 (c)     2,500       2,250,508  

Palm Cost Park Community Development District (SA)

5.70%, 05/30/23 (c)

    155       155,075  

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

5.88%, 01/01/33

    5,000       5,045,388  

Sawyer’s Landing Community Development District, Miami-Dade County, Florida (SA)

4.12%, 05/01/31 (c)

    1,055       887,381  
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)                
5.50%, 11/15/26 (c)     500       387,898  
5.75%, 11/15/26 (c)     1,500       1,187,257  

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

4.25%, 05/30/23 (c)

    2,600       2,403,071  

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

5.00%, 12/01/25 (c)

    1,100       1,098,121  
Village Community Development District No. 12 (SA)                
3.25%, 05/01/26     195       192,360  
3.62%, 05/01/26 (c)     1,000       965,901  
4.25%, 05/01/28 (c)     920       834,562  
Village Community Development District No. 13 (SA)                
3.00%, 05/01/29     720       664,146  
3.55%, 05/01/29 (c)     2,780       2,301,882  
              130,952,011  
Georgia: 1.3%                

Augusta, Georgia Development Authority, AU Health System, Inc. Project (RB)

5.00%, 01/01/29 (c)

    1,100       1,059,763  
    Par  
(000’s
)   Value  
Georgia (continued)                

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

4.12%, 02/01/28 (c)

  $ 6,525     $ 5,975,213  

Burke County Development Authority, Series D (RB)

4.12%, 02/01/28 (c)

    2,000       1,831,483  

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

5.50%, 12/01/24 (c)

    1,250       1,219,505  

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

5.00%, 03/01/27 (c)

    700       571,774  

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

4.00%, 01/01/31 (c)

    2,250       1,823,377  

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

4.75%, 06/01/28

    416       441,567  

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

5.00%, 08/01/27 (c)

    2,680       2,663,353  

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

5.75%, 06/15/27 (c)

    250       253,728  

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

4.00%, 11/01/27 (c) (p)

    7,000       6,735,620  
Marietta Development Authority, Life University, Inc. Project, Series A (RB)                
5.00%, 11/01/27 (c)     1,000       899,672  
5.00%, 11/01/27 (c)     5,000       4,805,543  

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

5.00%, 07/01/25 (c)

    375       376,191  
Municipal Electric Authority of Georgia, Series A (RB)                
5.00%, 01/01/25 (c)     6,000       6,135,462  
5.00%, 07/01/28 (c)     1,250       1,263,487  
White County Development Authority, Truett McConnell University Project, Series A (RB)                
5.12%, 10/01/26 (c)     500       446,048  
5.25%, 10/01/26 (c)     500       425,457  
              36,927,243  


 

See Notes to Financial Statements

30

 

 

    Par  
(000’s
)   Value  
Guam: 0.9%                

Guam Government (GO)

5.00%, 05/15/29 (c)

  $ 1,165     $ 1,219,152  
Guam Government (RB)                
4.00%, 01/01/31 (c)     1,000       975,032  
5.00%, 12/01/26 (c)     2,290       2,363,509  
Guam Government, Business Privilege Tax, Series D (RB)                
4.00%, 11/15/25 (c)     600       537,997  
5.00%, 11/15/25 (c)     1,085       1,085,735  
5.00%, 11/15/25 (c)     1,100       1,110,719  
5.00%, 11/15/25 (c)     1,040       1,054,741  
5.00%, 11/15/25 (c)     5,805       5,906,516  

Guam Government, Business Privilege Tax, Series F (RB)

4.00%, 01/01/31 (c)

    7,000       6,304,963  
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)                
4.25%, 02/01/30     500       502,770  
5.00%, 02/01/30 (c)     500       504,236  

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

5.00%, 11/01/30

    750       808,012  

Guam Government, Limited Obligation, Series A (RB)

5.00%, 12/01/26 (c)

    3,120       3,074,420  

Guam Power Authority, Series A (RB)

5.00%, 10/01/27 (c)

    500       513,715  
              25,961,517  
Hawaii: 0.4%                

Hawaii State Department Budget and Finance Special Purpose Revenue, Series B (RB)

4.00%, 03/01/27 (c)

    5,000       4,803,763  

Kuakini, Hawaii Health System, Series A (RB)

6.38%, 05/30/23 (c)

    1,775       1,635,048  
State of Hawaii, Department of Budget and Finance, Series A (RB)                
6.25%, 07/01/23 (c)     1,400       1,402,303  
6.62%, 07/01/23 (c)     2,085       2,090,165  
              9,931,279  
Idaho: 0.1%                
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)                
3.50%, 09/01/26 (c)     450       409,916  
5.00%, 09/01/26 (c)     1,135       1,142,338  

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

3.80%, 10/01/28 (c)

    100       84,922  
              1,637,176  
    Par  
(000’s
)   Value  
Illinois: 10.8%                

Board of Education of the City of Chicago, Series A (GO) (AMBAC)

5.50%, 12/01/31

  $ 1,285     $ 1,412,769  

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

5.00%, 12/01/28 (c)

    500       538,112  

Board of Education of the City of Chicago, Series H (GO)

5.00%, 12/01/27 (c)

    4,000       4,061,921  
Chicago Board of Education, Series A (GO)                
4.00%, 12/01/31 (c)     6,250       5,386,042  
4.00%, 12/01/31 (c)     2,975       2,632,314  
5.00%, 12/01/28 (c)     1,265       1,321,069  
5.00%, 12/01/28 (c)     250       258,924  
5.00%, 12/01/29     1,000       1,054,477  
5.00%, 12/01/29 (c)     1,195       1,254,218  
5.00%, 12/01/30 (c)     100       103,679  
5.00%, 12/01/30 (c)     6,350       6,416,937  
5.00%, 12/01/30 (c)     3,610       3,686,529  
5.00%, 12/01/30 (c)     6,990       7,181,532  
5.00%, 12/01/30 (c)     395       410,588  
5.00%, 12/01/30 (c)     6,000       6,088,607  
5.00%, 12/01/30 (c)     4,100       4,290,984  
5.00%, 12/01/30 (c)     5,575       5,849,874  
5.00%, 12/01/31 (c)     8,000       7,966,021  
5.00%, 05/30/23 (c)     13,755       13,703,398  
7.00%, 12/01/25 (c)     5,200       5,598,022  
7.00%, 12/01/25 (c)     14,210       14,983,671  
7.00%, 12/01/27 (c)     2,250       2,440,295  

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

5.00%, 12/01/28 (c)

    250       267,059  
Chicago Board of Education, Series A (GO) (AMBAC)                
5.50%, 12/01/25     145       149,041  
5.50%, 12/01/26     175       181,902  
Chicago Board of Education, Series A (GO) (NATL)                
0.00%, 12/01/27 ^     760       639,364  
0.00%, 12/01/28 ^     390       315,398  
0.00%, 12/01/30 ^     55       40,752  
5.50%, 12/01/26     355       371,278  
Chicago Board of Education, Series B (GO)                
4.00%, 12/01/31 (c)     5,000       4,615,343  
4.00%, 12/01/31 (c)     5,000       4,590,315  
4.00%, 12/01/31 (c)     7,130       6,502,270  
5.00%, 12/01/27     1,500       1,567,761  
5.00%, 12/01/29 (c)     200       208,251  
5.00%, 12/01/30 (c)     3,600       3,778,052  
5.00%, 05/30/23 (c)     3,235       3,241,892  
5.00%, 05/30/23 (c)     1,105       1,107,634  
6.50%, 12/01/26 (c)     4,000       4,204,391  


 

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Illinois (continued)                
Chicago Board of Education, Series C (GO)                
5.00%, 12/01/27   $ 2,000     $ 2,090,348  
5.00%, 12/01/27 (c)     3,750       3,857,293  
5.25%, 12/01/24 (c)     8,485       8,582,938  
5.25%, 12/01/24 (c)     8,040       8,085,112  
6.00%, 12/01/24 (c)     1,160       1,190,440  
Chicago Board of Education, Series D (GO) (AGM)                
5.00%, 12/01/23 (c)     5       4,927  
5.00%, 12/01/28 (c)     2,500       2,479,374  

Chicago Board of Education, Series E (GO)

5.12%, 12/01/24 (c)

    2,415       2,441,215  
Chicago Board of Education, Series G (GO)                
5.00%, 12/01/27 (c)     4,960       5,101,913  
5.00%, 12/01/27 (c)     3,000       2,984,197  

Chicago Board of Education, Series H (GO)

5.00%, 12/01/27 (c)

    7,080       7,021,588  

Chicago Midway International Airport, Series A (RB)

5.00%, 01/01/24 (c)

    2,500       2,523,944  

Chicago Midway International Airport, Series A (RB) (AGM)

5.00%, 01/01/24 (c)

    2,500       2,513,563  
Chicago O’Hare International Airport (RB)                
5.00%, 07/01/28 (c)     3,000       2,979,810  
5.50%, 05/30/23 (c)     400       400,654  
5.75%, 05/30/23 (c)     8,915       8,926,564  
5.75%, 05/30/23 (c)     1,585       1,587,137  

Chicago O’Hare International Airport, Series B (RB)

4.00%, 05/30/23 (c)

    1,500       1,500,442  
Chicago School Reform Board of Trustees, Series A (GO) (NATL)                
0.00%, 12/01/25 ^     355       321,770  
0.00%, 12/01/29 ^     1,460       1,131,256  
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)                
0.00%, 12/01/24 ^     1,165       1,095,065  
0.00%, 12/01/25 ^     1,650       1,495,549  
0.00%, 12/01/26 ^     1,630       1,424,031  
0.00%, 12/01/27 ^     1,030       866,506  
0.00%, 12/01/28 ^     690       558,013  
0.00%, 12/01/29 ^     645       499,767  
0.00%, 12/01/31 ^     520       367,623  

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

5.00%, 06/01/26

    100       105,140  

City of Chicago, City Colleges (GO) (NATL)

0.00%, 01/01/28 ^

    345       287,303  
    Par  
(000’s
)   Value  
Illinois (continued)                
0.00%, 01/01/30 ^   $ 420     $ 321,852  
0.00%, 01/01/33 ^     985       656,695  
0.00%, 01/01/34 ^     760       482,258  

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

5.00%, 01/01/25

    235       240,371  
City of Chicago, Series A (GO)                
5.00%, 01/01/27     200       209,661  
5.00%, 01/01/27     1,000       1,048,307  
5.00%, 01/01/31 (c)     3,000       3,243,574  
5.00%, 01/01/31 (c)     3,000       3,232,946  
5.25%, 01/01/24 (c)     1,810       1,819,988  
5.50%, 01/01/29 (c)     1,000       1,042,326  
6.00%, 01/01/27 (c)     5,000       5,325,073  

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

0.00%, 01/01/29 ^

    140       112,019  

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

5.00%, 01/01/29

    2,775       2,969,345  

City of Chicago, Series B (GO)

5.25%, 01/01/25 (c)

    2,195       2,243,260  
City of Chicago, Series C (GO)                
0.00%, 01/01/32 ^     195       135,186  
5.00%, 01/01/24     10       10,086  
5.00%, 01/01/25     1,760       1,800,223  
5.00%, 01/01/26 (c)     250       257,200  
5.00%, 01/01/26     380       393,772  

City of Chicago, Series D (GO)

5.50%, 01/01/25 (c)

    5,000       5,091,012  

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

5.75%, 11/01/30

    990       1,074,635  
City of Harvey, Series A (GO)                
5.50%, 05/30/23 (c) (d) *     465       426,056  
5.62%, 05/30/23 (c) (d) *     3,600       3,298,500  

Cook County, Illinois, Series B (GO)

4.00%, 11/15/26

    1,200       1,243,479  

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       3,947,716  

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

4.00%, 10/01/31 (c)

    1,000       786,956  

Illinois Finance Authority, Admiral Lake Project (RB)

5.12%, 05/15/24 (c)

    390       321,071  

Illinois Finance Authority, Central Baptist Village (RB)

5.38%, 05/30/23 (c)

    35       33,395  


 

See Notes to Financial Statements

32

 

 

    Par  
(000’s
)   Value  
Illinois (continued)                
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)                
5.00%, 07/01/25 (c)   $ 1,000     $ 951,315  
5.00%, 07/01/25 (c)     1,340       1,101,634  

Illinois Finance Authority, Christian Homes, Inc. (RB)

5.00%, 05/15/26 (c)

    1,875       1,721,966  
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)                
4.75%, 05/15/23 (c)     615       601,547  
5.12%, 05/15/23 (c)     230       223,681  
5.25%, 05/15/23 (c)     750       728,062  
Illinois Finance Authority, Friendship Village of Schaumburg (RB)                
5.00%, 02/15/27 (d) *     3,000       1,350,000  
5.00%, 02/15/27 (c) (d) *     6,500       2,925,000  
5.12%, 02/15/27 (c) (d) *     6,130       2,758,500  

Illinois Finance Authority, Greenfields of Geneva Project (RB)

7.10%, 11/01/27 (c)

    100       84,383  

Illinois Finance Authority, Illinois Institute of Technology (RB)

5.00%, 09/01/29 (c)

    175       160,558  

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

6.00%, 12/01/25 (c)

    500       513,279  
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)                
5.00%, 11/01/26 (c)     500       477,559  
5.00%, 11/01/26 (c)     5       4,544  
5.00%, 11/01/26 (c)     250       236,670  

Illinois Finance Authority, Roosevelt University (RB)

5.50%, 05/30/23 (c)

    475       460,669  
Illinois Sports Facilities Authority (RB)                
5.00%, 06/15/28     1,000       1,029,719  
5.00%, 06/15/29 (c)     3,055       3,134,274  
5.00%, 06/15/29     1,000       1,031,545  
5.00%, 06/15/30     1,000       1,023,852  

Illinois Sports Facilities Authority (RB) (AGM)

5.00%, 06/15/24 (c)

    1,000       1,013,722  

Illinois Sports Facilities Authority (RB) (AMBAC)

0.00%, 06/15/26 ^

    690       606,139  
Illinois State, Series A (GO)                
5.00%, 12/01/27 (c)     500       534,344  
5.00%, 05/01/28 (c)     500       518,866  
    Par  
(000’s
)   Value  
Illinois (continued)                
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)                
3.00%, 12/15/24 (c)   $ 2,000     $ 1,967,072  
4.00%, 12/15/31 (c)     75       68,824  
5.00%, 12/15/29 (c)     6,500       6,572,630  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)                
0.00%, 12/15/30 ^     475       359,914  
0.00%, 12/15/34 ^     590       369,765  
0.00%, 06/15/30 ^     745       576,518  
0.00%, 06/15/31 ^     125       92,692  
0.00%, 06/15/34 ^     190       122,270  
0.00%, 06/15/39 ^     115       55,946  

Northeastern Illinois University, Capital Improvement Project (CP)

4.00%, 05/30/23 (c)

    585       466,856  

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

4.00%, 12/01/26 (c)

    2,000       2,028,900  

Northern Illinois University Board of Trustees, Auxiliary Facilities System (RB) (BAM)

4.00%, 04/01/31 (c)

    1,200       1,160,573  
State of Illinois (GO)                
3.50%, 06/01/26 (c)     175       173,166  
4.00%, 01/01/26 (c)     610       618,646  
4.00%, 05/01/24     660       662,607  
4.00%, 06/01/26 (c)     460       454,883  
4.00%, 06/01/26 (c)     360       362,601  
4.00%, 06/01/26 (c)     270       271,062  
4.00%, 08/08/23 (c)     150       150,273  
4.12%, 11/01/26 (c)     600       612,926  
4.12%, 08/08/23 (c)     160       160,344  
5.00%, 11/01/24     200       204,195  
5.00%, 02/01/24 (c)     375       379,105  
5.00%, 02/01/24 (c)     350       353,787  
5.00%, 02/01/27     500       529,838  
5.00%, 05/01/24 (c)     175       177,106  
5.00%, 05/01/24 (c)     100       101,093  
5.00%, 06/01/26     125       130,977  
5.25%, 07/10/23 (c)     510       511,821  
5.25%, 07/10/23 (c)     290       291,035  
5.25%, 07/10/23 (c)     550       551,964  
5.50%, 07/10/23 (c)     560       562,259  

State of Illinois (RB)

3.00%, 06/15/26 (c)

    100       94,854  
State of Illinois, Series A (GO)                
4.00%, 08/08/23 (c)     100       100,182  
5.00%, 10/01/28     500       543,367  
5.00%, 11/01/28     5       5,440  
5.00%, 12/01/27 (c)     100       105,969  
5.00%, 05/01/28 (c)     365       380,097  


 

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

    Par  
(000’s
)   Value  
Illinois (continued)                
5.00%, 08/08/23 (c)   $ 110     $ 110,489  
State of Illinois, Series D (GO)                
5.00%, 11/01/25     250       259,305  
5.00%, 11/01/26     2,000       2,111,772  
5.00%, 11/01/27     2,975       3,190,620  
5.00%, 11/01/27 (c)     4,935       5,300,024  

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       969,041  

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

5.25%, 03/01/28 (c)

    500       463,505  

Village of Bridgeview (GO)

5.00%, 05/30/23 (c)

    360       312,793  
Will County Community High School District No. 210, Series B (GO)                
0.00%, 01/01/29 ^     90       73,182  
0.00%, 01/01/31 ^     245       184,088  
0.00%, 01/01/33 ^     540       372,150  
              301,481,484  
Indiana: 0.8%                

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

4.75%, 05/30/23 (c)

    215       205,182  

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

5.00%, 10/01/23 (c)

    150       150,195  

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

3.00%, 11/01/30

    1,500       1,364,922  

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

5.00%, 08/15/27 (c)

    4,000       4,095,210  

Indiana Finance Authority, Deaconess Health System, Series A (RB)

5.00%, 09/01/26 (c)

    1,000       1,069,105  

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

4.25%, 11/01/30

    7,000       7,011,385  

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

3.00%, 11/01/30

    3,500       3,184,819  
    Par  
(000’s
)   Value  
Indiana (continued)                

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

4.12%, 12/01/26

  $ 5,500     $ 5,419,825  
              22,500,643  
Iowa: 0.8%                

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

4.00%, 06/01/24 (c)

    1,025       1,012,673  
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)                
5.00%, 05/15/27 (c)     4,000       2,970,892  
5.00%, 05/15/27 (c)     655       506,226  

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

4.75%, 05/30/23 (c)

    7,655       7,382,950  

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

5.00%, 12/01/42 (c) (p)

    5,605       5,630,192  
Iowa Higher Education Loan Authority, Wartburg College Project (RB)                
4.00%, 10/01/25     1,660       1,602,185  
5.00%, 10/01/25 (c)     2,115       1,907,060  
              21,012,178  
Kansas: 0.6%                

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

5.00%, 12/01/26 (c)

    250       232,586  

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

5.00%, 05/15/27 (c)

    1,000       923,734  

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

4.00%, 06/01/28 (c)

    3,000       2,169,195  

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

4.00%, 06/01/25 (c)

    850       849,230  

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

5.00%, 05/15/26 (c)

    250       231,359  

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

4.00%, 06/01/28 (c)

    1,000       817,290  


 

See Notes to Financial Statements

34

 

 

    Par  
(000’s
)   Value  
Kansas (continued)                
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)                
6.25%, 12/01/29 (c)   $ 1,000     $ 980,047  
6.50%, 12/01/29 (c)     1,000       976,839  

Wichita Kansas Health Care Facilities, Presbyterian Manors, Inc., Series IV-A (RB)

6.50%, 05/30/23 (c)

    2,995       2,983,889  
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)                
5.00%, 09/01/25 (c)     295       282,463  
5.75%, 09/01/25 (c)     4,565       4,288,299  
6.00%, 09/01/25 (c)     2,125       1,996,172  

Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB)

0.00%, 09/01/34 ^

    2,940       1,118,163  
              17,849,266  
Kentucky: 0.7%                

Christian County, Jennie Stuart Medical Center (RB)

5.38%, 02/01/26 (c)

    100       103,408  

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

4.45%, 01/01/32 (c)

    2,250       2,116,450  

Kentucky Economic Development Finance Authority Hospital, Series A (RB)

5.00%, 06/01/27 (c)

    1,315       1,356,691  

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

5.00%, 05/30/23 (c)

    760       756,334  

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

5.00%, 12/01/27 (c)

    4,655       4,793,309  
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)                
5.00%, 05/15/26 (c)     350       296,630  
5.00%, 05/15/26 (c)     2,545       2,322,281  
5.00%, 05/15/26 (c)     250       186,550  

Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)

5.38%, 05/19/23 (c)

    400       363,605  
    Par  
(000’s
)   Value  
Kentucky (continued)                
5.50%, 05/19/23 (c)   $ 250     $ 205,589  

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

4.25%, 07/01/25 (c)

    865       839,953  
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)                
5.00%, 06/01/26     175       181,753  
5.00%, 06/01/27 (c)     990       996,568  
5.25%, 06/01/27 (c)     750       771,350  

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

5.00%, 06/01/27 (c)

    500       503,831  

Kentucky State Property and Building Commission, Project No. 115 (RB) (BAM)

5.00%, 04/01/27 (c)

    2,000       2,143,167  

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

5.00%, 10/01/26 (c)

    1,045       1,099,121  
              19,036,590  
Louisiana: 0.9%                

Calcasieu Parish Memorial Hospital Service District (RB)

5.00%, 12/01/29 (c)

    3,800       3,429,879  

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

5.00%, 12/01/25

    100       104,789  

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

4.00%, 02/01/31 (c)

    2,075       1,926,359  

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       423,382  

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

5.62%, 06/01/25 (c)

    950       789,354  

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

4.00%, 11/01/30 (c)

    2,000       1,747,899  


 

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Louisiana (continued)                

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

4.00%, 11/01/29 (c)

  $ 2,000     $ 1,784,431  

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

4.25%, 05/30/23 (c)

    175       141,115  

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       381,470  

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

5.25%, 10/01/33 (c)

    1,500       1,491,297  

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

3.00%, 05/15/30 (c)

    1,250       915,297  

Louisiana Public Facilities Authority, Series A (RB)

4.00%, 12/15/27 (c)

    1,940       1,863,211  

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

7.50%, 07/01/23 (d) *

    2,259       23  

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

7.75%, 07/01/24 (c) (d) *

    1,647       16  

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       2,175,276  
Parish of St James, Nustar Logistics, LP Project (RB)                
5.85%, 06/01/25 (p)     750       769,564  
6.35%, 06/01/30 (c)     4,000       4,325,902  

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

6.35%, 06/01/30 (c)

    1,000       1,081,476  
    Par  
(000’s
)   Value  
Louisiana (continued)                

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

4.00%, 02/01/31 (c)

  $ 1,530     $ 1,523,441  
              24,874,195  
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       1,447,075  
5.00%, 07/01/26 (c)     1,000       993,106  
5.00%, 07/01/26 (c)     5,345       4,959,382  
              7,399,563  
Maryland: 1.6%                

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

5.00%, 06/01/31 (c)

    1,000       960,754  
City of Baltimore, Convention Center Hotel (RB)                
5.00%, 09/01/27 (c)     1,000       988,897  
5.00%, 09/01/27 (c)     1,000       1,018,464  
5.00%, 09/01/27 (c)     2,250       2,168,362  
5.00%, 09/01/27 (c)     2,000       1,885,095  

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

5.00%, 09/01/27 (c)

    500       503,813  

City of Baltimore, Harbor Point Project (RB)

5.12%, 06/01/26 (c)

    250       250,419  

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

5.00%, 09/01/27 (c)

    1,000       952,697  

County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB)

7.00%, 11/01/25 (c)

    500       515,282  

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

4.00%, 07/01/30 (c)

    2,000       1,749,005  

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

5.00%, 09/01/27 (c)

    4,100       3,706,152  

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

5.00%, 09/01/27 (c)

    2,000       1,996,910  


 

See Notes to Financial Statements

36

 

 

    Par  
(000’s
)   Value  
Maryland (continued)                

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

4.62%, 07/01/30 (c)

  $ 2,000     $ 1,949,734  

Howard County, Series A (TA)

4.50%, 02/15/26 (c)

    2,500       2,272,054  

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

5.75%, 05/30/23 (c)

    7,785       7,853,236  
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)                
3.75%, 01/01/27 (c)     100       97,090  
4.38%, 01/01/27 (c)     470       443,450  
4.50%, 01/01/27 (c)     530       485,960  
Maryland Economic Development Corp., Port Covington Project (TA)                
3.25%, 09/01/30     1,500       1,383,605  
4.00%, 09/01/30 (c)     3,250       2,686,221  
4.00%, 09/01/30 (c)     2,250       1,996,856  

Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)

5.25%, 06/30/32 (c)

    3,085       3,132,536  
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)                
4.00%, 07/01/26 (c)     400       362,582  
5.00%, 07/01/26 (c)     250       255,086  
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)                
4.00%, 07/01/25 (c)     210       211,013  
4.25%, 07/01/25 (c)     145       145,286  
5.00%, 07/01/25 (c)     500       508,164  
5.00%, 07/01/25 (c)     1,500       1,517,431  
5.00%, 07/01/25 (c)     625       643,099  

Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB)

4.00%, 06/01/31 (c)

    750       676,802  

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

5.25%, 04/01/27 (c)

    1,000       905,309  

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

4.75%, 01/01/26 (c)

    500       502,328  
              44,723,692  
    Par  
(000’s
)   Value  
Massachusetts: 1.4%                

Collegiate Charter School of Lowell (RB)

5.00%, 06/15/26 (c)

  $ 365     $ 355,136  
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)                
4.00%, 07/01/25 (c)     535       490,800  
5.00%, 07/01/25 (c)     2,120       2,143,719  

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

5.00%, 10/01/26 (c)

    1,000       951,632  

Massachusetts Development Finance Agency, Emerson College (RB)

5.00%, 01/01/25 (c)

    500       507,727  

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

5.00%, 10/01/26 (c)

    1,035       1,042,061  

Massachusetts Development Finance Agency, Lasell University (RB)

4.00%, 07/01/31 (c)

    2,400       1,963,267  

Massachusetts Development Finance Agency, Lawrence General Hospital (RB)

5.00%, 07/01/27 (c)

    1,000       901,271  

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

5.25%, 07/01/24 (c)

    350       322,404  
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)                
5.00%, 11/15/25 (c)     500       512,532  
5.12%, 11/15/25 (c)     500       508,368  
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)                
4.00%, 05/19/23 (c)     1,000       960,455  
4.12%, 05/19/23 (c)     2,500       2,154,595  
5.00%, 05/19/23 (c)     1,400       1,308,283  
5.00%, 05/19/23 (c)     14,550       13,060,850  

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

4.00%, 07/01/26 (c)

    1,500       1,432,152  

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

4.00%, 06/01/30 (c)

    5       4,010  


 

See Notes to Financial Statements

37

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Massachusetts (continued)                

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

5.00%, 10/01/26 (c)

  $ 1,930     $ 1,907,042  

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

5.00%, 10/01/28 (c)

    2,000       1,843,349  
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)                
5.00%, 07/01/26 (c)     190       199,413  
5.00%, 07/01/26 (c)     510       513,568  

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

4.00%, 01/01/29 (c)

    5,000       4,284,266  

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

5.00%, 01/01/29 (c)

    1,250       1,304,697  
              38,671,597  
Michigan: 1.1%                

Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)

5.00%, 02/15/27 (c)

    290       290,395  

City of Detroit, Michigan Unlimited Tax (GO)

5.50%, 04/01/30 (c)

    250       257,544  
City of Detroit, Michigan Unlimited Tax, Series A (GO)                
5.00%, 04/01/31 (c)     1,475       1,427,372  
5.00%, 04/01/31 (c)     135       132,520  

Detroit Service Learning Academy, Public School Academy (RB) (AGM Q-SBLF)

4.00%, 07/01/28 (c)

    1,000       808,169  

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

4.00%, 07/01/30 (c)

    500       427,949  

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

5.25%, 07/01/23 (c)

    2,000       2,001,618  

Flint Michigan Hospital Building Authority, Series B (RB)

4.75%, 07/01/23 (c)

    395       389,538  

Michigan Finance Authority, Mid Michigan Health Credit Group (RB)

5.00%, 06/01/24 (c)

    1,040       1,061,530  
    Par  
(000’s
)   Value  
Michigan (continued)                
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)                
5.25%, 11/15/25 (c)   $ 250     $ 231,973  
5.50%, 11/15/25 (c)     300       263,792  
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)                
5.00%, 07/01/24 (c)     215       215,756  
5.00%, 07/01/24 (c)     3,575       3,581,605  

Michigan Finance Authority, Series B-1 (RB)

5.00%, 12/01/30 (c)

    2,235       2,281,546  

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

5.00%, 12/01/30

    9,000       9,392,647  

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

5.00%, 07/01/24 (c)

    795       803,200  

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

0.00%, 12/01/30 (c) ^

    15,500       1,561,076  

Michigan State Building Authority, Series F (RB)

4.00%, 10/01/24

    100       99,596  
Michigan Strategic Fund, Evangelical Homes Project (RB)                
5.25%, 05/30/23 (c)     1,000       911,374  
5.50%, 05/30/23 (c)     2,000       1,615,564  
Michigan Strategic Fund, I-75 Improvement Project (RB)                
5.00%, 12/31/28 (c)     700       735,505  
5.00%, 12/31/28 (c)     1,250       1,252,539  
5.00%, 12/31/28 (c)     600       631,118  

Michigan Tobacco Settlement Finance Authority, Series B (RB)

0.00%, 05/15/23 (c) ^

    260       30,267  

Summit Academy North, Michigan Public School (RB)

4.00%, 11/01/28 (c)

    1,000       827,230  
              31,231,423  
Minnesota: 0.7%                

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

4.00%, 03/01/26 (c)

    135       127,953  

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

4.25%, 11/01/24 (c)

    500       473,869  

City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)

5.50%, 07/01/25 (c)

    245       214,574  


 

See Notes to Financial Statements

38

 

 

    Par  
(000’s
)   Value  
Minnesota (continued)                
5.50%, 07/01/25 (c)   $ 250     $ 230,364  

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

5.00%, 05/01/29 (c)

    3,000       2,615,655  
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)                
5.25%, 07/01/25 (c)     500       500,211  
5.50%, 07/01/25 (c)     2,860       2,863,804  

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

5.38%, 08/01/27 (c)

    500       482,971  

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

3.38%, 05/01/27 (c)

    115       110,726  

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

6.00%, 07/01/27 (d) (p) *

    2,000       200,000  
City of St. Paul, Housing and Redevelopment Authority, Series A (RB)                
4.00%, 07/01/25 (c)     1,000       1,006,944  
5.75%, 09/01/26 (c)     325       325,966  

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

5.00%, 11/15/28 (c)

    2,000       2,043,113  

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

5.00%, 05/01/26 (c)

    3,730       3,393,259  

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

4.25%, 05/19/23 (c)

    975       812,105  

Minnesota Higher Education Facilities Authority, Bethel University (RB)

5.00%, 05/01/27 (c)

    2,000       1,810,875  

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

5.00%, 08/01/25 (c)

    1,075       887,668  

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

4.00%, 08/01/26 (c)

    250       213,156  

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

4.00%, 07/01/28 (c)

    1,150       818,019  
              19,131,232  
    Par  
(000’s
)   Value  
Mississippi: 0.3%                

Mississippi Business Finance Corp., Enviva, Inc. Project, (RB)

7.75%, 07/15/32 (c) (p)

  $ 4,000     $ 4,039,531  

Mississippi Business Finance Corp., System Energy Resources Inc. Project (RB)

2.38%, 06/01/26 (c)

    2,250       1,429,146  

Mississippi Development Bank, Magnolia Regional Health Center Project (RB)

4.00%, 10/01/31 (c)

    3,500       2,975,418  

Mississippi Development Bank, Water and Sewer System (RB) (AGM)

6.88%, 12/01/23 (c)

    1,000       1,016,697  
              9,460,792  
Missouri: 1.2%                
Boone County, Boone Hospital Center (RB)                
3.00%, 08/01/26 (c)     410       294,119  
4.00%, 08/01/26 (c)     565       422,250  
5.00%, 08/01/26 (c)     1,000       934,898  

Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB)

3.00%, 03/01/31 (c)

    2,750       1,865,241  

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

5.00%, 03/01/27 (c)

    1,000       1,036,729  

City of Blue Springs, Adams Farm Project, Series A (TA)

4.00%, 06/01/23 (c)

    15       15,008  

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

5.75%, 06/01/25 (c)

    500       463,393  

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

4.30%, 05/30/23 (c)

    40       38,984  

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

4.38%, 11/15/26 (c)

    250       201,056  

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

4.00%, 02/01/29 (c)

    475       378,950  
I-470 Western Gateway Transportation Development District, Series A (RB)                
4.50%, 12/01/26 (c)     300       295,128  
5.25%, 12/01/26 (c)     1,100       1,101,726  


 

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Missouri (continued)                

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

5.00%, 11/15/46

  $ 5,352     $ 3,997,173  

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

5.00%, 02/01/28 (c)

    4,475       3,267,624  
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)                
5.25%, 05/15/27 (c)     1,500       1,337,918  
5.25%, 05/15/27 (c)     4,000       3,258,690  
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)                
5.00%, 08/15/24 (c)     1,550       1,371,580  
5.00%, 08/15/25 (c)     2,430       2,253,780  
5.00%, 08/15/25 (c)     2,000       1,661,159  

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

4.88%, 11/01/27 (c)

    2,500       2,257,593  

Missouri State Health & Educational Facilities Authority, University of Health Sciences and Pharmacy in St. Louis, Series A (RB)

4.00%, 05/01/33 (c)

    2,000       1,760,605  

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

5.00%, 02/01/24 (c)

    3,000       2,782,589  

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

5.00%, 01/01/26 (c)

    1,000       724,106  

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

5.00%, 09/01/25 (c)

    500       466,922  

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

5.00%, 12/01/25 (c)

    150       142,463  

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

4.88%, 06/15/33 (c)

    1,000       1,001,135  
              33,330,819  
    Par  
(000’s
)   Value  
Montana: 0.2%                

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

3.90%, 05/30/23 (c)

  $ 2,000     $ 2,000,104  

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

4.00%, 06/01/31 (c)

    415       394,623  
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)                
4.12%, 07/01/28 (c)     500       482,549  
5.00%, 07/01/28 (c)     1,270       1,278,698  
              4,155,974  
Nebraska: 0.1%                
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)                
5.00%, 09/01/34     1,000       1,097,215  
5.00%, 09/01/36     500       540,044  
5.00%, 09/01/42     1,780       1,856,057  

Central Plains Energy Project, Series G (RB)

5.00%, 10/01/29 (c) (p)

    235       246,134  
              3,739,450  
Nevada: 0.3%                
City of Las Vegas, Special Improvement District No. 814 (SA)                
4.00%, 06/01/29 (c)     235       201,022  
4.00%, 06/01/29 (c)     540       444,024  

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

5.40%, 05/30/23 (c)

    1,175       1,162,879  

Clark County School District, Series A (GO)

5.00%, 06/15/26

    2,000       2,130,037  

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

5.00%, 08/01/25 (c)

    170       171,452  

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

4.00%, 09/01/26 (c)

    625       572,643  

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

4.62%, 12/01/28 (c)

    230       210,918  

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

4.62%, 12/01/28 (c)

    480       450,963  
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)                
5.00%, 12/15/25 (c)     2,000       1,968,653  
5.00%, 12/15/25 (c)     500       443,879  


 

See Notes to Financial Statements

40

 

 

    Par  
(000’s
)   Value  
Nevada (continued)                
5.00%, 12/15/25 (c)   $ 400     $ 382,018  
5.12%, 12/15/25 (c)     1,000       918,538  
              9,057,026  
New Hampshire: 0.4%                
National Finance Authority, Ascentria Care Alliance Project (RB)                
5.00%, 07/01/28 (c)     1,220       952,356  
5.00%, 07/01/28 (c)     2,000       1,517,535  

National Finance Authority, Covanta Project, Series B (RB)

4.62%, 07/01/23 (c)

    4,000       3,376,882  

National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB)

4.88%, 07/01/23 (c)

    3,375       2,945,500  

National Finance Authority, Resource Recovery, Series A (RB)

3.62%, 07/02/40 (c) (p)

    1,600       1,197,538  

National Finance Authority, The Vista Project, Series A (RB)

5.62%, 07/01/25 (c)

    1,600       1,449,336  
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)                
6.12%, 07/01/24 (c) (d) *     1,252       275,480  
6.12%, 07/01/24 (c) (d) *     835       183,653  
6.25%, 07/01/24 (c) (d) *     417       91,826  
              11,990,106  
New Jersey: 3.0%                

Camden County, New Jersey Improvement Authority, Series A (RB)

5.00%, 02/15/24 (c)

    150       151,433  
Casino Reinvestment Development Authority (RB)                
5.25%, 11/01/24 (c)     8,450       8,523,843  
5.25%, 11/01/24 (c)     1,410       1,427,174  

City of Atlantic City, New Jersey Tax Appeal (GO)

5.00%, 12/01/23 (c)

    65       64,969  

New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB)

5.00%, 06/01/26 (c)

    470       444,072  
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)                
5.25%, 05/30/23 (c)     1,645       1,655,955  
5.50%, 06/20/23 (c)     60       60,644  
5.62%, 03/05/24 (c)     2,035       2,065,327  
5.62%, 03/05/24 (c)     285       289,247  
5.75%, 05/30/23 (c)     4,800       4,813,776  
    Par  
(000’s
)   Value  
New Jersey (continued)                

New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA)

5.75%, 04/01/31

  $ 55     $ 54,995  
New Jersey Economic Development Authority, Lions Gate Project (RB)                
4.88%, 01/01/24 (c)     655       622,414  
5.00%, 01/01/24 (c)     500       454,740  
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)                
4.00%, 07/01/27 (c)     2,000       2,020,674  
4.00%, 07/01/27 (c)     1,640       1,672,060  
5.00%, 07/01/27 (c)     4,640       4,936,036  

New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA)

0.00%, 07/01/26 ^

    515       461,570  

New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)

4.00%, 11/01/25

    120       121,775  
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)                
5.00%, 12/15/26 (c)     725       765,302  
5.00%, 12/15/26 (c)     305       320,285  
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)                
4.75%, 12/15/26 (c)     2,545       2,734,728  
5.50%, 12/15/26 (c)     165       181,550  

New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB)

5.00%, 12/15/28 (c)

    2,880       3,009,226  

New Jersey Economic Development Authority, School Facilities Construction, Series II (RB)

5.00%, 05/31/23 (c)

    470       470,614  

New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB)

5.00%, 05/31/23 (c)

    125       125,163  

New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)

5.00%, 12/15/29 (c)

    600       644,914  


 

See Notes to Financial Statements

41

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New Jersey (continued)                

New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB)

4.00%, 12/15/29 (c)

  $ 500     $ 513,598  

New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)

5.00%, 05/31/23 (c)

    15       15,020  
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)                
5.00%, 06/15/24 (c)     140       143,000  
5.00%, 06/15/24 (c)     100       102,142  
5.00%, 06/15/24 (c)     580       592,427  
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)                
4.00%, 12/15/29 (c)     205       194,635  
4.00%, 12/15/30 (c)     600       597,037  
4.00%, 12/15/30 (c)     700       721,550  
4.00%, 12/15/30 (c)     600       604,164  

New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB)

5.00%, 06/15/24 (c)

    620       633,284  
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)                
5.00%, 06/15/25 (c)     630       659,116  
5.00%, 06/15/25 (c)     680       711,427  
5.25%, 06/15/25 (c)     435       454,221  
5.25%, 06/15/25 (c)     1,055       1,109,151  
5.25%, 06/15/25 (c)     2,565       2,696,657  
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)                
4.00%, 06/15/24     220       221,231  
4.38%, 06/15/25 (c)     420       429,453  
5.00%, 06/15/25 (c)     105       109,852  
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)                
5.12%, 01/01/24 (c)     350       352,609  
5.25%, 01/01/24 (c)     1,000       1,007,881  
5.38%, 01/01/24 (c)     900       903,209  
5.50%, 01/01/24 (c)     500       505,065  

New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB)

4.12%, 07/01/25 (c)

    150       136,088  
    Par  
(000’s
)   Value  
New Jersey (continued)                

New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB)

5.00%, 09/01/24 (c)

  $ 330     $ 337,530  

New Jersey Educational Facilities Authority, Montclair State University Issue, Series A (RB)

5.00%, 07/01/24 (c)

    1,000       1,009,970  

New Jersey Educational Facilities Authority, Rider University, Series F (RB)

5.00%, 07/01/27 (c)

    490       420,631  

New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)

5.00%, 04/01/28 (c)

    500       540,586  
New Jersey Transportation Trust Fund Authority, Series A (RB)                
0.00%, 12/15/25 ^     270       247,057  
0.00%, 12/15/25 ^     230       210,456  
0.00%, 12/15/33 ^     5       3,395  
5.00%, 12/15/26     5       5,320  
5.00%, 12/15/28     200       220,772  
5.00%, 12/15/29 (c)     385       412,023  
New Jersey Transportation Trust Fund Authority, Series AA (RB)                
4.75%, 06/15/25 (c)     150       153,808  
5.00%, 06/15/23 (c)     135       135,323  
5.00%, 06/15/23 (c)     640       640,965  
5.00%, 06/15/23 (c)     200       200,419  
5.00%, 06/15/23 (c)     605       606,395  
5.00%, 06/15/25 (c)     340       346,434  
5.25%, 06/15/23 (c)     130       130,316  
5.25%, 06/15/25 (c)     505       518,739  
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)                
0.00%, 12/15/24 ^     430       406,677  
0.00%, 12/15/25 ^     250       229,051  
0.00%, 12/15/28 ^     185       153,423  

New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL)

0.00%, 12/15/31 ^

    365       271,501  

Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL)

5.25%, 01/01/27

    100       105,830  

South Jersey Port Corp., Marine Terminal, Series B (RB)

5.00%, 01/01/28 (c)

    360       377,016  


 

See Notes to Financial Statements

42

 

 

    Par  
(000’s
)   Value  
New Jersey (continued)                
Tobacco Settlement Financing Corp., Series A (RB)                
5.00%, 06/01/28 (c)   $ 13,290     $ 13,691,601  
5.25%, 06/01/28 (c)     2,675       2,798,473  

Tobacco Settlement Financing Corp., Series B (RB)

5.00%, 06/01/28 (c)

    9,155       9,117,360  
              84,796,374  
New Mexico: 0.3%                

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)

    6,000       4,817,536  

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       2,673,536  
              7,491,072  
New York: 10.3%                
Brooklyn Arena Local Development Corp., Barclays Center (RB)                
0.00%, 07/15/32 ^     395       264,874  
0.00%, 07/15/33 ^     370       236,383  
0.00%, 07/15/47 ^     180       51,717  
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)                
5.00%, 01/15/27 (c)     4,050       4,049,689  
5.00%, 07/15/26     345       355,359  

Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB)

5.50%, 09/01/25 (c)

    4,920       4,921,075  
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)                
5.00%, 12/31/28     5,435       5,159,307  
5.25%, 12/31/28 (c)     9,700       8,938,068  
5.50%, 12/31/28 (c)     4,700       4,089,835  
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB)                
5.75%, 06/01/30 (c)     1,000       1,029,201  
5.75%, 06/01/30 (c)     1,000       1,009,779  
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)                
5.25%, 07/01/32 (c)     1,000       1,030,215  
5.25%, 07/01/32 (c)     1,000       1,023,265  
5.25%, 07/01/32 (c)     1,500       1,523,838  
    Par  
(000’s
)   Value  
New York (continued)                

Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB)

5.62%, 12/01/28 (c)

  $ 1,200     $ 1,195,024  

Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW)

5.00%, 06/15/31 (c)

    4,000       3,445,029  

City of Troy Capital Resource Corp., Series A (RB)

4.00%, 09/01/30 (c)

    1,250       1,177,879  

County of Suffolk, Series D (GO) (BAM)

4.00%, 10/15/27 (c)

    1,000       1,044,068  
Dutchess County Local Development Corp., Bard College Project, Series A (RB)                
5.00%, 07/01/30 (c)     1,000       1,004,836  
5.00%, 07/01/30 (c)     1,500       1,527,927  
5.00%, 07/01/30 (c)     8,370       8,303,035  
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)                
5.00%, 07/01/26 (c)     1,000       1,017,708  
5.00%, 07/01/26 (c)     3,000       2,920,735  
Erie Tobacco Asset Securitization Corp., Series A (RB)                
5.00%, 05/30/23 (c)     5       4,726  
5.00%, 05/30/23 (c)     2,000       1,839,417  
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)                
3.00%, 12/01/30 (c)     5       3,769  
5.00%, 12/01/30 (c)     500       534,342  

Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)

4.00%, 12/01/30 (c)

    1,100       1,092,012  

Nassau County Tobacco Settlement Corp., Series A-3 (RB)

5.12%, 05/15/23 (c)

    2,905       2,620,948  

New York City Housing Development Corp., Multi-Family Housing, Series F (RB)

4.50%, 05/15/24 (c)

    2,500       2,446,445  

New York City Industrial Development Agency, Airport Facilities, Series A (RB)

5.00%, 05/30/23 (c)

    2,000       2,000,901  
New York Counties Tobacco Trust IV, Series A (RB)                
3.75%, 06/01/26 (c)     500       399,269  
5.00%, 05/15/23 (c)     785       714,595  
5.00%, 05/15/23 (c)     8,000       7,388,268  


 

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New York (continued)                

New York Counties Tobacco Trust IV, Series E (RB)

0.00%, 05/15/23 (c) ^

  $ 5     $ 366  

New York Counties Tobacco Trust VI, Series A-2B (RB)

5.00%, 06/01/26 (c)

    1,270       1,208,019  
New York Liberty Development Corp., 3 World Trade Center Project (RB)                
5.00%, 11/15/24 (c)     2,025       1,967,744  
5.15%, 11/15/24 (c)     4,210       4,214,826  
7.25%, 11/15/24 (c)     7,000       7,086,500  

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       6,328,818  

New York Liberty Development Corp., Goldman Sachs Headquarters Issue (RB)

5.25%, 10/01/35

    3,000       3,446,820  

New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC)

5.50%, 07/01/35

    480       532,578  

New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL)

5.25%, 07/01/31

    150       159,149  

New York State Dormitory Authority, Fordham University, Series A (RB)

5.00%, 07/01/26 (c)

    1,550       1,606,850  

New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)

5.00%, 08/01/27

    2,500       2,491,707  

New York State Dormitory Authority, New School University, Series A (RB)

5.00%, 07/01/25 (c)

    2,500       2,533,172  

New York State Dormitory Authority, New School, Series A (RB)

5.00%, 01/01/27 (c)

    2,500       2,553,752  

New York State Dormitory Authority, Series A (RB)

5.00%, 01/01/27 (c)

    1,370       1,448,362  

New York State Dormitory Authority, Yeshiva University, Series A (RB)

5.00%, 07/15/32 (c)

    1,000       1,007,670  

New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)

2.25%, 08/01/26

    1,625       1,520,671  
    Par  
(000’s
)   Value  
New York (continued)                
5.00%, 05/19/23 (c)   $ 10,640     $ 10,653,074  
5.00%, 05/19/23 (c)     12,520       12,529,076  
5.25%, 08/01/30 (c)     2,810       2,904,307  
5.38%, 08/01/30 (c)     2,000       2,023,145  

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       2,653,332  
4.00%, 10/01/30     8,665       8,544,461  
4.38%, 10/01/30 (c)     22,050       21,033,305  
5.00%, 01/01/28 (c)     610       639,757  
5.00%, 01/01/28 (c)     1,300       1,362,973  
5.00%, 01/01/28 (c)     5,230       5,479,619  
5.00%, 01/01/28 (c)     1,600       1,677,980  
5.00%, 10/01/30 (c)     18,300       18,785,230  
5.00%, 10/01/30 (c)     16,150       17,050,453  

New York Transportation Development Corp., John F. Kennedy International Airport Project (RB)

3.00%, 08/01/31

    5,765       5,044,701  
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)                
4.00%, 07/01/24 (c)     1,000       1,000,323  
5.00%, 07/01/24 (c)     2,230       2,261,379  
5.00%, 07/01/24 (c)     10,130       10,064,764  
5.00%, 07/01/24 (c)     420       426,413  
5.00%, 07/01/24 (c)     1,515       1,518,157  
5.25%, 07/01/24 (c)     7,580       7,589,215  
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)                
5.00%, 12/01/32 (c)     1,000       1,036,032  
5.00%, 12/01/32 (c)     1,000       1,052,021  
5.00%, 12/01/32 (c)     1,000       1,041,069  

Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB)

4.75%, 07/01/23 (c)

    2,250       1,931,593  

Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB)

5.00%, 10/01/25 (c)

    355       279,950  

Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB)

0.00%, 06/01/31 (c) ^

    10,515       1,176,141  

Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)

5.00%, 01/01/26 (c)

    200       148,079  


 

See Notes to Financial Statements

44

 

 

    Par  
(000’s
)   Value  
New York (continued)                

Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series B (RB)

5.00%, 12/16/24

  $ 10,000     $ 10,281,592  

TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)

5.00%, 06/01/27 (c)

    18,780       17,655,628  
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)                
4.00%, 09/15/24 (c)     525       495,364  
5.00%, 09/15/24 (c)     400       319,831  
5.25%, 09/15/24 (c)     180       128,966  

Westchester County Local Development Corp., Medical Center (RB)

5.00%, 11/01/25 (c)

    3,000       2,892,760  

Westchester Tobacco Asset Securitization Corp., Series B (RB)

5.00%, 06/01/27 (c)

    200       205,009  

Westchester Tobacco Asset Securitization Corp., Series C (RB)

5.00%, 06/01/23 (c)

    4,575       4,576,002  

Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)

5.00%, 10/15/29 (c)

    275       244,789  

Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM)

5.00%, 10/15/29 (c)

    315       294,844  
              289,471,876  
North Carolina: 0.5%                
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)                
5.00%, 06/30/25 (c)     1,000       1,004,000  
5.00%, 06/30/25 (c)     1,430       1,377,380  
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB)                
5.00%, 10/01/24 (c)     1,000       1,001,578  
5.00%, 10/01/24 (c)     1,770       1,758,609  

North Carolina Medical Care Commission Health Care Facilities, Series A (RB)

4.00%, 01/01/30 (c)

    205       199,005  

North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB)

5.00%, 10/01/25

    90       90,331  
    Par  
(000’s
)   Value  
North Carolina (continued)                
North Carolina Medical Care Commission, Retirement Facilities (RB)                
4.70%, 07/01/25 (c)   $ 550     $ 486,703  
5.00%, 10/01/24 (c)     250       242,804  
5.00%, 10/01/24 (c)     250       231,551  

North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)

5.00%, 10/01/24 (c)

    165       161,397  

North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM)

5.00%, 07/01/26 (c)

    385       328,619  

North Carolina Medical Care Commission, Salemtowne Project (RB)

5.25%, 10/01/25 (c)

    465       433,339  

North Carolina Turnpike Authority, Monroe Expressway Toll, Series A (RB)

5.00%, 07/01/26 (c)

    5,120       5,171,774  

North Carolina Turnpike Authority, Triangle Expressway System (RB)

5.00%, 01/01/27 (c)

    1,000       1,057,666  

North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)

5.00%, 01/01/29 (c)

    100       110,818  
              13,655,574  
North Dakota: 0.2%                

City of Grand Forks, Altru Health System (RB) (AGM)

4.00%, 12/01/31 (c)

    1,000       880,096  
City of Williston, Eagle Crest Apartments LLC Project (RB)                
6.25%, 09/01/23 (d) *     615       276,750  
7.75%, 09/01/23 (c) (d) *     1,285       578,250  

County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB)

7.00%, 06/15/26 (c) (d) *

    5,500       3,025,000  

Ward County, North Dakota Health Care Facilities, Series C (RB)

5.00%, 06/01/28 (c)

    1,000       856,059  
              5,616,155  
Ohio: 3.8%                
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)                
5.25%, 11/15/26 (c)     3,000       3,049,512  
5.25%, 11/15/26 (c)     500       510,684  

American Municipal Power, Inc., Prairie State Energy Campus Project, Series A (RB)

5.00%, 02/15/24 (c)

    1,585       1,593,366  


 

See Notes to Financial Statements

45

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Ohio (continued)                

Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB)

5.00%, 06/01/30 (c)

  $ 46,645     $ 43,543,765  

Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB)

0.00%, 06/01/30 (c) ^

    21,500       2,630,878  

Centerville Ohio Health Care, Graceworks Lutheran Services (RB)

5.25%, 11/01/27 (c)

    1,000       870,922  

Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB)

5.00%, 12/01/28

    800       813,999  

Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG)

6.50%, 03/01/25 (c)

    3,800       3,015,221  

County of Butler (RB)

5.00%, 11/15/27 (c)

    1,035       1,098,366  

County of Cuyahoga, Ohio Convention Hotel Project (CP)

5.00%, 06/01/24 (c)

    1,805       1,833,112  
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)                
4.75%, 02/15/27 (c)     340       331,733  
5.00%, 02/15/27 (c)     2,010       1,992,581  
5.25%, 02/15/27 (c)     4,250       4,304,297  
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)                
4.00%, 11/15/29 (c)     2,250       2,015,749  
4.00%, 11/15/29 (c)     3,940       3,636,577  
Cuyahoga County, Ohio Hospital, The Metrohealth System (RB)                
5.00%, 02/15/27 (c)     5,000       4,958,950  
5.50%, 02/15/27 (c)     1,225       1,249,725  
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)                
5.00%, 05/30/23 (c)     1,750       1,557,046  
5.00%, 05/30/23 (c)     490       490,189  
5.00%, 05/30/23 (c)     4,030       3,542,765  

Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB)

2.60%, 10/01/29 (c) (p)

    2,225       1,975,060  

Ohio Air Quality Development Authority, AMG Vanadium Project (RB)

5.00%, 07/01/29 (c)

    13,565       12,540,651  
    Par  
(000’s
)   Value  
Ohio (continued)                

Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB)

4.25%, 06/01/27 (p)

  $ 1,000     $ 1,002,609  

Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)

3.25%, 09/01/29

    2,750       2,570,258  

Ohio University, A State University of Ohio, Series A (RB)

5.00%, 06/01/27 (c)

    1,250       1,312,001  
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)                
5.00%, 12/01/24 (c)     1,240       1,021,990  
5.00%, 12/01/24 (c)     245       225,924  
5.50%, 12/01/24 (c)     70       62,847  

Washington County, Ohio Hospital Facilities, Memorial Health System (RB)

6.75%, 12/01/32 (c)

    2,235       2,243,114  
              105,993,891  
Oklahoma: 1.2%                

Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB)

8.00%, 08/01/26 (c)

    1,000       1,010,043  

Holdenville Public Works Authority, Series A (RB)

4.38%, 11/01/24 (c)

    605       412,014  
Norman Regional Hospital Authority (RB)                
3.25%, 09/01/29 (c)     340       263,872  
4.00%, 09/01/26 (c)     2,365       2,148,567  
4.00%, 09/01/29 (c)     2,000       1,692,534  
5.00%, 09/01/29 (c)     3,200       3,192,112  
Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)                
5.00%, 04/01/23 (d) *     90       45,000  
5.00%, 05/30/23 (c) (d) *     825       412,500  
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)                
5.00%, 08/15/28 (c)     700       678,001  
5.25%, 08/15/28 (c)     2,900       2,760,838  
5.25%, 08/15/28 (c)     8,000       7,412,333  
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)                
5.50%, 08/15/28 (c)     6,290       5,808,264  
5.50%, 08/15/28 (c)     1,300       1,223,151  


 

See Notes to Financial Statements

46

 

 

    Par  
(000’s
)   Value  
Oklahoma (continued)                

Rogers County Industrial Development Authority (RB)

3.62%, 04/01/25 (c)

  $ 375     $ 336,356  

Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)

5.00%, 06/01/25 (c) (p)

    4,455       4,490,718  

Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB)

5.50%, 06/01/23 (c)

    2,100       2,100,634  
              33,986,937  
Oregon: 0.0%                

Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM)

4.00%, 12/01/28 (c)

    1,000       828,244  
Pennsylvania: 4.3%                
Allentown Neighborhood Improvement Zone Development Authority (RB)                
5.00%, 05/01/27 (c)     2,000       1,959,644  
5.00%, 05/01/27 (c)     250       254,298  
5.00%, 05/01/28     785       803,236  
5.00%, 05/01/28 (c)     250       254,631  
5.00%, 05/01/28     1,000       1,024,850  
5.38%, 05/01/28 (c)     4,000       4,007,799  
Berks County Industrial Development Authority, Tower Health Project (RB)                
5.00%, 11/01/24     500       375,674  
5.00%, 11/01/26     120       79,177  
5.00%, 11/01/27 (c)     110       68,118  
5.00%, 11/01/27 (c)     1,000       619,660  
5.00%, 11/01/27 (c)     470       291,388  

Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB)

5.00%, 05/19/23 (c)

    1,000       618,758  

Berks County Municipal Authority, Tower Health Project (RB)

4.00%, 11/01/27 (c)

    3,425       1,724,566  
Berks County Municipal Authority, Tower Health Project, Series A (RB)                
5.00%, 02/01/27     1,000       649,783  
5.00%, 02/01/30     860       532,989  

Berks County Municipal Authority, Tower Health Project, Series B-2 (RB)

5.00%, 02/01/27 (c) (p)

    6,000       3,898,700  

Berks County Municipal Authority, Tower Health Project, Series B-3 (RB)

5.00%, 02/01/30 (c) (p)

    670       415,235  
    Par  
(000’s
)   Value  
Pennsylvania (continued)                

Bucks County Industrial Development Authority Hospital (RB)

4.00%, 07/01/31 (c)

  $ 1,000     $ 773,516  

Butler County Hospital Authority, Butler Health System Project, Series A (RB)

5.00%, 07/01/25 (c)

    1,465       1,419,060  

Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)

6.00%, 10/01/24 (c)

    1,000       962,159  

Chester County Health and Education Facilities Authority, Immaculata University Project (RB)

5.00%, 11/01/27 (c)

    430       344,516  

Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB)

5.25%, 12/01/25 (c)

    440       385,193  
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)                
5.00%, 03/01/28 (c)     1,300       1,270,548  
5.12%, 03/01/28 (c)     1,989       1,858,903  

County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB)

4.88%, 11/01/24

    1,500       1,506,331  

County of Cumberland, Diakon Lutheran Social Ministries (RB)

4.00%, 01/01/25 (c)

    185       174,749  
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)                
6.00%, 06/01/26 (c)     440       449,666  
6.00%, 06/01/26 (c)     345       350,363  

Cumberland County Municipal Authority (RB)

5.00%, 01/01/25 (c)

    3,000       2,573,785  
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)                
5.00%, 10/15/27     500       495,080  
6.25%, 10/15/28 (c)     3,200       3,215,975  

Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB)

5.12%, 06/01/26 (c)

    395       368,904  


 

See Notes to Financial Statements

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Pennsylvania (continued)                

Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC)

5.50%, 08/01/28

  $ 1,000     $ 1,128,721  

Doylestown Hospital Authority, Series A (RB) (SBG)

5.00%, 07/01/23 (c)

    1,000       952,498  

Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB)

5.00%, 09/15/26 (c)

    1,000       940,300  
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)                
5.00%, 12/01/25 (c)     215       166,325  
5.00%, 12/01/25 (c)     500       397,191  

Lancaster County Hospital Authority, Brethren Village Project (RB)

5.12%, 07/01/27 (c)

    1,000       922,595  
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)                
5.00%, 03/01/27 (c)     425       337,740  
5.00%, 03/01/27 (c)     310       253,957  
5.00%, 03/01/27 (c)     425       363,412  

McCandless Industrial Development Authority, LA Roche University Project, Series A (RB)

6.75%, 12/01/32 (c)

    1,000       952,467  

Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB)

5.00%, 10/01/26 (c)

    5,150       4,902,391  

Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB)

5.00%, 12/01/24 (c)

    2,000       1,830,789  

Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB)

5.00%, 05/01/32 (c)

    4,800       4,970,884  
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)                
5.00%, 01/01/25 (c)     150       145,364  
5.25%, 01/01/25 (c)     870       791,539  
    Par  
(000’s
)   Value  
Pennsylvania (continued)                
Moon Industrial Development Authority, Baptist Homes Society (RB)                
5.62%, 07/01/25 (c)   $ 300     $ 277,036  
5.75%, 07/01/25 (c)     2,000       1,765,890  
6.00%, 07/01/25 (c)     590       492,238  

Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB)

5.00%, 11/01/26 (c)

    1,000       896,179  
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  
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB)                
5.25%, 12/31/32 (c)     8,000       8,294,019  
5.50%, 12/31/32 (c)     3,000       3,290,090  
5.50%, 12/31/32 (c)     2,000       2,166,583  
5.75%, 12/31/32 (c)     2,000       2,184,941  
6.00%, 12/31/32 (c)     1,000       1,118,931  
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)                
5.00%, 12/31/24     550       557,938  
5.00%, 12/31/25     1,105       1,132,524  
5.00%, 06/30/26 (c)     575       593,683  
5.00%, 06/30/26 (c)     500       502,553  
5.00%, 06/30/26 (c)     1,485       1,531,369  
5.00%, 06/30/26 (c)     410       423,088  
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)                
5.00%, 05/30/23 (c)     1,000       825,356  
5.00%, 05/30/23 (c)     1,915       1,690,568  

Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series A (RB)

5.25%, 03/01/25 (c)

    3,825       3,862,267  

Pennsylvania Turnpike Commission, Series B (RB) (BAM)

4.00%, 12/01/31 (c)

    2,840       2,883,191  


 

See Notes to Financial Statements

48

 

 

    Par  
(000’s
)   Value  
Pennsylvania (continued)                

Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB)

7.25%, 06/15/24 (c)

  $ 1,000     $ 1,031,394  
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)                
6.38%, 06/01/25 (c)     440       420,817  
6.50%, 06/01/25 (c)     440       422,084  
6.62%, 06/01/25 (c)     415       400,571  

Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB)

5.00%, 12/15/26 (c)

    355       344,280  

Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW)

4.00%, 12/15/26 (c)

    350       334,394  

Philadelphia Authority for Industrial Development, LA Salle University (RB)

4.00%, 11/01/27 (c)

    2,000       1,419,412  
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)                
5.00%, 06/15/28 (c)     1,000       961,207  
5.00%, 06/15/28 (c)     500       502,212  

Philadelphia Authority for Industrial Development, Temple University (RB)

5.00%, 04/01/25 (c)

    3,000       3,099,099  

Philadelphia Authority for Industrial Development, Temple University, First Series (RB)

5.00%, 04/01/25 (c)

    5,695       5,780,335  

Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)

5.00%, 07/01/27 (c)

    735       673,459  

Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB)

5.00%, 07/01/27 (c)

    1,000       1,038,939  

Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB)

5.00%, 07/01/27 (c)

    1,240       1,292,013  
    Par  
(000’s
)   Value  
Pennsylvania (continued)                
5.00%, 07/01/27 (c)   $ 220     $ 228,945  

Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM)

5.00%, 07/01/32 (c)

    2,470       2,692,759  

Reading Pennsylvania School District (GO) (AGM)

5.00%, 03/01/27 (c)

    1,535       1,634,318  

School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG)

5.00%, 06/01/24

    1,010       1,026,386  

Scranton Pennsylvania (GO)

5.00%, 05/15/24 (c)

    1,000       1,002,006  

Scranton Redevelopment Authority, Series A (RB)

5.00%, 05/15/24 (c)

    220       217,071  

Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB)

5.00%, 06/01/26 (c)

    1,500       1,423,908  

The School District of Philadelphia, Series F (GO) (SAW)

5.00%, 09/01/26

    3,000       3,181,786  
              120,024,954  
Puerto Rico: 8.2%                

Cofina Class 2 Trust (RB) (AMBAC)

0.00%, 08/01/47 ^

    80       21,877  
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)                
4.00%, 07/01/31 (c)     7,365       6,260,560  
4.00%, 07/01/32 (c)     2,040       1,734,086  
5.00%, 07/01/30 (c)     2,000       1,999,864  
5.00%, 07/01/30 (c)     15,000       14,488,830  
5.00%, 07/01/30     7,500       7,603,155  
5.00%, 07/01/32 (c)     4,290       4,246,804  
6.12%, 07/01/24     105       106,228  
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)                
5.00%, 07/01/29     3,000       3,047,489  
5.00%, 07/01/31 (c)     3,500       3,511,400  
5.00%, 07/01/31 (c)     2,000       1,979,862  

Puerto Rico Commonwealth Highway and Transportation Authority, Series A (RB)

5.00%, 07/01/32 (c)

    10,000       9,658,031  
Puerto Rico Commonwealth, Series A-1 (GO)                
4.00%, 07/01/31 (c)     8,260       6,957,043  
4.00%, 07/01/31 (c)     5,425       4,415,180  

Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)

4.00%, 07/01/31 (c)

    13,570       12,447,312  


 

See Notes to Financial Statements

49

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Puerto Rico (continued)                
4.00%, 07/01/31 (c)   $ 15,073     $ 13,519,660  
4.00%, 07/01/31 (c)     13,000       11,389,669  
5.62%, 07/01/27     4,000       4,173,495  
5.75%, 07/01/31     10,055       10,784,242  

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB)

6.62%, 05/30/23 (c)

    100       101,455  

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL)

5.00%, 07/01/23 (c)

    20       19,773  
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)                
0.00%, 07/01/24 ^     5,772       5,490,022  
4.50%, 07/01/25 (c)     5,000       5,014,244  
5.00%, 07/01/28 (c)     31,530       30,445,459  

Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC)

4.55%, 07/01/28 (c)

    6,662       6,380,363  

Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC)

4.75%, 07/01/28 (c)

    23,559       22,088,120  
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)                
4.33%, 07/01/28 (c)     12,303       11,470,176  
4.33%, 07/01/28 (c)     26,108       24,340,676  
4.55%, 07/01/28 (c)     6,432       6,160,086  
              229,855,161  
Rhode Island: 0.3%                
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)                
5.00%, 09/01/26 (c)     3,750       3,559,247  
5.00%, 09/01/26     100       100,356  

Rhode Island Health and Educational Building Corp., Care New England, Series B (RB)

5.00%, 09/01/26 (c)

    500       494,287  
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)                
5.00%, 05/15/26 (c)     690       695,385  
5.00%, 05/15/26 (c)     1,000       1,026,064  

Tobacco Settlement Financing Corp., Series A (RB)

5.00%, 06/01/25 (c)

    1,650       1,663,621  
    Par  
(000’s
)   Value  
Rhode Island (continued)                

Tobacco Settlement Financing Corp., Series B (RB)

5.00%, 06/01/25 (c)

  $ 2,000     $ 1,984,660  
              9,523,620  
South Carolina: 0.5%                

Berkeley County, South Carolina Nexton Improvement District (SA)

4.38%, 11/01/29 (c)

    800       658,814  

Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB)

5.00%, 01/01/27 (c)

    1,000       1,060,975  

SCAGO Educational Facilities Corp. for Pickens School District (RB)

5.00%, 06/01/25 (c)

    1,425       1,476,064  
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)                
5.00%, 11/01/24 (c)     500       516,398  
5.00%, 11/01/24 (c)     650       655,002  
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)                
5.75%, 12/15/26 (c)     500       504,343  
5.75%, 12/15/26 (c)     500       508,604  

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB)

5.00%, 04/01/25 (c)

    3,000       2,534,276  

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes, Series A (RB) (AGM)

5.00%, 04/01/24 (c)

    1,000       839,796  

South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB)

5.00%, 05/30/23 (c)

    320       260,238  
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)                
4.00%, 11/15/24 (c)     255       246,063  
5.25%, 11/15/24 (c)     2,000       1,840,055  

South Carolina Ports Authority (RB)

5.25%, 07/01/25 (c)

    1,515       1,573,670  

South Carolina State Ports Authority, Series A (RB)

5.00%, 07/01/29 (c)

    2,250       2,367,898  
              15,042,196  


 

See Notes to Financial Statements

50

 

 

    Par  
(000’s
)   Value  
South Dakota: 0.1%                
City of Sioux Falls, Dow Rummel Village Project (RB)                
5.00%, 11/01/26 (c)   $ 750     $ 644,425  
5.00%, 11/01/26 (c)     500       426,824  
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)                
4.00%, 08/01/31 (c)     1,100       866,008  
4.00%, 08/01/31 (c)     1,550       1,261,703  
              3,198,960  
Tennessee: 0.7%                

Blount County, Health and Educational Facilities Board, Series A (RB)

5.00%, 01/01/25 (c) (d) *

    740       444,000  

Bristol Industrial Development Board, Pinnacle Project, Series A (RB)

5.00%, 12/01/26 (c)

    2,000       1,884,789  

Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB)

5.00%, 08/01/29 (c)

    310       320,232  

Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB)

5.00%, 10/01/24 (c)

    6,180       6,198,203  
Knox County Health Educational and Housing Facility Board (RB)                
4.00%, 09/01/26 (c)     290       245,282  
4.00%, 09/01/26 (c)     295       275,159  
5.00%, 04/01/27 (c)     645       669,215  

Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB)

5.25%, 10/01/29 (c)

    2,450       2,358,347  

Tennessee Energy Acquisition Corp., Series B (RB)

5.62%, 09/01/26

    7,000       7,264,537  

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       197,222  
              19,856,986  
    Par  
(000’s
)   Value  
Texas: 5.8%                

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     $ 998,666  

Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB)

6.75%, 02/15/30 (c)

    5       4,912  

Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)

5.00%, 01/01/27 (c)

    500       515,145  

Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)

5.00%, 01/01/27

    280       287,442  
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)                
5.00%, 01/01/26     715       714,551  
5.00%, 01/01/27 (c)     500       503,441  
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)                
5.00%, 12/01/25 (c)     215       199,405  
5.00%, 12/01/25 (c)     610       583,165  

Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW)

8.50%, 03/01/26 (c)

    4,215       3,812,123  

Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG)

7.00%, 03/01/26 (c)

    1,850       1,718,068  

Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB)

3.62%, 07/01/24 (c)

    2,700       2,458,713  

Central Texas Regional Mobility Authority, Series C (RB)

5.00%, 01/01/26 (c)

    7,000       7,363,306  
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)                
4.00%, 01/01/30 (c)     5,690       5,116,192  
4.00%, 01/01/30 (c)     1,500       1,368,095  


 

See Notes to Financial Statements

51

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Texas (continued)                

City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB)

5.00%, 07/01/24 (c)

  $ 5,000     $ 5,015,669  
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)                
4.00%, 07/15/29 (c)     4,645       4,030,749  
5.00%, 07/15/25 (c)     2,650       2,648,356  
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)                
5.00%, 07/15/27     5,590       5,648,036  
5.00%, 07/15/28     2,500       2,537,954  

City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB)

5.00%, 07/15/28

    1,000       1,015,182  

City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB)

4.75%, 07/01/24

    5,010       5,013,722  

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       4,355,582  

City of New Braunfels, Utility System (RB)

4.00%, 07/01/28 (c)

    445       426,152  
Clifton Higher Education Finance Corp., Series A (RB)                
5.12%, 08/15/25 (c)     730       732,048  
5.50%, 08/15/25 (c)     610       613,714  
Clifton Higher Education Finance Corp., Series D (RB)                
5.75%, 08/15/25 (c)     500       508,720  
6.00%, 08/15/25 (c)     500       506,108  

Comal Independent School District (GO)

4.00%, 05/30/23 (c)

    3,275       3,276,650  

Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB)

4.00%, 10/01/31 (c)

    2,035       1,653,615  

Dallas County Flood Control District No. 1 (GO)

5.00%, 05/30/23 (c)

    850       850,272  

Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB)

6.00%, 12/01/37 (c)

    1,000       1,030,783  
    Par  
(000’s
)   Value  
Texas (continued)                

El Paso County Hospital District (GO)

5.00%, 08/15/23 (c)

  $ 4,680     $ 4,679,298  

Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)

4.88%, 05/30/23 (c)

    2,265       2,252,047  
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)                
0.00%, 11/15/25 ^     495       449,803  
0.00%, 11/15/27 ^     590       498,882  
0.00%, 11/15/29 ^     1,405       1,098,934  
0.00%, 11/15/30 ^     115       86,120  
0.00%, 11/15/31 (c) ^     170       63,924  
0.00%, 11/15/31 (c) ^     145       58,584  
0.00%, 11/15/31 (c) ^     120       64,553  
0.00%, 11/15/31 (c) ^     350       162,359  
0.00%, 11/15/31 (c) ^     705       470,587  
0.00%, 11/15/31 (c) ^     1,140       400,598  
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)                
0.00%, 11/15/24 (c) ^     335       164,211  
0.00%, 11/15/24 (c) ^     100       62,580  

Love Field Airport Modernization Corp., Southwest Airlines Co. (RB)

5.00%, 05/30/23 (c)

    3,000       3,000,456  

Lower Colorado River Authority (RB)

5.00%, 05/30/23 (c)

    1,000       999,948  

Matagorda County Navigation District No. 1, Series A (RB) (AMBAC)

4.40%, 05/01/30

    1,035       1,042,225  
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)                
5.12%, 02/15/24 (c) (d) *     1,035       31,039  
5.12%, 02/15/24 (c) (d) *     265       7,945  

Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB)

4.62%, 05/19/23 (c)

    11,500       11,237,138  

Montgomery County Toll Road Authority (RB)

5.00%, 09/15/25 (c)

    1,000       1,003,047  

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       105,750  


 

See Notes to Financial Statements

52

 

 

    Par  
(000’s
)   Value  
Texas (continued)                

New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB)

5.50%, 07/01/26 (c)

  $ 1,595     $ 717,750  

New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)

5.00%, 07/01/24 (c)

    230       186,382  

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       1,110,273  

New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center (RB)

4.00%, 08/15/31 (c)

    2,315       1,811,460  

New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)

5.25%, 05/30/23 (c)

    190       191,474  

New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB)

5.50%, 11/15/26 (c)

    750       617,367  
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)                
5.00%, 07/01/24     115       97,750  
5.00%, 07/01/25 (c)     440       374,000  
5.00%, 07/01/25 (c)     100       85,000  

New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB)

5.25%, 10/01/25 (c)

    1,000       806,820  
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       869,166  
5.00%, 12/01/26 (c)     2,045       1,811,934  

New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB)

5.50%, 01/01/28 (c)

    2,800       2,009,211  

New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)

5.00%, 01/01/26 (c)

    250       184,086  
    Par  
(000’s
)   Value  
Texas (continued)                
5.00%, 01/01/26 (c)   $ 250     $ 179,780  
5.50%, 01/01/25 (c)     1,000       906,872  

North East Texas Regional Mobility Authority, Series B (RB)

5.00%, 01/01/26 (c)

    400       402,371  

Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB)

8.00%, 02/01/26 (c)

    2,825       2,707,747  
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)                
5.00%, 08/15/26 (c)     400       366,039  
5.00%, 08/15/26 (c)     400       384,202  

Reagan Hospital District, Series A (GO)

5.12%, 02/01/24 (c)

    1,000       1,010,198  

San Antonio Education Facilities Corp., University of Incarnate Word Project, Series A (RB)

4.00%, 04/01/31 (c)

    1,000       812,397  

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

8.00%, 05/30/23 (c) (d) *

    9,900       2,475,000  

Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB)

5.00%, 05/15/24 (c)

    125       112,700  

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       1,440,813  
5.00%, 12/15/31     2,920       3,073,750  
5.00%, 12/15/32     3,425       3,617,965  

Texas Municipal Gas Acquisition and Supply Corp. III (RB)

5.00%, 12/15/28

    925       963,611  

Texas Private Activity Bond Surface Transportation Corp. Toll, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project (RB)

5.00%, 12/31/25 (c)

    1,650       1,641,876  

Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB)

5.00%, 12/31/25 (c)

    230       232,096  


 

See Notes to Financial Statements

53

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Texas (continued)                
5.00%, 12/31/25 (c)   $ 2,000     $ 2,001,123  
5.00%, 12/31/25 (c)     460       461,584  
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)                
4.00%, 12/31/30 (c)     1,700       1,627,487  
4.00%, 12/31/30 (c)     3,175       3,058,904  
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB)                
5.00%, 06/30/29 (c)     9,505       9,538,851  
6.75%, 09/01/23 (c)     5,000       5,041,118  
7.00%, 09/01/23 (c)     515       519,909  

Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)

4.00%, 12/31/29 (c)

    500       479,068  
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)                
5.00%, 08/15/24 (c)     600       612,614  
5.00%, 08/15/24 (c)     6,735       6,834,076  
Town of Westlake, Solana Public Improvement District (SA)                
6.12%, 09/01/25 (c)     1,000       997,757  
6.25%, 09/01/25 (c)     1,000       997,572  
6.38%, 09/01/25 (c)     1,000       998,272  

Woodloch Health Facilities Development Corp., Series A-1 (RB)

6.75%, 12/01/24 (c) (d) *

    4,980       3,635,400  
              161,744,639  
Utah: 0.2%                

Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA)

5.00%, 08/01/30 (c)

    2,000       1,627,342  
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)                
5.25%, 06/15/27 (c)     1,500       1,460,543  
5.38%, 06/15/27 (c)     2,195       2,050,296  
              5,138,181  
Vermont: 0.0%                

Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL)

4.00%, 05/01/28 (c)

    500       420,925  
    Par  
(000’s
)   Value  
Virgin Islands: 0.5%                
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)                
5.00%, 10/01/28   $ 1,000     $ 1,019,487  
5.00%, 10/01/32 (c)     5,000       4,922,793  
5.00%, 10/01/32     4,010       4,069,946  

Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL)

4.25%, 05/30/23 (c)

    720       727,474  

Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)

4.50%, 10/01/24 (c)

    550       380,804  

Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)

5.00%, 10/01/24 (c)

    1,000       898,328  
Virgin Islands Water & Power Authority, Series B (RB)                
5.00%, 05/30/23 (c)     1,070       1,026,958  
5.00%, 05/30/23 (c)     1,170       1,129,831  
5.00%, 05/30/23 (c)     170       162,645  
5.00%, 05/30/23 (c)     65       63,339  
              14,401,605  
Virginia: 1.6%                

Bristol Industrial Development Authority, Series B (RB)

6.35%, 11/01/24 (c) (d) *

    250       143,408  

Cherry Hill Community Development Authority, Potomac Shores Project (SA)

5.15%, 03/01/25 (c)

    200       200,158  
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)                
5.00%, 07/01/26 (c)     8,000       8,166,641  
5.00%, 07/01/26 (c)     1,025       1,043,128  

City of Chesapeake, Chesapeake Transportation System, Series A (RB)

5.00%, 05/30/23 (c)

    380       380,215  

City of Hopewell, Sewer System, Series A (RB)

5.00%, 05/30/23 (c)

    240       240,132  
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)                
5.00%, 07/01/30 (c)     1,000       945,977  
5.00%, 07/01/30 (c)     1,500       1,448,489  

Hampton Roads Transportation Accountability Commission (RB)

5.00%, 07/01/26

    1,395       1,492,407  


 

See Notes to Financial Statements

54

 

 

    Par  
(000’s
)   Value  
Virginia (continued)                

Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB)

5.00%, 01/01/27 (c)

  $ 2,500     $ 2,553,143  

Peninsula Town Center Community Development Authority (RB)

5.00%, 09/01/27 (c)

    500       491,931  

Roanoke County Economic Development Authority, Series B (RB)

4.62%, 09/01/29 (c) (d) (p) *  

    1,000       790,745  

Roanoke Economic Development Authority, Residential Care Facility (RB)

5.00%, 09/01/27 (c) (d) *

    500       337,919  

Roanoke Economic Development Authority, Residential Care Facility, Series A (RB)

5.38%, 09/01/26 (c) (d) *

    3,500       2,255,012  

Virginia College Building Authority, Marymount University Project, Series B (RB)

5.25%, 07/01/25 (c)

    1,300       1,312,331  

Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM)

4.00%, 12/01/26 (c)

    1,000       870,821  
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)                
4.00%, 01/01/32 (c)     3,925       3,398,524  
4.00%, 01/01/32 (c)     1,000       910,076  
4.00%, 01/01/32 (c)     1,000       908,463  
4.00%, 01/01/32 (c)     1,250       1,149,616  
5.00%, 01/01/32 (c)     500       542,012  

Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB)

5.00%, 12/31/32 (c)

    2,000       2,007,935  

Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB)

5.00%, 06/30/27 (c)

    12,220       12,062,267  

Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC)

0.75%, 09/02/25 (p)

    1,000       918,192  
              44,569,542  
    Par  
(000’s
)   Value  
Washington: 1.4%                
Kalispel Tribe Indians Priority, Series A (RB)                
5.00%, 01/01/28 (c)   $ 250     $ 258,090  
5.25%, 01/01/28 (c)     250       258,086  
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)                
5.75%, 12/01/25 (c)     500       514,131  
6.00%, 12/01/25 (c)     500       515,428  
6.25%, 12/01/25 (c)     250       256,930  

Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB)

4.00%, 08/01/29 (c)

    100       94,128  
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)                
5.00%, 08/15/27 (c)     205       212,228  
5.00%, 08/15/27 (c)     3,000       3,044,546  
Washington State Convention Center Public Facilities District, Series B (RB)                
3.00%, 07/01/31 (c)     2,500       1,592,954  
3.00%, 07/01/31 (c)     3,000       2,073,835  
3.00%, 07/01/31 (c)     1,000       889,055  
3.00%, 07/01/31 (c)     4,400       2,803,599  
4.00%, 07/01/31 (c)     3,745       3,208,583  
4.00%, 07/01/31 (c)     5,945       4,913,789  
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)                
5.00%, 07/01/24 (c)     150       131,492  
5.00%, 07/01/24 (c)     2,150       1,676,650  

Washington State Housing Finance Commission, Eliseo Project, Series A (RB)

4.00%, 01/01/28 (c)

    1,000       785,766  
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)                
5.00%, 01/01/25 (c)     2,495       1,819,126  
5.00%, 01/01/25 (c)     2,125       1,762,284  

Washington State Housing Finance Commission, Series A (RB)

3.50%, 12/20/35

    1,944       1,826,292  

Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB)

5.00%, 07/01/26 (c)

    7,000       5,001,922  

Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)

5.00%, 07/01/26 (c)

    500       415,476  


 

See Notes to Financial Statements

55

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Washington (continued)                
5.00%, 07/01/26 (c)   $ 1,250     $ 1,013,146  

Washington State, Convention Center Public Facilities District (RB)

4.00%, 07/01/31

    2,700       2,612,514  

Washington State, Convention Center Public Facilities District, Series B (RB) (AGM)

4.00%, 07/01/31 (c)

    1,000       997,639  

Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)

3.75%, 07/01/26

    1,115       1,057,427  
              39,735,116  
West Virginia: 0.3%                

County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)

4.00%, 05/30/23 (c)

    760       698,518  
Harrison County Building Commission, General Services Administration Building Project (RB)                
3.12%, 10/01/27 (c)     700       490,361  
3.25%, 10/01/27 (c)     820       563,571  
3.50%, 10/01/27 (c)     1,000       853,219  

Monongalia County Commission Excise Tax District, Series A (RB)

4.12%, 06/01/31 (c)

    2,500       2,224,676  

West Virginia Economic Development Authority, Arch Resources Project (RB)

5.00%, 07/01/25 (c) (p)

    1,900       1,903,776  

West Virginia Economic Development Authority, West Virginia Lottery (RB)

4.00%, 06/15/27 (c)

    1,600       1,652,129  
              8,386,250  
Wisconsin: 2.6%                

Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB)

5.00%, 12/01/27 (c)

    1,000       801,516  

Public Finance Authority Refunding, Searstone CCRC Project, Series A (RB)

5.51%, 06/01/23 (c)

    1,000       1,041,435  

Public Finance Authority, Bancroft Neurohealth Project, Series A (RB)

5.12%, 06/01/26 (c)

    250       220,922  
    Par  
(000’s
)   Value  
Wisconsin (continued)                

Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW)

4.00%, 12/01/31 (c)

  $ 5,250     $ 4,088,771  
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)                
5.00%, 02/01/26 (c)     495       473,804  
5.12%, 02/01/26 (c)     500       463,562  
Public Finance Authority, Corvian Community School Project, Series A (RB)                
4.25%, 06/15/24 (c)     460       438,946  
5.00%, 06/15/26 (c)     500       442,821  
5.00%, 06/15/26 (c)     500       471,430  

Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB)

5.00%, 12/01/27 (c)

    1,390       1,297,483  

Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB)

5.88%, 10/01/29 (c)

    1,000       842,312  
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)                
5.00%, 02/01/32 (c)     3,500       3,452,248  
5.75%, 02/01/32 (c)     1,000       997,529  
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)                
5.00%, 09/01/24 (c)     1,500       1,357,864  
5.00%, 09/01/25     75       74,539  
Public Finance Authority, Living Community First Mortgage (RB)                
4.25%, 05/01/27 (c)     415       367,904  
5.00%, 03/01/28 (c)     1,250       1,139,021  

Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA)

3.75%, 03/15/28 (c) (d) *

    890       516,753  

Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB)

6.25%, 01/01/28 (c)

    500       307,500  

Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB)

4.50%, 06/01/28 (c)

    4,000       3,003,606  


 

See Notes to Financial Statements

56

 

 

    Par  
(000’s
)   Value  
Wisconsin (continued)                

Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)

5.00%, 06/15/26 (c)

  $ 1,000     $ 868,384  
Public Finance Authority, Penick Village (RB)                
4.00%, 09/01/26 (c)     425       375,193  
5.00%, 09/01/26 (c)     500       417,644  
5.00%, 09/01/26 (c)     500       382,389  

Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB)

5.20%, 12/01/27 (c)

    1,405       1,440,941  

Public Finance Authority, Rider University Project, Series A (RB)

4.50%, 01/01/31 (c)

    1,920       1,496,510  

Public Finance Authority, Roseman University of Health Sciences Project (RB)

5.88%, 04/01/25 (c)

    1,000       1,015,914  
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)                
4.00%, 07/01/31 (c)     500       391,285  
4.00%, 09/01/31 (c)     1,500       1,162,186  
4.25%, 07/01/31 (c)     1,765       1,294,379  

Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB)

4.00%, 09/01/31 (c)

    1,060       801,214  

Public Finance Authority, Triad Educational Services, Inc., Series A (RB)

5.50%, 06/15/25 (c)

    300       306,257  

Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB)

7.38%, 01/01/30 (c)

    4,265       3,240,440  
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)                
5.00%, 10/01/29 (c)     2,000       1,942,346  
5.00%, 10/01/29 (c)     1,950       1,829,348  

Public Finance Authority, UNC Health Southeastern, Series A (RB)

4.00%, 02/01/31 (c)

    2,000       1,750,886  

Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB)

4.00%, 09/01/31 (c)

    1,000       847,858  

Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB)

5.00%, 05/30/23 (c)

    9,000       8,999,342  
    Par  
(000’s
)   Value  
Wisconsin (continued)                

Public Finance Authority, Wisconsin, Roseman University of Health Science (RB)

4.00%, 04/01/32 (c)

  $ 1,250     $ 957,802  

Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB)

5.00%, 07/01/30 (c)

    5,545       4,213,000  

Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB)

5.00%, 02/15/26 (c)

    7,930       7,921,955  

Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW)

4.00%, 07/01/23 (c)

    105       79,910  

Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB)

4.38%, 07/01/23 (c)

    850       630,518  
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)                
5.00%, 11/01/26 (c)     500       381,148  
5.00%, 11/01/26 (c)     1,950       1,656,641  

Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB)

4.00%, 12/15/29 (c)

    260       246,720  

Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB)

5.12%, 05/19/23 (c)

    3,950       3,797,476  

Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM)

5.00%, 02/15/30 (c)

    1,500       1,672,659  
              71,920,311  


 

See Notes to Financial Statements

57

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Wyoming: 0.1%                

County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG)

3.62%, 05/15/29 (c)

  $ 3,000     $ 2,629,481  
Total Municipal Bonds: 98.0%
(Cost: $3,009,793,329)
          2,743,760,241  
Other assets less liabilities: 2.0%       56,605,243  
NET ASSETS: 100.0%           $ 2,800,365,484  


 

 

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
(d) Security in default
(p) Putable Security — the redemption date shown is when the security may be redeemed by the investor
* Non-income producing
^ Zero Coupon Bond

 

Summary of Investments by Sector   % of
Investments
  Value  
Industrial Development Revenue     13.8 %        $ 377,683,715  
Tax     12.1       330,741,793  
Hospitals     11.8       325,051,175  
Local GO     9.9       270,459,610  
Education     9.3       256,291,276  
Health     6.8       186,462,022  
Tobacco     5.5       151,439,256  
Toll & Turnpike     4.8       132,016,546  
Leasing COPS & Appropriations     4.0       110,609,624  
Multi-Family Housing     3.3       89,397,769  
Utilities     3.2       88,522,109  
State GO     3.1       85,325,917  
Airport     3.1       84,648,816  
Power     2.9       79,744,460  
Miscellaneous     1.9       50,915,823  
Water & Sewer     1.7       47,826,545  
Transportation     1.5       41,013,871  
Refunded     0.7       18,562,087  
Unassigned     0.3       8,880,192  
Pollution Control     0.3       8,167,635  
      100.0 %   $ 2,743,760,241  

 

See Notes to Financial Statements

58

 

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Municipal Bonds *   $     $ 2,743,760,241     $     $ 2,743,760,241  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

59

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 97.6%                
Arizona: 1.8%                

Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB)

4.00%, 07/01/31 (c)

  $ 400     $ 328,743  
California: 31.0%                

California Health Facilities Financing Authority, Adventist Health System, Series A (RB)

3.00%, 03/01/26 (c)

    275       229,711  

California Health Facilities Financing Authority, Sutter Health, Series A (RB)

4.00%, 11/15/27 (c)

    300       287,350  

California Statewide Communities Development Authority, Cottage Health System (RB)

5.00%, 11/01/24 (c)

    300       308,763  

City of Los Angeles Department of Airports, Series A (RB)

5.00%, 05/15/31

    475       495,641  

El Dorado Irrigation District, Series C (RB)

4.00%, 03/01/26 (c)

    250       257,824  

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)

5.00%, 06/01/25 (c)

    250       261,815  

Los Angeles Unified School District, Series A (GO)

5.00%, 07/01/25 (c)

    250       263,422  

Regents of the University of California Medical Center, Series P (RB)

4.00%, 05/15/32 (c)

    250       237,802  

San Francisco City & County, International Airport, Series E (RB)

5.00%, 05/01/29 (c)

    370       401,474  
State of California, Various Purpose (GO)                
5.00%, 10/01/28 (c)     500       565,216  
5.00%, 02/01/25 (c)     410       427,145  
5.00%, 04/01/27     250       272,518  
5.00%, 08/01/27     300       329,578  

State of California, Various Purpose (GO) (SAW)

5.00%, 12/01/30 (c)

    250       276,052  

University of California, Series BB (RB)

5.00%, 05/15/29 (c)

    250       270,035  

University of California, Series BH (RB)

4.00%, 05/15/31 (c)

    280       279,827  
    Par  
(000’s
)   Value  
California (continued)                

Val Verde Unified School District, Series A (GO) (BAM)

2.75%, 08/01/28 (c)

  $ 720     $ 520,919  
              5,685,092  
Connecticut: 4.3%                

State of Connecticut, Series A (GO)

4.00%, 04/15/28 (c)

    250       257,982  

State of Connecticut, Special Tax Obligation, Series A (RB)

5.00%, 08/01/25 (c)

    250       262,105  

State of Connecticut, Special Tax Obligation, Series B (RB)

5.00%, 10/01/26

    250       269,219  
              789,306  
Hawaii: 2.9%                

City and County of Honolulu, Wastewater System, Series A (RB)

4.00%, 07/01/26 (c)

    510       524,835  
Massachusetts: 8.2%                

City of Boston, Series A (GO)

5.00%, 11/01/32 (c)

    500       611,138  

Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB)

5.00%, 06/15/24 (c)

    250       255,913  

Commonwealth of Massachusetts, Series B (GO)

5.00%, 11/01/24

    360       371,156  

Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW)

5.00%, 07/01/23

    255       255,682  
              1,493,889  
Nevada: 2.7%                

Las Vegas Valley Water District, Series A (GO)

4.00%, 12/01/31 (c)

    250       247,133  

Truckee Meadows Water Authority (RB)

5.00%, 07/01/23

    250       250,735  
              497,868  
New York: 27.1%                

City of New York, Series B-1 (GO)

5.00%, 10/01/27 (c)

    250       269,003  

Long Island Power Authority, Electric System, Series B (RB)

5.00%, 09/01/26 (c)

    500       520,156  

Long Island Power Authority, Electric System, Series C (RB)

5.25%, 09/01/29

    255       291,807  

Metropolitan Transportation Authority, Series B (RB)

4.25%, 05/30/23 (c)

    330       322,624  


 

See Notes to Financial Statements

60

 

 

    Par  
(000’s
)   Value  
New York (continued)                
4.25%, 05/30/23 (c)   $ 240     $ 237,680  

Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB)

5.00%, 11/15/24

    250       258,028  

New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB)

4.00%, 12/15/31 (c)

    250       247,528  

New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB)

5.00%, 06/15/25 (c)

    400       412,114  

New York City Transitional Finance Authority Future Tax, Series B-1 (RB)

5.00%, 08/01/24 (c)

    300       304,234  

New York City Transitional Finance Authority Future Tax, Series E-1 (RB)

5.00%, 02/01/25 (c)

    250       256,052  

New York State Dormitory Authority, New School, Series A (RB)

5.00%, 01/01/27 (c)

    250       265,587  

New York State Dormitory Authority, Personal Income Tax, Series A (RB)

5.00%, 03/15/25 (c)

    250       259,811  

New York State Dormitory Authority, State Sales Tax, Series A (RB)

5.00%, 03/15/27 (c)

    275       292,218  

New York State Urban Development Corp., Personal Income Tax, Series A (RB)

5.00%, 09/15/30 (c)

    250       274,135  

Port Authority of New York & New Jersey (RB)

5.00%, 11/15/27 (c)

    500       519,670  

Triborough Bridge & Tunnel Authority, Payroll Mobility Tax, Series C (RB)

4.00%, 11/15/31 (c)

    250       244,943  
              4,975,590  
North Carolina: 1.6%                

University of North Carolina, Hospitals at Chapel Hill (RB)

5.00%, 02/01/45

    265       301,652  
    Par  
(000’s
)   Value  
Ohio: 2.1%                

Franklin County, Ohio Hospital Facilities (RB)

5.00%, 05/15/23 (c)

  $ 375     $ 375,233  
Oregon: 1.4%                

Oregon State, Department of Administrative Services, State Lottery, Series D (RB)

5.00%, 04/01/25 (c)

    250       260,007  
Pennsylvania: 3.2%                
Pennsylvania Turnpike Commission, Series B (RB)                
4.00%, 12/01/31 (c)     250       240,132  
5.00%, 06/01/31 (c)     330       351,104  
              591,236  
South Dakota: 1.4%                

South Dakota Housing Development Authority, Series A (RB)

4.55%, 11/01/31 (c)

    250       252,510  
Washington: 6.9%                

City of Seattle, City Light Department, Series A (RB)

4.00%, 07/01/31 (c)

    250       241,298  

King County, Washington Public Hospital District No. 1 (GO)

5.00%, 12/01/26 (c)

    250       263,296  

King County, Washington School District No. 414 (GO)

4.00%, 12/01/30

    250       259,131  

Port of Seattle, First Lien

5.00%, 09/01/24

    250       254,591  

State of Washington, Various Purpose, Series D (GO)

5.00%, 02/01/24 (c)

    250       253,944  
              1,272,260  
Wisconsin: 3.0%                

State of Wisconsin, Department of Transportation (RB)

5.00%, 07/01/27 (c)

    265       291,408  

Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB)

4.00%, 08/15/23 (c)

    250       250,088  
              541,496  
Total Municipal Bonds: 97.6%
(Cost: $19,018,407)
            17,889,717  
Other assets less liabilities: 2.4%             439,278  
NET ASSETS: 100.0%           $ 18,328,995  


 

 

Definitions:

BAM Build America Assurance Co.
GO General Obligation
RB Revenue Bond
SAW State Aid Withholding

 

See Notes to Financial Statements

61

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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     15.4 %     $ 2,753,591  
Tax     15.2       2,712,152  
Local GO     13.6       2,434,043  
Hospitals     8.7       1,562,285  
Water & Sewer     8.0       1,435,212  
Transportation     7.5       1,334,566  
Education     6.4       1,144,192  
Power     5.9       1,053,261  
Refunded     5.3       945,811  
Airport     5.0       897,114  
Toll & Turnpike     3.3       591,236  
Miscellaneous     1.5       260,007  
Utilities     1.4       257,824  
Leasing COPS & Appropriations     1.4       255,913  
Single Family Housing     1.4       252,510  
      100.0 %   $ 17,889,717  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Municipal Bonds *   $     $ 17,889,717     $     $ 17,889,717  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

62

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.6%                
Alabama: 0.9%                
Alabama Public School and College Authority, Series A (RB)                
4.00%, 11/01/30 (c)   $ 2,000     $ 2,089,720  
5.00%, 11/01/30 (c)     525       613,775  
5.00%, 11/01/30 (c)     2,015       2,330,968  

Black Belt Energy Gas District, Project No. 8, Series A (RB)

4.00%, 12/01/29 (c) (p)

    3,500       3,394,000  

Black Belt Energy Gas District, Series B (RB)

5.25%, 12/01/30 (c) (p)

    1,000       1,091,710  

Board of Trustees of the University of Alabama, Series B (RB)

3.00%, 07/01/27 (c)

    860       848,256  

Lower Alabama Gas District, Series A (RB)

5.00%, 09/01/34

    2,500       2,605,768  

Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB)

4.00%, 12/01/31 (c) (p)

    3,000       2,977,735  

UAB Medicine Finance Authority, Series B (RB)

5.00%, 09/01/26 (c)

    150       159,125  

University of Alabama, Board of Trustee, Series A (RB)

4.00%, 07/01/29 (c)

    820       854,974  
              16,966,031  
Alaska: 0.1%                

Alaska Housing Finance Corp., Series B (RB)

2.15%, 12/01/30 (c)

    1,040       839,283  

State of Alaska, International Airports System, Series A (RB)

5.00%, 10/01/25 (c)

    305       318,439  

State of Alaska, International Airports System, Series B (RB)

5.00%, 10/01/25 (c)

    635       659,249  
              1,816,971  
Arizona: 1.3%                
Arizona Transportation Board, Highway (RB)                
5.00%, 07/01/26 (c)     835       894,091  
5.00%, 07/01/26 (c)     1,050       1,124,307  

City of Mesa, Arizona Utility System (RB)

4.00%, 07/01/26 (c)

    1,550       1,598,924  
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB)                
5.00%, 07/01/26 (c)     860       920,050  
5.00%, 07/01/26 (c)     620       663,097  
    Par  
(000’s
)   Value  
Arizona (continued)                

City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB)

5.00%, 07/01/31 (c)

  $ 800     $ 943,048  

City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB)

5.00%, 07/01/31 (c)

    1,000       1,135,817  

City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series B (RB)

4.00%, 07/01/24 (c)

    1,725       1,746,397  
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)                
5.00%, 07/01/29 (c)     1,000       1,108,750  
5.00%, 07/01/29 (c)     1,275       1,401,763  

City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB)

5.00%, 07/01/27 (c)

    550       595,544  

Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB)

2.40%, 12/01/31 (c)

    1,150       899,284  

Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB)

2.40%, 12/01/31 (c)

    1,500       1,172,979  
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB)                
3.12%, 01/01/27 (c)     20       19,982  
4.00%, 01/01/27 (c)     1,500       1,502,809  
5.00%, 01/01/27 (c)     605       636,066  
Salt River Project Agricultural Improvement and Power District, Series A (RB)                
5.00%, 01/01/28 (c)     2,380       2,644,371  
5.00%, 01/01/32     1,000       1,201,095  
5.00%, 06/01/25 (c)     1,000       1,042,304  

Salt Verde Financial Corp. (RB)

5.00%, 12/01/37

    1,600       1,659,842  
              22,910,520  
Arkansas: 0.1%                

City of Fort Worth, Water and Sewer Construction (RB)

5.00%, 10/01/28 (c)

    1,000       1,089,949  


 

See Notes to Financial Statements

63

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    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     $ 780,433  
              1,870,382  
California: 17.4%                

Alvin Independent School District, Unlimited Tax School House (RB)

5.00%, 10/01/27 (c)

    1,000       1,097,742  
Bay Area Toll Authority, Series S-7 (RB)                
3.25%, 04/01/27 (c)     1,270       1,225,534  
4.00%, 04/01/27 (c)     1,735       1,814,698  

California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB)

4.00%, 08/01/31 (c) (p)

    7,000       7,064,889  

California Community Choice, Financing Authority Clean Energy Project, Series C (RB)

5.25%, 10/01/31 (c) (p)

    1,500       1,566,995  

California Health Facilities Financial Authority, Series C (RB)

5.00%, 11/01/29 (p)

    2,000       2,285,926  

California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB)

5.00%, 08/15/26 (c)

    310       332,983  

California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB)

3.00%, 08/15/26 (c)

    400       386,652  
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)                
4.00%, 04/01/30 (c)     500       494,814  
4.00%, 04/01/30 (c)     1,060       1,058,698  

California Health Facilities Financing Authority, Series A (RB)

3.75%, 05/30/23 (c)

    1,100       1,100,153  

California Health Facilities Financing Authority, Stanford Health Care, Series A (RB)

5.00%, 11/15/27 (c)

    750       829,522  
California Health Facilities Financing Authority, Sutter Health, Series A (RB)                
5.00%, 11/15/27 (c)     1,575       1,704,325  
5.00%, 11/15/27 (c)     450       492,148  

California Housing Finance Agency, Series A (RB)

3.50%, 11/20/35

    1,212       1,148,120  
    Par  
(000’s
)   Value  
California (continued)                

California Housing Finance Agency, Series A (RB) (FHLMC COLL)

3.75%, 03/25/35

  $ 6,227     $ 6,144,935  

California Municipal Finance Authority, Community Medical Centers, Series A (RB)

5.00%, 02/01/27 (c)

    840       887,959  

California State Public Works Board, Coalinga State Hospital, Series E (RB)

5.00%, 06/01/23 (c)

    3,325       3,329,316  

California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB)

5.00%, 09/01/24 (c)

    2,200       2,249,914  
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)                
3.00%, 09/01/27 (c)     360       360,405  
3.00%, 09/01/27 (c)     500       502,727  

California State Public Works Board, Various Capital Projects, Series B (RB)

5.00%, 10/01/27 (c)

    340       376,132  
California State Public Works Board, Various Capital Projects, Series C (RB)                
4.00%, 11/01/26 (c)     1,000       1,039,200  
4.00%, 11/01/26 (c)     425       440,105  
5.00%, 11/01/26 (c)     30       32,492  

California State Public Works Board, Various Judicial Council Project, Series A (RB)

5.00%, 06/01/23 (c)

    1,000       1,001,380  
California State University, Series A (RB)                
5.00%, 11/01/25 (c)     2,035       2,151,264  
5.00%, 05/01/26 (c)     1,510       1,625,542  
5.00%, 05/01/27 (c)     510       559,303  
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB)                
3.00%, 04/01/31 (c)     1,000       838,594  
4.00%, 04/01/31 (c)     1,400       1,367,134  
4.00%, 04/01/31 (c)     1,000       967,853  

California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB)

5.00%, 11/01/29 (p)

    2,000       2,285,926  


 

See Notes to Financial Statements

64

 

 

    Par  
(000’s
)   Value  
California (continued)                

California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB)

1.75%, 11/19/26 (c)

  $ 3,000     $ 2,544,584  
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP)                
4.00%, 10/01/25 (c)     2,000       2,069,168  
4.00%, 10/01/25 (c)     2,000       2,027,805  

City and County of San Francisco, Series B (CP)

3.00%, 10/01/25 (c)

    255       256,147  

City of Bakersfield, Wastewater, Series A (RB)

5.00%, 09/15/25 (c)

    15       15,919  

City of Concord, Capital Improvement Project (CP)

2.00%, 04/01/31 (c)

    1,400       1,030,208  
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)                
4.00%, 05/15/30 (c)     1,000       1,055,741  
5.00%, 05/15/31 (c)     1,400       1,611,093  
City of Los Angeles, Wastewater System, Series A (RB)                
5.00%, 06/01/23 (c)     2,000       2,001,989  
5.00%, 06/01/27 (c)     565       623,699  

City of San Jose, California Airport, Series B (RB) (BAM)

4.00%, 03/01/31 (c)

    325       350,349  

County of Los Angeles, Long Beach Unified School District, Series D-1 (GO)

0.00%, 02/01/25 (c) ^

    1,250       625,392  

County of Sacramento, Regional County Sanitation District, Series A (RB)

5.00%, 06/01/24 (c)

    3,000       3,063,392  
County of Santa Clara, Series C (GO)                
5.00%, 08/01/27 (c)     125       138,870  
5.00%, 08/01/27 (c)     525       579,138  

Desert Community College District (GO)

5.00%, 08/01/27 (c)

    145       160,694  

East Bay Municipal Utility District, Water System, Series A (RB)

5.00%, 06/01/25 (c)

    1,000       1,054,130  

East Bay Municipal Utility District, Water System, Series B (RB)

5.00%, 06/01/27 (c)

    220       243,762  
    Par  
(000’s
)   Value  
California (continued)                

East Side Union High School District, Series B (GO) (AGM)

3.00%, 08/01/27 (c)

  $ 2,590     $ 2,434,867  

Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS)

4.00%, 07/01/26 (c)

    1,150       1,181,927  

Fontana Redevelopment Agency Successor Agency (TA)

5.00%, 10/01/27 (c)

    760       836,414  

Foothill-De Anza Community College District (GO)

3.00%, 08/01/31 (c)

    1,500       1,367,622  
Kern High School District, Series C (GO) (AGM)                
2.00%, 08/01/30 (c)     3,000       2,711,264  
2.00%, 08/01/30 (c)     1,600       1,476,564  
Los Angeles Community College District, Series J (GO)                
4.00%, 08/01/27 (c)     400       423,658  
4.00%, 08/01/27 (c)     750       793,519  

Los Angeles Community College District, Series L (GO)

5.00%, 08/01/32 (c)

    1,000       1,195,389  
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB)                
4.00%, 06/01/30 (c)     1,045       1,097,157  
4.00%, 06/01/30 (c)     1,695       1,761,168  
4.00%, 06/01/30 (c)     1,000       1,067,737  
4.00%, 06/01/31 (c)     1,000       1,037,734  
4.00%, 06/01/31 (c)     1,460       1,531,587  
5.00%, 06/01/30 (c)     1,000       1,161,376  
5.00%, 07/01/27 (c)     795       880,827  
5.00%, 07/01/31 (c)     2,530       2,916,975  
5.00%, 07/01/31 (c)     1,060       1,229,648  
5.00%, 07/01/31 (c)     900       1,053,783  

Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series B (RB)

5.00%, 07/01/23 (c)

    2,000       2,005,347  
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB)                
4.00%, 12/01/30 (c)     1,250       1,277,020  
4.00%, 12/01/30 (c)     1,500       1,544,147  

Los Angeles Department of International Airport, Series B (RB)

4.00%, 05/15/30 (c)

    1,900       1,956,338  

Los Angeles Department of Water and Power, Series A (RB)

5.00%, 07/01/29

    1,000       1,155,828  


 

See Notes to Financial Statements

65

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                
Los Angeles Department of Water and Power, Series B (RB)                
5.00%, 01/01/27 (c)   $ 275     $ 300,688  
5.00%, 07/01/23 (c)     1,000       1,002,757  
5.00%, 07/01/23 (c)     1,500       1,503,960  
Los Angeles Department of Water and Power, Series C (RB)                
5.00%, 07/01/24 (c)     1,000       1,024,280  
5.00%, 07/01/30 (c)     1,125       1,321,397  
5.00%, 07/01/30 (c)     1,500       1,717,265  
Los Angeles Department of Water and Power, Series D (RB)                
5.00%, 07/01/24 (c)     2,000       2,048,329  
5.00%, 07/01/28 (c)     125       140,830  
5.00%, 07/01/28 (c)     2,000       2,198,661  
5.00%, 07/01/32 (c)     1,000       1,153,073  

Los Angeles Municipal Improvement Corp., Series B (RB)

4.00%, 11/01/26 (c)

    2,000       2,063,226  

Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO)

4.00%, 07/01/30 (c)

    1,605       1,652,483  
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)                
4.00%, 01/01/32 (c)     1,500       1,570,108  
5.00%, 01/01/32 (c)     1,300       1,529,413  
Los Angeles Unified School District, Series A (GO)                
4.00%, 07/01/29 (c)     1,580       1,701,656  
5.00%, 07/01/25 (c)     695       732,323  
5.00%, 07/01/29 (c)     1,720       1,986,079  
5.00%, 07/01/30     500       589,267  
Los Angeles Unified School District, Series B (GO)                
2.00%, 07/01/26 (c)     270       251,974  
5.00%, 07/01/26 (c)     915       988,961  
Los Angeles Unified School District, Series B-1 (GO)                
5.00%, 01/01/28 (c)     645       720,860  
5.00%, 01/01/28 (c)     585       652,248  
5.00%, 01/01/28 (c)     295       324,653  
Los Angeles Unified School District, Series C (GO)                
3.00%, 07/01/30 (c)     1,880       1,770,977  
4.00%, 07/01/30 (c)     2,000       2,099,274  

Los Angeles Unified School District, Series RYQ (GO)

4.00%, 07/01/30 (c)

    1,000       1,039,579  

Mount Diablo Unified School District, Series B (GO)

4.00%, 08/01/31 (c)

    1,000       1,074,205  
    Par  
(000’s
)   Value  
California (continued)                

Municipal Improvement Corp. of Los Angeles, Series B (RB)

5.00%, 11/01/26 (c)

  $ 615     $ 670,822  

Oakland Unified School District (GO)

5.00%, 08/01/26 (c)

    625       672,234  

Oakland Unified School District, Series A (GO) (BAM)

4.00%, 08/01/31 (c)

    1,055       1,095,323  

Palm Springs Unified School District, Series D (GO)

3.00%, 08/01/26 (c)

    1,500       1,501,611  

Palomar Health (RB)

5.00%, 11/01/26 (c)

    1,725       1,755,392  

Palomar Health, Series B (GO)

4.00%, 08/01/26 (c)

    1,000       1,002,189  

Peralta Community College District, Series D (GO)

4.00%, 08/01/25 (c)

    2,000       2,006,625  

Public Utilities Commission of the City and County of San Francisco Water, Series D (RB)

5.00%, 11/01/27 (c)

    785       871,957  

Regents of the University of California Medical Center Pooled, Series L (RB)

5.00%, 05/15/26 (c)

    650       698,444  

Riverside County Transportation Commission, Series B (RB)

5.00%, 12/01/27 (c)

    560       609,404  

Sacramento County Sanitation Districts Financing Authority, Series A (RB)

5.00%, 06/01/24 (c)

    1,000       1,022,742  

San Diego County Regional Airport Authority, Series A (RB)

5.00%, 07/01/29 (c)

    535       607,393  

San Diego County Regional Airport Authority, Series B (RB)

5.00%, 07/01/30 (c)

    2,075       2,419,376  

San Diego County Water Authority, Series B (RB)

4.00%, 05/01/31 (c)

    2,000       2,180,438  

San Diego Unified School District, Series I (GO)

5.00%, 07/01/27 (c)

    650       718,456  

San Diego Unified School District, Series R-5 (GO)

4.00%, 07/01/26 (c)

    20       20,948  

San Francisco Bay Area Rapid Transit District, Series F-1 (GO)

5.00%, 08/01/29 (c)

    140       160,611  


 

See Notes to Financial Statements

66

 

 

    Par  
(000’s
)   Value  
California (continued)                
San Francisco City & County Public Utilities Commission Wastewater (RB)                
5.00%, 10/01/32 (c)   $ 1,000     $ 1,160,243  
5.00%, 10/01/32 (c)     1,000       1,191,076  
5.00%, 10/01/32 (c)     1,500       1,740,365  
San Francisco County Transportation Authority (RB)                
3.00%, 02/01/27 (c)     500       498,827  
3.00%, 02/01/27 (c)     135       136,841  

San Francisco Unified School District, Series B (GO)

4.00%, 06/15/28 (c)

    2,000       2,118,467  

San Jose Redevelopment Agency, Series A (TA)

5.00%, 08/01/27 (c)

    230       252,846  
San Marcos Unified School District (GO)                
4.00%, 08/01/27 (c)     400       418,642  
5.00%, 08/01/27 (c)     350       384,173  
Santa Clara County Financing Authority, Capital Facilities, Series A (RB)                
4.00%, 05/01/31 (c)     840       880,639  
5.00%, 05/01/31 (c)     3,855       4,589,920  
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)                
3.00%, 05/15/25 (c)     1,000       948,363  
4.00%, 05/15/25 (c)     400       410,248  
4.00%, 05/15/25 (c)     1,510       1,556,861  
Santa Clara Unified School District (GO)                
3.00%, 07/01/26 (c)     1,535       1,479,952  
3.00%, 07/01/26 (c)     2,000       1,962,900  
3.00%, 07/01/26 (c)     395       387,673  

Santa Clara Valley Water District, Series A (RB)

5.00%, 12/01/25 (c)

    25       26,625  

State of California (GO)

4.00%, 04/01/31 (c)

    2,000       2,152,686  

State of California, Department of Water Resources, Central Valley Project, Series AX (RB)

5.00%, 12/01/27 (c)

    915       1,025,086  

State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM)

5.00%, 06/01/29 (c)

    365       419,115  

State of California, Series CL (GO)

3.75%, 12/01/24 (c)

    10       9,810  
State of California, Various Purpose (GO)                
3.00%, 10/01/29 (c)     350       327,973  
3.00%, 10/01/29 (c)     2,000       1,969,134  
3.12%, 04/01/29 (c)     1,575       1,553,868  
4.00%, 10/01/29 (c)     2,000       2,046,540  
    Par  
(000’s
)   Value  
California (continued)                
4.00%, 11/01/30 (c)   $ 2,000     $ 2,064,714  
4.00%, 11/01/30 (c)     2,945       3,158,320  
4.00%, 03/01/30 (c)     9,500       10,022,448  
4.00%, 03/01/30 (c)     2,000       2,080,699  
4.00%, 04/01/31 (c)     2,300       2,364,384  
4.00%, 04/01/31 (c)     1,795       1,948,906  
4.00%, 08/01/26 (c)     700       724,402  
4.00%, 09/01/26 (c)     2,960       3,026,423  
4.00%, 09/01/26 (c)     1,500       1,549,666  
4.00%, 09/01/26 (c)     1,815       1,881,311  
5.00%, 10/01/28 (c)     1,065       1,203,949  
5.00%, 10/01/29     4,500       5,187,275  
5.00%, 10/01/29 (c)     2,340       2,697,483  
5.00%, 10/01/29 (c)     5,050       5,813,002  
5.00%, 10/01/29     1,000       1,152,728  
5.00%, 10/01/30     1,000       1,174,544  
5.00%, 10/01/31     4,000       4,774,398  
5.00%, 11/01/23 (c)     2,000       2,019,244  
5.00%, 11/01/27 (c)     3,375       3,744,729  
5.00%, 11/01/27 (c)     1,020       1,131,753  
5.00%, 11/01/27 (c)     2,645       2,933,954  
5.00%, 11/01/28 (c)     3,135       3,459,331  
5.00%, 11/01/30     1,360       1,599,826  
5.00%, 11/01/30 (c)     1,610       1,874,341  
5.00%, 12/01/30 (c)     2,000       2,286,915  
5.00%, 03/01/30 (c)     2,330       2,675,229  
5.00%, 04/01/24 (c)     500       509,656  
5.00%, 04/01/26 (c)     1,690       1,812,178  
5.00%, 04/01/29 (c)     3,000       3,361,817  
5.00%, 04/01/29 (c)     2,500       2,849,460  
5.00%, 04/01/29 (c)     3,500       3,952,260  
5.00%, 04/01/30     2,910       3,386,562  
5.00%, 04/01/32     4,270       5,138,431  
5.00%, 04/01/33 (c)     2,000       2,367,387  
5.00%, 04/01/33 (c)     2,000       2,311,001  
5.00%, 05/01/24 (c)     2,480       2,533,515  
5.00%, 05/15/23 (c)     3,000       3,001,795  
5.00%, 08/01/24 (c)     1,000       1,026,420  
5.00%, 08/01/24 (c)     1,000       1,026,793  
5.00%, 08/01/26 (c)     490       525,047  
5.00%, 08/01/27 (c)     2,250       2,483,463  
5.00%, 08/01/28 (c)     3,245       3,591,351  
5.00%, 09/01/26 (c)     1,095       1,184,691  
5.00%, 09/01/29     1,000       1,150,864  

State of California, Various Purpose (GO) (SAW)

5.00%, 06/01/26 (c)

    1,000       1,070,671  
State Public Works Board, Various Capital Projects, Series B (RB)                
4.00%, 05/01/31 (c)     1,500       1,543,485  
4.00%, 05/01/31 (c)     2,000       2,066,759  

University of California, Series AR (RB)

5.00%, 05/15/26 (c)

    10       10,785  

University of California, Series AY (RB)

5.00%, 05/15/27 (c)

    625       690,102  


 

See Notes to Financial Statements

67

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

University of California, Series AZ (RB)

5.00%, 05/15/28 (c)

  $ 310     $ 350,405  

University of California, Series BE (RB)

5.00%, 05/15/30 (c)

    1,500       1,727,854  
University of California, Series BN (RB)                
5.00%, 05/15/33 (c)     1,000       1,191,869  
5.00%, 05/15/33 (c)     1,000       1,208,673  
5.00%, 05/15/33 (c)     2,000       2,454,846  

University of California, Series I (RB)

4.00%, 05/15/25 (c)

    2,160       2,203,438  

University of California, Series O (RB)

5.00%, 05/15/28 (c)

    1,170       1,298,140  

University of California, Series Q (RB)

4.00%, 05/15/31 (c)

    2,500       2,560,771  
              316,275,183  
Colorado: 1.7%                

Adams 12 Five Star Schools, Series B (GO)

5.00%, 12/15/26 (c)

    1,000       1,059,496  

Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW)

5.00%, 12/01/26 (c)

    540       584,051  
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW)                
5.00%, 12/15/26 (c)     2,000       2,130,256  
5.00%, 12/15/26 (c)     2,000       2,121,099  

Cherry Creek School District No. 5 (GO) (SAW)

5.00%, 12/15/25 (c)

    1,000       1,056,224  

City and County of Denver, Series A-2 (RB)

0.00%, 08/01/26 (c) ^

    1,200       694,196  

Colorado Health Facilities Authority, Advenhealth, Series A (RB)

4.00%, 11/15/29 (c)

    2,000       1,999,206  

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

4.00%, 08/01/29 (c)

    2,350       2,301,670  

Denver City and County School District No. 1 (GO) (SAW)

5.00%, 12/01/30 (c)

    1,000       1,125,993  

ElCounty of El Paso, School District No. 20 (GO) (SAW)

5.00%, 12/15/26 (c)

    295       317,146  

Jefferson County School District R-1 (GO)

5.00%, 12/15/28 (c)

    1,110       1,258,676  
    Par  
(000’s
)   Value  
Colorado (continued)                
Pueblo City Schools No. 60 (GO) (SAW)                
3.00%, 12/15/29 (c)   $ 500     $ 454,489  
5.00%, 12/15/29 (c)     1,010       1,145,858  
5.00%, 12/15/29 (c)     1,625       1,798,867  
5.00%, 12/15/29 (c)     1,085       1,195,848  

Regional Transportation District, Fastracks Project, Series A (RB)

5.00%, 11/01/26 (c)

    1,820       1,924,529  
Regional Transportation District, Fastracks Project, Series B (RB)                
5.00%, 11/01/27 (c)     530       580,219  
5.00%, 11/01/27 (c)     1,995       2,175,209  
State of Colorado, Series A (CP)                
4.00%, 12/15/31 (c)     1,540       1,565,324  
4.00%, 12/15/31 (c)     1,750       1,803,542  
5.00%, 12/15/31 (c)     1,000       1,166,414  

University of Colorado, Series A-2 (RB)

3.00%, 06/01/24 (c)

    800       797,210  

Weld County School District No. 6 (GO) (SAW)

5.00%, 12/01/29 (c)

    2,165       2,416,359  
              31,671,881  
Connecticut: 2.3%                

Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB)

4.40%, 11/15/31 (c)

    1,530       1,560,176  

Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW)

1.70%, 05/15/30 (c)

    1,290       1,033,002  

Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB)

3.20%, 11/15/26 (c)

    260       258,364  

Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series F-1 (RB)

3.05%, 05/15/26 (c)

    140       136,141  

Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG)

5.00%, 01/01/30 (c)

    335       366,944  
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)                
4.00%, 07/01/29 (c)     625       598,541  
4.00%, 07/01/29 (c)     525       500,176  


 

See Notes to Financial Statements

68

 

 

    Par  
(000’s
)   Value  
Connecticut (continued)                
5.00%, 07/01/29 (c)   $ 2,200     $ 2,328,810  

Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM)

5.00%, 07/01/29

    1,120       1,298,019  

Connecticut State, Transportation Infrastructure Purposes, Series A (RB)

5.00%, 09/01/24 (c)

    1,000       1,026,866  

State of Connecticut (GO)

5.00%, 11/15/25 (c)

    1,525       1,600,940  
State of Connecticut, Series A (GO)                
3.00%, 01/15/31 (c)     1,000       985,842  
3.00%, 01/15/31 (c)     2,200       2,183,041  
3.00%, 01/15/31 (c)     1,000       938,287  
4.00%, 01/15/31     1,780       1,950,893  
5.00%, 04/15/28 (c)     1,000       1,082,952  

State of Connecticut, Series A (GO) (SBG)

4.00%, 04/15/29 (c)

    1,000       1,026,009  

State of Connecticut, Series B (GO) (BAM)

3.00%, 06/01/29

    1,000       1,005,325  
State of Connecticut, Series C (GO)                
4.00%, 06/01/30 (c)     1,950       2,096,230  
4.00%, 06/01/30 (c)     850       886,944  
State of Connecticut, Series E (GO)                
3.00%, 10/15/26 (c)     395       391,448  
5.00%, 08/15/23 (c)     2,000       2,010,746  
5.00%, 09/15/28 (c)     1,665       1,865,405  

State of Connecticut, Series F (GO)

5.00%, 11/15/25 (c)

    1,550       1,629,330  
State of Connecticut, Special Tax, Series A (RB)                
5.00%, 05/01/31 (c)     1,500       1,736,582  
5.00%, 05/01/31     1,650       1,949,222  
5.00%, 09/01/24 (c)     1,250       1,284,309  
5.00%, 09/01/24 (c)     1,300       1,335,774  
5.00%, 09/01/24 (c)     1,195       1,228,975  
5.00%, 09/01/26 (c)     475       508,406  

State of Connecticut, Special Tax, Series A (ST)

5.00%, 05/01/30 (c)

    2,500       2,796,512  

State of Connecticut, State Revolving Fund, Series A (RB)

5.00%, 05/01/27 (c)

    1,000       1,096,700  

University of Connecticut, Series A (RB)

5.00%, 01/15/27 (c)

    745       804,850  
              41,501,761  
Delaware: 0.2%                

Delaware Transportation Authority (RB)

5.00%, 09/01/30 (c)

    1,000       1,164,759  
    Par  
(000’s
)   Value  
Delaware (continued)                
State of Delaware (GO)                
2.00%, 02/01/31 (c)   $ 1,000     $ 848,843  
2.00%, 02/01/31 (c)     1,000       797,964  
State of Delaware, Series A (GO)                
2.00%, 01/01/30 (c)     650       524,235  
5.00%, 05/01/33 (c)     1,000       1,202,216  
              4,538,017  
District of Columbia: 1.6%                

District of Columbia, Federal Highway Grant Anticipation (RB) (SAW)

5.00%, 12/01/29 (c)

    2,250       2,554,630  

District of Columbia, Georgetown University Issue (RB)

5.00%, 04/01/27 (c)

    645       693,679  
District of Columbia, Series A (GO)                
5.00%, 01/01/33 (c)     1,000       1,180,459  
5.00%, 06/01/27 (c)     1,500       1,642,823  
5.00%, 06/01/27 (c)     580       637,320  
5.00%, 06/01/28 (c)     750       831,411  

District of Columbia, Series A (RB)

5.00%, 09/01/29 (c)

    1,000       1,124,205  

District of Columbia, Series C (GO)

5.00%, 06/01/24 (c)

    1,980       2,007,891  

District of Columbia, Series C (RB)

5.00%, 05/01/30 (c)

    1,000       1,135,072  

District of Columbia, Series D (GO)

5.00%, 06/01/24 (c)

    1,350       1,376,212  

Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)

4.00%, 10/01/29 (c)

    250       253,545  

Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM)

4.00%, 10/01/29 (c)

    250       255,690  

Washington Convention & Sports Authority, Series A (RB)

5.00%, 10/01/27 (c)

    2,545       2,780,951  

Washington Metropolitan Area Transit Authority (RB)

5.00%, 07/01/27 (c)

    1,000       1,068,906  
Washington Metropolitan Area Transit Authority, Series A (RB)                
4.00%, 07/15/31 (c)     4,000       4,287,123  
5.00%, 07/15/30 (c)     1,400       1,569,858  
5.00%, 07/15/31 (c)     2,000       2,269,195  


 

See Notes to Financial Statements

69

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
District of Columbia (continued)                
Washington Metropolitan Area Transit Authority, Series A-2 (RB)                
5.00%, 07/01/27 (c)   $ 810     $ 873,641  
5.00%, 07/01/27 (c)     550       595,994  
5.00%, 07/01/27 (c)     300       326,615  
Washington Metropolitan Area Transit Authority, Series B (RB)                
5.00%, 07/01/27 (c)     650       709,353  
5.00%, 07/01/27 (c)     880       949,140  
5.00%, 07/01/27 (c)     555       606,909  
              29,730,622  
Florida: 3.4%                
Brevard County Health Facilities Authority, Health First, Inc. Project (RB)                
5.00%, 04/01/24 (c)     1,000       1,011,801  
5.00%, 04/01/24 (c)     2,510       2,539,620  

Broward County, Florida School Board, Series B (CP)

5.00%, 07/01/25 (c)

    1,005       1,041,702  

Broward County, Florida Tourist Development, Convention Center Expansion Project (RB)

4.00%, 09/01/31 (c)

    2,000       2,046,625  

Central Florida Expressway Authority (RB) (BAM)

3.00%, 07/01/27 (c)

    520       502,833  

Central Florida Expressway Authority, Series A (RB)

4.00%, 07/01/26 (c)

    1,250       1,280,511  

Central Florida Expressway Authority, Series A (RB) (BAM)

5.00%, 07/01/27 (c)

    2,000       2,125,307  
City of Gainesville, Utilities System, Series A (RB)                
5.00%, 10/01/27 (c)     1,045       1,140,360  
5.00%, 10/01/27 (c)     195       214,093  

City of Jacksonville, Series A (RB)

5.00%, 10/01/29 (c)

    1,095       1,253,133  
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM)                
5.00%, 11/01/27 (c)     560       601,724  
5.00%, 11/01/27 (c)     2,000       2,181,050  
County of Miami-Dade (RB)                
0.00%, 10/01/26 (c) ^     565       425,086  
0.00%, 10/01/26 (c) ^     400       288,405  
5.00%, 10/01/26 (c)     2,005       2,108,179  
5.00%, 10/01/26 (c)     510       540,298  
County of Miami-Dade, Building Better Communities Program, Series A (GO)                
5.00%, 07/01/26 (c)     555       590,280  
5.00%, 07/01/26 (c)     280       298,323  
5.00%, 07/01/26 (c)     520       554,842  
    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     $ 1,651,463  

County of Miami-Dade, Florida Aviation, Series A (RB)

4.00%, 10/01/30 (c)

    1,500       1,507,579  

County of Miami-Dade, Florida Transit System (RB)

4.00%, 07/01/26 (c)

    865       891,728  
County of Miami-Dade, Water and Sewer System (RB)                
4.00%, 04/01/31 (c)     1,475       1,504,477  
5.00%, 04/01/31 (c)     3,500       4,112,303  

County of Miami-Dade, Water and Sewer System, Series A (RB)

5.00%, 10/01/25 (c)

    1,500       1,555,841  
County of Miami-Dade, Water and Sewer System, Series B (RB)                
3.00%, 10/01/27 (c)     370       354,788  
5.00%, 10/01/25 (c)     605       626,101  

Florida Development Finance Corp., Lakeland Regional Health Systems (RB)

4.00%, 11/15/31 (c)

    2,000       2,010,362  

Florida Housing Finance Corp., Series 2 (RB)

2.10%, 01/01/30 (c)

    950       794,714  

JEA Electric System, Series A (RB)

5.00%, 10/01/23 (c)

    2,000       2,011,764  
JEA Electric System, Series B (RB)                
3.38%, 05/30/23 (c)     520       513,672  
5.00%, 10/01/27 (c)     885       964,714  
5.00%, 10/01/27 (c)     850       933,256  
5.00%, 10/01/27 (c)     610       671,066  

JEA Water and Sewer System, Series A (RB)

4.00%, 10/01/27 (c)

    1,360       1,369,263  

Lee Memorial Health System, Series A-1 (RB)

5.00%, 04/01/29 (c)

    605       662,751  
Orange County, Health Facilities Authority, Series A (RB)                
5.00%, 10/01/26 (c)     1,325       1,396,742  
5.00%, 08/01/23 (c)     420       433,635  

Orange County, School Board, Series C (CP)

5.00%, 08/01/26 (c)

    410       429,453  

Orange County, Tourist Development Tax (RB)

5.00%, 10/01/30

    490       565,101  

Palm Beach County, School Board, Series A (CP)

5.00%, 08/01/30 (c)

    275       316,401  


 

See Notes to Financial Statements

70

 

 

    Par  
(000’s
)   Value  
Florida (continued)                

Palm Beach County, School Board, Series C (CP)

5.00%, 08/01/28 (c)

  $ 695     $ 778,273  

Palm Beach County, School Board, Series D (CP)

5.00%, 08/01/25 (c)

    2,000       2,084,683  

Polk County, School District (RB) (SAW)

5.00%, 10/01/29 (c)

    1,000       1,141,917  
Reedy Creek Improvement District, Series A (GO)                
4.00%, 06/01/27 (c)     1,000       1,041,649  
5.00%, 06/01/26 (c)     1,000       1,041,848  
South Miami Health Facilities Authority, Baptist Health (RB)                
5.00%, 08/15/27 (c)     800       859,775  
5.00%, 08/15/27 (c)     710       763,565  
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)                
4.00%, 06/01/27 (c)     1,000       1,051,070  
4.00%, 06/01/27 (c)     780       822,423  

State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC)

3.00%, 06/01/29 (c)

    510       480,764  
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO)                
2.38%, 06/01/26 (c)     590       552,641  
3.00%, 06/01/25 (c)     1,000       984,681  
State of Florida, Department of Transportation Financing Corp. (RB)                
3.00%, 07/01/30 (c)     1,000       947,011  
3.00%, 07/01/30 (c)     1,000       998,717  

State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB)

5.00%, 07/01/30

    880       1,020,086  

Volusia County, School Board, Master Lease Program, Series B (CP)

5.00%, 08/01/24 (c)

    1,320       1,344,932  
              61,935,381  
Georgia: 2.4%                

Athens-Clarke County, Georgia Water and Sewerage (RB)

4.00%, 01/01/25 (c)

    1,450       1,478,919  
City of Atlanta, Airport Passenger Facility Charge, Series C (RB)                
5.00%, 07/01/29 (c)     2,275       2,495,220  
5.00%, 07/01/29 (c)     800       896,505  

City of Atlanta, Water and Wastewater (RB)

4.00%, 11/01/29 (c)

    1,450       1,487,281  
    Par  
(000’s
)   Value  
Georgia (continued)                
5.00%, 05/01/25 (c)   $ 1,000     $ 1,045,888  

Clarke County, Hospital Authority, Piedmont Healthcare, Inc. Project, Series A (RB)

5.00%, 07/01/26 (c)

    250       263,553  

Clarke County, Nevada Airport System, Series A-2 (RB)

5.00%, 01/01/24 (c)

    1,705       1,723,471  

Dekalb County, Water and Sewerage, Series B (RB) (AGM)

5.00%, 10/01/26 (c)

    1,530       1,630,141  
Fulton County, Georgia Water and Sewerage, Series A (RB)                
3.00%, 01/01/30 (c)     3,000       2,738,814  
5.00%, 05/30/23 (c)     1,350       1,363,495  

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)

5.00%, 02/15/27 (c)

    225       239,029  

Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)

2.90%, 12/01/25 (c)

    925       876,730  

Georgia Municipal Electric Authority Project (RB)

5.00%, 05/24/23 (c)

    1,000       1,000,481  
Main Street Natural Gas, Inc., Gas Supply, Series A (RB)                
4.00%, 12/01/29 (c) (p)     2,500       2,490,350  
5.00%, 05/15/38     1,000       1,025,184  

Main Street Natural Gas, Inc., Gas Supply, Series B (RB)

5.00%, 03/01/30 (c) (p)

    1,000       1,069,037  
Private Colleges and Universities Authority, Emory University, Series B (RB)                
4.00%, 10/01/26 (c)     2,000       2,030,179  
4.00%, 09/01/30 (c)     350       367,873  
State of Georgia, Road and Tollway Authority (RB)                
5.00%, 06/01/30 (c)     2,550       2,958,330  
5.00%, 06/01/30 (c)     2,000       2,318,504  

State of Georgia, Road and Tollway Authority, Series A (RB)

4.00%, 07/15/31 (c)

    3,255       3,505,380  
State of Georgia, Series A (GO)                
4.00%, 08/01/30 (c)     935       1,013,314  
5.00%, 02/01/27 (c)     2,000       2,184,130  
5.00%, 02/01/27 (c)     1,200       1,309,731  
5.00%, 08/01/29     2,500       2,889,771  

State of Georgia, Series C (GO)

5.00%, 07/01/27 (c)

    3,000       3,306,760  
              43,708,070  


 

See Notes to Financial Statements

71

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Hawaii: 0.8%                

City and County of Honolulu, Rail Transit Project, Series B (GO)

5.00%, 03/01/30 (c)

  $ 1,930     $ 2,243,666  

City and County of Honolulu, Series A (GO)

4.00%, 09/01/28 (c)

    1,075       1,091,971  

City and County of Honolulu, Series B (GO)

5.00%, 09/01/27 (c)

    1,015       1,112,855  

City and County of Honolulu, Wastewater System, Series A (RB)

4.00%, 07/01/26 (c)

    970       998,216  

City and County of Honolulu, Wastewater System, Series B (RB)

5.00%, 07/01/29 (c)

    875       976,565  

State of Hawaii (RB)

5.00%, 01/01/31 (c)

    1,000       1,142,858  

State of Hawaii, Department of Budget and Finance, Series A (RB)

6.00%, 07/01/23 (c)

    1,000       1,004,235  

State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM)

5.00%, 07/01/30 (c)

    2,000       2,275,586  

State of Hawaii, Series ET (GO)

3.00%, 10/01/25 (c)

    1,000       1,006,137  
State of Hawaii, Series FK (GO)                
3.25%, 05/01/27 (c)     1,000       1,009,883  
5.00%, 05/01/27 (c)     690       746,876  

State of Hawaii, Series FN (GO)

5.00%, 10/01/27 (c)

    500       550,108  
State of Hawaii, Series FT (GO)                
4.00%, 01/01/28 (c)     295       310,509  
5.00%, 01/01/28 (c)     405       449,987  
              14,919,452  
Illinois: 5.4%                

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

5.00%, 01/01/30 (c)

    1,000       1,122,065  

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

4.00%, 01/01/30 (c)

    1,000       1,024,067  

Chicago O’Hare International Airport, Series B (RB)

5.00%, 01/01/27 (c)

    365       391,434  

Chicago O’Hare International Airport, Series C (RB)

5.00%, 01/01/26 (c)

    135       141,987  

Chicago O’Hare International Airport, Series D (RB)

4.12%, 01/01/25 (c)

    1,150       1,151,507  

City of Chicago, Second Lien Water (RB)

5.00%, 11/01/27 (c)

    1,390       1,469,855  
    Par  
(000’s
)   Value  
Illinois (continued)                
City of Chicago, Second Lien Water (RB) (AGM)                
5.00%, 11/01/27 (c)   $ 2,000     $ 2,119,634  
5.00%, 11/01/27 (c)     1,420       1,523,344  
City of Chicago, Series A (GO)                
5.00%, 01/01/24 (c)     1,250       1,252,007  
5.00%, 01/01/24 (c)     1,500       1,504,122  
5.00%, 01/01/30     2,000       2,159,471  
5.00%, 01/01/31 (c)     1,000       1,082,597  
5.00%, 01/01/31 (c)     2,455       2,654,325  
City of Chicago, Series B (GO)                
4.00%, 01/01/30     358       358,872  
4.00%, 01/01/32 (c)     1,064       967,173  

City of Chicago, Series C (GO)

5.00%, 01/01/26 (c)

    1,150       1,163,705  

City of Chicago, Wastewater Transmission, Series B (RB)

5.00%, 01/01/27 (c)

    750       774,340  

Cook County, Series A (GO)

5.00%, 11/15/26 (c)

    325       345,370  
Illinois Finance Authority, Carle Foundation, Series A (RB)                
4.00%, 08/15/31 (c)     1,500       1,482,452  
4.00%, 08/15/31 (c)     1,500       1,497,917  
5.00%, 08/15/31 (c)     1,000       1,130,062  
Illinois Finance Authority, Clean Water Initiative (RB)                
4.00%, 01/01/31 (c)     1,000       1,035,127  
4.00%, 01/01/31 (c)     1,600       1,692,876  
5.00%, 01/01/26 (c)     685       723,170  
5.00%, 01/01/27 (c)     700       757,189  
5.00%, 01/01/31 (c)     750       868,751  
5.00%, 07/01/29 (c)     2,560       2,847,989  

Illinois Finance Authority, Clean Water Initiative (RB) (AGM)

5.00%, 07/01/29 (c)

    1,400       1,578,391  

Illinois Finance Authority, Memorial Health System (RB)

5.00%, 04/01/29 (c)

    1,435       1,543,947  
Illinois Finance Authority, Mercy Health Corp. (RB)                
4.00%, 06/01/26 (c)     90       91,137  
4.00%, 06/01/26 (c)     160       162,199  
5.00%, 06/01/26 (c)     250       260,879  
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)                
5.00%, 08/15/30 (c)     1,000       1,147,518  
5.00%, 08/15/30 (c)     1,365       1,572,048  
5.00%, 08/15/30 (c)     1,295       1,476,685  

Illinois Finance Authority, Rush University Medical Center, Series A (RB)

5.00%, 05/15/25 (c)

    125       129,814  

Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB)

4.12%, 08/15/25 (c)

    3,145       3,033,611  


 

See Notes to Financial Statements

72

 

 

    Par  
(000’s
)   Value  
Illinois (continued)                

Illinois Housing Development Authority, Series A (RB)

4.50%, 10/01/32 (c)

  $ 1,000     $ 1,018,937  

Illinois Housing Development Authority, Series B (RB)

3.45%, 04/01/27 (c)

    420       422,628  

Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB)

4.00%, 08/15/27 (c)

    1,000       994,308  

Illinois State Finance Authority, University of Chicago, Series A (RB)

5.00%, 10/01/33

    1,000       1,216,904  

Illinois State Municipal Electric Agency, Power Supply, Series A (RB)

4.00%, 08/01/25 (c)

    2,000       2,021,295  

Illinois State Toll Highway Authority, Series A (RB)

5.00%, 05/30/23 (c)

    1,135       1,135,973  
Illinois State Toll Highway Authority, Series B (RB)                
5.00%, 01/01/24 (c)     5,000       5,044,274  
5.00%, 01/01/26 (c)     1,500       1,567,573  
5.00%, 01/01/26 (c)     1,000       1,033,927  

Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)

5.00%, 12/01/26 (c)

    780       836,169  
Northern Illinois Municipal Power Agency, Series A (RB)                
4.00%, 12/01/26 (c)     1,235       1,248,925  
4.00%, 12/01/26 (c)     1,500       1,500,278  
5.00%, 12/01/26 (c)     910       972,970  
5.00%, 12/01/26 (c)     990       1,053,305  
Sales Tax Securitization Corp., Series A (RB)                
5.00%, 01/01/28 (c)     1,150       1,243,933  
5.00%, 01/01/28 (c)     570       613,306  
5.00%, 01/01/33 (c)     1,000       1,151,170  
State of Illinois (GO)                
3.50%, 06/01/26 (c)     685       683,353  
4.00%, 03/01/31 (c)     1,000       982,291  
4.00%, 07/01/32 (c)     1,000       987,930  
4.12%, 11/01/26 (c)     360       367,756  
5.00%, 11/01/26 (c)     305       316,723  
5.00%, 05/01/32 (c)     1,000       1,096,919  
5.00%, 07/01/32 (c)     1,000       1,096,700  
5.25%, 02/01/24 (c)     1,320       1,336,232  
5.50%, 07/10/23 (c)     1,470       1,475,931  
State of Illinois (RB)                
3.00%, 06/15/26 (c)     320       292,893  
3.00%, 06/15/26 (c)     680       639,679  

State of Illinois, Sales Tax, Series A (RB) (BAM)

3.00%, 06/15/31 (c)

    3,000       2,822,269  
    Par  
(000’s
)   Value  
Illinois (continued)                
State of Illinois, Sales Tax, Series C (RB)                
5.00%, 06/15/30   $ 1,000     $ 1,096,562  
5.00%, 06/15/31     1,500       1,650,835  
State of Illinois, Series A (GO)                
4.00%, 03/01/31 (c)     500       483,293  
5.00%, 10/01/28 (c)     2,500       2,694,446  
5.00%, 12/01/27 (c)     1,000       1,054,478  
5.00%, 03/01/31     500       558,491  
5.00%, 03/01/31 (c)     1,000       1,105,809  
5.00%, 05/01/28 (c)     2,250       2,395,861  
5.25%, 12/01/27 (c)     1,200       1,296,860  

State of Illinois, Series B (GO)

5.00%, 11/01/29 (c)

    1,000       1,099,797  

State of Illinois, Series C (GO)

5.00%, 11/01/27 (c)

    4,105       4,395,511  

State of Illinois, Series D (RB)

5.00%, 06/15/26 (c)

    620       648,256  
              97,892,387  
Indiana: 0.8%                

City of Indianapolis, Indiana Water System, Series A (RB)

5.00%, 10/01/28 (c)

    1,720       1,891,695  

Duneland School Building Corp., AD Valorem Property Tax (RB)

3.00%, 01/15/32 (c)

    1,000       904,414  

Indiana Finance Authority, First Lien Wastewater Utility (RB)

4.00%, 10/01/31 (c)

    2,500       2,600,936  

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

4.25%, 11/01/30

    1,545       1,547,513  
Indiana Finance Authority, Series A (RB)                
5.00%, 02/01/28 (c)     200       221,950  
5.00%, 02/01/28 (c)     1,310       1,459,167  

Indiana Finance Authority, Series C (RB)

5.00%, 02/01/28 (c)

    610       679,460  

Indiana Finance Authority, Series E (RB)

5.00%, 06/01/29

    935       1,069,153  

Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB)

2.85%, 07/01/25 (c)

    20       19,914  

Indiana Municipal Power Agency, Series A (RB)

5.00%, 01/01/28 (c)

    250       277,001  

Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB)

5.00%, 02/01/29 (c)

    1,715       1,947,568  


 

See Notes to Financial Statements

73

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Indiana (continued)                

Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM)

4.00%, 06/01/31 (c)

  $ 2,000     $ 1,996,373  
              14,615,144  
Iowa: 0.1%                

Iowa Finance Authority (RB)

5.00%, 08/01/27 (c)

    1,000       1,103,143  

Iowa Finance Authority, Series A (RB)

5.00%, 08/01/31 (c)

    1,000       1,142,804  
              2,245,947  
Kansas: 0.3%                
County of Butler, Unified School District No. 385 (GO)                
4.00%, 09/01/27 (c)     300       312,697  
4.00%, 09/01/27 (c)     500       523,179  

County of Johnson, Internal Improvement, Series A (GO)

4.00%, 09/01/27 (c)

    750       785,565  

Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB)

5.00%, 11/15/31 (p)

    2,450       2,808,233  

State of Kansas, Department of Transportation (RB)

5.00%, 09/01/27 (c)

    1,165       1,280,605  
              5,710,279  
Kentucky: 0.6%                

Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB)

4.00%, 08/01/30 (c) (p)

    1,200       1,190,478  

Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM)

5.00%, 05/01/28 (c)

    3,285       3,595,907  
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB)                
4.00%, 10/01/26 (c)     1,000       995,990  
5.00%, 10/01/26 (c)     290       305,206  
5.00%, 10/01/26 (c)     55       58,076  

Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB)

5.00%, 10/01/29 (c) (p)

    1,000       1,087,578  

Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB)

4.00%, 05/30/23 (c)

    2,000       2,003,763  
University of Kentucky, Series A (RB)                
3.00%, 04/01/26 (c)     770       737,374  
4.00%, 04/01/26 (c)     500       513,077  
              10,487,449  
    Par  
(000’s
)   Value  
Louisiana: 0.9%                

Ascension Parish-Wide School District (GO)

4.00%, 03/01/30 (c)

  $ 1,000     $ 1,011,742  

Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM)

5.00%, 12/01/29 (c)

    615       691,199  

Jefferson Sales Tax District, Series B (RB) (AGM)

4.00%, 12/01/29 (c)

    500       513,454  

Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB)

2.50%, 04/01/26 (c)

    1,455       1,204,653  

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

3.50%, 11/01/27 (c)

    5,040       4,661,324  

Louisville Public Facilities Authority, Tulane University, Series A (RB)

5.00%, 10/15/32 (c)

    1,000       1,140,226  
State of Louisiana, Series A (GO)                
5.00%, 03/01/30 (c)     930       1,080,671  
5.00%, 03/01/31 (c)     750       889,872  
5.00%, 03/01/31 (c)     1,000       1,133,142  
5.00%, 04/01/33 (c)     1,000       1,186,019  
5.00%, 04/01/33 (c)     1,000       1,203,081  

State of Louisiana, Series A (GO) (BAM)

5.00%, 03/01/30 (c)

    910       1,053,875  
              15,769,258  
Maryland: 2.3%                

City of Baltimore, Wastewater Project, Series C (RB)

5.00%, 01/01/25 (c)

    1,500       1,537,939  
County of Baltimore (GO)                
4.00%, 03/01/30 (c)     1,140       1,233,337  
5.00%, 03/01/30     945       1,101,253  

County of Baltimore (GO) (AGC)

4.00%, 03/01/29 (c)

    1,925       2,050,567  

County of Baltimore (GO) (CA MTG INS)

4.00%, 03/01/29 (c)

    2,420       2,531,107  

County of Montgomery, Series A (GO)

3.00%, 08/01/30 (c)

    750       753,775  

County of Montgomery, Series C (GO)

4.00%, 10/01/27 (c)

    1,070       1,136,465  

Maryland Department of Transportation (RB)

3.00%, 09/01/27 (c)

    500       494,186  


 

See Notes to Financial Statements

74

 

 

    Par  
(000’s
)   Value  
Maryland (continued)                

Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB)

5.00%, 05/01/26 (c)

  $ 250     $ 266,182  
Prince George’s County, Series A (GO)                
5.00%, 07/15/28 (c)     1,150       1,296,254  
5.00%, 07/15/28 (c)     2,500       2,760,324  

Prince George’s County, Series A (GO) (SAW)

4.00%, 07/15/28 (c)

    1,000       1,072,529  

State of Maryland (GO)

4.00%, 06/01/24 (c)

    1,500       1,514,946  
State of Maryland State, Series A (GO)                
3.25%, 08/01/23 (c)     2,000       2,000,839  
4.00%, 08/01/31 (c)     1,000       1,065,926  
5.00%, 08/01/30 (c)     1,000       1,154,425  
State of Maryland, Department of Transportation (RB)                
2.12%, 10/01/29 (c)     2,000       1,611,543  
3.00%, 11/01/24 (c)     520       518,115  
3.12%, 05/01/25 (c)     855       853,168  
4.00%, 05/01/28 (c)     750       802,415  

State of Maryland, Department of Transportation (RB) (SAW)

2.12%, 10/01/27 (c)

    2,340       2,161,205  

State of Maryland, State and Local Facilities Loan (GO)

               
4.00%, 08/01/28 (c)     530       565,569  
5.00%, 03/15/29 (c)     3,000       3,412,970  
5.00%, 08/01/28 (c)     1,000       1,124,600  

State of Maryland, State and Local Facilities Loan, Series A (GO)

               
3.00%, 08/01/27 (c)     1,000       1,003,206  
5.00%, 03/15/30 (c)     3,500       4,071,802  
5.00%, 08/01/31 (c)     1,400       1,665,181  

Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO)

5.00%, 06/01/26 (c)

    1,650       1,766,527  
              41,526,355  
Massachusetts: 3.4%                

City of Boston, Series A (GO)

5.00%, 11/01/32 (c)

    2,000       2,328,372  

Commonwealth of Massachusetts (RB) (NATL)

5.50%, 01/01/34

    1,000       1,198,393  

Commonwealth of Massachusetts Transportation Fund, Series A (RB)

5.00%, 06/01/24 (c)

    1,275       1,301,332  
    Par  
(000’s
)   Value  
Massachusetts (continued)                

Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB)

5.00%, 06/01/24 (c)

  $ 980     $ 998,366  

Commonwealth of Massachusetts, Series A (GO)

5.00%, 10/01/31

    3,000       3,588,360  
Commonwealth of Massachusetts, Series B (GO)                
5.00%, 07/01/26 (c)     1,860       1,994,173  
5.00%, 07/01/26 (c)     600       645,195  
Commonwealth of Massachusetts, Series C (GO)                
3.00%, 02/01/24 (c)     400       395,758  
5.00%, 05/01/30     1,000       1,167,716  
5.00%, 05/30/23 (c)     350       350,483  
5.00%, 05/30/23 (c)     2,000       2,003,042  

Commonwealth of Massachusetts, Series C (GO) (AGM)

5.00%, 05/01/31

    2,665       3,165,292  
Commonwealth of Massachusetts, Series D (GO)                
4.00%, 11/01/30 (c)     2,000       2,083,180  
4.00%, 05/01/28 (c)     1,165       1,213,399  
5.00%, 07/01/30 (c)     365       415,578  

Commonwealth of Massachusetts, Series D (GO) (SBG)

5.00%, 07/01/30 (c)

    2,000       2,243,269  
Commonwealth of Massachusetts, Series E (GO)                
3.00%, 11/01/27 (c)     1,275       1,228,397  
4.00%, 04/01/25 (c)     1,000       1,006,326  
4.00%, 04/01/25 (c)     1,000       1,024,372  
4.00%, 09/01/25 (c)     3,000       3,015,108  
5.00%, 11/01/30 (c)     1,000       1,171,699  
5.00%, 09/01/28 (c)     1,010       1,105,890  

Commonwealth of Massachusetts, Series E (GO) (AGM)

5.00%, 05/01/24 (c)

    1,100       1,122,484  

Commonwealth of Massachusetts, Transportation Fund, Series A (GO)

5.00%, 12/01/26 (c)

    500       542,251  

Commonwealth of Massachusetts, Transportation Fund, Series A (RB)

5.00%, 06/01/31 (c)

    800       913,581  

Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB)

5.00%, 07/01/33 (c)

    1,000       1,162,635  


 

See Notes to Financial Statements

75

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Massachusetts (continued)                

Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW)

5.00%, 01/01/29 (c)

  $ 1,000     $ 1,125,412  

Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB)

5.00%, 07/01/29 (c)

    255       280,162  

Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG)

5.00%, 07/01/28 (c)

    130       141,901  
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)                
4.00%, 07/15/26 (c)     2,000       2,049,337  
5.00%, 07/15/26 (c)     480       516,284  
5.00%, 07/15/26 (c)     6,300       6,790,336  

Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB)

4.00%, 01/01/28 (c)

    1,500       1,534,467  

Massachusetts Development Finance Agency, Suffolk University (RB)

5.00%, 07/01/27 (c)

    500       520,313  

Massachusetts Development Finance Agency, Williams College, Series P (RB)

5.00%, 07/01/23 (c)

    1,500       1,504,035  

Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB)

5.00%, 08/15/25 (c)

    1,150       1,196,457  

Massachusetts Water Resources Authority, Series B (RB) (AGM)

5.25%, 08/01/30

    2,000       2,383,769  

Massachusetts Water Resources Authority, Series C (RB)

5.00%, 08/01/27 (c)

    2,115       2,330,450  
University of Massachusetts Building Authority (RB)                
5.00%, 11/01/27 (c)     1,020       1,126,713  
5.00%, 11/01/29 (c)     750       853,721  
5.00%, 05/01/29 (c)     1,220       1,373,747  

University of Massachusetts Building Authority (RB) (SD CRED PROG)

5.00%, 11/01/29 (c)

    500       574,000  
              61,685,755  
Michigan: 1.0%                

Detroit City School District (GO) (AGM Q-SBLF)

6.00%, 05/01/29

    3,500       3,893,629  
    Par  
(000’s
)   Value  
Michigan (continued)                
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB)                
5.00%, 07/01/26 (c)   $ 250     $ 265,694  
5.00%, 07/01/26 (c)     250       264,635  
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)                
5.00%, 07/01/26 (c)     570       609,346  
5.00%, 07/01/26 (c)     290       309,681  
5.00%, 07/01/26 (c)     500       532,225  
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)                
5.00%, 07/01/26 (c)     30       32,167  
5.00%, 07/01/26 (c)     1,025       1,091,035  

Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB)

4.00%, 05/15/26 (c)

    2,000       2,000,448  

Michigan Finance Authority, Henry Ford Health System (RB)

3.00%, 11/15/26 (c)

    140       131,865  

Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB)

5.00%, 10/01/24 (c)

    725       736,088  

Michigan Finance Authority, Trinity Health Credit Group (RB)

5.00%, 06/01/27 (c)

    75       80,981  
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)                
5.00%, 12/01/27 (c)     585       626,067  
5.00%, 12/01/27 (c)     2,000       2,155,093  

State of Michigan, Building Authority, Series I (RB)

5.00%, 10/15/26 (c)

    570       610,684  

State of Michigan, Environmental Program (GO)

3.00%, 05/01/26 (c)

    410       404,049  

State of Michigan, Environmental Program, Series A (GO)

3.00%, 05/15/30 (c)

    750       689,320  

State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB)

3.10%, 06/01/26 (c)

    1,370       1,338,364  

State of Michigan, Trunk Line, Series A (RB)

5.00%, 11/15/31 (c)

    1,900       2,229,924  
              18,001,295  


 

See Notes to Financial Statements

76

 

 

    Par  
(000’s
)   Value  
Minnesota: 1.0%                

City of Minneapolis, Fairview Health Services, Series A (RB)

5.00%, 11/15/28 (c)

  $ 125     $ 134,723  

County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB)

5.00%, 12/15/26 (c)

    1,000       1,074,714  
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB)                
5.00%, 01/01/24 (c)     2,500       2,529,148  
5.00%, 01/01/27 (c)     325       349,665  
5.00%, 01/01/27 (c)     515       555,026  

Minnesota Public Facilities Authority, Series A (RB)

5.00%, 03/01/26 (c)

    1,500       1,590,070  

Regents of the University of Minnesota, Series B (RB)

5.00%, 12/01/27 (c)

    1,000       1,106,064  
State of Minnesota, Various Purpose, Series A (GO)                
5.00%, 08/01/29 (c)     1,000       1,128,432  
5.00%, 08/01/29 (c)     1,000       1,149,402  
5.00%, 08/01/30 (c)     2,000       2,294,077  
5.00%, 08/01/30 (c)     2,000       2,278,342  
State of Minnesota, Various Purpose, Series D (GO)                
2.25%, 08/01/26 (c)     925       873,820  
3.00%, 10/01/27 (c)     1,000       1,003,923  
3.00%, 10/01/27 (c)     1,000       1,003,896  

White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG)

3.00%, 02/01/28 (c)

    1,000       992,359  
              18,063,661  
Mississippi: 0.1%                

State of Mississippi, Series A (GO)

5.00%, 10/01/27 (c)

    430       474,558  
State of Mississippi, Series A (RB)                
5.00%, 10/15/28 (c)     400       436,265  
5.00%, 10/15/28 (c)     550       587,418  
5.00%, 10/15/28 (c)     1,000       1,081,979  
              2,580,220  
Missouri: 0.5%                

City of Springfield, Public Utility (RB)

4.00%, 08/01/25 (c)

    1,000       1,025,739  

County of St. Louis, Hazewood School District, Series A (GO) (BAM)

5.00%, 03/01/32 (c)

    1,000       1,128,173  

Curators of the University of Missouri, Series A (RB)

5.00%, 11/01/24 (c)

    1,405       1,447,499  

Curators of the University of Missouri, Series B (RB)

5.00%, 11/01/30

    1,400       1,650,032  
    Par  
(000’s
)   Value  
Missouri (continued)                

Health and Educational Facilities Authority, Mercy Health, Series A (RB)

5.00%, 12/01/28 (c)

  $ 250     $ 274,345  

Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB)

4.00%, 06/01/26 (c)

    685       703,161  

Springfield School District No. R-12 (GO)

4.00%, 03/01/29 (c)

    650       684,498  
Springfield School District No. R-12 (GO) (SAW)                
4.00%, 03/01/29 (c)     1,415       1,478,085  
5.00%, 03/01/29 (c)     450       498,007  

St. Louis School District, Board of Education (GO) (AGM)

5.00%, 04/01/32 (c)

    1,000       1,129,396  
              10,018,935  
Montana: 0.1%                

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

3.90%, 05/30/23 (c)

    1,000       1,000,052  
Nebraska: 0.5%                
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)                
5.00%, 09/01/32     1,280       1,386,726  
5.00%, 09/01/34     3,300       3,620,811  
5.00%, 09/01/35     2,000       2,179,543  

Nebraska Public Power District, Series B (RB)

5.00%, 01/01/26 (c)

    1,000       1,036,687  
              8,223,767  
Nevada: 0.9%                

Clark County, Limited Tax, Series B (GO)

4.00%, 11/01/26 (c)

    155       161,621  
Clark County, Nevada Airport System, Series A-2 (RB)                
5.00%, 07/01/24 (c)     1,500       1,524,833  
5.00%, 07/01/24 (c)     2,500       2,553,623  
5.00%, 07/01/24 (c)     1,000       1,020,317  

Clark County, Nevada Limited Tax, Flood Control (GO)

4.00%, 05/01/25 (c)

    1,675       1,703,904  

Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB)

5.00%, 07/01/29 (c)

    470       529,551  
Clark County, School District, Series A (GO) (AGM)                
5.00%, 06/15/30 (c)     1,000       1,150,149  
5.00%, 06/15/30 (c)     915       1,047,027  


 

See Notes to Financial Statements

77

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Nevada (continued)                

Clark County, School District, Series B (GO) (BAM)

3.00%, 06/15/30 (c)

  $ 1,500     $ 1,290,071  

Clark County, School District, Series C (GO)

5.00%, 12/15/27 (c)

    1,050       1,145,793  

Las Vegas Valley Water District, Series C (GO)

3.00%, 06/01/31 (c)

    1,000       987,938  

State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB)

4.00%, 06/01/27 (c)

    1,000       1,037,995  
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)                
3.38%, 06/01/28 (c)     325       321,577  
4.00%, 06/01/28 (c)     760       798,365  
4.00%, 06/01/28 (c)     760       800,704  

Truckee Meadows Water Authority (RB)

5.00%, 07/01/26 (c)

    355       377,456  
              16,450,924  
New Jersey: 4.1%                
County of Camden, Board of Education of Township of Cherry Hill (GO)                
4.00%, 08/01/29 (c)     1,000       1,058,413  
4.00%, 08/01/29 (c)     1,500       1,550,161  
4.00%, 08/01/29 (c)     1,500       1,539,347  
County of Hudson (GO)                
2.00%, 11/15/28 (c)     685       560,346  
2.00%, 11/15/28 (c)     2,000       1,691,102  
2.12%, 11/15/28 (c)     265       212,688  

New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM)

3.12%, 07/01/27 (c)

    755       748,393  

New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM)

5.00%, 11/01/29 (c)

    260       288,279  

New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM)

5.00%, 11/01/29 (c)

    1,000       1,105,937  

New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)

5.50%, 12/15/26 (c)

    380       410,815  

New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)

5.00%, 12/15/29 (c)

    1,250       1,358,943  
    Par  
(000’s
)   Value  
New Jersey (continued)                
5.00%, 12/15/29 (c)   $ 1,970     $ 2,126,215  

New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB)

4.00%, 12/15/29 (c)

    1,080       1,098,692  

New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)

4.00%, 12/15/30 (c)

    1,000       1,002,549  

New Jersey Economic Development Authority, State House Project, Series B (RB)

5.00%, 12/15/28 (c)

    315       344,576  

New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB)

4.00%, 09/01/24 (c)

    1,000       1,007,970  
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)                
2.00%, 03/01/31 (c)     2,000       1,501,604  
2.00%, 03/01/31 (c)     1,975       1,526,398  
2.00%, 03/01/31 (c)     1,000       803,573  

New Jersey Educational Facilities Authority, Princeton University, Series I (RB)

5.00%, 07/01/27 (c)

    500       552,240  

New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB)

4.00%, 07/01/27 (c)

    1,000       1,008,844  

New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB)

3.38%, 07/01/27 (c)

    360       353,822  

New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB)

5.25%, 07/01/23 (c)

    2,355       2,361,736  

New Jersey Health Care Facilities Financing Authority, Valley Health System (RB)

5.00%, 07/01/29 (c)

    1,000       1,118,463  
New Jersey State Turnpike Authority, Series B (RB)                
5.00%, 01/01/28 (c)     1,080       1,186,165  
5.00%, 01/01/28 (c)     2,900       3,179,546  
New Jersey State, COVID-19, Series A (GO)                
4.00%, 06/01/31     1,000       1,092,506  
4.00%, 06/01/32     1,135       1,249,815  


 

See Notes to Financial Statements

78

 

 

    Par  
(000’s
)   Value  
New Jersey (continued)                
New Jersey Transportation Trust Fund Authority, Series A (RB)                
4.00%, 12/15/28 (c)   $ 2,830     $ 2,937,698  
5.00%, 12/15/28 (c)     1,100       1,196,220  
5.00%, 12/15/28 (c)     1,000       1,071,945  
5.00%, 12/15/28 (c)     1,395       1,524,004  
5.00%, 06/15/26 (c)     435       459,596  

New Jersey Transportation Trust Fund Authority, Series A-1 (RB)

4.10%, 06/15/26 (c)

    780       797,182  
New Jersey Transportation Trust Fund Authority, Series AA (RB)                
4.00%, 12/15/30 (c)     1,000       1,002,549  
4.75%, 06/15/25 (c)     2,950       3,003,823  
5.00%, 12/15/30 (c)     1,200       1,301,601  
5.00%, 06/15/23 (c)     1,500       1,503,459  

New Jersey Transportation Trust Fund Authority, Series D (RB)

5.00%, 12/15/24 (c)

    1,720       1,770,352  

New Jersey Turnpike Authority, Series A (RB)

5.00%, 07/01/24 (c)

    4,000       4,089,701  

New Jersey Turnpike Authority, Series G (RB)

5.00%, 01/01/28 (c)

    3,000       3,256,948  

New Jersey Turnpike Authority, Series G (RB) (AGM)

4.00%, 01/01/28 (c)

    2,130       2,224,311  
State of New Jersey, Various Purposes (GO)                
2.00%, 12/01/29 (c)     3,000       2,697,021  
2.00%, 12/01/29 (c)     3,000       2,515,508  
2.00%, 12/01/29 (c)     3,000       2,366,845  
5.00%, 12/01/29 (c)     5,000       5,513,473  
Tobacco Settlement Financing Corp., Series A (RB)                
5.00%, 06/01/28 (c)     2,755       2,990,408  
5.00%, 06/01/28 (c)     500       543,347  
              74,805,129  
New Mexico: 0.1%                

State of New Mexico (GO)

5.00%, 03/01/33

    1,000       1,223,252  
New York: 18.4%                

City of New York, Housing Development Corp., Series G-1 (RB)

3.10%, 11/01/25 (c)

    500       480,956  
City of New York, Series A (GO)                
4.00%, 08/01/26 (c)     485       500,289  
4.00%, 08/01/31 (c)     600       612,766  
City of New York, Series A-1 (GO)                
5.00%, 08/01/23 (c)     3,365       3,375,749  
5.00%, 08/01/29     1,000       1,145,883  
    Par  
(000’s
)   Value  
New York (continued)                
5.00%, 09/01/32 (c)   $ 2,000     $ 2,306,546  
City of New York, Series B-1 (GO)                
4.00%, 10/01/29 (c)     1,800       1,819,237  
5.00%, 10/01/29 (c)     1,125       1,286,749  
5.00%, 10/01/29 (c)     500       572,988  
5.00%, 11/01/30     1,000       1,172,601  
5.00%, 12/01/26 (c)     395       426,941  
5.25%, 10/01/27 (c)     920       1,027,926  
City of New York, Series C (GO)                
5.00%, 02/01/25 (c)     1,165       1,204,214  
5.00%, 08/01/29     2,000       2,291,767  

City of New York, Series D-1 (GO) (BAM)

5.00%, 03/01/30 (c)

          1,565               1,751,733    
City of New York, Series E (GO)                
5.00%, 04/01/33 (c)     1,000       1,164,667  
5.00%, 08/01/26 (c)     540       579,015  
City of New York, Series E-1 (GO)                
5.00%, 03/01/28 (c)     2,000       2,150,548  
5.00%, 03/01/28 (c)     1,015       1,127,047  
5.25%, 03/01/28 (c)     1,000       1,122,922  
5.25%, 03/01/28 (c)     1,500       1,692,004  

City of New York, Series F-1 (GO)

5.00%, 04/01/28 (c)

    1,435       1,544,761  

City of New York, Series J (GO)

5.00%, 08/01/24 (c)

    1,100       1,125,112  

City of New York, Series L (GO)

5.00%, 04/01/29 (c)

    655       742,700  

City of New York, Series L-5 (GO)

5.00%, 04/01/31 (c)

    1,865       2,182,643  

City of New York, Series L-6 (GO)

5.00%, 04/01/29 (c)

    1,000       1,136,999  

County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB)

3.00%, 12/01/30 (c)

    865       684,230  
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB)                
4.00%, 05/15/31 (c)     1,000       1,099,577  
5.00%, 05/15/31 (c)     1,500       1,762,186  

County of Nassau, Series C (GO)

5.00%, 10/01/27 (c)

    600       659,657  
County of Suffolk, Public Improvement, Series C (GO)                
4.00%, 09/01/30 (c)     1,000       1,011,843  
5.00%, 09/01/30 (c)     1,500       1,712,314  

County of Suffolk, Water Authority (RB)

4.00%, 06/01/25 (c)

    10       10,334  

Hudson Yards Infrastructure Corp., Series A (RB)

5.00%, 02/15/27 (c)

    1,400       1,509,071  


 

See Notes to Financial Statements

79

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New York (continued)                
5.00%, 02/15/27 (c)   $ 460     $ 494,692  
5.00%, 02/15/27 (c)     1,700       1,829,913  
5.00%, 02/15/27 (c)     1,000       1,078,695  
Long Island Power Authority, Electric System (RB)                
5.00%, 09/01/27 (c)     305       335,450  
5.00%, 09/01/27 (c)     500       549,616  
5.00%, 09/01/27 (c)     750       823,457  

Long Island Power Authority, Electric System, Series A (RB)

3.00%, 09/01/28 (c)

    450       414,126  

Long Island Power Authority, Electric System, Series B (RB)

5.00%, 09/01/26 (c)

    2,000       2,117,937  

Metropolitan Transportation Authority, Series A (RB)

4.00%, 11/15/26 (c)

    340       341,588  

Metropolitan Transportation Authority, Series A-2 (RB)

5.00%, 05/15/30 (p)

    4,935       5,384,050  
Metropolitan Transportation Authority, Series B-2 (RB)                
5.00%, 11/15/26 (c)     15       16,078  
5.00%, 11/15/27 (c)     1,185       1,298,281  
Metropolitan Transportation Authority, Series C-1 (RB)                
4.00%, 05/15/28 (c)     395       396,800  
4.00%, 05/15/28 (c)     1,980       2,002,729  
5.00%, 05/15/28 (c)     1,445       1,549,151  
5.00%, 05/15/28 (c)     2,540       2,711,952  
5.00%, 05/15/28 (c)     470       504,338  
5.00%, 05/15/28 (c)     1,540       1,653,015  
5.00%, 05/15/28 (c)     810       861,027  

Metropolitan Transportation Authority, Series C-2 (RB)

0.00%, 11/15/33 ^

    1,035       675,972  
Metropolitan Transportation Authority, Series D (RB)                
3.12%, 11/15/26 (c)     265       237,296  
4.00%, 11/15/26 (c)     400       401,863  
5.00%, 05/15/28 (c)     1,085       1,164,624  
5.00%, 05/15/28 (c)     535       571,218  
5.00%, 05/15/28 (c)     1,570       1,680,128  

Metropolitan Transportation Authority, Series D-1 (RB) (BAM)

5.00%, 11/15/25 (c)

    2,000       2,087,993  
Metropolitan Transportation Authority, Series E (RB)                
5.00%, 11/15/23 (c)     1,775       1,781,580  
5.00%, 11/15/30     1,000       1,087,533  

New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC)

2.90%, 04/01/30 (c)

    1,000       863,102  
    Par  
(000’s
)   Value  
New York (continued)                

New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB)

3.70%, 11/15/23 (c)

  $ 2,000     $ 1,999,524  

New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB)

2.35%, 05/01/28 (c)

    1,100       905,445  

New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB) (FHA 542(C))

2.10%, 05/01/29 (c)

    2,000       1,549,620  
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM)                
2.00%, 01/01/31 (c)     1,250       892,340  
4.00%, 01/01/31 (c)     500       526,298  
5.00%, 01/01/31     2,700       3,078,119  
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM)                
4.00%, 09/01/30 (c)     2,500       2,603,306  
5.00%, 03/01/30     2,145       2,414,603  
New York City Municipal Water Finance Authority, Series AA (RB)                
5.00%, 12/15/29 (c)     1,000       1,157,583  
5.00%, 06/15/27 (c)     960       1,033,335  

New York City Municipal Water Finance Authority, Series BB (RB)

5.00%, 06/15/27 (c)

    310       340,408  

New York City Municipal Water Finance Authority, Series CC-1 (RB)

5.00%, 12/15/26 (c)

    1,000       1,062,660  
New York City Municipal Water Finance Authority, Series DD (RB)                
5.00%, 06/15/23 (c)     1,000       1,002,064  
5.00%, 06/15/23 (c)     4,500       4,509,286  
5.00%, 06/15/33 (c)     1,000       1,219,899  

New York City Municipal Water Finance Authority, Series FF-2 (RB)

5.00%, 06/15/29 (c)

    500       571,653  

New York City Transitional Finance Authority Future Tax, Series F-1 (RB)

5.00%, 02/01/33 (c)

    1,000       1,141,524  

New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)

3.00%, 07/15/31 (c)

    1,400       1,257,864  


 

See Notes to Financial Statements

80

 

 

    Par  
(000’s
)   Value  
New York (continued)                
4.00%, 07/15/31 (c)   $ 1,375     $ 1,432,319  

New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW)

5.00%, 07/15/28 (c)

    1,010       1,131,490  
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)                
5.00%, 07/15/28 (c)     1,605       1,793,180  
5.00%, 07/15/28 (c)     1,000       1,103,879  
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW)                
5.00%, 07/15/28 (c)     500       558,623  
5.25%, 07/15/28 (c)     1,415       1,584,071  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)                
3.00%, 11/01/30 (c)     2,000       1,786,149  
5.00%, 11/01/30 (c)     3,000       3,402,494  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)                
4.00%, 05/01/26 (c)     630       653,327  
5.00%, 11/01/31 (c)     1,000       1,190,610  
5.00%, 05/01/26 (c)     280       298,477  
5.00%, 05/01/26 (c)     655       692,794  
5.00%, 05/01/26 (c)     880       932,853  
5.00%, 05/01/26 (c)     450       477,959  

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB)

5.00%, 08/01/27 (c)

    2,000       2,127,057  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)                
4.00%, 11/01/29 (c)     1,500       1,505,936  
4.00%, 08/01/31 (c)     1,190       1,195,731  
5.00%, 05/01/24 (c)     2,980       3,028,687  
5.00%, 05/01/27 (c)     1,065       1,156,529  
5.00%, 08/01/24 (c)     1,345       1,375,041  
5.00%, 08/01/26 (c)     690       738,075  
5.00%, 08/01/26 (c)     540       577,276  
5.00%, 08/01/26 (c)     895       955,920  
5.00%, 08/01/26 (c)     530       568,292  
5.00%, 08/01/27 (c)     350       380,056  
5.00%, 08/01/27 (c)     1,000       1,091,164  
5.00%, 08/01/28 (c)     780       868,874  
5.00%, 08/01/30 (c)     1,000       1,167,012  
5.00%, 08/01/31 (c)     1,000       1,178,027  

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)

5.00%, 05/01/27 (c)

    2,280       2,482,453  
    Par  
(000’s
)   Value  
New York (continued)                
5.00%, 05/01/27 (c)   $ 900     $ 976,079  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)                
4.00%, 11/01/30 (c)     1,690       1,697,576  
5.00%, 11/01/30 (c)     2,500       2,815,355  
5.00%, 11/01/30 (c)     1,400       1,636,276  

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB)

4.00%, 05/01/32 (c)

    1,500       1,524,587  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)                
5.00%, 02/01/25 (c)     1,195       1,230,690  
5.00%, 02/01/26 (c)     1,500       1,586,189  
5.00%, 02/01/27 (c)     1,190       1,288,462  
5.00%, 02/01/27 (c)     1,710       1,810,332  

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB)

4.00%, 11/01/30

    6,000       6,579,793  

New York Liberty Development Corp., Goldman Sachs Headquarters Issue (RB)

5.25%, 10/01/35

    1,000       1,148,940  

New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1 (RB)

4.00%, 07/01/29 (c)

    1,000       1,017,274  

New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)

5.00%, 08/01/28 (c)

    1,000       988,924  
New York State Dormitory Authority, New York University, Series A (RB)                
5.00%, 07/01/25 (c)     3,000       3,127,453  
5.00%, 07/01/27 (c)     1,140       1,243,760  
5.00%, 07/01/28 (c)     385       429,555  

New York State Dormitory Authority, New York University, Series A (RB) (AGC)

5.00%, 03/15/28 (c)

    1,250       1,354,573  
New York State Dormitory Authority, Sales Tax, Series A (RB)                
5.00%, 03/15/24 (c)     2,150       2,181,653  
5.00%, 03/15/24 (c)     1,310       1,326,695  

New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)

5.00%, 10/01/26 (c)

    1,200       1,284,545  


 

See Notes to Financial Statements

81

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New York (continued)                
5.00%, 10/01/26 (c)   $ 1,325     $ 1,420,586  
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)                
3.00%, 09/15/30 (c)     3,120       2,738,666  
4.00%, 02/15/27 (c)     1,235       1,259,936  
4.00%, 02/15/27 (c)     475       488,396  
4.00%, 02/15/27 (c)     1,000       1,045,288  
4.00%, 03/15/31 (c)     2,795       2,851,057  
4.00%, 03/15/31 (c)     1,075       1,103,020  
4.00%, 09/15/30 (c)     1,135       1,162,201  
5.00%, 02/15/27 (c)     2,115       2,290,062  
5.00%, 02/15/27 (c)     595       644,251  
5.00%, 03/15/29 (c)     2,370       2,667,819  
5.00%, 03/15/29 (c)     3,910       4,328,347  
5.00%, 03/15/29 (c)     1,950       2,177,157  
5.00%, 03/15/30     1,000       1,159,352  
5.00%, 03/15/31 (c)     4,000       4,669,199  
5.00%, 08/15/26 (c)     2,000       2,094,397  
5.00%, 09/15/32 (c)     2,000       2,261,635  
5.25%, 09/15/28 (c)     1,305       1,441,167  
New York State Dormitory Authority, State Personal Income Tax, Series B (RB)                
5.00%, 02/15/25 (c)     1,095       1,133,305  
5.00%, 08/15/27 (c)     2,000       2,189,588  
5.00%, 08/15/27 (c)     2,270       2,452,547  

New York State Dormitory Authority, State Personal Income Tax, Series C (RB)

5.00%, 03/15/24 (c)

    385       391,399  
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)                
5.00%, 02/15/30 (c)     2,000       2,300,554  
5.00%, 02/15/30     1,150       1,331,186  
5.00%, 08/15/26 (c)     940       998,184  
New York State Dormitory Authority, State Personal Income Tax, Series E (RB)                
4.00%, 03/15/32 (c)     2,000       2,057,770  
4.00%, 03/15/32 (c)     1,500       1,533,328  
5.00%, 09/15/25 (c)     3,000       3,154,007  
New York State Dormitory Authority, State Sales Tax, Series A (RB)                
5.00%, 01/01/27 (c)     250       260,963  
5.00%, 03/15/24 (c)     340       345,299  
5.00%, 03/15/27 (c)     1,000       1,082,281  
5.00%, 03/15/27 (c)     515       558,520  
5.00%, 03/15/27 (c)     2,110       2,281,301  
5.00%, 03/15/27 (c)     305       330,908  
New York State Dormitory Authority, State Sales Tax, Series C (RB)                
5.00%, 03/15/28 (c)     520       580,624  
5.00%, 03/15/28 (c)     1,970       2,177,167  
    Par  
(000’s
)   Value  
New York (continued)                
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)                
5.00%, 06/15/24 (c)   $ 2,000     $ 2,042,908  
5.00%, 06/15/26 (c)     415       443,008  
5.00%, 06/15/26 (c)     765       818,049  
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)                
4.00%, 06/15/29 (c)     1,530       1,569,183  
5.00%, 06/15/29 (c)     1,250       1,404,215  
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)                
3.00%, 06/15/27 (c)     495       503,266  
5.00%, 06/15/27 (c)     500       545,887  
5.00%, 06/15/27 (c)     1,000       1,093,054  

New York State Housing Finance Agency, Series H (RB) (AGM)

2.10%, 05/01/29 (c)

    835       667,156  

New York State Thruway Authority, Personal Income Tax, Series A-1 (RB)

4.00%, 03/15/31 (c)

    525       526,038  
New York State Thruway Authority, Series A (RB)                
5.00%, 01/01/26 (c)     600       630,751  
5.00%, 01/01/26 (c)     650       683,996  
New York State Thruway Authority, Series B (RB) (AGM)                
4.00%, 01/01/30 (c)     3,155       3,152,038  
4.00%, 01/01/30 (c)     800       812,266  
New York State Thruway Authority, Series K (RB)                
5.00%, 01/01/25 (c)     2,500       2,577,978  
5.00%, 01/01/25 (c)     4,335       4,477,352  

New York State Thruway Authority, Series L (RB)

3.50%, 01/01/28 (c)

    1,120       1,076,619  

New York State Thruway Authority, Series O (RB)

4.00%, 07/01/31 (c)

    2,000       1,981,105  
New York State Thruway Authority, State Personal Income, Series A-1 (RB)                
5.00%, 03/15/31 (c)     2,000       2,333,053  
5.00%, 03/15/31 (c)     800       923,432  

New York State Urban Development Corp., Personal Income Tax, Series A (RB)

4.00%, 09/15/30 (c)

    500       499,983  


 

See Notes to Financial Statements

82

 

 

    Par  
(000’s
)   Value  
New York (continued)                
New York State Urban Development Corp., State Personal Income, Series A (RB)                
5.00%, 03/15/27 (c)   $ 750     $ 814,859  
5.00%, 05/19/23 (c)     1,800       1,801,905  
5.00%, 09/15/29     2,000       2,293,293  
5.00%, 09/15/30 (c)     1,475       1,660,808  
New York State Urban Development Corp., State Personal Income, Series C (RB)                
4.00%, 09/15/30 (c)     1,000       1,064,835  
4.00%, 09/15/30 (c)     1,000       1,022,665  
5.00%, 09/15/27 (c)     4,295       4,711,345  
5.00%, 09/15/27 (c)     350       384,091  
New York State Urban Development Corp., State Sales Tax, Series A (RB)                
5.00%, 09/15/29 (c)     1,000       1,133,033  
5.00%, 09/15/31 (c)     4,500       5,202,058  
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)                
5.00%, 12/01/30     1,150       1,293,715  
5.00%, 12/01/30 (c)     1,000       1,088,414  
5.00%, 12/01/30 (c)     750       828,307  

Port Authority of New York and New Jersey, Series 179 (RB)

5.00%, 12/01/23 (c)

    2,000       2,019,124  

Port Authority of New York and New Jersey, Series 184 (RB)

5.00%, 09/01/24 (c)

    2,000       2,046,428  

Port Authority of New York and New Jersey, Series 205 (RB)

5.00%, 11/15/27 (c)

    840       927,826  

Port Authority of New York and New Jersey, Series 209 (RB)

5.00%, 07/15/28 (c)

    500       546,998  

Port Authority of New York and New Jersey, Series 211 (RB)

5.00%, 09/01/28 (c)

    500       555,983  

Port Authority of New York and New Jersey, Series 217 (RB)

5.00%, 11/01/29 (c)

    500       557,099  
Port Authority of New York and New Jersey, Series 222 (RB)                
4.00%, 07/15/30 (c)     2,600       2,727,216  
4.00%, 07/15/30 (c)     3,975       4,114,151  
5.00%, 07/15/30 (c)     1,000       1,158,289  
5.00%, 07/15/30 (c)     1,000       1,168,603  

State of New York, Mortgage Agency, Series 195 (RB)

3.00%, 04/01/25 (c)

    615       601,066  

State of New York, Mortgage Agency, Series 205 (RB)

3.12%, 10/01/26 (c)

    460       445,358  
    Par  
(000’s
)   Value  
New York (continued)                
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax (RB)                
5.00%, 11/15/31   $ 1,000     $ 1,203,704  
5.00%, 05/15/33 (c)     1,000       1,206,633  

Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C-1A (RB)

5.00%, 11/15/31 (c)

    1,225       1,392,054  
Triborough Bridge and Tunnel Authority, Series B (RB)                
5.00%, 11/15/31     1,000       1,194,315  
5.00%, 05/15/27 (c)     2,085       2,232,274  
5.00%, 05/15/27 (c)     1,070       1,167,040  
5.00%, 05/15/27 (c)     1,000       1,072,702  
5.00%, 05/15/27 (c)     1,255       1,364,444  
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)                
5.00%, 09/01/30 (c)     500       542,527  
5.00%, 09/01/30 (c)     1,795       2,014,592  
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)                
5.00%, 06/01/27 (c)     845       875,940  
5.00%, 06/01/27 (c)     500       522,229  
Utility Debt Securitization Authority (RB)                
5.00%, 12/15/25 (c)     2,830       2,964,253  
5.00%, 12/15/27 (c)     2,000       2,176,385  
Utility Debt Securitization Authority, Series A (RB)                
5.00%, 06/15/26 (c)     610       652,300  
5.00%, 06/15/26 (c)     500       531,432  
5.00%, 06/15/26 (c)     2,000       2,137,451  
Utility Debt Securitization Authority, Series E (RB)                
5.00%, 12/15/23 (c)     1,250       1,264,477  
5.00%, 12/15/32 (c)     2,000       2,404,230  

Westchester County Local Development Corp., Pace University, Series A (RB)

5.00%, 05/01/24 (c)

                      1,000                               1,009,591        
              335,675,622  
North Carolina: 1.3%                

Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series B (RB)

1.95%, 11/01/29 (p)

    1,500       1,354,921  

Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB)

5.00%, 12/01/31 (p)

    3,000       3,457,623  

County of Mecklenburg, Series A (GO)

4.00%, 04/01/27 (c)

    900       948,177  

County of Mecklenburg, Series B (GO)

2.00%, 12/01/26 (c)

    250       234,938  


 

See Notes to Financial Statements

83

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
North Carolina (continued)                

County of Wake (RB)

3.00%, 03/01/31 (c)

  $ 1,500     $ 1,430,228  

North Carolina Charlotte Douglas International Airport, Series A (RB)

4.00%, 07/01/31 (c)

    1,000       1,020,696  

North Carolina Housing Finance Agency Home Ownership (RB)

4.60%, 07/01/31 (c)

    1,000       1,033,400  

North Carolina Municipal Power Agency No. 1, Series A (RB)

5.00%, 01/01/30 (c)

    1,000       1,127,450  

North Carolina Turnpike Authority, Triangle Expressway System (RB)

5.00%, 01/01/27 (c)

    500       527,787  

North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)

5.00%, 01/01/29 (c)

    380       421,108  
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)                
4.00%, 01/01/28 (c)     890       933,203  
4.00%, 01/01/28 (c)     360       376,170  
4.00%, 01/01/28 (c)     800       832,533  

State of North Carolina, Department of State Treasurer, Series B (GO)

2.12%, 06/01/29 (c)

    625       513,677  

State of North Carolina, Grant Anticipation Vehicle (RB)

5.00%, 03/01/29 (c)

    1,500       1,698,418  
State of North Carolina, Series A (GO)                
3.00%, 06/01/28 (c)     380       376,492  
5.00%, 06/01/28 (c)     1,140       1,285,395  
5.00%, 06/01/30 (c)     1,100       1,290,940  

State of North Carolina, Series A (RB)

5.00%, 05/01/29 (c)

    1,000       1,139,894  
State of North Carolina, Series B (RB)                
3.00%, 05/01/27 (c)     800       791,267  
5.00%, 05/01/27 (c)     880       964,035  

University of North Carolina at Chapel Hill, Series B (RB)

5.00%, 12/01/31 (c)

    1,000       1,156,540  
              22,914,892  
Ohio: 2.0%                
Akron Bath Copley Joint Township Hospital District, Summa Health (RB)                
4.00%, 11/15/30 (c)     1,000       974,195  
4.00%, 11/15/30 (c)     1,000       944,413  
    Par  
(000’s
)   Value  
Ohio (continued)                
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)                
5.00%, 06/01/30 (c)   $ 500     $ 545,271  
5.00%, 06/01/30 (c)     3,000       3,260,177  
5.00%, 06/01/30 (c)     500       546,334  

City of Columbus, Various Purpose (GO)

4.00%, 10/01/27 (c)

    200       210,290  

City of Columbus, Various Purpose, Series A (GO)

5.00%, 04/01/30

    1,000       1,167,927  

City of Columbus, Various Purpose, Series B (GO)

5.00%, 04/01/29 (c)

    1,245       1,418,382  
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)                
5.00%, 12/01/29     1,250       1,421,077  
5.00%, 02/01/28 (c)     1,030       1,126,485  
5.00%, 06/01/30 (c)     1,000       1,142,834  

County of Butler, Ohio Hospital facilities, UC Health (RB)

4.00%, 11/15/27 (c)

    1,205       1,108,415  

County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)

5.00%, 02/15/27 (c)

    100       104,103  

County of Hamilton, Series A (RB)

4.00%, 12/01/26 (c)

    1,000       1,028,005  

Northeast Ohio Regional Sewer District (RB)

3.00%, 11/15/29 (c)

    1,000       955,289  
Ohio State University, Series A (RB)                
5.00%, 12/01/29     2,225       2,575,971  
5.00%, 06/01/23 (c)     1,000       1,001,306  
Ohio Turnpike and Infrastructure Commission, Series A (RB)                
5.00%, 02/15/28 (c)     1,845       2,053,193  
5.00%, 02/15/28 (c)     500       556,156  
5.00%, 02/15/28 (c)     500       556,397  

Ohio Water Development Authority, Drinking Water, Series A (RB)

5.00%, 06/01/31 (c)

    1,335       1,532,564  

Ohio Water Development Authority, Fresh Water (RB)

5.00%, 12/01/29 (c)

    1,760       1,966,108  
Ohio Water Development Authority, Water Pollution Control, Series A (RB)                
5.00%, 06/01/27 (c)     2,065       2,258,254  
5.00%, 06/01/30 (c)     1,970       2,216,441  
5.00%, 06/01/30 (c)     1,000       1,161,978  


 

See Notes to Financial Statements

84

 

 

    Par  
(000’s
)   Value  
Ohio (continued)                

State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO)

5.00%, 03/15/24 (c)

  $ 480     $ 487,191  
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)                
4.00%, 01/01/28 (c)     760       789,430  
5.00%, 01/01/28 (c)     130       141,945  
5.00%, 01/01/28 (c)     135       148,179  
5.00%, 01/01/28 (c)     140       153,536  

State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)

3.25%, 12/01/25 (c)

    165       162,512  

State of Ohio, Highway Capital Improvement, Series T (GO)

5.00%, 05/01/27 (c)

    1,000       1,087,560  

State of Ohio, Major New Infrastructure Project (RB)

5.00%, 12/15/31

    1,225       1,465,000  
              36,266,918  
Oklahoma: 0.2%                

Canadian County Educational Facilities Authority, Mustang Public Schools (RB)

3.00%, 09/01/26 (c)

    330       331,222  
Grand River Dam Authority, Series A (RB)                
4.00%, 12/01/26 (c)     2,000       2,053,767  
5.00%, 12/01/26 (c)     515       553,722  

Oklahoma Turnpike Authority, Series C (RB)

5.00%, 01/01/27 (c)

    565       609,674  
              3,548,385  
Oregon: 1.1%                

Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB)

5.00%, 08/15/30 (c)

    720       805,031  

Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM)

5.00%, 08/15/30 (c)

    700       779,206  

City of Portland Oregon, Sewer System, Series A (RB)

3.00%, 09/01/30 (c)

    2,350       2,148,183  

Corvallis School District No. 509J, Series B (GO) (SBG)

5.00%, 06/15/28 (c)

    1,285       1,423,767  
Hillsboro School District No. 1J (GO) (SBG)                
5.00%, 06/15/27 (c)     590       637,391  
5.00%, 06/15/27 (c)     1,000       1,091,286  
    Par  
(000’s
)   Value  
Oregon (continued)                
Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG)                
0.00%, 06/15/27 (c) ^   $ 1,010     $ 680,190  
0.00%, 06/15/27 (c) ^     1,215       860,819  

Multnomah County School District No. 1J, Series B (GO) (SBG)

3.00%, 06/15/30 (c)

    1,280       1,269,759  

Portland Community College District (GO)

5.00%, 06/15/33 (c)

    1,000       1,180,856  
Salem-Keizer School District No. 24J (GO) (SBG)                
4.00%, 06/15/28 (c)     740       772,283  
4.00%, 06/15/30 (c)     2,000       2,055,694  
5.00%, 06/15/28 (c)     545       609,807  
State of Oregon, Department of Transportation, Highway User Tax, Series A (RB)                
4.00%, 11/15/30 (c)     3,000       3,064,613  
5.00%, 11/15/29 (c)     1,650       1,852,393  
5.00%, 11/15/30 (c)     1,000       1,141,640  

State of Oregon, Seismic Project and Article XI-Q, Series F (GO)

5.00%, 05/01/26 (c)

    10       10,669  

Tri-County Metropolitan Transportation District of Oregon, Series A (RB)

3.25%, 04/01/28 (c)

    570       552,227  
              20,935,814  
Pennsylvania: 3.9%                
Allegheny County Hospital Development Authority, Series A (RB)                
5.00%, 04/01/28 (c)     1,120       1,199,175  
5.00%, 07/15/29 (c)     360       401,887  
5.00%, 07/15/29 (c)     810       896,357  

Allegheny County Sanitary Authority (RB)

5.00%, 12/01/25 (c)

    1,000       1,039,558  

City of Philadelphia (GO) (AGM)

5.00%, 08/01/27 (c)

    380       411,752  
City of Philadelphia, Gas Works (RB)                
5.00%, 10/01/26 (c)     880       928,775  
5.00%, 10/01/26 (c)     680       712,979  
5.00%, 10/01/26 (c)     735       775,251  
5.00%, 10/01/26 (c)     970       1,020,237  
City of Philadelphia, Series A (GO)                
4.00%, 05/01/31 (c)     1,925       1,931,672  
5.00%, 08/01/27 (c)     750       816,739  
5.00%, 08/01/27 (c)     750       816,695  

City of Philadelphia, Series A (RB) (AGC)

4.00%, 07/01/30 (c)

    1,000       1,020,113  


 

See Notes to Financial Statements

85

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Pennsylvania (continued)                

City of Philadelphia, Series B (GO)

5.00%, 08/01/29 (c)

  $ 1,500     $ 1,637,468  

Commonwealth Financing Authority, Series A (RB)

5.00%, 06/01/25 (c)

    1,595       1,645,829  
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB)                
5.00%, 06/01/28 (c)     265       288,019  
5.00%, 06/01/28 (c)     775       847,763  
Commonwealth of Pennsylvania (GO)                
3.00%, 01/01/27 (c)     510       509,772  
3.00%, 09/15/26 (c)     1,055       991,727  
4.00%, 02/01/26 (c)     1,500       1,535,773  
4.00%, 05/15/31 (c)     2,000       2,173,264  
4.00%, 08/15/25 (c)     1,500       1,527,844  
4.00%, 09/15/26 (c)     170       174,168  

Geisinger Authority Health System, Series A (RB)

4.00%, 04/01/30 (c)

    1,000       988,324  

Geisinger Authority Health System, Series C (RB)

5.00%, 04/01/30 (c) (p)

    2,000       2,201,725  

Lancaster County, Hospital Authority, Penn State Health (RB)

5.00%, 11/01/29 (c)

    1,100       1,181,040  

Pennsylvania Economic Development Financing Authority, UPMC (RB)

5.00%, 09/15/26 (c)

    385       412,763  
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)                
3.38%, 11/15/27 (c)     1,000       1,001,266  
4.00%, 11/15/27 (c)     205       208,811  

Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB)

5.00%, 05/01/26 (c)

    125       131,287  

Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)

4.00%, 06/15/26 (c)

    775       792,294  

Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB)

4.00%, 08/15/26 (c)

    1,000       1,037,104  

Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB)

5.00%, 10/01/25 (c)

    2,675       2,806,280  
    Par  
(000’s
)   Value  
Pennsylvania (continued)                
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB)                
3.12%, 08/15/27 (c)   $ 150     $ 149,475  
5.00%, 08/15/27 (c)     270       293,923  

Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB)

3.20%, 04/01/25 (c)

    425       409,434  

Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB)

2.80%, 10/01/25 (c)

    700       656,706  

Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB)

3.65%, 04/01/26 (c)

    315       315,641  

Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB)

3.45%, 10/01/26 (c)

    1,620       1,594,951  

Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB)

3.20%, 10/01/26 (c)

    300       292,240  

Pennsylvania Turnpike Commission (RB)

5.00%, 12/01/24 (c)

    1,000       1,029,289  

Pennsylvania Turnpike Commission, Motor License (RB)

4.00%, 12/01/27 (c)

    2,000       2,032,300  
Pennsylvania Turnpike Commission, Series A (RB)                
5.00%, 12/01/26 (c)     310       333,792  
5.00%, 12/01/26 (c)     750       801,651  
5.00%, 12/01/29 (c)     1,000       1,100,806  
5.00%, 12/01/29 (c)     500       561,697  
5.00%, 12/01/32 (c)     1,000       1,168,468  

Pennsylvania Turnpike Commission, Series A-2 (RB)

5.00%, 12/01/28 (c)

    1,250       1,356,559  
Pennsylvania Turnpike Commission, Series B (RB)                
5.00%, 12/01/25 (c)     1,010       1,064,477  
5.00%, 06/01/26 (c)     2,650       2,758,995  
5.00%, 06/01/31 (c)     700       804,804  

Pennsylvania Turnpike Commission, Series B (RB) (AGM)

5.00%, 06/01/27 (c)

    510       549,928  

Pennsylvania Turnpike Commission, Series B-2 (RB) (AGM)

5.00%, 06/01/27 (c)

    1,735       1,874,901  


 

See Notes to Financial Statements

86

 

 

    Par  
(000’s
)   Value  
Pennsylvania (continued)                
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB)                
4.00%, 07/01/27 (c)   $ 1,355     $ 1,380,070  
4.00%, 07/01/27 (c)     110       113,093  
Pittsburgh Water and Sewer Authority, Series B (RB) (AGM)                
5.00%, 09/01/31     1,460       1,718,554  
5.00%, 09/01/32     2,000       2,385,561  
5.00%, 09/01/33     2,000       2,411,516  

School District of Philadelphia, Series A (GO) (SAW)

5.00%, 09/01/28 (c)

    660       725,459  
School District of Philadelphia, Series F (GO) (SAW)                
5.00%, 09/01/26 (c)     1,570       1,619,865  
5.00%, 09/01/26 (c)     485       508,895  
5.00%, 09/01/26 (c)     1,000       1,033,338  

Southeastern Pennsylvania Transportation Authority, Capital Grant (RB)

5.00%, 06/01/27 (c)

    845       920,082  

Sports and Exhibition Authority, Regional Asset District (RB) (AGM)

5.00%, 08/01/29 (c)

    1,000       1,129,890  
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM)                
5.00%, 12/01/26 (c)     1,750       1,855,804  
5.00%, 12/01/26 (c)     1,225       1,295,660  
              70,311,535  
Rhode Island: 0.3%                

Rhode Island Commerce Corp., Department of Transportation, Series B (RB)

5.00%, 06/15/26 (c)

    380       401,443  

Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB)

4.00%, 05/15/31 (c)

    1,000       1,011,783  

Rhode Island Housing and Mortgage Finance Corp., Series A (RB)

2.05%, 04/01/30 (c)

    1,000       784,850  

Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM)

2.10%, 10/01/29 (c)

    1,000       826,904  

State of Rhode Island and Providence Plantations, Series B (GO)

5.00%, 08/01/27 (c)

    250       275,998  
    Par  
(000’s
)   Value  
Rhode Island (continued)                

State of Rhode Island, Series A (GO)

5.00%, 08/01/32 (c)

  $ 2,000     $ 2,279,167  
              5,580,145  
South Carolina: 0.5%                

Lancaster County School District (GO)

3.25%, 03/01/27 (c)

    325       324,855  

Lexington County Health Services District, Inc. (RB) (AGM)

5.00%, 11/01/27 (c)

    100       107,680  

Piedmont Municipal Power Agency, Series B (RB)

5.00%, 01/01/31 (c)

    1,000       1,127,706  

South Carolina Transportation Infrastructure Bank, Series A (RB)

5.00%, 10/01/27 (c)

    1,000       1,077,295  
South Carolina, Public Service Authority, Series A (RB)                
4.00%, 12/01/31 (c)     1,115       1,137,182  
5.00%, 06/01/26 (c)     1,500       1,537,612  

South Carolina, Public Service Authority, Series A (RB) (SAW)

5.00%, 12/01/30 (c)

    3,000       3,322,949  

Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB)

4.00%, 06/01/27 (c)

    1,000       1,014,257  
              9,649,536  
South Dakota: 0.0%                
South Dakota Health and Educational Facilities Authority (RB)                
5.00%, 09/01/27 (c)     255       273,262  
5.00%, 09/01/27 (c)     100       107,056  
              380,318  
Tennessee: 0.9%                
Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB)                
5.00%, 07/01/23 (c)     915       915,913  
5.00%, 07/01/23 (c)     1,500       1,501,099  
5.00%, 07/01/23 (c)     810       810,768  
5.00%, 07/01/23 (c)     550       550,585  
Metropolitan Government of Nashville and Davidson County (GO)                
4.00%, 07/01/26 (c)     545       565,412  
4.00%, 07/01/26 (c)     580       600,676  
4.00%, 07/01/27 (c)     275       286,835  

Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB)

5.00%, 07/01/26 (c)

    130       135,306  


 

See Notes to Financial Statements

87

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Tennessee (continued)            
Shelby County, Public Improvement, Series B (GO)                
4.00%, 04/01/30 (c)   $ 1,000     $ 1,075,965  
4.00%, 04/01/30 (c)     3,000       3,237,722  
4.00%, 04/01/30 (c)     1,000       1,062,242  

Tennessee Corp. Gas Supply, Series A (RB)

5.50%, 12/01/30 (c) (p)

    2,000       2,119,756  

Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB)

5.00%, 11/01/31 (c) (p)

    4,000       4,236,388  
              17,098,667  
Texas: 8.5%                
Aldine Independent School District, Series A (GO)                
4.00%, 02/15/27 (c)     675       692,723  
4.00%, 02/15/27 (c)     910       937,217  

Alvin Independent School District (GO)

3.38%, 02/15/28 (c)

    350       327,583  
Arlington Independent School District (GO)                
4.00%, 02/15/29 (c)     500       523,398  
4.00%, 02/15/29 (c)     1,000       1,058,930  

Austin Independent School District (GO)

5.00%, 02/01/33 (c)

    1,500       1,774,414  

Board of Regents of the University of Texas System, Series A (RB)

5.00%, 08/15/30

    2,500       2,922,205  

Board of Regents of the University of Texas System, Series A (RB) (AGM)

5.00%, 08/15/29 (c)

    850       971,332  

Board of Regents of the University of Texas System, Series B (RB)

5.00%, 08/15/29

    2,040       2,343,174  

City of Austin, Water and Wastewater System (RB)

5.00%, 05/15/24 (c)

    1,065       1,083,622  

City of Dallas (GO)

5.00%, 02/15/25 (c)

    1,055       1,094,857  

City of Dallas, Series A (GO)

3.00%, 02/15/29 (c)

    600       555,528  
City of Dallas, Waterworks and Sewer System, Series A (RB)                
5.00%, 10/01/26 (c)     600       642,071  
5.00%, 10/01/26 (c)     565       604,997  

City of Dallas, Waterworks and Sewer System, Series C (RB)

5.00%, 10/01/30 (c)

    1,000       1,159,562  

City of Denton, Utility System (RB)

5.00%, 12/01/26 (c)

    965       1,031,647  
    Par  
(000’s
)   Value  
Texas (continued)            

City of Houston, Airport System, Series D (RB)

5.00%, 07/01/28 (c)

  $ 1,000     $ 1,083,649  

City of Houston, Combined Utility System, First Lien, Series A (RB)

5.00%, 11/15/30 (c)

    4,500       5,190,027  

City of Houston, Combined Utility System, First Lien, Series C (RB)

4.00%, 11/15/30 (c)

    1,500       1,536,087  
City of Houston, Combined Utility System, First Lien, Series D (RB)                
5.00%, 11/15/28 (c)     1,000       1,115,651  
5.00%, 11/15/28 (c)     750       825,265  
City of Houston, Public Improvement, Series A (GO)                
5.00%, 03/01/29 (c)     1,215       1,373,609  
5.00%, 03/01/29 (c)     1,000       1,127,564  
City of Houston, Series A (GO)                
5.00%, 03/01/26 (c)     180       190,974  
5.00%, 03/01/26 (c)     515       546,996  
5.00%, 03/01/27 (c)     520       564,305  
5.00%, 03/01/27 (c)     500       543,559  

City of Lubbock, Texas Electric Light and Power System (RB)

4.00%, 04/15/30 (c)

    1,550       1,552,309  
City of San Antonio, Electric and Gas Systems (RB)                
4.00%, 02/01/30     1,000       1,066,268  
5.00%, 02/01/32 (c)     1,000       1,176,295  

City of San Antonio, Electric and Gas Systems, Series B (RB)

4.00%, 02/01/33

    1,000       1,080,537  

Conroe Independent School District (GO)

5.00%, 02/15/25 (c)

    1,430       1,478,760  

Corpus Christi Independent School District (GO)

4.00%, 08/15/28 (c)

    320       338,438  

County of Bexar, Alamo Community College District (GO)

4.00%, 08/15/30 (c)

    1,000       1,093,776  
County of Bexar, Hospital District (GO)                
4.00%, 02/15/26 (c)     115       116,953  
5.00%, 02/15/26 (c)     1,315       1,384,961  
County of Collin, Community College District (GO)                
3.25%, 08/15/27 (c)     500       505,960  
4.00%, 08/15/27 (c)     925       965,739  

County of El Paso, Hospital District (GO)

4.00%, 08/15/27 (c)

    250       245,112  


 

See Notes to Financial Statements

88

 

 

    Par  
(000’s
)   Value  
Texas (continued)                
County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB)                
4.00%, 11/15/27 (c)   $ 950     $ 986,464  
5.00%, 11/15/27 (c)     850       931,997  

County of Harris, Flood Control District, Series A (GO)

5.00%, 10/01/25 (c)

    480       504,130  
County of Harris, Flood Control District, Series A (RB)                
4.00%, 10/01/27 (c)     2,855       2,900,965  
4.00%, 10/01/27 (c)     1,000       1,011,139  
5.00%, 10/01/27 (c)     210       230,170  

County of Harris, Toll Road, First Lien (RB)

4.00%, 08/15/30 (c)

    1,100       1,123,379  

County of Harris, Toll Road, Senior Lien, Series A (RB)

5.00%, 08/15/26 (c)

    675       711,799  

County of Harris, Unlimited Tax Road, Series A (GO)

5.00%, 10/01/25 (c)

    2,645       2,778,598  

County of Tarrant, Cultural Education Facilities Finance Corp. (RB)

5.00%, 05/15/26 (c)

    80       84,861  
Cypress-Fairbanks Independent School District (GO)                
4.00%, 02/15/25 (c)     1,735       1,763,063  
4.00%, 02/15/30 (c)     1,275       1,309,215  
Cypress-Fairbanks Independent School District, Series A (GO)                
3.00%, 02/15/31 (c)     500       495,079  
4.00%, 02/15/31 (c)     1,500       1,553,939  
5.00%, 02/15/29 (c)     1,805       2,040,907  

Dallas Area Rapid Transit, Senior Lien (RB)

5.00%, 12/01/29 (c)

    1,835       2,089,446  

Dallas Fort Worth International Airport (RB)

4.12%, 11/01/23 (c)

    1,150       1,150,696  
Dallas Independent School District (GO)                
4.00%, 02/15/30 (c)     1,000       1,089,776  
5.00%, 02/15/32 (c)     1,000       1,178,621  
5.00%, 02/15/32 (c)     1,500       1,694,272  
5.00%, 02/15/32 (c)     1,000       1,166,394  

Eagle Mountain and Saginaw Independent School District (GO)

4.00%, 02/15/26 (c)

    335       344,525  
Fort Bend Independent School District (GO)                
5.00%, 08/15/27 (c)     645       709,433  
5.00%, 08/15/27 (c)     2,000       2,199,899  
Frisco Independent School District (GO)                
4.00%, 08/15/30 (c)     1,345       1,404,093  
4.00%, 08/15/30 (c)     1,350       1,451,912  
    Par  
(000’s
)   Value  
Texas (continued)                
5.00%, 02/15/29 (c)   $ 2,000     $ 2,206,137  

Grand Parkway Transportation Corp., First Tier Toll, Series C (RB)

4.00%, 04/01/30 (c)

    1,500       1,503,122  
Houston Independent School District, Limited Tax School House (GO)                
5.00%, 02/15/27 (c)     540       582,216  
5.00%, 02/15/27 (c)     750       815,777  

Houston Independent School District, Maintenance Tax Notes (GO)

5.00%, 07/15/28 (c)

    605       677,672  

Katy Independent School District, Fort Bend, Harris and Waller Counties (GO)

5.00%, 02/15/27 (c)

    2,510       2,671,315  

Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO)

5.00%, 02/15/27 (c)

    120       129,663  
Lone Star College System (GO)                
4.00%, 02/15/26 (c)     1,500       1,544,822  
5.00%, 02/15/26 (c)     400       420,952  

Lower Colorado River Authority (RB) (AGM)

5.00%, 05/15/31 (c)

    1,000       1,166,072  

Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)

5.00%, 05/15/30 (c)

          1,250               1,377,966    
North Texas Municipal Water District, Water System (RB)                
5.00%, 09/01/26 (c)     715       757,627  
5.00%, 09/01/26 (c)     45       48,303  
North Texas Tollway Authority System, Series B (RB)                
4.00%, 01/01/31 (c)     2,000       2,068,083  
4.00%, 01/01/31 (c)     2,250       2,280,389  
4.00%, 01/01/31 (c)     1,975       2,093,319  
5.00%, 01/01/24 (c)     3,500       3,539,192  
5.00%, 01/01/24 (c)     3,325       3,361,126  
5.00%, 01/01/27 (c)     1,000       1,051,101  
North Texas Tollway Authority, First Tier, Series A (RB)                
4.12%, 01/01/32 (c)     2,000       2,019,327  
5.00%, 01/01/26 (c)     1,195       1,253,066  
5.00%, 01/01/26 (c)     425       445,651  
5.00%, 01/01/26 (c)     1,675       1,756,369  
5.00%, 01/01/26 (c)     500       523,966  

North Texas Tollway Authority, Second Tier, Series B (RB) (AGM)

4.00%, 01/01/27 (c)

    450       460,509  

Northside Independent School District, Unlimited Tax (GO)

5.00%, 08/15/27 (c)

    880       961,637  


 

See Notes to Financial Statements

89

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Texas (continued)                

Pflugerville Independent School District, Unlimited Tax, Series A (GO)

5.00%, 02/15/32 (c)

  $ 1,000     $ 1,151,249  
Plano Independent School District, Unlimited Tax (GO)                
5.00%, 08/15/32 (c)     1,000       1,182,169  
5.00%, 08/15/32 (c)     1,000       1,167,570  

Port of Houston Authority of Harris County, Series A-2 (GO)

5.00%, 10/01/30 (c)

    1,000       1,151,560  

San Antonio Independent School District, Unlimited Tax School Building (GO)

4.00%, 08/15/28 (c)

    500       522,007  

San Antonio Water System, Junior Lien, Series A (RB)

4.00%, 05/15/31 (c)

    1,150       1,171,527  

State of Texas, Transportation Commission, Highway Improvement, Series A (GO)

5.00%, 04/01/26 (c)

    500       526,751  

Texas A&M University, Financing System, Series C (RB)

4.00%, 05/15/26 (c)

    10       10,360  
Texas Municipal Gas Acquisition & Supply Corp. III (RB)                
5.00%, 12/15/29     2,250       2,357,695  
5.00%, 12/15/31     1,475       1,552,665  
5.00%, 12/15/32     1,000       1,056,340  
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)     1,390       1,366,542  
4.00%, 12/31/30 (c)     1,150       1,115,606  

Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)

4.00%, 12/31/29 (c)

    1,000       958,136  

Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)

5.00%, 08/15/24 (c)

    1,570       1,601,010  

Texas Transportation Commission, Highway Improvement, Series A (GO)

5.00%, 04/01/26 (c)

    1,000       1,039,615  
Texas Water Development Board (RB)                
3.00%, 10/15/30 (c)     950       895,850  
3.00%, 10/15/30 (c)     500       500,243  
3.00%, 10/15/30 (c)     750       732,794  
4.00%, 10/15/30 (c)     2,000       2,158,251  
    Par  
(000’s
)   Value  
Texas (continued)                
Texas Water Development Board, Series A (RB)                
4.00%, 10/15/25 (c)   $ 1,000     $ 1,014,705  
4.00%, 10/15/27 (c)     1,000       1,038,429  
4.00%, 10/15/27 (c)     400       417,241  
4.00%, 10/15/27 (c)     2,000       2,037,592  
4.00%, 04/15/28 (c)     600       628,560  
5.00%, 10/15/27 (c)     250       275,585  
5.00%, 10/15/27 (c)     200       219,960  
Texas Water Development Board, Series B (RB)                
4.00%, 10/15/28 (c)     1,000       1,046,368  
4.00%, 10/15/28 (c)     3,000       3,067,894  
5.00%, 10/15/28 (c)     1,500       1,686,305  

Texas Water Development Board, Series D (RB)

3.00%, 10/15/30 (c)

    500       461,250  
Tomball Independent School District, Unlimited Tax (GO)                
5.00%, 02/15/33 (c)     1,000       1,167,246  
5.00%, 02/15/33 (c)     1,100       1,296,972  

Trinity River Authority, Regional Wastewater System (RB)

5.00%, 08/01/27 (c)

    670       733,562  

University of Houston, Board of Regents, Series A (RB)

5.00%, 02/15/32 (c)

    1,500       1,748,785  

University of North Texas, Series A (RB)

5.00%, 04/15/27 (c)

    75       81,695  
University of Texas, Board of Regents, Series A (RB)                
4.00%, 08/15/24 (c)     1,000       1,008,793  
5.00%, 07/01/33 (c)     1,000       1,153,215  

University of Texas, Board of Regents, Series B (RB)

4.00%, 07/01/24 (c)

    1,250       1,266,380  
              154,014,682  
Utah: 0.5%                

Central Utah Water Conservancy District, Series B (RB)

4.00%, 10/01/27 (c)

    395       411,909  

Intermountain Power Agency, Utah Power Supply, Series A (RB)

4.00%, 07/01/31 (c)

    2,000       2,080,777  

State of Utah, Series B (GO)

5.00%, 01/01/29 (c)

    1,275       1,455,661  

University of Utah, Series A (RB)

5.00%, 08/01/27 (c)

    365       399,403  

University of Utah, Series B (RB)

5.00%, 08/01/32 (c)

    2,220       2,544,590  
Utah Transit Authority, Subordinated Sales Tax (RB)                
4.00%, 06/15/26 (c)     850       881,821  
4.00%, 06/15/26 (c)     2,000       2,069,003  
              9,843,164  


 

See Notes to Financial Statements

90

 

 

    Par  
(000’s
)   Value  
Vermont: 0.1%                

Vermont Educational & Health Buildings Financing Agency, Series A (RB)

5.00%, 06/01/26 (c)

  $ 1,000     $ 1,054,711  
Virginia: 1.5%                

City of Richmond, Public Utility, Series A (RB)

5.00%, 01/15/26 (c)

    1,520       1,607,348  

County of Fairfax, Public Improvement, Series A (GO)

2.00%, 04/01/31 (c)

    375       325,397  
County of Fairfax, Public Improvement, Series A (GO) (SAW)                
4.00%, 04/01/32 (c)     1,000       1,072,931  
4.00%, 04/01/32 (c)     1,000       1,092,498  
5.00%, 04/01/28 (c)     750       842,065  
5.00%, 04/01/29 (c)     1,755       2,009,828  

County of Loudoun, Economic Development Authority, Public Facility, Series A (RB)

3.00%, 12/01/29 (c)

    1,500       1,389,210  
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)                
3.00%, 02/01/31 (c)     2,750       2,589,831  
4.00%, 02/01/26 (c)     2,000       2,076,190  
4.00%, 02/01/30 (c)     1,500       1,567,688  
5.00%, 02/01/30 (c)     1,950       2,224,005  

Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)

3.00%, 02/01/27 (c)

    110       109,373  
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)                
5.00%, 02/01/28 (c)     880       974,375  
5.00%, 02/01/28 (c)     2,180       2,413,702  

Virginia College Building Authority, Virginia Educational Facilities, Series A (RB)

3.00%, 02/01/31 (c)

    1,250       1,100,650  

Virginia Commonwealth Transportation Board (RB)

4.00%, 05/15/26 (c)

    500       516,518  

Virginia Commonwealth Transportation Board, Series A (RB)

5.00%, 11/15/27 (c)

    800       880,990  

Virginia Public Building Authority, Series A (RB)

3.00%, 08/01/26 (c)

    695       690,978  
    Par  
(000’s
)   Value  
Virginia (continued)                
3.12%, 08/01/28 (c)   $ 1,050     $ 1,045,689  
5.00%, 08/01/30 (c)     1,000       1,167,695  
Virginia Public Building Authority, Series A-2 (RB)                
4.00%, 08/01/31 (c)     1,000       1,046,498  
4.00%, 08/01/31 (c)     1,000       1,069,234  

Virginia State, Public Building Authority, Series A (RB)

4.00%, 08/01/27 (c)

    185       195,509  
              28,008,202  
Washington: 3.5%                

City of Seattle, Municipal Light and Power Improvement, Series A (RB)

4.00%, 07/01/31 (c)

    1,000       1,037,875  

County of King, Limited Tax (GO)

4.00%, 07/01/27 (c)

    2,110       2,216,962  

County of King, Limited Tax (GO) (SAW)

5.00%, 01/01/29 (c)

    1,000       1,138,922  
Energy Northwest, Colombia Generating Station Electric, Series A (RB)                
5.00%, 07/01/27 (c)     400       436,280  
5.00%, 07/01/28 (c)     695       776,142  
5.00%, 07/01/30 (c)     1,930       2,238,486  
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM)                
5.00%, 07/01/29 (c)     1,000       1,110,118  
5.00%, 07/01/29 (c)     500       549,866  
5.00%, 07/01/30 (c)     1,415       1,603,233  
Energy Northwest, Colombia Generating Station Electric, Series C (RB)                
5.00%, 07/01/25 (c)     1,250       1,306,049  
5.00%, 07/01/28 (c)     1,000       1,112,243  

Everett Housing Authority, Hunting Park Apartments Project (RB)

4.00%, 07/01/30 (c)

    1,545       1,482,906  

King County School District No. 210 Federal Way (GO) (SBG)

4.00%, 12/01/27 (c)

    880       919,565  
King County School District No. 401 Highline (GO) (SBG)                
3.12%, 12/01/26 (c)     690       692,244  
5.00%, 12/01/26 (c)     700       752,632  

King County School District No. 411 Issaquah (GO) (SBG)

4.00%, 06/01/26 (c)

    635       657,092  

King County School District No. 414 Lake Washington (GO) (SBG)

5.00%, 06/01/27 (c)

    835       910,775  


 

See Notes to Financial Statements

91

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Washington (continued)                
Kitsap County School District No. 401 Central Kitsap (GO) (SBG)                
4.00%, 06/01/26 (c)   $ 1,250     $ 1,285,635  
4.00%, 06/01/26 (c)     1,000       1,023,210  
4.00%, 06/01/26 (c)     1,425       1,470,446  
Pierce County School District No. 403 Bethel (GO) (SBG)                
5.00%, 06/01/29 (c)     500       570,762  
5.00%, 06/01/29 (c)     200       223,496  

Puyallup School District No. 3 (GO) (SBG)

5.00%, 06/01/27 (c)

    970       1,051,377  

State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO)

5.00%, 08/01/26 (c)

    825       881,155  

State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG)

5.00%, 06/01/30 (c)

    1,000       1,167,895  

State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO)

4.00%, 07/01/23 (c)

    1,000       1,001,822  

State of Washington, Series A (GO)

5.00%, 08/01/26 (c)

    755       801,802  

State of Washington, Series C (GO)

5.00%, 08/01/27 (c)

    880       962,305  

State of Washington, Series D (GO)

5.00%, 08/01/27 (c)

    880       962,676  
State of Washington, Various Purpose, Series A (GO)                
5.00%, 08/01/26 (c)     580       619,479  
5.00%, 08/01/26 (c)     245       261,676  
5.00%, 08/01/27 (c)     500       542,575  
5.00%, 08/01/27 (c)     500       546,765  

State of Washington, Various Purpose, Series C (GO)

5.00%, 02/01/31 (c)

    2,175       2,534,616  

State of Washington, Various Purpose, Series D (GO)

5.00%, 02/01/27 (c)

    735       773,966  
State of Washington, Various Purpose, Series R-C (GO)                
5.00%, 08/01/27 (c)     880       954,932  
5.00%, 08/01/27 (c)     420       459,459  
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB)                
5.00%, 02/15/28 (c)     1,815       1,877,814  
5.00%, 02/15/28 (c)     2,000       2,059,641  
    Par  
(000’s
)   Value  
Washington (continued)                

Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB)

4.00%, 05/30/23 (c)

  $ 1,820     $ 1,819,999  
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB)                
4.00%, 10/01/30 (p)     1,595       1,626,331  
5.00%, 10/01/28 (c)     250       266,130  
5.00%, 10/01/28 (c)     225       237,553  

Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)

5.00%, 08/15/27 (c)

    760       793,845  

Washington State Housing Finance Commission, Series A (RB)

3.50%, 12/20/35

    1,682       1,579,743  

Washington State, Motor Vehicle Fuel Tax, Series A (GO)

5.00%, 06/01/30 (c)

    1,050       1,196,182  

Washington State, Motor Vehicle Fuel Tax, Series F (GO)

5.00%, 06/01/31 (c)

    2,000       2,259,001  

Washington State, Shoreline School District No. 412 (GO) (SBG)

4.00%, 12/01/28 (c)

    1,000       1,017,603  
Washington State, Various Purpose, Series A (GO)                
5.00%, 08/01/30 (c)     1,000       1,122,202  
5.00%, 08/01/31 (c)     1,250       1,431,450  
Washington State, Various Purpose, Series A-1 (GO)                
5.00%, 08/01/23 (c)     1,500       1,506,174  
5.00%, 08/01/24 (c)     1,500       1,534,800  
Washington State, Various Purpose, Series C (GO)                
5.00%, 01/01/25 (c)     1,575       1,622,573  
5.00%, 02/01/28 (c)     1,145       1,242,754  
5.00%, 02/01/28 (c)     1,000       1,105,233  
5.00%, 02/01/29 (c)     1,080       1,183,024  
5.00%, 02/01/30 (c)     1,000       1,136,395  
              63,655,886  
West Virginia: 0.3%                
State of West Virginia, Series A (GO)                
5.00%, 06/01/29 (c)     500       556,751  
5.00%, 06/01/29 (c)     1,000       1,146,725  

State of West Virginia, Series B (GO)

5.00%, 06/01/28 (c)

    675       758,988  

West Virginia Hospital Finance Authority, Huntington Hospital, Series A (RB)

4.00%, 01/01/29 (c)

    1,430       1,333,672  


 

See Notes to Financial Statements

92

 

 

    Par  
(000’s
)   Value  
West Virginia (continued)                

West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB)

5.00%, 06/01/31 (c)

  $ 1,320     $ 1,511,523  
              5,307,659  
Wisconsin: 1.1%                

Middleton-Cross Plains Area School District, Series A (GO)

3.25%, 03/01/27 (c)

    350       345,583  

Public Finance Authority, Providence St. Joseph Health, Series C (RB)

4.00%, 10/01/30 (p)

    1,335       1,361,224  

State of Wisconsin (GO)

5.00%, 05/01/27 (c)

    450       494,314  
State of Wisconsin, Series A (GO)                
4.00%, 05/01/28 (c)     1,655       1,703,864  
5.00%, 05/01/25 (c)     2,000       2,079,687  
5.00%, 05/01/25 (c)     890       925,460  
5.00%, 05/01/32 (c)     1,000       1,172,467  
5.00%, 05/01/32 (c)     1,000       1,187,352  

State of Wisconsin, Series D (GO)

4.00%, 05/01/24 (c)

    1,500       1,520,154  
Wisconsin Department of Transportation (RB)                
5.00%, 07/01/27 (c)     480       528,547  
5.00%, 07/01/27 (c)     115       126,711  

Wisconsin Department of Transportation, Series A (RB)

5.00%, 07/01/24 (c)

    940       961,193  
    Par  
(000’s
)   Value  
Wisconsin (continued)                
5.00%, 07/01/24 (c)   $ 510     $ 521,498  
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)                
4.00%, 05/15/26 (c)     1,500       1,523,667  
4.00%, 05/15/26 (c)     1,875       1,872,641  
5.00%, 05/15/26 (c)     100       106,046  

Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB)

4.00%, 08/15/27 (c)

    500       514,488  

Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)

5.00%, 04/01/27 (c)

    125       133,477  

Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB)

5.00%, 08/15/24 (c)

    2,500       2,561,583  
              19,639,956  
Wyoming: 0.2%                

County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG)

3.62%, 05/15/29 (c)

    4,500       3,944,222  
Total Municipal Bonds: 98.6%
(Cost: $1,864,845,781)
            1,795,974,394  
Other assets less liabilities: 1.4%             25,592,525  
NET ASSETS: 100.0%           $ 1,821,566,919  


 

 

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
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

 

See Notes to Financial Statements

93

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    % of      
Summary of Investments by Sector   Investments   Value  
State GO     18.3 %   $ 328,662,297  
Local GO     15.6       280,036,378  
Tax     14.5       260,213,989  
Water & Sewer     7.9       141,956,815  
Hospitals     6.6       118,657,362  
Transportation     6.2       111,245,759  
Toll & Turnpike     5.8       104,924,633  
Education     5.6       99,751,845  
Power     4.9       87,657,958  
Leasing COPS & Appropriations     4.4       78,718,467  
Utilities     3.2       56,942,534  
Airport     2.1       38,150,774  
Miscellaneous     1.4       25,809,047  
Multi-Family Housing     1.1       19,088,296  
Single Family Housing     0.7       12,992,014  
Industrial Development Revenue     0.6       11,502,848  
Tobacco     0.6       10,419,488  
Pollution Control     0.3       5,636,673  
Health     0.2       3,607,217  
      100.0 %   1,795,974,394  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Municipal Bonds *   $     $ 1,795,974,394     $     $ 1,795,974,394  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

94

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.4%                
Arizona: 1.3%                

Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM)

4.00%, 06/01/29 (c)

  $ 500     $ 492,352  

City of Phoenix Civic Improvement Corp., Series A (RB)

5.00%, 07/01/29 (c)

    1,000       1,049,935  

City of Phoenix Civic Improvement Corp., Water System, Series A (RB)

5.00%, 07/01/30 (c)

    750       823,747  

Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB)

4.00%, 04/01/31 (c)

    750       690,955  

Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB)

5.00%, 01/01/33 (c)

    1,000       1,122,557  
              4,179,546  
California: 17.4%                

Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB)

5.00%, 08/01/23 (c)

    500       500,627  

Airport Commission of the City and County of San Francisco, International Airport, Series E (RB)

5.00%, 05/01/28 (c)

    995       1,047,628  

Airport Commission of the City and County of San Francisco, International Airport, Series F (RB)

5.00%, 05/01/29 (c)

    1,000       1,058,621  

Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL)

5.00%, 10/01/25 (c)

    500       515,587  

California County Tobacco Securitization Agency, Series A (RB)

4.00%, 06/01/30 (c)

    1,350       1,252,826  

California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)

5.00%, 08/15/27 (c)

    1,000       1,019,456  
    Par  
(000’s
)   Value  
California (continued)                

California Health Facilities Financing Authority, City of Hope (RB)

5.00%, 11/15/26 (c)

  $ 750     $ 768,160  

California Health Facilities Financing Authority, Commonspririt Health, Series A (RB)

4.00%, 04/01/30 (c)

    1,000       949,764  

California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB)

4.00%, 11/01/27 (c)

    1,000       980,340  

California Health Facilities Financing Authority, Pin Health, Series A (RB)

4.00%, 06/01/30 (c)

    750       704,530  

California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB)

3.00%, 10/01/26 (c)

    680       536,049  

California Health Facilities Financing Authority, Series A (RB)

4.00%, 05/19/23 (c)

    1,000       924,940  

California Health Facilities Financing Authority, Series B (RB)

4.00%, 11/15/26 (c)

    1,000       963,428  

California Infrastructure & Economic Development Bank (RB)

5.00%, 05/15/28 (c)

    500       534,726  

California State Public Works Board, Air Resources Board, Series D (RB)

4.00%, 05/01/32 (c)

    500       491,646  

California State Public Works Board, New Natural Resources Headquarters, Series C (RB)

5.00%, 11/01/31 (c)

    1,000       1,100,403  

California Statewide Communities Development Authority, Montage Health, Series A (RB)

4.00%, 06/01/31 (c)

    840       829,130  

Chaffey Joint Union High School District, Series C (GO)

5.25%, 02/01/27 (c)

    500       528,756  

Chino Valley Unified School District, Series B (GO) (SBG)

5.00%, 08/01/30 (c)

    620       672,415  

City of Los Angeles, Department of Airports, Series D (RB)

4.00%, 05/15/30 (c)

    750       744,470  


 

See Notes to Financial Statements

95

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

East Bay Municipal Utility District, Water System, Series A (RB)

4.00%, 06/01/27 (c)

  $ 1,210     $ 1,217,764  
El Dorado Irrigation District, Series A (CP) (AGM)                
4.00%, 03/01/30 (c)     630       630,985  
4.00%, 03/01/30 (c)     690       680,543  

Fremont Union High School District, Series A (GO)

4.00%, 08/01/27 (c)

    500       497,205  

Glendale Community College District, Series B (GO)

3.00%, 08/01/29 (c)

    325       256,282  

Hayward Unified School District (GO) (BAM)

4.00%, 08/01/28 (c)

    1,000       995,443  

Los Angeles Department of Water and Power, Series A (RB)

5.00%, 07/01/30 (c)

    800       889,455  

Los Angeles Department of Water and Power, Series B (RB)

5.00%, 01/01/31 (c)

    1,000       1,092,498  

Los Angeles Department of Water and Power, Series C (RB)

5.00%, 07/01/31 (c)

    500       546,407  
Los Angeles Department of Water and Power, Series D (RB)                
5.00%, 07/01/32 (c)     500       556,925  
5.00%, 07/01/32 (c)     750       828,411  

Miracosta Community College District, Series A (GO)

4.00%, 08/01/27 (c)

    530       534,476  

Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM)

4.00%, 12/01/30 (c)

    500       501,313  

Perris Union High School District, Series A (GO) (AGM)

4.00%, 09/01/29 (c)

    900       877,390  

Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB)

3.00%, 11/01/30 (c)

    500       389,492  

Regents of University of California, Medical Center Pooled, Series L (RB)

4.00%, 05/15/26 (c)

    1,015       1,015,304  

Riverside  County, Perris Union High School District, Series A (GO) (AGM)

4.00%, 09/01/29 (c)

    570       564,879  
    Par  
(000’s
)   Value  
California (continued)                

Sacramento City Unified School District, Series G (GO) (AGM)

4.00%, 08/01/30 (c)

  $ 500     $ 483,652  

San Diego Association of Governments South Bay Expressway Toll, Series A (RB)

5.00%, 07/01/27 (c)

    610       640,271  

San Diego County Regional Airport Authority, Series A (RB)

5.00%, 07/01/29 (c)

    750       804,160  
San Diego Public Facilities Financing Authority, Series A (RB)                
4.00%, 04/15/33 (c)     500       487,389  
5.25%, 08/01/33 (c)     500       574,912  

San Diego Unified School District, Series I (GO)

4.00%, 07/01/27 (c)

    595       589,519  

San Francisco Bay Area Rapid Transit District, Series B-1 (GO)

3.00%, 08/01/29 (c)

    600       471,434  

San Francisco Bay Area Rapid Transit District, Series C-1 (GO)

4.00%, 08/01/29 (c)

    610       615,415  

San Francisco City and County, International Airport, Series B (RB)

5.00%, 05/01/27 (c)

    700       731,299  

San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB)

4.00%, 10/01/31 (c)

    885       875,031  

San Francisco Municipal Transportation Agency (RB)

4.00%, 03/01/27 (c)

    750       740,719  

San Jose Evergreen Community College District, Series B (GO)

3.00%, 09/01/28 (c)

    825       710,816  

San Jose Financing Authority Wastewater, Series B (RB)

5.00%, 11/01/32 (c)

    1,500       1,673,158  

San Mateo County Community College District (GO)

5.00%, 09/01/28 (c)

    1,570       1,714,823  

San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW)

4.00%, 08/01/29 (c)

    500       501,313  

Saugus Union School District School Facilities Improvement District No.1, Series C (GO)

2.38%, 08/01/30 (c)

    1,000       718,992  


 

See Notes to Financial Statements

96

 

 

    Par  
(000’s
)   Value  
California (continued)                

Southern California Public Power Authority, Southern Transmission System (RB)

5.25%, 07/01/33 (c)

  $ 500     $ 567,380  

Southwestern Community College District, Series A (GO)

4.00%, 08/01/27 (c)

    750       738,402  
State of California, Various Purpose (GO)                
3.00%, 10/01/29 (c)     500       390,805  
3.00%, 12/01/30 (c)     400       332,780  
3.62%, 04/01/26 (c)     645       583,255  
4.00%, 10/01/29 (c)     500       504,691  
5.00%, 10/01/27 (c)     660       707,632  
5.00%, 10/01/28 (c)     935       1,010,443  
5.00%, 11/01/23 (c)     1,000       1,006,564  
5.00%, 11/01/27 (c)     515       548,783  
5.00%, 04/01/29 (c)     1,000       1,081,434  
5.00%, 09/01/31 (c)     630       711,445  

State of California, Various Purpose (GO) (SAW)

5.00%, 12/01/30 (c)

    875       966,181  

University of California, Series BE (RB)

4.00%, 05/15/30 (c)

    1,000       1,018,410  
University of California, Series BN (RB)                
5.00%, 05/15/33 (c)     1,000       1,152,730  
5.00%, 05/15/33 (c)     1,000       1,144,987  

University of California, Series O (RB)

5.00%, 05/15/28 (c)

    1,000       1,064,873  

Ventura Unified School District, Series A (GO)

4.00%, 08/01/32 (c)

    500       494,305  
              54,556,277  
Colorado: 2.4%                

Board of Governors of Colorado State University System, Series C (RB)

4.00%, 03/01/28 (c)

    1,050       1,005,721  

Boulder Valley School District No. Re-2 Boulder (GO) (SAW)

5.00%, 06/01/25 (c)

    500       514,209  

City of Colorado Springs CO Utilities System Revenue (RB)

5.00%, 11/15/30 (c)

    600       651,931  

Colorado Health Facilities Authority Hospital, Series A (RB) (SBG)

4.00%, 11/15/29 (c)

    685       662,626  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)                
3.25%, 08/01/29 (c)     500       363,503  
5.00%, 08/01/29 (c)     1,000       1,033,004  
    Par  
(000’s
)   Value  
Colorado (continued)                

Colorado Health Facilities Authority, Intermountain Healthcare, Series A (RB) (SAW)

5.00%, 05/15/32 (c)

  $ 690     $ 744,919  

Colorado Health Facilities Authority, Sanford, Series A (RB)

5.00%, 11/01/29 (c)

    500       517,394  
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)                
5.00%, 12/31/24 (c)     250       244,011  
5.00%, 12/31/24 (c)     250       246,127  

Regional Transportation District, Fastracks Project, Series B (RB)

2.00%, 05/01/31 (c)

    850       584,016  

Weld County School District No. 6 (GO) (SAW)

4.00%, 06/01/31 (c)

    800       788,398  
              7,355,859  
Connecticut: 0.4%                

Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB)

4.70%, 11/15/31 (c)

    500       509,868  

Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB)

5.00%, 06/01/26 (c)

    750       766,534  
              1,276,402  
Delaware: 0.2%                

County of New Castle (GO)

4.00%, 04/01/27 (c)

    150       151,709  

State of Delaware (GO)

4.00%, 05/01/33 (c)

    500       514,868  
              666,577  
District of Columbia: 1.4%                

District of Columbia, Children’s Hospital (RB)

5.00%, 01/15/26 (c)

    500       508,950  

District of Columbia, Income Tax, Series A (RB)

5.00%, 09/01/29 (c)

    750       814,727  

District of Columbia, Income Tax, Series C (RB)

4.00%, 05/01/30 (c)

    805       798,253  
District of Columbia, Series A (RB)                
2.62%, 03/01/30 (c)     575       423,345  
3.00%, 03/01/30 (c)     275       235,605  


 

See Notes to Financial Statements

97

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    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     $ 963,290  

Washington Metropolitan Area Transit Authority, Series A (RB)

3.00%, 07/15/31 (c)

    750       614,600  
              4,358,770  
Florida: 4.7%                

Brevard County, Florida Health Facilities Authority, Series A (RB)

5.00%, 04/01/32 (c)

    1,055       1,103,837  

Central Florida Expressway Authority (RB) (BAM)

4.00%, 07/01/27 (c)

    845       830,028  
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB)                
4.00%, 11/01/29 (c)     1,000       915,134  
5.00%, 11/01/29 (c)     1,000       1,019,742  

City of Lakeland, Florida Hospital, Regional Health Systems (RB)

5.00%, 11/15/24 (c)

    1,000       1,001,179  

City of Orlando, Capital of Improvements, Series B (RB)

5.00%, 10/01/28 (c)

    1,000       1,069,444  

City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA)

3.25%, 07/01/26 (c)

    200       165,646  

City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM)

3.00%, 07/01/26 (c)

    180       150,893  

City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS)

5.00%, 10/01/32 (c)

    500       556,974  

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

5.00%, 09/01/29 (c)

    500       523,288  
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB)                
4.00%, 09/01/31 (c)     510       487,129  
4.00%, 09/01/31 (c)     1,000       963,457  

County of Broward, School District (GO)

5.00%, 07/01/31 (c)

    665       727,626  
    Par  
(000’s
)   Value  
Florida (continued)                

County of Miami-Dade, Florida Transit System, Sales Surtax, Series A (RB)

4.00%, 07/01/30 (c)

  $ 500     $ 493,276  

County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB)

4.00%, 08/01/31 (c)

    500       450,696  

County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB)

4.00%, 11/15/26 (c)

    330       200,027  

County of Sarasota, Florida Utility System, Series A (RB)

5.00%, 10/01/30 (c)

    500       538,284  

Fort Pierce Utilities Authority, Series A (RB) (AGM)

4.00%, 10/01/32 (c)

    1,000       951,953  

Halifax Hospital Medical Center (RB)

4.00%, 06/01/26 (c)

    525       482,091  

Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB)

2.25%, 02/01/31 (c)

    500       316,475  

South Broward Hospital District, Series A (RB)

3.00%, 05/01/31 (c)

    750       595,130  

State of Florida, Department of Transportation, Turnpike System (RB)

5.00%, 07/01/32 (c)

    1,000       1,090,708  
              14,633,017  
Georgia: 2.3%                

Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB)

4.00%, 07/01/29 (c)

    660       652,629  

Burke County Development Authority, Series D (RB)

4.12%, 02/01/28 (c)

    260       238,093  

Clarke County Hospital Authority, Piedmont Healthcare, Inc., Series A (RB)

4.00%, 07/01/26 (c)

    1,000       983,724  

County of Fulton, Georgia Water and Sewerage, Series A (RB)

2.25%, 01/01/30 (c)

    500       352,599  

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)

4.00%, 02/15/30 (c)

    630       594,212  


 

See Notes to Financial Statements

98

 

 

    Par  
(000’s
)   Value  
Georgia (continued)                

Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)

3.35%, 12/01/25 (c)

  $ 215     $ 190,870  

Georgia State Road & Tollway Authority, Managed Lane System, Series A (RB)

3.00%, 07/15/31 (c)

    500       388,381  

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

5.00%, 05/15/49

    990       1,001,674  

Metropolitan Atlanta Rapid Transit Authority Sales Tax,  Series A (RB)

3.00%, 07/01/30 (c)

    1,000       798,761  

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

4.50%, 07/01/32 (c)

    500       491,713  

Municipal Electric Authority of Georgia, Series A (RB)

5.00%, 07/01/28 (c)

    500       505,395  

Private Colleges & Universities Authority, Emory University, Series B (RB)

4.00%, 09/01/30 (c)

    855       862,315  
              7,060,366  
Hawaii: 0.2%                

City and County of Honolulu, Series C (GO)

4.00%, 08/01/29 (c)

    750       752,034  
Idaho: 0.2%                

Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB)

5.00%, 03/01/24 (c)

    500       502,841  
Illinois: 4.5%                

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

4.00%, 01/01/29 (c)

    890       849,690  

Chicago Transit Authority Sales Tax Receipts Fund (RB)

5.25%, 12/01/24 (c)

    750       761,152  

City of Chicago, Series A (GO)

5.50%, 01/01/30 (c)

    750       793,256  

Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)

4.00%, 08/15/30 (c)

    1,000       979,870  

Illinois Finance Authority, Presence Network, Series C (RB)

4.00%, 02/15/27 (c)

    500       494,460  

Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB)

5.00%, 08/15/25 (c)

    1,000       1,001,872  
    Par  
(000’s
)   Value  
Illinois (continued)                

Illinois Housing Development Authority (RB)

5.00%, 04/01/32 (c)

  $ 1,000     $ 1,035,084  

Illinois Housing Development Authority, Series G (RB)

4.85%, 04/01/32 (c)

    500       516,734  

Illinois State Toll Highway Authority (RB)

4.00%, 01/01/32 (c)

    500       483,051  

Illinois State Toll Highway Authority, Series A (RB)

5.00%, 01/01/31 (c)

    1,000       1,088,941  

Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)

4.00%, 12/01/31 (c)

    500       483,106  

Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS)

4.00%, 01/01/28 (c)

    1,000       943,421  

State of Illinois (GO) (AGC)

5.75%, 05/01/30 (c)

    750       821,730  
State of Illinois, Series A (GO)                
5.00%, 03/01/31 (c)     1,250       1,312,669  
5.00%, 05/01/28 (c)     630       656,058  

State of Illinois, Series B (GO)

5.50%, 05/01/32 (c)

    1,000       1,094,732  

State of Illinois, Series C (GO)

4.00%, 11/01/29 (c)

    900       845,258  
              14,161,084  
Indiana: 0.6%                

Indiana Finance Authority, CWA Authority Project (RB)

5.00%, 10/01/31 (c)

    300       333,054  
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB)                
5.00%, 02/01/29 (c)     1,000       1,044,021  
5.00%, 02/01/29 (c)     500       523,724  
              1,900,799  
Iowa: 0.3%                

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

5.00%, 12/01/42 (c) (p)

    500       502,247  

Iowa Finance Authority, Series A (RB)

5.00%, 08/01/30 (c)

    530       575,009  
              1,077,256  
Kentucky: 0.7%                

Kentucky Bond Development Corp., Lexington Center Corp. Project (RB)

4.00%, 09/01/28 (c)

    1,225       1,154,823  


 

See Notes to Financial Statements

99

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Kentucky (continued)                

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

4.00%, 12/01/27 (c)

  $ 750     $ 744,472  

Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB)

3.25%, 11/15/26 (c)

    235       194,985  
              2,094,280  
Louisiana: 0.5%                

City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM)

4.00%, 12/01/28 (c)

    700       638,316  

Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB)

4.00%, 10/01/27 (c)

    230       222,761  

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

4.00%, 05/15/27 (c)

    230       224,845  

State of Louisiana, Series A (GO)

4.00%, 04/01/33 (c)

    500       505,949  
              1,591,871  
Maryland: 1.3%                

Maryland Community Development Administration, Series A (RB) (AGM)

1.95%, 03/01/30 (c)

    310       206,669  

Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB)

4.00%, 01/01/32 (c)

    500       427,320  

Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB)

3.00%, 07/01/31 (c)

    500       379,502  

Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB)

5.00%, 05/01/28 (c)

    1,000       1,062,018  

Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB)

5.00%, 07/01/31 (c)

    1,000       1,083,274  

Washington Suburban Sanitary Commission (RB)

4.00%, 06/01/33 (c)

    1,000       998,932  
              4,157,715  
    Par  
(000’s
)   Value  
Massachusetts: 4.0%                
Commonwealth of Massachusetts Transportation, Series A (RB)                
3.00%, 06/01/30 (c)   $ 800     $ 622,864  
5.00%, 06/01/31 (c)     500       557,529  

Commonwealth of Massachusetts Transportation, Series B (RB)

5.00%, 06/01/30 (c)

    560       616,329  
Commonwealth of Massachusetts, Series A (GO)                
5.00%, 01/01/28 (c)     1,000       1,061,421  
5.00%, 04/01/27 (c)     275       290,972  

Commonwealth of Massachusetts, Series B (GO)

2.12%, 04/01/31 (c)

    1,300       796,452  

Commonwealth of Massachusetts, Series C (GO)

3.00%, 03/01/30 (c)

    360       286,614  

Commonwealth of Massachusetts, Series D (GO)

5.00%, 07/01/30 (c)

    750       819,812  

Commonwealth of Massachusetts, Series E (GO)

5.00%, 11/01/30 (c)

    605       663,638  
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB)                
4.00%, 07/01/31 (c)     800       781,038  
4.00%, 07/01/33 (c)     1,000       974,208  

Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB)

5.00%, 07/01/28 (c)

    500       514,149  

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

5.00%, 07/01/25 (c)

    500       505,594  

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

5.25%, 07/01/33 (c)

    1,000       1,050,828  

Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB)

5.00%, 03/01/24 (c)

    1,900       1,915,937  

Massachusetts Port Authority, Series B (RB) (SBG)

5.00%, 07/01/29 (c)

    305       329,470  

Massachusetts School Building Authority, Sales Tax, Series A (RB)

5.00%, 08/15/30 (c)

    750       808,032  
              12,594,887  


 

See Notes to Financial Statements

100

 

 

    Par  
(000’s
)   Value  
Michigan: 2.1%                

Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB)

5.00%, 07/01/26 (c)

  $ 390     $ 402,082  

Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB)

5.00%, 07/01/26 (c)

    570       587,659  
Michigan Finance Authority (RB)                
5.00%, 05/15/25 (c)     225       229,011  
5.00%, 05/15/25 (c)     275       286,604  
Michigan Finance Authority, Henry Ford Health System, Series A (RB)                
4.00%, 11/15/26 (c)     225       210,727  
4.00%, 11/02/29 (c)     250       226,732  

Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)

5.00%, 12/01/27 (c)

    500       519,201  

Michigan State Building Authority, Facilities Program (RB)

5.00%, 10/15/25 (c)

    500       513,391  

Michigan State Housing Development Authority (RB)

4.88%, 10/01/32 (c)

    1,000       1,024,647  

Michigan State Housing Development Authority, Series A (RB)

4.30%, 10/01/24 (c)

    725       725,371  

Michigan State Housing Development Authority, Series A-1 (RB)

3.35%, 10/01/28 (c)

    500       397,525  

Michigan State University (RB)

5.00%, 02/15/29 (c)

    765       814,813  

State of Michigan, Trunk Line, Series A (RB)

4.00%, 11/15/31 (c)

    620       608,249  
              6,546,012  
Minnesota: 0.8%                

Minnesota Housing Finance Agency Residential Housing, Series B (RB)

2.50%, 07/01/30 (c)

    530       376,249  
Minnesota Housing Finance Agency Residential Housing, Series I (RB)                
2.15%, 01/01/30 (c)     890       636,219  
3.00%, 01/01/30 (c)     440       427,314  

Minnesota Housing Finance Agency Residential Housing, Series M (RB)

5.15%, 01/01/32 (c)

    500       526,081  
    Par  
(000’s
)   Value  
Minnesota (continued)                

St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG)

4.25%, 02/01/31 (c)

  $ 500     $ 518,363  
              2,484,226  
Missouri: 0.1%                

Health and Educational Facilities Authority, Saint Louis University, Series A (RB)

5.00%, 04/01/29 (c)

    100       107,466  

Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB)

3.05%, 05/01/29 (c)

    190       175,224  
              282,690  
Nebraska: 0.8%                

Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)

5.00%, 09/01/42

    500       521,364  

City of Omaha and County of Douglas, Public Building, Series B (GO)

4.00%, 05/01/29 (c)

    550       550,160  

Omaha Public Power District, Nebraska Electric System, Series A (RB)

4.00%, 08/01/30 (c)

    750       718,543  

University of Nebraska Facilities Corp., Series A (RB)

4.00%, 07/15/31 (c)

    750       726,191  
              2,516,258  
Nevada: 0.4%                

City of Carson, Tahoe Regional Healthcare Project (RB)

5.00%, 09/01/27 (c)

    390       399,086  

City of Henderson, Utility System, Series A-1 (GO)

4.00%, 06/01/30 (c)

    675       648,339  

Las Vegas Convention and Visitors Authority, Series B (RB) (NATL)

5.00%, 07/01/28 (c)

    275       288,490  
              1,335,915  
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       385,699  
New Jersey: 3.4%                

Hudson County Improvement Authority, Courthouse Project (RB)

4.00%, 10/01/30 (c)

    1,000       980,077  


 

See Notes to Financial Statements

101

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New Jersey (continued)                

New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB)

2.00%, 03/01/31 (c)

  $ 500     $ 345,301  

New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB)

2.50%, 07/01/31 (c)

    490       324,621  

New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB)

4.00%, 07/01/26 (c)

    800       797,111  

New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB)

4.00%, 07/01/31 (c)

    555       555,825  

New Jersey Housing & Mortgage Finance Agency, Single Family Housing (RB)

4.80%, 04/01/32 (c)

    500       499,145  
New Jersey Transportation Trust Fund Authority, Series AA (RB)                
4.25%, 06/15/24 (c)     640       640,259  
4.50%, 12/15/28 (c)     910       917,844  
5.00%, 06/15/25 (c)     1,000       1,016,462  
New Jersey Transportation Trust Fund Authority, Series BB (RB)                
3.50%, 12/15/28 (c)     365       312,411  
4.00%, 12/15/28 (c)     1,000       970,913  

New Jersey Turnpike Authority, Series A (RB)

4.00%, 01/01/29 (c)

    1,280       1,251,243  

New Jersey Turnpike Authority, Series E (RB)

5.00%, 01/01/25 (c)

    955       975,770  

South Jersey Transportation Authority, Transportation System, Series A (RB)

5.00%, 11/01/30 (c)

    500       520,668  

Tobacco Settlement Financing Corp., Series B (RB)

5.00%, 06/01/28 (c)

    500       497,944  
              10,605,594  
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       165,372  
    Par  
(000’s
)   Value  
New Mexico (continued)                

New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB)

3.05%, 01/01/29 (c)

  $ 290     $ 255,174  
              420,546  
New York: 20.9%                

Battery Park City Authority, Series A (RB)

4.00%, 11/01/29 (c)

    1,000       1,007,463  
City of New York, Series A (GO)                
4.00%, 08/01/31 (c)     1,000       972,870  
4.00%, 08/01/31 (c)     1,000       1,003,234  
City of New York, Series C (GO)                
4.00%, 08/01/30 (c)     1,000       999,090  
5.00%, 08/01/30 (c)     500       546,622  
City of New York, Series D (GO) (BAM)                
4.00%, 03/01/30 (c)     1,000       973,560  
5.00%, 03/01/30 (c)     1,000       1,088,503  

City of New York, Series F (GO)

5.00%, 03/01/31 (c)

    1,000       1,083,775  

County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM)

4.00%, 04/01/30 (c)

    925       898,370  

County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB)

4.00%, 07/01/30 (c)

    900       860,146  

Hudson Yards Infrastructure Corp., Series A (RB)

5.00%, 02/15/27 (c)

    645       681,535  

Hudson Yards Infrastructure Corp., Series A (RB) (AGM)

4.00%, 02/15/27 (c)

    1,000       978,281  

Metropolitan Transportation Authority, Series A (RB) (AGM)

5.00%, 11/15/28 (c)

    715       745,856  
Metropolitan Transportation Authority, Series A-1 (RB)                
4.00%, 05/15/27 (c)     400       380,603  
5.00%, 05/15/25 (c)     590       593,274  

Metropolitan Transportation Authority, Series B-1 (RB)

5.00%, 11/15/26 (c)

    500       518,787  

Metropolitan Transportation Authority, Series C (RB) (AGM)

4.00%, 11/15/29 (c)

    1,000       968,301  

Metropolitan Transportation Authority, Series C-1 (RB)

4.75%, 05/15/30 (c)

    1,000       1,020,359  
Metropolitan Transportation Authority, Series D (RB)                
4.00%, 05/15/28 (c)     250       235,185  
4.00%, 05/15/28 (c)     1,245       1,187,757  


 

See Notes to Financial Statements

102

 

 

    Par  
(000’s
)   Value  
New York (continued)                

Metropolitan Transportation Authority, Series E (RB)

5.00%, 11/15/23 (c)

  $ 600     $ 598,461  

Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB)

4.00%, 12/01/30 (c)

    650       556,959  

MTA Hudson Rail Yards Trust, Series A (RB)

5.00%, 11/15/23 (c)

    1,000       996,682  

New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB)

4.00%, 06/15/29 (c)

    500       495,602  

New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB)

2.25%, 05/01/29 (c)

    800       558,159  

New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB)

2.35%, 02/01/29 (c)

    525       388,257  

New York City Housing Development Corp., Multi-Family Housing, Series J (RB)

3.05%, 09/01/27 (c)

    560       426,099  
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB)                
5.00%, 12/15/29 (c)     1,000       1,071,138  
5.00%, 12/15/31 (c)     955       1,054,852  
5.00%, 06/15/23 (c)     1,000       1,002,063  
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB)                
3.75%, 06/15/23 (c)     710       657,331  
4.00%, 06/15/24 (c)     500       495,056  
5.00%, 12/15/31 (c)     1,000       1,089,994  
5.00%, 06/15/24 (c)     1,000       1,010,434  

New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA 542(C))

5.00%, 06/15/31 (c)

    500       543,267  

New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB)

4.12%, 06/15/33 (c)

    1,000       992,537  

New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)

5.00%, 12/15/27 (c)

    750       811,204  
    Par  
(000’s
)   Value  
New York (continued)                

New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) (SBG)

5.00%, 06/15/30 (c)

  $ 1,000     $ 1,099,859  
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW)                
3.00%, 07/15/29 (c)     350       271,890  
5.00%, 07/15/28 (c)     500       533,413  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)                
4.00%, 11/01/30 (c)     500       495,698  
4.00%, 11/01/30 (c)     775       771,219  
4.00%, 05/01/29 (c)     1,120       1,106,294  
5.00%, 02/01/32 (c)     565       623,920  

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB)

4.00%, 11/01/30 (c)

    500       489,731  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)                
2.25%, 02/01/31 (c)     650       393,119  
4.00%, 02/01/27 (c)     1,000       984,834  
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)                
4.00%, 02/01/32 (c)     1,000       974,867  
5.25%, 02/01/33 (c)     1,000       1,127,199  

New York City Water and Sewer System, Series AA-2 (RB)

3.00%, 12/15/30 (c)

    660       563,827  

New York City Water and Sewer System, Series BB (RB)

4.00%, 12/15/30 (c)

    640       629,098  

New York City Water and Sewer System, Series EE (RB) (AGC)

5.00%, 06/15/29 (c)

    800       870,154  
New York Convention Center Development Corp., Series A (RB)                
0.00%, 11/15/47 ^     230       71,756  
0.00%, 11/15/54 ^     170       36,816  

New York Liberty Development Corp., 1 World Trade Center Project (RB)

4.00%, 02/15/30 (c)

    620       605,750  
New York State Dormitory Authority, New School, Series A (RB)                
4.00%, 01/01/27 (c)     475       455,911  
5.00%, 01/01/27 (c)     420       429,030  


 

See Notes to Financial Statements

103

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New York (continued)                

New York State Dormitory Authority, New York University, Series A (RB)

5.00%, 07/01/28 (c)

  $ 400     $ 432,224  
New York State Dormitory Authority, Personal Income Tax, Series A (RB)                
3.00%, 09/15/30 (c)     500       414,820  
3.50%, 03/15/32 (c)     1,000       853,223  
5.00%, 03/15/31 (c)     500       541,001  

New York State Dormitory Authority, Personal Income Tax, Series B (RB)

5.00%, 02/15/25 (c)

    730       748,610  

New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB)

5.00%, 07/01/29 (c)

    250       265,000  

New York State Dormitory Authority, St. John’s University, Series A (RB)

4.00%, 07/01/31 (c)

    550       527,450  

New York State Dormitory Authority, State Sales Tax, Series A (RB)

4.00%, 03/15/27 (c)

    800       784,978  

New York State Dormitory Authority, State Sales Tax, Series C (RB)

5.00%, 03/15/28 (c)

    1,000       1,070,202  

New York State Dormitory Authority, State Sales Tax, Series E (RB)

5.00%, 09/15/28 (c)

    500       532,948  

New York State Environmental Facilities Corp., Clean Water & Drinking Water, Series A (RB)

5.00%, 06/15/32 (c)

    1,000       1,106,898  

New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG)

2.55%, 10/01/29 (c)

    330       217,166  

New York State Power Authority, Series A (RB)

4.00%, 05/15/30 (c)

    500       485,794  

New York State Thruway Authority, Personal Income Tax, Series A (RB)

5.00%, 09/15/32 (c)

    1,000       1,098,199  

New York State Thruway Authority, Personal Income Tax, Series C (RB)

4.12%, 09/15/32 (c)

    750       733,162  

New York State Thruway Authority, Series A (RB)

5.00%, 01/01/26 (c)

    1,000       1,035,657  
    Par  
(000’s
)   Value  
New York (continued)                

New York State Urban Development Corp., Personal Income Tax, Series A (RB)

5.00%, 09/15/28 (c)

  $ 500     $ 535,147  

New York State Urban Development Corp., Personal Income Tax, Series C (RB)

3.00%, 09/15/30 (c)

    550       428,997  

New York State Urban Development Corp., State Sales Tax, Series A (RB)

3.00%, 09/15/31 (c)

    1,000       776,292  

New York State, Dormitory Authority, Personal Income Tax, Series D (RB)

5.00%, 02/15/30 (c)

    820       880,000  

New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB)

4.00%, 12/01/30 (c)

    925       888,293  
Port Authority of New York & New Jersey (RB)                
4.00%, 09/01/28 (c)     1,000       999,970  
5.00%, 12/01/23 (c)     500       503,717  

Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB)

4.00%, 06/01/31 (c)

    1,000       982,102  
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB)                
4.00%, 11/15/32 (c)     840       806,704  
4.25%, 05/15/33 (c)     1,000       985,552  

Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB)

5.00%, 05/15/28 (c)

    500       527,249  
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)                
4.00%, 11/15/31 (c)     750       727,445  
5.00%, 11/15/31 (c)     1,000       1,087,292  

Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB)

4.50%, 11/15/32 (c)

    500       515,882  
Triborough Bridge and Tunnel Authority, Series A (RB)                
5.00%, 11/15/30 (c)     750       798,852  
5.00%, 11/15/30 (c)     1,000       1,071,573  
              65,388,450  
North Carolina: 1.1%                

Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB)

4.00%, 01/15/32 (c)

    600       603,937  


 

See Notes to Financial Statements

104

 

 

    Par  
(000’s
)   Value  
North Carolina (continued)                

North Carolina Housing Finance Agency, Home Ownership (RB)

4.88%, 07/01/31 (c)

  $ 500     $ 514,671  
North Carolina Turnpike Authority, Triangle Expressway System (RB)                
5.00%, 01/01/30 (c)     750       775,061  
5.00%, 01/01/30 (c)     500       520,977  

University of North Carolina, Hospitals at Chapel Hill (RB)

5.00%, 02/01/45

    800       910,649  
              3,325,295  
North Dakota: 0.3%                

North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB)

4.70%, 07/01/32 (c)

    1,000       1,012,268  
Ohio: 1.9%                
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)                
4.00%, 02/01/28 (c)     510       496,512  
5.00%, 11/01/24 (c)     600       610,473  

County of Franklin, Ohio Various purpose Sales Tax (RB)

5.00%, 06/01/28 (c)

    1,075       1,143,917  

Cuyahoga County, Ohio Hospital, The Metrohealth System (RB)

5.00%, 02/15/27 (c)

    1,000       991,790  

Hamilton County, Ohio Healthcare Improvement, Life Enriching Communities Project (RB)

5.00%, 01/01/26 (c)

    250       220,068  

Ohio Higher Educational Facility Commission, Oberlin College Project (RB)

5.00%, 10/01/33 (c)

    500       547,641  

Ohio Water Development Authority, Fresh Water (RB)

5.00%, 12/01/29 (c)

    500       547,143  

State of Ohio, Cleveland Clinic System, Series B (RB) (BAM)

4.00%, 01/01/29 (c)

    835       837,996  

State of Ohio, Water Pollution Control, Series A (RB)

5.00%, 12/01/31 (c)

    500       554,890  
              5,950,430  
Oklahoma: 0.2%                

Oklahoma Turnpike Authority, Series A (RB)

4.00%, 01/01/27 (c)

    700       685,333  
    Par  
(000’s
)   Value  
Oregon: 0.8%                
Multnomah County School District No. 1J, Series B (GO) (SBG)                
2.00%, 06/15/30 (c)   $ 550     $ 372,562  
3.25%, 06/15/27 (c)     295       260,375  

Oregon Health and Science University, Series A (RB)

4.00%, 01/01/32 (c)

    1,000       974,862  

Tri-County Metropolitan Transportation District of Oregon, Series A (RB)

3.00%, 09/01/29 (c)

    935       759,396  
              2,367,195  
Pennsylvania: 4.5%                

Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)

4.00%, 09/01/30 (c)

    645       594,554  
City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB)                
5.00%, 10/01/27 (c)     500       520,973  
5.00%, 10/01/27 (c)     500       519,888  

Commonwealth of Pennsylvania, Series A (CP) (FHA)

4.00%, 01/30/28 (c)

    1,170       1,109,314  

DuBois Hospital Authority, Penn Highlands Healthcare (RB)

5.00%, 01/15/28 (c)

    280       288,251  

Geisinger Authority, Health System, Series A (RB)

5.00%, 04/01/30 (c)

    1,000       1,027,923  

Lancaster County Hospital Authority, Penn State Health (RB)

5.00%, 11/01/29 (c)

    1,000       1,033,410  

Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB)

5.00%, 12/01/24 (c)

    145       132,732  

Pennsylvania Housing Finance Agency, Single Family Mortgage (RB)

2.28%, 10/01/30 (c)

    500       363,157  

Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB)

3.65%, 04/01/27 (c)

    260       235,609  

Pennsylvania Turnpike Commission, Motor License (RB)

5.00%, 12/01/27 (c)

    155       164,165  


 

See Notes to Financial Statements

105

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Pennsylvania (continued)                

Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM)

5.00%, 12/01/28 (c)

  $ 290     $ 305,597  

Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB)

4.00%, 12/01/31 (c)

    550       522,919  

Pennsylvania Turnpike Commission, Oil Franchise, Series A (RB) (BAM)

4.00%, 12/01/31 (c)

    1,000       967,249  

Pennsylvania Turnpike Commission, Series A (RB) (AGM)

4.00%, 12/01/29 (c)

    570       559,479  

Pennsylvania Turnpike Commission, Series A-1 (RB)

5.00%, 12/01/27 (c)

    900       933,708  
Pennsylvania Turnpike Commission, Series B (RB)                
4.00%, 12/01/31 (c)     1,000       1,000,697  
4.00%, 12/01/31 (c)     1,000       960,526  
5.00%, 12/01/30 (c)     800       852,492  

Philadelphia Gas Works Co. (RB)

5.00%, 08/01/27 (c)

    805       829,948  

Upper Merion Area School District, Series A (GO) (SAW)

4.00%, 01/15/29 (c)

    1,105       1,107,915  
              14,030,506  
Rhode Island: 0.2%                

State of Rhode Island, Series A (GO)

4.12%, 08/01/32 (c)

    600       603,911  
South Carolina: 1.5%                

South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB)

4.00%, 06/01/30 (c)

    1,355       1,337,788  

South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB)

5.00%, 05/01/28 (c)

    1,000       1,016,024  

South Carolina Public Service Authority, Series A (RB)

4.00%, 06/01/32 (c)

    500       447,159  

Spartanburg County, School District No. 4, Series A (GO)

5.25%, 03/01/32 (c)

    1,000       1,113,655  

University of South Carolina, Campus Village Project, Series A (RB)

5.00%, 05/01/31 (c)

    820       893,987  
              4,808,613  
    Par  
(000’s
)   Value  
South Dakota: 0.3%                

South Dakota Health and Educational Facilities Authority (RB)

5.00%, 09/01/27 (c)

  $ 750     $ 776,495  
Tennessee: 0.8%                

City of Memphis (GO)

4.00%, 05/01/28 (c)

    665       656,566  
Tennessee Housing Development Agency, Residential Finance Program (RB)                
2.95%, 01/01/29 (c)     335       310,995  
3.60%, 01/01/27 (c)     225       219,868  

Tennessee Housing Development Agency, Series B (RB)

3.45%, 01/01/27 (c)

    185       180,052  

Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB)

5.00%, 11/01/27 (c)

    1,040       1,111,013  
              2,478,494  
Texas: 10.0%                

Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB)

3.00%, 02/15/31 (c)

    1,000       785,300  

Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB)

4.00%, 08/15/29 (c)

    675       664,121  

Austin Independent School District, Unlimited Tax School Building (GO)

4.00%, 02/01/33 (c)

    1,000       995,690  

Board of Regents of the University of Texas System, Series A (RB)

3.00%, 08/15/31 (c)

    525       448,754  

Board of Regents of the University of Texas System, Series E (RB)

4.00%, 08/15/27 (c)

    650       650,757  

Central Texas Regional Mobility Authority, Senior Lien, Series E (RB)

5.00%, 01/01/30 (c)

    750       790,852  

City of Austin, Texas Electricity Utility System, Series A (RB)

5.00%, 11/15/29 (c)

    1,375       1,470,942  

City of El Paso (GO)

4.00%, 08/15/29 (c)

    950       938,664  

City of Lubbock, Texas Electric Light & Power System (RB)

4.00%, 04/15/30 (c)

    650       623,220  

City of San Antonio, Texas Electric & Gas Systems (RB)

5.00%, 02/01/32 (c)

    500       542,371  


 

See Notes to Financial Statements

106

 

 

    Par  
(000’s
)   Value  
Texas (continued)                

City of San Antonio, Texas Electric & Gas Systems, Series A (RB)

5.00%, 02/01/31 (c)

  $ 1,000     $ 1,071,710  

Cypress-Fairbanks Independent School District, Series A (GO)

2.25%, 02/15/31 (c)

    600       429,167  

Dallas Independent School District, Unlimited Tax School Building (GO)

4.00%, 02/15/32 (c)

    1,000       967,158  

El Paso Independent School District, Unlimited Tax School Building (GO)

4.00%, 08/15/29 (c)

    1,000       962,792  

Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB)

4.00%, 04/01/30 (c)

    770       713,304  

Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB)

5.00%, 04/01/28 (c)

    640       670,687  

Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB)

4.00%, 06/01/25 (c)

    590       576,420  

Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB)

3.00%, 10/01/31 (c)

    1,145       992,454  

Harris County, Flood Control District, Series A (GO)

4.00%, 10/01/29 (c)

    500       489,174  

Harris County, Hospital District (RB)

4.00%, 02/15/26 (c)

    560       542,565  

Harris County, Humble Independent School District (GO)

5.00%, 02/15/32 (c)

    1,000       1,101,895  

Katy Independent School District (GO)

4.00%, 02/15/32 (c)

    750       738,353  
Leander Independent School District, Series A (GO)                
0.00%, 08/16/26 (c) ^     900       392,290  
0.00%, 08/16/26 (c) ^     95       37,464  

New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB)

4.00%, 08/15/27 (c)

    555       555,408  

North Texas Tollway Authority System, Second Tier (RB)

4.25%, 01/01/28 (c)

    1,000       988,340  
    Par  
(000’s
)   Value  
Texas (continued)                

Northwest Independent School District, Unlimited Tax School Building (GO)

4.00%, 02/15/31 (c)

  $ 1,000     $ 984,424  

Permanent University Fund - University of Texas System (RB)

4.00%, 07/01/33 (c)

    500       506,748  
Plano Independent School District, Unlimited Tax School Building (GO)                
5.00%, 08/15/32 (c)     1,000       1,115,502  
5.00%, 08/15/32 (c)     1,000       1,117,854  

San Jacinto College District, Series A (GO)

5.00%, 02/15/29 (c)

    900       968,696  

State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB)

5.25%, 07/01/32 (c)

    1,000       1,049,587  

Texas Water Development Board (RB)

4.00%, 10/15/30 (c)

    500       494,039  
Texas Water Development Board, Series A (RB)                
4.00%, 10/15/29 (c)     990       971,059  
5.00%, 04/15/28 (c)     840       894,478  

Texas Water Development Board, Series B (RB)

4.00%, 10/15/28 (c)

    1,000       1,002,007  
Tomball Independent School District (GO)                
4.00%, 02/15/30 (c)     1,000       1,000,662  
5.00%, 02/15/33 (c)     1,000       1,137,400  

University of Houston, Series A (RB)

5.00%, 02/15/32 (c)

    500       539,379  

Ysleta Independent School District (GO)

5.00%, 02/15/32 (c)

    500       547,156  
              31,468,843  
Utah: 0.8%                

Salt Lake City, International Airport, Series B (RB)

5.00%, 07/01/28 (c)

    360       378,518  
University of Utah, Board of Higher Education (RB)                
5.00%, 08/01/31 (c)     1,160       1,280,422  
5.00%, 08/01/32 (c)     585       657,633  

Utah County, IHC Health Services, Inc., Series B (RB)

3.00%, 05/15/26 (c)

    210       167,140  
              2,483,713  


 

See Notes to Financial Statements

107

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Virginia: 1.4%                
Hampton Roads Transportation Accountability Commission, Hampton Roads Transportation, Series A (RB)                
4.00%, 07/01/30 (c)   $ 665     $ 671,003  
4.00%, 07/01/32 (c)     600       577,632  
5.00%, 07/01/30 (c)     500       544,148  
5.00%, 07/01/30 (c)     625       682,080  

Rector and Visitors of Virginia University, Series A (RB)

4.00%, 04/01/25 (c)

    500       500,919  

University of Virginia, Series A (RB)

5.00%, 04/01/27 (c)

    1,000       1,067,910  

Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB)

4.00%, 07/01/27 (c)

    500       445,350  
              4,489,042  
Washington: 1.9%                

Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB)

4.00%, 11/01/31 (c)

    1,000       991,423  

Energy Northwest, Columbia Generating Station Electric, Series A (RB)

4.00%, 07/01/31 (c)

    1,000       1,000,143  
5.00%, 07/01/31 (c)     600       669,818  
5.00%, 07/01/31 (c)     455       509,944  

King County Public Hospital District No. 2, Evergreen Health, Series A (GO)

4.00%, 12/01/29 (c)

    650       615,781  

State of Washington, Series A (GO)

5.00%, 08/01/29 (c)

    1,000       1,093,932  

State of Washington, Various Purpose, Series C (GO)

5.00%, 02/01/28 (c)

    800       858,478  
    Par  
(000’s
)   Value  
Washington (continued)            

Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)

4.00%, 08/15/27 (c)

  $ 205     $ 183,041  
              5,922,560  
West Virginia: 0.2%                

West Virginia Parkways Authority, Turnpike Toll (RB)

5.00%, 06/01/31 (c)

    620       674,293  
Wisconsin: 1.1%                

Public Finance Authority, KU Campus Development Corp. (RB)

5.00%, 03/01/26 (c)

    800       813,704  

Public Finance Authority, Renown Regional Medical Center Project, Series A (RB)

4.25%, 06/01/25 (c)

    500       493,284  

Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB)

5.00%, 02/15/26 (c)

    1,000       998,985  

Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB)

4.00%, 08/15/27 (c)

    1,000       945,753  
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB)                
4.00%, 02/15/27 (c)     115       97,287  
4.00%, 02/15/27 (c)     105       95,258  
              3,444,271  
Wyoming: 0.3%                

Wyoming Community Development Authority (RB)

4.40%, 06/01/32 (c)

    1,000       1,003,709  
Total Municipal Bonds: 98.4%
(Cost: $326,087,728)
            308,409,942  
Other assets less liabilities: 1.6%             5,065,138  
NET ASSETS: 100.0%           $ 313,475,080  


 

See Notes to Financial Statements

108

 

 

 

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

 

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     16.0 %   $ 49,316,202  
Local GO     14.3       44,218,500  
Tax     13.4       41,316,306  
Water & Sewer     9.8       30,346,488  
Education     8.3       25,633,673  
Toll & Turnpike     6.7       20,712,484  
State GO     6.5       20,070,507  
Transportation     5.6       17,132,306  
Leasing COPS & Appropriations     3.8       11,818,609  
Single Family Housing     3.4       10,627,084  
Power     3.2       9,934,814  
Airport     2.2       6,664,321  
Utilities     2.2       6,641,330  
Multi-Family Housing     1.1       3,520,057  
Miscellaneous     1.1       3,345,861  
Tobacco     0.9       2,732,872  
Industrial Development Revenue     0.7       1,996,290  
Health     0.5       1,540,744  
Pollution Control     0.2       554,890  
Refunded     0.1       286,604  
      100.0 %   308,409,942  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Municipal Bonds *   $     $ 308,409,942     $     $ 308,409,942  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

109

VANECK MUNI ALLOCATION ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Number
of Shares
    Value  
CLOSED-END FUNDS: 12.2% (a)                
BlackRock MuniYield Quality Fund III, Inc.     1,882     $ 20,928  
BNY Mellon Municipal Income, Inc.     3,056       19,253  
DWS Municipal Income Trust     4,509       39,183  
Eaton Vance New York Municipal Bond Fund     2,238       21,664  
MFS High Yield Municipal Trust     6,033       19,245  
MFS Investment Grade Municipal Trust     2,806       20,652  
MFS Municipal Income Trust     3,849       20,092  
Neuberger Berman California Municipal Fund, Inc.     1,951       21,402  
Nuveen Municipal Credit Income Fund     1,814       21,169  
Nuveen New Jersey Quality Municipal Income Fund     1,739       20,190  
Nuveen Pennsylvania Quality Municipal Income Fund     1,776       20,140  
Pioneer Municipal High Income Fund Trust     2,172       19,070  
    Number
of Shares
    Value  
Western Asset Managed Municipals Fund, Inc.     2,041     $ 20,655  
Total Closed-End Funds
(Cost: $383,258)
            283,643  
                 
EXCHANGE TRADED FUNDS: 87.7% (a)                
VanEck CEF Muni Income ETF ‡     4,196       90,172  
VanEck High Yield Muni ETF ‡     13,368       689,255  
VanEck Intermediate Muni ETF ‡     14,882       688,888  
VanEck Long Muni ETF ‡     23,888       429,984  
VanEck Short High Yield Muni ETF ‡     5,549       124,963  
                 
Total Exchange Traded Funds
(Cost: $2,176,525)
            2,023,262  
                 
Total Investments: 99.9%
(Cost: $2,559,783)
            2,306,905  
Other assets less liabilities: 0.1%           1,292  
NET ASSETS: 100.0%           $ 2,308,197  


 

 

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.
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Transactions in securities of affiliates for the period ended April 30, 2023 were as follows:

 

                                  Net Change in        
                                  Unrealized        
    Value           Sales     Realized Gain     Dividend     Appreciation     Value  
    4/30/2022     Purchases     Proceeds     (Loss)     Income     (Depreciation)     4/30/2023  
VanEck CEF Muni Income ETF   $     $ 100,242     $ (4,412 )   $ (499 )   $ 1,764     $ (5,159 )   $ 90,172  
VanEck High Yield Muni ETF     939,816       280,311       (485,833 )     (32,072 )     26,955       (12,967 )     689,255  
VanEck Intermediate Muni ETF     1,295,527       139,321       (760,846 )     (56,331 )     19,221       71,217       688,888  
VanEck Long Muni ETF     176,436       877,641       (597,780 )     (52,081 )     7,263       25,768       429,984  
VanEck Short High Yield Muni ETF     194,314             (67,882 )     (2,990 )     3,902       1,521       124,963  
VanEck Short Muni ETF     570,318       509,022       (1,086,877 )     (7,699 )     3,572       15,236        
    $ 3,176,411     $ 1,906,537     $ (3,003,630 )   $ (151,672 )   $ 62,677     $ 95,616     $ 2,023,262  

 

Summary of Investments by Sector   % of
Investments
  Value  
Exchange Traded Funds     87.7 %   $ 2,023,262  
Financials     12.3       283,643  
      100.0 %   $ 2,306,905  

 

See Notes to Financial Statements

110

 

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Closed-End Funds   $ 283,643     $     $     $ 283,643  
Exchange Traded Funds     2,023,262                   2,023,262  
Total Investments   $ 2,306,905     $     $     $ 2,306,905  

 

See Notes to Financial Statements

111

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.5%                
Alabama: 2.5%                

Alabama Special Care Facilities Financing Authority-Birmingham, Methodist Home (RB)

5.50%, 06/01/26 (c)

  $ 500     $ 476,581  

Black Belt Energy Gas District, Series C-1 (RB)

4.00%, 12/01/26 (c) (p)

    2,100       2,094,608  

Hoover Industrial Development Board, United States Steel Corp. Project (RB)

6.38%, 11/01/30 (p)

    390       429,326  

Lower Alabama Gas District, Project No. 2 (RB) (SAW)

4.00%, 12/01/25 (c) (p)

    1,000       1,000,107  

Southeast Alabama Gas Supply District, Series A (RB)

4.00%, 04/01/24 (c) (p)

    2,100       2,103,032  

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

6.00%, 07/15/32 (c) (p)

    2,000       1,804,102  

Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)

4.50%, 05/01/29 (c)

    2,371       2,174,666  
              10,082,422  
American Samoa: 0.1%                

American Samoa Economic Development Authority, Series A (RB)

6.50%, 09/01/28

    250       267,526  
Arizona: 2.2%                

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

4.00%, 07/01/24 (c)

    500       471,193  
Arizona Industrial Development Authority, Basis School Projects, Series A (RB)                
4.75%, 07/01/23 (c)     1,195       1,183,841  
5.00%, 07/01/26     150       150,703  

Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM)

5.00%, 06/01/31

    1,000       1,001,592  

Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)

6.75%, 07/01/27 (c) (d) *

    500       325,000  
    Par  
(000’s
)   Value  
Arizona (continued)                

Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM)

6.75%, 07/01/27 (c) (d) *

  $ 1,000     $ 650,000  

Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB)

4.00%, 07/15/28 (c)

    495       473,714  

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

4.50%, 07/15/25 (c)

    500       487,034  

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

3.62%, 05/20/33

    469       438,753  

City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB)

5.00%, 07/01/29 (c)

    1,000       1,093,852  

City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB)

5.00%, 07/01/27 (c)

    500       543,880  

Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)

4.00%, 07/01/25

    325       319,307  

Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)

4.00%, 07/01/29

    1,390       1,330,482  
Salt Verde Financial Corp. (RB)                
5.25%, 12/01/24     65       65,896  
5.25%, 12/01/28     10       10,568  
5.50%, 12/01/29     370       399,277  
              8,945,092  
Arkansas: 0.5%                

Arkansas Development Finance Authority, Baptist Memorial Health Care Corp., Series B-2 (RB)

5.00%, 09/01/27 (c) (p)

    2,000       2,121,223  
California: 7.0%                

Antelope Valley Healthcare District, Series A (RB)

5.00%, 03/01/26

    440       443,648  

California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB)

5.00%, 08/01/29 (c) (p)

    1,000       1,061,434  

California Housing Finance Agency, Series A (RB)

4.00%, 03/20/33

    1,896       1,893,446  


 

See Notes to Financial Statements

112

 

 

    Par  
(000’s
)   Value  
California (continued)                

California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB)

5.00%, 11/15/28 (c)

  $ 1,340     $ 1,434,080  
California Municipal Finance Authority, Community Medical Centers, Series A (RB)                
5.00%, 02/01/27 (c)     50       52,707  
5.00%, 02/01/27     50       52,543  
California Municipal Finance Authority, LINXS APM Project, Series A (RB)                
5.00%, 06/30/27     610       642,402  
5.00%, 06/30/28     220       234,526  

California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)

5.00%, 06/30/28 (c)

    260       276,898  

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

4.00%, 07/15/29

    6,625       6,461,089  

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       398,376  
3.62%, 07/01/25 (c)     2,000       1,985,042  

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

3.12%, 11/15/23 (c)

    1,500       1,386,014  

California Statewide Communities Development Authority, Baptist University, Series A (RB)

3.50%, 11/01/27

    1,000       957,728  

California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)

5.75%, 05/30/23 (c)

    3       2,726  
    Par  
(000’s
)   Value  
California (continued)                

California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)

5.00%, 05/15/26 (c)

  $ 300     $ 307,543  

California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)

5.00%, 06/01/26 (c)

    350       361,077  

California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB)

5.00%, 07/01/29

    250       249,066  
City and County of San Francisco, Airport Commission, International Airport, Series H (RB)                
5.00%, 05/01/26     500       523,144  
5.00%, 05/01/27     500       531,479  
5.00%, 05/01/29     500       546,874  

City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC)

5.00%, 11/01/23

    5       5,010  

City of Oroville Hospital (RB)

5.00%, 04/01/29 (c)

    500       460,207  

Compton Public Finance Authority (RB)

4.50%, 09/01/24 (c)

    1,000       979,061  

County of Sacramento, Airport System, Series C (RB)

5.00%, 07/01/27

    250       266,173  

County of Sacramento, Airport System, Series E (RB)

5.00%, 07/01/28

    115       129,162  

County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC)

5.00%, 12/01/28 (c)

    520       575,749  

El Centro Financing Authority, El Centro Regional Medical Center Project (RB)

4.50%, 07/01/26 (c)

    480       480,186  

Irvine Unified School District Community Facilities District  No. 09-1, Series D (ST)

5.00%, 09/01/26

    110       115,561  

Lake Elsinore Public Financing Authority, Local Agency (ST)

5.00%, 09/01/24

    230       234,044  

MSR Energy Authority, Series A (RB)

6.12%, 11/01/29

    260       279,841  


 

See Notes to Financial Statements

113

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

Northern California Energy Authority, Series A (RB)

4.00%, 07/01/24 (p)

  $ 1,250     $ 1,258,517  

Oakland Unified School District (GO)

5.00%, 08/01/26

    380       405,865  
Palomar Health (RB)                
5.00%, 11/01/25     250       258,484  
5.00%, 11/01/26 (c)     90       94,239  

Poway Unified School District Public Financing Authority, Series A (ST)

5.00%, 09/01/24

    110       111,776  

River Islands Public Financing Authority, Improvement Area No. 1, Series A (ST) (AGM)

5.00%, 09/01/29 (c)

    500       579,847  
San Francisco Community College District (GO)                
5.00%, 06/15/25     1,000       1,045,714  
5.00%, 06/15/25 (c)     205       214,914  

Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)

4.00%, 09/01/21 (d) *

    370       122,100  
              27,645,092  
Colorado: 1.8%                

City and County of Broomfield, Arista Metropolitan District, Series A (GO)

4.38%, 12/01/23 (c)

    500       482,748  

City and County of Denver, Colorado Airport System, Series A (RB)

5.00%, 12/01/28 (c)

    295       320,292  

City and County of Denver, United Airlines, Inc. Project (RB)

5.00%, 10/01/23 (c)

    1,000       1,001,095  

Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB)

3.50%, 05/30/23 (c)

    1,000       879,234  

Denver Convention Center Hotel Authority (RB)

5.00%, 12/01/26 (c)

    600       621,853  

Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)

4.50%, 11/01/25 (c)

    580       543,844  

Painted Prairie Public Improvement Authority (RB)

4.00%, 12/01/24 (c)

    500       471,605  

Public Authority for Colorado Energy, Natural Gas Purchase (RB)

6.25%, 11/15/28

    140       151,346  
    Par  
(000’s
)   Value  
Colorado (continued)                

Rocky Mountain Rail Park Metropolitan District (GO)

5.00%, 03/01/26 (c)

  $ 500     $ 426,882  

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

3.50%, 12/01/27

    200       187,290  

STC Metropolitan District No. 2, Series A (GO)

4.00%, 12/01/24 (c)

    500       466,400  

Transport Metropolitan District No. 3 (GO)

4.12%, 03/01/26 (c)

    1,000       908,187  

Windler Public Improvement Authority, Series A-1 (RB) (BAM)

4.00%, 09/01/26 (c)

    1,000       836,329  
              7,297,105  
Connecticut: 0.4%                

Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)

4.00%, 07/01/26 (c)

    120       111,200  

Harbor Point Infrastructure Improvement District, Harbor Point Project (TA)

5.00%, 04/01/27 (c)

    900       914,335  

Town of Hamden, Whitney Center Project (RB)

5.00%, 01/01/26 (c)

    450       435,120  
              1,460,655  
Delaware: 0.2%                

Delaware State Economic Development Authority, NRG Energy Project, Series A (RB)

1.25%, 10/01/25 (c) (p)

    1,000       912,310  
District of Columbia: 0.1%                

District of Columbia, Latin American Montessori Bilingual Public Charter School (RB)

4.00%, 06/01/30

    500       479,401  
Florida: 4.3%                

Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB)

3.38%, 07/01/31

    1,540       1,448,312  

Capital Trust Agency, Elim Senior Housing, Inc., Project (RB)

5.00%, 08/01/24 (c)

    425       381,484  

Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB)

4.00%, 06/15/26 (c)

    535       487,579  


 

See Notes to Financial Statements

114

 

 

    Par  
(000’s
)   Value  
Florida (continued)                

Central Florida Expressway Authority, Series D (RB) (AGM)

5.00%, 07/01/31 (c)

  $ 500     $ 587,954  

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

5.00%, 11/01/27 (c)

    500       544,723  

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

5.00%, 11/01/27

    600       651,821  

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

5.00%, 10/01/25 (c)

    290       298,925  

County of Broward, School District, Series B (CP)

5.00%, 07/01/27 (c)

    315       345,506  

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

5.00%, 02/15/30 (c)

    500       537,145  

County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)

5.00%, 06/01/25 (c)

    315       308,014  

County of Miami-Dade, School Board, Series D (CP)

5.00%, 02/01/26 (c)

    120       125,116  

County of Palm Beach, Atlantic University Housing Project, Series A (RB)

5.00%, 04/01/29

    500       505,623  

County of St. Lucie, School District, Sales Tax (RB) (AGM)

5.00%, 10/01/25

    250       261,614  

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

5.00%, 08/15/32

    500       498,493  

Florida Development Finance Corp. Education Facilities, Cornerstone Chapter Academy Project (RB)

5.00%, 10/01/29 (c)

    500       507,650  

Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB)

4.00%, 09/15/27 (c)

    470       430,673  

Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB)

5.12%, 06/15/27

    145       138,740  
    Par  
(000’s
)   Value  
Florida (continued)                
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)                
6.38%, 01/01/26 (c) (p)   $ 2,730     $ 2,596,110  
6.50%, 01/01/29 (c) (p)     2,750       2,595,324  

Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)

5.00%, 05/30/23 (c)

    500       469,135  

JEA Electric System, Series B (RB)

5.00%, 10/01/27 (c)

    110       121,012  

Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)

5.00%, 10/01/24

    250       254,030  

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

5.88%, 01/01/33

    2,000       2,018,155  

Village Community Development District No. 12 (SA) (SAW)

3.80%, 05/01/28

    470       466,823  
Village Community Development District No. 13 (SA)                
2.62%, 05/01/24     245       240,988  
3.00%, 05/01/29     235       216,770  
              17,037,719  
Georgia: 1.3%                

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       987,508  

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

5.50%, 12/01/24 (c)

    250       243,901  

George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB)

2.38%, 01/01/31

    1,500       1,287,777  

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

4.75%, 06/01/28

    380       403,354  


 

See Notes to Financial Statements

115

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Georgia (continued)                
Georgia State, Road and Tollway Authority, Highway Grant Anticipation (RB)                
5.00%, 06/01/25   $ 300     $ 313,062  
5.00%, 06/01/28     250       279,246  

Main Street Natural Gas, Inc., Series A-1 (RB)

5.50%, 09/15/25

    135       138,894  

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

4.00%, 09/01/26 (c) (p)

    1,000       999,199  

Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB)

5.00%, 11/01/27

    250       250,978  

White County Development Authority, Truett McConnell University Project, Series A (RB)

5.00%, 10/01/26 (c)

    225       216,392  
              5,232,811  
Guam: 1.2%                

Guam Government, Business Privilege Tax, Series D (RB)

5.00%, 11/15/25 (c)

    360       368,572  
Guam Government, Business Privilege Tax, Series F (RB)                
5.00%, 01/01/30     1,000       1,063,091  
5.00%, 01/01/31     1,000       1,069,837  

Guam Government, Department of Education, John F. Kennedy High School and Energy Efficiency Project, Series A (CP)

3.62%, 02/01/25

    190       185,238  

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

5.00%, 11/01/28

    250       266,213  

Guam Government, Series A (RB)

5.00%, 12/01/24

    1,000       1,013,522  

Guam Power Authority, Series A (RB)

5.00%, 10/01/32 (c)

    880       971,111  
              4,937,584  
Hawaii: 0.4%                

State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB)

3.10%, 05/01/26

    1,500       1,457,540  
Illinois: 16.5%                

Board of Education of the City of Chicago, Series A (GO) (AMBAC)

5.50%, 12/01/31

    1,000       1,099,431  
    Par  
(000’s
)   Value  
Illinois (continued)                
Chicago Board of Education, Series A (GO)                
5.00%, 12/01/29   $ 1,000     $ 1,054,477  
5.00%, 12/01/29 (c)     1,000       1,049,555  
5.00%, 12/01/30 (c)     2,000       2,098,610  
5.00%, 12/01/30 (c)     1,500       1,569,872  
7.00%, 12/01/25 (c)     200       215,308  
Chicago Board of Education, Series A (GO) (AGM)                
5.00%, 12/01/28 (c)     200       215,246  
5.00%, 12/01/28 (c)     250       261,482  

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

5.50%, 12/01/26

    230       239,071  
Chicago Board of Education, Series A (GO) (NATL)                
0.00%, 12/01/28 ^     795       642,928  
0.01%, 12/01/24     310       291,390  
0.01%, 12/01/26     310       270,828  
Chicago Board of Education, Series B (GO)                
5.00%, 12/01/29 (c)     1,250       1,312,064  
5.00%, 12/01/29 (c)     2,000       2,093,435  
5.00%, 12/01/29     1,250       1,318,096  
5.00%, 12/01/29 (c)     1,950       2,035,397  
5.00%, 12/01/29 (c)     1,400       1,457,754  
5.00%, 12/01/30     2,000       2,112,197  
5.00%, 12/01/30 (c)     2,000       2,098,918  
5.00%, 05/30/23 (c)     2,215       2,220,279  
Chicago Board of Education, Series C (GO)                
5.00%, 12/01/24     1,000       1,014,895  
5.00%, 12/01/27 (c)     1,560       1,617,005  
5.00%, 12/01/27     500       522,587  

Chicago Board of Education, Series E (GO)

5.12%, 12/01/24 (c)

    1,320       1,334,329  

Chicago Midway International Airport, Series A (RB) (AGM)

5.00%, 01/01/24 (c)

    750       754,069  

Chicago Midway International Airport, Series B (RB)

5.00%, 01/01/24 (c)

    260       263,145  
Chicago O’Hare International Airport, Series B (RB)                
4.00%, 05/30/23 (c)     1,000       1,000,295  
5.00%, 01/01/25 (c)     190       195,784  
5.00%, 01/01/25 (c)     295       304,083  
5.00%, 01/01/25 (c)     105       108,254  

Chicago School Reform Board of Trustees, Series A (GO) (NATL)

0.00%, 12/01/29 ^

    575       445,529  
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)                
0.00%, 12/01/24 ^     515       484,085  
0.00%, 12/01/25 ^     560       507,580  
0.00%, 12/01/26 ^     490       428,083  


 

See Notes to Financial Statements

116

 

 

    Par  
(000’s
)   Value  
Illinois (continued)                
0.00%, 12/01/28 ^   $ 1,515     $ 1,225,202  
0.00%, 12/01/29 ^     585       453,277  
0.01%, 12/01/30     190       140,780  
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)                
5.00%, 06/01/24     115       116,669  
5.00%, 06/01/25     1,000       1,033,292  
5.00%, 06/01/26     535       562,496  

Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB)

5.00%, 06/01/25

    1,000       1,033,292  

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

5.00%, 01/01/25

    280       286,399  
City of Chicago, Second Lien Water (RB)                
5.00%, 11/01/24 (c)     270       275,720  
5.00%, 11/01/24 (c)     150       153,462  
5.00%, 11/01/24 (c)     100       102,060  
5.00%, 05/30/23 (c)     100       100,638  

City of Chicago, Second Lien Water, Series A-1 (RB)

5.00%, 11/01/26 (c)

    100       104,580  
City of Chicago, Series A (GO)                
4.00%, 01/01/31 (c)     500       498,838  
5.00%, 01/01/30     1,500       1,619,300  
5.25%, 01/01/24 (c)     180       181,173  

City of Chicago, Series C (GO)

5.00%, 01/01/25

    1,090       1,114,911  

Cook County Community College District No. 508 (GO)

5.25%, 12/01/23 (c)

    240       240,940  

County of Cook, Series A (GO)

5.00%, 11/15/26 (c)

    500       532,028  

Illinois Finance Authority, Admiral Lake Project (RB)

5.00%, 05/15/24 (c)

    500       437,934  

Illinois Finance Authority, Charter School, Art In Motion Project, Series A (RB)

4.00%, 07/01/31

    1,000       874,679  

Illinois Finance Authority, Friendship Village of Schaumburg (RB)

5.00%, 02/15/27 (d) *

    1,190       535,500  

Illinois Finance Authority, Lutheran Life Communities, Series A (RB)

5.00%, 11/01/26 (c)

    250       240,813  

Illinois Finance Authority, Roosevelt University (RB)

5.40%, 05/30/23 (c)

    100       98,031  
    Par  
(000’s
)   Value  
Illinois (continued)                

Illinois Finance Authority, Three Crowns Park (RB)

4.00%, 02/15/24 (c)

  $ 205     $ 198,270  

Illinois Municipal Electric Agency, Power Supply System, Series A (RB)

5.00%, 08/01/25 (c)

    785       818,238  
Illinois Sports Facilities Authority (RB)                
5.00%, 06/15/28     395       406,739  
5.00%, 06/15/29     545       562,192  

Illinois Sports Facilities Authority (RB) (AMBAC)

0.00%, 06/15/26 ^

    260       228,400  

Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)

0.00%, 12/15/24 ^

    130       122,325  

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

5.00%, 12/15/27 (c)

    500       524,963  

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

0.00%, 06/15/28 ^

    115       96,000  

Northern Illinois Municipal Power Agency, Series A (RB)

5.00%, 12/01/26 (c)

    330       352,835  
State of Illinois (GO)                
3.50%, 06/01/26 (c)     350       347,416  
4.00%, 06/01/26 (c)     1,000       1,013,364  
4.00%, 08/08/23 (c)     185       185,337  
4.12%, 11/01/26 (c)     100       102,155  
4.12%, 08/08/23 (c)     300       300,645  
5.00%, 11/01/24     705       719,786  
5.00%, 02/01/24 (c)     150       151,607  
5.00%, 02/01/27 (c)     600       636,279  
5.00%, 02/01/27     500       529,838  
5.00%, 05/01/24 (c)     100       101,427  
5.25%, 07/10/23 (c)     1,000       1,003,570  
5.25%, 07/10/23 (c)     275       275,982  
5.50%, 07/10/23 (c)     60       60,242  
5.50%, 07/10/23 (c)     270       271,090  
5.50%, 07/10/23 (c)     500       502,017  
5.50%, 07/10/23 (c)     1,400       1,405,648  

State of Illinois (GO) (NATL)

6.00%, 11/01/26

    2,000       2,106,626  
State of Illinois, Sales Tax (RB)                
4.00%, 06/15/26 (c)     810       821,605  
5.00%, 06/15/23 (c)     285       285,458  
5.00%, 06/15/23 (c)     190       190,282  
5.00%, 06/15/26     235       246,031  

State of Illinois, Sales Tax, Series A (RB) (BAM)

3.00%, 06/15/31 (c)

    500       470,378  


 

See Notes to Financial Statements

117

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Illinois (continued)                

State Of Illinois, Sales Tax, Series A (RB) (BAM)

4.00%, 06/15/30

  $ 1,000     $ 1,045,763  

State of Illinois, Sales Tax, Series C (RB)

5.00%, 06/15/31

    1,000       1,100,556  
State of Illinois, Series A (GO)                
4.00%, 08/08/23 (c)     100       100,182  
5.00%, 03/01/29     500       546,358  
5.00%, 03/01/30     500       552,801  
State of Illinois, Series B (GO)                
4.00%, 10/01/30 (c)     500       514,431  
5.00%, 10/01/28 (c)     1,000       1,080,877  

State of Illinois, Series C (GO)

5.00%, 11/01/27 (c)

    315       337,293  

State of Illinois, Series D (GO)

5.00%, 11/01/27 (c)

    460       494,025  
              65,407,106  
Indiana: 1.9%                

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

4.75%, 05/30/23 (c)

    290       276,758  

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

3.00%, 11/01/30

    1,000       909,948  

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

4.25%, 11/01/30

    3,015       3,019,904  

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

3.00%, 11/01/30

    1,000       909,948  

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

4.12%, 12/01/26

    2,000       1,970,845  

Indianapolis Local Public Improvement, Indianapolis Airport Authority Project, Series D (RB)

5.00%, 01/01/29

    500       542,869  
              7,630,272  
Iowa: 0.7%                

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

4.00%, 06/01/24 (c)

    945       933,635  

Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB)

4.00%, 12/01/32 (c) (p)

    1,000       985,105  
    Par  
(000’s
)   Value  
Iowa (continued)                

Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB)

5.00%, 03/01/24 (c)

  $ 300     $ 298,455  

Iowa Higher Education Loan Authority, Wartburg College Project (RB)

4.00%, 10/01/25

    755       728,705  
              2,945,900  
Kansas: 0.2%                

City of Goddard, Olympic Park Star Bond Project (RB)

3.60%, 05/19/23 (c)

    225       212,831  

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

5.00%, 05/15/26 (c)

    600       555,261  

Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC)

4.00%, 11/15/25

    100       93,994  
              862,086  
Kentucky: 1.4%                

City of Henderson, Pratt Paper, LLC Project, Series B (RB)

3.70%, 01/01/32

    2,000       1,908,295  

Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series A (RB)

5.00%, 08/01/25 (c)

    140       146,207  

Commonwealth of Kentucky, State Property and Building Commission, Project No. 108, Series B (RB)

5.00%, 08/01/26

    140       149,126  
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB)                
5.00%, 11/01/25     630       661,069  
5.00%, 11/01/26 (c)     325       349,006  

Kentucky Asset Liability Commission Project, Federal Highway Trust, Series A (RB)

5.25%, 09/01/23 (c)

    250       251,399  
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)                
5.00%, 05/15/26 (c)     2,000       1,824,975  
5.00%, 05/15/26     85       82,305  

Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL)

5.00%, 09/01/25 (c)

    175       180,809  
              5,553,191  


 

See Notes to Financial Statements

118

 

 

    Par  
(000’s
)   Value  
Louisiana: 1.9%                

Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB)

5.00%, 12/01/27

  $ 1,025     $ 1,015,082  

Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG)

5.00%, 12/01/29

    150       148,467  

City of New Orleans, Louisiana Water (RB)

5.00%, 12/01/25 (c)

    305       321,469  

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

5.00%, 12/01/26

    525       560,408  

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

3.50%, 11/01/27 (c)

    4,310       3,986,171  

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

7.00%, 07/01/24 (d) *

    330       3  

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       1,618,618  
              7,650,223  
Maryland: 1.3%                

City of Baltimore, Convention Center Hotel (RB)

5.00%, 09/01/27 (c)

    1,200       1,222,156  

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

4.00%, 09/01/27

    200       197,249  

County of Frederick, Mount Saint Mary’s University, Series A (RB)

5.00%, 09/01/27

    350       348,362  

County of Howard, Series A (TA)

4.00%, 02/15/26 (c)

    200       196,486  

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

5.75%, 05/30/23 (c)

    695       701,092  
    Par  
(000’s
)   Value  
Maryland (continued)                

Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)

3.75%, 01/01/27 (c)

  $ 155     $ 150,489  

Maryland Economic Development Corp., Port Covington Project (TA)

3.25%, 09/01/30

    2,000       1,844,806  

Maryland Economic Development Corp., Transportation Facilities, Series A (RB)

5.00%, 06/01/28

    425       453,177  
              5,113,817  
Massachusetts: 0.6%                

Collegiate Charter School of Lowell (RB)

5.00%, 06/15/26 (c)

    490       492,500  

Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB)

5.00%, 07/01/26 (c)

    310       328,606  

Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series K (RB)

5.00%, 07/01/28

    500       547,083  

Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)

4.00%, 05/19/23 (c)

    250       247,303  

Massachusetts Development Finance Agency, Suffolk University (RB)

5.00%, 07/01/27 (c)

    335       352,755  

Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB)

5.00%, 07/01/26 (c)

    100       104,799  

Massachusetts Educational Financing Authority (RB)

5.00%, 01/01/25 (c)

    275       280,390  
              2,353,436  
Michigan: 1.6%                

City of Detroit, Michigan Unlimited Tax (GO)

5.00%, 04/01/26

    1,000       1,024,843  

City of Detroit, Series A (GO) (SBG)

5.00%, 04/01/31 (c)

    500       528,180  

Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB)

4.00%, 11/01/24 (c)

    250       231,941  


 

See Notes to Financial Statements

119

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Michigan (continued)                
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB)                
5.00%, 07/01/26 (c)   $ 1,000     $ 1,069,028  
5.00%, 07/01/26 (c)     500       535,695  

Michigan Finance Authority Higher Education, Aquinas College Project (RB)

4.00%, 05/01/31

    500       441,292  

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

6.25%, 07/01/24 (c)

    1,000       993,853  

Michigan Strategic Fund, I-75 Improvement Project (RB)

5.00%, 12/31/28 (c)

    155       163,149  

Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB)

5.00%, 12/01/27

    1,415       1,544,789  
              6,532,770  
Minnesota: 0.6%                

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

4.25%, 11/01/24 (c)

    100       94,774  

City of Blaine, Senior Housing and Health Facility, Series A (RB)

5.12%, 07/01/25

    415       269,750  

City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)

5.25%, 07/01/25 (c)

    350       333,495  

Duluth Economic Development Authority, Benedictine Health System, Series A (RB)

4.00%, 07/01/26 (c)

    1,000       914,689  

Saint Paul Minnesota Housing and Redevelopment Authority, Health Care, Series A (RB)

5.00%, 07/01/25 (c)

    500       519,861  

Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB)

5.00%, 09/01/26

    100       100,174  
              2,232,743  
Mississippi: 0.7%                

Mississippi Business Finance Corp., Enviva, Inc. Project, (RB)

7.75%, 07/15/32 (c) (p)

    2,195       2,216,692  
    Par  
(000’s
)   Value  
Mississippi (continued)                

Mississippi Business Finance Corp., Waste Pro USA, Inc. Project (RB)

5.00%, 08/02/27 (p)

  $ 500     $ 476,937  
              2,693,629  
Missouri: 1.0%                

City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA)

4.62%, 11/01/27 (c)

    600       582,426  

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

3.88%, 11/15/26 (c)

    220       191,031  

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

4.38%, 02/01/28 (c)

    1,915       1,650,166  

Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)

5.00%, 08/15/25 (c)

    125       115,935  

Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM)

4.38%, 03/15/28 (c)

    365       334,034  

Plaza at Noah’s Ark Community Improvement District (RB)

3.00%, 05/01/29 (c)

    500       453,634  

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

5.00%, 09/01/25 (c)

    500       500,197  
              3,827,423  
Nebraska: 0.2%                
Central Plains Energy Project, Gas Project Crossover, Series A (RB)                
5.00%, 09/01/27     500       519,288  
5.00%, 09/01/28     100       105,017  
5.00%, 09/01/30     125       133,653  
              757,958  
Nevada: 1.1%                

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

5.40%, 05/30/23 (c)

    305       301,854  
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)                
2.50%, 06/15/24     150       146,741  
2.75%, 06/15/28     1,000       907,468  

Clark County, Airport System, Series A-2 (RB)

5.00%, 07/01/24 (c)

    100       102,097  


 

See Notes to Financial Statements

120

 

 

    Par  
(000’s
)   Value  
Nevada (continued)                

Clark County, Nevada Pollution Control, Southern California Edison Company (RB)

2.10%, 06/01/31

  $ 5     $ 4,168  

Clark County, School District, Series A (GO)

5.00%, 06/15/24

    500       510,339  
Clark County, School District, Series B (GO) (AGM)                
5.00%, 06/15/29     250       284,407  
5.00%, 06/15/29 (c)     250       283,679  

Clark County, School District, Series B (GO) (BAM)

5.00%, 06/15/30

    250       288,695  

Clark County, School District, Series C (GO)

5.00%, 12/15/25 (c)

    115       121,078  

State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)

5.88%, 12/15/27

    377       386,008  

Tahoe Douglas Visitors Authority (RB)

5.00%, 07/01/30 (c)

    1,000       1,049,965  
              4,386,499  
New Hampshire: 0.1%                

National Finance Authority, Covanta Project, Series A (RB)

4.00%, 07/01/23 (c)

    250       237,145  

New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)

5.25%, 07/01/24 (c) (d) *

    242       53,260  
              290,405  
New Jersey: 5.4%                
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)                
5.25%, 05/30/23 (c)     2,000       2,013,319  
5.62%, 03/05/24 (c)     1,000       1,014,903  
5.75%, 05/30/23 (c)     300       300,861  
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)                
4.00%, 07/01/27 (c)     760       774,857  
5.00%, 07/01/27 (c)     1,000       1,063,801  

New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB)

4.00%, 11/01/27

    380       392,062  

New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)

4.00%, 11/01/25

    500       507,395  
    Par  
(000’s
)   Value  
New Jersey (continued)                
5.00%, 11/01/25   $ 115     $ 119,853  

New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM)

5.00%, 11/01/29 (c)

    110       122,594  

New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)

5.50%, 12/15/26 (c)

    115       124,751  

New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB)

5.50%, 12/15/26 (c)

    100       110,030  
New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)                
5.00%, 05/31/23 (c)     1,500       1,501,958  
5.00%, 05/31/23 (c)     35       35,046  
5.00%, 05/31/23 (c)     200       200,261  
New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)                
5.00%, 06/15/24 (c)     500       510,713  
5.00%, 06/15/24 (c)     320       326,856  
5.00%, 06/15/24 (c)     340       347,285  
New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB)                
5.00%, 06/15/24 (c)     690       704,401  
5.00%, 06/15/24     430       437,084  
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)                
4.25%, 06/15/25 (c)     440       448,227  
4.38%, 06/15/25 (c)     130       132,926  
5.00%, 06/15/25 (c)     345       360,944  

New Jersey Economic Development Authority, State House Project, Series B (RB)

4.00%, 12/15/28 (c)

    750       779,999  

New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB)

4.12%, 07/01/25 (c)

    175       158,770  
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)                
5.00%, 06/15/24 (c)     175       178,270  
5.00%, 06/15/24 (c)     145       147,750  


 

See Notes to Financial Statements

121

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New Jersey (continued)                

New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)

5.00%, 10/01/24

  $ 315     $ 321,911  

New Jersey State Turnpike Authority, Series A (RB) (AGM)

5.25%, 01/01/26

    500       532,240  
New Jersey Transportation Trust Fund Authority, Series A (RB)                
0.00%, 12/15/25 ^     120       109,803  
0.00%, 12/15/26 ^     360       318,832  
0.00%, 12/15/32 ^     5       3,545  
5.00%, 12/15/28 (c)     205       225,553  
5.00%, 06/15/24     300       304,942  
5.00%, 06/15/26 (c)     395       417,335  

New Jersey Transportation Trust Fund Authority, Series A-1 (RB)

5.00%, 06/15/26 (c)

    110       116,247  
New Jersey Transportation Trust Fund Authority, Series AA (RB)                
5.00%, 06/15/23 (c)     490       491,028  
5.00%, 06/15/25 (c)     275       285,185  
5.25%, 06/15/25 (c)     365       381,686  
5.25%, 06/15/25 (c)     100       104,782  
5.25%, 06/15/25 (c)     435       454,220  
State of New Jersey, Covid-19 General Emergency, Series A (GO)                
5.00%, 06/01/26     500       534,485  
5.00%, 06/01/27     500       546,590  
State of New Jersey, Various Purposes (GO)                
2.00%, 12/01/29 (c)     2,000       1,798,014  
3.00%, 06/01/26     80       79,705  
5.00%, 06/01/27     100       109,318  
Tobacco Settlement Financing Corp., Series A (RB)                
5.00%, 06/01/28 (c)     150       163,443  
5.00%, 06/01/28 (c)     640       696,520  
5.00%, 06/01/28     655       712,668  
              21,522,968  
New Mexico: 0.8%                

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)

    1,700       1,364,968  

City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series A (RB)

1.80%, 04/01/29

    1,100       945,157  
    Par  
(000’s
)   Value  
New Mexico (continued)                

City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB)

1.80%, 04/01/29

  $ 1,000     $ 859,234  
              3,169,359  
New York: 12.4%                
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)                
5.00%, 01/15/27 (c)     100       103,091  
5.00%, 01/15/27 (c)     100       103,265  
5.00%, 01/15/27 (c)     1,800       1,849,417  
5.00%, 07/15/24     1,750       1,772,510  
5.00%, 07/15/26     100       103,003  

Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)

5.00%, 12/31/28

    1,195       1,134,383  

Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB)

4.00%, 06/15/31

    275       257,869  

Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB)

4.00%, 06/01/29 (c)

    595       556,576  

County of Suffolk, Series A (GO) (AGM)

5.00%, 02/01/26

    250       265,250  

County of Suffolk, Series B (GO) (AGM)

5.00%, 10/15/26

    250       269,819  
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)                
5.00%, 07/01/26 (c)     275       280,164  
5.00%, 07/01/26 (c)     270       275,489  

Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB)

4.00%, 07/01/27

    1,000       950,142  

Metropolitan Transportation Authority, Series A-1 (RB)

5.00%, 05/15/26 (c)

    250       259,171  

Metropolitan Transportation Authority, Series C-1 (RB)

5.00%, 05/15/28 (c)

    250       268,265  
Metropolitan Transportation Authority, Series D (RB)                
5.00%, 11/15/26 (c)     500       519,662  
5.00%, 05/15/28 (c)     560       601,097  


 

See Notes to Financial Statements

122

 

 

    Par  
(000’s
)   Value  
New York (continued)                
Metropolitan Transportation Authority, Series D-1 (RB)                
5.00%, 11/15/25 (c)   $ 250     $ 257,997  
5.00%, 11/15/25 (c)     250       258,548  

Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)

5.00%, 12/01/30 (c)

    500       534,342  

Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)

5.00%, 12/01/30 (c)

    1,060       1,120,362  

Monroe County Industrial Development Corp., St. Ann’s Community Project (RB)

4.00%, 01/01/26 (c)

    930       817,301  

New York Convention Center Development Corp., Hotel Unit (RB)

5.00%, 11/15/25 (c)

    500       523,566  

New York Liberty Development Corp., 3 World Trade Center Project (RB)

5.15%, 11/15/24 (c)

    1,000       1,001,146  
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)                
5.00%, 08/01/24     250       251,375  
5.00%, 08/01/28 (c)     1,000       992,764  
5.00%, 08/01/28 (c)     945       934,533  
5.00%, 08/01/28 (c)     2,395       2,361,673  
5.00%, 09/01/27     1,000       996,888  

New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB)

2.88%, 12/03/29 (p)

    1,000       881,970  

New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C))

2.75%, 09/02/25 (c) (p)

    600       573,130  
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)                
2.25%, 08/01/26     815       762,675  
5.00%, 05/19/23 (c)     620       620,449  
5.00%, 05/19/23 (c)     4,155       4,160,106  
5.25%, 08/01/30 (c)     865       894,030  
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)                
4.00%, 10/01/30     4,380       4,319,070  
5.00%, 01/01/28 (c)     785       823,259  
    Par  
(000’s
)   Value  
New York (continued)                
5.00%, 01/01/28 (c)   $ 4,405     $ 4,619,885  

New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project (RB)

5.00%, 01/01/28 (c)

    780       818,137  

New York Transportation Development Corp., John F. Kennedy Interational Airport Project, Series A (RB)

5.00%, 12/01/24

    2,050       2,083,061  

New York Transportation Development Corp., John F. Kennedy International Airport Project (RB)

3.00%, 08/01/31

    2,000       1,750,113  

Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB)

3.50%, 07/01/23 (c)

    1,500       1,464,769  
Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB)                
5.00%, 01/01/26 (c)     1,130       866,623  
5.00%, 01/01/26 (c)     750       575,658  

Town of Oyster Bay, Public Improvement, Series B (GO) (AGM)

3.25%, 02/01/26 (c)

    665       679,106  
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)                
4.00%, 05/30/23 (c)     120       115,134  
4.12%, 05/30/23 (c)     100       95,606  

Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) (BAM-TCRS)

5.00%, 08/15/24

    1,800       1,838,055  

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       1,152,808  
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)                
5.00%, 06/01/27     70       73,441  
5.00%, 06/01/27 (c)     70       73,577  

Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)

4.00%, 09/15/24 (c)

    275       259,477  


 

See Notes to Financial Statements

123

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New York (continued)                

Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)

4.00%, 10/15/29

  $ 200     $ 187,713  
              49,307,520  
North Carolina: 0.3%                

North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL)

6.00%, 01/01/25

    125       130,765  

North Carolina Medical Care Commission, Vedan Health (RB)

5.00%, 06/01/25 (c)

    250       261,350  

North Carolina Turnpike Authority, Triangle Expressway System (RB)

5.00%, 01/01/25

    350       359,425  

North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)

5.00%, 01/01/29 (c)

    500       554,090  
              1,305,630  
North Dakota: 0.4%                

County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB)

6.62%, 06/15/26 (c) (d) *

    3,000       1,650,000  
Ohio: 1.9%                

American Municipal Power, Inc., Series A (RB)

5.00%, 02/15/29

    500       559,268  

County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB)

5.00%, 05/15/29 (c)

    1,000       961,993  
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)                
5.00%, 02/15/25     250       255,545  
5.00%, 02/15/26     50       51,564  
5.00%, 02/15/27     350       365,647  
5.00%, 02/15/27 (c)     110       114,362  

County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB)

5.00%, 05/30/23 (c)

    1,860       1,860,517  

Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB)

2.60%, 10/01/29 (c) (p)

    1,000       887,667  

Ohio Air Quality Development Authority, American Electric Company Project, Series A (RB)

2.40%, 10/01/29 (c) (p)

    500       440,898  
    Par  
(000’s
)   Value  
Ohio (continued)                

Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)

3.25%, 09/01/29

  $ 2,000     $ 1,869,279  
              7,366,740  
Oklahoma: 0.8%                
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)                
5.00%, 08/15/26     1,000       984,005  
5.00%, 08/15/27     250       245,987  

Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)

5.00%, 06/01/25 (c) (p)

    2,000       2,016,035  
              3,246,027  
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: 4.4%                
Allentown Neighborhood Improvement Zone Development Authority (RB)                
5.00%, 05/01/27     1,250       1,276,849  
5.00%, 05/01/28     1,665       1,703,679  
5.00%, 05/01/28     875       896,744  
Berks County Industrial Development Authority, Tower Health Project (RB)                
4.00%, 11/01/27 (c)     200       123,902  
5.00%, 11/01/24     1,000       751,348  
5.00%, 11/01/25     1,000       679,977  
5.00%, 11/01/26     400       263,922  
5.00%, 11/01/27 (c)     1,065       659,938  
Berks County Municipal Authority, Tower Health Project, Series A (RB)                
5.00%, 02/01/30     800       495,804  
5.00%, 02/01/31     425       263,338  

Berks County Municipal Authority, Tower Health Project, Series B-2 (RB)

5.00%, 02/01/27 (c) (p)

    1,500       974,675  

Berks County Municipal Authority, Tower Health Project, Series B-3 (RB)

5.00%, 02/01/30 (c) (p)

    500       309,877  

City of Philadelphia, Gas Works, Series 13 (RB)

5.00%, 08/01/25

    80       83,140  

County of Albemarle, Industrial Development Authority Environmental Improvement, United States Steel Corp. Project (RB)

4.88%, 11/01/24

    1,500       1,506,331  


 

See Notes to Financial Statements

124

 

 

    Par  
(000’s
)   Value  
Pennsylvania (continued)                
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB)                
4.25%, 10/15/26   $ 1,750     $ 1,694,811  
5.00%, 10/15/27     250       247,540  
5.00%, 10/15/28 (c)     500       488,146  

Doylestown Hospital Authority, Series A (RB) (SBG)

5.00%, 07/01/23 (c)

    250       238,124  

Fulton County Industrial Development Authority, Medical Center Project (RB)

4.00%, 07/01/26 (c)

    775       765,493  

Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)

4.00%, 01/01/25

    720       704,009  

Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)

5.00%, 06/30/26

    130       133,809  

Pennsylvania Turnpike Commission, Series A-2 (RB)

5.00%, 06/01/26 (c)

    100       106,133  

Pennsylvania Turnpike Commission, Series E (RB)

6.00%, 12/01/27 (c)

    875       999,229  
Philadelphia Authority for Industrial Development, University of the Arts (RB)                
4.50%, 03/15/28 (c)     675       654,974  
4.50%, 03/15/28 (c)     25       27,136  

Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB)

4.00%, 06/01/31

    575       547,063  

Philadelphia Gas Works Co. (RB)

5.00%, 10/01/26

    100       106,408  

State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW)

5.00%, 12/01/26 (c)

    200       212,092  
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)                
5.00%, 07/01/26     115       119,064  
5.00%, 07/01/27 (c)     275       287,524  
              17,321,079  
    Par  
(000’s
)   Value  
Puerto Rico: 5.5%                
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)                
5.00%, 07/01/30   $ 3,000     $ 3,041,262  
6.12%, 07/01/24     410       414,797  
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)                
5.00%, 07/01/28     1,000       1,017,219  
5.00%, 07/01/31 (c)     2,000       2,006,514  
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)                
4.00%, 07/01/31 (c)     2,000       1,834,534  
5.38%, 07/01/25     3,638       3,708,848  
5.62%, 07/01/27     1,000       1,043,374  
5.62%, 07/01/29     3,000       3,176,405  
5.75%, 07/01/31     2,000       2,145,085  

Puerto Rico Electric Power Authority, Series UU (RB) (AGM)

5.00%, 05/30/23 (c)

    250       251,573  

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Series A (RB)

6.62%, 05/30/23 (c)

    100       101,455  

Puerto Rico Municipal Finance Agency, Series A (RB) (AGM)

5.00%, 05/30/23 (c)

    780       784,908  

Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)

0.01%, 07/01/28 (c)

    2,000       1,361,111  

Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM)

0.01%, 07/01/28 (c)

    1,308       986,899  
              21,873,984  
Rhode Island: 0.5%                
Rhode Island Commerce Corp., Department of Transportation, Series A (RB)                
5.00%, 05/15/30 (c)     400       459,255  
5.00%, 05/15/30 (c)     250       285,794  

Rhode Island Commerce Corp., Department of Transportation, Series B (RB)

5.00%, 06/15/26

    155       165,126  

Rhode Island Health and Educational Building Corp., Care New England, Series B (RB)

5.00%, 09/01/26 (c)

    1,000       988,573  
              1,898,748  
South Carolina: 0.6%                

South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)

5.00%, 12/15/26 (c)

    600       604,547  


 

See Notes to Financial Statements

125

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
South Carolina (continued)                

South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB)

5.25%, 07/01/25 (c)

  $ 755     $ 784,238  

South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)

4.00%, 11/15/24 (c)

    305       294,311  
South Carolina Public Service Authority, Series A (RB)                
5.00%, 06/01/25 (c)     290       300,427  
5.00%, 06/01/26 (c)     525       549,161  
              2,532,684  
Tennessee: 0.2%                

Blount County, Health and Educational Facilities Board, Series A (RB)

5.00%, 01/01/25 (c) (d) *

    500       300,000  

Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)

4.75%, 07/01/27

    105       87,671  

Tennessee Energy Acquisition Corp., Gas Project, Series A (RB)

5.25%, 09/01/26

    525       538,804  
              926,475  
Texas: 7.8%                
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)                
5.00%, 01/01/27 (c)     1,200       1,236,349  
5.00%, 01/01/27 (c)     1,155       1,191,416  

Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)

5.00%, 01/01/26

    775       787,834  

Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB)

5.00%, 01/01/27 (c)

    500       504,389  

Board of Regents of the University of Texas System, Series A (RB) (AGM)

5.00%, 08/15/29 (c)

    50       57,137  

Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB)

3.62%, 07/01/24 (c)

    2,465       2,244,714  

Central Texas Regional Mobility Authority, Series B (RB)

5.00%, 01/01/31 (c)

    750       844,146  

Central Texas Regional Mobility Authority, Series C (RB)

5.00%, 01/01/26 (c)

    1,000       1,051,901  
    Par  
(000’s
)   Value  
Texas (continued)                

Central Texas Turnpike System, Series C (RB)

5.00%, 08/15/24

  $ 120     $ 122,096  

Cities of Dallas & Fort Worth, Dallas/Forth Worth International Airport, Series A (RB)

5.00%, 11/01/23 (c)

    1,000       1,004,743  
City of Austin, Texas Airport System (RB)                
5.00%, 11/15/24 (c)     395       401,804  
5.00%, 11/15/25     625       648,459  

City of Houston, Airport System, Series C (RB)

5.00%, 07/01/27

    180       191,573  

City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB)

5.00%, 07/01/24 (c)

    2,250       2,257,051  

City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB)

5.00%, 07/01/27

    250       252,552  

City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB)

6.50%, 05/30/23 (c)

    200       200,574  
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)                
5.00%, 07/15/27     1,000       1,010,382  
5.00%, 07/15/28     500       507,591  

City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB)

5.00%, 07/15/28

    1,500       1,522,773  

City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal E Project (RB)

4.75%, 07/01/24

    545       545,405  

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       1,004,748  

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       1,768,169  


 

See Notes to Financial Statements

126

 

 

    Par  
(000’s
)   Value  
Texas (continued)                
Clifton Higher Education Finance Corp., Series A (RB)                
4.62%, 08/15/25   $ 60     $ 59,465  
5.12%, 08/15/25 (c)     200       200,561  

Clifton Higher Education Finance Corp., Series D (RB)

5.25%, 08/15/25 (c)

    500       502,951  

Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)

4.88%, 05/30/23 (c)

    335       333,084  

Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)

0.00%, 11/15/29 ^

    315       246,380  

Love Field Airport Modernization Corp., Southwest Airlines Co. (RB)

5.00%, 05/30/23 (c)

    1,000       1,000,152  
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)                
5.00%, 05/15/25 (c)     335       348,835  
5.00%, 05/15/29 (c)     200       224,066  

Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC)

4.55%, 05/01/30

    105       106,044  

Matagorda County Navigation District No 1 (RB)

4.00%, 06/03/23 (c)

    2,100       2,063,892  

Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)

5.00%, 02/15/26 (c) (d) *

    113       3,398  

Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB)

4.62%, 05/19/23 (c)

    3,200       3,126,856  

New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)

4.00%, 07/01/24 (c)

    1,000       876,909  

New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)

5.25%, 05/30/23 (c)

    185       186,435  
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)                
5.00%, 07/01/23     100       85,000  
5.00%, 07/01/24     100       85,000  
    Par  
(000’s
)   Value  
Texas (continued)                

North Texas Tollway Authority, First Tier, Series D (RB) (AGC)

0.01%, 01/01/29

  $ 405     $ 338,239  

North Texas Tollway Authority, Second Tier, Series B (RB)

5.00%, 01/01/26 (c)

    185       193,344  

Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB)

2.62%, 07/01/23 (c)

    550       437,263  
SA Energy Acquisition Public Facility Corp. (RB)                
5.50%, 08/01/24     55       55,792  
5.50%, 08/01/25     125       128,456  
5.50%, 08/01/27     110       116,178  

Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB)

6.25%, 11/15/27 (c)

    250       241,353  

Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)

4.00%, 05/15/24 (c)

    275       260,340  
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB)                
5.25%, 12/15/23     15       15,104  
5.25%, 12/15/24     60       61,178  
5.25%, 12/15/25     100       103,152  

Texas Municipal Gas Acquisition and Supply Corp. III (RB)

5.00%, 12/15/28

    350       364,610  
              31,119,843  
Utah: 0.5%                

Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)

4.50%, 06/15/27

    800       781,166  

Utah Salt Lake City, International Airport, Series A (RB)

5.00%, 07/01/31

    1,000       1,116,391  
              1,897,557  
Virgin Islands: 0.9%                
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)                
5.00%, 10/01/28     585       596,400  
5.00%, 10/01/32     1,000       1,014,949  
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)                
5.00%, 10/01/24     200       196,047  
5.00%, 10/01/24 (c)     1,000       898,328  


 

See Notes to Financial Statements

127

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Virgin Islands (continued)                
Virgin Islands Water & Power Authority, Series B (RB)                
5.00%, 05/30/23 (c)   $ 55     $ 53,112  
5.00%, 05/30/23 (c)     620       593,175  
5.00%, 05/30/23 (c)     75       73,084  
5.00%, 05/30/23 (c)     150       149,256  
              3,574,351  
Virginia: 1.1%                

Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB)

4.75%, 05/30/23 (c)

    140       132,271  

Peninsula Town Center Community Development Authority (RB)

4.50%, 09/01/27 (c)

    325       322,591  

Roanoke County Economic Development Authority, Series A (RB)

4.75%, 09/01/26 (c) (d) *

    1,835       1,446,509  

Roanoke Economic Development Authority, Residential Care Facility (RB)

4.30%, 09/01/27 (c) (d) *

    1,525       1,159,371  

Virginia College Building Authority, Marymount University Project, Series B (RB)

5.25%, 07/01/25 (c)

    710       716,735  

Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB)

4.00%, 01/01/31

    635       640,622  
              4,418,099  
Washington: 1.4%                

King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)

5.00%, 12/01/25

    110       110,171  

Klickitat County, Public Hospital District No. 2 (RB)

4.00%, 12/01/27

    750       720,519  

Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB)

5.00%, 08/01/25 (c) (p)

    480       492,442  

Washington State, Convention Center Public Facilities District (RB)

4.00%, 07/01/31

    2,250       2,177,095  

Washington State, Convention Center Public Facilities District, Series B (RB)

4.00%, 07/01/31 (c)

    250       248,449  
    Par  
(000’s
)   Value  
Washington (continued)                

Washington State, Convention Center Public Facilities District, Series B (RB) (AGM)

4.00%, 07/01/31 (c)

  $ 1,000     $ 997,638  
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)                
3.75%, 07/01/26     185       175,448  
4.00%, 01/01/25 (c)     500       468,677  
5.00%, 01/01/25 (c)     365       326,223  
              5,716,662  
West Virginia: 0.5%                

County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA)

4.75%, 05/30/23 (c)

    680       672,013  

West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW)

4.12%, 07/01/25 (c) (p)

    1,000       984,819  

West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB)

5.00%, 06/01/26

    150       158,839  
              1,815,671  
Wisconsin: 1.3%                

Public Finance Authority, Celanese Corp., Series C (RB)

4.30%, 05/01/26 (c)

    1,000       981,156  

Public Finance Authority, Living Community First Mortgage (RB)

4.25%, 05/01/27 (c)

    455       403,364  

Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)

4.10%, 06/15/26

    475       459,314  

Public Finance Authority, Penick Village (RB)

4.00%, 09/01/26 (c)

    505       445,818  

Public Finance Authority, Phoenix Academy Project, Series A (RB)

5.00%, 06/15/24 (c)

    150       143,219  

Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB)

5.00%, 12/01/27

    1,505       1,540,916  


 

See Notes to Financial Statements

128

 

 

    Par  
(000’s
)   Value  
Wisconsin (continued)                

Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB)

2.62%, 11/01/25

  $ 1,050     $ 1,012,143  
              4,985,930  
Total Municipal Bonds: 98.5%
(Cost: $425,057,148)
            391,763,270  
Other assets less liabilities: 1.5%             5,846,801  
NET ASSETS: 100.0%           $ 397,610,071  

 


 

 

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
(d) Security in default
(p) Putable Security — the redemption date shown is when the security may be redeemed by the investor
* Non-income producing
^ Zero Coupon Bond
    % of      
Summary of Investments by Sector   Investments   Value  
Industrial Development Revenue     18.6 %   $ 72,992,121  
Local GO     11.8       46,145,956  
Tax     8.9       34,658,582  
Hospitals     7.4       28,976,009  
State GO     7.2       28,315,354  
Education     6.2       24,242,944  
Utilities     6.0       23,534,184  
Leasing COPS & Appropriations     5.6       21,739,073  
Power     5.5       21,460,722  
Health     5.4       21,259,680  
Airport     5.3       20,709,452  
Transportation     2.9       11,472,609  
Water & Sewer     2.4       9,381,383  
Toll & Turnpike     2.0       7,914,691  
Miscellaneous     2.0       7,759,711  
Refunded     0.9       3,510,767  
Pollution Control     0.6       2,396,736  
Multi-Family Housing     0.6       2,332,199  
Tobacco     0.4       1,719,649  
Unassigned     0.3       1,241,448  
      100.0 %   $ 391,763,270  

 

See Notes to Financial Statements

129

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Municipal Bonds *   $     $ 391,763,270     $     $ 391,763,270  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

130

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2023

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.6%                
Alabama: 2.7%                

Alabama Federal Aid Highway Finance Authority, Series A (RB)

5.00%, 09/01/27 (c)

  $ 1,000     $ 1,104,173  

Black Belt Energy Gas District Gas, Project No. 4, Series A (RB)

4.00%, 12/01/25 (c) (p)

    1,000       1,001,562  

Black Belt Energy Gas District, Series C-1 (RB)

4.00%, 12/01/26 (c) (p)

    600       598,459  

County of Jefferson (RB)

5.00%, 03/15/27 (c)

    525       562,209  

Jefferson County, Series A (GO)

5.00%, 04/01/25

    340       352,257  

Lower Alabama Gas District, Project No. 2 (RB) (SAW)

4.00%, 12/01/25 (c) (p)

    1,500       1,500,161  
Tuscaloosa City Board of Education (RB)                
5.00%, 08/01/26 (c)     825       883,011  
5.00%, 08/01/26 (c)     1,055       1,129,184  
              7,131,016  
Alaska: 0.3%                

Alaska Housing Finance Corp., Series A (RB)

4.00%, 06/01/25 (c)

    700       714,158  
Arizona: 1.1%                

City of Phoenix, Civic Improvement Corp., Junior Lien Airport, Series D (RB)

5.00%, 07/01/23

    250       250,631  

Maricopa County Industrial Development Authority, Banner Health, Series A (RB)

5.00%, 01/01/26

    700       738,452  

Maricopa County Special Health Care District, Series D (GO)

5.00%, 07/01/23

    500       501,220  

Pima County (GO)

4.00%, 07/01/23

    310       310,401  
Salt River Project Agricultural Improvement & Power District, Series A (RB)                
5.00%, 01/01/26     500       529,711  
5.00%, 01/01/27     500       542,794  
              2,873,209  
California: 17.7%                

Bay Area Toll Authority, San Francisco Bay Area, Series A (RB)

2.95%, 04/01/26 (c) (p)

    1,180       1,161,644  

Bay Area Toll Authority, Series B (RB)

2.85%, 04/01/25 (c) (p)

    385       381,417  
    Par  
(000’s
)   Value  
California (continued)                

Bay Area Toll Authority, Series G (RB)

2.00%, 04/01/24 (c) (p)

  $ 725     $ 712,858  

California Community Choice Financing Authority, Clean Energy, Series A-1 (RB)

4.00%, 08/01/28 (c) (p)

    500       505,316  

California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB)

4.00%, 10/01/24 (c) (p)

    500       502,408  

California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB)

2.00%, 10/01/25 (c) (p)

    335       323,764  

California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB)

5.00%, 10/01/25 (p)

    585       605,678  

California Infrastructure And Economic Development Bank, Series B-2 (RB)

3.00%, 10/01/26 (c) (p)

    500       501,606  
California State Public Works Board, Various Capital Projects, Series B (RB)                
5.00%, 10/01/26     885       956,345  
5.00%, 10/01/27 (c)     835       923,881  

California State Public Works Board, Various Capital Projects, Series D (RB)

5.00%, 09/01/26

    500       539,180  

California Statewide Communities Development Authority, Cottage Health System (RB)

5.00%, 11/01/24 (c)

    900       926,289  

City & County of San Francisco, Series R-1 (GO)

4.00%, 06/15/23 (c)

    1,000       1,001,924  

Foothill-Eastern Transportation Corridor Agency, Series A (RB)

0.00%, 01/01/27 ^

    500       454,059  
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)                
5.00%, 06/01/23 (c)     500       500,772  
5.00%, 06/01/25 (c)     1,870       1,958,380  
5.00%, 06/01/25 (c)     1,000       1,047,262  

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM)

0.00%, 06/01/26 ^

    1,000       921,184  


 

See Notes to Financial Statements

131

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

Grossmont-Cuyamaca Community College District (GO)

5.00%, 08/01/24

  $ 265     $ 271,804  

Los Angeles Community College District, Series C (GO)

5.00%, 08/01/26

    500       539,686  
Los Angeles Department of Water & Power, Series B (RB)                
5.00%, 07/01/23     550       551,653  
5.00%, 07/01/24     250       255,868  
Los Angeles Unified School District, Series A (GO)                
5.00%, 07/01/24     875       895,536  
5.00%, 07/01/26     800       860,397  
Metropolitan Water District of Southern California, Series B (RB)                
5.00%, 07/01/23 (c)     450       451,356  
5.00%, 07/01/24 (c)     1,000       1,023,644  

Northern California Energy Authority, Series A (RB)

4.00%, 07/01/24 (p)

    1,000       1,006,814  
Oakland Unified School District, Series A (GO)                
5.00%, 08/01/23     350       351,432  
5.00%, 08/01/25 (c)     1,000       1,051,473  
Orange County Transportation Authority, I-405 Improvement Project (RB)                
4.00%, 10/15/24     675       684,850  
5.00%, 10/15/24     750       771,529  

Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB)

5.00%, 10/01/26

    1,000       1,081,639  

Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series B (RB)

2.12%, 10/01/23 (c) (p)

    930       927,818  

Regents of The University Of California, Limited Project, Series I (RB)

5.00%, 05/15/23

    485       485,322  

San Bernardino Community College District, Series A (GO)

4.00%, 08/16/27 (c)

    540       575,220  

San Bernardino Community College District, Series B (GO)

4.00%, 08/01/23 (c)

    1,275       1,277,590  

San Bernardino County, Capital Facilities, Project B (CP)

6.88%, 08/01/24

    1,035       1,075,720  
San Joaquin Hills, Agency Toll Road (RB)                
0.00%, 01/01/24 ^     1,000       978,533  
0.00%, 01/01/25 ^     500       476,140  
    Par  
(000’s
)   Value  
California (continued)                

Southern California Public Power Authority. Windy Point/Windy Flats Project (RB)

5.00%, 01/01/24 (c)

  $ 725     $ 734,376  

Southwestern Community College District, Series D (GO)

5.00%, 08/01/25 (c)

    500       525,736  

State of California Department of Water Resources (RB)

5.00%, 12/01/26

    500       543,825  
State of California, Various Purpose (GO)                
3.00%, 03/01/26     1,000       1,002,900  
4.00%, 10/01/27     1,100       1,163,475  
4.00%, 11/01/24     300       304,975  
4.00%, 03/01/24     500       504,315  
5.00%, 10/01/24     555       571,131  
5.00%, 10/01/27     1,000       1,102,852  
5.00%, 10/01/27     530       584,511  
5.00%, 10/01/27     500       551,426  
5.00%, 11/01/23     525       530,181  
5.00%, 11/01/26     915       988,297  
5.00%, 11/01/27 (c)     1,000       1,108,145  
5.00%, 11/01/28     910       1,028,871  
5.00%, 12/01/27     500       553,562  
5.00%, 04/01/24     300       305,548  
5.00%, 04/01/27     750       817,552  
5.00%, 08/01/24     325       333,506  
5.00%, 08/01/25     1,000       1,048,790  
5.00%, 08/01/27     1,305       1,433,664  
5.00%, 09/01/23     1,000       1,006,408  
5.00%, 09/01/25     300       315,250  
5.00%, 09/01/26     1,000       1,075,706  
              47,652,993  
Colorado: 1.6%                

Colorado Health Facilities Authority, Sanford, Series A (RB)

5.00%, 11/01/25

    500       522,569  

Douglas County School District No. RE-1 (GO) (SAW)

5.00%, 12/15/24

    1,000       1,033,225  

Larimer County School District No. R-1 (GO) (SAW)

5.00%, 12/15/23

    450       455,184  

Regional Transportation District, Fastracks Project, Series B (RB)

5.00%, 11/01/28

    1,000       1,128,432  

State of Colorado, Series A (CP)

5.00%, 12/15/26

    500       538,608  

University of Colorado, Series A-2 (RB)

4.00%, 06/01/28 (c)

    500       538,011  
              4,216,029  
Connecticut: 2.6%                

State of Connecticut, Series C (GO)

5.00%, 06/15/26

    300       320,432  


 

See Notes to Financial Statements

132

 

 

    Par  
(000’s
)   Value  
Connecticut (continued)                
State of Connecticut, Series D (GO)                
5.00%, 04/15/26   $ 1,040     $ 1,106,536  
5.00%, 08/15/23     300       301,568  

State of Connecticut, Series E (GO)

5.00%, 09/15/25

    270       283,734  

State of Connecticut, Special Tax Obligation, Series A (ST)

5.00%, 05/01/28

    600       669,567  

State of Connecticut, State Revolving Fund, Series B (RB)

5.00%, 06/01/26

    275       294,726  

State of Connecticut, Transportation Infrastructure Purposes, Series A (ST)

5.00%, 05/01/26

    1,015       1,082,279  

State of Connecticut, Transportation Infrastructure Purposes, Series B (RB)

5.00%, 10/01/24

    535       549,799  
University of Connecticut, Series A (RB)                
5.00%, 04/15/24     575       585,354  
5.00%, 04/15/26     550       585,510  
5.00%, 04/15/28 (c)     1,000       1,110,435  
              6,889,940  
Delaware: 0.5%                

Delaware State Economic Development Authority, NRG Energy Project, Series A (RB)

1.25%, 10/01/25 (c) (p)

    500       456,155  

Delaware Transportation Authority (RB)

5.00%, 07/01/26

    500       536,959  

State of Delaware, Series A (GO)

5.00%, 10/01/25

    410       432,281  
              1,425,395  
District of Columbia: 1.0%                

District of Columbia, Series C (RB)

5.00%, 10/01/26

    785       847,482  

District of Columbia, Series D (GO)

5.00%, 06/01/25

    315       329,496  

District of Columbia, Series E (GO)

5.00%, 06/01/25

    500       523,010  

Metropolitan Washington Airports Authority, Dulles Toll Road (RB) (AGC)

6.50%, 10/01/26 (c)

    1,000       1,123,452  
              2,823,440  
Florida: 2.9%                

Central Florida Expressway Authority (RB) (AGM)

5.00%, 07/01/27

    500       548,244  
    Par  
(000’s
)   Value  
Florida (continued)                

Central Florida Expressway Authority, Series B (RB)

5.00%, 07/01/26

  $ 300     $ 320,289  

County of Miami-Dade, Water and Sewer System (RB)

5.00%, 10/01/28

    1,000       1,122,010  

Florida Department of Management Services, Series A (CP)

5.00%, 11/01/26

    250       269,592  

Florida State Board of Education, Public Education Capital Outlay, Series C (GO)

5.00%, 06/01/24

    1,000       1,020,487  

Florida State Department of Transportation, Turnpike Enterprise, Series A (RB)

5.00%, 07/01/25 (c)

    655       683,668  

Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB)

5.00%, 10/01/27

    500       549,889  

School Board of Miami-Dade County, Series A (CP)

5.00%, 05/01/25 (c)

    895       923,624  

School District of Broward County, Series C (CP)

5.00%, 07/01/24

    340       346,842  
State of Florida, Board of Education, Lottery Revenue, Series A (RB)                
5.00%, 07/01/23     450       451,293  
5.00%, 07/01/24     650       664,654  

State of Florida, Department Of Management Services, Series A (RB)

5.00%, 09/01/25

    750       783,972  
              7,684,564  
Georgia: 3.5%                

City of Atlanta, Water and Wastewater, Series A (RB)

5.00%, 11/01/24

    500       515,570  
Main Street Natural Gas, Inc., Series A (RB)                
4.00%, 09/01/23 (c) (p)     500       500,388  
4.00%, 09/01/27 (c) (p)     1,250       1,256,023  

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

4.00%, 12/02/24 (c) (p)

    1,500       1,507,619  

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

4.00%, 09/01/26 (c) (p)

    2,000       1,998,399  
State of Georgia, Series A (GO)                
5.00%, 02/01/26 (c)     680       726,320  
5.00%, 08/01/26     700       753,289  

State of Georgia, Series C (GO)

5.00%, 07/01/26

    1,000       1,073,918  


 

See Notes to Financial Statements

133

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Georgia (continued)                

State of Georgia, Series E (GO)

5.00%, 12/01/24

  $ 1,100     $ 1,136,524  
              9,468,050  
Guam: 0.4%                

Guam Government, Waterworks Authority, Water and Wastewater System (RB)

5.50%, 07/01/23 (c)

    1,000       1,003,413  
Hawaii: 0.5%                
City & County of Honolulu, Rail Transit Project, Series E (GO)                
5.00%, 03/01/26     785       833,900  
5.00%, 03/01/27     500       544,102  
              1,378,002  
Illinois: 4.6%                

Board of Trustees of the University of Illinois, Series A (RB)

5.00%, 04/01/25

    500       519,824  

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

5.00%, 01/01/26

    500       527,334  

Chicago O’Hare International Airport, Series C (RB)

5.00%, 01/01/26

    315       332,221  

Chicago Park District, Series A (GO) (NATL)

5.50%, 01/01/24 (c)

    1,375       1,396,496  
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)                
5.00%, 06/01/23     350       350,322  
5.00%, 06/01/25     340       351,320  

City of Chicago, Series A (GO)

5.00%, 01/01/27

    500       524,153  

Cook County, Series A (GO)

5.00%, 11/15/26

    300       319,010  
Illinois Finance Authority, Clean Water Initiative (RB)                
5.00%, 01/01/25     600       620,990  
5.00%, 01/01/28     500       554,395  
5.00%, 07/01/27     685       751,947  

Illinois Finance Authority, Clean Water Initiative (RB) (AGM)

5.00%, 07/01/24

    500       511,446  

Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB)

5.00%, 07/15/23

    250       250,812  

Illinois State Toll Highway Authority, Series A (RB)

5.00%, 01/01/27

    415       449,913  

Illinois State Toll Highway Authority, Series C (RB)

5.00%, 01/01/27

    650       704,683  
    Par  
(000’s
)   Value  
Illinois (continued)                

Sales Tax Securitization Corp., Series A (RB)

5.00%, 01/01/24

  $ 550     $ 555,937  

State of Illinois (GO) (AGC)

5.50%, 05/01/25

    335       347,785  

State of Illinois, Series A (RB)

4.00%, 06/15/28

    580       596,810  
State of Illinois, Series D (GO)                
5.00%, 11/01/23     500       503,433  
5.00%, 11/01/25     1,345       1,395,061  
5.00%, 11/01/26     800       844,709  
              12,408,601  
Indiana: 0.8%                

Indiana Finance Authority Hospital, Series 2012A, Community Health Network Project (RB)

5.00%, 05/01/23 (c)

    1,000       1,000,000  

Indiana Finance Authority, Indiana University Health, Series C (RB)

5.00%, 12/01/23

    500       504,234  

Indiana Finance Authority, Series C (RB)

5.00%, 12/01/24

    575       593,641  
              2,097,875  
Iowa: 0.1%                

Iowa Finance Authority (RB)

5.00%, 08/01/23

    250       251,122  
Kentucky: 1.3%                

Kentucky Public Energy Authority, Gas Supply, Series B (RB)

4.00%, 01/01/25 (c) (p)

    1,085       1,087,819  

Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB)

4.00%, 06/01/25 (c) (p)

    1,100       1,101,829  

Kentucky State Property & Building Commission (RB)

5.00%, 05/01/26

    275       291,598  

Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB)

5.00%, 10/01/26 (c) (p)

    1,000       1,046,858  
              3,528,104  
Louisiana: 0.8%                

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

5.00%, 05/15/25 (c) (p)

    500       514,059  

Louisiana State Citizens Property Insurance Corp., Series 2 (RB)

5.00%, 06/01/23

    590       590,800  


 

See Notes to Financial Statements

134

 

 

    Par  
(000’s
)   Value  
Louisiana (continued)                

St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB)

2.38%, 07/01/26 (p)

  $ 750     $ 709,821  

State of Louisiana, Series A (GO)

5.00%, 03/01/26

    335       355,397  
              2,170,077  
Maine: 0.2%                

State of Maine, Series B (GO) (SBG)

5.00%, 06/01/25

    500       522,596  
Maryland: 3.0%                

County of Montgomery, Consolidated Public Improvement, Series A (GO)

5.00%, 11/01/26

    265       286,967  

Department of Transportation of Maryland, Series B (RB)

5.00%, 12/01/23

    500       505,502  

Prince George’s County, Series A (GO)

5.00%, 07/15/25

    425       445,837  
State of Maryland, Department of Transportation (RB)                
4.00%, 11/01/24 (c)     500       510,911  
5.00%, 10/01/26     595       642,156  
5.00%, 05/01/23     500       500,000  
State of Maryland, Series B (GO)                
5.00%, 08/01/24     550       563,713  
5.00%, 08/01/25     500       525,065  

State of Maryland, State and Local Facilities Loan, First Series (GO)

4.00%, 06/01/24 (c)

    560       566,562  

State of Maryland, State and Local Facilities Loan, First Series A (GO)

5.00%, 03/15/24

    1,500       1,525,060  

State of Maryland, State and Local Facilities Loan, First Series C (GO)

5.00%, 08/01/24

    250       256,233  

State of Maryland, State and Local Facilities Loan, Second Series A (GO)

5.00%, 08/01/26

    625       671,367  

State of Maryland, State and Local Facilities Loan, Series A (GO)

5.00%, 03/15/29

    1,000       1,143,102  
              8,142,475  
Massachusetts: 3.2%                

Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB)

5.00%, 06/15/23 (c)

    860       861,996  
    Par  
(000’s
)   Value  
Massachusetts (continued)                
Commonwealth of Massachusetts, Series A (GO)                
5.00%, 01/01/26   $ 250     $ 264,855  
5.00%, 01/01/27     710       770,767  

Commonwealth of Massachusetts, Series C (GO)

5.00%, 10/01/26

    400       431,566  
Commonwealth of Massachusetts, Series D (GO)                
5.00%, 07/01/23     900       902,675  
5.00%, 07/01/27     250       274,745  
Commonwealth of Massachusetts, Series E (GO)                
3.00%, 12/01/25     750       753,047  
5.00%, 11/01/26     295       318,940  

Commonwealth of Massachusetts, Series E (GO) (AGM)

5.00%, 09/01/26

    250       269,175  

Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB)

5.00%, 07/01/24

    515       526,849  

Massachusetts Development Finance Agency, Broad Institute (RB)

5.00%, 04/01/26

    450       477,692  

Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)

5.00%, 10/15/26

    500       541,014  

Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB)

0.90%, 12/01/24 (c)

    1,000       905,217  

Massachusetts School Building Authority, Series A (RB)

5.00%, 05/15/23 (c)

    500       500,310  

Massachusetts State College Building Authority, Series A (RB)

5.00%, 05/01/25 (c)

    775       810,950  
              8,609,798  
Michigan: 1.3%                

City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB)

5.00%, 03/01/24 (c)

    1,000       1,013,139  

Great Lakes Water Authority Water Supply System, Series A (RB)

5.00%, 07/01/24

    590       601,126  

State of Michigan, Grant Anticipation (RB)

5.00%, 03/15/24

    650       659,570  


 

See Notes to Financial Statements

135

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Michigan (continued)                
5.00%, 03/15/26   $ 1,065     $ 1,130,889  
              3,404,724  
Minnesota: 1.1%                

Minneapolis-St. Paul Metropolitan Area, Series C (GO)

5.00%, 12/01/26

    1,000       1,085,144  

State of Minnesota, Various Purpose, Series A (GO)

5.00%, 08/01/24

    1,200       1,229,919  

State of Minnesota, Various Purpose, Series D (GO)

5.00%, 08/01/26

    570       612,655  
              2,927,718  
Missouri: 0.6%                

City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM)

5.00%, 07/01/23

    1,000       1,002,109  

Health & Educational Facilities Authority, Mercy Health, Series A (RB)

5.00%, 06/01/25

    150       155,483  

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB)

5.00%, 07/01/25 (c)

    500       522,956  
              1,680,548  
Nebraska: 0.2%                

Central Plains Energy Project, Gas Project Crossover, Series A (RB)

5.00%, 01/01/24 (c) (p)

    500       503,693  
Nevada: 0.7%                

Clark County (GO)

5.00%, 06/01/25

    1,090       1,139,035  

County of Clark, Nevada McCarran International Airport, Series A (RB)

5.00%, 07/01/23

    300       300,817  

County of Clark, Series B (GO)

5.00%, 11/01/23

    450       454,285  
              1,894,137  
New Jersey: 4.1%                
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)                
5.00%, 06/15/27 (c)     615       677,626  
5.00%, 06/15/27 (c)     935       1,030,212  

New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)

5.25%, 06/15/25 (c)

    500       525,664  
    Par  
(000’s
)   Value  
New Jersey (continued)                
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB)                
5.00%, 06/15/23   $ 1,000     $ 1,001,706  
5.00%, 06/15/24     575       584,472  
5.00%, 06/15/24 (c)     500       509,484  

New Jersey Educational Facilities Authority, Princeton University, Series B (RB)

5.00%, 07/01/25

    1,000       1,048,924  

New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB)

5.00%, 07/01/23

    300       300,787  

New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM)

5.00%, 12/01/23

    500       504,925  
New Jersey Transportation Trust Fund Authority, Series A (RB)                
5.00%, 12/15/23     1,175       1,185,212  
5.00%, 12/15/26     500       532,035  
5.00%, 06/15/24     1,410       1,434,317  

State of New Jersey, Covid-19 General Emergency, Series A (GO)

5.00%, 06/01/27

    500       546,590  
State of New Jersey, Various Purposes (GO)                
2.00%, 06/01/25     500       483,505  
2.00%, 06/01/26     500       477,253  

Tobacco Settlement Financing Corp., Series A (RB)

5.00%, 06/01/23

    290       290,390  
              11,133,102  
New Mexico: 0.8%                

State of New Mexico (GO)

5.00%, 03/01/24

    500       508,384  

State of New Mexico, Series A (RB)

5.00%, 07/01/27

    840       920,701  

State of New Mexico, Series B (GO)

5.00%, 03/01/25

    250       260,329  

State of New Mexico, Series B (RB)

5.00%, 07/01/26

    535       572,861  
              2,262,275  
New York: 13.3%                
City of New York, Series A (GO)                
4.00%, 08/01/23     250       250,514  
5.00%, 08/01/24     1,500       1,537,399  

City of New York, Series C (GO)

5.00%, 08/01/24

    750       768,699  

City of New York, Series C (GO) (SD CRED PROG)

5.00%, 08/01/27

    500       548,451  


 

See Notes to Financial Statements

136

 

 

    Par  
(000’s
)   Value  
New York (continued)                
City of New York, Series C and D (GO)                
5.00%, 08/01/23   $ 320     $ 321,437  
5.00%, 08/01/26     325       348,062  

City of New York, Series E (GO)

5.00%, 08/01/24

    255       261,358  

City of New York, Series F-1 (GO)

5.00%, 03/01/27

    410       445,383  

Long Island Power Authority Electric System (RB) (BAM)

5.00%, 09/01/26

    510       549,287  

Metropolitan Transportation Authority, Series A-1 (RB)

5.00%, 11/15/24 (p)

    2,000       2,023,617  

Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG)

5.00%, 05/15/24 (p)

    1,160       1,173,304  
Metropolitan Transportation Authority, Series B (RB)                
5.00%, 11/15/23     290       291,856  
5.00%, 11/15/26     500       524,645  

Metropolitan Transportation Authority, Series C-1 (RB)

5.00%, 11/15/23

    500       503,208  

New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C))

0.60%, 07/01/25 (c) (p)

    305       281,816  

New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM)

5.00%, 01/01/27

    750       802,511  

New York City Transitional Finance Authority Future Tax Secured, Series A (RB)

5.00%, 11/01/27

    440       484,824  

New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB)

5.00%, 02/01/27

    850       920,544  
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)                
5.00%, 07/15/24     550       562,674  
5.00%, 07/15/25     570       597,248  

New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB)

5.00%, 11/01/26

    1,000       1,076,634  

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)

5.00%, 05/01/23

    575       575,000  
    Par  
(000’s
)   Value  
New York (continued)                

New York City Transitional Finance Authority, Series C (RB)

5.00%, 11/01/23

  $ 700     $ 706,389  

New York City Water & Sewer System, Series BB-2 (RB)

5.00%, 12/15/23 (c)

    700       707,288  

New York City Water & Sewer System, Series BB-2 (RB) (AGM)

5.00%, 12/15/24 (c)

    430       442,977  

New York State Dormitory Authority, New York Cornell University, Series A (RB)

5.00%, 07/01/26

    700       753,511  

New York State Dormitory Authority, Personal Income Tax, Series A (RB)

5.00%, 03/15/27

    500       543,668  

New York State Dormitory Authority, Personal Income Tax, Series B (RB)

5.00%, 02/15/27

    510       555,820  

New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM)

5.00%, 02/15/25

    1,000       1,037,283  

New York State Dormitory Authority, Series A (RB)

5.00%, 02/15/27

    500       543,977  

New York State Dormitory Authority, Series C (RB)

5.00%, 03/15/28

    640       712,095  

New York State Dormitory Authority, State Sales Tax, Series B (RB)

5.00%, 09/15/25 (c)

    500       526,184  

New York State Dormitory Authority, State Sales Tax, Series C (RB)

5.00%, 03/15/25

    1,035       1,077,306  

New York State Dormitory Authority, State Sales Tax, Series E (RB)

5.00%, 03/15/26

    680       725,640  

New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB)

5.00%, 07/01/25

    500       523,278  

New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB)

5.00%, 06/15/28

    605       680,067  

New York State Housing Finance Agency, Series A-2, Series B-2, Series C (RB)

2.50%, 05/01/27 (c) (p)

    975       937,315  


 

See Notes to Financial Statements

137

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
New York (continued)                

New York State Housing Finance Agency, Series I (RB) (SAW)

1.75%, 05/19/23 (c)

  $ 700     $ 686,283  

New York State Housing Finance Agency, Series L-2 (RB)

0.75%, 05/19/23 (c)

    750       690,141  
New York State Urban Development Corp., State Personal Income, Series A (RB)                
5.00%, 03/15/25     495       514,517  
5.00%, 03/15/26 (c)     500       531,931  
5.00%, 03/15/27     690       752,251  

New York State Urban Development Corp., State Personal Income, Series E (RB)

5.00%, 03/15/25

    500       519,714  

Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM)

3.25%, 02/01/26

    530       532,713  

Town of Oyster Bay, Water District Notes (G.O. LTD NOTES)

5.00%, 03/08/24

    1,000       1,014,675  

Triborough Bridge & Tunnel Authority, Series A-2 (RB)

2.00%, 05/15/26 (p)

    875       804,247  
Triborough Bridge & Tunnel Authority, Series A (RB)                
5.00%, 11/15/26     1,000       1,082,896  
5.00%, 11/15/27     500       555,040  
5.00%, 11/15/28     1,000       1,136,615  

Triborough Bridge & Tunnel Authority, Series B (RB)

5.00%, 05/15/26 (p)

    1,000       1,053,502  

Triborough Bridge & Tunnel Authority, Series C-1B (RB)

5.00%, 05/15/26 (p)

    500       526,602  
              35,722,396  
North Carolina: 2.1%                

City of Charlotte, North Carolina Water & Sewer System (RB)

5.00%, 07/01/23

    500       501,470  

County of Guilford, Series B (GO)

5.00%, 05/01/24

    500       509,897  

County of Mecklenburg, Series A (GO)

4.00%, 04/01/27 (c)

    1,000       1,057,088  

County of Wake (RB)

5.00%, 09/01/26

    375       403,887  
    Par  
(000’s
)   Value  
North Carolina (continued)                

North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB)

5.00%, 02/01/26 (p)

  $ 500     $ 527,508  

North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM)

5.00%, 02/01/24

    2,125       2,153,918  

State of North Carolina, Series B (GO)

5.00%, 06/01/23

    575       575,827  
              5,729,595  
Ohio: 2.7%                

American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB)

5.00%, 02/15/28

    1,000       1,098,681  

City of Columbus, Various Purpose (GO)

5.00%, 10/01/27 (c)

    750       827,469  

County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)

5.00%, 08/01/26

    410       436,987  

Franklin County Convention Facilities Authority (RB)

5.00%, 12/01/24 (c)

    1,730       1,786,085  

Lancaster Port Authority (RB) (SBG)

5.00%, 02/01/25 (c) (p)

    485       494,518  

Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA)

0.00%, 06/01/24 ^

    500       482,084  

State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)

5.00%, 12/01/23

    560       565,839  

State of Ohio, Highway Capital Improvement, Series R (GO)

5.00%, 05/01/27

    500       509,205  

State of Ohio, Highway Capital Improvement, Series U (GO)

5.00%, 05/01/23

    1,000       1,000,000  
              7,200,868  
Oklahoma: 0.6%                

Canadian County Educational Facilities Authority, Mustang Public Schools (RB)

5.00%, 09/01/26 (c)

    535       569,164  

Oklahoma County Independent School District, Series A (GO)

3.00%, 07/01/27

    1,000       1,006,708  
              1,575,872  


 

See Notes to Financial Statements

138

 

 

    Par  
(000’s
)   Value  
Oregon: 0.9%                

Beaverton School District 48J, Series B (GO) (SBG)

5.00%, 06/15/24 (c)

  $ 1,000     $ 1,020,316  

Linn and Benton Counties School District No. 8J (GO) (SBG)

5.00%, 06/15/26

    350       374,379  

Multnomah County School District No. 1J, Series B (GO) (SBG)

5.00%, 06/15/25

    500       523,489  

State of Oregon, Article Xi-Q State Projects, Series A (GO)

5.00%, 05/01/23

    500       500,000  
              2,418,184  
Pennsylvania: 3.2%                

City of Philadelphia, Series A (GO)

5.00%, 08/01/25

    300       313,101  
Commonwealth of Pennsylvania, First Series (GO)                
5.00%, 01/01/26     560       591,796  
5.00%, 01/01/27     315       340,812  
5.00%, 03/15/25 (c)     500       519,993  
5.00%, 06/15/29     500       510,435  

Commonwealth of Pennsylvania, First Series (GO) (SBG)

5.00%, 07/15/26

    1,000       1,070,174  

County of Lehig, Valley Health Network, Series A (RB) (SBG)

5.00%, 07/01/26

    600       632,557  

Delaware River Port Authority, Series B (RB)

5.00%, 01/01/25

    350       361,551  

Montgomery County Industrial Development Authority, Series A (RB)

4.10%, 04/03/28 (p)

    500       508,908  

Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB)

5.00%, 09/01/23

    500       502,210  

Philadelphia School District, Series F (GO) (SAW)

5.00%, 09/01/25

    660       687,775  

University of Pittsburgh of the Commonwealth System (RB)

4.00%, 02/15/26 (c)

    500       517,050  

Westmoreland County Municipal Authority (RB)

5.00%, 08/15/31

    1,185       1,191,000  

Westmoreland County Municipal Authority (RB) (BAM)

5.00%, 08/15/25 (c)

    765       792,374  
              8,539,736  
    Par  
(000’s
)   Value  
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     $ 519,749  

Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB)

5.00%, 06/01/25 (c)

    500       511,331  
              1,031,080  
South Carolina: 0.9%                

County of Charleston, Series C (GO) (SAW)

5.00%, 11/01/24

    510       525,351  

Patriots Energy Group Financing Agency, Series A (RB)

4.00%, 02/01/24 (c) (p)

    1,765       1,768,178  
              2,293,529  
South Dakota: 0.2%                

South Dakota Health And Educational Facilities Authority, Series A, Avera Health (RB)

5.00%, 07/01/24 (c) (p)

    535       541,217  
Tennessee: 1.3%                

Metropolitan Government of Nashville & Davidson County (GO)

5.00%, 07/01/26

    525       562,979  

Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG)

5.00%, 01/01/24

    500       505,991  

Tennessee Energy Acquisition Corp., Gas Project (RB)

4.00%, 11/01/25 (c) (p)

    1,775       1,775,638  

Tennessee Energy Acquisition Corp., Series A (RB)

4.00%, 05/01/23 (c) (p)

    560       560,000  
              3,404,608  
Texas: 8.2%                

Bexar County (GO)

5.00%, 06/15/26 (c)

    500       533,435  

Board of Regents of the University of Texas System, Series H (RB)

5.00%, 08/15/23

    275       276,398  

City of Denton, Utility System (RB)

5.00%, 12/01/26

    310       332,105  
City of Houston, Airport System, Series D (RB)                
5.00%, 07/01/23     500       501,329  
5.00%, 07/01/24     250       255,261  

City of Houston, Series A (GO)

5.00%, 03/01/24 (c)

    750       761,151  


 

See Notes to Financial Statements

139

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Texas (continued)                

City of San Antonio, Electric and Gas Systems (RB)

5.00%, 08/01/26 (c)

  $ 630     $ 674,789  

City of San Antonio, General Improvement (GO)

5.00%, 08/01/25

    500       523,949  

Comal Independent School District (GO)

5.00%, 02/01/26

    775       823,335  

Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO)

5.00%, 02/15/27

    2,000       2,174,078  

Dallas Area Rapid Transit, Series A (RB)

5.00%, 12/01/25 (c)

    1,000       1,052,974  

Dallas County Hospital District (GO)

5.00%, 08/15/23

    950       954,582  

Dallas County, Combination Tax and Parking Garage (GO)

5.00%, 08/15/23

    375       376,884  

Dallas Fort Worth International Airport, Series B (RB)

5.00%, 11/01/25

    200       210,406  

Dallas Independent School District, Series A (GO)

4.00%, 02/15/25 (c)

    500       508,918  

Denton Independent School District, Series A (GO)

5.00%, 08/15/25 (c)

    500       524,124  

Dripping Springs Independent School District (GO)

4.00%, 02/15/24 (c)

    1,000       1,005,530  

Harris County, Texas Toll Road Senior Lien, Series A (RB)

5.00%, 08/15/27

    1,000       1,101,724  

Houston Independent School District, Limited Tax School House (GO)

5.00%, 02/15/26

    250       264,951  

New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB)

5.00%, 08/15/23

    160       160,721  

North Texas Thruway Authority, Series I (RB) (AGC)

6.20%, 01/01/25 (c)

    1,000       1,052,005  

North Texas Tollway Authority, First Tier, Series A (RB)

5.00%, 01/01/26 (c)

    595       621,836  

Pflugerville Independent School District (GO)

5.00%, 02/15/24 (c)

    500       506,805  

Pflugerville Independent School District, Series A (GO)

5.00%, 02/15/24

    1,000       1,015,211  
    Par  
(000’s
)   Value  
Texas (continued)                
State of Texas, Water Infrastructure Fund, Series B-3 (GO)                
5.00%, 08/01/23   $ 400     $ 401,696  
5.00%, 08/01/24     250       256,233  

Texas A&M University, Series D (RB)

5.00%, 05/15/26

    820       876,882  

Texas Municipal Gas Acquisition & Supply Corp. III (RB)

5.00%, 12/15/26

    600       614,649  
Texas Water Development Board (RB)                
5.00%, 04/15/26     1,000       1,063,978  
5.00%, 08/01/23     350       351,484  

Texas Water Development Board, Series B (RB)

5.00%, 10/15/24

    500       514,224  

University of Houston, Series A (RB)

5.00%, 02/15/26

    1,000       1,060,634  

Ysleta Independent School District (GO)

5.00%, 08/15/25 (c)

    650       681,362  
              22,033,643  
Utah: 0.6%                

County of Utah, IHL Health Services Inc., Series B-1 (RB)

5.00%, 08/01/24 (c) (p)

    1,000       1,021,226  

County of Utah, IHL Health Services Inc., Series B-2 (RB)

5.00%, 08/01/24 (c) (p)

    500       506,173  
              1,527,399  
Virginia: 2.2%                

County of Fairfax, Public Improvement, Series A (GO)

4.00%, 10/01/24

    285       289,008  

County of Fairfax, Public Improvement, Series A (GO) (SAW)

4.00%, 10/01/23

    275       275,906  

Hampton Roads Transportation Accountability Commission (RB)

5.00%, 07/01/26

    1,250       1,337,282  

Rector And Visitors of The University Of Virginia, Series A (RB)

5.00%, 06/01/23 (c)

    1,000       1,001,389  
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)                
5.00%, 02/01/27     250       271,400  
5.00%, 02/01/27     600       651,359  


 

See Notes to Financial Statements

140

 

 

    Par  
(000’s
)   Value  
Virginia (continued)                
Virginia Commonwealth Transportation Board (RB)                
5.00%, 09/15/23   $ 400     $ 402,732  
5.00%, 09/15/24     325       333,831  
5.00%, 09/15/26 (c)     510       548,794  

Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC)

0.75%, 09/02/25 (p)

    1,000       918,191  
              6,029,892  
Washington: 3.0%                

Central Puget Sound Regional Transit Authority, Series S-1 (RB)

5.00%, 11/01/25 (c)

    1,000       1,053,265  

City of Seattle, Municipal Light and Power Improvement, Series B (RB)

5.00%, 02/01/26

    400       424,073  

Energy Northwest Project Electric, Series A (RB)

5.00%, 07/01/25

    1,000       1,046,986  
Energy Northwest Project Electric, Series C (RB)                
5.00%, 07/01/24     540       552,112  
5.00%, 07/01/25     1,375       1,439,607  

Energy Northwest, Project 3 Electric, Series A (RB)

5.00%, 07/01/27 (c)

    725       795,555  

State of New Mexico, Series A (GO)

5.00%, 06/01/26

    1,000       1,068,665  

State of Washington, Various Purpose, Series R-A (GO)

5.00%, 08/01/24

    750       768,235  

Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB)

5.00%, 08/01/24 (c) (p)

    1,000       1,009,021  
              8,157,519  
West Virginia: 0.4%                

State of West Virginia, Surface Transportation Improvements, Series A (RB)

5.00%, 09/01/26

    1,000       1,069,763  
Wisconsin: 1.0%                
City of Milwaukee, Series N4 (GO)                
5.00%, 04/01/24     225       227,878  
5.00%, 04/01/26     750       785,429  

State of Wisconsin, Series 1 (RB)

5.00%, 07/01/29

    500       501,428  

State of Wisconsin, Series A (GO)

5.00%, 05/01/25

    500       521,802  
    Par  
(000’s
)   Value  
Wisconsin (continued)                
5.00%, 05/01/25 (c)   $ 500     $ 522,498  

Wisconsin Department of Transportation, Series 2 (RB)

5.00%, 07/01/24

    120       122,733  
              2,681,768  
Total Municipal Bonds: 98.6%
(Cost: $272,437,279)
            264,754,123  
Other assets less liabilities: 1.4%       3,827,867  
NET ASSETS: 100.0%           $ 268,581,990  


 

See Notes to Financial Statements

141

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(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
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  
State GO     18.7 %        $ 49,458,806  
Refunded     15.2       40,185,246  
Local GO     13.1       34,667,273  
Tax     8.7       23,104,322  
Utilities     6.9       18,282,643  
Water & Sewer     5.7       14,989,069  
Transportation     5.3       14,193,285  
Education     4.7       12,479,449  
Leasing COPS & Appropriations     4.2       11,032,324  
Power     4.1       10,909,273  
Toll & Turnpike     4.0       10,656,418  
Hospitals     3.9       10,300,517  
Miscellaneous     1.6       4,167,218  
Multi-Family Housing     1.3       3,500,772  
Airport     1.3       3,380,107  
Tobacco     0.6       1,722,905  
Unassigned     0.4       1,014,675  
Industrial Development Revenue     0.3       709,821  
      100.0 %   $ 264,754,123  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Municipal Bonds *   $     $ 264,754,123     $     $ 264,754,123  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

142

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30,2023

 

    CEF Muni Income
ETF
    High Yield Muni
ETF
    HIP Sustainable
Muni ETF
    Intermediate
Muni  ETF
 
Assets:                                
Investments, at value                                
Unaffiliated issuers (1)   $ 204,130,828     $ 2,743,760,241     $ 17,889,717     $ 1,795,974,394  
Cash     415       19,269,881       175,508       7,811,586  
Receivables:                                
Investment securities sold     534,505       763,056              
Shares of beneficial interest sold     534,481                    
Dividends and interest     541,035       43,434,745       267,403       22,481,495  
Total assets     205,741,264       2,807,227,923       18,332,628       1,826,267,475  
Liabilities:                                
Payables:                                
Investment securities purchased     534,505       6,037,216             4,335,140  
Shares of beneficial interest redeemed     534,481                    
Line of credit     198,947                    
Due to Adviser     67,025       822,039       3,633       362,416  
Deferred Trustee fees     4,195       3,184             3,000  
Accrued expenses     1,831                    
Total liabilities     1,340,984       6,862,439       3,633       4,700,556  
NET ASSETS   $ 204,400,280     $ 2,800,365,484     $ 18,328,995     $ 1,821,566,919  
Shares outstanding     9,525,000       54,446,401       400,000       39,298,916  
Net asset value, redemption and offering price per share   $ 21.46     $ 51.43     $ 45.82     $ 46.35  
Net Assets consist of:                                
Aggregate paid in capital   $ 264,321,732     $ 3,175,458,412     $ 19,518,631     $ 1,908,065,431  
Total distributable earnings (loss)     (59,921,452 )     (375,092,928 )     (1,189,636 )     (86,498,512 )
NET ASSETS   $ 204,400,280     $ 2,800,365,484     $ 18,328,995     $ 1,821,566,919  
(1) Cost of investments - Unaffiliated issuers   $ 248,479,329     $ 3,009,793,329     $ 19,018,407     $ 1,864,845,781  

 

See Notes to Financial Statements

143

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2023

 

    Long Muni ETF     Muni Allocation
ETF
    Short High Yield
Muni ETF
    Short Muni ETF  
Assets:                                
Investments, at value                                
Unaffiliated issuers (1)   $ 308,409,942     $ 283,643     $ 391,763,270     $ 264,754,123  
Affiliated issuers (2)           2,023,262              
Cash     5,605,568       830       11,667       342,944  
Receivables:                                
Investment securities sold     742,802             17,968        
Dividends and interest     3,949,705       614       5,933,181       3,531,027  
Total assets     318,708,017       2,308,349       397,726,086       268,628,094  
Liabilities:                                
Payables:                                
Investment securities purchased     5,170,166                    
Due to Adviser     61,254       152       116,015       44,504  
Deferred Trustee fees     1,517                   1,600  
Total liabilities     5,232,937       152       116,015       46,104  
NET ASSETS   $ 313,475,080     $ 2,308,197     $ 397,610,071     $ 268,581,990  
Shares outstanding     17,500,000       110,000       17,800,000       15,850,000  
Net asset value, redemption and offering price per share   $ 17.91     $ 20.98     $ 22.34     $ 16.95  
Net Assets consist of:                                
Aggregate paid in capital   $ 343,521,044     $ 3,375,140     $ 443,519,863     $ 278,611,151  
Total distributable earnings (loss)     (30,045,964 )     (1,066,943 )     (45,909,792 )     (10,029,161 )
NET ASSETS   $ 313,475,080     $ 2,308,197     $ 397,610,071     $ 268,581,990  
(1) Cost of investments - Unaffiliated issuers   $ 326,087,728     $ 383,258     $ 425,057,148     $ 272,437,279  
(2) Cost of investments - Affiliated issuers   $     $ 2,176,525     $     $  

 

See Notes to Financial Statements

144

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

 

    CEF Muni Income
ETF
    High Yield Muni
ETF
    HIP Sustainable
Muni ETF
    Intermediate
Muni  ETF
 
Income:                                
Dividends   $ 7,721,201     $     $     $  
Interest     2,392       126,314,228       311,722       42,039,237  
Total income     7,723,593       126,314,228       311,722       42,039,237  
Expenses:                                
Management fees     656,019       10,546,251       40,877       4,272,569  
Interest and taxes     13,172       124       44       256  
Total expenses     669,191       10,546,375       40,921       4,272,825  
Net investment income     7,054,402       115,767,853       270,801       37,766,412  
                                 
Net realized gain (loss) on:                                
Investments     (7,928,367 )     (32,881,848 )     (50,609 )     (19,049,840 )
In-kind redemptions     (2,151,624 )     (190,171,657 )           (22,135,827 )
Capital gain distributions from investment companies     21,559                    
Net realized loss     (10,058,432 )     (223,053,505 )     (50,609 )     (41,185,667 )
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     (4,228,703 )     23,487,727       152,910       74,928,897  
Net change in unrealized appreciation (depreciation)     (4,228,703 )     23,487,727       152,910       74,928,897  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (7,232,733 )   $ (83,797,925 )   $ 373,102     $ 71,509,642  

 

See Notes to Financial Statements

145

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2023

 

    Long Muni ETF     Muni Allocation
ETF
    Short High Yield
Muni ETF
    Short Muni ETF  
Income:                                
Dividends - unaffiliated issuers   $     $ 14,737     $     $  
Dividends - affiliated issuers           62,677              
Interest     7,712,621             12,381,594       4,683,148  
Total income     7,712,621       77,414       12,381,594       4,683,148  
Expenses:                                
Management fees     587,826       2,063       1,449,750       658,675  
Interest and taxes     1,470       78       9,434       424  
Total expenses     589,296       2,141       1,459,184       659,099  
Net investment income     7,123,325       75,273       10,922,410       4,024,049  
                                 
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     (12,601,691 )     (3,819 )     (2,173,338 )     (614,352 )
Investments - affiliated issuers           (114,409 )            
In-kind redemptions - unaffiliated issuers     (3,811,621 )     (49,464 )     (4,626,681 )     (5,529,627 )
In-kind redemptions - affiliated issuers           (37,263 )            
Net realized loss     (16,413,312 )     (204,955 )     (6,800,019 )     (6,143,979 )
                                 
Net change in unrealized appreciation (depreciation) on:  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - unaffiliated issuers     11,529,092       27,845       (1,990,336 )     8,399,993  
Investments - affiliated issuers           95,616              
Net change in unrealized appreciation (depreciation)     11,529,092       123,461       (1,990,336 )     8,399,993  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 2,239,105     $ (6,221 )   $ 2,132,055     $ 6,280,063  

 

See Notes to Financial Statements

146

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    CEF Muni Income ETF     High Yield Muni ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
Operations:                                
Net investment income   $ 7,054,402     $ 8,141,777     $ 115,767,853     $ 122,609,689  
Net realized gain (loss)     (10,058,432 )     6,852,427       (223,053,505 )     (21,991,122 )
Net change in unrealized appreciation (depreciation)     (4,228,703 )     (50,282,573 )     23,487,727       (393,264,600 )
Net decrease in net assets resulting from operations     (7,232,733 )     (35,288,369 )     (83,797,925 )     (292,646,033 )
Distributions to shareholders from:                                
Distributable earnings     (7,307,370 )     (7,955,563 )     (116,558,558 )     (124,522,449 )
                                 
Share transactions*:                                
Proceeds from sale of shares     108,726,605       157,298,802       1,884,282,300       985,416,843  
Cost of shares redeemed     (59,193,418 )     (121,225,806 )     (1,901,509,192 )     (1,011,621,866 )
Increase (decrease) in net assets resulting from share transactions     49,533,187       36,072,996       (17,226,892 )     (26,205,023 )
Total increase (decrease) in net assets     34,993,084       (7,170,936 )     (217,583,375 )     (443,373,505 )
Net Assets, beginning of year     169,407,196       176,578,132       3,017,948,859       3,461,322,364  
Net Assets, end of year   $ 204,400,280     $ 169,407,196     $ 2,800,365,484     $ 3,017,948,859  
*Shares of Common Stock Issued (no par value)                                
Shares sold     4,975,000       5,375,000       36,250,000       15,900,000  
Shares redeemed     (2,650,000 )     (4,250,000 )     (36,500,000 )     (16,600,000 )
Net increase (decrease)     2,325,000       1,125,000       (250,000 )     (700,000 )

 

See Notes to Financial Statements

147

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    HIP Sustainable Muni ETF     Intermediate Muni  ETF  
    Year Ended
April 30, 2023
    Period Ended
April 30, 2022 (a)
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
Operations:                                
Net investment income   $ 270,801     $ 29,000     $ 37,766,412     $ 30,794,618  
Net realized gain (loss)     (50,609 )     (3,603 )     (41,185,667 )     13,113,951  
Net change in unrealized appreciation (depreciation)     152,910       (1,281,600 )     74,928,897       (232,378,068 )
Net increase (decrease) in net assets resulting from operations     373,102       (1,256,203 )     71,509,642       (188,469,499 )
Distributions to shareholders from:                                
Distributable earnings     (244,845 )     (61,690 )     (37,452,413 )     (31,094,619 )
                                 
Share transactions*:                                
Proceeds from sale of shares     4,502,190       15,016,441       529,630,220       471,684,955  
Cost of shares redeemed                 (437,272,087 )     (358,316,244 )
Increase in net assets resulting from share transactions     4,502,190       15,016,441       92,358,133       113,368,711  
Total increase (decrease) in net assets     4,630,447       13,698,548       126,415,362       (106,195,407 )
Net Assets, beginning of period     13,698,548             1,695,151,557       1,801,346,964  
Net Assets, end of period   $ 18,328,995     $ 13,698,548     $ 1,821,566,919     $ 1,695,151,557  
*Shares of Common Stock Issued (no par value)  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares sold     100,000       300,000       11,650,000       9,250,000  
Shares redeemed                 (9,450,000 )     (7,050,000 )
Net increase     100,000       300,000       2,200,000       2,200,000  

 

(a) For the period September 9, 2021 (commencement of operations) through April 30, 2022.

 

See Notes to Financial Statements

148

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Long Muni ETF     Muni Allocation ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
Operations:                                
Net investment income   $ 7,123,325     $ 5,175,636     $ 75,273     $ 104,249  
Net realized gain (loss)     (16,413,312 )     1,387,980       (204,955 )     103,659  
Net change in unrealized appreciation (depreciation)     11,529,092       (39,678,118 )     123,461       (665,761 )
Net increase (decrease) in net assets resulting from operations     2,239,105       (33,114,502 )     (6,221 )     (457,853 )
Distributions to shareholders from:                                
Distributable earnings     (6,781,265 )     (5,985,800 )     (86,516 )     (97,504 )
                                 
Share transactions*:                                
Proceeds from sale of shares     121,166,375       80,649,182             501,848  
Cost of shares redeemed     (18,716,807 )     (53,634,924 )     (1,283,855 )     (1,250,769 )
Increase (decrease) in net assets resulting from share transactions     102,449,568       27,014,258       (1,283,855 )     (748,921 )
Total increase (decrease) in net assets     97,907,408       (12,086,044 )     (1,376,592 )     (1,304,278 )
Net Assets, beginning of year     215,567,672       227,653,716       3,684,789       4,989,067  
Net Assets, end of year   $ 313,475,080     $ 215,567,672     $ 2,308,197     $ 3,684,789  
*Shares of Common Stock Issued (no par value)                                
Shares sold     6,800,000       3,750,000             20,000  
Shares redeemed     (1,050,000 )     (2,500,000 )     (60,000 )     (50,000 )
Net increase (decrease)     5,750,000       1,250,000       (60,000 )     (30,000 )

 

See Notes to Financial Statements

149

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Short High Yield Muni ETF     Short Muni ETF  
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
    Year Ended
April 30, 2023
    Year Ended
April 30, 2022
 
Operations:                                
Net investment income   $ 10,922,410     $ 9,492,905     $ 4,024,049     $ 2,778,472  
Net realized loss     (6,800,019 )     (2,520,675 )     (6,143,979 )     (25,692 )
Net change in unrealized appreciation (depreciation)     (1,990,336 )     (39,252,516 )     8,399,993       (20,861,252 )
Net increase (decrease) in net assets resulting from operations     2,132,055       (32,280,286 )     6,280,063       (18,108,472 )
Distributions to shareholders from:                                
Distributable earnings     (11,315,025 )     (9,530,270 )     (4,788,660 )     (3,907,985 )
                                 
Share transactions*:                                
Proceeds from sale of shares     49,297,949       159,122,366       49,753,782       58,151,543  
Cost of shares redeemed     (60,769,201 )     (4,759,705 )     (110,242,493 )     (5,370,710 )
Increase (decrease) in net assets resulting from share transactions     (11,471,252 )     154,362,661       (60,488,711 )     52,780,833  
Total increase (decrease) in net assets     (20,654,222 )     112,552,105       (58,997,308 )     30,764,376  
Net Assets, beginning of year     418,264,293       305,712,188       327,579,298       296,814,922  
Net Assets, end of year   $ 397,610,071     $ 418,264,293     $ 268,581,990     $ 327,579,298  
*Shares of Common Stock Issued (no par value)                                
Shares sold     2,200,000       6,300,000       2,950,000       3,250,000  
Shares redeemed     (2,700,000 )     (200,000 )     (6,500,000 )     (300,000 )
Net increase (decrease)     (500,000 )     6,100,000       (3,550,000 )     2,950,000  

 

See Notes to Financial Statements

150

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    CEF Muni Income ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 23.53         $29.07       $ 24.34       $ 26.18       $ 24.97  
Net investment income (a)       0.95         1.14         1.14         1.09         1.16  
Net realized and unrealized gain (loss) on investments       (2.00 )       (5.56 )       4.71         (1.83 )       1.21  
Total from investment operations       (1.05 )       (4.42 )       5.85         (0.74 )       2.37  
Distributions from:                                                  
Net investment income       (1.02 )       (1.12 )       (1.12 )       (1.10 )       (1.16 )
Net asset value, end of year     $ 21.46         $23.53       $ 29.07       $ 24.34       $ 26.18  
Total return (b)       (4.53 )%       (15.82 )%       24.38 %       (3.17 )%       9.83 %
                                                   
Ratios to average net assets                                                  
Gross expenses (c)(d)       0.41 %       0.40 %       0.40 %       0.45 %       0.48 %
Net expenses (c)(d)       0.41 %       0.40 %       0.40 %       0.40 %       0.40 %
Net expenses excluding interest and taxes (c)(d)       0.40 %       0.40 %       0.40 %       0.40 %       0.40 %
Net investment income (c)       4.30 %       4.01 %       4.17 %       4.02 %       4.67 %
Supplemental data                                                  
Net assets, end of year (in millions)       $204         $169         $177         $142         $144  
Portfolio turnover rate (e)       15 %       15 %       11 %       10 %       13 %

 

(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) The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(d) Periods after November 1, 2019 reflect a unitary management fee structure.
(e) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

151

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    High Yield Muni ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 55.18       $ 62.48       $ 56.13       $ 62.79       $ 62.16  
Net investment income (a)       2.01         2.09         2.36         2.69         2.67  
Net realized and unrealized gain (loss) on investments       (3.73 )       (7.27 )       6.38         (6.73 )       0.64  
Total from investment operations       (1.72 )       (5.18 )       8.74         (4.04 )       3.31  
Distributions from:                                                  
Net investment income       (2.03 )       (2.12 )       (2.39 )       (2.62 )       (2.68 )
Net asset value, end of year     $ 51.43       $ 55.18       $ 62.48       $ 56.13       $ 62.79  
Total return (b)       (3.11 )%       (8.62 )%       15.84 %       (6.86 )%       5.46 %
                                                   
Ratios to average net assets                                                  
Expenses       0.35 %       0.35 %       0.35 %       0.35 %       0.35 %
Net investment income       3.84 %       3.38 %       3.91 %       4.26 %       4.31 %
Supplemental data                                                  
Net assets, end of year (in millions)     $ 2,800       $ 3,018       $ 3,461       $ 2,570       $ 2,656  
Portfolio turnover rate (c)       11 %       11 %       9 %       12 %       10 %

 

(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) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

152

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    HIP Sustainable Muni ETF
    Year Ended
April 30,
2023
  Period
Ended
April 30,
2022(a)
                     
Net asset value, beginning of period     $ 45.66       $ 50.00  
Net investment income (b)       0.72         0.10  
Net realized and unrealized gain (loss) on investments       0.09         (4.22 )
Total from investment operations       0.81         (4.12 )
Distributions from:                    
Net investment income       (0.65 )       (0.22 )
Net asset value, end of period     $ 45.82       $ 45.66  
Total return (c)       1.79 %       (8.26 )%(d)  
                     
Ratios to average net assets                    
Expenses       0.24 %       0.24 %(e)
Net investment income       1.59 %       0.33 %(e)
Supplemental data                    
Net assets, end of period (in millions)       $18         $14  
Portfolio turnover rate (f)       14 %       11 %(d)

 

(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

153

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Intermediate Muni ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 45.69       $ 51.62       $ 48.97       $ 48.94       $ 46.83  
Net investment income (a)       0.97         0.83         0.98         1.09         1.12  
Net realized and unrealized gain (loss) on investments       0.65         (5.92 )       2.72         0.10         2.11  
Total from investment operations       1.62         (5.09 )       3.70         1.19         3.23  
Distributions from:                                                  
Net investment income       (0.96 )       (0.84 )       (0.98 )       (1.10 )       (1.12 )
Net realized capital gains               (b)       (0.07 )       (0.06 )        
Total distributions       (0.96 )       (0.84 )       (1.05 )       (1.16 )       (1.12 )
Net asset value, end of year     $ 46.35       $ 45.69       $ 51.62       $ 48.97       $ 48.94  
Total return (c)       3.59 %       (9.99 )%       7.59 %       2.40 %       6.98 %
                                                   
Ratios to average net assets                                                  
Expenses       0.24 %       0.24 %       0.24 %       0.24 %       0.24 %
Net investment income       2.12 %       1.64 %       1.90 %       2.17 %       2.37 %
Supplemental data                                                  
Net assets, end of year (in millions)     $ 1,822       $ 1,695       $ 1,801       $ 1,582       $ 1,720  
Portfolio turnover rate (d)       17 %       4 %       6 %       7 %       7 %

 

(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) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

154

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Long Muni ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 18.35         $21.68       $ 20.18       $ 20.40       $ 19.63  
Net investment income (a)       0.52         0.46         0.52         0.57         0.60  
Net realized and unrealized gain (loss) on investments       (0.46 )       (3.26 )       1.54         (0.20 )       0.77  
Total from investment operations       0.06         (2.80 )       2.06         0.37         1.37  
Distributions from:                                                  
Net investment income       (0.50 )       (0.46 )       (0.52 )       (0.57 )       (0.60 )
Net realized capital gains               (0.07 )       (0.04 )       (0.02 )        
Total distributions       (0.50 )       (0.53 )       (0.56 )       (0.59 )       (0.60 )
Net asset value, end of year     $ 17.91         $18.35       $ 21.68       $ 20.18       $ 20.40  
Total return (b)       0.40 %       (13.26 )%       10.31 %       1.75 %       7.15 %
                                                   
Ratios to average net assets                                                  
Expenses       0.24 %       0.24 %       0.24 %       0.24 %       0.24 %
Net investment income       2.91 %       2.15 %       2.45 %       2.72 %       3.06 %
Supplemental data                                                  
Net assets, end of year (in millions)       $313         $216         $228         $200         $153  
Portfolio turnover rate (c)       32 %       7 %       23 %       22 %       22 %

 

(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) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

155

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Muni Allocation ETF
    Year Ended April 30,      
    2023   2022   2021   Period
Ended
April 30,
2020(a)
                                         
Net asset value, beginning of period     $ 21.68         $24.95       $ 22.96       $ 25.05  
Net investment income (b)       0.61         0.62         0.62         0.72  
Net realized and unrealized gain (loss) on investments       (0.61 )       (3.31 )       2.05         (2.20 )
Total from investment operations               (2.69 )       2.67         (1.48 )
Distributions from:                                        
Net investment income       (0.70 )       (0.58 )       (0.68 )       (0.61 )
Net asset value, end of period     $ 20.98         $21.68       $ 24.95       $ 22.96  
Total return (c)       0.08 %       (11.03 )%       11.70 %       (6.13 )%(d)  
                                         
Ratios to average net assets                                        
Gross expenses (e)(f)       0.08 %       0.08 %       0.08 %       1.28 %(g)
Net expenses (e)(f)       0.08 %       0.08 %       0.08 %       0.08 %(g)
Net investment income (e)       2.92 %       2.54 %       2.54 %       3.02 %(g)
Supplemental data                                        
Net assets, end of period (in millions)       $2         $4         $5         $5  
Portfolio turnover rate (h)       72 %       98 %       169 %       162 %(d)

 

(a) For the period May 15, 2019 (commencement of operations) through April 30, 2020.
(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) The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(f) Periods after November 1, 2019 reflect a unitary management fee structure.
(g) Annualized
(h) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

156

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Short High Yield Muni ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 22.86       $ 25.06       $ 23.09       $ 24.70       $ 24.24  
Net investment income (a)       0.59         0.58         0.73         0.84         0.80  
Net realized and unrealized gain (loss) on investments       (0.50 )       (2.18 )       1.99         (1.64 )       0.43  
Total from investment operations       0.09         (1.60 )       2.72         (0.80 )       1.23  
Distributions from:                                                  
Net investment income       (0.61 )       (0.60 )       (0.75 )       (0.81 )       (0.77 )
Net asset value, end of year     $ 22.34       $ 22.86       $ 25.06       $ 23.09       $ 24.70  
Total return (b)       0.43 %       (6.58 )%       11.89 %       (3.44 )%       5.16 %
                                                   
Ratios to average net assets                                                  
Expenses       0.35 %       0.35 %       0.35 %       0.35 %       0.35 %
Net investment income       2.64 %       2.34 %       2.98 %       3.37 %       3.28 %
Supplemental data                                                  
Net assets, end of year (in millions)       $398         $418         $306         $263         $203  
Portfolio turnover rate (c)       17 %       16 %       14 %       17 %       22 %

 

(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) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

157

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Short Muni ETF
    Year Ended April 30,
    2023   2022   2021   2020   2019
                                                   
Net asset value, beginning of year     $ 16.89       $ 18.04       $ 17.55       $ 17.54       $ 17.18  
Net investment income (a)       0.21         0.15         0.23         0.27         0.27  
Net realized and unrealized gain (loss) on investments       0.10         (1.09 )       0.51         0.02         0.36  
Total from investment operations       0.31         (0.94 )       0.74         0.29         0.63  
Distributions from:                                                  
Net investment income       (0.25 )       (0.19 )       (0.25 )       (0.28 )       (0.27 )
Net realized capital gains               (0.02 )                        
Total distributions       (0.25 )       (0.21 )       (0.25 )       (0.28 )       (0.27 )
Net asset value, end of year     $ 16.95       $ 16.89       $ 18.04       $ 17.55       $ 17.54  
Total return (b)       1.83 %       (5.27 )%       4.27 %       1.66 %       3.70 %
                                                   
Ratios to average net assets                                                  
Expenses       0.20 %       0.20 %       0.20 %       0.20 %       0.20 %
Net investment income       1.22 %       0.86 %       1.26 %       1.54 %       1.57 %
Supplemental data                                                  
Net assets, end of year (in millions)       $269         $328         $297         $204         $201  
Portfolio turnover rate (c)       19 %       18 %       30 %       34 %       33 %

 

(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) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

158

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2023

 

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
Muni Allocation ETF (“Muni Allocation”)   Non-Diversified
Short High Yield Muni ETF (“Short High Yield”)   Diversified
Short Muni ETF (“Short”)   Diversified

 

Each Fund’s investment objective (except for HIP Sustainable and Muni Allocation) 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

 

* Refer to Note 10 for more information on indices throughout the year.

 

The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The investment objective of Muni Allocation is to maximize long- term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Muni, HIP Sustainable and Muni Allocation) 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. The Muni Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, primarily in VanEck ETFs that invest in publicly traded municipal bonds.

 

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.

159

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

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 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.
160

 

 

  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.
     
  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 year ended April 30, 2023, are as follows:

 

Fund   Unitary
Management
Fee Rate
CEF Muni     0.40 %
High Yield     0.35  
HIP Sustainable     0.24  
Intermediate     0.24  
Long     0.24  
Muni Allocation     0.08  
Short High Yield     0.35  
161

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

Fund   Unitary
Management
Fee Rate
Short     0.20    

 

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 April 30, 2023, the Adviser owned approximately 13% of HIP Sustainable.

 

Note 4—Capital Share Transactions—As of April 30, 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 year ended April 30, 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   $ 24,407,304     $ 24,413,988     $ 108,748,349     $ 59,185,266  
High Yield     866,174,145       330,104,487       1,287,699,288       1,818,751,232  
HIP Sustainable     8,048,968       2,188,210              
Intermediate     641,117,004       298,686,560       230,191,117       440,096,605  
Long     159,590,753       78,684,634       43,867,674       18,688,032  
Muni Allocation     1,906,535       1,917,482             1,283,899  
Short High Yield     81,384,281       70,984,215       46,507,385       58,877,507  
Short     107,211,865       61,484,201       2,462,353       110,006,131  

 

During the year ended April 30, 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 $2 million of sales for High Yield, $5 million of purchases and $13 million of sales for Intermediate, $5 million of sales for Long, $2 million of purchases for Short High Yield and $13 million of purchases for Short.

 

Note 6—Income Taxes—As of April 30, 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:

162

 

 

Fund   Tax Cost of
Investments
    Gross
Unrealized
Appreciation
    Gross
Unrealized
Depreciation
    Net Unrealized
Appreciation
(Depreciation)
 
CEF Muni   $248,491,260     $472,574     $(44,833,006)   $(44,360,432)
High Yield     3,008,461,858       23,311,783       (288,013,400)       (264,701,617)
HIP Sustainable     19,018,288       53,852       (1,182,423)       (1,128,571)
Intermediate     1,865,518,766       9,639,768       (79,184,140)       (69,544,372)
Long     326,062,863       1,733,288       (19,386,209)       (17,652,921)
Muni Allocation     2,559,783       7,467       (260,345)       (252,878)
Short High Yield     425,340,092       1,089,351       (34,666,173)       (33,576,822)
Short     273,672,314       333,092       (9,251,283)       (8,918,191)

 

At April 30 2023, the components of distributable earnings (loss) on a tax basis, for each Fund, we as follows:

 

Fund   Undistributed
Tax-Exempt
Income
  (Accumulated
Capital Losses)/
Undistributed
Capital Gains
  Other
Temporary
Differences
  Unrealized
Appreciation
(Depreciation)
  Total
Distributable
Earnings (Loss)
CEF Muni            $484,464          $(16,041,290 )          $(4,195 )     $(44,360,432 )     $(59,921,453 )
High Yield     9,658,990       (120,047,117 )     (3,184 )     (264,701,617 )     (375,092,928 )
HIP Sustainable     37,976       (99,040 )           (1,128,571 )     (1,189,635 )
Intermediate     3,513,971       (20,465,111 )     (3,000 )     (69,544,372 )     (86,498,512 )
Long     816,578       (13,208,105 )     (1,517 )     (17,652,921 )     (30,045,965 )
Muni Allocation     5,944       (820,009 )           (252,878 )     (1,066,943 )
Short High Yield     877,967       (13,210,936 )           (33,576,822 )     (45,909,791 )
Short     355,762       (1,465,132 )     (1,600 )     (8,918,191 )     (10,029,161 )

 

The tax character of dividends paid to shareholders was as follows:

 

    April 30, 2023     April 30, 2022  
Fund   Tax-Exempt
Income
    Ordinary
Income*
    Tax-Exempt
Income
    Ordinary
Income*
    Long-Term
Capital Gains
 
CEF Muni     $7,256,211       $51,159     $7,850,810     $104,753       $–  
High Yield     115,016,067       1,542,491       123,477,189       1,045,260        
HIP Sustainable     231,881       12,964       61,690              
Intermediate     37,164,901       287,512       31,007,490       61,540       25,589  
Long     6,709,990       71,275       5,146,441       9,182       830,177  
Muni Allocation     85,852       664       96,923       581        
Short High Yield     11,247,035       67,990       9,511,759       18,511        
Short     4,709,425       79,235       3,452,059       33,602       422,324  

 

*Includes short-term capital gains (if any).

163

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

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 )
Muni Allocation     (774,355 )     (45,654 )     (820,009 )
Short High Yield     (3,942,367 )     (9,268,569 )     (13,210,936 )
Short     (570,417 )     (894,715 )     (1,465,132 )

 

During the year ended April 30, 2023, as a result of permanent book to tax differences primarily due to the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

 

Fund   Increase
(Decrease)
in Total Distributable
Earnings (Loss)
  Increase
(Decrease)
in Aggregate
Paid in Capital
CEF Muni   $ 2,152,057     $ (2,152,057 )
High Yield     190,346,143       (190,346,143 )
Intermediate     22,153,736       (22,153,736 )
Long     3,811,621       (3,811,621 )
Muni Allocation     86,727       (86,727 )
Short High Yield     4,626,681       (4,626,681 )
Short     5,529,627       (5,529,627 )

 

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 year ended April 30, 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.

164

 

 

CEF Muni invests in closed-end funds and Muni Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are 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, CEF Muni 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.

 

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 and Muni Allocation Funds. 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 year ended April 30, 2023, the following Funds borrowed under this Facility:

 

Fund   Days
Outstanding
    Average
Daily
Loan Balance
    Average
Interest Rate
CEF Muni     288       $340,483       4.44 %
Intermediate     2       242,098       2.18  
Long     21       640,375       3.61  
Short High Yield     59       1,076,272       5.24  
Short     14       181,367       3.25  

 

Outstanding loan balances as of April 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.

 

Note 10—Other— In 2021, the Trustees approved the following changes with respect to High Yield,

Intermediate, Long, Short High Yield and Short: (i) changing each Fund’s benchmark index; (ii) changing each Fund’s investment objective; and (iii) changing each Fund’s principal investment strategies, as further detailed in the table below. These changes for each Fund have been implemented within a 9-month period in two phases. During the period from March 1, 2022 to November 30, 2022 (the “Transition”), each Fund

165

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

 

was seeking to replicate the index set forth under the “Transition Index” column of the table below (each, a “Transition Index”). Each Transition Index was an interim index that gradually increased exposure to other securities based on their weightings in the corresponding index set forth under the “New Index” column of the table below (each, a “New Index”) while proportionately reducing exposure to the corresponding index set forth under the “Former Index” column of the table below (each, a “Former Index”). Effective December 1, 2022, each Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of its New Index (as defined below).

 

Fund   Former Index   Transition Index (March 1, 2022
through
November 30, 2022)
  New Index
(Effective December 1, 2022)
High Yield   Bloomberg Municipal Custom High Yield Composite Index   ICE High Yield Crossover Municipal Bond Transition Index   ICE Broad High Yield Crossover Municipal Index
             
Intermediate   Bloomberg AMT-Free Intermediate Continuous Municipal Index   ICE Intermediate AMT- Free Broad National Municipal Transition Index   ICE Intermediate AMT-Free Broad National Municipal Index
             
Long   Bloomberg AMT-Free Long Continuous Municipal Index   ICE Long AMT-Free Broad National Municipal Transition Index   ICE Long AMT-Free Broad National Municipal Index
             
Short High Yield   Bloomberg Municipal High Yield Short Duration Index   ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index   ICE 1-12 Year Broad High Yield Crossover Municipal Index
             
Short   Bloomberg AMT-Free Short Continuous Municipal Index   ICE Short AMT-Free Broad National Municipal Transition Index   ICE Short AMT-Free Broad National Municipal Index

 

Note 11—Subsequent Event— On June 8, 2023, the Trustees approved the liquidation of the Muni Allocation, which is expected to happen on or about June 29, 2023. Shareholders who continue to hold shares of the Fund on the Fund’s liquidation date will receive a liquidating distribution, if any, with a value equal to their proportionate ownership interest in the Fund on that date.

 

Effective June 20, 2023, the Adviser has agreed to lower the unitary management fee rate for High Yield Muni from 0.35% to 0.32%, and for Short Muni from 0.20% to 0.07%.

166

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the eight funds listed in the table below.

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for the year ended April 30, 2023, including the related notes, and the financial highlights for the year ended April 30, 2023, (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for the year ended April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

 

Funds                                                      

       
VanEck CEF Muni Income ETF VanEck Long Muni ETF  
VanEck High Yield Muni ETF VanEck Muni Allocation ETF  
VanEck HIP Sustainable Muni ETF VanEck Short High Yield Muni ETF  
VanEck Intermediate Muni ETF VanEck Short Muni ETF  

 

The financial statements of the Funds as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 23, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

 

Basis for Opinions

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/PricewaterhouseCoopers LLP

New York, New York

June 27, 2023

 

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

167

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

 

The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2023 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2023 income tax purposes will be sent to them in early 2024.

 

Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.

 

Please consult your tax advisor for proper treatment of this information.

 

Fund Name   Ticker
Symbol
  Tax-Exempt
Interest
Per Share
    Tax-Exempt
Interest as a
Percentage
of the Total
Distribution
  Taxable
Ordinary
Income
Per Share
    Taxable
Income as a
Percentage
of the Total
Distribution
  Total
Tax-Exempt
+ Ordinary
Income
Distribution
Per Share
 
CEF Muni   XMPT   $ 1.0105       99.22 %   $ 0.0079       0.78 %   $ 1.0184  
High Yield   HYD     2.0005       98.67       0.0269       1.33       2.0274  
HIP Sustainable   SMI     0.6140       94.94       0.0327       5.06       0.6467  
Intermediate   ITM     0.9538       99.25       0.0072       0.75       0.9610  
Long   MLN     0.4909       99.06       0.0047       0.94       0.4956  
Muni Allocation   MAAX     0.6943       99.24       0.0053       0.76       0.6996  
Short   SMB     0.2426       98.22       0.0044       1.78       0.2470  
Short High Yield   SHYD     0.6078       99.40       0.0037       0.60       0.6115  
168

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

April 30, 2023 (unaudited)

 

Name, Address1
and Year of Birth
  Position(s)
Held with
the Trust
  Term of
Office2 and
Length of
Time Served
  Principal Occupation(s)
During Past Five Years
  Number of
Portfolios
in Fund
Complex3
Overseen
  Other Directorships Held
By Trustee During Past Five Years
Independent
Trustees
             
               
David H. Chow,
1957*†
  Trustee Chairperson   Since 2006 2008 to 2022   Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present.   70   Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
                     
Laurie A. Hesslein,
1959*†
  Trustee   Since 2019   Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).   70   Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
                     
R. Alastair Short,
1953*†
  Trustee   Since 2006   President, Apex Capital Corporation (personal investment vehicle).   82   Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
                     
Peter J. Sidebottom,
1962*†
  Chairperson Trustee   Since 2022 Since 2012   Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021.   70   Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
                     
Richard D. Stamberger,
1959*†
  Trustee   Since 2006   Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.   82   Director, Food and Friends, Inc., 2013 to present.
Interested Trustee          
           
Jan F. van Eck,
19635
  Trustee, Chief Executive Officer and President   Trustee (Since 2006); Chief Executive Officer and President (Since 2009)   Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust   82   Director, National Committee on US- China Relations.
                     
1  The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2  Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
3  The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
4  The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
5  “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
169

VANECK ETF TRUST

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

 

* Member of the Audit Committee.
Member of the Nominating and Corporate Governance Committee.

 

Officer’s Name,
Address1 and
Year of Birth
  Position(s)
Held with
the Trust
  Term of Office2
And Length of
Time Served
  Principal Occupation(s) During Past Five Years
Officer Information        
         
Matthew A. Babinsky,
1983
  Assistant Vice President and Assistant Secretary   Since 2016   Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.
             
Russell G. Brennan,
1964
  Assistant Vice President and Assistant Treasurer   Since 2008   Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
             
Charles T. Cameron,
1960
  Vice President   Since 2006   Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
             
John J. Crimmins,
1957
  Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer   Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)   Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
             
Susan Curry, 1966   Assistant Vice President   Since 2022   Assistant Vice President of VEAC, VEARA and VESC. Formerly, Managing Director, Legg Mason, Inc.
             
Eduardo Escario,
1975
  Vice President   Since 2012   Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
             
F. Michael Gozzillo,
1965
  Chief Compliance Officer   Since 2018   Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
             
Laura Hamilton,
1977
  Vice President   Since 2019   Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.
             
Nicholas Jackson,
1974
  Assistant Vice President   Since 2018   Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
             
Laura I. Martínez,
1980
  Vice President and Assistant Secretary   Vice President (Since 2016); Assistant Secretary (Since 2008)   Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
             
Matthew McKinnon,
1970
  Assistant Vice President   Since 2018   Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
             
Lisa A. Moss,
1965
  Assistant Vice President and Assistant Secretary   Since 2022   Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.
             
Arian Neiron,
1979
  Vice President   Since 2018   CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
             
James Parker,
1969
  Assistant Treasurer   Since 2014   Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
             
Adam Phillips,
1970
  Vice President   Since 2018   ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.
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Philipp Schlegel,
1974
  Vice President   Since 2016   Managing Director of Van Eck Switzerland AG.
             
Jonathan R. Simon,
1974
  Senior Vice President, Secretary and Chief Legal Officer   Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)   Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
             
Andrew Tilzer,
1972
  Assistant Vice President   Since 2021   Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.
             
1  The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
2  Officers are elected yearly by the Trustees.
171

VANECK ETF TRUST

FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

 

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.

 

Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.

 

With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.

 

Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

 

The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.

 

The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.

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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 MUNIAR