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