ANNUAL REPORT

April 30, 2022

 

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 5
High Yield Muni ETF 6
HIP Sustainable Muni ETF 7
Intermediate Muni ETF 8
Long Muni ETF 9
Muni Allocation ETF 10
Short High Yield Muni ETF 11
Short Muni ETF 12
About Fund Performance 13
Explanation of Expenses 14
Schedule of Investments  
CEF Muni Income ETF 16
High Yield Muni ETF 18
HIP Sustainable Muni ETF 62
Intermediate Muni ETF 65
Long Muni ETF 110
Muni Allocation ETF 126
Short High Yield Muni ETF 128
Short Muni ETF 150
Statements of Assets and Liabilities 168
Statements of Operations 170
Statements of Changes in Net Assets 172
Financial Highlights  
CEF Muni Income ETF 176
High Yield Muni ETF 177
HIP Sustainable Muni ETF 178
Intermediate Muni ETF 179
Long Muni ETF 180
Muni Allocation ETF 181
Short High Yield Muni ETF 182
Short Muni ETF 183
Notes to Financial Statements 184
Report of Independent Registered Public Accounting Firm 192
Tax Information 194
Board of Trustees and Officers 195
Funds’ Liquidity Risk Management Program 198

 

 

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, 2022.

 
 

VANECK ETFs

PRESIDENT’S LETTER

April 30, 2022 (unaudited)

 

Dear Fellow Shareholders:

 

At the start of the year, we believed three themes1 would shape the investment world in 2022: sell growth, buy commodity equities and the Fed tightening will hurt—not crash—the markets. I discussed these themes in an October talk2 While these thoughts seemed obvious, I had forgotten how much damage could be done to investment grade bonds and how far growth stocks could fall. This sell-off, while painful, has been orderly. But the market adjustments are probably not over, so we like to focus on the longer term trends of resource transition and blockchain disruption as the markets adjust to higher interest rates and higher commodity prices.

 

The Economy

 

The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.

 

While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is Will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.

 

Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.

 

Multi-Year Investment Themes

 

We continue to focus on two multi-year investment themes.

 

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

 

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

 

As the economy and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.

 

The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

1
 

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

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, 2022. 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 3, 2022

 

PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 VanEck: 2022 Outlook Q&A: Crypto, Inflation and Energy Transition, December 31, 2021, https://www.vaneck.com/us/en/blogs/investment-outlook/2022-outlook-qa-crypto-inflation-and-energy-transition/

 

2 Capital Link Inc.: 2021 Capital Link’s 20th Annual CEF & Global ETFs Forum - Keynote Address - Jan van Eck, October 6, 2021, https://www.youtube.com/watch?v=HQxm6B7umNA

2
 

VANECK ETFs

MANAGEMENT DISCUSSION

April 30, 2022 (unaudited) (unaudited)

 

CEF Muni Income ETF

 

The CEF Muni Income ETF lost 15.82% over the prior 12 months due both to widening 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. Starting the fund’s fiscal year at a discount of 2.49% on May 3, 2021, this then narrowed and “flipped” to become a premium and reach a high of 0.94% on August 27, 2021. Thereafter, having remained at a premium for most of the month, from September 23, the premium became a discount and started to widen in fits and starts, before widening significantly from early-January, to 5.86% on January 24, 2022. Then, fluctuating wildly, the discount continued to widen, hitting a high on April 18 of 8.60% and ending the 12 month period at 6.64%.

 

High Yield Muni ETF/Short High Yield Muni ETF

 

In the High Yield Muni ETF, the industrial revenue, healthcare and housing sectors contributed the most to the fund’s loss of 8.62%. In terms of state/U.S. territory, the three states detracting the most from performance were California, Illinois and New York. A single state/U.S. territory, the Virgin Islands, contributed positively to performance.

 

The industrial revenue, healthcare and special tax sectors were the largest contributors to the 6.58% loss recorded by the Short High Yield Muni ETF. A single state/U.S. territory, the Virgin Islands, contributed positively to performance. Grouped by state/U.S. territory, Illinois, New York and New Jersey were the greatest detractors from the fund’s performance.

 

HIP Sustainable Muni ETF

 

The HIP Sustainable Muni ETF commenced on September 8, 2021 and had, therefore, not traded for a full 12 months by April 30, 2022. However, in the period in which it did trade before its fiscal year end, the fund was down 8.26%.

 

Intermediate Muni ETF

 

In terms of state/U.S. territory, municipal bonds from California, New York and Texas contributed the most to the fund’s negative total return of 9.99%. Kansas was the only state or U.S. territory to contribute positively to the fund’s total return. California, New York and Texas detracted the most. The state, local and transportation sectors detracted the most from the fund’s performance.

 

Long Muni ETF

 

The healthcare, local and special tax sectors contributed most to the fund’s loss of 13.26% for the 12 month period. No one sector contributed positively to performance. In terms of state/U.S. territory, municipal bonds issued by New York, California and Texas detracted the most from performance. Not one state or U.S. territory made any significant positive contribution to performance.

 

Muni Allocation ETF

 

The Muni Allocation ETF returned -11.03% over the 12 month period versus -7.88% for the Bloomberg Barclays Municipal Bond Index. The largest detractors from the fund’s performance were intermediate-term investment grade bonds, followed by high yield bonds. Those bonds detracting least from performance were short-term investment grade bonds and long-term investment grade bonds.

 

The fund introduced individual closed-end funds to the portfolio in June 2021 due to the attractive yields that this segment of the municipal bond universe offers. The fund started to get more defensive in October 2021, as interest rate risk started to rise and put downward pressure on bonds with longer duration. Since then, interest rates have moved significantly. The yield on the U.S 10-year Treasury note increased from 1.46% at the beginning of October 2021 to 2.93% on April 30, 2022. The doubling of this key benchmark rate, in reaction to the extremely high inflation in the U.S., has put significant downward pressure on fixed income investments.

3
 

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

Short Muni ETF

 

Among short municipal bonds, the state, industrial revenue and local sectors detracted most from the return of the fund, which overall lost 5.27% for the year. No one sector contributed positively to performance. In terms of state/U.S. territory, no one state contributed positively to the total return of the fund. The three states to detract the most from performance were California, New York and Texas.

 

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

4
 

VANECK CEF MUNI INCOME ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV CEFMXTR1 LBUSTRUU2
One Year (16.02)% (15.82)% (15.51)% (8.51)%
Five Year 1.78% 1.88% 2.25% 1.20%
Ten Year 3.16% 3.24% 3.61% 1.73%
   
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 Bloomberg Barclays US Aggregate Bond Index (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 13 for more information.

5
 

VANECK HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV MXYT1 LBUSTRUU2 LMEHTR3
One Year (9.26)% (8.62)% (6.61)% (8.51)% (6.88)%
Five Year 1.86% 1.87% 4.10% 1.20% 4.04%
Ten Year 3.13% 3.19% 5.02% 1.73% 4.99%
   
1 ICE High Yield Crossover Municipal Bond Transition Index (MXYT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Broad High Yield Crossover Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR).
   
  ICE Broad High Yield Crossover Municipal Index, the final index effective December 1, 2022, tracks the performance 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.
   
  Index data prior to March 1, 2022 reflects that of the LMEHTR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MXYT.
   
2 Bloomberg Barclays US Aggregate Bond Index (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.
   
3 LMEHTR is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market.

 

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 13 for more information.

6
 

VANECK HIP SUSTAINABLE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV MUNI1
Life* (8.21)% (8.26)% (8.06)%
   
* Commencement 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 13 for more information.

7
 

VANECK INTERMEDIATE MUNI ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV MIBT1 LBUSTRUU2 LMT2TR3
One Year (10.35)% (9.99)% (9.61)% (8.51)% (9.92)%
Five Year 1.39% 1.40% 1.95% 1.20% 1.88%
Ten Year 2.08% 2.12% 2.75% 1.73% 2.72%
   
1 ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Intermediate AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR).
   
  ICE Intermediate AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance 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.
   
  Index data prior to March 1, 2022 reflects that of LMT2TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MIBT.
   
2 Bloomberg Barclays US Aggregate Bond Index (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.
   
3 LMT2TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.

 

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 13 for more information.

8
 

VANECK LONG MUNI ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV MLBT1 LBUSTRUU2 LMT3TR3
One Year (13.98)% (13.26)% (11.63)% (8.51)% (11.84)%
Five Year 1.27% 1.45% 2.37% 1.20% 2.32%
Ten Year 2.43% 2.56% 3.45% 1.73% 3.42%
   
1 ICE Long AMT-Free Broad National Municipal Transition Index (MLBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Long AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR).
   
  ICE Long AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance 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.
   
  Index data prior to March 1, 2022 reflects that of LMT3TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MLBT.
   
2 Bloomberg Barclays US Aggregate Bond Index (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.
   
3 LMT3TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.

 

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 13 for more information.

9
 

VANECK MUNI ALLOCATION ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV LMBITR1
One Year (10.95)% (11.03)% (7.88)%
Life* (2.28)% (2.32)% 0.15%
   
* Commencement of Fund: 5/15/19; First Day of Secondary Market Trading: 5/16/19.
   
1 Bloomberg Barclays Municipal Bond Index (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 13 for more information.

10
 

VANECK SHORT HIGH YIELD MUNI ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV MXIT1 LBUSTRUU2 BMHYTR3
One Year (7.83)% (6.58)% (3.32)% (8.51)% (3.50)%
Five Year 1.72% 1.81% 3.63% 1.20% 3.59%
Life* 1.83% 1.94% 3.79% 1.90% 3.77%
   
* Commencement of Fund: 1/13/14; First Day of Secondary Market Trading: 1/14/14.
   
1 ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR).
   
  ICE 1-12 Year Broad High Yield Crossover Municipal Index, the final index effective December 1, 2022, tracks the performance 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.
   
  Index data prior to March 1, 2022 reflects that of BMHYTR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MXIT.
   
2 Bloomberg Barclays US Aggregate Bond Index (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.
   
3 BMHYTR is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond 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 13 for more information.

11
 

VANECK SHORT MUNI ETF

PERFORMANCE COMPARISON

April 30, 2022 (unaudited)

 

Average Annual Total Return
  Share Price NAV MSBT1 LBUSTRUU2 LMT1TR3
One Year (5.78)% (5.27)% (5.42)% (8.51)% (5.55)%
Five Year 0.64% 0.67% 0.95% 1.20% 0.92%
Ten Year 0.78% 0.84% 1.25% 1.73% 1.24%
   
1 ICE Short AMT-Free Broad National Municipal Transition Index (MSBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Short AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR).
   
  ICE Short AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance 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.
   
  Index data prior to March 1, 2022 reflects that of LMT1TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MSBT.
   
2 Bloomberg Barclays US Aggregate Bond Index (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.
   
3 LMT1TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments.

 

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 13 for more information.

12
 

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. 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.

 

CEFMX is published by S-Network Global Indexes, LLC (“S-Network”). MXYT, MIBT, MLBT, MXIT and MSBT 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.

13
 

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, 2021, to April 30, 2022.

 

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, 2021
  Ending
Account
Value
April 30, 2022
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
November 1, 2021 -
April 30, 2022(a)
CEF Muni Income ETF                
Actual   $1,000.00   $827.80   0.40%   $1.81
Hypothetical (b)   $1,000.00   $1,022.81   0.40%   $2.01
High Yield Muni ETF                
Actual   $1,000.00   $905.20   0.35%   $1.65
Hypothetical (b)   $1,000.00   $1,023.06   0.35%   $1.76
HIP Sustainable Muni ETF                
Actual   $1,000.00   $923.90   0.24%   $1.14
Hypothetical (b)   $1,000.00   $1,023.60   0.24%   $1.20
Intermediate Muni  ETF                
Actual   $1,000.00   $903.20   0.24%   $1.13
Hypothetical (b)   $1,000.00   $1,023.60   0.24%   $1.20
Long Muni  ETF                
Actual   $1,000.00   $866.80   0.24%   $1.11
Hypothetical (b)   $1,000.00   $1,023.60   0.24%   $1.20
Muni Allocation ETF                
Actual   $1,000.00   $888.60   0.09%   $0.42
Hypothetical (b)   $1,000.00   $1,024.35   0.09%   $0.45
Short High Yield Muni ETF                
Actual   $1,000.00   $926.40   0.35%   $1.67
Hypothetical (b)   $1,000.00   $1,023.06   0.35%   $1.76
14
 

 

 

    Beginning
Account
Value
November 1, 2021
  Ending
Account
Value
April 30, 2022
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
November 1, 2021 -
April 30, 2022(a)
Short Muni  ETF                
Actual   $1,000.00   $949.00   0.20%   $0.97
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, 2022), 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
15
 

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2022

 

    Number
of Shares
    Value  
CLOSED-END FUNDS: 99.8% (a)                
Alliance Bernstein National Municipal Income Fund, Inc.     145,062     $ 1,687,071  
Blackrock Investment Quality Municipal Trust, Inc.     49,040       742,466  
BlackRock Long-Term Municipal Advantage Trust     46,330       483,222  
BlackRock MuniAssets Fund, Inc.     149,813       1,782,775  
BlackRock Municipal 2030 Target Term Trust     272,037       6,041,942  
BlackRock Municipal Income Fund, Inc.     399,682       4,900,101  
BlackRock Municipal Income Quality Trust     131,683       1,609,166  
BlackRock Municipal Income Trust     157,659       1,843,034  
BlackRock Municipal Income Trust II     201,661       2,290,869  
BlackRock MuniHoldings Fund, Inc.     270,300       3,478,761  
BlackRock MuniHoldings Quality Fund II, Inc.     113,357       1,235,591  
BlackRock MuniVest Fund II, Inc.     86,639       1,030,138  
BlackRock MuniVest Fund, Inc.     328,701       2,517,850  
BlackRock MuniYield Fund, Inc.     261,184       2,985,333  
BlackRock MuniYield Quality Fund II, Inc.     111,954       1,240,450  
BlackRock MuniYield Quality Fund III, Inc.     378,111       4,465,491  
BlackRock MuniYield Quality Fund, Inc.     364,882       4,670,490  
BNY Mellon Municipal Bond Infrastructure Fund, Inc.     90,550       1,049,475  
BNY Mellon Municipal Income, Inc.     117,528       830,923  
BNY Mellon Strategic Municipal Bond Fund, Inc.     245,256       1,633,405  
BNY Mellon Strategic Municipals, Inc.     315,815       2,207,547  
DWS Municipal Income Trust     218,468       2,112,586  
Eaton Vance Municipal Bond Fund     369,211       3,972,710  
Eaton Vance Municipal Income 2028 Term Trust     36,704       766,012  
Eaton Vance Municipal Income Trust     194,873       2,194,270  
    Number
of Shares
    Value  
Eaton Vance National Municipal Opportunities Trust     62,640     $ 1,125,641  
Invesco Advantage Municipal Income Trust II     174,988       1,641,387  
Invesco Municipal Income Opportunities Trust     177,428       1,130,216  
Invesco Municipal Opportunity Trust     342,709       3,574,455  
Invesco Municipal Trust     282,508       2,943,733  
Invesco Quality Municipal Income Trust     268,399       2,780,614  
Invesco Trust for Investment Grade Municipals     275,972       2,994,296  
Invesco Value Municipal Income Trust     189,908       2,453,611  
MainStay MacKay DefinedTerm Municipal Opportunities Fund     93,482       1,701,372  
MFS High Income Municipal Trust     176,302       698,156  
MFS Municipal Income Trust     230,333       1,276,045  
Neuberger Berman Municipal Fund, Inc.     63,238       756,959  
Nuveen AMT-Free Municipal Credit Income Fund     842,010       11,602,898  
Nuveen AMT-Free Municipal Value Fund     87,817       1,264,565  
Nuveen AMT-Free Quality Municipal Income Fund     1,102,643       13,738,932  
Nuveen Dynamic Municipal Opportunities Fund     208,665       2,393,388  
Nuveen Enhanced Municipal Value Fund     125,211       1,502,532  
Nuveen Intermediate Duration Municipal Term Fund     181,480       2,400,980  
Nuveen Intermediate Duration Quality Municipal Term Fund     50,386       650,987  
Nuveen Municipal Credit Income Fund     569,323       7,515,064  
Nuveen Municipal Credit Opportunities Fund     210,080       2,668,016  
Nuveen Municipal High Income Opportunity Fund     333,211       4,071,838  
Nuveen Municipal Value Fund, Inc.     1,006,343       9,248,292  


 

See Notes to Financial Statements

16

 

 

    Number
of Shares
    Value  
Nuveen Quality Municipal Income Fund     1,063,308     $ 13,610,342  
Nuveen Select Tax-Free Income Portfolio     226,838       3,107,681  
PIMCO Municipal Income Fund     72,172       797,501  
PIMCO Municipal Income Fund II     175,456       1,901,943  
PIMCO Municipal Income Fund III     93,661       858,871  
Pioneer Municipal High Income Advantage Fund, Inc.     133,672       1,196,364  
Pioneer Municipal High Income Fund Trust     129,386       1,238,224  
Pioneer Municipal High Income Opportunities Fund, Inc.     98,948       1,247,734  
Putnam Managed Municipal Income Trust     194,344       1,251,575  
Putnam Municipal Opportunities Trust     136,333       1,457,400  
RiverNorth Flexible Municipal Income Fund II, Inc.     124,302       1,864,530  
Western Asset Managed Municipals Fund, Inc.     242,189       2,688,298  
Total Closed-End Funds: 99.8%
(Cost: $209,245,916)
            169,126,118  
Other assets less liabilities: 0.2%             281,078  
NET ASSETS: 100.0%           $ 169,407,196  


 

 

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 %        $ 169,126,118  

 

The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Closed-End Funds    $ 169,126,118      $      $      $ 169,126,118  

 

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2022

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.0%                
Alabama: 1.7%                
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)                
5.25%, 06/01/25   $ 410     $ 411,121  
5.75%, 06/01/26 (c)     2,000       1,967,281  
5.75%, 06/01/26 (c)     1,400       1,401,937  
6.00%, 06/01/26 (c)     5,900       5,910,476  

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

6.38%, 11/01/30 (p)

    1,500       1,717,232  
Jefferson County, Sewer Revenue, Series D (RB)                
6.00%, 10/01/23 (c)     10,000       10,969,015  
6.50%, 10/01/23 (c)     9,000       9,927,623  
Jefferson County, Sewer Revenue, Series E (RB)                
0.00%, 10/01/23 (c) ^     60       23,715  
0.00%, 10/01/23 (c) ^     100       46,579  
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)                
4.50%, 05/01/29 (c)     11,148       10,730,660  
5.25%, 05/01/29 (c)     7,000       6,919,014  
              50,024,653  
Alaska: 0.1%                

Northern Tobacco Securitization Corp., Series A (RB)

4.00%, 06/01/31 (c)

    1,000       928,235  

Northern Tobacco Securitization Corp., Series B-1 (RB)

4.00%, 06/01/31 (c)

    1,000       910,316  

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

0.00%, 06/01/31 (c) ^

    3,000       366,029  
              2,204,580  
American Samoa: 0.1%                
American Samoa Economic Development Authority, Series A (RB)                
5.00%, 09/01/31 (c)     2,750       2,992,217  
6.50%, 09/01/28     250       280,859  
6.62%, 09/01/25 (c)     1,000       1,091,537  
              4,364,613  
Arizona: 2.2%                

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

4.50%, 07/01/29 (c)

    1,000       923,349  
    Par  
(000’s
)   Value  
Arizona (continued)                

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

5.00%, 01/01/27 (c)

  $ 200     $ 207,298  
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)                
6.00%, 07/01/27 (c)     2,940       3,183,596  
6.00%, 07/01/27 (c)     1,320       1,445,793  
Arizona Industrial Development Authority, Basis School Project, Series A (RB)                
5.12%, 07/01/26 (c)     250       259,504  
5.25%, 07/01/26 (c)     500       516,353  
Arizona Industrial Development Authority, Basis School Project, Series D (RB)                
5.00%, 07/01/27 (c)     515       525,997  
5.00%, 07/01/27 (c)     270       276,390  

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

5.00%, 07/01/27 (c)

    500       511,833  
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB)                
5.00%, 07/15/27 (c)     400       410,647  
5.00%, 07/15/27 (c)     300       304,919  
Arizona Industrial Development Authority, Education Facility, Series A (RB)                
5.25%, 07/01/23 (c)     1,050       1,100,122  
5.50%, 07/01/23 (c)     2,100       2,186,793  

Arizona Industrial Development Authority, Kaizen Education Project (RB)

5.70%, 07/01/26 (c)

    1,000       1,062,149  
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)                
6.62%, 07/01/27     1,000       1,058,132  
7.75%, 07/01/27 (c)     2,000       2,208,672  

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

6.75%, 07/01/27 (c)

    4,000       4,293,563  

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

4.00%, 07/01/24 (c)

    500       488,405  

Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB)

4.00%, 07/15/28 (c)

    445       403,096  


 

See Notes to Financial Statements

18

 

 

    Par  
(000’s
)   Value  
Arizona (continued)                

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

4.50%, 07/15/25 (c)

  $ 500     $ 487,955  

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

4.00%, 12/15/29 (c)

    600       511,883  

Glendale Industrial Development Authority, Beatitudes Campus Project (RB)

4.00%, 11/15/24 (c)

    250       246,580  
Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)                
5.00%, 11/15/26 (c)     600       496,410  
5.25%, 11/15/26 (c)     700       542,504  
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)                
4.00%, 07/01/25     400       402,751  
5.00%, 07/01/25 (c)     900       923,201  
5.00%, 07/01/25 (c)     1,000       1,018,355  
5.00%, 07/01/25 (c)     500       509,325  

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

5.00%, 07/01/28 (c)

    750       795,180  

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

5.00%, 07/01/25 (c)

    675       689,389  

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

5.00%, 07/01/26 (c)

    750       775,831  

Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB)

5.25%, 07/01/22 (c)

    1,000       1,016,358  

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

4.00%, 01/01/26 (c)

    3,830       3,498,098  

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

6.00%, 07/01/28 (c)

    1,000       1,089,397  
    Par  
(000’s
)   Value  
Arizona (continued)                
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)                
5.00%, 07/01/29 (c)   $ 1,400     $ 1,499,849  
5.00%, 07/01/29 (c)     1,300       1,397,161  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)                
5.00%, 07/01/29 (c)     500       511,136  
5.00%, 07/01/29 (c)     500       509,609  
5.00%, 07/01/29 (c)     500       518,539  

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

5.00%, 07/01/26 (c)

    1,750       1,794,088  

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

5.00%, 11/15/24

    255       249,374  
Pima County Industrial Development Authority, American Leadership Academy Project (RB)                
4.12%, 06/15/22 (c)     1,250       1,253,981  
4.75%, 06/15/22 (c)     2,000       2,007,817  
5.00%, 06/15/22 (c)     2,000       2,008,397  
5.62%, 06/15/25 (c)     1,250       1,285,276  

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

5.00%, 06/15/25 (c)

    500       502,262  
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)                
5.25%, 07/01/26 (c)     250       252,815  
5.38%, 07/01/26 (c)     250       250,979  
5.50%, 07/01/26 (c)     250       250,464  
Salt Verde Financial Corp. (RB)                
5.00%, 12/01/37     9,355       10,248,083  
5.25%, 12/01/23     290       300,304  
5.25%, 12/01/24     305       320,742  
5.25%, 12/01/25     265       282,727  
5.25%, 12/01/27     215       233,985  
5.25%, 12/01/28     245       268,370  

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

5.00%, 12/01/26 (c)

    355       360,128  

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

5.00%, 12/01/26 (c)

    250       254,247  


 

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Arizona (continued)                
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)                
6.12%, 10/01/27 (c)   $ 3,900     $ 3,907,659  
6.12%, 10/01/27 (c)     600       599,548  
              65,437,368  
Arkansas: 0.3%                

Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB)

3.50%, 07/01/28 (c)

    1,085       860,572  

Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB)

4.00%, 12/01/27 (c)

    815       664,338  

Arkansas Development Finance Authority, Big River Steel Project (RB)

4.50%, 09/01/26 (c)

    7,820       7,253,607  

Arkansas Development Finance Authority, Charter School Project, Series A (RB)

3.62%, 12/01/28 (c)

    1,000       719,941  
              9,498,458  
California: 13.4%                
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)                
5.00%, 10/01/26 (c)     5,000       5,270,310  
5.00%, 10/01/26 (c)     1,650       1,742,490  
5.00%, 10/01/26 (c)     2,055       2,167,883  
5.00%, 10/01/26 (c)     3,000       3,170,405  
Anaheim Community Facilities District No. 08-1 (ST)                
4.00%, 09/01/23 (c)     420       394,365  
4.00%, 09/01/23 (c)     615       593,743  
4.00%, 09/01/23 (c)     160       158,641  
Antelope Valley Healthcare District, Series A (RB)                
5.00%, 03/01/26 (c)     300       308,374  
5.25%, 03/01/26 (c)     1,480       1,551,959  

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

5.25%, 05/01/28 (c)

    695       701,038  

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

5.00%, 08/01/30 (c)

    3,100       2,951,255  

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

4.00%, 08/01/31 (c)

    11,735       9,691,939  
    Par  
(000’s
)   Value  
California (continued)                

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

4.00%, 08/01/31 (c)

  $ 6,000     $ 5,292,386  
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)                
3.00%, 08/01/31 (c)     1,000       709,302  
4.00%, 08/01/31 (c)     2,000       1,616,261  

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

4.00%, 08/01/32 (c)

    3,000       2,313,097  

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

4.00%, 08/01/31 (c)

    4,000       3,289,169  

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

5.00%, 02/01/30 (c)

    10,000       9,454,777  

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

4.00%, 08/01/32 (c)

    2,000       1,521,722  

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

4.00%, 08/01/31 (c)

    4,500       4,004,066  

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

4.00%, 02/01/31 (c)

    6,000       4,847,764  

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

5.88%, 05/31/22 (c)

    25       25,349  

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

5.00%, 05/16/22 (c)

    15       14,703  
California County Tobacco Securitization Agency, Series A (RB)                
4.00%, 06/01/30 (c)     4,740       4,602,342  
5.00%, 05/16/22 (c)     4,115       4,026,758  

California Enterprise Development Authority Charter School, Rocketship Public Schools Group No. 2, Series A (RB)

4.00%, 06/01/31 (c)

    1,000       907,213  


 

See Notes to Financial Statements

20

 

 

    Par  
(000’s
)   Value  
California (continued)                
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)                
4.00%, 08/15/27 (c)   $ 250     $ 253,470  
4.20%, 08/15/27 (c)     500       515,706  
4.25%, 11/15/22 (c)     80       80,503  
5.00%, 08/15/27 (c)     460       500,380  
5.00%, 08/15/27 (c)     990       1,070,843  
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)                
3.00%, 04/01/30 (c)     1,000       813,043  
4.00%, 04/01/30 (c)     1,715       1,681,993  
4.00%, 04/01/30 (c)     6,325       5,978,284  
California Housing Finance Agency, Series A (RB)                
3.50%, 11/20/35     984       985,185  
4.00%, 03/20/33     964       990,380  
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)                
5.00%, 01/01/31 (c)     5,000       4,727,853  
5.00%, 07/01/30 (c)     1,000       947,645  
California Municipal Finance Authority, California Baptist University, Series A (RB)                
5.50%, 11/01/25 (c)     500       529,921  
6.12%, 11/01/23 (c)     1,000       1,045,784  

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

5.00%, 07/01/32 (c)

    1,000       984,598  

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

5.00%, 11/15/28 (c)

    500       531,148  

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

4.00%, 11/15/28 (c)

    150       146,724  
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)                
3.00%, 05/15/31 (c)     5,150       3,937,447  
4.00%, 05/15/31 (c)     5,000       4,915,458  

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       1,504,053  
    Par  
(000’s
)   Value  
California (continued)                
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)                
5.00%, 07/01/27 (c)   $ 250     $ 270,739  
5.00%, 07/01/27 (c)     200       217,252  

California Municipal Finance Authority, Holy Names University (RB)

7.00%, 10/01/29 (c)

    2,500       2,568,420  
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)                
5.00%, 10/01/27 (c)     500       481,919  
5.00%, 10/01/27 (c)     500       500,682  
5.00%, 10/01/27 (c)     500       473,825  

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

5.62%, 03/01/25 (c)

    2,390       2,349,092  
California Municipal Finance Authority, LINXS APM Project, Series A (RB)                
5.00%, 06/30/28 (c)     600       643,304  
5.00%, 06/30/28     65       70,074  
5.00%, 06/30/28 (c)     2,490       2,604,469  
5.00%, 06/30/28 (c)     500       535,286  
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)                
3.00%, 06/30/28 (c)     1,950       1,792,214  
5.00%, 06/30/28 (c)     700       739,009  
5.00%, 06/30/28 (c)     3,405       3,539,902  
5.00%, 06/30/28 (c)     1,035       1,100,787  
5.00%, 06/30/28 (c)     1,000       1,053,452  
5.00%, 06/30/28 (c)     2,040       2,151,759  

California Municipal Finance Authority, Multifamily Housing, Series A (RB)

4.00%, 11/01/31 (c)

    1,000       912,242  

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

5.25%, 11/01/26 (c)

    230       246,202  
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)                
5.00%, 07/01/26 (c)     500       510,502  
5.00%, 07/01/28 (c)     130       133,950  
5.00%, 07/01/28 (c)     1,000       1,016,359  

California Municipal Finance Authority, Rocketship Education, Series A (RB)

7.00%, 06/01/22 (c)

    930       952,711  


 

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB)

6.00%, 07/01/22 (c)

  $ 1,500     $ 1,511,368  

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

4.00%, 11/15/28 (c)

    250       244,540  

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

4.00%, 07/15/29

    10,500       10,154,502  
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)                
7.00%, 07/01/22 (d) *     1,000       600,000  
7.50%, 12/01/29 (c) (d) *     7,000       350,000  
7.50%, 07/01/22 (c) (d) *     10,500       6,300,000  
8.00%, 07/01/27 (c) (d) *     6,635       3,981,000  

California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW)

7.50%, 07/01/32

    1,000       850,000  

California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB)

7.50%, 12/01/24 (c)

    2,350       1,578,400  
California Public Finance Authority, Enso Village Project, Series A (RB)                
5.00%, 11/15/29 (c)     1,000       1,001,484  
5.00%, 11/15/29 (c)     1,500       1,536,549  
5.00%, 11/15/29 (c)     500       492,708  
5.00%, 06/01/27 (c)     400       417,084  
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)                
5.00%, 07/01/27 (c)     1,000       773,722  
5.00%, 07/01/27 (c)     485       400,942  
5.00%, 07/01/27     210       181,278  
5.00%, 07/01/27 (c)     300       240,904  

California School Finance Authority, Charter School Ivy Academia, Series A (RB)

4.00%, 06/01/28 (c)

    1,150       995,533  
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)                
4.00%, 11/01/31 (c)     1,000       871,313  
4.00%, 11/01/31 (c)     2,700       2,306,009  
    Par  
(000’s
)   Value  
California (continued)                
California School Finance Authority, River Springs Charter School Project, Series A (RB)                
5.00%, 07/01/27 (c)   $ 1,000     $ 977,528  
6.38%, 07/01/25 (c)     2,000       2,111,613  
California School Finance Authority, Rocketship Education, Series A (RB)                
5.12%, 06/01/26 (c)     250       255,566  
5.25%, 06/01/26 (c)     250       256,250  

California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB)

3.50%, 03/01/28 (c)

    1,050       1,012,072  
California Statewide Communities Development Authority, Baptist University, Series A (RB)                
3.50%, 11/01/27     2,500       2,552,061  
5.00%, 11/01/27 (c)     1,000       1,057,984  
6.38%, 11/01/23 (c)     1,000       1,043,586  

California Statewide Communities Development Authority, College Housing (RB)

5.25%, 07/01/29 (c)

    250       226,239  
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)                
5.50%, 05/31/22 (c)     167       157,304  
5.75%, 05/31/22 (c)     32       30,096  

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

5.75%, 05/31/22 (c)

    5       4,414  

California Statewide Communities Development Authority, Infrastructure Program, Series B (SA)

5.00%, 09/02/28 (c)

    920       960,606  
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)                
5.00%, 05/15/26 (c)     385       412,077  
5.00%, 05/15/26 (c)     545       579,291  
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) (BAM)                
3.00%, 05/15/31 (c)     1,000       763,561  
3.00%, 05/15/31 (c)     1,000       781,387  


 

See Notes to Financial Statements

22

 

 

    Par  
(000’s
)   Value  
California (continued)                
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)                
5.00%, 06/01/29 (c)   $ 435     $ 451,515  
5.00%, 06/01/29 (c)     1,940       1,984,003  

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

5.62%, 11/01/23 (c)

    75       77,217  
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)                
5.00%, 06/01/26 (c)     1,595       1,665,822  
5.00%, 06/01/26 (c)     350       379,852  
5.00%, 06/01/26 (c)     2,445       2,539,440  
5.00%, 06/01/26 (c)     1,100       1,164,599  
5.25%, 12/01/24 (c)     690       712,561  
5.25%, 12/01/24 (c)     1,740       1,810,963  
5.25%, 06/01/26 (c)     8,380       8,687,214  
5.25%, 06/01/28 (c)     1,000       1,050,425  
5.50%, 12/01/24 (c)     9,705       10,026,595  
5.50%, 06/01/28 (c)     6,500       6,884,502  
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)                
5.00%, 06/01/26 (c)     3,230       3,332,979  
5.75%, 01/15/23 (c)     125       126,219  

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

3.50%, 05/15/26 (c)

    615       591,824  

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

5.00%, 05/15/27 (c)

    3,170       3,333,840  

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

6.00%, 05/31/22 (c)

    3,175       3,227,652  

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

6.00%, 05/31/22 (c)

    900       914,923  

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

4.00%, 09/01/28 (c)

    500       456,227  
    Par  
(000’s
)   Value  
California (continued)                

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

5.00%, 09/01/25 (c)

  $ 250     $ 259,416  
City of Irvine, Community Facilities District No. 2013-3 (ST)                
4.00%, 09/01/23 (c)     230       234,158  
4.00%, 09/01/23 (c)     1,000       1,016,101  
4.00%, 09/01/23 (c)     250       254,237  
4.00%, 09/01/23 (c)     250       254,029  

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

5.00%, 09/02/25 (c)

    750       783,315  

City of Oroville Hospital (RB)

5.25%, 04/01/29 (c)

    6,000       6,126,048  

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

4.00%, 09/01/26 (c)

    180       177,942  

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

5.00%, 09/01/25 (c)

    840       873,584  
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)                
3.75%, 09/01/27 (c)     500       468,319  
5.00%, 09/01/27 (c)     135       142,795  
5.00%, 09/01/27 (c)     155       164,243  

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

5.00%, 09/01/25 (c)

    200       208,246  

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

5.00%, 09/01/25 (c)

    1,045       1,085,683  
CMFA Special Finance Agency (RB)                
3.00%, 12/01/31 (c)     6,000       4,124,757  
4.00%, 02/01/32 (c)     2,500       2,195,681  

CMFA Special Finance Agency I (RB)

4.00%, 04/01/31 (c)

    6,000       5,111,080  

CMFA Special Finance Agency VII (RB)

4.00%, 08/01/31 (c)

    2,000       1,565,633  

CMFA Special Finance Agency XII (RB)

4.38%, 02/01/32 (c)

    1,000       793,325  
Compton Public Finance Authority (RB)                
4.00%, 09/01/24 (c)     1,000       1,009,930  
4.50%, 09/01/24 (c)     1,585       1,603,776  

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

3.50%, 10/01/31 (c)

    1,000       809,259  


 

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, Atlanta-Glendale, Series A-2 (RB)

4.00%, 10/01/31 (c)

  $ 8,750     $ 7,257,397  

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

5.00%, 01/01/31 (c)

    11,800       11,416,882  
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB)                
4.00%, 04/01/32 (c)     1,000       734,010  
4.00%, 05/01/32 (c)     1,500       1,117,020  

CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB)

2.88%, 08/01/31 (c)

    995       861,933  

CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB)

3.12%, 08/01/31 (c)

    7,000       5,094,707  

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

4.00%, 07/01/31 (c)

    5,350       4,380,089  

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

3.25%, 07/01/32 (c)

    8,000       5,922,758  

CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-1 (RB)

3.40%, 10/01/31 (c)

    2,000       1,657,834  

CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB)

4.00%, 10/01/31 (c)

    7,075       6,162,073  

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

3.00%, 07/01/32 (c)

    2,500       1,900,469  

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

4.00%, 08/01/31 (c)

    2,000       1,769,482  

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

3.25%, 06/01/32 (c)

    3,500       2,466,730  
    Par  
(000’s
)   Value  
California (continued)                

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

4.00%, 06/01/32 (c)

  $ 1,000     $ 758,627  

CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB)

2.65%, 12/01/31 (c)

    2,000       1,614,152  

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

4.00%, 12/01/31 (c)

    1,000       752,859  

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

3.10%, 07/01/31 (c)

    3,000       2,351,939  

CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB)

4.00%, 07/01/31 (c)

    15,000       12,993,788  

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

3.25%, 04/01/32 (c)

    2,200       1,617,636  

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

4.00%, 04/01/32 (c)

    4,000       3,294,747  

CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-1 (RB)

3.00%, 06/01/32 (c)

    1,000       704,866  

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

4.00%, 06/01/32 (c)

    5,780       4,738,919  
Dublin Community Facilities District No 2015-1 (ST)                
5.00%, 09/01/26 (c)     500       528,293  
5.00%, 09/01/26 (c)     500       537,289  
5.00%, 09/01/26 (c)     500       532,015  
5.00%, 09/01/27 (c)     1,150       1,223,303  
5.00%, 09/01/27 (c)     1,840       1,930,040  

Elk Grove Finance Authority (ST)

5.00%, 09/01/26 (c)

    1,300       1,361,967  
Folsom Ranch Financing Authority (ST)                
5.00%, 09/01/27 (c)     2,000       2,127,483  
5.00%, 09/01/27 (c)     1,100       1,175,941  


 

See Notes to Financial Statements

24

 

 

    Par  
(000’s
)   Value  
California (continued)                
5.00%, 09/01/27 (c)   $ 1,000     $ 1,047,956  
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)                
5.75%, 01/15/24 (c)     1,000       1,058,129  
6.00%, 01/15/24 (c)     2,860       3,036,622  
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)                
3.95%, 07/15/27 (c)     100       91,666  
6.00%, 01/15/24 (c)     1,115       1,183,858  

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

3.50%, 07/15/29 (c)

    475       388,824  

Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB)

6.50%, 01/15/24 (c)

    1,000       1,061,582  
Hastings Campus Housing Finance Authority, Series A (RB)                
5.00%, 07/01/30 (c)     4,350       4,581,963  
5.00%, 07/01/30 (c)     3,000       3,107,552  

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

3.75%, 10/15/26 (c)

    250       212,136  

Irvine Unified School District Community Facilities District No. 09-1, Series D (ST)

5.00%, 09/01/27 (c)

    1,000       1,047,008  

Lake Elsinore Public Financing Authority, Local Agency (ST)

5.00%, 09/01/25 (c)

    405       420,639  

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

6.00%, 05/31/22 (c)

    46       46,156  

Los Angeles Unified School District, Series C (GO)

5.00%, 07/01/24 (c)

    1,600       1,680,543  
MSR Energy Authority, Series A (RB)                
6.12%, 11/01/29     485       541,167  
6.50%, 11/01/39     1,575       1,957,988  

Ontario California Special Tax, Community Facilities District No. 53 (ST) (FHA 542(C))

4.00%, 09/01/28 (c)

    1,375       1,242,246  
Orange County Community Facilities District No. 1, Series A (ST)                
4.25%, 08/15/25 (c)     975       981,318  
5.25%, 08/15/25 (c)     455       475,403  

Palomar Health (RB)

5.00%, 11/01/26 (c)

    250       270,003  
    Par  
(000’s
)   Value  
California (continued)                

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

0.00%, 08/01/25 ^

  $ 125     $ 111,979  

Perris Union High School District Financing Authority (ST)

5.00%, 03/01/25 (c)

    1,000       1,033,626  

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

5.00%, 09/01/25 (c)

    750       783,250  
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)                
5.00%, 09/01/26 (c)     500       525,694  
5.00%, 09/01/26 (c)     500       535,088  
5.50%, 09/01/22 (c)     3,000       3,074,089  

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

5.00%, 09/01/26 (c)

    500       529,652  

River Islands Public Financing Authority, Community Facilities District No. 2019-1 (ST)

4.00%, 09/01/28 (c)

    1,000       913,967  
River Islands Public Financing Authority, Phase 2 Public Improvements (ST)                
4.00%, 09/01/26 (c)     1,000       929,085  
5.00%, 09/01/26 (c)     750       797,035  

Romoland School District No. 2004-1 (ST)

5.00%, 09/01/25 (c)

    500       527,746  
Sacramento County, Community Facilities District No. 2005-2 (ST)                
5.00%, 09/01/26 (c)     495       516,809  
5.00%, 09/01/26 (c)     345       362,159  

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

5.00%, 07/01/31 (c)

    745       809,969  

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

4.00%, 07/01/31 (c)

    1,500       1,401,900  

San Jacinto Unified School District Financing Authority (ST)

5.00%, 09/01/26 (c)

    300       317,755  

San Joaquin Hills Transportation Corridor Agency (RB) (NATL)

0.00%, 01/15/25 ^

    1,000       915,720  


 

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
California (continued)                

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

5.00%, 01/15/25 (c)

  $ 500     $ 533,304  
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL)                
0.00%, 01/15/32 ^     145       96,742  
0.00%, 01/15/36 ^     105       57,396  

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

5.25%, 01/15/25 (c)

    200       208,421  

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

4.00%, 01/15/32 (c)

    2,000       1,892,223  
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)                
5.00%, 03/01/26 (c)     500       521,452  
5.00%, 03/01/26 (c)     500       518,790  

Silicon Valley Tobacco Securitization Authority, Series A (RB)

0.00%, 05/31/22 (c) ^

    7,000       3,206,376  

Silicon Valley Tobacco Securitization Authority, Series C (RB)

0.00%, 05/16/22 (c) ^

    8,015       955,349  

South California Tobacco Securitization Authority, Series C (RB)

0.00%, 05/16/22 (c) ^

    3,055       469,282  

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

5.38%, 09/01/22 (c)

    1,035       1,040,788  

Three Rivers Levee Improvement Authority. Community Facilities District Nos. 2006-1 and 2006-2, Series A (ST)

4.00%, 09/01/28 (c)

    1,290       1,193,113  

Tobacco Securitization Authority of Northern California (RB)

4.00%, 12/01/30 (c)

    3,000       2,969,056  

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

0.00%, 05/16/22 (c) ^

    8,440       1,108,569  
    Par  
(000’s
)   Value  
California (continued)                

Transbay Joint Powers Authority, Tax Allocation, Series B (TA)

2.40%, 04/01/30 (c)

  $ 3,920     $ 3,768,644  
Tustin Community Facilities District, Series A (ST)                
5.00%, 09/01/25 (c)     100       104,020  
5.00%, 09/01/25 (c)     100       103,577  

Val Verde Unified School District (ST)

5.00%, 03/01/25 (c)

    750       777,120  
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)                
4.00%, 09/01/21 (d) *     850       442,000  
5.30%, 09/01/22 (c) (d) *     530       275,600  

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

5.00%, 09/01/26 (c)

    445       464,622  
              403,190,754  
Colorado: 3.7%                
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)                
5.00%, 12/01/23 (c)     500       506,382  
5.12%, 12/01/23 (c)     750       754,426  

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

5.00%, 10/01/28 (c)

    2,010       2,138,332  

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

5.75%, 05/31/22 (c)

    1,000       1,017,888  
Brighton Crossing Metropolitan District No. 6, Series A (GO)                
5.00%, 12/01/25 (c)     500       506,690  
5.00%, 12/01/25 (c)     500       500,257  
Broadway Station Metropolitan District No. 3, Series A (GO)                
5.00%, 06/01/24 (c)     2,500       2,492,476  
5.00%, 06/01/24 (c)     1,249       1,267,412  

Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA)

3.75%, 09/01/26 (c)

    1,000       811,080  
Centerra Metropolitan District No. 1 (TA)                
5.00%, 12/01/22 (c)     500       509,574  
5.00%, 12/01/22 (c)     500       503,066  
5.00%, 12/01/22 (c)     500       497,193  

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

5.00%, 10/01/23 (c)

    5,195       5,309,500  


 

See Notes to Financial Statements

26

 

 

    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)

  $ 4,250     $ 4,287,244  

City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA)

5.00%, 12/01/22 (c)

    1,035       1,036,540  

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

5.00%, 07/01/26 (c)

    1,000       992,998  

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

5.00%, 10/01/27 (c)

    500       503,274  

Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB)

5.00%, 01/01/26 (c)

    605       625,021  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)                
4.00%, 08/01/29 (c)     510       495,381  
5.00%, 08/01/29     1,000       1,105,754  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)                
3.25%, 08/01/29 (c)     5       4,006  
4.00%, 08/01/29 (c)     7,000       6,635,047  
5.00%, 08/01/29 (c)     1,045       1,126,931  

Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)

5.30%, 05/31/22 (c)

    1,160       971,706  
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)                
5.00%, 12/31/24 (c)     350       361,957  
5.00%, 12/31/24 (c)     250       258,494  

Colorado International Center, Metropolitan District No 7 (GO)

5.25%, 12/01/26 (c)

    5,000       3,109,807  

Colorado International Center, Metropolitan District No. 14 (GO)

5.88%, 12/01/23 (c)

    2,500       2,552,011  
Creekwalk Marketplace Business Improvement District, Series A (RB)                
5.50%, 12/01/26 (c)     500       454,321  
5.75%, 12/01/26 (c)     500       446,318  
    Par  
(000’s
)   Value  
Colorado (continued)                
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)                
5.62%, 12/01/23 (c)   $ 1,000     $ 1,027,471  
5.75%, 12/01/23 (c)     1,500       1,533,042  
Dominion Water and Sanitation District (RB)                
5.25%, 05/31/22 (c)     785       801,986  
5.75%, 05/31/22 (c)     3,500       3,575,593  
6.00%, 05/31/22 (c)     397       405,558  
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)                
4.50%, 11/01/25 (c)     870       827,408  
5.25%, 11/01/25 (c)     2,345       2,228,101  
5.50%, 11/01/25 (c)     1,865       1,795,184  

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

5.88%, 09/01/25 (c)

    1,000       1,002,014  

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

4.38%, 12/01/23 (c)

    1,000       907,628  

Johnstown Plaza Metropolitan District, in the Town of Johnstown Larimer County, Colorado (GO) (SAW)

4.25%, 03/01/27 (c)

    1,000       864,643  

North Range Metropolitan District No. 3 (GO)

5.00%, 12/01/25 (c)

    2,000       2,010,921  
Painted Prairie Public Improvement Authority (RB)                
5.00%, 12/01/24 (c)     1,500       1,488,840  
5.00%, 12/01/24 (c)     1,000       1,008,333  

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

4.00%, 03/01/26 (c)

    540       481,612  

Pueblo Urban Renewal Authority, Evraz Project, Series A (TA)

4.75%, 12/01/30 (c)

    4,030       3,774,441  

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

3.62%, 06/01/26 (c)

    1,000       783,161  

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

4.00%, 10/01/26 (c)

    5,750       4,482,769  

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

4.00%, 07/15/40

    615       596,900  


 

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par  
(000’s
)   Value  
Colorado (continued)                

Rocky Mountain Rail Park Metropolitan District, Series A (GO)

5.00%, 03/01/26 (c)

  $ 6,850     $ 5,749,455  

Siena Lake Metropolitan District, in the Town of Gypsum, Colorado (GO)

4.00%, 09/01/26 (c)

    1,000       809,207  

Southglenn Metropolitan District (GO)

5.00%, 05/31/22 (c)

    1,000       983,286  

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

5.00%, 12/01/27 (c)

    1,200       1,201,687  
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)                
4.25%, 12/01/25 (c)     1,000       863,264  
5.00%, 12/01/22 (c)     1,000       1,025,809  
5.00%, 12/01/22 (c)     500       510,395  
5.00%, 12/01/22 (c)     5,000       5,077,052  
Transport Metropolitan District No. 3 (GO)                
5.00%, 03/01/26 (c)     4,000       3,926,921  
5.00%, 03/01/26 (c)     4,200       4,268,423  
Velocity Metropolitan District No. 3 (GO)                
5.12%, 12/01/23 (c)     500       511,407  
5.38%, 12/01/23 (c)     1,500       1,535,627  
5.50%, 12/01/23 (c)     3,500       3,576,446  

Verve Metropolitan District No 1 (GO)

5.00%, 03/01/26 (c)

    1,025       1,039,726  

Village Metropolitan District (GO)

5.00%, 12/01/25 (c)

    1,250       1,290,228  

Windler Public Improvement Authority, Series A-1 (RB) (BAM)

4.12%, 09/01/26 (c)

    4,980       3,854,406  

Windler Public Improvement Authority, Series A-2 (RB)

4.63%, 09/01/26 (c)

    7,375       4,321,022  
              111,921,052  
Connecticut: 0.8%                

Bridgeport Housing Authority, Energy Performance Equipment (RB)

5.60%, 05/10/22 (c)

    630       606,237  

Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC)

4.00%, 07/01/29 (c)

    2,000       1,830,151  

Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)

               

5.00%, 09/01/26 (c)

    2,500       2,526,949  
    Par  
(000’s
)   Value  
Connecticut (continued)                
5.00%, 09/01/26 (c)   $ 3,000     $ 3,022,997  

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

5.00%, 10/01/24 (c)

    3,000       3,052,519  

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

5.00%, 01/01/26 (c)

    2,000       2,034,366  

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

4.00%, 07/01/29 (c)

    2,000       1,877,656  
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)                
4.25%, 07/01/22 (c)     935       939,313  
4.50%, 07/01/22 (c)     655       658,284  
5.00%, 07/01/22 (c)     380       382,209  
5.00%, 07/01/22 (c)     4,470       4,495,985  
5.00%, 07/01/22 (c)     100       100,581  

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

4.00%, 07/01/29 (c)

    250       230,164  

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

4.00%, 07/01/29 (c)

    250       224,096  

Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB)

4.00%, 07/01/29 (c)

    500       501,351  

Town of Hamden, Whitney Center Project (RB)

5.00%, 01/01/26 (c)

    500       485,129  
              22,967,987  
Delaware: 0.1%                
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)                
5.00%, 06/01/26 (c)     250       257,227  
5.00%, 06/01/26 (c)     1,000       1,018,776  

Delaware River and Bay Authority, Series A (RB)

5.00%, 01/01/23 (c)

    730       743,812  
              2,019,815  


 

See Notes to Financial Statements

28

 

 

    Par  
(000’s
)   Value  
District of Columbia: 1.1%                

District of Columbia Tobacco Settlement Financing Corp. (RB)

0.00%, 05/31/22 (c) ^

  $ 24,055     $ 5,048,098  
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)                
5.00%, 07/01/24 (c)     1,180       1,159,331  
5.00%, 07/01/24 (c)     250       252,701  
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)                
5.00%, 06/01/30 (c)     500       515,049  
5.00%, 06/01/30 (c)     2,500       2,536,386  

District of Columbia, Rocketship Education Public Charter School, Series A (RB)

5.00%, 06/01/29 (c)

    1,000       1,021,108  

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

0.00%, 10/01/37 ^

    11,825       5,588,120  
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)                
0.00%, 10/01/37 ^     5,520       2,873,750  
4.00%, 10/01/29 (c)     7,315       7,360,085  
4.00%, 10/01/29 (c)     250       254,979  
5.00%, 10/01/29 (c)     3,150       3,396,123  
6.50%, 10/01/28 (c)     245       290,380  

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

4.00%, 10/01/29 (c)

    1,675       1,654,233  
              31,950,343  
Florida: 5.7%                

Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB)

8.00%, 10/01/22 (c)

    300       313,607  

Aqua One Community Development District (SA)

5.75%, 05/01/28 (c)

    1,000       1,021,513  

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

6.00%, 07/01/25 (c)

    295       295,475  

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

5.00%, 07/01/31 (c)

    5,500       5,576,256  

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

5.00%, 07/15/26 (c)

    250       252,906  
    Par  
(000’s
)   Value  
Florida (continued)                

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

5.00%, 07/15/26 (c)

  $ 500     $ 502,595  
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)                
4.50%, 01/01/29 (c)     500       502,129  
5.12%, 01/01/29 (c)     500       506,578  
5.25%, 01/01/29 (c)     500       502,193  
5.38%, 01/01/29 (c)     500       504,276  
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)                
4.38%, 06/15/27     390       391,220  
5.25%, 06/15/27 (c)     500       507,652  

Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB)

6.00%, 07/01/25 (c)

    1,000       300,000  
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)                
4.00%, 12/01/28     2,200       2,184,864  
5.25%, 12/01/28 (c)     2,000       2,090,302  
5.25%, 12/01/28 (c)     2,200       2,271,418  
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)                
5.00%, 01/01/31 (c)     1,850       1,708,758  
5.00%, 07/01/30 (c)     2,250       2,083,257  
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)                
5.00%, 11/01/27     1,100       1,236,364  
5.00%, 11/01/27 (c)     500       549,603  

City of Pompano Beach, John Knox Village Project, Series A (RB)

4.00%, 09/01/27 (c)

    1,000       889,144  
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)                
4.00%, 06/01/25 (c)     230       230,353  
5.00%, 06/01/25 (c)     460       487,775  
5.00%, 06/01/25 (c)     300       317,208  

City of Tampa, Florida, H. Lee Moffitt Cancer Center Project, Series A (RB) (AGC)

0.00%, 09/01/30 (c) ^

    1,000       462,395  

Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)

               

7.00%, 05/15/24 (d) *

    590       401,200  


 

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par         
    (000’s )   Value  
Florida (continued)                
8.12%, 05/15/24 (c) (d) *   $ 460     $ 312,800  

Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB)

7.38%, 01/01/24 (c)

    19,035       19,498,375  

Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB)

6.12%, 06/15/27 (c)

    1,000       971,852  

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

5.00%, 06/01/28 (c)

    425       419,367  
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)                
4.00%, 06/01/28 (c)     1,600       1,388,649  
4.00%, 06/01/28 (c)     1,250       999,335  
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)                
5.75%, 06/15/24 (c)     1,000       1,041,529  
6.00%, 06/15/25 (c)     500       524,519  
6.12%, 06/15/22 (c)     3,000       3,017,189  
6.12%, 06/15/25 (c)     685       715,778  

Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB)

5.00%, 09/15/27 (c)

    1,000       1,021,160  

Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB)

5.25%, 06/01/27 (c)

    1,000       1,023,746  
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)                
6.25%, 01/01/24 (c) (p)     11,000       10,962,965  
6.38%, 01/01/26 (c) (p)     15,195       14,991,817  
6.50%, 01/01/29 (c) (p)     28,000       27,348,300  

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

3.00%, 06/01/24 (c)

    1,000       927,156  
FRERC Community Development District (SA) (AGM)                
5.38%, 11/01/29 (c)     1,500       1,477,597  
5.50%, 11/01/29 (c)     2,450       2,385,796  

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

4.00%, 02/01/31 (c)

    7,500       7,242,879  
    Par         
    (000’s )   Value  
Florida (continued)                

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

4.25%, 05/31/22 (c)

  $ 3,500     $ 3,447,746  

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

5.75%, 06/15/22 (c)

    500       500,448  

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

5.25%, 10/01/29 (c)

    1,000       988,842  

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

5.00%, 11/15/24 (c)

    380       395,383  
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM)                
3.00%, 11/15/31 (c)     3,170       2,289,323  
4.00%, 11/15/31 (c)     2,530       2,354,524  
Miami World Center Community Development District (SA)                
5.12%, 11/01/27 (c)     750       785,159  
5.25%, 11/01/27 (c)     250       260,024  

Miami-Date County, Florida Subordinate Special (RB)

5.00%, 10/01/26 (c)

    1,360       1,490,782  
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)                
5.00%, 10/01/25 (c)     500       521,724  
5.00%, 10/01/25 (c)     500       523,853  

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

5.00%, 10/01/25 (c)

    1,000       1,036,945  
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)                
4.25%, 05/01/23 (c)     1,035       1,042,318  
5.00%, 05/01/23 (c)     1,480       1,488,739  

North Broward Hospital District, Series B (RB)

5.00%, 01/01/28 (c)

    155       169,044  
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)                
5.00%, 08/01/27 (c)     200       208,884  
5.00%, 08/01/27 (c)     200       205,643  


 

See Notes to Financial Statements

30

 

 

    Par         
    (000’s )   Value  
Florida (continued)                

Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB)

7.50%, 06/01/22 (c)

  $ 310     $ 317,662  

Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB)

2.62%, 06/01/25

    550       533,408  

Palm Beach County, Lynn University Housing Project, Series A (RB)

5.00%, 06/01/31 (c)

    3,920       4,032,216  
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)                
5.00%, 04/01/29 (c)     2,500       2,499,888  
5.00%, 04/01/29 (c)     1,000       1,015,128  

Palm Cost Park Community Development District (SA)

5.70%, 05/31/22 (c)

    180       180,118  

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

5.88%, 01/01/33

    5,000       5,327,962  

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

5.50%, 11/15/26 (c)

    500       466,503  

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

4.25%, 05/31/22 (c)

    2,600       2,471,104  

Sumter County, Florida Village Community Development District No. 9 (SA)

5.50%, 05/01/22 (c)

    750       750,000  
Village Community Development District No. 12 (SA)                
3.25%, 05/01/26     245       242,249  
3.62%, 05/01/26 (c)     2,365       2,288,240  
3.88%, 05/01/26 (c)     2,420       2,213,186  
4.25%, 05/01/28 (c)     935       909,623  

Village Community Development District No. 12 (SA) (SAW)

4.38%, 05/01/28 (c)

    1,170       1,145,310  
Village Community Development District No. 13 (SA)                
3.00%, 05/01/29     730       692,017  
3.38%, 05/01/29 (c)     980       899,409  
    Par         
    (000’s )   Value  
Florida (continued)                
3.55%, 05/01/29 (c)   $ 2,820     $ 2,525,173  

Village Community Development District No. 13 (SA) (SBG)

3.70%, 05/01/29 (c)

    4,625       3,972,858  
              172,551,285  
Georgia: 1.1%                

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

4.12%, 02/01/28 (c)

    1,000       959,576  

DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB)

5.00%, 01/01/29 (c)

    1,000       760,404  
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB)                
6.25%, 12/01/24 (c)     4,000       3,522,610  
6.50%, 12/01/24 (c)     1,000       893,885  

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

5.50%, 12/01/24 (c)

    1,250       1,201,295  
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB)                
4.00%, 04/01/28 (c)     1,000       863,116  
4.00%, 04/01/28 (c)     1,500       1,213,107  
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG)                
5.00%, 04/01/26 (c)     500       499,270  
5.00%, 04/01/26 (c)     1,000       987,383  

Gainesville & Hall County Development Authority (RB)

5.00%, 03/01/27 (c)

    1,500       1,146,061  

Gainesville & Hall County Development Authority (RB) (BAM)

5.00%, 03/01/27 (c)

    700       572,991  

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)

4.00%, 02/15/30 (c)

    1,050       1,037,127  

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) (AGM)

4.00%, 02/15/31 (c)

    1,175       1,146,867  


 

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par         
    (000’s )   Value  
Georgia (continued)                

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

4.00%, 01/01/31 (c)

  $ 1,000     $ 903,487  

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

5.00%, 01/01/31 (c)

    4,780       4,574,769  

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

4.75%, 06/01/28

    416       437,916  
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)                
5.75%, 06/15/27 (c)     250       258,928  
6.00%, 06/15/27 (c)     1,000       1,031,396  

Main Street Natural Gas, Inc. (RB)

5.00%, 05/15/49

    1,000       1,104,562  

Marietta Development Authority, Life University, Inc. Project, Series A (RB)

5.00%, 11/01/27 (c)

    1,000       1,013,893  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)                
5.00%, 01/01/30 (c)     1,250       1,335,961  
5.00%, 07/01/25 (c)     375       393,165  

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

5.00%, 07/01/28 (c)

    1,000       1,050,169  

Oconee County Industrial Development Authority, Series A-1 (RB)

6.25%, 12/01/25 (c)

    1,000       825,291  

Paulding County Hospital Authority, WellStar Health System, Inc., Series A (RB)

4.00%, 04/01/32 (c)

    1,085       1,086,382  

Rockdale County Development Authority, Pratt Paper LLC Project (RB)

4.00%, 01/01/28 (c)

    3,850       3,639,261  
White County Development Authority, Truett McConnell University Project, Series A (RB)                
5.12%, 10/01/26 (c)     500       456,635  
5.25%, 10/01/26 (c)     500       438,321  
              33,353,828  
Guam: 0.5%                
Guam Government, Business Privilege Tax, Series D (RB)                
4.00%, 11/15/25 (c)     600       599,234  
5.00%, 11/15/25 (c)     1,100       1,157,182  
5.00%, 11/15/25 (c)     500       526,634  
    Par         
    (000’s )   Value  
Guam (continued)                
5.00%, 11/15/25 (c)   $ 585     $ 614,116  

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

4.00%, 01/01/31 (c)

    3,000       2,746,026  
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)                
4.25%, 02/01/30     500       496,665  
5.00%, 02/01/30 (c)     500       511,787  

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

5.00%, 11/01/30

    750       799,626  

Guam Government, Limited Obligation, Series A (RB)

5.00%, 12/01/26 (c)

    620       652,801  
Guam Government, Waterworks Authority, Water and Wastewater System (RB)                
5.00%, 07/01/26 (c)     1,375       1,454,086  
5.25%, 07/01/23 (c)     550       568,802  
5.50%, 07/01/23 (c)     1,000       1,037,033  

Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB)

5.00%, 07/01/30 (c)

    3,205       3,466,524  
Guam Power Authority, Series A (RB)                
5.00%, 10/01/22 (c)     345       349,851  
5.00%, 10/01/27 (c)     500       522,038  
              15,502,405  
Hawaii: 0.2%                

Kuakini, Hawaii Health System, Series A (RB)

6.38%, 05/31/22 (c)

    1,775       1,686,250  
State of Hawaii, Department of Budget and Finance, Series A (RB)                
6.25%, 07/01/23 (c)     1,400       1,439,479  
6.62%, 07/01/23 (c)     2,085       2,143,714  
              5,269,443  
Idaho: 0.1%                
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)                
3.50%, 09/01/26 (c)     450       413,620  
5.00%, 09/01/26 (c)     1,135       1,200,859  

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

3.80%, 10/01/28 (c)

    100       87,773  
              1,702,252  
Illinois: 13.1%                

Chicago Board of Education, Series A (GO)

               

4.00%, 12/01/31 (c)

    4,500       4,034,904  


 

See Notes to Financial Statements

32

 

 

    Par         
    (000’s )   Value  
Illinois (continued)                
4.00%, 12/01/31 (c)   $ 8,500     $ 7,440,308  
5.00%, 12/01/22 (c)     10,055       10,167,945  
5.00%, 12/01/28 (c)     250       263,116  
5.00%, 12/01/29     1,000       1,067,888  
5.00%, 12/01/29 (c)     4,000       4,256,451  
5.00%, 12/01/30 (c)     1,600       1,673,787  
5.00%, 12/01/30 (c)     395       415,813  
5.00%, 12/01/30 (c)     4,100       4,324,969  
5.00%, 12/01/30 (c)     100       105,022  
5.00%, 12/01/30 (c)     7,850       8,198,350  
5.00%, 12/01/30 (c)     5,950       6,234,939  
5.00%, 12/01/30 (c)     2,300       2,398,427  
5.00%, 12/01/30 (c)     3,475       3,677,079  
5.00%, 12/01/30 (c)     100       105,147  
5.00%, 12/01/30 (c)     2,860       3,002,075  
5.00%, 12/01/31 (c)     5,000       5,169,006  
7.00%, 12/01/25 (c)     5,200       5,835,822  
7.00%, 12/01/25 (c)     14,210       15,662,158  
7.00%, 12/01/27 (c)     2,250       2,573,563  
Chicago Board of Education, Series A (GO) (AGM)                
5.00%, 12/01/23     300       311,917  
5.00%, 12/01/25     1,000       1,072,144  
5.00%, 12/01/28 (c)     250       273,879  
Chicago Board of Education, Series A (GO) (AMBAC)                
5.50%, 12/01/25     145       156,985  
5.50%, 12/01/26     175       192,691  
5.50%, 12/01/30     2,500       2,886,702  
Chicago Board of Education, Series A (GO) (NATL)                
0.00%, 12/01/27 ^     760       620,014  
0.00%, 12/01/28 ^     390       304,704  
0.00%, 12/01/30 ^     55       39,208  
5.50%, 12/01/26     355       379,727  
Chicago Board of Education, Series B (GO)                
4.00%, 12/01/22 (c)     150       150,631  
5.00%, 12/01/22 (c)     1,105       1,117,666  
5.00%, 12/01/22 (c)     3,235       3,271,150  
5.00%, 12/01/27     1,500       1,599,920  
5.00%, 12/01/29 (c)     200       211,347  
5.00%, 12/01/30     1,650       1,765,829  
5.00%, 12/01/30 (c)     100       105,022  
5.00%, 12/01/30 (c)     100       106,153  
6.50%, 12/01/26 (c)     1,100       1,216,559  
Chicago Board of Education, Series C (GO)                
5.00%, 12/01/23     500       517,386  
5.00%, 12/01/27 (c)     2,625       2,756,594  
5.00%, 12/01/27     2,000       2,133,227  
5.25%, 12/01/24 (c)     4,430       4,587,669  
5.25%, 12/01/24 (c)     3,485       3,616,051  
6.00%, 12/01/24 (c)     1,160       1,227,246  

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

5.00%, 12/01/28 (c)

    2,500       2,591,097  
    Par         
    (000’s )   Value  
Illinois (continued)                

Chicago Board of Education, Series E (GO)

5.12%, 12/01/24 (c)

  $ 2,415     $ 2,501,809  

Chicago Board of Education, Series G (GO)

5.00%, 12/01/27 (c)

    1,100       1,155,144  

Chicago Board of Education, Series H (GO)

5.00%, 12/01/27 (c)

    12,080       12,508,635  
Chicago Illinois Board of Education Unlimited Tax, Series B (GO)                
4.00%, 12/01/31 (c)     5,000       4,569,162  
4.00%, 12/01/31 (c)     2,380       2,163,360  
4.00%, 12/01/31 (c)     5,000       4,601,750  

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

5.00%, 01/01/24 (c)

    4,000       4,105,154  

Chicago O’Hare International Airport (RB)

5.50%, 01/01/23 (c)

    400       407,649  
Chicago School Reform Board of Trustees, Series A (GO) (NATL)                
0.00%, 12/01/23 ^     300       285,886  
0.00%, 12/01/25 ^     355       313,960  
0.00%, 12/01/29 ^     1,460       1,090,980  
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)                
0.00%, 12/01/24 ^     1,165       1,069,962  
0.00%, 12/01/25 ^     1,650       1,459,250  
0.00%, 12/01/26 ^     1,630       1,386,683  
0.00%, 12/01/27 ^     1,030       840,282  
0.00%, 12/01/28 ^     690       539,093  
0.00%, 12/01/29 ^     645       481,974  
0.00%, 12/01/31 ^     520       352,773  
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)                
5.00%, 06/01/26     100       107,399  
5.00%, 06/01/29     1,000       1,110,231  
City of Chicago, City Colleges (GO) (NATL)                
0.00%, 01/01/28 ^     345       281,430  
0.00%, 01/01/30 ^     420       314,379  
0.00%, 01/01/33 ^     1,985       1,292,480  
0.00%, 01/01/34 ^     760       471,835  

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

5.00%, 01/01/25

    235       246,198  

City of Chicago, O’Hare International Airport, Senior Lien (RB)

5.75%, 01/01/23 (c)

    1,585       1,615,256  

City of Chicago, Series A (GO)

               

5.00%, 01/01/27

    1,000       1,062,784  


 

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par         
    (000’s )   Value  
Illinois (continued)                
5.00%, 01/01/27   $ 200     $ 212,559  
5.00%, 01/01/31 (c)     3,000       3,208,554  
5.00%, 01/01/31 (c)     3,000       3,198,841  

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

0.00%, 01/01/29 ^

    140       109,509  

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

5.00%, 01/01/29

    2,775       2,969,855  
City of Chicago, Series C (GO)                
0.00%, 01/01/32 ^     195       127,401  
5.00%, 01/01/24     1,110       1,147,252  
5.00%, 01/01/25     1,760       1,843,863  
5.00%, 01/01/26 (c)     250       263,826  
5.00%, 01/01/26     380       400,799  

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

5.75%, 11/01/30

    1,020       1,133,413  
City of Harvey, Series A (GO)                
5.50%, 05/31/22 (c) (d) *     465       390,600  
5.62%, 05/31/22 (c) (d) *     3,600       3,024,000  

Cook County, Illinois, Series B (GO)

4.00%, 11/15/26

    1,200       1,256,694  

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

4.00%, 10/01/31 (c)

    1,000       889,856  

Illinois Finance Authority, Admiral Lake Project (RB)

               
5.00%, 05/15/24 (c)     1,120       1,035,648  
5.12%, 05/15/24 (c)     390       351,811  
5.25%, 05/15/24 (c)     2,350       1,975,471  

Illinois Finance Authority, Central Baptist Village (RB)

5.38%, 05/31/22 (c)

    35       35,017  

Illinois Finance Authority, Charter Schools, Art in Motion Project, Series A (RB)

5.00%, 07/01/31 (c)

    1,000       808,191  
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)                
5.00%, 07/01/25 (c)     1,000       916,153  
5.00%, 07/01/25 (c)     1,000       866,984  
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)                
4.75%, 05/15/23 (c)     615       620,111  
5.12%, 05/15/23 (c)     230       232,079  
5.25%, 05/15/23 (c)     750       757,114  
Illinois Finance Authority, Friendship Village of Schaumburg (RB)                
5.00%, 02/15/27 (c)     6,500       4,277,645  
5.00%, 02/15/27     3,000       2,177,178  
5.12%, 02/15/27 (c)     6,130       3,895,090  
    Par         
    (000’s )   Value  
Illinois (continued)                

Illinois Finance Authority, Greenfields of Geneva Project (RB)

7.10%, 11/01/27 (c)

  $ 100     $ 77,257  

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

6.00%, 12/01/25 (c)

    500       527,381  
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)                
5.00%, 11/01/26 (c)     250       260,460  
5.00%, 11/01/26 (c)     1,525       1,544,962  
5.00%, 11/01/26 (c)     500       511,284  
5.00%, 11/01/26 (c)     500       525,162  
5.00%, 11/01/26 (c)     4,710       4,702,994  

Illinois Finance Authority, Park Place Elmhurst Project (RB)

5.12%, 05/15/26 (c)

    1,616       1,342,630  

Illinois Finance Authority, Roosevelt University (RB)

5.50%, 05/31/22 (c)

    475       475,147  
Illinois Finance Authority, Roosevelt University, Series A (RB)                
6.00%, 10/01/28 (c)     1,600       1,691,487  
6.12%, 10/01/28 (c)     8,000       8,467,380  
6.12%, 10/01/28 (c)     4,500       4,738,827  

Illinois Finance Authority, Westminster Village, Series A (RB) (AGM)

5.25%, 05/01/25 (c)

    2,695       2,483,771  
Illinois Sports Facilities Authority (RB)                
5.00%, 06/15/28     1,000       1,051,659  
5.00%, 06/15/29 (c)     3,055       3,238,126  
5.00%, 06/15/29     1,000       1,053,655  
5.00%, 06/15/30     1,000       1,056,119  

Illinois Sports Facilities Authority (RB) (AGM)

5.00%, 06/15/24 (c)

    1,000       1,038,703  

Illinois Sports Facilities Authority (RB) (AMBAC)

0.00%, 06/15/26 ^

    690       596,760  

Illinois State, Series A (GO)

4.00%, 03/01/31 (c)

    1,000       928,855  

Illinois State, Series C

4.00%, 10/01/40

    1,000       943,188  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)                
0.00%, 12/15/31 (c) ^     1,500       773,211  
0.00%, 12/15/56 ^     1,300       198,715  
3.00%, 12/15/24 (c)     2,000       1,989,943  
4.00%, 12/15/29 (c)     16,000       14,730,541  
4.00%, 12/15/31 (c)     3,000       2,822,810  
5.00%, 12/15/27 (c)     250       258,113  


 

See Notes to Financial Statements

34

 

 

    Par         
    (000’s )   Value  
Illinois (continued)                
5.00%, 12/15/29 (c)   $ 8,225     $ 8,543,375  
5.00%, 06/15/22 (c)     3,210       3,222,903  
5.50%, 12/15/25 (c)     1,400       1,461,503  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)                
0.00%, 12/15/30 ^     475       334,343  
0.00%, 12/15/34 ^     590       340,734  
0.00%, 06/15/29 ^     840       635,171  
0.00%, 06/15/30 ^     745       537,111  
0.00%, 06/15/31 ^     125       85,808  
0.00%, 06/15/34 ^     190       112,538  
0.00%, 06/15/37 ^     800       405,803  
0.00%, 06/15/38 ^     2,325       1,116,132  
0.00%, 06/15/39 ^     115       52,183  
0.00%, 06/15/40 ^     1,500       642,727  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)                
0.00%, 12/15/54 ^     5,540       949,910  
4.25%, 06/15/22 (c)     1,000       1,003,151  
5.00%, 06/15/22 (c)     3,765       3,780,133  
5.00%, 06/15/22 (c)     290       291,166  
5.00%, 06/15/22 (c)     1,450       1,455,828  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)                
0.00%, 06/15/28 ^     1,080       854,613  
5.70%, 06/15/23     410       425,431  

Northeastern Illinois University (CP)

4.00%, 10/01/22 (c)

    585       509,288  

Southwestern Illinois Development Authority (RB)

5.35%, 05/31/22 (c)

    230       130,530  

Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)

5.75%, 08/01/22 (c)

    1,500       1,505,684  
State of Illinois (GO)                
3.50%, 06/01/26 (c)     935       929,185  
3.50%, 06/01/26 (c)     175       168,390  
4.00%, 01/01/26 (c)     500       503,634  
4.00%, 03/01/31 (c)     1,000       944,163  
4.00%, 05/01/24     660       673,928  
4.00%, 06/01/26 (c)     360       351,874  
4.00%, 06/01/26 (c)     270       262,217  
4.00%, 06/01/26 (c)     460       440,753  
4.00%, 06/01/26 (c)     1,220       1,206,452  
4.00%, 06/01/26 (c)     220       219,161  
4.00%, 08/01/22 (c)     150       150,816  
4.12%, 11/01/26 (c)     600       605,762  
4.12%, 05/31/22 (c)     160       160,263  
5.00%, 01/01/26 (c)     1,200       1,231,458  
5.00%, 11/01/24     200       209,594  
    Par         
    (000’s )   Value  
Illinois (continued)                
5.00%, 12/01/24   $ 820     $ 859,747  
5.00%, 02/01/24 (c)     375       387,200  
5.00%, 02/01/24 (c)     350       361,068  
5.00%, 02/01/26     2,750       2,926,237  
5.00%, 02/01/27     500       537,250  
5.00%, 03/01/28     805       870,326  
5.00%, 03/01/31 (c)     1,500       1,624,458  
5.00%, 03/01/31 (c)     1,000       1,063,533  
5.00%, 04/01/24 (c)     1,470       1,513,396  
5.00%, 05/01/23     335       342,986  
5.00%, 05/01/24 (c)     175       179,070  
5.00%, 05/01/24 (c)     100       103,164  
5.00%, 05/01/24 (c)     2,005       2,073,604  
5.00%, 05/01/24 (c)     5,035       5,131,294  
5.00%, 05/01/24 (c)     1,025       1,061,687  
5.00%, 05/01/24 (c)     275       282,532  
5.00%, 05/31/22 (c)     250       250,627  
5.00%, 05/31/22 (c)     100       100,246  
5.00%, 05/31/22 (c)     140       140,389  
5.00%, 05/31/22 (c)     305       305,726  
5.00%, 06/01/26 (c)     800       851,706  
5.00%, 06/01/26     125       133,485  
5.00%, 06/01/26 (c)     1,040       1,100,802  
5.00%, 07/01/23     475       487,895  
5.00%, 08/01/22 (c)     1,830       1,846,783  
5.25%, 07/01/23 (c)     510       523,994  
5.25%, 07/01/23 (c)     290       297,783  
5.25%, 07/01/23 (c)     550       565,116  
5.50%, 07/01/23 (c)     1,165       1,201,419  
5.50%, 07/01/23 (c)     560       576,108  
6.00%, 05/01/25     500       541,458  
6.00%, 05/01/26     880       971,704  
State of Illinois (GO) (AGC)                
5.50%, 05/01/30     1,500       1,673,788  
5.75%, 05/01/30 (c)     3,710       4,070,876  

State of Illinois Sales Tax (RB)

3.00%, 06/15/26 (c)

    100       89,308  
State of Illinois, Series A (GO)                
4.00%, 03/01/31 (c)     1,000       933,775  
4.00%, 05/31/22 (c)     100       100,147  
4.00%, 05/31/22 (c)     320       320,529  
5.00%, 10/01/28     500       542,125  
5.00%, 12/01/27 (c)     100       104,748  
5.00%, 03/01/30     2,740       2,984,682  
5.00%, 03/01/31 (c)     1,250       1,308,959  
5.00%, 03/01/31 (c)     3,000       3,227,987  
5.00%, 04/01/23 (c)     110       111,902  
5.00%, 05/01/28 (c)     365       379,778  
5.00%, 05/01/28 (c)     1,000       1,047,196  
5.00%, 05/01/28 (c)     270       281,239  
State of Illinois, Series C (GO)                
5.00%, 11/01/27 (c)     8,425       8,999,802  
State of Illinois, Series D (GO)                
3.25%, 11/01/26     1,755       1,747,362  
5.00%, 11/01/23     1,270       1,312,300  
5.00%, 11/01/25     3,955       4,196,662  
5.00%, 11/01/26     12,715       13,632,984  
5.00%, 11/01/27     7,000       7,557,006  


 

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Par         
    (000’s )   Value  
Illinois (continued)                
5.00%, 11/01/27 (c)   $ 9,700     $ 10,421,539  

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

5.25%, 03/01/28 (c)

    500       468,159  

Village of Bridgeview (GO)

5.00%, 12/01/22 (c)

    360       323,965  
Will County Community High School District No. 210, Series B (GO)                
0.00%, 01/01/29 ^     90       68,807  
0.00%, 01/01/31 ^     245       170,075  
0.00%, 01/01/33 ^     540       340,053  
              394,390,700  
Indiana: 0.4%                

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

4.75%, 10/01/22 (c)

    215       199,441  

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

5.00%, 10/01/23 (c)

    50       51,308  

Indiana Finance Authority, Baptist Healthcare System (RB)

5.00%, 08/15/27 (c)

    4,000       4,313,053  

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

5.00%, 09/01/26 (c)

    1,000       1,095,488  

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

5.00%, 06/01/22 (c)

    1,620       1,621,770  

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

3.00%, 11/01/30

    3,500       3,144,082  

Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB)

5.88%, 01/01/24

    400       410,397  
              10,835,539  
Iowa: 1.4%                

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

4.00%, 06/01/24 (c)

    1,025       999,415  

Iowa Finance Authority, Drake West Village Project, Series A (RB)

4.50%, 06/01/26 (c)

    1,500       1,159,573  
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)                

5.00%, 12/01/42 (c) (p)

    10,000       10,272,011  

5.25%, 12/01/23 (c)

    5,195       5,483,343  
    Par         
    (000’s )   Value  
Iowa (continued)                

Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB)

5.25%, 12/01/37 (c) (p)

  $ 8,550     $ 9,101,895  
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)                
5.00%, 05/15/27 (c)     655       660,784  
5.00%, 05/15/27 (c)     4,960       4,966,460  
Iowa Higher Education Loan Authority, Wartburg College Project (RB)                
4.00%, 10/01/25     2,095       2,087,672  
5.00%, 10/01/25 (c)     990       996,739  
5.00%, 10/01/25 (c)     2,115       2,121,016  

Iowa Tobacco Settlement Authority, Series A-2 (RB)

4.00%, 06/01/31 (c)

    1,000       920,689  

Iowa Tobacco Settlement Authority, Series B-1 (RB)

4.00%, 06/01/31 (c)

    5,300       5,026,955  
              43,796,552  
Kansas: 0.4%                

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

5.00%, 12/01/26 (c)

    250       257,571  

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

4.00%, 06/01/28 (c)

    1,000       887,803  

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

5.00%, 05/15/26 (c)

    250       247,767  

Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC)

5.25%, 11/15/23 (c)

    1,000       766,254  

Overland Park, Prairiefire at LionsGate Project (RB)

6.00%, 12/15/22 (c)

    2,550       1,335,831  

Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB)

4.50%, 12/01/26 (c)

    850       770,582  
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)                
5.00%, 09/01/25 (c)     315       297,906  
6.00%, 09/01/25 (c)     2,125       1,949,415  

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

0.00%, 09/01/34 ^

    7,500       2,165,430  


 

See Notes to Financial Statements

36

 

 

    Par         
    (000’s )   Value  
Kansas (continued)                

Wyandotte County-Kansas City Unified Government (RB)

5.75%, 09/01/25 (c)

  $ 4,565     $ 4,193,900  
              12,872,459  
Kentucky: 0.4%                
Christian County, Jennie Stuart Medical Center (RB)                
5.38%, 02/01/26 (c)     1,100       1,172,597  
5.50%, 02/01/26 (c)     1,000       1,065,114  

Kentucky Economic Development Finance Authority, Christian Care Communities, Inc. (RB)

5.12%, 07/01/29 (c)

    1,000       918,854  
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)                
5.00%, 05/15/26 (c)     350       343,558  
5.00%, 05/15/26 (c)     250       233,753  
5.00%, 05/15/26 (c)     545       545,579  
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)                
5.38%, 11/15/22 (c)     400       384,598  
5.50%, 11/15/22 (c)     250       226,188  

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

4.25%, 07/01/25 (c)

    4,365       4,483,758  
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)                
5.00%, 06/01/26     175       188,855  
5.00%, 06/01/27 (c)     990       1,056,423  
5.25%, 06/01/27 (c)     750       812,588  

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

5.00%, 06/01/27 (c)

    500       534,525  

Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL)

5.00%, 09/01/23

    265       273,908  

Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB)

5.75%, 07/01/23 (c)

    335       348,754  
              12,589,052  
    Par         
    (000’s )   Value  
Louisiana: 0.7%                
Calcasieu Parish Memorial Hospital Service District (RB)                
5.00%, 12/01/29 (c)   $ 3,950     $ 4,137,450  
5.00%, 12/01/29 (c)     1,750       1,855,337  
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)                
4.00%, 12/01/28 (c)     3,235       3,370,151  
4.00%, 12/01/28 (c)     1,470       1,527,857  
5.00%, 12/01/25     100       108,206  

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       449,315  

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

5.62%, 06/01/25 (c)

    975       931,925  

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

4.00%, 11/01/30 (c)

    2,000       1,626,741  

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

4.25%, 12/01/22 (c)

    175       141,471  

Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB)

6.25%, 11/15/25 (c)

    1,000       1,015,438  

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       416,164  

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

7.75%, 07/01/24 (c) (d) *

    1,647       16  


 

See Notes to Financial Statements