UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
VANECK ETF TRUST
(Exact name of registrant as specified in charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 293-2000
Date of fiscal year end: APRIL 30
Date of reporting period: OCTOBER 31, 2025
| Item 1. | REPORTS TO STOCKHOLDERS. |
| Item 2. | CODE OF ETHICS. |
Not applicable for semi-annual reports.
| Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
| Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
| Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable for semi-annual reports.
| Item 6. | INVESTMENTS. |
Information included in Item 7.
| Item 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
October 31, 2025
SEMI-ANNUAL FINANCIAL STATEMENTS
AND
OTHER INFORMATION
| XMPT | | | CEF Muni Income ETF |
| HYEM | | | Emerging Markets High Yield Bond ETF |
| ANGL | | | Fallen Angel High Yield Bond ETF |
| GRNB | | | Green Bond ETF |
| HYD | | | High Yield Muni ETF |
| FLTR | | | IG Floating Rate ETF |
| ITM | | | Intermediate Muni ETF |
| MLN | | | Long Muni ETF |
| MBBB | | | Moody’s Analytics® BBB Corporate Bond ETF |
| MIG | | | Moody’s Analytics® IG Corporate Bond ETF |
| SHYD | | | Short High Yield Muni ETF |
| SMB | | | Short Muni ETF |
| 800.826.2333 | vaneck.com |
October 31, 2025 (unaudited)
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS: 99.7%(a) | ||||||||
| abrdn National Municipal Income Fund | 93,624 | $ | 954,029 | |||||
| Alliance Bernstein National Municipal Income Fund, Inc. | 217,508 | 2,390,413 | ||||||
| BlackRock 2037 Municipal Target Term Trust | 28,578 | 717,022 | ||||||
| BlackRock Investment Quality Municipal Trust, Inc. | 116,746 | 1,311,058 | ||||||
| BlackRock Long-Term Municipal Advantage Trust | 86,114 | 818,944 | ||||||
| BlackRock MuniAssets Fund, Inc. | 197,232 | 2,155,746 | ||||||
| BlackRock Municipal 2030 Target Term Trust | 481,497 | 10,910,722 | ||||||
| BlackRock Municipal Income Quality Trust | 194,913 | 2,149,890 | ||||||
| BlackRock Municipal Income Trust | 296,881 | 3,013,342 | ||||||
| BlackRock Municipal Income Trust II | 358,274 | 3,797,704 | ||||||
| BlackRock MuniHoldings Fund, Inc. | 390,492 | 4,584,376 | ||||||
| BlackRock MuniHoldings Quality Fund II, Inc. | 164,313 | 1,661,204 | ||||||
| BlackRock MuniVest Fund II, Inc. | 107,197 | 1,154,512 | ||||||
| BlackRock MuniVest Fund, Inc. | 381,031 | 2,659,596 | ||||||
| BlackRock MuniYield Fund, Inc. | 310,168 | 3,278,476 | ||||||
| BlackRock MuniYield Quality Fund II, Inc. | 150,358 | 1,508,091 | ||||||
| BlackRock MuniYield Quality Fund III, Inc. | 451,873 | 4,988,678 | ||||||
| BlackRock MuniYield Quality Fund, Inc. | 475,793 | 5,542,988 | ||||||
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 137,810 | 1,488,348 | ||||||
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 336,685 | 2,016,743 | ||||||
| BNY Mellon Strategic Municipals, Inc. | 468,226 | 2,949,824 | ||||||
| DWS Municipal Income Trust | 206,015 | 1,895,338 | ||||||
| Eaton Vance Municipal Bond Fund | 346,947 | 3,455,592 | ||||||
| Eaton Vance Municipal Income 2028 Term Trust | 47,528 | 913,783 | ||||||
| Eaton Vance Municipal Income Trust | 153,434 | 1,687,774 | ||||||
| Number of Shares | Value | |||||||
| Eaton Vance National Municipal Opportunities Trust | 106,073 | $ | 1,773,541 | |||||
| Invesco Advantage Municipal Income Trust II | 237,202 | 2,137,190 | ||||||
| Invesco Municipal Income Opportunities Trust | 248,316 | 1,479,963 | ||||||
| Invesco Municipal Opportunity Trust | 450,577 | 4,370,597 | ||||||
| Invesco Municipal Trust | 369,195 | 3,603,343 | ||||||
| Invesco Quality Municipal Income Trust | 283,431 | 2,842,813 | ||||||
| Invesco Trust for Investment Grade Municipals | 289,639 | 2,954,318 | ||||||
| Invesco Value Municipal Income Trust | 243,692 | 3,092,452 | ||||||
| MFS Municipal Income Trust | 315,832 | 1,708,651 | ||||||
| Neuberger Berman Municipal Fund, Inc. | 221,949 | 2,288,294 | ||||||
| Nuveen AMT-Free Municipal Credit Income Fund | 1,151,518 | 14,463,066 | ||||||
| Nuveen AMT-Free Municipal Value Fund | 120,550 | 1,733,509 | ||||||
| Nuveen AMT-Free Quality Municipal Income Fund | 1,330,634 | 15,501,886 | ||||||
| Nuveen Dynamic Municipal Opportunities Fund | 308,309 | 3,264,992 | ||||||
| Nuveen Municipal Credit Income Fund | 1,032,203 | 13,036,724 | ||||||
| Nuveen Municipal High Income Opportunity Fund | 468,280 | 4,987,182 | ||||||
| Nuveen Municipal Value Fund, Inc. | 1,086,445 | 9,778,005 | ||||||
| Nuveen Quality Municipal Income Fund | 1,246,116 | 14,940,931 | ||||||
| Nuveen Select Tax-Free Income Portfolio | 230,732 | 3,315,619 | ||||||
| PIMCO Municipal Income Fund II | 817,806 | 6,485,202 | ||||||
| Putnam Managed Municipal Income Trust | 289,834 | 1,767,987 | ||||||
| Putnam Municipal Opportunities Trust | 190,839 | 1,979,000 | ||||||
| Western Asset Managed Municipals Fund, Inc. | 366,690 | 3,780,574 | ||||||
| Western Asset Municipal High Income Fund, Inc. | 82,056 | 578,495 | ||||||
| Total Closed-End Funds: 99.7% (Cost: $204,987,264) | 189,868,527 | |||||||
See Notes to Financial Statements
| 3 |
VANECK CEF MUNI INCOME ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||
| Other assets less liabilities: 0.3% | 528,598 | |||||
| NET ASSETS: 100.0% | $ | 190,397,125 | ||||
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 or on the fund’s webpage. |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Closed-End Funds | $ | 189,868,527 | $ | — | $ | — | $ | 189,868,527 | ||||||||
See Notes to Financial Statements
| 4 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 94.5% | ||||||||
| Argentina: 5.0% | ||||||||
Arcor SAIC 144A 7.60%, 07/31/33 | $ | 525 | $ | 535,237 | ||||
Banco de Galicia y Buenos Aires SAU 144A 7.75%, 10/10/28 | 450 | 454,724 | ||||||
Banco Macro SA 144A 8.00%, 06/23/29 | 800 | 808,240 | ||||||
Generacion Mediterranea SA / Central Termica Roca SA 144A 11.00%, 11/01/31 | 475 | 270,946 | ||||||
IRSA Inversiones y Representaciones SA 144A 8.00%, 03/31/35 | 450 | 458,190 | ||||||
MSU Energy SA 144A 9.75%, 12/05/30 | 600 | 561,000 | ||||||
| Pampa Energia SA 144A | ||||||||
| 7.88%, 12/16/34 | 1,125 | 1,141,650 | ||||||
| 7.95%, 09/10/31 | 625 | 645,719 | ||||||
Pan American Energy LLC 144A 8.50%, 04/30/32 | 650 | 700,655 | ||||||
Pluspetrol SA 144A 8.50%, 05/30/32 | 1,100 | 1,121,560 | ||||||
Tecpetrol SA 144A 7.62%, 01/22/33 | 625 | 630,938 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 9.25%, 05/28/33 | 1,600 | 1,630,680 | ||||||
| 9.50%, 07/18/31 | 1,325 | 1,380,783 | ||||||
Transportadora de Gas del Sur SA 144A 8.50%, 07/24/31 | 775 | 810,089 | ||||||
| Vista Energy Argentina SAU 144A | ||||||||
| 7.62%, 12/10/35 | 950 | 939,882 | ||||||
| 8.50%, 06/10/33 | 800 | 823,278 | ||||||
YPF Energia Electrica SA 144A 7.88%, 10/16/32 | 650 | 647,114 | ||||||
| YPF SA 144A | ||||||||
| 6.95%, 07/21/27 | 950 | 949,009 | ||||||
| 7.00%, 09/30/33 (s) | 875 | 834,531 | ||||||
| 7.00%, 12/15/47 | 780 | 673,387 | ||||||
| 8.25%, 01/17/34 † | 1,975 | 1,993,083 | ||||||
| 8.50%, 06/27/29 | 687 | 702,816 | ||||||
| 8.75%, 09/11/31 | 775 | 798,073 | ||||||
| 9.00%, 06/30/29 (s) | 1,125 | 1,157,994 | ||||||
| 9.50%, 01/17/31 | 1,400 | 1,478,086 | ||||||
| 22,147,664 | ||||||||
| Australia: 0.1% | ||||||||
Karoon USA Finance, Inc. 144A 10.50%, 05/14/29 | 300 | 310,143 | ||||||
| Austria: 0.2% | ||||||||
| Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Austria (continued) | ||||||||
| 5.00%, 05/07/28 | $ | 350 | $ | 341,593 | ||||
LD Celulose International GmbH 144A 7.95%, 01/26/32 † | 550 | 579,118 | ||||||
| 920,711 | ||||||||
| Azerbaijan: 0.3% | ||||||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | 1,275 | 1,379,145 | ||||||
| Bahrain: 0.9% | ||||||||
| Bapco Energies BSCC 144A | ||||||||
| 7.50%, 10/25/27 † | 1,400 | 1,462,932 | ||||||
| 8.38%, 11/07/28 | 750 | 814,770 | ||||||
BBK BSC Reg S 6.88%, 06/06/29 | 900 | 926,224 | ||||||
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27 | 800 | 789,607 | ||||||
| 3,993,533 | ||||||||
| Bermuda: 0.8% | ||||||||
Digicel Group Holdings Ltd. 144A 0.00%, 12/31/30 ^∞ | 332 | 0 | ||||||
Digicel International Finance Ltd. / Difl US LLC 144A 8.62%, 08/01/32 | 2,350 | 2,341,623 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 1,075 | 1,070,829 | ||||||
| 3,412,452 | ||||||||
| Brazil: 5.6% | ||||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | 600 | 590,901 | ||||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | 475 | 446,631 | ||||||
Banco Bradesco SA 144A 6.50%, 01/22/30 † | 750 | 790,125 | ||||||
Banco do Brasil SA 144A 6.00%, 03/18/31 | 500 | 518,093 | ||||||
Banco Votorantim SA 144A 5.88%, 04/08/28 | 425 | 430,113 | ||||||
Braskem America Finance Co. 144A 7.12%, 07/22/41 | 400 | 163,988 | ||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | 1,275 | 830,008 | ||||||
| Braskem Netherlands Finance BV 144A | ||||||||
| 4.50%, 01/10/28 † | 850 | 383,010 | ||||||
| 4.50%, 01/31/30 | 1,000 | 403,090 | ||||||
| 5.88%, 01/31/50 | 500 | 191,562 | ||||||
| 7.25%, 02/13/33 | 675 | 274,904 | ||||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | 317 | 318,405 | ||||||
| BRF SA 144A | ||||||||
See Notes to Financial Statements
| 5 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 4.88%, 01/24/30 | $ | 375 | $ | 364,928 | ||||
| 5.75%, 09/21/50 | 525 | 445,434 | ||||||
Caixa Economica Federal 144A 5.62%, 05/13/30 | 550 | 559,501 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 4.62%, 02/04/30 | 575 | 556,994 | ||||||
| 6.50%, 01/11/35 | 500 | 516,681 | ||||||
Cosan Luxembourg SA 144A 5.50%, 09/20/29 | 350 | 345,056 | ||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † | 925 | 859,944 | ||||||
ERO Copper Corp. 144A 6.50%, 02/15/30 | 250 | 248,942 | ||||||
| Globo Comunicacao e Participacoes S/A 144A | ||||||||
| 4.88%, 01/22/30 | 225 | 219,032 | ||||||
| 5.50%, 01/14/32 | 325 | 315,773 | ||||||
Itau Unibanco Holding SA 144A 6.00%, 02/27/30 † | 850 | 889,763 | ||||||
| Klabin Austria GmbH 144A | ||||||||
| 3.20%, 01/12/31 | 425 | 384,414 | ||||||
| 5.75%, 04/03/29 | 525 | 533,941 | ||||||
| 7.00%, 04/03/49 | 478 | 506,307 | ||||||
MARB BondCo PLC 144A 3.95%, 01/29/31 | 775 | 700,204 | ||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | 549 | 544,529 | ||||||
Natura &Co. Luxembourg Holdings Sarl 144A 4.12%, 05/03/28 | 300 | 284,956 | ||||||
NBM US Holdings, Inc. 144A 6.62%, 08/06/29 | 500 | 506,517 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 | 225 | 223,633 | ||||||
| 5.60%, 01/03/31 | 475 | 479,868 | ||||||
| 5.62%, 05/20/43 | 200 | 179,837 | ||||||
| 5.75%, 02/01/29 | 300 | 306,268 | ||||||
| 6.00%, 01/27/28 | 600 | 614,860 | ||||||
| 6.75%, 01/27/41 | 425 | 432,043 | ||||||
| 6.85%, 06/05/15 † | 800 | 771,960 | ||||||
| 6.88%, 01/20/40 | 400 | 413,977 | ||||||
| 6.90%, 03/19/49 | 300 | 300,750 | ||||||
| 7.25%, 03/17/44 | 475 | 497,282 | ||||||
| 7.38%, 01/17/27 † | 400 | 413,759 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 4.50%, 01/22/30 | 499 | 480,679 | ||||||
| 4.95%, 01/17/28 | 350 | 347,469 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 400 | 397,778 | ||||||
Samarco Mineracao SA 144A 9.50%, 06/30/31 | 3,285 | 3,286,792 | ||||||
Simpar Europe SA 144A 5.20%, 01/26/31 | 325 | 250,716 | ||||||
| Tupy Overseas SA 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 4.50%, 02/16/31 | $ | 250 | $ | 191,791 | ||||
Ultrapar International SA 144A 5.25%, 06/06/29 | 200 | 199,279 | ||||||
Usiminas International Sarl 144A 7.50%, 01/27/32 | 400 | 413,954 | ||||||
XP, Inc. 144A 6.75%, 07/02/29 | 400 | 409,937 | ||||||
| 24,736,378 | ||||||||
| British Virgin Islands: 0.1% | ||||||||
Studio City Co. Ltd. 144A 7.00%, 02/15/27 | 500 | 502,369 | ||||||
| Canada: 2.6% | ||||||||
Capstone Copper Corp. 144A 6.75%, 03/31/33 | 1,000 | 1,035,540 | ||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 7.25%, 02/15/34 | 1,500 | 1,558,944 | ||||||
| 8.00%, 03/01/33 | 1,500 | 1,596,050 | ||||||
| 8.62%, 06/01/31 | 2,125 | 2,228,160 | ||||||
| 9.38%, 03/01/29 | 2,350 | 2,489,522 | ||||||
Frontera Energy Corp. 144A 7.88%, 06/21/28 | 450 | 310,063 | ||||||
Gran Tierra Energy, Inc. 144A 9.50%, 10/15/29 | 1,200 | 972,951 | ||||||
Ivanhoe Mines Ltd. 144A 7.88%, 01/23/30 † | 1,200 | 1,237,903 | ||||||
| 11,429,133 | ||||||||
| Cayman Islands: 7.2% | ||||||||
Alpha Star Holding IX Ltd. Reg S 7.00%, 08/26/28 | 400 | 410,004 | ||||||
Arabian Centres Sukuk III Ltd. Reg S 9.50%, 03/06/29 † | 1,200 | 1,225,917 | ||||||
| Arada Sukuk 2 Ltd. Reg S | ||||||||
| 7.15%, 08/05/30 | 500 | 506,255 | ||||||
| 8.00%, 06/24/29 | 800 | 831,449 | ||||||
Arada Sukuk Ltd. Reg S 8.12%, 06/08/27 | 1,000 | 1,025,533 | ||||||
Banco Bradesco SA 144A 4.38%, 03/18/27 | 400 | 400,153 | ||||||
| Banco BTG Pactual SA 144A | ||||||||
| 5.75%, 01/22/30 | 350 | 356,871 | ||||||
| 6.25%, 04/08/29 | 350 | 363,175 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 4.88%, 01/11/29 | 300 | 299,525 | ||||||
| 6.25%, 04/18/30 | 525 | 546,594 | ||||||
Bapco Energies Sukuk Ltd. 144A 5.25%, 04/08/29 | 1,500 | 1,507,850 | ||||||
| Bapco Energies Sukuk Ltd. Reg S | ||||||||
| 6.25%, 01/29/35 | 850 | 885,482 | ||||||
| 6.62%, 05/25/33 † | 1,350 | 1,450,425 | ||||||
| Binghatti Sukuk SPC Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 6 |
| Par (000’s | ) | Value | ||||||
| Cayman Islands (continued) | ||||||||
| 9.62%, 02/28/27 † | $ | 900 | $ | 916,904 | ||||
C&W Senior Finance Ltd. 144A 9.00%, 01/15/33 | 1,200 | 1,224,523 | ||||||
CT Trust 144A 5.12%, 02/03/32 | 1,225 | 1,158,238 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 7.25%, 07/02/30 | 400 | 405,978 | ||||||
| 8.00%, 02/25/29 | 1,800 | 1,874,016 | ||||||
EDO Sukuk Ltd. 144A 5.66%, 07/03/31 | 1,275 | 1,343,189 | ||||||
Energuate Trust 2 0 144A 6.35%, 09/15/35 | 1,100 | 1,104,815 | ||||||
GFH Senior Sukuk Ltd. Reg S 7.50%, 11/06/29 | 800 | 810,137 | ||||||
Gol Finance, Inc. 144A 14.38%, 06/06/30 | 1,200 | 1,219,260 | ||||||
Ittihad International Ltd. 144A 9.75%, 11/09/28 | 700 | 734,601 | ||||||
Kingston Airport Revenue Finance Ltd. 144A 6.75%, 12/15/36 | 800 | 820,796 | ||||||
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 (a) | 350 | 349,569 | ||||||
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31 | 600 | 635,175 | ||||||
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 06/30/27 (o)(a) | 800 | 829,638 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 6.50%, 09/24/33 | 800 | 805,896 | ||||||
| 7.62%, 04/17/32 † | 1,100 | 1,158,610 | ||||||
Montego Bay Airport Revenue Finance Ltd. 144A 6.60%, 06/15/35 | 600 | 594,993 | ||||||
Omniyat Sukuk 1 Ltd. Reg S 8.38%, 05/06/28 | 2,000 | 2,033,406 | ||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | 900 | 942,951 | ||||||
Otel Sukuk Ltd. 144A 5.38%, 01/24/31 | 900 | 921,326 | ||||||
Poinsettia Finance Ltd. Sarl Reg S 6.62%, 06/17/31 | 369 | 367,387 | ||||||
Sable International Finance Ltd. 144A 7.12%, 10/15/32 | 1,700 | 1,702,688 | ||||||
| 31,763,329 | ||||||||
| Par
(000’s | ) | Value | ||||||
| Chile: 2.1% | ||||||||
AES Andes SA 144A 8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 (a) | $ | 800 | $ | 837,920 | ||||
Agrosuper SA 144A 4.60%, 01/20/32 | 775 | 744,847 | ||||||
CAP SA 144A 3.90%, 04/27/31 | 550 | 450,337 | ||||||
Falabella SA 144A 3.38%, 01/15/32 | 1,025 | 920,169 | ||||||
Inversiones CMPC SA 144A 6.70% (US Treasury Yield Curve Rate T 5 Year+2.83%), 12/09/57 (a) | 1,000 | 1,012,800 | ||||||
| Latam Airlines Group SA 144A | ||||||||
| 7.62%, 01/07/31 | 1,300 | 1,340,170 | ||||||
| 7.88%, 04/15/30 | 2,250 | 2,329,650 | ||||||
Telefonica Moviles Chile SA 144A 3.54%, 11/18/31 | 775 | 498,906 | ||||||
VTR Comunicaciones SpA 144A 4.38%, 04/15/29 | 400 | 373,000 | ||||||
VTR Finance NV 144A 6.38%, 07/15/28 | 650 | 639,437 | ||||||
| 9,147,236 | ||||||||
| China: 6.7% | ||||||||
| CFAMC III Co. Ltd. Reg S | ||||||||
| 4.25%, 11/07/27 | 1,700 | 1,695,172 | ||||||
| 4.75%, 04/27/27 | 1,250 | 1,258,437 | ||||||
| 4.95%, 11/07/47 | 750 | 693,645 | ||||||
CFAMC IV Co. Ltd. Reg S 4.50%, 05/29/29 | 950 | 949,135 | ||||||
Champion MTN Ltd. Reg S 2.95%, 06/15/30 | 450 | 388,836 | ||||||
Champion Path Holdings Ltd. Reg S 4.85%, 01/27/28 | 875 | 859,570 | ||||||
Chengdu ETDZ State-owned Investment Group Co. Ltd. Reg S 6.50%, 11/18/27 | 500 | 487,316 | ||||||
China CITIC Bank International Ltd. Reg S 4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 04/22/27 (o)(a) | 900 | 907,433 | ||||||
China Hongqiao Group Ltd. Reg S 7.05%, 01/10/28 | 500 | 518,181 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.05%, 01/27/27 | 1,100 | 1,086,214 | ||||||
| 8.50%, 05/19/28 | 1,050 | 1,100,417 | ||||||
Franshion Brilliant Ltd. Reg S 4.25%, 07/23/29 | 850 | 793,679 |
See Notes to Financial Statements
| 7 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 (d) * | $ | 200 | $ | 11,600 | ||||
Greentown China Holdings Ltd. Reg S 8.45%, 02/24/28 | 700 | 721,318 | ||||||
Health & Happiness H&H International Holdings Ltd. Reg S 9.12%, 07/24/28 | 600 | 639,996 | ||||||
Li & Fung Ltd. Reg S 8.38%, 02/05/29 | 400 | 415,889 | ||||||
| Longfor Group Holdings Ltd. Reg S | ||||||||
| 3.95%, 09/16/29 | 600 | 504,054 | ||||||
| 4.50%, 01/16/28 | 800 | 727,165 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 5.38%, 12/04/29 | 1,900 | 1,879,632 | ||||||
| 5.62%, 07/17/27 | 925 | 924,091 | ||||||
| 5.75%, 07/21/28 | 1,450 | 1,446,613 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 4.75%, 02/01/27 | 1,200 | 1,196,749 | ||||||
| 7.12%, 06/26/31 † | 750 | 793,343 | ||||||
Mongolian Mining Corp. 144A 8.44%, 04/03/30 | 200 | 204,507 | ||||||
| Nanyang Commercial Bank Ltd. Reg S | ||||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 04/28/27 (o)(a) | 1,050 | 1,077,334 | ||||||
| 7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 09/07/28 (o)(a) | 400 | 420,361 | ||||||
Seaspan Corp. 144A 5.50%, 08/01/29 | 1,250 | 1,204,889 | ||||||
Seazen Group Ltd. Reg S 11.88%, 06/26/28 | 600 | 588,381 | ||||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | 1,689 | 1,618,312 | ||||||
| 6.50%, 01/15/28 | 775 | 775,484 | ||||||
| Vanke Real Estate Hong Kong Co. Ltd. Reg S | ||||||||
| 3.50%, 11/12/29 | 650 | 397,692 | ||||||
| 3.98%, 11/09/27 | 1,300 | 884,101 | ||||||
Wynn Macau Ltd. 144A 6.75%, 02/15/34 | 1,700 | 1,714,336 | ||||||
Yangzhou Economic and Technological Development Zone Development Group Co. Ltd. Reg S 4.98%, 03/19/28 | 400 | 400,479 | ||||||
| 29,284,361 | ||||||||
| Par (000’s | ) | Value | ||||||
| Colombia: 6.2% | ||||||||
Aris Mining Corp. 144A 8.00%, 10/31/29 | $ | 675 | $ | 702,489 | ||||
Banco Davivienda SA 144A 8.12% (US Treasury Yield Curve Rate T 5 Year+4.59%), 07/02/35 †(a) | 750 | 775,472 | ||||||
Banco de Bogota SA 144A 4.38%, 08/03/27 | 875 | 869,841 | ||||||
Canacol Energy Ltd. 144A 5.75%, 11/24/28 | 700 | 147,875 | ||||||
| Ecopetrol SA | ||||||||
| 4.62%, 11/02/31 | 1,195 | 1,072,716 | ||||||
| 5.88%, 05/28/45 | 1,925 | 1,478,828 | ||||||
| 5.88%, 11/02/51 † | 725 | 533,981 | ||||||
| 6.88%, 04/29/30 | 1,850 | 1,895,850 | ||||||
| 7.38%, 09/18/43 † | 858 | 799,098 | ||||||
| 7.75%, 02/01/32 | 1,650 | 1,706,810 | ||||||
| 8.38%, 01/19/36 | 1,750 | 1,815,574 | ||||||
| 8.62%, 01/19/29 | 1,100 | 1,187,428 | ||||||
| 8.88%, 01/13/33 | 2,200 | 2,384,166 | ||||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | 1,550 | 1,469,159 | ||||||
| 4.38%, 02/15/31 | 925 | 860,016 | ||||||
Geopark Ltd. 144A 8.75%, 01/31/30 † | 700 | 661,654 | ||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | 1,650 | 1,558,086 | ||||||
| Grupo Nutresa SA 144A | ||||||||
| 8.00%, 05/12/30 | 2,450 | 2,635,588 | ||||||
| 9.00%, 05/12/35 | 2,350 | 2,672,538 | ||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | 650 | 640,468 | ||||||
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30 | 850 | 813,049 | ||||||
Termocandelaria Power SA 144A 7.75%, 09/17/31 | 700 | 727,682 | ||||||
| 27,408,368 | ||||||||
| Costa Rica: 0.3% | ||||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| 6.38%, 05/15/43 | 875 | 864,439 | ||||||
| 6.75%, 10/07/31 | 450 | 474,408 | ||||||
| 1,338,847 | ||||||||
| Cyprus: 0.1% | ||||||||
MHP Lux SA 144A 6.25%, 09/19/29 | 450 | 363,297 | ||||||
| Czech Republic: 0.5% | ||||||||
Czechoslovak Group AS 144A 6.50%, 01/10/31 | 1,700 | 1,758,828 | ||||||
Energo - Pro as 144A 11.00%, 11/02/28 | 400 | 422,000 | ||||||
| 2,180,828 | ||||||||
See Notes to Financial Statements
| 8 |
| Par (000’s | ) | Value | ||||||
| Dominican Republic: 0.3% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 7.00%, 06/30/34 | $ | 750 | $ | 786,281 | ||||
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 | 500 | 487,875 | ||||||
| 1,274,156 | ||||||||
| El Salvador: 0.2% | ||||||||
Comision Ejecutiva Hidroelectrica del Rio Lempa 144A 8.65%, 01/24/33 † | 800 | 848,400 | ||||||
| Georgia: 0.5% | ||||||||
Georgia Global Utilities JSC 144A 8.88%, 07/25/29 | 500 | 531,072 | ||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 775 | 729,234 | ||||||
Silk Road Group Holding LLC 144A 7.50%, 09/15/30 | 700 | 701,985 | ||||||
| 1,962,291 | ||||||||
| Guatemala: 0.4% | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 † | 1,700 | 1,667,374 | ||||||
| Hungary: 0.6% | ||||||||
| OTP Bank Nyrt Reg S | ||||||||
| 7.30% (US Treasury Yield Curve Rate T 5 Year+2.86%), 07/30/35 (a) | 1,000 | 1,064,645 | ||||||
| 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33 (a) | 1,350 | 1,453,453 | ||||||
| 2,518,098 | ||||||||
| India: 4.4% | ||||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42 | 595 | 588,397 | ||||||
Continuum Green Energy India Pvt / Co-Issuers 144A 7.50%, 06/26/33 | 965 | 1,018,020 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
| 6.12%, 10/31/26 | 825 | 834,173 | ||||||
| 6.45%, 06/04/29 | 900 | 937,316 | ||||||
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27 | 550 | 542,628 | ||||||
IIFL Finance Ltd. 144A 8.75%, 07/24/28 † | 650 | 667,149 | ||||||
| Par (000’s | ) | Value | ||||||
| India (continued) | ||||||||
IRB Infrastructure Developers Ltd. 144A 7.11%, 03/11/32 | $ | 1,200 | $ | 1,249,208 | ||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 863 | 815,968 | ||||||
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 | 600 | 604,791 | ||||||
| JSW Steel Ltd. 144A | ||||||||
| 3.95%, 04/05/27 | 750 | 737,109 | ||||||
| 5.05%, 04/05/32 | 925 | 902,865 | ||||||
Manappuram Finance Ltd. Reg S 7.38%, 05/12/28 | 600 | 613,808 | ||||||
| Muthoot Finance Ltd. 144A | ||||||||
| 6.38%, 04/23/29 | 1,000 | 1,015,316 | ||||||
| 6.38%, 03/02/30 | 1,200 | 1,220,323 | ||||||
| 7.12%, 02/14/28 | 1,300 | 1,331,387 | ||||||
Piramal Capital & Housing Finance Ltd. Reg S 7.80%, 01/29/28 | 800 | 820,690 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | 950 | 918,394 | ||||||
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A 7.80%, 07/31/31 | 471 | 477,819 | ||||||
| Sammaan Capital Ltd. 144A | ||||||||
| 8.95%, 08/28/28 | 1,150 | 1,210,688 | ||||||
| 9.70%, 07/03/27 | 500 | 524,931 | ||||||
| Shriram Finance Ltd. 144A | ||||||||
| 6.15%, 04/03/28 | 750 | 770,339 | ||||||
| 6.62%, 04/22/27 | 1,300 | 1,331,866 | ||||||
| 19,133,185 | ||||||||
| Indonesia: 0.8% | ||||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | 111 | 427 | ||||||
Indika Energy Tbk PT 144A 8.75%, 05/07/29 | 700 | 701,778 | ||||||
Nickel Industries Ltd. 144A 9.00%, 09/30/30 | 1,350 | 1,399,228 | ||||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 | 600 | 589,055 | ||||||
Sorik Marapi Geothermal Power PT 144A 7.75%, 08/05/31 | 576 | 591,948 | ||||||
| 3,282,436 | ||||||||
| Israel: 2.0% | ||||||||
Energean Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33 | 1,200 | 1,281,468 | ||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 6.50%, 06/30/27 | 960 | 966,312 | ||||||
| 6.75%, 06/30/30 | 875 | 885,559 | ||||||
| Teva Pharmaceutical Finance Co. LLC | ||||||||
See Notes to Financial Statements
| 9 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par
(000’s | ) | Value | ||||||
| Israel (continued) | ||||||||
| 6.15%, 02/01/36 | $ | 1,273 | $ | 1,335,586 | ||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 4.10%, 10/01/46 | 3,223 | 2,424,327 | ||||||
| 6.75%, 03/01/28 † | 2,010 | 2,088,896 | ||||||
| 8,982,148 | ||||||||
| Kazakhstan: 0.1% | ||||||||
ForteBank JSC 144A 7.75%, 02/04/30 | 600 | 611,162 | ||||||
| Luxembourg: 3.9% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 | 398 | 404,238 | ||||||
Adecoagro SA 144A 7.50%, 07/29/32 | 800 | 756,840 | ||||||
| Aegea Finance Sarl 144A | ||||||||
| 7.62%, 01/20/36 | 200 | 195,391 | ||||||
| 9.00%, 01/20/31 | 925 | 978,278 | ||||||
| Ambipar Lux Sarl 144A | ||||||||
| 9.88%, 02/06/31 (d) * | 400 | 91,524 | ||||||
| 10.88%, 02/05/33 (d) * | 300 | 56,396 | ||||||
Constellation Oil Services Holding SA 144A 9.38%, 11/07/29 | 450 | 463,500 | ||||||
Cosan Luxembourg SA 144A 7.25%, 06/27/31 | 250 | 259,608 | ||||||
| CSN Resources SA 144A | ||||||||
| 4.62%, 06/10/31 † | 650 | 508,475 | ||||||
| 5.88%, 04/08/32 | 350 | 286,333 | ||||||
| 8.88%, 12/05/30 | 500 | 474,063 | ||||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 5.38%, 03/30/28 | 1,000 | 985,625 | ||||||
| 5.88%, 03/30/31 | 975 | 943,505 | ||||||
FORESEA Holding SA 144A 7.50%, 06/15/30 | 200 | 196,088 | ||||||
| FS Luxembourg Sarl 144A | ||||||||
| 8.62%, 06/25/33 | 200 | 207,850 | ||||||
| 8.88%, 02/12/31 | 500 | 522,356 | ||||||
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 | 1,072 | 883,147 | ||||||
Mexico Remittances Funding Fiduciary Estate Management Sarl 144A 12.50%, 10/15/31 | 550 | 573,375 | ||||||
| Minerva Luxembourg SA 144A | ||||||||
| 4.38%, 03/18/31 | 700 | 646,060 | ||||||
| 8.88%, 09/13/33 | 775 | 848,477 | ||||||
Movida Europe SA 144A 7.85%, 04/11/29 † | 350 | 320,621 | ||||||
Oceanica Lux 144A 13.00%, 10/02/29 | 375 | 372,067 | ||||||
OHI Group SA 144A 13.00%, 07/22/29 | 570 | 589,095 | ||||||
| Poinsettia Finance Ltd. Sarl 144A |
| Par (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 6.62%, 06/17/31 | $ | 258 | $ | 257,171 | ||||
PRIO Luxembourg Holding Sarl 144A 6.75%, 10/15/30 | 500 | 492,375 | ||||||
Puma International Financing SA 144A 7.75%, 04/25/29 † | 975 | 1,009,843 | ||||||
Rede D’or Finance Sarl 144A 6.45%, 09/09/35 | 400 | 409,970 | ||||||
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 | 325 | 300,152 | ||||||
Saavi Energia Sarl 144A 8.88%, 02/10/35 | 1,800 | 1,937,250 | ||||||
Sabesp Lux Sarl 144A 5.62%, 08/20/30 | 350 | 354,095 | ||||||
Threelands Energy Ltd. Sarl 144A 7.45%, 10/20/35 | 600 | 600,966 | ||||||
Vamos Europe SA 144A 9.20%, 01/26/31 | 200 | 186,908 | ||||||
| 17,111,642 | ||||||||
| Mauritius: 1.6% | ||||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 | 1,525 | 1,518,996 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | 1,296 | 1,242,287 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 7.25%, 09/27/28 | 1,550 | 1,575,569 | ||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 | 750 | 731,755 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 715 | 699,709 | ||||||
| UPL Corp. Ltd. Reg S | ||||||||
| 4.50%, 03/08/28 | 600 | 584,617 | ||||||
| 4.62%, 06/16/30 | 800 | 743,652 | ||||||
| 7,096,585 | ||||||||
| Mexico: 4.4% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 | 800 | 802,889 | ||||||
Braskem Idesa SAPI 144A 6.99%, 02/20/32 † | 1,700 | 1,090,859 | ||||||
| Grupo Aeromexico SAB de CV 144A | ||||||||
| 8.25%, 11/15/29 † | 750 | 757,500 | ||||||
| 8.62%, 11/15/31 † | 1,000 | 1,005,307 | ||||||
Metalsa Sapi De Cv 144A 3.75%, 05/04/31 † | 450 | 394,711 | ||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | 775 | 678,986 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.35%, 02/12/28 | 325 | 325,913 | ||||||
| 5.50%, 06/27/44 | 175 | 134,463 | ||||||
| 5.62%, 01/23/46 | 175 | 134,106 | ||||||
| 5.95%, 01/28/31 | 1,025 | 1,003,271 | ||||||
See Notes to Financial Statements
| 10 |
| Par (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
| 6.35%, 02/12/48 | $ | 425 | $ | 340,962 | ||||
| 6.38%, 01/23/45 | 325 | 264,251 | ||||||
| 6.50%, 03/13/27 | 600 | 612,225 | ||||||
| 6.50%, 01/23/29 | 300 | 306,847 | ||||||
| 6.50%, 06/02/41 | 450 | 396,569 | ||||||
| 6.62%, 06/15/35 | 750 | 720,330 | ||||||
| 6.62%, 06/15/38 | 150 | 138,451 | ||||||
| 6.70%, 02/16/32 | 2,100 | 2,099,512 | ||||||
| 6.75%, 09/21/47 | 1,675 | 1,388,547 | ||||||
| 6.84%, 01/23/30 | 650 | 667,608 | ||||||
| 6.95%, 01/28/60 | 1,050 | 865,547 | ||||||
| 7.69%, 01/23/50 | 2,350 | 2,133,084 | ||||||
| 8.75%, 06/02/29 | 700 | 755,837 | ||||||
| 10.00%, 02/07/33 † | 525 | 614,460 | ||||||
| Total Play | ||||||||
| Telecomunicaciones SA de CV 144A | ||||||||
| 10.50%, 12/31/28 | 300 | 293,480 | ||||||
| 11.12%, 12/31/32 | 1,450 | 1,397,800 | ||||||
| 19,323,515 | ||||||||
| Mongolia: 0.5% | ||||||||
Development Bank of Mongolia LLC Reg S 8.50%, 07/03/28 | 900 | 921,937 | ||||||
Golomt Bank 144A 11.00%, 05/20/27 | 625 | 647,556 | ||||||
Trade & Development Bank of Mongolia LLC Reg S 8.50%, 12/23/27 | 450 | 446,294 | ||||||
| 2,015,787 | ||||||||
| Morocco: 0.7% | ||||||||
| OCP SA 144A | ||||||||
| 3.75%, 06/23/31 | 1,325 | 1,244,433 | ||||||
| 5.12%, 06/23/51 | 1,100 | 929,449 | ||||||
| 6.88%, 04/25/44 † | 975 | 1,028,638 | ||||||
| 3,202,520 | ||||||||
| Netherlands: 2.4% | ||||||||
| Braskem Netherlands Finance BV 144A | ||||||||
| 8.00%, 10/15/34 | 650 | 267,728 | ||||||
| 8.50%, 01/12/31 | 575 | 241,946 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.12%, 09/10/30 † | 300 | 296,325 | ||||||
| 5.50%, 06/10/51 | 321 | 268,742 | ||||||
| 6.00%, 01/13/35 † | 575 | 567,152 | ||||||
| 6.25%, 01/10/36 † | 500 | 493,807 | ||||||
| 6.50%, 07/03/33 | 557 | 579,475 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 4.75%, 05/09/27 | 1,125 | 1,126,218 | ||||||
| 5.12%, 05/09/29 † | 1,605 | 1,616,227 | ||||||
| 6.00%, 12/01/32 | 775 | 809,521 | ||||||
| 7.88%, 09/15/29 | 675 | 738,886 | ||||||
| 8.12%, 09/15/31 | 600 | 688,495 | ||||||
Teva Pharmaceutical Finance Netherlands IV BV 5.75%, 12/01/30 | 1,150 | 1,189,899 | ||||||
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
Yinson Bergenia Production BV 144A 8.50%, 01/31/45 | $ | 900 | $ | 945,728 | ||||
Yinson Boronia Production BV 144A 8.95%, 07/31/42 | 760 | 831,206 | ||||||
| 10,661,355 | ||||||||
| Nigeria: 0.3% | ||||||||
SEPLAT Energy PLC 144A 9.12%, 03/21/30 | 1,000 | 1,021,550 | ||||||
United Bank for Africa PLC 144A 6.75%, 11/19/26 | 475 | 476,924 | ||||||
| 1,498,474 | ||||||||
| Oman: 2.0% | ||||||||
AL Jawaher Assets Co. Spc 144A 4.66%, 10/29/30 | 1,250 | 1,246,126 | ||||||
EDO Sukuk Ltd. 144A 5.88%, 09/21/33 † | 1,450 | 1,548,977 | ||||||
| Mazoon Assets Co. SAOC 144A | ||||||||
| 5.20%, 11/08/27 | 900 | 913,508 | ||||||
| 5.25%, 10/09/31 | 1,125 | 1,153,008 | ||||||
| 5.50%, 02/14/29 | 775 | 797,862 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | 900 | 909,113 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 | 1,250 | 1,264,300 | ||||||
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 | 1,100 | 1,156,701 | ||||||
| 8,989,595 | ||||||||
| Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 650 | 618,279 | ||||||
| Panama: 1.1% | ||||||||
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30 | 2,117 | 1,978,494 | ||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 05/07/31 (o)(a) | 575 | 545,445 | ||||||
Banistmo SA 144A 4.25%, 07/31/27 | 650 | 642,754 | ||||||
Empresa de Transmision Electrica SA 144A 5.12%, 05/02/49 | 800 | 613,148 | ||||||
Global Bank Corp. 144A 5.25%, 04/16/29 | 500 | 493,188 | ||||||
Multibank, Inc. 144A 7.75%, 02/03/28 | 450 | 466,468 | ||||||
| 4,739,497 | ||||||||
See Notes to Financial Statements
| 11 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Paraguay: 0.2% | ||||||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | $ | 425 | $ | 287,300 | ||||
Rutas 2 & 7 Finance Ltd. 144A 0.00%, 09/30/36 ^ | 623 | 468,334 | ||||||
| 755,634 | ||||||||
| Peru: 2.4% | ||||||||
Auna SA 144A 10.00%, 12/18/29 | 600 | 637,875 | ||||||
| Banco Internacional del Peru SAA Interbank 144A | ||||||||
| 6.40% (US Treasury Yield Curve Rate T 5 Year+2.07%), 04/30/35 (a) | 500 | 516,900 | ||||||
| 7.62% (US Treasury Yield Curve Rate T 1 Year+3.65%), 01/16/34 (a) | 525 | 562,719 | ||||||
Camposol SA 144A 6.00%, 02/03/27 | 425 | 417,428 | ||||||
Cia de Minas Buenaventura SAA 144A 6.80%, 02/04/32 | 1,050 | 1,094,625 | ||||||
InRetail Shopping Malls 144A 5.65%, 10/16/32 | 600 | 605,964 | ||||||
Minsur SA 144A 4.50%, 10/28/31 | 800 | 768,771 | ||||||
Orazul Energy Peru SA 144A 6.25%, 09/17/32 | 600 | 610,250 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 | 1,125 | 1,087,347 | ||||||
| Petroleos del Peru SA 144A | ||||||||
| 4.75%, 06/19/32 | 1,550 | 1,330,776 | ||||||
| 5.62%, 06/19/47 | 3,175 | 2,289,349 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.75%, 08/02/28 | 625 | 597,356 | ||||||
| 10,519,360 | ||||||||
| Poland: 0.3% | ||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 | 1,300 | 1,235,868 | ||||||
| Saudi Arabia: 0.1% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 02/26/27 | 600 | 604,631 | ||||||
| Serbia: 0.3% | ||||||||
Telecommunications co Telekom Srbija AD Belgrade 144A 7.00%, 10/28/29 † | 1,450 | 1,459,527 | ||||||
| Singapore: 0.9% | ||||||||
Avation Group S Pte Ltd. 144A 8.50%, 05/15/31 | 450 | 438,750 | ||||||
| Par (000’s | ) | Value | ||||||
| Singapore (continued) | ||||||||
Boroo Investments Pte Ltd. 144A 9.50%, 08/07/32 | $ | 500 | $ | 471,250 | ||||
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 | 725 | 745,647 | ||||||
Medco Cypress Tree Pte Ltd. 144A 8.62%, 05/19/30 | 750 | 795,588 | ||||||
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29 † | 675 | 709,772 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 590 | 609,029 | ||||||
| 3,770,036 | ||||||||
| South Africa: 1.4% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| 6.35%, 08/10/28 | 1,616 | 1,669,570 | ||||||
| 8.45%, 08/10/28 | 825 | 885,468 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 | 750 | 741,844 | ||||||
Sasol Financing USA LLC 6.50%, 09/27/28 | 1,275 | 1,257,804 | ||||||
Transnet/South Africa 144A 8.25%, 02/06/28 † | 1,550 | 1,639,840 | ||||||
| 6,194,526 | ||||||||
| Spain: 0.8% | ||||||||
AES Espana BV 144A 5.70%, 05/04/28 | 500 | 489,393 | ||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 | 900 | 817,443 | ||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | 825 | 742,285 | ||||||
EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU 144A 8.50%, 06/30/32 | 650 | 681,681 | ||||||
International Airport Finance SA 144A 12.00%, 03/15/33 | 511 | 545,689 | ||||||
| 3,276,491 | ||||||||
| Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings PLC 6.50%, 04/15/40 | 525 | 562,638 | ||||||
| Thailand: 1.1% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 (a) | 1,800 | 1,715,271 | ||||||
| GC Treasury Center Co. Ltd. 144A | ||||||||
See Notes to Financial Statements
| 12 |
| Par (000’s | ) | Value | ||||||
| Thailand (continued) | ||||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+2.81%), 09/10/30 (o) †(a) | $ | 950 | $ | 962,443 | ||||
| 7.12% (US Treasury Yield Curve Rate T 5 Year+3.16%), 03/10/35 (o)(a) | 800 | 828,294 | ||||||
Muangthai Capital PCL 144A 7.55%, 07/21/30 | 600 | 621,720 | ||||||
Muangthai Capital PCL Reg S 6.88%, 09/30/28 | 600 | 609,436 | ||||||
| 4,737,164 | ||||||||
| Togo: 0.2% | ||||||||
Ecobank Transnational, Inc. 144A 10.12%, 10/15/29 | 800 | 871,228 | ||||||
| Trinidad and Tobago: 0.6% | ||||||||
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 | 775 | 796,700 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | 525 | 488,520 | ||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | 475 | 485,920 | ||||||
Trinidad Generation UnLtd 144A 7.75%, 06/16/33 | 900 | 943,844 | ||||||
| 2,714,984 | ||||||||
| Turkey: 8.6% | ||||||||
| Akbank TAS 144A | ||||||||
| 7.50%, 01/20/30 | 600 | 629,483 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+3.73%), 09/04/35 (a) | 550 | 561,083 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 | 600 | 556,663 | ||||||
Arcelik AS Reg S 8.50%, 09/25/28 † | 500 | 525,850 | ||||||
Aydem Yenilenebilir Enerji AS 144A 9.88%, 09/30/30 | 625 | 617,066 | ||||||
Cimko Cimento Ve Beton Sanayi Ve Ticaret AS 144A 10.75%, 05/21/30 | 350 | 367,104 | ||||||
Eregli Demir ve Celik Fabrikalari TAS 144A 8.38%, 07/23/29 | 1,100 | 1,149,284 | ||||||
Ford Otomotiv Sanayi AS 144A 7.12%, 04/25/29 | 600 | 620,253 | ||||||
GDZ Elektrik Dagitim AS 144A 9.00%, 10/15/29 † | 650 | 637,864 | ||||||
| Par (000’s | ) | Value | ||||||
| Turkey (continued) | ||||||||
ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu Ve Kuzey Cevre Otoyolu Yatirim Ve I Reg S 7.54%, 10/31/27 | $ | 500 | $ | 511,918 | ||||
Limak Cimento Sanayi ve Ticaret AS 144A 9.75%, 07/25/29 | 825 | 848,747 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | 387 | 393,334 | ||||||
Limak Yenilenebilir Enerji AS 144A 9.62%, 08/12/30 | 600 | 593,638 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28 | 700 | 731,293 | ||||||
Pegasus Hava Tasimaciligi AS 144A 8.00%, 09/11/31 | 600 | 621,443 | ||||||
| QNB Bank AS Reg S | ||||||||
| 7.25%, 05/21/29 | 400 | 423,042 | ||||||
| 10.75% (US Treasury Yield Curve Rate T 5 Year+6.24%), 11/15/33 (a) | 500 | 562,615 | ||||||
Ronesans Holding AS 144A 8.50%, 10/10/29 | 500 | 503,328 | ||||||
TAV Havalimanlari Holding AS 144A 8.50%, 12/07/28 | 475 | 495,701 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
| 7.25%, 02/04/30 | 900 | 927,625 | ||||||
| 8.00%, 01/16/29 | 700 | 737,195 | ||||||
| 8.99% (US Treasury Yield Curve Rate T 5 Year+4.33%), 08/02/34 (a) | 600 | 634,023 | ||||||
Turk Ekonomi Bankasi AS Reg S 9.38% (US Treasury Yield Curve Rate T 5 Year+5.41%), 01/17/34 (a) | 500 | 532,782 | ||||||
| Turk Telekomunikasyon AS 144A | ||||||||
| 6.95%, 10/07/32 | 700 | 708,461 | ||||||
| 7.38%, 05/20/29 | 600 | 621,592 | ||||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 5.80%, 04/11/28 | 575 | 577,315 | ||||||
| 7.45%, 01/24/30 | 600 | 625,207 | ||||||
| 7.65%, 01/24/32 | 650 | 681,665 | ||||||
| Turkiye Garanti Bankasi AS 144A | ||||||||
See Notes to Financial Statements
| 13 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Turkey (continued) | ||||||||
| 7.62% (US Treasury Yield Curve Rate T 5 Year+3.87%), 04/15/36 (a) | $ | 800 | $ | 803,426 | ||||
| 8.12% (US Treasury Yield Curve Rate T 5 Year+3.84%), 01/03/35 (a) | 900 | 928,836 | ||||||
| 8.12% (US Treasury Yield Curve Rate T 5 Year+4.33%), 01/08/36 †(a) | 650 | 668,862 | ||||||
| 8.38% (US Treasury Yield Curve Rate T 5 Year+4.09%), 02/28/34 (a) | 550 | 572,664 | ||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 6.38%, 10/03/30 | 400 | 397,882 | ||||||
| 6.88%, 07/03/28 | 200 | 205,519 | ||||||
| 7.50%, 02/06/28 | 1,200 | 1,244,944 | ||||||
| 9.00%, 01/28/27 | 625 | 657,186 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 7.38% (US Treasury Yield Curve Rate T 5 Year+3.63%), 04/02/36 (a) | 600 | 594,107 | ||||||
| 7.75%, 06/12/29 | 600 | 625,265 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
| 7.12%, 10/17/29 | 450 | 462,100 | ||||||
| 7.38%, 07/02/30 | 350 | 360,885 | ||||||
| 9.38%, 10/19/28 | 400 | 435,683 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 6.88%, 01/07/30 | 625 | 635,694 | ||||||
| 7.25%, 07/31/30 | 850 | 870,330 | ||||||
| 8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 (a) | 850 | 898,806 | ||||||
| 9.00%, 10/12/28 | 900 | 974,764 | ||||||
Turkiye Varlik Fonu Yonetimi AS Reg S 8.25%, 02/14/29 | 950 | 1,012,955 | ||||||
TVF Varlik Kiralama AS Reg S 6.95%, 01/23/30 | 2,000 | 2,075,115 | ||||||
Ulker Biskuvi Sanayi AS 144A 7.88%, 07/08/31 | 700 | 724,740 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS 144A 9.75%, 05/15/29 | 600 | 419,589 | ||||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
| 7.12%, 10/10/29 | 600 | 618,570 | ||||||
| 7.25%, 03/03/30 | 550 | 566,642 | ||||||
| 9.25%, 10/16/28 | 1,000 | 1,089,789 | ||||||
| Par (000’s | ) | Value | ||||||
| Turkey (continued) | ||||||||
| 9.25% (US Treasury Yield Curve Rate T 5 Year+5.28%), 01/17/34 (a) | $ | 775 | $ | 825,054 | ||||
Ziraat Katilim Varlik Kiralama AS Reg S 9.38%, 11/12/26 | 500 | 523,016 | ||||||
Zorlu Enerji Elektrik Uretim AS 144A 11.00%, 04/23/30 | 1,350 | 1,214,006 | ||||||
| 37,802,003 | ||||||||
| Ukraine: 0.6% | ||||||||
Kernel Holding SA 144A 6.75%, 10/27/27 | 400 | 373,310 | ||||||
| Metinvest BV 144A | ||||||||
| 7.65%, 10/01/27 | 500 | 398,878 | ||||||
| 7.75%, 10/17/29 | 700 | 529,039 | ||||||
NAK Naftogaz Ukraine via Kondor Finance PLC 144A 7.62%, 11/08/28 | 846 | 664,528 | ||||||
Ukraine Railways Via Rail Capital Markets PLC Reg S 8.25%, 07/09/26 | 864 | 683,014 | ||||||
| 2,648,769 | ||||||||
| United Arab Emirates: 1.2% | ||||||||
Alpha Star Holding VIII Ltd. Reg S 8.38%, 04/12/27 | 1,750 | 1,812,689 | ||||||
Axian Telecom Holding & Management PLC 144A 7.25%, 07/11/30 | 900 | 909,745 | ||||||
Binghatti Sukuk 2 Spv Ltd. Reg S 8.12%, 08/07/30 † | 800 | 787,595 | ||||||
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29 | 1,600 | 1,683,597 | ||||||
| 5,193,626 | ||||||||
| United Kingdom: 5.4% | ||||||||
Allwyn Entertainment Financing UK PLC 144A 7.88%, 04/30/29 | 1,019 | 1,057,748 | ||||||
| Avianca Midco 2 PLC 144A | ||||||||
| 9.00%, 12/01/28 † | 1,775 | 1,775,000 | ||||||
| 9.62%, 02/14/30 | 1,550 | 1,539,313 | ||||||
Azule Energy Finance PLC 144A 8.12%, 01/23/30 | 1,900 | 1,911,323 | ||||||
Bidvest Group UK PLC 144A 6.20%, 09/17/32 | 800 | 811,650 | ||||||
Biocon Biologics Global PLC 144A 6.67%, 10/09/29 | 1,300 | 1,286,036 | ||||||
Endeavour Mining PLC 144A 7.00%, 05/28/30 | 850 | 876,752 | ||||||
| IHS Holding Ltd. 144A | ||||||||
| 6.25%, 11/29/28 † | 750 | 750,303 | ||||||
| 7.88%, 05/29/30 | 800 | 817,555 | ||||||
| 8.25%, 11/29/31 † | 1,100 | 1,148,885 | ||||||
See Notes to Financial Statements
| 14 |
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
Panama Infrastructure Receivable Purchaser PLC 144A 0.00%, 04/05/32 ^ | $ | 2,300 | $ | 1,757,292 | ||||
| Sisecam UK PLC 144A | ||||||||
| 8.25%, 05/02/29 | 750 | 768,388 | ||||||
| 8.62%, 05/02/32 † | 950 | 980,497 | ||||||
Trident Energy Finance PLC 144A 12.50%, 11/30/29 | 400 | 409,353 | ||||||
Ukraine Railways Via Rail Capital Markets PLC Reg S 7.88%, 07/15/28 | 469 | 350,733 | ||||||
| Vedanta Resources Finance II PLC 144A | ||||||||
| 9.12%, 10/15/32 | 700 | 694,105 | ||||||
| 9.47%, 07/24/30 | 800 | 812,553 | ||||||
| 9.85%, 04/24/33 | 800 | 809,670 | ||||||
| 10.25%, 06/03/28 | 600 | 620,734 | ||||||
| 10.88%, 09/17/29 | 1,850 | 1,940,977 | ||||||
| 11.25%, 12/03/31 | 800 | 848,467 | ||||||
| WE Soda Investments Holding PLC 144A | ||||||||
| 9.38%, 02/14/31 | 600 | 597,923 | ||||||
| 9.50%, 10/06/28 | 1,150 | 1,155,051 | ||||||
| 23,720,308 | ||||||||
| United States: 3.4% | ||||||||
3R Lux SARL 144A 9.75%, 02/05/31 | 325 | 333,434 | ||||||
Azul Secured Finance LLP 10.88%, 08/28/30 (d) * | 114 | 7,476 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 1,175 | 1,094,653 | ||||||
| Kosmos Energy Ltd. 144A | ||||||||
| 7.50%, 03/01/28 | 650 | 520,657 | ||||||
| 7.75%, 05/01/27 | 500 | 470,410 | ||||||
| 8.75%, 10/01/31 † | 875 | 588,862 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | 745 | 738,838 | ||||||
Playtika Holding Corp. 144A 4.25%, 03/15/29 | 950 | 858,890 | ||||||
Sasol Financing USA LLC 5.50%, 03/18/31 | 1,375 | 1,169,334 | ||||||
Sasol Financing USA LLC 144A 8.75%, 05/03/29 | 1,550 | 1,575,380 | ||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | 958 | 940,636 | ||||||
| Stillwater Mining Co. 144A | ||||||||
| 4.00%, 11/16/26 | 1,100 | 1,089,464 | ||||||
| 4.50%, 11/16/29 | 850 | 797,077 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 5.12%, 12/15/29 | 1,600 | 1,575,040 | ||||||
| 5.50%, 10/01/27 | 1,175 | 1,174,509 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.62%, 08/26/28 | $ | 2,150 | $ | 2,149,267 | ||||
| 15,083,927 | ||||||||
| Uruguay: 0.1% | ||||||||
Navios South American Logistics, Inc. 144A Reg S 8.88%, 07/14/30 | 600 | 623,435 | ||||||
| Uzbekistan: 1.8% | ||||||||
JSCB Agrobank 144A 9.25%, 10/02/29 | 700 | 763,745 | ||||||
National Bank of Uzbekistan Reg S 8.50%, 07/05/29 | 900 | 964,329 | ||||||
| Navoi Mining & Metallurgical Combinat 144A | ||||||||
| 6.70%, 10/17/28 | 850 | 885,665 | ||||||
| 6.75%, 05/14/30 | 800 | 844,462 | ||||||
| 6.95%, 10/17/31 | 750 | 804,711 | ||||||
Navoiyuran State Enterprise 144A 6.70%, 07/02/30 | 450 | 455,584 | ||||||
Uzbek Industrial and Construction Bank ATB 144A 8.95%, 07/24/29 † | 600 | 649,154 | ||||||
| Uzbekneftegaz JSC 144A | ||||||||
| 4.75%, 11/16/28 | 1,050 | 999,782 | ||||||
| 8.75%, 05/07/30 | 1,400 | 1,495,084 | ||||||
| 7,862,516 | ||||||||
| Total Corporate Bonds (Cost: $418,641,878) | 415,490,964 | |||||||
| GOVERNMENT OBLIGATIONS: 2.6% | ||||||||
| Argentina: 2.3% | ||||||||
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 | 933 | 927,528 | ||||||
Provincia de Buenos Aires 144A 6.62%, 09/01/37 (s) | 9,712 | 7,150,519 | ||||||
| Provincia de Cordoba 144A | ||||||||
| 6.88%, 02/01/29 (s) | 782 | 744,785 | ||||||
| 9.75%, 07/02/32 | 1,050 | 1,080,608 | ||||||
Provincia de Mendoza 144A 5.75%, 03/19/29 (s) | 498 | 465,004 | ||||||
| 10,368,444 | ||||||||
| Turkey: 0.3% | ||||||||
| Istanbul Metropolitan Municipality 144A | ||||||||
| 10.50%, 12/06/28 | 825 | 907,004 | ||||||
| 10.75%, 04/12/27 | 375 | 399,992 | ||||||
| 1,306,996 | ||||||||
| Total Government Obligations (Cost: $8,343,009) | 11,675,440 | |||||||
| Number of Shares | ||||||||
| COMMON STOCK: 0.0% (Cost: $31,555) | ||||||||
See Notes to Financial Statements
| 15 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares | Value | |||||||
| Brazil: 0.0% | ||||||||
| Azul SA (ADR) * | 33,497 | $ | 19,582 | |||||
| Total Investments Before Collateral for Securities Loaned: 97.1% (Cost: $427,016,442) | 427,185,986 | |||||||
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3% | ||||||||
| Money Market Fund: 5.3% (Cost: $23,309,264) | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x) |
23,309,264 | $ | 23,309,264 | |||||
| Total Investments: 102.4% (Cost: $450,325,706) | 450,495,250 | |||||||
| Liabilities in excess of other assets: (2.4)% | (10,664,763) | |||||||
| NET ASSETS: 100.0% | $ | 439,830,487 | ||||||
Definitions:
| ADR | American Depositary Receipt |
Footnotes:
| (a) | Variable rate security — the rate shown is as of 10/31/25 |
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown, if applicable, is the next call date |
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at October 31, 2025. |
| (x) | Rate shown is the 1-day yield as of 10/31/25. |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $24,860,398. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $324,413,023, or 73.8% of net assets. |
See Notes to Financial Statements
| 16 |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds | ||||||||||||||||
| Argentina | $ | — | $ | 22,147,664 | $ | — | $ | 22,147,664 | ||||||||
| Australia | — | 310,143 | — | 310,143 | ||||||||||||
| Austria | — | 920,711 | — | 920,711 | ||||||||||||
| Azerbaijan | — | 1,379,145 | — | 1,379,145 | ||||||||||||
| Bahrain | — | 3,993,533 | — | 3,993,533 | ||||||||||||
| Bermuda | — | 3,412,452 | 0 | 3,412,452 | ||||||||||||
| Brazil | — | 24,736,378 | — | 24,736,378 | ||||||||||||
| British Virgin Islands | — | 502,369 | — | 502,369 | ||||||||||||
| Canada | — | 11,429,133 | — | 11,429,133 | ||||||||||||
| Cayman Islands | — | 31,763,329 | — | 31,763,329 | ||||||||||||
| Chile | — | 9,147,236 | — | 9,147,236 | ||||||||||||
| China | — | 29,284,361 | — | 29,284,361 | ||||||||||||
| Colombia | — | 27,408,368 | — | 27,408,368 | ||||||||||||
| Costa Rica | — | 1,338,847 | — | 1,338,847 | ||||||||||||
| Cyprus | — | 363,297 | — | 363,297 | ||||||||||||
| Czech Republic | — | 2,180,828 | — | 2,180,828 | ||||||||||||
| Dominican Republic | — | 1,274,156 | — | 1,274,156 | ||||||||||||
| El Salvador | — | 848,400 | — | 848,400 | ||||||||||||
| Georgia | — | 1,962,291 | — | 1,962,291 | ||||||||||||
| Guatemala | — | 1,667,374 | — | 1,667,374 | ||||||||||||
| Hungary | — | 2,518,098 | — | 2,518,098 | ||||||||||||
| India | — | 19,133,185 | — | 19,133,185 | ||||||||||||
| Indonesia | — | 3,282,436 | — | 3,282,436 | ||||||||||||
| Israel | — | 8,982,148 | — | 8,982,148 | ||||||||||||
| Kazakhstan | — | 611,162 | — | 611,162 | ||||||||||||
| Luxembourg | — | 17,111,642 | — | 17,111,642 | ||||||||||||
| Mauritius | — | 7,096,585 | — | 7,096,585 | ||||||||||||
| Mexico | — | 19,323,515 | — | 19,323,515 | ||||||||||||
| Mongolia | — | 2,015,787 | — | 2,015,787 | ||||||||||||
| Morocco | — | 3,202,520 | — | 3,202,520 | ||||||||||||
| Netherlands | — | 10,661,355 | — | 10,661,355 | ||||||||||||
| Nigeria | — | 1,498,474 | — | 1,498,474 | ||||||||||||
| Oman | — | 8,989,595 | — | 8,989,595 | ||||||||||||
| Pakistan | — | 618,279 | — | 618,279 | ||||||||||||
| Panama | — | 4,739,497 | — | 4,739,497 | ||||||||||||
| Paraguay | — | 755,634 | — | 755,634 | ||||||||||||
| Peru | — | 10,519,360 | — | 10,519,360 | ||||||||||||
| Poland | — | 1,235,868 | — | 1,235,868 | ||||||||||||
| Saudi Arabia | — | 604,631 | — | 604,631 | ||||||||||||
| Serbia | — | 1,459,527 | — | 1,459,527 | ||||||||||||
| Singapore | — | 3,770,036 | — | 3,770,036 | ||||||||||||
| South Africa | — | 6,194,526 | — | 6,194,526 | ||||||||||||
| Spain | — | 3,276,491 | — | 3,276,491 | ||||||||||||
| Tanzania | — | 562,638 | — | 562,638 | ||||||||||||
| Thailand | — | 4,737,164 | — | 4,737,164 | ||||||||||||
| Togo | — | 871,228 | — | 871,228 | ||||||||||||
| Trinidad and Tobago | — | 2,714,984 | — | 2,714,984 | ||||||||||||
| Turkey | — | 37,802,003 | — | 37,802,003 | ||||||||||||
| Ukraine | — | 2,648,769 | — | 2,648,769 | ||||||||||||
| United Arab Emirates | — | 5,193,626 | — | 5,193,626 | ||||||||||||
| United Kingdom | — | 23,720,308 | — | 23,720,308 | ||||||||||||
| United States | — | 15,083,927 | — | 15,083,927 | ||||||||||||
| Uruguay | — | 623,435 | — | 623,435 | ||||||||||||
| Uzbekistan | — | 7,862,516 | — | 7,862,516 | ||||||||||||
| Government Obligations * | — | 11,675,440 | — | 11,675,440 | ||||||||||||
See Notes to Financial Statements
| 17 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Common Stock * | $ | 19,582 | $ | — | $ | — | $ | 19,582 | ||||||||
| Money Market Fund | 23,309,264 | — | — | 23,309,264 | ||||||||||||
| Total Investments | $ | 23,328,846 | $ | 427,166,404 | $ | 0 | $ | 450,495,250 |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 18 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 97.7% | ||||||||
| Australia: 2.8% | ||||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/26 | $ | 31,626 | $ | 31,371,740 | ||||
| 4.12%, 12/01/27 | 21,075 | 20,853,198 | ||||||
| 5.60%, 10/15/44 | 15,800 | 14,652,316 | ||||||
| 5.85%, 11/15/43 | 21,063 | 19,781,679 | ||||||
| 86,658,933 | ||||||||
| Canada: 5.1% | ||||||||
Bombardier, Inc. 144A 7.45%, 05/01/34 † | 26,913 | 29,964,853 | ||||||
| Methanex Corp. | ||||||||
| 5.25%, 12/15/29 † | 36,875 | 36,795,520 | ||||||
| 5.65%, 12/01/44 † | 15,825 | 13,808,512 | ||||||
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 (a) | 39,562 | 39,358,643 | ||||||
TransAlta Corp. 6.50%, 03/15/40 | 15,840 | 16,076,166 | ||||||
Wilton RE Ltd. 144A 6.00% (US Treasury Yield Curve Rate T 5 Year+5.27%), 10/22/30 (o)(a) | 21,140 | 20,989,355 | ||||||
| 156,993,049 | ||||||||
| Germany: 1.9% | ||||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 52,654 | 58,627,775 | ||||||
| Ireland: 2.6% | ||||||||
Aptiv Swiss Holdings Ltd. 6.88% (US Treasury Yield Curve Rate T 5 Year+3.38%), 12/15/54 †(a) | 26,425 | 27,017,369 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 4.90%, 06/15/30 | 39,550 | 38,720,122 | ||||||
| 4.90%, 12/15/44 | 16,050 | 13,277,167 | ||||||
| 79,014,658 | ||||||||
| Italy: 3.7% | ||||||||
| Telecom Italia Capital SA | ||||||||
| 6.00%, 09/30/34 | 26,350 | 27,028,618 | ||||||
| 6.38%, 11/15/33 | 26,300 | 27,751,208 | ||||||
| 7.20%, 07/18/36 | 26,350 | 28,744,424 | ||||||
| 7.72%, 06/04/38 | 26,325 | 29,475,098 | ||||||
| 112,999,348 | ||||||||
| Japan: 6.7% | ||||||||
| Nissan Motor Co. Ltd. 144A | ||||||||
| 4.34%, 09/17/27 | 107,228 | 105,138,726 | ||||||
| 4.81%, 09/17/30 | 107,250 | 100,662,998 | ||||||
| 205,801,724 | ||||||||
| United Kingdom: 4.9% | ||||||||
Standard Chartered PLC 144A 7.01%, 07/30/37 (o) | 39,500 | 41,658,833 | ||||||
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
Vodafone Group PLC 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 (a) | $ | 105,389 | $ | 111,354,966 | ||||
| 153,013,799 | ||||||||
| United States: 70.0% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 1.75%, 10/01/27 | 18,450 | 17,288,543 | ||||||
| 3.50%, 03/15/32 † | 18,442 | 15,990,581 | ||||||
| 3.90%, 04/15/30 † | 26,350 | 24,182,431 | ||||||
| 5.95%, 03/09/28 † | 15,809 | 16,044,870 | ||||||
Bath & Body Works, Inc. 6.95%, 03/01/33 | 15,042 | 15,601,938 | ||||||
BlackRock TCP Capital Corp. 6.95%, 05/30/29 † | 17,175 | 17,447,819 | ||||||
| Brandywine Operating Partnership LP | ||||||||
| 3.95%, 11/15/27 | 23,725 | 23,374,174 | ||||||
| 4.55%, 10/01/29 † | 18,444 | 17,742,361 | ||||||
| 8.30%, 03/15/28 | 18,450 | 19,720,854 | ||||||
| Celanese US Holdings LLC | ||||||||
| 6.67%, 07/15/27 | 69,957 | 71,857,522 | ||||||
| 6.83%, 07/15/29 † | 35,000 | 35,775,425 | ||||||
| 6.85%, 11/15/28 | 46,649 | 48,350,009 | ||||||
| 6.88%, 07/15/32 | 46,650 | 46,910,913 | ||||||
| 7.05%, 11/15/30 | 46,653 | 47,511,275 | ||||||
| 7.20%, 11/15/33 † | 46,650 | 47,873,583 | ||||||
Crane NXT Co. 4.20%, 03/15/48 | 18,563 | 13,191,007 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 18,497 | 19,031,656 | ||||||
Diversified Healthcare Trust 4.75%, 02/15/28 † | 26,425 | 25,234,197 | ||||||
DPL LLC/Ohio 4.35%, 04/15/29 | 21,130 | 20,824,367 | ||||||
Embarq LLC 8.00%, 06/01/36 † | 64,100 | 29,378,953 | ||||||
Entegris, Inc. 144A 4.75%, 04/15/29 | 84,315 | 83,869,800 | ||||||
Fluor Corp. 4.25%, 09/15/28 | 26,734 | 26,566,995 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 † | 15,851 | 16,492,411 | ||||||
HB Fuller Co. 4.00%, 02/15/27 | 15,886 | 15,698,812 | ||||||
| Hudson Pacific Properties LP | ||||||||
| 3.25%, 01/15/30 † | 21,075 | 18,016,590 | ||||||
| 3.95%, 11/01/27 | 21,075 | 20,194,797 | ||||||
| 4.65%, 04/01/29 † | 26,363 | 24,295,497 | ||||||
| 5.95%, 02/15/28 † | 18,454 | 18,063,477 | ||||||
| Huntsman International LLC | ||||||||
| 2.95%, 06/15/31 | 21,075 | 17,106,951 | ||||||
| 4.50%, 05/01/29 | 39,520 | 36,548,430 | ||||||
| 5.70%, 10/15/34 † | 18,450 | 16,107,349 | ||||||
| Kohl’s Corp. | ||||||||
| 5.12%, 05/01/31 | 26,364 | 20,561,408 | ||||||
| 5.55%, 07/17/45 † | 22,500 | 14,715,000 | ||||||
| Lumen Technologies, Inc. | ||||||||
See Notes to Financial Statements
| 19 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 7.60%, 09/15/39 † | $ | 18,425 | $ | 18,286,813 | ||||
| Macy’s Retail Holdings LLC | ||||||||
| 4.30%, 02/15/43 | 13,150 | 9,543,039 | ||||||
| 4.50%, 12/15/34 † | 19,300 | 17,213,141 | ||||||
| 5.12%, 01/15/42 † | 13,175 | 10,756,864 | ||||||
Murphy Oil Corp. 5.88%, 12/01/42 | 17,900 | 15,254,348 | ||||||
Navient Corp. 5.62%, 08/01/33 † | 31,364 | 28,423,697 | ||||||
| Newell Brands, Inc. | ||||||||
| 7.38%, 04/01/36 † | 22,121 | 20,895,196 | ||||||
| 7.50%, 04/01/46 | 35,100 | 29,045,131 | ||||||
| Nissan Motor Acceptance Co. LLC 144A | ||||||||
| 2.45%, 09/15/28 | 15,025 | 13,801,956 | ||||||
| 2.75%, 03/09/28 | 25,742 | 24,178,029 | ||||||
| 5.30%, 09/13/27 † | 17,175 | 17,110,567 | ||||||
| 5.55%, 09/13/29 | 12,875 | 12,810,788 | ||||||
| 7.05%, 09/15/28 | 30,050 | 31,282,683 | ||||||
| Nordstrom, Inc. | ||||||||
| 4.00%, 03/15/27 | 18,447 | 18,163,283 | ||||||
| 4.25%, 08/01/31 † | 22,400 | 20,508,071 | ||||||
| 4.38%, 04/01/30 | 26,350 | 25,051,295 | ||||||
| 5.00%, 01/15/44 | 50,850 | 38,413,265 | ||||||
| 6.95%, 03/15/28 | 15,800 | 16,432,316 | ||||||
Oceaneering International, Inc. 6.00%, 02/01/28 | 15,805 | 15,964,409 | ||||||
PacifiCorp 7.38% (US Treasury Yield Curve Rate T 5 Year+3.32%), 09/15/55 †(a) | 44,825 | 47,148,818 | ||||||
| Prospect Capital Corp. | ||||||||
| 3.36%, 11/15/26 † | 15,850 | 15,362,803 | ||||||
| 3.44%, 10/15/28 † | 14,800 | 13,325,972 | ||||||
| Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
| 4.62%, 04/16/29 | 52,710 | 47,616,555 | ||||||
| 4.62%, 04/06/31 | 18,450 | 15,769,110 | ||||||
| Rockies Express Pipeline LLC 144A | ||||||||
| 4.80%, 05/15/30 | 18,450 | 18,108,885 | ||||||
| 4.95%, 07/15/29 | 28,980 | 28,824,375 | ||||||
| 6.88%, 04/15/40 | 26,345 | 27,186,143 | ||||||
| 7.50%, 07/15/38 | 13,175 | 14,334,756 | ||||||
Safeway, Inc. 7.25%, 02/01/31 | 13,805 | 14,989,041 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 | 23,739 | 25,868,151 | ||||||
| Service Properties Trust | ||||||||
| 3.95%, 01/15/28 † | 21,083 | 19,634,665 | ||||||
| 4.38%, 02/15/30 † | 21,075 | 17,760,233 | ||||||
| 4.95%, 02/15/27 † | 21,075 | 21,036,289 | ||||||
| 4.95%, 10/01/29 † | 22,400 | 19,380,787 | ||||||
Spirit AeroSystems, Inc. 4.60%, 06/15/28 † | 36,930 | 37,227,988 | ||||||
| Steelcase, Inc. | ||||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.12%, 01/18/29 † | $ | 11,671 | $ | 11,422,991 | ||||
Tenet Healthcare Corp. 6.88%, 11/15/31 † | 19,100 | 20,763,992 | ||||||
| Toledo Hospital | ||||||||
| 4.98%, 11/15/45 | 14,400 | 12,380,112 | ||||||
| 5.33%, 11/15/28 † | 16,850 | 17,231,126 | ||||||
| 6.01%, 11/15/48 | 21,085 | 20,413,443 | ||||||
| Transocean International Ltd. | ||||||||
| 6.80%, 03/15/38 † | 32,075 | 28,149,129 | ||||||
| 7.50%, 04/15/31 † | 20,850 | 19,950,829 | ||||||
Travel + Leisure Co. 6.00%, 04/01/27 | 21,145 | 21,454,943 | ||||||
United States Steel Corp. 6.65%, 06/01/37 | 14,515 | 15,138,869 | ||||||
| VF Corp. | ||||||||
| 2.80%, 04/23/27 | 26,344 | 25,672,837 | ||||||
| 2.95%, 04/23/30 † | 39,525 | 34,797,604 | ||||||
| 6.00%, 10/15/33 † | 14,600 | 14,092,986 | ||||||
| 6.45%, 11/01/37 | 15,125 | 14,199,028 | ||||||
| Vornado Realty LP | ||||||||
| 3.40%, 06/01/31 | 18,500 | 16,681,914 | ||||||
Warnermedia Holdings, Inc. 4.28%, 03/15/32 | 15,450 | 13,456,950 | ||||||
| Whirlpool Corp. | ||||||||
| 2.40%, 05/15/31 | 15,825 | 13,170,962 | ||||||
| 4.50%, 06/01/46 † | 26,350 | 19,990,897 | ||||||
| 4.60%, 05/15/50 † | 26,350 | 19,654,497 | ||||||
| 4.70%, 05/14/32 † | 15,825 | 14,507,515 | ||||||
| 4.75%, 02/26/29 | 36,875 | 36,375,779 | ||||||
| 5.15%, 03/01/43 | 13,171 | 11,056,025 | ||||||
| 5.50%, 03/01/33 † | 15,800 | 14,862,716 | ||||||
| 5.75%, 03/01/34 † | 15,800 | 15,118,555 | ||||||
| Xerox Corp. | ||||||||
| 4.80%, 03/01/35 | 13,300 | 4,013,940 | ||||||
| 6.75%, 12/15/39 | 18,538 | 6,888,350 | ||||||
| XPO CNW, Inc. | ||||||||
| 6.70%, 05/01/34 | 15,825 | 16,891,922 | ||||||
| Yum! Brands, Inc. | ||||||||
| 5.35%, 11/01/43 | 14,516 | 14,275,437 | ||||||
| 6.88%, 11/15/37 | 17,148 | 19,202,313 | ||||||
| 2,160,095,118 | ||||||||
| Total Corporate Bonds (Cost: $2,995,889,199) | 3,013,204,404 | |||||||
| Number of Shares | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:10.0% | ||||||||
| Money Market Fund: 10.0% | ||||||||
| (Cost: $309,815,339) State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x) | 309,815,339 | 309,815,339 | ||||||
See Notes to Financial Statements
| 20 |
| Number of Shares (continued) | Value | |||
| Total Investments: 107.7% (Cost: $3,305,704,538) | $ | 3,323,019,743 | ||
| Liabilities in excess of other assets: (7.7)% | (237,189,165) | |||
| NET ASSETS: 100.0% | $ | 3,085,830,578 | ||
Definitions:
| USD | United States Dollar |
Footnotes:
| (a) | Variable rate security — the rate shown is as of 10/31/25 |
| (o) | Perpetual Maturity — the date shown, if applicable, is the next call date |
| (x) | Rate shown is the 1-day yield as of 10/31/25. |
| † | Security fully or partially on loan. Total market value of securities on loan is $319,621,257. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $693,777,316, or 22.5% of net assets. |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 3,013,204,404 | $ | — | $ | 3,013,204,404 | ||||||||
| Money Market Fund | 309,815,339 | — | — | 309,815,339 | ||||||||||||
| Total Investments | $ | 309,815,339 | $ | 3,013,204,404 | $ | — | $ | 3,323,019,743 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 84.6% | ||||||||
| Australia: 1.0% | ||||||||
China Construction Bank Corp. Reg S 4.50%, 05/31/26 | $ | 400 | $ | 400,904 | ||||
China Merchants Bank Co. Ltd. Reg S 4.65% (SOFR Compound Index+0.54%), 07/10/27 (a) | 200 | 198,810 | ||||||
Fortescue Treasury Pty Ltd. 144A 6.12%, 04/15/32 † | 400 | 417,686 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 (a) | 600 | 629,512 | ||||||
| 1,646,912 | ||||||||
| Bermuda: 0.4% | ||||||||
Bacardi Ltd. / Bacardi-Martini BV 144A 5.25%, 01/15/29 | 200 | 204,445 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 375 | 373,545 | ||||||
| 577,990 | ||||||||
| Brazil: 0.6% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 † | 250 | 248,508 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 | 300 | 317,766 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 | 100 | 100,068 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 250 | 248,611 | ||||||
| 914,953 | ||||||||
| British Virgin Islands: 0.3% | ||||||||
Amipeace Ltd. Reg S 1.75%, 11/09/26 | 300 | 293,226 | ||||||
Coastal Emerald Ltd. Reg S 4.60%, 04/16/28 | 200 | 200,833 | ||||||
| 494,059 | ||||||||
| Canada: 1.3% | ||||||||
| Brookfield Finance, Inc. | ||||||||
| 2.72%, 04/15/31 | 250 | 228,566 | ||||||
| 3.62%, 02/15/52 | 225 | 162,532 | ||||||
CDP Financial, Inc. 144A 1.00%, 05/26/26 | 500 | 491,938 | ||||||
Export Development Canada 4.75%, 06/05/34 | 500 | 525,612 | ||||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | 350 | 313,858 | ||||||
| TransAlta Corp. |
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 7.75%, 11/15/29 | $ | 200 | $ | 208,389 | ||||
Tucson Electric Power Co. 1.50%, 08/01/30 | 150 | 132,459 | ||||||
| 2,063,354 | ||||||||
| Cayman Islands: 2.4% | ||||||||
| Aldar Investment Properties Sukuk Ltd. Reg S | ||||||||
| 4.88%, 05/24/33 | 200 | 201,644 | ||||||
| 5.25%, 03/25/35 | 400 | 410,456 | ||||||
| 5.50%, 05/16/34 | 200 | 208,982 | ||||||
CK Hutchison International 24 Ltd. 144A 5.38%, 04/26/29 † | 500 | 519,333 | ||||||
DP World Crescent Ltd. Reg S 5.50%, 09/13/33 | 750 | 783,388 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 | 200 | 179,238 | ||||||
MAF Sukuk Ltd. Reg S 5.00%, 06/01/33 | 200 | 204,400 | ||||||
Omniyat Sukuk 1 Ltd. Reg S 8.38%, 05/06/28 | 200 | 203,341 | ||||||
| Saudi Electricity Sukuk Programme Co. Reg S | ||||||||
| 4.63%, 04/11/33 | 500 | 505,486 | ||||||
| 5.49%, 02/18/35 | 600 | 631,496 | ||||||
| 3,847,764 | ||||||||
| Chile: 2.0% | ||||||||
| AES Andes SA 144A | ||||||||
| 6.30%, 03/15/29 | 227 | 235,188 | ||||||
| 8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 (a) | 275 | 288,035 | ||||||
| Colbun SA 144A | ||||||||
| 3.15%, 01/19/32 | 250 | 230,091 | ||||||
| 5.38%, 09/11/35 † | 275 | 278,025 | ||||||
Engie Energia Chile SA 144A 6.38%, 04/17/34 | 250 | 266,955 | ||||||
Interchile SA 144A 4.50%, 06/30/56 | 550 | 485,347 | ||||||
| Inversiones CMPC SA 144A | ||||||||
| 4.38%, 04/04/27 † | 250 | 250,368 | ||||||
| 6.12%, 06/23/33 | 250 | 259,329 | ||||||
| 6.12%, 02/26/34 † | 250 | 259,611 | ||||||
| Sociedad Quimica y Minera de Chile SA 144A | ||||||||
| 3.50%, 09/10/51 | 350 | 249,275 | ||||||
| 6.50%, 11/07/33 † | 375 | 404,521 | ||||||
| 3,206,745 | ||||||||
| China: 5.5% | ||||||||
Airport Authority Reg S 1.75%, 01/12/27 | 500 | 487,840 | ||||||
Bocom Leasing Management Hong Kong Co. Ltd. Reg S 4.50%, 08/23/27 | 200 | 200,932 |
See Notes to Financial Statements
| 22 |
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 4.81% (SOFR Compound Index+0.68%), 06/26/27 (a) | $ | 400 | $ | 400,865 | ||||
| 4.87% (SOFR Compound Index+0.67%), 03/07/28 (a) | 200 | 200,652 | ||||||
| 4.97% (SOFR Compound Index+0.77%), 03/07/30 (a) | 200 | 200,972 | ||||||
| 5.00%, 06/26/27 | 200 | 202,474 | ||||||
| 5.00% (SOFR Compound Index+0.75%), 08/23/27 (a) | 200 | 200,551 | ||||||
Chengdu Tianfu New Area Investment Group Co. Ltd. Reg S 5.45%, 04/10/27 | 200 | 202,188 | ||||||
| China Construction Bank Corp. Reg S | ||||||||
| 4.65% (SOFR Compound Index+0.55%), 07/16/27 (a) | 600 | 601,045 | ||||||
| 4.88% (SOFR Compound Index+0.65%), 11/30/26 (a) | 400 | 401,274 | ||||||
| 5.00%, 11/30/26 | 200 | 201,951 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 | 200 | 198,345 | ||||||
| CMB International Leasing Management Ltd. Reg S | ||||||||
| 4.89% (SOFR+0.68%), 06/05/28 (a) | 400 | 400,319 | ||||||
| 4.97% (SOFR+0.76%), 06/04/27 (a) | 400 | 400,935 | ||||||
| 5.01% (SOFR+0.80%), 06/05/30 (a) | 200 | 200,995 | ||||||
Dianjian Haiyu Ltd. Reg S 4.30%, 09/10/27 | 200 | 200,853 | ||||||
Henan Railway Construction & Investment Group Co. Ltd. Reg S 4.80%, 01/10/28 | 200 | 201,270 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 | 400 | 392,396 | ||||||
| Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
| 1.62%, 10/28/26 | 450 | 439,586 | ||||||
| 4.50%, 01/19/26 | 200 | 200,148 | ||||||
| 4.73% (SOFR Compound Index+0.48%), 05/23/27 (a) | 600 | 599,587 | ||||||
| 5.38%, 10/25/26 | 200 | 202,532 | ||||||
Lenovo Group Ltd. 144A 6.54%, 07/27/32 | 300 | 331,582 | ||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | 200 | 198,162 |
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
Midea Investment Development Co. Ltd. Reg S 2.88%, 02/24/27 | $ | 200 | $ | 196,957 | ||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | 200 | 197,302 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | 600 | 542,654 | ||||||
Xiaomi Best Time International Ltd. Reg S 4.10%, 07/14/51 | 150 | 124,585 | ||||||
Yangzhou Economic and Technological Development Zone Development Group Co. Ltd. Reg S 4.98%, 03/19/28 | 200 | 200,239 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 200 | 197,498 | ||||||
| 8,726,689 | ||||||||
| Colombia: 0.2% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 270 | 267,747 | ||||||
| Denmark: 0.3% | ||||||||
Kommunekredit Reg S 5.12%, 11/01/27 | 400 | 410,445 | ||||||
| Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 | 117 | 105,410 | ||||||
| France: 0.7% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
| 4.66% (SOFR Compound Index+0.58%), 10/29/27 (a) | 200 | 200,621 | ||||||
| 4.75%, 11/23/25 | 200 | 200,121 | ||||||
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27 (a) | 475 | 466,680 | ||||||
Electricite de France SA Reg S 5.25% (SOFR+1.15%), 01/20/30 (a) | 200 | 201,031 | ||||||
| 1,068,453 | ||||||||
| Georgia: 0.3% | ||||||||
Georgia Global Utilities JSC 144A 8.88%, 07/25/29 | 200 | 212,429 | ||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 250 | 235,237 | ||||||
| 447,666 | ||||||||
| Germany: 2.6% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 0.75%, 09/30/30 † | 958 | 832,359 | ||||||
| 1.00%, 10/01/26 | 1,425 | 1,389,761 |
See Notes to Financial Statements
| 23 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Germany (continued) | ||||||||
| 1.75%, 09/14/29 † | $ | 955 | $ | 890,310 | ||||
| 4.38%, 02/28/34 | 950 | 974,424 | ||||||
| 4,086,854 | ||||||||
| Hungary: 0.3% | ||||||||
MVM Energetika Zrt Reg S 7.50%, 06/09/28 | 400 | 425,480 | ||||||
| India: 1.9% | ||||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42 | 198 | 196,132 | ||||||
Adani Renewable Energy RJ Ltd. / Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39 | 164 | 141,709 | ||||||
Continuum Green Energy India Pvt / Co-Issuers 144A 7.50%, 06/26/33 | 338 | 356,307 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 † | 250 | 238,064 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | 200 | 198,081 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 213 | 201,474 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | 200 | 197,240 | ||||||
| REC Ltd. 144A | ||||||||
| 4.75%, 09/27/29 | 250 | 252,841 | ||||||
| 5.62%, 04/11/28 † | 200 | 205,354 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 | 407 | 403,266 | ||||||
ReNew Pvt Ltd. 144A 5.88%, 03/05/27 | 150 | 150,205 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | 300 | 290,019 | ||||||
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A 7.80%, 07/31/31 | 141 | 143,346 | ||||||
| 2,974,038 | ||||||||
| Indonesia: 1.9% | ||||||||
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28 | 205 | 208,303 | ||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 3.55%, 06/09/51 | 375 | 279,140 | ||||||
| 4.70%, 06/06/32 | 700 | 710,155 | ||||||
| 5.20%, 07/23/35 | 500 | 515,035 | ||||||
| 5.50%, 07/02/54 | 300 | 303,534 | ||||||
| 5.60%, 11/15/33 | 400 | 426,063 |
| Par (000’s | ) | Value | ||||||
| Indonesia (continued) | ||||||||
Sorik Marapi Geothermal Power PT 144A 7.75%, 08/05/31 | $ | 192 | $ | 197,316 | ||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 400 | 386,399 | ||||||
| 3,025,945 | ||||||||
| Ireland: 1.3% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A 6.00%, 06/15/27 | 300 | 300,962 | ||||||
| Smurfit Kappa Treasury ULC | ||||||||
| 5.20%, 01/15/30 | 400 | 412,785 | ||||||
| 5.44%, 04/03/34 | 600 | 621,549 | ||||||
| 5.78%, 04/03/54 † | 400 | 408,280 | ||||||
Smurfit Westrock Financing DAC 5.42%, 01/15/35 † | 350 | 360,855 | ||||||
| 2,104,431 | ||||||||
| Japan: 2.9% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | 200 | 199,301 | ||||||
Hokkaido Electric Power Co., Inc. Reg S 4.59%, 09/04/30 | 250 | 251,106 | ||||||
| Honda Motor Co. Ltd. | ||||||||
| 2.53%, 03/10/27 | 510 | 499,871 | ||||||
| 2.97%, 03/10/32 | 350 | 320,543 | ||||||
| Japan Bank for International Cooperation | ||||||||
| 1.62%, 01/20/27 | 250 | 243,571 | ||||||
| 4.38%, 10/05/27 | 250 | 252,798 | ||||||
Marubeni Corp. Reg S 1.58%, 09/17/26 | 200 | 195,331 | ||||||
Mitsui Fudosan Co. Ltd. 144A 2.57%, 01/21/32 | 150 | 132,834 | ||||||
| Norinchukin Bank 144A | ||||||||
| 1.28%, 09/22/26 † | 250 | 243,759 | ||||||
| 2.08%, 09/22/31 | 225 | 195,739 | ||||||
| 4.87%, 09/14/27 | 225 | 227,182 | ||||||
| 5.43%, 03/09/28 † | 225 | 230,410 | ||||||
NTT Finance Corp. 144A 4.37%, 07/27/27 | 250 | 250,890 | ||||||
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29 | 225 | 214,407 | ||||||
| Sumitomo Mitsui Trust Bank Ltd. 144A | ||||||||
| 1.55%, 03/25/26 | 275 | 272,291 | ||||||
| 2.80%, 03/10/27 | 225 | 221,404 | ||||||
| 5.50%, 03/09/28 † | 225 | 232,032 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 | 350 | 323,762 | ||||||
| 4,507,231 |
See Notes to Financial Statements
| 24 |
| Par (000’s | ) | Value | ||||||
| Luxembourg: 1.7% | ||||||||
Aegea Finance Sarl 144A 7.62%, 01/20/36 | $ | 400 | $ | 390,781 | ||||
Bank of China Ltd. Reg S 1.40%, 04/28/26 | 200 | 197,443 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.25%, 09/01/26 | 200 | 195,373 | ||||||
| FS Luxembourg Sarl 144A | ||||||||
| 8.62%, 06/25/33 † | 250 | 259,812 | ||||||
| 8.88%, 02/12/31 | 175 | 182,824 | ||||||
| Raizen Fuels Finance SA 144A | ||||||||
| 5.70%, 01/17/35 † | 400 | 319,772 | ||||||
| 6.45%, 03/05/34 | 500 | 425,938 | ||||||
| 6.95%, 03/05/54 † | 600 | 465,570 | ||||||
Sabesp Lux Sarl 144A 5.62%, 08/20/30 | 275 | 278,218 | ||||||
| 2,715,731 | ||||||||
| Mauritius: 1.2% | ||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 107 | 105,220 | ||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 154 | 150,637 | ||||||
Diamond II Ltd. 144A 7.95%, 07/28/26 | 250 | 251,497 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | 359 | 344,018 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 7.25%, 09/27/28 | 475 | 482,836 | ||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 | 200 | 195,134 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 152 | 150,468 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 217 | 212,033 | ||||||
| 1,891,843 | ||||||||
| Mexico: 0.4% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 375 | 314,171 | ||||||
Trust Fibra Uno 144A 7.38%, 02/13/34 | 325 | 354,383 | ||||||
| 668,554 | ||||||||
| Netherlands: 3.2% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 (a) | 500 | 474,121 | ||||||
ABN AMRO Bank NV Reg S 5.01% (SOFR+0.88%), 09/24/29 (a) | 200 | 199,994 | ||||||
| Alcoa Nederland Holding BV 144A |
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
| 7.12%, 03/15/31 | $ | 375 | $ | 396,697 | ||||
Cooperatieve Rabobank UA 144A 1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 (a) | 504 | 499,025 | ||||||
EDP Finance BV 144A 6.30%, 10/11/27 | 229 | 237,211 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 433 | 428,518 | ||||||
ING Groep NV 144A 4.62%, 01/06/26 | 600 | 600,274 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 1.00%, 05/28/30 | 250 | 220,773 | ||||||
| 2.38%, 03/24/26 | 575 | 571,466 | ||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
| 2.50%, 05/11/31 | 475 | 428,275 | ||||||
| 3.40%, 05/01/30 | 456 | 437,406 | ||||||
| 5.00%, 01/15/33 | 475 | 479,660 | ||||||
| 4,973,420 | ||||||||
| Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 200 | 190,240 | ||||||
| Portugal: 0.3% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 | 425 | 402,155 | ||||||
| Saudi Arabia: 0.2% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | 300 | 273,689 | ||||||
| Singapore: 0.6% | ||||||||
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 | 200 | 205,696 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 4.68% (SOFR Compound Index+0.60%), 10/25/26 (a) | 600 | 601,047 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 159 | 164,602 | ||||||
| 971,345 | ||||||||
| South Korea: 5.3% | ||||||||
| Export-Import Bank of Korea | ||||||||
| 2.12%, 01/18/32 | 500 | 446,284 | ||||||
| 5.12%, 01/11/33 | 475 | 500,040 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 | 450 | 423,402 | ||||||
| Hyundai Capital Services, Inc. 144A |
See Notes to Financial Statements
| 25 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| South Korea (continued) | ||||||||
| 1.25%, 02/08/26 | $ | 350 | $ | 347,097 | ||||
| 2.50%, 01/24/27 | 150 | 146,891 | ||||||
| Kia Corp. 144A | ||||||||
| 1.75%, 10/16/26 | 200 | 195,231 | ||||||
| 2.75%, 02/14/27 | 100 | 98,169 | ||||||
| Korea Electric Power Corp. 144A | ||||||||
| 4.88%, 01/31/27 | 550 | 555,407 | ||||||
| 5.38%, 04/06/26 | 225 | 226,082 | ||||||
| 5.50%, 04/06/28 | 100 | 103,398 | ||||||
Korea Electric Power Corp. Reg S 1.12%, 09/24/26 | 200 | 194,818 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28 | 250 | 255,812 | ||||||
Korea Ocean Business Corp. Reg S 4.62%, 05/09/30 | 200 | 204,068 | ||||||
Korea Water Resources Corp. Reg S 4.38%, 05/21/27 | 200 | 201,183 | ||||||
| LG Chem Ltd. 144A | ||||||||
| 1.38%, 07/07/26 | 400 | 392,237 | ||||||
| 2.38%, 07/07/31 | 225 | 200,574 | ||||||
| 3.62%, 04/15/29 | 50 | 48,921 | ||||||
| LG Energy Solution Ltd. 144A | ||||||||
| 5.38%, 07/02/27 | 300 | 304,688 | ||||||
| 5.38%, 07/02/29 | 350 | 358,908 | ||||||
| 5.50%, 07/02/34 | 300 | 306,820 | ||||||
| 5.62%, 09/25/26 | 200 | 202,097 | ||||||
| 5.75%, 09/25/28 | 250 | 258,664 | ||||||
| 5.88%, 04/02/35 | 250 | 260,024 | ||||||
POSCO 144A 4.88%, 01/23/27 | 265 | 267,000 | ||||||
| POSCO Holdings, Inc. 144A | ||||||||
| 5.12%, 05/07/30 | 175 | 179,441 | ||||||
| 5.75%, 05/07/35 | 150 | 158,450 | ||||||
Shinhan Bank Co. Ltd. Reg S 4.94% (SOFR+0.85%), 10/22/29 (a) | 200 | 201,714 | ||||||
| SK hynix, Inc. 144A | ||||||||
| 2.38%, 01/19/31 | 500 | 453,476 | ||||||
| 6.50%, 01/17/33 † | 375 | 415,663 | ||||||
SK On Co. Ltd. Reg S 5.38%, 05/11/26 | 400 | 402,066 | ||||||
| 8,308,625 | ||||||||
| Spain: 0.2% | ||||||||
Avangrid, Inc. 3.80%, 06/01/29 † | 375 | 369,158 | ||||||
| Supranational: 5.5% | ||||||||
| European Investment Bank | ||||||||
| 0.75%, 09/23/30 | 725 | 629,449 | ||||||
| 1.62%, 10/09/29 | 480 | 444,414 | ||||||
| 1.62%, 05/13/31 | 700 | 625,088 | ||||||
| 2.12%, 04/13/26 | 650 | 644,931 | ||||||
| 2.38%, 05/24/27 | 725 | 711,011 | ||||||
| 3.75%, 02/14/33 | 2,400 | 2,370,135 |
| Par (000’s | ) | Value | ||||||
| Supranational (continued) | ||||||||
| 4.38%, 10/10/31 | $ | 1,900 | $ | 1,954,691 | ||||
International Finance Corp. 2.12%, 04/07/26 | 589 | 584,450 | ||||||
| The Arab Energy Fund 144A | ||||||||
| 1.48%, 10/06/26 | 350 | 340,676 | ||||||
| 5.43%, 05/02/29 | 400 | 416,133 | ||||||
| 8,720,978 | ||||||||
| Sweden: 0.3% | ||||||||
Swedbank AB 144A 1.54%, 11/16/26 | 475 | 463,622 | ||||||
| Turkey: 0.5% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 9.88%, 09/30/30 | 300 | 296,191 | ||||||
Limak Yenilenebilir Enerji AS 144A 9.62%, 08/12/30 | 250 | 247,349 | ||||||
Turk Telekomunikasyon AS 144A 6.95%, 10/07/32 | 300 | 303,627 | ||||||
| 847,167 | ||||||||
| United Arab Emirates: 4.1% | ||||||||
| Abu Dhabi Future Energy Co. PJSC Masdar Reg S | ||||||||
| 4.88%, 07/25/29 | 200 | 204,352 | ||||||
| 4.88%, 05/21/30 | 200 | 204,707 | ||||||
| 4.88%, 07/25/33 | 400 | 406,628 | ||||||
| 5.25%, 07/25/34 | 200 | 207,905 | ||||||
| 5.38%, 05/21/35 | 200 | 208,899 | ||||||
| Abu Dhabi National Energy Co. PJSC 144A | ||||||||
| 4.70%, 04/24/33 | 482 | 491,788 | ||||||
| 4.75%, 03/09/37 | 400 | 398,243 | ||||||
Adib Sukuk Co. II Ltd. Reg S 5.70%, 11/15/28 | 400 | 418,340 | ||||||
Bank of China Ltd. Reg S 4.76% (SOFR Compound Index+0.60%), 09/18/26 (a) | 200 | 200,255 | ||||||
Commercial Bank of Dubai PSC Reg S 5.32%, 06/14/28 | 400 | 410,868 | ||||||
Emirates NBD Bank PJSC Reg S 5.88%, 10/11/28 | 300 | 315,799 | ||||||
First Abu Dhabi Bank PJSC Reg S 4.38%, 09/10/30 | 350 | 354,655 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 5.03% (SOFR Compound Index+0.93%), 01/19/26 (a) | 400 | 400,120 | ||||||
| MAF Sukuk Ltd. Reg S | ||||||||
| 3.93%, 02/28/30 | 415 | 407,333 | ||||||
| 4.64%, 05/14/29 | 200 | 201,459 | ||||||
MDGH GMTN RSC Ltd. 144A 5.88%, 05/01/34 † | 400 | 440,677 |
See Notes to Financial Statements
| 26 |
| Par (000’s | ) | Value | ||||||
| United Arab Emirates (continued) | ||||||||
National Central Cooling Co. PJSC Reg S 5.28%, 03/05/30 | $ | 300 | $ | 309,534 | ||||
NBK SPC Ltd. 144A 5.50% (SOFR+1.16%), 06/06/30 (a) | 250 | 259,464 | ||||||
Sobha Sukuk I Holding Ltd. Reg S 7.12%, 09/11/30 | 350 | 351,326 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 | 275 | 236,123 | ||||||
| 6,428,475 | ||||||||
| United Kingdom: 1.9% | ||||||||
Atlantica Sustainable Infrastructure Ltd. 144A 4.12%, 06/15/28 | 250 | 242,226 | ||||||
Bank of China Ltd. Reg S 4.76% (SOFR Compound Index+0.59%), 09/14/26 (a) | 200 | 200,283 | ||||||
Brookfield Finance I UK PLC / Brookfield Finance, Inc. 2.34%, 01/30/32 | 287 | 250,465 | ||||||
China Citic Bank Corp. Ltd. Reg S 4.66% (SOFR Compound Index+0.55%), 07/09/27 (a) | 200 | 200,227 | ||||||
China Construction Bank Corp. Reg S 4.69% (SOFR Compound Index+0.50%), 09/11/28 (a) | 400 | 400,321 | ||||||
China Merchants Bank Co. Ltd. Reg S 4.82% (SOFR Compound Index+0.65%), 06/13/26 (a) | 200 | 200,028 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | 300 | 271,330 | ||||||
Shanghai Pudong Development Bank Co. Ltd. Reg S 4.72% (SOFR Compound Index+0.53%), 06/10/28 (a) | 200 | 200,378 | ||||||
State Grid Europe Development 2014 PLC Reg S 3.25%, 04/07/27 | 200 | 198,508 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | 200 | 197,102 | ||||||
Vmed O2 UK Financing I PLC 144A 4.75%, 07/15/31 | 600 | 555,792 | ||||||
| 2,916,660 |
| Par (000’s | ) | Value | ||||||
| United States: 33.0% | ||||||||
| AES Corp. | ||||||||
| 1.38%, 01/15/26 | $ | 375 | $ | 372,654 | ||||
| 2.45%, 01/15/31 † | 482 | 436,976 | ||||||
| 5.45%, 06/01/28 † | 425 | 432,610 | ||||||
| 7.60% (US Treasury Yield Curve Rate T 5 Year+3.20%), 01/15/55 (a) | 475 | 487,161 | ||||||
| Agricultural Bank of China Ltd. Reg S | ||||||||
| 1.25%, 01/19/26 | 200 | 198,783 | ||||||
| 2.00%, 01/18/27 | 200 | 195,265 | ||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.00%, 05/18/32 | 450 | 379,448 | ||||||
| 2.95%, 03/15/34 | 386 | 331,139 | ||||||
| 3.80%, 04/15/26 | 150 | 149,602 | ||||||
| 4.75%, 04/15/35 | 261 | 252,972 | ||||||
Ameren Missouri Securitization Funding I LLC 4.85%, 10/01/39 | 241 | 243,939 | ||||||
American Homes 4 Rent LP 5.50%, 02/01/34 | 300 | 309,973 | ||||||
Amgen, Inc. 3.00%, 02/22/29 † | 379 | 365,854 | ||||||
Apple, Inc. 3.00%, 06/20/27 | 500 | 494,317 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A | ||||||||
| 3.25%, 09/01/28 † | 275 | 262,578 | ||||||
| 4.00%, 09/01/29 † | 505 | 471,226 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 | 200 | 123,646 | ||||||
| AvalonBay Communities, Inc. | ||||||||
| 1.90%, 12/01/28 | 200 | 187,688 | ||||||
| 2.05%, 01/15/32 | 350 | 306,884 | ||||||
Bank of China Ltd. Reg S 4.62%, 06/26/26 | 300 | 301,035 | ||||||
| Boston Properties LP | ||||||||
| 2.45%, 10/01/33 | 400 | 328,729 | ||||||
| 2.55%, 04/01/32 | 390 | 337,916 | ||||||
| 3.40%, 06/21/29 | 410 | 394,792 | ||||||
| 4.50%, 12/01/28 | 475 | 475,744 | ||||||
| 6.50%, 01/15/34 | 350 | 377,362 | ||||||
| 6.75%, 12/01/27 | 350 | 366,204 | ||||||
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A 6.38%, 02/15/32 | 350 | 353,850 | ||||||
CenterPoint Energy Houston Electric LLC 5.30%, 04/01/53 | 175 | 173,701 | ||||||
| Clearway Energy Operating LLC 144A | ||||||||
| 3.75%, 02/15/31 | 450 | 417,001 | ||||||
| 3.75%, 01/15/32 | 200 | 181,230 |
See Notes to Financial Statements
| 27 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.75%, 03/15/28 | $ | 425 | $ | 422,886 | ||||
Comcast Corp. 4.65%, 02/15/33 † | 508 | 508,562 | ||||||
Constellation Energy Generation LLC 5.75%, 03/15/54 | 450 | 457,100 | ||||||
Dana, Inc. 4.25%, 09/01/30 | 197 | 194,466 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 | 375 | 371,419 | ||||||
Dominion Energy, Inc. 2.25%, 08/15/31 † | 400 | 354,628 | ||||||
| DTE Electric Co. | ||||||||
| 1.90%, 04/01/28 | 275 | 262,009 | ||||||
| 3.25%, 04/01/51 | 225 | 159,759 | ||||||
| 3.65%, 03/01/52 | 200 | 151,144 | ||||||
| 3.95%, 03/01/49 | 340 | 275,292 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 † | 300 | 300,552 | ||||||
Duke Energy Florida LLC 2.50%, 12/01/29 | 325 | 306,763 | ||||||
| Duke Energy Progress LLC | ||||||||
| 3.45%, 03/15/29 | 300 | 295,111 | ||||||
| 5.10%, 03/15/34 | 250 | 258,345 | ||||||
| Equinix, Inc. | ||||||||
| 1.55%, 03/15/28 | 335 | 315,664 | ||||||
| 2.50%, 05/15/31 | 475 | 429,291 | ||||||
| 3.90%, 04/15/32 | 575 | 553,200 | ||||||
| ERP Operating LP | ||||||||
| 1.85%, 08/01/31 † | 250 | 219,685 | ||||||
| 4.15%, 12/01/28 | 200 | 200,768 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 165 | 163,409 | ||||||
Federal Realty OP LP 1.25%, 02/15/26 | 225 | 222,772 | ||||||
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27 (a) | 250 | 243,613 | ||||||
| Ford Motor Co. | ||||||||
| 3.25%, 02/12/32 | 1,100 | 959,626 | ||||||
| 6.10%, 08/19/32 † | 825 | 847,416 | ||||||
| General Motors Co. | ||||||||
| 5.40%, 10/15/29 † | 475 | 491,736 | ||||||
| 5.60%, 10/15/32 † | 600 | 626,179 | ||||||
Georgia Power Co. 3.25%, 04/01/26 | 175 | 174,462 | ||||||
Hanwha Energy USA Holdings Corp. 144A 4.38%, 07/02/28 | 200 | 201,565 | ||||||
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28 | 200 | 204,799 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 3.75%, 09/15/30 † | 225 | 207,591 | ||||||
| Healthpeak OP LLC | ||||||||
| 1.35%, 02/01/27 | 225 | 217,110 | ||||||
| 2.12%, 12/01/28 | 249 | 233,556 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Host Hotels & Resorts LP | ||||||||
| 2.90%, 12/15/31 | $ | 225 | $ | 200,812 | ||||
| 3.38%, 12/15/29 | 325 | 309,352 | ||||||
| Interstate Power & Light Co. | ||||||||
| 3.50%, 09/30/49 | 300 | 220,818 | ||||||
| 4.10%, 09/26/28 | 350 | 349,916 | ||||||
Interstate Power and Light Co. 3.60%, 04/01/29 | 150 | 146,966 | ||||||
Jabil, Inc. 4.25%, 05/15/27 | 250 | 250,155 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | 325 | 289,164 | ||||||
JPMorgan Chase & Co. 6.07% (SOFR+1.33%), 10/22/27 (a) | 950 | 967,087 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.81%, 06/01/41 | 550 | 411,861 | ||||||
| 3.15%, 05/01/27 | 303 | 299,907 | ||||||
| Kilroy Realty LP | ||||||||
| 2.50%, 11/15/32 | 175 | 145,565 | ||||||
| 2.65%, 11/15/33 | 225 | 183,992 | ||||||
| 4.75%, 12/15/28 | 200 | 200,002 | ||||||
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 | 200 | 191,296 | ||||||
LYB International Finance III LLC 5.62%, 05/15/33 † | 225 | 230,003 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 | 200 | 186,720 | ||||||
| MidAmerican Energy Co. | ||||||||
| 2.70%, 08/01/52 | 250 | 158,399 | ||||||
| 3.10%, 05/01/27 | 200 | 197,843 | ||||||
| 3.15%, 04/15/50 | 300 | 208,237 | ||||||
| 3.65%, 04/15/29 | 337 | 333,609 | ||||||
| 3.65%, 08/01/48 | 400 | 305,561 | ||||||
| 3.95%, 08/01/47 | 225 | 183,064 | ||||||
| 4.25%, 07/15/49 | 450 | 376,270 | ||||||
| 5.30%, 02/01/55 | 300 | 292,459 | ||||||
| 5.35%, 01/15/34 | 300 | 313,986 | ||||||
| 5.85%, 09/15/54 | 450 | 475,166 | ||||||
Nature Conservancy 3.96%, 03/01/52 | 176 | 141,785 | ||||||
| New York State Electric & Gas Corp. 144A | ||||||||
| 2.15%, 10/01/31 | 168 | 147,016 | ||||||
| 5.05%, 08/15/35 | 150 | 151,229 | ||||||
| 5.30%, 08/15/34 | 250 | 256,674 | ||||||
| 5.65%, 08/15/28 | 175 | 181,970 | ||||||
| 5.85%, 08/15/33 | 225 | 239,889 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | 706 | 669,129 |
See Notes to Financial Statements
| 28 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Niagara Mohawk Power Corp. 144A 5.78%, 09/16/52 | $ | 250 | $ | 253,531 | ||||
NiSource, Inc. 5.00%, 06/15/52 | 175 | 159,686 | ||||||
| Northern States Power Co. | ||||||||
| 2.25%, 04/01/31 | 225 | 204,158 | ||||||
| 2.60%, 06/01/51 | 375 | 236,787 | ||||||
| 2.90%, 03/01/50 | 225 | 150,812 | ||||||
| 3.20%, 04/01/52 | 200 | 141,882 | ||||||
| 4.50%, 06/01/52 | 250 | 217,848 | ||||||
| 5.40%, 03/15/54 | 325 | 325,188 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 | 225 | 218,358 | ||||||
| Oglethorpe Power Corp. | ||||||||
| 5.80%, 06/01/54 | 300 | 299,068 | ||||||
| 5.90%, 02/01/55 | 200 | 202,360 | ||||||
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32 | 202 | 198,196 | ||||||
Owens Corning 3.95%, 08/15/29 | 224 | 221,721 | ||||||
| PacifiCorp | ||||||||
| 2.90%, 06/15/52 | 500 | 305,856 | ||||||
| 5.35%, 12/01/53 | 475 | 438,345 | ||||||
| 5.50%, 05/15/54 † | 525 | 496,233 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | 375 | 365,868 | ||||||
| PepsiCo, Inc. | ||||||||
| 2.88%, 10/15/49 | 475 | 320,407 | ||||||
| 3.90%, 07/18/32 | 600 | 589,445 | ||||||
PG&E Recovery Funding LLC 5.54%, 07/15/47 | 350 | 356,759 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 | 175 | 159,755 | ||||||
PNC Financial Services Group, Inc. 4.76% (SOFR Compound Index+1.08%), 01/26/27 (a) | 600 | 600,514 | ||||||
| Prologis LP | ||||||||
| 1.25%, 10/15/30 | 325 | 283,056 | ||||||
| 1.75%, 02/01/31 | 200 | 176,066 | ||||||
| 2.88%, 11/15/29 | 175 | 166,881 | ||||||
| Public Service Co. of Colorado | ||||||||
| 3.20%, 03/01/50 | 250 | 174,014 | ||||||
| 3.70%, 06/15/28 | 269 | 267,725 | ||||||
| 4.10%, 06/15/48 | 300 | 244,101 | ||||||
| 5.75%, 05/15/54 | 300 | 307,413 | ||||||
| Public Service Co. of Oklahoma | ||||||||
| 2.20%, 08/15/31 | 200 | 176,924 | ||||||
| 3.15%, 08/15/51 | 225 | 150,216 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Public Service Electric and Gas Co. | ||||||||
| 3.10%, 03/15/32 | $ | 250 | $ | 231,944 | ||||
| 4.65%, 03/15/33 | 250 | 251,844 | ||||||
| 5.12%, 03/15/53 | 200 | 192,192 | ||||||
| RWE Finance US LLC 144A | ||||||||
| 5.12%, 09/18/35 | 450 | 444,163 | ||||||
| 5.88%, 04/16/34 † | 597 | 625,664 | ||||||
| 5.88%, 09/18/55 | 450 | 443,651 | ||||||
| 6.25%, 04/16/54 | 300 | 309,039 | ||||||
San Diego Gas & Electric Co. 4.95%, 08/15/28 | 275 | 281,484 | ||||||
| SCE Recovery Funding LLC | ||||||||
| 2.94%, 11/15/42 | 150 | 125,481 | ||||||
| 4.70%, 06/15/40 | 203 | 203,257 | ||||||
| 5.11%, 12/15/47 | 175 | 170,749 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 | 200 | 127,677 | ||||||
| SK Battery America, Inc. Reg S | ||||||||
| 2.12%, 01/26/26 | 626 | 621,620 | ||||||
| 4.88%, 01/23/27 | 200 | 201,169 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 | 800 | 714,598 | ||||||
| Sonoco Products Co. | ||||||||
| 2.25%, 02/01/27 | 150 | 146,281 | ||||||
| 2.85%, 02/01/32 † | 300 | 269,314 | ||||||
Southern Power Co. 0.90%, 01/15/26 | 150 | 148,997 | ||||||
Southwestern Electric Power Co. 3.25%, 11/01/51 | 300 | 202,163 | ||||||
| Southwestern Public Service Co. | ||||||||
| 3.15%, 05/01/50 | 300 | 202,214 | ||||||
| 3.75%, 06/15/49 | 150 | 113,420 | ||||||
| 5.15%, 06/01/52 | 100 | 86,958 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 | 250 | 218,766 | ||||||
UDR, Inc. 1.90%, 03/15/33 | 175 | 144,308 | ||||||
Union Electric Co. 2.62%, 03/15/51 | 275 | 169,926 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.50%, 09/18/30 | 425 | 371,913 | ||||||
| 2.85%, 09/03/41 | 900 | 651,142 | ||||||
| 3.88%, 02/08/29 | 325 | 322,772 | ||||||
| 3.88%, 03/01/52 † | 360 | 272,026 | ||||||
| 5.05%, 05/09/33 | 415 | 424,228 | ||||||
| 5.50%, 02/23/54 † | 500 | 484,733 | ||||||
| Vornado Realty LP | ||||||||
| 2.15%, 06/01/26 | 200 | 196,440 | ||||||
| 3.40%, 06/01/31 | 150 | 135,259 | ||||||
| Welltower OP LLC | ||||||||
| 2.70%, 02/15/27 † | 250 | 246,031 | ||||||
| 3.85%, 06/15/32 | 275 | 265,358 |
See Notes to Financial Statements
| 29 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Wisconsin Electric Power Co. 4.75%, 09/30/32 † | $ | 250 | $ | 256,086 | ||||
| Wisconsin Power and Light Co. | ||||||||
| 1.95%, 09/16/31 | 200 | 174,015 | ||||||
| 3.95%, 09/01/32 | 200 | 192,748 | ||||||
| 5.38%, 03/30/34 | 150 | 155,420 | ||||||
Wisconsin Public Service Corp. 2.85%, 12/01/51 | 200 | 128,615 | ||||||
WP Carey, Inc. 2.45%, 02/01/32 | 150 | 132,007 | ||||||
WULF Compute LLC 144A 7.75%, 10/15/30 | 1,500 | 1,559,332 | ||||||
| ZF North America Capital, Inc. 144A | ||||||||
| 6.75%, 04/23/30 | 400 | 381,128 | ||||||
| 6.88%, 04/14/28 | 275 | 276,865 | ||||||
| 6.88%, 04/23/32 | 325 | 296,933 | ||||||
| 7.12%, 04/14/30 | 300 | 292,295 | ||||||
| 52,028,057 | ||||||||
| Uzbekistan: 0.1% | ||||||||
JSCB Agrobank 144A 9.25%, 10/02/29 | 200 | 218,213 | ||||||
| Total Corporate Bonds (Cost: $135,209,555) | 133,290,098 | |||||||
| GOVERNMENT OBLIGATIONS: 12.8% | ||||||||
| Chile: 0.9% | ||||||||
| Chile Government International Bond | ||||||||
| 2.55%, 01/27/32 | 700 | 627,739 | ||||||
| 3.50%, 01/25/50 | 1,100 | 819,775 | ||||||
| 1,447,514 | ||||||||
| China: 3.1% | ||||||||
| Hong Kong Government International Bond 144A | ||||||||
| 0.62%, 02/02/26 | 500 | 496,138 | ||||||
| 1.38%, 02/02/31 | 440 | 390,476 | ||||||
| 2.38%, 02/02/51 | 300 | 198,089 | ||||||
| 4.00%, 06/07/28 | 375 | 377,960 | ||||||
| 4.00%, 06/07/33 | 500 | 496,656 | ||||||
| 4.12%, 06/10/30 | 500 | 508,838 | ||||||
| 4.25%, 06/07/26 | 200 | 200,578 | ||||||
| 4.25%, 07/24/27 | 500 | 505,276 | ||||||
| 4.38%, 01/11/26 | 200 | 200,212 | ||||||
| 4.50%, 01/11/28 | 450 | 457,803 | ||||||
| 4.62%, 01/11/33 | 500 | 515,924 | ||||||
| 5.25%, 01/11/53 | 200 | 217,414 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 | 400 | 356,608 | ||||||
| 4,921,972 | ||||||||
| Dominican Republic: 0.2% | ||||||||
Dominican Republic International Bond 144A 6.60%, 06/01/36 | 300 | 317,220 |
| Par (000’s | ) | Value | ||||||
| Finland: 0.3% | ||||||||
Kuntarahoitus Oyj 144A 3.62%, 10/09/29 | $ | 475 | $ | 472,804 | ||||
| Israel: 0.6% | ||||||||
Israel Government International Bond 4.50%, 01/17/33 | 875 | 860,752 | ||||||
| Japan: 0.2% | ||||||||
Japan Bank for International Cooperation 4.88%, 10/18/28 | 250 | 257,759 | ||||||
| Saudi Arabia: 2.6% | ||||||||
| Gaci First Investment Co. Reg S | ||||||||
| 4.75%, 02/14/30 | 800 | 813,716 | ||||||
| 4.88%, 02/14/35 | 900 | 903,809 | ||||||
| 5.00%, 10/13/27 | 600 | 608,848 | ||||||
| 5.12%, 02/14/53 | 689 | 636,676 | ||||||
| 5.25%, 10/13/32 | 850 | 883,446 | ||||||
| 5.38%, 10/13/22 | 300 | 269,472 | ||||||
| 4,115,967 | ||||||||
| South Korea: 0.1% | ||||||||
Korea Electric Power Corp. 144A 4.00%, 06/14/27 | 175 | 174,931 | ||||||
| Supranational: 1.3% | ||||||||
| Asian Development Bank | ||||||||
| 1.75%, 08/14/26 | 275 | 270,590 | ||||||
| 2.38%, 08/10/27 | 203 | 198,613 | ||||||
| 3.12%, 09/26/28 | 394 | 388,544 | ||||||
| New Development Bank Reg S | ||||||||
| 4.68%, 11/07/27 | 400 | 405,654 | ||||||
| 5.12%, 04/26/26 | 700 | 702,241 | ||||||
| 1,965,642 | ||||||||
| Turkey: 1.0% | ||||||||
Istanbul Metropolitan Municipality 144A 10.50%, 12/06/28 | 350 | 384,790 | ||||||
Turkiye Government International Bond 9.12%, 07/13/30 | 1,100 | 1,253,093 | ||||||
| 1,637,883 | ||||||||
| United States: 2.5% | ||||||||
| Fannie Mae-Aces | ||||||||
| 1.44%, 10/25/29 | 300 | 271,557 | ||||||
| 2.44%, 10/25/29 | 37 | 34,888 | ||||||
| 2.52%, 08/25/29 | 231 | 218,725 | ||||||
| 2.89%, 02/25/27 | 149 | 147,048 | ||||||
| 2.90%, 01/25/28 | 319 | 312,530 | ||||||
| 2.94%, 06/25/29 | 6 | 6,096 | ||||||
| 2.97%, 09/25/27 | 219 | 215,847 | ||||||
| 3.07%, 02/25/30 | 223 | 214,774 | ||||||
| 3.13%, 03/25/28 | 198 | 194,609 | ||||||
| 3.16%, 03/25/28 | 340 | 333,536 | ||||||
| 3.21%, 11/25/27 | 12 | 12,046 | ||||||
| 3.31%, 06/25/28 | 276 | 272,270 | ||||||
| 3.56%, 09/25/28 | 400 | 396,080 |
See Notes to Financial Statements
| 30 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 3.75%, 09/25/30 | $ | 82 | $ | 80,713 | ||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| 1.30%, 06/25/30 | 30 | 26,584 | ||||||
| 1.49%, 11/25/30 | 400 | 353,638 | ||||||
| 2.88%, 04/25/26 | 785 | 781,308 | ||||||
| 3.12%, 08/25/32 | 135 | 126,502 | ||||||
| 3,998,751 | ||||||||
| Total Government Obligations (Cost: $20,468,817) | 20,171,195 | |||||||
| MUNICIPAL BONDS: 0.3% | ||||||||
| United States: 0.3% | ||||||||
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46 | 150 | 120,927 | ||||||
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14 | 170 | 151,386 | ||||||
Maryland Economic Development Corp. (RB) 5.94%, 05/31/57 | 200 | 204,313 | ||||||
| Total Municipal Bonds (Cost: $608,286) | 476,626 | |||||||
| Number of Shares | ||||||||
| PREFERRED SECURITIES: 0.1% (Cost: $173,320) | ||||||||
| Canada: 0.1% | ||||||||
Brookfield Finance, Inc. 4.62%, 10/16/80 | 7,000 | 113,190 | ||||||
| Par (000’s | ) | |||||||
| ASSET-BACKED SECURITIES: 0.9% | ||||||||
| United States: 0.9% | ||||||||
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 | 888 | 869,287 | ||||||
Compass Datacenters Issuer III LLC 144A 5.66%, 02/25/50 | 300 | 305,783 | ||||||
Triumph Rail Holdings LLC 144A 2.15%, 06/19/51 | 306 | 293,178 | ||||||
| Total Asset-Backed Securities (Cost: $1,419,689) |
1,468,248 | |||||||
| Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $157,879,667) |
155,519,357 | |||||||
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1% |
||||||||
| Money Market Fund: 2.1% (Cost: $3,368,628) |
||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x) | 3,368,628 | $ | 3,368,628 | |||||
| Total Investments: 100.8% (Cost: $161,248,295) |
158,887,985 | |||||||
| Liabilities in excess of other assets: (0.8)% | (1,277,495) | |||||||
| NET ASSETS: 100.0% | $ | 157,610,490 | ||||||
See Notes to Financial Statements
| 31 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| GO | General Obligation |
| RB | Revenue Bond |
| SOFR | Secured Overnight Financing Rate |
Footnotes:
| (a) | Variable rate security — the rate shown is as of 10/31/25 |
| (x) | Rate shown is the 1-day yield as of 10/31/25. |
| † | Security fully or partially on loan. Total market value of securities on loan is $11,511,092. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $53,546,808, or 34.0% of net assets. |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 133,290,098 | $ | — | $ | 133,290,098 | ||||||||
| Government Obligations * | — | 20,171,195 | — | 20,171,195 | ||||||||||||
| Municipal Bonds * | — | 476,626 | — | 476,626 | ||||||||||||
| Preferred Securities * | 113,190 | — | — | 113,190 | ||||||||||||
| Asset-Backed Securities * | — | 1,468,248 | — | 1,468,248 | ||||||||||||
| Money Market Fund | 3,368,628 | — | — | 3,368,628 | ||||||||||||
| Total Investments | $ | 3,481,818 | $ | 155,406,167 | $ | — | $ | 158,887,985 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 32 |
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 3.3% | ||||||||
| Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | ||||||||
| 5.75%, 06/01/35 (c) | $ | 1,400 | $ | 1,401,714 | ||||
| 5.75%, 06/01/45 (c) | 2,000 | 1,855,797 | ||||||
| 6.00%, 06/01/50 (c) | 3,900 | 3,618,411 | ||||||
| Alabama State Port Authority Docks Facilities, Series A (RB) (AG) | ||||||||
| 5.00%, 10/01/29 (c) | 1,675 | 1,725,442 | ||||||
| 5.00%, 10/01/34 (c) | 1,000 | 1,024,155 | ||||||
Baldwin County Industrial Development Authority, Solid Waste Disposal, Series A (RB) 5.00%, 06/01/55 (c) (p) | 11,500 | 11,846,774 | ||||||
Baldwin County, Alabama Industrial Development Authority, Series B (RB) 4.62%, 06/01/55 (c) (p) | 1,750 | 1,769,773 | ||||||
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p) | 7,000 | 7,193,004 | ||||||
| Black Belt Energy Gas District, Series A (RB) | ||||||||
| 5.25%, 01/01/54 (c) (p) | 5,000 | 5,387,786 | ||||||
| 5.25%, 05/01/56 (c) (p) | 3,000 | 3,127,669 | ||||||
Black Belt Energy Gas District, Series B (RB) 5.00%, 10/01/35 (c) | 2,000 | 2,084,360 | ||||||
Black Belt Energy Gas District, Series D (RB) 5.00%, 12/01/55 (c) (p) | 2,000 | 2,171,283 | ||||||
Black Belt Energy Gas District, Series E (RB) 5.00%, 12/01/55 (c) (p) | 2,000 | 2,167,539 | ||||||
Energy Southeast, A Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c) | 750 | 808,243 | ||||||
Energy Southeast, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/33 (c) | 1,500 | 1,560,015 | ||||||
| Homewood Educational Building Authority (RB) | ||||||||
| 5.50%, 10/01/54 (c) | 1,000 | 1,019,392 | ||||||
| 5.50%, 10/01/54 (c) | 1,000 | 1,019,393 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p) | 1,180 | 1,302,312 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/49 (c) | 8,540 | 8,666,102 | ||||||
| Par (000’s | ) | Value | ||||||
| Alabama (continued) | ||||||||
Jefferson County Sewer Warrants (RB) 5.25%, 10/01/49 (c) | $ | 16,785 | $ | 17,517,699 | ||||
Jefferson County, Sewer Revenue Warrants (RB) 5.25%, 10/01/45 (c) | 2,175 | 2,299,969 | ||||||
Lower Alabama Gas District Gas Project, Series A (RB) 5.00%, 12/01/33 (c) | 2,000 | 2,129,055 | ||||||
Mobile County Industrial Development Authority, Series B (RB) 4.75%, 12/01/54 (c) | 8,270 | 7,735,548 | ||||||
Selma Alabama Industrial Development Board, International Paper Company Project, Series A (RB) 4.20%, 05/01/34 | 750 | 775,251 | ||||||
Southeast Energy Authority A Cooperative District, Project No. 4, Series B-1 (RB) 5.00%, 05/01/53 (c) (p) | 2,570 | 2,676,095 | ||||||
Southeast Energy Authority, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/35 (c) | 3,000 | 3,326,222 | ||||||
Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c) | 4,615 | 4,924,906 | ||||||
Southeast Energy Authority, Cooperative District Energy Supply, Series B (RB) 5.25%, 03/01/55 (c) (p) | 4,500 | 4,849,562 | ||||||
Southeast Energy Authority, Cooperative District Gas Supply, Series F (RB) 5.25%, 11/01/55 (c) (p) | 3,500 | 3,887,782 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 5.25%, 05/01/44 (c) | 7,000 | 7,048,724 | ||||||
| 116,919,977 | ||||||||
| Alaska: 0.1% | ||||||||
Alaska Railroad Corp. (RB) (AG) 6.00%, 10/01/50 (c) | 1,905 | 2,081,804 | ||||||
Municipality of Anchorage, Alaska Port, Series A (RB) 4.50%, 02/01/60 (c) | 750 | 710,934 | ||||||
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^ | 13,000 | 1,472,564 | ||||||
| 4,265,302 | ||||||||
| American Samoa: 0.1% | ||||||||
American Samoa Economic Development Authority, Series A (RB) 5.00%, 09/01/38 (c) | 3,250 | 3,313,145 | ||||||
See Notes to Financial Statements
| 33 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| American Samoa (continued) | ||||||||
| 6.62%, 09/01/35 (c) | $ | 1,000 | $ | 1,002,008 | ||||
| 4,315,153 | ||||||||
| Arizona: 2.7% | ||||||||
Arizona Industrial Development Authority, Academies of Math and Science (RB) 5.00%, 07/01/39 (c) | 1,000 | 1,000,988 | ||||||
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 07/01/29 (c) | 175 | 176,412 | ||||||
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
| 6.00%, 07/01/37 (c) | 1,125 | 1,155,270 | ||||||
| 6.00%, 07/01/47 (c) | 2,940 | 2,981,096 | ||||||
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 03/01/37 (c) | 1,545 | 1,545,555 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
| 5.12%, 07/01/37 (c) | 250 | 250,855 | ||||||
| 5.25%, 07/01/47 (c) | 500 | 493,103 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series D (RB) | ||||||||
| 5.00%, 07/01/47 (c) | 270 | 257,686 | ||||||
| 5.00%, 07/01/51 (c) | 515 | 482,567 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AG) 5.00%, 07/01/47 (c) | 500 | 477,196 | ||||||
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/53 (c) | 1,000 | 943,163 | ||||||
Arizona Industrial Development Authority, Doral Academy Project, Series A (RB) 4.00%, 07/15/51 (c) | 500 | 365,833 | ||||||
| Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) | ||||||||
| 4.00%, 07/01/29 (c) | 350 | 347,688 | ||||||
| 5.00%, 07/01/54 (c) | 1,000 | 891,551 | ||||||
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, Series A (RB) 4.50%, 07/01/54 (c) | 500 | 428,158 | ||||||
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
| 4.00%, 07/01/61 (c) | $ | 2,500 | $ | 2,014,930 | ||||
| 5.25%, 07/01/37 (c) | 2,650 | 2,660,389 | ||||||
Arizona Industrial Development Authority, Heritage Academy - Gateway and Laveen Projects, Series A (RB) 5.00%, 07/01/51 (c) | 2,420 | 2,086,625 | ||||||
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/47 (c) | 1,000 | 1,002,453 | ||||||
Arizona Industrial Development Authority, KIPP NYC Public Charter Schools, Macombs Facility Project, Series A (RB) 4.00%, 07/01/51 (c) | 400 | 334,799 | ||||||
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | 5,504 | 5,543,383 | ||||||
| Arizona Industrial Development Authority, Series A (RB) | ||||||||
| 4.88%, 07/01/60 (c) (p) | 1,150 | 1,154,641 | ||||||
| 5.00%, 07/01/51 (c) | 1,000 | 862,242 | ||||||
| 6.75%, 03/01/65 (c) | 2,000 | 1,964,214 | ||||||
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/51 (c) | 1,400 | 1,082,862 | ||||||
Chandler Industrial Development Authority (RB) 4.00%, 06/01/49 (c) (p) | 2,000 | 2,039,765 | ||||||
City of Mesa, Arizona Utility Systems (RB) (AG) 4.50%, 07/01/49 (c) | 2,000 | 2,007,326 | ||||||
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM) 5.00%, 07/01/44 (c) | 2,990 | 3,047,561 | ||||||
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/27 (c) | 190 | 179,210 | ||||||
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/56 (c) | 1,340 | 1,158,136 | ||||||
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
| 5.00%, 07/01/35 (c) | 900 | 900,153 | ||||||
| 5.00%, 07/01/45 (c) | 500 | 480,228 | ||||||
| 5.00%, 07/01/46 (c) | 1,000 | 959,818 | ||||||
See Notes to Financial Statements
| 34 |
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/42 (c) | $ | 1,250 | $ | 1,258,745 | ||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/45 (c) | 4,435 | 4,327,733 | ||||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/36 (c) | 750 | 751,570 | ||||||
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 10/15/47 (c) | 13,070 | 11,145,575 | ||||||
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/52 (c) | 1,000 | 1,009,467 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
| 5.00%, 07/01/49 (c) | 1,300 | 1,300,461 | ||||||
| 5.00%, 07/01/54 (c) | 1,400 | 1,386,950 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
| 5.00%, 07/01/39 (c) | 500 | 508,467 | ||||||
| 5.00%, 07/01/49 (c) | 1,990 | 1,923,624 | ||||||
| 5.00%, 07/01/54 (c) | 500 | 477,166 | ||||||
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/47 (c) | 1,750 | 1,603,699 | ||||||
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/57 (c) | 5,000 | 3,258,313 | ||||||
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/34 (c) | 1,000 | 981,947 | ||||||
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/51 (c) | 1,000 | 671,077 | ||||||
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
| 5.00%, 07/01/30 (c) (d) * | $ | 1,000 | $ | 800,000 | ||||
| 5.25%, 07/01/36 (c) (d) * | 250 | 200,000 | ||||||
| 5.38%, 07/01/46 (c) (d) * | 250 | 200,000 | ||||||
| 5.50%, 07/01/51 (c) (d) * | 250 | 200,000 | ||||||
Sacramento County, Community Facilities District No. 2005-2 (RB) 5.00%, 12/01/32 | 2,000 | 2,193,944 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.00%, 12/01/37 | 7,105 | 7,782,321 | ||||||
| 5.25%, 12/01/25 | 265 | 265,313 | ||||||
| 5.25%, 12/01/27 | 215 | 222,026 | ||||||
| 5.25%, 12/01/28 | 245 | 256,885 | ||||||
| Sierra Vista Industrial Development Authority (RB) | ||||||||
| 6.25%, 06/15/45 (c) | 750 | 764,325 | ||||||
| 6.38%, 06/15/64 (c) | 1,000 | 1,026,787 | ||||||
Sierra Vista Industrial Development Authority, Wake Preparatory Academy (RB) 5.25%, 06/15/35 (c) | 500 | 513,605 | ||||||
| Tempe Industrial Development Authority (RB) | ||||||||
| 3.75%, 12/01/31 (c) | 1,000 | 991,141 | ||||||
| 4.38%, 12/01/36 (c) | 500 | 500,330 | ||||||
| 5.38%, 12/01/46 (c) | 1,500 | 1,505,798 | ||||||
| 5.62%, 12/01/55 (c) | 2,155 | 2,171,967 | ||||||
| 5.62%, 12/01/60 (c) | 3,000 | 3,007,526 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/54 (c) | 355 | 317,477 | ||||||
The Industrial Development Authority of the City of Sierra Vista, American Leadership Academy Project (RB) 5.00%, 06/15/44 (c) | 1,000 | 964,319 | ||||||
| 95,764,414 | ||||||||
| Arkansas: 1.2% | ||||||||
| Arkansas Development Finance Authority, Big River Steel Project (RB) | ||||||||
| 4.50%, 09/01/49 (c) | 17,520 | 16,939,112 | ||||||
| 4.75%, 09/01/49 (c) | 4,500 | 4,384,968 | ||||||
| Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) | ||||||||
| 5.45%, 09/01/52 (c) | 19,750 | 19,848,100 | ||||||
| 5.70%, 05/01/53 (c) | 3,205 | 3,273,559 | ||||||
| 44,445,739 | ||||||||
See Notes to Financial Statements
| 35 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California: 14.7% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
| 5.00%, 10/01/35 (c) | $ | 1,650 | $ | 1,678,242 | ||||
| 5.00%, 10/01/36 (c) | 1,730 | 1,757,788 | ||||||
| 5.00%, 10/01/37 (c) | 5,535 | 5,617,686 | ||||||
Alameda Corridor Transportation Authority, Series A (RB) (AG) 0.00%, 10/01/53 (c) ^ | 1,905 | 508,703 | ||||||
| Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
| 4.00%, 09/01/36 (c) | 160 | 160,207 | ||||||
| 4.00%, 09/01/41 (c) | 615 | 587,024 | ||||||
| 4.00%, 09/01/46 (c) | 420 | 381,127 | ||||||
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/36 (c) | 2,000 | 2,071,171 | ||||||
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/36 (c) | 1,480 | 1,485,637 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 5.00%, 01/01/56 (c) (p) | 1,500 | 1,609,491 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series B (RB) | ||||||||
| 5.00%, 01/01/55 (c) (p) | 4,000 | 4,250,790 | ||||||
| 5.00%, 03/01/56 (c) (p) | 1,500 | 1,647,813 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 5.00%, 07/01/53 (c) (p) | 6,080 | 6,432,348 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series C (RB) | ||||||||
| 5.00%, 12/01/55 (c) (p) | 5,000 | 5,360,078 | ||||||
| 5.25%, 01/01/54 (c) (p) | 8,470 | 9,087,628 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series D (RB) | ||||||||
| 5.00%, 10/01/55 (c) (p) | 6,000 | 6,405,652 | ||||||
| 5.50%, 05/01/54 (c) (p) | 10,000 | 10,656,057 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series E (RB) 5.00%, 10/01/56 (c) (p) | 9,000 | 9,918,534 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series E-1 (RB) 5.00%, 02/01/54 (c) (p) | 1,500 | 1,620,165 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Community Choice Financing Authority, Clean Energy Project, Series F (RB) | ||||||||
| 5.00%, 11/01/33 (c) | $ | 8,500 | $ | 9,300,553 | ||||
| 5.00%, 02/01/55 (c) (p) | 5,000 | 5,469,057 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series G (RB) 5.00%, 11/01/55 (c) (p) | 3,000 | 3,206,482 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series G-1 (RB) 5.25%, 11/01/54 (c) (p) | 1,000 | 1,074,739 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series H (RB) 5.00%, 01/01/56 (c) (p) | 2,500 | 2,790,085 | ||||||
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/53 (c) | 1,695 | 1,728,211 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 02/01/56 (c) | 5,000 | 4,135,382 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/56 (c) | 4,000 | 2,688,268 | ||||||
California Community Housing Agency, Essential Housing, Series A-1 (RB) 3.00%, 02/01/57 (c) | 3,500 | 2,390,061 | ||||||
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-1 (RB) 3.00%, 02/01/57 (c) | 1,000 | 676,923 | ||||||
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 02/01/50 (c) | 2,000 | 1,522,438 | ||||||
California Community Housing Agency, Series A-1 (RB) 4.00%, 02/01/56 (c) | 4,500 | 3,770,231 | ||||||
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 06/01/36 (c) | 15 | 14,474 | ||||||
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c) | 1,050 | 905,509 | ||||||
See Notes to Financial Statements
| 36 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Enterprise Development Authority, Series A (RB) | ||||||||
| 5.00%, 06/01/44 (c) | $ | 500 | $ | 486,473 | ||||
| 5.00%, 06/01/54 (c) | 1,000 | 936,868 | ||||||
| California Enterprise Development Authority, The Rocklin Academy Project (RB) | ||||||||
| 5.00%, 06/01/54 (c) | 500 | 471,195 | ||||||
| 5.00%, 06/01/64 (c) | 1,000 | 920,042 | ||||||
| California Health Facilities Financing Authority, Adventist Health System, Series A (RB) | ||||||||
| 4.00%, 03/01/39 (c) | 1,910 | 1,854,863 | ||||||
| 5.00%, 12/01/31 | 2,500 | 2,767,960 | ||||||
| 5.00%, 12/01/34 (c) | 2,000 | 2,254,416 | ||||||
| 5.25%, 12/01/43 (c) | 2,000 | 2,117,823 | ||||||
| 5.25%, 12/01/44 (c) | 3,175 | 3,339,816 | ||||||
| California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
| 4.00%, 08/15/49 (c) | 250 | 210,208 | ||||||
| 4.20%, 08/15/42 (c) | 500 | 469,276 | ||||||
| 5.00%, 08/15/37 (c) | 460 | 467,703 | ||||||
| 5.00%, 08/15/42 (c) | 3,735 | 3,752,128 | ||||||
| 5.00%, 08/15/47 (c) | 1,000 | 989,929 | ||||||
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.25%, 12/01/49 (c) | 7,230 | 7,707,371 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 5.00%, 10/01/50 (c) (p) | 500 | 557,970 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 5.00%, 12/01/32 (c) | 2,000 | 2,210,879 | ||||||
| 5.00%, 12/01/35 (c) | 2,000 | 2,265,855 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/42 (c) | 300 | 294,210 | ||||||
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33 | 7,005 | 7,194,669 | ||||||
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p) | 43,640 | 34,912,000 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 05/01/55 (c) | $ | 1,000 | $ | 908,441 | ||||
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/55 (c) | 1,000 | 867,508 | ||||||
| California Infrastructure & Economic Development Bank, Senior National Charter School, Series B (RB) | ||||||||
| 5.00%, 11/01/49 (c) | 250 | 256,053 | ||||||
| 5.00%, 11/01/59 (c) | 1,180 | 1,198,672 | ||||||
California Muincipal Finance Authority, Charter School, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,000,996 | ||||||
| California Municipal Finance Authority, Ascent 613 Project, Series A (RB) | ||||||||
| 5.38%, 01/01/55 (c) | 1,500 | 1,467,850 | ||||||
| 5.50%, 01/01/60 (c) | 1,000 | 989,058 | ||||||
| California Municipal Finance Authority, Baptist University, Series A (RB) | ||||||||
| 5.00%, 11/01/35 (c) | 875 | 929,094 | ||||||
| 5.12%, 11/01/40 (c) | 1,000 | 1,037,847 | ||||||
| 5.38%, 11/01/45 (c) | 775 | 792,044 | ||||||
| 5.50%, 11/01/45 (c) | 500 | 499,999 | ||||||
California Municipal Finance Authority, Charter School Santa Rosa Academy Project (RB) 5.00%, 07/01/62 (c) | 1,000 | 915,391 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 05/15/38 (c) | 500 | 515,652 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c) | 150 | 139,806 | ||||||
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/46 (c) | 5,000 | 4,756,506 | ||||||
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/41 (c) | 1,500 | 1,499,699 | ||||||
See Notes to Financial Statements
| 37 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | $ | 200 | $ | 204,449 | ||||
| 5.00%, 07/01/31 (c) | 250 | 255,523 | ||||||
| California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
| 5.00%, 10/01/39 (c) | 500 | 497,023 | ||||||
| 5.00%, 10/01/49 (c) | 500 | 457,313 | ||||||
| 5.00%, 10/01/57 (c) | 500 | 444,018 | ||||||
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/45 (c) | 2,390 | 2,179,945 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/28 | 65 | 67,212 | ||||||
| 5.00%, 06/30/29 (c) | 600 | 619,316 | ||||||
| 5.00%, 12/31/29 (c) | 500 | 516,213 | ||||||
| 5.00%, 12/31/43 (c) | 7,675 | 7,720,589 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AG) | ||||||||
| 3.00%, 12/31/30 (c) | 1,950 | 1,903,637 | ||||||
| 5.00%, 06/30/31 (c) | 1,035 | 1,065,680 | ||||||
| 5.00%, 12/31/33 (c) | 3,800 | 3,898,825 | ||||||
| 5.00%, 12/31/34 (c) | 700 | 715,394 | ||||||
| 5.00%, 12/31/37 (c) | 1,000 | 1,018,466 | ||||||
| 5.00%, 12/31/47 (c) | 4,750 | 4,766,517 | ||||||
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/47 (c) | 230 | 230,249 | ||||||
| California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
| 5.00%, 07/01/38 (c) | 130 | 129,444 | ||||||
| 5.00%, 07/01/41 (c) | 500 | 482,069 | ||||||
| 5.00%, 07/01/49 (c) | 2,815 | 2,571,114 | ||||||
| California Municipal Finance Authority, PRS-California Obligated Group Projects, Series A (RB) | ||||||||
| 5.00%, 11/15/44 (c) | 1,000 | 1,019,221 | ||||||
| 5.00%, 04/01/54 (c) | 1,000 | 1,007,736 | ||||||
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/49 (c) | 1,000 | 913,061 | ||||||
California Municipal Finance Authority, St. Mary’s School Aliso Viejo, Series A (RB) 5.88%, 05/01/59 (c) | 570 | 576,481 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c) | $ | 250 | $ | 233,684 | ||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 19,000 | 19,211,309 | ||||||
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/37 (c) | 3,500 | 3,503,246 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | 1,000 | 11,250 | ||||||
| 7.50%, 07/01/32 (c) (d) * | 10,500 | 118,125 | ||||||
| 7.50%, 12/01/39 (c) (d) * | 6,863 | 68 | ||||||
| 8.00%, 07/01/39 (c) (d) * | 6,635 | 74,644 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | 1,000 | 11,250 | ||||||
California Pollution Control Financing Authority, Water Furnishing, Poseidon Resources LP Desalination Project (RB) 5.00%, 07/01/38 (c) | 1,000 | 1,069,775 | ||||||
| California Public Finance Authority, Charter School Project, Series A (RB) | ||||||||
| 5.62%, 06/15/55 (c) | 1,000 | 1,004,678 | ||||||
| 6.00%, 06/15/65 (c) | 2,345 | 2,391,946 | ||||||
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/54 (c) | 400 | 358,777 | ||||||
| California Public Finance Authority, Series A (RB) | ||||||||
| 5.88%, 06/01/39 (c) | 1,000 | 1,005,117 | ||||||
| 6.50%, 06/01/54 (c) | 2,000 | 1,947,385 | ||||||
| 6.62%, 03/01/65 (c) | 1,000 | 1,000,124 | ||||||
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/36 (c) | 2,000 | 2,006,342 | ||||||
| California School Finance Authority, Charter School Project (RB) | ||||||||
| 5.50%, 07/01/54 (c) | 1,000 | 946,468 | ||||||
| 5.60%, 07/01/64 (c) | 1,250 | 1,173,000 | ||||||
See Notes to Financial Statements
| 38 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/52 (c) | $ | 1,000 | $ | 927,996 | ||||
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/51 (c) | 1,000 | 806,622 | ||||||
California School Finance Authority, New Designs Chapter School Project, Series A (RB) 5.00%, 06/01/64 (c) | 1,000 | 911,168 | ||||||
California School Finance Authority, River Springs Charter School Project, Series A (RB) 5.00%, 07/01/47 (c) | 2,000 | 1,894,810 | ||||||
California School Finance Authority, Rocketship Education, Series A (RB) 5.25%, 06/01/52 (c) | 250 | 234,438 | ||||||
| California Statewide Communities Development Authority, Baptist University, Series A (RB) | ||||||||
| 3.50%, 11/01/27 | 950 | 940,356 | ||||||
| 5.00%, 11/01/41 (c) | 1,000 | 1,000,709 | ||||||
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/49 (c) | 250 | 250,073 | ||||||
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/51 (c) | 2,000 | 1,467,126 | ||||||
| California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) | ||||||||
| 5.00%, 05/15/30 (c) | 385 | 389,049 | ||||||
| 5.00%, 05/15/33 (c) | 545 | 550,435 | ||||||
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/39 (c) | 435 | 439,554 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
| 5.00%, 12/01/41 (c) | 17,050 | 17,091,513 | ||||||
| 5.25%, 12/01/44 (c) | 6,340 | 6,340,375 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.25%, 12/01/48 (c) | $ | 4,000 | $ | 4,012,033 | ||||
| 5.25%, 12/01/56 (c) | 12,900 | 12,837,844 | ||||||
| 5.50%, 12/01/54 (c) | 11,630 | 11,630,628 | ||||||
| 5.50%, 12/01/58 (c) | 3,500 | 3,513,870 | ||||||
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) 5.00%, 12/01/46 (c) | 4,730 | 4,722,887 | ||||||
| California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) | ||||||||
| 3.50%, 05/15/36 (c) | 615 | 610,160 | ||||||
| 5.00%, 05/15/47 (c) | 3,170 | 3,189,147 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/01/43 (c) | 900 | 918,844 | ||||||
City and County of San Francisco, Airport Commission, International Airport, Series A (RB) 5.00%, 05/01/33 | 1,250 | 1,411,767 | ||||||
City and County of San Francisco, Airport Commission, International Airport, Series C (RB) 5.00%, 05/01/32 | 3,000 | 3,352,826 | ||||||
City and County of San Francisco, Mission Rock Facilities and Services, Series A (ST) 4.00%, 09/01/41 (c) | 1,635 | 1,549,888 | ||||||
| City of Dublin, Community Facilities District No. 2015-1 (ST) | ||||||||
| 5.00%, 09/01/37 (c) | 1,150 | 1,176,354 | ||||||
| 5.00%, 09/01/39 (c) | 500 | 518,851 | ||||||
| 5.00%, 09/01/44 (c) | 500 | 509,852 | ||||||
| 5.00%, 09/01/47 (c) | 485 | 488,787 | ||||||
| 5.00%, 09/01/49 (c) | 500 | 507,314 | ||||||
| City of Fontana, Community Facilities District No. 109, Narra Hills (ST) | ||||||||
| 5.00%, 09/01/49 (c) | 1,000 | 1,022,334 | ||||||
| 5.00%, 09/01/54 (c) | 1,400 | 1,423,743 | ||||||
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/51 (c) | 500 | 450,591 | ||||||
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/40 (c) | 250 | 250,441 | ||||||
See Notes to Financial Statements
| 39 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
| 4.00%, 09/01/32 (c) | $ | 230 | $ | 231,127 | ||||
| 4.00%, 09/01/33 (c) | 250 | 251,084 | ||||||
| 4.00%, 09/01/34 (c) | 250 | 250,900 | ||||||
| City of Los Angeles Department of Airports, Series A (RB) | ||||||||
| 5.00%, 05/15/34 | 500 | 574,686 | ||||||
| 5.00%, 05/15/35 | 500 | 575,593 | ||||||
| 5.50%, 05/15/55 (c) | 1,000 | 1,076,696 | ||||||
City of Los Angeles Department of Airports, Series D (RB) 5.25%, 05/15/51 (c) | 3,000 | 3,262,115 | ||||||
City of Los Angeles Department of Airports, Series E (RB) 5.25%, 05/15/55 (c) | 4,000 | 4,316,844 | ||||||
City of Los Angeles Department of Airports, Series F (RB) 5.00%, 05/15/35 | 500 | 575,593 | ||||||
City of Rancho Cordova, Sunridge Anatolia Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/37 (c) | 180 | 180,183 | ||||||
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/39 (c) | 810 | 810,000 | ||||||
City of Roseville, Amoruso Ranch Community Facilities District No.1, Improvement Area No.1 (ST) 5.00%, 09/01/49 (c) | 1,000 | 1,015,826 | ||||||
| City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
| 3.75%, 09/01/36 (c) | 500 | 494,089 | ||||||
| 5.00%, 09/01/34 (c) | 155 | 159,213 | ||||||
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/47 (c) | 3,450 | 3,473,326 | ||||||
CMFA Special Finance Agency VII, Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/56 (c) | 4,000 | 2,768,945 | ||||||
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/56 (c) | 8,360 | 5,677,184 | ||||||
CMFA Special Finance Agency XII, Essential Housing, Series A-1 (RB) 3.25%, 02/01/57 (c) | 5,500 | 3,985,183 | ||||||
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 08/01/49 (c) | 1,000 | 855,204 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 08/01/56 (c) | $ | 2,975 | $ | 2,568,054 | ||||
| Compton Public Finance Authority (RB) | ||||||||
| 4.00%, 09/01/27 (c) | 400 | 399,973 | ||||||
| 4.50%, 09/01/32 (c) | 1,585 | 1,585,398 | ||||||
Corona California, Community Facilities District No. 2018-1 (ST) 5.00%, 09/01/54 (c) | 500 | 511,738 | ||||||
County of Los Angeles, Community Facilities District No. 2019-1 of the Sulphur Union School District, Series A (ST) 5.00%, 09/01/54 (c) | 1,000 | 1,014,798 | ||||||
County of Los Angeles, Community Facilities District No. 2021-01 (ST) 5.00%, 09/01/47 (c) | 1,000 | 1,026,900 | ||||||
County of Sacramento Airport System, Series A (RB) 5.00%, 07/01/37 (c) | 500 | 554,519 | ||||||
CSCDA Community Improvement Authority Series A-2 (RB) 3.00%, 02/01/57 (c) | 1,975 | 1,367,793 | ||||||
| CSCDA Community Improvement Authority, Essential Housing, Series A (RB) | ||||||||
| 3.00%, 09/01/56 (c) | 2,060 | 1,412,871 | ||||||
| 5.00%, 07/01/51 (c) | 1,500 | 1,416,130 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Series A (RB) (NATL) 4.00%, 10/01/56 (c) | 2,500 | 2,063,802 | ||||||
| CSCDA Community Improvement Authority, Essential Housing, Series A-1 (RB) | ||||||||
| 2.65%, 12/01/46 (c) | 2,515 | 2,139,291 | ||||||
| 2.80%, 03/01/47 (c) | 1,875 | 1,493,152 | ||||||
| 3.00%, 07/01/43 (c) | 2,500 | 1,957,098 | ||||||
| 3.00%, 07/01/45 (c) | 1,000 | 789,288 | ||||||
| 3.40%, 10/01/46 (c) | 2,000 | 1,584,230 | ||||||
| 3.50%, 10/01/46 (c) | 1,000 | 830,029 | ||||||
| 3.60%, 05/01/47 (c) | 2,000 | 1,652,422 | ||||||
| CSCDA Community Improvement Authority, Essential Housing, Series A-2 (RB) | ||||||||
| 3.00%, 12/01/56 (c) | 5,000 | 3,565,993 | ||||||
| 3.00%, 03/01/57 (c) | 9,000 | 6,153,537 | ||||||
| 3.12%, 07/01/56 (c) | 2,500 | 1,635,345 | ||||||
| 3.12%, 08/01/56 (c) | 4,205 | 3,171,785 | ||||||
See Notes to Financial Statements
| 40 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 3.25%, 04/01/57 (c) | $ | 3,000 | $ | 2,149,601 | ||||
| 4.00%, 07/01/56 (c) | 5,350 | 4,139,983 | ||||||
| 4.00%, 10/01/56 (c) | 7,750 | 5,991,851 | ||||||
| CSCDA Community Improvement Authority, Essential Housing, Series B (RB) | ||||||||
| 4.00%, 10/01/48 (c) | 500 | 388,793 | ||||||
| 4.00%, 12/01/48 (c) | 1,000 | 796,952 | ||||||
| 4.00%, 04/01/57 (c) | 1,000 | 734,115 | ||||||
| Folsom Ranch Financing Authority (ST) | ||||||||
| 5.00%, 09/01/32 (c) | 1,100 | 1,131,676 | ||||||
| 5.00%, 09/01/37 (c) | 2,000 | 2,035,900 | ||||||
Folsom Ranch Financing Authority, Folsom Community Facilities District No. 18 (ST) 5.00%, 09/01/49 (c) | 1,000 | 1,024,515 | ||||||
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) 5.00%, 06/01/51 (c) | 1,115 | 1,108,440 | ||||||
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 06/01/66 (c) ^ | 61,000 | 6,486,161 | ||||||
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/46 (c) | 250 | 211,185 | ||||||
Irvine Unified School District, Series B (ST) 5.00%, 09/01/51 (c) | 1,075 | 1,077,498 | ||||||
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/27 (c) | 6 | 6,014 | ||||||
Los Angeles County, California Community Facilities District No. 2021-01, Valencia- Facilities Improvement Area No. 2 (ST) 5.00%, 09/01/54 (c) | 500 | 508,840 | ||||||
| Los Angeles Department of Water & Power (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 500 | 524,037 | ||||||
| 5.00%, 07/01/40 (c) | 2,000 | 2,227,404 | ||||||
| 5.00%, 07/01/42 (c) | 2,000 | 2,179,851 | ||||||
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/35 | 1,750 | 2,037,304 | ||||||
Mountain House Community Facilities District, Special Tax (ST) 5.00%, 09/01/55 (c) | 1,240 | 1,249,474 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| MSR Energy Authority, California Gas, Series A (RB) | ||||||||
| 6.12%, 11/01/29 | $ | 380 | $ | 400,715 | ||||
| 7.00%, 11/01/34 | 2,000 | 2,457,062 | ||||||
| MSR Energy Authority, California Gas, Series B (RB) | ||||||||
| 6.50%, 11/01/39 | 1,000 | 1,257,300 | ||||||
| 7.00%, 11/01/34 | 11,000 | 13,513,841 | ||||||
MSR Energy Authority, California Gas, Series C (RB) 7.00%, 11/01/34 | 1,470 | 1,805,941 | ||||||
| Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
| 4.25%, 08/15/38 (c) | 975 | 976,281 | ||||||
| 5.25%, 08/15/45 (c) | 455 | 455,566 | ||||||
Pajaro Valley Health Care District, Counties of Santa Cruz and Monterey, California, Series A (GO) 5.00%, 09/01/54 (c) | 500 | 493,831 | ||||||
Palm Desert California Improvement, Section 29 Assessment District No. 2004- 02 (SA) 4.00%, 09/02/37 (c) | 1,100 | 1,107,946 | ||||||
Palomar Health (RB) 5.00%, 11/01/31 (c) | 250 | 241,096 | ||||||
Perris Union High School District Financing Authority (ST) 5.00%, 09/01/41 (c) | 1,000 | 1,000,661 | ||||||
| River Islands Public Financing Authority (ST) | ||||||||
| 4.75%, 09/01/45 (c) | 250 | 245,658 | ||||||
| 5.00%, 09/01/55 (c) | 500 | 494,504 | ||||||
| River Islands Public Financing Authority, Community Facilities District No. 2003-1 (ST) | ||||||||
| 4.50%, 09/01/44 (c) | 1,700 | 1,634,519 | ||||||
| 5.00%, 09/01/54 (c) | 1,000 | 1,000,530 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/38 (c) | 500 | 515,293 | ||||||
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/48 (c) | 500 | 506,510 | ||||||
Sacramento County, California Airport System, Series A (RB) 5.00%, 07/01/36 (c) | 500 | 559,487 | ||||||
| Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
| 5.00%, 09/01/40 (c) | 345 | 347,186 | ||||||
| 5.00%, 09/01/45 (c) | 495 | 496,689 | ||||||
See Notes to Financial Statements
| 41 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| San Francisco California City & County, Airport Commission, International Airport, Series A (RB) | ||||||||
| 5.00%, 05/01/35 | $ | 750 | $ | 856,710 | ||||
| 5.00%, 05/01/35 (c) | 2,000 | 2,258,520 | ||||||
| 5.00%, 01/01/47 (c) | 1,475 | 1,494,406 | ||||||
| 5.25%, 05/01/42 (c) | 3,190 | 3,440,318 | ||||||
| 5.50%, 05/01/55 (c) | 10,755 | 11,577,335 | ||||||
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/49 (c) | 300 | 303,129 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/49 (c) | 100 | 100,042 | ||||||
| San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL) | ||||||||
| 0.00%, 01/15/32 ^ | 145 | 118,153 | ||||||
| 0.00%, 01/15/36 ^ | 105 | 72,375 | ||||||
San Joaquin Valley Clean Energy Authority, Series A (RB) 5.50%, 01/01/56 (c) (p) | 2,000 | 2,314,013 | ||||||
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c) | 3,130 | 3,278,426 | ||||||
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 09/01/41 (c) | 500 | 501,003 | ||||||
Southern California Public Power Authority, Transmission System Renewal Project (RB) 5.00%, 07/01/53 (c) (p) | 1,000 | 1,058,660 | ||||||
Successor Agency of Pittsburg, Los Medanos Community Development Project, Series A (TA) (AG) 5.00%, 09/01/29 (c) | 1,020 | 1,039,849 | ||||||
Tejon Ranch Public Facilities Finance Authority, Series A (ST) 5.00%, 09/01/54 (c) | 1,000 | 1,009,777 | ||||||
Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 06/01/46 (c) ^ | 5,000 | 1,223,336 | ||||||
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/42 (c) | 445 | 446,205 | ||||||
| 527,574,296 | ||||||||
| Par (000’s | ) | Value | ||||||
| Colorado: 2.2% | ||||||||
| Adams & Arapahoe Counties Joint School District 28J Aurora (GO) (SAW) | ||||||||
| 5.50%, 12/01/33 | $ | 1,500 | $ | 1,821,185 | ||||
| 5.50%, 12/01/34 | 1,000 | 1,227,160 | ||||||
Aerotropolis Colorado Regional Transportation Authority (RB) 4.38%, 12/01/52 (c) | 3,000 | 2,526,513 | ||||||
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/43 (c) | 2,010 | 2,031,249 | ||||||
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/46 (c) | 1,000 | 1,000,325 | ||||||
Board of Governors of Colorado State University System, Series C (RB) 5.00%, 03/01/36 (c) | 1,200 | 1,378,565 | ||||||
| Brighton Crossing Metropolitan District No. 6, Series A (GO) | ||||||||
| 5.00%, 12/01/35 (c) | 500 | 506,678 | ||||||
| 5.00%, 12/01/40 (c) | 500 | 500,979 | ||||||
Centerra Metropolitan District No. 1, Larimer County (GO) 5.00%, 12/01/51 (c) | 1,000 | 986,684 | ||||||
| Centerra Metropolitan District No. 1, Larimer County (TA) | ||||||||
| 5.00%, 12/01/29 (c) | 500 | 500,601 | ||||||
| 5.00%, 12/01/37 (c) | 500 | 500,162 | ||||||
| 5.00%, 12/01/47 (c) | 500 | 496,769 | ||||||
City & County of Denver CO Airport System Revenue (RB) 5.00%, 12/01/36 | 705 | 792,214 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c) | 13,695 | 13,695,203 | ||||||
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/48 (c) | 2,250 | 2,184,740 | ||||||
City of Louisville, Redtail Ridge Metropolitan District, Capital Appreciation Turbo (GO) 0.00%, 12/01/32 (c) ^ | 1,500 | 933,439 | ||||||
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/49 (c) | 500 | 461,001 | ||||||
Colorado Health Facilities Authority (RB) 5.00%, 09/01/35 | 1,000 | 1,145,521 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB) 3.25%, 08/01/49 (c) | 5 | 3,877 | ||||||
See Notes to Financial Statements
| 42 |
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 5.00%, 08/01/44 (c) | $ | 2,000 | $ | 2,034,717 | ||||
Colorado Health Facilities Authority, Covenant Living Communities and Services, Series A (RB) 5.12%, 12/01/55 (c) | 1,000 | 989,900 | ||||||
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/57 (c) | 536 | 42,893 | ||||||
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c) | 350 | 346,865 | ||||||
Crowfoot Valley Ranch Metropolitan District No. 2, Series B (GO) 6.12%, 12/15/54 (c) | 750 | 734,215 | ||||||
Denver, Colorado City and County Airport System, Series A (RB) 5.00%, 11/15/34 (c) | 1,695 | 1,881,188 | ||||||
Denver, Colorado City and County Airport System, Series A (RB) (AG) 5.00%, 12/01/48 (c) | 5,000 | 5,039,179 | ||||||
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/29 (c) | 645 | 638,819 | ||||||
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 12/01/50 (c) | 1,000 | 1,014,759 | ||||||
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/47 (c) | 1,500 | 1,379,501 | ||||||
| Kinston Metropolitan District No. 5, Series A (GO) | ||||||||
| 5.12%, 12/01/50 (c) | 1,000 | 1,030,473 | ||||||
| 5.50%, 12/01/45 (c) | 500 | 507,043 | ||||||
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/39 (c) | 1,000 | 913,735 | ||||||
Palisade Metropolitan District No. 2, Series B (RB) 5.88%, 12/15/54 (c) | 1,000 | 948,449 | ||||||
| Park Creek Metropolitan District (RB) (AG) | ||||||||
| 5.00%, 12/01/43 (c) | 1,000 | 1,053,767 | ||||||
| 5.00%, 12/01/44 (c) | 1,000 | 1,047,932 | ||||||
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 12/01/35 (c) | $ | 540 | $ | 488,113 | ||||
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/41 (c) | 4,000 | 4,009,260 | ||||||
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38 | 2,000 | 2,442,489 | ||||||
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 12/01/51 (c) | 3,000 | 2,503,155 | ||||||
Reunion Metropolitan District, Colorado, Series A (RB) 3.62%, 12/01/44 (c) | 937 | 691,780 | ||||||
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (GO) 5.00%, 04/01/35 | 3,000 | 3,284,844 | ||||||
Southglenn Metropolitan District (GO) 5.00%, 12/01/46 (c) | 838 | 799,697 | ||||||
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/47 (c) | 1,200 | 1,170,413 | ||||||
St. Vrain Lakes Metropolitan District No. 4, Colorado, Series A (GO) 6.75%, 09/20/54 (c) | 1,000 | 702,133 | ||||||
STC Metropolitan District No. 2, Series A-1 (GO) (AG) 5.25%, 12/01/45 (c) | 500 | 522,438 | ||||||
| Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | ||||||||
| 4.25%, 12/01/50 (c) | 1,000 | 1,020,991 | ||||||
| 6.50%, 12/01/54 (c) | 1,000 | 1,039,852 | ||||||
Sterling Ranch Community Authority Board, Douglas County (SA) 5.62%, 12/01/43 (c) | 849 | 871,886 | ||||||
Sterling Ranch Community Authority Board, Douglas County, Series A (RB) 5.75%, 12/01/54 (c) | 1,000 | 1,008,476 | ||||||
| Verve Metropolitan District No. 1 (GO) | ||||||||
| 5.00%, 12/01/36 (c) | 1,025 | 1,006,667 | ||||||
| 5.75%, 12/01/33 (c) | 1,000 | 1,021,711 | ||||||
Village Metropolitan District (GO) 5.00%, 12/01/49 (c) | 1,750 | 1,699,801 | ||||||
See Notes to Financial Statements
| 43 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| Windler Public Improvement Authority, Series A-1 (RB) (BAM) | ||||||||
| 4.00%, 12/01/36 (c) | $ | 1,000 | $ | 909,004 | ||||
| 4.00%, 12/01/41 (c) | 1,000 | 848,479 | ||||||
| 78,337,489 | ||||||||
| Connecticut: 1.4% | ||||||||
| City of Hartford, Connecticut, State Contract Assistance (RB) | ||||||||
| 5.00%, 07/15/32 | 2,250 | 2,577,948 | ||||||
| 5.00%, 07/15/33 | 2,500 | 2,895,327 | ||||||
Connecticut State Health & Educational Facilities Authority (RB) 5.00%, 07/01/64 (p) | 2,500 | 2,848,019 | ||||||
| Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
| 5.00%, 09/01/46 (c) | 3,500 | 3,363,653 | ||||||
| 5.00%, 09/01/53 (c) | 1,200 | 1,119,753 | ||||||
| Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB) | ||||||||
| 5.00%, 07/01/44 (c) | 1,100 | 1,069,637 | ||||||
| 5.00%, 07/01/50 (c) | 2,630 | 2,483,596 | ||||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/54 (c) | 2,000 | 1,574,104 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/55 (c) | 2,000 | 1,663,243 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/33 (c) | 1,000 | 1,052,934 | ||||||
Connecticut State Health and Educational Facilities Authority, Series O (RB) 5.00%, 07/01/32 | 500 | 568,298 | ||||||
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series L-1 (RB) 4.00%, 07/01/30 | 1,000 | 1,031,498 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/44 (c) | 250 | 199,388 | ||||||
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/49 (c) | $ | 250 | $ | 188,801 | ||||
Connecticut State Health and Educational Facilities Authority, Yale University, Series B-1 (RB) 5.00%, 07/01/64 (p) | 3,500 | 3,860,684 | ||||||
| Stamford Housing Authority, Mozaic Concierge Living Project, Series A (RB) | ||||||||
| 5.50%, 10/01/35 (c) | 800 | 838,719 | ||||||
| 6.25%, 10/01/60 (c) | 1,600 | 1,601,897 | ||||||
| 6.50%, 10/01/55 (c) | 2,200 | 2,245,925 | ||||||
Stamford Housing Authority, Mozaic Concierge Living Project, Series B (RB) 5.38%, 10/01/33 | 1,500 | 1,521,830 | ||||||
Stamford Housing Authority, Mozaic Concierge Living Project, Series C (RB) 4.75%, 10/01/32 | 4,500 | 4,651,624 | ||||||
Stamford Housing Authority, Mozaic Concierge Living Project, Series D (RB) 4.25%, 10/01/30 | 3,000 | 3,031,201 | ||||||
State of Connecticut, Series B (GO) 5.00%, 12/01/34 | 2,250 | 2,649,098 | ||||||
| Steel Point Infrastructure Improvement District (TA) | ||||||||
| 4.00%, 04/01/41 (c) | 1,125 | 1,066,383 | ||||||
| 4.00%, 04/01/51 (c) | 1,000 | 859,604 | ||||||
| 6.00%, 04/01/52 (c) | 1,000 | 1,068,222 | ||||||
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/50 (c) | 3,000 | 2,660,437 | ||||||
| 48,691,823 | ||||||||
| Delaware: 0.1% | ||||||||
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 07/01/48 (c) | 1,450 | 1,379,399 | ||||||
| Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | ||||||||
| 4.00%, 06/01/52 (c) | 915 | 689,355 | ||||||
| 5.00%, 06/01/36 (c) | 250 | 250,403 | ||||||
| 5.00%, 06/01/46 (c) | 1,000 | 918,637 | ||||||
Delaware State Economic Development Authority (RB) 4.00%, 10/01/45 (p) | 500 | 505,403 | ||||||
See Notes to Financial Statements
| 44 |
| Par (000’s | ) | Value | ||||||
| Delaware (continued) | ||||||||
Delaware State Economic, Development Authority Chapter School, Series A (RB) 5.00%, 06/01/51 (c) | $ | 1,100 | $ | 978,942 | ||||
| 4,722,139 | ||||||||
| District of Columbia: 0.9% | ||||||||
| District of Columbia Income Tax Revenue (RB) | ||||||||
| 5.00%, 06/01/32 | 2,000 | 2,290,037 | ||||||
| 5.00%, 06/01/33 | 1,000 | 1,160,280 | ||||||
| 5.00%, 06/01/34 | 1,000 | 1,171,985 | ||||||
| 5.00%, 06/01/36 (c) | 2,000 | 2,331,655 | ||||||
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
| 5.00%, 07/01/32 (c) | 250 | 253,891 | ||||||
| 5.00%, 07/01/42 (c) | 1,180 | 1,173,675 | ||||||
| District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) | ||||||||
| 5.00%, 06/01/40 (c) | 500 | 492,171 | ||||||
| 5.00%, 06/01/50 (c) | 1,500 | 1,369,942 | ||||||
District of Columbia, Series A (RB) 5.00%, 07/01/48 (c) | 2,260 | 2,262,500 | ||||||
District of Columbia, Tobacco Settlement Financing Corp., Series A (RB) 0.00%, 06/15/46 (c) ^ | 27,500 | 6,384,727 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^ | 9,325 | 5,449,416 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) | ||||||||
| 0.00%, 10/01/37 ^ | 1,020 | 634,276 | ||||||
| 4.00%, 10/01/36 (c) | 250 | 253,393 | ||||||
| 4.00%, 10/01/44 (c) | 7,315 | 6,788,060 | ||||||
| 6.50%, 10/01/44 (c) | 245 | 261,852 | ||||||
| 32,277,860 | ||||||||
| Florida: 6.1% | ||||||||
Alachua County Health Facilities Authority (RB) 4.00%, 10/01/30 (c) | 735 | 736,273 | ||||||
Braddock Lakes Community Development District (SA) 5.75%, 05/01/55 (c) | 250 | 250,062 | ||||||
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/38 (c) | 1,000 | 991,240 | ||||||
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/50 (c) | 295 | 186,481 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Capital Projects Finance Authority, Imagine School at North Port Project, Series A (RB) | ||||||||
| 5.00%, 06/15/35 (c) | $ | 850 | $ | 856,287 | ||||
| 6.25%, 06/15/45 (c) | 1,000 | 1,009,737 | ||||||
| 6.50%, 06/15/55 (c) | 1,000 | 1,008,699 | ||||||
| Capital Projects Finance Authority, Series A-1 (RB) | ||||||||
| 5.00%, 06/01/58 (c) | 500 | 465,753 | ||||||
| 5.25%, 06/01/44 (c) | 400 | 401,104 | ||||||
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/56 (c) | 8,200 | 7,294,829 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 12/15/35 (c) | 1,335 | 1,335,771 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 12/15/40 (c) | 500 | 480,207 | ||||||
| Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
| 4.50%, 07/01/29 (c) | 230 | 228,875 | ||||||
| 5.12%, 07/01/39 (c) | 500 | 487,355 | ||||||
| 5.25%, 07/01/49 (c) | 500 | 451,784 | ||||||
| 5.38%, 07/01/54 (c) | 500 | 449,391 | ||||||
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 5.25%, 06/15/47 (c) | 500 | 468,474 | ||||||
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) (SBG) 5.00%, 06/15/39 (c) | 1,000 | 968,946 | ||||||
| Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
| 4.00%, 12/01/28 | 2,200 | 2,199,579 | ||||||
| 5.25%, 12/01/43 (c) | 2,000 | 2,002,945 | ||||||
| 5.25%, 12/01/58 (c) | 2,200 | 2,129,058 | ||||||
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 01/01/55 (c) | 2,250 | 1,910,870 | ||||||
| Capital Trust Authority Charter School, Mason Classical Academy Project, Series A (RB) | ||||||||
| 5.00%, 06/01/44 (c) | 750 | 696,038 | ||||||
| 5.00%, 06/01/54 (c) | 1,060 | 930,601 | ||||||
See Notes to Financial Statements
| 45 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Capital Trust Authority Educational Facilities, Florida Institute of Technology Project, Series A (RB) | ||||||||
| 5.25%, 07/01/55 (c) | $ | 1,200 | $ | 1,166,844 | ||||
| 5.38%, 07/01/65 (c) | 2,500 | 2,441,144 | ||||||
Capital Trust Authority, Academic Chapter Schools, Inc. Project, Series A (RB) 5.25%, 06/01/64 (c) | 1,000 | 874,135 | ||||||
Capital Trust Authority, Educational Facilities, St. Johns Classical Academy, Inc. Project, Series A (RB) 5.25%, 06/15/59 (c) | 1,000 | 913,299 | ||||||
Charlotte County Industrial Development Authority, Utilities Project (RB) 5.00%, 10/01/49 (c) | 1,000 | 988,241 | ||||||
| Charlotte County, Florida Industrial Development Authority (RB) | ||||||||
| 5.12%, 10/01/35 (c) | 300 | 309,811 | ||||||
| 5.88%, 10/01/45 (c) | 500 | 520,909 | ||||||
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) 5.00%, 11/01/50 (c) | 2,080 | 2,088,874 | ||||||
| City of Orlando, Senior Tourist Development Tax, Series A (RB) (AG) | ||||||||
| 5.00%, 11/01/27 | 1,100 | 1,143,265 | ||||||
| 5.00%, 11/01/31 (c) | 3,000 | 3,120,049 | ||||||
| 5.00%, 11/01/38 (c) | 500 | 513,607 | ||||||
City of South Miami Health Facilities Authority, Series B (RB) 5.00%, 08/15/65 (c) (p) | 1,000 | 1,093,425 | ||||||
| City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
| 4.00%, 12/01/35 (c) | 230 | 225,557 | ||||||
| 5.00%, 12/01/40 (c) | 1,210 | 1,210,451 | ||||||
| 5.00%, 12/01/44 (c) | 1,305 | 1,304,983 | ||||||
| City of Venice, Florida Retirement Community, Village on the Isle Project, Series A (RB) | ||||||||
| 5.50%, 01/01/55 (c) | 580 | 566,517 | ||||||
| 5.62%, 01/01/60 (c) | 1,000 | 989,958 | ||||||
City of Venice, Florida Retirement Community, Village on the Isle Project, Series B-3 (RB) 4.25%, 01/01/30 (c) | 500 | 501,003 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Collier County Industrial Development Authority, NCH Healthcare System Projects, Series A (RB) (AG) 5.00%, 10/01/54 (c) | $ | 2,000 | $ | 2,062,020 | ||||
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c) | 1,135 | 1,136,563 | ||||||
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c) | 1,645 | 1,683,214 | ||||||
| County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) | ||||||||
| 4.00%, 08/15/45 (c) | 2,000 | 1,792,889 | ||||||
| 5.00%, 08/15/31 (c) | 2,000 | 2,133,303 | ||||||
County of Miami-Dade, Florida Aviation, Series A (RB) 5.50%, 10/01/55 (c) | 1,000 | 1,062,034 | ||||||
County of Miami-Dade, Florida Professional Sports Franchise Facilities, Series A (RB) (AG) 0.00%, 10/01/45 ^ | 3,000 | 1,187,962 | ||||||
| County of Palm Beach, Series A (RB) | ||||||||
| 5.50%, 10/01/45 (c) | 1,000 | 1,024,349 | ||||||
| 5.75%, 10/01/55 (c) | 1,000 | 1,033,466 | ||||||
| 5.75%, 10/01/65 (c) | 2,000 | 2,057,491 | ||||||
| Florida Development Finance Corp. (RB) | ||||||||
| 5.00%, 07/01/38 (c) | 1,000 | 835,000 | ||||||
| 5.00%, 07/01/41 (c) | 2,205 | 1,841,175 | ||||||
| Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) | ||||||||
| 5.00%, 07/01/34 (c) | 1,000 | 835,000 | ||||||
| 5.00%, 07/01/37 (c) | 750 | 626,250 | ||||||
| 5.50%, 07/01/53 (c) | 3,000 | 2,505,000 | ||||||
| Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) (AG) | ||||||||
| 5.00%, 07/01/44 (c) | 17,025 | 16,977,007 | ||||||
| 5.25%, 07/01/47 (c) | 3,700 | 3,687,225 | ||||||
| 5.25%, 07/01/53 (c) | 19,725 | 19,689,996 | ||||||
Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series A (RB) 10.00%, 07/15/59 (c) (p) | 2,000 | 940,000 | ||||||
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/15/52 (c) | 1,000 | 928,266 | ||||||
See Notes to Financial Statements
| 46 |
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/47 (c) | $ | 2,600 | $ | 2,530,726 | ||||
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/35 (c) | 425 | 441,039 | ||||||
| Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) | ||||||||
| 4.00%, 06/01/55 (c) | 2,000 | 1,428,392 | ||||||
| 5.25%, 06/01/50 (c) | 1,000 | 946,267 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
| 5.75%, 06/15/29 (c) | 800 | 800,679 | ||||||
| 6.62%, 06/15/43 (c) | 1,000 | 1,064,832 | ||||||
| 6.75%, 06/15/53 (c) | 1,000 | 1,051,588 | ||||||
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series B (RB) 5.25%, 06/15/41 (c) | 1,000 | 970,533 | ||||||
| Florida Development Finance Corp., Series A (RB) | ||||||||
| 6.00%, 06/15/45 (c) | 1,000 | 1,035,124 | ||||||
| 6.00%, 06/15/55 (c) | 1,500 | 1,525,328 | ||||||
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/52 (c) | 2,000 | 1,942,447 | ||||||
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 6.12%, 07/01/32 (c) (p) | 3,000 | 3,025,345 | ||||||
| Florida Higher Educational Facilities Financing Authority (RB) | ||||||||
| 5.00%, 07/01/35 (c) | 2,750 | 2,740,736 | ||||||
| 6.00%, 07/01/45 (c) | 3,000 | 2,970,358 | ||||||
| 6.25%, 07/01/55 (c) | 3,000 | 2,968,468 | ||||||
| Florida Local Government Finance Commission (RB) | ||||||||
| 6.00%, 07/01/55 (c) | 500 | 506,970 | ||||||
| 6.00%, 07/01/60 (c) | 500 | 505,008 | ||||||
| Florida Local Government Finance Commission, Series A (RB) | ||||||||
| 5.50%, 11/15/35 (c) | 260 | 272,277 | ||||||
| 6.62%, 11/15/45 (c) | 1,000 | 1,051,954 | ||||||
| 6.75%, 11/15/55 (c) | 2,000 | 2,080,990 | ||||||
Florida Local Government Finance Commission, Series B-3 (RB) 4.20%, 11/15/30 (c) | 4,000 | 4,019,557 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Hillsborough County, Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 08/01/45 (c) | $ | 6,500 | $ | 5,975,577 | ||||
Kingston One Community Development District (SA) 5.75%, 05/01/45 (c) | 500 | 515,902 | ||||||
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/50 (c) | 2,000 | 1,939,726 | ||||||
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/42 (c) | 500 | 499,981 | ||||||
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/57 (c) | 1,000 | 927,038 | ||||||
Lee County Industrial Development Authority, Healthcare Facilities, Series C (RB) 5.00%, 11/15/44 (c) | 500 | 504,486 | ||||||
Lee County Industrial Development Authority, Healthcare Facilities, Shell Poin Project. Series C (RB) 5.00%, 11/15/54 (c) | 3,000 | 2,900,973 | ||||||
Lee County Industrial Development Authority, Healthcare Facilities, Shell Point (RB) 5.00%, 11/15/49 (c) | 1,630 | 1,598,961 | ||||||
Lee County Industrial Development Authority, Healthcare Facilities, Shell Point, Series A (RB) 5.25%, 11/15/54 (c) | 1,500 | 1,507,963 | ||||||
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) | ||||||||
| 5.00%, 11/15/39 (c) | 1,880 | 1,881,372 | ||||||
| 5.00%, 11/15/44 (c) | 2,000 | 2,000,730 | ||||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AG) 4.00%, 11/15/46 (c) | 1,500 | 1,362,158 | ||||||
Miami Beach Redevelopment Agency (TA) (AG) 5.00%, 02/01/35 | 500 | 573,400 | ||||||
See Notes to Financial Statements
| 47 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Miami World Center Community Development District (SA) | ||||||||
| 5.12%, 11/01/39 (c) | $ | 750 | $ | 763,280 | ||||
| 5.25%, 11/01/49 (c) | 250 | 251,844 | ||||||
Miami-Dade County Industrial Development Authority, Series A (RB) 5.50%, 07/01/61 (c) | 1,000 | 912,897 | ||||||
Miami-Dade County, Florida Aviation, Series A (RB) 5.00%, 10/01/34 | 8,000 | 9,030,661 | ||||||
Miami-Dade County, Florida Industrial Development Authority (RB) 6.25%, 06/01/55 (c) | 500 | 507,008 | ||||||
Miami-Dade County, Florida Seaport, Series A (RB) 5.00%, 10/01/47 (c) | 3,000 | 3,046,670 | ||||||
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/28 (c) | 1,360 | 1,384,906 | ||||||
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) 5.00%, 05/01/37 (c) | 85 | 85,037 | ||||||
| North Broward Hospital District, Broward Health, Series B (RB) | ||||||||
| 5.00%, 01/01/32 (c) | 155 | 159,864 | ||||||
| 5.00%, 01/01/48 (c) | 2,000 | 2,001,806 | ||||||
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
| 5.00%, 08/01/37 (c) | 200 | 202,762 | ||||||
| 5.00%, 08/01/46 (c) | 200 | 200,662 | ||||||
| Okaloosa County, Florida Industrial Development (RB) | ||||||||
| 4.38%, 05/15/35 (c) | 1,140 | 1,149,239 | ||||||
| 5.50%, 05/15/45 (c) | 1,000 | 1,016,452 | ||||||
| 5.75%, 05/15/55 (c) | 1,000 | 1,016,337 | ||||||
Orange County Health Facilities Authority, Orlando Health (RB) 4.00%, 10/01/52 (c) | 2,000 | 1,762,117 | ||||||
| Orange County Health Facilities Authority, Orlando Health, Series A (RB) | ||||||||
| 4.50%, 10/01/56 (c) | 3,000 | 2,935,429 | ||||||
| 5.25%, 10/01/56 (c) | 1,000 | 1,052,169 | ||||||
Palm Beach County Health Facilities Authority (RB) 4.00%, 06/01/41 (c) | 1,300 | 1,153,028 | ||||||
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion (RB) 4.25%, 06/01/56 (c) | 400 | 323,788 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/55 (c) | $ | 3,730 | $ | 3,439,832 | ||||
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/39 (c) | 1,000 | 1,005,350 | ||||||
Palm Cost Park Community Development District (SA) 5.70%, 05/01/37 (c) | 120 | 121,559 | ||||||
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding Inc. Project (RB) 5.00%, 07/01/39 (c) | 1,900 | 1,904,397 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 (d) * | 4,820 | 1,879,800 | ||||||
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c) | 1,100 | 1,087,897 | ||||||
| Village Community Development District No 16 (SA) | ||||||||
| 4.50%, 05/01/40 (c) | 500 | 504,302 | ||||||
| 4.88%, 05/01/45 (c) | 500 | 500,289 | ||||||
| Village Community Development District No. 12 (SA) | ||||||||
| 3.25%, 05/01/26 | 50 | 49,944 | ||||||
| 3.62%, 05/01/31 (c) | 980 | 980,414 | ||||||
| 4.25%, 05/01/43 (c) | 885 | 845,883 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 3.00%, 05/01/29 | 570 | 561,999 | ||||||
| 3.50%, 05/01/51 (c) | 1,485 | 1,163,936 | ||||||
| 3.55%, 05/01/39 (c) | 2,720 | 2,524,097 | ||||||
| Village Community Development District No. 15 (SA) | ||||||||
| 4.55%, 05/01/44 (c) | 500 | 482,400 | ||||||
| 4.80%, 05/01/55 (c) | 2,750 | 2,626,264 | ||||||
| 5.25%, 05/01/54 (c) | 1,000 | 1,003,939 | ||||||
| 217,655,784 | ||||||||
| Georgia: 1.3% | ||||||||
Atlanta Development Authority, Gulch Enterprise Zone Project (RB) 6.50%, 12/15/48 (c) | 2,000 | 1,784,368 | ||||||
See Notes to Financial Statements
| 48 |
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA) 5.50%, 04/01/39 (c) | $ | 1,000 | $ | 1,028,363 | ||||
| Atlanta, Georgia Airport, Series B-1 (RB) | ||||||||
| 5.00%, 07/01/30 | 1,500 | 1,635,998 | ||||||
| 5.25%, 07/01/45 (c) | 1,000 | 1,065,258 | ||||||
| 5.25%, 07/01/50 (c) | 1,000 | 1,052,439 | ||||||
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 11/01/45 (c) | 8,525 | 7,844,670 | ||||||
Fayette County Development Authority, Soccer Federation, Inc. Project (RB) 5.25%, 10/01/54 (c) | 1,000 | 1,035,828 | ||||||
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c) | 1,025 | 1,026,480 | ||||||
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) 4.00%, 04/01/41 (c) | 2,500 | 2,270,824 | ||||||
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) 5.00%, 04/01/47 (c) | 3,540 | 3,389,101 | ||||||
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/37 (c) (d) * | 700 | 350,000 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB) 5.00%, 02/15/45 (c) | 3,575 | 3,601,286 | ||||||
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/54 (c) | 1,750 | 1,497,993 | ||||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 416 | 426,778 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/47 (c) | 2,680 | 2,686,165 | ||||||
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/37 (c) | $ | 250 | $ | 254,020 | ||||
Main Street Natural Gas, Inc., Series E (RB) 5.00%, 05/01/55 (c) (p) | 3,835 | 4,167,346 | ||||||
| Marietta Development Authority, Life University, Inc. Project, Series A (RB) | ||||||||
| 5.00%, 11/01/37 (c) | 2,000 | 1,874,906 | ||||||
| 5.00%, 11/01/47 (c) | 1,000 | 846,758 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/60 (c) | 375 | 374,976 | ||||||
| Savannah-Georgia Convention Center Authority, Series A (RB) | ||||||||
| 5.12%, 06/01/50 (c) | 1,000 | 1,005,070 | ||||||
| 5.25%, 06/01/40 (c) | 750 | 802,164 | ||||||
| 5.25%, 06/01/61 (c) | 1,000 | 998,125 | ||||||
| Savannah-Georgia Convention Center Authority, Series B (RB) | ||||||||
| 6.00%, 06/01/50 (c) | 2,000 | 1,993,003 | ||||||
| 6.25%, 06/01/61 (c) | 1,500 | 1,507,258 | ||||||
| Savannah-Georgia Convention Center Authority, Series C (RB) (AG) | ||||||||
| 5.00%, 06/01/58 (c) | 1,000 | 1,028,995 | ||||||
| 5.50%, 06/01/50 (c) | 500 | 538,659 | ||||||
Senoia Development Authority, Chapter School, Series A (RB) 6.50%, 07/01/54 (c) | 500 | 447,336 | ||||||
| White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
| 5.12%, 10/01/39 (c) | 500 | 432,291 | ||||||
| 5.25%, 10/01/49 (c) | 500 | 389,258 | ||||||
| 47,355,716 | ||||||||
| Guam: 0.7% | ||||||||
Guam Government (GO) 5.00%, 11/15/31 (c) | 945 | 999,372 | ||||||
| Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
| 4.00%, 11/15/39 (c) | 600 | 580,839 | ||||||
| 5.00%, 11/15/33 (c) | 5,805 | 5,808,999 | ||||||
| 5.00%, 11/15/34 (c) | 1,040 | 1,040,716 | ||||||
| 5.00%, 11/15/35 (c) | 1,100 | 1,100,758 | ||||||
| 5.00%, 11/15/39 (c) | 1,085 | 1,085,747 | ||||||
| Guam Government, Business Privilege Tax, Series F (RB) | ||||||||
| 4.00%, 01/01/36 (c) | 500 | 506,024 | ||||||
| 4.00%, 01/01/42 (c) | 4,000 | 3,822,451 | ||||||
See Notes to Financial Statements
| 49 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Guam (continued) | ||||||||
| Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) | ||||||||
| 4.25%, 02/01/30 | $ | 500 | $ | 501,593 | ||||
| 5.00%, 02/01/40 (c) | 500 | 504,303 | ||||||
| Guam Government, Series A (RB) | ||||||||
| 5.00%, 12/01/34 (c) | 2,290 | 2,322,155 | ||||||
| 5.00%, 12/01/46 (c) | 3,120 | 3,131,417 | ||||||
Guam Power Authority, Series A (RB) 5.00%, 10/01/40 (c) | 500 | 508,212 | ||||||
| Territory of Guam (RB) | ||||||||
| 5.00%, 01/01/32 | 1,000 | 1,094,742 | ||||||
| 5.00%, 01/01/33 | 1,000 | 1,103,557 | ||||||
| 5.00%, 01/01/34 | 1,000 | 1,111,073 | ||||||
| 25,221,958 | ||||||||
| Hawaii: 0.0% | ||||||||
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 07/01/32 (c) | 1,355 | 1,232,392 | ||||||
| Idaho: 0.2% | ||||||||
Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP) 5.25%, 05/15/51 (c) | 2,000 | 1,912,730 | ||||||
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
| 3.50%, 09/01/33 (c) | 450 | 412,190 | ||||||
| 5.00%, 09/01/37 (c) | 1,135 | 1,137,120 | ||||||
| Idaho Health Facilities Authority, Series A (RB) | ||||||||
| 5.25%, 03/01/50 (c) | 1,000 | 1,056,666 | ||||||
| 5.25%, 03/01/53 (c) | 1,000 | 1,041,462 | ||||||
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/31 (c) | 100 | 96,620 | ||||||
| 5,656,788 | ||||||||
| Illinois: 9.0% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 5.00%, 12/01/29 | 1,000 | 1,025,537 | ||||||
| 5.00%, 12/01/30 (c) | 1,265 | 1,288,089 | ||||||
| 5.00%, 12/01/30 (c) | 1,195 | 1,221,966 | ||||||
| 5.00%, 12/01/32 (c) | 5,575 | 5,683,642 | ||||||
| 5.00%, 12/01/33 (c) | 5,100 | 5,174,967 | ||||||
| 5.00%, 12/01/33 (c) | 250 | 252,326 | ||||||
| 5.00%, 12/01/34 (c) | 395 | 397,682 | ||||||
| 5.00%, 12/01/35 (c) | 2,400 | 2,408,556 | ||||||
| 5.00%, 12/01/36 (c) | 6,990 | 6,969,676 | ||||||
| 5.00%, 12/01/37 (c) | 3,610 | 3,578,324 | ||||||
| 5.00%, 12/01/39 (c) | 6,000 | 5,874,745 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 12/01/40 (c) | $ | 6,350 | $ | 6,147,716 | ||||
| 5.00%, 12/01/42 (c) | 12,755 | 12,059,353 | ||||||
| 5.00%, 12/01/47 (c) | 7,000 | 6,316,605 | ||||||
| 5.25%, 12/01/35 (c) | 3,000 | 3,081,531 | ||||||
| 5.88%, 12/01/47 (c) | 2,600 | 2,614,194 | ||||||
| 7.00%, 12/01/26 (c) | 5,200 | 5,214,734 | ||||||
| 7.00%, 12/01/44 (c) | 4,210 | 4,220,760 | ||||||
| 7.00%, 12/01/46 (c) | 2,250 | 2,337,447 | ||||||
| Chicago Board of Education, Series A (GO) (AG) | ||||||||
| 5.00%, 12/01/33 (c) | 1,250 | 1,306,091 | ||||||
| 5.00%, 12/01/34 (c) | 1,250 | 1,302,527 | ||||||
| Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
| 5.50%, 12/01/25 | 145 | 145,140 | ||||||
| 5.50%, 12/01/26 | 175 | 177,279 | ||||||
| 5.50%, 12/01/31 | 1,285 | 1,394,977 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/27 ^ | 760 | 702,794 | ||||||
| 0.00%, 12/01/28 ^ | 390 | 347,433 | ||||||
| 0.00%, 12/01/30 ^ | 55 | 45,281 | ||||||
| 5.50%, 12/01/26 | 245 | 247,907 | ||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 4.00%, 12/01/40 (c) | 5,000 | 4,347,803 | ||||||
| 5.00%, 12/01/27 | 1,500 | 1,518,634 | ||||||
| 5.00%, 12/01/31 (c) | 1,600 | 1,641,392 | ||||||
| 5.00%, 12/01/33 (c) | 200 | 202,561 | ||||||
| 5.00%, 12/01/33 (c) | 1,105 | 1,104,953 | ||||||
| 5.00%, 12/01/34 (c) | 1,680 | 1,674,280 | ||||||
| 6.00%, 12/01/41 (c) | 2,000 | 2,116,910 | ||||||
| 6.00%, 12/01/42 (c) | 3,250 | 3,408,375 | ||||||
| 6.00%, 12/01/43 (c) | 1,500 | 1,564,801 | ||||||
| 6.00%, 12/01/44 (c) | 1,300 | 1,346,747 | ||||||
| 6.50%, 12/01/46 (c) | 4,000 | 4,029,670 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 5.00%, 12/01/27 | 2,000 | 2,024,845 | ||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,013,566 | ||||||
| 5.00%, 12/01/34 (c) | 8,805 | 8,806,937 | ||||||
| 5.25%, 12/01/35 (c) | 3,515 | 3,514,965 | ||||||
| 5.25%, 12/01/39 (c) | 12,180 | 12,011,899 | ||||||
| 5.50%, 12/01/45 (c) | 3,000 | 2,938,275 | ||||||
| 6.00%, 12/01/35 (c) | 1,160 | 1,160,648 | ||||||
Chicago Board of Education, Series C (GO) (AG) 5.00%, 12/01/30 (c) | 500 | 523,236 | ||||||
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c) | 3,640 | 3,640,264 | ||||||
Chicago Board of Education, Series G (GO) 5.00%, 12/01/44 (c) | 3,000 | 2,777,768 | ||||||
| Chicago Board of Education, Series H (GO) | ||||||||
| 5.00%, 12/01/36 (c) | 9,730 | 9,685,383 | ||||||
| 5.00%, 12/01/46 (c) | 7,710 | 7,004,645 | ||||||
See Notes to Financial Statements
| 50 |
| Par
(000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Chicago O’Hare International Airport (RB) (AG) 5.00%, 01/01/48 (c) | $ | 1,000 | $ | 1,003,640 | ||||
Chicago O’Hare International Airport, Series A (RB) (AG) 5.25%, 01/01/45 (c) | 3,000 | 3,100,586 | ||||||
Chicago O’Hare International Airport, Series B (RB) 4.50%, 01/01/56 (c) | 1,105 | 1,064,077 | ||||||
| Chicago School Reform Board of Trustees, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/25 ^ | 355 | 353,947 | ||||||
| 0.00%, 12/01/29 ^ | 1,460 | 1,251,439 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/25 ^ | 2,210 | 2,203,446 | ||||||
| 0.00%, 12/01/26 ^ | 1,630 | 1,565,898 | ||||||
| 0.00%, 12/01/27 ^ | 1,030 | 952,470 | ||||||
| 0.00%, 12/01/28 ^ | 690 | 614,690 | ||||||
| 0.00%, 12/01/29 ^ | 645 | 552,862 | ||||||
| 0.00%, 12/01/31 ^ | 520 | 411,594 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26 | 100 | 100,994 | ||||||
City of Chicago (RB) (AMBAC) 5.75%, 11/01/30 | 765 | 815,614 | ||||||
| City of Chicago Board of Education, Series A (GO) | ||||||||
| 5.75%, 12/01/50 (c) | 5,000 | 4,971,643 | ||||||
| 6.25%, 12/01/50 (c) | 10,000 | 10,461,360 | ||||||
City of Chicago Board of Education, Series C (GO) 6.00%, 12/01/37 (c) | 3,500 | 3,794,609 | ||||||
City of Chicago, Board of Education, Series A (GO) 6.00%, 12/01/49 (c) | 5,000 | 5,086,002 | ||||||
| City of Chicago, City Colleges (GO) (NATL) | ||||||||
| 0.00%, 01/01/28 ^ | 345 | 322,952 | ||||||
| 0.00%, 01/01/30 ^ | 420 | 363,894 | ||||||
| 0.00%, 01/01/33 ^ | 985 | 760,753 | ||||||
| 0.00%, 01/01/34 ^ | 760 | 561,328 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/27 | 200 | 202,558 | ||||||
| 5.00%, 01/01/27 | 725 | 734,273 | ||||||
| 5.00%, 01/01/32 (c) | 1,500 | 1,571,413 | ||||||
| 5.00%, 01/01/33 (c) | 3,000 | 3,135,378 | ||||||
| 5.00%, 01/01/34 (c) | 3,000 | 3,124,390 | ||||||
| 5.00%, 01/01/44 (c) | 2,400 | 2,328,806 | ||||||
| 5.00%, 01/01/45 (c) | 4,000 | 3,878,022 | ||||||
| 5.25%, 01/01/45 (c) | 2,000 | 1,984,628 | ||||||
| 5.50%, 01/01/41 (c) | 1,000 | 1,019,922 | ||||||
| 5.50%, 01/01/49 (c) | 3,000 | 2,954,825 | ||||||
| 6.00%, 01/01/38 (c) | 5,000 | 5,104,762 | ||||||
| 6.00%, 01/01/50 (c) | 2,000 | 2,099,320 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
City of Chicago, Series A (GO) (BAM) 6.00%, 01/01/46 (c) | $ | 1,000 | $ | 1,093,715 | ||||
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^ | 140 | 125,580 | ||||||
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 2,775 | 2,868,276 | ||||||
| City of Chicago, Series B (GO) | ||||||||
| 5.00%, 01/01/33 | 1,500 | 1,600,041 | ||||||
| 5.00%, 01/01/41 (c) | 1,000 | 1,005,614 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 0.00%, 01/01/32 ^ | 195 | 155,971 | ||||||
| 5.00%, 01/01/26 | 380 | 381,251 | ||||||
| 5.00%, 01/01/27 (c) | 250 | 250,508 | ||||||
City of Chicago, Wastewater Transmission, Series B (RB) (BAM) 5.00%, 01/01/34 | 250 | 287,164 | ||||||
| Illinois Finance Authority (RB) | ||||||||
| 5.00%, 11/01/30 (c) | 100 | 91,001 | ||||||
| 5.88%, 09/01/46 (c) | 7,250 | 7,265,076 | ||||||
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/42 (c) | 1,000 | 860,671 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/38 (c) | 390 | 345,700 | ||||||
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/15/39 (c) | 35 | 34,591 | ||||||
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
| 5.00%, 02/15/27 (d) * | 2,675 | 80,260 | ||||||
| 5.00%, 02/15/37 (c) (d) * | 5,797 | 173,897 | ||||||
| 5.12%, 02/15/45 (c) (d) * | 5,467 | 163,998 | ||||||
| Illinois Finance Authority, Goodman Theatre Project, Series A (RB) | ||||||||
| 6.00%, 10/01/45 (c) | 1,505 | 1,536,401 | ||||||
| 6.12%, 10/01/50 (c) | 1,000 | 1,018,756 | ||||||
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/40 (c) | 175 | 171,663 | ||||||
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/45 (c) | 500 | 500,083 | ||||||
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
| 5.00%, 11/01/29 (c) | 500 | 346,250 | ||||||
| 5.00%, 11/01/30 (c) | 250 | 173,125 | ||||||
| 5.00%, 11/01/35 (c) | 5 | 3,463 | ||||||
See Notes to Financial Statements
| 51 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 04/01/32 (c) | $ | 475 | $ | 475,181 | ||||
| Illinois Finance Authority, Series B (RB) | ||||||||
| 5.00%, 10/01/34 | 250 | 262,854 | ||||||
| 5.00%, 10/01/44 (c) | 500 | 494,892 | ||||||
Illinois Finance Authority, Solis Wate Disposal, Series B (RB) 7.38%, 09/01/42 (c) (p) | 2,500 | 2,846,705 | ||||||
Illinois Finance Authority, Student Housing and Academic Facility, Series A (RB) 5.00%, 02/15/47 (c) | 4,125 | 4,010,766 | ||||||
Illinois Finance Authority, Surface Freight Transfer Facilities (RB) 4.80%, 12/01/43 (c) (p) | 1,500 | 1,551,676 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 1,000 | 1,030,432 | ||||||
| 5.00%, 06/15/29 | 1,000 | 1,044,494 | ||||||
| 5.00%, 06/15/30 (c) | 1,555 | 1,625,442 | ||||||
Illinois Sports Facilities Authority (RB) (AG) 5.00%, 06/15/27 (c) | 3,000 | 3,005,741 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 690 | 675,112 | ||||||
| Illinois State, Series A (GO) | ||||||||
| 5.00%, 12/01/31 (c) | 500 | 518,730 | ||||||
| 5.00%, 05/01/43 (c) | 500 | 507,571 | ||||||
| Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series A (RB) | ||||||||
| 0.00%, 12/15/52 ^ | 4,750 | 1,247,555 | ||||||
| 4.00%, 06/15/52 (c) | 1,500 | 1,286,102 | ||||||
| 5.00%, 06/15/50 (c) | 10,305 | 10,326,849 | ||||||
| 5.00%, 06/15/57 (c) | 1,040 | 1,038,066 | ||||||
| Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series A (RB) (NATL) | ||||||||
| 0.00%, 06/15/30 ^ | 745 | 638,043 | ||||||
| 0.00%, 12/15/30 ^ | 475 | 400,007 | ||||||
| 0.00%, 06/15/31 ^ | 125 | 103,469 | ||||||
| 0.00%, 12/15/33 ^ | 1,500 | 1,127,909 | ||||||
| 0.00%, 06/15/34 ^ | 190 | 139,825 | ||||||
| 0.00%, 12/15/34 ^ | 590 | 424,621 | ||||||
| 0.00%, 06/15/39 ^ | 115 | 65,677 | ||||||
| Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB) | ||||||||
| 0.00%, 12/15/50 ^ | 35,755 | 10,442,287 | ||||||
| 5.00%, 12/15/40 (c) | 1,000 | 1,000,757 | ||||||
| 5.00%, 06/15/53 (c) | 1,500 | 1,498,135 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 10/01/38 (c) | $ | 585 | $ | 506,365 | ||||
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/31 (c) | 2,000 | 2,017,874 | ||||||
State of Illinois (GO) 5.00%, 02/01/27 | 500 | 512,301 | ||||||
State of Illinois (RB) 3.00%, 06/15/31 (c) | 100 | 97,051 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 5.00%, 10/01/28 | 500 | 529,675 | ||||||
| 5.00%, 11/01/28 | 5 | 5,305 | ||||||
| 5.00%, 12/01/34 (c) | 100 | 103,224 | ||||||
| 5.00%, 05/01/41 (c) | 365 | 372,642 | ||||||
| 5.00%, 03/01/46 (c) | 4,865 | 4,966,408 | ||||||
| State of Illinois, Series B (GO) | ||||||||
| 5.00%, 03/01/27 | 2,000 | 2,053,833 | ||||||
| 5.25%, 05/01/42 (c) | 3,000 | 3,229,743 | ||||||
| 5.25%, 05/01/45 (c) | 1,470 | 1,547,215 | ||||||
| 5.25%, 05/01/49 (c) | 5,900 | 6,129,235 | ||||||
State of Illinois, Series C (GO) 5.00%, 09/01/34 | 500 | 567,964 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 5.00%, 11/01/25 | 250 | 250,000 | ||||||
| 5.00%, 09/01/40 (c) | 1,000 | 1,078,600 | ||||||
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/63 (c) | 1,000 | 990,855 | ||||||
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/41 (c) | 500 | 504,556 | ||||||
Village of Bridgeview (GO) 5.00%, 12/01/42 (c) | 360 | 338,845 | ||||||
| Will County Community High School District No. 210, Series B (GO) | ||||||||
| 0.00%, 01/01/29 ^ | 90 | 80,705 | ||||||
| 0.00%, 01/01/31 ^ | 245 | 204,651 | ||||||
| 0.00%, 01/01/33 ^ | 540 | 416,769 | ||||||
| 322,873,700 | ||||||||
| Indiana: 0.9% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c) | 90 | 72,040 | ||||||
City of Valparaiso, Pratt Paper, LLC Project (RB) 5.00%, 01/01/54 (c) | 2,000 | 1,977,988 | ||||||
| Indiana Finance Authority (RB) | ||||||||
| 5.00%, 02/01/32 | 2,000 | 2,239,215 | ||||||
| 5.00%, 02/01/33 | 2,000 | 2,264,700 | ||||||
| 5.00%, 10/01/64 (c) (p) | 2,000 | 2,156,124 | ||||||
See Notes to Financial Statements
| 52 |
| Par (000’s | ) | Value | ||||||
| Indiana (continued) | ||||||||
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/32 (c) | $ | 150 | $ | 150,000 | ||||
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30 | 1,500 | 1,452,191 | ||||||
| Indiana Finance Authority Student Housing (RB) | ||||||||
| 5.25%, 07/01/55 (c) | 2,000 | 1,821,839 | ||||||
| 5.75%, 07/01/60 (c) | 1,000 | 971,923 | ||||||
Indiana Finance Authority Student Housing, Series A (RB) 5.25%, 07/01/64 (c) | 1,000 | 1,014,421 | ||||||
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/51 (c) | 2,000 | 2,018,684 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 5,000 | 4,840,636 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 5.00%, 02/01/33 | 1,000 | 1,157,051 | ||||||
| 5.00%, 02/01/34 | 500 | 587,485 | ||||||
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | 5,500 | 5,497,168 | ||||||
| Indianapolis Local Public Improvement Bond Bank (RB) | ||||||||
| 5.75%, 03/01/43 (c) | 2,340 | 2,474,452 | ||||||
| 6.00%, 03/01/53 (c) | 1,000 | 1,045,975 | ||||||
| 6.12%, 03/01/57 (c) | 1,135 | 1,194,568 | ||||||
| 32,936,460 | ||||||||
| Iowa: 0.7% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/29 (c) | 1,025 | 989,411 | ||||||
Iowa Finance Authority (RB) 5.75%, 10/01/55 (c) | 1,000 | 1,016,621 | ||||||
Iowa Finance Authority Senior Living Facility (RB) 5.50%, 10/01/45 (c) | 500 | 505,161 | ||||||
| Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | ||||||||
| 5.00%, 05/15/43 (c) | 655 | 646,972 | ||||||
| 5.00%, 05/15/48 (c) | 4,000 | 3,807,645 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 08/01/42 (c) | 12,000 | 12,000,062 | ||||||
| Par (000’s | ) | Value | ||||||
| Iowa (continued) | ||||||||
Iowa Finance Authority, Senior Living Facility (RB) 5.88%, 10/01/65 (c) | $ | 500 | $ | 507,363 | ||||
| Iowa Finance Authority, Series A (RB) | ||||||||
| 5.00%, 05/15/49 (c) | 3,500 | 3,307,641 | ||||||
| 5.12%, 05/15/59 (c) | 1,000 | 938,292 | ||||||
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 5.00%, 10/01/37 (c) | 2,115 | 1,952,349 | ||||||
| 25,671,517 | ||||||||
| Kansas: 0.3% | ||||||||
City of Garden City, Kansas (RB) 5.38%, 06/01/39 (c) | 500 | 505,171 | ||||||
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/41 (c) | 250 | 226,545 | ||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/43 (c) | 1,000 | 986,605 | ||||||
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/46 (c) | 3,000 | 2,490,166 | ||||||
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/27 (c) | 50 | 50,002 | ||||||
City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/38 (c) | 1,355 | 1,330,156 | ||||||
| City of Wichita, Health Care Facilities, Series III (RB) | ||||||||
| 5.00%, 05/15/34 (c) | 250 | 251,377 | ||||||
| 5.00%, 05/15/50 (c) | 500 | 421,776 | ||||||
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/36 (c) | 1,000 | 941,590 | ||||||
| Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB) | ||||||||
| 6.25%, 12/01/42 (c) | 1,000 | 1,032,432 | ||||||
| 6.50%, 12/01/52 (c) | 1,000 | 1,017,913 | ||||||
| Wyandotte County, Unified School District No. 500 (GO) (BAM) | ||||||||
| 5.00%, 09/01/50 (c) | 1,000 | 1,051,588 | ||||||
| 5.25%, 09/01/55 (c) | 1,500 | 1,597,832 | ||||||
| 11,903,153 | ||||||||
| Kentucky: 1.3% | ||||||||
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/36 (c) | 100 | 100,330 | ||||||
See Notes to Financial Statements
| 53 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Kentucky (continued) | ||||||||
| City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) | ||||||||
| 4.45%, 01/01/42 (c) | $ | 2,250 | $ | 2,225,376 | ||||
| 4.70%, 01/01/52 (c) | 3,000 | 2,842,714 | ||||||
| Kentucky Economic Development Finance Authority Hospital, Series A (RB) | ||||||||
| 5.00%, 06/01/31 (c) | 1,315 | 1,340,451 | ||||||
| 5.00%, 06/01/45 (c) | 1,720 | 1,722,583 | ||||||
| Kentucky Economic
Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AG) 5.00%, 12/01/47 (c) | 760 | 756,090 | ||||||
| Kentucky Economic
Development Finance Authority, Louisville Arena Project, Series A (RB) (AG) 5.00%, 12/01/45 (c) | 2,655 | 2,686,061 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
| 5.00%, 05/15/31 (c) | 2,545 | 2,516,032 | ||||||
| 5.00%, 05/15/36 (c) | 350 | 334,225 | ||||||
| 5.00%, 05/15/46 (c) | 1,250 | 1,030,221 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 5.38%, 11/15/32 (c) | 1,250 | 1,228,730 | ||||||
| 5.50%, 11/15/45 (c) | 180 | 151,141 | ||||||
| Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
| 5.00%, 06/01/26 | 175 | 176,008 | ||||||
| 5.25%, 06/01/41 (c) | 750 | 757,063 | ||||||
| Kentucky Economic
Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/40 (c) | 500 | 502,646 | ||||||
| Kentucky Inc.,
Kentucky Public Energy Authority Gas Supply, Series B (RB) 5.00%, 12/01/33 (c) | 2,500 | 2,609,614 | ||||||
| Kentucky Public
Energy Authority, Gas Supply, Series A (RB) 5.25%, 06/01/55 (c) (p) | 9,000 | 9,623,327 | ||||||
| Kentucky Public
Energy Authority, Gas Supply, Series A-1 (RB) 5.00%, 05/01/55 (c) (p) | 2,500 | 2,657,660 | ||||||
| Par (000’s | ) | Value | ||||||
| Kentucky (continued) | ||||||||
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p) | $ | 1,500 | $ | 1,630,299 | ||||
| Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AG) | ||||||||
| 5.00%, 05/15/47 (c) | 3,170 | 3,205,077 | ||||||
| 5.00%, 05/15/47 (c) | 2,500 | 2,557,851 | ||||||
| 5.00%, 05/15/52 (c) | 4,000 | 3,972,539 | ||||||
Paducah Electric Plant Board, Series A (RB) (AG) 5.00%, 10/01/29 (c) | 1,045 | 1,062,152 | ||||||
| 45,688,190 | ||||||||
| Louisiana: 1.3% | ||||||||
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/39 (c) | 3,800 | 3,796,108 | ||||||
City of Shreveport (GO) (AG) 5.00%, 03/01/49 (c) | 1,000 | 1,029,445 | ||||||
City of Shreveport, Water and Sewer, Series C (RB) (BAM) 5.00%, 12/01/25 | 100 | 100,134 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, Christwood Project (RB) | ||||||||
| 4.25%, 11/15/30 | 750 | 752,104 | ||||||
| 5.00%, 11/15/37 (c) | 1,020 | 1,051,926 | ||||||
| 5.25%, 11/15/53 (c) | 300 | 281,920 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/46 (c) | 2,775 | 2,426,152 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/44 (c) | 1,800 | 1,610,850 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/35 (c) | 175 | 131,250 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c) | 3,245 | 3,203,774 | ||||||
| Louisiana Public Facilities Authority (RB) | ||||||||
| 5.00%, 05/15/30 (c) | 2,000 | 2,157,233 | ||||||
| 6.00%, 06/15/59 (c) | 500 | 502,583 | ||||||
See Notes to Financial Statements
| 54 |
| Par (000’s | ) | Value | ||||||
| Louisiana (continued) | ||||||||
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project (RB) | ||||||||
| 5.00%, 09/01/66 (c) | $ | 1,000 | $ | 961,061 | ||||
| 5.50%, 09/01/59 (c) | 1,000 | 1,020,133 | ||||||
| 5.75%, 09/01/64 (c) | 4,000 | 4,150,557 | ||||||
Louisiana Public Facilities Authority, Lake Charles Academy Foundation Project, Series A (RB) 5.00%, 12/15/43 (c) | 1,000 | 954,044 | ||||||
Louisiana Public Facilities Authority, Lake Charles Chapter Academy Project, Series A (RB) 5.00%, 12/15/34 (c) | 1,500 | 1,539,792 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/39 (c) (d) *∞ | 1,647 | 16 | ||||||
| Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB) | ||||||||
| 7.50%, 07/01/23 (d) *∞ | 2,259 | 22 | ||||||
| 8.38%, 07/01/39 (c) (d) *∞ | 1,389 | 14 | ||||||
Parish of St. James, Nustar Logistics, LP Project (RB) 6.35%, 07/01/40 (c) | 6,355 | 6,920,002 | ||||||
Parish of St. James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 10/01/40 (c) | 6,000 | 6,533,050 | ||||||
Parish of St. John the Baptist, Series A-3 (RB) 2.20%, 06/01/37 (p) | 2,000 | 1,990,782 | ||||||
| State of Louisiana, Series B (GO) | ||||||||
| 5.00%, 06/01/33 | 1,485 | 1,724,122 | ||||||
| 5.00%, 06/01/34 | 1,000 | 1,173,655 | ||||||
| 5.00%, 06/01/36 (c) | 2,000 | 2,315,414 | ||||||
| 46,326,143 | ||||||||
| Maine: 0.2% | ||||||||
Maine Finance Authority Solid Waste Disposal, Series R-3 (RB) 5.00%, 08/01/35 | 625 | 646,171 | ||||||
| Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
| 4.00%, 07/01/46 (c) | 1,695 | 1,364,692 | ||||||
| 5.00%, 07/01/41 (c) | 1,000 | 968,104 | ||||||
| 5.00%, 07/01/46 (c) | 3,345 | 3,139,261 | ||||||
| 6,118,228 | ||||||||
| Par (000’s | ) | Value | ||||||
| Maryland: 0.9% | ||||||||
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/51 (c) | $ | 1,000 | $ | 1,002,221 | ||||
| City of Baltimore, Convention Center Hotel (RB) | ||||||||
| 5.00%, 09/01/30 (c) | 1,000 | 1,017,430 | ||||||
| 5.00%, 09/01/39 (c) | 1,000 | 1,004,797 | ||||||
| 5.00%, 09/01/42 (c) | 2,250 | 2,251,353 | ||||||
| 5.00%, 09/01/46 (c) | 2,000 | 1,971,649 | ||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/38 (c) | 500 | 504,879 | ||||||
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/43 (c) | 250 | 250,459 | ||||||
| Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) | ||||||||
| 5.00%, 09/01/32 (c) | 2,000 | 1,995,500 | ||||||
| 5.00%, 09/01/37 (c) | 1,000 | 957,927 | ||||||
| 5.00%, 09/01/45 (c) | 1,000 | 876,797 | ||||||
Frederick County, Maryland Urban Community Development Authority, Series A (ST) 4.00%, 07/01/50 (c) | 1,925 | 1,711,372 | ||||||
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/43 (c) | 1,800 | 1,753,630 | ||||||
Howard County, Series A (TA) 4.50%, 02/15/47 (c) | 2,500 | 2,336,678 | ||||||
Maryland Economic Development Corp., Core Natural Resources, Inc. Project (RB) 5.00%, 07/01/48 (c) (p) | 2,000 | 2,112,602 | ||||||
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
| 4.38%, 07/01/36 (c) | 470 | 464,325 | ||||||
| 4.50%, 07/01/44 (c) | 530 | 495,134 | ||||||
| Maryland Economic Development Corp., Port Covington Project (TA) | ||||||||
| 4.00%, 09/01/40 (c) | 2,250 | 2,123,252 | ||||||
| 4.00%, 09/01/50 (c) | 3,250 | 2,771,838 | ||||||
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.25%, 06/30/52 (c) | 1,085 | 1,081,574 | ||||||
See Notes to Financial Statements
| 55 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
Maryland Health & Higher Educational Facilities Authority (RB) (AG) 5.00%, 07/01/55 (c) | $ | 3,000 | $ | 3,099,320 | ||||
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) 5.00%, 07/01/38 (c) | 250 | 252,191 | ||||||
Maryland Health and Higher Educational Facilities Authority, Series A (RB) 5.25%, 07/01/52 (c) | 2,250 | 2,372,173 | ||||||
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/37 (c) | 1,000 | 1,002,164 | ||||||
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 07/01/36 (c) | 400 | 400,323 | ||||||
| 33,809,588 | ||||||||
| Massachusetts: 2.0% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/39 (c) | 365 | 365,479 | ||||||
Commonwealth of Massachusetts (RB) (BAM) 5.50%, 01/01/34 | 1,420 | 1,643,494 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 04/01/45 (c) | 1,000 | 1,075,535 | ||||||
| 5.00%, 04/01/50 (c) | 1,250 | 1,323,944 | ||||||
| 5.00%, 04/01/55 (c) | 1,100 | 1,158,045 | ||||||
Commonwealth of Massachusetts, Series E (GO) 5.00%, 08/01/54 (c) | 5,000 | 5,244,534 | ||||||
| Massachusetts Development Finance Agency (RB) | ||||||||
| 5.00%, 09/01/59 (c) | 2,000 | 2,028,259 | ||||||
| 6.38%, 07/15/45 (c) | 500 | 506,300 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/53 (c) | 1,500 | 1,516,208 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center, Series D (RB) 5.00%, 07/01/44 (c) | 2,120 | 2,091,291 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center, Series G (RB) 5.25%, 07/01/52 (c) | 1,435 | 1,445,541 | ||||||
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/48 (c) | 1,000 | 947,725 | ||||||
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Development Finance Agency, Brown University Health, Series A (RB) | ||||||||
| 5.25%, 08/15/45 (c) | $ | 1,000 | $ | 1,045,277 | ||||
| 5.50%, 08/15/50 (c) | 1,500 | 1,563,131 | ||||||
Massachusetts Development Finance Agency, Care Communities, LLC Issue, Series A (RB) 5.50%, 07/15/35 | 250 | 255,583 | ||||||
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/43 (c) | 1,035 | 989,302 | ||||||
| Massachusetts Development Finance Agency, Lasell Village, Inc. (RB) | ||||||||
| 5.00%, 07/01/29 | 1,500 | 1,578,983 | ||||||
| 5.25%, 07/01/50 (c) | 1,000 | 1,010,512 | ||||||
| 5.25%, 07/01/55 (c) | 1,000 | 1,006,090 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/34 (c) | 1,000 | 925,938 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/34 (c) | 350 | 329,894 | ||||||
| Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
| 5.00%, 11/15/38 (c) | 500 | 515,349 | ||||||
| 5.12%, 11/15/46 (c) | 500 | 506,761 | ||||||
| Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A (RB) | ||||||||
| 5.00%, 07/01/54 (c) | 1,000 | 956,207 | ||||||
| 5.00%, 07/01/60 (c) | 1,000 | 943,287 | ||||||
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
| 4.00%, 10/01/32 (c) | 1,000 | 995,019 | ||||||
| 4.12%, 10/01/42 (c) | 2,500 | 2,321,578 | ||||||
| 5.00%, 10/01/47 (c) | 1,400 | 1,390,075 | ||||||
| 5.00%, 10/01/57 (c) | 14,550 | 14,073,329 | ||||||
| Massachusetts Development Finance Agency, Series N (RB) (AG) | ||||||||
| 5.00%, 07/01/30 | 1,000 | 1,100,286 | ||||||
| 5.00%, 07/01/34 | 1,000 | 1,153,627 | ||||||
| 5.00%, 07/01/50 (c) | 1,000 | 1,040,372 | ||||||
| Massachusetts Development Finance Agency, Series N-1 (RB) | ||||||||
| 4.50%, 07/01/54 (c) | 2,000 | 1,894,613 | ||||||
| 5.25%, 07/01/50 (c) | 4,000 | 4,087,610 | ||||||
See Notes to Financial Statements
| 56 |
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/36 (c) | $ | 1,500 | $ | 1,468,685 | ||||
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AG) 4.00%, 06/01/56 (c) | 5 | 3,799 | ||||||
| Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/34 (c) | 1,120 | 1,134,270 | ||||||
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/41 (c) | 1,930 | 1,931,630 | ||||||
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/48 (c) | 1,000 | 912,213 | ||||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 190 | 192,193 | ||||||
| 5.00%, 07/01/46 (c) | 510 | 508,577 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series N-2 (RB) 5.00%, 07/01/35 (c) | 1,000 | 1,132,834 | ||||||
Massachusetts Development Finance Agency, Wellforce, Inc., Series C (RB) (AG) 3.00%, 10/01/45 (c) | 3,000 | 2,377,110 | ||||||
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/33 (c) | 1,250 | 1,280,836 | ||||||
| 69,971,325 | ||||||||
| Michigan: 0.8% | ||||||||
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/41 (c) | 290 | 287,179 | ||||||
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/45 (c) | 250 | 258,981 | ||||||
| City of Detroit, Michigan Unlimited Tax, Series A (GO) | ||||||||
| 5.00%, 04/01/46 (c) | 135 | 136,690 | ||||||
| 5.00%, 04/01/50 (c) | 1,475 | 1,483,168 | ||||||
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
Detroit Service Learning Academy, Public School Academy (RB) (AG) 4.00%, 07/01/41 (c) | $ | 1,000 | $ | 863,722 | ||||
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/41 (c) | 500 | 465,603 | ||||||
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/28 (c) | 235 | 234,791 | ||||||
Ivywood Classical Academy (RB) 6.25%, 01/01/59 (c) | 1,000 | 977,819 | ||||||
| Michigan Finance Authority, Corewell Health, Series A (RB) | ||||||||
| 5.00%, 08/15/35 (c) | 2,500 | 2,888,281 | ||||||
| 5.00%, 08/15/46 (c) | 2,000 | 2,110,290 | ||||||
Michigan Finance Authority, Corewell Health, Series B-2 (RB) 5.00%, 08/15/55 (p) | 6,000 | 6,754,595 | ||||||
Michigan Finance Authority, Henry Ford Health Detroit South Campus (RB) 5.50%, 02/28/57 (c) | 4,255 | 4,462,533 | ||||||
Michigan Finance Authority, Presbyterian Villages of Michigan (RB) 5.50%, 11/15/45 (c) | 294 | 250,024 | ||||||
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 06/01/65 (c) ^ | 15,500 | 1,569,935 | ||||||
| Michigan Strategic Fund, I-75 Improvement Project (RB) | ||||||||
| 5.00%, 06/30/31 (c) | 600 | 625,479 | ||||||
| 5.00%, 12/31/32 (c) | 700 | 727,700 | ||||||
| 5.00%, 06/30/48 (c) | 1,470 | 1,447,934 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) (AG) 4.50%, 06/30/48 (c) | 1,000 | 941,377 | ||||||
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 06/01/52 (c) ^ | 260 | 32,162 | ||||||
Western Michigan University, Series A (RB) (AG) 5.25%, 11/15/54 (c) | 1,500 | 1,591,002 | ||||||
| 28,109,265 | ||||||||
| Minnesota: 0.6% | ||||||||
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/37 (c) | 135 | 131,844 | ||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c) | 310 | 305,610 | ||||||
See Notes to Financial Statements
| 57 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
| City of Apple Valley (RB) | ||||||||
| 5.38%, 09/01/45 (c) | $ | 420 | $ | 425,028 | ||||
| 5.50%, 09/01/55 (c) | 600 | 606,312 | ||||||
| 5.62%, 09/01/65 (c) | 815 | 824,966 | ||||||
City of Brainerd (RB) 5.50%, 05/01/45 (c) | 1,000 | 998,187 | ||||||
City of Brooklyn Park, Minnesota Chapter School (RB) 5.12%, 06/15/54 (c) | 1,000 | 915,593 | ||||||
City of Coon Rapids (RB) 6.50%, 06/15/47 (c) | 1,000 | 1,026,256 | ||||||
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/34 (c) | 3,000 | 1,800,000 | ||||||
| City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
| 5.25%, 07/01/40 (c) | 500 | 500,159 | ||||||
| 5.50%, 07/01/50 (c) | 2,860 | 2,860,012 | ||||||
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/50 (c) | 500 | 490,060 | ||||||
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/33 (c) | 115 | 110,711 | ||||||
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/34 (c) | 1,830 | 1,901,337 | ||||||
City of Shakopee Senior Housing Revenue (RB) 5.75%, 11/01/55 (c) | 500 | 500,296 | ||||||
City of St. Cloud, Centracare Health System (RB) 5.00%, 05/01/54 (c) | 1,000 | 1,028,455 | ||||||
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/53 (d) (p) * | 1,927 | 192,740 | ||||||
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 5.75%, 09/01/46 (c) | 325 | 325,905 | ||||||
City of St. Paul, Minnesota Housing and Redevelopment Authority (RB) 4.00%, 11/15/43 (c) | 2,000 | 1,788,962 | ||||||
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/41 (c) | 2,255 | 1,892,266 | ||||||
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/49 (c) | 2,000 | 1,970,464 | ||||||
| Par (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/46 (c) | $ | 1,000 | $ | 687,211 | ||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/01/40 (c) | 860 | 598,096 | ||||||
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/36 (c) | 250 | 233,155 | ||||||
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/56 (c) | 1,150 | 821,504 | ||||||
| 22,935,129 | ||||||||
| Mississippi: 0.2% | ||||||||
| Mississippi Development Bank, Magnolia Regional Health Center Project (RB) | ||||||||
| 4.00%, 10/01/41 (c) | 3,500 | 2,921,131 | ||||||
| 5.00%, 10/01/32 (c) | 1,530 | 1,588,254 | ||||||
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c) | 3,000 | 3,006,263 | ||||||
| 7,515,648 | ||||||||
| Missouri: 0.8% | ||||||||
| Boone County, Boone Hospital Center (RB) | ||||||||
| 3.00%, 08/01/34 (c) | 410 | 307,358 | ||||||
| 4.00%, 08/01/38 (c) | 565 | 430,417 | ||||||
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/35 (c) | 500 | 499,515 | ||||||
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 10/01/26 (c) | 15 | 14,945 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/35 (c) | 250 | 229,922 | ||||||
| Health & Educational Facilities Authority of the State of Missouri (RB) | ||||||||
| 5.00%, 10/01/35 (c) | 500 | 504,381 | ||||||
| 6.00%, 10/01/45 (c) | 500 | 501,263 | ||||||
| Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB) | ||||||||
| 5.25%, 02/01/48 (c) | 1,000 | 1,004,375 | ||||||
| 5.25%, 02/01/54 (c) | 250 | 248,368 | ||||||
See Notes to Financial Statements
| 58 |
| Par (000’s | ) | Value | ||||||
| Missouri (continued) | ||||||||
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series B (RB) 5.00%, 02/01/46 (c) | $ | 1,460 | $ | 1,426,546 | ||||
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/42 (c) | 475 | 429,557 | ||||||
I-470 Western Gateway Transportation Development District, Series A (RB) 5.25%, 12/01/48 (c) | 1,100 | 1,100,700 | ||||||
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46 | 5,352 | 3,621,095 | ||||||
Kansas City Missouri Industrial Development Authority, Historic Northeast Redevelopment Plan, Series A-1 (RB) 5.00%, 06/01/46 (c) | 500 | 488,991 | ||||||
| Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) | ||||||||
| 5.25%, 05/15/37 (c) | 1,500 | 1,501,696 | ||||||
| 5.25%, 05/15/50 (c) | 2,000 | 1,769,909 | ||||||
| Lee’s Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
| 5.00%, 08/15/32 (c) | 2,430 | 2,473,657 | ||||||
| 5.00%, 08/15/36 (c) | 1,550 | 1,554,074 | ||||||
| 5.00%, 08/15/42 (c) | 2,000 | 1,919,722 | ||||||
| Lee’s Summit, Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A (RB) | ||||||||
| 5.00%, 08/15/39 (c) | 1,000 | 1,023,213 | ||||||
| 5.62%, 08/15/54 (c) | 500 | 503,932 | ||||||
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/42 (c) | 3,000 | 3,008,745 | ||||||
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/50 (c) | 1,000 | 728,708 | ||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis (RB) 5.00%, 09/01/48 (c) | 2,500 | 2,434,140 | ||||||
| Par (000’s | ) | Value | ||||||
| Missouri (continued) | ||||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/38 (c) | $ | 500 | $ | 507,935 | ||||
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/35 (c) | 150 | 149,654 | ||||||
University City of Missouri, Industrial Development Authority, Series A (RB) 4.88%, 06/15/36 (c) | 880 | 902,028 | ||||||
| 29,284,846 | ||||||||
| Montana: 0.1% | ||||||||
City of Kalispell, Immanuel Living at Buffalo Hill Project, Series B (RB) 4.25%, 05/15/30 (c) | 500 | 502,267 | ||||||
Montana Facility Finance Authority, Health Care Facilities, Children’s Home & Hospital Project, Series A (RB) 4.00%, 07/01/50 (c) | 1,970 | 1,467,877 | ||||||
| 1,970,144 | ||||||||
| Nebraska: 0.2% | ||||||||
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
| 5.00%, 09/01/30 | 2,000 | 2,124,340 | ||||||
| 5.00%, 09/01/34 | 1,000 | 1,100,262 | ||||||
| 5.00%, 09/01/36 | 500 | 549,829 | ||||||
Central Plains Energy Project, Gas Supply, Series A (RB) 5.00%, 08/01/55 (c) (p) | 2,000 | 2,161,261 | ||||||
Central Plains Energy Project, Series G (RB) 5.00%, 05/01/53 (c) (p) | 235 | 247,939 | ||||||
| 6,183,631 | ||||||||
| Nevada: 0.4% | ||||||||
| City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
| 4.00%, 06/01/44 (c) | 225 | 198,744 | ||||||
| 4.00%, 06/01/49 (c) | 515 | 437,356 | ||||||
City of Las Vegas, Special Improvement District No. 818 (SA) 5.00%, 12/01/49 (c) | 500 | 496,509 | ||||||
City of Reno, Special Assessment District No. 1, Local Improvement (SA) 5.25%, 06/01/54 (c) | 750 | 743,663 | ||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c) | 505 | 505,672 | ||||||
See Notes to Financial Statements
| 59 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Nevada (continued) | ||||||||
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/35 (c) | $ | 155 | $ | 155,083 | ||||
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/35 (c) | 575 | 557,425 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 06/01/49 (c) | 210 | 195,667 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 06/01/43 (c) | 440 | 422,719 | ||||||
State of Nevada, Department of Business and Industry, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p) | 10,500 | 8,400,000 | ||||||
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
| 5.00%, 12/15/35 (c) | 2,000 | 2,000,713 | ||||||
| 5.00%, 12/15/38 (c) | 400 | 399,989 | ||||||
| 5.00%, 12/15/48 (c) | 500 | 461,628 | ||||||
| 5.12%, 12/15/45 (c) | 1,000 | 956,360 | ||||||
| 15,931,528 | ||||||||
| New Hampshire: 0.8% | ||||||||
National Finance Authority, Affordable Housing, Series 1 (RB) 4.75%, 06/20/41 (c) (p) | 499 | 518,463 | ||||||
National Finance Authority, Bridgeland Water and Utility Districts (RB) 5.38%, 12/15/35 (c) | 2,114 | 2,115,575 | ||||||
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 11/01/42 (c) | 4,225 | 3,775,007 | ||||||
National Finance Authority, Emberly and Cantera Creek Projects (RB) 5.38%, 12/01/31 (c) | 713 | 715,050 | ||||||
National Finance Authority, Highlands Project (RB) 5.12%, 12/15/30 (c) | 675 | 676,955 | ||||||
National Finance Authority, Mirador Project (RB) 6.00%, 12/01/31 (c) | 750 | 754,574 | ||||||
National Finance Authority, Municipal Certificates, Series 2 (RB) 4.22%, 11/20/42 | 998 | 982,249 | ||||||
National Finance Authority, New Hampshire (RB) 0.00%, 12/15/32 (c) ^ | 750 | 468,766 | ||||||
| Par (000’s | ) | Value | ||||||
| New Hampshire (continued) | ||||||||
National Finance Authority, New Hampshire Business, Series A-2 (RB) 4.17%, 01/20/41 | $ | 3,980 | $ | 3,724,479 | ||||
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 11/01/42 (c) | 2,000 | 1,800,747 | ||||||
National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB) 5.25%, 07/01/48 (c) | 1,000 | 1,006,425 | ||||||
National Finance Authority, Silverado Project (RB) 5.00%, 12/01/28 (c) | 1,000 | 1,000,636 | ||||||
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/41 (c) | 1,000 | 919,322 | ||||||
National Finance Authority, Valencia Project (RB) 5.30%, 12/01/32 (c) | 750 | 752,584 | ||||||
National Finance Authority, Vista Project, Series A (RB) 5.62%, 07/01/46 (c) | 2,600 | 2,605,807 | ||||||
National Finance Authority, Wildflower Project (RB) 0.00%, 12/15/33 (c) ^ | 505 | 313,652 | ||||||
New Hampshire Business Finance Authority (RB) 0.00%, 12/01/31 (c) ^ | 5,000 | 3,398,062 | ||||||
New Hampshire Business Finance Authority, Series A (RB) (BAM) 4.12%, 01/20/34 | 1,284 | 1,311,103 | ||||||
New Hampshire Business Finance Authority, Series A-2 (RB) 5.15%, 06/20/41 (c) (p) | 999 | 1,043,090 | ||||||
| 27,882,546 | ||||||||
| New Jersey: 1.9% | ||||||||
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/36 (c) | 470 | 471,024 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.25%, 09/15/29 (c) | 1,160 | 1,160,017 | ||||||
| 5.50%, 06/01/33 (c) | 60 | 60,001 | ||||||
| 5.62%, 11/15/30 (c) | 2,035 | 2,035,030 | ||||||
| 5.62%, 11/15/30 (c) | 285 | 285,004 | ||||||
| 5.75%, 09/15/27 (c) | 590 | 590,009 | ||||||
See Notes to Financial Statements
| 60 |
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | $ | 55 | $ | 55,353 | ||||
| New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
| 4.88%, 01/01/29 (c) | 535 | 535,004 | ||||||
| 5.00%, 01/01/34 (c) | 500 | 500,074 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/32 (c) | 1,640 | 1,648,612 | ||||||
| 4.00%, 07/01/34 (c) | 2,000 | 2,020,088 | ||||||
| 5.00%, 07/01/33 (c) | 4,640 | 4,737,384 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 5.00%, 07/01/28 (c) | 2,500 | 2,582,702 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^ | 515 | 503,610 | ||||||
New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) 5.00%, 10/01/47 (c) | 3,300 | 3,302,617 | ||||||
New Jersey Economic Development Authority, Rapuano Port & Rail Terminal Project (RB) 6.38%, 01/01/35 (c) | 1,250 | 1,299,121 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 06/15/48 (c) | 2,880 | 2,934,176 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 06/15/38 (c) | 600 | 638,677 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 5.12%, 01/01/34 (c) | 350 | 350,599 | ||||||
| 5.50%, 01/01/27 (c) | 500 | 501,007 | ||||||
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c) | 150 | 146,101 | ||||||
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/64 (c) (p) | $ | 2,000 | $ | 2,225,530 | ||||
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/47 (c) | 490 | 380,590 | ||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/28 (c) | 500 | 526,467 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/33 ^ | 5 | 3,854 | ||||||
| 5.00%, 12/15/26 | 5 | 5,122 | ||||||
| 5.00%, 12/15/28 | 200 | 213,773 | ||||||
| 5.00%, 06/15/37 (c) | 1,000 | 1,140,147 | ||||||
| 5.00%, 06/15/38 (c) | 1,500 | 1,695,380 | ||||||
| 5.00%, 12/15/39 (c) | 385 | 406,622 | ||||||
| 5.25%, 06/15/39 (c) | 3,000 | 3,429,583 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 5.00%, 06/15/36 (c) | 1,000 | 1,164,814 | ||||||
| 5.00%, 06/15/37 (c) | 1,000 | 1,154,936 | ||||||
| 5.00%, 06/15/40 (c) | 1,000 | 1,119,068 | ||||||
| 5.00%, 06/15/41 (c) | 1,000 | 1,107,801 | ||||||
| 5.00%, 06/15/42 (c) | 1,000 | 1,095,163 | ||||||
| 5.00%, 06/15/45 (c) | 2,000 | 2,137,951 | ||||||
New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.00%, 06/15/50 (c) | 3,000 | 2,266,267 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) 0.00%, 12/15/28 ^ | 100 | 91,419 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^ | 365 | 304,116 | ||||||
New Jersey Transportation Trust Fund Authority, Series CC (RB) 5.25%, 06/15/50 (c) | 1,000 | 1,064,434 | ||||||
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27 | 100 | 102,038 | ||||||
| Passaic County Improvement Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/55 (c) | 750 | 706,849 | ||||||
| 5.00%, 01/01/60 (c) | 500 | 460,808 | ||||||
See Notes to Financial Statements
| 61 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/34 (c) | $ | 360 | $ | 371,941 | ||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/46 (c) | 2,475 | 2,452,077 | ||||||
| 5.25%, 06/01/46 (c) | 2,675 | 2,682,542 | ||||||
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/46 (c) | 14,925 | 14,553,614 | ||||||
| 69,219,116 | ||||||||
| New Mexico: 0.1% | ||||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/49 (c) | 3,480 | 3,107,828 | ||||||
New Mexico Mortgage Finance Authority, Single Family Program, Series C (RB) 5.10%, 09/01/55 (c) | 1,000 | 1,016,067 | ||||||
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) 5.00%, 06/01/54 (c) (p) | 1,000 | 1,073,813 | ||||||
| 5,197,708 | ||||||||
| New York: 10.4% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
| 0.00%, 07/15/32 ^ | 395 | 307,536 | ||||||
| 0.00%, 07/15/33 ^ | 370 | 275,910 | ||||||
| 0.00%, 07/15/47 ^ | 180 | 58,883 | ||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 07/15/26 | 345 | 348,017 | ||||||
| 5.00%, 07/15/42 (c) | 9,515 | 9,534,816 | ||||||
| Build NYC Resource Corp. (RB) | ||||||||
| 5.12%, 10/15/45 (c) | 1,500 | 1,481,564 | ||||||
| 5.25%, 10/15/50 (c) | 1,500 | 1,477,478 | ||||||
| 5.38%, 10/15/55 (c) | 1,000 | 994,657 | ||||||
| 5.38%, 10/15/61 (c) | 2,000 | 1,957,439 | ||||||
| 5.62%, 07/01/45 (c) | 500 | 498,132 | ||||||
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/45 (c) | 4,545 | 4,492,354 | ||||||
| Build NYC Resource Corp., Bayridge Preparatory School Project (RB) | ||||||||
| 5.00%, 09/01/49 (c) | 1,255 | 1,174,798 | ||||||
| 5.00%, 09/01/59 (c) | 3,800 | 3,459,991 | ||||||
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) 5.75%, 06/01/42 (c) | 1,000 | 1,018,217 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB) | ||||||||
| 5.25%, 07/01/52 (c) | $ | 1,000 | $ | 1,010,466 | ||||
| 5.25%, 07/01/57 (c) | 1,000 | 1,007,668 | ||||||
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/50 (c) | 1,200 | 1,038,940 | ||||||
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/51 (c) | 6,500 | 6,111,966 | ||||||
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB) 5.50%, 06/15/63 (c) | 1,000 | 977,954 | ||||||
City of New York, Series D (GO) 5.00%, 10/01/45 (c) | 1,000 | 1,065,338 | ||||||
| City of New York, Series G (GO) | ||||||||
| 5.00%, 02/01/37 (c) | 1,000 | 1,150,318 | ||||||
| 5.25%, 02/01/53 (c) | 1,500 | 1,599,839 | ||||||
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/40 (c) | 1,250 | 1,234,553 | ||||||
County of Sullivan, Adelaar Infrastructure Project, Series A-2 (SA) 5.35%, 11/01/49 (c) | 2,000 | 2,003,107 | ||||||
| Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
| 5.00%, 07/01/40 (c) | 1,500 | 1,533,293 | ||||||
| 5.00%, 07/01/45 (c) | 1,000 | 999,029 | ||||||
| 5.00%, 07/01/51 (c) | 3,370 | 3,321,044 | ||||||
| Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/38 (c) | 5 | 4,613 | ||||||
| 5.00%, 06/01/45 (c) | 2,000 | 1,654,059 | ||||||
Long Island Power Authority Electric System, Series B (RB) 3.00%, 09/01/55 (c) (p) | 1,500 | 1,486,642 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 5.00%, 11/15/41 (c) | 1,000 | 1,080,939 | ||||||
| 5.25%, 11/15/49 (c) | 1,625 | 1,725,062 | ||||||
| 5.25%, 11/15/55 (c) | 2,000 | 2,122,946 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/35 | 2,000 | 2,297,162 | ||||||
| 5.00%, 11/15/42 (c) | 1,500 | 1,614,642 | ||||||
| Monroe County Industrial Development Corp., Eugenio Maria De Hostos Charter School Project, Series A (RB) | ||||||||
| 5.00%, 07/01/44 (c) | 1,000 | 951,243 | ||||||
| 5.00%, 07/01/59 (c) | 1,000 | 891,352 | ||||||
See Notes to Financial Statements
| 62 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 3.00%, 12/01/40 (c) | $ | 5 | $ | 4,094 | ||||
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) | ||||||||
| 4.00%, 12/01/35 (c) | 2,100 | 2,111,732 | ||||||
| 5.00%, 12/01/31 (c) | 500 | 539,575 | ||||||
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 06/01/46 (c) | 2,905 | 2,195,992 | ||||||
| New York & New Jersey Port Authority (RB) | ||||||||
| 5.00%, 01/15/50 (c) | 3,000 | 3,169,442 | ||||||
| 5.00%, 01/15/55 (c) | 2,500 | 2,623,627 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series B-2 (RB) 3.95%, 11/01/64 (c) (p) | 1,500 | 1,531,813 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series C-2 (RB) 3.75%, 05/01/65 (c) (p) | 2,000 | 2,030,392 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB) 4.55%, 11/01/54 (c) | 2,000 | 1,970,985 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Series D (RB) 4.00%, 12/15/31 (c) | 250 | 256,423 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Series E (RB) 4.38%, 12/15/31 (c) | 1,000 | 1,023,291 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Series F (RB) 5.25%, 12/15/31 (c) | 1,250 | 1,289,406 | ||||||
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 07/01/28 (c) | 1,110 | 1,110,179 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.00%, 05/01/45 (c) | 1,000 | 1,070,034 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York Convention Center Development Corp. (RB) 5.00%, 11/15/40 (c) | $ | 3,325 | $ | 3,326,801 | ||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 3.75%, 06/01/45 (c) | 500 | 374,243 | ||||||
| 5.00%, 06/01/42 (c) | 7,335 | 6,308,192 | ||||||
| 5.00%, 06/01/45 (c) | 785 | 614,102 | ||||||
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 06/01/55 (c) ^ | 5 | 410 | ||||||
| New York Counties Tobacco Trust VI, Series A-2B (RB) | ||||||||
| 5.00%, 06/01/45 (c) | 1,270 | 1,112,902 | ||||||
| 5.00%, 06/01/51 (c) | 5,000 | 4,228,224 | ||||||
New York Energy Finance Development Corp. (RB) 5.00%, 07/01/56 (c) (p) | 4,650 | 5,005,226 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 5.00%, 11/15/44 (c) | 7,000 | 6,999,908 | ||||||
| 5.38%, 11/15/40 (c) | 10,000 | 10,001,917 | ||||||
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 09/15/69 (c) | 7,000 | 6,541,226 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35 | 3,000 | 3,508,342 | ||||||
New York State Dormitory Authority, Catholic Health System, Series A (RB) 4.00%, 07/01/45 (c) | 2,500 | 2,001,185 | ||||||
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 | 480 | 519,319 | ||||||
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31 | 150 | 158,572 | ||||||
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/41 (c) | 1,550 | 1,562,524 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27 | 1,000 | 1,023,291 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) (AG) 5.00%, 07/01/43 (c) | 2,375 | 2,443,749 | ||||||
See Notes to Financial Statements
| 63 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Dormitory Authority, White Plains Hospital (RB) 5.25%, 10/01/49 (c) | $ | 1,100 | $ | 1,121,333 | ||||
New York State Dormitory Authority, White Plants Hospital (RB) (AG) 5.50%, 10/01/54 (c) | 4,300 | 4,615,394 | ||||||
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/50 (c) | 6,300 | 6,193,385 | ||||||
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA) 4.25%, 09/01/50 (c) (p) | 1,750 | 1,772,098 | ||||||
New York State Housing Finance Agency, Series A (RB) 3.95%, 11/01/50 (c) (p) | 1,000 | 1,017,690 | ||||||
| New York Transportation Development Corp. (RB) | ||||||||
| 6.00%, 06/30/44 (c) | 700 | 764,959 | ||||||
| 6.00%, 06/30/50 (c) | 750 | 804,800 | ||||||
| 6.00%, 06/30/59 (c) | 9,000 | 9,579,069 | ||||||
New York Transportation Development Corp. (RB) (AG) 6.00%, 06/30/43 (c) | 800 | 893,300 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 3.00%, 08/01/31 | 5,765 | 5,458,939 | ||||||
| 5.00%, 08/01/26 (c) | 1,750 | 1,750,436 | ||||||
| 5.00%, 08/01/31 (c) | 1,140 | 1,140,261 | ||||||
| 5.25%, 08/01/31 (c) | 4,985 | 5,216,441 | ||||||
| 5.38%, 08/01/36 (c) | 2,000 | 2,089,502 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 01/01/36 (c) | 1,250 | 1,216,103 | ||||||
| 4.38%, 10/01/45 (c) | 7,500 | 7,020,759 | ||||||
| 5.00%, 01/01/30 (c) | 4,600 | 4,761,380 | ||||||
| 5.00%, 01/01/33 (c) | 5,230 | 5,368,404 | ||||||
| 5.00%, 10/01/35 (c) | 6,650 | 6,959,713 | ||||||
| 5.00%, 10/01/40 (c) | 7,000 | 7,111,464 | ||||||
| 5.62%, 04/01/40 (c) | 5,895 | 6,193,177 | ||||||
| 6.00%, 04/01/35 (c) | 10,000 | 11,044,625 | ||||||
New York Transportation Development Corp., JFK Airport Terminal 4 Project (RB) (AG) 5.00%, 12/01/31 | 2,355 | 2,569,194 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB) | ||||||||
| 5.50%, 12/31/54 (c) | $ | 9,900 | $ | 10,199,652 | ||||
| 5.50%, 12/31/60 (c) | 1,000 | 1,022,190 | ||||||
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB) (AG) 5.25%, 12/31/54 (c) | 4,000 | 4,122,436 | ||||||
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series B (RB) (AG) 5.00%, 12/31/54 (c) | 1,000 | 651,093 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal 4 Project (RB) (AG) 5.00%, 12/01/30 | 5,000 | 5,404,949 | ||||||
| New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) | ||||||||
| 5.00%, 06/30/60 (c) | 2,500 | 2,419,343 | ||||||
| 5.25%, 06/30/49 (c) | 1,850 | 1,871,110 | ||||||
| 5.38%, 06/30/60 (c) | 6,000 | 6,032,523 | ||||||
| 6.00%, 06/30/54 (c) | 6,475 | 6,760,534 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) (AG) 5.00%, 12/01/32 | 6,080 | 6,677,598 | ||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
| 5.00%, 07/01/34 (c) | 3,000 | 3,001,968 | ||||||
| 5.00%, 07/01/41 (c) | 11,445 | 11,445,750 | ||||||
| 5.00%, 07/01/46 (c) | 18,530 | 18,478,307 | ||||||
| 5.25%, 01/01/50 (c) | 9,720 | 9,719,890 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminals B Redevelopment Project, Series A (RB) (AG) 4.00%, 07/01/35 (c) | 1,000 | 997,030 | ||||||
See Notes to Financial Statements
| 64 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) | ||||||||
| 5.00%, 12/01/39 (c) | $ | 1,000 | $ | 1,047,275 | ||||
| 5.00%, 12/01/41 (c) | 6,000 | 6,179,304 | ||||||
| 5.00%, 12/01/42 (c) | 1,000 | 1,021,798 | ||||||
| New York Transportation Development Corporation, John F. Kennedy International Airport New Terminal Project (RB) | ||||||||
| 5.50%, 06/30/54 (c) | 7,895 | 8,076,730 | ||||||
| 5.50%, 06/30/60 (c) | 3,000 | 3,065,263 | ||||||
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 11/01/42 (c) | 2,250 | 1,995,711 | ||||||
Onondaga Civic Development Corp., Syracuse University Project (RB) 5.50%, 12/01/56 (c) | 3,000 | 3,284,658 | ||||||
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/45 (c) | 355 | 240,487 | ||||||
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^ | 10,515 | 937,099 | ||||||
Triborough Bridge and Tunnel Authority, Series A (RB) 5.50%, 12/01/59 (c) | 1,000 | 1,081,004 | ||||||
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.00%, 09/01/36 (c) | 2,020 | 2,158,425 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) | ||||||||
| 5.00%, 06/01/45 (c) | 5,600 | 4,967,412 | ||||||
| 5.00%, 06/01/48 (c) | 3,000 | 2,635,838 | ||||||
Ulster County Capital Resource Corp. (RB) 5.88%, 09/15/59 (c) | 2,000 | 1,980,535 | ||||||
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
| 5.00%, 09/15/37 (c) | 400 | 400,028 | ||||||
| 5.25%, 09/15/53 (c) | 180 | 163,385 | ||||||
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/46 (c) | 4,860 | 4,451,371 | ||||||
Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) 5.00%, 07/01/46 (c) | 2,000 | 1,867,903 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 07/01/56 (c) | $ | 4,500 | $ | 3,968,166 | ||||
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/41 (c) | 200 | 200,292 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/54 (c) | 275 | 250,710 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AG) 5.00%, 10/15/39 (c) | 315 | 316,169 | ||||||
| 374,375,447 | ||||||||
| North Carolina: 0.7% | ||||||||
Columbus County Industrial Facilities & Pollution Control Financing Authority (RB) 4.20%, 05/01/34 | 500 | 516,834 | ||||||
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) 5.00%, 12/31/37 (c) | 1,000 | 1,000,816 | ||||||
| North Carolina Medical Care Commission Retirement Facilities (RB) | ||||||||
| 5.00%, 10/01/34 (c) | 670 | 713,959 | ||||||
| 5.00%, 10/01/35 (c) | 565 | 597,874 | ||||||
| 5.38%, 10/01/45 (c) | 810 | 820,348 | ||||||
| 5.62%, 10/01/55 (c) | 360 | 363,761 | ||||||
North Carolina Medical Care Commission Retirement Facilities First Mortgage (RB) 5.00%, 10/01/33 (c) | 1,000 | 1,073,250 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
| 5.00%, 10/01/31 (c) | 3,530 | 3,553,717 | ||||||
| 5.00%, 10/01/37 (c) | 1,140 | 1,141,580 | ||||||
| 5.25%, 12/01/54 (c) | 1,000 | 1,009,130 | ||||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series B-3 (RB) 4.25%, 09/01/28 (c) | 500 | 500,065 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) | ||||||||
| 5.00%, 10/01/30 (c) | 165 | 165,325 | ||||||
| 5.50%, 09/01/54 (c) | 1,485 | 1,480,632 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AG) 5.00%, 07/01/49 (c) | 385 | 362,142 | ||||||
See Notes to Financial Statements
| 65 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/37 (c) | $ | 465 | $ | 464,974 | ||||
North Carolina Turnpike Authority (RB) 5.00%, 01/01/49 (c) | 1,430 | 1,451,500 | ||||||
North Carolina Turnpike Authority (RB) (AG) 4.00%, 01/01/55 (c) | 1,625 | 1,498,290 | ||||||
| North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,023,239 | ||||||
| 5.00%, 01/01/40 (c) | 5,000 | 5,165,463 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System, Series B (RB) (AG) 5.00%, 01/01/32 (c) | 100 | 106,458 | ||||||
State of North Carolina, Department of State Treasurer (RB) 5.00%, 03/01/36 (c) | 1,500 | 1,749,597 | ||||||
| 24,758,954 | ||||||||
| North Dakota: 0.2% | ||||||||
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/32 (c) | 2,000 | 2,135,364 | ||||||
City of Grand Forks, Altru Health System, Series A (RB) (AG) 5.00%, 12/01/53 (c) | 1,000 | 1,023,191 | ||||||
| City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
| 6.25%, 09/01/23 (d) * | 405 | 15,435 | ||||||
| 7.75%, 09/01/38 (c) (d) * | 846 | 32,251 | ||||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 12/15/43 (c) (d) * | 5,500 | 55 | ||||||
| County of Ward, North Dakota Health Care Facilities, Series C (RB) | ||||||||
| 5.00%, 06/01/43 (c) | 1,000 | 976,319 | ||||||
| 5.00%, 06/01/48 (c) | 3,000 | 2,866,179 | ||||||
| 7,048,794 | ||||||||
| Ohio: 3.5% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) | ||||||||
| 5.25%, 11/15/41 (c) | 500 | 511,846 | ||||||
| 5.25%, 11/15/46 (c) | 5,000 | 5,118,459 | ||||||
Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM) 5.25%, 12/01/53 (c) | 2,000 | 2,101,101 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/55 (c) | $ | 40,655 | $ | 34,125,144 | ||||
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/47 (c) | 1,000 | 951,627 | ||||||
City of Norwood, Rookwood Exchange Project (TA) 5.00%, 12/01/41 (c) | 500 | 508,966 | ||||||
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 | 600 | 610,521 | ||||||
Cleveland-Cuyahoga County Port Authority, Series A (RB) 5.88%, 01/01/49 (c) | 750 | 746,045 | ||||||
| Columbus Regional Airport Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/35 | 1,000 | 1,109,540 | ||||||
| 5.50%, 01/01/50 (c) | 3,000 | 3,190,344 | ||||||
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/48 (c) | 3,800 | 2,480,515 | ||||||
| County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB) | ||||||||
| 5.00%, 11/01/33 | 3,000 | 3,418,646 | ||||||
| 5.00%, 11/01/34 | 1,000 | 1,145,977 | ||||||
County of Butler, Ohio Hospital (RB) 5.00%, 11/15/32 (c) | 1,035 | 1,062,725 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 4.75%, 02/15/47 (c) | 340 | 316,020 | ||||||
| 5.25%, 02/15/47 (c) | 10,000 | 9,991,085 | ||||||
| 5.50%, 02/15/52 (c) | 1,225 | 1,225,763 | ||||||
| 5.50%, 02/15/57 (c) | 3,000 | 2,990,200 | ||||||
County of Hamilton, Ohio Hospital Facilities (RB) 5.50%, 08/01/51 (c) | 1,000 | 1,033,306 | ||||||
County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AG) 5.25%, 11/15/48 (c) | 8,000 | 7,882,005 | ||||||
| County of Montgomery, Premier Health Partners, Series A (RB) | ||||||||
| 4.00%, 11/15/42 (c) | 3,940 | 3,621,451 | ||||||
| 4.00%, 11/15/45 (c) | 1,250 | 1,094,767 | ||||||
Hamilton County, Ohio Healthcare Improvement (RB) 5.50%, 01/01/55 (c) | 1,000 | 1,011,886 | ||||||
See Notes to Financial Statements
| 66 |
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
Jefferson County Port Authority, JSW Steel USA Inc. Project (RB) 3.50%, 12/01/51 (c) | $ | 1,000 | $ | 786,103 | ||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) | ||||||||
| 5.00%, 02/15/33 (c) | 490 | 491,169 | ||||||
| 5.00%, 02/15/44 (c) | 1,750 | 1,700,261 | ||||||
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/49 (c) | 11,000 | 10,127,547 | ||||||
Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB) 4.25%, 11/01/40 (p) | 2,000 | 2,031,951 | ||||||
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 11/01/39 (p) | 1,000 | 1,016,284 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 2,750 | 2,709,911 | ||||||
| Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) | ||||||||
| 4.25%, 01/15/38 (c) | 1,000 | 1,003,030 | ||||||
| 4.50%, 01/15/48 (c) | 2,000 | 1,863,699 | ||||||
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 09/15/27 (c) | 5,000 | 5,000,073 | ||||||
Ohio Housing Finance Agency, Multifamily Housing, Haven’s Edge Apartments Project, Series A (RB) 5.70%, 08/01/43 (c) | 2,000 | 2,071,856 | ||||||
| Ohio Housing Finance Agency, Multifamily Housing, Series A (RB) | ||||||||
| 6.25%, 01/01/45 (c) | 250 | 256,134 | ||||||
| 6.25%, 01/01/45 (c) | 250 | 256,135 | ||||||
| 6.25%, 01/01/45 (c) | 250 | 256,135 | ||||||
| 6.50%, 01/01/45 (c) | 500 | 512,501 | ||||||
| Ohio Housing Finance Agency, Series A (RB) | ||||||||
| 6.30%, 01/01/45 (c) | 500 | 505,410 | ||||||
| 6.30%, 01/01/45 (c) | 250 | 252,705 | ||||||
Ohio State University, Series A (RB) 3.00%, 12/01/44 (c) | 4,790 | 3,851,205 | ||||||
Ohio University, Series A (RB) 5.00%, 12/01/45 (c) | 1,250 | 1,250,097 | ||||||
Port of Greater Cincinnati Development Authority (RB) 6.50%, 01/01/45 (c) | 500 | 517,566 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| Southeastern Ohio Port Authority, Hospital Facilities, Memorial Health System Project (RB) | ||||||||
| 5.00%, 12/01/35 (c) | $ | 245 | $ | 233,111 | ||||
| 5.00%, 12/01/43 (c) | 1,240 | 1,073,832 | ||||||
| 5.50%, 12/01/43 (c) | 70 | 64,379 | ||||||
| 124,079,033 | ||||||||
| Oklahoma: 1.1% | ||||||||
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/39 (c) | 1,000 | 145,000 | ||||||
| Norman Regional Hospital Authority (RB) | ||||||||
| 3.25%, 09/01/38 (c) | 340 | 235,772 | ||||||
| 4.00%, 09/01/45 (c) | 1,000 | 688,527 | ||||||
Oklahoma County Finance Authority (RB) 6.50%, 06/15/64 (c) | 1,250 | 1,239,147 | ||||||
Oklahoma Development Finance Authority (RB) 5.00%, 07/01/35 (c) | 1,100 | 1,093,803 | ||||||
Oklahoma Development Finance Authority, Oklahoma City University Project (RB) 5.00%, 08/01/44 (c) | 4,305 | 4,246,505 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/33 (c) | 700 | 721,269 | ||||||
| 5.25%, 08/15/43 (c) | 2,900 | 2,920,869 | ||||||
| 5.25%, 08/15/48 (c) | 11,000 | 11,018,220 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AG) | ||||||||
| 5.50%, 08/15/52 (c) | 1,300 | 1,305,476 | ||||||
| 5.50%, 08/15/57 (c) | 7,290 | 7,305,822 | ||||||
Oklahoma Housing Finance Agency, Single Family Mortgage, Series B (RB) 4.88%, 09/01/45 (c) | 1,000 | 1,019,476 | ||||||
Oklahoma Municipal Power Authority (RB) (AG) 5.25%, 01/01/51 (c) | 1,500 | 1,604,530 | ||||||
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/40 (c) | 375 | 340,292 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 06/01/35 (c) | 5,000 | 5,001,685 | ||||||
| 38,886,393 | ||||||||
See Notes to Financial Statements
| 67 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Oregon: 0.2% | ||||||||
Multnomah County, Oregon Hospital Facilities Authority, Parkview Project, Series A (RB) (AG) 4.00%, 12/01/36 (c) | $ | 1,000 | $ | 948,841 | ||||
| Oregon State Facilities Authority (RB) | ||||||||
| 5.50%, 06/15/45 (c) | 475 | 476,477 | ||||||
| 5.62%, 06/15/55 (c) | 810 | 805,002 | ||||||
| 6.00%, 06/15/65 (c) | 1,000 | 1,015,950 | ||||||
| Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) | ||||||||
| 5.00%, 10/01/35 (c) | 2,260 | 2,267,135 | ||||||
| 5.00%, 10/01/46 (c) | 1,000 | 1,000,296 | ||||||
Oregon State, Series A (GO) 5.25%, 05/01/50 (c) | 1,000 | 1,086,333 | ||||||
| 7,600,034 | ||||||||
| Pennsylvania: 3.3% | ||||||||
| Adams County General Authority, Brethren Home Community Project, Series A (RB) | ||||||||
| 5.00%, 06/01/34 (c) | 250 | 265,014 | ||||||
| 5.00%, 06/01/59 (c) | 1,000 | 943,951 | ||||||
Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AG) 5.50%, 01/01/48 (c) | 1,410 | 1,488,160 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/28 | 620 | 636,448 | ||||||
| 5.00%, 05/01/28 | 425 | 433,538 | ||||||
| 5.00%, 05/01/32 (c) | 250 | 254,650 | ||||||
| 5.00%, 05/01/33 (c) | 250 | 257,496 | ||||||
| 5.00%, 05/01/42 (c) | 2,000 | 2,007,883 | ||||||
| 5.00%, 05/01/42 (c) | 1,960 | 2,003,794 | ||||||
| 5.00%, 05/01/42 (c) | 2,245 | 2,259,438 | ||||||
| 5.38%, 05/01/42 (c) | 4,000 | 4,045,634 | ||||||
Berks County Municipal Authority, Tower Health Project, Series A-3 (RB) 5.00%, 06/30/39 (c) | 10,064 | 9,125,211 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-1 (RB) 6.00%, 06/30/44 (c) | 1,279 | 882,789 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/48 (c) | 1,000 | 944,173 | ||||||
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/46 (c) | 430 | 362,247 | ||||||
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Chester County Industrial Development Authority, Collegium Chapter School Project, Series A (RB) 5.25%, 10/15/47 (c) | $ | 1,250 | $ | 1,128,650 | ||||
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
| 5.00%, 03/01/38 (c) | 900 | 900,393 | ||||||
| 5.12%, 03/01/48 (c) | 1,502 | 1,436,473 | ||||||
City of Philadelphia Airport Revenue (RB) 5.00%, 07/01/47 (c) | 3,000 | 3,004,231 | ||||||
City of Philadelphia Airport Revenue (RB) (AG) 4.00%, 07/01/46 (c) | 1,750 | 1,593,122 | ||||||
City of Philadelphia, Pennsylvania Airport, Series B (RB) 5.00%, 07/01/34 | 820 | 927,248 | ||||||
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
| 6.00%, 06/01/46 (c) | 440 | 441,480 | ||||||
| 6.00%, 06/01/51 (c) | 345 | 345,694 | ||||||
| Cumberland County Municipal Authority (RB) | ||||||||
| 4.00%, 01/01/33 (c) | 125 | 123,524 | ||||||
| 5.00%, 01/01/45 (c) | 3,000 | 2,812,071 | ||||||
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/46 (c) | 395 | 388,751 | ||||||
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 | 1,835 | 1,956,363 | ||||||
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/37 (c) | 1,000 | 945,723 | ||||||
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/49 (c) | 500 | 449,606 | ||||||
| 5.00%, 12/01/54 (c) | 215 | 187,640 | ||||||
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/37 (c) | 1,000 | 1,001,164 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) 5.00%, 03/01/40 (c) | 425 | 398,390 | ||||||
See Notes to Financial Statements
| 68 |
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 5.00%, 03/01/45 (c) | $ | 310 | $ | 268,266 | ||||
| 5.00%, 03/01/50 (c) | 425 | 352,137 | ||||||
Monroe County Industrial Development Authority (TA) 5.00%, 07/01/33 | 250 | 254,758 | ||||||
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/40 (c) | 5,150 | 4,528,491 | ||||||
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/47 (c) | 2,000 | 1,940,459 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/47 (c) | 1,800 | 1,850,810 | ||||||
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p) | 2,500 | 2,569,134 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 150 | 150,056 | ||||||
| 5.25%, 01/01/40 (c) | 870 | 870,011 | ||||||
| Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
| 5.62%, 07/01/30 (c) | 300 | 292,939 | ||||||
| 6.00%, 07/01/45 (c) | 590 | 578,871 | ||||||
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/39 (c) | 1,000 | 987,110 | ||||||
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 6.00%, 06/30/61 (c) | 7,000 | 7,407,093 | ||||||
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 12/31/25 | 1,105 | 1,107,332 | ||||||
Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/51 (c) (p) | 2,500 | 2,686,812 | ||||||
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, Covanta Project, Series A (RB) 3.25%, 08/01/39 (c) | $ | 6,595 | $ | 5,326,663 | ||||
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) | ||||||||
| 5.00%, 06/30/32 | 1,000 | 1,098,838 | ||||||
| 5.25%, 06/30/53 (c) | 2,000 | 2,027,028 | ||||||
| 5.50%, 06/30/40 (c) | 3,000 | 3,180,573 | ||||||
| 5.75%, 06/30/48 (c) | 6,030 | 6,290,736 | ||||||
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) (AG) | ||||||||
| 5.00%, 12/31/57 (c) | 1,780 | 1,807,551 | ||||||
| 5.50%, 06/30/42 (c) | 1,805 | 1,938,904 | ||||||
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 5.00%, 12/31/26 (c) | 1,485 | 1,499,886 | ||||||
| 5.00%, 12/31/28 (c) | 575 | 580,432 | ||||||
| 5.00%, 12/31/30 (c) | 410 | 413,662 | ||||||
| 5.00%, 06/30/42 (c) | 6,945 | 6,962,627 | ||||||
| Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
| 6.50%, 12/01/38 (c) (d) * | 3,040 | 608,000 | ||||||
| 6.75%, 12/01/53 (c) (d) * | 6,470 | 1,294,000 | ||||||
| Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
| 5.00%, 05/01/37 (c) | 1,915 | 1,505,935 | ||||||
| 5.00%, 05/01/42 (c) | 1,000 | 715,306 | ||||||
Pennsylvania Higher Educational Facilities Authority, University of Sciences (RB) 5.00%, 11/01/42 (c) | 1,100 | 1,100,132 | ||||||
Philadelphia Authority for Industrial Development, Chapter School Project (RB) 5.00%, 06/15/43 (c) | 1,000 | 976,187 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 6.38%, 06/01/40 (c) | 440 | 440,035 | ||||||
| 6.50%, 06/01/45 (c) | 440 | 439,978 | ||||||
See Notes to Financial Statements
| 69 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 6.62%, 06/01/50 (c) | $ | 415 | $ | 414,965 | ||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 06/15/39 (c) | 355 | 342,311 | ||||||
Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AG) 5.00%, 04/01/46 (c) | 1,000 | 794,073 | ||||||
Philadelphia Authority for Industrial Development, La Salle University (RB) 4.00%, 05/01/42 (c) | 2,000 | 1,251,198 | ||||||
| Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) | ||||||||
| 5.00%, 06/15/40 (c) | 500 | 495,426 | ||||||
| 5.00%, 06/15/50 (c) | 1,000 | 923,013 | ||||||
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/32 (c) | 735 | 742,551 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/33 (c) | 1,000 | 1,016,553 | ||||||
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) (AG) 5.00%, 07/01/37 (c) | 500 | 548,244 | ||||||
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) | ||||||||
| 5.00%, 07/01/31 (c) | 1,240 | 1,263,776 | ||||||
| 5.00%, 07/01/32 (c) | 220 | 223,980 | ||||||
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/36 (c) | 1,500 | 1,412,033 | ||||||
The School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 | 1,000 | 1,018,213 | ||||||
| 118,448,037 | ||||||||
| Puerto Rico: 7.1% | ||||||||
Children’s Trust Fund, Series A (RB) 0.00%, 05/15/57 (c) ^ | 200,000 | 9,477,500 | ||||||
| Par (000’s | ) | Value | ||||||
| Puerto Rico (continued) | ||||||||
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^ | $ | 80 | $ | 25,957 | ||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/30 | 9,500 | 9,899,020 | ||||||
| 5.00%, 07/01/37 (c) | 6,290 | 6,539,872 | ||||||
| 5.00%, 07/01/47 (c) | 5,000 | 4,912,182 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/29 | 3,000 | 3,101,572 | ||||||
| 5.00%, 07/01/37 (c) | 3,365 | 3,480,920 | ||||||
| Puerto Rico Commonwealth, Series A-1 (GO) | ||||||||
| 0.00%, 07/01/33 (c) ^ | 17,588 | 12,708,204 | ||||||
| 4.00%, 07/01/41 (c) | 8,260 | 7,589,085 | ||||||
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM) | ||||||||
| 4.00%, 07/01/33 (c) | 13,570 | 13,424,763 | ||||||
| 4.00%, 07/01/35 (c) | 12,538 | 12,326,544 | ||||||
| 4.00%, 07/01/37 (c) | 9,000 | 8,621,052 | ||||||
| 5.75%, 07/01/31 | 10,055 | 11,154,930 | ||||||
| Puerto Rico Electric Power Authority (RB) (NATL) | ||||||||
| 5.25%, 07/01/30 | 2,705 | 2,729,040 | ||||||
| 5.25%, 07/01/32 | 450 | 456,060 | ||||||
| 5.25%, 07/01/33 | 1,000 | 1,014,795 | ||||||
| 5.25%, 07/01/34 | 2,740 | 2,768,089 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 07/01/33 (c) | 20 | 20,012 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 0.00%, 07/01/46 (c) ^ | 51,423 | 17,989,571 | ||||||
| 4.50%, 07/01/34 (c) | 2,800 | 2,800,763 | ||||||
| 5.00%, 07/01/58 (c) | 20,036 | 19,495,755 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AG) 4.55%, 07/01/40 (c) | 10,414 | 10,342,777 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/53 (c) | 24,716 | 23,409,932 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
| 4.33%, 07/01/40 (c) | 5,590 | 5,427,015 | ||||||
| 4.33%, 07/01/40 (c) | 30,145 | 29,266,078 | ||||||
| 4.55%, 07/01/40 (c) | 6,432 | 6,388,010 | ||||||
| 4.78%, 07/01/58 (c) | 10,000 | 9,421,532 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series B-1 (RB) | ||||||||
| 4.75%, 07/01/53 (c) | 3,334 | 3,157,821 | ||||||
| 5.00%, 07/01/58 (c) | 3,000 | 2,919,109 | ||||||
See Notes to Financial Statements
| 70 |
| Par (000’s | ) | Value | ||||||
| Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Rev Restructed BDS Cofina A-1 (RB) 0.00%, 07/01/51 (c) ^ | $ | 55,151 | $ | 13,693,993 | ||||
| 254,561,953 | ||||||||
| Rhode Island: 0.3% | ||||||||
| Rhode Island Health and Educational Building Corp. (RB) (AG) | ||||||||
| 5.00%, 07/01/65 (c) | 1,250 | 1,257,397 | ||||||
| 5.62%, 07/01/65 (c) | 600 | 623,682 | ||||||
| Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) | ||||||||
| 5.00%, 09/01/26 | 100 | 100,424 | ||||||
| 5.00%, 09/01/31 (c) | 500 | 502,150 | ||||||
| 5.00%, 09/01/36 (c) | 3,750 | 3,757,144 | ||||||
| Rhode Island Health and Educational Building Corp., Lifespan (RB) | ||||||||
| 5.00%, 05/15/33 (c) | 1,000 | 1,006,115 | ||||||
| 5.00%, 05/15/39 (c) | 2,215 | 2,219,614 | ||||||
| 9,466,526 | ||||||||
| South Carolina: 0.6% | ||||||||
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/49 (c) | 800 | 714,407 | ||||||
Goose Creek, South Carolina Carnes Crossroads Improvement District (SA) 5.25%, 10/01/45 (c) | 500 | 502,156 | ||||||
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/34 (c) | 1,000 | 1,021,952 | ||||||
Scago Educational Facilities, School District of Pickens County Project (RB) 5.00%, 12/01/29 (c) | 1,425 | 1,428,613 | ||||||
South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series A (RB) 5.25%, 11/01/44 (c) | 500 | 541,935 | ||||||
South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series B (RB) 5.00%, 11/01/49 (c) (p) | 1,000 | 1,121,426 | ||||||
| South Carolina Jobs-Economic Development Authority (RB) | ||||||||
| 5.75%, 12/01/60 (c) | 1,000 | 973,330 | ||||||
| 5.80%, 12/01/50 (c) | 1,000 | 1,001,170 | ||||||
| 7.15%, 08/15/55 (c) | 500 | 498,737 |
| Par (000’s | ) | Value | ||||||
| South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority Health Facilities, Series B-3 (RB) 4.00%, 12/01/30 | $ | 1,250 | $ | 1,250,500 | ||||
South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project (RB) 5.75%, 11/15/54 (c) | 1,000 | 1,037,654 | ||||||
South Carolina Jobs-Economic Development Authority, Educational Facilities (RB) 6.50%, 06/15/54 (c) | 1,000 | 1,004,664 | ||||||
| South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
| 5.00%, 11/01/33 (c) | 500 | 506,220 | ||||||
| 5.00%, 11/01/37 (c) | 650 | 652,099 | ||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.75%, 06/15/49 (c) | 500 | 441,976 | ||||||
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/47 (c) | 3,000 | 2,842,807 | ||||||
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/43 (c) | 320 | 280,864 | ||||||
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 165 | 164,343 | ||||||
| 5.25%, 11/15/37 (c) | 2,000 | 2,033,353 | ||||||
| 5.25%, 11/15/52 (c) | 2,000 | 1,929,440 | ||||||
| 19,947,646 | ||||||||
| South Dakota: 0.1% | ||||||||
| City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
| 5.00%, 11/01/42 (c) | 750 | 699,907 | ||||||
| 5.00%, 11/01/46 (c) | 500 | 445,047 | ||||||
| County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB) | ||||||||
| 4.00%, 08/01/51 (c) | 1,550 | 1,258,928 | ||||||
| 4.00%, 08/01/56 (c) | 1,410 | 1,116,910 | ||||||
| 4.00%, 08/01/61 (c) | 1,300 | 1,006,080 | ||||||
| 4,526,872 |
See Notes to Financial Statements
| 71 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Tennessee: 0.5% | ||||||||
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/35 (c) | $ | 2,000 | $ | 1,924,826 | ||||
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/44 (c) | 310 | 314,314 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 4.00%, 09/01/40 (c) | 295 | 266,484 | ||||||
| 4.00%, 09/01/47 (c) | 290 | 233,624 | ||||||
| 5.00%, 04/01/36 (c) | 1,055 | 1,065,313 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB) 5.25%, 10/01/58 (c) | 2,000 | 1,938,584 | ||||||
Metropolitan Nashville Airport Authority, Series B (RB) 5.25%, 07/01/35 (c) | 680 | 757,525 | ||||||
| Shelby County, Tennessee Health Educational and Housing Facility, Madrone Memphis Student Housing I, LLC - University of Memphis Project, Series A-1 (RB) | ||||||||
| 5.00%, 06/01/44 (c) | 500 | 488,214 | ||||||
| 5.25%, 06/01/56 (c) | 750 | 714,757 | ||||||
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p) | 5,375 | 5,831,078 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series B (RB) 5.62%, 09/01/26 | 5,000 | 5,097,420 | ||||||
| 18,632,139 | ||||||||
| Texas: 5.9% | ||||||||
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 12/01/45 (c) (d) * | 1,500 | 32,340 | ||||||
| Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. (RB) | ||||||||
| 4.88%, 06/15/59 (c) | 1,000 | 900,224 | ||||||
| 5.00%, 06/15/64 (c) | 500 | 450,472 | ||||||
| Arlington Higher Education Finance Corp., Cypress Christian School (RB) | ||||||||
| 5.75%, 06/01/43 (c) | 1,000 | 1,014,589 | ||||||
| 6.00%, 06/01/53 (c) | 1,000 | 1,004,752 | ||||||
| 6.25%, 06/01/63 (c) | 1,000 | 1,009,221 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/62 (c) | $ | 5 | $ | 4,998 | ||||
| Arlington, Texas Higher Education Finance Corp. (RB) | ||||||||
| 5.62%, 06/15/45 (c) | 2,000 | 2,034,743 | ||||||
| 5.75%, 06/15/55 (c) | 1,000 | 1,012,356 | ||||||
| 5.88%, 06/15/65 (c) | 2,000 | 2,028,455 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c) | 500 | 503,940 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27 | 280 | 282,313 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 | 715 | 715,207 | ||||||
| 5.00%, 01/01/34 (c) | 500 | 502,378 | ||||||
| Bexar County Health Facilities Development Corp., Army Retirement Residence project (RB) | ||||||||
| 5.00%, 07/15/37 (c) | 850 | 850,327 | ||||||
| 5.00%, 07/15/41 (c) | 2,000 | 1,916,602 | ||||||
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
| 5.00%, 12/01/40 (c) | 610 | 608,963 | ||||||
| 5.00%, 12/01/45 (c) | 215 | 203,840 | ||||||
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/39 (c) | 3,510 | 508,950 | ||||||
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/39 (c) (d) * | 1,785 | 258,825 | ||||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c) | 2,200 | 2,141,316 | ||||||
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c) | 7,000 | 7,019,132 |
See Notes to Financial Statements
| 72 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/41 (c) | $ | 7,500 | $ | 6,890,920 | ||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) 4.00%, 07/15/41 (c) | 21,780 | 20,008,149 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
| 5.00%, 07/15/27 | 5,590 | 5,702,807 | ||||||
| 5.00%, 07/15/28 | 2,500 | 2,572,888 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project, Series A (RB) 5.00%, 07/15/28 | 1,000 | 1,029,155 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B (RB) | ||||||||
| 5.25%, 07/15/33 | 3,000 | 3,251,955 | ||||||
| 5.25%, 07/15/34 | 4,000 | 4,338,594 | ||||||
| 5.50%, 07/15/35 (c) | 3,000 | 3,336,345 | ||||||
| 5.50%, 07/15/36 (c) | 4,000 | 4,400,356 | ||||||
| 5.50%, 07/15/37 (c) | 3,000 | 3,279,854 | ||||||
| 5.50%, 07/15/38 (c) | 5,425 | 5,894,599 | ||||||
| 5.50%, 07/15/39 (c) | 4,000 | 4,314,927 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c) | 4,335 | 4,335,064 | ||||||
| City of Houston, Texas Airport System, Series A (RB) | ||||||||
| 5.00%, 07/01/32 | 500 | 553,529 | ||||||
| 5.00%, 07/01/33 | 500 | 558,280 | ||||||
| 5.00%, 07/01/34 | 500 | 561,382 | ||||||
| Clifton Higher Education Finance Corp. (RB) | ||||||||
| 5.00%, 02/15/33 | 500 | 561,501 | ||||||
| 5.00%, 02/15/34 | 750 | 848,708 | ||||||
| 5.00%, 02/15/35 (c) | 750 | 846,089 | ||||||
Clifton Higher Education Finance Corp., Series A (RB) 6.00%, 06/15/48 (c) | 1,000 | 949,875 | ||||||
Clifton Higher Education Finance Corp., Valor Education, Series A (RB) 6.00%, 06/15/54 (c) | 500 | 465,348 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/32 (c) | $ | 850 | $ | 849,995 | ||||
| Dallas Fort Worth, Texas International Airport, Series A-1 (RB) | ||||||||
| 5.00%, 11/01/31 | 1,500 | 1,656,550 | ||||||
| 5.00%, 11/01/36 (c) | 1,000 | 1,114,588 | ||||||
| 5.25%, 11/01/44 (c) | 2,000 | 2,135,428 | ||||||
Dallas Fort Worth, Texas International Airport, Series A-2 (RB) 5.00%, 11/01/50 (c) (p) | 2,575 | 2,820,379 | ||||||
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/62 (c) | 1,000 | 928,693 | ||||||
FW Chaparral PFC Residential Development (RB) 5.00%, 10/01/35 (c) | 500 | 532,456 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Brazoz Presbyterian Homes, Inc. Project (RB) 5.00%, 01/01/48 (c) | 1,000 | 957,223 | ||||||
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) | ||||||||
| 0.00%, 11/15/25 ^ | 495 | 494,462 | ||||||
| 0.00%, 11/15/27 ^ | 590 | 554,397 | ||||||
| 0.00%, 11/15/29 ^ | 1,405 | 1,244,704 | ||||||
| 0.00%, 11/15/30 ^ | 115 | 98,872 | ||||||
Harris County, Houston Sports Authority, Second Lien, Series B (RB) (AG) 5.00%, 11/15/46 (c) | 1,000 | 1,044,212 | ||||||
Lower Colorado River Authority, Series A (RB) 5.25%, 05/15/50 (c) | 1,000 | 1,071,142 | ||||||
Matagorda County, Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 | 1,035 | 1,080,629 | ||||||
Matagorda County, Navigation District No. 1, Series B-1 (RB) 4.00%, 06/01/30 (c) | 4,250 | 4,251,659 | ||||||
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) | ||||||||
| 5.12%, 02/15/30 (c) (d) * | 237 | 2,369 | ||||||
| 5.12%, 02/15/42 (c) (d) * | 907 | 9,069 | ||||||
Mission Economic Development Corp., Graphic Packaging International LLC Project (RB) 5.00%, 12/01/64 (p) | 2,750 | 2,862,576 |
See Notes to Financial Statements
| 73 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c) | $ | 12,410 | $ | 12,454,453 | ||||
Mission Texas Economic Development Corp., Series A (RB) 6.75%, 08/15/45 (c) | 250 | 257,835 | ||||||
| Montgomery County Toll Road Authority (RB) | ||||||||
| 5.00%, 09/15/43 (c) | 3,310 | 3,311,597 | ||||||
| 5.00%, 09/15/48 (c) | 5,915 | 5,916,426 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 5.25%, 07/01/32 | 250 | 252,722 | ||||||
| 5.38%, 01/01/55 (c) | 1,000 | 988,590 | ||||||
| 5.38%, 01/01/60 (c) | 500 | 488,025 | ||||||
| 6.75%, 07/01/44 (c) | 500 | 512,124 | ||||||
New Hope Cultural Education Facilities Finance Corp. (RB) (BAM) 4.00%, 08/15/36 (c) | 1,000 | 920,885 | ||||||
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/52 (c) | 235 | 110,450 | ||||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/36 (c) | 230 | 230,878 | ||||||
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 5.00%, 08/15/59 (c) | 1,500 | 1,334,782 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series B (RB) | ||||||||
| 4.00%, 08/15/41 (c) | 2,315 | 2,000,320 | ||||||
| 5.00%, 08/15/54 (c) | 1,500 | 1,346,457 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c) | 75 | 73,131 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project, Series a (RB) 5.00%, 01/01/55 (c) | 2,000 | 1,686,655 | ||||||
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/46 (c) | 750 | 655,118 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/35 (c) | $ | 100 | $ | 98,388 | ||||
| 5.00%, 07/01/47 (c) | 440 | 414,718 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/49 (c) | 1,000 | 942,186 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project, Series A (RB) 5.25%, 10/01/55 (c) | 1,500 | 1,383,273 | ||||||
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/57 (c) | 4,000 | 3,688,051 | ||||||
New Hope Cultural Education Facilities Finance Corp., Superior Living Foundation Project, Series A (RB) 6.50%, 07/01/56 (c) | 1,000 | 944,133 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
| 5.00%, 01/01/50 (c) | 250 | 228,614 | ||||||
| 5.00%, 01/01/55 (c) | 250 | 224,810 | ||||||
| 5.50%, 01/01/35 (c) | 1,000 | 1,000,815 | ||||||
| North East Texas Regional Mobility Authority (RB) | ||||||||
| 5.00%, 01/01/43 (c) | 750 | 797,138 | ||||||
| 5.25%, 01/01/44 (c) | 1,000 | 1,074,158 | ||||||
| 5.25%, 01/01/45 (c) | 750 | 802,424 | ||||||
| 5.25%, 01/01/46 (c) | 1,000 | 1,065,687 | ||||||
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/41 (c) | 400 | 401,284 | ||||||
North Texas Tollway Authority (RB) 5.00%, 01/01/35 (c) | 1,000 | 1,139,442 | ||||||
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/39 (c) (d) * | 2,725 | 2,043,750 | ||||||
Port of Beaumont Navigation District (RB) 5.00%, 01/01/39 (c) | 2,000 | 1,972,366 | ||||||
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) 5.00%, 08/15/36 (c) | 1,055 | 1,055,119 |
See Notes to Financial Statements
| 74 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 08/15/46 (c) | $ | 1,400 | $ | 1,284,913 | ||||
| Reagan Hospital District, Series A (GO) | ||||||||
| 5.12%, 02/01/39 (c) | 1,000 | 999,863 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/37 (c) | 125 | 125,284 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/48 (c) (d) * | 535 | 422,650 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 07/01/48 (c) | 2,500 | 2,536,035 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/28 | 925 | 969,234 | ||||||
| 5.00%, 12/15/29 | 1,375 | 1,458,477 | ||||||
| 5.00%, 12/15/32 | 3,425 | 3,742,209 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. V (RB) 5.00%, 01/01/55 (c) (p) | 2,000 | 2,202,806 | ||||||
Texas Municipal Gas Acquisition and Supply Corp., Series D (RB) 6.25%, 12/15/26 | 695 | 707,043 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) | ||||||||
| 4.00%, 12/31/38 (c) | 4,550 | 4,470,540 | ||||||
| 4.00%, 12/31/39 (c) | 2,550 | 2,472,152 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB) 5.50%, 12/31/58 (c) | 6,000 | 6,246,886 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments LLC (RB) | ||||||||
| 5.00%, 06/30/58 (c) | 3,000 | 2,989,530 | ||||||
| 5.50%, 06/30/42 (c) | 2,250 | 2,349,205 | ||||||
| 5.50%, 06/30/43 (c) | 1,000 | 1,037,923 | ||||||
| Town of Westlake, Solana Public Improvement District (SA) | ||||||||
| 6.12%, 09/01/35 (c) | 910 | 910,170 | ||||||
| 6.25%, 09/01/40 (c) | 910 | 911,277 | ||||||
| 6.38%, 09/01/45 (c) | 885 | 884,959 | ||||||
| 211,951,631 |
| Par (000’s | ) | Value | ||||||
| Utah: 0.7% | ||||||||
Black Desert Public Infrastructure District (GO) 4.00%, 03/01/51 (c) | $ | 1,000 | $ | 823,744 | ||||
| Black Ridge Infrastructure Financing District (SA) | ||||||||
| 6.00%, 12/01/45 (c) | 1,000 | 1,008,032 | ||||||
| 6.25%, 12/01/54 (c) | 1,000 | 1,009,878 | ||||||
Fields Estates Public Infrastructure District, Series A (GO) 6.12%, 03/01/55 (c) | 500 | 505,364 | ||||||
Fields Estates Public Infrastructure District, Series A-2 (SA) 5.25%, 12/01/53 (c) | 1,000 | 983,712 | ||||||
Grapevine Wash Local District, Grapevine Wash Assessment Area No. 1, Series A-2 (SA) 5.25%, 12/01/44 (c) | 1,000 | 982,411 | ||||||
| Mida Mountain Village Public Infrastructure District (TA) | ||||||||
| 5.12%, 06/15/54 (c) | 1,000 | 996,535 | ||||||
| 6.00%, 06/15/54 (c) | 1,000 | 1,030,242 | ||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/50 (c) | 2,000 | 1,973,795 | ||||||
Salt Lake City, Utah Airport, Series A (RB) 5.00%, 07/01/47 (c) | 10,000 | 10,037,835 | ||||||
Verk Industrial Regional Public Infrastructure District (TA) 6.62%, 09/01/47 (c) | 500 | 524,908 | ||||||
Wakara Ridge Public Infrastructure District, Special Assessment Area (SA) 5.62%, 12/01/54 (c) | 3,150 | 3,226,407 | ||||||
Washington County, Black Desert Public Infrastructure District (SA) 5.62%, 12/01/53 (c) | 1,000 | 1,011,025 | ||||||
Wolf Creek Infrastructure Financing District No. 1 (SA) 5.75%, 12/01/44 (c) | 2,000 | 2,046,778 | ||||||
| 26,160,666 | ||||||||
| Vermont: 0.0% | ||||||||
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 4.00%, 05/01/37 (c) | 500 | 476,634 | ||||||
| Virgin Islands: 0.4% | ||||||||
| Matching Fund Special Purpose Securitization Corp., Virgin Islands, Series A (RB) | ||||||||
| 5.00%, 10/01/28 | 1,000 | 1,019,434 | ||||||
| 5.00%, 10/01/32 | 5,010 | 5,224,046 | ||||||
| 5.00%, 10/01/39 (c) | 2,000 | 2,048,051 |
See Notes to Financial Statements
| 75 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s) | Value | |||||||
| Virgin Islands (continued) | ||||||||
Virgin Islands Public Finance Authority, Series A (RB) 6.00%, 04/01/53 (c) | $ | 2,000 | $ | 2,054,866 | ||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 10/01/29 (c) | 720 | 722,081 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/44 (c) | 550 | 475,657 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/30 (c) | 800 | 800,206 | ||||||
Virgin Islands Water & Power Authority, Series B (RB) 5.00%, 07/01/27 (c) | 170 | 162,728 | ||||||
| 12,507,069 | ||||||||
| Virginia: 2.0% | ||||||||
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/44 (c) (d) * | 250 | 162,500 | ||||||
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/35 (c) | 200 | 200,266 | ||||||
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
| 5.00%, 07/01/46 (c) | 5,000 | 5,010,262 | ||||||
| 5.00%, 07/01/51 (c) | 1,025 | 1,026,307 | ||||||
City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/33 (c) | 220 | 220,134 | ||||||
Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/35 | 1,000 | 1,147,629 | ||||||
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/36 (c) | 2,290 | 2,241,296 | ||||||
| Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) | ||||||||
| 5.00%, 01/01/50 (c) | 1,500 | 1,368,004 | ||||||
| 5.00%, 01/01/59 (c) | 1,000 | 883,845 | ||||||
Henrico County Economic Development Authority, Series A (RB) 5.00%, 11/01/48 (c) | 2,000 | 2,084,333 | ||||||
| Par (000’s) | Value | |||||||
| Virginia (continued) | ||||||||
James City County Economic Development Authority, Series A (RB) 6.88%, 12/01/58 (c) | $ | 1,000 | $ | 1,082,851 | ||||
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/47 (c) | 4,950 | 4,964,260 | ||||||
Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/47 (c) | 5,000 | 4,196,187 | ||||||
Virginia Beach Development Authority (RB) 5.00%, 09/01/40 (c) | 1,750 | 1,762,017 | ||||||
| Virginia Beach Development Authority, Series A (RB) | ||||||||
| 7.00%, 09/01/53 (c) | 1,000 | 1,100,652 | ||||||
| 7.00%, 09/01/59 (c) | 6,560 | 7,187,283 | ||||||
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 01/01/34 (c) | 2,000 | 2,157,109 | ||||||
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO, LLC Project (RB) 4.00%, 01/01/38 (c) | 5,000 | 4,940,152 | ||||||
Virginia Small Business Financing Authority, I-495 Hot Lanes Project (RB) 5.00%, 12/31/47 (c) | 6,305 | 6,332,312 | ||||||
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AG) 4.00%, 12/01/36 (c) | 1,000 | 997,839 | ||||||
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
| 4.00%, 01/01/40 (c) | 1,250 | 1,200,743 | ||||||
| 4.00%, 01/01/41 (c) | 1,000 | 944,205 | ||||||
| 4.00%, 01/01/48 (c) | 3,925 | 3,478,612 | ||||||
| 5.00%, 01/01/33 (c) | 4,945 | 5,358,316 | ||||||
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/52 (c) | 2,000 | 2,004,439 | ||||||
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 12/31/56 (c) | 5,520 | 5,382,259 | ||||||
See Notes to Financial Statements
| 76 |
| Par (000’s) | Value | |||||||
| Virginia (continued) | ||||||||
Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB) 4.00%, 01/01/39 (c) | $ | 2,960 | $ | 2,911,243 | ||||
Virginia Small Business Financing Authority, Series A (RB) 5.50%, 12/01/54 (c) | 1,000 | 1,024,016 | ||||||
Virginia Small Business Financing Authority, Transform 66 P3 Project (RB) 5.00%, 12/31/49 (c) | 1,000 | 989,250 | ||||||
Wise County, Virginia Industrial Development Authority, Series A (RB) 3.12%, 10/01/40 (p) | 1,000 | 1,003,613 | ||||||
| 73,361,934 | ||||||||
| Washington: 1.1% | ||||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) | ||||||||
| 5.75%, 12/01/30 (c) | 500 | 501,093 | ||||||
| 6.00%, 12/01/35 (c) | 500 | 501,176 | ||||||
| 6.25%, 12/01/45 (c) | 250 | 250,636 | ||||||
King County, Washington Public Hospital District No. 4, Series A (RB) 6.62%, 12/01/45 (c) | 500 | 503,899 | ||||||
| King County, Washington Public Hospital, District No. 4, Series A (RB) | ||||||||
| 5.50%, 12/01/35 | 500 | 500,608 | ||||||
| 7.00%, 12/01/60 (c) | 1,000 | 1,021,548 | ||||||
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/30 (c) | 1,800 | 1,800,378 | ||||||
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) | ||||||||
| 5.00%, 08/15/34 (c) | 205 | 210,061 | ||||||
| 5.00%, 08/15/37 (c) | 1,500 | 1,525,893 | ||||||
Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/58 (c) | 2,000 | 1,651,399 | ||||||
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35 | 3,263 | 3,175,205 | ||||||
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
| 5.00%, 07/01/36 (c) | 1,150 | 1,154,094 | ||||||
| 5.00%, 07/01/46 (c) | 2,150 | 2,015,534 | ||||||
| Par (000’s) | Value | |||||||
| Washington (continued) | ||||||||
Washington State Housing Finance Commission, Blakeley and Laurel Village, Series A (RB) (BAM) 5.25%, 07/01/55 (c) | $ | 3,000 | $ | 3,058,676 | ||||
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/41 (c) | 3,000 | 2,420,226 | ||||||
Washington State Housing Finance Commission, Parkshore Juanita Bay Project, Series A (RB) 5.75%, 01/01/53 (c) | 1,000 | 967,466 | ||||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 5.00%, 01/01/36 (c) | 2,125 | 2,137,950 | ||||||
| 5.00%, 01/01/51 (c) | 3,495 | 3,211,600 | ||||||
| Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB) | ||||||||
| 5.00%, 07/01/54 (c) | 500 | 485,765 | ||||||
| 5.50%, 07/01/59 (c) | 1,000 | 1,017,043 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 01/01/55 (c) | 6,000 | 5,450,632 | ||||||
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
| 5.00%, 07/01/46 (c) | 500 | 437,967 | ||||||
| 5.00%, 07/01/51 (c) | 1,250 | 1,056,363 | ||||||
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,700 | 2,783,406 | ||||||
| 37,838,618 | ||||||||
| West Virginia: 0.2% | ||||||||
| Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
| 3.12%, 10/01/45 (c) | 700 | 482,990 | ||||||
| 3.25%, 10/01/50 (c) | 820 | 561,256 | ||||||
| 3.50%, 10/01/40 (c) | 1,000 | 845,908 | ||||||
West Virginia Economic Development Authority, Solid Waste Facility, Commercial Metals Company Project (RB) 4.62%, 04/15/55 (c) (p) | 2,500 | 2,541,929 | ||||||
See Notes to Financial Statements
| 77 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s) | Value | |||||||
| West Virginia (continued) | ||||||||
West Virginia Economic Development Authority, Solid Waste Facility, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/55 (c) (p) | $ | 3,500 | $ | 3,759,213 | ||||
| 8,191,296 | ||||||||
| Wisconsin: 2.8% | ||||||||
| Public Finance Authority (RB) | ||||||||
| 0.00%, 12/15/39 (c) ^ | 250 | 101,617 | ||||||
| 5.75%, 06/30/60 (c) | 2,000 | 2,066,971 | ||||||
| 5.75%, 12/31/65 (c) | 2,000 | 2,073,092 | ||||||
| 6.50%, 06/30/60 (c) | 13,200 | 14,561,184 | ||||||
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c) | 1,000 | 877,569 | ||||||
Public Finance Authority Educational Facilities, Cincinnati Classical Academy, Series A (RB) 6.00%, 06/15/64 (c) | 500 | 494,661 | ||||||
Public Finance Authority Retirement Facilities, Southminster (RB) 5.00%, 10/01/48 (c) | 1,000 | 957,861 | ||||||
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/48 (c) | 250 | 230,327 | ||||||
| Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB) | ||||||||
| 5.62%, 06/15/54 (c) | 750 | 624,149 | ||||||
| 5.62%, 06/15/59 (c) | 1,000 | 816,229 | ||||||
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/51 (c) | 5,250 | 4,361,378 | ||||||
| Public Finance Authority, Chapter School (RB) | ||||||||
| 5.00%, 07/01/55 (c) | 2,000 | 1,819,658 | ||||||
| 5.00%, 07/01/60 (c) | 1,000 | 895,805 | ||||||
Public Finance Authority, Chapter School, Series A (RB) 5.00%, 06/15/54 (c) | 1,375 | 1,258,310 | ||||||
Public Finance Authority, Chapter School, Series B (RB) 0.00%, 07/01/62 | 1,000 | 800,000 | ||||||
Public Finance Authority, Cornerstone Charter Academy, Series A (RB) 5.12%, 02/01/46 (c) | 550 | 542,706 | ||||||
| Public Finance Authority, Crossroads Health Project, Series A (RB) | ||||||||
| 8.00%, 07/01/53 (c) | 1,000 | 1,004,599 | ||||||
| 8.12%, 07/01/58 (c) | 1,000 | 1,006,031 | ||||||
| Par (000’s) | Value | |||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/54 (c) | $ | 1,000 | $ | 618,705 | ||||
Public Finance Authority, Foundation Academy Charter School Project (RB) 5.00%, 07/01/35 | 295 | 309,417 | ||||||
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 5.00%, 02/01/52 (c) | 2,000 | 2,002,588 | ||||||
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/38 (c) | 1,500 | 1,500,418 | ||||||
| Public Finance Authority, Kanala NUI Project (RB) | ||||||||
| 5.25%, 11/15/50 (c) | 1,000 | 1,019,293 | ||||||
| 5.25%, 11/15/61 (c) | 1,000 | 1,009,906 | ||||||
| Public Finance Authority, Living Community First Mortgage (RB) | ||||||||
| 4.25%, 05/01/29 (c) | 275 | 251,675 | ||||||
| 5.00%, 03/01/37 (c) | 1,250 | 1,250,316 | ||||||
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 07/01/51 (c) (d) * | 874 | 601,101 | ||||||
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/37 (c) | 1,350 | 1,362,806 | ||||||
Public Finance Authority, Mater Academy of Nevada - East Las Vegas Campus Project, Series A (RB) 5.00%, 12/15/44 (c) | 690 | 654,072 | ||||||
| Public Finance Authority, Math and Science Academy (RB) | ||||||||
| 5.25%, 06/15/65 (c) | 1,500 | 1,434,688 | ||||||
| 5.50%, 06/15/55 (c) | 2,100 | 2,111,101 | ||||||
| Public Finance Authority, Million Air Three LLC General Aviation Facilities Project, Series A (RB) | ||||||||
| 5.50%, 09/01/30 (c) | 200 | 209,418 | ||||||
| 6.25%, 09/01/46 (c) | 500 | 518,218 | ||||||
| Public Finance Authority, Penick Village (RB) | ||||||||
| 4.00%, 09/01/29 (c) | 255 | 254,624 | ||||||
| 5.00%, 09/01/39 (c) | 500 | 503,614 | ||||||
| 5.00%, 09/01/49 (c) | 500 | 461,182 | ||||||
See Notes to Financial Statements
| 78 |
| Par (000’s) | Value | |||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, Pinecrest Academy, Sloan Canyon Campus Project, Series A (RB) 4.00%, 07/15/34 (c) | $ | 580 | $ | 570,958 | ||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/37 (c) | 1,405 | 1,440,312 | ||||||
Public Finance Authority, Revolution Academy, Series A (RB) 6.25%, 10/01/53 (c) | 1,000 | 1,020,137 | ||||||
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/45 (c) | 4,000 | 3,999,914 | ||||||
| Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) | ||||||||
| 4.00%, 07/01/41 (c) | 500 | 455,172 | ||||||
| 4.25%, 07/01/54 (c) | 1,765 | 1,468,054 | ||||||
| Public Finance Authority, Sloan Canyon Campus Project, Series A (RB) | ||||||||
| 4.25%, 07/15/44 (c) | 750 | 666,045 | ||||||
| 4.50%, 07/15/49 (c) | 800 | 703,357 | ||||||
| 4.50%, 07/15/53 (c) | 1,000 | 858,709 | ||||||
Public Finance Authority, Student Housing, KSU Bixby Real Estate Foundation, LLC Project, Series A (RB) 5.25%, 06/15/55 (c) | 1,000 | 1,027,191 | ||||||
Public Finance Authority, Student Housing, KSU Bixby Real Estate Foundation, LLC Project, Series C (RB) 5.75%, 06/15/55 (c) | 1,000 | 1,000,092 | ||||||
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/56 (c) | 1,060 | 778,822 | ||||||
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/50 (c) (d) * | 4,265 | 43 | ||||||
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
| 5.00%, 10/01/34 (c) | 2,000 | 2,066,778 | ||||||
| 5.00%, 10/01/39 (c) | 1,950 | 1,971,314 | ||||||
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/35 (c) | 1,500 | 1,388,258 | ||||||
| Par (000’s) | Value | |||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/41 (c) | $ | 1,000 | $ | 874,907 | ||||
Public Finance Authority, Wingate University, Series A (RB) 5.25%, 10/01/48 (c) | 2,255 | 2,169,995 | ||||||
Public Finance Authority, Wisconsin (RB) 5.50%, 12/15/32 (c) | 385 | 384,429 | ||||||
| Public Finance Authority, Wisconsin Charter School, Series A (RB) | ||||||||
| 6.50%, 06/15/45 (c) | 325 | 322,364 | ||||||
| 6.75%, 06/15/55 (c) | 500 | 498,821 | ||||||
Public Finance Authority, Wisconsin Hospital, Series A (RB) 5.00%, 10/01/44 (c) | 2,000 | 2,032,787 | ||||||
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 07/01/42 (c) | 9,000 | 9,001,724 | ||||||
| Public Finance Authority, Wisconsin Texas Infrastructure Program (RB) | ||||||||
| 0.00%, 12/15/37 (c) ^ | 2,000 | 1,017,118 | ||||||
| 0.00%, 12/15/38 (c) ^ | 1,000 | 458,888 | ||||||
| 5.00%, 07/15/30 (c) | 294 | 294,312 | ||||||
| 5.00%, 12/15/36 (c) | 849 | 832,833 | ||||||
Public Finance Authority, Wisconsin Texas Infrastructure Program, Bridgewater Project (RB) 5.62%, 12/15/30 (c) | 419 | 419,996 | ||||||
Public Finance Authority, Wisconsin, Series A-4 (RB) 5.50%, 11/15/32 (c) | 750 | 751,985 | ||||||
| Wisconsin Health & Educational Facilities Authority (RB) | ||||||||
| 5.00%, 08/15/30 | 1,000 | 1,093,354 | ||||||
| 5.62%, 07/01/35 (c) | 320 | 336,778 | ||||||
| 6.38%, 07/01/45 (c) | 500 | 523,954 | ||||||
| Wisconsin Health and Educational Facilities Authority, Chiara Housing and Services Inc., Project (RB) | ||||||||
| 5.00%, 07/01/35 (c) | 720 | 735,619 | ||||||
| 5.88%, 07/01/55 (c) | 1,000 | 1,004,408 | ||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/48 (c) | 105 | 87,067 | ||||||
See Notes to Financial Statements
| 79 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s) | Value | |||||||
| Wisconsin (continued) | ||||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/38 (c) | $ | 850 | $ | 779,910 | ||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) 5.00%, 11/01/39 (c) | 950 | 954,083 | ||||||
| Par (000’s) | Value | |||||||
| Wisconsin (continued) | ||||||||
| Wisconsin Public Finance Authority (RB) | ||||||||
| 5.50%, 07/01/44 (c) | $ | 1,800 | $ | 1,867,910 | ||||
| 5.75%, 07/01/54 (c) | 2,000 | 2,080,252 | ||||||
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AG) 5.00%, 02/15/32 (c) | 1,500 | 1,619,432 | ||||||
| 100,123,371 | ||||||||
| Total Municipal Bonds: 98.6% (Cost: $3,672,481,785) | 3,536,907,742 | |||||||
| Other assets less liabilities: 1.4% | 51,411,117 | |||||||
| NET ASSETS: 100.0% | $ | 3,588,318,859 | ||||||
Definitions:
| ACA | Credit Agricole SA |
| AG | Assured Guaranty, Inc. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
Footnotes:
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| (d) | Security in default |
| (p) | Putable Security — the date disclosed is the date the security may be redeemed by the fund |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
See Notes to Financial Statements
| 80 |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds | ||||||||||||||||
| Alabama | $ | — | $ | 116,919,977 | $ | — | $ | 116,919,977 | ||||||||
| Alaska | — | 4,265,302 | — | 4,265,302 | ||||||||||||
| American Samoa | — | 4,315,153 | — | 4,315,153 | ||||||||||||
| Arizona | — | 95,764,414 | — | 95,764,414 | ||||||||||||
| Arkansas | — | 44,445,739 | — | 44,445,739 | ||||||||||||
| California | — | 527,574,296 | — | 527,574,296 | ||||||||||||
| Colorado | — | 78,337,489 | — | 78,337,489 | ||||||||||||
| Connecticut | — | 48,691,823 | — | 48,691,823 | ||||||||||||
| Delaware | — | 4,722,139 | — | 4,722,139 | ||||||||||||
| District of Columbia | — | 32,277,860 | — | 32,277,860 | ||||||||||||
| Florida | — | 217,655,784 | — | 217,655,784 | ||||||||||||
| Georgia | — | 47,355,716 | — | 47,355,716 | ||||||||||||
| Guam | — | 25,221,958 | — | 25,221,958 | ||||||||||||
| Hawaii | — | 1,232,392 | — | 1,232,392 | ||||||||||||
| Idaho | — | 5,656,788 | — | 5,656,788 | ||||||||||||
| Illinois | — | 322,873,700 | — | 322,873,700 | ||||||||||||
| Indiana | — | 32,936,460 | — | 32,936,460 | ||||||||||||
| Iowa | — | 25,671,517 | — | 25,671,517 | ||||||||||||
| Kansas | — | 11,903,153 | — | 11,903,153 | ||||||||||||
| Kentucky | — | 45,688,190 | — | 45,688,190 | ||||||||||||
| Louisiana | — | 46,326,091 | 52 | 46,326,143 | ||||||||||||
| Maine | — | 6,118,228 | — | 6,118,228 | ||||||||||||
| Maryland | — | 33,809,588 | — | 33,809,588 | ||||||||||||
| Massachusetts | — | 69,971,325 | — | 69,971,325 | ||||||||||||
| Michigan | — | 28,109,265 | — | 28,109,265 | ||||||||||||
| Minnesota | — | 22,935,129 | — | 22,935,129 | ||||||||||||
| Mississippi | — | 7,515,648 | — | 7,515,648 | ||||||||||||
| Missouri | — | 29,284,846 | — | 29,284,846 | ||||||||||||
| Montana | — | 1,970,144 | — | 1,970,144 | ||||||||||||
| Nebraska | — | 6,183,631 | — | 6,183,631 | ||||||||||||
| Nevada | — | 15,931,528 | — | 15,931,528 | ||||||||||||
| New Hampshire | — | 27,882,546 | — | 27,882,546 | ||||||||||||
| New Jersey | — | 69,219,116 | — | 69,219,116 | ||||||||||||
| New Mexico | — | 5,197,708 | — | 5,197,708 | ||||||||||||
| New York | — | 374,375,447 | — | 374,375,447 | ||||||||||||
| North Carolina | — | 24,758,954 | — | 24,758,954 | ||||||||||||
| North Dakota | — | 7,048,794 | — | 7,048,794 | ||||||||||||
| Ohio | — | 124,079,033 | — | 124,079,033 | ||||||||||||
| Oklahoma | — | 38,886,393 | — | 38,886,393 | ||||||||||||
| Oregon | — | 7,600,034 | — | 7,600,034 | ||||||||||||
| Pennsylvania | — | 118,448,037 | — | 118,448,037 | ||||||||||||
| Puerto Rico | — | 254,561,953 | — | 254,561,953 | ||||||||||||
| Rhode Island | — | 9,466,526 | — | 9,466,526 | ||||||||||||
| South Carolina | — | 19,947,646 | — | 19,947,646 | ||||||||||||
| South Dakota | — | 4,526,872 | — | 4,526,872 | ||||||||||||
| Tennessee | — | 18,632,139 | — | 18,632,139 | ||||||||||||
| Texas | — | 211,951,631 | — | 211,951,631 | ||||||||||||
| Utah | — | 26,160,666 | — | 26,160,666 | ||||||||||||
| Vermont | — | 476,634 | — | 476,634 | ||||||||||||
| Virgin Islands | — | 12,507,069 | — | 12,507,069 | ||||||||||||
| Virginia | — | 73,361,934 | — | 73,361,934 | ||||||||||||
| Washington | — | 37,838,618 | — | 37,838,618 | ||||||||||||
| West Virginia | — | 8,191,296 | — | 8,191,296 | ||||||||||||
| Wisconsin | — | 100,123,371 | — | 100,123,371 | ||||||||||||
| Total | $ | — | $ | 3,536,907,690 | $ | 52 | $ | 3,536,907,742 | ||||||||
See Notes to Financial Statements
| 81 |
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| FLOATING RATE NOTES: 99.0% | ||||||||
| Australia: 10.4% | ||||||||
| Australia & New Zealand Banking Group Ltd. 144A | ||||||||
| 4.62% (SOFR+0.47%), 12/16/26 (a) | $ | 1,775 | $ | 1,778,824 | ||||
| 4.76% (SOFR+0.62%), 06/18/28 (a) | 21,700 | 21,802,302 | ||||||
| 4.77% (SOFR+0.68%), 07/16/27 (a) | 10,575 | 10,628,150 | ||||||
| 4.77% (SOFR+0.65%), 09/30/27 (a) | 4,200 | 4,221,324 | ||||||
| 4.90% (SOFR+0.81%), 01/18/27 (a) | 4,350 | 4,376,893 | ||||||
| 5.00% (SOFR+0.85%), 12/16/29 (a) | 21,248 | 21,500,172 | ||||||
| Commonwealth Bank of Australia 144A | ||||||||
| 4.68% (SOFR+0.52%), 06/15/26 (a) | 2,450 | 2,452,954 | ||||||
| 4.68% (SOFR+0.46%), 11/27/26 (a) | 3,400 | 3,399,241 | ||||||
| 4.80% (SOFR+0.64%), 03/14/28 (a) | 8,475 | 8,518,114 | ||||||
| 4.89% (SOFR+0.78%), 10/01/30 (a) | 17,500 | 17,625,000 | ||||||
| 4.97% (SOFR+0.81%), 03/14/30 (a) | 35,075 | 35,356,943 | ||||||
| 5.13% (SOFR+0.97%), 03/14/27 (a) | 1,726 | 1,741,123 | ||||||
| Macquarie Bank Ltd. 144A | ||||||||
| 4.90% (SOFR+0.74%), 06/12/28 (a) | 23,400 | 23,527,082 | ||||||
| 5.03% (SOFR+0.92%), 07/02/27 (a) | 7,205 | 7,259,012 | ||||||
| 5.39% (SOFR+1.20%), 12/07/26 (a) | 1,725 | 1,738,423 | ||||||
| 5.40% (SOFR+1.24%), 06/15/26 (a) | 1,475 | 1,482,909 | ||||||
Macquarie Group Ltd. 144A 5.05% (SOFR+0.92%), 09/23/27 (a) | 3,400 | 3,412,100 | ||||||
| National Australia Bank Ltd. 144A | ||||||||
| 4.68% (SOFR+0.60%), 10/26/27 (a) | 6,350 | 6,392,979 | ||||||
| 4.69% (SOFR+0.50%), 03/06/28 (a) | 2,550 | 2,559,465 | ||||||
| 4.75% (SOFR+0.65%), 01/12/27 (a) | 2,435 | 2,445,762 | ||||||
| 4.79% (SOFR+0.62%), 06/11/27 (a) | 7,194 | 7,212,115 | ||||||
| 4.81% (SOFR+0.65%), 06/13/28 (a) | 15,350 | 15,435,234 | ||||||
| 4.89% (SOFR+0.79%), 01/14/30 (a) | 19,800 | 19,990,300 | ||||||
Westpac Banking Corp. 4.55% (SOFR+0.46%), 10/20/26 (a) | 3,675 | 3,681,722 | ||||||
| Par (000’s | ) | Value | ||||||
| Australia (continued) | ||||||||
| 4.72% (SOFR+0.52%), 06/03/26 (a) | $ | 1,495 | $ | 1,497,516 | ||||
| 4.90% (SOFR+0.81%), 04/16/29 (a) | 18,250 | 18,411,482 | ||||||
| 4.93% (SOFR+0.82%), 07/01/30 (a) | 12,859 | 12,988,273 | ||||||
Westpac Banking Corp. 144A 4.69% (SOFR+0.50%), 03/06/28 (a) | 6,025 | 6,035,103 | ||||||
| 267,470,517 | ||||||||
| Canada: 9.6% | ||||||||
| Bank of Montreal | ||||||||
| 4.78% (SOFR Compound Index+0.62%), 09/15/26 (a) | 1,975 | 1,979,299 | ||||||
| 4.88% (SOFR Compound Index+0.75%), 09/22/28 (a) | 10,750 | 10,758,266 | ||||||
| 4.94% (SOFR+0.86%), 01/27/29 (a) | 7,059 | 7,080,953 | ||||||
| 4.95% (SOFR Compound Index+0.76%), 06/04/27 (a) | 4,100 | 4,119,798 | ||||||
| 5.05% (SOFR Compound Index+0.88%), 09/10/27 (a) | 5,450 | 5,471,459 | ||||||
| 5.33% (SOFR Compound Index+1.16%), 12/11/26 (a) | 1,727 | 1,743,407 | ||||||
| 5.52% (SOFR Compound Index+1.33%), 06/05/26 (a) | 2,000 | 2,011,643 | ||||||
| Bank of Nova Scotia | ||||||||
| 4.77% (SOFR+0.61%), 09/15/26 (a) | 1,480 | 1,483,874 | ||||||
| 4.92% (SOFR+0.76%), 09/15/28 (a) | 13,500 | 13,505,324 | ||||||
| 4.97% (SOFR Compound Index+0.78%), 06/04/27 (a) | 3,653 | 3,671,513 | ||||||
| 5.14% (SOFR Compound Index+1.08%), 08/01/29 (a) | 7,050 | 7,127,129 | ||||||
| 5.15% (SOFR+0.89%), 02/14/29 (a) | 9,400 | 9,418,467 | ||||||
| 5.19% (SOFR+1.00%), 09/08/28 (a) | 12,925 | 12,992,341 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 4.82% (SOFR+0.72%), 01/13/28 (a) | 3,650 | 3,654,538 | ||||||
| 4.99% (SOFR+0.80%), 09/08/28 (a) | 14,250 | 14,269,537 | ||||||
| 5.06% (SOFR+0.94%), 06/28/27 (a) | 4,541 | 4,575,596 | ||||||
| 5.10% (SOFR Compound Index+0.93%), 09/11/27 (a) | 4,550 | 4,564,908 | ||||||
See Notes to Financial Statements
| 82 |
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 5.15% (SOFR+1.03%), 03/30/29 (a) | $ | 9,400 | $ | 9,457,191 | ||||
| 5.33% (SOFR+1.22%), 10/02/26 (a) | 1,750 | 1,764,177 | ||||||
Federation des Caisses Desjardins du Quebec 144A 4.71% (SOFR+0.63%), 01/27/27 (a) | 3,075 | 3,082,023 | ||||||
| National Bank of Canada | ||||||||
| 5.02% (SOFR Compound Index+0.90%), 03/25/27 (a) | 1,950 | 1,952,806 | ||||||
| 5.14% (SOFR Compound Index+1.03%), 07/02/27 (a) | 2,975 | 2,983,787 | ||||||
| Royal Bank of Canada | ||||||||
| 4.52% (SOFR Compound Index+0.46%), 08/03/26 †(a) | 6,050 | 6,065,562 | ||||||
| 4.65% (SOFR Compound Index+0.59%), 11/02/26 (a) | 1,775 | 1,779,993 | ||||||
| 4.80% (SOFR Compound Index+0.71%), 01/21/27 (a) | 1,500 | 1,505,870 | ||||||
| 4.81% (SOFR Compound Index+0.72%), 10/18/27 (a) | 5,500 | 5,518,293 | ||||||
| 4.87% (SOFR Compound Index+0.79%), 07/23/27 (a) | 5,925 | 5,937,950 | ||||||
| 4.91% (SOFR Compound Index+0.83%), 01/24/29 (a) | 14,197 | 14,222,001 | ||||||
| 4.94% (SOFR Compound Index+0.82%), 03/27/28 (a) | 4,925 | 4,943,268 | ||||||
| 4.95% (SOFR Compound Index+0.86%), 10/18/28 (a) | 10,740 | 10,773,259 | ||||||
| 5.04% (SOFR Compound Index+0.95%), 01/19/27 (a) | 2,500 | 2,516,961 | ||||||
| 5.17% (SOFR Compound Index+1.08%), 07/20/26 (a) | 1,750 | 1,761,785 | ||||||
| 5.17% (SOFR Compound Index+0.88%), 08/06/29 (a) | 11,000 | 11,030,451 | ||||||
| 5.19% (SOFR Compound Index+1.13%), 05/02/31 (a) | 9,550 | 9,589,549 | ||||||
| 5.33% (SOFR Compound Index+1.03%), 02/04/31 (a) | 7,050 | 7,073,354 | ||||||
| Toronto-Dominion Bank | ||||||||
| 4.76% (SOFR+0.59%), 09/10/26 (a) | 1,600 | 1,604,662 | ||||||
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 4.76% (SOFR+0.62%), 12/17/26 (a) | $ | 2,775 | $ | 2,784,416 | ||||
| 4.84% (SOFR+0.73%), 04/05/27 (a) | 4,629 | 4,647,997 | ||||||
| 4.85% (SOFR+0.75%), 10/13/28 (a) | 7,500 | 7,511,615 | ||||||
| 4.88% (SOFR+0.82%), 01/31/28 (a) | 6,675 | 6,703,203 | ||||||
| 5.12% (SOFR+0.91%), 06/02/28 (a) | 1,200 | 1,206,029 | ||||||
| 5.17% (SOFR+1.08%), 07/17/26 (a) | 2,301 | 2,315,119 | ||||||
| 5.17% (SOFR+1.03%), 12/17/29 (a) | 8,700 | 8,769,641 | ||||||
| 245,929,014 | ||||||||
| Finland: 0.9% | ||||||||
| Nordea Bank Abp 144A | ||||||||
| 4.84% (SOFR+0.70%), 03/17/28 (a) | 3,450 | 3,470,272 | ||||||
| 4.87% (SOFR+0.74%), 03/19/27 (a) | 2,460 | 2,472,693 | ||||||
| 5.05% (SOFR+0.83%), 08/28/30 (a) | 9,100 | 9,124,151 | ||||||
| 5.19% (SOFR+1.02%), 09/10/29 (a) | 7,230 | 7,323,116 | ||||||
| 22,390,232 | ||||||||
| France: 3.9% | ||||||||
| Banque Federative du Credit Mutuel SA 144A | ||||||||
| 5.08% (SOFR+0.99%), 10/16/28 (a) | 14,050 | 14,118,355 | ||||||
| 5.21% (SOFR+1.13%), 01/23/27 (a) | 1,475 | 1,485,067 | ||||||
| 5.31% (SOFR Compound Index+1.23%), 01/22/30 (a) | 8,214 | 8,284,695 | ||||||
| 5.33% (SOFR Compound Index+1.07%), 02/16/28 (a) | 4,230 | 4,260,228 | ||||||
| 5.50% (SOFR Compound Index+1.40%), 07/13/26 (a) | 1,725 | 1,737,117 | ||||||
BNP Paribas SA 144A 5.71% (SOFR+1.43%), 05/09/29 (a) | 9,375 | 9,457,564 | ||||||
BPCE SA 144A 6.07% (SOFR Compound Index+1.98%), 10/19/27 (a) | 2,700 | 2,730,308 | ||||||
| Credit Agricole SA 144A | ||||||||
| 5.04% (SOFR+0.87%), 03/11/27 (a) | 2,925 | 2,937,180 | ||||||
| 5.23% (SOFR+1.13%), 01/09/29 (a) | 11,725 | 11,773,059 | ||||||
| 5.38% (SOFR+1.21%), 09/11/28 (a) | 11,725 | 11,797,206 | ||||||
| 5.40% (SOFR+1.29%), 07/05/26 (a) | 2,440 | 2,453,964 | ||||||
| Societe Generale SA 144A | ||||||||
See Notes to Financial Statements
| 83 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| France (continued) | ||||||||
| 5.35% (SOFR+1.10%), 02/19/27 (a) | $ | 2,550 | $ | 2,557,883 | ||||
| 5.51% (SOFR+1.41%), 04/13/29 (a) | 12,175 | 12,253,514 | ||||||
| 5.66% (SOFR+1.42%), 05/22/29 (a) | 10,200 | 10,257,585 | ||||||
| 5.75% (SOFR+1.66%), 01/19/28 (a) | 3,275 | 3,302,864 | ||||||
| 99,406,589 | ||||||||
| Japan: 8.0% | ||||||||
Mitsubishi Corp. 144A 4.92% (SOFR+0.70%), 09/09/28 (a) | 9,500 | 9,517,085 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | ||||||||
| 5.31% (SOFR+1.13%), 09/12/31 †(a) | 23,250 | 23,345,125 | ||||||
| 5.57% (SOFR+1.48%), 04/24/31 (a) | 11,900 | 12,115,154 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 5.36% (SOFR+1.25%), 07/08/31 (a) | 17,550 | 17,698,848 | ||||||
| 5.37% (SOFR+1.08%), 05/13/31 (a) | 7,049 | 7,067,485 | ||||||
Nomura Holdings, Inc. 5.37% (SOFR+1.25%), 07/02/27 (a) | 4,400 | 4,436,557 | ||||||
| NTT Finance Corp. 144A | ||||||||
| 5.18% (SOFR+1.08%), 07/16/28 (a) | 11,750 | 11,875,325 | ||||||
| 5.41% (SOFR+1.31%), 07/16/30 (a) | 11,750 | 11,970,184 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 4.98% (SOFR+0.88%), 01/14/27 (a) | 2,445 | 2,458,414 | ||||||
| 5.15% (SOFR+1.05%), 04/15/30 (a) | 18,725 | 18,796,897 | ||||||
| 5.28% (SOFR+1.17%), 07/09/29 (a) | 11,700 | 11,825,286 | ||||||
| 5.30% (SOFR+1.19%), 07/08/31 (a) | 21,125 | 21,271,695 | ||||||
| 5.40% (SOFR+1.30%), 07/13/26 (a) | 1,951 | 1,964,763 | ||||||
| Sumitomo Mitsui Trust Bank Ltd. 144A | ||||||||
| 4.94% (SOFR+0.75%), 09/11/28 (a) | 17,200 | 17,243,764 | ||||||
| 5.16% (SOFR+0.99%), 03/13/30 (a) | 23,450 | 23,742,642 | ||||||
| 5.17% (SOFR+0.98%), 09/10/27 (a) | 6,779 | 6,849,010 | ||||||
| 5.32% (SOFR+1.15%), 09/14/26 (a) | 2,450 | 2,466,440 | ||||||
| 204,644,674 | ||||||||
| Netherlands: 2.4% | ||||||||
| ABN AMRO Bank NV 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
| 4.86% (SOFR Compound Index+0.75%), 07/07/28 (a) | $ | 17,550 | $ | 17,588,157 | ||||
| 5.20% (SOFR Compound Index+1.00%), 12/03/28 (a) | 11,725 | 11,765,242 | ||||||
| 5.92% (SOFR Compound Index+1.78%), 09/18/27 (a) | 4,249 | 4,292,680 | ||||||
| ING Groep NV | ||||||||
| 5.13% (SOFR Compound Index+1.01%), 04/01/27 (a) | 1,940 | 1,944,688 | ||||||
| 5.13% (SOFR Compound Index+1.01%), 03/25/29 (a) | 17,550 | 17,611,914 | ||||||
| 5.73% (SOFR Compound Index+1.56%), 09/11/27 (a) | 4,250 | 4,284,582 | ||||||
Siemens Funding BV 144A 4.87% (SOFR+0.64%), 05/26/28 (a) | 4,350 | 4,358,539 | ||||||
| 61,845,802 | ||||||||
| New Zealand: 0.4% | ||||||||
ASB Bank Ltd. 144A 4.97% (SOFR+0.90%), 10/29/30 (a) | 7,250 | 7,306,871 | ||||||
Bank of New Zealand 144A 4.89% (SOFR+0.81%), 01/27/27 (a) | 2,075 | 2,083,188 | ||||||
| 9,390,059 | ||||||||
| Norway: 0.3% | ||||||||
DNB Bank ASA 144A 5.36% (SOFR+1.06%), 11/05/30 (a) | 8,340 | 8,432,689 | ||||||
| Singapore: 1.4% | ||||||||
| DBS Group Holdings Ltd. 144A | ||||||||
| 4.74% (SOFR+0.60%), 03/21/28 (a) | 8,475 | 8,512,586 | ||||||
| 4.79% (SOFR+0.65%), 03/21/30 (a) | 11,750 | 11,808,365 | ||||||
Pepsico Singapore Financing I Pte Ltd. 4.82% (SOFR Compound Index+0.56%), 02/16/27 (a) | 1,544 | 1,547,594 | ||||||
| United Overseas Bank Ltd. 144A | ||||||||
| 4.70% (SOFR Compound Index+0.58%), 04/02/28 (a) | 7,625 | 7,652,701 | ||||||
| 4.77% (SOFR Compound Index+0.65%), 04/02/30 (a) | 7,075 | 7,109,619 | ||||||
| 36,630,865 | ||||||||
| South Korea: 1.6% | ||||||||
| KEB Hana Bank 144A | ||||||||
See Notes to Financial Statements
| 84 |
| Par (000’s | ) | Value | ||||||
| South Korea (continued) | ||||||||
| 4.69% (SOFR+0.60%), 10/21/28 (a) | $ | 7,000 | $ | 7,023,926 | ||||
Korea Gas Corp. 144A 4.76% (SOFR+0.65%), 07/10/28 (a) | 7,150 | 7,174,118 | ||||||
| Korea National Oil Corp. 144A | ||||||||
| 4.89% (SOFR+0.77%), 03/31/28 (a) | 3,400 | 3,413,897 | ||||||
| 4.95% (SOFR+0.83%), 04/03/27 (a) | 1,490 | 1,496,952 | ||||||
| 5.02% (SOFR+0.90%), 09/30/27 (a) | 2,525 | 2,543,446 | ||||||
| 5.36% (SOFR+1.08%), 11/14/26 (a) | 2,420 | 2,445,095 | ||||||
LG Energy Solution Ltd. 144A 5.82% (SOFR+1.70%), 04/02/30 (a) | 7,200 | 7,345,008 | ||||||
| NongHyup Bank 144A | ||||||||
| 4.77% (SOFR+0.68%), 01/21/29 (a) | 7,025 | 7,044,008 | ||||||
| 4.89% (SOFR+0.80%), 07/22/27 (a) | 2,550 | 2,563,583 | ||||||
| 41,050,033 | ||||||||
| Spain: 0.8% | ||||||||
| Banco Santander SA | ||||||||
| 5.22% (SOFR+1.12%), 07/15/28 (a) | 17,625 | 17,728,794 | ||||||
| 5.55% (SOFR+1.38%), 03/14/28 (a) | 3,400 | 3,426,087 | ||||||
| 21,154,881 | ||||||||
| Sweden: 1.3% | ||||||||
| Skandinaviska Enskilda Banken AB 144A | ||||||||
| 4.96% (SOFR+0.75%), 06/02/28 (a) | 4,200 | 4,219,995 | ||||||
| 5.08% (SOFR+0.89%), 03/05/27 (a) | 1,725 | 1,737,534 | ||||||
| 5.26% (SOFR+1.06%), 09/03/30 (a) | 7,000 | 7,013,467 | ||||||
| Svenska Handelsbanken AB 144A | ||||||||
| 4.88% (SOFR+0.66%), 05/28/27 (a) | 3,400 | 3,414,671 | ||||||
| 4.97% (SOFR+0.74%), 05/23/28 (a) | 4,200 | 4,226,100 | ||||||
| 5.41% (SOFR+1.25%), 06/15/26 (a) | 2,450 | 2,466,447 | ||||||
| Swedbank AB 144A | ||||||||
| 5.27% (SOFR+1.03%), 11/20/29 (a) | 8,375 | 8,475,467 | ||||||
| 5.54% (SOFR Compound Index+1.38%), 06/15/26 (a) | 1,950 | 1,962,528 | ||||||
| 33,516,209 | ||||||||
| Switzerland: 0.9% | ||||||||
UBS Group AG 144A 4.97% (SOFR+0.84%), 12/23/29 (a) | 16,450 | 16,440,715 | ||||||
| Par (000’s | ) | Value | ||||||
| Switzerland (continued) | ||||||||
| 5.19% (SOFR+1.06%), 09/23/31 (a) | $ | 7,075 | $ | 7,071,234 | ||||
| 23,511,949 | ||||||||
| United Kingdom: 10.6% | ||||||||
| Barclays PLC | ||||||||
| 5.36% (SOFR+1.08%), 11/11/29 (a) | 11,750 | 11,792,523 | ||||||
| 5.65% (SOFR+1.49%), 03/12/28 (a) | 4,175 | 4,219,462 | ||||||
| 6.04% (SOFR+1.88%), 09/13/27 (a) | 2,570 | 2,597,906 | ||||||
GlaxoSmithKline Capital PLC 4.66% (SOFR+0.50%), 03/12/27 (a) | 3,075 | 3,091,993 | ||||||
| HSBC Holdings PLC | ||||||||
| 5.25% (SOFR+1.03%), 03/03/29 (a) | 17,625 | 17,705,041 | ||||||
| 5.30% (SOFR+1.04%), 11/19/28 (a) | 11,750 | 11,810,187 | ||||||
| 5.51% (SOFR+1.29%), 03/03/31 (a) | 17,600 | 17,738,666 | ||||||
| 5.55% (SOFR+1.29%), 11/19/30 (a) | 11,775 | 11,876,561 | ||||||
| 5.85% (SOFR+1.57%), 08/14/27 (a) | 5,949 | 5,995,796 | ||||||
| 5.86% (SOFR+1.57%), 05/13/31 (a) | 29,100 | 29,655,397 | ||||||
| Lloyds Banking Group PLC | ||||||||
| 5.23% (SOFR Compound Index+1.06%), 06/13/29 (a) | 11,725 | 11,761,153 | ||||||
| 5.30% (SOFR Compound Index+1.06%), 11/26/28 (a) | 17,550 | 17,631,331 | ||||||
| 5.70% (SOFR Compound Index+1.58%), 01/05/28 (a) | 2,550 | 2,576,531 | ||||||
| 5.86% (SOFR Compound Index+1.56%), 08/07/27 (a) | 4,250 | 4,284,482 | ||||||
| Nationwide Building Society 144A | ||||||||
| 5.13% (SOFR+1.01%), 09/30/30 (a) | 7,000 | 7,009,895 | ||||||
| 5.17% (SOFR+1.07%), 07/14/29 (a) | 7,025 | 7,041,109 | ||||||
| 5.55% (SOFR+1.29%), 02/16/28 (a) | 2,550 | 2,568,646 | ||||||
| NatWest Group PLC | ||||||||
| 5.34% (SOFR+1.10%), 05/23/29 (a) | 6,450 | 6,475,553 | ||||||
| 5.48% (SOFR+1.25%), 03/01/28 (a) | 2,545 | 2,561,933 | ||||||
| 5.58% (SOFR+1.30%), 11/15/28 (a) | 11,725 | 11,849,875 | ||||||
| NatWest Markets PLC 144A | ||||||||
| 4.88% (SOFR+0.76%), 09/29/26 (a) | 1,450 | 1,456,163 | ||||||
See Notes to Financial Statements
| 85 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 5.08% (SOFR+0.95%), 03/21/28 (a) | $ | 4,250 | $ | 4,273,405 | ||||
| 5.16% (SOFR+0.90%), 05/17/27 (a) | 2,450 | 2,462,629 | ||||||
| 5.32% (SOFR+1.19%), 03/21/30 (a) | 8,350 | 8,435,752 | ||||||
| 5.40% (SOFR+1.14%), 05/17/29 (a) | 9,625 | 9,720,874 | ||||||
Rio Tinto Finance USA PLC 5.00% (SOFR Compound Index+0.84%), 03/14/28 (a) | 4,410 | 4,455,413 | ||||||
Santander UK Group Holdings PLC 5.20% (SOFR Compound Index+1.07%), 09/22/29 (a) | 9,500 | 9,505,898 | ||||||
| Standard Chartered PLC 144A | ||||||||
| 5.33% (SOFR+1.24%), 01/21/29 (a) | 11,725 | 11,805,789 | ||||||
| 5.43% (SOFR+1.17%), 05/14/28 †(a) | 4,213 | 4,238,957 | ||||||
| 5.95% (SOFR+1.68%), 05/13/31 (a) | 17,550 | 17,949,031 | ||||||
| 6.04% (SOFR+1.93%), 07/06/27 (a) | 4,250 | 4,290,535 | ||||||
| 6.31% (SOFR+2.03%), 02/08/28 (a) | 3,401 | 3,456,432 | ||||||
| 272,294,918 | ||||||||
| United States: 46.5% | ||||||||
| American Express Co. | ||||||||
| 4.83% (SOFR+0.75%), 04/23/27 (a) | 1,500 | 1,502,468 | ||||||
| 4.90% (SOFR+0.81%), 07/20/29 (a) | 17,550 | 17,578,314 | ||||||
| 4.95% (SOFR Compound Index+0.65%), 11/04/26 (a) | 2,430 | 2,440,158 | ||||||
| 5.01% (SOFR+0.93%), 07/26/28 †(a) | 11,716 | 11,811,253 | ||||||
| 5.05% (SOFR Compound Index+0.97%), 07/28/27 (a) | 2,550 | 2,560,761 | ||||||
| 5.09% (SOFR+1.02%), 01/30/31 (a) | 6,975 | 6,996,101 | ||||||
| 5.26% (SOFR Compound Index+1.00%), 02/16/28 (a) | 2,550 | 2,561,294 | ||||||
| 5.34% (SOFR+1.26%), 04/25/29 (a) | 9,375 | 9,493,924 | ||||||
| American Honda Finance Corp. | ||||||||
| 4.79% (SOFR+0.55%), 05/21/26 (a) | 1,000 | 1,001,104 | ||||||
| 4.80% (SOFR+0.62%), 12/11/26 (a) | 3,000 | 3,004,342 | ||||||
| 4.80% (SOFR+0.72%), 10/22/27 (a) | 2,825 | 2,828,609 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.81% (SOFR+0.71%), 07/09/27 (a) | $ | 2,650 | $ | 2,653,583 | ||||
| 4.83% (SOFR+0.55%), 05/11/26 (a) | 1,000 | 1,000,654 | ||||||
| 4.83% (SOFR Compound Index+0.72%), 10/05/26 (a) | 2,000 | 2,005,152 | ||||||
| 4.85% (SOFR+0.75%), 01/15/27 (a) | 1,100 | 1,102,256 | ||||||
| 4.93% (SOFR+0.77%), 03/12/27 (a) | 2,613 | 2,618,311 | ||||||
| 4.97% (SOFR+0.87%), 07/09/27 (a) | 2,750 | 2,764,205 | ||||||
| 5.00% (SOFR+0.73%), 08/13/27 (a) | 3,500 | 3,507,934 | ||||||
| 5.02% (SOFR+0.82%), 03/03/28 (a) | 10,350 | 10,364,951 | ||||||
| 5.10% (SOFR+0.90%), 09/01/28 (a) | 7,000 | 7,023,149 | ||||||
| Athene Global Funding 144A | ||||||||
| 4.84% (SOFR Compound Index+0.75%), 07/16/26 (a) | 350 | 350,775 | ||||||
| 4.94% (SOFR Compound Index+0.83%), 01/07/27 (a) | 1,975 | 1,981,943 | ||||||
| 5.13% (SOFR Compound Index+0.85%), 05/08/26 (a) | 500 | 501,215 | ||||||
| 5.14% (SOFR Compound Index+0.95%), 03/06/28 (a) | 2,750 | 2,754,495 | ||||||
| 5.14% (SOFR Compound Index+1.00%), 09/18/28 (a) | 9,250 | 9,258,699 | ||||||
| 5.25% (SOFR Compound Index+1.03%), 08/27/26 (a) | 2,000 | 2,009,440 | ||||||
| 5.33% (SOFR Compound Index+1.21%), 03/25/27 (a) | 3,650 | 3,677,696 | ||||||
| Bank of America Corp. | ||||||||
| 4.91% (SOFR+0.83%), 01/24/29 (a) | 17,550 | 17,591,088 | ||||||
| 5.05% (SOFR+0.97%), 07/22/27 (a) | 3,397 | 3,409,601 | ||||||
| 5.06% (Term SOFR USD 3 Month+1.02%), 09/15/26 (a) | 1,545 | 1,550,423 | ||||||
| 5.09% (SOFR+1.01%), 01/24/31 (a) | 11,700 | 11,715,481 | ||||||
| 5.35% (SOFR+1.05%), 02/04/28 (a) | 4,230 | 4,258,310 | ||||||
| 5.39% (SOFR+1.11%), 05/09/29 (a) | 17,500 | 17,634,258 | ||||||
| 5.49% (SOFR+1.35%), 09/15/27 (a) | 4,250 | 4,280,931 | ||||||
Bank of America NA 5.28% (SOFR+1.02%), 08/18/26 (a) | 2,925 | 2,941,213 | ||||||
See Notes to Financial Statements
| 86 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Bank of New York Mellon Corp. | ||||||||
| 4.80% (SOFR Compound Index+0.71%), 04/20/27 (a) | $ | 2,450 | $ | 2,453,875 | ||||
| 4.86% (SOFR Compound Index+0.68%), 06/09/28 (a) | 4,250 | 4,252,629 | ||||||
| 4.92% (SOFR Compound Index+0.83%), 07/21/28 (a) | 7,025 | 7,046,430 | ||||||
| BMW US Capital LLC 144A | ||||||||
| 4.91% (SOFR Compound Index+0.78%), 03/19/27 (a) | 3,175 | 3,186,755 | ||||||
| 4.99% (SOFR+0.71%), 08/11/27 (a) | 4,000 | 4,014,807 | ||||||
| 5.05% (SOFR Compound Index+0.92%), 03/21/28 (a) | 5,925 | 5,957,653 | ||||||
| 5.07% (SOFR Compound Index+0.80%), 08/13/26 (a) | 3,650 | 3,662,989 | ||||||
| 5.19% (SOFR Compound Index+0.92%), 08/13/27 (a) | 2,550 | 2,564,103 | ||||||
Cargill, Inc. 144A 4.89% (SOFR+0.61%), 02/11/28 (a) | 2,700 | 2,706,821 | ||||||
| Caterpillar Financial Services Corp. | ||||||||
| 4.49% (SOFR+0.38%), 01/07/27 (a) | 1,775 | 1,777,127 | ||||||
| 4.64% (SOFR+0.53%), 07/07/27 (a) | 2,000 | 2,009,031 | ||||||
| 4.72% (SOFR+0.52%), 03/03/28 (a) | 4,400 | 4,407,001 | ||||||
| 4.78% (SOFR+0.69%), 10/16/26 (a) | 2,450 | 2,461,908 | ||||||
| 4.78% (SOFR+0.52%), 05/14/27 (a) | 2,500 | 2,507,267 | ||||||
| 4.82% (SOFR+0.56%), 11/15/27 (a) | 4,700 | 4,715,095 | ||||||
| 4.90% (SOFR+0.64%), 08/15/28 (a) | 14,500 | 14,574,627 | ||||||
| Charles Schwab Corp. | ||||||||
| 4.79% (SOFR Compound Index+0.52%), 05/13/26 (a) | 1,500 | 1,500,483 | ||||||
| 5.25% (SOFR Compound Index+1.05%), 03/03/27 (a) | 2,450 | 2,468,625 | ||||||
| Chevron USA, Inc. | ||||||||
| 4.59% (SOFR Compound Index+0.36%), 02/26/27 (a) | 3,775 | 3,783,734 | ||||||
| 4.70% (SOFR Compound Index+0.47%), 02/26/28 (a) | 4,250 | 4,263,517 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.84% (SOFR+0.57%), 08/13/28 (a) | $ | 14,000 | $ | 14,058,242 | ||||
| 5.12% (SOFR+0.82%), 10/15/30 (a) | 9,300 | 9,309,723 | ||||||
| Citibank NA | ||||||||
| 4.96% (SOFR+0.71%), 11/19/27 (a) | 6,789 | 6,803,716 | ||||||
| 4.99% (SOFR+0.71%), 08/06/26 (a) | 4,847 | 4,859,771 | ||||||
| 4.99% (SOFR+0.78%), 05/29/27 (a) | 10,575 | 10,653,479 | ||||||
| 5.25% (SOFR Compound Index+1.06%), 12/04/26 (a) | 2,450 | 2,467,732 | ||||||
| 5.32% (SOFR+1.12%), 05/29/30 (a) | 10,450 | 10,606,840 | ||||||
| Citigroup, Inc. | ||||||||
| 4.95% (SOFR+0.77%), 06/09/27 (a) | 3,398 | 3,402,366 | ||||||
| 5.01% (Term SOFR USD 3 Month+0.81%), 08/25/36 (a) | 12,300 | 11,105,572 | ||||||
| 5.06% (SOFR+0.87%), 03/04/29 (a) | 17,550 | 17,560,038 | ||||||
| 5.42% (SOFR+1.14%), 05/07/28 (a) | 5,925 | 5,964,799 | ||||||
| 5.52% (SOFR+1.28%), 02/24/28 (a) | 4,250 | 4,290,559 | ||||||
| 5.74% (SOFR+1.46%), 05/07/31 (a) | 7,545 | 7,669,573 | ||||||
Consolidated Edison Co. of New York, Inc. 4.78% (SOFR Compound Index+0.52%), 11/18/27 (a) | 3,125 | 3,127,578 | ||||||
| Cooperatieve Rabobank UA | ||||||||
| 4.68% (SOFR+0.59%), 10/17/28 (a) | 11,700 | 11,714,956 | ||||||
| 4.69% (SOFR+0.60%), 01/21/28 (a) | 2,600 | 2,604,168 | ||||||
| 4.81% (SOFR+0.59%), 05/27/27 (a) | 2,750 | 2,760,912 | ||||||
| 4.84% (SOFR Compound Index+0.62%), 08/28/26 (a) | 3,725 | 3,735,140 | ||||||
| 4.90% (SOFR Compound Index+0.71%), 03/05/27 (a) | 2,990 | 3,006,473 | ||||||
| 4.98% (SOFR Compound Index+0.89%), 10/17/29 (a) | 12,965 | 13,057,616 | ||||||
| 5.01% (SOFR Compound Index+0.90%), 10/05/26 (a) | 1,500 | 1,508,023 | ||||||
Corebridge Global Funding 144A | ||||||||
|
4.86% (SOFR+0.75%), 01/07/28 (a) | 2,550 | 2,550,208 | ||||||
See Notes to Financial Statements
| 87 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.42% (SOFR+1.30%), 09/25/26 (a) | $ | 1,950 | $ | 1,964,072 | ||||
| Daimler Truck Finance North America LLC 144A | ||||||||
| 4.94% (SOFR+0.84%), 01/13/28 (a) | 2,550 | 2,553,022 | ||||||
| 5.09% (SOFR+0.96%), 09/25/27 (a) | 2,968 | 2,980,271 | ||||||
| Deutsche Bank AG | ||||||||
| 5.31% (SOFR+1.21%), 01/10/29 (a) | 11,700 | 11,746,789 | ||||||
| 5.48% (SOFR+1.22%), 11/16/27 (a) | 2,550 | 2,561,492 | ||||||
Deutsche Bank AG/New York NY 5.60% (SOFR+1.30%), 08/04/31 (a) | 7,050 | 7,063,356 | ||||||
Eli Lilly & Co. 4.72% (SOFR+0.53%), 10/15/28 (a) | 17,625 | 17,696,369 | ||||||
Equitable America Global Funding 144A 4.87% (SOFR+0.71%), 09/15/27 (a) | 2,500 | 2,502,830 | ||||||
F&G Global Funding 144A 5.51% (SOFR+1.32%), 09/08/28 (a) | 7,150 | 7,205,181 | ||||||
Fifth Third Bank NA 4.89% (SOFR+0.81%), 01/28/28 (a) | 2,700 | 2,703,103 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 5.75% (SOFR+1.45%), 11/05/26 (a) | 1,950 | 1,949,140 | ||||||
| 6.16% (SOFR+2.03%), 03/20/28 (a) | 2,975 | 2,982,681 | ||||||
General Electric Co. 4.96% (Term SOFR USD 3 Month+0.64%), 05/05/26 (a) | 3,550 | 3,557,471 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.15% (SOFR Compound Index+1.05%), 07/15/27 (a) | 3,390 | 3,397,207 | ||||||
| 5.27% (SOFR+1.04%), 02/26/27 (a) | 1,462 | 1,463,615 | ||||||
| 5.28% (SOFR Compound Index+1.17%), 04/04/28 (a) | 2,550 | 2,549,082 | ||||||
| 5.40% (SOFR+1.29%), 01/07/30 (a) | 7,025 | 7,026,417 | ||||||
| 5.63% (SOFR Compound Index+1.35%), 05/08/27 (a) | 1,725 | 1,734,265 | ||||||
Georgia Power Co. 4.44% (SOFR Compound Index+0.28%), 09/15/26 (a) | 2,075 | 2,075,999 | ||||||
| Glencore Funding LLC 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.86% (SOFR Compound Index+0.75%), 10/01/26 (a) | $ | 2,400 | $ | 2,404,055 | ||||
| 5.17% (SOFR Compound Index+1.06%), 04/04/27 (a) | 1,706 | 1,715,270 | ||||||
| Goldman Sachs Bank USA | ||||||||
| 4.91% (SOFR+0.77%), 03/18/27 (a) | 3,650 | 3,656,410 | ||||||
| 4.99% (SOFR+0.75%), 05/21/27 (a) | 7,200 | 7,214,480 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 4.97% (SOFR+0.79%), 12/09/26 (a) | 1,469 | 1,470,066 | ||||||
| 4.99% (SOFR+0.81%), 03/09/27 (a) | 1,966 | 1,968,631 | ||||||
| 4.99% (SOFR+0.82%), 09/10/27 (a) | 2,550 | 2,555,804 | ||||||
| 5.01% (SOFR+0.92%), 10/21/27 (a) | 2,551 | 2,560,386 | ||||||
| 5.01% (SOFR+0.92%), 10/21/29 (a) | 11,700 | 11,711,466 | ||||||
| 5.16% (SOFR+1.08%), 01/28/31 (a) | 9,375 | 9,389,021 | ||||||
| 5.17% (SOFR+1.08%), 10/21/31 (a) | 11,750 | 11,744,136 | ||||||
| 5.36% (SOFR+1.12%), 02/24/28 (a) | 2,979 | 2,998,631 | ||||||
| 5.37% (SOFR+1.29%), 04/23/28 (a) | 4,242 | 4,278,064 | ||||||
| 5.87% (Term SOFR USD 3 Month+2.01%), 10/28/27 (a) | 8,479 | 8,584,091 | ||||||
| 6.01% (SOFR+1.85%), 03/15/28 (a) | 2,550 | 2,587,427 | ||||||
| Hartford Financial Services Group, Inc. 144A
6.60% (Term SOFR USD 3 Month+2.39%), 02/12/47 (a) | 11,900 | 11,217,419 | ||||||
HCA, Inc. 5.08% (SOFR+0.87%), 03/01/28 (a) | 2,700 | 2,719,032 | ||||||
Hewlett Packard Enterprise Co. 5.12% (SOFR+0.96%), 09/15/28 (a) | 7,200 | 7,224,179 | ||||||
| HSBC USA, Inc. | ||||||||
| 5.15% (SOFR+0.96%), 03/04/27 (a) | 2,445 | 2,459,809 | ||||||
| 5.17% (SOFR+0.97%), 06/03/28 (a) | 3,000 | 3,022,344 | ||||||
Huntington National Bank 4.82% (SOFR+0.72%), 04/12/28 (a) | 4,375 | 4,374,322 | ||||||
Hyundai Capital America 144A 5.03% (SOFR+0.92%), 01/07/28 (a) | 3,200 | 3,202,403 | ||||||
See Notes to Financial Statements
| 88 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.11% (SOFR+0.99%), 03/25/27 (a) | $ | 4,050 | $ | 4,060,795 | ||||
| 5.15% (SOFR+1.03%), 09/24/27 (a) | 4,550 | 4,574,505 | ||||||
| 5.16% (SOFR+1.04%), 06/24/27 (a) | 6,912 | 6,936,641 | ||||||
| 5.17% (SOFR+1.04%), 03/19/27 (a) | 3,650 | 3,660,091 | ||||||
| 5.21% (SOFR+1.07%), 09/18/28 (a) | 3,300 | 3,318,237 | ||||||
| 5.25% (SOFR+1.12%), 06/23/27 (a) | 2,000 | 2,010,632 | ||||||
| 5.44% (SOFR+1.30%), 09/18/30 (a) | 7,000 | 7,050,000 | ||||||
| 5.47% (SOFR+1.35%), 03/27/30 (a) | 11,825 | 11,930,562 | ||||||
| 5.61% (SOFR+1.50%), 01/08/27 (a) | 1,675 | 1,691,212 | ||||||
| Jackson National Life Global Funding 144A | ||||||||
| 5.07% (SOFR+0.89%), 06/09/27 (a) | 3,325 | 3,336,084 | ||||||
| 5.11% (SOFR+0.95%), 09/12/28 (a) | 11,700 | 11,774,942 | ||||||
| John Deere Capital Corp. | ||||||||
| 4.52% (SOFR+0.40%), 01/05/27 (a) | 2,800 | 2,806,620 | ||||||
| 4.70% (SOFR+0.60%), 04/19/27 (a) | 1,600 | 1,605,538 | ||||||
| 4.70% (SOFR+0.50%), 03/06/28 (a) | 4,550 | 4,557,309 | ||||||
| 4.77% (SOFR+0.58%), 09/11/28 (a) | 7,250 | 7,280,326 | ||||||
| 4.78% (SOFR+0.68%), 07/15/27 (a) | 3,625 | 3,659,401 | ||||||
| 4.79% (SOFR+0.60%), 06/11/27 (a) | 3,175 | 3,188,432 | ||||||
| 4.99% (SOFR+0.79%), 06/08/26 (a) | 1,512 | 1,516,986 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 4.88% (SOFR+0.80%), 01/24/29 (a) | 17,553 | 17,587,866 | ||||||
| 4.89% (SOFR+0.77%), 09/22/27 (a) | 4,255 | 4,268,901 | ||||||
| 4.94% (SOFR+0.86%), 10/22/28 (a) | 11,701 | 11,759,376 | ||||||
| 4.97% (SOFR+0.89%), 04/22/27 (a) | 2,450 | 2,456,809 | ||||||
| 5.00% (SOFR+0.92%), 04/22/28 (a) | 6,358 | 6,393,107 | ||||||
| 5.01% (SOFR+0.93%), 07/22/28 (a) | 17,544 | 17,649,223 | ||||||
| 5.28% (SOFR+1.20%), 01/23/28 (a) | 4,237 | 4,277,131 | ||||||
| 5.42% (SOFR+1.18%), 02/24/28 (a) | 6,348 | 6,397,780 | ||||||
| 5.47% (Term SOFR USD 3 Month+1.26%), 05/15/47 (a) | 8,225 | 7,297,004 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
JPMorgan Chase Bank NA 5.19% (SOFR+1.00%), 12/08/26 (a) | $ | 4,850 | $ | 4,885,773 | ||||
| Keurig Dr Pepper, Inc. | ||||||||
| 4.84% (SOFR+0.58%), 11/15/26 (a) | 2,475 | 2,475,390 | ||||||
| 5.04% (SOFR Compound Index+0.88%), 03/15/27 (a) | 1,751 | 1,754,210 | ||||||
Marsh & McLennan Cos, Inc. 4.98% (SOFR Compound Index+0.70%), 11/08/27 (a) | 2,700 | 2,713,339 | ||||||
| MassMutual Global Funding II 144A | ||||||||
| 4.74% (SOFR+0.68%), 08/01/28 (a) | 7,000 | 7,021,115 | ||||||
| 4.84% (SOFR+0.77%), 01/29/27 (a) | 1,475 | 1,483,273 | ||||||
| 4.84% (SOFR+0.74%), 04/09/27 (a) | 1,745 | 1,752,191 | ||||||
| 5.08% (SOFR+0.98%), 07/10/26 (a) | 2,450 | 2,462,597 | ||||||
Mastercard, Inc. 4.60% (SOFR Compound Index+0.44%), 03/15/28 (a) | 2,725 | 2,728,478 | ||||||
| Mercedes-Benz Finance North America LLC 144A | ||||||||
| 4.71% (SOFR+0.63%), 07/31/26 (a) | 3,900 | 3,906,211 | ||||||
| 4.89% (SOFR+0.78%), 04/01/27 (a) | 2,700 | 2,712,538 | ||||||
| 5.05% (SOFR+0.93%), 03/31/28 (a) | 3,750 | 3,764,230 | ||||||
| 5.11% (SOFR+0.85%), 11/15/27 (a) | 4,825 | 4,859,395 | ||||||
Merck & Co., Inc. 4.64% (SOFR+0.46%), 09/15/27 †(a) | 4,250 | 4,275,804 | ||||||
| Metropolitan Life Global Funding I 144A | ||||||||
| 4.87% (SOFR Compound Index+0.70%), 06/11/27 (a) | 2,975 | 2,991,809 | ||||||
| 4.93% (SOFR+0.70%), 08/25/28 (a) | 9,375 | 9,395,294 | ||||||
| Morgan Stanley | ||||||||
| 5.11% (SOFR+1.02%), 04/13/28 (a) | 8,500 | 8,546,393 | ||||||
| 5.47% (SOFR+1.38%), 04/12/29 (a) | 11,925 | 12,097,140 | ||||||
| Morgan Stanley Bank NA | ||||||||
| 4.78% (SOFR+0.69%), 10/15/27 (a) | 8,475 | 8,505,434 | ||||||
| 5.00% (SOFR+0.90%), 01/12/29 (a) | 12,039 | 12,074,466 | ||||||
| 5.03% (SOFR+0.94%), 07/14/28 (a) | 23,400 | 23,548,210 | ||||||
See Notes to Financial Statements
| 89 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.08% (SOFR+0.86%), 05/26/28 (a) | $ | 15,000 | $ | 15,055,150 | ||||
| 5.17% (SOFR+1.08%), 01/14/28 (a) | 3,825 | 3,850,072 | ||||||
| 5.24% (SOFR+1.17%), 10/30/26 (a) | 1,725 | 1,737,244 | ||||||
Morgan Stanley Private Bank NA 4.87% (SOFR+0.77%), 07/06/28 (a) | 22,475 | 22,532,293 | ||||||
| National Rural Utilities Cooperative Finance Corp. | ||||||||
| 4.97% (SOFR+0.82%), 09/16/27 (a) | 2,550 | 2,564,137 | ||||||
| 5.10% (SOFR+0.80%), 02/05/27 (a) | 1,475 | 1,483,448 | ||||||
National Securities Clearing Corp. 144A 4.81% (SOFR+0.57%), 05/20/27 (a) | 2,050 | 2,056,668 | ||||||
| New York Life Global Funding 144A | ||||||||
| 4.66% (SOFR+0.48%), 06/09/26 (a) | 1,800 | 1,803,697 | ||||||
| 4.71% (SOFR+0.41%), 02/05/27 (a) | 2,650 | 2,649,242 | ||||||
| 4.72% (SOFR+0.55%), 06/11/27 (a) | 5,600 | 5,606,954 | ||||||
| 4.74% (SOFR+0.66%), 07/25/28 (a) | 8,350 | 8,402,678 | ||||||
| 4.78% (SOFR+0.67%), 04/02/27 (a) | 3,400 | 3,415,474 | ||||||
| 4.80% (SOFR+0.58%), 08/28/26 (a) | 1,550 | 1,552,849 | ||||||
| 4.96% (SOFR+0.88%), 04/25/28 (a) | 3,500 | 3,527,583 | ||||||
NextEra Energy Capital Holdings, Inc. 5.10% (SOFR Compound Index+0.80%), 02/04/28 (a) | 4,400 | 4,432,701 | ||||||
Northwestern Mutual Global Funding 144A 4.89% (SOFR+0.66%), 08/25/28 (a) | 7,200 | 7,227,620 | ||||||
Oracle Corp. 4.82% (SOFR+0.76%), 08/03/28 (a) | 11,850 | 11,912,483 | ||||||
| Pacific Life Global Funding II 144A | ||||||||
| 4.68% (SOFR+0.60%), 01/27/28 (a) | 3,100 | 3,104,182 | ||||||
| 4.71% (SOFR+0.58%), 12/20/27 (a) | 2,650 | 2,655,163 | ||||||
| 4.78% (SOFR+0.48%), 02/04/27 (a) | 3,925 | 3,929,937 | ||||||
| 4.81% (SOFR+0.62%), 06/04/26 (a) | 1,501 | 1,504,096 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.85% (SOFR+0.75%), 07/10/28 (a) | $ | 7,400 | $ | 7,436,911 | ||||
| 5.13% (SOFR Compound Index+1.05%), 07/28/26 (a) | 1,541 | 1,549,676 | ||||||
| 5.15% (SOFR+0.85%), 02/05/27 (a) | 3,675 | 3,694,194 | ||||||
PayPal Holdings, Inc. 4.86% (SOFR+0.67%), 03/06/28 (a) | 3,975 | 3,988,769 | ||||||
Philip Morris International, Inc. 4.90% (SOFR+0.83%), 04/28/28 (a) | 3,525 | 3,550,457 | ||||||
Pinnacle West Capital Corp. 4.99% (SOFR+0.82%), 06/10/26 (a) | 1,871 | 1,875,648 | ||||||
| PNC Bank NA | ||||||||
| 4.60% (SOFR+0.50%), 01/15/27 (a) | 2,450 | 2,451,096 | ||||||
| 4.81% (SOFR+0.73%), 07/21/28 (a) | 7,050 | 7,052,777 | ||||||
Principal Life Global Funding II 144A 5.07% (SOFR+0.81%), 08/18/28 (a) | 7,150 | 7,154,817 | ||||||
| Protective Life Global Funding 144A | ||||||||
| 4.58% (SOFR+0.50%), 07/22/26 (a) | 1,775 | 1,776,411 | ||||||
| 5.02% (SOFR+0.85%), 09/11/28 (a) | 11,750 | 11,787,178 | ||||||
Public Storage Operating Co. 4.79% (SOFR Compound Index+0.70%), 04/16/27 (a) | 3,500 | 3,511,612 | ||||||
Roche Holdings, Inc. 144A 5.01% (SOFR+0.74%), 11/13/26 (a) | 1,625 | 1,633,172 | ||||||
Sammons Financial Group Global Funding 144A 5.06% (SOFR+0.85%), 09/02/27 (a) | 3,500 | 3,519,517 | ||||||
Santander Holdings USA, Inc. 5.74% (SOFR+1.61%), 03/20/29 (a) | 9,525 | 9,659,154 | ||||||
Standard Chartered Bank 4.75% (SOFR+0.65%), 10/08/26 (a) | 1,475 | 1,478,637 | ||||||
State Street Bank & Trust Co. 4.69% (SOFR+0.46%), 11/25/26 (a) | 1,475 | 1,480,789 | ||||||
| State Street Corp. | ||||||||
| 4.72% (SOFR+0.64%), 10/22/27 (a) | 2,550 | 2,557,715 | ||||||
| 4.91% (SOFR+0.84%), 08/03/26 (a) | 1,475 | 1,480,203 | ||||||
| 5.03% (SOFR+0.95%), 04/24/28 (a) | 2,550 | 2,562,220 | ||||||
See Notes to Financial Statements
| 90 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Stellantis Financial Services US Corp. 144A 5.85% (SOFR+1.69%), 09/15/28 (a) | $ | 7,100 | $ | 7,130,964 | ||||
| Toyota Motor Credit Corp. | ||||||||
| 4.57% (SOFR+0.47%), 01/08/27 (a) | 2,000 | 2,002,028 | ||||||
| 4.71% (SOFR+0.45%), 05/15/26 (a) | 3,000 | 3,002,310 | ||||||
| 4.78% (SOFR+0.65%), 03/19/27 (a) | 2,200 | 2,209,355 | ||||||
| 4.91% (SOFR+0.72%), 09/05/28 (a) | 11,250 | 11,335,864 | ||||||
| 4.97% (SOFR+0.71%), 05/14/27 (a) | 2,583 | 2,596,146 | ||||||
| 5.06% (SOFR+0.77%), 08/07/26 (a) | 3,650 | 3,665,010 | ||||||
| 5.15% (SOFR Compound Index+0.89%), 05/18/26 (a) | 489 | 490,700 | ||||||
Truist Bank 4.85% (SOFR+0.77%), 07/24/28 (a) | 11,850 | 11,866,178 | ||||||
UnitedHealth Group, Inc. 4.60% (SOFR+0.50%), 07/15/26 (a) | 2,594 | 2,596,625 | ||||||
| US Bank NA | ||||||||
| 4.77% (SOFR+0.69%), 10/22/27 (a) | 4,250 | 4,262,071 | ||||||
| 5.17% (SOFR+0.91%), 05/15/28 (a) | 4,250 | 4,275,562 | ||||||
| Volkswagen Group of America Finance LLC 144A | ||||||||
| 5.18% (SOFR+1.06%), 03/25/27 (a) | 1,475 | 1,479,082 | ||||||
| 5.32% (SOFR+1.06%), 08/14/26 (a) | 1,950 | 1,957,923 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Walmart, Inc. 4.51% (SOFR Compound Index+0.43%), 04/28/27 (a) | $ | 3,750 | $ | 3,764,046 | ||||
| Wells Fargo & Co. | ||||||||
| 4.67% (Term SOFR USD 3 Month+0.76%), 01/15/27 (a) | 1,450 | 1,439,308 | ||||||
| 4.86% (SOFR+0.78%), 01/24/28 (a) | 5,900 | 5,916,637 | ||||||
| 5.04% (SOFR+0.88%), 09/15/29 (a) | 11,000 | 11,015,011 | ||||||
| 5.15% (SOFR+1.07%), 04/22/28 (a) | 14,450 | 14,550,451 | ||||||
| 5.45% (SOFR+1.37%), 04/23/29 (a) | 11,750 | 11,915,844 | ||||||
| Wells Fargo Bank NA | ||||||||
| 5.24% (SOFR+1.07%), 12/11/26 (a) | 2,496 | 2,522,394 | ||||||
| 5.35% (SOFR+1.06%), 08/07/26 (a) | 2,000 | 2,011,863 | ||||||
| 1,196,844,656 | ||||||||
| Total Floating Rate Notes (Cost: $2,535,922,089) | 2,544,513,087 | |||||||
| Number of Shares | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% | ||||||||
| Money Market Fund: 0.1% (Cost: $2,916,621) | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x) | 2,916,621 | 2,916,621 | ||||||
| Total Investments: 99.1% (Cost: $2,538,838,710) | 2,547,429,708 | |||||||
| Other assets less liabilities: 0.9% | 23,508,955 | |||||||
| NET ASSETS: 100.0% | $ | 2,570,938,663 | ||||||
Definitions:
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| (a) | Variable rate security — the rate shown is as of 10/31/25 |
| (x) | Rate shown is the 1-day yield as of 10/31/25. |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,328,987. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $991,303,327, or 38.6% of net assets. |
See Notes to Financial Statements
| 91 |
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Floating Rate Notes * | $ | — | $ | 2,544,513,087 | $ | — | $ | 2,544,513,087 | ||||||||
| Money Market Fund | 2,916,621 | — | — | 2,916,621 | ||||||||||||
| Total Investments | $ | 2,916,621 | $ | 2,544,513,087 | $ | — | $ | 2,547,429,708 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 92 |
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.7% | ||||||||
| Alabama: 2.7% | ||||||||
| Alabama Public School and College Authority, Series A (RB) | ||||||||
| 4.00%, 11/01/36 (c) | $ | 2,000 | $ | 2,061,773 | ||||
| 5.00%, 11/01/31 (c) | 525 | 585,745 | ||||||
| 5.00%, 11/01/34 (c) | 2,015 | 2,226,648 | ||||||
| Auburn University, Alabama, Series B (RB) | ||||||||
| 5.00%, 06/01/35 | 1,000 | 1,179,379 | ||||||
| 5.00%, 06/01/36 (c) | 1,000 | 1,167,641 | ||||||
| Black Belt Energy Gas District, Series A (RB) | ||||||||
| 4.00%, 06/01/51 (c) (p) | 5,065 | 5,235,650 | ||||||
| 5.25%, 05/01/56 (c) (p) | 1,500 | 1,563,835 | ||||||
| Black Belt Energy Gas District, Series B (RB) | ||||||||
| 5.00%, 10/01/35 (c) | 1,000 | 1,042,180 | ||||||
| 5.00%, 10/01/55 (c) (p) | 1,000 | 1,086,431 | ||||||
Black Belt Energy Gas District, Series D (RB) 5.00%, 12/01/55 (c) (p) | 2,000 | 2,171,283 | ||||||
Black Belt Energy Gas District, Series E (RB) 5.00%, 12/01/55 (c) (p) | 1,000 | 1,083,769 | ||||||
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/33 (c) | 860 | 846,993 | ||||||
| County of Jefferson, Alabama Sewer Warrants (RB) | ||||||||
| 5.00%, 10/01/37 (c) | 1,000 | 1,103,010 | ||||||
| 5.00%, 10/01/38 (c) | 2,000 | 2,189,142 | ||||||
| 5.25%, 10/01/40 (c) | 1,000 | 1,094,974 | ||||||
Energy Southeast, A Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c) | 1,000 | 1,077,658 | ||||||
Energy Southeast, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/33 (c) | 1,000 | 1,040,010 | ||||||
Lower Alabama Gas District Gas Project, Series A (RB) 5.00%, 12/01/33 (c) | 1,500 | 1,596,791 | ||||||
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34 | 2,500 | 2,719,176 | ||||||
Southeast Alabama Gas Supply District, Project No. 1, Series A (RB) 5.00%, 08/01/54 (c) (p) | 1,000 | 1,079,506 | ||||||
Southeast Alabama Gas Supply District, Series B (RB) 5.00%, 06/01/49 (c) (p) | 2,000 | 2,167,524 | ||||||
| Par (000’s | ) | Value | ||||||
| Alabama (continued) | ||||||||
Southeast Energy Authority, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/35 (c) | $ | 4,500 | $ | 4,989,333 | ||||
Southeast Energy Authority, A Cooperative District Energy Supply, Series C (RB) 5.00%, 10/01/55 (c) (p) | 2,000 | 2,173,510 | ||||||
Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/51 (c) (p) | 3,000 | 3,089,429 | ||||||
Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c) | 2,000 | 2,134,304 | ||||||
Southeast Energy Authority, Cooperative District Energy Supply, Series B (RB) 5.25%, 03/01/55 (c) (p) | 1,000 | 1,077,680 | ||||||
Southeast Energy Authority, Cooperative District Gas Supply, Series F (RB) 5.25%, 11/01/55 (c) (p) | 4,000 | 4,443,179 | ||||||
Southeast Energy Authority, Series A (RB) 5.00%, 01/01/56 (c) (p) | 1,000 | 1,071,353 | ||||||
The Black Belt Energy Gas District, Series D (RB) 5.00%, 03/01/55 (c) (p) | 1,000 | 1,085,153 | ||||||
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/35 (c) | 820 | 841,790 | ||||||
| 55,224,849 | ||||||||
| Alaska: 0.0% | ||||||||
Alaska Housing Finance Corp., Series B (RB) 2.15%, 06/01/36 (c) | 1,040 | 879,982 | ||||||
| Arizona: 1.2% | ||||||||
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | 1,573 | 1,583,824 | ||||||
City of Mesa AZ Utility System Revenue (RB) (AG) 5.00%, 07/01/41 (c) | 1,000 | 1,101,189 | ||||||
City of Mesa, Arizona Utility System (RB) (AG) 5.00%, 07/01/40 (c) | 1,500 | 1,669,257 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB) 5.00%, 07/01/40 (c) | 1,895 | 2,090,177 | ||||||
See Notes to Financial Statements
| 93 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
| 5.00%, 07/01/32 (c) | $ | 1,000 | $ | 1,072,339 | ||||
| 5.00%, 07/01/34 (c) | 1,275 | 1,358,739 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB) 5.00%, 07/01/33 (c) | 550 | 569,783 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 06/01/35 (c) | 2,350 | 2,002,011 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 06/01/35 (c) | 1,500 | 1,277,880 | ||||||
| Maricopa County, Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 4.00%, 01/01/38 (c) | 1,000 | 1,000,867 | ||||||
| 4.00%, 01/01/41 (c) | 2,000 | 1,930,239 | ||||||
| 5.00%, 01/01/38 (c) | 605 | 617,528 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/32 | 500 | 571,321 | ||||||
| 5.00%, 01/01/32 (c) | 2,380 | 2,501,364 | ||||||
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 | 4,600 | 5,038,519 | ||||||
| 24,385,037 | ||||||||
| Arkansas: 0.1% | ||||||||
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/34 (c) | 1,000 | 1,044,353 | ||||||
| California: 17.6% | ||||||||
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB) 5.00%, 10/01/35 (c) | 1,000 | 1,042,017 | ||||||
| Bay Area Toll Authority, Series S-7 (RB) | ||||||||
| 3.25%, 04/01/36 (c) | 1,270 | 1,268,204 | ||||||
| 4.00%, 04/01/33 (c) | 2,905 | 2,957,346 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 5.00%, 01/01/56 (c) (p) | 1,000 | 1,072,994 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p) | 3,500 | 3,577,084 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Community Choice Financing Authority, Clean Energy Project, Series C (RB) | ||||||||
| 5.00%, 08/01/55 (c) (p) | $ | 10,345 | $ | 11,105,058 | ||||
| 5.00%, 12/01/55 (c) (p) | 1,000 | 1,072,016 | ||||||
| 5.25%, 01/01/54 (c) (p) | 5,065 | 5,434,337 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series D (RB) | ||||||||
| 5.00%, 02/01/55 (c) (p) | 3,000 | 3,283,399 | ||||||
| 5.00%, 10/01/55 (c) (p) | 2,000 | 2,135,217 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series E (RB) | ||||||||
| 5.00%, 02/01/55 (c) (p) | 3,000 | 3,253,697 | ||||||
| 5.00%, 10/01/56 (c) (p) | 5,000 | 5,510,297 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series F (RB) | ||||||||
| 5.00%, 11/01/33 (c) | 1,000 | 1,094,183 | ||||||
| 5.00%, 02/01/55 (c) (p) | 9,000 | 9,844,303 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series G (RB) 5.00%, 11/01/55 (c) (p) | 3,000 | 3,206,482 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series H (RB) 5.00%, 01/01/56 (c) (p) | 7,500 | 8,370,254 | ||||||
| California Health Facilities Financing Authority, Adventist Health System, Series A (RB) | ||||||||
| 3.00%, 03/01/39 (c) | 1,000 | 852,089 | ||||||
| 5.25%, 12/01/40 (c) | 1,250 | 1,360,027 | ||||||
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB) 3.00%, 08/15/34 (c) | 400 | 394,215 | ||||||
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
| 4.00%, 04/01/37 (c) | 1,060 | 1,076,019 | ||||||
| 4.00%, 04/01/38 (c) | 500 | 505,878 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/41 (c) | 680 | 571,935 | ||||||
California Health Facilities Financing Authority, Series A (RB) 5.00%, 12/01/35 (c) | 1,000 | 1,132,927 | ||||||
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/31 (c) | 750 | 789,049 | ||||||
See Notes to Financial Statements
| 94 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/35 (c) | $ | 1,575 | $ | 1,640,092 | ||||
California Health Facilities Financing Authority, Sutter Health, Series B (RB) 4.00%, 11/15/41 (c) | 1,000 | 996,860 | ||||||
California Housing Finance Agency (RB) 3.75%, 03/25/35 | 5,987 | 6,062,571 | ||||||
California Municipal Finance Authority (RB) 4.33%, 11/20/40 | 2,000 | 2,016,332 | ||||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/42 (c) | 1,165 | 1,106,343 | ||||||
| California State Public Works Board (RB) | ||||||||
| 5.00%, 11/01/40 (c) | 1,500 | 1,718,812 | ||||||
| 5.00%, 11/01/41 (c) | 2,000 | 2,261,561 | ||||||
| 5.00%, 11/01/42 (c) | 1,000 | 1,117,958 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 3.00%, 09/01/31 (c) | 500 | 500,896 | ||||||
| 3.00%, 09/01/32 (c) | 360 | 360,374 | ||||||
California State Public Works Board, May Lee State Office Complex, Series A (RB) 5.00%, 04/01/41 (c) | 1,750 | 1,947,648 | ||||||
California State Public Works Board, New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/40 (c) | 2,650 | 2,896,846 | ||||||
California State Public Works Board, Various Capital Projects, Series A (RB) 5.00%, 08/01/35 (c) | 2,000 | 2,241,247 | ||||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 5.00%, 12/01/34 (c) | 2,000 | 2,302,053 | ||||||
| 5.00%, 12/01/35 (c) | 1,845 | 2,109,385 | ||||||
| California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
| 4.00%, 11/01/31 (c) | 1,000 | 1,010,215 | ||||||
| 5.00%, 08/01/34 (c) | 1,000 | 1,126,568 | ||||||
| 5.00%, 09/01/35 (c) | 2,835 | 3,337,385 | ||||||
| 5.00%, 09/01/36 (c) | 3,000 | 3,499,063 | ||||||
| California State University, Series A (RB) | ||||||||
| 5.00%, 11/01/31 (c) | 1,510 | 1,528,661 | ||||||
| 5.00%, 11/01/31 (c) | 2,015 | 2,015,000 | ||||||
| 5.00%, 11/01/31 (c) | 20 | 20,027 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/37 (c) | $ | 1,000 | $ | 916,737 | ||||
Central Valley Energy Authority (RB) 5.00%, 12/01/55 (c) (p) | 2,000 | 2,214,001 | ||||||
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/36 (c) | 2,000 | 2,000,892 | ||||||
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/35 | 1,000 | 1,218,326 | ||||||
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
| 4.00%, 05/15/36 (c) | 1,000 | 1,039,058 | ||||||
| 5.00%, 05/15/37 (c) | 1,400 | 1,553,406 | ||||||
| City of Los Angeles, Department of Water and Power, Series A (RB) | ||||||||
| 5.00%, 07/01/37 (c) | 1,150 | 1,285,472 | ||||||
| 5.00%, 07/01/38 (c) | 1,900 | 2,122,347 | ||||||
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 08/01/39 (c) ^ | 1,250 | 695,644 | ||||||
County of Santa Clara, Series C (GO) 5.00%, 08/01/33 (c) | 525 | 547,973 | ||||||
Department of Water and Power, City of Los Angeles, Series A (RB) 5.00%, 07/01/38 (c) | 445 | 494,274 | ||||||
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM) 4.00%, 07/01/35 (c) | 1,150 | 1,155,228 | ||||||
El Camino, California Community College District, Series A (GO) 4.00%, 08/01/41 (c) | 1,735 | 1,737,548 | ||||||
Fontana Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 10/01/32 (c) | 760 | 793,141 | ||||||
Fremont Union High School District (GO) 4.00%, 08/01/40 (c) | 2,350 | 2,350,167 | ||||||
| Kern High School District, Series C (GO) (AG) | ||||||||
| 2.00%, 08/01/31 (c) | 1,600 | 1,490,582 | ||||||
| 2.00%, 08/01/32 (c) | 3,000 | 2,738,917 | ||||||
See Notes to Financial Statements
| 95 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Los Angeles California, Department of Airports of The City of Los Angeles, Series D (RB) 5.00%, 05/15/41 (c) | $ | 2,000 | $ | 2,270,597 | ||||
Los Angeles Community College District, Series J (GO) 4.00%, 08/01/33 (c) | 750 | 764,635 | ||||||
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/36 (c) | 1,000 | 1,149,912 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB) | ||||||||
| 4.00%, 06/01/35 (c) | 1,000 | 1,052,668 | ||||||
| 4.00%, 06/01/36 (c) | 1,045 | 1,090,949 | ||||||
| 4.00%, 06/01/38 (c) | 1,460 | 1,523,769 | ||||||
| 4.00%, 06/01/39 (c) | 1,000 | 1,034,768 | ||||||
| 5.00%, 06/01/35 (c) | 1,000 | 1,104,443 | ||||||
| 5.00%, 07/01/36 (c) | 900 | 1,018,312 | ||||||
| 5.00%, 07/01/37 (c) | 1,060 | 1,191,305 | ||||||
| 5.00%, 07/01/38 (c) | 1,880 | 2,097,640 | ||||||
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) 4.00%, 12/01/38 (c) | 1,500 | 1,531,518 | ||||||
Los Angeles County, Public Works Financing Authority, Series H (RB) 5.25%, 12/01/41 (c) | 3,000 | 3,442,493 | ||||||
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/39 (c) | 1,900 | 1,938,944 | ||||||
| Los Angeles Department of Water & Power (RB) | ||||||||
| 5.00%, 07/01/36 (c) | 2,000 | 2,306,956 | ||||||
| 5.00%, 07/01/40 (c) | 2,000 | 2,227,404 | ||||||
| 5.00%, 07/01/42 (c) | 2,000 | 2,179,851 | ||||||
| Los Angeles Department of Water & Power (RB) (BAM) | ||||||||
| 5.00%, 07/01/35 (c) | 500 | 580,568 | ||||||
| 5.00%, 07/01/36 (c) | 500 | 575,457 | ||||||
| 5.00%, 07/01/40 (c) | 325 | 361,677 | ||||||
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/40 (c) | 2,000 | 2,142,597 | ||||||
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/40 (c) | 1,380 | 1,493,812 | ||||||
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/34 (c) | 1,125 | 1,227,555 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 07/01/36 (c) | $ | 1,500 | $ | 1,621,056 | ||||
| Los Angeles Department of Water and Power, Series D (RB) | ||||||||
| 5.00%, 07/01/38 (c) | 2,000 | 2,082,292 | ||||||
| 5.00%, 07/01/39 (c) | 1,000 | 1,092,028 | ||||||
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/35 (c) | 2,000 | 2,008,568 | ||||||
| Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO) | ||||||||
| 4.00%, 07/01/37 (c) | 2,000 | 2,059,962 | ||||||
| 4.00%, 07/01/38 (c) | 1,605 | 1,645,525 | ||||||
| Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) | ||||||||
| 4.00%, 07/01/37 (c) | 1,500 | 1,558,060 | ||||||
| 5.00%, 07/01/35 (c) | 1,300 | 1,491,115 | ||||||
Los Angeles Unified School District, Series A (GO) 4.00%, 07/01/33 (c) | 1,580 | 1,644,529 | ||||||
| Los Angeles Unified School District, Series C (GO) | ||||||||
| 3.00%, 07/01/35 (c) | 1,880 | 1,855,557 | ||||||
| 4.00%, 07/01/36 (c) | 2,000 | 2,074,417 | ||||||
Los Angeles Unified School District, Series QRR (GO) 5.00%, 07/01/41 (c) | 2,250 | 2,549,873 | ||||||
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/37 (c) | 1,000 | 1,029,981 | ||||||
Miracosta Community College District, Series A (GO) 4.00%, 08/01/42 (c) | 530 | 531,821 | ||||||
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/35 (c) | 1,000 | 1,056,318 | ||||||
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/40 (c) | 500 | 507,647 | ||||||
| MSR Energy Authority, California Gas, Series B (RB) | ||||||||
| 6.50%, 11/01/39 | 2,225 | 2,797,493 | ||||||
| 7.00%, 11/01/34 | 2,220 | 2,727,339 | ||||||
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/39 (c) | 1,055 | 1,074,419 | ||||||
Orange County, Local Transportation Authority Sales Tax (RB) 4.00%, 02/15/38 (c) | 1,500 | 1,526,776 | ||||||
Palo Alto Unified School District (GO) 3.25%, 08/01/42 (c) | 1,000 | 911,997 | ||||||
See Notes to Financial Statements
| 96 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Palomar Health, Series B (GO) 4.00%, 08/01/35 (c) | $ | 1,000 | $ | 903,611 | ||||
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/39 (c) | 1,000 | 999,921 | ||||||
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/33 (c) | 650 | 657,830 | ||||||
Riverside County Transportation Commission, Series A (RB) 4.00%, 06/01/41 (c) | 1,425 | 1,395,548 | ||||||
| Riverside County Transportation Commission, Series B (RB) | ||||||||
| 4.00%, 06/01/38 (c) | 2,375 | 2,402,208 | ||||||
| 5.00%, 06/01/37 (c) | 560 | 584,914 | ||||||
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/42 (c) | 610 | 623,681 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/34 (c) | 535 | 580,436 | ||||||
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/34 (c) | 2,075 | 2,296,597 | ||||||
San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB) 4.00%, 05/01/37 (c) | 1,010 | 1,040,547 | ||||||
San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB) 5.00%, 10/01/36 (c) | 1,000 | 1,149,945 | ||||||
San Francisco County Transportation Authority (RB) 3.00%, 02/01/34 (c) | 500 | 494,027 | ||||||
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/34 (c) | 2,000 | 2,044,829 | ||||||
San Jacinto County, Transportation Authority, Limited Tax (RB) 4.00%, 03/01/41 (c) | 1,000 | 1,001,988 | ||||||
San Joaquin Valley Clean Energy Authority, Series A (RB) 5.50%, 01/01/56 (c) (p) | 1,000 | 1,157,006 | ||||||
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c) | 1,000 | 1,047,420 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/41 (c) | $ | 825 | $ | 734,733 | ||||
Santa Clara County Financing Authority, Capital Facilities, Series A (RB) 5.00%, 05/01/34 (c) | 750 | 853,180 | ||||||
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
| 3.00%, 05/15/35 (c) | 1,000 | 976,307 | ||||||
| 4.00%, 05/15/32 (c) | 1,510 | 1,510,962 | ||||||
Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO) 3.35%, 08/01/36 (c) | 1,520 | 1,522,089 | ||||||
| Santa Clara Unified School District (GO) | ||||||||
| 3.00%, 07/01/34 (c) | 395 | 395,262 | ||||||
| 3.00%, 07/01/34 (c) | 2,000 | 2,001,325 | ||||||
| 3.00%, 07/01/35 (c) | 1,535 | 1,531,517 | ||||||
| Santa Monica-Malibu Unified School District, Series C (GO) | ||||||||
| 5.00%, 08/01/39 (c) | 1,000 | 1,108,604 | ||||||
| 5.00%, 08/01/40 (c) | 1,000 | 1,100,013 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/31 (c) | 915 | 964,944 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 10/01/33 (c) | 2,000 | 2,009,837 | ||||||
| 3.12%, 04/01/35 (c) | 1,575 | 1,578,954 | ||||||
| 4.00%, 09/01/32 (c) | 1,815 | 1,830,267 | ||||||
| 4.00%, 08/01/33 (c) | 700 | 704,197 | ||||||
| 4.00%, 10/01/33 (c) | 1,795 | 1,917,709 | ||||||
| 4.00%, 09/01/34 (c) | 1,500 | 1,508,450 | ||||||
| 4.00%, 10/01/34 (c) | 2,000 | 2,126,128 | ||||||
| 4.00%, 11/01/34 (c) | 2,895 | 3,063,403 | ||||||
| 4.00%, 11/01/35 (c) | 1,285 | 1,350,434 | ||||||
| 4.00%, 03/01/36 (c) | 9,300 | 9,679,797 | ||||||
| 4.00%, 03/01/37 (c) | 5,020 | 5,197,000 | ||||||
| 4.00%, 09/01/37 (c) | 2,000 | 2,119,242 | ||||||
| 4.00%, 11/01/38 (c) | 2,000 | 2,065,464 | ||||||
| 4.00%, 10/01/39 (c) | 2,300 | 2,361,844 | ||||||
| 5.00%, 10/01/31 | 4,000 | 4,574,958 | ||||||
| 5.00%, 10/01/31 (c) | 5,050 | 5,541,516 | ||||||
| 5.00%, 11/01/31 (c) | 2,645 | 2,779,207 | ||||||
| 5.00%, 04/01/32 (c) | 2,500 | 2,710,777 | ||||||
| 5.00%, 04/01/32 | 4,270 | 4,923,282 | ||||||
| 5.00%, 11/01/34 (c) | 1,610 | 1,788,639 | ||||||
| 5.00%, 03/01/35 (c) | 2,285 | 2,506,423 | ||||||
| 5.00%, 04/01/35 (c) | 3,500 | 3,769,287 | ||||||
| 5.00%, 09/01/35 (c) | 2,250 | 2,574,068 | ||||||
| 5.00%, 03/01/36 (c) | 1,000 | 1,185,218 | ||||||
| 5.00%, 04/01/36 (c) | 3,000 | 3,218,691 | ||||||
| 5.00%, 08/01/36 (c) | 3,000 | 3,512,541 | ||||||
| 5.00%, 08/01/36 (c) | 3,245 | 3,438,839 | ||||||
See Notes to Financial Statements
| 97 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 09/01/36 (c) | $ | 2,000 | $ | 2,308,154 | ||||
| 5.00%, 09/01/36 (c) | 1,500 | 1,744,245 | ||||||
| 5.00%, 10/01/36 (c) | 2,000 | 2,292,012 | ||||||
| 5.00%, 12/01/36 (c) | 2,000 | 2,204,564 | ||||||
| 5.00%, 08/01/37 (c) | 4,000 | 4,644,700 | ||||||
| 5.00%, 08/01/39 (c) | 1,250 | 1,430,520 | ||||||
| 5.00%, 10/01/39 (c) | 2,615 | 2,937,893 | ||||||
| 5.00%, 08/01/42 (c) | 1,000 | 1,121,612 | ||||||
State of California, Various Purpose (GO) (AG) 5.25%, 08/01/32 | 5,750 | 6,665,310 | ||||||
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/34 (c) | 1,000 | 1,011,660 | ||||||
| The Regents of the University of California, Series BV (RB) | ||||||||
| 5.00%, 05/15/38 (c) | 2,000 | 2,303,174 | ||||||
| 5.00%, 05/15/40 (c) | 1,000 | 1,131,416 | ||||||
The Regents of the University of California, Series BW (RB) 5.00%, 05/15/40 (c) | 1,000 | 1,131,416 | ||||||
University of California, Series BE (RB) 5.00%, 05/15/36 (c) | 1,500 | 1,646,919 | ||||||
University of California, Series BM (RB) 5.00%, 05/15/35 (c) | 1,000 | 1,167,584 | ||||||
| University of California, Series BN (RB) | ||||||||
| 5.00%, 05/15/35 (c) | 2,000 | 2,335,167 | ||||||
| 5.00%, 05/15/36 (c) | 1,000 | 1,156,542 | ||||||
| 5.00%, 05/15/37 (c) | 1,000 | 1,146,615 | ||||||
| 5.00%, 05/15/41 (c) | 1,000 | 1,108,927 | ||||||
University of California, Series BQ (RB) 5.00%, 05/15/35 (c) | 1,000 | 1,167,584 | ||||||
University of California, Series M (RB) 5.00%, 05/15/42 (c) | 1,950 | 1,994,311 | ||||||
University of California, Series O (RB) 5.00%, 05/15/36 (c) | 1,170 | 1,236,625 | ||||||
University of California, Series Q (RB) 4.00%, 05/15/39 (c) | 2,500 | 2,571,649 | ||||||
| 362,807,455 | ||||||||
| Colorado: 2.5% | ||||||||
| Adams & Arapahoe Counties Joint School District 28J Aurora (GO) (SAW) | ||||||||
| 5.50%, 12/01/33 | 500 | 607,061 | ||||||
| 5.50%, 12/01/34 | 1,200 | 1,472,592 | ||||||
| 5.50%, 12/01/35 | 2,000 | 2,473,801 | ||||||
| 5.50%, 12/01/36 (c) | 2,350 | 2,879,828 | ||||||
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 12/01/41 (c) | 500 | 500,103 | ||||||
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
Cherry Creek, Colarado School District No. 5, Arapahoe County (GO) (SAW) 5.25%, 12/15/41 (c) | $ | 1,000 | $ | 1,133,740 | ||||
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/36 (c) ^ | 1,200 | 769,974 | ||||||
| Colorado Health Facilities Authority (RB) | ||||||||
| 4.00%, 08/01/38 (c) | 2,350 | 2,352,317 | ||||||
| 5.00%, 11/15/57 (c) (p) | 1,465 | 1,666,080 | ||||||
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/38 (c) | 2,000 | 2,024,598 | ||||||
| Colorado Health Facilities Authority, Commonspirit Health, Series A (RB) | ||||||||
| 5.00%, 12/01/34 | 2,000 | 2,278,957 | ||||||
| 5.00%, 12/01/39 (c) | 1,000 | 1,086,363 | ||||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 4.00%, 11/01/39 (c) | 2,000 | 1,985,155 | ||||||
| Denver City and County School District No. 1 (GO) (SAW) | ||||||||
| 3.00%, 12/01/36 (c) | 1,430 | 1,366,909 | ||||||
| 5.00%, 12/01/39 (c) | 1,000 | 1,077,893 | ||||||
Denver City and County School, Board of Water Commissioners, Series A (RB) 3.00%, 12/15/37 (c) | 1,000 | 928,922 | ||||||
| Park Creek Metropolitan District (RB) (AG) | ||||||||
| 5.00%, 12/01/40 (c) | 1,500 | 1,619,679 | ||||||
| 5.00%, 12/01/41 (c) | 1,400 | 1,499,418 | ||||||
| 5.00%, 12/01/42 (c) | 2,000 | 2,123,936 | ||||||
| Pueblo City, Schools District No. 60 (GO) (SAW) | ||||||||
| 3.00%, 12/15/37 (c) | 500 | 463,338 | ||||||
| 5.00%, 12/15/34 (c) | 1,010 | 1,091,686 | ||||||
| 5.00%, 12/15/38 (c) | 1,625 | 1,724,782 | ||||||
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39 | 1,500 | 1,480,278 | ||||||
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/36 (c) | 1,820 | 1,850,112 | ||||||
| Regional Transportation District, Fastracks Project, Series B (RB) | ||||||||
| 2.00%, 11/01/41 (c) | 850 | 625,937 | ||||||
| 5.00%, 11/01/33 (c) | 530 | 551,997 | ||||||
| 5.00%, 11/01/34 (c) | 1,995 | 2,073,859 | ||||||
See Notes to Financial Statements
| 98 |
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
School District No. 1, County of Denver, State of Colorado, Series A (GO) (SAW) 5.25%, 12/01/40 (c) | $ | 1,000 | $ | 1,147,146 | ||||
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (GO) 5.00%, 04/01/35 | 2,000 | 2,189,896 | ||||||
| State of Colorado, Series A (CP) | ||||||||
| 4.00%, 12/15/36 (c) | 1,315 | 1,339,654 | ||||||
| 4.00%, 12/15/40 (c) | 250 | 252,947 | ||||||
| 5.00%, 12/15/34 (c) | 1,000 | 1,118,714 | ||||||
The Regents of the University of Colorado, Series A (RB) 5.00%, 06/01/36 (c) | 2,000 | 2,342,557 | ||||||
| University of Colorado, Series A-2 (RB) | ||||||||
| 3.00%, 06/01/33 (c) | 330 | 328,787 | ||||||
| 3.00%, 06/01/33 (c) | 470 | 470,007 | ||||||
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/36 (c) | 2,165 | 2,321,031 | ||||||
| 51,220,054 | ||||||||
| Connecticut: 2.4% | ||||||||
| City of Hartford, Connecticut, State Contract Assistance (RB) | ||||||||
| 5.00%, 07/15/32 | 1,500 | 1,718,632 | ||||||
| 5.00%, 07/15/33 | 1,000 | 1,158,131 | ||||||
City of New Haven, Connecticut (GO) (AG) 5.00%, 08/01/33 | 2,000 | 2,291,851 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/38 (c) | 1,530 | 1,574,166 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/34 (c) | 1,290 | 1,083,633 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/32 (c) | 260 | 259,637 | ||||||
Connecticut State Health & Educational Facilities Authority (RB) 5.00%, 07/01/64 (p) | 7,500 | 8,544,057 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/32 (c) | 1,700 | 1,790,911 | ||||||
State of Connecticut Health and Educational Facilities Authority, Series U (RB) 5.00%, 07/01/33 | 2,000 | 2,337,885 | ||||||
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
State of Connecticut Special Tax, Series A-2 (RB) 5.00%, 07/01/42 (c) | $ | 1,000 | $ | 1,100,624 | ||||
| State of Connecticut, Series A (GO) | ||||||||
| 3.00%, 01/15/32 (c) | 2,200 | 2,215,979 | ||||||
| 3.00%, 01/15/34 (c) | 1,000 | 995,519 | ||||||
| 3.00%, 01/15/35 (c) | 2,500 | 2,463,698 | ||||||
| 3.00%, 01/15/36 (c) | 1,000 | 975,732 | ||||||
| 4.00%, 04/15/36 (c) | 250 | 253,938 | ||||||
| 4.00%, 01/15/37 (c) | 2,000 | 2,059,040 | ||||||
| 5.00%, 03/15/35 | 500 | 589,558 | ||||||
| 5.00%, 03/15/36 (c) | 1,000 | 1,168,373 | ||||||
| 5.00%, 01/15/37 (c) | 1,000 | 1,142,251 | ||||||
| 5.00%, 03/15/41 (c) | 1,110 | 1,236,167 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
| 3.00%, 01/15/40 (c) | 2,220 | 1,983,720 | ||||||
| 5.00%, 12/01/34 | 1,500 | 1,766,065 | ||||||
| 5.00%, 01/15/37 (c) | 1,505 | 1,719,088 | ||||||
State of Connecticut, Series C (GO) 4.00%, 06/01/34 (c) | 1,950 | 2,045,569 | ||||||
State of Connecticut, Series E (GO) 5.00%, 11/15/32 | 1,000 | 1,152,592 | ||||||
| State of Connecticut, Series F (GO) | ||||||||
| 5.00%, 11/15/31 (c) | 1,550 | 1,551,401 | ||||||
| 5.00%, 11/15/32 (c) | 1,525 | 1,526,378 | ||||||
| State of Connecticut, Special Tax, Series A (RB) | ||||||||
| 5.00%, 09/01/32 (c) | 475 | 483,906 | ||||||
| 5.00%, 05/01/35 (c) | 1,500 | 1,663,222 | ||||||
State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 05/01/33 (c) | 1,025 | 1,149,366 | ||||||
| 50,001,089 | ||||||||
| Delaware: 0.2% | ||||||||
Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/40 (c) | 1,000 | 994,383 | ||||||
State of Delaware (GO) 2.00%, 02/01/35 (c) | 1,000 | 869,388 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 2.00%, 01/01/36 (c) | 650 | 555,364 | ||||||
| 4.00%, 05/01/41 (c) | 1,000 | 1,026,130 | ||||||
| 4.00%, 05/01/42 (c) | 500 | 508,314 | ||||||
| 5.00%, 05/01/36 (c) | 1,000 | 1,146,663 | ||||||
| 5,100,242 | ||||||||
| District of Columbia: 1.8% | ||||||||
District of Columbia (RB) 5.00%, 04/01/60 (c) (p) | 1,000 | 1,130,177 | ||||||
See Notes to Financial Statements
| 99 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| District of Columbia (continued) | ||||||||
| District of Columbia Income Tax Revenue (RB) | ||||||||
| 5.00%, 06/01/32 | $ | 1,700 | $ | 1,946,532 | ||||
| 5.00%, 06/01/33 | 1,000 | 1,160,280 | ||||||
| 5.00%, 06/01/34 | 1,000 | 1,171,985 | ||||||
| 5.00%, 06/01/36 (c) | 2,000 | 2,331,655 | ||||||
| 5.00%, 06/01/40 (c) | 1,000 | 1,118,055 | ||||||
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/34 (c) | 2,250 | 2,430,815 | ||||||
| District of Columbia, Income Tax, Series A (RB) | ||||||||
| 4.00%, 03/01/40 (c) | 2,000 | 2,016,254 | ||||||
| 5.00%, 06/01/35 | 1,500 | 1,769,069 | ||||||
| 5.00%, 07/01/36 (c) | 2,000 | 2,235,332 | ||||||
| District of Columbia, Series A (GO) | ||||||||
| 5.00%, 06/01/33 (c) | 580 | 601,033 | ||||||
| 5.00%, 06/01/34 (c) | 1,000 | 1,035,012 | ||||||
| 5.00%, 06/01/35 (c) | 750 | 788,815 | ||||||
| 5.00%, 01/01/37 (c) | 1,000 | 1,119,588 | ||||||
| District of Columbia, Series A (RB) | ||||||||
| 3.00%, 03/01/41 (c) | 2,000 | 1,765,433 | ||||||
| 5.00%, 03/01/36 (c) | 1,000 | 1,074,915 | ||||||
District of Columbia, Series C (RB) 5.00%, 05/01/36 (c) | 1,000 | 1,084,575 | ||||||
District of Columbia, Water and Sewer Authority, Series A (RB) 5.00%, 10/01/40 (c) | 1,000 | 1,114,290 | ||||||
| Washington Metropolitan Area Transit Authority, Series A (RB) | ||||||||
| 4.00%, 07/15/34 (c) | 4,000 | 4,217,334 | ||||||
| 5.00%, 07/15/37 (c) | 1,400 | 1,507,718 | ||||||
| 5.00%, 07/15/37 (c) | 2,000 | 2,183,766 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
| 5.00%, 07/01/33 (c) | 550 | 568,241 | ||||||
| 5.00%, 07/01/34 (c) | 810 | 835,747 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) 5.00%, 07/01/37 (c) | 1,140 | 1,169,972 | ||||||
| 36,376,593 | ||||||||
| Florida: 2.4% | ||||||||
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/36 (c) | 2,000 | 2,079,046 | ||||||
| Central Florida Expressway Authority (RB) (BAM) | ||||||||
| 3.00%, 07/01/34 (c) | 520 | 511,614 | ||||||
| 4.00%, 07/01/41 (c) | 845 | 847,166 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/38 (c) | $ | 2,000 | $ | 2,056,764 | ||||
Central Florida Expressway Authority, Series B (RB) 4.00%, 07/01/39 (c) | 2,000 | 2,001,319 | ||||||
City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/34 (c) | 1,045 | 1,086,338 | ||||||
City of Jacksonville, Series A (RB) 5.00%, 10/01/32 (c) | 1,095 | 1,188,548 | ||||||
| City of Orlando, Senior Tourist Development Tax, Series A (RB) (AG) | ||||||||
| 5.00%, 11/01/31 (c) | 2,000 | 2,080,033 | ||||||
| 5.00%, 11/01/37 (c) | 560 | 576,285 | ||||||
City of Tampa Florida, H. Lee Moffitt Cancer Center Project, Series B (RB) 4.00%, 07/01/38 (c) | 1,000 | 989,962 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 0.00%, 10/01/31 (c) ^ | 565 | 457,072 | ||||||
| 0.00%, 10/01/32 (c) ^ | 400 | 310,602 | ||||||
| 5.00%, 10/01/34 (c) | 2,005 | 2,039,722 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) 5.00%, 07/01/34 (c) | 555 | 560,276 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/36 (c) | 1,600 | 1,658,824 | ||||||
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/39 (c) | 2,000 | 1,999,876 | ||||||
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/39 (c) | 1,500 | 1,502,579 | ||||||
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/34 (c) | 865 | 871,115 | ||||||
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/32 (c) | 3,500 | 3,915,049 | ||||||
County of Miami-Dade, Water and Sewer System, Series B (RB) 3.00%, 10/01/34 (c) | 370 | 363,863 | ||||||
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/35 (c) | 2,000 | 2,038,410 | ||||||
Florida Housing Finance Corp., Homeowner Mortgage (RB) 2.10%, 07/01/35 (c) | 950 | 811,462 | ||||||
See Notes to Financial Statements
| 100 |
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
JEA Electric System, Series A (RB) (AG) 5.00%, 10/01/33 | $ | 1,000 | $ | 1,160,067 | ||||
JEA Electric System, Series B (RB) 5.00%, 10/01/32 (c) | 885 | 919,600 | ||||||
JEA Water & Sewer System Revenue (RB) 5.00%, 10/01/39 (c) | 750 | 836,306 | ||||||
Lee County, Industrial Development Authority, Health System, Inc., Series A-1 (RB) 5.00%, 04/01/34 (c) | 605 | 637,320 | ||||||
Leon County, City of Tallahassee, Blueprint Intergovernmental Agency (RB) 5.00%, 10/01/38 (c) | 1,000 | 1,101,977 | ||||||
Miami-Dade County, Building Better Communities Program, Series D (GO) 5.00%, 07/01/41 (c) | 2,000 | 2,006,125 | ||||||
Miami-Dade County, Florida Water and Sewer System, Series B (RB) 5.00%, 10/01/40 (c) | 500 | 555,899 | ||||||
| Mid-Bay Bridge Authority (RB) (AG) | ||||||||
| 5.00%, 10/01/34 | 1,000 | 1,145,436 | ||||||
| 5.00%, 10/01/35 | 1,250 | 1,428,658 | ||||||
Orange County Health Facilities Authority, Orlando Health Obligated Group, Series A (RB) 5.00%, 10/01/40 (c) | 1,000 | 1,104,527 | ||||||
| Orange County, Health Facilities Authority, Series A (RB) | ||||||||
| 5.00%, 10/01/36 (c) | 1,325 | 1,343,058 | ||||||
| 5.00%, 10/01/39 (c) | 1,000 | 1,010,616 | ||||||
Orlando Utilities Commission, Series B (RB) 5.00%, 10/01/39 (c) | 750 | 844,607 | ||||||
Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/35 (c) | 1,000 | 1,010,053 | ||||||
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/32 (c) | 800 | 828,708 | ||||||
State of Florida Board of Governors, Florida State University Athletics Association, Series A (RB) (BAM) 5.00%, 10/01/40 (c) | 2,000 | 2,201,227 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| State of Florida, Department of Transportation Financing Corp. (RB) | ||||||||
| 3.00%, 07/01/31 (c) | $ | 1,000 | $ | 999,368 | ||||
| 3.00%, 07/01/35 (c) | 1,000 | 961,497 | ||||||
| 50,040,974 | ||||||||
| Georgia: 2.3% | ||||||||
| City of Atlanta, Airport Passenger Facility Charge, Series C (RB) | ||||||||
| 5.00%, 07/01/35 (c) | 800 | 856,003 | ||||||
| 5.00%, 07/01/38 (c) | 2,275 | 2,406,549 | ||||||
City of Atlanta, Water and Wastewater (RB) 5.00%, 11/01/32 (c) | 1,000 | 1,001,925 | ||||||
City of Atlanta, Water and Wastewater (RB) (BAM) 5.00%, 11/01/34 | 1,000 | 1,175,106 | ||||||
County of Fulton (GO) 4.00%, 07/01/40 (c) | 1,500 | 1,507,948 | ||||||
Dekalb County, Water and Sewerage, Series B (RB) (AG) 5.00%, 10/01/35 (c) | 1,530 | 1,555,220 | ||||||
Fulton County, Georgia Water and Sewerage, Series A (RB) 3.00%, 01/01/37 (c) | 3,000 | 2,835,787 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/42 (c) | 1,000 | 962,213 | ||||||
Georgia Housing and Finance Authority, Series A (RB) 4.10%, 12/01/39 (c) | 1,000 | 1,003,275 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | ||||||||
| 2.90%, 12/01/31 (c) | 925 | 905,435 | ||||||
| 3.35%, 12/01/41 (c) | 215 | 200,032 | ||||||
Georgia State Housing and Finance Authority, Series A (RB) 4.15%, 12/01/40 (c) | 1,000 | 1,000,188 | ||||||
Georgia State Housing and Finance Authority, Series E (RB) 4.85%, 12/01/40 (c) | 1,000 | 1,039,733 | ||||||
Main Street Natural Gas Inc, Series C (RB) 5.00%, 12/01/54 (c) (p) | 1,000 | 1,076,578 | ||||||
Main Street Natural Gas, Inc. (RB) 5.00%, 12/01/55 (c) (p) | 1,000 | 1,097,526 | ||||||
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) | ||||||||
| 5.00%, 05/15/35 | 2,000 | 2,193,517 | ||||||
| 5.00%, 05/01/54 (c) (p) | 2,000 | 2,163,799 | ||||||
See Notes to Financial Statements
| 101 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
Main Street Natural Gas, Inc., Gas Supply, Series E (RB) 5.00%, 12/01/53 (c) (p) | $ | 2,000 | $ | 2,154,831 | ||||
Main Street Natural Gas, Inc., Series E (RB) 5.00%, 05/01/55 (c) (p) | 1,500 | 1,629,992 | ||||||
| Private Colleges & Universities Authority (RB) | ||||||||
| 5.00%, 09/01/32 | 1,000 | 1,148,565 | ||||||
| 5.00%, 09/01/33 | 2,000 | 2,325,676 | ||||||
| Private Colleges and Universities Authority, Emory University, Series B (RB) | ||||||||
| 4.00%, 09/01/36 (c) | 2,175 | 2,229,704 | ||||||
| 4.00%, 10/01/38 (c) | 2,000 | 2,004,498 | ||||||
| 4.00%, 09/01/40 (c) | 2,000 | 2,006,150 | ||||||
State of Georgia, Private Colleges and Universities Authority, Emory University, Series B (RB) 5.00%, 09/01/33 | 1,000 | 1,162,838 | ||||||
State of Georgia, Road and Tollway Authority (RB) 5.00%, 06/01/32 (c) | 2,000 | 2,202,427 | ||||||
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/35 (c) | 3,255 | 3,420,460 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 5.00%, 02/01/32 (c) | 2,000 | 2,060,268 | ||||||
| 5.00%, 02/01/33 (c) | 1,200 | 1,235,348 | ||||||
| 46,561,591 | ||||||||
| Guam: 0.1% | ||||||||
Territory of Guam (RB) 5.00%, 01/01/36 (c) | 1,000 | 1,098,808 | ||||||
| Hawaii: 0.4% | ||||||||
City & County of Honolulu, Hawaii, Series D (GO) 5.00%, 09/01/32 (c) | 1,015 | 1,050,810 | ||||||
City and County of Honolulu, Hawaii Wastewater System, Series A (RB) 4.00%, 07/01/33 (c) | 1,480 | 1,487,627 | ||||||
City and County of Honolulu, Hawaii Wastewater System, Series B (RB) 5.00%, 07/01/36 (c) | 875 | 937,674 | ||||||
State of Hawaii (RB) 5.00%, 01/01/36 (c) | 1,000 | 1,101,204 | ||||||
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/34 (c) | 2,000 | 2,185,971 | ||||||
| State of Hawaii, Series FK (GO) | ||||||||
| 3.25%, 05/01/33 (c) | 1,000 | 1,002,101 | ||||||
| 5.00%, 05/01/34 (c) | 690 | 709,819 | ||||||
| 8,475,206 | ||||||||
| Par (000’s | ) | Value | ||||||
| Idaho: 0.1% | ||||||||
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series C (RB) 5.00%, 03/01/60 (c) (p) | $ | 1,000 | $ | 1,106,622 | ||||
| Illinois: 3.8% | ||||||||
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/35 (c) | 1,000 | 1,078,222 | ||||||
City of Chicago, Chicago O’Hare International Airport (RB) (BAM) 5.25%, 01/01/41 (c) | 1,205 | 1,310,303 | ||||||
| City of Chicago, Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 5.00%, 01/01/39 (c) | 2,000 | 2,033,902 | ||||||
| 5.00%, 01/01/41 (c) | 2,120 | 2,121,846 | ||||||
City of Chicago, Second Lien Wastewater Transmission, Series B (RB) (BAM) 5.00%, 01/01/33 | 1,000 | 1,137,638 | ||||||
| City of Chicago, Second Lien Water (RB) (AG) | ||||||||
| 5.00%, 11/01/34 (c) | 1,420 | 1,468,847 | ||||||
| 5.00%, 11/01/36 (c) | 1,500 | 1,542,871 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/32 (c) | 1,000 | 1,047,609 | ||||||
| 5.00%, 01/01/33 (c) | 2,455 | 2,565,784 | ||||||
| 5.25%, 01/01/38 (c) | 2,000 | 2,064,881 | ||||||
| City
of Chicago, Series C (GO) 5.00%, 01/01/38 (c) | 1,150 | 1,150,410 | ||||||
| City of Chicago, Wastewater Transmission, Series A (RB) (BAM) | ||||||||
| 5.00%, 01/01/40 (c) | 1,000 | 1,092,192 | ||||||
| 5.00%, 01/01/41 (c) | 1,000 | 1,082,832 | ||||||
| City
of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/36 (c) | 750 | 761,998 | ||||||
City of Chicago, Wastewater Transmission, Series B (RB) (AG) 5.00%, 01/01/37 (c) | 1,000 | 1,093,192 | ||||||
Illinois Finance Authority (RB) 5.00%, 04/01/34 | 1,605 | 1,850,922 | ||||||
Illinois Finance Authority, Carle Foundation, Series A (RB) 5.00%, 08/15/35 (c) | 1,000 | 1,093,526 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 4.00%, 07/01/35 (c) | 1,600 | 1,648,838 | ||||||
| 4.00%, 07/01/37 (c) | 1,000 | 1,021,334 | ||||||
| 5.00%, 07/01/36 (c) | 2,560 | 2,730,219 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) (AG) 5.00%, 07/01/34 (c) | 1,400 | 1,505,690 | ||||||
See Notes to Financial Statements
| 102 |
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/34 (c) | $ | 1,435 | $ | 1,517,834 | ||||
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
| 5.00%, 08/15/32 (c) | 1,365 | 1,496,733 | ||||||
| 5.00%, 08/15/33 (c) | 1,000 | 1,093,759 | ||||||
| 5.00%, 08/15/34 (c) | 1,295 | 1,411,733 | ||||||
Illinois Finance Authority, The University of Chicago, Series B (RB) 5.00%, 04/01/36 (c) | 1,500 | 1,702,217 | ||||||
Illinois Housing Development Authority, Series B (RB) 3.45%, 10/01/33 (c) | 420 | 420,029 | ||||||
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/37 (c) | 1,000 | 1,002,687 | ||||||
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33 | 1,000 | 1,149,327 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/37 (c) | 2,000 | 2,263,452 | ||||||
| 5.00%, 01/01/40 (c) | 2,000 | 2,001,817 | ||||||
| Illinois State Toll Highway Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/37 (c) | 1,500 | 1,503,656 | ||||||
| 5.00%, 01/01/40 (c) | 1,000 | 1,001,770 | ||||||
Illinois State, Series C (GO) 4.00%, 10/01/40 (c) | 1,000 | 965,573 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) 0.00%, 06/15/37 (c) ^ | 1,500 | 953,867 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, Series B (GO) (NATL-IBC FGIC) 5.25%, 12/01/35 | 500 | 598,784 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/36 (c) | 1,500 | 1,503,496 | ||||||
| State of Illinois (GO) | ||||||||
| 5.00%, 02/01/39 (c) | 2,385 | 2,600,422 | ||||||
| 5.50%, 05/01/39 (c) | 2,000 | 2,142,722 | ||||||
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/32 (c) | 3,000 | 2,890,944 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 03/01/40 (c) | 2,460 | 2,375,143 | ||||||
| 5.00%, 10/01/33 (c) | 2,500 | 2,627,707 | ||||||
| 5.00%, 03/01/34 (c) | 1,000 | 1,088,111 | ||||||
| 5.00%, 05/01/35 (c) | 2,250 | 2,339,172 | ||||||
| 5.00%, 12/01/35 (c) | 1,000 | 1,029,716 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 05/01/41 (c) | $ | 630 | $ | 643,190 | ||||
| State of Illinois, Series B (GO) | ||||||||
| 4.00%, 10/01/34 (c) | 2,000 | 2,030,405 | ||||||
| 5.00%, 05/01/36 (c) | 1,000 | 1,089,359 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 5.00%, 07/01/36 (c) | 1,000 | 1,090,138 | ||||||
| 5.00%, 09/01/38 (c) | 2,000 | 2,192,823 | ||||||
| 5.00%, 09/01/40 (c) | 1,000 | 1,078,599 | ||||||
State of Illinois, Series D (RB) 3.00%, 06/15/32 (c) | 680 | 648,855 | ||||||
State of Illinois, Seris B (GO) 5.00%, 05/01/38 (c) | 1,145 | 1,254,412 | ||||||
| 79,111,508 | ||||||||
| Indiana: 1.2% | ||||||||
Avon, Indiana Community School Building Corp., Ad Valorem Property Tax First Mortgage (RB) 5.25%, 07/15/39 (c) | 1,000 | 1,114,593 | ||||||
| Indiana Finance Authority (RB) | ||||||||
| 5.00%, 02/01/32 | 3,000 | 3,358,822 | ||||||
| 5.00%, 02/01/33 | 3,000 | 3,397,050 | ||||||
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/35 (c) | 2,500 | 2,614,324 | ||||||
Indiana Finance Authority, Indiana University Health Inc., Series B (RB) 5.00%, 10/01/55 (c) (p) | 1,000 | 1,121,413 | ||||||
Indiana Finance Authority, Indiana University Health, Series D-3 (RB) 5.00%, 10/01/59 (c) (p) | 2,000 | 2,277,981 | ||||||
Indiana Finance Authority, University Health, Series D (RB) 5.00%, 10/01/57 (c) (p) | 2,000 | 2,271,270 | ||||||
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/42 (c) | 1,000 | 1,007,220 | ||||||
| Indiana State Finance Authority, Series C (RB) | ||||||||
| 5.00%, 02/01/35 | 500 | 592,333 | ||||||
| 5.00%, 02/01/36 (c) | 1,000 | 1,172,137 | ||||||
| 5.00%, 02/01/37 (c) | 1,500 | 1,742,897 | ||||||
| 5.00%, 02/01/40 (c) | 500 | 562,734 | ||||||
Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel, Series E (RB) 5.50%, 03/01/38 (c) | 1,000 | 1,084,703 | ||||||
IPS Multi-School Building Corp. (RB) 5.00%, 07/15/41 (c) | 1,000 | 1,082,762 | ||||||
Westfield Washington Multi-School Building Corporation, Hamilton County, Indiana, Series A (RB) (BAM) 5.00%, 07/15/35 (c) | 750 | 862,109 | ||||||
See Notes to Financial Statements
| 103 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Indiana (continued) | ||||||||
| 5.25%, 07/15/41 (c) | $ | 750 | $ | 826,863 | ||||
| 25,089,211 | ||||||||
| Iowa: 0.2% | ||||||||
Iowa Finance Authority (RB) 5.00%, 08/01/31 (c) | 1,000 | 1,042,051 | ||||||
| Iowa Finance Authority, Series A (RB) | ||||||||
| 5.00%, 08/01/36 (c) | 1,000 | 1,142,104 | ||||||
| 5.00%, 08/01/37 (c) | 1,000 | 1,099,811 | ||||||
| 5.00%, 08/01/37 (c) | 1,000 | 1,133,598 | ||||||
| 4,417,564 | ||||||||
| Kansas: 0.3% | ||||||||
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/34 (c) | 750 | 762,458 | ||||||
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/54 (p) | 2,450 | 2,745,561 | ||||||
State of Kansas, Department of Transportation, Series A (RB) 5.00%, 09/01/32 (c) | 1,165 | 1,211,588 | ||||||
University of Kansas Hospital Authority (RB) 4.00%, 09/01/40 (c) | 2,000 | 1,991,394 | ||||||
| 6,711,001 | ||||||||
| Kentucky: 0.6% | ||||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) 5.00%, 06/01/41 (c) | 990 | 994,553 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 5.25%, 04/01/54 (c) (p) | 3,000 | 3,309,638 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p) | 3,000 | 3,260,598 | ||||||
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/34 (c) | 3,285 | 3,453,588 | ||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) 4.00%, 10/01/36 (c) | 1,000 | 992,774 | ||||||
University of Kentucky, Series A (RB) 3.00%, 10/01/35 (c) | 770 | 744,523 | ||||||
| 12,755,674 | ||||||||
| Louisiana: 1.0% | ||||||||
| Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AG) | ||||||||
| 4.00%, 12/01/37 (c) | 1,300 | 1,326,030 | ||||||
| 5.00%, 12/01/33 (c) | 615 | 665,288 | ||||||
| Par (000’s | ) | Value | ||||||
| Louisiana (continued) | ||||||||
Jefferson Sales Tax District, Series B (RB) (AG) 4.00%, 12/01/35 (c) | $ | 500 | $ | 514,401 | ||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/36 (c) | 1,455 | 1,242,067 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c) | 3,040 | 3,001,378 | ||||||
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/36 (c) | 1,000 | 1,105,507 | ||||||
State of Louisiana, Gasoline & Fuels Tax (RB) 5.00%, 05/01/33 | 1,000 | 1,152,552 | ||||||
State of Louisiana, Gasoline & Fuels Tax, Series B (RB) 5.00%, 05/01/35 | 1,000 | 1,185,368 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 5.00%, 03/01/32 (c) | 750 | 838,228 | ||||||
| 5.00%, 03/01/33 (c) | 930 | 1,020,669 | ||||||
| 5.00%, 04/01/35 (c) | 1,000 | 1,144,394 | ||||||
| 5.00%, 04/01/36 (c) | 1,000 | 1,130,154 | ||||||
| 5.00%, 03/01/38 (c) | 1,000 | 1,089,871 | ||||||
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/34 (c) | 910 | 993,494 | ||||||
| State of Louisiana, Series B (GO) | ||||||||
| 5.00%, 06/01/34 | 1,000 | 1,173,655 | ||||||
| 5.00%, 06/01/36 (c) | 2,000 | 2,315,414 | ||||||
| 19,898,470 | ||||||||
| Maryland: 1.6% | ||||||||
County of Baltimore, Public Improvement (GO) 4.00%, 03/01/34 (c) | 890 | 932,360 | ||||||
County of Baltimore, Public Improvement (GO) (AG) 4.00%, 03/01/34 (c) | 1,925 | 1,996,414 | ||||||
County of Baltimore, Public Improvement (GO) (CA MTG INS) 4.00%, 03/01/36 (c) | 2,420 | 2,492,438 | ||||||
County of Montgomery, Series A (GO) 3.00%, 08/01/32 (c) | 750 | 754,748 | ||||||
Maryland Community Development Administration, Series A (RB) (AG) 1.95%, 09/01/41 (c) | 310 | 217,549 | ||||||
See Notes to Financial Statements
| 104 |
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
Maryland Department of Transportation (RB) 3.00%, 09/01/31 (c) | $ | 500 | $ | 501,161 | ||||
Maryland Health & Higher Educational Facilities Authority (RB) (AG) 4.25%, 07/01/40 (c) | 1,000 | 1,034,083 | ||||||
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) 4.00%, 07/01/42 (c) | 400 | 383,177 | ||||||
Maryland Stadium Authority (RB) 5.00%, 06/01/40 (c) | 1,000 | 1,102,827 | ||||||
| Montgomery County, Maryland, Series A (GO) | ||||||||
| 2.00%, 08/01/34 (c) | 1,000 | 877,991 | ||||||
| 2.00%, 08/01/40 (c) | 1,010 | 755,772 | ||||||
| Prince George’s County, Public Improvement, Series A (GO) | ||||||||
| 5.00%, 08/01/34 (c) | 1,500 | 1,737,069 | ||||||
| 5.00%, 08/01/35 (c) | 2,500 | 2,866,000 | ||||||
| 5.00%, 07/15/36 (c) | 2,500 | 2,623,357 | ||||||
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/31 (c) | 2,340 | 2,199,723 | ||||||
State of Maryland, Series A (GO) 5.00%, 06/01/40 (c) | 5,000 | 5,655,370 | ||||||
| State of Maryland, State and Local Facilities Loan (GO) | ||||||||
| 4.00%, 08/01/32 (c) | 530 | 548,008 | ||||||
| 5.00%, 03/15/32 (c) | 3,000 | 3,236,828 | ||||||
State of Maryland, State and Local Facilities Loan, Series A (GO) 3.00%, 08/01/31 (c) | 1,000 | 1,001,391 | ||||||
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/34 (c) | 1,650 | 1,669,230 | ||||||
| 32,585,496 | ||||||||
| Massachusetts: 3.5% | ||||||||
City of Boston, Series A (GO) 5.00%, 11/01/39 (c) | 2,000 | 2,234,615 | ||||||
Commonwealth of Massachusetts (GO) 5.00%, 08/01/41 (c) | 1,000 | 1,108,000 | ||||||
Commonwealth of Massachusetts (RB) (BAM) 5.50%, 01/01/34 | 3,000 | 3,472,171 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 10/01/31 | 3,000 | 3,415,249 | ||||||
| 5.00%, 01/01/40 (c) | 1,500 | 1,667,936 | ||||||
| 5.00%, 04/01/42 (c) | 275 | 279,655 | ||||||
| 5.00%, 04/01/42 (c) | 1,000 | 1,103,779 | ||||||
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 2.00%, 03/01/34 (c) | $ | 1,000 | $ | 888,243 | ||||
| 5.00%, 07/01/34 (c) | 1,860 | 1,887,601 | ||||||
| 5.00%, 05/01/40 (c) | 1,500 | 1,673,925 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
| 4.00%, 05/01/35 (c) | 1,165 | 1,187,830 | ||||||
| 4.00%, 11/01/37 (c) | 2,000 | 2,046,559 | ||||||
| 5.00%, 07/01/36 (c) | 365 | 397,266 | ||||||
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/38 (c) | 2,000 | 2,156,571 | ||||||
Commonwealth of Massachusetts, Series D (RB) (NATL) 5.50%, 01/01/34 | 1,000 | 1,147,512 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 11/01/33 (c) | 1,275 | 1,275,195 | ||||||
| 4.00%, 04/01/33 (c) | 1,000 | 1,000,304 | ||||||
| 4.00%, 04/01/38 (c) | 1,000 | 1,000,269 | ||||||
| 4.00%, 09/01/39 (c) | 3,000 | 3,000,432 | ||||||
| 5.00%, 11/01/32 (c) | 1,000 | 1,113,325 | ||||||
| 5.00%, 09/01/37 (c) | 1,010 | 1,058,763 | ||||||
Commonwealth of Massachusetts, Series H (GO) 5.00%, 12/01/42 (c) | 2,000 | 2,201,364 | ||||||
Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/33 (c) | 500 | 512,341 | ||||||
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/37 (c) | 800 | 876,843 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue (RB) | ||||||||
| 5.00%, 07/01/41 (c) | 1,000 | 1,122,745 | ||||||
| 5.00%, 07/01/42 (c) | 1,000 | 1,111,218 | ||||||
Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) 5.00%, 07/01/40 (c) | 1,000 | 1,105,949 | ||||||
Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/40 (c) | 1,000 | 1,120,252 | ||||||
Massachusetts Development Finance Agency (RB) 5.00%, 11/01/55 (c) (p) | 4,000 | 4,714,740 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/35 (c) | 255 | 269,852 | ||||||
See Notes to Financial Statements
| 105 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Children’s Hospital, Series T (RB) 5.00%, 03/01/34 (c) | $ | 1,000 | $ | 1,166,701 | ||||
| Massachusetts Development Finance Agency, Harvard University, Series A (RB) | ||||||||
| 4.00%, 07/15/36 (c) | 1,035 | 1,033,456 | ||||||
| 5.00%, 07/15/40 | 3,860 | 4,576,663 | ||||||
Massachusetts Development Finance Agency, Harvard University, Series B (RB) 5.00%, 02/15/33 | 2,000 | 2,328,134 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 07/01/35 (c) | 1,500 | 1,520,308 | ||||||
Massachusetts Development Finance Agency, Series A-1 (RB) 5.00%, 05/15/55 (p) | 5,000 | 5,707,940 | ||||||
Massachusetts Development Finance Agency, Series B (RB) 4.00%, 02/15/36 | 1,000 | 1,103,578 | ||||||
Massachusetts Development Finance Agency, Series N (RB) (AG) 5.00%, 07/01/35 | 1,000 | 1,157,819 | ||||||
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/35 (c) | 500 | 505,470 | ||||||
| Massachusetts School Building Authority, Series B (RB) | ||||||||
| 5.00%, 02/15/36 | 500 | 593,178 | ||||||
| 5.00%, 02/15/38 | 500 | 594,197 | ||||||
| The Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 03/01/36 (c) | 1,000 | 1,155,442 | ||||||
| 5.00%, 04/01/40 (c) | 1,000 | 1,126,555 | ||||||
| 5.00%, 04/01/41 (c) | 1,000 | 1,114,976 | ||||||
| University of Massachusetts Building Authority (RB) | ||||||||
| 5.00%, 05/01/34 (c) | 1,220 | 1,311,123 | ||||||
| 5.00%, 11/01/34 (c) | 750 | 811,780 | ||||||
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/32 (c) | 500 | 546,285 | ||||||
| 72,504,109 | ||||||||
| Michigan: 1.4% | ||||||||
Board of Trustees of Oakland University (RB) 5.00%, 03/01/41 (c) | 1,100 | 1,100,008 | ||||||
Detroit City School District, Series A (GO) (AG) 5.25%, 05/01/32 | 2,220 | 2,507,180 | ||||||
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
Great Lakes Water Authority Water Supply System Revenue (RB) 5.00%, 07/01/35 (c) | $ | 1,000 | $ | 1,169,876 | ||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series A (RB) 5.00%, 07/01/37 (c) | 3,000 | 3,398,869 | ||||||
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/36 (c) | 2,000 | 2,001,428 | ||||||
Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB) 5.00%, 05/15/38 (c) | 1,000 | 1,000,769 | ||||||
Michigan Finance Authority, Corewell Health, Series A (RB) 5.00%, 08/15/35 (c) | 1,500 | 1,732,969 | ||||||
Michigan Finance Authority, Corewell Health, Series B-2 (RB) 5.00%, 08/15/55 (p) | 2,500 | 2,814,415 | ||||||
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/33 (c) | 355 | 349,061 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) | ||||||||
| 4.00%, 12/01/40 (c) | 1,000 | 981,548 | ||||||
| 5.00%, 12/01/34 (c) | 2,000 | 2,077,249 | ||||||
| 5.00%, 12/01/35 (c) | 585 | 606,014 | ||||||
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/40 (c) | 725 | 725,021 | ||||||
Michigan State Housing Development Authority, Series B (RB) 4.50%, 12/01/38 (c) | 1,500 | 1,557,548 | ||||||
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/32 (c) | 570 | 582,337 | ||||||
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/36 (c) | 750 | 739,598 | ||||||
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 12/01/31 (c) | 1,370 | 1,361,916 | ||||||
State of Michigan, Karegnondi Water Authority, Counties of Genesee, Lapeer and Sanila (RB) (BAM) 5.00%, 11/01/41 (c) | 750 | 823,896 | ||||||
See Notes to Financial Statements
| 106 |
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/36 (c) | $ | 1,000 | $ | 1,148,094 | ||||
State of Michigan, Trunk Line Fund, Series A (RB) 5.00%, 11/15/35 (c) | 1,900 | 2,121,390 | ||||||
| 28,799,186 | ||||||||
| Minnesota: 1.1% | ||||||||
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/31 (c) | 1,000 | 1,021,050 | ||||||
County of Hennepin, Series A (GO) 5.00%, 12/01/36 (c) | 2,000 | 2,335,974 | ||||||
| Minnesota Agricultural & Economic Development Board (RB) 5.00%, 01/01/38 (c) | 1,000 | 1,109,838 | ||||||
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/33 (c) | 1,500 | 1,508,599 | ||||||
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/31 (c) | 1,000 | 1,045,655 | ||||||
| State of Minnesota (GO) | ||||||||
| 5.00%, 08/01/38 (c) | 3,000 | 3,471,304 | ||||||
| 5.00%, 08/01/41 (c) | 2,000 | 2,252,540 | ||||||
| 5.00%, 08/01/42 (c) | 1,000 | 1,114,621 | ||||||
State of Minnesota, State Office Building Project (CP) 5.00%, 11/01/41 (c) | 1,075 | 1,185,651 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,088,014 | ||||||
| 5.00%, 08/01/36 (c) | 2,000 | 2,190,902 | ||||||
| 5.00%, 08/01/36 (c) | 1,000 | 1,076,370 | ||||||
| 5.00%, 08/01/37 (c) | 2,000 | 2,180,245 | ||||||
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/33 (c) | 1,000 | 1,003,994 | ||||||
White Bear Lake, Minnesota Independent School District No. 624, Series A (GO) (SD CRED PROG) 2.25%, 02/01/36 (c) | 750 | 631,655 | ||||||
| 23,216,412 | ||||||||
| Mississippi: 0.1% | ||||||||
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c) | 500 | 501,044 | ||||||
| State of Mississippi, Series A (RB) | ||||||||
| 5.00%, 10/15/34 (c) | 1,000 | 1,047,065 | ||||||
| 5.00%, 10/15/36 (c) | 550 | 571,847 | ||||||
| 2,119,956 | ||||||||
| Par (000’s | ) | Value | ||||||
| Missouri: 0.3% | ||||||||
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/38 (c) | $ | 1,000 | $ | 1,086,601 | ||||
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 12/01/32 (c) | 685 | 687,054 | ||||||
| Springfield School District No. R-12 (GO) (SAW) | ||||||||
| 4.00%, 03/01/35 (c) | 2,415 | 2,497,862 | ||||||
| 5.00%, 03/01/36 (c) | 450 | 476,239 | ||||||
St. Louis School District, Board of Education (GO) (AG) 5.00%, 04/01/37 (c) | 1,000 | 1,106,530 | ||||||
The Community College District of St. Louis (CP) 5.00%, 04/01/40 (c) | 1,000 | 1,095,585 | ||||||
| 6,949,871 | ||||||||
| Nebraska: 0.5% | ||||||||
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
| 5.00%, 09/01/32 | 1,280 | 1,389,999 | ||||||
| 5.00%, 09/01/34 | 4,300 | 4,731,126 | ||||||
| 5.00%, 09/01/35 | 2,000 | 2,200,852 | ||||||
| 5.00%, 09/01/42 | 500 | 534,473 | ||||||
Central Plans Energy Project, Gas Project Crossover No. 3, Series B (RB) 5.00%, 09/01/31 | 1,215 | 1,303,823 | ||||||
Public Power Generation Agency, Whelan Energy Center, Series A (RB) 5.00%, 01/01/35 | 750 | 874,184 | ||||||
| 11,034,457 | ||||||||
| Nevada: 0.7% | ||||||||
Clark County School District (GO) 5.00%, 06/15/35 (c) | 1,000 | 1,152,846 | ||||||
Clark County School District (GO) (AG) 3.00%, 06/15/37 (c) | 1,500 | 1,374,920 | ||||||
Clark County School District, Series A (GO) 5.00%, 06/15/39 (c) | 1,375 | 1,503,762 | ||||||
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/32 (c) | 470 | 506,204 | ||||||
| Clark County, School District, Series A (GO) (AG) | ||||||||
| 5.00%, 06/15/32 (c) | 1,000 | 1,101,466 | ||||||
| 5.00%, 06/15/34 (c) | 915 | 1,001,303 | ||||||
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/38 (c) | 1,500 | 1,347,712 | ||||||
See Notes to Financial Statements
| 107 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Nevada (continued) | ||||||||
Clark County, School District, Series C (GO) 5.00%, 06/15/32 (c) | $ | 1,050 | $ | 1,095,317 | ||||
Clark County, Transportation Improvement, Limited Tax, Series B (GO) 4.00%, 12/01/39 (c) | 2,245 | 2,272,862 | ||||||
County of Clarke, School District, Limited Tax, Series A (GO) 4.00%, 06/15/42 (c) | 500 | 489,196 | ||||||
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/32 (c) | 1,000 | 1,001,664 | ||||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AG) 4.00%, 12/01/33 (c) | 760 | 781,897 | ||||||
| 13,629,149 | ||||||||
| New Hampshire: 0.4% | ||||||||
National Finance Authority, Affordable Housing, Series 1 (RB) 4.75%, 06/20/41 (c) (p) | 999 | 1,036,925 | ||||||
National Finance Authority, Municipal Certificates, Series 1 (RB) 4.17%, 01/20/41 | 5,970 | 5,952,511 | ||||||
National Finance Authority, Municipal Certificates, Series 2 (RB) 4.22%, 11/20/42 | 1,997 | 1,964,499 | ||||||
| 8,953,935 | ||||||||
| New Jersey: 3.6% | ||||||||
County of Camden, Board of Education of Township of Cherry Hill (GO) 4.00%, 08/01/35 (c) | 500 | 517,438 | ||||||
County of Hudson (GO) | ||||||||
| 2.00%, 11/15/34 (c) | 2,000 | 1,699,349 | ||||||
| 2.00%, 11/15/35 (c) | 685 | 566,891 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/31 (c) | 755 | 742,103 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AG) 5.00%, 11/01/33 (c) | 1,000 | 1,082,318 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 06/15/36 (c) | 1,250 | 1,342,706 | ||||||
New Jersey Educational Facilities Authority (RB) 5.00%, 07/01/64 (c) (p) | 10,000 | 11,647,047 | ||||||
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/37 (c) | $ | 1,975 | $ | 1,643,948 | ||||
| 2.00%, 03/01/41 (c) | 500 | 367,209 | ||||||
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/36 (c) | 1,000 | 855,004 | ||||||
| 2.00%, 03/01/38 (c) | 2,000 | 1,619,406 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/32 (c) | 500 | 519,602 | ||||||
New Jersey Educational Facilities Authority, Princeton Unviersity, Series A-2 (RB) 5.00%, 03/01/41 (c) | 2,500 | 2,783,756 | ||||||
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/34 (c) | 360 | 357,153 | ||||||
New Jersey Housing & Mortgage Finance Agency (RB) 4.75%, 10/01/40 (c) | 1,000 | 1,040,727 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 4.00%, 12/15/31 (c) | 2,830 | 2,918,345 | ||||||
| 4.25%, 06/15/40 (c) | 3,045 | 3,117,416 | ||||||
| 5.00%, 12/15/33 (c) | 1,395 | 1,485,133 | ||||||
| 5.00%, 12/15/34 (c) | 635 | 674,114 | ||||||
| 5.00%, 06/15/37 (c) | 3,000 | 3,420,441 | ||||||
| 5.00%, 06/15/38 (c) | 4,500 | 5,086,141 | ||||||
| 5.25%, 06/15/39 (c) | 2,640 | 3,018,033 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.00%, 06/15/39 (c) | 1,000 | 1,011,096 | ||||||
| 4.12%, 06/15/39 (c) | 1,000 | 1,010,639 | ||||||
| 5.00%, 06/15/40 (c) | 1,000 | 1,093,496 | ||||||
New Jersey Transportation Trust Fund Authority, Series BB (RB) 4.00%, 06/15/36 (c) | 1,045 | 1,077,990 | ||||||
New Jersey Transportation Trust Fund Authority, Series CC (RB) 5.00%, 06/15/33 | 1,000 | 1,151,434 | ||||||
| New Jersey Turnpike Authority (RB) | ||||||||
| 5.00%, 01/01/33 | 2,000 | 2,301,824 | ||||||
| 5.00%, 01/01/34 | 3,000 | 3,490,902 | ||||||
| 5.00%, 01/01/35 | 500 | 586,298 | ||||||
| 5.00%, 01/01/36 (c) | 500 | 584,370 | ||||||
| 5.00%, 01/01/39 (c) | 1,000 | 1,138,424 | ||||||
See Notes to Financial Statements
| 108 |
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/36 (c) | $ | 2,500 | $ | 2,602,251 | ||||
New Jersey, Economic Development Authority, Series SSS (RB) 5.00%, 06/15/34 | 1,500 | 1,742,710 | ||||||
New Jersey, Transportation Trust Fund Authority, Series A (RB) 4.00%, 06/15/40 (c) | 1,000 | 1,006,577 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 06/01/34 (c) | 3,000 | 2,618,786 | ||||||
| 5.00%, 06/01/38 (c) | 2,000 | 2,136,565 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 4.00%, 06/01/37 (c) | 540 | 536,822 | ||||||
| 5.00%, 06/01/32 (c) | 2,755 | 2,876,003 | ||||||
| 73,470,467 | ||||||||
| New Mexico: 0.1% | ||||||||
State of New Mexico (GO) 5.00%, 03/01/33 | 1,000 | 1,158,973 | ||||||
| New York: 18.2% | ||||||||
Battery Park City Authorization, Series B (RB) 5.00%, 11/01/36 (c) | 1,000 | 1,150,910 | ||||||
City of New York NY (GO) 5.00%, 09/01/37 (c) | 2,000 | 2,205,088 | ||||||
City of New York Trust for Cultural Resources, Lincoln Center for Performing Arts Inc., Series A (RB) 4.00%, 12/01/34 (c) | 1,000 | 1,031,672 | ||||||
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/32 (c) | 500 | 500,040 | ||||||
| City of New York, Series A (GO) | ||||||||
| 4.00%, 08/01/34 (c) | 485 | 486,703 | ||||||
| 4.00%, 08/01/38 (c) | 600 | 608,357 | ||||||
| 5.00%, 09/01/34 (c) | 2,170 | 2,440,345 | ||||||
| 5.00%, 08/01/37 (c) | 1,000 | 1,117,506 | ||||||
| City of New York, Series B-1 (GO) | ||||||||
| 5.00%, 10/01/31 (c) | 500 | 543,592 | ||||||
| 5.00%, 10/01/32 (c) | 1,125 | 1,220,675 | ||||||
| 5.00%, 10/01/37 (c) | 250 | 257,621 | ||||||
| 5.25%, 10/01/40 (c) | 1,575 | 1,728,075 | ||||||
| City of New York, Series C (GO) | ||||||||
| 4.00%, 08/01/41 (c) | 1,000 | 993,982 | ||||||
| City of New York, Series D (GO) | ||||||||
| 4.00%, 04/01/41 (c) | 1,000 | 994,094 | ||||||
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/37 (c) | 1,565 | 1,676,511 | ||||||
City of New York, Series E (GO) 5.00%, 04/01/37 (c) | 1,000 | 1,115,709 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
City of New York, Series E-1 (GO) | ||||||||
| 5.00%, 03/01/32 (c) | $ | 1,015 | $ | 1,067,387 | ||||
| 5.00%, 03/01/39 (c) | 2,000 | 2,073,091 | ||||||
| 5.25%, 03/01/34 (c) | 1,000 | 1,054,495 | ||||||
| City of New York, Series F (GO) | ||||||||
| 5.00%, 08/01/40 (c) | 750 | 831,543 | ||||||
| 5.00%, 08/01/41 (c) | 750 | 823,142 | ||||||
| City of New York, Series F-1 (GO) | ||||||||
| 5.00%, 08/01/36 (c) | 1,000 | 1,125,140 | ||||||
| 5.00%, 08/01/37 (c) | 1,000 | 1,117,506 | ||||||
| 5.00%, 08/01/38 (c) | 1,000 | 1,110,422 | ||||||
| 5.00%, 08/01/39 (c) | 1,330 | 1,466,031 | ||||||
| City of New York, Series G (GO) | ||||||||
| 5.00%, 02/01/35 | 2,215 | 2,584,622 | ||||||
| 5.00%, 02/01/36 (c) | 4,000 | 4,639,697 | ||||||
| 5.00%, 02/01/37 (c) | 500 | 575,159 | ||||||
| 5.00%, 02/01/40 (c) | 5,000 | 5,568,226 | ||||||
City of New York, Series L (GO) 5.00%, 04/01/32 (c) | 655 | 704,432 | ||||||
City of New York, Series L-5 (GO) 5.00%, 04/01/34 (c) | 1,865 | 2,060,673 | ||||||
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AG) 4.00%, 04/01/40 (c) | 925 | 909,613 | ||||||
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/37 (c) | 865 | 754,129 | ||||||
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/35 (c) | 1,500 | 1,684,214 | ||||||
County of Suffolk, New York Water System, Series A (RB) 5.00%, 06/01/36 (c) | 1,515 | 1,599,352 | ||||||
County of Suffolk, Public Improvement, Series C (GO) 5.00%, 09/01/35 (c) | 1,500 | 1,644,640 | ||||||
Dormitory Authority of the State of New York (RB) 5.00%, 03/15/40 (c) | 1,500 | 1,642,538 | ||||||
| Dormitory Authority of the State of New York, General Purpose, Series A (RB) | ||||||||
| 5.00%, 03/15/37 (c) | 1,000 | 1,136,170 | ||||||
| 5.00%, 03/15/38 (c) | 1,000 | 1,123,550 | ||||||
| 5.00%, 03/15/41 (c) | 2,000 | 2,189,807 | ||||||
Dormitory Authority of the State of New York, Series B (RB) 5.00%, 03/15/33 | 1,000 | 1,157,349 | ||||||
See Notes to Financial Statements
| 109 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
| 5.00%, 02/15/32 (c) | $ | 1,700 | $ | 1,751,234 | ||||
| 5.00%, 02/15/33 (c) | 460 | 473,535 | ||||||
| 5.00%, 02/15/42 (c) | 645 | 655,261 | ||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
| 5.00%, 09/01/31 (c) | 305 | 318,229 | ||||||
| 5.00%, 09/01/33 (c) | 750 | 780,836 | ||||||
| Long Island Power Authority, Electric System, Series A (RB) | ||||||||
| 3.00%, 09/01/36 (c) | 450 | 433,398 | ||||||
| 5.00%, 09/01/36 (c) | 1,500 | 1,623,600 | ||||||
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/36 (c) | 1,000 | 1,013,272 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund, Series B (RB) 5.00%, 11/15/40 (c) | 2,000 | 2,224,735 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 4.00%, 11/15/33 (c) | 340 | 341,412 | ||||||
| 4.00%, 11/15/40 (c) | 1,000 | 989,311 | ||||||
| 5.00%, 11/15/35 (c) | 1,000 | 1,144,023 | ||||||
| 5.00%, 11/15/40 (c) | 2,000 | 2,177,753 | ||||||
| 5.00%, 11/15/40 (c) | 1,000 | 1,081,004 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/34 | 2,000 | 2,293,862 | ||||||
| 5.00%, 11/15/35 | 1,000 | 1,148,581 | ||||||
| 5.00%, 11/15/35 (c) | 2,000 | 2,034,191 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 4.00%, 11/15/32 (c) | 1,980 | 2,009,983 | ||||||
| 5.00%, 11/15/31 (c) | 1,445 | 1,522,865 | ||||||
| 5.00%, 11/15/33 (c) | 2,540 | 2,666,441 | ||||||
| 5.00%, 11/15/34 (c) | 810 | 847,801 | ||||||
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | 1,035 | 790,318 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 3.12%, 11/15/35 (c) | 265 | 239,412 | ||||||
| 4.00%, 11/15/32 (c) | 400 | 402,166 | ||||||
| 5.00%, 11/15/32 (c) | 1,570 | 1,651,884 | ||||||
| 5.00%, 11/15/33 (c) | 535 | 561,632 | ||||||
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/33 (c) | 2,000 | 2,001,418 | ||||||
Metropolitian Transportation Authority, Series A (RB) 5.00%, 11/15/36 (c) | 1,500 | 1,755,633 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AG) 2.90%, 11/01/37 (c) | 1,000 | 899,764 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 11/01/35 (c) | $ | 1,100 | $ | 964,027 | ||||
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 11/01/41 (c) | 800 | 611,423 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 11/01/40 (c) | 525 | 415,501 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AG) 4.00%, 03/01/32 (c) | 2,500 | 2,599,406 | ||||||
New York City Municipal Water Finance Authority, Series A (RB) 3.00%, 06/15/36 (c) | 4,130 | 4,041,849 | ||||||
New York City Municipal Water Finance Authority, Series AA (RB) 5.00%, 06/15/32 (c) | 1,000 | 1,093,921 | ||||||
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 06/15/38 (c) | 1,000 | 1,016,098 | ||||||
| New York City Municipal Water Finance Authority, Series DD (RB) | ||||||||
| 5.00%, 06/15/34 (c) | 3,685 | 4,277,798 | ||||||
| 5.00%, 06/15/34 | 5,360 | 6,319,793 | ||||||
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/33 (c) | 500 | 540,180 | ||||||
| New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB) | ||||||||
| 5.50%, 06/15/38 (c) | 1,000 | 1,198,751 | ||||||
| 5.50%, 06/15/39 (c) | 1,000 | 1,187,548 | ||||||
| New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW) | ||||||||
| 4.00%, 07/15/35 (c) | 1,015 | 1,054,270 | ||||||
| 5.00%, 07/15/40 (c) | 1,180 | 1,181,000 | ||||||
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 5.00%, 07/15/31 | 1,750 | 1,985,453 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.00%, 05/01/40 (c) | 2,000 | 2,237,597 | ||||||
See Notes to Financial Statements
| 110 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 05/01/41 (c) | $ | 1,000 | $ | 1,110,290 | ||||
| 5.00%, 05/01/42 (c) | 1,000 | 1,094,259 | ||||||
| New York City Transitional Finance Authority Future Tax, Series A-1 (RB) | ||||||||
| 5.00%, 05/01/36 (c) | 1,000 | 1,125,796 | ||||||
| 5.00%, 11/01/37 (c) | 2,000 | 2,266,397 | ||||||
| 5.00%, 11/01/39 (c) | 1,000 | 1,118,149 | ||||||
New York City Transitional Finance Authority Future Tax, Series C-1 (RB) 5.00%, 05/01/40 (c) | 1,815 | 2,012,318 | ||||||
New York City Transitional Finance Authority Future Tax, Series D (RB) 5.00%, 05/01/33 | 1,000 | 1,151,821 | ||||||
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/39 (c) | 1,000 | 1,102,393 | ||||||
New York City Transitional Finance Authority Future Tax, Series H (RB) 5.00%, 11/01/38 (c) | 5,000 | 5,668,805 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 4.00%, 07/15/36 (c) | 1,375 | 1,418,020 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) | ||||||||
| 5.00%, 07/15/33 (c) | 1,605 | 1,699,570 | ||||||
| 5.00%, 07/15/35 (c) | 1,000 | 1,054,792 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) 5.00%, 07/15/33 (c) | 500 | 529,461 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| 3.00%, 11/01/37 (c) | 2,000 | 1,862,002 | ||||||
| 5.00%, 11/01/36 (c) | 3,000 | 3,264,225 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 5.00%, 11/01/32 (c) | 1,000 | 1,129,586 | ||||||
| 5.00%, 05/01/33 (c) | 450 | 454,350 | ||||||
| 5.00%, 05/01/34 (c) | 880 | 888,116 | ||||||
| 5.00%, 05/01/35 (c) | 655 | 660,687 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 4.00%, 08/01/35 (c) | 2,000 | 2,007,754 | ||||||
| 5.00%, 05/01/36 (c) | 1,000 | 1,133,200 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 4.00%, 08/01/42 (c) | $ | 1,500 | $ | 1,479,782 | ||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,106,969 | ||||||
| 5.00%, 08/01/32 (c) | 1,000 | 1,036,235 | ||||||
| 5.00%, 08/01/32 (c) | 540 | 548,047 | ||||||
| 5.00%, 11/01/32 (c) | 1,065 | 1,097,985 | ||||||
| 5.00%, 08/01/33 (c) | 895 | 907,806 | ||||||
| 5.00%, 08/01/34 (c) | 1,000 | 1,114,703 | ||||||
| 5.00%, 08/01/34 (c) | 780 | 824,154 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.00%, 11/01/33 (c) | 900 | 926,353 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 4.00%, 05/01/39 (c) | 1,690 | 1,708,917 | ||||||
| 4.00%, 05/01/41 (c) | 500 | 498,907 | ||||||
| 5.00%, 05/01/37 (c) | 2,500 | 2,713,293 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/39 (c) | 1,710 | 1,743,539 | ||||||
New York City Transitional Finance Authority, Series C (RB) 5.00%, 05/01/33 | 1,000 | 1,151,821 | ||||||
New York City Transitional Finance Authority, Series C, Subseries C-1 (RB) 5.00%, 05/01/39 (c) | 2,000 | 2,245,843 | ||||||
| New York City Transitional Finance Authority, Series D (RB) | ||||||||
| 5.00%, 05/01/37 (c) | 3,000 | 3,413,914 | ||||||
| 5.00%, 11/01/39 (c) | 4,300 | 4,783,725 | ||||||
| New York City Transitional Finance Authority, Series E (RB) | ||||||||
| 5.00%, 11/01/35 (c) | 2,000 | 2,320,546 | ||||||
| 5.00%, 11/01/38 (c) | 2,000 | 2,255,435 | ||||||
| 5.00%, 11/01/39 (c) | 2,000 | 2,236,299 | ||||||
| 5.00%, 11/01/40 (c) | 3,000 | 3,326,146 | ||||||
New York City Transitional Finance Authority, Series F (RB) 5.00%, 11/01/32 | 2,000 | 2,291,702 | ||||||
| New York City Transitional Finance Authority, Series H (RB) | ||||||||
| 5.00%, 11/01/35 (c) | 2,000 | 2,336,002 | ||||||
| 5.00%, 11/01/40 (c) | 3,000 | 3,341,405 | ||||||
See Notes to Financial Statements
| 111 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 06/15/40 (c) | $ | 915 | $ | 811,361 | ||||
New York City Water and Sewer System, Series EE (RB) (AG) 5.00%, 06/15/40 (c) | 2,085 | 2,200,269 | ||||||
New York Energy Finance Development Corp. (RB) 5.00%, 07/01/56 (c) (p) | 5,000 | 5,381,963 | ||||||
New York Environmental Facilities Corporation, New York City Municipal Water Finance Authory Projects, Series A (RB) 5.00%, 06/15/40 (c) | 1,000 | 1,121,317 | ||||||
New York Liberty Development Corp. (RB) 2.25%, 02/15/41 (c) | 5,000 | 3,846,280 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35 | 1,000 | 1,169,447 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 4.00%, 07/01/37 (c) | 1,000 | 1,042,040 | ||||||
| 4.00%, 07/01/38 (c) | 650 | 650,052 | ||||||
| 5.00%, 07/01/34 | 1,500 | 1,751,639 | ||||||
| 5.00%, 07/01/35 | 1,000 | 1,193,759 | ||||||
| New York State Dormitory Authority (RB) (AGC ST AID WITHHLDG) | ||||||||
| 5.00%, 10/01/33 | 2,000 | 2,334,066 | ||||||
| 5.00%, 10/01/34 | 2,000 | 2,355,575 | ||||||
| 5.00%, 10/01/35 (c) | 1,250 | 1,450,826 | ||||||
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center (RB) 4.00%, 07/01/37 (c) | 1,000 | 1,016,890 | ||||||
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2B (RB) 5.00%, 07/01/49 (c) (p) | 3,000 | 3,366,860 | ||||||
New York State Dormitory Authority, New York Northwell Health, Series A (RB) 5.00%, 05/01/34 | 4,000 | 4,573,786 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/33 (c) | 1,140 | 1,182,701 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) (AG) 5.00%, 03/15/38 (c) | 1,250 | 1,302,364 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Dormitory Authority, New York White Plants Hospital (RB) (AG) 5.25%, 10/01/41 (c) | $ | 750 | $ | 814,301 | ||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
| 3.00%, 03/15/42 (c) | 500 | 420,308 | ||||||
| 5.00%, 02/15/39 (c) | 2,000 | 2,022,177 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series E (RB) 4.00%, 03/15/38 (c) | 1,500 | 1,523,974 | ||||||
New York State Dormitory Authority, Sales Tax, Series A (RB) 5.00%, 03/15/37 (c) | 1,000 | 1,121,694 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AG) 4.00%, 10/01/35 (c) | 1,315 | 1,349,257 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM-ST AID WITHHLDG) 5.00%, 10/01/35 (c) | 2,040 | 2,267,831 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/32 (c) | 1,200 | 1,220,238 | ||||||
| New York State Dormitory Authority, Series A (RB) | ||||||||
| 4.00%, 02/15/33 (c) | 1,000 | 1,010,765 | ||||||
| 4.00%, 02/15/35 (c) | 2,475 | 2,494,837 | ||||||
| New York State Dormitory Authority, Series C (RB) | ||||||||
| 5.00%, 03/15/33 | 1,000 | 1,157,349 | ||||||
| 5.00%, 03/15/40 (c) | 1,000 | 1,118,372 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 3.00%, 03/15/38 (c) | 3,120 | 2,879,006 | ||||||
| 4.00%, 02/15/36 (c) | 1,235 | 1,242,624 | ||||||
| 4.00%, 03/15/37 (c) | 1,135 | 1,154,862 | ||||||
| 4.00%, 03/15/37 (c) | 1,075 | 1,095,570 | ||||||
| 4.00%, 03/15/38 (c) | 2,795 | 2,830,597 | ||||||
| 5.00%, 02/15/32 (c) | 595 | 611,604 | ||||||
| 5.00%, 03/15/34 (c) | 2,370 | 2,528,409 | ||||||
| 5.00%, 03/15/35 (c) | 1,950 | 2,072,573 | ||||||
| 5.00%, 03/15/36 (c) | 3,910 | 4,139,886 | ||||||
| 5.25%, 03/15/38 (c) | 1,305 | 1,374,095 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/37 (c) | 2,270 | 2,339,636 | ||||||
See Notes to Financial Statements
| 112 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 5.00%, 02/15/32 (c) | $ | 940 | $ | 955,028 | ||||
| 5.00%, 02/15/33 (c) | 2,000 | 2,181,454 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 4.00%, 03/15/37 (c) | 2,000 | 2,050,363 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 5.00%, 03/15/33 (c) | 1,000 | 1,030,414 | ||||||
| 5.00%, 03/15/34 (c) | 2,110 | 2,172,517 | ||||||
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/35 (c) | 1,970 | 2,067,536 | ||||||
New York State Dormitory Authority, State University, Series B (RB) 4.00%, 07/01/36 (c) | 1,000 | 1,050,843 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) 5.00%, 06/15/32 (c) | 415 | 419,727 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/36 (c) | 1,250 | 1,345,706 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) 5.00%, 06/15/33 (c) | 1,000 | 1,037,075 | ||||||
New York State Housing Finance Agency, Series A (RB) 3.95%, 11/01/50 (c) (p) | 2,500 | 2,544,225 | ||||||
New York State Housing Finance Agency, Series A-1 (RB) 3.60%, 11/01/44 (c) (p) | 500 | 509,531 | ||||||
New York State Housing Finance Agency, Series H (RB) (AG) 2.10%, 11/01/35 (c) | 835 | 706,829 | ||||||
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/40 (c) | 525 | 525,741 | ||||||
New York State Thruway Authority, Series A (RB) 5.00%, 01/01/41 (c) | 1,000 | 1,001,077 | ||||||
New York State Thruway Authority, Series B (RB) (AG) 4.00%, 01/01/37 (c) | 800 | 808,701 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Thruway Authority, Series L (RB) | ||||||||
| 3.50%, 01/01/37 (c) | $ | 1,120 | $ | 1,123,178 | ||||
| 4.00%, 01/01/36 (c) | 2,500 | 2,519,555 | ||||||
New York State Thruway Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/39 (c) | 2,000 | 2,202,474 | ||||||
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) | ||||||||
| 5.00%, 03/15/34 (c) | 2,000 | 2,216,645 | ||||||
| 5.00%, 03/15/35 (c) | 800 | 881,191 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/37 (c) | 1,475 | 1,594,397 | ||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 4.00%, 03/15/34 (c) | 1,000 | 1,034,298 | ||||||
| 4.00%, 03/15/37 (c) | 1,000 | 1,016,159 | ||||||
| 5.00%, 03/15/32 (c) | 4,295 | 4,473,692 | ||||||
| New York State Urban Development Corp., State Sales Tax, Series A (RB) | ||||||||
| 5.00%, 03/15/35 (c) | 1,000 | 1,072,802 | ||||||
| 5.00%, 03/15/36 (c) | 4,500 | 4,976,949 | ||||||
New York State, Urban Development Coporation, Series B (RB) 5.00%, 03/15/36 (c) | 1,000 | 1,139,401 | ||||||
New York Transitional Finance Authority, Series E (RB) 5.00%, 11/01/36 (c) | 1,760 | 2,023,162 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 5.00%, 12/01/35 (c) | 750 | 810,336 | ||||||
| Port Authority of New York & New Jersey (RB) | ||||||||
| 5.00%, 01/15/40 (c) | 1,000 | 1,124,115 | ||||||
| 5.00%, 01/15/41 (c) | 2,000 | 2,222,225 | ||||||
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/36 (c) | 500 | 526,930 | ||||||
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/34 (c) | 500 | 530,926 | ||||||
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/36 (c) | 500 | 536,723 | ||||||
Port Authority of New York and New Jersey, Series 222 (RB) 4.00%, 07/15/36 (c) | 2,600 | 2,679,573 | ||||||
See Notes to Financial Statements
| 113 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 4.00%, 07/15/37 (c) | $ | 3,975 | $ | 4,081,332 | ||||
| 5.00%, 07/15/34 (c) | 1,000 | 1,099,211 | ||||||
| 5.00%, 07/15/35 (c) | 1,000 | 1,095,208 | ||||||
State of New York, Dormitory Authority, Series A (RB) 5.00%, 03/15/41 (c) | 1,000 | 1,104,071 | ||||||
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 10/01/31 (c) | 615 | 609,599 | ||||||
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/32 (c) | 460 | 457,006 | ||||||
Town of Hempstead, New York Public Improvement (GO) 4.00%, 05/01/41 (c) | 1,000 | 1,023,615 | ||||||
| Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-1 (RB) | ||||||||
| 5.00%, 05/15/40 (c) | 750 | 832,783 | ||||||
| 5.00%, 11/15/41 (c) | 2,000 | 2,224,819 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-2 (RB) 5.00%, 11/15/35 | 2,260 | 2,672,233 | ||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB) 5.00%, 11/15/31 | 1,000 | 1,140,884 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | ||||||||
| 5.00%, 11/15/36 (c) | 3,000 | 3,421,227 | ||||||
| 5.00%, 05/15/37 (c) | 1,225 | 1,347,532 | ||||||
| 5.00%, 11/15/38 (c) | 2,000 | 2,273,929 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/32 (c) | 1,070 | 1,107,841 | ||||||
| 5.00%, 11/15/33 (c) | 1,255 | 1,298,338 | ||||||
| 5.00%, 11/15/37 (c) | 1,000 | 1,027,584 | ||||||
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.00%, 09/01/31 (c) | 1,250 | 1,361,873 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/33 (c) | 500 | 510,398 | ||||||
| 5.00%, 06/01/35 (c) | 845 | 858,934 | ||||||
TSASC, Inc., Tobacco Settlement, Series A (RB) 5.00%, 06/01/41 (c) | 1,000 | 1,002,965 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 5.00%, 12/15/36 (c) | 2,830 | 2,833,588 | ||||||
| 5.00%, 12/15/38 (c) | 2,000 | 2,072,693 | ||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
| 5.00%, 12/15/32 (c) | 610 | 617,622 | ||||||
| 5.00%, 12/15/33 (c) | 2,000 | 2,023,516 | ||||||
| 5.00%, 12/15/35 (c) | 500 | 505,052 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
Utility Debt Securitization Authority, Series E (RB) 5.00%, 12/15/35 (c) | $ | 2,000 | $ | 2,291,527 | ||||
| 374,981,534 | ||||||||
| North Carolina: 1.2% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 01/15/49 (p) | 3,000 | 3,344,448 | ||||||
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/35 (c) | 1,925 | 1,928,072 | ||||||
County of Wake (RB) 3.00%, 03/01/35 (c) | 1,500 | 1,472,809 | ||||||
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/39 (c) | 1,670 | 1,696,042 | ||||||
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/37 (c) | 995 | 1,027,814 | ||||||
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/42 (c) | 495 | 517,471 | ||||||
North Carolina Medical Care Commission (RB) 5.00%, 06/01/36 (c) | 1,000 | 1,150,545 | ||||||
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/32 (c) | 1,000 | 1,086,716 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
| 4.00%, 01/01/33 (c) | 890 | 912,969 | ||||||
| 4.00%, 01/01/34 (c) | 360 | 368,701 | ||||||
| 4.00%, 01/01/35 (c) | 800 | 816,494 | ||||||
State of North Carolina (GO) 2.00%, 06/01/32 (c) | 3,715 | 3,447,520 | ||||||
| State of North Carolina, Department of State Treasurer (RB) | ||||||||
| 5.00%, 03/01/36 (c) | 1,500 | 1,749,597 | ||||||
| 5.00%, 03/01/40 (c) | 2,625 | 2,941,296 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/36 (c) | 625 | 547,691 | ||||||
State of North Carolina, Series A (GO) 3.00%, 06/01/34 (c) | 380 | 378,668 | ||||||
State of North Carolina, Series A (RB) 5.00%, 05/01/34 (c) | 1,000 | 1,133,063 | ||||||
See Notes to Financial Statements
| 114 |
| Par (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/37 (c) | $ | 1,000 | $ | 1,111,112 | ||||
| 25,631,028 | ||||||||
| North Dakota: 0.0% | ||||||||
City of Grand Forks, Altru Health System (RB) (AG) 4.00%, 12/01/41 (c) | 1,000 | 912,970 | ||||||
| Ohio: 2.0% | ||||||||
Akron Bath Copley Joint Township Hospital District, Summa Health (RB) 4.00%, 11/15/35 (c) | 1,000 | 1,058,143 | ||||||
American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) (BAM) 4.00%, 02/15/34 (c) | 1,520 | 1,581,769 | ||||||
American Municipal Power, Inc., Spairie State Campus Project, Series B (RB) 5.00%, 02/15/35 (c) | 1,360 | 1,468,989 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 5.00%, 06/01/32 (c) | 500 | 537,809 | ||||||
| 5.00%, 06/01/33 (c) | 500 | 534,512 | ||||||
| 5.00%, 06/01/34 (c) | 3,000 | 3,178,319 | ||||||
| City of Columbus OH (GO) | ||||||||
| 5.00%, 10/01/40 (c) | 1,000 | 1,139,436 | ||||||
| 5.00%, 10/01/41 (c) | 1,000 | 1,127,212 | ||||||
City of Columbus, Various Purpose, Series A (GO) 5.00%, 08/15/40 (c) | 1,000 | 1,126,077 | ||||||
| County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB) | ||||||||
| 5.00%, 11/01/33 | 1,000 | 1,139,549 | ||||||
| 5.00%, 11/01/34 | 1,000 | 1,145,977 | ||||||
County of Butler, Ohio Hospital Facilities, UC Health (RB) 4.00%, 11/15/37 (c) | 500 | 486,362 | ||||||
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/42 (c) | 1,000 | 1,000,606 | ||||||
County of Hamilton, Series A (RB) 4.00%, 12/01/31 (c) | 1,000 | 1,012,228 | ||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
| 5.00%, 02/15/32 (c) | 500 | 523,286 | ||||||
| 5.00%, 02/15/39 (c) | 2,000 | 2,215,940 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Series D (RB) 5.00%, 12/01/34 | 2,500 | 2,961,067 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| Ohio Water Development Authority, Drinking Water Assistance, Series A (RB) | ||||||||
| 5.00%, 12/01/36 (c) | $ | 1,335 | $ | 1,473,819 | ||||
| 5.00%, 12/01/40 (c) | 1,000 | 1,118,349 | ||||||
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/37 (c) | 1,760 | 1,885,891 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
| 5.00%, 06/01/33 (c) | 1,000 | 1,104,891 | ||||||
| 5.00%, 12/01/37 (c) | 1,970 | 2,128,751 | ||||||
State of Ohio (GO) 5.00%, 05/01/45 (c) | 2,000 | 2,159,243 | ||||||
State of Ohio (RB) 5.00%, 10/01/42 (c) | 1,500 | 1,646,282 | ||||||
State of Ohio Common Schools, Series A (GO) 5.00%, 06/15/40 (c) | 1,000 | 1,132,393 | ||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 4.00%, 01/01/34 (c) | 760 | 774,256 | ||||||
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/41 (c) | 835 | 835,814 | ||||||
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/33 (c) | 1,000 | 1,032,057 | ||||||
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31 | 1,225 | 1,395,748 | ||||||
State of Ohio, Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 12/01/40 (c) | 1,000 | 1,118,349 | ||||||
| State of Ohio, Series A (GO) | ||||||||
| 5.00%, 06/15/35 | 1,000 | 1,183,230 | ||||||
| 5.00%, 09/01/36 (c) | 840 | 959,273 | ||||||
| 42,185,627 | ||||||||
| Oklahoma: 0.1% | ||||||||
Grand River Dam Authority, Series A (RB) 4.00%, 06/01/33 (c) | 2,000 | 2,021,434 | ||||||
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/35 (c) | 565 | 578,793 | ||||||
| 2,600,227 | ||||||||
| Oregon: 1.4% | ||||||||
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 03/01/37 (c) | 2,350 | 2,245,270 | ||||||
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/35 (c) | 1,285 | 1,351,639 | ||||||
See Notes to Financial Statements
| 115 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
Hillsboro School District No. 1J (GO) (SBG) 5.00%, 06/15/35 (c) | $ | 590 | $ | 608,105 | ||||
| Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG) | ||||||||
| 4.00%, 06/15/35 (c) | 740 | 755,718 | ||||||
| 5.00%, 06/15/32 (c) | 545 | 577,584 | ||||||
Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG) 4.00%, 06/15/38 (c) | 2,000 | 2,045,072 | ||||||
Medford, Oregon Hospital Facilities Authority, Series A (RB) 5.00%, 08/15/33 (c) | 720 | 780,941 | ||||||
Medford, Oregon Hospital Facilities Authority, Series A (RB) (AG) 5.00%, 08/15/34 (c) | 700 | 755,382 | ||||||
| Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG) | ||||||||
| 0.00%, 06/15/32 (c) ^ | 1,215 | 936,770 | ||||||
| 0.00%, 06/15/33 (c) ^ | 1,010 | 742,528 | ||||||
| Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
| 2.00%, 06/15/42 (c) | 550 | 390,342 | ||||||
| 3.00%, 06/15/33 (c) | 1,280 | 1,279,174 | ||||||
| 3.25%, 06/15/42 (c) | 295 | 261,802 | ||||||
Multnomah County, School District No. 1J (GO) (SBG) 5.00%, 06/15/35 (c) | 1,000 | 1,145,834 | ||||||
Oregon State Lottery (RB) 5.00%, 04/01/33 | 1,000 | 1,160,906 | ||||||
Portland Community College District (GO) 5.00%, 06/15/36 (c) | 1,000 | 1,137,156 | ||||||
| State of Oregon Department of Administrative Services, Oregon State Lottery, Series A (RB) | ||||||||
| 5.00%, 04/01/35 | 1,000 | 1,182,115 | ||||||
| 5.00%, 04/01/36 (c) | 500 | 585,211 | ||||||
| 5.00%, 04/01/41 (c) | 1,000 | 1,111,594 | ||||||
| State of Oregon, Department of Transportation, Highway User Tax, Series A (RB) | ||||||||
| 4.00%, 11/15/38 (c) | 3,000 | 3,068,801 | ||||||
| 5.00%, 11/15/36 (c) | 1,000 | 1,093,345 | ||||||
| 5.00%, 11/15/36 (c) | 1,650 | 1,771,294 | ||||||
| State of Oregon, Series A (GO) | ||||||||
| 5.00%, 05/01/36 (c) | 1,000 | 1,139,058 | ||||||
| 5.25%, 05/01/42 (c) | 500 | 564,364 | ||||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 10/01/34 (c) | 570 | 560,717 | ||||||
| Par (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
Washington & Multnomah Counties School District No 48J Beaverton (GO) (SBG) 0.00%, 06/15/37 (c) ^ | $ | 1,000 | $ | 644,159 | ||||
| 27,894,881 | ||||||||
| Pennsylvania: 3.4% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
| 5.00%, 04/01/33 (c) | 1,120 | 1,166,315 | ||||||
| 5.00%, 07/15/33 (c) | 810 | 860,329 | ||||||
| Allegheny County Sanitary Authority (RB) | ||||||||
| 5.00%, 12/01/35 (c) | 1,000 | 1,001,611 | ||||||
| 5.00%, 12/01/40 (c) | 1,800 | 2,007,520 | ||||||
| City of Philadelphia, Gas Works (RB) | ||||||||
| 5.00%, 10/01/32 (c) | 970 | 986,096 | ||||||
| 5.00%, 10/01/33 (c) | 680 | 690,854 | ||||||
City Of Philadelphia, Pennsylvania, Series A (GO) 4.00%, 05/01/41 (c) | 1,350 | 1,340,899 | ||||||
City of Philadelphia, Series B (GO) 5.00%, 02/01/37 (c) | 1,500 | 1,590,016 | ||||||
City of Philadelphia, Series C (RB) (AG) 5.00%, 09/01/37 (c) | 2,000 | 2,289,930 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 3.00%, 09/15/35 (c) | 1,055 | 1,007,891 | ||||||
| 4.00%, 02/01/32 (c) | 1,500 | 1,504,618 | ||||||
| 5.00%, 09/01/32 | 2,000 | 2,297,131 | ||||||
| 5.00%, 09/01/37 (c) | 1,000 | 1,128,228 | ||||||
| 5.00%, 08/15/39 (c) | 2,000 | 2,240,188 | ||||||
| Geisinger Authority Health System, Series A (RB) | ||||||||
| 4.00%, 04/01/39 (c) | 1,000 | 995,613 | ||||||
| 5.00%, 02/15/39 (c) | 3,100 | 3,143,608 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) 3.38%, 11/15/33 (c) | 1,000 | 1,000,915 | ||||||
| Pennsylvania Higher Educational Facilities Authority (RB) | ||||||||
| 4.00%, 06/15/34 (c) | 645 | 647,943 | ||||||
| 4.00%, 06/15/34 (c) | 120 | 128,610 | ||||||
Pennsylvania Higher Educational Facilities Authority, The University of Pennsylvania, Series A (RB) 5.00%, 02/15/35 | 500 | 587,946 | ||||||
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B (RB) 5.25%, 11/01/41 (c) | 1,500 | 1,654,531 | ||||||
See Notes to Financial Statements
| 116 |
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/34 (c) | $ | 2,675 | $ | 2,678,712 | ||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) | ||||||||
| 2.28%, 10/01/41 (c) | 500 | 385,279 | ||||||
| 2.80%, 10/01/31 (c) | 700 | 680,530 | ||||||
| 3.15%, 10/01/39 (c) | 1,000 | 919,380 | ||||||
| 3.20%, 10/01/31 (c) | 425 | 424,992 | ||||||
| 3.65%, 10/01/32 (c) | 315 | 315,420 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) 4.30%, 10/01/41 (c) | 1,000 | 1,007,016 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.20%, 10/01/32 (c) | 300 | 298,879 | ||||||
| Pennsylvania Turnpike Commission (RB) | ||||||||
| 5.00%, 06/01/33 | 2,000 | 2,285,149 | ||||||
| 5.00%, 12/01/36 (c) | 2,000 | 2,296,364 | ||||||
| 5.00%, 12/01/40 (c) | 1,000 | 1,124,976 | ||||||
| 5.00%, 12/01/45 (c) (p) | 1,000 | 1,135,575 | ||||||
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/37 (c) | 2,000 | 2,021,989 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 5.00%, 12/01/32 (c) | 750 | 768,477 | ||||||
| 5.00%, 12/01/33 (c) | 1,000 | 1,149,933 | ||||||
| 5.00%, 12/01/37 (c) | 1,000 | 1,070,376 | ||||||
| 5.00%, 12/01/37 (c) | 1,250 | 1,317,790 | ||||||
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/37 (c) | 1,025 | 1,062,890 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 4.00%, 12/01/36 (c) | 1,000 | 1,031,893 | ||||||
| 4.00%, 12/01/37 (c) | 1,025 | 1,051,299 | ||||||
| 5.00%, 12/01/34 (c) | 700 | 781,076 | ||||||
| 5.00%, 12/01/34 (c) | 1,010 | 1,011,667 | ||||||
| 5.00%, 12/01/40 (c) | 1,000 | 1,129,534 | ||||||
| Pittsburgh Water and Sewer Authority, Series B (RB) (AG) | ||||||||
| 5.00%, 09/01/31 | 1,460 | 1,650,215 | ||||||
| 5.00%, 09/01/32 | 2,000 | 2,290,401 | ||||||
| 5.00%, 09/01/33 | 2,000 | 2,318,022 | ||||||
| School District of Philadelphia, Series F (GO) (SAW) | ||||||||
| 5.00%, 09/01/32 (c) | 485 | 490,682 | ||||||
| 5.00%, 09/01/37 (c) | 1,000 | 1,007,478 | ||||||
| 5.00%, 09/01/38 (c) | 1,570 | 1,580,339 | ||||||
State of Pennsylvania (GO) 5.00%, 09/01/31 | 2,000 | 2,264,039 | ||||||
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AG) | ||||||||
| 5.00%, 06/01/32 (c) | $ | 1,750 | $ | 1,780,878 | ||||
| 5.00%, 06/01/33 (c) | 1,225 | 1,244,920 | ||||||
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/40 (c) | 1,000 | 1,106,546 | ||||||
| 69,953,508 | ||||||||
| Rhode Island: 0.2% | ||||||||
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AG) 2.10%, 10/01/35 (c) | 1,000 | 848,415 | ||||||
| State of Rhode Island, Series A (GO) | ||||||||
| 4.12%, 08/01/42 (c) | 600 | 602,541 | ||||||
| 5.00%, 08/01/39 (c) | 2,000 | 2,194,965 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/40 (c) | 1,000 | 1,000,078 | ||||||
| 4,645,999 | ||||||||
| South Carolina: 0.8% | ||||||||
City of Columbia, South Carolina, Series B (RB) 4.00%, 02/01/41 (c) | 2,000 | 2,001,306 | ||||||
| Lancaster County, School District (GO) | ||||||||
| 3.25%, 03/01/32 (c) | 325 | 325,553 | ||||||
| 4.00%, 03/01/35 (c) | 1,000 | 1,010,592 | ||||||
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/32 (c) | 1,000 | 1,098,550 | ||||||
South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series B (RB) 5.00%, 11/01/49 (c) (p) | 1,000 | 1,121,426 | ||||||
| South Carolina Jobs-Economic Development Authority, Novant Health, Inc., Series A (RB) | ||||||||
| 5.00%, 11/01/34 (c) | 5,000 | 5,714,485 | ||||||
| 5.25%, 11/01/40 (c) | 1,000 | 1,112,391 | ||||||
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/37 (c) | 1,000 | 1,033,112 | ||||||
South Carolina, Public Service Authority, Series A (RB) 5.00%, 12/01/37 (c) | 1,500 | 1,513,173 | ||||||
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/39 (c) | 1,000 | 1,006,796 | ||||||
| 15,937,384 | ||||||||
See Notes to Financial Statements
| 117 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| South Dakota: 0.1% | ||||||||
South Dakota Health and Educational Facilities Authority, Series C-2 (RB) 5.00%, 11/01/51 (c) (p) | $ | 2,000 | $ | 2,201,861 | ||||
| Tennessee: 1.0% | ||||||||
County of Shelby, Public Improvement, Series B (GO) 4.00%, 04/01/40 (c) | 1,000 | 1,006,981 | ||||||
Metropolitan Government of Nashville and Davidson County (GO) 4.00%, 01/01/32 (c) | 580 | 583,075 | ||||||
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) | ||||||||
| 5.00%, 07/01/33 | 1,240 | 1,403,382 | ||||||
| 5.00%, 07/01/34 | 2,000 | 2,276,143 | ||||||
New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee (RB) 0.00%, 04/01/33 (c) ^ | 2,550 | 1,887,787 | ||||||
| Shelby County, Public Improvement, Series B (GO) | ||||||||
| 4.00%, 04/01/33 (c) | 3,000 | 3,151,062 | ||||||
| 4.00%, 04/01/34 (c) | 1,000 | 1,046,868 | ||||||
| 4.00%, 04/01/35 (c) | 1,000 | 1,039,480 | ||||||
State of Tennessee, Series A (GO) 5.00%, 05/01/35 (c) | 1,000 | 1,153,160 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p) | 4,000 | 4,317,046 | ||||||
Tennessee Energy Acquisition Corp., Series A (RB) 5.00%, 12/01/35 (c) | 2,000 | 2,178,623 | ||||||
The Health and Educational Facilities Board of the Town of Greenville Tennessee, Ballad Health, Series A (RB) 4.00%, 07/01/40 (c) | 1,155 | 1,129,344 | ||||||
| 21,172,951 | ||||||||
| Texas: 9.7% | ||||||||
| Aldine Independent School District, Series A (GO) | ||||||||
| 4.00%, 02/15/33 (c) | 910 | 921,322 | ||||||
| 4.00%, 02/15/34 (c) | 675 | 682,573 | ||||||
Arlington, Texas Independent School District (GO) 4.00%, 02/15/34 (c) | 1,000 | 1,033,053 | ||||||
| Austin, Texas Independent School District (GO) | ||||||||
| 5.00%, 08/01/36 (c) | 1,500 | 1,678,976 | ||||||
| 5.00%, 08/01/37 (c) | 1,000 | 1,135,531 | ||||||
Bexar County, Texas Hospital District Ltd. (GO) 4.00%, 02/15/35 (c) | 1,000 | 1,011,640 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Board of Regents of the University of Texas System, Series A (RB) 3.00%, 08/15/41 (c) | $ | 525 | $ | 459,742 | ||||
Board of Regents of the University of Texas System, Series A (RB) (AG) 5.00%, 08/15/31 (c) | 900 | 980,014 | ||||||
| Board of Regents of the University of Texas System, Series B (RB) | ||||||||
| 5.00%, 07/01/36 | 2,250 | 2,665,823 | ||||||
| 5.00%, 08/15/41 (c) | 1,000 | 1,105,875 | ||||||
Cedar Hill Independent School District (GO) 5.00%, 02/15/41 (c) | 1,000 | 1,092,247 | ||||||
City Of Austin, Texas (GO) 5.00%, 09/01/42 (c) | 1,000 | 1,100,650 | ||||||
City of Austin, Texas Electric Utility System (RB) 5.00%, 11/15/35 (c) | 2,000 | 2,274,110 | ||||||
City of Dallas, Series A (GO) 3.00%, 02/15/36 (c) | 600 | 563,491 | ||||||
City of Dallas, Waterworks and Sewer System, Series A (RB) 5.00%, 10/01/31 (c) | 600 | 610,825 | ||||||
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/33 (c) | 1,500 | 1,658,019 | ||||||
City of Denton, Utility System (RB) 5.00%, 12/01/31 (c) | 965 | 988,454 | ||||||
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/36 (c) | 1,000 | 1,046,438 | ||||||
| City of Houston, Combined Utility System, First Lien, Series A (RB) | ||||||||
| 5.00%, 11/15/33 (c) | 4,500 | 4,955,785 | ||||||
| 5.00%, 11/15/36 (c) | 1,000 | 1,136,798 | ||||||
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/36 (c) | 1,500 | 1,548,360 | ||||||
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/33 (c) | 1,000 | 1,063,053 | ||||||
City of Houston, Public Improvement, Series A (GO) 5.00%, 03/01/32 (c) | 1,000 | 1,070,854 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 5.00%, 03/01/32 (c) | 520 | 535,092 | ||||||
| 5.00%, 03/01/40 (c) | 1,000 | 1,089,487 | ||||||
City of Houston, Texas Public Improvement, Series A (GO) 5.00%, 03/01/34 (c) | 1,000 | 1,136,998 | ||||||
See Notes to Financial Statements
| 118 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
City of San Antonio, Bexar County, Series B (RB) 5.00%, 05/15/35 (c) | $ | 1,000 | $ | 1,160,526 | ||||
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/33 (c) | 1,000 | 1,124,044 | ||||||
City of San Antonio, Series A (RB) 5.00%, 05/15/37 (c) | 1,000 | 1,147,281 | ||||||
Clear Creek Independent School District, Unlimited Tax (GO) 5.00%, 02/15/38 (c) | 2,000 | 2,249,313 | ||||||
Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Series A (RB) 5.00%, 02/15/36 (c) | 750 | 835,870 | ||||||
Corpus Christi Independent School District (GO) 4.00%, 08/15/32 (c) | 320 | 329,705 | ||||||
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/32 (c) | 1,000 | 1,055,566 | ||||||
| County of Collin, Community College District (GO) | ||||||||
| 3.25%, 08/15/33 (c) | 500 | 501,879 | ||||||
| 4.00%, 08/15/31 (c) | 925 | 945,667 | ||||||
County of Dallas, Cedar Hill Independent School District (GO) 5.00%, 02/15/40 (c) | 1,000 | 1,102,152 | ||||||
County of Dallas, Garland Independent School District, Series A (GO) 5.00%, 02/15/37 (c) | 500 | 559,504 | ||||||
County of Dallas, Highland Park Independent School District (GO) 3.00%, 02/15/35 (c) | 1,540 | 1,503,214 | ||||||
County of Fort Bend TX Toll Road Revenue (RB) (AG) 5.00%, 03/01/41 (c) | 500 | 543,384 | ||||||
County of Harris, Houston Independent School District, Series A (GO) 4.00%, 02/15/39 (c) | 1,000 | 1,001,048 | ||||||
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/33 (c) | 675 | 684,739 | ||||||
Cypress-Fairbanks Independent School District (GO) 4.00%, 02/15/38 (c) | 1,275 | 1,305,752 | ||||||
| Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
| 3.00%, 02/15/34 (c) | 500 | 497,861 | ||||||
| 3.00%, 02/15/35 (c) | 2,335 | 2,309,251 | ||||||
| 4.00%, 02/15/37 (c) | 1,500 | 1,553,389 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/33 (c) | $ | 1,835 | $ | 1,987,253 | ||||
| Dallas Independent School District, Unlimited Tax School Building (GO) | ||||||||
| 5.00%, 02/15/35 (c) | 1,000 | 1,116,474 | ||||||
| 5.00%, 02/15/36 (c) | 1,000 | 1,109,388 | ||||||
| 5.00%, 02/15/40 (c) | 1,500 | 1,618,459 | ||||||
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 08/15/32 (c) | 335 | 335,986 | ||||||
EP Tuscany Zaragosa PFC Residential Development, Tuscany at Mega Hills and Villas (RB) 4.00%, 12/01/33 (c) | 1,000 | 997,762 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 4.00%, 02/15/32 (c) | 1,350 | 1,426,796 | ||||||
| 4.00%, 02/15/36 (c) | 1,345 | 1,390,237 | ||||||
| 5.00%, 08/15/36 (c) | 1,000 | 1,062,715 | ||||||
FW Chaparral PFC, Texas Residential Development (RB) 4.00%, 10/01/35 (c) | 500 | 497,697 | ||||||
| Harris County Hospital District (GO) | ||||||||
| 5.00%, 02/15/33 | 1,000 | 1,139,079 | ||||||
| 5.00%, 02/15/34 | 1,000 | 1,148,880 | ||||||
| 5.00%, 02/15/35 | 1,000 | 1,152,947 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B (RB) 5.00%, 07/01/36 (c) | 3,000 | 3,410,828 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/40 (c) | 1,145 | 978,218 | ||||||
Harris County, Flood Control District Improvement, Series A (GO) 4.00%, 10/01/35 (c) | 1,000 | 1,038,571 | ||||||
Harris County, Hospital District (RB) 4.00%, 02/15/42 (c) | 560 | 542,023 | ||||||
Harris County, Texas Permanent Improvement (GO) 5.00%, 09/15/41 (c) | 1,000 | 1,092,322 | ||||||
Hays Consolidated Independent School District (GO) 5.00%, 02/15/40 (c) | 1,000 | 1,077,223 | ||||||
See Notes to Financial Statements
| 119 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/38 (c) | $ | 2,510 | $ | 2,568,179 | ||||
Lamar Consolidated Independent School District, Fort Bend County, Texas, Series A (GO) 5.00%, 02/15/41 (c) | 2,000 | 2,165,064 | ||||||
Leander Independent School District, Series A (GO) 0.00%, 08/16/42 (c) ^ | 900 | 421,216 | ||||||
Lewisville Independent School District, Denton and Tarrant Counties (GO) 5.00%, 08/15/37 (c) | 1,910 | 2,147,353 | ||||||
| Lone Star College System (GO) | ||||||||
| 4.00%, 02/15/32 (c) | 1,500 | 1,504,366 | ||||||
| 5.00%, 02/15/33 (c) | 400 | 402,228 | ||||||
Lower Colorado River Authority (RB) (AG) 5.00%, 05/15/32 (c) | 1,000 | 1,116,863 | ||||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) | ||||||||
| 5.00%, 05/15/37 (c) | 1,000 | 1,143,745 | ||||||
| 5.25%, 05/15/42 (c) | 1,655 | 1,830,804 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AG) 5.00%, 05/15/36 (c) | 1,000 | 1,127,462 | ||||||
Midland County Texas, Midland Independent School District (GO) 4.00%, 02/15/39 (c) | 2,555 | 2,620,145 | ||||||
| New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB) | ||||||||
| 4.00%, 08/15/36 (c) | 1,005 | 1,008,679 | ||||||
| 4.00%, 08/15/40 (c) | 555 | 537,846 | ||||||
| North East Texas Regional Mobility Authority (RB) | ||||||||
| 5.00%, 01/01/40 (c) | 1,100 | 1,195,423 | ||||||
| 5.00%, 01/01/42 (c) | 600 | 642,065 | ||||||
North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/35 (c) | 715 | 723,728 | ||||||
| North Texas Tollway Authority (RB) | ||||||||
| 5.00%, 01/01/35 (c) | 2,000 | 2,278,884 | ||||||
| 5.00%, 01/01/39 (c) | 2,000 | 2,251,040 | ||||||
| North Texas Tollway Authority System, Series B (RB) | ||||||||
| 4.00%, 01/01/33 (c) | 1,975 | 2,051,912 | ||||||
| 4.00%, 01/01/36 (c) | 2,000 | 2,039,484 | ||||||
| 4.00%, 01/01/38 (c) | 2,250 | 2,267,068 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 01/01/34 | $ | 3,000 | $ | 3,448,321 | ||||
| 5.00%, 01/01/39 (c) | 1,000 | 1,016,817 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 4.12%, 01/01/40 (c) | 2,000 | 2,031,167 | ||||||
| 5.00%, 01/01/33 (c) | 500 | 501,687 | ||||||
| 5.00%, 01/01/41 (c) | 1,500 | 1,631,620 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) (AG) 4.00%, 01/01/35 (c) | 450 | 453,223 | ||||||
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/32 (c) | 880 | 916,417 | ||||||
Permanent University Fund, University of Texas System,Series A (RB) 5.00%, 07/01/33 (c) | 1,180 | 1,347,192 | ||||||
| Pflugerville Independent School District, Unlimited Tax, Series A (GO) | ||||||||
| 5.00%, 02/15/34 (c) | 1,875 | 2,111,598 | ||||||
| 5.00%, 02/15/37 (c) | 1,000 | 1,098,247 | ||||||
| Plano Independent School District, Unlimited Tax (GO) | ||||||||
| 5.00%, 02/15/35 (c) | 1,000 | 1,120,288 | ||||||
| 5.00%, 02/15/36 (c) | 1,000 | 1,110,117 | ||||||
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/34 (c) | 1,000 | 1,095,681 | ||||||
| State of Texas (GO) | ||||||||
| 5.00%, 10/01/35 | 1,750 | 2,066,410 | ||||||
| 5.00%, 10/01/41 (c) | 2,000 | 2,243,547 | ||||||
State of Texas, Conroe Independent School Disrict (GO) 5.00%, 02/15/38 (c) | 1,000 | 1,128,526 | ||||||
State of Texas, Tarrant County College District (GO) 5.00%, 08/15/40 (c) | 2,020 | 2,187,263 | ||||||
State of Texas, Tarrant County, Hurst-Euless-Bedford Independent School District (GO) 4.00%, 08/15/40 (c) | 1,000 | 1,021,387 | ||||||
Texas Department of Housing & Community Affairs, Series A (RB) (GNMA/FNMA) 3.80%, 07/01/39 (c) | 1,670 | 1,653,292 | ||||||
Texas Municipal Gas Acquisition & Supply Corp.III (RB) 5.00%, 12/15/31 | 1,475 | 1,597,020 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV, Series B (RB) 5.50%, 01/01/54 (c) (p) | 3,000 | 3,404,310 |
See Notes to Financial Statements
| 120 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Texas Municipal Gas Acquisition and Supply Corp.III (RB) 5.00%, 12/15/32 | $ | 1,000 | $ | 1,092,616 | ||||
Texas Municipal Gas Acquisition and Supply Corp.V (RB) 5.00%, 01/01/55 (c) (p) | 2,000 | 2,202,806 | ||||||
Texas Municipal Power Agency (RB) (AG) 3.00%, 09/01/38 (c) | 1,000 | 909,766 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) 4.00%, 06/30/39 (c) | 1,700 | 1,659,423 | ||||||
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/37 (c) | 1,000 | 1,000,880 | ||||||
Texas Private Activity Bond Surface Transportation Corporation, Series A (RB) 4.00%, 12/31/39 (c) | 2,000 | 1,957,652 | ||||||
Texas State, Series E (GO) 5.00%, 08/01/42 (c) | 2,000 | 2,218,823 | ||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/41 (c) | 2,255 | 2,439,307 | ||||||
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/38 (c) | 1,000 | 1,002,567 | ||||||
Texas Transportation Commission, State of Texas Highway Improvement (GO) 5.00%, 04/01/40 (c) | 2,500 | 2,755,570 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 3.00%, 10/15/34 (c) | 500 | 496,116 | ||||||
| 3.00%, 10/15/35 (c) | 750 | 735,949 | ||||||
| 3.00%, 10/15/36 (c) | 950 | 911,294 | ||||||
| 4.00%, 10/15/31 (c) | 2,000 | 2,112,238 | ||||||
| 4.00%, 10/15/35 (c) | 2,000 | 2,011,813 | ||||||
| 5.00%, 10/15/36 (c) | 1,000 | 1,154,363 | ||||||
| 5.00%, 10/15/39 (c) | 1,000 | 1,124,596 | ||||||
| 5.00%, 10/15/40 (c) | 2,000 | 2,249,161 | ||||||
| 5.00%, 10/15/42 (c) | 2,000 | 2,206,927 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 3.00%, 10/15/35 (c) | 2,650 | 2,598,132 | ||||||
| 4.00%, 10/15/33 (c) | 400 | 407,916 | ||||||
| 4.00%, 10/15/33 (c) | 600 | 615,385 | ||||||
| 4.00%, 10/15/34 (c) | 1,000 | 1,000,287 | ||||||
| 4.00%, 10/15/34 (c) | 1,000 | 1,017,445 | ||||||
| 4.60%, 10/15/39 (c) | 1,000 | 1,070,360 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| 4.65%, 10/15/40 (c) | $ | 2,000 | $ | 2,132,407 | ||||
| Texas Water Development Board, Series B (RB) | ||||||||
| 4.00%, 10/15/34 (c) | 1,000 | 1,027,997 | ||||||
| 4.00%, 10/15/37 (c) | 3,000 | 3,050,690 | ||||||
| 5.00%, 10/15/32 (c) | 1,500 | 1,603,084 | ||||||
Texas Water Development Board, Series D (RB) 3.00%, 10/15/37 (c) | 500 | 471,899 | ||||||
| Tomball Independent School District, Unlimited Tax (GO) | ||||||||
| 5.00%, 02/15/37 (c) | 1,100 | 1,230,910 | ||||||
| 5.00%, 02/15/38 (c) | 1,000 | 1,111,318 | ||||||
| 5.00%, 02/15/42 (c) | 1,000 | 1,073,615 | ||||||
| Travis County, Texas Permanent Improvement (GO) | ||||||||
| 4.00%, 03/01/41 (c) | 1,000 | 1,007,852 | ||||||
| 5.00%, 03/01/40 (c) | 1,000 | 1,103,032 | ||||||
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/35 (c) | 1,500 | 1,677,991 | ||||||
| University of Texas, Board of Regents, Series A (RB) | ||||||||
| 5.00%, 08/15/34 (c) | 2,000 | 2,278,024 | ||||||
| 5.00%, 07/01/40 (c) | 1,000 | 1,104,412 | ||||||
University of Texas, Board of Regents, Series B (RB) 5.00%, 07/01/37 (c) | 1,990 | 2,270,334 | ||||||
| 200,400,854 | ||||||||
| Utah: 0.6% | ||||||||
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/34 (c) | 395 | 401,065 | ||||||
Downtown Revitalization Public Infrastructure District (RB) (AG) 5.00%, 06/01/34 | 1,000 | 1,155,440 | ||||||
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/36 (c) | 1,000 | 1,023,629 | ||||||
University of Utah, Series B (RB) 5.00%, 08/01/38 (c) | 2,220 | 2,448,185 | ||||||
Utah Telecommunication Open Infrastructure Agency (RB) 5.25%, 06/01/37 (c) | 2,770 | 3,099,056 | ||||||
| Utah Transit Authority (RB) | ||||||||
| 5.00%, 06/15/40 (c) | 2,000 | 2,235,205 | ||||||
| 5.00%, 06/15/41 (c) | 1,000 | 1,105,926 | ||||||
Utah Transit Authority (RB) (BAM) 4.00%, 12/15/41 (c) | 1,650 | 1,650,513 | ||||||
| 13,119,019 | ||||||||
See Notes to Financial Statements
| 121 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Vermont: 0.1% | ||||||||
University of Vermont & State Agricultural College (RB) 4.00%, 10/01/40 (c) | $ | 2,000 | $ | 1,985,007 | ||||
| Virginia: 1.4% | ||||||||
Arlington County, Viginia Public Improvement (GO) 5.00%, 06/15/34 (c) | 2,000 | 2,280,958 | ||||||
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 10/01/34 (c) | 375 | 327,314 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 4.00%, 10/01/36 (c) | 1,000 | 1,049,970 | ||||||
| 5.00%, 10/01/31 (c) | 750 | 794,356 | ||||||
| 5.00%, 10/01/32 (c) | 1,755 | 1,899,735 | ||||||
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/36 (c) | 1,500 | 1,413,084 | ||||||
Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/35 | 2,000 | 2,295,257 | ||||||
Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/40 (c) | 665 | 674,845 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 3.00%, 02/01/36 (c) | 2,750 | 2,649,033 | ||||||
| 4.00%, 02/01/36 (c) | 1,500 | 1,546,364 | ||||||
| 4.00%, 02/01/38 (c) | 2,095 | 2,138,418 | ||||||
| 5.00%, 02/01/35 (c) | 1,950 | 2,120,794 | ||||||
Virginia College Building Authority, Bidding Group 2,Series A (RB) 4.00%, 02/01/41 (c) | 1,000 | 1,011,336 | ||||||
Virginia College Building Authority, Educational Facilities, 21st Century College & Equipment Programs, Series A (RB) 3.00%, 02/01/38 (c) | 1,000 | 929,511 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 4.00%, 05/15/36 (c) | 1,000 | 1,015,489 | ||||||
| 5.00%, 05/15/32 (c) | 800 | 838,010 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 3.00%, 08/01/32 (c) | 695 | 695,205 | ||||||
| 3.12%, 08/01/34 (c) | 1,050 | 1,042,834 | ||||||
| 5.00%, 08/01/33 (c) | 1,000 | 1,105,450 | ||||||
| Par (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
| Virginia Public Building Authority, Series A-2 (RB) | ||||||||
| 4.00%, 08/01/35 (c) | $ | 1,000 | $ | 1,044,461 | ||||
| 4.00%, 08/01/37 (c) | 1,000 | 1,028,159 | ||||||
Virginia State Public Facilities, Series A (RB) 4.00%, 08/01/41 (c) | 2,000 | 1,999,777 | ||||||
| 29,900,360 | ||||||||
| Washington: 3.4% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB) 5.00%, 11/01/41 (c) | 1,000 | 1,009,604 | ||||||
| City of Seattle WA Municipal Light & Power Revenue (RB) | ||||||||
| 5.00%, 02/01/35 | 1,250 | 1,467,439 | ||||||
| 5.00%, 02/01/36 (c) | 1,000 | 1,168,177 | ||||||
| City of Seattle, Municipal Light and Power Improvement, Series A (RB) | ||||||||
| 4.00%, 07/01/36 (c) | 1,000 | 1,042,931 | ||||||
| 4.00%, 07/01/37 (c) | 1,000 | 1,030,973 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/32 (c) | 695 | 736,825 | ||||||
| 5.00%, 07/01/33 (c) | 1,930 | 2,123,372 | ||||||
| 5.00%, 07/01/33 (c) | 400 | 412,560 | ||||||
| 5.00%, 07/01/35 (c) | 2,000 | 2,292,487 | ||||||
| 5.00%, 07/01/36 (c) | 1,000 | 1,137,538 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AG) | ||||||||
| 5.00%, 07/01/36 (c) | 2,605 | 2,823,859 | ||||||
| 5.00%, 07/01/36 (c) | 1,000 | 1,066,967 | ||||||
| 5.00%, 07/01/38 (c) | 500 | 529,798 | ||||||
Energy Northwest, Colombia Generating Station Electric, Series C (RB) 5.00%, 07/01/34 (c) | 1,000 | 1,055,536 | ||||||
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 4.00%, 07/01/42 (c) | 1,000 | 990,679 | ||||||
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/37 (c) | 3,345 | 3,302,907 | ||||||
Franklin County, Pasco School District No. 1 (GO) (SBG) 5.00%, 12/01/38 (c) | 1,000 | 1,111,453 | ||||||
King County, School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/33 (c) | 880 | 898,804 | ||||||
King County, School District No. 401 Highline (GO) (SBG) 3.12%, 12/01/32 (c) | 690 | 691,651 | ||||||
See Notes to Financial Statements
| 122 |
| Par (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
King County, School District No. 411 Issaquah (GO) (SBG) 4.00%, 12/01/31 (c) | $ | 635 | $ | 639,223 | ||||
King County, School District No. 414 Lake Washington (GO) (SBG) 5.00%, 12/01/31 (c) | 980 | 1,014,751 | ||||||
| Kitsap County, School District No. 401 Central Kitsap (GO) (SBG) | ||||||||
| 4.00%, 12/01/32 (c) | 1,425 | 1,433,340 | ||||||
| 4.00%, 12/01/33 (c) | 1,250 | 1,256,637 | ||||||
| 4.00%, 12/01/34 (c) | 1,000 | 1,004,423 | ||||||
Pierce County, School District No. 403 Bethel (GO) (SBG) 5.00%, 12/01/32 (c) | 500 | 541,004 | ||||||
Pierce County, Washington School District No. 320, Pierce County (GO) (SBG) 5.00%, 12/01/36 (c) | 1,000 | 1,162,396 | ||||||
Renton School District No. 43, Kings County, Washington (GO) (SBG) 5.00%, 12/01/37 (c) | 1,615 | 1,804,617 | ||||||
State of Washington, Series A (GO) 5.00%, 08/01/33 (c) | 755 | 767,260 | ||||||
State of Washington, Series C (GO) 5.00%, 08/01/32 (c) | 880 | 914,768 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/34 (c) | 500 | 518,453 | ||||||
| 5.00%, 08/01/42 (c) | 1,000 | 1,041,397 | ||||||
| State of Washington, Various Purpose, Series C (GO) | ||||||||
| 5.00%, 02/01/35 (c) | 2,175 | 2,411,427 | ||||||
| 5.00%, 02/01/40 (c) | 2,165 | 2,224,638 | ||||||
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/40 (c) | 735 | 747,689 | ||||||
State of Washington, Various Purpose, Series R-C (GO) 5.00%, 08/01/34 (c) | 880 | 912,477 | ||||||
University of Washington, Series A (RB) 5.00%, 04/01/37 (c) | 1,000 | 1,157,454 | ||||||
University of Washington, Series C (RB) 3.12%, 07/01/42 (c) | 1,925 | 1,624,602 | ||||||
| Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) | ||||||||
| 5.00%, 08/15/36 (c) | 1,815 | 1,866,536 | ||||||
| 5.00%, 08/15/37 (c) | 2,000 | 2,053,837 | ||||||
| Par (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/34 (c) | $ | 1,820 | $ | 1,820,309 | ||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB) 5.00%, 10/01/38 (c) | 2,270 | 2,272,502 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/37 (c) | 1,500 | 1,525,893 | ||||||
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35 | 1,613 | 1,569,458 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/36 (c) | 1,050 | 1,142,679 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/39 (c) | 2,000 | 2,174,248 | ||||||
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/36 (c) | 1,000 | 1,021,363 | ||||||
| Washington State, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/37 (c) | 1,250 | 1,379,610 | ||||||
| 5.00%, 08/01/38 (c) | 1,000 | 1,081,576 | ||||||
| 5.00%, 08/01/38 (c) | 2,000 | 2,241,109 | ||||||
| Washington State, Various Purpose, Series C (GO) | ||||||||
| 5.00%, 02/01/35 (c) | 1,000 | 1,042,900 | ||||||
| 5.00%, 02/01/36 (c) | 1,000 | 1,084,231 | ||||||
| 5.00%, 02/01/38 (c) | 1,145 | 1,184,537 | ||||||
| 5.00%, 02/01/39 (c) | 1,080 | 1,134,788 | ||||||
| 70,665,692 | ||||||||
| West Virginia: 0.2% | ||||||||
| State of West Virginia, Series A (GO) | ||||||||
| 5.00%, 12/01/31 (c) | 1,000 | 1,084,894 | ||||||
| 5.00%, 06/01/36 (c) | 500 | 535,233 | ||||||
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/36 (c) | 1,320 | 1,448,865 | ||||||
| 3,068,992 | ||||||||
| Wisconsin: 0.6% | ||||||||
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/36 (c) | 350 | 350,534 | ||||||
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/41 (c) | 500 | 490,606 | ||||||
See Notes to Financial Statements
| 123 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
State of Wisconsin, Series 1 (RB) 5.00%, 07/01/39 (c) | $ | 750 | $ | 862,648 | ||||
| State of Wisconsin, Series A (GO) | ||||||||
| 5.00%, 05/01/35 (c) | 1,000 | 1,133,522 | ||||||
| 5.00%, 05/01/36 (c) | 1,000 | 1,125,982 | ||||||
Wisconsin Health & Educational Facilities Authority (RB) 5.00%, 08/15/36 (c) | 1,000 | 1,125,832 | ||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 4.00%, 11/15/35 (c) | 1,500 | 1,503,096 | ||||||
| 4.00%, 11/15/39 (c) | 1,875 | 1,830,744 | ||||||
| 5.00%, 11/15/36 (c) | 1,000 | 1,006,641 | ||||||
| Par (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/31 (c) | $ | 500 | $ | 506,965 | ||||
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.12%, 09/01/35 (c) | 1,000 | 1,048,536 | ||||||
Wisconsin Housing and Economic Development Authority, Series C (RB) 4.12%, 09/01/39 (c) | 1,000 | 1,006,892 | ||||||
| 11,991,998 | ||||||||
| Wyoming: 0.1% | ||||||||
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 07/15/39 (c) | 3,000 | 2,819,050 | ||||||
| Total Municipal Bonds: 98.7% (Cost: $2,043,181,021) | 2,038,797,236 | |||||||
| Other assets less liabilities: 1.3% | 26,425,356 | |||||||
| NET ASSETS: 100.0% | $ | 2,065,222,592 | ||||||
| Footnotes: | |
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| (p) | Putable Security — the date disclosed is the date the security may be redeemed by the fund |
| ^ | Zero Coupon Bond |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 2,038,797,236 | $ | — | $ | 2,038,797,236 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 124 |
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 0.9% | ||||||||
Alabama Corrections Institution Finance Authority, Series A (RB) 5.25%, 07/01/47 (c) | $ | 1,000 | $ | 1,051,718 | ||||
City of Huntsville, Alabama Scholl, Series D (GO) 5.00%, 03/01/53 (c) | 1,000 | 1,042,154 | ||||||
Gadsden Alabama, Series A (GO) (BAM) 5.00%, 10/01/50 (c) | 750 | 778,415 | ||||||
Jefferson County Sewer Warrants (RB) 5.25%, 10/01/49 (c) | 2,500 | 2,609,130 | ||||||
| 5,481,417 | ||||||||
| Arizona: 1.0% | ||||||||
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/44 (c) | 500 | 481,096 | ||||||
City of Phoenix Civic Improvement Corp., Series A (RB) 4.00%, 07/01/44 (c) | 1,000 | 978,964 | ||||||
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/44 (c) | 750 | 784,557 | ||||||
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/46 (c) | 750 | 681,939 | ||||||
Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB) | ||||||||
5.00%, 01/01/47 (c) | 1,000 | 1,052,205 | ||||||
| 5.00%, 01/01/50 (c) | 1,000 | 1,045,018 | ||||||
Salt River Project Agricultural Improvement and Power District, Series C (RB) 5.25%, 01/01/55 (c) | 1,500 | 1,617,296 | ||||||
| 6,641,075 | ||||||||
| Arkansas: 0.5% | ||||||||
Board of Trustees of the University of Arkansas Financial Information, Series A (RB) 5.00%, 12/01/45 (c) | 1,850 | 1,936,640 | ||||||
City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM) 4.25%, 08/01/53 (c) | 1,000 | 971,090 | ||||||
| 2,907,730 | ||||||||
| Par (000’s | ) | Value | ||||||
| California: 15.1% | ||||||||
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/48 (c) | $ | 995 | $ | 1,016,214 | ||||
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/50 (c) | 1,000 | 1,026,370 | ||||||
Alameda County, Pleasanton United School District (GO) 4.00%, 08/01/52 (c) | 1,500 | 1,449,263 | ||||||
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c) | 850 | 733,031 | ||||||
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) | ||||||||
5.25%, 12/01/43 (c) | 825 | 873,602 | ||||||
| 5.25%, 12/01/44 (c) | 500 | 525,955 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A (RB) 3.00%, 08/15/51 (c) | 1,000 | 748,983 | ||||||
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/49 (c) | 750 | 754,419 | ||||||
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
4.00%, 04/01/45 (c) | 1,000 | 941,692 | ||||||
| 4.00%, 04/01/49 (c) | 1,930 | 1,752,518 | ||||||
| 5.00%, 12/01/45 (c) | 1,000 | 1,053,139 | ||||||
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) | ||||||||
4.00%, 11/01/44 (c) | 1,000 | 955,942 | ||||||
| 4.00%, 11/01/51 (c) | 1,000 | 913,564 | ||||||
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/50 (c) | 750 | 662,255 | ||||||
California Health Facilities Financing Authority, Series A (RB) 4.00%, 03/01/43 (c) | 1,000 | 915,719 | ||||||
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/47 (c) | 500 | 512,212 | ||||||
California Municipal Finance Authority, Series A (RB) 5.00%, 04/01/49 (c) | 750 | 761,069 | ||||||
See Notes to Financial Statements
| 125 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California State Public Works Board (RB) | ||||||||
5.00%, 11/01/45 (c) | $ | 2,130 | $ | 2,322,799 | ||||
| 5.00%, 11/01/47 (c) | 1,000 | 1,076,866 | ||||||
California State Public Works Board, May Lee Satet Office Complex, Series A (RB) | ||||||||
5.00%, 04/01/44 (c) | 1,045 | 1,132,733 | ||||||
| 5.00%, 04/01/49 (c) | 1,500 | 1,594,376 | ||||||
California State Various Purpose (GO) 5.00%, 08/01/45 (c) | 750 | 821,575 | ||||||
California Statewide Communities Development Authority, Adventist Health System, Series A (RB) 5.00%, 03/01/48 (c) | 1,000 | 1,008,122 | ||||||
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/51 (c) | 1,000 | 733,563 | ||||||
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/46 (c) | 1,055 | 1,050,122 | ||||||
Chabot-Las Positas Community College District, Series C (GO) 5.25%, 08/01/48 (c) | 1,000 | 1,074,066 | ||||||
Chaffey Joint Union High School District, Series C (GO) 5.25%, 08/01/47 (c) | 500 | 508,479 | ||||||
Chaffey Joint Union High School District, Series G (GO) 5.25%, 08/01/52 (c) | 1,000 | 1,063,968 | ||||||
City and County of San Francisco, Multiple Capital Improvement Project, Series R-1 (CP) 4.00%, 04/01/45 (c) | 1,000 | 976,552 | ||||||
City and County of San Francisco, Public Utilities Commission Water, Series D (RB) 3.00%, 11/01/50 (c) | 500 | 377,591 | ||||||
City of Los Angeles Department of Airports, Series D (RB) 5.25%, 05/15/51 (c) | 3,000 | 3,262,115 | ||||||
City of Los Angeles Department of Airports, Series E (RB) 5.25%, 05/15/55 (c) | 1,000 | 1,079,211 | ||||||
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/48 (c) | 750 | 721,699 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
County of Bernardino, Raito Unified School District (GO) (BAM) 5.00%, 08/01/52 (c) | $ | 1,000 | $ | 1,046,810 | ||||
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/45 (c) | 1,210 | 1,211,089 | ||||||
El Dorado Irrigation District, Series A (CP) (AG) 4.00%, 03/01/45 (c) | 630 | 613,627 | ||||||
Foothill-Eastern Transportation Corridor Agency, Junior Lien Toll Road., Series C (RB) 4.00%, 01/15/43 (c) | 1,600 | 1,557,769 | ||||||
Fremont Union High School District, Series A (GO) 4.00%, 08/01/46 (c) | 500 | 499,945 | ||||||
Glendale Community College District, Series B (GO) 3.00%, 08/01/47 (c) | 325 | 251,924 | ||||||
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/43 (c) | 1,000 | 994,716 | ||||||
Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST) 5.00%, 09/01/43 (c) | 500 | 538,275 | ||||||
Los Angeles County Public Works Financing Authority, Series H (RB) 5.50%, 12/01/49 (c) | 1,000 | 1,109,416 | ||||||
Los Angeles County Public Works Financing Authority, Series J (RB) 5.50%, 12/01/54 (c) | 1,000 | 1,110,096 | ||||||
Los Angeles Department of International Airports, Governmental Purpose, Series D (RB) 5.25%, 05/15/48 (c) | 1,000 | 1,095,591 | ||||||
Los Angeles Department of Water & Power (RB) (BAM) | ||||||||
5.00%, 07/01/55 (c) | 500 | 523,872 | ||||||
| 5.25%, 07/01/45 (c) | 415 | 451,872 | ||||||
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/49 (c) | 800 | 835,793 | ||||||
Los Angeles Department of Water and Power, Series A (RB) (BAM) 5.25%, 07/01/44 (c) | 1,200 | 1,309,915 | ||||||
Los Angeles Department of Water and Power, Series B (RB) 5.25%, 07/01/53 (c) | 500 | 526,093 | ||||||
See Notes to Financial Statements
| 126 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/45 (c) | $ | 2,500 | $ | 2,668,142 | ||||
Los Angeles Department of Water and Power, Series D (RB) | ||||||||
5.00%, 07/01/47 (c) | 500 | 520,753 | ||||||
| 5.00%, 07/01/52 (c) | 750 | 776,497 | ||||||
Los Angeles Department of Water and Power, Series E (RB) 5.00%, 07/01/53 (c) | 1,000 | 1,037,832 | ||||||
Los Angeles Department of Water and Power, Series J (RB) | ||||||||
5.00%, 12/01/42 (c) | 1,000 | 1,120,604 | ||||||
| 5.00%, 12/01/45 (c) | 500 | 546,010 | ||||||
Los Angeles Unified School District, Unlimited and Valorem Property Tax (GO) | ||||||||
4.00%, 07/01/49 (c) | 750 | 724,633 | ||||||
| 5.25%, 07/01/47 (c) | 1,000 | 1,076,704 | ||||||
Metropolitan Water District of Southern California, Series A (RB) | ||||||||
5.00%, 04/01/48 (c) | 1,500 | 1,612,045 | ||||||
| 5.00%, 04/01/53 (c) | 1,000 | 1,061,464 | ||||||
Oakland Unified School District, Alameda County Election, Series A (GO) (BAM) 4.00%, 08/01/46 (c) | 1,000 | 980,526 | ||||||
Perris Union High School District, Riverside County, Series A (GO) (AG) 4.00%, 09/01/43 (c) | 570 | 570,438 | ||||||
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/44 (c) | 1,015 | 986,708 | ||||||
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/53 (c) | 500 | 467,711 | ||||||
Riverside Community College District, Riverside County, Series A (GO) 4.00%, 08/01/54 (c) | 1,000 | 942,603 | ||||||
Sacramento Area Flood Control Agency, Series A (SA) 5.00%, 10/01/47 (c) | 1,500 | 1,498,673 | ||||||
Sacramento City Unified School District, Series G (GO) (AG) 4.00%, 08/01/49 (c) | 500 | 483,323 | ||||||
San Diego Community College District, Series A-1 (GO) 5.00%, 08/01/55 (c) | 1,000 | 1,074,849 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/44 (c) | $ | 750 | $ | 777,262 | ||||
San Diego Public Facilities Financing Authority, Series A (RB) 5.25%, 08/01/48 (c) | 1,000 | 1,083,719 | ||||||
San Diego Unified School District, Series I (GO) 4.00%, 07/01/47 (c) | 595 | 575,165 | ||||||
San Diego, California Unified School District, Series C-3 (GO) 5.00%, 07/01/50 (c) | 2,000 | 2,142,133 | ||||||
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/49 (c) | 600 | 462,185 | ||||||
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/45 (c) | 610 | 602,803 | ||||||
San Francisco City and County, International Airport, Series B (RB) | ||||||||
4.00%, 05/01/52 (c) | 1,000 | 937,536 | ||||||
| 5.00%, 05/01/47 (c) | 700 | 709,382 | ||||||
| 5.00%, 05/01/49 (c) | 500 | 528,430 | ||||||
| 5.00%, 05/01/52 (c) | 1,000 | 1,040,351 | ||||||
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/48 (c) | 885 | 852,512 | ||||||
San Mateo County Community College District, Series B (GO) 5.00%, 09/01/45 (c) | 820 | 847,662 | ||||||
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/44 (c) | 500 | 498,479 | ||||||
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/44 (c) | 1,000 | 727,279 | ||||||
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/53 (c) | 500 | 527,631 | ||||||
Southern California Public Power Authority, Southern Transmission System (RB) (BAM) 5.25%, 07/01/43 (c) | 500 | 552,735 | ||||||
Southwestern Community College District, Series A (GO) 4.00%, 08/01/47 (c) | 750 | 735,389 | ||||||
See Notes to Financial Statements
| 127 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
State of California, Various Purpose (GO) | ||||||||
3.00%, 12/01/43 (c) | $ | 400 | $ | 336,852 | ||||
| 3.00%, 11/01/50 (c) | 1,710 | 1,319,913 | ||||||
| 3.62%, 10/01/47 (c) | 645 | 568,874 | ||||||
| 4.00%, 10/01/44 (c) | 500 | 493,912 | ||||||
| 4.12%, 03/01/49 (c) | 1,000 | 989,272 | ||||||
| 5.00%, 10/01/42 (c) | 1,500 | 1,644,218 | ||||||
| 5.00%, 12/01/46 (c) | 610 | 640,871 | ||||||
| 5.00%, 11/01/47 (c) | 515 | 528,892 | ||||||
| 5.00%, 09/01/48 (c) | 2,000 | 2,142,982 | ||||||
| 5.00%, 10/01/48 (c) | 935 | 963,218 | ||||||
| 5.00%, 04/01/49 (c) | 1,000 | 1,031,323 | ||||||
The Regents of the University of California, Series CC (RB) 5.00%, 05/15/53 (c) | 750 | 797,833 | ||||||
University of California, Series BK (RB) 5.00%, 05/15/52 (c) | 2,000 | 2,093,858 | ||||||
University of California, Series EE (RB) 5.00%, 05/15/43 (c) | 500 | 528,884 | ||||||
University of California, Series O (RB) 5.00%, 05/15/58 (c) | 1,000 | 1,018,986 | ||||||
University of California, Series Q (RB) 5.00%, 05/15/46 (c) | 500 | 527,860 | ||||||
Ventura Unified School District, Series A (GO) 4.00%, 08/01/52 (c) | 500 | 479,213 | ||||||
West Contra Costa Unified School District, Series B (GO) (BAM) 5.00%, 08/01/49 (c) | 1,000 | 1,057,153 | ||||||
| 96,990,869 | ||||||||
| Colorado: 1.9% | ||||||||
Arapahoe County, Cherry Creek Colorado School District No. 5 (GO) (SAW) 5.25%, 12/15/43 (c) | 1,000 | 1,114,316 | ||||||
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/47 (c) | 1,050 | 966,238 | ||||||
Canyons Metropolitan District No. 5, Limited Tax, Series A (GO) (BAM) 5.00%, 12/01/49 (c) | 1,000 | 1,023,399 | ||||||
City of Colorado Springs, Utilities System, Series C (RB) 5.00%, 11/15/50 (c) | 600 | 617,672 | ||||||
City of Westminster, Colorado Water & Wastewater Utility (RB) 5.00%, 12/01/54 (c) | 1,000 | 1,057,394 | ||||||
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
Colorado Bridge and Tunnel, Enterprise Infrastructure, Series A (RB) (AG) 5.25%, 12/01/49 (c) | $ | 500 | $ | 534,978 | ||||
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/43 (c) | 685 | 645,360 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB) | ||||||||
3.25%, 08/01/49 (c) | 500 | 387,687 | ||||||
| 5.50%, 11/01/47 (c) | 1,000 | 1,054,747 | ||||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/44 (c) | 500 | 510,823 | ||||||
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c) | 250 | 247,761 | ||||||
Park Creek Metropolitan District (RB) (AG) | ||||||||
5.00%, 12/01/43 (c) | 1,250 | 1,317,209 | ||||||
| 5.00%, 12/01/44 (c) | 1,000 | 1,047,931 | ||||||
Weld County School District No. 5J (GO) (SAW) 4.00%, 12/01/45 (c) | 1,000 | 964,981 | ||||||
Weld County School District No. 6 (GO) (SAW) 4.00%, 12/01/45 (c) | 800 | 782,557 | ||||||
| 12,273,053 | ||||||||
| Connecticut: 0.5% | ||||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) | ||||||||
4.60%, 11/15/49 (c) | 1,000 | 997,281 | ||||||
| 4.70%, 11/15/43 (c) | 500 | 511,291 | ||||||
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 12/01/45 (c) | 750 | 751,139 | ||||||
State of Connecticut, Series A (GO) 5.00%, 03/15/45 (c) | 1,000 | 1,079,278 | ||||||
| 3,338,989 | ||||||||
| District of Columbia: 1.4% | ||||||||
District of Columbia Income Tax Revenue (RB) 5.25%, 06/01/50 (c) | 2,000 | 2,163,972 | ||||||
District of Columbia, Children’s Hospital (RB) 5.00%, 07/15/44 (c) | 500 | 500,736 | ||||||
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/45 (c) | 805 | 781,082 | ||||||
See Notes to Financial Statements
| 128 |
| Par (000’s | ) | Value | ||||||
| District of Columbia (continued) | ||||||||
District of Columbia, Series A (RB) | ||||||||
2.62%, 03/01/45 (c) | $ | 575 | $ | 420,009 | ||||
| 5.00%, 07/01/48 (c) | 500 | 500,553 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AG) 4.00%, 10/01/52 (c) | 1,000 | 902,040 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series B (RB) 4.00%, 10/01/49 (c) | 1,250 | 1,115,636 | ||||||
Washington Metropolitan Area Transit Authority, Series A (RB) | ||||||||
3.00%, 07/15/43 (c) | 750 | 622,956 | ||||||
| 4.00%, 07/15/46 (c) | 1,000 | 954,011 | ||||||
| 5.00%, 07/15/48 (c) | 1,000 | 1,041,773 | ||||||
| 9,002,768 | ||||||||
| Florida: 4.2% | ||||||||
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/52 (c) | 1,055 | 1,063,824 | ||||||
City of Cape Coral, Florida Water and Sewer (RB) (BAM) 5.25%, 10/01/53 (c) | 1,000 | 1,063,724 | ||||||
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) | ||||||||
4.00%, 11/01/45 (c) | 1,000 | 912,632 | ||||||
| 5.00%, 11/01/50 (c) | 2,000 | 2,008,533 | ||||||
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM) 5.00%, 10/01/47 (c) | 500 | 529,494 | ||||||
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c) | 500 | 511,615 | ||||||
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) | ||||||||
4.00%, 09/01/47 (c) | 1,000 | 911,126 | ||||||
| 4.00%, 09/01/51 (c) | 1,010 | 902,295 | ||||||
County of Miami-Dade, Florida Professional Sports Franchise Facilities, Series A (RB) (AG) 0.00%, 10/01/45 ^ | 2,000 | 791,975 | ||||||
County of Miami-Dade, Florida Seaport, Series A (RB) (AG) 4.00%, 10/01/49 (c) | 2,000 | 1,889,126 | ||||||
County of Miami-Dade, Florida Water and Sewer System (RB) 4.00%, 10/01/48 (c) | 1,000 | 933,956 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/51 (c) | $ | 500 | $ | 443,474 | ||||
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 05/15/53 (c) | 330 | 261,099 | ||||||
County of Saint Luce, School Board, Series A (CP) (AG) 5.00%, 07/01/48 (c) | 1,000 | 1,037,051 | ||||||
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/50 (c) | 500 | 517,157 | ||||||
Florida Atlantic University Finance Corp. (RB) 5.00%, 07/01/49 (c) | 500 | 524,607 | ||||||
Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series A (RB) 4.00%, 12/01/50 (c) | 750 | 655,726 | ||||||
Florida Housing Finance Corp. Series 5 (RB) 4.90%, 07/01/45 (c) | 1,500 | 1,559,290 | ||||||
Florida Housing Finance Corp., Homeowner Mortgage (RB) 6.25%, 01/01/55 (c) | 990 | 1,086,867 | ||||||
Florida Housing Finance Corp., Series 5 (RB) 6.25%, 07/01/56 (c) | 1,370 | 1,535,082 | ||||||
Fort Pierce Utilities Authority, Series A (RB) (AG) 4.00%, 10/01/52 (c) | 1,000 | 929,533 | ||||||
Halifax Hospital Medical Center (RB) 4.00%, 06/01/46 (c) | 525 | 485,800 | ||||||
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 08/01/51 (c) | 500 | 318,868 | ||||||
Hillsborough County, Industrial Development Authority Health System, Series C (RB) 5.50%, 11/15/54 (c) | 1,000 | 1,076,499 | ||||||
Jea Water and Sewer System, Series A (RB) 5.25%, 10/01/49 (c) | 1,000 | 1,066,191 | ||||||
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/48 (c) | 1,000 | 1,000,903 | ||||||
Orange County Health Facilities Authority, Orlando Health, Series A (RB) | ||||||||
4.50%, 10/01/56 (c) | 750 | 733,857 | ||||||
| 5.25%, 10/01/56 (c) | 1,000 | 1,052,169 | ||||||
See Notes to Financial Statements
| 129 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Palm Beach County, Health Facilities Authority, Baptist Health (RB) (SBG) 3.00%, 08/15/44 (c) | $ | 1,000 | $ | 787,566 | ||||
South Broward Hospital District, Series A (RB) 3.00%, 05/01/46 (c) | 750 | 575,188 | ||||||
| 27,165,227 | ||||||||
| Georgia: 2.0% | ||||||||
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/44 (c) | 660 | 632,736 | ||||||
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 11/01/45 (c) | 1,000 | 920,196 | ||||||
County of Burke, Development Authority, Series D (RB) 4.12%, 11/01/45 (c) | 260 | 239,251 | ||||||
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/43 (c) | 500 | 363,094 | ||||||
Fayette County Development Authority, Soccer Federation, Inc. Project (RB) 5.25%, 10/01/54 (c) | 1,250 | 1,294,785 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/45 (c) | 1,295 | 1,212,664 | ||||||
Georgia Housing and Finance Authority, Series E (RB) 5.12%, 12/01/45 (c) | 2,000 | 2,078,661 | ||||||
Georgia State Housing & Finance Authority, Series A (RB) 4.70%, 12/01/55 (c) | 1,000 | 998,136 | ||||||
Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/51 (c) | 500 | 374,776 | ||||||
Macon Water Authority (RB) 5.00%, 10/01/54 (c) | 500 | 525,228 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49 | 990 | 1,042,163 | ||||||
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/47 (c) | 1,000 | 757,379 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) | ||||||||
4.50%, 07/01/63 (c) | 500 | 489,185 | ||||||
| 5.00%, 01/01/49 (c) | 1,000 | 1,002,469 | ||||||
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
5.00%, 01/01/63 (c) | $ | 500 | $ | 500,195 | ||||
| 5.25%, 01/01/49 (c) | 500 | 525,094 | ||||||
| 12,956,012 | ||||||||
| Hawaii: 0.3% | ||||||||
City and County of Honolulu, Series C (GO) 4.00%, 08/01/43 (c) | 750 | 746,037 | ||||||
City and County of Honolulu, Wastewater System, Series A (RB) 5.25%, 07/01/54 (c) | 1,000 | 1,077,909 | ||||||
| 1,823,946 | ||||||||
| Idaho: 0.1% | ||||||||
Idaho Housing and Finance Association, Single Family Mortgage, Series A (RB) 4.60%, 01/01/49 (c) | 705 | 700,520 | ||||||
| Illinois: 3.4% | ||||||||
Chicago Midway International Airport (RB) | ||||||||
5.00%, 01/01/45 (c) | 1,000 | 1,061,256 | ||||||
| 5.00%, 01/01/55 (c) | 1,750 | 1,814,805 | ||||||
City of Chicago, Second Lien Water Project, Series A (RB) (AG) 5.25%, 11/01/53 (c) | 500 | 520,348 | ||||||
City of Chicago, Series A (GO) | ||||||||
5.00%, 01/01/44 (c) | 750 | 727,752 | ||||||
| 5.00%, 01/01/44 (c) | 1,000 | 951,236 | ||||||
| 5.50%, 01/01/43 (c) | 750 | 757,789 | ||||||
City of Chicago, Wastewater Transmission Project, Series A (RB) (AG) | ||||||||
5.25%, 01/01/53 (c) | 500 | 523,931 | ||||||
| 5.50%, 01/01/62 (c) | 1,550 | 1,637,941 | ||||||
Illinois Housing Development Authority, Series A (RB) 4.75%, 10/01/49 (c) | 475 | 480,977 | ||||||
Illinois Housing Development Authority, Series G (RB) 5.00%, 10/01/46 (c) | 795 | 813,028 | ||||||
Illinois Housing Development Authority, Series K (RB) (FNMA/GNMA/FHLMC COLL) 5.35%, 04/01/47 (c) | 755 | 786,986 | ||||||
Illinois State Toll Highway Authority, Series A (RB) | ||||||||
4.00%, 01/01/44 (c) | 1,005 | 959,705 | ||||||
| 4.00%, 01/01/46 (c) | 1,000 | 928,529 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
4.00%, 12/15/47 (c) | 1,500 | 1,326,957 | ||||||
| 5.00%, 06/15/53 (c) | 735 | 732,587 | ||||||
See Notes to Financial Statements
| 130 |
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/46 (c) | $ | 1,500 | $ | 1,429,463 | ||||
Sales Tax Securitization Corp., Series A (RB) 4.00%, 01/01/48 (c) | 1,000 | 901,757 | ||||||
Sales Tax Securitization Corp., Series A (RB) (BAM) 4.00%, 01/01/48 (c) | 1,000 | 919,460 | ||||||
St Clair County Community Unit School District No. 187, Series A (RB) (AG) 5.00%, 01/01/54 (c) | 1,000 | 1,022,697 | ||||||
State of Illinois (GO) (AG) 5.75%, 05/01/45 (c) | 750 | 790,911 | ||||||
State of Illinois, Series A (GO) 5.00%, 03/01/46 (c) | 1,250 | 1,276,056 | ||||||
State of Illinois, Series B (GO) 5.25%, 05/01/49 (c) | 500 | 519,427 | ||||||
State of Illinois, Series C (GO) 4.00%, 11/01/44 (c) | 900 | 825,128 | ||||||
| 21,708,726 | ||||||||
| Indiana: 0.9% | ||||||||
Fishers Town Hall Building Corp., Series A (RB) 5.62%, 07/15/48 (c) | 500 | 554,372 | ||||||
Indiana Finance Authority, Series C (RB) 5.00%, 02/01/45 (c) | 1,500 | 1,624,855 | ||||||
Indiana Housing & Community Development Authority (RB) 4.95%, 07/01/50 (c) | 750 | 759,981 | ||||||
Indiana Housing and Community Development Authority, Single Family Mortgage, Series B-1 (RB) 4.75%, 07/01/49 (c) |
500 | 506,362 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) | ||||||||
5.00%, 02/01/49 (c) | 500 | 509,612 | ||||||
| 5.00%, 02/01/54 (c) | 1,000 | 1,016,251 | ||||||
Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel (RB) (BAM) 5.00%, 03/01/53 (c) | 1,000 | 1,030,746 | ||||||
| 6,002,179 | ||||||||
| Iowa: 0.3% | ||||||||
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/49 (c) | 530 | 551,015 | ||||||
Iowa Finance Authority, Single Family Mortgage, Series C (RB) 4.65%, 07/01/49 (c) | 1,000 | 1,001,928 | ||||||
| Par (000’s | ) | Value | ||||||
| Iowa (continued) | ||||||||
| 4.85%, 07/01/43 (c) | $ | 500 | $ | 512,229 | ||||
| 2,065,172 | ||||||||
| Kansas: 0.2% | ||||||||
Wyandotte County, Unified School District No. 500 (GO) (BAM) 5.25%, 09/01/55 (c) | 1,000 | 1,065,221 | ||||||
| Kentucky: 0.3% | ||||||||
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/48 (c) | 1,225 | 1,151,524 | ||||||
Kentucky State Property & Building Commission (RB) 5.00%, 10/01/44 (c) | 500 | 539,375 | ||||||
| 1,690,899 | ||||||||
| Louisiana: 0.6% | ||||||||
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AG) 4.00%, 12/01/49 (c) | 700 | 640,773 | ||||||
Louisiana Stadium and Exposition District, Series A (RB) 5.25%, 07/01/53 (c) | 1,500 | 1,560,451 | ||||||
State of Louisiana, Series A (GO) 4.00%, 04/01/43 (c) | 1,500 | 1,479,266 | ||||||
| 3,680,490 | ||||||||
| Maine: 0.3% | ||||||||
Maine Health & Higher Educational Facilities Authority (RB) 5.25%, 10/01/54 (c) | 1,000 | 1,064,221 | ||||||
Maine Turnpike Authority (RB) 4.00%, 07/01/50 (c) | 750 | 710,520 | ||||||
| 1,774,741 | ||||||||
| Maryland: 1.2% | ||||||||
County of Baltimore, Metropolitan District (GO) 5.00%, 03/01/49 (c) | 1,000 | 1,056,592 | ||||||
Maryland Community Development Administration, Villages at Marley Station, Series D-1 (RB) 4.35%, 02/01/44 | 1,000 | 989,252 | ||||||
Maryland Economic Development Corp., Series A (RB) 5.00%, 06/01/48 (c) |
1,500 | 1,581,416 | ||||||
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/51 (c) | 500 | 425,547 | ||||||
See Notes to Financial Statements
| 131 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/46 (c) | $ | 500 | $ | 382,660 | ||||
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health (RB) 5.00%, 07/01/47 (c) | 500 | 500,109 | ||||||
Maryland Health and Higher Educational Facilities Authority, Series A (RB) 5.25%, 07/01/52 (c) | 750 | 790,724 | ||||||
Maryland Stadium Authority, Built to Learn, Series A (RB) 4.00%, 06/01/52 (c) | 1,000 | 918,305 | ||||||
Montgomery County, Trinity Health Credit Group, Series MD (RB) 5.00%, 12/01/44 (c) | 1,000 | 1,000,417 | ||||||
| 7,645,022 | ||||||||
| Massachusetts: 5.5% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue (RB) | ||||||||
5.00%, 06/01/45 (c) | 2,500 | 2,710,207 | ||||||
| 5.00%, 06/01/55 (c) | 1,000 | 1,052,727 | ||||||
Commonwealth of Massachusetts Transportation, Series A (RB) 3.00%, 06/01/50 (c) | 800 | 613,164 | ||||||
Commonwealth of Massachusetts Transportation, Series B (RB) | ||||||||
5.00%, 06/01/52 (c) | 2,000 | 2,080,373 | ||||||
| 5.00%, 06/01/54 (c) | 750 | 787,221 | ||||||
Commonwealth of Massachusetts, Series A (GO) | ||||||||
5.00%, 01/01/45 (c) | 1,000 | 1,018,020 | ||||||
| 5.00%, 01/01/49 (c) | 500 | 526,760 | ||||||
| 5.00%, 01/01/49 (c) | 1,000 | 1,021,398 | ||||||
| 5.00%, 04/01/50 (c) | 750 | 794,367 | ||||||
| 5.00%, 05/01/53 (c) | 1,000 | 1,043,026 | ||||||
Commonwealth of Massachusetts, Series B (GO) | ||||||||
2.12%, 04/01/51 (c) | 1,300 | 807,533 | ||||||
| 5.00%, 11/01/52 (c) | 1,190 | 1,236,820 | ||||||
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/48 (c) | 360 | 278,779 | ||||||
Commonwealth of Massachusetts, Series D (GO) | ||||||||
5.00%, 07/01/45 (c) | 750 | 780,683 | ||||||
| 5.00%, 07/01/48 (c) | 2,000 | 2,067,658 | ||||||
| 5.00%, 10/01/53 (c) | 1,000 | 1,045,001 | ||||||
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Series E (GO) | ||||||||
5.00%, 11/01/45 (c) | $ | 605 | $ | 631,384 | ||||
| 5.00%, 11/01/50 (c) | 1,000 | 1,030,663 | ||||||
Commonwealth of Massachusetts, Series F (GO) 5.00%, 08/01/50 (c) | 3,000 | 3,182,481 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB) | ||||||||
4.00%, 07/01/51 (c) | 800 | 754,368 | ||||||
| 4.00%, 07/01/53 (c) | 1,000 | 937,576 | ||||||
Massachusetts Clean Water Trust, Series B (RB) 5.00%, 02/01/43 (c) | 750 | 822,204 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/53 (c) | 1,500 | 1,516,208 | ||||||
Massachusetts Development Finance Agency, Boston Medical Center, Series D (RB) 5.00%, 07/01/44 (c) | 500 | 493,229 | ||||||
Massachusetts Development Finance Agency, Boston University, Series FF (RB) 5.00%, 10/01/48 (c) | 1,105 | 1,163,938 | ||||||
Massachusetts Development Finance Agency, Lasell Village, Inc. (RB) 5.25%, 07/01/55 (c) | 895 | 900,451 | ||||||
Massachusetts Development Finance Agency, Series N (RB) (AG) 5.00%, 07/01/50 (c) | 2,000 | 2,080,744 | ||||||
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/44 (c) | 305 | 312,737 | ||||||
Massachusetts School Building Authority, Sales Tax, Series A (RB) | ||||||||
5.00%, 02/15/44 (c) | 555 | 570,802 | ||||||
| 5.00%, 08/15/50 (c) | 750 | 776,007 | ||||||
Massachusetts School Building Authority, Series A (RB) 5.25%, 02/15/50 (c) | 1,800 | 1,945,239 | ||||||
| 34,981,768 | ||||||||
| Michigan: 2.1% | ||||||||
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/46 (c) | 390 | 391,940 | ||||||
Great Lakes Water Authority, Water Supply System, Second Lien, Series C (RB) 5.25%, 07/01/55 (c) | 1,000 | 1,075,844 | ||||||
See Notes to Financial Statements
| 132 |
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/46 (c) | $ | 570 | $ | 573,330 | ||||
Karegnondi Water Authority, Counties of Genesee, Lapeer, and Sanilac (RB) (BAM) 5.00%, 11/01/43 (c) | 750 | 807,528 | ||||||
Lansing Board of Water and Light, Michigan Utility System, Series A (RB) 5.00%, 07/01/49 (c) | 1,000 | 1,052,413 | ||||||
Michigan Finance Authority, Beaumont Health, Series A (RB) 5.00%, 11/01/44 (c) | 1,000 | 1,000,367 | ||||||
Michigan Finance Authority, McLaren Health Care, System A (RB) 4.00%, 02/15/47 (c) | 1,000 | 905,321 | ||||||
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) | ||||||||
4.00%, 12/01/49 (c) | 250 | 223,922 | ||||||
| 5.00%, 12/01/42 (c) | 500 | 508,401 | ||||||
Michigan Finance Authority, Wayne Criminal (RB) (BAM) 4.00%, 11/01/48 (c) | 1,000 | 939,452 | ||||||
Michigan State Housing Development Authority, Rental Housing, Series A (RB) | ||||||||
3.35%, 10/01/49 (c) | 500 | 413,718 | ||||||
| 3.60%, 10/01/60 (c) | 1,000 | 821,379 | ||||||
| 4.88%, 10/01/43 (c) | 1,000 | 1,012,760 | ||||||
Michigan State University, Board of Trustee, Series B (RB) 5.00%, 02/15/48 (c) | 765 | 780,388 | ||||||
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/46 (c) | 1,000 | 1,058,017 | ||||||
State of Michigan, Trunk Line Fund, Series A (RB) 4.00%, 11/15/46 (c) | 1,000 | 949,162 | ||||||
Western Michigan University, Series A (RB) (AG) 5.25%, 11/15/49 (c) | 1,000 | 1,067,415 | ||||||
| 13,581,357 | ||||||||
| Minnesota: 0.7% | ||||||||
Duluth Economic Development Authority, Minnesota Health Facilities, Series A (RB) 5.25%, 02/15/58 (c) | 1,000 | 1,006,079 | ||||||
Minneapolis St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/52 (c) | 1,000 | 1,043,380 | ||||||
| Par (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/51 (c) | $ | 530 | $ | 370,621 | ||||
Minnesota Housing Finance Agency Residential Housing, Series I (RB) | ||||||||
2.15%, 07/01/45 (c) | 890 | 614,035 | ||||||
| 3.00%, 01/01/51 (c) | 290 | 286,163 | ||||||
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 07/01/45 (c) | 485 | 502,490 | ||||||
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/43 (c) | 500 | 509,856 | ||||||
| 4,332,624 | ||||||||
| Mississippi: 0.2% | ||||||||
Mississippi Home Corp., Single Family Mortgage, Series C (RB) 4.85%, 12/01/54 (c) | 1,000 | 1,019,502 | ||||||
| Missouri: 0.7% | ||||||||
County of Jackson, Series A (RB) | ||||||||
4.25%, 12/01/53 (c) | 1,000 | 959,941 | ||||||
| 4.38%, 12/01/58 (c) | 1,000 | 971,618 | ||||||
Missouri Housing Development Commission, Single Family Mortgage, Series G (RB) 4.35%, 11/01/44 (c) | 495 | 497,421 | ||||||
Missouri State, Health & Educational Facilities Authority, Mercy Health, Series F (RB) | ||||||||
4.25%, 04/01/55 (c) | 1,000 | 947,602 | ||||||
| 5.00%, 11/15/45 (c) | 1,000 | 1,000,417 | ||||||
| 4,376,999 | ||||||||
| Nebraska: 0.6% | ||||||||
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/50 (c) | 550 | 524,825 | ||||||
Nebraska Investment Finance Authority, Single Family Housing, Series A (RB) 4.65%, 09/01/55 (c) | 2,000 | 1,996,211 | ||||||
Nebraska Investment Finance Authority, Single Family Housing, Series E (RB) 4.80%, 09/01/53 (c) | 495 | 499,537 | ||||||
University of Nebraska Facilities Corp., Series A (RB) | ||||||||
4.00%, 07/15/59 (c) | 750 | 688,703 | ||||||
| 4.00%, 07/15/62 (c) | 500 | 455,983 | ||||||
| 4,165,259 | ||||||||
See Notes to Financial Statements
| 133 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Nevada: 0.3% | ||||||||
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/50 (c) | $ | 675 | $ | 639,823 | ||||
Las Vegas Convention and Visitors Authority, Series B (RB) 4.00%, 07/01/49 (c) | 1,000 | 926,513 | ||||||
Las Vegas Valley Water District, Series A (GO) 4.00%, 06/01/46 (c) | 250 | 242,041 | ||||||
| 1,808,377 | ||||||||
| New Hampshire: 0.2% | ||||||||
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AG) 3.00%, 08/15/46 (c) | 1,975 | 1,579,457 | ||||||
| New Jersey: 2.6% | ||||||||
New Jersey Economic Development Authority School Facilities, Series FFF (RB) 4.62%, 06/15/48 (c) | 1,000 | 1,003,654 | ||||||
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series B (RB) 5.25%, 03/01/54 (c) | 1,000 | 1,085,155 | ||||||
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/51 (c) | 490 | 305,140 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 10/01/53 (c) | 500 | 506,838 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series K (RB) 4.55%, 10/01/44 (c) | 1,000 | 1,013,273 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series M (RB) 5.05%, 10/01/45 (c) | 750 | 779,013 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.00%, 06/15/45 (c) | 1,500 | 1,430,243 | ||||||
| 4.50%, 06/15/49 (c) | 590 | 586,249 | ||||||
| New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
| 3.50%, 06/15/46 (c) | 365 | 310,108 | ||||||
| 4.00%, 06/15/44 (c) | 1,000 | 965,367 | ||||||
| 5.00%, 06/15/46 (c) | 1,000 | 1,050,893 | ||||||
| 5.25%, 06/15/50 (c) | 1,000 | 1,058,540 | ||||||
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, Series CC (RB) 5.25%, 06/15/50 (c) | $ | 1,000 | $ | 1,064,434 | ||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/48 (c) | 1,000 | 967,221 | ||||||
| 4.00%, 01/01/51 (c) | 1,000 | 944,871 | ||||||
New Jersey Turnpike Authority, Series B (RB) 5.25%, 01/01/49 (c) | 1,500 | 1,609,430 | ||||||
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/45 (c) | 500 | 517,100 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/46 (c) | 1,715 | 1,699,116 | ||||||
| 16,896,645 | ||||||||
| New Mexico: 0.3% | ||||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series C (RB) 4.95%, 09/01/45 (c) | 750 | 777,772 | ||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series F (RB) 3.05%, 07/01/44 (c) | 290 | 240,154 | ||||||
New Mexico Mortgage Finance Authority, Single Family Program, Series I (RB) 5.05%, 09/01/50 (c) | 1,000 | 1,020,309 | ||||||
| 2,038,235 | ||||||||
| New York: 20.5% | ||||||||
City of New York, Series A (GO) 4.00%, 08/01/50 (c) | 1,000 | 911,170 | ||||||
City Of New York, Series A (GO) 5.00%, 08/01/45 (c) | 1,000 | 1,067,077 | ||||||
| City of New York, Series C (GO) | ||||||||
| 5.00%, 09/01/48 (c) | 4,625 | 4,845,876 | ||||||
| 5.25%, 09/01/50 (c) | 1,000 | 1,063,748 | ||||||
City of New York, Series D (GO) 5.00%, 10/01/45 (c) | 3,000 | 3,196,015 | ||||||
| City of New York, Series D (GO) (BAM) | ||||||||
| 4.00%, 03/01/50 (c) | 1,000 | 914,879 | ||||||
| 5.00%, 03/01/43 (c) | 750 | 778,680 | ||||||
City of New York, Series E (GO) 5.25%, 04/01/47 (c) | 1,000 | 1,059,943 | ||||||
City of New York, Series F (GO) 5.00%, 03/01/50 (c) | 1,000 | 1,022,869 | ||||||
City of New York, Series G (GO) 5.25%, 02/01/53 (c) | 2,500 | 2,666,399 | ||||||
See Notes to Financial Statements
| 134 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/50 (c) | $ | 900 | $ | 820,329 | ||||
Dutchess County Local Development Corp., Bard College Project, Series A (RB) 5.00%, 07/01/51 (c) | 1,000 | 985,473 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) (AG) 4.00%, 02/15/47 (c) | 1,000 | 946,921 | ||||||
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/42 (c) | 1,000 | 1,021,753 | ||||||
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/45 (c) | 1,000 | 999,930 | ||||||
Metropolitan Transportation Authority Dedicated Tax Fund, Series A (RB) 5.00%, 11/15/48 (c) | 1,180 | 1,221,694 | ||||||
Metropolitan Transportation Authority Dedicated Tax Fund, Series B (RB) 5.00%, 11/15/43 (c) | 1,000 | 1,066,042 | ||||||
Metropolitan Transportation Authority, Hudson Rail Yards, Series A (RB) 5.00%, 11/15/51 (c) | 1,000 | 999,675 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 4.00%, 11/15/51 (c) | 1,000 | 935,165 | ||||||
| 5.25%, 11/15/49 (c) | 1,500 | 1,592,364 | ||||||
Metropolitan Transportation Authority, Series A (RB) (AG) 5.00%, 11/15/44 (c) | 715 | 729,837 | ||||||
| Metropolitan Transportation Authority, Series A-1 (RB) | ||||||||
| 4.00%, 11/15/43 (c) | 400 | 368,410 | ||||||
| 4.00%, 11/15/49 (c) | 1,000 | 900,655 | ||||||
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/51 (c) | 500 | 502,179 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 5.25%, 11/15/56 (c) | 1,050 | 1,054,568 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 4.00%, 11/15/42 (c) | 1,245 | 1,193,721 | ||||||
| 4.00%, 11/15/46 (c) | 250 | 224,967 | ||||||
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/46 (c) | 650 | 569,636 | ||||||
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/56 (c) | 1,000 | 999,953 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/49 (c) | $ | 500 | $ | 481,616 | ||||
New York City Housing Development Corp., Housing Impact, Series A (RB) 4.80%, 02/01/53 (c) | 500 | 502,352 | ||||||
| New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) | ||||||||
| 4.75%, 11/01/54 (c) | 1,000 | 1,003,793 | ||||||
| 4.85%, 11/01/53 (c) | 1,500 | 1,514,407 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series E-1 (RB) 4.85%, 11/01/53 (c) | 750 | 756,917 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series F-1 (RB) 4.55%, 11/01/54 (c) | 1,000 | 985,492 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series J (RB) 3.05%, 11/01/49 (c) | 555 | 427,818 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) | ||||||||
| 4.00%, 06/15/50 (c) | 1,000 | 936,130 | ||||||
| 5.00%, 06/15/48 (c) | 850 | 880,550 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) | ||||||||
| 4.00%, 06/15/44 (c) | 1,500 | 1,449,997 | ||||||
| 4.00%, 06/15/45 (c) | 2,000 | 1,920,761 | ||||||
| 5.00%, 06/15/44 (c) | 955 | 1,005,082 | ||||||
| 5.00%, 06/15/49 (c) | 1,000 | 1,030,230 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) | ||||||||
| 3.75%, 06/15/47 (c) | 710 | 632,711 | ||||||
| 4.00%, 06/15/45 (c) | 1,500 | 1,449,509 | ||||||
| 5.00%, 06/15/52 (c) | 1,000 | 1,034,644 | ||||||
| 5.25%, 06/15/54 (c) | 1,500 | 1,597,421 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA) 5.00%, 06/15/51 (c) | 500 | 517,335 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/47 (c) | 1,000 | 973,147 | ||||||
See Notes to Financial Statements
| 135 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/45 (c) | $ | 1,000 | $ | 1,057,017 | ||||
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/49 (c) | 350 | 265,737 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.00%, 05/01/45 (c) | 1,000 | 1,070,034 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 4.38%, 05/01/53 (c) | 500 | 493,559 | ||||||
| 5.25%, 05/01/50 (c) | 1,000 | 1,057,166 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 3.00%, 11/01/47 (c) | 1,930 | 1,478,564 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.25%, 05/01/48 (c) | 1,000 | 1,061,658 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 4.00%, 11/01/42 (c) | 1,120 | 1,104,373 | ||||||
| 4.00%, 05/01/44 (c) | 1,000 | 960,122 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) | ||||||||
| 5.00%, 05/01/49 (c) | 1,085 | 1,135,614 | ||||||
| 5.00%, 05/01/50 (c) | 1,200 | 1,252,916 | ||||||
| 5.25%, 05/01/48 (c) | 1,750 | 1,875,339 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/47 (c) | 500 | 467,156 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 2.25%, 02/01/51 (c) | 650 | 404,744 | ||||||
| 4.00%, 02/01/44 (c) | 1,000 | 962,449 | ||||||
| 5.00%, 02/01/43 (c) | 1,000 | 1,013,839 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) | ||||||||
| 4.00%, 02/01/51 (c) | 1,000 | 920,283 | ||||||
| 5.25%, 02/01/47 (c) | 1,000 | 1,058,518 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Water and Sewer System, Series BB (RB) 4.00%, 06/15/50 (c) | $ | 640 | $ | 599,123 | ||||
New York City, Series D (GO) 4.00%, 04/01/50 (c) | 1,000 | 924,820 | ||||||
New York City, Series D-1 (GO) 5.00%, 12/01/43 (c) | 1,000 | 1,030,501 | ||||||
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/43 (c) | 620 | 607,450 | ||||||
New York Liberty Development Corp., 4 World Trade Center Project, Series A (RB) (BAM) 3.00%, 11/15/51 (c) | 2,125 | 1,564,205 | ||||||
New York Liberty Development Corp., 7 World Trade Center Project, Series A (RB) 3.00%, 09/15/43 (c) | 1,495 | 1,231,520 | ||||||
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 1 (RB) 5.25%, 07/01/54 (c) | 2,000 | 2,155,109 | ||||||
New York State Dormitory Authority, New School, Series A (RB) 4.00%, 07/01/43 (c) | 475 | 439,950 | ||||||
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/49 (c) | 1,000 | 1,029,492 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
| 5.00%, 03/15/49 (c) | 500 | 515,193 | ||||||
| 5.25%, 03/15/52 (c) | 800 | 849,688 | ||||||
New York State Dormitory Authority, Sales Tax, Series E (RB) 5.00%, 03/15/48 (c) | 500 | 511,812 | ||||||
New York State Dormitory Authority, Series A (GO) 5.00%, 08/01/46 (c) | 2,000 | 2,121,476 | ||||||
| New York State Dormitory Authority, Series A (RB) | ||||||||
| 5.00%, 03/15/44 (c) | 1,000 | 1,080,573 | ||||||
| 5.00%, 03/15/45 (c) | 1,000 | 1,074,294 | ||||||
| 5.00%, 07/01/46 (c) | 1,500 | 1,585,698 | ||||||
| 5.00%, 03/15/50 (c) | 1,785 | 1,869,056 | ||||||
| New York State Dormitory Authority, Series C (RB) | ||||||||
| 5.00%, 03/15/43 (c) | 1,075 | 1,166,728 | ||||||
| 5.00%, 03/15/45 (c) | 3,000 | 3,202,768 | ||||||
| 5.25%, 03/15/46 (c) | 1,000 | 1,088,156 | ||||||
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/48 (c) | 550 | 494,257 | ||||||
See Notes to Financial Statements
| 136 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/47 (c) | $ | 800 | $ | 761,184 | ||||
| 4.00%, 03/15/49 (c) | 1,000 | 933,916 | ||||||
| 5.00%, 03/15/45 (c) | 1,000 | 1,022,155 | ||||||
| 5.00%, 03/15/49 (c) | 1,000 | 1,050,985 | ||||||
New York State Dormitory Authority, White Plants Hospital (RB) (AG) 5.50%, 10/01/54 (c) | 2,250 | 2,415,032 | ||||||
New York State Mortgage Agency, Homeowner Mortgage (RB) 4.90%, 10/01/53 (c) | 1,325 | 1,355,595 | ||||||
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 04/01/50 (c) | 330 | 238,889 | ||||||
New York State Power Authority, Series A (RB) 4.00%, 11/15/50 (c) | 500 | 463,236 | ||||||
New York State Thruway Authority, Junior Indebtedness, Series B (RB) 4.00%, 01/01/45 (c) | 1,440 | 1,376,599 | ||||||
New York State Thruway Authority, Personal Income Tax, Series A (RB) 4.00%, 03/15/55 (c) | 500 | 465,511 | ||||||
New York State Thruway Authority, Series P (RB) 5.25%, 01/01/54 (c) | 1,000 | 1,063,211 | ||||||
New York State Urban Development Corp., Personal Income Tax (RB) 5.00%, 03/15/63 (c) | 2,000 | 2,074,730 | ||||||
| New York State Urban Development Corp., Personal Income Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/53 (c) | 1,000 | 913,568 | ||||||
| 5.00%, 03/15/43 (c) | 500 | 514,834 | ||||||
| New York State Urban Development Corp., Personal Income Tax, Series C (RB) | ||||||||
| 3.00%, 03/15/48 (c) | 550 | 419,952 | ||||||
| 5.00%, 03/15/47 (c) | 2,000 | 2,060,387 | ||||||
New York State Urban Development Corp., Personal Income Tax, Series E (RB) 3.00%, 03/15/49 (c) | 1,735 | 1,310,192 | ||||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 03/15/50 (c) | 1,000 | 747,066 | ||||||
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/48 (c) | 820 | 842,379 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/42 (c) | $ | 925 | $ | 882,520 | ||||
Port Authority of New York & New Jersey (RB) 5.00%, 09/01/49 (c) | 1,000 | 1,055,942 | ||||||
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB) 4.25%, 05/15/58 (c) | 1,000 | 960,556 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) 5.25%, 12/01/47 (c) | 1,000 | 1,069,157 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-1 (RB) 5.00%, 11/15/44 (c) | 750 | 808,714 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) | ||||||||
| 5.00%, 05/15/56 (c) | 500 | 504,706 | ||||||
| 5.25%, 11/15/53 (c) | 750 | 795,227 | ||||||
| 5.25%, 05/15/54 (c) | 2,000 | 2,123,180 | ||||||
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | ||||||||
| 4.00%, 05/15/51 (c) | 750 | 699,322 | ||||||
| 5.00%, 05/15/51 (c) | 1,000 | 1,027,091 | ||||||
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 05/15/47 (c) | 500 | 504,045 | ||||||
| Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
| 5.00%, 11/15/49 (c) | 1,000 | 1,030,985 | ||||||
| 5.00%, 11/15/51 (c) | 500 | 513,790 | ||||||
| 5.25%, 12/01/54 (c) | 1,000 | 1,060,076 | ||||||
| 5.50%, 12/01/59 (c) | 1,500 | 1,621,507 | ||||||
| 131,227,036 | ||||||||
| North Carolina: 0.9% | ||||||||
North Carolina Housing Finance Agency, Home Ownership, Series A (RB) 4.38%, 07/01/44 (c) | 990 | 998,142 | ||||||
North Carolina Turnpike Authority (RB) 5.00%, 01/01/49 (c) | 750 | 761,276 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/44 (c) | 500 | 511,209 | ||||||
See Notes to Financial Statements
| 137 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) (AG) 5.00%, 01/01/58 (c) | $ | 3,350 | $ | 3,437,494 | ||||
| 5,708,121 | ||||||||
| North Dakota: 0.2% | ||||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/47 (c) | 1,000 | 1,003,836 | ||||||
| Ohio: 2.8% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 4.00%, 06/01/48 (c) | 1,000 | 867,223 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/57 (c) | 1,000 | 922,664 | ||||||
| 5.25%, 02/15/47 (c) | 500 | 499,554 | ||||||
| 5.50%, 02/15/57 (c) | 500 | 498,367 | ||||||
County of Franklin, Hospital Facilities (RB) 4.12%, 05/15/45 (c) | 250 | 241,317 | ||||||
County of Franklin, Hospital Facilities, Series A (RB) (XLCA) 4.00%, 05/15/47 (c) | 250 | 234,862 | ||||||
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48 | 1,000 | 1,088,082 | ||||||
County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/46 (c) | 250 | 242,020 | ||||||
County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB) 5.00%, 08/15/42 (c) | 500 | 505,665 | ||||||
JobsOhio Beverage System (RB) 5.00%, 01/01/53 (c) | 1,000 | 1,057,656 | ||||||
| Ohio State University, Series A (RB) | ||||||||
| 3.00%, 12/01/44 (c) | 2,000 | 1,608,019 | ||||||
| 4.00%, 12/01/48 (c) | 1,000 | 944,659 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund (RB) 5.00%, 12/01/44 (c) | 750 | 814,757 | ||||||
| Ohio Water Development Authority, Drinking Water Assistance, Series A (RB) | ||||||||
| 5.00%, 12/01/43 (c) | 1,500 | 1,647,521 | ||||||
| 5.25%, 12/01/45 (c) | 1,500 | 1,660,852 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series B (RB) 5.00%, 12/01/53 (c) | $ | 500 | $ | 511,828 | ||||
State of Ohio (GO) 5.00%, 05/01/45 (c) | 3,000 | 3,238,865 | ||||||
University of Cincinnati, Series A (RB) 5.25%, 06/01/49 (c) | 1,500 | 1,581,994 | ||||||
| 18,165,905 | ||||||||
| Oklahoma: 0.6% | ||||||||
Oklahoma Municipal Power Authority (RB) (AG) 5.25%, 01/01/51 (c) | 1,000 | 1,069,687 | ||||||
| Oklahoma Turnpike Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/48 (c) | 700 | 658,003 | ||||||
| 5.50%, 01/01/54 (c) | 750 | 817,420 | ||||||
Oklahoma Water Resources Board, Series C (RB) 4.00%, 10/01/49 (c) | 750 | 712,564 | ||||||
University of Oklahoma, Series A (RB) (BAM) 5.00%, 07/01/49 (c) | 835 | 876,709 | ||||||
| 4,134,383 | ||||||||
| Oregon: 1.0% | ||||||||
City of Portland, Oregon Second Lien, Series A (RB) 5.00%, 10/01/54 (c) | 750 | 792,543 | ||||||
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/42 (c) | 500 | 540,675 | ||||||
Oregon Health and Science University, Series A (RB) 4.00%, 07/01/51 (c) | 1,000 | 916,673 | ||||||
Oregon State, Interstate 5 Bridge Replacement Project, Series E (GO) 5.00%, 05/15/50 (c) | 1,000 | 1,033,108 | ||||||
State of Oregon, Series A (GO) 5.25%, 05/01/45 (c) | 1,000 | 1,105,657 | ||||||
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/44 (c) | 935 | 753,905 | ||||||
University of Oregon, Series A (RB) 5.00%, 04/01/50 (c) | 1,000 | 1,023,894 | ||||||
| 6,166,455 | ||||||||
| Pennsylvania: 4.0% | ||||||||
Allegheny County Sanitary Authority (RB) 5.00%, 12/01/45 (c) | 1,000 | 1,068,610 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/50 (c) | 645 | 578,742 | ||||||
See Notes to Financial Statements
| 138 |
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
City of Philadelphia, Pennsylvania Gas Works (RB) 5.00%, 08/01/47 (c) | $ | 805 | $ | 813,272 | ||||
| City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) | ||||||||
| 5.00%, 10/01/47 (c) | 500 | 507,313 | ||||||
| 5.00%, 10/01/52 (c) | 500 | 506,230 | ||||||
| City of Philadelphia, Pennsylvania Water & Wastewater, Series C (RB) (AG) | ||||||||
| 5.25%, 09/01/49 (c) | 500 | 538,180 | ||||||
| 5.25%, 09/01/54 (c) | 500 | 535,635 | ||||||
Commonwealth of Pennsylvania (GO) 4.00%, 08/15/43 (c) | 1,000 | 995,967 | ||||||
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 07/01/46 (c) | 1,170 | 1,116,534 | ||||||
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/50 (c) | 2,750 | 2,794,759 | ||||||
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/51 (c) | 1,000 | 1,007,128 | ||||||
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB) 5.25%, 07/01/46 (c) | 1,000 | 1,013,372 | ||||||
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B-1 (RB) (AG) 4.25%, 11/01/48 (c) | 1,000 | 943,578 | ||||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) | ||||||||
| 4.75%, 04/01/53 (c) | 1,000 | 1,004,814 | ||||||
| 4.80%, 10/01/51 (c) | 1,000 | 1,010,522 | ||||||
| 4.85%, 10/01/43 (c) | 500 | 513,977 | ||||||
| 5.00%, 10/01/43 (c) | 1,000 | 1,037,420 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 10/01/42 (c) | 260 | 244,411 | ||||||
Pennsylvania State University (RB) 5.25%, 09/01/53 (c) | 1,000 | 1,064,561 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AG) 5.00%, 12/01/48 (c) | 290 | 297,015 | ||||||
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (BAM) | ||||||||
| 3.00%, 12/01/51 (c) | $ | 1,000 | $ | 764,493 | ||||
| 4.00%, 12/01/51 (c) | 1,000 | 910,551 | ||||||
Pennsylvania Turnpike Commission, Series A (RB) (AG) 4.00%, 12/01/49 (c) | 1,045 | 975,897 | ||||||
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/47 (c) | 900 | 915,434 | ||||||
| Pennsylvania Turnpike Commission, Series B (RB) | ||||||||
| 4.00%, 12/01/46 (c) | 1,250 | 1,173,122 | ||||||
| 5.00%, 12/01/45 (c) | 800 | 834,778 | ||||||
Pennsylvania Turnpike Commission, Series C (RB) 5.00%, 12/01/49 (c) | 750 | 798,532 | ||||||
Philadelphia Authority for Industrial Development, Children’s Hospital, Series A (RB) 5.50%, 07/01/53 (c) | 500 | 540,780 | ||||||
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/46 (c) | 1,105 | 1,071,165 | ||||||
| 25,576,792 | ||||||||
| Rhode Island: 0.1% | ||||||||
Providence Public Building Authority, Capital Improvement Program, Series A (RB) (AG) 5.25%, 09/15/44 (c) | 750 | 802,031 | ||||||
| South Carolina: 1.0% | ||||||||
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 12/01/44 (c) | 855 | 805,149 | ||||||
| South Carolina Jobs-Economic Development Authority, Novant Health, Series A (RB) | ||||||||
| 4.25%, 11/01/47 (c) | 750 | 722,325 | ||||||
| 4.50%, 11/01/54 (c) | 500 | 492,705 | ||||||
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/48 (c) | 1,000 | 1,010,747 | ||||||
| South Carolina Public Service Authority, Santee Cooper, Series A (RB) | ||||||||
| 4.00%, 12/01/52 (c) | 500 | 450,104 | ||||||
| 5.25%, 12/01/49 (c) | 1,000 | 1,058,620 | ||||||
South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/55 (c) | 1,000 | 1,000,344 | ||||||
See Notes to Financial Statements
| 139 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| South Carolina (continued) | ||||||||
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/46 (c) | $ | 820 | $ | 855,998 | ||||
| 6,395,992 | ||||||||
| South Dakota: 0.2% | ||||||||
South Dakota Housing Development Authority, Homeownership Mortgage, Series C (RB) 6.25%, 11/01/55 (c) | 995 | 1,114,453 | ||||||
| Tennessee: 0.9% | ||||||||
Chattanooga Health Educational & Housing Facility Board (RB) 5.25%, 12/01/49 (c) | 1,000 | 1,053,816 | ||||||
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) | ||||||||
| 5.00%, 07/01/46 (c) | 1,500 | 1,502,508 | ||||||
| 5.00%, 10/01/49 (c) | 500 | 532,244 | ||||||
Tennessee Housing Development Agency, Residential Finance Program (RB) 2.95%, 07/01/49 (c) | 335 | 259,990 | ||||||
Tennessee Housing Development Agency, Residential Finance Program, Series A (RB) 5.40%, 07/01/53 (c) | 1,000 | 1,037,926 | ||||||
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/42 (c) | 1,040 | 1,060,845 | ||||||
| 5,447,329 | ||||||||
| Texas: 13.1% | ||||||||
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/46 (c) | 1,000 | 761,440 | ||||||
Arlington Higher Education Finance Corp., Lifeschool of Dallas (RB) 4.12%, 08/15/49 (c) | 1,000 | 963,642 | ||||||
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/44 (c) | 675 | 633,860 | ||||||
Arlington Texas, Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.50%, 08/15/55 (c) | 1,000 | 986,772 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Austin Independent School District, Unlimited Tax School Building (GO) | ||||||||
| 4.00%, 08/01/44 (c) | $ | 750 | $ | 735,486 | ||||
| 4.00%, 08/01/48 (c) | 1,000 | 971,439 | ||||||
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/45 (c) | 750 | 769,269 | ||||||
| City of Austin, Texas (GO) | ||||||||
| 5.00%, 09/01/43 (c) | 1,000 | 1,090,151 | ||||||
| 5.00%, 09/01/44 (c) | 1,000 | 1,081,996 | ||||||
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/49 (c) | 1,375 | 1,411,896 | ||||||
City of Austin, Waterwaste System (RB) 5.00%, 11/15/43 (c) | 1,000 | 1,068,708 | ||||||
City of Corpus Christi, Texas Utility System (RB) 5.00%, 07/15/49 (c) | 1,000 | 1,043,857 | ||||||
| City of Corpus Christi, Texas Utility System (RB) (AG) | ||||||||
| 5.00%, 07/15/43 (c) | 1,000 | 1,071,631 | ||||||
| 5.00%, 07/15/45 (c) | 1,000 | 1,061,724 | ||||||
City of El Paso, Texas Combination Tax (GO) 4.00%, 08/15/45 (c) | 950 | 918,368 | ||||||
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/46 (c) | 650 | 610,509 | ||||||
City of Royse, Independent School District (GO) 5.00%, 02/15/48 (c) | 950 | 995,141 | ||||||
City of San Antonio, Texas Electric & Gas Systems (RB) 5.00%, 02/01/44 (c) | 500 | 521,636 | ||||||
City of San Antonio, Texas Electric & Gas Systems, Series B (RB) 5.00%, 02/01/54 (c) | 3,000 | 3,144,493 | ||||||
City of San Antonio, Texas Electric & Gas Systems, Series D (RB) 5.25%, 02/01/54 (c) | 2,000 | 2,141,726 | ||||||
City of Seguin, Texas Combination Tax and Limited Pledge (GO) 5.25%, 09/01/58 (c) | 1,000 | 1,054,937 | ||||||
Clifton Higher Education Finance Corp. (RB) 4.00%, 08/15/44 (c) | 1,000 | 961,178 | ||||||
| Conroe Independent School District, Unlimited Tax School (GO) | ||||||||
| 4.25%, 02/15/50 (c) | 750 | 736,545 | ||||||
| 5.00%, 02/15/49 (c) | 1,000 | 1,056,882 | ||||||
See Notes to Financial Statements
| 140 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Crowley Independent School District (GO) 5.00%, 02/01/49 (c) | $ | 1,000 | $ | 1,051,039 | ||||
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/43 (c) | 600 | 436,315 | ||||||
Dallas Fort Worth International Airport, Series B (RB) 4.00%, 11/01/45 (c) | 1,000 | 959,087 | ||||||
| Dallas Fort Worth Texas International Airport, Series B (RB) | ||||||||
| 5.25%, 11/01/43 (c) | 1,500 | 1,653,948 | ||||||
| 5.25%, 11/01/50 (c) | 1,500 | 1,601,792 | ||||||
| Dallas Independent School District, Unlimited Tax School Building (GO) | ||||||||
| 4.00%, 02/15/53 (c) | 1,000 | 936,061 | ||||||
| 4.00%, 02/15/54 (c) | 1,500 | 1,400,006 | ||||||
| 5.00%, 02/15/49 (c) | 1,000 | 1,047,159 | ||||||
Denton Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/48 (c) | 1,000 | 1,050,091 | ||||||
East Montgomery County, Improvement District Sales Tax (RB) (AG) 5.25%, 08/15/49 (c) | 750 | 801,204 | ||||||
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/48 (c) | 795 | 747,666 | ||||||
Ford Bens County, Unlimited Tax Road (GO) 5.25%, 03/01/53 (c) | 1,000 | 1,065,901 | ||||||
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 10/01/49 (c) | 770 | 716,501 | ||||||
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 10/01/48 (c) | 640 | 652,188 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 12/01/45 (c) | 590 | 544,620 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 4.00%, 10/01/47 (c) | 1,000 | 922,216 | ||||||
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/45 (c) | 500 | 488,318 | ||||||
Harris County, Texas Toll Road, Series A (RB) 4.00%, 08/15/48 (c) | 1,000 | 948,444 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Hurst-Euless-Bedford Independent School District (GO) 5.00%, 08/15/43 (c) | $ | 1,000 | $ | 1,070,209 | ||||
Joshua Independent School District (GO) 4.00%, 08/15/49 (c) | 750 | 714,290 | ||||||
| Katy Independent School District (GO) | ||||||||
| 4.75%, 02/15/55 (c) | 1,000 | 1,026,266 | ||||||
| 5.25%, 02/15/54 (c) | 1,000 | 1,080,645 | ||||||
Keller Independent School District (GO) 4.00%, 02/15/47 (c) | 1,000 | 954,525 | ||||||
Lamar Consolidated Independent School District (GO) (AG) 5.50%, 02/15/58 (c) | 2,000 | 2,147,097 | ||||||
Liberty Hill Independent School District (GO) 5.00%, 02/01/54 (c) | 1,885 | 1,969,771 | ||||||
Lower Colorado River Authority Transmission Contract, Series A (RB) 5.25%, 05/15/44 (c) | 1,000 | 1,090,564 | ||||||
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB) 5.00%, 05/15/43 (c) | 500 | 510,462 | ||||||
Lower Colorado River Authority, Series A (RB) 5.25%, 05/15/50 (c) | 500 | 535,571 | ||||||
Mesquite Independent School District (GO) 5.00%, 08/15/45 (c) | 1,675 | 1,797,165 | ||||||
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/49 (c) | 750 | 700,158 | ||||||
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/47 (c) | 1,000 | 946,526 | ||||||
Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO) 5.00%, 02/15/48 (c) | 1,000 | 1,025,347 | ||||||
Rockwall Independent School District (GO) 4.00%, 02/15/53 (c) | 1,000 | 927,070 | ||||||
San Jacinto College District, Series A (GO) 5.00%, 02/15/44 (c) | 900 | 927,233 | ||||||
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 01/01/53 (c) | 1,000 | 1,035,509 | ||||||
See Notes to Financial Statements
| 141 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., Cook Children’s Medical Center (RB) 5.25%, 12/01/49 (c) | $ | 1,000 | $ | 1,073,315 | ||||
Texarkana Independent School District, Unlimited Tax (GO) 4.00%, 02/15/53 (c) | 1,000 | 933,050 | ||||||
Texas City, Independent School District, Unlimited Tax (GO) 4.00%, 08/15/53 (c) | 1,015 | 939,524 | ||||||
Texas City, Independent School District, Unlimited Tax (RB) 5.00%, 10/15/53 (c) | 1,000 | 1,048,365 | ||||||
Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB) 5.25%, 07/01/53 (c) | 1,000 | 1,080,657 | ||||||
Texas Transportation Commission, Texas Mobility Fund (GO) 5.00%, 10/01/44 (c) | 1,250 | 1,367,076 | ||||||
| Texas Transportation Finance Corporation, Series A (RB) | ||||||||
| 5.00%, 10/01/45 (c) | 2,000 | 2,162,719 | ||||||
| 5.50%, 10/01/55 (c) | 3,000 | 3,287,546 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 4.00%, 10/15/45 (c) | 500 | 482,930 | ||||||
| 4.80%, 10/15/52 (c) | 1,000 | 1,019,429 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 4.00%, 10/15/49 (c) | 990 | 919,396 | ||||||
| 5.00%, 10/15/43 (c) | 840 | 861,928 | ||||||
Texas Water Development Board, Series B (RB) 4.00%, 10/15/43 (c) | 1,000 | 968,519 | ||||||
Texas Water Development Board, State Water Implementation (RB) 5.00%, 10/15/44 (c) | 1,000 | 1,084,574 | ||||||
Tomball Independent School District, Unlimited Tax (GO) 4.00%, 02/15/45 (c) | 1,000 | 978,083 | ||||||
University of Houston, Series A (RB) 5.00%, 02/15/56 (c) | 500 | 517,906 | ||||||
Via Metropolitan Transit Advanced Transportation District (RB) 5.00%, 08/01/49 (c) | 1,000 | 1,056,687 | ||||||
Waller Independent School District, Series A (GO) 4.00%, 02/15/48 (c) | 500 | 479,719 | ||||||
Waxahachie Independent School District (GO) 4.00%, 02/15/49 (c) | 750 | 716,048 | ||||||
Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Weslaco Independent School District (GO) 4.12%, 02/15/49 (c) | $ | 1,470 | $ | 1,430,290 | ||||
Ysleta Independent School District (GO) 5.00%, 08/15/56 (c) | 500 | 513,203 | ||||||
| 84,195,214 | ||||||||
| Utah: 0.6% | ||||||||
Downtown Revitalization Public Infrastructure District (RB) (AG) 5.50%, 06/01/55 (c) | 250 | 269,441 | ||||||
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/43 (c) | 360 | 368,372 | ||||||
| University of Utah, Board of Higher Education, Series A (RB) | ||||||||
| 4.00%, 08/01/51 (c) | 1,000 | 918,409 | ||||||
| 5.00%, 08/01/46 (c) | 1,160 | 1,208,329 | ||||||
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/47 (c) | 210 | 162,575 | ||||||
Utah Transit Authority (RB) 5.00%, 12/15/44 (c) | 1,000 | 1,087,446 | ||||||
| 4,014,572 | ||||||||
| Virginia: 1.0% | ||||||||
County of Fairfax, Industrial Development Authority, Inova Health System Project (RB) 5.00%, 05/15/51 (c) | 1,000 | 1,046,474 | ||||||
County of Fairfax, Industrial Development Authority, Inova Health System Project, Series A (RB) 4.00%, 05/15/48 (c) | 1,000 | 948,731 | ||||||
| Hampton Roads Transportation Accountability Commission, Series A (RB) | ||||||||
| 4.00%, 07/01/57 (c) | 600 | 558,069 | ||||||
| 5.00%, 07/01/50 (c) | 625 | 645,581 | ||||||
| 5.00%, 07/01/60 (c) | 500 | 512,883 | ||||||
Virginia Housing Development Authority, Series K (RB) 2.55%, 12/01/46 (c) | 1,000 | 710,004 | ||||||
| Virginia Small Business Financing Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/45 (c) | 500 | 451,545 | ||||||
| 5.50%, 12/01/54 (c) | 500 | 512,008 | ||||||
Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AG) 4.38%, 07/01/63 (c) | 1,000 | 971,811 | ||||||
| 6,357,106 | ||||||||
See Notes to Financial Statements
| 142 |
| Par (000’s | ) | Value | ||||||
| Washington: 2.0% | ||||||||
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/51 (c) | $ | 250 | $ | 229,699 | ||||
| City of Seattle, Washington Municipal Light and Power (RB) | ||||||||
| 5.00%, 02/01/43 (c) | 1,000 | 1,081,922 | ||||||
| 5.25%, 02/01/55 (c) | 500 | 538,220 | ||||||
| City of Seattle, Washington Municipal Light and Power, Series A (RB) | ||||||||
| 4.00%, 05/01/45 (c) | 1,000 | 953,023 | ||||||
| 5.00%, 03/01/53 (c) | 1,000 | 1,041,305 | ||||||
King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/45 (c) | 650 | 600,078 | ||||||
State Of Washington, Series C (GO) 5.00%, 02/01/48 (c) | 2,635 | 2,787,440 | ||||||
State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/43 (c) | 1,090 | 1,159,377 | ||||||
Washington State Housing Finance Commission, Blakeley and Laurel Village, Series A (RB) (BAM) 5.25%, 07/01/55 (c) | 2,000 | 2,039,118 | ||||||
Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB) 5.00%, 07/01/54 (c) | 500 | 485,765 | ||||||
Washington State Various Purpose, Series B (GO) 5.00%, 02/01/48 (c) | 1,705 | 1,793,370 | ||||||
| 12,709,317 | ||||||||
| West Virginia: 0.2% | ||||||||
West Virginia Hospital Finance Authority, University Health System, Series A (RB) 4.38%, 06/01/53 (c) | 1,000 | 942,400 | ||||||
| Par (000’s | ) | Value | ||||||
| West Virginia (continued) | ||||||||
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/47 (c) | $ | 620 | $ | 644,046 | ||||
| 1,586,446 | ||||||||
| Wisconsin: 1.2% | ||||||||
Janesville Wisconsin School District, Series B (GO) 4.38%, 03/01/43 (c) | 750 | 756,954 | ||||||
Public Finance Authority, Pooled Charter School (RB) 5.75%, 07/01/62 (c) | 948 | 994,549 | ||||||
University of Wisconsin Hospitals and Clinics Authority, Series B (RB) 5.00%, 04/01/49 (c) | 500 | 517,156 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/47 (c) | 1,000 | 907,536 | ||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/46 (c) | 250 | 250,208 | ||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Series A (RB) (BAM) 4.50%, 02/15/54 (c) | 1,000 | 987,086 | ||||||
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.85%, 09/01/43 (c) | 1,000 | 1,025,330 | ||||||
| Wisconsin Housing and Economic Development Authority, Home Ownership, Series C (RB) | ||||||||
| 4.50%, 09/01/44 (c) | 1,000 | 1,011,982 | ||||||
| 4.75%, 03/01/51 (c) | 1,000 | 1,004,617 | ||||||
| 7,455,418 | ||||||||
| Total Municipal Bonds: 98.6% (Cost: $646,311,429) | 631,754,685 | |||||||
| Other assets less liabilities: 1.4% | 8,771,954 | |||||||
| NET ASSETS: 100.0% | $ | 640,526,639 | ||||||
See Notes to Financial Statements
| 143 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| AG | Assured Guaranty, Inc. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| XLCA | Syncora Guarantee, Inc. |
Footnotes:
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 631,754,685 | $ | — | $ | 631,754,685 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 144 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.2% | ||||||||
| Canada: 6.6% | ||||||||
Alimentation Couche-Tard, Inc. 144A 3.80%, 01/25/50 | $ | 75 | $ | 57,513 | ||||
Bank of Montreal 7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 (a) | 25 | 26,631 | ||||||
Bank of Nova Scotia 4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 (a) | 25 | 24,335 | ||||||
| 6.88% (US Treasury Yield Curve Rate T 5 Year+2.73%), 10/27/85 (a) | 25 | 25,246 | ||||||
| 7.35% (US Treasury Yield Curve Rate T 5 Year+2.90%), 04/27/85 (a) | 25 | 26,155 | ||||||
Canadian Imperial Bank of Commerce 7.00% (US Treasury Yield Curve Rate T 5 Year+3.00%), 10/28/85 (a) | 25 | 25,795 | ||||||
Canadian Natural Resources Ltd. 144A 5.40%, 12/15/34 | 25 | 25,483 | ||||||
| Canadian Pacific Railway Co. | ||||||||
| 1.75%, 12/02/26 | 25 | 24,413 | ||||||
| 2.45%, 12/02/31 | 25 | 22,315 | ||||||
Element Fleet Management Corp. 144A 5.64%, 03/13/27 | 25 | 25,466 | ||||||
| Enbridge, Inc. | ||||||||
| 2.50%, 08/01/33 | 25 | 21,326 | ||||||
| 3.12%, 11/15/29 | 75 | 71,678 | ||||||
| 5.62%, 04/05/34 | 50 | 52,222 | ||||||
| 5.70%, 03/08/33 | 25 | 26,343 | ||||||
GFL Environmental, Inc. 144A 3.50%, 09/01/28 | 25 | 24,467 | ||||||
Royal Bank of Canada 6.35% (US Treasury Yield Curve Rate T 5 Year+2.26%), 11/24/84 (a) | 25 | 24,716 | ||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+2.46%), 11/24/85 (a) | 50 | 49,946 | ||||||
| Toronto-Dominion Bank | ||||||||
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 †(a) | $ | 25 | $ | 26,447 | ||||
| 580,497 | ||||||||
| Chile: 0.3% | ||||||||
Cencosud SA 144A 4.38%, 07/17/27 | 25 | 25,033 | ||||||
| France: 7.5% | ||||||||
BNP Paribas SA 144A 4.62%, 03/13/27 | 25 | 25,022 | ||||||
| 5.91% (SOFR+1.92%), 11/19/35 (a) | 50 | 51,924 | ||||||
Credit Agricole SA 144A 3.25%, 01/14/30 | 50 | 47,259 | ||||||
| 6.25% (SOFR+2.67%), 01/10/35 (a) | 50 | 52,761 | ||||||
Danone SA 144A 2.95%, 11/02/26 | 50 | 49,474 | ||||||
Societe Generale SA 144A 2.80% (US Treasury Yield Curve Rate T 1 Year+1.30%), 01/19/28 (a) | 100 | 98,089 | ||||||
| 2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 06/09/32 (a) | 25 | 22,495 | ||||||
| 3.00%, 01/22/30 | 75 | 70,407 | ||||||
| 3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 (a) | 50 | 45,467 | ||||||
| 3.62%, 03/01/41 | 75 | 56,325 | ||||||
| 4.03% (US Treasury Yield Curve Rate T 1 Year+1.90%), 01/21/43 (a) | 50 | 38,915 | ||||||
| 5.44% (SOFR+1.73%), 10/03/36 (a) | 50 | 50,088 | ||||||
| 5.52% (US Treasury Yield Curve Rate T 1 Year+1.50%), 01/19/28 (a) | 25 | 25,312 | ||||||
| 6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 †(a) | 25 | 26,284 | ||||||
| 659,822 | ||||||||
| India: 0.3% | ||||||||
Reliance Industries Ltd. 144A 3.67%, 11/30/27 | 25 | 24,730 | ||||||
| Ireland: 0.6% | ||||||||
Flutter Treasury DAC 144A 5.88%, 06/04/31 | 50 | 50,656 | ||||||
| Italy: 2.2% | ||||||||
| Enel Finance International NV 144A | ||||||||
See Notes to Financial Statements
| 145 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Italy (continued) | ||||||||
| 3.50%, 04/06/28 | $ | 50 | $ | 49,193 | ||||
| 3.62%, 05/25/27 | 25 | 24,798 | ||||||
| Intesa Sanpaolo SpA 144A | ||||||||
| 6.62%, 06/20/33 | 25 | 27,537 | ||||||
| 7.20%, 11/28/33 | 50 | 56,983 | ||||||
| 7.80%, 11/28/53 | 25 | 30,970 | ||||||
| 189,481 | ||||||||
| Mexico: 0.8% | ||||||||
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51 | 25 | 19,435 | ||||||
Minera Mexico SA de CV 144A 5.62%, 02/12/32 | 25 | 26,025 | ||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 | 25 | 25,071 | ||||||
| 70,531 | ||||||||
| Netherlands: 1.9% | ||||||||
Deutsche Telekom International Finance BV 8.75%, 06/15/30 | 75 | 88,268 | ||||||
| Deutsche Telekom International Finance BV 144A | ||||||||
| 3.60%, 01/19/27 | 25 | 24,872 | ||||||
| 4.38%, 06/21/28 | 25 | 25,134 | ||||||
Prosus NV 144A 3.26%, 01/19/27 | 25 | 24,618 | ||||||
| 162,892 | ||||||||
| Norway: 0.3% | ||||||||
Var Energi ASA 144A 8.00%, 11/15/32 | 25 | 28,891 | ||||||
| Poland: 0.3% | ||||||||
ORLEN SA 144A 6.00%, 01/30/35 | 25 | 26,426 | ||||||
| Thailand: 0.3% | ||||||||
Bangkok Bank PCL 144A 4.30%, 06/15/27 | 25 | 25,022 | ||||||
| United Kingdom: 0.6% | ||||||||
Ferguson Finance PLC 144A 4.50%, 10/24/28 | 25 | 25,145 | ||||||
HSBC Holdings PLC 6.50%, 09/15/37 | 25 | 27,005 | ||||||
| 52,150 | ||||||||
| United States: 76.5% | ||||||||
Alcon Finance Corp. 144A 3.00%, 09/23/29 | 25 | 23,836 | ||||||
| Altria Group, Inc. | ||||||||
| 2.45%, 02/04/32 | 50 | 43,960 | ||||||
| 3.40%, 02/04/41 | 50 | 38,566 | ||||||
| 4.25%, 08/09/42 | 50 | 41,917 | ||||||
| 4.80%, 02/14/29 | 75 | 76,150 | ||||||
| 5.80%, 02/14/39 | 50 | 51,523 | ||||||
| 5.95%, 02/14/49 | 25 | 25,388 | ||||||
Ares Capital Corp. 5.88%, 03/01/29 | 25 | 25,601 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.95%, 07/15/29 | $ | 50 | $ | 51,328 | ||||
| 7.00%, 01/15/27 | 50 | 51,366 | ||||||
| AT&T, Inc. | ||||||||
| 3.85%, 06/01/60 | 75 | 52,945 | ||||||
| 4.30%, 02/15/30 | 75 | 74,994 | ||||||
Blue Owl Capital Corp. 5.95%, 03/15/29 | 25 | 25,339 | ||||||
Campbell Soup Co. 5.40%, 03/21/34 | 50 | 51,387 | ||||||
| Capital One Financial Corp. | ||||||||
| 2.36% (SOFR+1.34%), 07/29/32 (a) | 25 | 21,729 | ||||||
| 4.10%, 02/09/27 | 50 | 49,926 | ||||||
| 5.20% (SOFR+1.63%), 09/11/36 (a) | 25 | 24,845 | ||||||
| 6.05% (SOFR+2.26%), 02/01/35 (a) | 75 | 79,554 | ||||||
| 6.18% (SOFR+2.04%), 01/30/36 (a) | 50 | 52,126 | ||||||
| 6.38% (SOFR+2.86%), 06/08/34 (a) | 50 | 54,143 | ||||||
| 7.96% (SOFR Compound Index+3.37%), 11/02/34 (a) | 25 | 29,503 | ||||||
| Centene Corp. | ||||||||
| 2.50%, 03/01/31 | 25 | 21,538 | ||||||
| 2.62%, 08/01/31 | 75 | 64,405 | ||||||
| 3.00%, 10/15/30 | 25 | 22,326 | ||||||
| 3.38%, 02/15/30 † | 75 | 69,043 | ||||||
| 4.62%, 12/15/29 | 50 | 48,536 | ||||||
CF Industries, Inc. 144A 4.50%, 12/01/26 | 25 | 25,020 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 3.85%, 04/01/61 † | 75 | 46,198 | ||||||
| 3.95%, 06/30/62 | 75 | 46,488 | ||||||
| 5.12%, 07/01/49 | 20 | 16,137 | ||||||
| 5.38%, 04/01/38 | 50 | 46,383 | ||||||
| 5.38%, 05/01/47 | 75 | 63,673 | ||||||
| 6.38%, 10/23/35 | 50 | 51,812 | ||||||
| 6.48%, 10/23/45 | 150 | 144,987 | ||||||
| Cheniere Corpus Christi Holdings LLC | ||||||||
| 3.70%, 11/15/29 | 25 | 24,348 | ||||||
| 5.12%, 06/30/27 | 25 | 25,262 | ||||||
Citigroup, Inc. 4.30%, 11/20/26 | 25 | 25,036 | ||||||
| 5.83% (SOFR+2.06%), 02/13/35 (a) | 50 | 51,979 | ||||||
| 6.02% (SOFR+1.83%), 01/24/36 (a) | 75 | 78,492 | ||||||
| Conagra Brands, Inc. | ||||||||
| 5.30%, 11/01/38 | 50 | 48,144 | ||||||
| 5.40%, 11/01/48 | 25 | 22,917 | ||||||
| Constellation Brands, Inc. | ||||||||
| 2.25%, 08/01/31 | 50 | 44,281 | ||||||
| 3.15%, 08/01/29 | 25 | 24,063 | ||||||
See Notes to Financial Statements
| 146 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Deutsche Bank AG 7.08% (SOFR+3.65%), 02/10/34 (a) | $ | 25 | $ | 27,412 | ||||
DT Midstream, Inc. 144A 4.12%, 06/15/29 | 25 | 24,476 | ||||||
Equinix, Inc. 3.20%, 11/18/29 † | 25 | 23,995 | ||||||
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52 | 25 | 16,097 | ||||||
Fiserv, Inc. 3.50%, 07/01/29 | 75 | 72,196 | ||||||
| General Mills, Inc. | ||||||||
| 2.88%, 04/15/30 | 50 | 47,123 | ||||||
| 3.20%, 02/10/27 | 50 | 49,477 | ||||||
| 4.95%, 03/29/33 | 25 | 25,373 | ||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||
| 5.30%, 01/15/29 | 25 | 25,493 | ||||||
| 5.62%, 09/15/34 | 25 | 25,296 | ||||||
Golub Capital BDC, Inc. 6.00%, 07/15/29 | 25 | 25,386 | ||||||
Haleon US Capital LLC 3.38%, 03/24/29 | 75 | 73,084 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 75 | 74,487 | ||||||
| 5.12%, 06/15/39 | 75 | 72,980 | ||||||
| 5.25%, 06/15/49 | 75 | 68,902 | ||||||
International Flavors & Fragrances, Inc. 144A 1.83%, 10/15/27 | 25 | 23,838 | ||||||
IQVIA, Inc. 6.25%, 02/01/29 | 25 | 26,355 | ||||||
ITC Holdings Corp. 144A 4.95%, 09/22/27 | 25 | 25,336 | ||||||
J M Smucker Co. 6.20%, 11/15/33 | 25 | 27,124 | ||||||
| Keurig Dr. Pepper, Inc. | ||||||||
| 3.80%, 05/01/50 | 25 | 18,509 | ||||||
| 3.95%, 04/15/29 | 25 | 24,650 | ||||||
| 4.05%, 04/15/32 | 50 | 48,022 | ||||||
| 4.50%, 04/15/52 | 50 | 40,881 | ||||||
| 5.10%, 03/15/27 | 25 | 25,248 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.88%, 05/15/27 | 25 | 24,891 | ||||||
| 4.38%, 06/01/46 | 50 | 41,801 | ||||||
| 5.00%, 06/04/42 | 50 | 46,177 | ||||||
| 5.20%, 07/15/45 | 50 | 46,371 | ||||||
| 6.88%, 01/26/39 | 25 | 27,891 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 25 | 28,625 | ||||||
| Kroger Co. | ||||||||
| 4.45%, 02/01/47 | 100 | 85,568 | ||||||
| 5.00%, 09/15/34 | 25 | 25,218 | ||||||
| Lowe’s Cos, Inc. | ||||||||
| 2.62%, 04/01/31 | 100 | 91,471 | ||||||
| 3.65%, 04/05/29 | 25 | 24,592 | ||||||
| LPL Holdings, Inc. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.00%, 03/15/29 | $ | 25 | $ | 24,429 | ||||
| Marriott International, Inc. | ||||||||
| 2.85%, 04/15/31 | 25 | 23,038 | ||||||
| 3.50%, 10/15/32 | 100 | 93,023 | ||||||
| 4.90%, 04/15/29 | 25 | 25,531 | ||||||
| 5.35%, 03/15/35 † | 25 | 25,670 | ||||||
McCormick & Co., Inc. 3.40%, 08/15/27 | 25 | 24,723 | ||||||
| McDonald’s Corp. | ||||||||
| 2.12%, 03/01/30 | 150 | 137,709 | ||||||
| 3.50%, 07/01/27 | 50 | 49,617 | ||||||
| 3.62%, 09/01/49 | 50 | 37,388 | ||||||
| 4.45%, 09/01/48 | 25 | 21,609 | ||||||
| 4.88%, 12/09/45 | 50 | 46,270 | ||||||
| 6.30%, 10/15/37 | 50 | 55,560 | ||||||
Midwest Connector Capital Co. LLC 144A 4.62%, 04/01/29 | 25 | 25,111 | ||||||
| Mondelez International, Inc. | ||||||||
| 2.62%, 09/04/50 | 75 | 45,502 | ||||||
| 3.00%, 03/17/32 | 25 | 22,884 | ||||||
Motorola Solutions, Inc. 4.60%, 05/23/29 | 25 | 25,297 | ||||||
| MPLX LP | ||||||||
| 2.65%, 08/15/30 | 50 | 46,067 | ||||||
| 4.80%, 02/15/29 | 25 | 25,381 | ||||||
| 4.95%, 09/01/32 | 25 | 25,083 | ||||||
| 5.00%, 03/01/33 | 50 | 50,124 | ||||||
| 5.40%, 04/01/35 | 50 | 50,380 | ||||||
News Corp. 144A 3.88%, 05/15/29 | 25 | 24,115 | ||||||
NRG Energy, Inc. 144A 2.45%, 12/02/27 | 25 | 23,984 | ||||||
| Oracle Corp. | ||||||||
| 3.60%, 04/01/40 | 75 | 58,766 | ||||||
| 3.80%, 11/15/37 | 50 | 42,319 | ||||||
| 3.85%, 07/15/36 | 25 | 21,858 | ||||||
| 3.95%, 03/25/51 | 50 | 35,673 | ||||||
| 4.00%, 07/15/46 | 50 | 37,498 | ||||||
| 4.38%, 05/15/55 | 50 | 37,718 | ||||||
| 5.25%, 02/03/32 | 50 | 50,924 | ||||||
| 5.38%, 07/15/40 | 100 | 95,347 | ||||||
| 5.50%, 09/27/64 | 25 | 21,825 | ||||||
| 6.12%, 07/08/39 | 25 | 25,779 | ||||||
O’Reilly Automotive, Inc. 3.60%, 09/01/27 | 25 | 24,796 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 2.10%, 08/01/27 | 75 | 72,135 | ||||||
| 2.50%, 02/01/31 | 50 | 44,775 | ||||||
| 3.25%, 06/01/31 | 50 | 46,200 | ||||||
| 3.30%, 08/01/40 | 25 | 19,006 | ||||||
| 3.50%, 08/01/50 | 50 | 34,202 | ||||||
| 3.75%, 07/01/28 | 50 | 49,198 | ||||||
| 4.50%, 07/01/40 | 100 | 87,006 | ||||||
| 4.95%, 07/01/50 | 75 | 64,617 | ||||||
| 6.75%, 01/15/53 | 25 | 27,044 | ||||||
Roper Technologies, Inc. 4.20%, 09/15/28 | 25 | 25,055 | ||||||
See Notes to Financial Statements
| 147 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Sabine Pass Liquefaction LLC 5.00%, 03/15/27 | $ | 25 | $ | 25,149 | ||||
Sherwin-Williams Co. 3.45%, 06/01/27 | 50 | 49,548 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.88%, 11/15/28 | 75 | 80,593 | ||||||
| 8.75%, 03/15/32 | 25 | 30,424 | ||||||
Sysco Corp. 5.95%, 04/01/30 | 25 | 26,527 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 2.05%, 02/15/28 | 50 | 47,768 | ||||||
| 2.55%, 02/15/31 | 50 | 45,489 | ||||||
| 3.00%, 02/15/41 | 25 | 18,725 | ||||||
| 3.30%, 02/15/51 | 25 | 16,927 | ||||||
| 3.38%, 04/15/29 | 75 | 72,915 | ||||||
| 3.40%, 10/15/52 | 50 | 34,103 | ||||||
| 3.75%, 04/15/27 | 50 | 49,730 | ||||||
| 3.88%, 04/15/30 | 60 | 58,788 | ||||||
| 4.38%, 04/15/40 | 75 | 67,416 | ||||||
| 4.70%, 01/15/35 | 25 | 24,529 | ||||||
| Tyson Foods, Inc. | ||||||||
| 3.55%, 06/02/27 | 25 | 24,765 | ||||||
| 4.35%, 03/01/29 | 50 | 50,046 | ||||||
| 5.10%, 09/28/48 | 25 | 23,105 | ||||||
United Rentals North America, Inc. 144A 6.00%, 12/15/29 | 25 | 25,678 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.75%, 01/20/31 | 25 | 21,861 | ||||||
| 2.35%, 03/15/32 | 50 | 43,737 | ||||||
| 2.55%, 03/21/31 | 150 | 136,275 | ||||||
| 2.99%, 10/30/56 | 25 | 15,200 | ||||||
| 3.40%, 03/22/41 | 50 | 39,304 | ||||||
| 4.33%, 09/21/28 | 125 | 125,701 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
VICI Properties LP 5.12%, 05/15/32 | $ | 50 | $ | 50,427 | ||||
| VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
| 3.75%, 02/15/27 | 50 | 49,525 | ||||||
| 4.25%, 12/01/26 | 25 | 24,947 | ||||||
| 4.62%, 12/01/29 | 50 | 49,605 | ||||||
| Vistra Operations Co. LLC 144A | ||||||||
| 4.30%, 07/15/29 | 25 | 24,764 | ||||||
| 6.95%, 10/15/33 | 50 | 55,659 | ||||||
| VMware LLC | ||||||||
| 1.80%, 08/15/28 | 25 | 23,484 | ||||||
| 2.20%, 08/15/31 | 50 | 44,228 | ||||||
| Westinghouse Air Brake Technologies Corp. | ||||||||
| 3.45%, 11/15/26 | 25 | 24,820 | ||||||
| 4.70%, 09/15/28 | 25 | 25,323 | ||||||
| 6,688,860 | ||||||||
| Total Corporate Bonds
(Cost: $8,564,573) | 8,584,991 | |||||||
| Number of Shares | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% | ||||||||
| Money Market Fund:
2.7% (Cost: $238,357) | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x) | 238,357 | 238,357 | ||||||
| Total Investments:
100.9% (Cost: $8,802,930) | 8,823,348 | |||||||
| Liabilities in excess of other assets: (0.9)% | (81,546) | |||||||
| NET ASSETS: 100.0% | $ | 8,741,802 | ||||||
Definitions:
| SOFR | Secured Overnight Financing Rate |
Footnotes:
| (a) | Variable rate security — the rate shown is as of 10/31/25 |
| (x) | Rate shown is the 1-day yield as of 10/31/25. |
| † | Security fully or partially on loan. Total market value of securities on loan is $193,057. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $1,812,238, or 20.7% of net assets. |
See Notes to Financial Statements
| 148 |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 8,584,991 | $ | — | $ | 8,584,991 | ||||||||
| Money Market Fund | 238,357 | — | — | 238,357 | ||||||||||||
| Total Investments | $ | 238,357 | $ | 8,584,991 | $ | — | $ | 8,823,348 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 149 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.4% | ||||||||
| Canada: 6.9% | ||||||||
| Alimentation Couche-Tard, Inc. 144A | ||||||||
| 3.80%, 01/25/50 | $ | 50 | $ | 38,342 | ||||
| 5.27%, 02/12/34 | 30 | 30,761 | ||||||
Bank of Montreal 7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 (a) | 25 | 26,631 | ||||||
| Bank of Nova Scotia | ||||||||
| 1.95%, 02/02/27 | 50 | 48,799 | ||||||
| 2.45%, 02/02/32 | 100 | 89,234 | ||||||
| 4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 (a) | 25 | 24,335 | ||||||
| 4.85%, 02/01/30 | 50 | 51,110 | ||||||
| 6.88% (US Treasury Yield Curve Rate T 5 Year+2.73%), 10/27/85 (a) | 50 | 50,492 | ||||||
| Brookfield Finance, Inc. 3.50%, 03/30/51 | 50 | 35,443 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 5.24%, 06/28/27 | 50 | 50,992 | ||||||
| 7.00% (US Treasury Yield Curve Rate T 5 Year+3.00%), 10/28/85 (a) | 25 | 25,795 | ||||||
| Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 25 | 26,711 | ||||||
| Canadian Pacific Railway Co. 1.75%, 12/02/26 | 25 | 24,413 | ||||||
| Enbridge, Inc. | ||||||||
| 2.50%, 08/01/33 | 50 | 42,653 | ||||||
| 3.12%, 11/15/29 | 25 | 23,893 | ||||||
| 5.70%, 03/08/33 | 25 | 26,343 | ||||||
| Royal Bank of Canada | ||||||||
| 6.35% (US Treasury Yield Curve Rate T 5 Year+2.26%), 11/24/84 (a) | 25 | 24,716 | ||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+2.46%), 11/24/85 (a) | 25 | 24,973 | ||||||
| Toronto-Dominion Bank | ||||||||
| 2.80%, 03/10/27 | 75 | 73,819 | ||||||
| 3.20%, 03/10/32 | 50 | 46,566 | ||||||
| 4.11%, 06/08/27 | 25 | 25,019 | ||||||
| 4.93%, 10/15/35 | 100 | 100,254 | ||||||
| 4.99%, 04/05/29 | 75 | 76,936 | ||||||
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 †(a) | $ | 25 | $ | 26,447 | ||||
| 1,014,677 | ||||||||
| Chile: 0.2% | ||||||||
| Cencosud SA 144A 4.38%, 07/17/27 | 25 | 25,033 | ||||||
| Denmark: 0.2% | ||||||||
Danske Bank A/S 144A 5.43% (US Treasury Yield Curve Rate T 1 Year+0.95%), 03/01/28 (a) | 25 | 25,421 | ||||||
| France: 7.5% | ||||||||
| BNP Paribas SA 144A | ||||||||
| 2.59% (SOFR+1.23%), 01/20/28 (a) | 25 | 24,485 | ||||||
| 3.50%, 11/16/27 | 75 | 73,908 | ||||||
| 5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 (a) | 50 | 50,915 | ||||||
| 5.18% (SOFR+1.52%), 01/09/30 (a) | 50 | 51,228 | ||||||
| 5.33% (US Treasury Yield Curve Rate T 1 Year+1.50%), 06/12/29 (a) | 100 | 102,601 | ||||||
| 5.89% (SOFR+1.87%), 12/05/34 (a) | 100 | 106,476 | ||||||
| 5.91% (SOFR+1.92%), 11/19/35 (a) | 50 | 51,924 | ||||||
| Credit Agricole SA 144A | ||||||||
| 2.02%, 01/11/27 | 50 | 48,785 | ||||||
| 3.25%, 01/14/30 | 25 | 23,629 | ||||||
| 5.37%, 03/11/34 | 25 | 26,159 | ||||||
| 5.51%, 07/05/33 | 25 | 26,413 | ||||||
| 6.25% (SOFR+2.67%), 01/10/35 †(a) | 25 | 26,380 | ||||||
| Danone SA 144A 2.95%, 11/02/26 | 50 | 49,474 | ||||||
| Societe Generale SA 144A | ||||||||
| 2.80% (US Treasury Yield Curve Rate T 1 Year+1.30%), 01/19/28 (a) | 75 | 73,567 | ||||||
| 3.00%, 01/22/30 | 125 | 117,345 | ||||||
| 4.03% (US Treasury Yield Curve Rate T 1 Year+1.90%), 01/21/43 (a) | 50 | 38,915 | ||||||
| 4.68%, 06/15/27 | 50 | 50,433 | ||||||
| 6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 (a) | 25 | 26,284 | ||||||
See Notes to Financial Statements
| 150 |
| Par (000’s | ) | Value | ||||||
| France (continued) | ||||||||
| 6.22% (US Treasury Yield Curve Rate T 1 Year+3.20%), 06/15/33 (a) | $ | 50 | $ | 52,771 | ||||
| 6.69% (US Treasury Yield Curve Rate T 1 Year+2.95%), 01/10/34 (a) | 75 | 81,733 | ||||||
| 1,103,425 | ||||||||
| India: 0.2% | ||||||||
| Reliance Industries Ltd. 144A 3.67%, 11/30/27 | 25 | 24,730 | ||||||
| Ireland: 0.3% | ||||||||
| Flutter Treasury DAC 144A 5.88%, 06/04/31 | 50 | 50,656 | ||||||
| Italy: 1.1% | ||||||||
| Intesa Sanpaolo SpA 144A | ||||||||
| 6.62%, 06/20/33 | 50 | 55,075 | ||||||
| 7.20%, 11/28/33 | 50 | 56,982 | ||||||
| 7.80%, 11/28/53 | 25 | 30,970 | ||||||
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 (a) | 25 | 23,093 | ||||||
| 166,120 | ||||||||
| Mexico: 0.3% | ||||||||
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51 | 25 | 19,435 | ||||||
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 | 25 | 25,071 | ||||||
| 44,506 | ||||||||
| Netherlands: 1.8% | ||||||||
Deutsche Telekom International Finance BV 8.75%, 06/15/30 | 75 | 88,268 | ||||||
| Deutsche Telekom International Finance BV 144A | ||||||||
| 3.60%, 01/19/27 | 25 | 24,872 | ||||||
| 4.38%, 06/21/28 | 50 | 50,268 | ||||||
| Enel Finance International NV 144A 2.12%, 07/12/28 |
25 | 23,684 | ||||||
| JDE Peet’s NV 144A 1.38%, 01/15/27 | 50 | 48,271 | ||||||
| Prosus NV 144A 3.26%, 01/19/27 | 25 | 24,618 | ||||||
| 259,981 | ||||||||
| Norway: 0.4% | ||||||||
DNB Bank ASA 144A 4.85% (SOFR+1.05%), 11/05/30 (a) | 25 | 25,508 | ||||||
| Var Energi ASA 144A 8.00%, 11/15/32 † | 25 | 28,891 | ||||||
| 54,399 | ||||||||
| Par (000’s | ) | Value | ||||||
| Poland: 0.2% | ||||||||
| ORLEN SA 144A 6.00%, 01/30/35 | $ | 25 | $ | 26,427 | ||||
| Saudi Arabia: 2.1% | ||||||||
| Saudi Arabian Oil Co. 144A | ||||||||
| 2.25%, 11/24/30 | 100 | 90,382 | ||||||
| 3.25%, 11/24/50 | 100 | 69,246 | ||||||
| 3.50%, 04/16/29 | 75 | 73,594 | ||||||
| 5.25%, 07/17/34 | 50 | 51,792 | ||||||
| 5.88%, 07/17/64 | 25 | 24,991 | ||||||
| 310,005 | ||||||||
| Spain: 1.8% | ||||||||
Banco Bilbao Vizcaya Argentaria SA 5.38%, 03/13/29 | 25 | 25,862 | ||||||
| Banco Santander SA | ||||||||
| 5.37% (US Treasury Yield Curve Rate T 1 Year+0.95%), 07/15/28 (a) | 75 | 76,430 | ||||||
| 5.44%, 07/15/31 | 50 | 52,516 | ||||||
| 6.53% (US Treasury Yield Curve Rate T 1 Year+1.65%), 11/07/27 (a) | 25 | 25,577 | ||||||
| 6.94%, 11/07/33 | 75 | 85,995 | ||||||
| 266,380 | ||||||||
| Sweden: 0.3% | ||||||||
| Svenska Handelsbanken AB 144A 3.95%, 06/10/27 | 25 | 25,042 | ||||||
| Swedbank AB 144A 1.54%, 11/16/26 | 25 | 24,401 | ||||||
| 49,443 | ||||||||
| Switzerland: 0.2% | ||||||||
UBS Group AG 144A 3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 (a) | 50 | 38,551 | ||||||
| United Arab Emirates: 0.2% | ||||||||
Abu Dhabi Crude Oil Pipeline LLC 144A 3.65%, 11/02/29 | 25 | 24,671 | ||||||
| United Kingdom: 1.3% | ||||||||
Barclays PLC 3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 (a) | 50 | 39,000 | ||||||
| Credit Agricole SA 144A 4.12%, 01/10/27 | 75 | 74,898 | ||||||
| Ferguson Finance PLC 144A 4.50%, 10/24/28 | 50 | 50,290 | ||||||
| HSBC Holdings PLC 4.38%, 11/23/26 | 25 | 25,034 | ||||||
| 189,222 | ||||||||
See Notes to Financial Statements
| 151 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States: 73.4% | ||||||||
| AIG SunAmerica Global Financing X 144A | ||||||||
| 6.90%, 03/15/32 | $ | 25 | $ | 27,973 | ||||
| Altria Group, Inc. | ||||||||
| 2.45%, 02/04/32 | 50 | 43,960 | ||||||
| 3.40%, 05/06/30 | 50 | 48,063 | ||||||
| 3.40%, 02/04/41 | 75 | 57,849 | ||||||
| 4.25%, 08/09/42 | 125 | 104,792 | ||||||
| 4.80%, 02/14/29 | 50 | 50,767 | ||||||
| 5.38%, 01/31/44 † | 50 | 48,806 | ||||||
| 5.80%, 02/14/39 | 25 | 25,762 | ||||||
| 5.95%, 02/14/49 | 25 | 25,388 | ||||||
| Apple, Inc. | ||||||||
| 1.20%, 02/08/28 | 75 | 70,937 | ||||||
| 1.40%, 08/05/28 | 25 | 23,474 | ||||||
| 1.65%, 02/08/31 | 25 | 22,171 | ||||||
| 2.20%, 09/11/29 | 25 | 23,510 | ||||||
| 2.38%, 02/08/41 | 100 | 71,916 | ||||||
| 2.65%, 05/11/50 | 150 | 95,542 | ||||||
| 2.65%, 02/08/51 | 75 | 47,592 | ||||||
| 2.95%, 09/11/49 | 50 | 34,245 | ||||||
| 3.85%, 05/04/43 | 50 | 42,641 | ||||||
| Ares Capital Corp. | ||||||||
| 5.88%, 03/01/29 | 25 | 25,601 | ||||||
| 5.95%, 07/15/29 | 50 | 51,328 | ||||||
| 7.00%, 01/15/27 | 50 | 51,366 | ||||||
| AT&T, Inc. | ||||||||
| 3.80%, 12/01/57 | 150 | 106,002 | ||||||
| 3.85%, 06/01/60 | 50 | 35,297 | ||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 2.85%, 05/15/51 | 25 | 15,946 | ||||||
| 3.70%, 07/15/30 | 25 | 24,518 | ||||||
| 3.80%, 07/15/48 | 25 | 19,354 | ||||||
| 4.25%, 10/15/50 | 25 | 20,578 | ||||||
| 4.45%, 01/15/49 | 75 | 64,577 | ||||||
| 4.60%, 05/01/53 † | 25 | 21,677 | ||||||
| 5.15%, 11/15/43 | 25 | 24,288 | ||||||
| 6.12%, 04/01/36 | 25 | 27,136 | ||||||
| Berkshire Hathaway Finance Corp. | ||||||||
| 1.45%, 10/15/30 † | 50 | 44,289 | ||||||
| 2.85%, 10/15/50 | 50 | 33,061 | ||||||
| 3.85%, 03/15/52 | 150 | 118,302 | ||||||
| 4.20%, 08/15/48 | 75 | 64,228 | ||||||
| 4.25%, 01/15/49 | 50 | 43,109 | ||||||
| Blue Owl Capital Corp. 2.88%, 06/11/28 | 50 | 47,228 | ||||||
| Cameron LNG LLC 144A | ||||||||
| 2.90%, 07/15/31 | 25 | 22,920 | ||||||
| 3.30%, 01/15/35 | 25 | 21,962 | ||||||
| 3.70%, 01/15/39 | 50 | 43,119 | ||||||
| Campbell Soup Co. 5.40%, 03/21/34 | 25 | 25,693 | ||||||
Capital One Financial Corp. 5.20% (SOFR+1.63%), 09/11/36 (a) | 50 | 49,690 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 6.18% (SOFR+2.04%), 01/30/36 (a) | $ | 75 | $ | 78,190 | ||||
| 6.38% (SOFR+2.86%), 06/08/34 (a) | 50 | 54,143 | ||||||
| Centene Corp. | ||||||||
| 3.00%, 10/15/30 † | 100 | 89,306 | ||||||
| 3.38%, 02/15/30 | 75 | 69,043 | ||||||
| 4.62%, 12/15/29 | 100 | 97,072 | ||||||
| CF Industries, Inc. 144A 4.50%, 12/01/26 | 25 | 25,020 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 3.50%, 06/01/41 | 75 | 54,130 | ||||||
| 3.70%, 04/01/51 | 150 | 98,119 | ||||||
| 4.40%, 12/01/61 | 25 | 16,950 | ||||||
| 5.38%, 04/01/38 | 125 | 115,958 | ||||||
| 5.38%, 05/01/47 | 25 | 21,224 | ||||||
| 5.50%, 04/01/63 | 25 | 20,330 | ||||||
| 5.75%, 04/01/48 | 50 | 44,380 | ||||||
| 6.48%, 10/23/45 | 50 | 48,329 | ||||||
| Cheniere Corpus Christi Holdings LLC 5.12%, 06/30/27 |
50 | 50,524 | ||||||
| Cintas Corp. No 2 3.70%, 04/01/27 | 25 | 24,913 | ||||||
Citigroup, Inc. 6.02% (SOFR+1.83%), 01/24/36 (a) | 100 | 104,656 | ||||||
| Coca-Cola Co. | ||||||||
| 1.38%, 03/15/31 | 50 | 43,702 | ||||||
| 2.00%, 03/05/31 | 25 | 22,585 | ||||||
| 2.50%, 06/01/40 | 100 | 74,634 | ||||||
| 2.88%, 05/05/41 | 50 | 38,617 | ||||||
| 3.45%, 03/25/30 | 75 | 73,261 | ||||||
| 5.40%, 05/13/64 | 50 | 49,779 | ||||||
| Conagra Brands, Inc. | ||||||||
| 1.38%, 11/01/27 | 25 | 23,609 | ||||||
| 4.85%, 11/01/28 | 25 | 25,282 | ||||||
| 5.30%, 11/01/38 | 25 | 24,072 | ||||||
| Constellation Brands, Inc. | ||||||||
| 2.25%, 08/01/31 | 50 | 44,281 | ||||||
| 3.15%, 08/01/29 | 25 | 24,063 | ||||||
| Costco Wholesale Corp. 1.60%, 04/20/30 | 50 | 45,213 | ||||||
Deutsche Bank AG 7.08% (SOFR+3.65%), 02/10/34 (a) | 50 | 54,825 | ||||||
| DT Midstream, Inc. 144A 4.12%, 06/15/29 | 25 | 24,476 | ||||||
| Duke Energy Carolinas LLC | ||||||||
| 3.20%, 08/15/49 | 25 | 17,521 | ||||||
| 4.95%, 01/15/33 | 25 | 25,778 | ||||||
| 5.30%, 02/15/40 | 25 | 25,560 | ||||||
| 5.35%, 01/15/53 | 50 | 49,342 | ||||||
| Duke Energy Progress LLC 5.05%, 03/15/35 | 75 | 76,532 | ||||||
See Notes to Financial Statements
| 152 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Entergy Louisiana LLC | ||||||||
| 4.00%, 03/15/33 | $ | 25 | $ | 24,108 | ||||
| 4.20%, 09/01/48 | 25 | 20,692 | ||||||
| Equinix, Inc. 3.20%, 11/18/29 † | 50 | 47,991 | ||||||
| Expand Energy Corp. 144A 6.75%, 04/15/29 | 25 | 25,206 | ||||||
First Citizens BancShares, Inc./NC 6.25% (US Treasury Yield Curve Rate T 5 Year+1.97%), 03/12/40 (a) | 25 | 25,419 | ||||||
| Fiserv, Inc. | ||||||||
| 3.50%, 07/01/29 | 50 | 48,130 | ||||||
| 5.15%, 03/15/27 | 50 | 50,424 | ||||||
| Florida Power & Light Co. | ||||||||
| 3.15%, 10/01/49 | 25 | 17,505 | ||||||
| 3.95%, 03/01/48 | 25 | 20,397 | ||||||
| 4.80%, 05/15/33 | 25 | 25,559 | ||||||
| 5.10%, 04/01/33 | 25 | 25,921 | ||||||
| 5.30%, 06/15/34 | 25 | 26,177 | ||||||
| Gartner, Inc. 144A 3.75%, 10/01/30 | 25 | 23,661 | ||||||
| General Mills, Inc. | ||||||||
| 3.20%, 02/10/27 | 25 | 24,739 | ||||||
| 4.20%, 04/17/28 | 50 | 50,044 | ||||||
| 4.95%, 03/29/33 | 25 | 25,373 | ||||||
| 5.25%, 01/30/35 | 25 | 25,493 | ||||||
| GLP Capital LP / GLP Financing II, Inc. | ||||||||
| 3.25%, 01/15/32 | 25 | 22,462 | ||||||
| 5.30%, 01/15/29 | 50 | 50,987 | ||||||
| HCA, Inc. | ||||||||
| 2.38%, 07/15/31 | 50 | 44,632 | ||||||
| 4.12%, 06/15/29 | 50 | 49,658 | ||||||
| 4.50%, 02/15/27 | 50 | 50,080 | ||||||
| 5.25%, 06/15/49 | 25 | 22,967 | ||||||
| 5.50%, 06/15/47 | 75 | 72,081 | ||||||
| Home Depot, Inc. | ||||||||
| 1.38%, 03/15/31 | 75 | 64,894 | ||||||
| 2.70%, 04/15/30 | 100 | 94,430 | ||||||
| 5.95%, 04/01/41 | 25 | 26,957 | ||||||
| Illinois Tool Works, Inc. 2.65%, 11/15/26 | 25 | 24,736 | ||||||
| International Flavors & Fragrances, Inc. 144A | ||||||||
| 1.83%, 10/15/27 | 25 | 23,838 | ||||||
| 3.47%, 12/01/50 | 25 | 17,442 | ||||||
| IQVIA, Inc. 6.25%, 02/01/29 | 25 | 26,355 | ||||||
| ITC Holdings Corp. 144A 4.95%, 09/22/27 | 25 | 25,336 | ||||||
| Keurig Dr. Pepper, Inc. | ||||||||
| 3.80%, 05/01/50 | 75 | 55,527 | ||||||
| 3.95%, 04/15/29 | 50 | 49,299 | ||||||
| 4.05%, 04/15/32 | 25 | 24,011 | ||||||
| 4.60%, 05/25/28 | 25 | 25,153 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.88%, 05/15/27 | $ | 25 | $ | 24,891 | ||||
| 4.38%, 06/01/46 | 100 | 83,601 | ||||||
| 5.00%, 06/04/42 | 25 | 23,089 | ||||||
| 5.20%, 07/15/45 | 50 | 46,371 | ||||||
| 6.88%, 01/26/39 | 25 | 27,891 | ||||||
| Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 25 | 28,625 | ||||||
| Kroger Co. | ||||||||
| 5.00%, 09/15/34 | 75 | 75,654 | ||||||
| 5.65%, 09/15/64 † | 25 | 24,387 | ||||||
| Lowe’s Cos, Inc. | ||||||||
| 3.00%, 10/15/50 | 50 | 32,463 | ||||||
| 4.45%, 04/01/62 | 25 | 19,996 | ||||||
| Marriott International, Inc. 4.90%, 04/15/29 | 25 | 25,531 | ||||||
| Mastercard, Inc. | ||||||||
| 2.95%, 11/21/26 | 75 | 74,381 | ||||||
| 2.95%, 06/01/29 | 50 | 48,351 | ||||||
| 4.35%, 01/15/32 | 25 | 25,145 | ||||||
| 4.55%, 01/15/35 | 50 | 49,953 | ||||||
| 4.85%, 03/09/33 | 25 | 25,698 | ||||||
| 4.88%, 03/09/28 | 25 | 25,548 | ||||||
| McCormick & Co., Inc. 3.40%, 08/15/27 | 25 | 24,723 | ||||||
| McDonald’s Corp. | ||||||||
| 2.12%, 03/01/30 | 25 | 22,952 | ||||||
| 2.62%, 09/01/29 | 40 | 37,964 | ||||||
| 3.50%, 03/01/27 | 100 | 99,310 | ||||||
| 3.50%, 07/01/27 | 25 | 24,808 | ||||||
| 3.60%, 07/01/30 † | 25 | 24,418 | ||||||
| 3.62%, 09/01/49 | 50 | 37,388 | ||||||
| 4.45%, 03/01/47 | 50 | 43,304 | ||||||
| 4.70%, 12/09/35 | 25 | 24,826 | ||||||
| 4.88%, 12/09/45 | 25 | 23,135 | ||||||
| 4.95%, 03/03/35 | 25 | 25,336 | ||||||
| 5.00%, 02/13/36 | 25 | 25,195 | ||||||
| 6.30%, 10/15/37 | 25 | 27,780 | ||||||
| Meta Platforms, Inc. | ||||||||
| 3.50%, 08/15/27 | 50 | 49,746 | ||||||
| 4.65%, 08/15/62 | 75 | 62,460 | ||||||
| 4.95%, 05/15/33 | 75 | 77,044 | ||||||
| Mondelez International, Inc. | ||||||||
| 2.62%, 09/04/50 | 25 | 15,167 | ||||||
| 2.75%, 04/13/30 | 50 | 47,022 | ||||||
| 3.00%, 03/17/32 | 25 | 22,884 | ||||||
| MPLX LP 4.12%, 03/01/27 | 25 | 24,966 | ||||||
| Nestle Holdings, Inc. 144A | ||||||||
| 1.00%, 09/15/27 | 45 | 42,776 | ||||||
| 3.62%, 09/24/28 | 25 | 24,824 | ||||||
| News Corp. 144A 3.88%, 05/15/29 | 25 | 24,115 | ||||||
| NRG Energy, Inc. 144A 2.45%, 12/02/27 | 25 | 23,984 | ||||||
| Oncor Electric Delivery Co. LLC 4.95%, 09/15/52 | 25 | 22,926 | ||||||
See Notes to Financial Statements
| 153 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.65%, 11/15/33 | $ | 25 | $ | 26,632 | ||||
| Oracle Corp. | ||||||||
| 3.65%, 03/25/41 | 130 | 101,015 | ||||||
| 3.80%, 11/15/37 | 35 | 29,623 | ||||||
| 3.85%, 04/01/60 | 75 | 49,613 | ||||||
| 3.95%, 03/25/51 | 50 | 35,673 | ||||||
| 4.00%, 07/15/46 | 25 | 18,749 | ||||||
| 4.12%, 05/15/45 | 75 | 58,020 | ||||||
| 4.30%, 07/08/34 | 25 | 23,440 | ||||||
| 5.38%, 07/15/40 | 75 | 71,510 | ||||||
| 6.50%, 04/15/38 | 25 | 26,776 | ||||||
| O’Reilly Automotive, Inc. 3.60%, 09/01/27 | 25 | 24,796 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 2.50%, 02/01/31 | 25 | 22,387 | ||||||
| 3.00%, 06/15/28 | 50 | 48,222 | ||||||
| 3.25%, 06/01/31 | 50 | 46,200 | ||||||
| 3.75%, 07/01/28 | 25 | 24,599 | ||||||
| 4.50%, 07/01/40 | 50 | 43,503 | ||||||
| 4.55%, 07/01/30 | 25 | 24,850 | ||||||
| 5.55%, 05/15/29 | 59 | 60,765 | ||||||
| 5.70%, 03/01/35 | 20 | 20,569 | ||||||
| 6.10%, 01/15/29 | 35 | 36,524 | ||||||
| 6.15%, 01/15/33 | 50 | 53,109 | ||||||
| 6.15%, 03/01/55 | 25 | 25,255 | ||||||
| 6.75%, 01/15/53 | 50 | 54,088 | ||||||
| PepsiCo, Inc. | ||||||||
| 2.62%, 07/29/29 | 100 | 95,270 | ||||||
| 2.62%, 10/21/41 | 50 | 36,665 | ||||||
| 2.75%, 10/21/51 † | 25 | 16,206 | ||||||
| 2.88%, 10/15/49 | 50 | 33,727 | ||||||
| 3.00%, 10/15/27 | 50 | 49,321 | ||||||
| 3.60%, 02/18/28 | 25 | 24,890 | ||||||
| 3.62%, 03/19/50 | 50 | 38,498 | ||||||
| 4.45%, 04/14/46 | 50 | 45,106 | ||||||
| 5.00%, 02/07/35 | 25 | 25,683 | ||||||
| 5.00%, 07/23/35 | 75 | 76,791 | ||||||
| Philip Morris International, Inc. | ||||||||
| 3.38%, 08/15/29 | 50 | 48,691 | ||||||
| 4.88%, 02/13/29 | 50 | 51,063 | ||||||
| 5.12%, 02/15/30 | 50 | 51,630 | ||||||
| 5.12%, 02/13/31 | 25 | 25,850 | ||||||
| 5.38%, 02/15/33 | 25 | 26,046 | ||||||
| 5.62%, 11/17/29 | 50 | 52,477 | ||||||
| 5.75%, 11/17/32 | 50 | 53,256 | ||||||
| Pioneer Natural Resources Co. 2.15%, 01/15/31 | 25 | 22,611 | ||||||
| Procter & Gamble Co. 1.90%, 02/01/27 | 50 | 48,885 | ||||||
| Public Service Co. of Colorado | ||||||||
| 1.88%, 06/15/31 | 25 | 21,956 | ||||||
| 5.15%, 09/15/35 | 25 | 25,396 | ||||||
| Republic Services, Inc. | ||||||||
| 1.75%, 02/15/32 | 25 | 21,479 | ||||||
| 3.95%, 05/15/28 | 50 | 49,969 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Roper Technologies, Inc. 4.20%, 09/15/28 | $ | 25 | $ | 25,055 | ||||
| S&P Global, Inc. | ||||||||
| 2.45%, 03/01/27 | 25 | 24,515 | ||||||
| 2.70%, 03/01/29 † | 50 | 47,904 | ||||||
| San Diego Gas & Electric Co. | ||||||||
| 5.35%, 04/01/53 | 25 | 24,167 | ||||||
| 5.40%, 04/15/35 | 50 | 51,836 | ||||||
| Sherwin-Williams Co. 3.45%, 06/01/27 | 75 | 74,321 | ||||||
| Southern California Edison Co. | ||||||||
| 3.65%, 02/01/50 | 25 | 17,655 | ||||||
| 4.00%, 04/01/47 | 75 | 57,286 | ||||||
| 4.65%, 10/01/43 | 50 | 42,966 | ||||||
| 5.20%, 06/01/34 | 50 | 50,073 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.88%, 11/15/28 | 50 | 53,729 | ||||||
| 8.75%, 03/15/32 | 75 | 91,271 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 2.25%, 11/15/31 | 75 | 66,060 | ||||||
| 3.00%, 02/15/41 | 75 | 56,174 | ||||||
| 3.30%, 02/15/51 | 50 | 33,854 | ||||||
| 3.40%, 10/15/52 † | 50 | 34,103 | ||||||
| 3.75%, 04/15/27 | 75 | 74,595 | ||||||
| 3.88%, 04/15/30 | 75 | 73,485 | ||||||
| 4.38%, 04/15/40 | 100 | 89,889 | ||||||
| 4.70%, 01/15/35 | 25 | 24,529 | ||||||
| TSMC Arizona Corp. 3.88%, 04/22/27 | 25 | 24,951 | ||||||
| Tyson Foods, Inc. | ||||||||
| 3.55%, 06/02/27 | 75 | 74,294 | ||||||
| 4.35%, 03/01/29 | 50 | 50,046 | ||||||
| 5.10%, 09/28/48 † | 25 | 23,105 | ||||||
| United Rentals North America, Inc. 144A 6.00%, 12/15/29 |
50 | 51,357 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.75%, 01/20/31 | 125 | 109,306 | ||||||
| 2.35%, 03/15/32 | 50 | 43,737 | ||||||
| 2.55%, 03/21/31 | 100 | 90,850 | ||||||
| 2.99%, 10/30/56 | 25 | 15,200 | ||||||
| 4.12%, 03/16/27 | 75 | 75,056 | ||||||
| 4.33%, 09/21/28 | 125 | 125,701 | ||||||
| VICI Properties LP | ||||||||
| 4.75%, 02/15/28 | 25 | 25,223 | ||||||
| 5.12%, 05/15/32 | 50 | 50,427 | ||||||
| VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
| 3.75%, 02/15/27 | 50 | 49,525 | ||||||
| 4.25%, 12/01/26 | 75 | 74,841 | ||||||
| Visa, Inc. | ||||||||
| 2.05%, 04/15/30 | 50 | 46,114 | ||||||
| 2.75%, 09/15/27 | 75 | 73,650 | ||||||
| Vistra Operations Co. LLC 144A 3.70%, 01/30/27 | 25 | 24,812 | ||||||
See Notes to Financial Statements
| 154 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 4.30%, 07/15/29 | $ | 50 | $ | 49,528 | ||||
| Walmart, Inc. | ||||||||
| 2.50%, 09/22/41 † | 50 | 36,374 | ||||||
| 4.35%, 04/28/30 | 25 | 25,373 | ||||||
| 4.90%, 04/28/35 | 25 | 25,717 | ||||||
| Waste Management, Inc. | ||||||||
| 1.50%, 03/15/31 | 50 | 43,424 | ||||||
| 3.15%, 11/15/27 | 25 | 24,621 | ||||||
| 4.15%, 04/15/32 | 25 | 24,714 | ||||||
| 4.80%, 03/15/32 | 25 | 25,561 | ||||||
| 4.88%, 02/15/29 | 50 | 51,299 | ||||||
| 4.95%, 03/15/35 | 50 | 50,802 | ||||||
| Westinghouse Air Brake Technologies Corp. | ||||||||
| 3.45%, 11/15/26 | 25 | 24,820 | ||||||
| 4.70%, 09/15/28 | 25 | 25,323 | ||||||
| 10,776,990 | ||||||||
| Total Corporate Bonds (Cost: $14,546,542) | 14,450,637 | |||||||
| Number of Shares | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1% | ||||||||
| Money Market Fund: 2.1% (Cost: $315,096) | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x) | 315,096 | 315,096 | ||||||
| Total Investments: 100.5% (Cost: $14,861,638) | 14,765,733 | |||||||
| Liabilities in excess of other assets: (0.5)% | (78,947) | |||||||
| NET ASSETS: 100.0% | $ | 14,686,786 | ||||||
Definitions:
| SOFR | Secured Overnight Financing Rate |
Footnotes:
| (a) | Variable rate security — the rate shown is as of 10/31/25 |
| (x) | Rate shown is the 1-day yield as of 10/31/25. |
| † | Security fully or partially on loan. Total market value of securities on loan is $424,433. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,984,731, or 20.3% of net assets. |
See Notes to Financial Statements
| 155 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 14,450,637 | $ | — | $ | 14,450,637 | ||||||||
| Money Market Fund | 315,096 | — | — | 315,096 | ||||||||||||
| Total Investments | $ | 315,096 | $ | 14,450,637 | $ | — | $ | 14,765,733 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 156 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 4.1% | ||||||||
Baldwin County Industrial Development Authority, Solid Waste Disposal, Series A (RB) 5.00%, 06/01/55 (c) (p) | $ | 3,500 | $ | 3,605,540 | ||||
Baldwin County, Alabama Industrial Development Authority, Series B (RB) 4.62%, 06/01/55 (c) (p) | 250 | 252,825 | ||||||
Black Belt Energy Gas District, Project No. 7, Series C-1 (RB) 4.00%, 10/01/52 (c) (p) | 500 | 503,498 | ||||||
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p) | 2,000 | 2,055,144 | ||||||
Black Belt Energy Gas District, Series A (RB) 5.25%, 05/01/56 (c) (p) | 500 | 521,278 | ||||||
Black Belt Energy Gas District, Series B (RB) 5.00%, 10/01/35 (c) | 1,000 | 1,042,180 | ||||||
City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB) 5.50%, 06/01/30 (c) | 500 | 500,682 | ||||||
County of Jefferson, Alabama Sewer (RB) 5.00%, 10/01/35 (c) | 500 | 559,981 | ||||||
Energy Southeast, A Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c) | 250 | 269,415 | ||||||
Energy Southeast, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/33 (c) | 500 | 520,005 | ||||||
Energy Southeast, Cooperative District Energy Supply, Series B (RB) 5.25%, 07/01/54 (c) (p) | 500 | 549,373 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p) | 390 | 430,425 | ||||||
Lower Alabama Gas District Gas Project, Series A (RB) 5.00%, 12/01/33 (c) | 500 | 532,264 | ||||||
Selma Alabama Industrial Development Board, International Paper Company Project, Series A (RB) 4.20%, 05/01/34 | 250 | 258,417 | ||||||
Southeast Alabama Gas Supply District, Series B (RB) 5.00%, 06/01/49 (c) (p) | 1,000 | 1,083,762 | ||||||
| Par (000’s | ) | Value | ||||||
| Alabama (continued) | ||||||||
Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c) | $ | 1,000 | $ | 1,067,152 | ||||
Southeast Energy Authority, Cooperative District Gas Supply, Series F (RB) 5.25%, 11/01/55 (c) (p) | 1,500 | 1,666,192 | ||||||
| 15,418,133 | ||||||||
| Arizona: 1.4% | ||||||||
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) 4.75%, 07/01/29 (c) | 800 | 805,602 | ||||||
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/29 (c) | 350 | 347,688 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/30 (c) | 330 | 329,515 | ||||||
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | 393 | 395,956 | ||||||
Arizona Industrial Development Authority, Series A (RB) 4.88%, 07/01/60 (c) (p) | 250 | 251,009 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/30 (c) | 1,000 | 1,068,630 | ||||||
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 | 1,340 | 1,348,259 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.25%, 12/01/28 | 10 | 10,485 | ||||||
| 5.50%, 12/01/29 | 370 | 396,923 | ||||||
Sierra Vista Industrial Development Authority, Wake Preparatory Academy (RB) 5.25%, 06/15/35 (c) | 225 | 231,122 | ||||||
| 5,185,189 | ||||||||
| California: 15.9% | ||||||||
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) 5.00%, 10/01/36 (c) | 500 | 508,031 | ||||||
See Notes to Financial Statements
| 157 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 5.00%, 01/01/56 (c) (p) | $ | 750 | $ | 804,745 | ||||
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 12/01/53 (c) (p) | 1,000 | 1,066,145 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series B (RB) | ||||||||
| 5.00%, 01/01/55 (c) (p) | 1,235 | 1,312,431 | ||||||
| 5.00%, 03/01/56 (c) (p) | 500 | 549,271 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p) | 2,000 | 2,044,048 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series C (RB) | ||||||||
| 5.00%, 08/01/55 (c) (p) | 1,000 | 1,073,471 | ||||||
| 5.00%, 12/01/55 (c) (p) | 2,000 | 2,144,031 | ||||||
| 5.25%, 01/01/54 (c) (p) | 1,500 | 1,609,380 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series D (RB) 5.00%, 10/01/55 (c) (p) | 2,000 | 2,135,217 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series E (RB) | ||||||||
| 5.00%, 02/01/55 (c) (p) | 1,000 | 1,084,566 | ||||||
| 5.00%, 10/01/56 (c) (p) | 1,000 | 1,102,059 | ||||||
| California Community Choice Financing Authority, Clean Energy Project, Series F (RB) | ||||||||
| 5.00%, 11/01/33 (c) | 500 | 547,091 | ||||||
| 5.00%, 02/01/55 (c) (p) | 1,000 | 1,093,812 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series G (RB) 5.00%, 11/01/55 (c) (p) | 2,000 | 2,137,655 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series G-1 (RB) 5.25%, 11/01/54 (c) (p) | 1,000 | 1,074,739 | ||||||
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 5.00%, 12/01/34 (c) | 1,000 | 1,127,208 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 5.00%, 10/01/50 (c) (p) | 250 | 278,985 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Health Facilities Financing Authority, Series A (RB) 5.00%, 12/01/35 (c) | $ | 1,000 | $ | 1,132,927 | ||||
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33 | 2,570 | 2,640,246 | ||||||
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p) | 8,500 | 6,800,000 | ||||||
California Municipal Finance Authority, Baptist University, Series A (RB) 5.00%, 11/01/35 (c) | 250 | 265,455 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project, Series A (RB) 5.00%, 05/15/30 (c) | 1,340 | 1,411,747 | ||||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
| 5.00%, 02/01/27 | 50 | 50,944 | ||||||
| 5.00%, 02/01/28 (c) | 50 | 51,051 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/27 | 610 | 624,148 | ||||||
| 5.00%, 06/30/28 | 220 | 227,486 | ||||||
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AG) 5.00%, 06/30/31 (c) | 260 | 267,707 | ||||||
California Municipal Finance Authority, St. Mary’s School, Series B (RB) 4.65%, 05/01/30 (c) | 500 | 511,480 | ||||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 6,625 | 6,698,680 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | 1,000 | 11,250 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | 1,360 | 15,300 | ||||||
California Public Finance Authority, Series A (RB) 5.70%, 06/01/34 (c) | 500 | 515,998 | ||||||
See Notes to Financial Statements
| 158 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27 | $ | 635 | $ | 628,554 | ||||
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/33 (c) | 300 | 302,992 | ||||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.25%, 12/01/34 (c) | 1,740 | 1,741,229 | ||||||
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 | 150 | 153,126 | ||||||
| City and County of San Francisco, Airport Commission, International Airport, Series A (RB) | ||||||||
| 5.00%, 05/01/29 | 500 | 534,492 | ||||||
| 5.00%, 05/01/33 | 500 | 564,707 | ||||||
City and County of San Francisco, Airport Commission, International Airport, Series C (RB) 5.00%, 05/01/32 | 1,000 | 1,117,609 | ||||||
City and County of San Francisco, Airport Commission, International Airport, Series E (RB) 5.00%, 05/01/34 (c) | 370 | 392,624 | ||||||
| City and County of San Francisco, Airport Commission, International Airport, Series H (RB) | ||||||||
| 5.00%, 05/01/27 | 500 | 514,288 | ||||||
| 5.00%, 05/01/29 | 500 | 535,008 | ||||||
| City of Los Angeles Department of Airports, Series A (RB) | ||||||||
| 5.00%, 05/15/30 | 750 | 819,602 | ||||||
| 5.00%, 05/15/35 | 1,000 | 1,151,185 | ||||||
City of Los Angeles Department of Airports, Series F (RB) 5.00%, 05/15/35 | 500 | 575,593 | ||||||
Compton Public Finance Authority (RB) 4.50%, 09/01/32 (c) | 1,000 | 1,000,251 | ||||||
County of Sacramento Airport System, Series A (RB) 5.00%, 07/01/37 (c) | 750 | 831,779 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/29 (c) | $ | 480 | $ | 454,327 | ||||
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 | 110 | 111,569 | ||||||
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/35 | 500 | 582,087 | ||||||
MSR Energy Authority, California Gas, Series A (RB) 6.12%, 11/01/29 | 215 | 226,720 | ||||||
MSR Energy Authority, California Gas, Series B (RB) 7.00%, 11/01/34 | 1,000 | 1,228,531 | ||||||
| Palomar Health (RB) | ||||||||
| 5.00%, 11/01/25 | 250 | 250,000 | ||||||
| 5.00%, 11/01/27 (c) | 90 | 88,903 | ||||||
San Joaquin Valley Clean Energy Authority, Series A (RB) 5.50%, 01/01/56 (c) (p) | 1,000 | 1,157,006 | ||||||
Southern California Public Power Authority, Transmission System Renewal Project (RB) 5.00%, 07/01/53 (c) (p) | 1,000 | 1,058,660 | ||||||
| 58,938,146 | ||||||||
| Colorado: 1.9% | ||||||||
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/29 (c) | 295 | 312,430 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c) | 3,925 | 3,925,058 | ||||||
City of Louisville, Redtail Ridge Metropolitan District, Capital Appreciation Turbo (GO) 0.00%, 12/01/32 (c) ^ | 500 | 311,146 | ||||||
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/15/30 (c) | 900 | 853,632 | ||||||
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/27 (c) | 600 | 608,872 | ||||||
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 | 120 | 124,692 | ||||||
See Notes to Financial Statements
| 159 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 12/01/31 (c) | $ | 1,000 | $ | 962,066 | ||||
| 7,097,896 | ||||||||
| Connecticut: 0.9% | ||||||||
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/30 (c) | 120 | 120,087 | ||||||
| Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) | ||||||||
| 5.00%, 07/01/27 | 430 | 433,460 | ||||||
| 5.00%, 07/01/29 | 870 | 885,799 | ||||||
Connecticut State Health and Educational Facilities Authority, Yale University, Series B-1 (RB) 5.00%, 07/01/64 (p) | 500 | 551,526 | ||||||
Stamford Housing Authority, Mozaic Concierge Living Project, Series C (RB) 4.75%, 10/01/32 | 500 | 516,847 | ||||||
State of Connecticut Health and Educational Facilities Authority, Quinnipiac University Issue, Series O (RB) 5.00%, 07/01/33 | 500 | 575,087 | ||||||
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/30 (c) | 335 | 341,519 | ||||||
| 3,424,325 | ||||||||
| District of Columbia: 0.1% | ||||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30 | 370 | 366,349 | ||||||
| Florida: 5.2% | ||||||||
Capital Projects Finance Authority, Imagine School at North Port Project, Series A (RB) 5.00%, 06/15/35 (c) | 250 | 251,849 | ||||||
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31 | 1,290 | 1,251,067 | ||||||
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/27 (c) | 175 | 171,576 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/31 (c) | $ | 535 | $ | 519,686 | ||||
City of Venice, Florida Retirement Community, Village on the Isle Project, Series B-3 (RB) 4.25%, 01/01/30 (c) | 250 | 250,501 | ||||||
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c) | 290 | 290,399 | ||||||
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 08/15/31 (c) | 1,500 | 1,599,977 | ||||||
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/30 (c) | 315 | 315,012 | ||||||
County of Miami-Dade, Seaport Department, Series A (RB) 5.00%, 10/01/36 (c) | 880 | 955,050 | ||||||
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 | 300 | 304,937 | ||||||
| Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) | ||||||||
| 5.00%, 07/01/35 (c) | 1,000 | 835,000 | ||||||
| 5.00%, 07/01/37 (c) | 250 | 208,750 | ||||||
Florida Development Finance Corp., Education Facilities, Central School Project (RB) 5.00%, 08/15/32 | 500 | 499,801 | ||||||
Florida Development Finance Corp., Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/32 (c) | 500 | 514,762 | ||||||
Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series C (RB) 4.00%, 09/15/30 (c) | 470 | 455,814 | ||||||
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 6.12%, 07/01/32 (c) (p) | 485 | 489,098 | ||||||
Florida Higher Educational Facilities Financing Authority (RB) 5.00%, 07/01/35 (c) | 750 | 747,474 | ||||||
See Notes to Financial Statements
| 160 |
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Florida Local Government Finance Commission, Series B-3 (RB) 4.20%, 11/15/30 (c) | $ | 1,000 | $ | 1,004,889 | ||||
JEA Electric System, Series B (RB) 5.00%, 10/01/29 (c) | 110 | 114,455 | ||||||
Lee County Industrial Development Authority, Healthcare Facilities, Series B-3 (RB) 4.12%, 11/15/29 (c) | 1,000 | 1,005,289 | ||||||
Miami Beach Redevelopment Agency Tax Increment Revenue (TA) (AG) 5.00%, 02/01/36 (c) | 500 | 566,094 | ||||||
| Miami-Dade County, Florida Aviation, Series A (RB) | ||||||||
| 5.00%, 10/01/34 | 2,000 | 2,257,665 | ||||||
| 5.00%, 10/01/35 (c) | 730 | 817,494 | ||||||
Miami-Dade County, Florida Aviation, Series A (RB) 5.00%, 10/01/36 (c) | 1,500 | 1,665,589 | ||||||
Okaloosa County, Florida Industrial Development (RB) 4.38%, 05/15/35 (c) | 500 | 504,052 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 (d) * | 1,930 | 752,700 | ||||||
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 | 285 | 286,155 | ||||||
Village Community Development District No. 13 (SA) 3.00%, 05/01/29 | 190 | 187,333 | ||||||
Village Community Development District No. 15 (SA) 4.00%, 05/01/34 (c) | 500 | 506,460 | ||||||
| 19,328,928 | ||||||||
| Georgia: 1.5% | ||||||||
Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA) 5.00%, 04/01/34 (c) | 500 | 510,888 | ||||||
Atlanta, Georgia Airport, Series B-1 (RB) 5.00%, 07/01/30 | 500 | 545,332 | ||||||
DeKalb County Housing Authority, Georgia Affordable Multifamily Housing, Series A (RB) 4.00%, 12/01/33 (c) | 1,500 | 1,531,492 | ||||||
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c) | $ | 205 | $ | 205,296 | ||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 380 | 389,845 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/34 (c) | 1,500 | 1,501,526 | ||||||
Main Street Natural Gas, Inc., Series E (RB) 5.00%, 05/01/55 (c) (p) | 500 | 543,331 | ||||||
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 | 250 | 248,110 | ||||||
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/29 (c) | 140 | 134,783 | ||||||
| 5,610,603 | ||||||||
| Guam: 1.6% | ||||||||
Guam Government Business Privilege Tax, Series G (RB) 5.00%, 01/01/35 | 500 | 555,182 | ||||||
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/27 (c) | 360 | 360,248 | ||||||
| Guam Government, Business Privilege Tax, Series F (RB) | ||||||||
| 4.00%, 01/01/36 (c) | 895 | 905,784 | ||||||
| 5.00%, 01/01/30 | 1,000 | 1,067,447 | ||||||
| 5.00%, 01/01/31 | 1,000 | 1,081,881 | ||||||
Guam Government, Series A (RB) 5.00%, 12/01/25 | 1,000 | 1,001,000 | ||||||
Guam Power Authority, Series A (RB) 5.00%, 10/01/33 (c) | 940 | 1,039,538 | ||||||
| 6,011,080 | ||||||||
| Hawaii: 0.1% | ||||||||
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 | 500 | 495,703 | ||||||
| Illinois: 9.4% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 5.00%, 12/01/29 | 1,000 | 1,025,537 | ||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,022,566 | ||||||
| 5.00%, 12/01/32 (c) | 2,000 | 2,038,975 | ||||||
See Notes to Financial Statements
| 161 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 12/01/33 (c) | $ | 1,500 | $ | 1,522,049 | ||||
| 7.00%, 12/01/26 (c) | 200 | 200,567 | ||||||
| Chicago Board of Education, Series A (GO) (AG) | ||||||||
| 5.00%, 12/01/27 | 250 | 258,247 | ||||||
| 5.00%, 12/01/29 (c) | 250 | 254,557 | ||||||
| 5.00%, 12/01/29 (c) | 200 | 209,952 | ||||||
| Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
| 5.50%, 12/01/26 | 230 | 232,995 | ||||||
| 5.50%, 12/01/31 | 1,000 | 1,085,585 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/26 ^ | 310 | 297,809 | ||||||
| 0.00%, 12/01/28 ^ | 795 | 708,229 | ||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 5.00%, 12/01/29 | 1,250 | 1,281,922 | ||||||
| 5.00%, 12/01/30 | 2,000 | 2,065,156 | ||||||
| 5.00%, 12/01/30 (c) | 1,250 | 1,278,207 | ||||||
| 5.00%, 12/01/31 (c) | 2,000 | 2,051,740 | ||||||
| 5.00%, 12/01/33 (c) | 1,400 | 1,417,926 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 5.00%, 12/01/27 | 500 | 506,211 | ||||||
| 5.00%, 12/01/30 (c) | 560 | 567,597 | ||||||
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c) | 1,320 | 1,320,096 | ||||||
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/34 (c) | 365 | 373,644 | ||||||
Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/32 | 500 | 564,918 | ||||||
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^ | 575 | 492,861 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/26 ^ | 490 | 470,730 | ||||||
| 0.00%, 12/01/28 ^ | 1,515 | 1,349,644 | ||||||
| 0.00%, 12/01/29 ^ | 585 | 501,433 | ||||||
| 0.00%, 12/01/30 ^ | 190 | 156,427 | ||||||
City of Chicago Board of Education, Series C (GO) 6.00%, 12/01/37 (c) | 1,500 | 1,626,261 | ||||||
City of Chicago, Series A (GO) 5.00%, 01/01/30 | 1,500 | 1,564,922 | ||||||
City of Chicago, Series B (GO) 5.00%, 01/01/33 | 500 | 533,347 | ||||||
County of Cook, Series A (GO) 5.00%, 11/15/28 (c) | 500 | 509,833 | ||||||
Eastern Illinois Economic Development Authority, Business District (RB) 5.00%, 11/01/33 (c) | 815 | 813,829 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/33 (c) | $ | 420 | $ | 396,454 | ||||
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) * | 1,061 | 31,836 | ||||||
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 04/01/27 (c) | 55 | 55,015 | ||||||
Illinois Finance Authority, Surface Freight Transfer Facilities (RB) 4.80%, 12/01/43 (c) (p) | 500 | 517,225 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 395 | 407,021 | ||||||
| 5.00%, 06/15/29 | 545 | 569,249 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 260 | 254,390 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/28 (c) | 500 | 518,994 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ | 115 | 105,466 | ||||||
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/29 (c) | 330 | 336,338 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/30 (c) | 350 | 350,278 | ||||||
| 4.12%, 11/01/31 (c) | 100 | 100,629 | ||||||
State of Illinois, Sales Tax (RB) 5.00%, 06/15/26 | 235 | 237,744 | ||||||
State of Illinois, Series A (GO) 5.00%, 03/01/33 (c) | 700 | 765,576 | ||||||
| State of Illinois, Series C (GO) | ||||||||
| 5.00%, 11/01/29 (c) | 315 | 326,999 | ||||||
| 5.00%, 09/01/34 | 1,000 | 1,135,927 | ||||||
State of Illinois, Series D (GO) 5.00%, 11/01/28 (c) | 460 | 478,134 | ||||||
| 34,891,047 | ||||||||
| Indiana: 0.8% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c) | 125 | 100,056 | ||||||
Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB) 4.25%, 11/01/30 | 1,015 | 1,038,620 | ||||||
See Notes to Financial Statements
| 162 |
| Par (000’s | ) | Value | ||||||
| Indiana (continued) | ||||||||
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | $ | 2,000 | $ | 1,998,970 | ||||
| 3,137,646 | ||||||||
| Iowa: 0.4% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/29 (c) | 1,070 | 1,032,849 | ||||||
Iowa Finance Authority Senior Living Facility (RB) 4.50%, 10/01/35 (c) | 210 | 212,075 | ||||||
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/28 (c) | 190 | 191,857 | ||||||
| 1,436,781 | ||||||||
| Kansas: 0.2% | ||||||||
City of Garden City, Kansas Sales Tax (RB) 4.00%, 06/01/29 | 250 | 247,756 | ||||||
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/34 (c) | 600 | 603,305 | ||||||
| 851,061 | ||||||||
| Kentucky: 1.3% | ||||||||
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32 | 1,520 | 1,528,857 | ||||||
City of Williamsburg, Kentucky Bond Development Corp, Series A (RB) 5.00%, 08/15/55 (c) (p) | 500 | 556,821 | ||||||
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 | 25 | 24,937 | ||||||
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) 5.38%, 11/15/32 (c) | 250 | 245,746 | ||||||
Kentucky Inc., Kentucky Public Energy Authority Gas Supply, Series B (RB) 5.00%, 12/01/33 (c) | 500 | 521,923 | ||||||
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/30 (c) | 175 | 175,251 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 5.25%, 06/01/55 (c) (p) | 1,000 | 1,069,259 | ||||||
| Par (000’s | ) | Value | ||||||
| Kentucky (continued) | ||||||||
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p) | $ | 500 | $ | 543,433 | ||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) 5.00%, 10/01/31 (c) | 290 | 294,781 | ||||||
| 4,961,008 | ||||||||
| Louisiana: 1.0% | ||||||||
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/27 | 1,025 | 1,040,059 | ||||||
Calcasieu Parish Memorial Hospital Service District (RB) (SBG) 5.00%, 12/01/29 | 150 | 154,699 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Christwood Project (RB) 4.25%, 11/15/30 | 250 | 250,702 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c) | 810 | 799,709 | ||||||
Louisiana Public Facilities Authority, Lake Charles Chapter Academy Project, Series A (RB) 5.00%, 12/15/34 (c) | 500 | 513,264 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *∞ | 330 | 3 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *∞ | 521 | 5 | ||||||
Parish of St. James, Nustar Logistics, LP Project, Series B (RB) 6.10%, 12/01/40 (p) | 1,000 | 1,100,215 | ||||||
| 3,858,656 | ||||||||
| Maryland: 0.3% | ||||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 | 200 | 200,227 | ||||||
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 | 175 | 175,278 | ||||||
See Notes to Financial Statements
| 163 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
County of Howard, Series A (TA) 4.00%, 02/15/28 (c) | $ | 100 | $ | 100,066 | ||||
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 | 425 | 441,252 | ||||||
| 916,823 | ||||||||
| Massachusetts: 1.0% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/29 (c) | 400 | 402,410 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/28 (c) | 310 | 314,268 | ||||||
Massachusetts Development Finance Agency, Care Communities, LLC Issue, Series A (RB) 5.50%, 07/15/35 | 250 | 255,583 | ||||||
Massachusetts Development Finance Agency, Lasell Village, Inc. (RB) 5.00%, 07/01/29 | 500 | 526,328 | ||||||
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/27 (c) | 250 | 249,820 | ||||||
Massachusetts Development Finance Agency, Series N (RB) (AG) 5.00%, 07/01/34 | 500 | 576,813 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/28 (c) | 100 | 101,135 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series N-2 (RB) 5.00%, 07/01/35 (c) | 1,000 | 1,132,834 | ||||||
| 3,559,191 | ||||||||
| Michigan: 0.5% | ||||||||
Detroit Regional Convention Facility Authority, Series C (RB) 5.00%, 10/01/35 (c) | 580 | 648,720 | ||||||
Great Lakes Water Authority Water Supply System, Series B (RB) 5.00%, 07/01/34 | 1,000 | 1,168,597 | ||||||
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 06/30/30 (c) | 155 | 161,722 | ||||||
| 1,979,039 | ||||||||
| Par (000’s | ) | Value | ||||||
| Minnesota: 0.5% | ||||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c) | $ | 60 | $ | 59,150 | ||||
| City of Minneapolis, Fairview Health Services, Series A (RB) | ||||||||
| 5.00%, 11/15/34 (c) | 605 | 628,584 | ||||||
| 5.00%, 11/15/35 (c) | 1,000 | 1,035,444 | ||||||
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26 | 25 | 25,106 | ||||||
| 1,748,284 | ||||||||
| Missouri: 0.4% | ||||||||
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/30 (c) | 65 | 64,971 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/29 (c) | 155 | 149,742 | ||||||
Lee’s Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/32 (c) | 125 | 127,246 | ||||||
Maryland Heights Industrial Development Authority, Saint Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/30 (c) | 285 | 260,291 | ||||||
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/30 (c) | 500 | 477,720 | ||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/28 (c) | 500 | 515,443 | ||||||
| 1,595,413 | ||||||||
| Montana: 0.1% | ||||||||
City of Kalispell, Immanuel Living at Buffalo Hill Project, Series B (RB) 4.25%, 05/15/30 (c) | 250 | 251,134 | ||||||
| Nebraska: 1.0% | ||||||||
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | ||||||||
| 5.00%, 09/01/27 | 500 | 512,166 | ||||||
| 5.00%, 09/01/28 | 100 | 103,678 | ||||||
| 5.00%, 09/01/30 | 125 | 132,771 | ||||||
| 5.00%, 09/01/34 | 650 | 715,170 | ||||||
Central Plains Energy Project, Gas Supply, Series A (RB) 5.00%, 08/01/55 (c) (p) | 1,000 | 1,080,630 | ||||||
See Notes to Financial Statements
| 164 |
| Par (000’s | ) | Value | ||||||
| Nebraska (continued) | ||||||||
Central Plans Energy Project, Gas Project Crossover No. 3, Series B (RB) 5.00%, 09/01/31 | $ | 1,000 | $ | 1,073,106 | ||||
| 3,617,521 | ||||||||
| Nevada: 0.7% | ||||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c) | 130 | 130,173 | ||||||
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB) 2.75%, 06/15/28 | 265 | 259,766 | ||||||
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | 5 | 4,548 | ||||||
| Clark County, School District, Series B (GO) (AG) | ||||||||
| 5.00%, 06/15/29 | 250 | 271,242 | ||||||
| 5.00%, 06/15/30 (c) | 250 | 270,799 | ||||||
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30 | 250 | 276,794 | ||||||
State of Nevada, Department of Business and Industry, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p) | 1,500 | 1,200,000 | ||||||
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 | 269 | 3 | ||||||
| 2,413,325 | ||||||||
| New Hampshire: 1.3% | ||||||||
National Finance Authority Affordable Housing Certificates, Series 1 (RB) 4.15%, 10/20/40 (c) (p) | 1,347 | 1,345,215 | ||||||
National Finance Authority New Hampshire (RB) 5.95%, 12/01/31 (c) | 500 | 502,212 | ||||||
National Finance Authority, Affordable Housing, Series 1 (RB) 4.75%, 06/20/41 (c) (p) | 499 | 518,463 | ||||||
National Finance Authority, Bridgeland Water and Utility Districts (RB) 5.38%, 12/15/35 (c) | 705 | 705,525 | ||||||
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 11/01/27 (c) | 250 | 247,759 | ||||||
National Finance Authority, Emberly and Cantera Creek Projects (RB) 5.38%, 12/01/31 (c) | 237 | 237,681 | ||||||
| Par (000’s | ) | Value | ||||||
| New Hampshire (continued) | ||||||||
National Finance Authority, Highlands Project (RB) 5.12%, 12/15/30 (c) | $ | 225 | $ | 225,652 | ||||
National Finance Authority, Mirador Project (RB) 6.00%, 12/01/31 (c) | 250 | 251,525 | ||||||
National Finance Authority, Silverado Project (RB) 5.00%, 12/01/28 (c) | 500 | 500,318 | ||||||
National Finance Authority, Valencia Project (RB) 5.30%, 12/01/32 (c) | 250 | 250,861 | ||||||
National Finance Authority, Wildflower Project (RB) 0.00%, 12/15/33 (c) ^ | 250 | 155,273 | ||||||
| 4,940,484 | ||||||||
| New Jersey: 3.0% | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.25%, 09/15/29 (c) | 1,415 | 1,415,021 | ||||||
| 5.62%, 11/15/30 (c) | 1,000 | 1,000,015 | ||||||
| 5.75%, 09/15/27 (c) | 1,120 | 1,120,016 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/32 (c) | 1,155 | 1,161,065 | ||||||
| 4.00%, 07/01/34 (c) | 600 | 606,027 | ||||||
| 5.00%, 07/01/33 (c) | 1,000 | 1,020,988 | ||||||
New Jersey Economic Development Authority, Rapuano Port & Rail Terminal Project (RB) 6.38%, 01/01/35 (c) | 250 | 259,824 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) 5.25%, 06/15/28 (c) | 435 | 435,508 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 4.25%, 06/15/26 (c) | 440 | 440,213 | ||||||
| 4.38%, 06/15/27 (c) | 130 | 130,079 | ||||||
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 06/15/29 (c) | 750 | 778,252 | ||||||
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c) | 175 | 170,451 | ||||||
See Notes to Financial Statements
| 165 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/64 (c) (p) | $ | 500 | $ | 556,383 | ||||
New Jersey Health Care Facilities Financing Authority, Barnabas Health, Series A (RB) 5.00%, 07/01/29 (c) | 500 | 507,395 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/26 ^ | 360 | 348,480 | ||||||
| 0.00%, 12/15/32 ^ | 5 | 4,015 | ||||||
| 5.00%, 06/15/30 (c) | 395 | 400,040 | ||||||
| 5.00%, 06/15/36 (c) | 500 | 575,458 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/29 (c) | 150 | 157,766 | ||||||
| 11,086,996 | ||||||||
| New Mexico: 0.4% | ||||||||
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan and Four Corners Projects, Series B (RB) 2.15%, 04/01/33 (c) | 700 | 610,107 | ||||||
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29 | 1,000 | 943,712 | ||||||
| 1,553,819 | ||||||||
| New York: 11.7% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 07/15/26 | 100 | 100,874 | ||||||
| 5.00%, 07/15/27 (c) | 100 | 101,605 | ||||||
| 5.00%, 07/15/28 (c) | 100 | 101,639 | ||||||
| 5.00%, 07/15/30 (c) | 1,800 | 1,829,592 | ||||||
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | 245 | 240,483 | ||||||
County of Suffolk, Series B (GO) (AG) 5.00%, 10/15/26 | 250 | 255,916 | ||||||
County of Sullivan, Adelaar Infrastructure Project, Series A-1 (SA) 4.85%, 11/01/31 (c) | 870 | 879,934 | ||||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 275 | 277,779 | ||||||
| 5.00%, 07/01/30 (c) | 270 | 272,974 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27 | $ | 290 | $ | 284,342 | ||||
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/32 (c) | 500 | 521,193 | ||||||
Metropolitan Transportation Authority, Series A (RB) 5.00%, 11/15/35 (c) | 2,000 | 2,288,045 | ||||||
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/35 | 500 | 574,290 | ||||||
Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/31 (c) | 500 | 510,855 | ||||||
Monroe County Industrial Development Corp., Eugenio Maria De Hostos Chapter School Project, Series A (RB) 5.00%, 07/01/34 | 500 | 519,327 | ||||||
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) | ||||||||
| 4.00%, 12/01/35 (c) | 675 | 678,771 | ||||||
| 5.00%, 12/01/31 (c) | 500 | 539,575 | ||||||
| 5.00%, 12/01/34 (c) | 1,060 | 1,127,986 | ||||||
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/30 (c) | 685 | 670,762 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series B-2 (RB) 3.95%, 11/01/64 (c) (p) | 1,000 | 1,021,209 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series C-2 (RB) 3.75%, 05/01/65 (c) (p) | 1,000 | 1,015,196 | ||||||
New York City Housing Development Corp., Multi- Family Mortgage, Series D (RB) 4.00%, 12/15/31 (c) | 250 | 256,423 | ||||||
New York City Housing Development Corp., Multi- Family Mortgage, Series F (RB) 5.25%, 12/15/31 (c) | 250 | 257,881 | ||||||
New York Energy Finance Development Corp. (RB) 5.00%, 07/01/56 (c) (p) | 1,500 | 1,614,589 | ||||||
See Notes to Financial Statements
| 166 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/34 (c) | $ | 1,000 | $ | 1,000,951 | ||||
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,035,882 | ||||||
| 5.00%, 08/01/30 (c) | 945 | 976,601 | ||||||
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 07/01/27 (c) | 250 | 255,238 | ||||||
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/01/44 (p) | 1,000 | 959,134 | ||||||
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA) 4.25%, 09/01/50 (c) (p) | 250 | 253,157 | ||||||
New York State Housing Finance Agency Affordable Housing, Series B-2 (RB) 3.60%, 11/01/64 (c) (p) | 1,000 | 1,007,032 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 2.25%, 08/01/26 | 210 | 208,469 | ||||||
| 3.00%, 08/01/31 | 2,100 | 1,988,512 | ||||||
| 5.00%, 08/01/26 (c) | 165 | 165,041 | ||||||
| 5.00%, 08/01/31 (c) | 2,655 | 2,655,607 | ||||||
| 5.25%, 08/01/31 (c) | 2,725 | 2,851,515 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 1,000 | 1,019,640 | ||||||
| 4.00%, 01/01/36 (c) | 2,500 | 2,432,206 | ||||||
| 5.00%, 10/01/35 (c) | 1,000 | 1,046,573 | ||||||
| 6.00%, 04/01/35 (c) | 1,000 | 1,104,463 | ||||||
New York Transportation Development Corp., JFK Airport Terminal 4 Project (RB) (AG) 5.00%, 12/01/31 | 1,885 | 2,056,446 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal 4 Project (RB) (AG) 5.00%, 12/01/30 | 1,430 | 1,545,815 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | $ | 1,000 | $ | 992,715 | ||||
| 5.00%, 07/01/30 (c) | 420 | 420,432 | ||||||
| 5.00%, 07/01/34 (c) | 1,230 | 1,230,807 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminals B Redevelopment Project, Series A (RB) (AG) 4.00%, 07/01/35 (c) | 1,660 | 1,655,069 | ||||||
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
| 4.00%, 05/15/27 (c) | 120 | 120,006 | ||||||
| 4.12%, 05/15/28 (c) | 100 | 100,028 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/27 | 70 | 72,031 | ||||||
| 5.00%, 06/01/28 (c) | 70 | 72,020 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 | 165 | 164,491 | ||||||
| 43,331,121 | ||||||||
| North Carolina: 1.0% | ||||||||
North Carolina Medical Care Commission Retirement Facilities First Mortgage (RB) 5.00%, 10/01/33 (c) | 545 | 584,922 | ||||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series A (RB) 5.00%, 09/01/34 (c) | 525 | 554,956 | ||||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series B-3 (RB) 4.25%, 09/01/28 (c) | 500 | 500,065 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/32 (c) | 500 | 511,493 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series B (RB) (AG) | ||||||||
| 5.00%, 01/01/32 (c) | 500 | 532,290 | ||||||
| 5.00%, 01/01/36 (c) | 1,000 | 1,053,147 | ||||||
| 3,736,873 | ||||||||
See Notes to Financial Statements
| 167 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| North Dakota: 0.1% | ||||||||
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/34 (c) | $ | 500 | $ | 529,886 | ||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 12/15/31 (c) (d) * | 3,000 | 30 | ||||||
| 529,916 | ||||||||
| Ohio: 2.5% | ||||||||
Cleveland and Cuyahoga County, Port Authority, Constellation Schools Project, Series A (RB) 5.25%, 01/01/34 (c) | 500 | 519,830 | ||||||
Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series A (RB) 5.00%, 01/01/36 (c) | 1,000 | 1,106,172 | ||||||
County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/34 | 1,000 | 1,145,977 | ||||||
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/32 (c) | 750 | 754,217 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/26 | 50 | 50,182 | ||||||
| 5.00%, 02/15/27 | 350 | 356,831 | ||||||
| 5.00%, 02/15/28 (c) | 110 | 111,624 | ||||||
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 02/15/27 (c) | 980 | 984,915 | ||||||
Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB) 2.40%, 12/01/38 (c) (p) | 500 | 474,803 | ||||||
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 06/01/41 (c) (p) | 1,000 | 958,568 | ||||||
Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series D (RB) 3.38%, 08/01/29 (p) | 1,000 | 981,562 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 2,000 | 1,970,844 | ||||||
| 9,415,525 | ||||||||
| Par (000’s | ) | Value | ||||||
| Oklahoma: 0.5% | ||||||||
Oklahoma County Finance Authority, Charter School, Astec Project (RB) 5.25%, 06/15/34 (c) | $ | 500 | $ | 507,596 | ||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/26 | 1,000 | 1,006,718 | ||||||
| 5.00%, 08/15/27 | 250 | 256,052 | ||||||
| 1,770,366 | ||||||||
| Pennsylvania: 2.2% | ||||||||
Adams County General Authority, Brethren Home Community Project, Series A (RB) 5.00%, 06/01/34 (c) | 245 | 259,714 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/27 | 455 | 462,231 | ||||||
| 5.00%, 05/01/28 | 895 | 912,980 | ||||||
| 5.00%, 05/01/28 | 550 | 564,592 | ||||||
City of Philadelphia, Gas Works (RB) 5.00%, 10/01/31 (c) | 735 | 747,462 | ||||||
City of Philadelphia, Pennsylvania Airport, Series B (RB) 5.00%, 07/01/30 | 500 | 543,060 | ||||||
City of Philadelphia, Pennsylvania Airport, Series B (RB) 5.00%, 07/01/34 | 500 | 565,395 | ||||||
City of Philadelphia, Pennsylvania Gas Works (RB) 5.00%, 10/01/26 | 100 | 101,908 | ||||||
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 | 510 | 543,730 | ||||||
Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/51 (c) (p) | 1,000 | 1,074,725 | ||||||
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 5.00%, 06/30/32 | 1,000 | 1,098,838 | ||||||
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26 | 130 | 131,242 | ||||||
See Notes to Financial Statements
| 168 |
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/30 (c) | $ | 100 | $ | 101,329 | ||||
| Philadelphia Authority for Industrial Development, University of the Arts (RB) | ||||||||
| 4.50%, 03/15/29 (c) | 25 | 26,080 | ||||||
| 4.50%, 03/15/29 (c) (d) * | 171 | 34,118 | ||||||
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31 | 440 | 435,412 | ||||||
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 06/01/29 (c) | 200 | 203,713 | ||||||
| The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | ||||||||
| 5.00%, 07/01/26 | 115 | 115,841 | ||||||
| 5.00%, 07/01/29 (c) | 275 | 280,539 | ||||||
| 8,202,909 | ||||||||
| Puerto Rico: 7.7% | ||||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 5.00%, 07/01/30 | 1,000 | 1,042,002 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/28 | 1,000 | 1,024,525 | ||||||
| 5.00%, 07/01/33 (c) | 2,000 | 2,090,635 | ||||||
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM) | ||||||||
| 4.00%, 07/01/33 (c) | 4,000 | 3,957,189 | ||||||
| 4.00%, 07/01/35 (c) | 1,500 | 1,474,720 | ||||||
| 4.00%, 07/01/37 (c) | 500 | 478,947 | ||||||
| 5.62%, 07/01/27 | 1,000 | 1,028,271 | ||||||
| 5.62%, 07/01/29 | 3,000 | 3,204,961 | ||||||
| 5.75%, 07/01/31 | 4,000 | 4,437,636 | ||||||
| Puerto Rico Electric Power Authority (RB) (NATL) | ||||||||
| 4.75%, 07/01/33 (c) | 120 | 117,550 | ||||||
| 5.25%, 07/01/26 | 320 | 320,323 | ||||||
| 5.25%, 07/01/29 | 510 | 514,094 | ||||||
| 5.25%, 07/01/30 | 500 | 504,444 | ||||||
| 5.25%, 07/01/32 | 700 | 709,426 | ||||||
| 5.25%, 07/01/33 | 1,000 | 1,014,795 | ||||||
Puerto Rico Municipal Finance Agency, Series A (RB) (AG) 5.00%, 08/01/30 (c) | 780 | 782,210 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax, Series B-1 (RB) 0.00%, 07/01/29 (c) ^ | 1,000 | 885,630 | ||||||
| Par (000’s | ) | Value | ||||||
| Puerto Rico (continued) | ||||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 0.00%, 07/01/31 (c) ^ | $ | 2,000 | $ | 1,638,315 | ||||
| 0.00%, 07/01/33 (c) ^ | 1,500 | 1,138,334 | ||||||
| 4.50%, 07/01/34 (c) | 1,000 | 1,000,273 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AG) 0.00%, 07/01/29 (c) ^ | 1,308 | 1,157,570 | ||||||
| 28,521,850 | ||||||||
| Rhode Island: 0.3% | ||||||||
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/31 (c) | 1,000 | 1,004,301 | ||||||
| South Carolina: 1.8% | ||||||||
Patriots Energy Group Financing Agency, Gas Supply, Series A (RB) 5.25%, 10/01/54 (c) (p) | 5,000 | 5,457,178 | ||||||
South Carolina Jobs-Economic Development Authority Health Facilities, Series B-3 (RB) 4.00%, 12/01/30 | 500 | 500,200 | ||||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/27 (c) | 195 | 194,224 | ||||||
South Carolina Public Service Authority, Series A (RB) 5.00%, 12/01/31 (c) | 525 | 531,520 | ||||||
| 6,683,122 | ||||||||
| Tennessee: 1.0% | ||||||||
Metropolitan Nashville Airport Authority, Series B (RB) 5.25%, 07/01/35 (c) | 500 | 557,003 | ||||||
New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee (RB) 0.00%, 04/01/33 (c) ^ | 1,000 | 740,309 | ||||||
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p) | 1,000 | 1,084,852 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p) | 1,000 | 1,079,261 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26 | 290 | 293,676 | ||||||
| 3,755,101 | ||||||||
| Texas: 8.9% | ||||||||
Arlington, Texas Higher Education Finance Corp. (RB) 5.00%, 06/15/35 (c) | 500 | 526,552 | ||||||
See Notes to Financial Statements
| 169 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c) | $ | 1,200 | $ | 1,209,456 | ||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 | 775 | 775,603 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/30 (c) | 500 | 503,259 | ||||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c) | 1,465 | 1,425,922 | ||||||
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c) | 1,000 | 1,002,733 | ||||||
| City of Austin, Texas Airport System (RB) | ||||||||
| 5.00%, 11/15/25 | 625 | 625,388 | ||||||
| 5.00%, 11/15/28 (c) | 395 | 395,574 | ||||||
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 | 180 | 185,504 | ||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/29 (c) | 2,465 | 2,465,036 | ||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 | 250 | 254,922 | ||||||
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/30 (c) | 170 | 170,002 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | ||||||||
| 5.00%, 07/15/27 | 2,000 | 2,040,360 | ||||||
| 5.00%, 07/15/28 | 500 | 514,578 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project, Series A (RB) 5.00%, 07/15/28 | 1,500 | 1,543,733 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B (RB) | ||||||||
| 5.25%, 07/15/34 | $ | 500 | $ | 542,324 | ||||
| 5.50%, 07/15/35 (c) | 1,000 | 1,112,115 | ||||||
| 5.50%, 07/15/36 (c) | 1,000 | 1,100,089 | ||||||
| 5.50%, 07/15/37 (c) | 1,000 | 1,093,285 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c) | 1,000 | 1,000,015 | ||||||
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27 | 1,750 | 1,785,315 | ||||||
City of Houston, Texas Airport System, Series A (RB) 5.00%, 07/01/33 | 500 | 558,280 | ||||||
| Dallas Fort Worth, Texas International Airport, Series A-1 (RB) | ||||||||
| 5.00%, 11/01/31 | 500 | 552,183 | ||||||
| 5.00%, 11/01/36 (c) | 1,000 | 1,114,588 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series A (RB) (AG) 5.00%, 11/15/30 | 500 | 549,691 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^ | 315 | 279,062 | ||||||
Lower Colorado River Authority Transmission Contract, Series A (RB) 5.00%, 05/15/36 (c) | 1,000 | 1,156,643 | ||||||
Matagorda County, Navigation District No. 1, Series B-1 (RB) 4.00%, 06/01/30 (c) | 750 | 750,293 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/30 (c) (d) * | 102 | 1,015 | ||||||
Mission Economic Development Corp., Graphic Packaging International LLC Project (RB) 5.00%, 12/01/64 (p) | 250 | 260,234 | ||||||
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c) | 2,980 | 2,990,674 | ||||||
See Notes to Financial Statements
| 170 |
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/28 (c) | $ | 625 | $ | 624,240 | ||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c) | 75 | 73,131 | ||||||
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 01/01/31 (c) | 550 | 507,931 | ||||||
SA Energy Acquisition Public Facility Corp., Gas Supply (RB) 5.50%, 08/01/27 | 110 | 113,540 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/31 (c) | 250 | 250,712 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/27 (c) | 120 | 119,763 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. I, Series A (RB) 5.25%, 12/15/25 | 100 | 100,260 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/28 | 350 | 366,737 | ||||||
| 5.00%, 12/15/30 | 1,000 | 1,072,260 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. V (RB) 5.00%, 01/01/55 (c) (p) | 1,000 | 1,101,403 | ||||||
Texas Municipal Gas Acquisition and Supply Corp., Series D (RB) 6.25%, 12/15/26 | 345 | 350,978 | ||||||
| 33,165,383 | ||||||||
| Vermont: 0.3% | ||||||||
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 12/01/31 (c) | 1,000 | 1,009,998 | ||||||
| Virgin Islands: 0.3% | ||||||||
Matching Fund Special Purpose Securitization Corp., Virgin Islands, Series A (RB) 5.00%, 10/01/32 | 1,000 | 1,042,724 | ||||||
| Par (000’s | ) | Value | ||||||
| Virginia: 1.7% | ||||||||
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 09/01/30 (c) | $ | 140 | $ | 137,048 | ||||
Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/35 | 1,000 | 1,147,629 | ||||||
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/28 (c) | 230 | 231,673 | ||||||
| Virginia Beach Development Authority, Residential Care Facility, Series A (RB) | ||||||||
| 5.75%, 09/01/30 (c) | 1,000 | 1,008,123 | ||||||
| 5.75%, 09/01/33 (c) | 1,000 | 1,114,102 | ||||||
| Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) | ||||||||
| 5.00%, 01/01/34 (c) | 500 | 539,277 | ||||||
| 5.00%, 07/01/35 (c) | 500 | 534,446 | ||||||
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31 | 635 | 649,328 | ||||||
Virginia Small Business Financing Authority, Residential Care Facilities, Series A (RB) 5.00%, 12/01/34 (c) | 1,000 | 1,088,063 | ||||||
| 6,449,689 | ||||||||
| Washington: 1.2% | ||||||||
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 | 40 | 40,064 | ||||||
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/32 (c) | 250 | 254,375 | ||||||
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35 | 746 | 725,761 | ||||||
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,250 | 2,319,505 | ||||||
Washington State, Housing Finance Commission, Parkshore Juanita Bay Project, Series B-2 (RB) 3.95%, 07/01/29 (c) | 500 | 500,016 | ||||||
See Notes to Financial Statements
| 171 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
| Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 4.00%, 01/01/26 (c) | $ | 300 | $ | 299,809 | ||||
| 5.00%, 01/01/31 (c) | 365 | 368,452 | ||||||
| 4,507,982 | ||||||||
| West Virginia: 0.6% | ||||||||
West Virginia Economic Development Authority, Solid Waste Facility, Commercial Metals Company Project (RB) 4.62%, 04/15/55 (c) (p) | 1,500 | 1,525,157 | ||||||
West Virginia Economic Development Authority, Solid Waste Facility, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/55 (c) (p) | 500 | 537,030 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26 | 150 | 151,551 | ||||||
| 2,213,738 | ||||||||
| Wisconsin: 1.8% | ||||||||
Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB) 5.00%, 06/15/34 (c) | 500 | 484,436 | ||||||
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 11/01/30 (c) | 1,000 | 1,000,504 | ||||||
Public Finance Authority, Foundation Academy Charter School Project (RB) 5.00%, 07/01/35 | 250 | 262,218 | ||||||
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/29 (c) | 295 | 269,979 | ||||||
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/29 (c) | 310 | 309,543 | ||||||
Public Finance Authority, Pinecrest Academy, Sloan Canyon Campus Project, Series A (RB) 4.00%, 07/15/34 (c) | 250 | 246,102 | ||||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | 950 | 962,127 | ||||||
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/35 (c) | 150 | 138,826 | ||||||
| Par (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 | $ | 1,050 | $ | 1,050,000 | ||||
Public Finance Authority, Wisconsin (RB) 5.50%, 12/15/32 (c) | 385 | 384,429 | ||||||
| Public Finance Authority, Wisconsin Education Revenue, Series A (RB) | ||||||||
| 4.10%, 06/15/26 | 50 | 50,173 | ||||||
| 4.10%, 06/15/26 | 100 | 99,468 | ||||||
Public Finance Authority, Wisconsin, Series A-4 (RB) 5.50%, 11/15/32 (c) | 250 | 250,662 | ||||||
Wisconsin Health and Educational Facilities Authority, Chiara Housing and Services Inc., Project (RB) 5.00%, 07/01/35 (c) | 240 | 245,206 | ||||||
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 3.00%, 08/15/26 (c) | 825 | 821,993 | ||||||
| 6,575,666 | ||||||||
| Total Municipal Bonds: 98.6% (Cost: $376,747,075) | 366,590,844 | |||||||
| Other assets less liabilities: 1.4% | 5,353,454 | |||||||
| NET ASSETS: 100.0% | $ | 371,944,298 | ||||||
See Notes to Financial Statements
| 172 |
Definitions:
| AG | Assured Guaranty, Inc. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| ST | Special Tax |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| (d) | Security in default |
| (p) | Putable Security — the date disclosed is the date the security may be redeemed by the fund |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
See Notes to Financial Statements
| 173 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds | ||||||||||||||||
| Alabama | $ | — | $ | 15,418,133 | $ | — | $ | 15,418,133 | ||||||||
| Arizona | — | 5,185,189 | — | 5,185,189 | ||||||||||||
| California | — | 58,938,146 | — | 58,938,146 | ||||||||||||
| Colorado | — | 7,097,896 | — | 7,097,896 | ||||||||||||
| Connecticut | — | 3,424,325 | — | 3,424,325 | ||||||||||||
| District of Columbia | — | 366,349 | — | 366,349 | ||||||||||||
| Florida | — | 19,328,928 | — | 19,328,928 | ||||||||||||
| Georgia | — | 5,610,603 | — | 5,610,603 | ||||||||||||
| Guam | — | 6,011,080 | — | 6,011,080 | ||||||||||||
| Hawaii | — | 495,703 | — | 495,703 | ||||||||||||
| Illinois | — | 34,891,047 | — | 34,891,047 | ||||||||||||
| Indiana | — | 3,137,646 | — | 3,137,646 | ||||||||||||
| Iowa | — | 1,436,781 | — | 1,436,781 | ||||||||||||
| Kansas | — | 851,061 | — | 851,061 | ||||||||||||
| Kentucky | — | 4,961,008 | — | 4,961,008 | ||||||||||||
| Louisiana | — | 3,858,648 | 8 | 3,858,656 | ||||||||||||
| Maryland | — | 916,823 | — | 916,823 | ||||||||||||
| Massachusetts | — | 3,559,191 | — | 3,559,191 | ||||||||||||
| Michigan | — | 1,979,039 | — | 1,979,039 | ||||||||||||
| Minnesota | — | 1,748,284 | — | 1,748,284 | ||||||||||||
| Missouri | — | 1,595,413 | — | 1,595,413 | ||||||||||||
| Montana | — | 251,134 | — | 251,134 | ||||||||||||
| Nebraska | — | 3,617,521 | — | 3,617,521 | ||||||||||||
| Nevada | — | 2,413,325 | — | 2,413,325 | ||||||||||||
| New Hampshire | — | 4,940,484 | — | 4,940,484 | ||||||||||||
| New Jersey | — | 11,086,996 | — | 11,086,996 | ||||||||||||
| New Mexico | — | 1,553,819 | — | 1,553,819 | ||||||||||||
| New York | — | 43,331,121 | — | 43,331,121 | ||||||||||||
| North Carolina | — | 3,736,873 | — | 3,736,873 | ||||||||||||
| North Dakota | — | 529,916 | — | 529,916 | ||||||||||||
| Ohio | — | 9,415,525 | — | 9,415,525 | ||||||||||||
| Oklahoma | — | 1,770,366 | — | 1,770,366 | ||||||||||||
| Pennsylvania | — | 8,202,909 | — | 8,202,909 | ||||||||||||
| Puerto Rico | — | 28,521,850 | — | 28,521,850 | ||||||||||||
| Rhode Island | — | 1,004,301 | — | 1,004,301 | ||||||||||||
| South Carolina | — | 6,683,122 | — | 6,683,122 | ||||||||||||
| Tennessee | — | 3,755,101 | — | 3,755,101 | ||||||||||||
| Texas | — | 33,165,383 | — | 33,165,383 | ||||||||||||
| Vermont | — | 1,009,998 | — | 1,009,998 | ||||||||||||
| Virgin Islands | — | 1,042,724 | — | 1,042,724 | ||||||||||||
| Virginia | — | 6,449,689 | — | 6,449,689 | ||||||||||||
| Washington | — | 4,507,982 | — | 4,507,982 | ||||||||||||
| West Virginia | — | 2,213,738 | — | 2,213,738 | ||||||||||||
| Wisconsin | — | 6,575,666 | — | 6,575,666 | ||||||||||||
| Total | $ | — | $ | 366,590,836 | $ | 8 | $ | 366,590,844 | ||||||||
See Notes to Financial Statements
| 174 |
SCHEDULE OF INVESTMENTS
October 31, 2025 (unaudited)
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.8% | ||||||||
| Alabama: 3.7% | ||||||||
Black Belt Energy Gas District, Project No. 4, Series A (RB) 4.00%, 12/01/49 (c) (p) | $ | 1,360 | $ | 1,362,857 | ||||
Black Belt Energy Gas District, Project No. 7, Series C-1 (RB) 4.00%, 10/01/52 (c) (p) | 2,200 | 2,215,392 | ||||||
Black Belt Energy Gas District, Series D-1 (RB) 5.50%, 06/01/49 (c) (p) | 1,000 | 1,061,658 | ||||||
Black Belt Energy Gas District, Series E (RB) 5.00%, 05/01/53 (p) | 1,000 | 1,052,374 | ||||||
Energy Southeast A Cooperative District, Energy Supply, Series A (RB) 5.50%, 11/01/53 (c) (p) | 1,710 | 1,887,343 | ||||||
Jefferson County (RB) 5.00%, 09/15/28 (c) | 525 | 540,458 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/50 (c) (p) | 1,500 | 1,501,266 | ||||||
Southeast Energy Authority, Cooperative District Commodity Supply, Series A (RB) 5.25%, 01/01/54 (c) (p) | 1,000 | 1,062,309 | ||||||
| 10,683,657 | ||||||||
| Arizona: 2.3% | ||||||||
Arizona Department of Transportation State Highway Fund Revenue (RB) 5.00%, 07/01/30 (c) | 835 | 847,111 | ||||||
| 5.00%, 07/01/31 (c) | 1,050 | 1,065,229 | ||||||
Arizona Industrial Development Authority, Series A (RB) 5.00%, 11/01/28 (c) | 500 | 523,336 | ||||||
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/31 (c) | 1,550 | 1,559,430 | ||||||
City of Phoenix Civic Improvement Corp. (RB) 5.00%, 07/01/29 (c) | 620 | 629,238 | ||||||
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26 | 700 | 702,189 | ||||||
| 5.00%, 01/01/53 (c) (p) | 500 | 504,425 | ||||||
Salt River Project Agricultural Improvement & Power District, Series A (RB) 5.00%, 01/01/26 | 500 | 501,858 | ||||||
| 5.00%, 01/01/27 | 500 | 513,970 | ||||||
| 6,846,786 | ||||||||
| California: 15.5% | ||||||||
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/47 (c) (p) | 1,130 | 1,130,364 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Beverly Hills, California Unified School District (GO) 0.00%, 08/01/30 ^ | $ | 1,000 | $ | 895,415 | ||||
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 4.00%, 05/01/53 (c) (p) | 500 | 511,332 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p) | 4,000 | 4,088,095 | ||||||
| 5.00%, 07/01/53 (c) (p) | 1,000 | 1,057,952 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series D (RB) 5.50%, 05/01/54 (c) (p) | 1,000 | 1,065,606 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series E-1 (RB) 5.00%, 02/01/54 (c) (p) | 500 | 540,055 | ||||||
California Community Choice Financing Authority, Clean Energy Project, Series G-1 (RB) 5.25%, 11/01/54 (c) (p) | 1,000 | 1,074,739 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/31 (c) | 310 | 315,860 | ||||||
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27 | 500 | 526,724 | ||||||
California Infrastructure and Economic Development Bank, Series B (RB) 5.00%, 11/01/29 (c) | 500 | 533,863 | ||||||
California Infrastructure and Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/47 (c) (p) | 500 | 500,505 | ||||||
California State Public Works Board, Sacramento Region New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/29 | 675 | 741,301 | ||||||
California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/26 | 830 | 848,249 | ||||||
| 5.00%, 10/01/28 (c) | 785 | 822,954 | ||||||
California State Public Works Board, Various Correctional Facilities, Series D (RB) 5.00%, 09/01/26 | 500 | 509,934 | ||||||
See Notes to Financial Statements
| 175 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California State University, Series B-3 (RB) 3.12%, 11/01/51 (c) (p) | $ | 500 | $ | 499,903 | ||||
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 09/01/29 (c) | 2,500 | 2,337,597 | ||||||
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/30 (c) | 1,000 | 1,000,826 | ||||||
City of San Francisco, Public Utilities Commission Water, Series C (RB) 5.00%, 11/01/28 | 500 | 542,585 | ||||||
East County, California Advanced Water Purification Joint Powers Authority, Series A (RB) 3.12%, 09/01/26 (c) | 500 | 501,753 | ||||||
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^ | 500 | 485,616 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AG) 0.00%, 06/01/26 ^ | 1,000 | 984,816 | ||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB) 5.00%, 07/01/31 (c) | 795 | 832,002 | ||||||
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/30 (c) | 1,720 | 1,900,910 | ||||||
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/30 (c) | 500 | 508,256 | ||||||
Oakland, California Unified School District (GO) 5.00%, 08/01/26 | 380 | 387,097 | ||||||
Public Facilities Financing Authority of the City of San Diego, Subordinated Water, Series B (RB) 5.00%, 08/01/27 (c) | 500 | 509,565 | ||||||
San Bernardino Community College District, Series A (GO) 4.00%, 08/01/49 (c) | 540 | 556,465 | ||||||
San Francisco, California City & County Public Utilities Commission Wastewater, Series A (RB) 5.00%, 10/01/26 | 1,000 | 1,023,538 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
State of California, Department of Water Resources, Series BB (RB) 5.00%, 12/01/26 | $ | 500 | $ | 514,674 | ||||
State of California, Various Purpose (GO) 5.00%, 09/01/26 | 1,000 | 1,020,448 | ||||||
| 5.00%, 11/01/26 | 915 | 937,739 | ||||||
| 5.00%, 04/01/27 | 750 | 776,699 | ||||||
| 5.00%, 08/01/27 | 1,305 | 1,362,876 | ||||||
| 5.00%, 09/01/27 | 1,000 | 1,046,565 | ||||||
| 5.00%, 10/01/27 | 500 | 524,399 | ||||||
| 5.00%, 10/01/27 | 1,000 | 1,048,799 | ||||||
| 5.00%, 10/01/27 | 530 | 555,863 | ||||||
| 5.00%, 09/01/28 | 1,000 | 1,070,694 | ||||||
| 5.00%, 11/01/28 | 910 | 978,165 | ||||||
| 5.00%, 11/01/28 (c) | 1,000 | 1,050,481 | ||||||
| 5.00%, 10/01/29 (c) | 1,000 | 1,009,330 | ||||||
| 5.00%, 10/01/29 | 1,000 | 1,097,341 | ||||||
| 5.00%, 04/01/30 | 2,910 | 3,231,850 | ||||||
| 5.00%, 09/01/30 (c) | 1,095 | 1,115,487 | ||||||
| 5.00%, 10/01/30 (c) | 750 | 823,990 | ||||||
| 45,399,277 | ||||||||
| Colorado: 2.0% | ||||||||
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) 5.00%, 12/15/35 (c) | 500 | 513,124 | ||||||
City of Colorado Springs, Colorado Utilities System, Series A-1 (RB) 5.00%, 11/15/26 | 500 | 512,353 | ||||||
Colorado Health Facilities Authority, Series A (RB) | ||||||||
| 5.00%, 11/01/25 | 500 | 500,000 | ||||||
| 5.00%, 11/15/60 (c) (p) | 1,000 | 1,094,107 | ||||||
Jefferson County School District R-1 (GO) 5.00%, 12/15/30 (c) | 1,110 | 1,191,796 | ||||||
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28 | 1,000 | 1,072,209 | ||||||
State of Colorado, Series A (CP) 5.00%, 12/15/26 | 500 | 512,865 | ||||||
University of Colorado, Series A-2 (RB) 4.00%, 06/01/34 (c) | 500 | 519,161 | ||||||
| 5,915,615 | ||||||||
| Connecticut: 3.3% | ||||||||
Connecticut State Health and Educational Facilities Authority, Yale University, Series B-1 (RB) 5.00%, 07/01/64 (p) | 1,000 | 1,103,050 | ||||||
See Notes to Financial Statements
| 176 |
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
State of Connecticut, Health & Educational Facilities Authority, Series A (RB) 5.00%, 07/01/26 | $ | 500 | $ | 507,099 | ||||
State of Connecticut, Series A (RB) 5.00%, 07/01/31 | 350 | 394,830 | ||||||
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 | 1,000 | 1,009,566 | ||||||
State of Connecticut, Series E (GO) 5.00%, 11/15/25 | 670 | 670,484 | ||||||
State of Connecticut, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 05/01/31 | 1,650 | 1,855,824 | ||||||
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26 | 1,015 | 1,026,391 | ||||||
| 5.00%, 05/01/28 | 600 | 634,879 | ||||||
University of Connecticut, Series A (RB) 5.00%, 04/15/26 | 550 | 555,543 | ||||||
| 5.00%, 04/15/29 (c) | 1,000 | 1,057,353 | ||||||
| 5.00%, 01/15/30 (c) | 745 | 766,408 | ||||||
| 9,581,427 | ||||||||
| Delaware: 0.2% | ||||||||
Delaware Transportation Authority, Series A (RB) 5.00%, 07/01/26 | 500 | 507,826 | ||||||
| District of Columbia: 1.0% | ||||||||
Metropolitan Washington Airports Authority, Series B (RB) 5.00%, 10/01/28 | 500 | 533,924 | ||||||
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/30 (c) | 1,000 | 1,043,015 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) 5.00%, 07/01/30 (c) | 555 | 575,624 | ||||||
| 5.00%, 07/01/31 (c) | 650 | 673,225 | ||||||
| 2,825,788 | ||||||||
| Florida: 2.8% | ||||||||
Central Florida Expressway Authority (RB) (AG) 5.00%, 07/01/27 | 500 | 519,330 | ||||||
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/31 (c) | 1,250 | 1,258,096 | ||||||
County of Miami-Dade (RB) 5.00%, 10/01/29 (c) | 510 | 519,201 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
County of Miami-Dade, Florida Water and Sewer System (RB) 5.00%, 10/01/28 | $ | 1,000 | $ | 1,065,820 | ||||
Miami Beach Redevelopment Agency (TA) (AG) 5.00%, 02/01/31 | 500 | 553,066 | ||||||
Orange County, Florida Tourist Development Tax (RB) 5.00%, 10/01/30 | 490 | 543,049 | ||||||
Reedy Creek Improvement District, Series A (GO) 4.00%, 06/01/31 (c) | 1,000 | 1,019,677 | ||||||
South Miami, Florida Health Facilities Authority Hospital Baptist Health (RB) 5.00%, 08/15/29 (c) | 710 | 736,083 | ||||||
State of Florida, Board of Education Full Faith and Credit, Series E (GO) 3.00%, 06/01/30 (c) | 1,000 | 1,000,061 | ||||||
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | 880 | 971,093 | ||||||
| 8,185,476 | ||||||||
| Georgia: 3.9% | ||||||||
Georgia State Road and Tollway Authority (RB) 5.00%, 06/01/29 | 800 | 866,964 | ||||||
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 07/01/52 (c) (p) | 1,250 | 1,267,953 | ||||||
Main Street Natural Gas, Inc., Series B (RB) 5.00%, 12/01/52 (c) (p) | 500 | 525,354 | ||||||
| 5.00%, 07/01/53 (c) (p) | 1,000 | 1,072,146 | ||||||
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 03/01/50 (c) (p) | 1,500 | 1,513,050 | ||||||
| 4.00%, 08/01/52 (c) (p) | 500 | 502,937 | ||||||
| 5.00%, 09/01/53 (c) (p) | 1,000 | 1,070,270 | ||||||
Main Street Natural Gas, Inc., Series D (RB) 5.00%, 04/01/54 (c) (p) | 2,000 | 2,171,451 | ||||||
State of Georgia, Series A (GO) 5.00%, 08/01/26 | 700 | 712,342 | ||||||
| 5.00%, 02/01/29 (c) | 680 | 683,950 | ||||||
State of Georgia, Series C (GO) 5.00%, 07/01/26 | 1,000 | 1,015,585 | ||||||
| 11,402,002 | ||||||||
| Hawaii: 1.5% | ||||||||
City & County of Honolulu, Hawaii Rail Transit Project, Series B (GO) 5.00%, 03/01/31 (c) | 1,930 | 2,125,576 | ||||||
See Notes to Financial Statements
| 177 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Hawaii (continued) | ||||||||
City & County of Honolulu, Hawaii Rail Transit Project, Series E (GO) 5.00%, 03/01/26 | $ | 785 | $ | 790,944 | ||||
| 5.00%, 03/01/27 | 500 | 516,043 | ||||||
State of Hawaii, Series ET (GO) 3.00%, 10/01/29 (c) | 1,000 | 981,455 | ||||||
| 4,414,018 | ||||||||
| Illinois: 4.2% | ||||||||
Chicago O’Hare International Airport, Series B (RB) (AG) 5.00%, 01/01/26 | 500 | 501,605 | ||||||
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 | 315 | 316,011 | ||||||
Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/30 | 500 | 545,867 | ||||||
City of Chicago, Series A (GO) 5.00%, 01/01/27 | 365 | 369,669 | ||||||
| 5.00%, 01/01/30 | 2,000 | 2,086,562 | ||||||
City of Chicago, Series B (GO) 4.00%, 01/01/30 | 358 | 360,680 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) 5.00%, 07/01/27 | 685 | 711,596 | ||||||
| 5.00%, 01/01/28 | 500 | 525,050 | ||||||
Illinois Finance Authority, Northshore University Health System, Series A (RB) (AG) 5.00%, 08/15/26 | 500 | 508,476 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 | 415 | 425,584 | ||||||
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 | 650 | 666,578 | ||||||
Illinois State, Series A (GO) 5.00%, 11/01/27 | 1,000 | 1,040,286 | ||||||
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/28 (c) | 735 | 759,342 | ||||||
State of Illinois (GO) 3.50%, 06/01/29 (c) | 685 | 685,981 | ||||||
State of Illinois, Series A (RB) 4.00%, 06/15/28 | 580 | 595,418 | ||||||
State of Illinois, Series D (GO) 5.00%, 11/01/25 | 1,345 | 1,345,000 | ||||||
| 5.00%, 11/01/26 | 800 | 816,231 | ||||||
| 12,259,936 | ||||||||
| Indiana: 0.9% | ||||||||
Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB) 4.25%, 11/01/30 | 1,545 | 1,580,955 | ||||||
| Par (000’s | ) | Value | ||||||
| Indiana (continued) | ||||||||
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29 | $ | 935 | $ | 1,013,598 | ||||
| 2,594,553 | ||||||||
| Iowa: 0.5% | ||||||||
PEFA, Inc., Iowa Gas Project (RB) 5.00%, 09/01/49 (c) (p) | 1,500 | 1,520,866 | ||||||
| Kansas: 0.2% | ||||||||
County of Butler, Unified School District No. 385 (GO) 4.00%, 09/01/30 (c) | 500 | 511,591 | ||||||
| Kentucky: 1.0% | ||||||||
Commonwealth of Kentucky, State Property and Building Commission, Series A (RB) 5.00%, 10/01/30 | 250 | 276,459 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 5.25%, 06/01/55 (c) (p) | 500 | 534,629 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 4.00%, 08/01/52 (c) (p) | 1,200 | 1,233,815 | ||||||
Louisville & Jefferson County, Metro Government, Norton Healthcare, Inc., Series C (RB) 5.00%, 10/01/47 (c) (p) | 1,000 | 1,015,188 | ||||||
| 3,060,091 | ||||||||
| Louisiana: 0.6% | ||||||||
St. John Baptist Parish, Louisiana Marathon Oil Co., Series B-2 (RB) 2.38%, 06/01/37 (p) | 750 | 747,395 | ||||||
State of Louisiana, Series A (GO) 5.00%, 02/01/29 | 1,000 | 1,077,208 | ||||||
| 1,824,603 | ||||||||
| Maryland: 3.3% | ||||||||
Baltimore County, Maryland (GO) 5.00%, 03/01/30 | 945 | 1,044,344 | ||||||
Community Development Administration, Maryland Multifamily Development, Series D-2 (RB) 3.30%, 01/01/29 | 500 | 504,503 | ||||||
County of Montgomery, Consolidated Public Improvement, Series A (GO) 4.00%, 08/01/29 | 750 | 789,602 | ||||||
State of Maryland, Department of Transportation (RB) 3.00%, 11/01/30 (c) | 520 | 520,023 | ||||||
| 3.12%, 05/01/31 (c) | 855 | 855,100 | ||||||
| 4.00%, 11/01/27 (c) | 500 | 500,316 | ||||||
| 5.00%, 10/01/26 | 595 | 607,974 | ||||||
See Notes to Financial Statements
| 178 |
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
State of Maryland, Department of Transportation, Series B (RB) 4.00%, 05/01/30 (c) | $ | 750 | $ | 773,267 | ||||
State of Maryland, State and Local Facilities Loan, Series A (GO) 5.00%, 03/15/28 (c) | 500 | 515,975 | ||||||
| 5.00%, 03/15/28 | 500 | 528,860 | ||||||
| 5.00%, 03/15/29 | 1,000 | 1,082,137 | ||||||
| 5.00%, 03/15/31 (c) | 1,500 | 1,655,454 | ||||||
State of Maryland, State and Local Facilities Loan, Series B (GO) 5.00%, 08/01/26 | 385 | 391,788 | ||||||
| 9,769,343 | ||||||||
| Massachusetts: 4.9% | ||||||||
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/27 | 680 | 702,149 | ||||||
Commonwealth of Massachusetts, Series A (GO) 5.00%, 01/01/27 | 710 | 729,425 | ||||||
| 5.00%, 05/01/27 | 500 | 517,778 | ||||||
| 5.00%, 07/01/27 | 500 | 519,828 | ||||||
Commonwealth of Massachusetts, Series B (GO) 5.00%, 07/01/31 (c) | 600 | 609,656 | ||||||
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26 | 400 | 408,503 | ||||||
| 5.00%, 05/01/30 | 1,000 | 1,108,553 | ||||||
Commonwealth of Massachusetts, Series C (GO) (AG) 5.00%, 05/01/31 | 2,665 | 3,010,561 | ||||||
Commonwealth of Massachusetts, Series E (GO) 3.00%, 12/01/25 | 750 | 750,005 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26 | 500 | 511,546 | ||||||
Massachusetts Water Resources Authority, Series B (RB) (AG) 5.25%, 08/01/30 | 2,000 | 2,260,311 | ||||||
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/31 (c) | 2,115 | 2,206,617 | ||||||
| 5.00%, 08/01/40 (c) | 1,000 | 1,018,303 | ||||||
| 14,353,235 | ||||||||
| Michigan: 0.7% | ||||||||
Michigan State Housing Development Authority, Series A (RB) 3.70%, 04/01/30 (c) | 500 | 500,706 | ||||||
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
State of Michigan, Environmental Program (GO) 3.00%, 05/01/30 (c) | $ | 410 | $ | 410,769 | ||||
State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/26 | 500 | 503,921 | ||||||
State of Michigan, Trunk Line, Series B (RB) 5.00%, 11/15/27 | 500 | 525,000 | ||||||
| 1,940,396 | ||||||||
| Minnesota: 1.6% | ||||||||
Metropolitan Council, Minneapolis & St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 | 1,000 | 1,025,245 | ||||||
Minneapolis & St. Paul, Minnesota Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/29 | 1,000 | 1,071,141 | ||||||
Minneapolis & St. Paul, Minnesota Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/30 (c) | 515 | 528,099 | ||||||
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/31 | 1,000 | 1,127,682 | ||||||
State of Minnesota, Various Purpose, Series D (GO) 3.00%, 10/01/30 (c) | 1,000 | 1,005,120 | ||||||
| 4,757,287 | ||||||||
| Mississippi: 0.2% | ||||||||
State of Mississippi, Series A (GO) 5.00%, 10/01/29 (c) | 430 | 449,780 | ||||||
| Missouri: 0.7% | ||||||||
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | 1,400 | 1,564,434 | ||||||
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 01/01/26 (c) | 500 | 500,514 | ||||||
| 2,064,948 | ||||||||
| Montana: 0.2% | ||||||||
City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB) 3.88%, 07/01/28 (c) | 500 | 508,000 | ||||||
| Nevada: 0.2% | ||||||||
Clark County, Nevada Airport System, Series A (RB) 5.00%, 07/01/29 | 500 | 542,270 | ||||||
See Notes to Financial Statements
| 179 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New Jersey: 4.1% | ||||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25 | $ | 660 | $ | 660,000 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) 5.00%, 06/15/34 (c) | 615 | 638,677 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/64 (c) (p) | 1,500 | 1,669,147 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/28 (c) | 1,000 | 1,040,727 | ||||||
New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project (RB) 5.00%, 09/15/26 | 500 | 509,347 | ||||||
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 5.00%, 07/01/29 (c) | 660 | 685,329 | ||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,080,779 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 5.00%, 12/15/26 | 500 | 512,197 | ||||||
| 5.00%, 06/15/30 (c) | 435 | 440,550 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/31 (c) | 780 | 785,048 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 06/01/26 | 500 | 496,199 | ||||||
| 2.00%, 06/01/30 (c) | 3,000 | 2,836,843 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/31 (c) | 500 | 523,476 | ||||||
| 11,878,319 | ||||||||
| New Mexico: 0.5% | ||||||||
State of New Mexico, Series A (RB) 5.00%, 07/01/27 | 840 | 872,614 | ||||||
State of New Mexico, Series B (RB) 5.00%, 07/01/26 | 535 | 542,772 | ||||||
| 1,415,386 | ||||||||
| Par (000’s | ) | Value | ||||||
| New York: 14.4% | ||||||||
| City of New York, Series A-1 (GO) | ||||||||
| 5.00%, 09/01/27 | $ | 1,000 | $ | 1,044,735 | ||||
| 5.00%, 08/01/29 | 1,000 | 1,084,590 | ||||||
City of New York, Series B-1 (GO) 5.00%, 11/01/30 | 500 | 555,499 | ||||||
City of New York, Series C (GO) 5.00%, 09/01/27 | 1,000 | 1,044,735 | ||||||
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27 | 500 | 521,301 | ||||||
City of New York, Series E (GO) 5.00%, 08/01/30 (c) | 540 | 548,087 | ||||||
City of New York, Series F-1 (GO) 5.00%, 03/01/27 | 410 | 423,156 | ||||||
County of Suffolk, Series A (GO) (AG) 5.00%, 02/01/26 | 250 | 251,448 | ||||||
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26 | 510 | 520,259 | ||||||
Long Island Power Authority Electric System, Series B (RB) 3.00%, 09/01/55 (c) (p) | 1,000 | 991,095 | ||||||
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/26 | 500 | 511,168 | ||||||
Metropolitan Transportation Authority, Series C (RB) 5.25%, 11/15/29 (c) | 1,000 | 1,000,791 | ||||||
Metropolitan Transportation Authority, Series D-1 (RB) 5.00%, 11/15/28 (c) | 250 | 250,177 | ||||||
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30 | 1,000 | 1,103,821 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series A-2 (RB) 3.25%, 11/01/64 (c) (p) | 1,000 | 1,003,469 | ||||||
New York City Housing Development Corp., Multi-Family Housing, Series B-2 (RB) 3.95%, 11/01/64 (c) (p) | 2,500 | 2,553,021 | ||||||
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 5.00%, 07/15/31 | 1,250 | 1,418,180 | ||||||
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/31 (c) | 1,010 | 1,071,967 | ||||||
See Notes to Financial Statements
| 180 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) 4.00%, 05/01/31 (c) | $ | 630 | $ | 633,014 | ||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 5.00%, 08/01/31 (c) | 690 | 700,641 | ||||||
| New York City Transitional Finance Authority, Series A (RB) | ||||||||
| 5.00%, 11/01/26 | 500 | 511,680 | ||||||
| 5.00%, 11/01/27 | 440 | 460,792 | ||||||
New York City Transitional Finance Authority, Series E-1 (RB) 5.00%, 02/01/30 (c) | 1,190 | 1,222,326 | ||||||
New York City Transitional Finance Authority, Series F (RB) 5.00%, 02/01/27 | 850 | 874,975 | ||||||
New York City Transitional Finance Authority, Series G-1 (RB) 4.00%, 11/01/30 | 1,500 | 1,599,590 | ||||||
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/30 (c) | 1,000 | 1,033,440 | ||||||
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26 | 700 | 711,234 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/29 | 1,000 | 1,083,449 | ||||||
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27 | 510 | 525,905 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/30 (c) | 1,325 | 1,349,265 | ||||||
| New York State Dormitory Authority, Series A (RB) | ||||||||
| 5.00%, 03/15/26 | 485 | 488,916 | ||||||
| 5.00%, 03/15/26 | 780 | 786,519 | ||||||
| 5.00%, 02/15/27 | 500 | 515,593 | ||||||
New York State Dormitory Authority, Series B (RB) 5.00%, 03/15/30 | 500 | 552,141 | ||||||
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28 | 640 | 676,335 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 | $ | 680 | $ | 685,366 | ||||
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28 | 605 | 645,367 | ||||||
New York State Housing Finance Agency, Series A-2 (RB) 2.50%, 11/01/60 (c) (p) | 920 | 907,003 | ||||||
New York State Housing Finance Agency, Series C (RB) 3.80%, 11/01/62 (c) (p) | 500 | 500,158 | ||||||
New York State Housing Finance Agency, Series C-2 (RB) 3.60%, 11/01/63 (c) (p) | 500 | 502,731 | ||||||
New York State Thruway Authority, Series P (RB) 5.00%, 01/01/27 | 1,000 | 1,027,011 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/27 | 690 | 713,347 | ||||||
| 5.00%, 03/15/28 (c) | 500 | 504,314 | ||||||
New York State Urban Development Corp., State Personal Income, Series C (RB) 5.00%, 03/15/27 | 500 | 516,918 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 5.00%, 12/01/30 | 1,150 | 1,262,895 | ||||||
Town of Oyster Bay, Public Improvement, Series B (GO) (AG) 3.25%, 02/01/29 (c) | 665 | 665,552 | ||||||
| Triborough Bridge & Tunnel Authority, Series A (RB) | ||||||||
| 5.00%, 11/15/26 | 1,000 | 1,025,119 | ||||||
| 5.00%, 11/15/27 | 500 | 524,695 | ||||||
| 5.00%, 11/15/28 | 1,000 | 1,074,655 | ||||||
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/45 (p) | 875 | 867,925 | ||||||
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 11/15/28 (c) | 1,000 | 1,068,072 | ||||||
| 42,114,442 | ||||||||
See Notes to Financial Statements
| 181 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| North Carolina: 2.8% | ||||||||
County of Mecklenburg, Series A (GO) 4.00%, 04/01/29 (c) | $ | 500 | $ | 509,826 | ||||
County of Mecklenburg, Series B (GO) 2.00%, 12/01/30 (c) | 250 | 238,022 | ||||||
County of Wake (RB) 5.00%, 09/01/26 | 375 | 382,264 | ||||||
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/51 (p) | 500 | 502,303 | ||||||
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/30 (c) | 1,500 | 1,613,720 | ||||||
State of North Carolina, Series A (GO) | ||||||||
| 5.00%, 06/01/30 (c) | 1,140 | 1,213,189 | ||||||
| 5.00%, 06/01/31 (c) | 1,100 | 1,222,080 | ||||||
State of North Carolina, Series A (RB) 5.00%, 05/01/31 (c) | 1,000 | 1,080,985 | ||||||
State of North Carolina, Series B (RB) | ||||||||
| 3.00%, 05/01/31 (c) | 800 | 797,897 | ||||||
| 5.00%, 05/01/29 (c) | 585 | 605,628 | ||||||
| 8,165,914 | ||||||||
| Ohio: 2.4% | ||||||||
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28 | 500 | 525,674 | ||||||
City of Columbus, Various Purpose (GO) 5.00%, 04/01/29 (c) | 750 | 785,032 | ||||||
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/31 (c) | 1,245 | 1,348,105 | ||||||
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 5.00%, 12/01/29 | 1,250 | 1,352,443 | ||||||
| 5.00%, 08/01/30 (c) | 1,030 | 1,077,825 | ||||||
Ohio Quality Development Authority, American Electric Power Company Project, Series D (RB) 3.20%, 05/01/26 | 500 | 498,859 | ||||||
Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/31 (c) | 500 | 523,512 | ||||||
Ohio Water Development Authority, Series B (RB) 5.00%, 12/01/27 (c) | 1,000 | 1,024,483 | ||||||
| 7,135,933 | ||||||||
| Par (000’s | ) | Value | ||||||
| Oklahoma: 0.3% | ||||||||
Canadian County, Oklahoma Educational Facilities Authority, Mustang Public Schools Project (RB) 3.00%, 09/01/29 (c) | $ | 330 | $ | 328,664 | ||||
Grand River Dam Authority, Series A (RB) 5.00%, 06/01/31 (c) | 515 | 525,515 | ||||||
| 854,179 | ||||||||
| Oregon: 1.0% | ||||||||
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/26 | 500 | 512,623 | ||||||
Hillsboro School District No. 1J (GO) (SBG) 5.00%, 06/15/31 (c) | 1,000 | 1,035,337 | ||||||
Jackson County, Oregon School District No. 549C Medford (GO) (SBG) 5.00%, 12/15/28 (c) | 1,250 | 1,251,113 | ||||||
| 2,799,073 | ||||||||
| Pennsylvania: 2.9% | ||||||||
Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/30 (c) | 360 | 385,422 | ||||||
Allegheny County Sanitary Authority (RB) (BAM) 5.00%, 12/01/27 (c) | 500 | 500,805 | ||||||
Commonwealth of Pennsylvania (GO) | ||||||||
| 3.00%, 01/01/31 (c) | 510 | 508,598 | ||||||
| 5.00%, 01/01/26 | 560 | 561,898 | ||||||
| 5.00%, 07/15/27 | 1,000 | 1,040,114 | ||||||
| 5.00%, 09/01/27 | 1,000 | 1,043,273 | ||||||
Commonwealth of Pennsylvania (GO) (SBG) 5.00%, 07/15/26 | 1,000 | 1,015,908 | ||||||
County of Lehigh, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 | 600 | 607,530 | ||||||
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p) | 500 | 513,827 | ||||||
Montgomery County Industrial Development Authority, Series B (RB) 4.10%, 06/01/29 | 705 | 729,113 | ||||||
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/31 (c) | 1,000 | 1,006,207 | ||||||
University of Pittsburgh of the Commonwealth, System of Higher Education (RB) 4.00%, 04/15/26 (c) | 500 | 501,957 | ||||||
| 8,414,652 | ||||||||
See Notes to Financial Statements
| 182 |
| Par (000’s | ) | Value | ||||||
| Rhode Island: 0.3% | ||||||||
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AG) 5.00%, 05/15/26 (c) | $ | 500 | $ | 500,699 | ||||
Tobacco Settlement Financing Corp., Rhode Island, Series A (RB) 5.00%, 06/01/26 (c) | 500 | 502,250 | ||||||
| 1,002,949 | ||||||||
| South Dakota: 0.1% | ||||||||
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/30 (c) | 255 | 263,159 | ||||||
| Tennessee: 1.9% | ||||||||
Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 4.00%, 01/01/31 (c) | 545 | 548,319 | ||||||
| 5.00%, 07/01/26 | 525 | 533,113 | ||||||
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,096,525 | ||||||
Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health, Series B (RB) 5.00%, 09/01/49 (c) (p) | 500 | 529,365 | ||||||
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/49 (c) (p) | 1,775 | 1,775,000 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB) 5.00%, 05/01/53 (c) (p) | 500 | 518,241 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series B (RB) 5.62%, 09/01/26 | 500 | 509,742 | ||||||
| 5,510,305 | ||||||||
| Texas: 8.0% | ||||||||
Austin Independent School District (GO) 5.00%, 08/01/28 | 505 | 538,256 | ||||||
Bexar County, Limited Tax (GO) 5.00%, 06/15/27 (c) | 500 | 506,668 | ||||||
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29 | 1,000 | 1,088,481 | ||||||
City of Dallas, Texas Waterworks and Sewer System, Series A (RB) 5.00%, 10/01/30 (c) | 565 | 575,501 | ||||||
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/27 (c) | $ | 630 | $ | 639,495 | ||||
Comal Independent School District (GO) 5.00%, 02/01/26 | 775 | 779,105 | ||||||
Conroe, Texas Independent School District, Series A (GO) 5.00%, 02/15/27 | 2,000 | 2,058,116 | ||||||
Denton Independent School District (GO) 5.00%, 08/15/29 | 1,000 | 1,086,973 | ||||||
Ford Bend, Texas Independent School District, Series B (GO) 5.00%, 02/15/28 | 910 | 958,797 | ||||||
Fort Bend, Texas Independent School District (GO) 5.00%, 08/15/30 (c) | 2,000 | 2,081,229 | ||||||
Harris County, Texas Cultural Education Facilities Finance Corp., TECO Project (RB) 5.00%, 11/15/30 (c) | 850 | 888,789 | ||||||
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27 | 1,000 | 1,040,925 | ||||||
Houston Texas Utility System, Series A (RB) 5.00%, 11/15/27 | 1,000 | 1,047,157 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AG) 5.00%, 05/15/27 | 500 | 517,109 | ||||||
North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/27 | 500 | 513,274 | ||||||
| 5.00%, 01/01/30 (c) | 1,195 | 1,199,031 | ||||||
| 5.00%, 01/01/31 (c) | 1,675 | 1,680,650 | ||||||
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/30 (c) | 500 | 504,023 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 | 600 | 611,047 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV, Series A (RB) 5.50%, 01/01/54 (c) (p) | 1,000 | 1,072,382 | ||||||
Texas Transportation Commission Highway Improvement (GO) 5.00%, 04/01/30 | 1,000 | 1,102,656 | ||||||
Texas Water Development Board (RB) 5.00%, 04/15/26 | 1,000 | 1,010,077 | ||||||
See Notes to Financial Statements
| 183 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Texas Water Development Board, Series A (RB) 5.00%, 04/15/30 (c) | $ | 250 | $ | 261,407 | ||||
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/30 (c) | 670 | 696,756 | ||||||
University of Houston, Series A (RB) 5.00%, 02/15/26 | 1,000 | 1,006,401 | ||||||
| 23,464,305 | ||||||||
| Utah: 0.5% | ||||||||
University of Utah, Series A (RB) 5.00%, 08/01/31 (c) | 365 | 379,141 | ||||||
Utah Transit Authority (RB) | ||||||||
| 5.00%, 06/15/30 | 500 | 554,509 | ||||||
| 5.00%, 12/15/30 | 500 | 560,781 | ||||||
| 1,494,431 | ||||||||
| Virginia: 0.6% | ||||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/27 | 600 | 617,778 | ||||||
Virginia Commonwealth Transportation Board (RB) 5.00%, 03/15/27 (c) | 510 | 519,872 | ||||||
Virginia Public Building Authority, Public Facilities, Series A (RB) 5.00%, 08/01/29 (c) | 720 | 750,256 | ||||||
| 1,887,906 | ||||||||
| Washington: 2.7% | ||||||||
Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB) 5.00%, 11/01/26 | 520 | 532,406 | ||||||
| Par (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/31 (c) | $ | 500 | $ | 500,000 | ||||
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/28 (c) | 725 | 753,510 | ||||||
King County, Washington (GO) 4.00%, 07/01/30 (c) | 2,110 | 2,151,492 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/26 | 1,000 | 1,013,447 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/31 (c) | 825 | 839,010 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/31 (c) | 1,000 | 1,106,977 | ||||||
State of Washington, Series D (GO) 5.00%, 08/01/31 (c) | 880 | 915,380 | ||||||
| 7,812,222 | ||||||||
| West Virginia: 0.4% | ||||||||
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26 | 1,000 | 1,018,627 | ||||||
| Wisconsin: 0.5% | ||||||||
City of Milwaukee, Series N4 (GO) 5.00%, 04/01/26 | 750 | 755,794 | ||||||
Public Finance Authority, Wisconsin Providence St. Joseph Health (RB) 4.00%, 10/01/41 (p) | 810 | 835,314 | ||||||
| 1,591,108 | ||||||||
| Total Municipal Bonds: 98.8% (Cost: $287,323,903) | 288,741,681 | |||||||
| Other assets less liabilities: 1.2% | 3,641,400 | |||||||
| NET ASSETS: 100.0% | $ | 292,383,081 | ||||||
See Notes to Financial Statements
| 184 |
Footnotes:
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| (p) | Putable Security — the date disclosed is the date the security may be redeemed by the fund |
| ^ | Zero Coupon Bond |
The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 288,741,681 | $ | — | $ | 288,741,681 | ||||||||
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
| 185 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (unaudited)
| CEF Muni Income ETF | Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 189,868,527 | $ | 427,185,986 | $ | 3,013,204,404 | $ | 155,519,357 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | — | 23,309,264 | 309,815,339 | 3,368,628 | ||||||||||||
| Cash | — | 5,290,489 | 48,593,738 | 1,264,672 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 4,819 | — | 320 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 17,377,317 | 37,433,996 | 2,626,404 | ||||||||||||
| Shares of beneficial interest sold | — | — | 1,477,918 | 3,665,332 | ||||||||||||
| Dividends and interest | 734,644 | 7,583,202 | 44,949,721 | 1,559,479 | ||||||||||||
| Total assets | 190,603,171 | 480,751,077 | 3,455,475,116 | 168,004,192 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 17,423,209 | 59,099,252 | 6,998,324 | ||||||||||||
| Collateral for securities loaned | — | 23,309,264 | 309,815,339 | 3,368,628 | ||||||||||||
| Line of credit | 137,043 | — | — | — | ||||||||||||
| Due to Adviser | 63,175 | 147,643 | 661,984 | 25,677 | ||||||||||||
| Deferred Trustee fees | 4,195 | 40,196 | 67,963 | 1,073 | ||||||||||||
| Accrued expenses | 1,633 | 278 | — | — | ||||||||||||
| Total liabilities | 206,046 | 40,920,590 | 369,644,538 | 10,393,702 | ||||||||||||
| NET ASSETS | $ | 190,397,125 | $ | 439,830,487 | $ | 3,085,830,578 | $ | 157,610,490 | ||||||||
| Shares outstanding | 8,625,000 | 21,900,000 | 104,400,000 | 6,450,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 22.08 | $ | 20.08 | $ | 29.56 | $ | 24.44 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid-in capital | $ | 245,468,816 | $ | 653,742,252 | $ | 3,595,986,208 | $ | 165,215,637 | ||||||||
| Total distributable loss | (55,071,691 | ) | (213,911,765 | ) | (510,155,630 | ) | (7,605,147 | ) | ||||||||
| NET ASSETS | $ | 190,397,125 | $ | 439,830,487 | $ | 3,085,830,578 | $ | 157,610,490 | ||||||||
| (1) Includes Investment in securities on loan, at market value | $ | — | $ | 24,860,398 | $ | 319,621,257 | $ | 11,511,092 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 204,987,264 | $ | 427,016,442 | $ | 2,995,889,199 | $ | 157,879,667 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | 23,309,264 | $ | 309,815,339 | $ | 3,368,628 | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 4,527 | $ | — | $ | 323 | ||||||||
See Notes to Financial Statements
| 186 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (unaudited)
| High Yield Muni ETF | IG Floating Rate ETF | Intermediate Muni ETF | Long Muni ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 3,536,907,742 | $ | 2,544,513,087 | $ | 2,038,797,236 | $ | 631,754,685 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | — | 2,916,621 | — | — | ||||||||||||
| Cash | 30,078,721 | 13,627,271 | 15,112,377 | 8,128,183 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 2,260,532 | 112,690,166 | — | — | ||||||||||||
| Dividends and interest | 52,969,260 | 15,555,596 | 25,385,876 | 8,193,390 | ||||||||||||
| Total assets | 3,622,216,255 | 2,689,302,741 | 2,079,295,489 | 648,076,258 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 32,925,658 | 115,120,148 | 13,757,795 | 7,420,662 | ||||||||||||
| Collateral for securities loaned | — | 2,916,621 | — | — | ||||||||||||
| Due to Adviser | 968,554 | 305,083 | 312,102 | 127,440 | ||||||||||||
| Deferred Trustee fees | 3,184 | 21,618 | 3,000 | 1,517 | ||||||||||||
| Accrued expenses | — | 608 | — | — | ||||||||||||
| Total liabilities | 33,897,396 | 118,364,078 | 14,072,897 | 7,549,619 | ||||||||||||
| NET ASSETS | $ | 3,588,318,859 | $ | 2,570,938,663 | $ | 2,065,222,592 | $ | 640,526,639 | ||||||||
| Shares outstanding | 70,346,401 | 100,550,000 | 43,898,916 | 36,250,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 51.01 | $ | 25.57 | $ | 47.04 | $ | 17.67 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid-in capital | $ | 3,974,968,785 | $ | 2,553,560,694 | $ | 2,105,029,286 | $ | 674,811,012 | ||||||||
| Total distributable earnings (loss) | (386,649,926 | ) | 17,377,969 | (39,806,694 | ) | (34,284,373 | ) | |||||||||
| NET ASSETS | $ | 3,588,318,859 | $ | 2,570,938,663 | $ | 2,065,222,592 | $ | 640,526,639 | ||||||||
| (1) Includes Investment in securities on loan, at market value | $ | — | $ | 6,328,987 | $ | — | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 3,672,481,785 | $ | 2,535,922,089 | $ | 2,043,181,021 | $ | 646,311,429 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | 2,916,621 | $ | — | $ | — | ||||||||
See Notes to Financial Statements
| 187 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2025 (unaudited)
| Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | Short High Yield Muni ETF | Short Muni ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 8,584,991 | $ | 14,450,637 | $ | 366,590,844 | $ | 288,741,681 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 238,357 | 315,096 | — | — | ||||||||||||
| Cash | 26,391 | 65,179 | 2,830,345 | 403,235 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 640,141 | 662,364 | — | — | ||||||||||||
| Shares of beneficial interest sold | — | — | — | 1,735,211 | ||||||||||||
| Dividends and interest | 95,828 | 162,696 | 5,302,341 | 3,782,478 | ||||||||||||
| Total assets | 9,585,708 | 15,655,972 | 374,723,530 | 294,662,605 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 603,683 | 651,612 | 2,678,520 | 2,260,532 | ||||||||||||
| Collateral for securities loaned | 238,357 | 315,096 | — | — | ||||||||||||
| Due to Adviser | 1,866 | 2,478 | 100,712 | 17,192 | ||||||||||||
| Deferred Trustee fees | — | — | — | 1,600 | ||||||||||||
| Accrued expenses | — | — | — | 200 | ||||||||||||
| Total liabilities | 843,906 | 969,186 | 2,779,232 | 2,279,524 | ||||||||||||
| NET ASSETS | $ | 8,741,802 | $ | 14,686,786 | $ | 371,944,298 | $ | 292,383,081 | ||||||||
| Shares outstanding | 400,000 | 675,000 | 16,300,000 | 16,850,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 21.85 | $ | 21.76 | $ | 22.82 | $ | 17.35 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid-in capital | $ | 10,005,705 | $ | 16,763,806 | $ | 410,578,093 | $ | 295,352,761 | ||||||||
| Total distributable loss | (1,263,903 | ) | (2,077,020 | ) | (38,633,795 | ) | (2,969,680 | ) | ||||||||
| NET ASSETS | $ | 8,741,802 | $ | 14,686,786 | $ | 371,944,298 | $ | 292,383,081 | ||||||||
| (1) Includes Investment in securities on loan, at market value | $ | 193,057 | $ | 424,433 | $ | — | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 8,564,573 | $ | 14,546,542 | $ | 376,747,075 | $ | 287,323,903 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 238,357 | $ | 315,096 | $ | — | $ | — | ||||||||
See Notes to Financial Statements
| 188 |
VANECK ETF TRUST
For the Six Months Ended October 31, 2025 (unaudited)
| CEF Muni Income ETF | Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 3,970,002 | $ | — | $ | — | $ | 4,047 | ||||||||
| Interest | 2,846 | 14,324,107 | 94,928,511 | 3,092,462 | ||||||||||||
| Securities lending income | — | 96,699 | 1,155,582 | 13,000 | ||||||||||||
| Net foreign taxes withheld | — | (13,496 | ) | — | (33 | ) | ||||||||||
| Total income | 3,972,848 | 14,407,310 | 96,084,093 | 3,109,476 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 349,171 | 821,815 | 3,743,592 | 138,643 | ||||||||||||
| Interest | 7,210 | 278 | 72,798 | 212 | ||||||||||||
| Taxes | — | — | 3,500 | — | ||||||||||||
| Total expenses | 356,381 | 822,093 | 3,819,890 | 138,855 | ||||||||||||
| Net investment income | 3,616,467 | 13,585,217 | 92,264,203 | 2,970,621 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (2,602,808 | ) | (2,334,030 | ) | 4,074,818 | (723,706 | ) | |||||||||
| In-kind redemptions | 252,312 | — | 7,318,587 | — | ||||||||||||
| Capital gain distributions from investment companies | 2,096 | — | — | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | — | — | 115 | ||||||||||||
| Net realized gain (loss) | (2,348,400 | ) | (2,334,030 | ) | 11,393,405 | (723,591 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 12,523,258 | 15,675,420 | 114,595,698 | 3,200,001 | ||||||||||||
| Foreign currency translations and foreign denominated assets and liabilities | — | 62 | — | (89 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | 12,523,258 | 15,675,482 | 114,595,698 | 3,199,912 | ||||||||||||
| Net increase in net assets resulting from operations | $ | 13,791,325 | $ | 26,926,669 | $ | 218,253,306 | $ | 5,446,942 | ||||||||
See Notes to Financial Statements
| 189 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2025 (unaudited)
| High Yield Muni ETF | IG Floating Rate ETF | Intermediate Muni ETF | Long Muni ETF | |||||||||||||
| Income: | ||||||||||||||||
| Interest | $ | 80,586,283 | $ | 65,167,569 | $ | 30,345,278 | $ | 11,383,141 | ||||||||
| Securities lending income | — | 29,305 | — | — | ||||||||||||
| Net foreign taxes reclaimed | — | 19,785 | — | — | ||||||||||||
| Total income | 80,586,283 | 65,216,659 | 30,345,278 | 11,383,141 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 5,428,980 | 1,754,344 | 1,752,518 | 661,933 | ||||||||||||
| Interest | — | 2,657 | — | — | ||||||||||||
| Taxes | — | 3,500 | — | — | ||||||||||||
| Total expenses | 5,428,980 | 1,760,501 | 1,752,518 | 661,933 | ||||||||||||
| Net investment income | 75,157,303 | 63,456,158 | 28,592,760 | 10,721,208 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (19,349,154 | ) | 1,491,625 | (1,664,966 | ) | (1,163,400 | ) | |||||||||
| In-kind redemptions | — | 7,836 | (4,802,028 | ) | (1,190,596 | ) | ||||||||||
| Net realized gain (loss) | (19,349,154 | ) | 1,499,461 | (6,466,994 | ) | (2,353,996 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 69,971,271 | 14,477,093 | 81,961,239 | 17,961,255 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 69,971,271 | 14,477,093 | 81,961,239 | 17,961,255 | ||||||||||||
| Net increase in net assets resulting from operations | $ | 125,779,420 | $ | 79,432,712 | $ | 104,087,005 | $ | 26,328,467 | ||||||||
See Notes to Financial Statements
| 190 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2025 (unaudited)
| Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | Short High Yield Muni ETF | Short Muni ETF | |||||||||||||
| Income: | ||||||||||||||||
| Interest | $ | 224,553 | $ | 339,293 | $ | 6,710,177 | $ | 3,732,717 | ||||||||
| Securities lending income | 190 | 613 | — | — | ||||||||||||
| Total income | 224,743 | 339,906 | 6,710,177 | 3,732,717 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 10,885 | 13,894 | 581,627 | 98,728 | ||||||||||||
| Interest | — | — | 272 | 217 | ||||||||||||
| Total expenses | 10,885 | 13,894 | 581,899 | 98,945 | ||||||||||||
| Net investment income | 213,858 | 326,012 | 6,128,278 | 3,633,772 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 21,733 | (12,963 | ) | (416,936 | ) | (35,348 | ) | |||||||||
| In-kind redemptions | — | (193,127 | ) | — | — | |||||||||||
| Net realized gain (loss) | 21,733 | (206,090 | ) | (416,936 | ) | (35,348 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 164,446 | 410,426 | 7,344,010 | 4,253,494 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 164,446 | 410,426 | 7,344,010 | 4,253,494 | ||||||||||||
| Net increase in net assets resulting from operations | $ | 400,037 | $ | 530,348 | $ | 13,055,352 | $ | 7,851,918 | ||||||||
See Notes to Financial Statements
| 191 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Muni Income ETF | Emerging Markets High Yield Bond ETF | |||||||||||||||
| Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 3,616,467 | $ | 9,012,809 | $ | 13,585,217 | $ | 25,938,183 | ||||||||
| Net realized loss | (2,348,400 | ) | (1,784,188 | ) | (2,334,030 | ) | (2,773,909 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | 12,523,258 | 9,389,097 | 15,675,482 | 12,972,804 | ||||||||||||
| Net increase in net assets resulting from operations | 13,791,325 | 16,617,718 | 26,926,669 | 36,137,078 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (5,217,975 | ) | (9,012,809 | ) | (13,327,040 | ) | (25,599,210 | ) | ||||||||
| Return of capital | — | (2,116,534 | ) | — | — | |||||||||||
| Total distributions | (5,217,975 | ) | (11,129,343 | ) | (13,327,040 | ) | (25,599,210 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 25,039,104 | 50,638,025 | 49,497,267 | 52,633,748 | ||||||||||||
| Cost of shares redeemed | (13,163,941 | ) | (107,316,276 | ) | — | (44,468,099 | ) | |||||||||
| Net increase (decrease) in net assets resulting from share transactions | 11,875,163 | (56,678,251 | ) | 49,497,267 | 8,165,649 | |||||||||||
| Total increase (decrease) in net assets | 20,448,513 | (51,189,876 | ) | 63,096,896 | 18,703,517 | |||||||||||
| Net Assets, beginning of period | 169,948,612 | 221,138,488 | 376,733,591 | 358,030,074 | ||||||||||||
| Net Assets, end of period | $ | 190,397,125 | $ | 169,948,612 | $ | 439,830,487 | $ | 376,733,591 | ||||||||
| *Transactions in capital shares: | ||||||||||||||||
| Shares sold | 1,175,000 | 2,325,000 | 2,500,000 | 2,700,000 | ||||||||||||
| Shares redeemed | (625,000 | ) | (4,900,000 | ) | — | (2,300,000 | ) | |||||||||
| Net increase (decrease) | 550,000 | (2,575,000 | ) | 2,500,000 | 400,000 | |||||||||||
See Notes to Financial Statements
| 192 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Fallen Angel High Yield Bond ETF | Green Bond ETF | |||||||||||||||
| Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 92,264,203 | $ | 189,776,559 | $ | 2,970,621 | $ | 4,351,794 | ||||||||
| Net realized gain (loss) | 11,393,405 | (70,002,632 | ) | (723,591 | ) | (280,516 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | 114,595,698 | 53,395,569 | 3,199,912 | 3,196,106 | ||||||||||||
| Net increase in net assets resulting from operations | 218,253,306 | 173,169,496 | 5,446,942 | 7,267,384 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (91,582,975 | ) | (192,699,120 | ) | (2,868,635 | ) | (4,213,705 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 319,229,934 | 786,605,093 | 29,118,841 | 31,139,547 | ||||||||||||
| Cost of shares redeemed | (162,048,038 | ) | (891,441,642 | ) | — | — | ||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 157,181,896 | (104,836,549 | ) | 29,118,841 | 31,139,547 | |||||||||||
| Total increase (decrease) in net assets | 283,852,227 | (124,366,173 | ) | 31,697,148 | 34,193,226 | |||||||||||
| Net Assets, beginning of period | 2,801,978,351 | 2,926,344,524 | 125,913,342 | 91,720,116 | ||||||||||||
| Net Assets, end of period | $ | 3,085,830,578 | $ | 2,801,978,351 | $ | 157,610,490 | $ | 125,913,342 | ||||||||
| *Transactions in capital shares: | ||||||||||||||||
| Shares sold | 10,950,000 | 27,250,000 | 1,200,000 | 1,300,000 | ||||||||||||
| Shares redeemed | (5,550,000 | ) | (31,450,000 | ) | — | — | ||||||||||
| Net increase (decrease) | 5,400,000 | (4,200,000 | ) | 1,200,000 | 1,300,000 | |||||||||||
See Notes to Financial Statements
| 193 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| High Yield Muni ETF | IG Floating Rate ETF | |||||||||||||||
| Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 75,157,303 | $ | 135,543,897 | $ | 63,456,158 | $ | 103,526,832 | ||||||||
| Net realized gain (loss) | (19,349,154 | ) | (57,281,419 | ) | 1,499,461 | 4,920,385 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 69,971,271 | (20,949,688 | ) | 14,477,093 | (14,494,957 | ) | ||||||||||
| Net increase in net assets resulting from operations | 125,779,420 | 57,312,790 | 79,432,712 | 93,952,260 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (73,312,940 | ) | (134,451,070 | ) | (62,919,680 | ) | (101,615,875 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 229,374,678 | 972,204,595 | 212,642,275 | 1,117,835,080 | ||||||||||||
| Cost of shares redeemed | (74,344,524 | ) | (429,565,658 | ) | (2,553,238 | ) | (305,607,381 | ) | ||||||||
| Net increase in net assets resulting from share transactions | 155,030,154 | 542,638,937 | 210,089,037 | 812,227,699 | ||||||||||||
| Total increase in net assets | 207,496,634 | 465,500,657 | 226,602,069 | 804,564,084 | ||||||||||||
| Net Assets, beginning of period | 3,380,822,225 | 2,915,321,568 | 2,344,336,594 | 1,539,772,510 | ||||||||||||
| Net Assets, end of period | $ | 3,588,318,859 | $ | 3,380,822,225 | $ | 2,570,938,663 | $ | 2,344,336,594 | ||||||||
| *Transactions in capital shares: | ||||||||||||||||
| Shares sold | 4,550,000 | 18,900,000 | 8,350,000 | 43,900,000 | ||||||||||||
| Shares redeemed | (1,500,000 | ) | (8,450,000 | ) | (100,000 | ) | (12,050,000 | ) | ||||||||
| Net increase | 3,050,000 | 10,450,000 | 8,250,000 | 31,850,000 | ||||||||||||
See Notes to Financial Statements
| 194 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Intermediate Muni ETF | Long Muni ETF | |||||||||||||||
| Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 28,592,760 | $ | 52,680,081 | $ | 10,721,208 | $ | 18,841,016 | ||||||||
| Net realized loss | (6,466,994 | ) | (6,893,106 | ) | (2,353,996 | ) | (1,333,714 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | 81,961,239 | (20,013,998 | ) | 17,961,255 | (14,178,375 | ) | ||||||||||
| Net increase in net assets resulting from operations | 104,087,005 | 25,772,977 | 26,328,467 | 3,328,927 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (28,118,972 | ) | (52,313,452 | ) | (10,294,260 | ) | (18,304,160 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 147,476,729 | 331,998,085 | 117,338,297 | 132,878,950 | ||||||||||||
| Cost of shares redeemed | (108,545,489 | ) | (159,799,860 | ) | (28,733,308 | ) | (22,517,761 | ) | ||||||||
| Net increase in net assets resulting from share transactions | 38,931,240 | 172,198,225 | 88,604,989 | 110,361,189 | ||||||||||||
| Total increase in net assets | 114,899,273 | 145,657,750 | 104,639,196 | 95,385,956 | ||||||||||||
| Net Assets, beginning of period | 1,950,323,319 | 1,804,665,569 | 535,887,443 | 440,501,487 | ||||||||||||
| Net Assets, end of period | $ | 2,065,222,592 | $ | 1,950,323,319 | $ | 640,526,639 | $ | 535,887,443 | ||||||||
| *Transactions in capital shares: | ||||||||||||||||
| Shares sold | 3,200,000 | 7,250,000 | 6,800,000 | 7,450,000 | ||||||||||||
| Shares redeemed | (2,400,000 | ) | (3,500,000 | ) | (1,700,000 | ) | (1,250,000 | ) | ||||||||
| Net increase | 800,000 | 3,750,000 | 5,100,000 | 6,200,000 | ||||||||||||
See Notes to Financial Statements
| 195 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||
| Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 213,858 | $ | 445,638 | $ | 326,012 | $ | 754,150 | ||||||||
| Net realized gain (loss) | 21,733 | 1,759 | (206,090 | ) | (78,665 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 164,446 | 249,411 | 410,426 | 360,343 | ||||||||||||
| Net increase in net assets resulting from operations | 400,037 | 696,808 | 530,348 | 1,035,828 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (213,280 | ) | (446,420 | ) | (354,355 | ) | (722,330 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | — | 1,089,022 | 2,719,641 | 10,741,686 | ||||||||||||
| Cost of shares redeemed | — | (1,079,029 | ) | (9,536,853 | ) | (2,120,683 | ) | |||||||||
| Net increase (decrease) in net assets resulting from share transactions | — | 9,993 | (6,817,212 | ) | 8,621,003 | |||||||||||
| Total increase (decrease) in net assets | 186,757 | 260,381 | (6,641,219 | ) | 8,934,501 | |||||||||||
| Net Assets, beginning of period | 8,555,045 | 8,294,664 | 21,328,005 | 12,393,504 | ||||||||||||
| Net Assets, end of period | $ | 8,741,802 | $ | 8,555,045 | $ | 14,686,786 | $ | 21,328,005 | ||||||||
| *Transactions in capital shares: | ||||||||||||||||
| Shares sold | — | 50,000 | 125,000 | 500,000 | ||||||||||||
| Shares redeemed | — | (50,000 | ) | (450,000 | ) | (100,000 | ) | |||||||||
| Net increase (decrease) | — | — | (325,000 | ) | 400,000 | |||||||||||
See Notes to Financial Statements
| 196 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
| Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | Six Months Ended October 31, 2025 (unaudited) | Year Ended April 30, 2025 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 6,128,278 | $ | 10,568,971 | $ | 3,633,772 | $ | 6,349,401 | ||||||||
| Net realized loss | (416,936 | ) | (4,004,799 | ) | (35,348 | ) | (316,998 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | 7,344,010 | 4,593,379 | 4,253,494 | 2,355,336 | ||||||||||||
| Net increase in net assets resulting from operations | 13,055,352 | 11,157,551 | 7,851,918 | 8,387,739 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (5,928,730 | ) | (10,289,255 | ) | (3,648,775 | ) | (6,402,005 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 46,539,081 | 18,138,035 | 23,301,101 | 27,462,893 | ||||||||||||
| Cost of shares redeemed | — | (21,454,447 | ) | — | (18,042,693 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 46,539,081 | (3,316,412 | ) | 23,301,101 | 9,420,200 | |||||||||||
| Total increase (decrease) in net assets | 53,665,703 | (2,448,116 | ) | 27,504,244 | 11,405,934 | |||||||||||
| Net Assets, beginning of period | 318,278,595 | 320,726,711 | 264,878,837 | 253,472,903 | ||||||||||||
| Net Assets, end of period | $ | 371,944,298 | $ | 318,278,595 | $ | 292,383,081 | $ | 264,878,837 | ||||||||
| *Transactions in capital shares: | ||||||||||||||||
| Shares sold | 2,050,000 | 800,000 | 1,350,000 | 1,600,000 | ||||||||||||
| Shares redeemed | — | (950,000 | ) | — | (1,050,000 | ) | ||||||||||
| Net increase (decrease) | 2,050,000 | (150,000 | ) | 1,350,000 | 550,000 | |||||||||||
See Notes to Financial Statements
| 197 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 198 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 199 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 200 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 201 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 202 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 203 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 204 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 205 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 206 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 207 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 208 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
| 209 |
VANECK ETF TRUST
October 31, 2025 (unaudited)
Note 1—Fund Organization
VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”). Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Funds.
| Fund | Diversification Classification | |
| CEF Muni Income ETF (“CEF Muni”) | Diversified | |
| Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified | |
| Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified | |
| Green Bond ETF (“Green Bond”) | Diversified | |
| High Yield Muni ETF (“High Yield”) | Diversified | |
| IG Floating Rate ETF (“IG Floating Rate”) | Non-Diversified | |
| Intermediate Muni ETF (“Intermediate”) | Diversified | |
| Long Muni ETF (“Long”) | Diversified | |
| Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified | |
| Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Diversified | |
| Short High Yield Muni ETF (“Short High Yield”) | Diversified | |
| Short Muni ETF (“Short”) | Diversified |
Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.
| Fund | Index | |
| CEF Muni | S-Network Municipal Bond Closed-End Fund Index | |
| Emerging Markets High Yield | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index | |
| Fallen Angel | ICE US Fallen Angel High Yield 10% Constrained Index | |
| Green Bond | S&P Green Bond U.S. Dollar Select Index | |
| High Yield | ICE Broad High Yield Crossover Municipal Index | |
| IG Floating Rate | MVIS® US Investment Grade Floating Rate Index | |
| Intermediate | ICE Intermediate AMT-Free Broad National Municipal Index | |
| Long | ICE Long AMT-Free Broad National Municipal Index | |
| Moody’s Analytics BBB | MVIS® Moody’s Analytics® US BBB Corporate Bond Index | |
| Moody’s Analytics IG | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index | |
| Short High Yield | ICE 1-12 Year Broad High Yield Crossover Municipal Index | |
| Short | ICE Short AMT-Free Broad National Municipal Index |
The Funds (except for CEF Muni) expect to use a sampling approach in seeking to achieve their investment objectives. Sampling means that the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Muni seeks to achieve its investment objective by investing in a portfolio of securities in substantially the same weighting as its index.
Note 2—Significant Accounting Policies
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
| 210 |
Note 2—Significant Accounting Policies (continued)
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation |
The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund’s pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Funds are open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.
The Funds’ Board of Trustees (the “Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
| 211 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 2—Significant Accounting Policies (continued)
| A. | Security Valuation (continued) |
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
| B. | Federal Income Taxes |
It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
| C. | Distributions to Shareholders |
Dividends to shareholders from net investment income, if any, are declared and paid monthly by each fund. Distributions of net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end.
| D. | Currency Translation |
Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.
| E. | Restricted Securities |
The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the Schedules of Investments.
| 212 |
Note 2—Significant Accounting Policies (continued)
| F. | Offsetting Assets and Liabilities |
In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at October 31, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
| G. | Segment Reporting |
The Funds’ Chief Financial Officer and Treasurer act as the Funds’ chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
| H. | Other |
Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
Note 3—Investment Management and Other Agreements
The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. The unitary management fee rates for the six months ended October 31, 2025 are as follows:
| 213 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 3—Investment Management and Other Agreements (continued)
| Fund | Management Fees | |||
| CEF Muni | 0.40 | % | ||
| Emerging Markets High Yield | 0.40 | |||
| Fallen Angel | 0.25 | |||
| Green Bond | 0.20 | |||
| High Yield | 0.32 | |||
| IG Floating Rate | 0.14 | |||
| Intermediate | 0.18 | |||
| Long | 0.24 | |||
| Moody’s Analytics BBB | 0.25 | |||
| Moody’s Analytics IG | 0.20 | |||
| Short High Yield | 0.32 | * | ||
| Short | 0.07 | |||
*Prior to September 1, 2025 the management fee rate was 0.35%
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At October 31, 2025, the Adviser owned approximately 64% of Moody’s Analytics BBB.
Note 4—Capital Share Transactions
As of October 31, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments
For the six months ended October 31, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments and U.S. government obligations) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| CEF Muni | $ | 9,085,558 | $ | 7,345,437 | $ | 25,051,101 | $ | 13,149,569 | ||||||||
| Emerging Markets High Yield | 87,387,351 | 89,174,029 | 47,837,081 | — | ||||||||||||
| Fallen Angel | 713,157,572 | 730,259,223 | 302,234,096 | 150,064,248 | ||||||||||||
| Green Bond | 16,152,286 | 14,375,870 | 25,271,581 | — | ||||||||||||
| 214 |
Note 5—Investments (continued)
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| High Yield | $ | 679,989,189 | $ | 414,346,442 | $ | — | $ | — | ||||||||
| IG Floating Rate | 946,171,524 | 922,648,550 | 191,408,932 | 1,583,342 | ||||||||||||
| Intermediate | 293,121,975 | 92,087,158 | — | 108,746,031 | ||||||||||||
| Long | 143,133,194 | 24,049,981 | — | 29,108,074 | ||||||||||||
| Moody’s Analytics BBB | 2,640,673 | 2,672,985 | — | — | ||||||||||||
| Moody’s Analytics IG | 3,017,705 | 2,960,714 | 2,679,662 | 9,421,188 | ||||||||||||
| Short High Yield | 92,276,401 | 46,223,348 | — | — | ||||||||||||
| Short | 58,878,619 | 32,901,505 | — | — | ||||||||||||
During the six months ended October 31, 2025, the following funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act. The activity by Fund is summarized in the table as follows:
| Fund | Purchases | Sales | ||||||
| High Yield | $ | 5,360,690 | $ | 54,324,055 | ||||
| Intermediate | 49,217,259 | 62,981,759 | ||||||
| Long | 19,370,313 | 15,443,371 | ||||||
| Short High Yield | 25,443,830 | 16,265,812 | ||||||
| Short | 54,434,408 | — | ||||||
Note 6—Income Taxes
As of October 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| CEF Muni | $ | 204,990,985 | $ | 333,405 | $ | (15,455,863 | ) | $ | (15,122,458 | ) | ||||||
| Emerging Markets High Yield | 451,365,772 | 11,923,130 | (12,793,652 | ) | (870,522 | ) | ||||||||||
| Fallen Angel | 3,316,622,739 | 64,674,467 | (58,277,463 | ) | 6,397,004 | |||||||||||
| Green Bond | 161,317,836 | 2,057,193 | (4,487,044 | ) | (2,429,851 | ) | ||||||||||
| High Yield | 3,673,371,525 | 56,417,567 | (192,881,350 | ) | (136,463,783 | ) | ||||||||||
| IG Floating Rate | 2,539,268,571 | 9,292,777 | (1,131,640 | ) | 8,161,137 | |||||||||||
| Intermediate | 2,043,880,494 | 31,139,726 | (36,222,984 | ) | (5,083,258 | ) | ||||||||||
| Long | 646,095,956 | 5,087,644 | (19,428,915 | ) | (14,341,271 | ) | ||||||||||
| Moody’s Analytics BBB | 8,806,310 | 166,618 | (149,580 | ) | 17,038 | |||||||||||
| Moody’s Analytics IG | 14,864,949 | 157,405 | (256,621 | ) | (99,216 | ) | ||||||||||
| Short High Yield | 376,528,592 | 5,324,003 | (15,261,751 | ) | (9,937,748 | ) | ||||||||||
| Short | 288,316,514 | 3,296,369 | (2,871,202 | ) | 425,167 | |||||||||||
As of October 31, 2025, it is anticipated that CEF Muni will have a return of capital at fiscal year-end.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the six months ended October 31, 2025, the Funds did not incur any interest or penalties.
| 215 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 6—Income Taxes (continued)
Under the PRC Corporate Income Tax regime, China imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. Capital gains derived on investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of investments through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, Green Bond and Emerging Markets High Yield Bond could be subject to a tax liability.
Note 7—Principal Risks
Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds, including municipal bonds and Funds holding municipal securities, involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.
The Emerging Markets High Yield, Fallen Angel, Green Bond, High Yield and Short High Yield may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Certain Funds invest in foreign securities which may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
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Note 7—Principal Risks (continued)
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
CEF Muni invests in closed-end funds that may trade at a discount or premium to their net asset value. The Fund is dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan
The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
In prior years, the CEF Muni, Emerging Markets High Yield, Fallen Angel, Green Bond, High Yield, IG Floating Rate, Intermediate, Long and Short adopted a unitary management fee in which the Adviser is responsible for paying all expenses of the Funds. For these Funds, the liability for the Plan which is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through the date of conversion to a unitary management fee structure. Moody’s Analytics BBB, Moody’s Analytics IG and Short High Yield commenced operations with a unitary management fee, and therefore bear no cost or liabilities relative to the Plan.
Note 9—Securities Lending
To generate additional income, the Funds may lend securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund’s Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2025:
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 9—Securities Lending (continued)
| Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
| Emerging Markets High Yield | $ | 24,860,398 | $ | 23,309,264 | $ | 3,222,759 | $ | 26,532,023 | ||||||||
| Fallen Angel | 319,621,257 | 309,815,339 | 23,060,994 | 332,876,333 | ||||||||||||
| Green Bond | 11,511,092 | 3,368,628 | 8,548,871 | 11,917,499 | ||||||||||||
| IG Floating Rate | 6,328,987 | 2,916,621 | 3,618,225 | 6,534,846 | ||||||||||||
| Moody’s Analytics BBB | 193,057 | 238,357 | 23,474 | 261,831 | ||||||||||||
| Moody’s Analytics IG | 424,433 | 315,096 | 123,778 | 438,874 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2025:
| Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
| Fund | Corporate Bonds | |||
| Emerging Markets High Yield | $ | 23,309,264 | ||
| Fallen Angel | 309,815,339 | |||
| Green Bond | 3,368,628 | |||
| IG Floating Rate | 2,916,621 | |||
| Moody’s Analytics BBB | 238,357 | |||
| Moody’s Analytics IG | 315,096 | |||
| * | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit
The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the six months ended October 31, 2025, the following Funds borrowed under this Facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
| CEF Muni | 144 | $307,331 | 5.62 | % | ||||||||
| Emerging Markets High Yield | 1 | 1,841,814 | 5.44 | |||||||||
| Fallen Angel | 11 | 41,944,889 | 5.68 | |||||||||
| Green Bond | 7 | 191,759 | 5.68 | |||||||||
| IG Floating Rate | 8 | 2,123,919 | 5.65 | |||||||||
| Short High Yield | 1 | 232,467 | 5.68 | |||||||||
| Short | 8 | 161,965 | 5.56 | |||||||||
Outstanding loan balances as of October 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—New Accounting Pronouncements and Regulatory Requirements
In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective
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Note 11—New Accounting Pronouncements and Regulatory Requirements (continued)
for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09 and the disclosure will be included in the annual report.
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Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Refer to the financial statements included herein.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited)
At a meeting held on June 3, 2025 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CEF Muni Income ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, High Yield Muni ETF, HIP Sustainable Muni ETF, IG Floating Rate ETF, Intermediate Muni ETF, Long Muni ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Short High Yield Muni ETF and Short Muni ETF.
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationships with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund, except the VanEck HIP Sustainable Muni ETF, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds, except for the VanEck HIP Sustainable Muni ETF. The Trustees further considered that the VanEck HIP Sustainable Muni ETF was expected to be liquidated and terminated shortly after the Renewal Meeting.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of each Fund (excluding the fee payment under the applicable Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Fund except for the VanEck HIP Sustainable Muni ETF (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from the Adviser regarding the performance of the VanEck HIP Sustainable Muni ETF, an actively managed exchange-traded fund, against its benchmark index and peer funds. The Trustees noted that the VanEck HIP Sustainable Muni ETF had underperformed its benchmark for the one-year period ended December 31, 2024 due to increased
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VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited) (continued)
market volatility in the second half of 2024 and an underweight exposure to zero-coupon bonds relative to the benchmark, according to the Adviser.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds’ management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees below the average and median of its respective peer group of funds, each of the VanEck Moody’s Analytics IG Corporate Bond ETF and Short High Yield Muni ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Moody’s Analytics BBB Corporate Bond ETF had management fees above the average and median of its peer group of funds, and the VanEck Green Bond ETF had management fees above the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio below the average and median of its respective peer group of funds, the VanEck Moody’s Analytics BBB Corporate Bond ETF had a total expense ratio below the average and above the median of its peer group of funds, and the VanEck Green Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds’ management fees and/or total expense ratios exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about its overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of each of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each of the Investment Management Agreements is in the best interest of the applicable Fund and the Fund’s shareholders.
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| Item 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Information included in Item 7.
| Item 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Information included in Item 7.
| Item 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Information included in Item 7.
| Item 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
Information included in Item 7.
| Item 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| Item 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
No material changes.
| Item 16. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
Not applicable.
| Item 19. | EXHIBITS. |
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK ETF TRUST
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |
Date January 8, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Jan F. van Eck, Chief Executive Officer |
Date January 8, 2026
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |
Date January 8, 2026