VanEck Semiconductor ETF (SMH) N-CSRS Certified semi-annual shareholder report (management investment company)

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, 2024

Item 1. REPORTS TO STOCKHOLDERS.

VanEck BDC Income ETF

Ticker: BIZD 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck BDC Income ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck BDC Income ETF	$21	0.42%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$1,218,985,319
• Number of Portfolio Holdings29
• Portfolio Turnover Rate10%
• Advisory Fees Paid$2,339,543

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilitiesFootnote Reference*		0.1%
Other Investments		0.8%
Financials		99.1%

Footnote	Description
Footnote*	Includes unrealized appreciation (depreciation) on total return swap contracts of 0.0%

Top Ten Holdings (% of Total Net Assets)

Ares Capital Corp.	21.6%
FS KKR Capital Corp.	9.2%
Blue Owl Capital Corp.	8.9%
Blackstone Secured Lending Fund	8.7%
Hercules Capital, Inc.	4.7%
Main Street Capital Corp.	4.7%
Golub Capital BDC, Inc.	4.6%
Sixth Street Specialty Lending, Inc.	3.6%
Prospect Capital Corp.	3.6%
Morgan Stanley Direct Lending Fund	3.0%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck CEF Muni Income ETF

Ticker: XMPT 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck CEF Muni Income ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck CEF Muni Income ETF	$21	0.41%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$228,610,728
• Number of Portfolio Holdings56
• Portfolio Turnover Rate5%
• Advisory Fees Paid$462,613

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.2%
Municipal Fixed Income		99.8%

Top Ten Holdings (% of Total Net Assets)

Nuveen Quality Municipal Income Fund	8.0%
Nuveen AMT-Free Quality Municipal Income Fund	8.0%
Nuveen AMT-Free Municipal Credit Income Fund	7.9%
Nuveen Municipal Credit Income Fund	7.8%
BlackRock Municipal 2030 Target Term Trust	5.1%
Nuveen Municipal Value Fund, Inc.	4.7%
Nuveen Municipal High Income Opportunity Fund	2.7%
BlackRock MuniYield Quality Fund III, Inc.	2.4%
BlackRock Municipal Income Fund, Inc.	2.3%
BlackRock MuniYield Quality Fund, Inc.	2.3%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck China Bond ETF

Ticker: CBON 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck China Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck China Bond ETF	$26	0.50%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$22,430,460
• Number of Portfolio Holdings35
• Portfolio Turnover Rate68%
• Advisory Fees Paid$-

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		3.0%
Industrials		5.0%
Energy		8.0%
Government		21.6%
Utilities		23.3%
Financials		39.1%

Top Ten Holdings (% of Total Net Assets)

Guangdong Hengjian Investment Holding Co. Ltd., 3.28%, 1/14/2027	6.4%
China Government Bond, 2.29%, 12/25/2024	5.6%
China Everbright Bank Co. Ltd., 2.72%, 9/25/2026	5.0%
Bank of Communications Co. Ltd., 2.70%, 9/26/2026	5.0%
China Railway Group Ltd., 2.58%, 8/3/2025	5.0%
China Government Bond, 1.99%, 4/9/2025	4.9%
China Three Gorges Corp., 4.15%, 5/11/2026	4.7%
China Huaneng Group Co. Ltd., 3.95%, 4/21/2026	4.7%
China Government Bond, 2.67%, 11/25/2033	4.5%
China Petroleum & Chemical Corp., 3.20%, 7/27/2026	4.2%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Emerging Markets High Yield Bond ETF

Ticker: HYEM 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Emerging Markets High Yield Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Emerging Markets High Yield Bond ETF	$21	0.40%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$409,490,994
• Number of Portfolio Holdings522
• Portfolio Turnover Rate16%
• Advisory Fees Paid$774,628

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.0%
Real Estate		2.7%
Government		2.9%
Healthcare		3.5%
Consumer Non-Cyclicals		3.6%
Technology		3.9%
Consumer Cyclicals		4.4%
Utilities		7.7%
Industrials		9.9%
Basic Materials		11.5%
Energy		18.4%
Financials		29.4%

Top Ten Holdings (% of Total Net Assets)

Industrial & Commercial Bank of China Ltd., 3.20% (Perpetual)	2.2%
Provincia de Buenos Aires, 6.62%, 9/1/2037	1.3%
Bank of Communications Co. Ltd., 3.80% (Perpetual)	1.0%
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026	1.0%
Southern Gas Corridor CJSC, 6.88%, 3/24/2026	0.8%
Samarco Mineracao SA, 9.00%, 6/30/2031	0.6%
First Quantum Minerals Ltd., 9.38%, 3/1/2029	0.6%
DP World Salaam, 6.00% (Perpetual)	0.6%
First Quantum Minerals Ltd., 6.88%, 10/15/2027	0.6%
Ecopetrol SA, 8.88%, 1/13/2033	0.6%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Fallen Angel High Yield Bond ETF

Ticker: ANGL 

Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Fallen Angel High Yield Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Fallen Angel High Yield Bond ETF	$13	0.25%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$3,048,697,553
• Number of Portfolio Holdings123
• Portfolio Turnover Rate12%
• Advisory Fees Paid$3,837,587

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.9%
Other Investments		0.5%
Utilities		1.2%
Healthcare		4.0%
Basic Materials		5.3%
Consumer Non-Cyclicals		6.7%
Industrials		7.0%
Financials		8.6%
Real Estate		10.2%
Energy		12.1%
Technology		17.7%
Consumer Cyclicals		24.8%

Top Ten Holdings (% of Total Net Assets)

Vodafone Group Plc, 7.00%, 4/4/2079	3.8%
Newell Brands, Inc., 5.70%, 4/1/2026	3.6%
Entegris, Inc., 4.75%, 4/15/2029	2.8%
Walgreens Boots Alliance, Inc., 3.45%, 6/1/2026	2.5%
Dresdner Funding Trust I, 8.15%, 6/30/2031	2.0%
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.62%, 4/16/2029	1.6%
EQM Midstream Partners LP, 5.50%, 7/15/2028	1.5%
Standard Chartered Plc, 7.01%, 7/30/2037	1.4%
Rogers Communications, Inc., 5.25%, 3/15/2082	1.3%
Nordstrom, Inc., 5.00%, 1/15/2044	1.3%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Green Bond ETF

Ticker: GRNB 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Green Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Green Bond ETF	$10	0.20%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$106,809,265
• Number of Portfolio Holdings410
• Portfolio Turnover Rate7%
• Advisory Fees Paid$100,074

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.7%
Other Investments		1.2%
Energy		1.5%
Consumer Non-Cyclicals		1.7%
Industrials		2.2%
Mortgage Securities		3.4%
Technology		4.4%
Consumer Cyclicals		5.1%
Basic Materials		5.1%
Real Estate		7.7%
Government		10.8%
Utilities		20.0%
Financials		35.3%

Top Ten Holdings (% of Total Net Assets)

European Investment Bank, 3.75%, 2/14/2033	1.3%
European Investment Bank, 4.38%, 10/10/2031	1.1%
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/2026	1.0%
Ford Motor Co., 3.25%, 2/12/2032	0.9%
Gaci First Investment Co., 5.25%, 10/13/2032	0.8%
Industrial & Commercial Bank of China Ltd., 5.44%, 10/25/2026	0.8%
Turkiye Government International Bond, 9.12%, 7/13/2030	0.7%
European Investment Bank, 2.88%, 6/13/2025	0.7%
JPMorgan Chase & Co., 6.07%, 10/22/2027	0.7%
Hong Kong Government International Bond, 4.00%, 6/7/2033	0.6%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck High Yield Muni ETF

Ticker: HYD 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck High Yield Muni ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck High Yield Muni ETF	$16	0.32%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$3,135,101,594
• Number of Portfolio Holdings1,487
• Portfolio Turnover Rate7%
• Advisory Fees Paid$4,958,017

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.7%
Other Investments		2.3%
Transportation		1.1%
Water & Sewer		1.4%
Miscellaneous		1.5%
Airport		2.1%
Power		2.7%
State GO		2.7%
Utilities		2.8%
Multi-Family Housing		3.3%
Leasing COPS & Appropriations		4.2%
Toll & Turnpike		4.5%
Tobacco		4.6%
Health		7.3%
Local GO		8.6%
Education		9.7%
Tax		12.2%
Hospitals		12.4%
Industrial Development Revenue		14.9%

Top Ten Holdings (% of Total Net Assets)

Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/2058	1.2%
Buckeye Tobacco Settlement Financing Authority, 5.00%, 6/1/2055	1.0%
Puerto Rico Sales Tax Rev Restructed BDS Cofina A-1, 0.00%, 7/1/2051	0.9%
Puerto Rico Sales Tax Financing Corp., 4.33%, 7/1/2040	0.8%
Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/2053	0.8%
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., 4.00%, 7/15/2041	0.7%
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project, 5.45%, 9/1/2052	0.7%
Inland Empire Tobacco Securitization Authority, Series C-2, 0.00%, 6/1/2047	0.6%
California Municipal Finance Authority, United Airlines, Inc., International Airport Project, 4.00%, 7/15/2029	0.6%
Tobacco Settlement Financing Corp., 5.00%, 6/1/2046	0.6%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck HIP Sustainable Muni ETF

Ticker: SMI 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck HIP Sustainable Muni ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck HIP Sustainable Muni ETF	$12	0.24%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$11,575,483
• Number of Portfolio Holdings36
• Portfolio Turnover Rate4%
• Advisory Fees Paid$14,936

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		4.1%
Power		2.1%
Miscellaneous		2.2%
Utilities		2.2%
Leasing COPS & Appropriations		4.3%
Transportation		4.4%
Toll & Turnpike		5.1%
Airport		7.6%
Education		7.6%
Water & Sewer		7.9%
Tax		9.3%
State GO		9.7%
Hospitals		13.5%
Local GO		20.0%

Top Ten Holdings (% of Total Net Assets)

Wylie Independent School District, 5.00%, 8/15/2039	4.8%
City and County of Honolulu, Wastewater System, 4.00%, 7/1/2033	4.4%
Port Authority of New York & New Jersey, 5.00%, 11/15/2042	4.4%
City of Los Angeles Department of Airports, 5.00%, 5/15/2051	4.3%
Dallas Independent School District, Unlimited Tax School Building, 4.00%, 2/15/2054	4.2%
New York City Municipal Water Finance Authority, Water & Sewer System, 5.00%, 6/15/2039	3.5%
San Francisco City & County, International Airport, 5.00%, 5/1/2034	3.4%
Commonwealth of Massachusetts, 5.00%, 11/1/2024	3.1%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, 4.00%, 7/1/2051	3.1%
Pennsylvania Turnpike Commission, 5.00%, 12/1/2051	3.0%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck IG Floating Rate ETF

Ticker: FLTR 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck IG Floating Rate ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck IG Floating Rate ETF	$7	0.14%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$1,742,854,322
• Number of Portfolio Holdings294
• Portfolio Turnover Rate54%
• Advisory Fees Paid$1,169,624

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.2%
Other Investments		1.5%
Real Estate		1.1%
Energy		1.2%
Industrials		2.6%
Consumer Cyclicals		5.7%
Financials		86.7%

Top Ten Holdings (% of Total Net Assets)

JPMorgan Chase & Co., 6.20%, 2/24/2028	1.5%
Goldman Sachs Group, Inc., 6.63%, 10/28/2027	1.4%
Wells Fargo & Co., 5.91%, 4/22/2028	1.4%
Morgan Stanley Bank NA, 5.53%, 10/15/2027	1.2%
Morgan Stanley Bank NA, 5.78%, 7/14/2028	1.2%
Australia & New Zealand Banking Group Ltd., 5.65%, 1/18/2027	1.2%
National Australia Bank Ltd., 5.53%, 6/11/2027	1.2%
Goldman Sachs Bank USA, 5.78%, 5/21/2027	1.2%
Macquarie Bank Ltd., 5.77%, 7/2/2027	1.1%
Banco Santander SA, 5.96%, 7/15/2028	1.0%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Intermediate Muni ETF

Ticker: ITM 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Intermediate Muni  ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Intermediate Muni ETF	$9	0.18%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$1,934,557,419
• Number of Portfolio Holdings1,294
• Portfolio Turnover Rate6%
• Advisory Fees Paid$1,666,012

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.3%
Other Investments		2.6%
Multi-Family Housing		1.3%
Airport		1.8%
Miscellaneous		2.0%
Leasing COPS & Appropriations		4.2%
Utilities		4.5%
Transportation		5.1%
Toll & Turnpike		5.5%
Power		6.4%
Education		6.9%
Water & Sewer		7.3%
Hospitals		7.6%
Tax		14.1%
Local GO		14.6%
State GO		14.8%

Top Ten Holdings (% of Total Net Assets)

California Community Choice Financing Authority, Clean Energy, 5.00%, 8/1/2055	0.6%
State of California, Various Purpose, 4.00%, 3/1/2036	0.5%
California Community Choice, Financing Authority Clean Energy Project, 4.00%, 2/1/2052	0.5%
State of California, 5.25%, 8/1/2032	0.3%
California Community Choice Financing Authority, Clean Energy Project, 5.25%, 1/1/2054	0.3%
New York City Transitional Finance Authority, Future Tax Secured Subordinate-1, 4.00%, 11/1/2030	0.3%
New York City Municipal Water Finance Authority, 5.00%, 6/15/2034	0.3%
California Housing Finance Agency, 3.75%, 3/25/2035	0.3%
Energy Southeast A Cooperative District, Energy Supply, 5.50%, 11/1/2053	0.3%
South Carolina Jobs-Economic Development Authority, Novant Health, Inc., 5.00%, 11/1/2034	0.3%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck International High Yield Bond ETF

Ticker: IHY 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck International High Yield Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck International High Yield Bond ETF	$21	0.40%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$25,407,224
• Number of Portfolio Holdings382
• Portfolio Turnover Rate14%
• Advisory Fees Paid$54,190

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.6%
Other Investments		0.8%
Real Estate		2.1%
Consumer Non-Cyclicals		3.3%
Healthcare		5.2%
Utilities		6.4%
Basic Materials		8.0%
Consumer Cyclicals		8.2%
Energy		10.6%
Industrials		12.2%
Technology		12.4%
Financials		29.2%

Top Ten Holdings (% of Total Net Assets)

Industrial & Commercial Bank of China Ltd., 3.20% (Perpetual)	1.2%
UniCredit SpA, 2.73%, 1/15/2032	0.8%
Electricite de France SA, 3.38% (Perpetual)	0.8%
SoftBank Group Corp., 6.88% (Perpetual)	0.8%
SoftBank Group Corp., 5.12%, 9/19/2027	0.8%
Huarong Finance 2017 Co. Ltd., 4.25%, 11/7/2027	0.8%
Virgin Media Vendor Financing Notes III DAC, 4.88%, 7/15/2028	0.7%
Vodafone Group Plc, 8.00%, 8/30/2086	0.6%
Petrobras Global Finance BV, 6.25%, 12/14/2026	0.5%
Jerrold Finco Plc, 5.25%, 1/15/2027	0.5%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck J.P. Morgan EM Local Currency Bond ETF

Ticker: EMLC 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck J.P. Morgan EM Local Currency Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck J.P. Morgan EM Local Currency Bond ETF	$16	0.30%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$2,821,773,154
• Number of Portfolio Holdings435
• Portfolio Turnover Rate19%
• Advisory Fees Paid$3,698,643

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		3.0%
Other Investments		0.2%
Financials		6.0%
Government		90.8%

Top Ten Holdings (% of Total Net Assets)

Brazil Letras do Tesouro Nacional, 0.00%, 7/1/2026	1.1%
Brazil Letras do Tesouro Nacional, 0.00%, 1/1/2026	1.0%
Republic of South Africa Government Bond, 8.75%, 2/28/2048	0.8%
Republic of South Africa Government Bond, 8.00%, 1/31/2030	0.8%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2029	0.8%
Turkiye Government Bond, 26.20%, 10/5/2033	0.8%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027	0.8%
Republic of South Africa Government Bond, 8.88%, 2/28/2035	0.8%
Brazil Letras do Tesouro Nacional, 0.00%, 7/1/2025	0.7%
Republic of South Africa Government Bond, 8.25%, 3/31/2032	0.7%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Long Muni ETF

Ticker: MLN 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Long Muni ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Long Muni ETF	$12	0.24%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$539,094,072
• Number of Portfolio Holdings593
• Portfolio Turnover Rate4%
• Advisory Fees Paid$597,518

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.8%
Other Investments		1.1%
Miscellaneous		1.0%
Health		1.1%
Industrial Development Revenue		1.1%
Multi-Family Housing		1.6%
Airport		2.4%
Utilities		3.0%
Power		3.2%
Leasing COPS & Appropriations		4.1%
Transportation		4.8%
Single Family Housing		4.9%
State GO		5.3%
Toll & Turnpike		6.3%
Education		7.4%
Water & Sewer		8.5%
Tax		14.0%
Hospitals		14.2%
Local GO		14.2%

Top Ten Holdings (% of Total Net Assets)

North Carolina Turnpike Authority, Triangle Expressway System, 5.00%, 1/1/2058	0.7%
Los Angeles County, Public Works Financing Authority, 5.25%, 12/1/2041	0.7%
New York State Dormitory Authority, White Plants Hospital, 5.50%, 10/1/2054	0.5%
Dallas Fort Worth International Airport, 4.00%, 11/1/2045	0.5%
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, 4.00%, 12/1/2041	0.4%
New York City Transitional Finance Authority, Future Tax Secured Subordinate, 5.50%, 5/1/2052	0.4%
State of California, Various Purpose, 5.00%, 9/1/2048	0.4%
Lamar Consolidated Independent School District, 5.50%, 2/15/2058	0.4%
City of San Antonio, Texas Electric & Gas Systems, 5.25%, 2/1/2054	0.4%
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, 5.25%, 5/15/2054	0.4%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Moody's Analytics BBB Corporate Bond ETF

Ticker: MBBB 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Moody's Analytics BBB Corporate Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Moody's Analytics BBB Corporate Bond ETF	$13	0.26%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$9,685,269
• Number of Portfolio Holdings211
• Portfolio Turnover Rate31%
• Advisory Fees Paid$11,002

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.9%
Basic Materials		1.8%
Real Estate		2.4%
Energy		4.4%
Utilities		7.1%
Healthcare		7.5%
Industrials		8.9%
Consumer Cyclicals		11.4%
Consumer Non-Cyclicals		16.6%
Financials		17.5%
Technology		20.5%

Top Ten Holdings (% of Total Net Assets)

T-Mobile USA, Inc., 3.75%, 4/15/2027	1.5%
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/2045	1.5%
McDonald's Corp., 2.12%, 3/1/2030	1.4%
Verizon Communications, Inc., 4.33%, 9/21/2028	1.3%
Oracle Corp., 5.38%, 7/15/2040	1.3%
McDonald's Corp., 4.88%, 12/9/2045	1.2%
Time Warner Cable LLC, 7.30%, 7/1/2038	1.1%
Sabine Pass Liquefaction LLC, 5.88%, 6/30/2026	1.0%
Kroger Co., 4.90%, 9/15/2031	1.0%
Fiserv, Inc., 3.20%, 7/1/2026	1.0%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Moody's Analytics IG Corporate Bond ETF

Ticker: MIG 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Moody's Analytics IG Corporate Bond ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Moody's Analytics IG Corporate Bond ETF	$11	0.21%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$16,605,820
• Number of Portfolio Holdings313
• Portfolio Turnover Rate29%
• Advisory Fees Paid$13,446

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.7%
Other Investments		0.7%
Basic Materials		1.2%
Healthcare		4.5%
Industrials		6.4%
Energy		6.8%
Consumer Cyclicals		9.0%
Utilities		9.4%
Technology		17.6%
Consumer Non-Cyclicals		20.2%
Financials		22.5%

Top Ten Holdings (% of Total Net Assets)

BNP Paribas SA, 5.12%, 1/13/2029	1.4%
AT&T, Inc., 3.80%, 12/1/2057	1.1%
Berkshire Hathaway Finance Corp., 4.20%, 8/15/2048	1.0%
Verizon Communications, Inc., 4.02%, 12/3/2029	1.0%
Visa, Inc., 3.15%, 12/14/2025	0.9%
Societe Generale SA, 1.49%, 12/14/2026	0.9%
T-Mobile USA, Inc., 3.88%, 4/15/2030	0.9%
Saudi Arabian Oil Co., 4.25%, 4/16/2039	0.8%
Centene Corp., 3.00%, 10/15/2030	0.8%
Sprint LLC, 7.62%, 3/1/2026	0.8%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Mortgage REIT Income ETF

Ticker: MORT 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Mortgage REIT Income ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Mortgage REIT Income ETF	$23	0.43%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$292,026,173
• Number of Portfolio Holdings26
• Portfolio Turnover Rate17%
• Advisory Fees Paid$575,179

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Liabilities in excess of other assets		-%
Financial Services		100.0%

Top Ten Holdings (% of Total Net Assets)

Annaly Capital Management, Inc.	12.4%
AGNC Investment Corp.	10.9%
Starwood Property Trust, Inc.	8.9%
Rithm Capital Corp.	7.3%
HA Sustainable Infrastructure Capital, Inc.	5.4%
Blackstone Mortgage Trust, Inc.	5.1%
Arbor Realty Trust, Inc.	5.1%
Ladder Capital Corp.	3.8%
Chimera Investment Corp.	3.3%
MFA Financial, Inc.	3.2%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Preferred Securities ex Financials ETF

Ticker: PFXF 

Principal U.S. Listing Exchange: NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Preferred Securities ex Financials ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Preferred Securities ex Financials ETF	$21	0.40%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$1,953,653,010
• Number of Portfolio Holdings100
• Portfolio Turnover Rate14%
• Advisory Fees Paid$3,584,784

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		0.7%
Other Investments		2.8%
Investment Banking & Investment Services		1.5%
Diversified Retail		1.6%
Machinery; Equipment & Components		2.0%
Real Estate Operations		2.3%
Computers Phones & Household Electronics		3.7%
Multiline Utilities		4.3%
Chemicals		4.3%
Automobiles & Auto Parts		4.5%
Food & Tobacco		5.1%
Telecommunications Services		16.4%
Residential & Commercial REITs		24.3%
Electric Utilities & IPPs		26.5%

Top Ten Holdings (% of Total Net Assets)

NextEra Energy, Inc., 7.30%, 6/1/2027	4.5%
Albemarle Corp., 7.25%, 3/1/2027	4.3%
NextEra Energy, Inc., 6.93%, 9/1/2025	3.8%
Hewlett Packard Enterprise Co., 7.62%, 9/1/2027	3.7%
AT&T, Inc., 4.75%	3.0%
AT&T, Inc., 5.35%, 11/1/2066	2.7%
AT&T, Inc., 5.00%	2.2%
Duke Energy Corp., 5.75%	2.1%
Southern Co., 4.95%, 1/30/2080	1.9%
AT&T, Inc., 5.62%, 8/1/2067	1.7%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Short High Yield Muni ETF

Ticker: SHYD 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Short High Yield Muni ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Short High Yield Muni ETF	$18	0.36%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$308,943,221
• Number of Portfolio Holdings423
• Portfolio Turnover Rate15%
• Advisory Fees Paid$558,342

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.2%
Other Investments		1.2%
Multi-Family Housing		1.5%
Transportation		1.5%
Toll & Turnpike		1.7%
Water & Sewer		2.3%
Miscellaneous		2.5%
Airport		3.0%
Leasing COPS & Appropriations		4.0%
State GO		5.8%
Health		6.1%
Power		6.1%
Utilities		6.2%
Education		6.8%
Tax		8.5%
Hospitals		8.6%
Local GO		10.1%
Industrial Development Revenue		21.9%

Top Ten Holdings (% of Total Net Assets)

California Municipal Finance Authority, United Airlines, Inc., International Airport Project, 4.00%, 7/15/2029	2.1%
Puerto Rico Commonwealth, 5.75%, 7/1/2031	1.4%
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, 5.00%, 8/1/2031	1.4%
Puerto Rico Commonwealth, 4.00%, 7/1/2033	1.3%
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, 5.25%, 8/1/2031	1.1%
Puerto Rico Commonwealth, 5.62%, 7/1/2029	1.1%
California Community Choice Financing Authority, Clean Energy Project, 5.25%, 1/1/2054	1.0%
Puerto Rico Commonwealth Aqueduct and Sewer Authority, 5.00%, 7/1/2030	1.0%
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, 5.00%, 7/1/2029	1.0%
California Housing Finance Agency, 4.00%, 3/20/2033	0.9%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

VanEck Short Muni ETF

Ticker: SMB 

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2024

This semi-annual shareholder report contains important information about the VanEck Short Muni ETF for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
VanEck Short Muni ETF	$4	0.07%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized

Key Fund Statistics 

• Total Net Assets$265,878,231
• Number of Portfolio Holdings338
• Portfolio Turnover Rate11%
• Advisory Fees Paid$91,573

What did the Fund invest in? 

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.3%
Other Investments		1.5%
Multi-Family Housing		1.4%
Pollution Control		1.4%
Airport		1.5%
Toll & Turnpike		3.2%
Leasing COPS & Appropriations		3.9%
Water & Sewer		5.0%
Hospitals		5.1%
Power		5.2%
Education		5.6%
Transportation		5.7%
Utilities		8.2%
Tax		8.9%
Refunded		9.1%
Local GO		14.2%
State GO		18.8%

Top Ten Holdings (% of Total Net Assets)

State of California, Various Purpose, 5.00%, 4/1/2030	1.2%
Black Belt Energy Gas District Gas, Project No. 4, 4.00%, 12/1/2049	0.9%
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, 1.75%, 9/1/2029	0.8%
County of King, Limited Tax, 4.00%, 7/1/2030	0.8%
City of Chicago, 5.00%, 1/1/2030	0.8%
Commonwealth of Pennsylvania, 5.00%, 2/15/2027	0.8%
Metropolitan Transportation Authority, 5.00%, 11/15/2048	0.8%
Los Angeles Unified School District, 5.00%, 7/1/2030	0.7%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, 5.00%, 6/1/2045	0.7%
Tennessee Energy Acquisition Corp., Gas Project, 4.00%, 11/1/2049	0.7%

Need Additional Information?

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

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 INVESSTMENT COMPANIES.

SEMI-ANNUAL FINANCIAL STATEMENTS
AND OTHER INFORMATION
October 31, 2024
(unaudited)

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

800.826.2333 vaneck.com

Schedule of Investments
CEF Muni Income ETF	3
High Yield Muni ETF	5
HIP Sustainable Muni ETF	49
Intermediate Muni ETF	51
Long Muni ETF	82
Short High Yield Muni ETF	100
Short Muni ETF	116
Statements of Assets and Liabilities	127
Statements of Operations	129
Statements of Changes in Net Assets	131
Financial Highlights
CEF Muni Income ETF	135
High Yield Muni ETF	136
HIP Sustainable Muni ETF	137
Intermediate Muni ETF	138
Long Muni ETF	139
Short High Yield Muni ETF	140
Short Muni ETF	141
Notes to Financial Statements	142
Changes In and Disagreements with Accountants	148
Proxy Disclosures	148
Remuneration Paid to Directors, Officers and Others	148
Approval of Investment Management Agreements	149

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2024 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 99.8%(a)
abrdn National Municipal Income Fund		100,217	$	1,075,328
Alliance Bernstein National Municipal Income Fund, Inc.		236,280		2,672,327
BlackRock 2037 Municipal Target Term Trust		35,664		887,142
BlackRock Investment Quality Municipal Trust, Inc.		100,330		1,231,049
BlackRock Long-Term Municipal Advantage Trust		68,041		698,101
BlackRock MuniAssets Fund, Inc.		163,123		1,903,645
BlackRock Municipal 2030 Target Term Trust		548,010		11,623,292
BlackRock Municipal Income Fund, Inc.		428,179		5,330,829
BlackRock Municipal Income Quality Trust		188,153		2,167,523
BlackRock Municipal Income Trust		324,697		3,315,156
BlackRock Municipal Income Trust II		352,985		3,826,357
BlackRock MuniHoldings Fund, Inc.		381,552		4,662,565
BlackRock MuniHoldings Quality Fund II, Inc.		177,731		1,837,738
BlackRock MuniVest Fund II, Inc.		169,754		1,865,596
BlackRock MuniVest Fund, Inc.		454,687		3,328,309
BlackRock MuniYield Fund, Inc.		331,189		3,659,638
BlackRock MuniYield Quality Fund II, Inc.		163,113		1,691,482
BlackRock MuniYield Quality Fund III, Inc.		477,880		5,385,708
BlackRock MuniYield Quality Fund, Inc.		411,205		5,148,287
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		151,197		1,622,344
BNY Mellon Municipal Income, Inc.		122,516		890,691
BNY Mellon Strategic Municipal Bond Fund, Inc.		402,629		2,423,827
BNY Mellon Strategic Municipals, Inc.		509,716		3,231,599
DWS Municipal Income Trust		228,821		2,233,293
Eaton Vance Municipal Bond Fund		416,029		4,355,824

	Number of Shares		Value
Eaton Vance Municipal Income 2028 Term Trust		47,326	$	882,157
Eaton Vance Municipal Income Trust		230,711		2,427,080
Eaton Vance National Municipal Opportunities Trust		112,085		1,972,696
Invesco Advantage Municipal Income Trust II		323,680		2,926,067
Invesco Municipal Income Opportunities Trust		201,030		1,324,788
Invesco Municipal Opportunity Trust		493,461		4,929,675
Invesco Municipal Trust		409,141		4,128,233
Invesco Quality Municipal Income Trust		386,305		3,897,817
Invesco Trust for Investment Grade Municipals		399,974		4,143,731
Invesco Value Municipal Income Trust		278,310		3,456,610
MFS Municipal Income Trust		336,330		1,883,448
Neuberger Berman Municipal Fund, Inc.		218,567		2,369,266
Nuveen AMT-Free Municipal Credit Income Fund		1,407,440		18,001,158
Nuveen AMT-Free Municipal Value Fund		131,913		1,832,272
Nuveen AMT-Free Quality Municipal Income Fund		1,580,699		18,336,108
Nuveen Dynamic Municipal Opportunities Fund		299,870		3,214,606
Nuveen Municipal Credit Income Fund		1,396,890		17,726,534
Nuveen Municipal High Income Opportunity Fund		544,752		6,073,985
Nuveen Municipal Value Fund, Inc.		1,203,269		10,721,127
Nuveen Quality Municipal Income Fund		1,530,375		18,349,196
Nuveen Select Tax-Free Income Portfolio		205,593		3,026,329
PIMCO Municipal Income Fund		127,266		1,228,117
PIMCO Municipal Income Fund II		320,463		2,820,074
PIMCO Municipal Income Fund III		168,331		1,323,082

See Notes to Financial Statements

3

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Pioneer Municipal High Income Advantage Fund, Inc.		171,473	$	1,478,097
Pioneer Municipal High Income Fund Trust		165,089		1,551,837
Pioneer Municipal High Income Opportunities Fund, Inc.		121,425		1,472,254
Putnam Managed Municipal Income Trust		334,588		2,101,213
Putnam Municipal Opportunities Trust		231,049		2,423,704
Western Asset Managed Municipals Fund, Inc.		407,217		4,239,129
Western Asset Municipal High Income Fund, Inc.		109,015		763,105
Total Closed-End Funds: 99.8% (Cost: $246,240,102)				228,091,145
Other assets less liabilities: 0.2%				519,583
NET ASSETS: 100.0%			$	228,610,728

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.

The summary of inputs used to value the Fund’s investments as of October 31, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	228,091,145	$	—	$	—	$	228,091,145

See Notes to Financial Statements

4

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2024 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.3%
Alabama: 2.2%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.75%, 06/01/35 (c)	$	1,400		$	1,403,272
5.75%, 06/01/45 (c)		2,000			1,900,478
6.00%, 06/01/50 (c)		5,900			5,676,138
Alabama State Port Authority Docks Facilities, Series A (RB) (AGM)
5.00%, 10/01/29 (c)		1,675			1,733,201
5.00%, 10/01/34 (c)		1,000			1,020,376
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p)		10,000			9,971,811
Black Belt Energy Gas District, Series A (RB) 5.25%, 01/01/54 (c) (p)		5,000			5,384,577
County of Jefferson AL Sewer Revenue (RB)
5.00%, 10/01/39 (c)		2,500			2,700,258
5.50%, 10/01/53 (c)		3,000			3,250,303
County of Jefferson, Alabama Sewer Warrants (RB) 5.25%, 10/01/49 (c)		7,140			7,622,081
Homewood Educational Building Authority (RB)
5.50%, 10/01/54 (c)		1,000			1,051,822
5.50%, 10/01/54 (c)		1,000			1,051,822
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p)		1,180			1,345,050
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/49 (c)		8,540			8,929,196
Jefferson County, Alabama Sewer Revenue (RB) 5.25%, 10/01/45 (c)		2,175			2,347,341
Montgomery Alabama Medical Clinic Board of Health Care Facility, Jackson Hospital and Clinic (RB) 5.00%, 03/01/33 (c) (d) *		1,350			918,000
Southeast Energy Authority, A Cooperative District Energy Supply, Series C (RB) 5.00%, 11/01/55 (c) (p)		2,000			2,151,566
The Southeast Alabama Gas Supply District, Project No. 2, Series B (RB) 5.00%, 06/01/49 (c) (p)		2,600			2,782,437

	Par   (000’s		)	Value
Alabama (continued)
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 5.25%, 05/01/44 (c)	$	7,000		$	7,123,304
					68,363,033
Alaska: 0.0%
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^		3,000			392,686
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/38 (c)		3,250			3,245,050
6.62%, 09/01/35 (c)		1,000			1,017,922
					4,262,972
Arizona: 2.7%
Arizona Industrial Development Authority (RB)
4.00%, 07/15/51 (c)		500			420,868
5.00%, 07/01/51 (c)		2,420			2,235,700
5.00%, 07/01/51 (c)		1,000			923,843
5.00%, 07/01/54 (c)		1,000			952,446
Arizona Industrial Development Authority, Academies of Math and Science (RB) 5.00%, 07/01/39 (c)		1,000			1,011,541
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 07/01/29 (c)		200			202,782
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/37 (c)		1,195			1,234,025
6.00%, 07/01/47 (c)		2,940			3,006,422
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 03/01/37 (c)		1,545			1,551,776
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/37 (c)		250			252,578
5.25%, 07/01/47 (c)		500			502,147
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/47 (c)		270			270,156
5.00%, 07/01/51 (c)		515			511,961
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/47 (c)		500			500,289

See Notes to Financial Statements

5

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/53 (c)	$	1,000		$	1,002,898
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/29 (c)		400			394,956
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, Series A (RB) 4.50%, 07/01/54 (c)		1,000			881,154
Arizona Industrial Development Authority, Education Facility, Series A (RB) 5.25%, 07/01/37 (c)		2,650			2,678,013
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/47 (c)		1,000			1,012,579
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		6,356			6,039,427
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/51 (c)		1,400			1,157,140
Chandler Industrial Development Authority (RB) 4.00%, 06/01/49 (c) (p)		2,000			2,001,631
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM) 5.00%, 07/01/44 (c)		2,990			3,062,796
Glendale Industrial Development Authority, Beatitudes Campus Project (RB)
4.00%, 11/15/27 (c)		250			241,458
5.00%, 11/15/40 (c)		1,000			900,741
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/56 (c)		1,340			1,264,998
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		105			104,763
5.00%, 07/01/35 (c)		900			903,993
5.00%, 07/01/45 (c)		500			500,200
5.00%, 07/01/46 (c)		1,000			1,000,213

	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		$	1,266,564
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/45 (c)		4,435			4,438,556
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/36 (c)		750			757,290
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 10/15/47 (c)		4,300			3,824,483
Maricopa County Arizona Industrial Development Authority, Valley Christian Schools Project, Series A (RB) 6.38%, 07/01/58 (c)		1,000			1,026,849
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/52 (c)		1,000			1,027,989
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/49 (c)		1,300			1,320,515
5.00%, 07/01/54 (c)		1,400			1,416,822
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/39 (c)		500			507,316
5.00%, 07/01/49 (c)		1,990			1,989,971
5.00%, 07/01/54 (c)		500			493,218
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/47 (c)		1,750			1,752,365
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/57 (c)		5,000			3,599,155
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/34 (c)		1,000			948,598

See Notes to Financial Statements

6

	Par   (000’s		)	Value
Arizona (continued)
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/51 (c)	$	1,000		$	738,850
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 5.62%, 06/15/45 (c)		1,250			1,254,724
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/36 (c)		250			251,999
5.38%, 07/01/46 (c)		250			250,578
5.50%, 07/01/51 (c)		250			250,676
Pima County, Industrial Development Authority, Edkey Charter School Project (RB) 5.00%, 07/01/30 (c)		1,000			1,023,564
Sacramento County, Community Facilities District No. 2005-2 (RB) 5.00%, 12/01/32		2,000			2,151,728
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		7,105			7,710,887
5.25%, 12/01/25		265			269,335
5.25%, 12/01/27		215			225,818
5.25%, 12/01/28		245			259,535
Sierra Vista Industrial Development Authority (RB) 6.38%, 06/15/64 (c)		1,000			999,990
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/54 (c)		355			344,770
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.00%, 10/01/37 (c)		1,200			868,399
6.12%, 10/01/52 (c)		600			367,342
The Industrial Development Authority of the City of Sierra Vista, American Leadership Academy Project (RB)
5.00%, 06/15/44 (c)		1,000			1,006,341
5.00%, 06/15/54 (c)		1,000			992,301
5.00%, 06/15/59 (c)		750			737,056
5.00%, 06/15/64 (c)		3,000			2,921,132
					83,718,210
Arkansas: 1.3%
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/49 (c)		12,520			12,244,378
4.75%, 09/01/49 (c)		6,000			5,913,970

	Par   (000’s		)	Value
Arkansas (continued)
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB)
5.45%, 09/01/52 (c)	$	19,750		$	20,496,738
5.70%, 05/01/53 (c)		3,205			3,388,243
					42,043,329
California: 13.4%
Alameda Corridor Transportation Authority (RB) (AGM) 0.00%, 10/01/53 (c) ^		1,905			491,107
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/34 (c)		3,000			3,064,260
5.00%, 10/01/35 (c)		1,650			1,683,772
5.00%, 10/01/36 (c)		2,230			2,274,944
5.00%, 10/01/37 (c)		5,535			5,644,082
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/36 (c)		160			158,315
4.00%, 09/01/41 (c)		615			586,199
4.00%, 09/01/46 (c)		420			385,430
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/36 (c)		2,000			2,067,532
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/36 (c)		1,480			1,492,788
California Community Choice Financing Authority (RB) 5.00%, 07/01/53 (c) (p)		1,580			1,671,297
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 01/01/54 (c) (p)		10,970			11,784,572
California Community Choice Financing Authority, Clean Energy, Series B (RB) 5.00%, 01/01/55 (c) (p)		3,000			3,224,059
California Community Choice Financing Authority, Clean Energy, Series C (RB) 5.00%, 08/01/55 (c) (p)		5,000			5,361,287
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 05/01/54 (c) (p)		10,000			10,692,714
California Community Choice Financing Authority, Clean Energy, Series E (RB) 5.00%, 02/01/55 (c) (p)		3,000			3,210,386

See Notes to Financial Statements

7

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/53 (c)	$	1,695		$	1,741,817
California Community Housing Agency (RB)
3.00%, 02/01/57 (c)		1,000			697,328
3.00%, 02/01/57 (c)		2,000			1,425,201
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/50 (c)		2,985			2,880,043
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 02/01/56 (c)		2,000			1,705,800
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/56 (c)		4,000			2,953,250
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/50 (c)		3,000			2,264,301
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 02/01/50 (c)		2,000			1,554,359
California Community Housing Agency, Series A-1 (RB) 4.00%, 02/01/56 (c)		4,500			3,971,917
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/56 (c)		4,000			3,306,674
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 06/01/36 (c)		15			14,831
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c)		1,050			972,370
California Enterprise Development Authority, The Rocklin Academy Project (RB)
5.00%, 06/01/54 (c)		500			512,649
5.00%, 06/01/64 (c)		1,000			1,020,171
California Health Facilities Financing Authority (RB)
5.00%, 12/01/31		2,500			2,757,823
5.25%, 12/01/49 (c)		7,230			7,871,669

	Par   (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 5.25%, 12/01/44 (c)	$	3,175		$	3,429,034
California Health Facilities Financing Authority, Adventist Health System. Series A (RB) 5.00%, 12/01/34 (c)		2,000			2,223,923
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/49 (c)		250			222,356
4.20%, 08/15/42 (c)		500			485,845
5.00%, 08/15/37 (c)		460			472,179
5.00%, 08/15/42 (c)		990			1,008,456
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)
4.00%, 04/01/49 (c)		1,450			1,384,018
4.00%, 04/01/49 (c)		50			53,416
California Health Facilities Financing Authority, Series A (RB) 4.00%, 03/01/39 (c)		1,910			1,874,343
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/48 (c)		590			605,131
California Housing Finance Agency, Series A (RB)
3.25%, 08/20/36		1,909			1,773,564
3.50%, 11/20/35		2,364			2,268,227
4.00%, 03/20/33		6,437			6,494,471
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 05/01/55 (c)		2,300			2,198,952
California Infrastructure & Economic Development Bank, California State Teachers Retirement System (RB) 5.00%, 08/01/32 (c)		1,085			1,181,437
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/55 (c)		1,000			999,931
California Infrastructure & Economic Development Bank, La Scuola International School Project (RB) 5.00%, 07/01/44 (c)		500			499,966

See Notes to Financial Statements

8

	Par   (000’s		)	Value
California (continued)
California Infrastructure & Economic Development Bank, Senior National Charter School, Series B (RB)
5.00%, 11/01/49 (c)	$	1,000		$	1,074,091
5.00%, 11/01/59 (c)		1,180			1,247,677
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series A-4 (RB) 8.00%, 01/01/50 (c) (p)		3,000			3,091,505
California Municipal Finance Authority (RB)
5.00%, 09/01/54 (c)		1,000			1,073,969
5.88%, 05/01/59 (c)		570			592,903
California Municipal Finance Authority (RB) (AGM) 5.00%, 12/31/33 (c)		3,800			3,920,721
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/45 (c)		500			504,251
6.12%, 11/01/33 (c)		1,000			1,002,218
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/62 (c)		1,000			1,001,193
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 05/15/38 (c)		500			520,730
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c)		150			141,422
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/46 (c)		5,000			4,872,149
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			1,503,730
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/42 (c)		1,165			1,120,935
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/30 (c)		200			207,013
5.00%, 07/01/31 (c)		250			257,985

	Par   (000’s		)	Value
California (continued)
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/39 (c)	$	500		$	501,724
5.00%, 10/01/49 (c)		500			482,041
5.00%, 10/01/57 (c)		500			473,760
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/45 (c)		2,390			2,285,303
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28		65			67,732
5.00%, 06/30/29 (c)		600			624,698
5.00%, 12/31/29 (c)		500			520,166
5.00%, 12/31/43 (c)		7,675			7,757,841
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 12/31/30 (c)		1,950			1,823,746
5.00%, 06/30/31 (c)		1,035			1,072,446
5.00%, 12/31/34 (c)		700			720,913
5.00%, 12/31/37 (c)		1,000			1,025,057
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/47 (c)		230			230,478
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/38 (c)		130			131,466
5.00%, 07/01/41 (c)		500			500,995
5.00%, 07/01/49 (c)		1,000			998,524
California Municipal Finance Authority, PRS-California Obligated Group Projects, Series A (RB)
5.00%, 11/15/44 (c)		1,000			1,070,889
5.00%, 04/01/54 (c)		1,000			1,047,106
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/49 (c)		3,000			2,722,460
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c)		250			235,704
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		19,000			18,990,042

See Notes to Financial Statements

9

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/37 (c)	$	5,000		$	5,004,021
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			13,500
7.50%, 07/01/32 (c) (d) *		10,500			141,750
7.50%, 12/01/39 (c) (d) *		6,863			686
8.00%, 07/01/39 (c) (d) *		6,635			89,573
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,000			13,500
California Pollution Control Financing Authority, Water Furnishing Poseidon Resources (Channelside) LP Desalination Project (RB) 5.00%, 07/01/38 (c)		1,000			1,077,896
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/54 (c)		400			383,309
California School Finance Authority (RB) 5.00%, 06/01/64 (c)		1,000			981,351
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/36 (c)		2,000			2,023,774
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/52 (c)		1,000			967,912
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/51 (c)		1,000			863,056
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/47 (c)		2,000			2,003,818
6.38%, 07/01/46 (c)		5,000			5,101,691
California School Finance Authority, Rocketship Education, Series A (RB)
5.12%, 06/01/47 (c)		250			248,500
5.25%, 06/01/52 (c)		250			249,988

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27	$	1,210		$	1,191,712
5.00%, 11/01/41 (c)		1,000			1,009,696
6.38%, 11/01/43 (c)		1,000			1,001,611
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/49 (c)		250			253,073
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 07/01/39 (c) (d) *		8			7,144
5.75%, 07/01/24 (c) (d) *		1			1,367
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 07/01/25 (c) (d) *		0			201
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/30 (c)		385			395,234
5.00%, 05/15/33 (c)		545			558,274
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/39 (c)		435			443,540
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/33 (c)		1,075			1,076,697
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 12/01/36 (c)		3,595			3,646,513
5.00%, 12/01/41 (c)		17,050			17,223,354
5.25%, 12/01/44 (c)		5,300			5,250,740
5.25%, 12/01/48 (c)		1,000			1,023,791
5.25%, 12/01/56 (c)		14,900			15,057,308
5.50%, 12/01/54 (c)		11,630			11,634,820
5.50%, 12/01/58 (c)		3,500			3,609,981

See Notes to Financial Statements

10

	Par   (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/33 (c)	$	2,000		$	2,111,773
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) 5.00%, 12/01/46 (c)		4,730			4,765,491
California Statewide Communities Development Authority, Series A (RB) 3.00%, 04/01/51 (c)		2,000			1,522,848
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/36 (c)		615			591,247
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/47 (c)		3,170			3,224,349
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/01/43 (c)		900			920,623
City & County of San Francisco, Special Tax District No 2020-1, Series A (ST) 4.00%, 09/01/41 (c)		1,635			1,554,691
City of Fontana, Community Facilities District No. 109, Narra Hills (ST)
5.00%, 09/01/49 (c)		1,000			1,050,787
5.00%, 09/01/54 (c)		1,400			1,468,822
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/51 (c)		500			463,218
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/40 (c)		250			251,498
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/32 (c)		230			230,779
4.00%, 09/01/33 (c)		250			250,612
4.00%, 09/01/34 (c)		250			250,455
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/42 (c)		750			755,321

	Par   (000’s		)	Value
California (continued)
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/37 (c)	$	180		$	176,674
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/39 (c)		810			817,153
City of Roseville, Amoruso Ranch Community Facilities District No.1, Improvement Area No.1 (ST) 5.00%, 09/01/49 (c)		1,000			1,040,231
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/36 (c)		500			474,561
5.00%, 09/01/34 (c)		155			159,591
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/47 (c)		3,450			3,498,921
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/37 (c)		200			201,650
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/40 (c)		1,045			1,052,454
CMFA Special Finance Agency VII Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/56 (c)		4,000			2,826,032
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/56 (c)		8,360			5,930,598
CMFA Special Finance Agency XII (RB) 3.25%, 02/01/57 (c)		3,000			2,256,921
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 08/01/49 (c)		1,000			847,590
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 08/01/56 (c)		2,500			2,227,797
Compton Public Finance Authority (RB)
4.00%, 09/01/27 (c)		600			600,002
4.50%, 09/01/32 (c)		1,585			1,585,211
Corona California, Community Facilities District No. 2018-1 (ST) 5.00%, 09/01/54 (c)		500			520,925

See Notes to Financial Statements

11

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
County of Los Angeles Community Facilities District No 2021-01 (ST) 5.00%, 09/01/47 (c)	$	1,000		$	1,043,417
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			1,051,608
CSCDA Community Improvement Authority (RB)
2.80%, 03/01/47 (c)		1,935			1,488,248
3.00%, 09/01/56 (c)		2,060			1,465,971
3.12%, 07/01/56 (c)		2,500			1,728,245
3.25%, 04/01/57 (c)		3,000			2,196,160
3.60%, 05/01/47 (c)		2,000			1,667,131
5.00%, 07/01/51 (c)		1,500			1,461,098
CSCDA Community Improvement Authority (RB) (NATL) 4.00%, 10/01/56 (c)		2,500			2,200,860
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/46 (c)		1,000			832,068
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/56 (c)		7,750			6,319,055
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)
3.00%, 12/01/56 (c)		2,000			1,393,506
3.00%, 03/01/57 (c)		4,000			2,875,191
CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB) 4.00%, 04/01/57 (c)		1,000			737,092
CSCDA Community Improvement Authority, Essential Housing, The Link Glendale, Series A-1 (RB) 3.00%, 07/01/45 (c)		1,000			802,998
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/56 (c)		4,205			3,200,614
CSCDA Community Improvement Authority, Link-Glendale, Series A-2 (RB) 4.00%, 07/01/56 (c)		5,350			4,212,503

	Par   (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Millennium South Bay-Hawthorne, Series A-1 (RB) 3.25%, 07/01/56 (c)	$	2,000		$	1,407,092
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-1 (RB) 3.40%, 10/01/46 (c)		2,000			1,618,191
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/43 (c)		2,500			2,002,399
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 12/01/48 (c)		1,000			782,049
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/46 (c)		2,630			2,053,406
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 10/01/48 (c)		500			374,360
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 12/01/58 (c)		3,000			2,331,708
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/37 (c)		1,150			1,183,029
5.00%, 09/01/39 (c)		500			520,945
5.00%, 09/01/44 (c)		500			516,741
5.00%, 09/01/47 (c)		485			492,264
5.00%, 09/01/49 (c)		500			512,933
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/32 (c)		1,100			1,140,942
5.00%, 09/01/37 (c)		2,000			2,059,607
Folsom Ranch Financing Authority, Folsom Community Facilities District No. 18 (ST) 5.00%, 09/01/49 (c)		1,000			1,049,155
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 06/01/66 (c) ^		91,000			9,886,904

See Notes to Financial Statements

12

	Par   (000’s		)	Value
California (continued)
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/46 (c)	$	250		$	219,245
Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 06/01/47 (c) ^		100,000			19,719,410
Irvine Unified School District (ST) 5.00%, 09/01/51 (c)		1,075			1,092,136
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/40 (c)		405			407,492
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/27 (c)		16			16,030
Los Angeles County, California Community Facilities District No. 2021-01, Valencia-Facilities Improvement Area No. 2 (ST) 5.00%, 09/01/54 (c)		500			522,140
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29		420			445,646
MSR Energy Authority, Series B (RB) 6.50%, 11/01/39		3,000			3,825,692
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/38 (c)		975			976,579
5.25%, 08/15/45 (c)		455			458,407
Pajaro Valley Health Care District, Counties of Santa Cruz and Monterey, California, Series A (GO) 5.00%, 09/01/54 (c)		500			518,908
Palm Desert California Improvement, Section 29 Assessment District No. 2004-02 (SA) 4.00%, 09/02/37 (c)		1,100			1,060,561
Palomar Health (RB) 5.00%, 11/01/31 (c)		250			250,479
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			120,791
Perris Union High School District Financing Authority (ST) 5.00%, 09/01/41 (c)		1,000			1,002,228
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/34 (c)		750			757,313

	Par   (000’s		)	Value
California (continued)
River Islands Public Financing Authority (ST)
4.50%, 09/01/44 (c)	$	1,700		$	1,659,453
5.00%, 09/01/54 (c)		1,000			1,007,769
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/38 (c)		500			515,216
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/48 (c)		500			510,764
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/40 (c)		345			349,537
5.00%, 09/01/45 (c)		495			499,747
San Francisco California City & County Airport Commission International Airport, SFO Fuel Company LLC, Series A (RB) 5.00%, 01/01/47 (c)		1,475			1,509,997
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/49 (c)		300			305,536
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/49 (c)		200			200,402
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/50 (c)		2,000			1,954,693
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/32 ^		145			111,123
0.00%, 01/15/36 ^		105			67,637
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c)		3,130			3,255,347
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 09/01/41 (c)		500			504,161
Successor Agency of Pttsburg, Los Medanos Community Development Project, Series A (TA) (AGM) 5.00%, 09/01/29 (c)		1,020			1,053,065
Tejon Ranch Public Facilities Finance Authority (ST) 5.00%, 09/01/54 (c)		1,000			1,030,604

See Notes to Financial Statements

13

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 06/01/46 (c) ^	$	5,000		$	1,137,251
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/40 (c)		100			100,795
5.00%, 09/01/45 (c)		100			100,589
Val Verde Unified School District (ST) 5.00%, 09/01/37 (c)		750			754,334
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/42 (c)		445			451,105
					419,291,657
Colorado: 2.1%
Aerotropolis Colorado Regional Transportation Authority (RB) 4.38%, 12/01/52 (c)		3,000			2,655,494
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/43 (c)		2,010			2,036,705
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/46 (c)		1,000			1,000,451
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/35 (c)		500			503,855
5.00%, 12/01/40 (c)		500			499,998
Canyons Metropolitan District No. 5, Colorado Limited Tax, Series A (GO) (BAM) 5.25%, 12/01/59 (c)		1,000			1,077,994
Centerra Metropolitan District No 1 in Larimer County, Colorado, Series A (GO) 5.00%, 12/01/51 (c)		1,000			933,313
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/29 (c)		500			501,206
5.00%, 12/01/37 (c)		500			494,339
5.00%, 12/01/47 (c)		500			474,892
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c)		10,195			10,196,710
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/48 (c)		2,250			2,228,846
Colorado Bridge Enterprise, Central 70 Project (RB) 4.00%, 06/30/51 (c)		1,200			1,041,856

	Par   (000’s		)	Value
Colorado (continued)
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/49 (c)	$	500		$	489,517
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/49 (c)		5			3,850
4.00%, 08/01/49 (c)		4,735			4,347,316
5.00%, 08/01/44 (c)		2,000			2,059,196
Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 12/01/35 (c)		1,000			1,000,880
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/57 (c)		536			44,577
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c)		350			350,006
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/39 (c)		500			434,903
5.75%, 12/01/49 (c)		500			426,049
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) 5.62%, 12/01/38 (c)		1,000			992,932
Crowfoot Valley Ranch Metropolitan District No. 2, Series B (GO) 6.12%, 12/15/54 (c)		750			750,895
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/29 (c)		700			686,115
5.25%, 11/01/37 (c)		2,345			2,277,402
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 12/01/50 (c)		1,000			1,004,258
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/47 (c)		1,500			1,379,699
Kinston Metropolitan District No. 5, Series A (GO) 5.12%, 12/01/50 (c)		1,000			998,251
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/39 (c)		1,000			959,847

See Notes to Financial Statements

14

	Par   (000’s		)	Value
Colorado (continued)
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 12/01/35 (c)	$	540		$	473,064
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/41 (c)		4,000			4,016,287
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38		2,000			2,409,438
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 12/01/44 (c)		960			714,530
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 12/01/51 (c)		3,000			2,516,405
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,500			1,479,229
Southglenn Metropolitan District (GO) 5.00%, 12/01/46 (c)		1,000			944,476
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/47 (c)		1,200			1,191,470
St. Vrain Lakes Metropolitan District No. 4, Colorado, Series A (GO) 6.75%, 09/20/54 (c)		1,000			718,578
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/50 (c)		1,000			909,368
6.50%, 12/01/54 (c)		1,000			1,038,755
Sterling Ranch Community Authority Board, Douglas County, Colorado (SA) 5.62%, 12/01/43 (c)		1,000			1,029,607
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/34 (c)		500			490,982
5.38%, 12/01/39 (c)		1,500			1,491,213
Verve Metropolitan District No. 1 (GO)
5.00%, 12/01/36 (c)		1,025			916,188
5.75%, 12/01/33 (c)		1,000			969,533
Village Metropolitan District/The (GO) 5.00%, 12/01/49 (c)		1,750			1,751,196
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 12/01/36 (c)		1,000			892,048

	Par   (000’s		)	Value
Colorado (continued)
4.00%, 12/01/41 (c)	$	1,000		$	833,127
					66,636,846
Connecticut: 0.7%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 06/01/26 (c)		430			428,885
Connecticut State Health & Educational Facilities Authority (RB) 4.00%, 07/01/30		1,000			1,027,689
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/46 (c)		3,500			3,435,901
5.00%, 09/01/53 (c)		1,200			1,143,616
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/44 (c)		1,100			1,063,103
5.00%, 07/01/50 (c)		2,630			2,461,970
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/54 (c)		5,000			3,999,557
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/55 (c)		2,000			1,750,086
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)
4.00%, 07/01/38 (c)		500			485,772
5.00%, 07/01/33 (c)		1,000			1,040,892
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/44 (c)		250			199,605
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/49 (c)		250			194,063
Steel Point Infrastructure Improvement District (TA)
4.00%, 04/01/41 (c)		1,125			1,021,159
4.00%, 04/01/51 (c)		2,000			1,656,591
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/50 (c)		3,000			2,812,179
					22,721,068

See Notes to Financial Statements

15

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
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		$	1,456,640
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/52 (c)		915			752,736
5.00%, 06/01/36 (c)		250			252,222
5.00%, 06/01/46 (c)		1,000			998,647
Delaware State Economic Development Authority (RB) 5.00%, 06/01/51 (c)		1,100			1,084,038
					4,544,283
District of Columbia: 0.9%
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.00%, 06/15/46 (c) ^		27,500			6,926,021
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/30 (c)		1,225			1,336,921
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/32 (c)		250			253,721
5.00%, 07/01/42 (c)		1,180			1,178,546
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/40 (c)		500			506,047
5.00%, 06/01/50 (c)		1,500			1,485,827
District of Columbia, Series A (RB) 5.00%, 07/01/48 (c)		2,260			2,280,773
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series B (RB) 4.00%, 10/01/49 (c)		2,000			1,845,769
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		9,325			5,075,431
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		1,020			599,226
4.00%, 10/01/36 (c)		250			250,140
4.00%, 10/01/44 (c)		7,315			6,952,095
6.50%, 10/01/44 (c)		245			268,334
					28,958,851

	Par   (000’s		)	Value
Florida: 5.0%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., at the University of Florida Project, Series B (RB) 5.00%, 12/01/34 (c)	$	1,055		$	1,055,850
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/52 (c)		1,000			1,044,233
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/38 (c)		2,150			2,108,515
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/50 (c)		295			218,438
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/56 (c)		7,200			7,008,668
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 12/15/35 (c)		1,335			1,337,278
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 12/15/40 (c)		500			484,372
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 07/01/29 (c)		300			297,247
5.12%, 07/01/39 (c)		500			499,708
5.25%, 07/01/49 (c)		500			479,290
5.38%, 07/01/54 (c)		500			478,897
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 5.25%, 06/15/47 (c)		500			489,600
Capital Trust Agency, Inc. (RB) (SBG) 5.00%, 06/15/39 (c)		1,000			981,642
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,194,198
5.25%, 12/01/43 (c)		2,000			2,039,016
5.25%, 12/01/58 (c)		2,200			2,216,760
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 01/01/55 (c)		2,250			2,198,442

See Notes to Financial Statements

16

	Par   (000’s		)	Value
Florida (continued)
Capital Trust Authority Charter School, Mason Classical Academy Project, Series A (RB)
5.00%, 06/01/44 (c)	$	750		$	755,144
5.00%, 06/01/54 (c)		1,060			1,061,280
5.00%, 06/01/64 (c)		1,500			1,482,079
Charlotte County Industrial Development Authority, Town & Country Utilities Project (RB) 5.00%, 10/01/49 (c)		1,000			997,318
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/31 (c)		3,000			3,148,194
City of Orlando, Tourist Development Tax, Series A (RB) (AGM)
5.00%, 11/01/27		1,100			1,152,344
5.00%, 11/01/32 (c)		2,500			2,615,222
5.00%, 11/01/38 (c)		500			518,832
City Of South Miami Health Facilities Authority, Inc. (RB) 4.00%, 08/15/42 (c)		2,040			1,981,174
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 12/01/35 (c)		230			217,029
5.00%, 12/01/40 (c)		1,210			1,211,922
5.00%, 12/01/44 (c)		1,305			1,306,240
Collier County Industrial Development Authority (RB) (AGM) 5.00%, 10/01/54 (c)		2,000			2,107,855
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *		440			5,548
8.12%, 05/15/44 (c) (d) *		343			4,325
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c)		1,135			1,148,241
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c)		1,645			1,682,831
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 08/15/31 (c)		2,000			2,120,213
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 4.00%, 08/15/45 (c)		2,000			1,823,843

	Par   (000’s		)	Value
Florida (continued)
Florida Development Finance Corp. (RB) (AGM)
5.00%, 07/01/44 (c)	$	10,000		$	10,382,636
5.25%, 07/01/47 (c)		6,700			7,035,930
5.25%, 07/01/53 (c)		5,000			5,207,636
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/15/52 (c)		1,000			996,501
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/47 (c)		2,225			2,231,394
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/35 (c)		425			438,442
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/55 (c)		2,000			1,512,704
5.25%, 06/01/50 (c)		1,000			980,639
Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series B (RB) 5.25%, 06/15/41 (c)		1,000			1,009,377
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/29 (c)		1,000			1,000,931
6.00%, 06/15/35 (c)		500			504,061
6.12%, 06/15/46 (c)		685			688,510
6.62%, 06/15/43 (c)		1,000			1,104,570
6.75%, 06/15/53 (c)		1,000			1,099,194
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/52 (c)		1,000			970,766
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 6.12%, 07/01/32 (c) (p)		4,000			4,100,421
Florida Development Finance Corporation, Brightline Florida Passenger Rail Project (RB) 5.50%, 07/01/53 (c)		4,000			4,130,907
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/40 (c) (d) *		1,450			1,311,951
5.50%, 11/01/50 (c) (d) *		2,450			2,147,289

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	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		$	6,050,949
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/50 (c)		2,000			2,013,485
Lee County Industrial Development Authority Healthcare Facilities, Shell Point Obligated Group Project. Series C (RB)
5.00%, 11/15/44 (c)		500			527,449
5.00%, 11/15/54 (c)		4,000			4,127,410
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/42 (c)		500			500,111
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/57 (c)		1,000			918,193
Lee County Industrial Development Authority/FL (RB)
5.00%, 11/15/49 (c)		1,630			1,667,085
5.25%, 11/15/54 (c)		1,500			1,580,493
Miami Beach Florida Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 4.00%, 11/15/46 (c)		2,500			2,335,519
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
5.00%, 11/15/39 (c)		1,880			1,880,529
5.00%, 11/15/44 (c)		3,000			3,000,870
Miami World Center Community Development District (SA)
5.12%, 11/01/39 (c)		750			765,154
5.25%, 11/01/49 (c)		250			254,156
Miami-Dade County Industrial Development Authority (RB) 5.50%, 07/01/61 (c)		1,000			1,013,644
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/28 (c)		1,360			1,408,818
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
5.00%, 10/01/35 (c)		500			504,441
5.00%, 10/01/40 (c)		2,500			2,512,936

	Par   (000’s		)	Value
Florida (continued)
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/40 (c)	$	1,000		$	1,005,621
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) 5.00%, 05/01/37 (c)		85			85,011
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/48 (c)		2,000			2,030,731
North Broward Hospital District, Series B (RB) 5.00%, 01/01/32 (c)		155			160,936
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/37 (c)		200			202,566
5.00%, 08/01/46 (c)		200			200,749
Orange County Health Facilities Authority, Orlando Health Obligated Group (RB) 4.00%, 10/01/52 (c)		2,000			1,877,984
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/55 (c)		3,230			3,165,394
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/39 (c)		1,000			984,823
5.00%, 04/01/51 (c)		2,500			2,373,494
Palm Cost Park Community Development District (SA) 5.70%, 05/01/37 (c)		135			136,846
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understaing Inc. Project (RB) 5.00%, 07/01/39 (c)		1,900			1,921,055
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		4,820			4,307,027
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/49 (c)		500			492,636
5.75%, 11/15/54 (c)		1,500			1,503,201

See Notes to Financial Statements

18

	Par   (000’s		)	Value
Florida (continued)
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c)	$	1,100		$	1,084,811
Village Community Development District No 13 (SA) 3.50%, 05/01/51 (c)		1,495			1,224,658
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		100			99,975
3.62%, 05/01/31 (c)		995			988,322
4.25%, 05/01/43 (c)		895			876,740
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		715			692,951
3.55%, 05/01/39 (c)		2,750			2,547,561
Village Community Development District No. 15, City of Wildwood, Florida (SA)
4.55%, 05/01/44 (c)		500			500,945
4.80%, 05/01/55 (c)		1,250			1,249,968
					158,100,894
Georgia: 1.5%
Atlanta Development Authority, Gulch Enterprise Zone Project (RB) 6.50%, 12/15/48 (c)		2,000			1,672,374
Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA) 5.50%, 04/01/39 (c)		1,000			1,014,741
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 11/01/45 (c)		6,525			6,072,187
Fayette County Development Authority, United States Soccer Federation, Inc. Project (RB) 5.25%, 10/01/54 (c)		1,000			1,064,481
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c)		1,250			1,250,156
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) 4.00%, 04/01/41 (c)		2,500			2,298,556
Gainesville & Hall County Hospital Authority (RB) 5.00%, 02/15/45 (c)		3,575			3,632,393

	Par   (000’s		)	Value
Georgia (continued)
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/37 (c)	$	700		$	568,499
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/54 (c)		4,750			4,233,092
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			424,672
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/47 (c)		2,680			2,647,729
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/37 (c)		250			257,946
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 08/01/52 (c) (p)		15,000			14,953,321
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/37 (c)		2,000			2,021,065
5.00%, 11/01/47 (c)		1,000			991,027
Municipal Electric Authority of Georgia Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 01/01/49 (c)		3,000			3,062,332
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/60 (c)		375			375,124
Senoia Development Authority (RB) 6.50%, 07/01/54 (c)		500			484,802
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/39 (c)		500			462,820
5.25%, 10/01/49 (c)		500			438,946
					47,926,263
Guam: 0.8%
Guam Government (GO) 5.00%, 11/15/31 (c)		1,055			1,072,089
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/39 (c)		600			567,709
5.00%, 11/15/33 (c)		5,805			5,855,768
5.00%, 11/15/34 (c)		1,040			1,048,403
5.00%, 11/15/35 (c)		1,100			1,107,989

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Guam (continued)
5.00%, 11/15/39 (c)	$	1,085		$	1,087,520
Guam Government, Business Privilege Tax, Series F (RB)
4.00%, 01/01/36 (c)		1,000			982,117
4.00%, 01/01/42 (c)		6,000			5,704,834
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			488,773
5.00%, 02/01/40 (c)		500			490,883
Guam Government, Limited Obligation, Series A (RB)
5.00%, 12/01/34 (c)		2,290			2,329,880
5.00%, 12/01/46 (c)		3,120			3,124,072
Guam Power Authority, Series A (RB) 5.00%, 10/01/40 (c)		500			510,806
					24,370,843
Hawaii: 0.0%
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 07/01/32 (c)		1,505			1,381,146
Idaho: 0.1%
Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP) 5.25%, 05/15/51 (c)		2,000			2,008,271
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/33 (c)		450			396,110
5.00%, 09/01/37 (c)		1,135			1,135,176
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/31 (c)		100			94,572
					3,634,129
Illinois: 9.6%
Chicago Board of Education (GO)
5.25%, 12/01/35 (c)		3,000			3,193,581
5.88%, 12/01/47 (c)		2,600			2,801,876
Chicago Board of Education (GO) (AGM) 5.00%, 12/01/33 (c)		1,250			1,297,009
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			1,043,891
5.00%, 12/01/30 (c)		1,195			1,238,968
5.00%, 12/01/30 (c)		1,265			1,298,360
5.00%, 12/01/32 (c)		5,575			5,785,616
5.00%, 12/01/33 (c)		5,100			5,278,961
5.00%, 12/01/33 (c)		250			255,196
5.00%, 12/01/34 (c)		395			407,355

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 12/01/35 (c)	$	2,400		$	2,468,596
5.00%, 12/01/36 (c)		6,990			7,153,609
5.00%, 12/01/37 (c)		3,610			3,684,207
5.00%, 12/01/39 (c)		6,000			6,092,021
5.00%, 12/01/40 (c)		6,350			6,421,464
5.00%, 12/01/42 (c)		12,755			12,540,526
5.00%, 12/01/47 (c)		7,000			6,902,023
7.00%, 12/01/26 (c)		5,200			5,359,630
7.00%, 12/01/44 (c)		4,210			4,302,118
7.00%, 12/01/46 (c)		2,250			2,400,438
Chicago Board of Education, Series A (GO) (AGM) 5.00%, 12/01/34 (c)		1,250			1,294,363
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			146,706
5.50%, 12/01/26		175			178,438
5.50%, 12/01/31		1,285			1,350,078
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			675,022
0.00%, 12/01/28 ^		390			332,280
0.00%, 12/01/30 ^		55			42,880
5.50%, 12/01/26		355			363,322
Chicago Board of Education, Series B (GO)
4.00%, 12/01/39 (c)		5,000			4,519,016
4.00%, 12/01/40 (c)		5,000			4,456,767
5.00%, 12/01/27		1,500			1,545,909
5.00%, 12/01/31 (c)		3,600			3,743,613
5.00%, 12/01/33 (c)		1,105			1,105,432
5.00%, 12/01/33 (c)		200			205,479
5.00%, 12/01/34 (c)		1,680			1,680,580
6.50%, 12/01/46 (c)		4,000			4,128,817
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27		2,000			2,061,212
5.00%, 12/01/30 (c)		1,000			1,018,874
5.00%, 12/01/34 (c)		8,805			8,919,769
5.25%, 12/01/35 (c)		11,015			11,018,248
5.25%, 12/01/39 (c)		12,180			12,180,677
6.00%, 12/01/35 (c)		1,160			1,161,178
Chicago Board of Education, Series C (GO) (AGM) 5.00%, 12/01/30 (c)		500			522,210
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c)		3,640			3,641,227
Chicago Board of Education, Series G (GO) 5.00%, 12/01/44 (c)		3,000			2,966,898
Chicago Board of Education, Series H (GO)
5.00%, 12/01/36 (c)		9,730			9,813,818
5.00%, 12/01/46 (c)		12,710			12,436,534

See Notes to Financial Statements

20

	Par   (000’s		)	Value
Illinois (continued)
Chicago O’Hare International Airport (RB) (AGM-CR NATL-RE-IBC FGIC) 5.00%, 01/01/48 (c)	$	1,000		$	1,017,903
Chicago O’Hare International Airport, Series A (RB) (AGM) 5.25%, 01/01/45 (c)		3,000			3,180,449
Chicago O’Hare International Airport, Series B (RB) 4.50%, 01/01/56 (c)		1,105			1,108,563
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/25 ^		355			340,155
0.00%, 12/01/29 ^		1,460			1,191,347
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/25 ^		1,650			1,580,999
0.00%, 12/01/26 ^		1,630			1,504,303
0.00%, 12/01/27 ^		1,030			914,833
0.00%, 12/01/28 ^		690			587,879
0.00%, 12/01/29 ^		645			526,314
0.00%, 12/01/31 ^		520			386,796
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		100			102,369
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/28 ^		345			312,829
0.00%, 01/01/30 ^		420			344,739
0.00%, 01/01/33 ^		985			701,423
0.00%, 01/01/34 ^		760			515,193
City of Chicago, Series A (GO)
5.00%, 01/01/27		200			206,548
5.00%, 01/01/27		725			748,736
5.00%, 01/01/32 (c)		1,500			1,601,067
5.00%, 01/01/33 (c)		3,000			3,193,255
5.00%, 01/01/34 (c)		3,000			3,178,673
5.00%, 01/01/45 (c)		4,000			4,094,029
5.25%, 01/01/45 (c)		2,000			2,080,663
5.50%, 01/01/41 (c)		1,000			1,048,752
5.50%, 01/01/49 (c)		3,000			3,082,923
6.00%, 01/01/38 (c)		5,000			5,181,806
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			119,808
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,933,151
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			144,710
5.00%, 01/01/26		380			386,625
5.00%, 01/01/27 (c)		250			252,866
City of Chicago, Series D (GO) 5.50%, 01/01/40 (c)		5,000			4,999,420

	Par   (000’s		)	Value
Illinois (continued)
City of Chicago, Series F (GO) 5.50%, 01/01/42 (c)	$	1,175		$	1,174,122
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		880			932,894
City of Harvey, Series A (GO) 4.50%, 01/01/54		3,159			2,378,168
Illinois Finance Authority (RB) 7.38%, 09/01/42 (c) (p)		2,500			2,913,926
Illinois Finance Authority Student Housing and Academic Facility, CHF - Chicago, L.L.C. - University of Illinois at Chicago Project, Series A (RB) 5.00%, 02/15/47 (c)		4,125			4,145,078
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/42 (c)		1,000			896,528
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/38 (c)		390			350,301
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/15/39 (c)		35			34,998
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) 5.00%, 07/01/30 (c)		1,000			959,885
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		3,000			690,000
5.00%, 02/15/37 (c) (d) *		6,500			1,495,000
5.12%, 02/15/45 (c) (d) *		6,130			1,409,900
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/52 (c)		100			82,641
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/40 (c)		175			164,057
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/45 (c)		500			503,977
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/29 (c)		500			345,000
5.00%, 11/01/30 (c)		250			172,500
5.00%, 11/01/35 (c)		5			3,450
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 04/01/32 (c)		475			471,840

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Illinois (continued)
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28	$	1,000		$	1,037,876
5.00%, 06/15/29		1,000			1,048,188
5.00%, 06/15/30 (c)		3,055			3,186,417
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/27 (c)		3,000			3,016,393
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			649,150
Illinois State, Series A (GO)
5.00%, 12/01/31 (c)		500			520,628
5.00%, 05/01/43 (c)		500			510,461
Metropolitan Pier & Exposition Authority (RB)
0.00%, 12/15/50 ^		35,755			10,801,035
4.00%, 06/15/52 (c)		1,500			1,372,861
5.00%, 06/15/53 (c)		1,500			1,579,167
Metropolitan Pier & Exposition Authority (RB) (NATL) 0.00%, 12/15/33 ^		1,500			1,062,698
Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/40 (c)		1,000			1,008,594
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
3.00%, 06/15/25 (c)		2,000			1,987,065
4.00%, 12/15/42 (c)		3,000			2,916,404
5.00%, 06/15/50 (c)		3,000			3,071,181
5.00%, 06/15/57 (c)		1,040			1,052,561
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 06/15/30 ^		745			609,152
0.00%, 12/15/30 ^		475			380,498
0.00%, 06/15/31 ^		125			98,144
0.00%, 06/15/34 ^		190			131,740
0.00%, 12/15/34 ^		590			400,291
0.00%, 06/15/39 ^		115			62,660
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 10/01/38 (c)		585			499,393
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/31 (c)		2,000			2,014,025
State of Illinois (GO)
4.00%, 11/01/43 (c)		1,425			1,351,163
4.25%, 05/01/46 (c)		1,500			1,443,637
5.00%, 11/01/24		200			200,000
5.00%, 02/01/26 (c)		375			376,090

	Par   (000’s		)	Value
Illinois (continued)
5.00%, 02/01/27 (c)	$	350		$	351,018
5.00%, 02/01/27		500			519,130
5.00%, 03/01/27		2,000			2,079,519
5.00%, 05/01/35 (c)		100			100,301
5.25%, 05/01/45 (c)		1,470			1,587,794
State of Illinois (RB) 3.00%, 06/15/31 (c)		100			94,691
State of Illinois, Series A (GO)
5.00%, 10/01/28		500			532,912
5.00%, 11/01/28		5			5,335
5.00%, 12/01/34 (c)		100			103,495
5.00%, 05/01/41 (c)		365			373,980
5.00%, 03/01/46 (c)		4,865			5,071,140
State of Illinois, Series B (GO) 5.25%, 05/01/49 (c)		5,900			6,306,606
State of Illinois, Series D (GO) 5.00%, 11/01/25		250			253,774
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			1,018,132
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/41 (c)		500			503,688
Village of Bridgeview (GO) 5.00%, 12/01/42 (c)		360			332,107
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			77,430
0.00%, 01/01/31 ^		245			193,906
0.00%, 01/01/33 ^		540			391,367
					300,411,980
Indiana: 1.1%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c)		135			129,669
City of Valparaiso, Pratt Paper, LLC Project (RB) 5.00%, 01/01/54 (c)		2,000			2,032,219
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/32 (c)		150			147,876
Indiana Finance Authority Health Facility, Hendricks Regional Health (RB) 5.25%, 03/01/54 (c)		2,000			2,120,006
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30		1,500			1,434,670

See Notes to Financial Statements

22

	Par   (000’s		)	Value
Indiana (continued)
Indiana Finance Authority Student Housing, Series A (RB) 5.25%, 07/01/64 (c)	$	1,000		$	1,022,091
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/51 (c)		4,000			4,052,480
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30		5,000			5,130,748
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		5,000			4,782,233
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		5,500			5,563,936
Indianapolis Local Public Improvement Bond Bank (RB)
5.75%, 03/01/43 (c)		2,340			2,547,319
6.00%, 03/01/53 (c)		1,000			1,087,270
6.12%, 03/01/57 (c)		3,135			3,415,363
					33,465,880
Iowa: 0.7%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/29 (c)		1,025			988,205
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/43 (c)		655			657,152
5.00%, 05/15/48 (c)		4,000			3,994,418
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 08/01/42 (c)		12,000			12,011,366
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		600			593,141
5.00%, 10/01/37 (c)		2,115			1,988,206
					20,232,488
Kansas: 0.3%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/41 (c)		250			217,075
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/43 (c)		1,000			1,001,394

	Par   (000’s		)	Value
Kansas (continued)
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/46 (c)	$	3,000		$	2,578,100
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/27 (c)		325			324,956
City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/38 (c)		1,355			1,353,649
City of Wichita, Health Care Facilities, Series III (RB)
5.00%, 05/15/34 (c)		250			251,709
5.00%, 05/15/50 (c)		500			449,486
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/36 (c)		1,000			971,935
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)
6.25%, 12/01/42 (c)		1,000			1,045,041
6.50%, 12/01/52 (c)		1,000			1,037,420
					9,230,765
Kentucky: 1.1%
Christian County School District Finance Corp. (RB) (AGM) 4.50%, 10/01/48 (c)		1,000			1,033,347
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/36 (c)		100			101,086
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) 4.45%, 01/01/42 (c)		2,250			2,202,268
Kentucky Economic Development Finance Authority Hospital, Series A (RB)
5.00%, 06/01/31 (c)		1,315			1,346,161
5.00%, 06/01/45 (c)		1,720			1,729,604
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM) 5.00%, 12/01/47 (c)		760			759,982
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 5.00%, 12/01/45 (c)		4,655			4,780,589

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Kentucky (continued)
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/31 (c)	$	2,545		$	2,460,931
5.00%, 05/15/36 (c)		350			324,725
5.00%, 05/15/46 (c)		250			208,111
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/15/32 (c)		400			378,858
5.50%, 11/15/45 (c)		250			209,499
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			177,229
5.00%, 06/01/41 (c)		990			1,000,074
5.25%, 06/01/41 (c)		750			762,151
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/40 (c)		500			505,849
Kentucky Public Energy Authority (RB) 5.00%, 05/01/55 (c) (p)		2,500			2,653,036
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p)		1,500			1,608,934
Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AGM)
5.00%, 05/15/47 (c)		3,170			3,271,981
5.00%, 05/15/52 (c)		4,000			4,100,096
Louisville/Jefferson County Metropolitan Government (RB) (AGM) 5.00%, 05/15/47 (c)		2,500			2,609,673
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/29 (c)		1,045			1,080,820
					33,305,004
Louisiana: 2.2%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/39 (c)		3,800			3,742,083
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/25		100			101,704

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/45 (c)	$	900		$	795,473
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/46 (c)		2,850			2,663,642
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/44 (c)		1,900			1,782,744
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/35 (c)		175			171,500
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		5,745			5,586,692
Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project (RB)
5.00%, 09/01/66 (c)		5,000			5,104,858
5.50%, 09/01/59 (c)		1,000			1,067,243
5.75%, 09/01/64 (c)		7,000			7,578,680
Louisiana Public Facilities Authority, Lake Charles Academy Foundation Project, Series A (RB)
5.00%, 12/15/34 (c)		1,500			1,555,334
5.00%, 12/15/43 (c)		1,000			1,004,708
Louisiana Public Facilities Authority, Loyola University Project, (RB) 5.25%, 10/01/46 (c)		1,500			1,569,353
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *∞		2,259			23
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/39 (c) (d) *∞		1,647			16

See Notes to Financial Statements

24

	Par   (000’s		)	Value
Louisiana (continued)
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/39 (c) (d) *∞	$	1,389		$	14
Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/48 (c)		5,000			5,279,873
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/40 (c)		2,160			2,160,924
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 08/01/41 (p)		750			758,022
6.35%, 07/01/40 (c)		11,355			12,499,048
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 10/01/40 (c)		6,000			6,604,517
Parish of St John the Baptist LA (RB) 2.20%, 06/01/37 (p)		6,500			6,353,922
Tangipahoa Parish, Louisiana Hospital Service, District No.1, North Oaks Health System Project (RB) 4.00%, 02/01/37 (c)		1,530			1,484,926
					67,865,299
Maine: 0.3%
Maine Health & Higher Educational Facilities Authority (RB) (AGM) 4.75%, 07/01/53 (c)		1,500			1,546,806
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			1,428,237
5.00%, 07/01/41 (c)		1,000			998,113
5.00%, 07/01/46 (c)		5,345			5,281,134
					9,254,290
Maryland: 1.6%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/51 (c)		1,000			991,840
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/30 (c)		1,000			1,014,081
5.00%, 09/01/39 (c)		1,000			1,000,818
5.00%, 09/01/42 (c)		2,250			2,250,361
5.00%, 09/01/46 (c)		2,000			1,991,666

	Par   (000’s		)	Value
Maryland (continued)
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/38 (c)	$	500		$	502,415
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/43 (c)		250			250,488
County of Frederick, Maryland Educational Facilities Project, Mount Saunt Mary’s University, Series A (RB) 5.00%, 09/01/37 (c)		1,000			1,001,763
Frederick County Maryland, Urban Community Development Authority, Series A (ST) 4.00%, 07/01/50 (c)		1,965			1,763,801
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/45 (c)		6,470			6,210,700
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/32 (c)		2,000			2,016,143
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/43 (c)		1,900			1,837,202
Howard County, Series A (TA) 4.50%, 02/15/47 (c)		2,500			2,335,373
Maryland Economic Development Corp. (RB) 5.25%, 06/30/55 (c)		2,500			2,600,744
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/25 (c)		6,785			6,837,994
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
4.38%, 07/01/36 (c)		470			450,999
4.50%, 07/01/44 (c)		530			494,401
Maryland Economic Development Corp., Port Covington Project (TA)
4.00%, 09/01/40 (c)		2,250			2,070,047
4.00%, 09/01/50 (c)		3,250			2,750,985
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)
5.25%, 06/30/47 (c)		5,000			5,234,101
5.25%, 06/30/52 (c)		1,085			1,129,242

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Maryland (continued)
Maryland Health & Higher Educational Facilities Authority (RB) 4.00%, 07/01/48 (c)	$	1,435		$	1,318,429
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/42 (c)		400			365,219
5.00%, 07/01/38 (c)		250			252,424
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)
5.00%, 07/01/33 (c)		625			630,152
5.00%, 07/01/40 (c)		500			501,611
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/37 (c)		1,000			1,002,199
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 07/01/36 (c)		500			501,253
					49,306,451
Massachusetts: 1.6%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/39 (c)		365			367,522
Commonwealth of Massachusetts (RB) (BAM-TCRS NATL) 5.50%, 01/01/34		1,420			1,625,791
Massachusetts Development Finance Agency (RB)
5.00%, 07/01/34 (c)		1,120			1,137,105
5.00%, 09/01/59 (c)		2,000			2,071,111
Massachusetts Development Finance Agency (RB) (AGM) 3.00%, 10/01/45 (c)		3,000			2,399,641
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 4.00%, 07/01/45 (c)		535			501,556
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/44 (c)		2,120			2,123,637
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series G (RB) 5.25%, 07/01/52 (c)		5,435			5,816,594
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/48 (c)		1,000			1,002,854

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/35 (c)	$	500		$	500,536
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/43 (c)		1,035			1,035,253
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/45 (c)		2,400			1,981,895
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/34 (c)		1,000			949,669
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/34 (c)		350			338,822
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/38 (c)		500			516,679
5.12%, 11/15/46 (c)		500			512,135
Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A (RB)
5.00%, 07/01/54 (c)		1,000			1,019,912
5.00%, 07/01/60 (c)		1,000			1,012,193
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 10/01/32 (c)		1,000			1,001,885
4.12%, 10/01/42 (c)		2,500			2,385,449
5.00%, 10/01/47 (c)		1,400			1,412,406
5.00%, 10/01/57 (c)		14,550			14,608,095
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/36 (c)		1,500			1,421,310
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/56 (c)		5			4,022
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/41 (c)		1,930			1,944,638
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/48 (c)		1,000			1,003,836

See Notes to Financial Statements

26

	Par   (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/29 (c)	$	190		$	194,304
5.00%, 07/01/46 (c)		510			513,196
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/33 (c)		1,250			1,276,824
					50,678,870
Michigan: 0.6%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/41 (c)		290			289,139
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/45 (c)		250			263,288
City of Detroit, Michigan Unlimited Tax, Series A (GO)
5.00%, 04/01/46 (c)		135			139,701
5.00%, 04/01/50 (c)		1,475			1,516,862
Detroit Downtown Development Authority (TA) 5.00%, 07/01/48 (c)		1,000			1,041,004
Detroit Service Learning Academy, Public School Academy (RB) (AGM) 4.00%, 07/01/41 (c)		1,000			868,269
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/41 (c)		500			445,119
Flint Michigan Hospital Building Authority, Series B (RB) 4.75%, 07/01/28 (c)		315			312,790
Ivywood Classical Academy (RB) 6.25%, 01/01/59 (c)		1,000			1,015,969
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
5.25%, 11/15/35 (c)		250			240,078
5.50%, 11/15/45 (c)		300			271,579
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/39 (c)		215			215,185
5.00%, 07/01/44 (c)		3,575			3,577,189
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/34 (c)		795			795,859
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 06/01/65 (c) ^		15,500			1,700,627

	Par   (000’s		)	Value
Michigan (continued)
Michigan Strategic Fund, Evangelical Homes Project (RB)
5.25%, 06/01/32 (c)	$	900		$	840,063
5.50%, 06/01/47 (c)		1,900			1,542,067
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 06/30/31 (c)		600			622,354
5.00%, 12/31/32 (c)		700			724,110
5.00%, 06/30/48 (c)		1,470			1,490,187
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 06/01/52 (c) ^		260			33,845
					17,945,284
Minnesota: 0.9%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/37 (c)		135			128,471
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c)		405			397,406
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/35 (c)		1,070			1,012,878
5.50%, 07/01/40 (c)		245			223,364
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/34 (c)		3,000			2,343,766
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/40 (c)		500			502,436
5.50%, 07/01/50 (c)		2,860			2,870,351
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/50 (c)		500			506,324
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/33 (c)		115			105,775
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/34 (c)		1,830			1,897,234
City of St. Cloud, Centracare Health System (RB) 5.00%, 05/01/54 (c)		3,000			3,169,707
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			329,649

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Minnesota (continued)
Duluth Economic Development Authority (RB) 4.00%, 07/01/41 (c)	$	2,255		$	1,912,996
Housing & Redevelopment Authority of The City of St Paul Minnesota (RB) 4.00%, 11/15/43 (c)		2,000			1,805,421
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/49 (c)		2,000			2,014,582
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/46 (c)		3,730			3,426,057
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/01/40 (c)		900			776,892
Minnesota Higher Education Facilities Authority, Bethel University (RB) 5.00%, 05/01/47 (c)		2,000			1,854,790
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/36 (c)		250			237,141
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/56 (c)		1,150			846,137
					26,554,117
Mississippi: 0.2%
Mississippi Development Bank, Magnolia Regional Health Center Project (RB)
4.00%, 10/01/41 (c)		3,500			2,883,935
5.00%, 10/01/32 (c)		1,530			1,557,850
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c)		3,000			3,016,685
					7,458,470
Missouri: 0.8%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/34 (c)		410			288,755
4.00%, 08/01/38 (c)		565			413,962
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/35 (c)		500			468,010
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 10/01/26 (c)		25			24,931

	Par   (000’s		)	Value
Missouri (continued)
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/35 (c)	$	250		$	228,046
Health & Educational Facilities Authority of the State of Missouri (RB)
4.00%, 11/15/42 (c)		1,150			1,109,622
5.25%, 02/01/48 (c)		1,000			1,056,942
5.25%, 02/01/54 (c)		250			261,728
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/42 (c)		475			449,422
I-470 Western Gateway Transportation Development District, Series A (RB) 5.25%, 12/01/48 (c)		1,100			1,100,712
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46		5,352			3,737,980
Kansas City Missouri Industrial Development Authority, Historic Northeast Redevelopment Plan, Series A-1 (RB) 5.00%, 06/01/46 (c)		500			494,990
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/37 (c)		1,500			1,464,984
5.25%, 05/15/50 (c)		2,000			1,762,571
Lees Summit Industrial Development Authority (RB)
5.00%, 08/15/39 (c)		1,000			1,059,487
5.62%, 08/15/54 (c)		500			521,555
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/32 (c)		2,430			2,470,036
5.00%, 08/15/36 (c)		1,550			1,558,837
5.00%, 08/15/42 (c)		2,000			1,951,518
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/42 (c)		3,000			3,040,150
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/50 (c)		1,000			777,438

See Notes to Financial Statements

28

	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		$	509,564
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/35 (c)		150			150,041
University City of Missouri Industrial Development Authority of University City, Missouri, Series A (RB) 4.88%, 06/15/36 (c)		935			938,583
					25,839,864
Montana: 0.2%
City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB) 3.90%, 03/01/31 (c)		2,000			1,959,350
Montana Facility Finance Authority, Health Care Facilities, Children’s Home & Hospital Project, Series A (RB) 4.00%, 07/01/50 (c)		1,970			1,365,371
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)
4.12%, 07/01/38 (c)		500			494,398
5.00%, 07/01/48 (c)		1,270			1,274,215
					5,093,334
Nebraska: 0.1%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/30		2,000			2,124,077
5.00%, 09/01/34		1,000			1,071,860
5.00%, 09/01/36		500			538,773
Central Plains Energy Project, Series G (RB) 5.00%, 05/01/53 (c) (p)		235			247,992
					3,982,702
Nevada: 0.3%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/44 (c)		230			197,903
4.00%, 06/01/49 (c)		525			433,829
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c)		745			745,017
Clark County School District, Series A (GO) 5.00%, 06/15/26		2,000			2,062,244
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/35 (c)		160			161,044

	Par   (000’s		)	Value
Nevada (continued)
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/35 (c)	$	600		$	544,435
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 06/01/49 (c)		220			205,218
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 06/01/43 (c)		470			449,236
State of Nevada Department of Business & Industry (RB) 8.12%, 01/01/50 (c) (p)		1,000			1,030,500
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/35 (c)		2,000			2,012,246
5.00%, 12/15/38 (c)		400			401,449
5.00%, 12/15/48 (c)		500			491,122
5.12%, 12/15/45 (c)		1,000			1,001,182
					9,735,425
New Hampshire: 0.4%
National Finance Authority, Bridgeland Water & Utility Districts 490, 491, and 158 (RB) 5.38%, 12/15/35 (c)		2,250			2,253,849
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 11/01/42 (c)		3,375			3,350,611
National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB) 5.25%, 07/01/48 (c)		1,000			1,057,412
National Finance Authority, Silverado Project, Denton County, Texas (RB) 5.00%, 12/01/28 (c)		1,000			999,889
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/41 (c)		1,000			920,225
National Finance Authority, The Highlands Project, Montgomery County, Texas Municipal Utility Districts (RB) 5.12%, 12/15/30 (c)		750			742,076
National Finance Authority, The Vista Project, Series A (RB) 5.62%, 07/01/46 (c)		2,600			2,607,875

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New Hampshire (continued)
National Finance Authority, Valencia Project, Brazoria County, Texas Municipal Utility District (RB) 5.30%, 12/01/32 (c)	$	750		$	751,106
					12,683,043
New Jersey: 2.4%
Casino Reinvestment Development Authority (RB) 5.25%, 11/01/44 (c)		6,000			6,000,000
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/39 (c)		1,410			1,410,000
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/36 (c)		470			472,777
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 09/15/29 (c)		1,410			1,411,456
5.50%, 06/01/33 (c)		60			60,398
5.62%, 11/15/30 (c)		2,035			2,044,842
5.62%, 11/15/30 (c)		285			286,379
5.75%, 09/15/27 (c)		655			655,933
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		55			56,081
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/29 (c)		655			654,971
5.00%, 01/01/34 (c)		500			500,050
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/32 (c)		1,640			1,614,180
4.00%, 07/01/34 (c)		2,000			1,930,413
5.00%, 07/01/33 (c)		4,640			4,686,078
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 5.00%, 07/01/28 (c)		2,500			2,599,130
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			484,259

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) 5.00%, 10/01/47 (c)	$	3,300		$	3,332,827
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)
5.00%, 06/15/35 (c)		725			758,392
5.00%, 06/15/36 (c)		305			319,048
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 06/15/29 (c)		165			174,289
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 06/15/48 (c)		2,880			2,949,439
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 06/15/38 (c)		600			633,314
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 4.00%, 06/15/38 (c)		600			600,106
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)
5.00%, 06/15/35 (c)		680			687,196
5.00%, 06/15/37 (c)		630			636,667
5.25%, 06/15/28 (c)		435			439,550
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) 5.00%, 06/15/26 (c)		105			106,111
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/34 (c)		350			350,343
5.50%, 01/01/27 (c)		500			500,678
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c)		150			145,020
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/26 (c)		330			330,390

See Notes to Financial Statements

30

	Par   (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/47 (c)	$	490		$	375,736
New Jersey Educational Facilities Authority, The College of saint Elizabeth Issue, Series D (RB) 5.00%, 07/01/46 (c)		1,000			896,583
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/28 (c)		500			529,178
New Jersey Transportation Trust Fund Authority (RB) 3.00%, 06/15/50 (c)		3,000			2,345,199
New Jersey Transportation Trust Fund Authority Transportation System, Series A (RB) 5.00%, 06/15/38 (c)		2,000			2,218,727
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/33 ^		5			3,565
5.00%, 12/15/26		5			5,188
5.00%, 12/15/28		200			214,678
5.00%, 12/15/39 (c)		385			405,766
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) 0.00%, 12/15/28 ^		100			87,088
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^		365			283,221
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			103,417
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/34 (c)		360			371,275
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/46 (c)		18,290			18,637,320
5.25%, 06/01/46 (c)		2,675			2,752,196
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/46 (c)		7,970			7,995,100
					74,054,554

	Par   (000’s		)	Value
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		$	3,336,972
New York: 9.8%
Brooklyn Arena Local Development Corp., Barclays Center (RB)
0.00%, 07/15/32 ^		395			295,545
0.00%, 07/15/33 ^		370			265,476
0.00%, 07/15/47 ^		180			62,826
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 07/15/26		345			353,824
5.00%, 07/15/42 (c)		9,515			9,663,134
Build NYC Resource Corp. (RB) 4.00%, 08/01/42 (c)		1,310			1,189,865
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/45 (c)		4,725			4,734,900
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)
5.00%, 12/31/28		4,940			4,952,548
5.25%, 12/31/33 (c)		9,700			9,717,251
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) 5.75%, 06/01/42 (c)		1,000			1,067,165
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)
5.25%, 07/01/52 (c)		1,000			1,036,866
5.25%, 07/01/57 (c)		1,000			1,034,435
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/50 (c)		1,200			1,137,141
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/51 (c)		6,500			6,368,422
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB) 5.50%, 06/15/63 (c)		1,000			1,025,458
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/40 (c)		1,250			1,223,254
County of Sullivan (SA) 5.35%, 11/01/49 (c)		2,000			2,004,926

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/40 (c)	$	1,500		$	1,551,188
5.00%, 07/01/45 (c)		1,000			1,021,392
5.00%, 07/01/51 (c)		3,370			3,412,339
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 06/01/38 (c)		5			4,795
5.00%, 06/01/45 (c)		2,000			1,831,913
Monroe County Industrial Development Corp., Eugenio Maria De Hostos Charter School Project, Series A (RB)
5.00%, 07/01/44 (c)		1,000			1,028,552
5.00%, 07/01/59 (c)		1,000			1,007,851
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 3.00%, 12/01/40 (c)		5			3,784
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
4.00%, 12/01/35 (c)		2,100			2,061,584
5.00%, 12/01/31 (c)		500			535,052
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 06/01/46 (c)		2,905			2,597,531
New York City Housing Development Corp., Multi-Family Housing, Series F (RB) 4.50%, 02/15/48 (c)		2,500			2,497,394
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 07/01/28 (c)		1,400			1,407,905
New York Convention Center Development Corp. (RB) 5.00%, 11/15/40 (c)		3,325			3,356,209
New York Counties Tobacco Trust IV, Series A (RB)
3.75%, 06/01/45 (c)		500			395,584
5.00%, 06/01/42 (c)		7,335			6,865,383
5.00%, 06/01/45 (c)		785			715,332
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 06/01/55 (c) ^		5			445
New York Counties Tobacco Trust VI, Series A-2B (RB)
5.00%, 06/01/45 (c)		1,270			1,192,277
5.00%, 06/01/51 (c)		5,000			4,616,624
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.38%, 11/15/40 (c)		10,000			10,002,437

	Par   (000’s		)	Value
New York (continued)
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		$	6,452,892
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		5,000			5,744,126
New York State Dormitory Authority (RB) (AGM) 5.00%, 07/01/43 (c)		2,375			2,446,134
New York State Dormitory Authority (RB) (SAW) 4.00%, 07/01/53 (c)		1,000			946,507
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		480			508,292
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			153,333
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/41 (c)		1,550			1,580,049
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		1,000			1,040,647
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 07/01/46 (c)		2,500			2,539,160
New York State Dormitory Authority, Northwell Health, Series A (RB) 5.25%, 05/01/54 (c)		2,000			2,164,844
New York State Dormitory Authority, Series A (RB) 5.00%, 07/01/31 (c)		1,370			1,411,917
New York State Dormitory Authority, White Plains Hospital (RB) 5.25%, 10/01/49 (c)		1,100			1,169,109
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/50 (c)		1,000			1,009,131
New York Transportation Development Corp. (RB)
5.00%, 06/30/60 (c)		2,500			2,547,610
5.25%, 06/30/49 (c)		1,250			1,307,560
5.38%, 06/30/60 (c)		10,000			10,365,112

See Notes to Financial Statements

32

	Par   (000’s		)	Value
New York (continued)
New York Transportation Development Corp. (RB) (AGM)
5.00%, 12/01/32	$	6,080		$	6,532,526
5.00%, 06/30/49 (c)		1,000			1,028,529
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
5.00%, 08/01/26 (c)		3,420			3,426,057
5.00%, 08/01/31 (c)		9,640			9,652,599
5.25%, 08/01/31 (c)		5,675			6,026,759
5.38%, 08/01/36 (c)		2,000			2,127,593
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 01/01/36 (c)		4,750			4,620,344
4.38%, 10/01/45 (c)		7,500			7,177,382
5.00%, 01/01/30 (c)		4,600			4,745,864
5.00%, 01/01/33 (c)		5,230			5,338,748
5.00%, 10/01/35 (c)		10,650			11,092,986
5.00%, 10/01/40 (c)		7,000			7,226,628
5.62%, 04/01/40 (c)		5,895			6,333,057
6.00%, 04/01/35 (c)		10,000			11,171,857
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB) 5.50%, 12/31/60 (c)		2,000			2,116,530
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB) (AGC) 5.25%, 12/31/54 (c)		1,000			1,054,809
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series B (RB) (AGC) 5.00%, 12/31/54 (c)		1,000			643,392
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) 6.00%, 06/30/54 (c)		3,475			3,753,603
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31		5,765			5,420,164

	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		$	992,531
5.00%, 07/01/30 (c)		420			420,523
5.00%, 07/01/34 (c)		4,230			4,235,101
5.00%, 07/01/41 (c)		11,445			11,397,819
5.00%, 07/01/46 (c)		10,130			10,074,737
5.25%, 01/01/50 (c)		9,720			9,719,641
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)
5.00%, 12/01/39 (c)		1,000			1,044,134
5.00%, 12/01/41 (c)		1,000			1,036,534
5.00%, 12/01/42 (c)		1,000			1,032,078
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM)
5.00%, 12/01/30		5,000			5,321,871
5.00%, 12/01/31		2,355			2,518,147
New York Transportation Development Corporation, John F. Kennedy International Airport New Terminal Project (RB)
5.50%, 06/30/54 (c)		1,000			1,057,888
5.50%, 06/30/60 (c)		5,000			5,274,862
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 11/01/42 (c)		2,250			2,155,405
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/45 (c)		355			254,113
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^		10,515			1,053,392
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.00%, 09/01/36 (c)		2,020			2,175,087
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
5.00%, 06/01/45 (c)		4,600			4,108,576
5.00%, 06/01/48 (c)		2,000			1,766,911
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
5.00%, 09/15/37 (c)		400			363,784
5.25%, 09/15/53 (c)		180			146,062

See Notes to Financial Statements

33

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
New York (continued)
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/46 (c)	$	3,000		$	2,952,808
Westchester County Local Development Corp., Pace University, Series A (RB) 5.50%, 05/01/42 (c)		1,375			1,376,764
Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) 5.00%, 07/01/56 (c)		2,000			1,993,552
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/41 (c)		200			203,367
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/54 (c)		275			271,626
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/39 (c)		315			320,520
					306,382,290
North Carolina: 0.8%
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) 5.00%, 12/31/37 (c)		1,000			1,002,767
North Carolina Medical Care Commission (RB) 5.25%, 12/01/54 (c)		1,000			1,067,743
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB)
5.00%, 10/01/30 (c)		1,000			1,000,634
5.00%, 10/01/35 (c)		2,270			2,271,074
North Carolina Medical Care Commission Retirement Facilities, Penick Village Project (RB) 5.50%, 09/01/54 (c)		1,485			1,510,794
North Carolina Medical Care Commission Retirement Facilities, Penick Village Project, Series B-3 (RB) 4.25%, 09/01/28 (c)		500			500,811
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25		35			35,229

	Par   (000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission, Retirement Facilities (RB)
4.70%, 07/01/37 (c)	$	550		$	473,077
5.00%, 10/01/31 (c)		3,530			3,564,514
5.00%, 10/01/37 (c)		1,140			1,146,153
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)
5.00%, 10/01/30 (c)		165			164,575
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) 5.00%, 07/01/49 (c)		385			384,432
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/37 (c)		465			465,060
North Carolina Turnpike Authority (RB) (AGM) 4.00%, 01/01/55 (c)		3,625			3,448,689
North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB) 5.00%, 01/01/40 (c)		5,000			5,195,024
North Carolina Turnpike Authority, Triangle Expressway System (RB)
5.00%, 01/01/30 (c)		1,000			1,034,401
5.00%, 01/01/49 (c)		1,430			1,472,601
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/32 (c)		100			106,662
					24,844,240
North Dakota: 0.2%
City of Grand Forks ND (RB) (AGM) 5.00%, 12/01/53 (c)		2,000			2,063,265
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/32 (c)		2,000			2,103,791
City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/41 (c)		1,000			910,011
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		494			98,715
7.75%, 09/01/38 (c) (d) *		1,031			206,257
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 12/15/43 (c) (d) *		5,500			55

See Notes to Financial Statements

34

	Par   (000’s		)	Value
North Dakota (continued)
Ward County, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/43 (c)	$	1,000		$	1,003,073
					6,385,167
Ohio: 3.4%
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)
5.25%, 11/15/41 (c)		500			507,254
5.25%, 11/15/46 (c)		5,000			5,050,721
Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM) 5.25%, 12/01/53 (c)		2,000			2,132,655
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/55 (c)		34,075			30,817,110
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/47 (c)		1,000			956,291
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		700			715,652
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/48 (c)		3,800			2,610,845
County of Allen OH Hospital Facilities Revenue (RB)
4.00%, 12/01/40 (c)		1,000			979,364
4.00%, 11/01/44 (c)		2,160			2,072,077
County of Butler (RB) 5.00%, 11/15/32 (c)		1,035			1,049,699
County of Cuyahoga, Ohio Convention Hotel Project (CP) 5.00%, 12/01/25 (c)		1,805			1,812,380
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/47 (c)		340			335,860
5.25%, 02/15/47 (c)		10,000			10,163,005
5.50%, 02/15/52 (c)		1,225			1,248,566
5.50%, 02/15/57 (c)		3,000			3,055,278
County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM) 5.25%, 11/15/48 (c)		6,000			6,049,288
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB)
4.00%, 11/15/42 (c)		3,940			3,615,408

	Par   (000’s		)	Value
Ohio (continued)
4.00%, 11/15/45 (c)	$	2,250		$	2,008,803
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 02/15/33 (c)		490			489,996
5.00%, 02/15/44 (c)		1,750			1,731,607
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/49 (c)		11,000			10,891,530
Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB) 4.25%, 11/01/40 (p)		2,000			2,033,373
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 11/01/39 (p)		1,000			1,014,217
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,750			2,693,386
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) 4.50%, 01/15/48 (c)		2,000			1,935,488
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 09/15/27 (c)		5,000			5,002,407
Ohio University, A State University of Ohio, Series A (RB) 5.00%, 12/01/45 (c)		1,250			1,287,947
Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
5.00%, 12/01/35 (c)		245			230,887
5.00%, 12/01/43 (c)		1,240			1,121,817
5.50%, 12/01/43 (c)		70			67,325
Washington County, Ohio Hospital Facilities, Memorial Health System (RB) 6.75%, 12/01/52 (c)		2,235			2,450,116
					106,130,352
Oklahoma: 1.3%
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/39 (c)		1,000			850,000
Norman Regional Hospital Authority (RB)
3.25%, 09/01/38 (c)		340			255,999
4.00%, 09/01/37 (c)		2,365			2,057,752

See Notes to Financial Statements

35

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Oklahoma (continued)
4.00%, 09/01/45 (c)	$	1,000		$	829,842
Oklahoma County Finance Authority (RB) 6.50%, 06/15/64 (c)		1,250			1,287,765
Oklahoma Development Finance Authority, Oklahoma City University Project (RB) 5.00%, 08/01/44 (c)		4,305			4,291,006
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/33 (c)		700			719,740
5.25%, 08/15/43 (c)		2,900			2,961,202
5.25%, 08/15/48 (c)		8,000			8,116,649
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM)
5.50%, 08/15/52 (c)		1,300			1,328,765
5.50%, 08/15/57 (c)		7,290			7,441,870
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/40 (c)		375			346,496
Tulsa Airports Improvement Trust (RB) 5.50%, 06/01/35 (c)		5,000			5,009,034
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/35 (c) (p)		4,455			4,479,770
					39,975,890
Oregon: 0.1%
Multnomah County, Oregon Hospital Facilities Authority, PArkview Project, Series A (RB) (AGM) 4.00%, 12/01/36 (c)		1,000			915,197
Oregon State Facilities Authority (RB) 5.00%, 10/01/35 (c)		2,260			2,288,736
Oregon State Facilities Authority, Samaritan Health Services Project (RB) 5.00%, 10/01/46 (c)		1,000			999,806
					4,203,739
Pennsylvania: 4.3%
Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AGM) 5.50%, 01/01/48 (c)		1,410			1,524,180
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/28		840			861,386
5.00%, 05/01/28		550			560,417
5.00%, 05/01/32 (c)		250			253,160
5.00%, 05/01/33 (c)		250			253,768
5.00%, 05/01/42 (c)		2,000			1,992,178

	Par   (000’s		)	Value
Pennsylvania (continued)
5.00%, 05/01/42 (c)	$	2,245		$	2,246,149
5.38%, 05/01/42 (c)		4,000			4,011,508
Berks County Industrial Development Authority, Tower Health Project (RB) 5.00%, 11/01/24		500			500,000
Berks County Municipal Authority, Tower Health Project, Series A-3 (RB) 5.00%, 06/30/39 (c)		13,564			13,420,182
Berks County Municipal Authority, Tower Health Project, Series B-1 (RB) 6.00%, 06/30/44 (c)		6,779			4,847,888
Butler County Hospital Authority, Butler Health System Project, Series A (RB) 5.00%, 07/01/39 (c)		1,465			1,428,327
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/48 (c)		1,000			999,901
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/46 (c)		430			346,914
Chester County Industrial Development Authority (RB) 5.25%, 10/15/47 (c)		1,250			1,250,250
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/38 (c)		1,100			1,081,659
5.12%, 03/01/48 (c)		1,801			1,717,152
County of Cumberland, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/33 (c)		185			182,708
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/46 (c)		440			444,255
6.00%, 06/01/51 (c)		345			346,406
Cumberland County Municipal Authority (RB) 5.00%, 01/01/45 (c)		3,000			2,804,493
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/46 (c)		395			387,151
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		2,360			2,548,335

See Notes to Financial Statements

36

	Par   (000’s		)	Value
Pennsylvania (continued)
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/37 (c)	$	1,000		$	964,968
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
5.00%, 12/01/49 (c)		500			469,408
5.00%, 12/01/54 (c)		215			197,788
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/37 (c)		1,000			1,004,252
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB)
5.00%, 03/01/40 (c)		425			391,959
5.00%, 03/01/45 (c)		310			273,838
5.00%, 03/01/50 (c)		425			364,076
McCandless Industrial Development Authority, LA Roche University Project, Series A (RB) 6.75%, 12/01/46 (c)		1,000			977,508
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/40 (c)		5,150			4,619,759
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/47 (c)		2,000			2,005,575
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/47 (c)		4,800			4,983,723
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p)		2,500			2,551,975
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/30 (c)		150			150,022
5.25%, 01/01/40 (c)		870			860,083
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/30 (c)		300			262,659
6.00%, 07/01/45 (c)		590			412,954

	Par   (000’s		)	Value
Pennsylvania (continued)
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/39 (c)	$	1,000		$	962,217
Pennsylvania Economic Development Financing Authority (RB) (AGM) 5.00%, 12/31/57 (c)		1,780			1,840,647
Pennsylvania Economic Development Financing Authority, Covanta Project, Series A (RB) 3.25%, 08/01/39 (c)		2,750			2,249,411
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 5.00%, 06/30/32		1,000			1,067,074
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/38 (c) (d) *		3,040			1,159,000
6.75%, 12/01/53 (c) (d) *		6,470			2,466,687
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project (RB)
5.25%, 06/30/53 (c)		3,000			3,090,118
5.50%, 06/30/40 (c)		3,000			3,247,670
5.75%, 06/30/48 (c)		4,000			4,309,701
6.00%, 06/30/61 (c)		6,000			6,566,070
Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/25		1,105			1,116,009
5.00%, 12/31/26 (c)		1,485			1,520,293
5.00%, 12/31/28 (c)		575			588,018
5.00%, 12/31/30 (c)		410			418,445
5.00%, 06/30/42 (c)		6,945			7,017,271
Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/42 (c)		1,100			1,083,169
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 05/01/37 (c)		1,915			1,605,019
5.00%, 05/01/42 (c)		1,000			789,912
Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/39 (c)		1,000			1,123,606

See Notes to Financial Statements

37

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development (RB) 5.00%, 06/15/43 (c)	$	1,000		$	1,010,603
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
6.38%, 06/01/40 (c)		440			441,103
6.50%, 06/01/45 (c)		440			441,089
6.62%, 06/01/50 (c)		415			416,154
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 06/15/39 (c)		355			349,555
Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AGM) 5.00%, 04/01/46 (c)		1,000			968,706
Philadelphia Authority for Industrial Development, LA Salle University (RB) 4.00%, 05/01/42 (c)		2,000			1,381,218
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)
5.00%, 06/15/40 (c)		500			504,517
5.00%, 06/15/50 (c)		1,000			992,072
Philadelphia Authority for Industrial Development, Temple University (RB) 5.00%, 04/01/29 (c)		3,000			3,018,751
Philadelphia Authority for Industrial Development, Temple University, First Series (RB) 5.00%, 04/01/40 (c)		5,695			5,713,629
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/32 (c)		735			743,356
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/33 (c)		1,000			1,021,986
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB)
5.00%, 07/01/31 (c)		1,240			1,270,103
5.00%, 07/01/32 (c)		220			225,124

	Par   (000’s		)	Value
Pennsylvania (continued)
Philadelphia, Pennsylvania Hospital & Higher Education Facilities Authority, Temple University Health System Obligation Group (RB) (AGM) 5.00%, 07/01/37 (c)	$	2,470		$	2,668,274
Reading Pennsylvania School District (GO) (AGM) 5.00%, 03/01/37 (c)		1,535			1,581,851
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/36 (c)		1,500			1,423,978
The School District of Philadelphia, Se (GO) (SAW) 5.00%, 09/01/26		3,000			3,096,597
					133,987,917
Puerto Rico: 8.9%
Children’s Trust (RB) 0.00%, 05/15/57 (c) ^		200,000			13,051,080
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^		80			24,682
Commonwealth of Puerto Rico (GO) 0.00%, 07/01/33 (c) ^		12,285			8,400,789
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
4.00%, 07/01/42 (c)		4,365			4,207,520
5.00%, 07/01/30		7,500			7,919,149
5.00%, 07/01/37 (c)		6,290			6,643,384
5.00%, 07/01/47 (c)		15,000			15,320,338
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/29		3,000			3,150,955
5.00%, 07/01/37 (c)		3,365			3,532,603
Puerto Rico Commonwealth, Series A-1 (GO) 4.00%, 07/01/41 (c)		8,260			7,801,672
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS)
4.00%, 07/01/33 (c)		13,570			13,381,569
4.00%, 07/01/35 (c)		12,538			12,308,912
4.00%, 07/01/37 (c)		9,500			9,226,592
5.75%, 07/01/31		10,055			11,092,375
Puerto Rico Electric Power Authority (RB) (NATL) 5.25%, 07/01/32		450			444,923
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			20,003

See Notes to Financial Statements

38

	Par   (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. (RB) 0.00%, 07/01/46 (c) ^	$	25,000		$	8,208,880
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (RB)
4.75%, 07/01/53 (c)		3,000			2,979,426
5.00%, 07/01/58 (c)		3,000			3,006,899
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
4.50%, 07/01/34 (c)		2,800			2,807,678
5.00%, 07/01/58 (c)		36,645			36,729,276
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/40 (c)		10,414			10,465,351
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/53 (c)		23,777			23,613,935
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/40 (c)		12,590			12,487,139
4.33%, 07/01/40 (c)		26,145			25,902,191
4.55%, 07/01/40 (c)		6,432			6,463,716
4.78%, 07/01/58 (c)		4,000			3,970,192
Puerto Rico Sales Tax Rev Restructed BDS Cofina A-1 (RB) 0.00%, 07/01/51 (c) ^		112,235			27,234,283
					280,395,512
Rhode Island: 0.2%
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB)
5.00%, 09/01/26		100			100,644
5.00%, 09/01/36 (c)		3,750			3,750,211
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/31 (c)		500			502,239
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB)
5.00%, 05/15/33 (c)		1,000			1,014,440
5.00%, 05/15/39 (c)		2,215			2,235,637
					7,603,171
South Carolina: 0.4%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/49 (c)		800			705,321
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/34 (c)		1,000			1,023,499

	Par   (000’s		)	Value
South Carolina (continued)
Scago Educational Facilities, School District of Pickens County Project (RB) 5.00%, 12/01/29 (c)	$	1,425		$	1,436,283
South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project (RB) 5.75%, 11/15/54 (c)		1,000			1,061,153
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/33 (c)		500			503,496
5.00%, 11/01/37 (c)		650			647,270
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)
5.75%, 06/15/39 (c)		500			505,223
5.75%, 06/15/49 (c)		500			501,247
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/47 (c)		3,000			2,971,933
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/43 (c)		320			279,675
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/27 (c)		210			207,514
5.25%, 11/15/37 (c)		2,000			2,047,825
5.25%, 11/15/52 (c)		2,000			2,005,512
					13,895,951
South Dakota: 0.2%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/42 (c)		750			714,077
5.00%, 11/01/46 (c)		500			461,728
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)
4.00%, 08/01/51 (c)		1,550			1,293,937
4.00%, 08/01/56 (c)		1,410			1,148,540
Lincoln County, South Dakota Economic Development Bonds, The Augustana College Association Project, Series A (RB) 4.00%, 08/01/61 (c)		1,300			1,036,722
					4,655,004

See Notes to Financial Statements

39

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Tennessee: 0.8%
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/35 (c)	$	2,000		$	1,958,296
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/44 (c)		310			319,175
Chattanooga Tennessee Health Educational and Housing Facility, Erlanger health System (RB) 5.25%, 12/01/54 (c)		1,000			1,067,858
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/44 (c)		6,180			6,186,108
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/40 (c)		295			265,186
4.00%, 09/01/47 (c)		290			237,420
5.00%, 04/01/36 (c)		1,055			1,065,146
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			2,036,408
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			510,236
5.25%, 06/01/56 (c)		750			767,547
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p)		5,000			5,411,145
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26		5,000			5,165,608
					24,990,133
Texas: 5.4%
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 12/01/45 (c)		1,500			1,019,060
Arlington Higher Education Finance Corp. (RB)
4.38%, 02/15/51 (c)		1,000			779,856
4.50%, 06/15/56 (c) (p)		1,000			1,000,113
4.88%, 06/15/59 (c)		1,000			979,467
5.75%, 06/01/43 (c)		1,000			1,032,530

	Par   (000’s		)	Value
Texas (continued)
6.00%, 06/01/53 (c)	$	1,000		$	1,026,694
6.25%, 06/01/63 (c)		1,000			1,034,766
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. (RB) 5.00%, 06/15/64 (c)		500			495,707
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/62 (c)		5			5,151
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c)		500			503,730
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			283,512
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			713,418
5.00%, 01/01/34 (c)		500			489,307
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/40 (c)		610			576,843
5.00%, 12/01/45 (c)		215			197,499
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/39 (c)		3,510			2,983,500
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			1,517,250
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c)		2,200			2,027,460
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c)		7,000			7,117,555
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/41 (c)		7,500			7,252,171

See Notes to Financial Statements

40

	Par   (000’s		)	Value
Texas (continued)
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) 4.00%, 07/15/41 (c)	$	21,780		$	21,059,062
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		5,590			5,715,538
5.00%, 07/15/28		2,500			2,575,770
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28		1,000			1,030,308
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			4,356,977
Clifton Higher Education Finance Corp., Series A (RB)
5.12%, 08/15/30 (c)		730			737,575
5.50%, 08/15/35 (c)		610			618,518
6.00%, 06/15/48 (c)		1,000			1,007,513
Clifton Higher Education Finance Corp., Series D (RB)
5.25%, 08/15/27 (c)		1,000			1,013,260
5.75%, 08/15/33 (c)		500			507,726
6.00%, 08/15/38 (c)		500			507,722
Clifton Higher Education Finance Corp., Valor Education, Series A (RB) 6.00%, 06/15/54 (c)		500			500,499
Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB) 4.00%, 10/01/50 (c)		2,035			1,633,799
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/32 (c)		850			848,591
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/62 (c)		1,000			980,857
El Paso County Hospital District (GO) 5.00%, 08/15/43 (c)		4,680			4,684,460
Harris County, Cultural Education Facilities Finance Corp., Brazoz Presbyterian Homes, Inc. Project (RB) 5.00%, 01/01/48 (c)		1,000			1,003,391

	Par   (000’s		)	Value
Texas (continued)
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/25 ^	$	495		$	476,243
0.00%, 11/15/27 ^		590			530,792
0.00%, 11/15/29 ^		1,405			1,175,981
0.00%, 11/15/30 ^		115			92,384
0.00%, 11/15/32 (c) ^		705			493,019
0.00%, 11/15/35 (c) ^		120			68,557
0.00%, 11/15/37 (c) ^		350			174,878
0.00%, 11/15/39 (c) ^		145			63,249
0.00%, 11/15/40 (c) ^		170			69,182
0.00%, 11/15/41 (c) ^		1,140			433,772
Harris County, Houston Sports Authority, Second Lien, Series B (RB) (AGC) 5.00%, 11/15/46 (c)		1,000			1,056,245
Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL)
0.00%, 11/15/31 (c) ^		100			66,436
0.00%, 11/15/35 (c) ^		3,455			1,810,124
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			1,081,190
Matagorda County, Navigation District 1 (RB) 4.00%, 06/01/30 (c)		5,000			5,001,417
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., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c)		11,500			11,506,887
Montgomery County Toll Road Authority (RB)
5.00%, 09/15/43 (c)		3,310			3,324,274
5.00%, 09/15/48 (c)		5,915			5,937,090
New Hampshire Health and Education Facilities Authority, (RB) 4.00%, 08/15/41 (c)		2,315			2,088,147
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/52 (c)		235			96,350
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/36 (c)		230			225,210

See Notes to Financial Statements

41

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c)	$	115		$	116,387
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/46 (c)		750			642,479
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/35 (c)		100			100,000
5.00%, 07/01/47 (c)		440			440,000
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/49 (c)		1,000			936,679
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project, Series A (RB) 5.25%, 10/01/55 (c)		1,500			1,373,944
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
5.00%, 01/01/50 (c)		250			208,671
5.00%, 01/01/55 (c)		250			203,467
5.50%, 01/01/35 (c)		1,000			1,000,035
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/41 (c)		400			403,328
Olney Hamilton Hospital District (GO) 6.25%, 09/15/54 (c)		1,000			1,048,809
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/39 (c)		2,725			2,452,500
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB)
5.00%, 08/15/36 (c)		1,055			1,053,060
5.00%, 08/15/46 (c)		1,400			1,332,102
Reagan Hospital District, Series A (GO) 5.12%, 02/01/39 (c)		1,000			980,989
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 07/01/48 (c)		2,500			2,565,198

	Par   (000’s		)	Value
Texas (continued)
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/37 (c)	$	125		$	125,272
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/48 (c) (d) *		535			294,250
Texas Municipal Gas Acquisition & Supply Corp. III (RB)
5.00%, 12/15/29		1,375			1,451,445
5.00%, 12/15/32		3,425			3,663,158
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28		925			968,305
Texas Private Activity Bond Surface Transportation Corp. (RB)
4.00%, 12/31/39 (c)		2,550			2,530,947
5.50%, 06/30/42 (c)		2,250			2,412,479
5.50%, 06/30/43 (c)		1,000			1,070,086
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)
4.00%, 12/31/38 (c)		4,550			4,534,355
4.00%, 06/30/39 (c)		1,700			1,687,605
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB) 5.50%, 12/31/58 (c)		1,000			1,073,700
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) 5.00%, 06/30/58 (c)		10,250			10,393,934
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/37 (c)		500			493,802
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
5.00%, 08/15/32 (c)		600			600,073
5.00%, 08/15/37 (c)		4,485			4,485,548
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/35 (c)		910			910,134
6.25%, 09/01/40 (c)		910			910,322

See Notes to Financial Statements

42

	Par   (000’s		)	Value
Texas (continued)
6.38%, 09/01/45 (c)	$	885		$	885,580
					168,948,663
Utah: 0.5%
Black Desert Public Infrastructure District (GO) 4.00%, 03/01/51 (c)		3,100			2,600,270
Fields Estates Public Infrastructure District, Series A (GO) 6.12%, 03/01/55 (c)		500			503,122
Fields Estates Public Infrastructure District, Series A-2 (SA) 5.25%, 12/01/53 (c)		1,000			999,709
Grapevine Wash Local District, Grapevine Wash Assessment Area No. 1, Series A-2 (SA) 5.25%, 12/01/44 (c)		1,000			971,084
Grapevine Wash Local District, Series A-1 (GO) 6.00%, 03/01/55 (c)		1,000			964,824
Medical School Campus, Public Infrastructure District, Series A (GO) 5.50%, 02/01/50 (c)		2,000			1,663,101
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/50 (c)		2,000			1,932,167
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)
5.25%, 06/15/37 (c)		1,500			1,497,165
5.38%, 06/15/48 (c)		2,195			2,089,210
Washington County, Black Desert Public Infrastructure District (SA) 5.62%, 12/01/53 (c)		3,000			3,076,715
					16,297,367
Vermont: 0.0%
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 4.00%, 05/01/37 (c)		500			484,201
Virgin Islands: 0.5%
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)
5.00%, 10/01/28		1,000			1,040,045
5.00%, 10/01/32		5,010			5,205,652
5.00%, 10/01/39 (c)		5,000			5,169,450
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 10/01/29 (c)		720			728,069

	Par   (000’s		)	Value
Virgin Islands (continued)
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/44 (c)	$	550		$	462,163
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/30 (c)		1,000			999,961
Virgin Islands Water & Power Authority, Series B (RB)
5.00%, 07/01/25 (c)		1,170			1,152,622
5.00%, 07/01/27 (c)		170			162,986
					14,920,948
Virginia: 2.4%
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/44 (c) (d) *		250			143,537
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/35 (c)		200			200,486
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 07/01/46 (c)		8,000			8,039,931
5.00%, 07/01/51 (c)		1,025			1,027,963
City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/33 (c)		240			240,030
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/36 (c)		3,270			3,109,033
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 01/01/50 (c)		1,500			1,446,754
5.00%, 01/01/59 (c)		1,000			942,499
James City County Economic Development Authority (RB) 6.88%, 12/01/58 (c)		1,000			1,105,520
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/47 (c)		4,950			4,996,241
Roanoke County Economic Development Authority, Residential Care Facility (RB) 5.50%, 09/01/58 (c) (p)		2,280			2,256,957
Tobacco Settlement Financing Corp./VA (RB) 5.00%, 06/01/47 (c)		5,000			4,734,342

See Notes to Financial Statements

43

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Virginia (continued)
Virginia Beach Development Authority (RB)
5.00%, 09/01/40 (c)	$	1,750		$	1,777,923
7.00%, 09/01/53 (c)		1,000			1,144,497
7.00%, 09/01/59 (c)		6,560			7,460,662
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/30 (c)		1,300			1,284,256
Virginia Small Business Financing Authority (RB)
4.00%, 01/01/38 (c)		5,000			4,873,479
5.00%, 12/31/49 (c)		1,000			1,013,864
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 01/01/34 (c)		2,500			2,651,668
Virginia Small Business Financing Authority, I-495 Hot Lanes Project (RB) 5.00%, 12/31/47 (c)		2,000			2,080,156
Virginia Small Business Financing Authority, Lifespire of Virginia, Series A (RB) 5.50%, 12/01/54 (c)		1,000			1,050,185
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM) 4.00%, 12/01/36 (c)		1,000			989,578
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
4.00%, 01/01/40 (c)		1,250			1,195,890
4.00%, 01/01/41 (c)		1,000			947,780
4.00%, 07/01/41 (c)		1,000			946,685
4.00%, 01/01/48 (c)		3,925			3,538,410
5.00%, 01/01/33 (c)		4,945			5,262,574
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/52 (c)		2,000			2,070,172
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 12/31/56 (c)		5,520			5,579,938
Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB) 4.00%, 01/01/39 (c)		2,810			2,722,255

	Par   (000’s		)	Value
Virginia (continued)
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 10/01/40 (p)	$	1,000		$	962,777
					75,796,042
Washington: 1.1%
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/30 (c)		500			504,439
6.00%, 12/01/35 (c)		500			505,405
6.25%, 12/01/45 (c)		250			250,433
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/34 (c)		205			210,067
5.00%, 08/15/37 (c)		3,000			3,060,357
Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/58 (c)		3,000			2,675,024
Washington State Housing Finance Commission (RB) 5.50%, 07/01/59 (c)		1,000			1,064,017
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
5.00%, 07/01/36 (c)		1,150			1,150,831
5.00%, 07/01/46 (c)		2,150			2,009,549
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/41 (c)		3,000			2,521,970
Washington State Housing Finance Commission, Parkshore Juanita Bay Project, Series A (RB) 5.75%, 01/01/53 (c)		1,000			987,543
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
5.00%, 01/01/36 (c)		2,125			2,127,446
5.00%, 01/01/51 (c)		2,495			2,284,105
Washington State Housing Finance Commission, Raford Court and Nordheim Court Portfolio (RB) 5.00%, 07/01/54 (c)		500			512,980
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35		4,079			3,841,388

See Notes to Financial Statements

44

	Par   (000’s		)	Value
Washington (continued)
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 01/01/55 (c)	$	6,000		$	5,421,800
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
5.00%, 07/01/46 (c)		500			432,702
5.00%, 07/01/51 (c)		1,250			1,051,168
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,700			2,726,901
					33,338,125
West Virginia: 0.2%
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/45 (c)		700			506,044
3.25%, 10/01/50 (c)		820			583,990
3.50%, 10/01/40 (c)		1,000			865,150
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/45 (c) (p)		1,900			1,903,609
West Virginia Economic Development Authority, West Virginia Lottery (RB) 4.00%, 06/15/32 (c)		1,600			1,622,716
					5,481,509
Wisconsin: 2.4%
Public Finance Authority (RB)
5.00%, 07/15/30 (c)		500			500,315
5.00%, 06/15/54 (c)		1,375			1,337,642
6.25%, 10/01/53 (c)		1,000			1,048,465
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c)		1,000			921,698
Public Finance Authority Educational Facilities, Cincinnati Classical Academy, Series A (RB) 6.00%, 06/15/64 (c)		500			504,302
Public Finance Authority Retirement Facilities, Southminster (RB) 5.00%, 10/01/48 (c)		1,000			986,228
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/48 (c)		250			247,124
Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB) 5.62%, 06/15/54 (c)		750			751,808

	Par   (000’s		)	Value
Wisconsin (continued)
5.62%, 06/15/59 (c)	$	1,000		$	999,221
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/51 (c)		5,250			4,473,203
Public Finance Authority, Cornerstone Charter Academy, Series A (RB)
5.00%, 02/01/36 (c)		495			499,227
5.12%, 02/01/46 (c)		550			551,962
Public Finance Authority, Corvian Community School Project, Series A (RB)
4.25%, 06/15/29 (c)		340			333,141
5.00%, 06/15/39 (c)		500			476,040
5.00%, 06/15/49 (c)		500			446,675
Public Finance Authority, Crossroads Health Project, Series A (RB)
8.00%, 07/01/53 (c)		1,000			1,040,575
8.12%, 07/01/58 (c)		1,000			1,040,701
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/54 (c)		1,000			656,449
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)
5.00%, 02/01/52 (c)		2,000			2,030,057
5.00%, 02/01/62 (c)		3,005			3,034,132
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB)
5.00%, 09/01/25		25			25,095
5.00%, 09/01/38 (c)		1,500			1,500,201
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/29 (c)		335			312,302
5.00%, 03/01/37 (c)		1,250			1,256,006
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 07/01/51 (c) (d) *		890			636,405
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/37 (c)		1,350			1,368,191
Public Finance Authority, Mater Academy of Nevada - East Las Vegas Campus Project, Series A (RB)
5.00%, 12/15/44 (c)		690			696,490
5.00%, 12/15/54 (c)		1,500			1,490,667

See Notes to Financial Statements

45

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Miami Worldcenter Project, Series A (TA) 5.00%, 06/01/41 (c)	$	4,000		$	4,104,534
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/29 (c)		315			312,527
5.00%, 09/01/39 (c)		500			505,310
5.00%, 09/01/49 (c)		500			486,788
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/37 (c)		1,405			1,447,708
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/45 (c)		4,000			4,023,457
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)
4.00%, 07/01/41 (c)		500			434,832
4.00%, 09/01/51 (c)		1,500			1,101,725
4.25%, 07/01/54 (c)		4,765			3,978,056
Public Finance Authority, Texas Infrastructure Program, Mayfair Project, Series A-4 (RB) 5.50%, 11/15/32 (c)		750			746,855
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/56 (c)		1,060			753,627
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			2,054,243
5.00%, 10/01/39 (c)		1,950			1,977,901
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/41 (c)		1,000			815,961
Public Finance Authority, Wingate University, Series A (RB) 5.25%, 10/01/48 (c)		2,255			2,212,110

	Par   (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 07/01/42 (c)	$	9,000		$	8,999,975
Public Finance Authority, Wisconsin Texas Infrastructure Program, Bridgewater Project (RB) 5.62%, 12/15/30 (c)		500			497,565
Public Finance Authority, Wisconsin Texas Infrastructure Program, Nolina & Sorella Projects (RB) 5.50%, 12/15/32 (c)		500			491,318
Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/55 (c)		5,545			5,417,938
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/48 (c)		105			84,525
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/38 (c)		850			725,194
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Series A (RB) (BAM) 4.50%, 02/15/54 (c)		1,000			965,423
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)
5.00%, 11/01/39 (c)		1,950			1,960,272
5.00%, 11/01/54 (c)		500			466,942
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM) 5.00%, 02/15/32 (c)		1,500			1,598,979
					75,328,130
Total Municipal Bonds: 98.3% (Cost: $3,189,416,940)					3,080,825,353
Other assets less liabilities: 1.7%					54,276,241
NET ASSETS: 100.0%				$	3,135,101,594

See Notes to Financial Statements

46

Definitions:

ACA	Credit Agricole SA
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
SAW	State Aid Withholding
SBG	School Board Guaranteed
SD CRED PROG	Special District Credit Enhancement Program
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.

Footnotes:

(c)	Callable Security — the 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 investor
*	Non-income producing
(d)	Security in default
^	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

47

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	68,363,033	$	—	$	68,363,033
Alaska		—		392,686		—		392,686
American Samoa		—		4,262,972		—		4,262,972
Arizona		—		83,718,210		—		83,718,210
Arkansas		—		42,043,329		—		42,043,329
California		—		419,291,657		—		419,291,657
Colorado		—		66,636,846		—		66,636,846
Connecticut		—		22,721,068		—		22,721,068
Delaware		—		4,544,283		—		4,544,283
District of Columbia		—		28,958,851		—		28,958,851
Florida		—		158,100,894		—		158,100,894
Georgia		—		47,926,263		—		47,926,263
Guam		—		24,370,843		—		24,370,843
Hawaii		—		1,381,146		—		1,381,146
Idaho		—		3,634,129		—		3,634,129
Illinois		—		300,411,980		—		300,411,980
Indiana		—		33,465,880		—		33,465,880
Iowa		—		20,232,488		—		20,232,488
Kansas		—		9,230,765		—		9,230,765
Kentucky		—		33,305,004		—		33,305,004
Louisiana		—		67,865,246		53		67,865,299
Maine		—		9,254,290		—		9,254,290
Maryland		—		49,306,451		—		49,306,451
Massachusetts		—		50,678,870		—		50,678,870
Michigan		—		17,945,284		—		17,945,284
Minnesota		—		26,554,117		—		26,554,117
Mississippi		—		7,458,470		—		7,458,470
Missouri		—		25,839,864		—		25,839,864
Montana		—		5,093,334		—		5,093,334
Nebraska		—		3,982,702		—		3,982,702
Nevada		—		9,735,425		—		9,735,425
New Hampshire		—		12,683,043		—		12,683,043
New Jersey		—		74,054,554		—		74,054,554
New Mexico		—		3,336,972		—		3,336,972
New York		—		306,382,290		—		306,382,290
North Carolina		—		24,844,240		—		24,844,240
North Dakota		—		6,385,167		—		6,385,167
Ohio		—		106,130,352		—		106,130,352
Oklahoma		—		39,975,890		—		39,975,890
Oregon		—		4,203,739		—		4,203,739
Pennsylvania		—		133,987,917		—		133,987,917
Puerto Rico		—		280,395,512		—		280,395,512
Rhode Island		—		7,603,171		—		7,603,171
South Carolina		—		13,895,951		—		13,895,951
South Dakota		—		4,655,004		—		4,655,004
Tennessee		—		24,990,133		—		24,990,133
Texas		—		168,948,663		—		168,948,663
Utah		—		16,297,367		—		16,297,367
Vermont		—		484,201		—		484,201
Virgin Islands		—		14,920,948		—		14,920,948
Virginia		—		75,796,042		—		75,796,042
Washington		—		33,338,125		—		33,338,125
West Virginia		—		5,481,509		—		5,481,509
Wisconsin		—		75,328,130		—		75,328,130
Total	$	—	$	3,080,825,300	$	53	$	3,080,825,353

See Notes to Financial Statements

48

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2024 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 95.9%
Arizona: 3.0%
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/51 (c)	$	400		$	353,050
California: 19.1%
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/42 (c)		300			296,096
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/51 (c)		475			491,491
El Dorado Irrigation District, Series C (RB) 4.00%, 03/01/34 (c)		250			252,856
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/28 (c)		250			253,305
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/34 (c)		370			387,815
State of California, Various Purpose (GO) 5.00%, 04/01/27		250			263,432
University of California, Series BB (RB) 5.00%, 05/15/49 (c)		250			264,010
					2,209,005
Colorado: 2.2%
State of Colorado, Series A (CP) 4.00%, 12/15/40 (c)		250			251,665
Connecticut: 2.2%
State of Connecticut, Series A (GO) 4.00%, 04/15/36 (c)		250			251,769
Hawaii: 4.4%
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/33 (c)		510			514,358
Massachusetts: 5.3%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/27 (c)		250			250,372
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24		360			360,000
					610,372

	Par   (000’s		)	Value
Michigan: 2.0%
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 4.00%, 12/01/49 (c)	$	250		$	232,762
Nevada: 2.1%
Las Vegas Valley Water District, Series A (GO) 4.00%, 06/01/46 (c)		250			247,677
New York: 19.3%
City of New York, Series B-1 (GO) 5.00%, 10/01/37 (c)		250			260,229
New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB) 5.00%, 06/15/39 (c)		400			403,390
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/41 (c)		250			250,692
New York State Dormitory Authority (RB) (BAM) 4.00%, 02/15/37 (c)		280			285,306
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 07/01/27 (c)		250			258,142
New York State Urban Development Corp., Personal Income Tax, Series A (RB) 5.00%, 03/15/42 (c)		250			266,306
Port Authority of New York & New Jersey (RB) 5.00%, 11/15/42 (c)		500			509,416
					2,233,481
North Carolina: 2.6%
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45		265			300,889
Ohio: 4.2%
County of Franklin, Hospital Facilities (RB) 4.12%, 05/15/45 (c)		250			242,972
County of Franklin, Hospital Facilities, Series A (RB) (XLCA) 4.00%, 05/15/47 (c)		250			238,826
					481,798
Oregon: 2.2%
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/29 (c)		250			251,916
Pennsylvania: 7.3%
Commonwealth of Pennsylvania, 2nd Series (GO) (AGM) 4.00%, 08/15/29 (c)		250			251,635

See Notes to Financial Statements

49

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/46 (c)	$	250		$	240,973
5.00%, 12/01/51 (c)		330			349,042
					841,650
Texas: 9.0%
Dallas Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/54 (c)		500			486,042
Wylie Independent School District (GO) 5.00%, 08/15/39 (c)		500			556,853
					1,042,895
Washington: 6.5%
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/51 (c)		250			240,822

	Par   (000’s		)	Value
Washington (continued)
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/32 (c)	$	250		$	256,875
King County, Washington School District No. 414 (GO) (SBG) 4.00%, 12/01/30 (c)		250			253,075
					750,772
Wisconsin: 4.5%
State of Wisconsin, Department of Transportation (RB) 5.00%, 07/01/28 (c)		265			279,895
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/38 (c)		250			247,566
					527,461
Total Municipal Bonds: 95.9% (Cost: $11,554,898)					11,101,520
Other assets less liabilities: 4.1%					473,963
NET ASSETS: 100.0%				$	11,575,483

Definitions:
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SBG	School Board Guaranteed
XLCA	Syncora Guarantee, Inc.

Footnotes:
(c)	Callable Security — the date disclosed is the date the security may be redeemed by the issuer

The summary of inputs used to value the Fund’s investments as of October 31, 2024 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds *	$	—	$	11,101,520	$	—	$	11,101,520

*  See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

50

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2024 (unaudited)

	Par   (000’s		)	Value
MUNICIPAL BONDS: 98.7%
Alabama: 1.9%
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/36 (c)	$	2,000		$	2,030,883
5.00%, 11/01/34 (c)		2,015			2,214,683
5.00%, 11/01/31 (c)		525			583,538
Black Belt Energy Gas District, Series A (RB)
4.00%, 06/01/51 (c) (p)		5,065			5,129,387
5.25%, 01/01/54 (c) (p)		2,000			2,153,831
Black Belt Energy Gas District, Series B (RB)
5.00%, 10/01/55 (c) (p)		1,000			1,062,574
5.25%, 12/01/53 (c) (p)		1,000			1,081,037
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/33 (c)		860			800,633
County of Jefferson, Alabama Sewer Warrants (RB)
5.00%, 10/01/38 (c)		2,000			2,167,622
5.00%, 10/01/37 (c)		1,000			1,087,581
5.25%, 10/01/40 (c)		1,000			1,093,446
Energy Southeast A Cooperative District, Energy Supply, Series A (RB) 5.50%, 11/01/53 (c) (p)		5,210			5,699,255
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34		2,500			2,677,559
Southeast Alabama Gas Supply District, Project No. 1, Series A (RB) 5.00%, 08/01/54 (c) (p)		1,000			1,071,181
Southeast Energy Authority, A Cooperative District Energy Supply, Series C (RB) 5.00%, 11/01/55 (c) (p)		2,000			2,151,566
Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/51 (c) (p)		3,000			3,002,995
The Southeast Alabama Gas Supply District, Project No. 2, Series B (RB) 5.00%, 06/01/49 (c) (p)		2,000			2,140,336
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/35 (c)		820			830,990
					36,979,097
Alaska: 0.1%
Alaska Housing Finance Corp., Series B (RB) 2.15%, 06/01/36 (c)		1,040			825,127

	Par   (000’s		)	Value
Alaska (continued)
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/31 (c)	$	305		$	308,853
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/35 (c)		635			641,839
					1,775,819
Arizona: 1.4%
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		1,816			1,725,551
Arizona Transportation Board, Highway (RB) 5.00%, 07/01/31 (c)		1,050			1,080,669
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/31 (c)		1,550			1,563,669
City of Phoenix Civic Improvement Corp., Excise Tax, Series A (RB) 5.00%, 07/01/35 (c)		1,785			1,802,244
City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB) 5.00%, 07/01/40 (c)		1,895			2,111,290
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/34 (c)		1,275			1,352,424
5.00%, 07/01/32 (c)		1,000			1,067,397
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB) 5.00%, 07/01/33 (c)		550			575,107
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 06/01/35 (c)		1,150			956,793
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 06/01/35 (c)		1,500			1,247,991
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB)
4.00%, 01/01/38 (c)		1,500			1,501,605
4.00%, 01/01/41 (c)		2,000			1,991,849
5.00%, 01/01/38 (c)		605			620,365
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/32 (c)		2,380			2,518,331
5.00%, 01/01/32		1,000			1,132,520
5.00%, 12/01/32 (c)		1,000			1,009,923

See Notes to Financial Statements

51

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
Arizona (continued)
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37	$	4,600		$	4,992,270
					27,249,998
Arkansas: 0.1%
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/34 (c)		1,000			1,056,361
California: 17.5%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB) 5.00%, 10/01/35 (c)		1,000			1,049,155
Bay Area Toll Authority, Series S-7 (RB)
3.25%, 04/01/36 (c)		1,270			1,201,733
4.00%, 04/01/33 (c)		2,905			2,950,117
Beverly Hills Unified School District (GO) 0.00%, 08/01/30 ^		1,000			839,141
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 01/01/54 (c) (p)		6,065			6,515,354
California Community Choice Financing Authority, Clean Energy Project, Series D (RB) 5.00%, 02/01/55 (c) (p)		3,000			3,236,681
California Community Choice Financing Authority, Clean Energy, Series C (RB) 5.00%, 08/01/55 (c) (p)		10,345			11,092,502
California Community Choice Financing Authority, Clean Energy, Series E (RB) 5.00%, 02/01/55 (c) (p)		3,000			3,210,386
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p)		9,500			9,588,435
California Health Facilities Financing Authority, Adventist Health System, Series A (RB)
3.00%, 03/01/39 (c)		1,000			874,289
5.00%, 12/01/36 (c)		1,000			1,097,776
5.25%, 12/01/40 (c)		1,250			1,377,138
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/31 (c)		310			320,478
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/34 (c)		400			377,240

	Par   (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/37 (c)	$	1,060		$	1,065,245
4.00%, 04/01/38 (c)		500			501,709
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/41 (c)		680			585,640
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/31 (c)		750			795,919
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/35 (c)		1,575			1,653,359
California Housing Finance Agency, Series A (RB)
3.25%, 08/20/36		1,909			1,773,564
3.50%, 11/20/35		1,182			1,134,114
3.75%, 03/25/35		6,088			5,997,152
California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) 5.00%, 09/01/31 (c)		2,200			2,205,837
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/31 (c)		500			486,578
3.00%, 09/01/32 (c)		360			348,481
California State Public Works Board, Department of General Services, Series A (RB) 5.00%, 04/01/40 (c)		1,000			1,126,813
California State Public Works Board, New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/40 (c)		2,650			2,909,808
California State Public Works Board, Series A (RB) 5.00%, 04/01/41 (c)		2,980			3,341,920
California State Public Works Board, Various Capital Projects, Series A (RB) 5.00%, 08/01/35 (c)		2,000			2,220,577
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 12/01/34 (c)		2,000			2,264,107
5.00%, 12/01/35 (c)		1,845			2,081,541

See Notes to Financial Statements

52

	Par   (000’s		)	Value
California (continued)
California State Public Works Board, Various Capital Projects, Series C (RB)
4.00%, 11/01/31 (c)	$	1,000		$	1,009,612
4.00%, 08/01/37 (c)		2,000			2,060,365
5.00%, 08/01/34 (c)		1,000			1,113,640
5.00%, 09/01/36 (c)		3,000			3,435,253
5.00%, 09/01/35 (c)		2,000			2,306,040
California State University, Series A (RB)
5.00%, 11/01/31 (c)		2,035			2,073,022
5.00%, 11/01/31 (c)		1,510			1,557,832
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/37 (c)		1,000			879,555
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/36 (c)		2,000			2,000,448
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/36 (c)		1,000			1,036,228
5.00%, 05/15/37 (c)		1,400			1,561,218
City of San Jose, California Airport, Series B (RB) (BAM) 4.00%, 03/01/34 (c)		325			340,437
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 08/01/39 (c) ^		1,250			666,458
County of Santa Clara, Series C (GO) 5.00%, 08/01/33 (c)		525			554,047
East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/32 (c)		1,000			1,010,727
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS) 4.00%, 07/01/35 (c)		1,150			1,163,460
Fontana Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 10/01/32 (c)		760			799,812
Fremont Union High School District (GO) 4.00%, 08/01/40 (c)		2,350			2,349,988
Grossmont Healthcare District, San Diego County, Series D (GO) 4.00%, 07/15/40 (c)		1,000			984,585

	Par   (000’s		)	Value
California (continued)
Kern High School District, Series C (GO) (AGM)
2.00%, 08/01/32 (c)	$	3,000		$	2,598,463
2.00%, 08/01/31 (c)		1,600			1,422,248
Los Angeles California, Department of Water and Power, Series B (RB) 5.00%, 07/01/39 (c)		1,000			1,157,968
Los Angeles Community College District, Series J (GO)
4.00%, 08/01/32 (c)		400			409,236
4.00%, 08/01/33 (c)		750			765,925
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/36 (c)		1,000			1,141,132
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB)
4.00%, 06/01/36 (c)		1,045			1,086,806
4.00%, 06/01/35 (c)		1,000			1,045,127
4.00%, 06/01/38 (c)		1,460			1,527,023
4.00%, 06/01/39 (c)		1,000			1,041,355
5.00%, 06/01/35 (c)		1,000			1,103,558
5.00%, 07/01/31 (c)		795			841,252
5.00%, 07/01/36 (c)		900			1,014,074
5.00%, 07/01/37 (c)		1,060			1,189,929
5.00%, 07/01/38 (c)		2,530			2,835,214
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) 4.00%, 12/01/38 (c)		1,500			1,536,833
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/39 (c)		1,900			1,937,250
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/40 (c)		2,000			2,210,259
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/40 (c)		1,380			1,544,295
Los Angeles Department of Water and Power, Series C (RB)
5.00%, 07/01/38 (c)		1,000			1,124,870
5.00%, 07/01/36 (c)		1,500			1,659,735
5.00%, 07/01/34 (c)		1,125			1,253,536
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/38 (c)		2,000			2,125,908
5.00%, 07/01/39 (c)		1,000			1,129,010

See Notes to Financial Statements

53

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s		)	Value
California (continued)
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/35 (c)	$	2,000		$	2,022,086
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO)
4.00%, 07/01/38 (c)		1,605			1,651,137
4.00%, 07/01/37 (c)		2,000			2,064,450
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)
4.00%, 07/01/37 (c)		1,500			1,559,686
5.00%, 07/01/35 (c)		1,300			1,477,530
Los Angeles Unified School District, Series A (GO) 4.00%, 07/01/33 (c)		1,580			1,646,966
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/35 (c)		1,880			1,770,995
4.00%, 07/01/36 (c)		2,000			2,070,172
Los Angeles Unified School District, Series QRR (GO) 5.00%, 07/01/41 (c)		2,250			2,576,687
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/37 (c)		1,000			1,032,225
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/35 (c)		1,000			1,049,341
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/40 (c)		500			505,401
MSR Energy Authority, Series B (RB) 6.50%, 11/01/39		2,225			2,837,388
Northern California Sanitation Agencies Financing Authority, Series A (RB) 5.00%, 12/01/38 (c)		1,000			1,181,745
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/39 (c)		1,055			1,072,417
Orange County, Local Transportation Authority Sales Tax (RB) 4.00%, 02/15/38 (c)		1,500			1,525,454
Palomar Health, Series B (GO) 4.00%, 08/01/35 (c)		1,000			976,330
Peralta Co