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. |
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 |
- 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
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 |
- 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/.
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 |
- 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
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 |
- 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
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 |
- 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/.
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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/.
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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
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 |
- 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/.
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 |
- 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/.
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.
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 |
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
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
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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
| | | 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
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
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
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
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
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
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
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
| | | 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
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 Community College District, Series D (GO) 4.00%, 08/01/39 (c) | | | 2,000 | | | | 1,978,779 | |
Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) 5.00%, 11/01/34 (c) | | | 785 | | | | 824,124 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/39 (c) | | $ | 1,000 | | | $ | 1,000,900 | |
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/33 (c) | | | 650 | | | | 669,086 | |
Riverside County Transportation Commission, Series A (RB) 4.00%, 06/01/41 (c) | | | 1,425 | | | | 1,427,726 | |
| Riverside County Transportation Commission, Series B (RB) | | | | | | | | |
| 4.00%, 06/01/38 (c) | | | 2,375 | | | | 2,413,090 | |
| 5.00%, 06/01/37 (c) | | | 560 | | | | 591,447 | |
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/34 (c) | | | 535 | | | | 581,628 | |
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/34 (c) | | | 2,075 | | | | 2,293,749 | |
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/35 (c) | | | 2,000 | | | | 2,103,588 | |
San Diego Unified School District, Series I (GO) 0.00%, 07/01/35 (c) ^ | | | 1,000 | | | | 653,366 | |
San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB) 4.00%, 05/01/37 (c) | | | 1,010 | | | | 1,041,574 | |
| San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB) | | | | | | | | |
| 5.00%, 10/01/36 (c) | | | 1,000 | | | | 1,143,262 | |
| 5.00%, 10/01/39 (c) | | | 1,500 | | | | 1,703,625 | |
San Francisco City & County, Public Utilities Commission Wastewater, Series B (RB) 5.00%, 10/01/39 (c) | | | 1,000 | | | | 1,167,731 | |
San Francisco County Transportation Authority (RB) 3.00%, 02/01/34 (c) | | | 500 | | | | 478,736 | |
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/34 (c) | | | 2,000 | | | | 2,047,909 | |
San Jacinto County, Transportation Authority, Limited Tax (RB) 4.00%, 03/01/41 (c) | | | 1,000 | | | | 1,000,923 | |
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c) | | | 1,000 | | | | 1,040,047 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/41 (c) | | $ | 825 | | | $ | 727,788 | |
San Marcos Unified School District (GO) 4.00%, 08/01/33 (c) | | | 400 | | | | 408,097 | |
| Santa Clara County Financing Authority, Capital Facilities, Series A (RB) | | | | | | | | |
| 4.00%, 05/01/36 (c) | | | 840 | | | | 873,285 | |
| 5.00%, 05/01/34 (c) | | | 1,855 | | | | 2,091,861 | |
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | | | | | | | | |
| 3.00%, 05/15/35 (c) | | | 1,000 | | | | 957,717 | |
| 4.00%, 05/15/32 (c) | | | 1,510 | | | | 1,513,482 | |
Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO) 3.35%, 08/01/36 (c) | | | 1,520 | | | | 1,499,002 | |
| Santa Clara Unified School District (GO) | | | | | | | | |
| 3.00%, 07/01/34 (c) | | | 2,000 | | | | 1,963,453 | |
| 3.00%, 07/01/34 (c) | | | 395 | | | | 387,782 | |
| 3.00%, 07/01/35 (c) | | | 1,535 | | | | 1,491,140 | |
| Santa Monica-Malibu Unified School District, Series C (GO) | | | | | | | | |
| 5.00%, 08/01/39 (c) | | | 1,000 | | | | 1,118,356 | |
| 5.00%, 08/01/40 (c) | | | 1,000 | | | | 1,112,712 | |
State of California (GO) 4.00%, 10/01/34 (c) | | | 2,000 | | | | 2,094,653 | |
State of California (GO) (AGM) 5.25%, 08/01/32 | | | 5,750 | | | | 6,565,465 | |
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/31 (c) | | | 915 | | | | 973,972 | |
| State of California, Various Purpose (GO) | | | | | | | | |
| 3.00%, 10/01/36 (c) | | | 350 | | | | 328,943 | |
| 3.00%, 10/01/33 (c) | | | 2,000 | | | | 1,943,245 | |
| 3.12%, 04/01/35 (c) | | | 1,575 | | | | 1,536,659 | |
| 4.00%, 11/01/35 (c) | | | 1,310 | | | | 1,361,428 | |
| 4.00%, 11/01/38 (c) | | | 2,000 | | | | 2,055,578 | |
| 4.00%, 11/01/34 (c) | | | 2,945 | | | | 3,075,456 | |
| 4.00%, 03/01/36 (c) | | | 9,500 | | | | 9,813,258 | |
| 4.00%, 03/01/37 (c) | | | 5,020 | | | | 5,166,793 | |
| 4.00%, 09/01/37 (c) | | | 2,000 | | | | 2,095,678 | |
| 4.00%, 10/01/39 (c) | | | 2,300 | | | | 2,359,390 | |
| 4.00%, 10/01/33 (c) | | | 1,795 | | | | 1,889,107 | |
| 4.00%, 08/01/33 (c) | | | 700 | | | | 707,008 | |
| 4.00%, 09/01/34 (c) | | | 1,500 | | | | 1,512,251 | |
| 4.00%, 09/01/32 (c) | | | 1,815 | | | | 1,838,828 | |
| 5.00%, 10/01/30 (c) | | | 1,065 | | | | 1,147,988 | |
| 5.00%, 10/01/31 (c) | | | 5,050 | | | | 5,517,244 | |
| 5.00%, 10/01/30 (c) | | | 2,340 | | | | 2,565,725 | |
| 5.00%, 10/01/31 | | | 4,000 | | | | 4,532,756 | |
| 5.00%, 11/01/31 (c) | | | 2,645 | | | | 2,792,717 | |
| 5.00%, 11/01/30 (c) | | | 1,020 | | | | 1,078,438 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
| 5.00%, 11/01/34 (c) | | $ | 1,610 | | | $ | 1,775,096 | |
| 5.00%, 12/01/36 (c) | | | 2,000 | | | | 2,190,086 | |
| 5.00%, 03/01/35 (c) | | | 2,330 | | | | 2,541,188 | |
| 5.00%, 09/01/36 (c) | | | 1,500 | | | | 1,709,444 | |
| 5.00%, 04/01/32 (c) | | | 2,500 | | | | 2,703,569 | |
| 5.00%, 04/01/36 (c) | | | 3,000 | | | | 3,221,534 | |
| 5.00%, 04/01/35 (c) | | | 3,500 | | | | 3,765,790 | |
| 5.00%, 04/01/32 | | | 4,270 | | | | 4,850,297 | |
| 5.00%, 10/01/36 (c) | | | 2,000 | | | | 2,254,820 | |
| 5.00%, 10/01/39 (c) | | | 2,615 | | | | 2,938,061 | |
| 5.00%, 08/01/35 (c) | | | 490 | | | | 504,944 | |
| 5.00%, 08/01/30 (c) | | | 2,250 | | | | 2,369,960 | |
| 5.00%, 08/01/36 (c) | | | 3,245 | | | | 3,448,653 | |
| 5.00%, 08/01/39 (c) | | | 1,250 | | | | 1,425,188 | |
| 5.00%, 08/01/37 (c) | | | 4,000 | | | | 4,575,893 | |
| 5.00%, 08/01/36 (c) | | | 3,000 | | | | 3,435,842 | |
| 5.00%, 09/01/35 (c) | | | 2,250 | | | | 2,534,279 | |
| 5.00%, 09/01/36 (c) | | | 2,000 | | | | 2,266,330 | |
| 5.00%, 08/01/33 (c) | | | 1,000 | | | | 1,001,477 | |
| 5.00%, 08/01/32 (c) | | | 1,000 | | | | 1,001,477 | |
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/34 (c) | | | 1,000 | | | | 1,028,214 | |
| State Public Works Board, Various Capital Projects, Series B (RB) | | | | | | | | |
| 4.00%, 05/01/38 (c) | | | 1,500 | | | | 1,537,245 | |
| 4.00%, 05/01/37 (c) | | | 2,000 | | | | 2,059,743 | |
| The Regents of the University of California, Series BV (RB) | | | | | | | | |
| 5.00%, 05/15/38 (c) | | | 2,000 | | | | 2,316,972 | |
| 5.00%, 05/15/40 (c) | | | 1,000 | | | | 1,145,752 | |
The Regents of the University of California, Series BW (RB) 5.00%, 05/15/40 (c) | | | 1,000 | | | | 1,145,752 | |
University of California, Series BE (RB) 5.00%, 05/15/36 (c) | | | 1,500 | | | | 1,652,097 | |
University of California, Series BM (RB) 5.00%, 05/15/35 (c) | | | 1,000 | | | | 1,152,866 | |
| University of California, Series BN (RB) | | | | | | | | |
| 5.00%, 05/15/35 (c) | | | 2,000 | | | | 2,305,733 | |
| 5.00%, 05/15/37 (c) | | | 1,000 | | | | 1,146,073 | |
| 5.00%, 05/15/36 (c) | | | 1,000 | | | | 1,149,730 | |
| 5.00%, 05/15/41 (c) | | | 1,000 | | | | 1,129,067 | |
University of California, Series BQ (RB) 5.00%, 05/15/35 (c) | | | 1,000 | | | | 1,152,866 | |
University of California, Series I (RB) 4.00%, 05/15/35 (c) | | | 2,160 | | | | 2,161,789 | |
University of California, Series O (RB) 5.00%, 05/15/36 (c) | | | 1,170 | | | | 1,242,774 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
University of California, Series Q (RB) 4.00%, 05/15/39 (c) | | $ | 2,500 | | | $ | 2,567,149 | |
| | | | | | | | 338,512,827 | |
| Colorado: 2.1% | | | | | | | | |
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/30 (c) | | | 540 | | | | 562,035 | |
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/30 (c) | | | 1,000 | | | | 1,020,902 | |
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/36 (c) ^ | | | 1,200 | | | | 719,679 | |
| Colorado Health Facilities Authority, Advenhealth, Series A (RB) | | | | | | | | |
| 4.00%, 11/15/38 (c) | | | 2,000 | | | | 2,008,547 | |
| 5.00%, 11/15/57 (c) (p) | | | 1,465 | | | | 1,646,135 | |
| Colorado Health Facilities Authority, Commonspirit Health, Series A (RB) | | | | | | | | |
| 4.00%, 08/01/38 (c) | | | 2,350 | | | | 2,311,241 | |
| 5.00%, 12/01/34 | | | 2,000 | | | | 2,248,032 | |
| 5.00%, 12/01/39 (c) | | | 3,500 | | | | 3,851,771 | |
Colorado Health Facilities Authority, Sanford, Series A (RB) 4.00%, 11/01/39 (c) | | | 2,000 | | | | 1,947,943 | |
| Denver City and County School District No. 1 (GO) (SAW) | | | | | | | | |
| 3.00%, 12/01/36 (c) | | | 1,430 | | | | 1,314,015 | |
| 5.00%, 12/01/39 (c) | | | 1,000 | | | | 1,081,933 | |
Denver City and County School, Board of Water Commissioners, Series A (RB) 3.00%, 12/15/37 (c) | | | 1,000 | | | | 902,225 | |
Jefferson County School District R-1 (GO) 5.00%, 12/15/30 (c) | | | 1,110 | | | | 1,195,936 | |
| Pueblo City, Schools District No. 60 (GO) (SAW) | | | | | | | | |
| 3.00%, 12/15/37 (c) | | | 500 | | | | 445,762 | |
| 5.00%, 12/15/34 (c) | | | 1,010 | | | | 1,089,745 | |
| 5.00%, 12/15/38 (c) | | | 1,625 | | | | 1,739,857 | |
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/36 (c) | | | 1,820 | | | | 1,876,742 | |
| Regional Transportation District, Fastracks Project, Series B (RB) | | | | | | | | |
| 5.00%, 11/01/33 (c) | | | 530 | | | | 559,564 | |
| 5.00%, 11/01/34 (c) | | | 1,995 | | | | 2,105,112 | |
| State of Colorado, Series A (CP) | | | | | | | | |
| 4.00%, 12/15/36 (c) | | | 1,315 | | | | 1,331,932 | |
| 4.00%, 12/15/36 (c) | | | 1,750 | | | | 1,789,180 | |
| 4.00%, 12/15/39 (c) | | | 1,540 | | | | 1,556,646 | |
| | | Par
(000’s | ) | | Value | |
| Colorado (continued) | | | | | | | | |
| 4.00%, 12/15/40 (c) | | $ | 1,000 | | | $ | 1,006,658 | |
| 5.00%, 12/15/34 (c) | | | 1,000 | | | | 1,109,045 | |
State of Colorado, Series A (CP) (SAW) 4.00%, 12/15/37 (c) | | | 2,000 | | | | 2,034,267 | |
University of Colorado, Series A-2 (RB) 3.00%, 06/01/33 (c) | | | 800 | | | | 755,530 | |
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/36 (c) | | | 2,165 | | | | 2,324,005 | |
| | | | | | | | 40,534,439 | |
| Connecticut: 2.0% | | | | | | | | |
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/38 (c) | | | 1,530 | | | | 1,549,770 | |
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/34 (c) | | | 1,290 | | | | 1,019,486 | |
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/32 (c) | | | 260 | | | | 248,692 | |
Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 07/01/34 (c) | | | 335 | | | | 356,680 | |
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/32 (c) | | | 1,700 | | | | 1,769,624 | |
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/33 (c) | | | 1,000 | | | | 1,000,729 | |
| State of Connecticut, Series A (GO) | | | | | | | | |
| 3.00%, 01/15/32 (c) | | | 2,200 | | | | 2,114,473 | |
| 3.00%, 01/15/34 (c) | | | 1,000 | | | | 945,652 | |
| 3.00%, 01/15/35 (c) | | | 2,500 | | | | 2,334,560 | |
| 3.00%, 01/15/36 (c) | | | 1,000 | | | | 926,829 | |
| 4.00%, 01/15/37 (c) | | | 2,000 | | | | 2,033,811 | |
| 4.00%, 01/15/31 | | | 1,780 | | | | 1,875,774 | |
| 5.00%, 01/15/37 (c) | | | 1,000 | | | | 1,131,452 | |
| State of Connecticut, Series C (GO) | | | | | | | | |
| 4.00%, 06/01/34 (c) | | | 1,950 | | | | 2,011,021 | |
| 4.00%, 06/01/36 (c) | | | 850 | | | | 867,851 | |
State of Connecticut, Series E (GO) 5.00%, 11/15/32 | | | 1,000 | | | | 1,133,955 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Connecticut (continued) | | | | | | | | |
| 5.00%, 09/15/30 (c) | | $ | 1,665 | | | $ | 1,786,160 | |
| State of Connecticut, Series F (GO) | | | | | | | | |
| 5.00%, 11/15/31 (c) | | | 1,550 | | | | 1,571,744 | |
| 5.00%, 11/15/32 (c) | | | 1,525 | | | | 1,545,869 | |
| State of Connecticut, Special Tax, Series A (RB) | | | | | | | | |
| 5.00%, 05/01/31 | | | 1,650 | | | | 1,842,675 | |
| 5.00%, 05/01/35 (c) | | | 1,500 | | | | 1,654,212 | |
| 5.00%, 09/01/32 (c) | | | 475 | | | | 488,522 | |
| 5.00%, 09/01/31 (c) | | | 1,250 | | | | 1,251,123 | |
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/37 (c) | | | 2,500 | | | | 2,706,616 | |
| State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB) | | | | | | | | |
| 4.00%, 05/01/36 (c) | | | 1,225 | | | | 1,250,866 | |
| 5.00%, 05/01/33 (c) | | | 1,025 | | | | 1,137,294 | |
State of Connecticut, Transportation Infrustructure Purposes, Series D (RB) 4.00%, 11/01/38 (c) | | | 2,000 | | | | 2,028,957 | |
| | | | | | | | 38,584,397 | |
| Delaware: 0.2% | | | | | | | | |
Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/40 (c) | | | 1,000 | | | | 991,760 | |
State of Delaware (GO) 2.00%, 02/01/35 (c) | | | 1,000 | | | | 799,518 | |
| State of Delaware, Series A (GO) | | | | | | | | |
| 2.00%, 01/01/36 (c) | | | 650 | | | | 512,561 | |
| 4.00%, 05/01/41 (c) | | | 1,000 | | | | 1,018,776 | |
| 5.00%, 05/01/36 (c) | | | 1,000 | | | | 1,139,636 | |
| | | | | | | | 4,462,251 | |
| District of Columbia: 1.5% | | | | | | | | |
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/34 (c) | | | 2,250 | | | | 2,411,462 | |
| District of Columbia, Income Tax, Series A (RB) | | | | | | | | |
| 4.00%, 03/01/40 (c) | | | 2,000 | | | | 2,002,921 | |
| 5.00%, 07/01/36 (c) | | | 2,000 | | | | 2,232,143 | |
| District of Columbia, Series A (GO) | | | | | | | | |
| 5.00%, 01/01/37 (c) | | | 1,000 | | | | 1,122,471 | |
| 5.00%, 06/01/33 (c) | | | 580 | | | | 604,795 | |
| 5.00%, 06/01/34 (c) | | | 1,000 | | | | 1,041,700 | |
| 5.00%, 06/01/35 (c) | | | 750 | | | | 791,472 | |
District of Columbia, Series A (RB) 5.00%, 03/01/36 (c) | | | 1,000 | | | | 1,073,655 | |
District of Columbia, Series C (RB) 5.00%, 05/01/36 (c) | | | 1,000 | | | | 1,085,008 | |
| | | Par
(000’s | ) | | Value | |
| District of Columbia (continued) | | | | | | | | |
District of Columbia, Water and Sewer Authority, Series A (RB) 5.00%, 10/01/40 (c) | | $ | 1,000 | | | $ | 1,122,639 | |
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/30 (c) | | | 1,000 | | | | 1,051,726 | |
Washington Metropolitan Area Transit Authority (RB) 5.00%, 07/01/36 (c) | | | 1,000 | | | | 1,038,040 | |
| Washington Metropolitan Area Transit Authority, Series A (RB) | | | | | | | | |
| 4.00%, 07/15/34 (c) | | | 4,000 | | | | 4,148,713 | |
| 5.00%, 07/15/37 (c) | | | 1,400 | | | | 1,509,605 | |
| 5.00%, 07/15/37 (c) | | | 2,000 | | | | 2,180,846 | |
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | | | | | | | | |
| 5.00%, 07/01/33 (c) | | | 550 | | | | 573,675 | |
| 5.00%, 07/01/34 (c) | | | 810 | | | | 843,552 | |
| Washington Metropolitan Area Transit Authority, Series B (RB) | | | | | | | | |
| 5.00%, 07/01/34 (c) | | | 1,880 | | | | 1,957,874 | |
| 5.00%, 07/01/37 (c) | | | 1,140 | | | | 1,182,442 | |
| 5.00%, 07/01/31 (c) | | | 650 | | | | 680,296 | |
| | | | | | | | 28,655,035 | |
| Florida: 2.6% | | | | | | | | |
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/36 (c) | | | 2,000 | | | | 2,027,656 | |
| Central Florida Expressway Authority (RB) (BAM) | | | | | | | | |
| 3.00%, 07/01/34 (c) | | | 520 | | | | 484,871 | |
| 4.00%, 07/01/41 (c) | | | 845 | | | | 833,613 | |
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/31 (c) | | | 1,250 | | | | 1,257,794 | |
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/38 (c) | | | 2,000 | | | | 2,070,149 | |
Central Florida Expressway Authority, Series B (RB) 4.00%, 07/01/39 (c) | | | 2,000 | | | | 2,009,044 | |
City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/34 (c) | | | 1,045 | | | | 1,088,143 | |
City of Jacksonville, Series A (RB) 5.00%, 10/01/32 (c) | | | 1,095 | | | | 1,182,094 | |
| City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) | | | | | | | | |
| 5.00%, 11/01/31 (c) | | | 2,000 | | | | 2,098,796 | |
| 5.00%, 11/01/37 (c) | | | 560 | | | | 581,550 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Florida (continued) | | | | | | | | |
City of Tampa Florida, H. Lee Moffitt Cancer Center Project, Series B (RB) 4.00%, 07/01/38 (c) | | $ | 1,000 | | | $ | 978,976 | |
| County of Miami-Dade (RB) | | | | | | | | |
| 0.00%, 10/01/31 (c) ^ | | | 565 | | | | 421,161 | |
| 0.00%, 10/01/32 (c) ^ | | | 400 | | | | 284,114 | |
| 5.00%, 10/01/34 (c) | | | 2,005 | | | | 2,067,142 | |
County of Miami-Dade, Building Better Communities Program, Series A (GO) 5.00%, 07/01/34 (c) | | | 555 | | | | 570,300 | |
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/36 (c) | | | 1,600 | | | | 1,645,289 | |
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/39 (c) | | | 2,000 | | | | 2,000,986 | |
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/39 (c) | | | 1,500 | | | | 1,497,269 | |
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/34 (c) | | | 865 | | | | 866,790 | |
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/32 (c) | | | 3,500 | | | | 3,886,896 | |
County of Miami-Dade, Water and Sewer System, Series B (RB) 3.00%, 10/01/34 (c) | | | 370 | | | | 348,257 | |
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/35 (c) | | | 2,000 | | | | 2,050,976 | |
Florida Housing Finance Corp., Homeowner Mortgage (RB) 2.10%, 07/01/35 (c) | | | 950 | | | | 763,030 | |
JEA Electric System, Series A (RB) 5.00%, 10/01/39 (c) | | | 2,000 | | | | 2,004,466 | |
JEA Electric System, Series A (RB) (AGC) 5.00%, 10/01/33 | | | 1,000 | | | | 1,144,276 | |
| JEA Electric System, Series B (RB) | | | | | | | | |
| 3.38%, 10/01/34 (c) | | | 520 | | | | 519,845 | |
| 5.00%, 10/01/32 (c) | | | 885 | | | | 922,794 | |
| 5.00%, 10/01/30 (c) | | | 850 | | | | 894,472 | |
Lee County, Industrial Development Authority, Health System, Inc., Series A (RB) 5.00%, 04/01/34 | | | 605 | | | | 637,501 | |
| | | Par
(000’s | ) | | Value | |
| Florida (continued) | | | | | | | | |
Leon County, City of Tallahassee, Blueprint Intergovernmental Agency (RB) 5.00%, 10/01/38 (c) | | $ | 1,000 | | | $ | 1,111,034 | |
Miami-Dade County, Florida Water and Sewer System, Series B (RB) 5.00%, 10/01/40 (c) | | | 500 | | | | 555,744 | |
| Orange County, Health Facilities Authority, Series A (RB) | | | | | | | | |
| 5.00%, 10/01/36 (c) | | | 1,325 | | | | 1,358,339 | |
| 5.00%, 10/01/39 (c) | | | 1,000 | | | | 1,022,816 | |
Orange County, Tourist Development Tax (RB) 5.00%, 10/01/30 | | | 490 | | | | 541,324 | |
Orlando Utilities Commission, Series B (RB) 5.00%, 10/01/39 (c) | | | 750 | | | | 843,816 | |
Polk County, School District (RB) (SAW) 5.00%, 10/01/30 (c) | | | 1,000 | | | | 1,084,126 | |
| Reedy Creek Improvement District, Series A (GO) | | | | | | | | |
| 4.00%, 06/01/31 (c) | | | 1,000 | | | | 1,017,892 | |
| 5.00%, 06/01/35 (c) | | | 1,000 | | | | 1,025,344 | |
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/32 (c) | | | 800 | | | | 831,181 | |
State of Florida Board of Governors, Florida State University Athletics Association, Series A (RB) (BAM) 5.00%, 10/01/40 (c) | | | 2,000 | | | | 2,218,759 | |
| State of Florida, Department of Transportation Financing Corp. (RB) | | | | | | | | |
| 3.00%, 07/01/31 (c) | | | 1,000 | | | | 971,774 | |
| 3.00%, 07/01/35 (c) | | | 1,000 | | | | 934,238 | |
| | | | | | | | 50,654,637 | |
| Georgia: 2.5% | | | | | | | | |
| City of Atlanta, Airport Passenger Facility Charge, Series C (RB) | | | | | | | | |
| 5.00%, 07/01/35 (c) | | | 800 | | | | 859,162 | |
| 5.00%, 07/01/38 (c) | | | 2,275 | | | | 2,428,052 | |
City of Atlanta, Water and Wastewater (RB) 5.00%, 11/01/32 (c) | | | 1,000 | | | | 1,008,204 | |
City of Atlanta, Water and Wastewater (RB) (BAM) 5.00%, 11/01/34 | | | 1,000 | | | | 1,144,219 | |
County of Fulton (GO) 4.00%, 07/01/40 (c) | | | 1,500 | | | | 1,495,855 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Georgia (continued) | | | | | | | | |
Dekalb County, Water and Sewerage, Series B (RB) (AGM) 5.00%, 10/01/35 (c) | | $ | 1,530 | | | $ | 1,572,435 | |
Fulton County, Georgia Water and Sewerage, Series A (RB) 3.00%, 01/01/37 (c) | | | 3,000 | | | | 2,699,136 | |
Georgia Housing and Finance Authority, Series A (RB) 4.10%, 12/01/39 (c) | | | 1,000 | | | | 995,114 | |
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/31 (c) | | | 925 | | | | 865,939 | |
Main Street Natural Gas Inc, Series C (RB) 5.00%, 12/01/54 (c) (p) | | | 1,000 | | | | 1,066,250 | |
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) | | | | | | | | |
| 5.00%, 05/15/35 | | | 2,000 | | | | 2,126,216 | |
| 5.00%, 05/15/37 | | | 2,000 | | | | 2,113,822 | |
| 5.00%, 05/15/38 | | | 1,000 | | | | 1,054,365 | |
| 5.00%, 05/01/54 (c) (p) | | | 2,000 | | | | 2,133,833 | |
Main Street Natural Gas, Inc., Gas Supply, Series C (RB) 5.00%, 09/01/53 (c) (p) | | | 1,000 | | | | 1,064,180 | |
Main Street Natural Gas, Inc., Gas Supply, Series D (RB) 5.00%, 04/01/54 (c) (p) | | | 2,000 | | | | 2,148,584 | |
Main Street Natural Gas, Inc., Gas Supply, Series E (RB) 5.00%, 12/01/53 (c) (p) | | | 2,000 | | | | 2,127,046 | |
| Private Colleges and Universities Authority, Emory University, Series B (RB) | | | | | | | | |
| 4.00%, 10/01/38 (c) | | | 2,000 | | | | 2,001,514 | |
| 4.00%, 09/01/40 (c) | | | 2,000 | | | | 2,028,779 | |
| 4.00%, 09/01/36 (c) | | | 2,175 | | | | 2,229,782 | |
| 4.00%, 09/01/41 (c) | | | 855 | | | | 866,252 | |
State of Georgia, Private Colleges and Universities Authority, Emory University, Series B (RB) 5.00%, 09/01/33 | | | 1,000 | | | | 1,152,643 | |
| State of Georgia, Road and Tollway Authority (RB) | | | | | | | | |
| 5.00%, 06/01/31 (c) | | | 2,550 | | | | 2,820,877 | |
| 5.00%, 06/01/32 (c) | | | 2,000 | | | | 2,203,787 | |
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/35 (c) | | | 3,255 | | | | 3,393,102 | |
| State of Georgia, Series A (GO) | | | | | | | | |
| 4.00%, 08/01/34 (c) | | | 935 | | | | 982,034 | |
| 5.00%, 02/01/32 (c) | | | 2,000 | | | | 2,084,578 | |
| 5.00%, 02/01/33 (c) | | | 1,200 | | | | 1,249,509 | |
| | | | | | | | 47,915,269 | |
| | | Par
(000’s | ) | | Value | |
| Hawaii: 0.5% | | | | | | | | |
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/31 (c) | | $ | 1,930 | | | $ | 2,124,301 | |
City and County of Honolulu, Series D (GO) 5.00%, 09/01/32 (c) | | | 1,015 | | | | 1,067,560 | |
City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/33 (c) | | | 970 | | | | 978,289 | |
City and County of Honolulu, Wastewater System, Series B (RB) 5.00%, 07/01/36 (c) | | | 875 | | | | 939,525 | |
State of Hawaii (RB) 5.00%, 01/01/36 (c) | | | 1,000 | | | | 1,095,761 | |
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/34 (c) | | | 2,000 | | | | 2,179,241 | |
| State of Hawaii, Series FK (GO) | | | | | | | | |
| 3.25%, 05/01/33 (c) | | | 1,000 | | | | 975,668 | |
| 5.00%, 05/01/34 (c) | | | 690 | | | | 719,993 | |
| | | | | | | | 10,080,338 | |
| Illinois: 5.0% | | | | | | | | |
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/35 (c) | | | 1,000 | | | | 1,067,773 | |
Chicago O’Hare International Airport, Series A (RB) (AGM) 4.00%, 01/01/37 (c) | | | 1,000 | | | | 1,008,893 | |
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/34 (c) | | | 365 | | | | 375,415 | |
| Chicago O’Hare International Airport, Series D (RB) | | | | | | | | |
| 4.12%, 01/01/40 (c) | | | 1,150 | | | | 1,151,091 | |
| 5.00%, 01/01/32 | | | 750 | | | | 832,496 | |
City of Chicago, Chicago O’Hare International Airport, Customer Facility Charge (RB) (BAM) 5.25%, 01/01/41 (c) | | | 1,205 | | | | 1,333,201 | |
| City of Chicago, Chicago O’Hare International Airport, Series B (RB) | | | | | | | | |
| 5.00%, 01/01/41 (c) | | | 2,120 | | | | 2,138,361 | |
| 5.00%, 01/01/39 (c) | | | 2,000 | | | | 2,045,760 | |
| City of Chicago, Second Lien Water (RB) (AGM) | | | | | | | | |
| 5.00%, 11/01/36 (c) | | | 1,500 | | | | 1,560,491 | |
| 5.00%, 11/01/34 (c) | | | 1,420 | | | | 1,481,266 | |
| City of Chicago, Series A (GO) | | | | | | | | |
| 5.00%, 01/01/33 (c) | | | 2,455 | | | | 2,613,147 | |
| 5.00%, 01/01/32 (c) | | | 1,000 | | | | 1,067,378 | |
| 5.25%, 01/01/38 (c) | | | 2,000 | | | | 2,131,572 | |
City of Chicago, Series B (GO) 4.00%, 01/01/40 (c) | | | 1,064 | | | | 1,011,190 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
City of Chicago, Series C (GO) 5.00%, 01/01/38 (c) | | $ | 1,150 | | | $ | 1,152,667 | |
| City of Chicago, Wastewater Transmission, Series A (RB) (BAM) | | | | | | | | |
| 5.00%, 01/01/40 (c) | | | 1,000 | | | | 1,108,640 | |
| 5.00%, 01/01/41 (c) | | | 1,000 | | | | 1,102,344 | |
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/36 (c) | | | 750 | | | | 772,134 | |
City of Chicago, Wastewater Transmission, Series B (RB) (AGM) 5.00%, 01/01/37 (c) | | | 1,000 | | | | 1,102,085 | |
| Illinois Finance Authority, Carle Foundation, Series A (RB) | | | | | | | | |
| 4.00%, 08/15/38 (c) | | | 1,500 | | | | 1,461,643 | |
| 4.00%, 08/15/37 (c) | | | 1,500 | | | | 1,476,450 | |
| 5.00%, 08/15/35 (c) | | | 1,000 | | | | 1,078,526 | |
| Illinois Finance Authority, Clean Water Initiative (RB) | | | | | | | | |
| 4.00%, 07/01/37 (c) | | | 1,000 | | | | 1,013,433 | |
| 4.00%, 07/01/35 (c) | | | 1,600 | | | | 1,635,303 | |
| 5.00%, 07/01/33 (c) | | | 700 | | | | 725,913 | |
| 5.00%, 07/01/36 (c) | | | 2,560 | | | | 2,746,869 | |
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/34 (c) | | | 1,400 | | | | 1,505,994 | |
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/34 (c) | | | 1,435 | | | | 1,512,093 | |
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | | | | | | | | |
| 4.00%, 08/15/40 (c) | | | 1,625 | | | | 1,585,919 | |
| 5.00%, 08/15/32 (c) | | | 1,365 | | | | 1,484,169 | |
| 5.00%, 08/15/33 (c) | | | 1,000 | | | | 1,085,270 | |
| 5.00%, 08/15/34 (c) | | | 1,295 | | | | 1,401,617 | |
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB) 4.12%, 08/15/37 (c) | | | 2,145 | | | | 2,048,563 | |
Illinois Finance Authority, The University of Chicago, Series B (RB) 5.00%, 04/01/35 (c) | | | 2,000 | | | | 2,270,739 | |
Illinois Housing Development Authority, Series B (RB) 3.45%, 10/01/33 (c) | | | 420 | | | | 406,507 | |
Illinois Municipal Electric Agency Power Supply System, Series A (RB) 4.00%, 02/01/34 (c) | | | 1,500 | | | | 1,500,957 | |
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/37 (c) | | | 1,000 | | | | 984,300 | |
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33 | | $ | 1,000 | | | $ | 1,136,775 | |
Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 02/01/35 (c) | | | 2,000 | | | | 2,000,474 | |
| Illinois State Toll Highway Authority, Series A (RB) | | | | | | | | |
| 5.00%, 01/01/40 (c) | | | 2,000 | | | | 2,012,820 | |
| 5.00%, 01/01/37 (c) | | | 3,000 | | | | 3,393,071 | |
| Illinois State Toll Highway Authority, Series B (RB) | | | | | | | | |
| 5.00%, 01/01/37 (c) | | | 1,500 | | | | 1,525,611 | |
| 5.00%, 01/01/40 (c) | | | 1,000 | | | | 1,013,773 | |
Illinois State, Series C (GO) 4.00%, 10/01/40 (c) | | | 1,000 | | | | 973,497 | |
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) 0.00%, 06/15/37 (c) ^ | | | 1,500 | | | | 903,377 | |
Metropolitan Water Reclamation District of Greater Chicago, Series B (GO) 5.25%, 12/01/35 | | | 1,000 | | | | 1,177,934 | |
| Northern Illinois Municipal Power Agency, Series A (RB) | | | | | | | | |
| 4.00%, 12/01/36 (c) | | | 1,500 | | | | 1,480,840 | |
| 5.00%, 12/01/30 (c) | | | 990 | | | | 1,025,689 | |
| Sales Tax Securitization Corp., Series A (RB) | | | | | | | | |
| 5.00%, 01/01/34 (c) | | | 570 | | | | 597,021 | |
| 5.00%, 01/01/34 (c) | | | 1,000 | | | | 1,114,861 | |
State of Illinois (GO) 5.00%, 02/01/39 (c) | | | 2,385 | | | | 2,596,712 | |
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/32 (c) | | | 3,000 | | | | 2,798,427 | |
State of Illinois, Sales Tax, Series C (RB) 5.00%, 06/15/30 | | | 1,000 | | | | 1,097,884 | |
| State of Illinois, Series A (GO) | | | | | | | | |
| 4.00%, 03/01/40 (c) | | | 2,460 | | | | 2,402,972 | |
| 5.00%, 10/01/33 (c) | | | 2,500 | | | | 2,610,998 | |
| 5.00%, 12/01/35 (c) | | | 1,000 | | | | 1,032,851 | |
| 5.00%, 03/01/34 (c) | | | 1,000 | | | | 1,078,992 | |
| 5.00%, 05/01/41 (c) | | | 630 | | | | 645,499 | |
| 5.00%, 05/01/35 (c) | | | 2,250 | | | | 2,333,326 | |
| 5.25%, 12/01/30 (c) | | | 1,200 | | | | 1,262,111 | |
| State of Illinois, Series B (GO) | | | | | | | | |
| 4.00%, 10/01/34 (c) | | | 2,000 | | | | 2,007,498 | |
| 5.00%, 11/01/30 (c) | | | 1,000 | | | | 1,072,552 | |
| 5.00%, 05/01/36 (c) | | | 1,000 | | | | 1,083,902 | |
| State of Illinois, Series D (GO) | | | | | | | | |
| 4.00%, 07/01/37 (c) | | | 1,000 | | | | 992,970 | |
| 5.00%, 07/01/36 (c) | | | 1,000 | | | | 1,084,916 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
State of Illinois, Series D (RB) 3.00%, 06/15/32 (c) | | $ | 680 | | | $ | 634,310 | |
| State of Illinois, Seris B (GO) | | | | | | | | |
| 5.00%, 05/01/38 (c) | | | 1,145 | | | | 1,250,654 | |
| 5.00%, 05/01/41 (c) | | | 2,000 | | | | 2,154,114 | |
| | | | | | | | 97,476,600 | |
| Indiana: 0.7% | | | | | | | | |
Avon Indiana Community School Building Corp., AD Valorem Property Tax First Mortgage (RB) 5.25%, 07/15/39 (c) | | | 1,000 | | | | 1,121,835 | |
City of Indianapolis, Indiana Water System, Series A (RB) 5.00%, 10/01/36 (c) | | | 1,720 | | | | 1,812,593 | |
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/35 (c) | | | 2,500 | | | | 2,561,216 | |
Indiana Finance Authority, Indiana University Health Inc., Series B (RB) 5.00%, 10/01/55 (c) (p) | | | 1,000 | | | | 1,114,215 | |
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 | | | 1,545 | | | | 1,585,401 | |
Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) 5.00%, 02/01/31 (c) | | | 1,715 | | | | 1,840,277 | |
Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel, Series E (RB) 5.50%, 03/01/38 (c) | | | 1,000 | | | | 1,089,777 | |
Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM) 4.00%, 06/01/39 (c) | | | 1,000 | | | | 1,005,163 | |
IPS Multi-School Building Corp. (RB) 5.00%, 07/15/41 (c) | | | 1,000 | | | | 1,086,157 | |
| | | | | | | | 13,216,634 | |
| Iowa: 0.4% | | | | | | | | |
Iowa Finance Authority (RB) 5.00%, 08/01/31 (c) | | | 1,000 | | | | 1,050,248 | |
Iowa Finance Authority, Midwestern Disaster Area, Iowa Fertilizer Company Project (RB) 4.00%, 12/01/50 (c) (p) | | | 3,210 | | | | 3,439,686 | |
| Iowa Finance Authority, Series A (RB) | | | | | | | | |
| 5.00%, 08/01/37 (c) | | | 1,000 | | | | 1,099,307 | |
| 5.00%, 08/01/37 (c) | | | 1,000 | | | | 1,130,392 | |
| 5.00%, 08/01/36 (c) | | | 1,000 | | | | 1,134,017 | |
| | | | | | | | 7,853,650 | |
| | | Par
(000’s | ) | | Value | |
| Kansas: 0.3% | | | | | | | | |
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/34 (c) | | $ | 750 | | | $ | 758,005 | |
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/54 (p) | | | 2,450 | | | | 2,706,437 | |
State of Kansas, Department of Transportation, Series A (RB) 5.00%, 09/01/32 (c) | | | 1,165 | | | | 1,220,958 | |
University of Kansas Hospital Authority (RB) 4.00%, 09/01/40 (c) | | | 2,000 | | | | 1,951,158 | |
| | | | | | | | 6,636,558 | |
| Kentucky: 0.9% | | | | | | | | |
| Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) | | | | | | | | |
| 4.00%, 08/01/52 (c) (p) | | | 1,200 | | | | 1,214,011 | |
| 5.25%, 04/01/54 (c) (p) | | | 3,000 | | | | 3,259,930 | |
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p) | | | 3,000 | | | | 3,217,867 | |
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/34 (c) | | | 3,285 | | | | 3,460,370 | |
| Kentucky State Property and Building Commission, Project No. 131, Series A (RB) | | | | | | | | |
| 5.00%, 10/01/40 (c) | | | 1,000 | | | | 1,112,016 | |
| 5.00%, 10/01/41 (c) | | | 1,000 | | | | 1,104,769 | |
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | | | | | | | | |
| 4.00%, 10/01/36 (c) | | | 1,000 | | | | 982,670 | |
| 5.00%, 10/01/31 (c) | | | 290 | | | | 296,038 | |
Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) 5.00%, 05/15/38 (c) | | | 2,000 | | | | 2,244,777 | |
| University of Kentucky, Series A (RB) | | | | | | | | |
| 3.00%, 10/01/35 (c) | | | 770 | | | | 708,035 | |
| 4.00%, 10/01/30 (c) | | | 500 | | | | 503,721 | |
| | | | | | | | 18,104,204 | |
| Louisiana: 0.9% | | | | | | | | |
| Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) | | | | | | | | |
| 4.00%, 12/01/37 (c) | | | 1,300 | | | | 1,314,922 | |
| 5.00%, 12/01/33 (c) | | | 615 | | | | 661,376 | |
Jefferson Sales Tax District, Series B (RB) (AGM) 4.00%, 12/01/35 (c) | | | 500 | | | | 508,261 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Louisiana (continued) | | | | | | | | |
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/36 (c) | | $ | 1,455 | | | $ | 1,198,140 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c) | | | 5,040 | | | | 4,901,119 | |
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/36 (c) | | | 1,000 | | | | 1,109,327 | |
State of Louisiana, Gasoline & Fuels Tax (RB) 5.00%, 05/01/33 | | | 1,000 | | | | 1,125,942 | |
| State of Louisiana, Series A (GO) | | | | | | | | |
| 5.00%, 03/01/33 (c) | | | 930 | | | | 1,012,379 | |
| 5.00%, 03/01/38 (c) | | | 1,000 | | | | 1,090,794 | |
| 5.00%, 03/01/32 (c) | | | 750 | | | | 836,544 | |
| 5.00%, 04/01/35 (c) | | | 1,000 | | | | 1,131,527 | |
| 5.00%, 04/01/36 (c) | | | 1,000 | | | | 1,127,667 | |
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/34 (c) | | | 910 | | | | 989,261 | |
| | | | | | | | 17,007,259 | |
| Maryland: 1.6% | | | | | | | | |
City of Baltimore, Wastewater Project, Series C (RB) 5.00%, 07/01/39 (c) | | | 1,500 | | | | 1,501,544 | |
County of Baltimore, Public Improvement (GO) 4.00%, 03/01/34 (c) | | | 890 | | | | 920,832 | |
County of Baltimore, Public Improvement (GO) (AGC) 4.00%, 03/01/34 (c) | | | 1,925 | | | | 1,972,209 | |
County of Baltimore, Public Improvement (GO) (CA MTG INS) 4.00%, 03/01/36 (c) | | | 2,420 | | | | 2,461,388 | |
County of Montgomery, Series A (GO) 3.00%, 08/01/32 (c) | | | 750 | | | | 730,317 | |
Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 09/01/41 (c) | | | 310 | | | | 207,944 | |
Maryland Department of Transportation (RB) 3.00%, 09/01/31 (c) | | | 500 | | | | 481,659 | |
Maryland Stadium Authority (RB) 5.00%, 06/01/40 (c) | | | 1,000 | | | | 1,113,144 | |
Prince George’s County, Public Improvement, Series A (GO) 5.00%, 07/15/36 (c) | | | 2,500 | | | | 2,649,941 | |
| | | Par
(000’s | ) | | Value | |
| Maryland (continued) | | | | | | | | |
| 5.00%, 08/01/34 (c) | | $ | 1,500 | | | $ | 1,721,944 | |
| 5.00%, 08/01/35 (c) | | | 2,500 | | | | 2,859,144 | |
State of Maryland (GO) 4.00%, 06/01/30 (c) | | | 1,500 | | | | 1,500,018 | |
| State of Maryland, Department of Transportation (RB) | | | | | | | | |
| 3.00%, 11/01/30 (c) | | | 520 | | | | 504,737 | |
| 3.12%, 05/01/31 (c) | | | 855 | | | | 834,815 | |
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/31 (c) | | | 2,340 | | | | 2,079,677 | |
| State of Maryland, State and Local Facilities Loan (GO) | | | | | | | | |
| 4.00%, 08/01/32 (c) | | | 530 | | | | 542,008 | |
| 5.00%, 03/15/32 (c) | | | 3,000 | | | | 3,248,588 | |
| 5.00%, 08/01/30 (c) | | | 1,000 | | | | 1,073,880 | |
| State of Maryland, State and Local Facilities Loan, Series A (GO) | | | | | | | | |
| 3.00%, 08/01/31 (c) | | | 1,000 | | | | 968,925 | |
| 5.00%, 03/15/31 (c) | | | 1,500 | | | | 1,657,874 | |
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/34 (c) | | | 1,650 | | | | 1,691,088 | |
| | | | | | | | 30,721,676 | |
| Massachusetts: 3.4% | | | | | | | | |
City of Boston, Series A (GO) 5.00%, 11/01/39 (c) | | | 2,000 | | | | 2,268,007 | |
Commonwealth of Massachusetts (GO) 5.00%, 08/01/41 (c) | | | 1,000 | | | | 1,118,900 | |
Commonwealth of Massachusetts (RB) 5.50%, 01/01/34 | | | 3,000 | | | | 3,434,770 | |
Commonwealth of Massachusetts Transportation Fund, Series A (RB) 5.00%, 06/01/33 (c) | | | 1,275 | | | | 1,275,855 | |
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/35 (c) | | | 980 | | | | 980,657 | |
| Commonwealth of Massachusetts, Series A (GO) | | | | | | | | |
| 5.00%, 01/01/40 (c) | | | 1,500 | | | | 1,678,367 | |
| 5.00%, 10/01/31 | | | 3,000 | | | | 3,389,523 | |
| Commonwealth of Massachusetts, Series B (GO) | | | | | | | | |
| 5.00%, 05/01/40 (c) | | | 1,500 | | | | 1,683,926 | |
| 5.00%, 07/01/31 (c) | | | 600 | | | | 617,874 | |
| 5.00%, 07/01/34 (c) | | | 1,860 | | | | 1,910,649 | |
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 | | | 2,665 | | | | 2,996,281 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Massachusetts (continued) | | | | | | | | |
| Commonwealth of Massachusetts, Series D (GO) | | | | | | | | |
| 4.00%, 11/01/37 (c) | | $ | 2,000 | | | $ | 2,044,512 | |
| 4.00%, 05/01/35 (c) | | | 1,165 | | | | 1,175,286 | |
| 5.00%, 07/01/36 (c) | | | 365 | | | | 396,716 | |
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/38 (c) | | | 2,000 | | | | 2,166,086 | |
Commonwealth of Massachusetts, Series D (RB) (NATL) 5.50%, 01/01/34 | | | 1,000 | | | | 1,123,902 | |
| Commonwealth of Massachusetts, Series E (GO) | | | | | | | | |
| 3.00%, 11/01/33 (c) | | | 1,275 | | | | 1,216,046 | |
| 4.00%, 04/01/38 (c) | | | 1,000 | | | | 1,000,708 | |
| 4.00%, 04/01/33 (c) | | | 1,000 | | | | 1,001,738 | |
| 4.00%, 09/01/39 (c) | | | 3,000 | | | | 2,999,963 | |
| 5.00%, 11/01/32 (c) | | | 1,000 | | | | 1,106,657 | |
| 5.00%, 09/01/37 (c) | | | 1,010 | | | | 1,071,040 | |
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/33 (c) | | | 500 | | | | 517,252 | |
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/37 (c) | | | 800 | | | | 881,050 | |
| Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) | | | | | | | | |
| 4.00%, 07/01/38 (c) | | | 2,000 | | | | 2,049,749 | |
| 5.00%, 07/01/40 (c) | | | 1,000 | | | | 1,119,700 | |
Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/40 (c) | | | 1,000 | | | | 1,131,402 | |
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/35 (c) | | | 255 | | | | 274,125 | |
Massachusetts Development Finance Agency, Children’s Hospital, Series T (RB) 5.00%, 03/01/34 (c) | | | 1,000 | | | | 1,154,882 | |
| Massachusetts Development Finance Agency, Harvard University, Series A (RB) | | | | | | | | |
| 4.00%, 07/15/36 (c) | | | 1,035 | | | | 1,043,704 | |
| 5.00%, 07/15/40 | | | 3,860 | | | | 4,657,163 | |
Massachusetts Development Finance Agency, Harvard University, Series B (RB) 5.00%, 02/15/33 | | | 2,000 | | | | 2,318,881 | |
| | | Par
(000’s | ) | | Value | |
| Massachusetts (continued) | | | | | | | | |
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 07/01/35 (c) | | $ | 1,500 | | | $ | 1,506,858 | |
Massachusetts Development Finance Agency, Series A (RB) 5.00%, 10/01/41 (c) | | | 1,000 | | | | 1,117,524 | |
Massachusetts Development Finance Agency, Series B (RB) 4.00%, 02/15/36 | | | 1,000 | | | | 1,084,379 | |
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/35 (c) | | | 500 | | | | 506,473 | |
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 08/15/37 (c) | | | 1,150 | | | | 1,162,931 | |
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30 | | | 2,000 | | | | 2,279,561 | |
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/31 (c) | | | 2,115 | | | | 2,229,574 | |
The Commonwealth of Massachusetts, Series A (GO) 5.00%, 03/01/36 (c) | | | 1,000 | | | | 1,142,508 | |
| University of Massachusetts Building Authority (RB) | | | | | | | | |
| 5.00%, 11/01/30 (c) | | | 1,020 | | | | 1,082,051 | |
| 5.00%, 11/01/34 (c) | | | 750 | | | | 813,251 | |
| 5.00%, 05/01/34 (c) | | | 1,220 | | | | 1,315,060 | |
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/32 (c) | | | 500 | | | | 545,098 | |
| | | | | | | | 66,590,639 | |
| Michigan: 1.3% | | | | | | | | |
Detroit City School District, Series A (GO) (AGM) 5.25%, 05/01/32 | | | 2,220 | | | | 2,482,580 | |
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series A (RB) 5.00%, 07/01/37 (c) | | | 3,000 | | | | 3,377,748 | |
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) 5.00%, 07/01/31 (c) | | | 570 | | | | 586,574 | |
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) 5.00%, 07/01/33 (c) | | | 1,025 | | | | 1,053,680 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Michigan (continued) | | | | | | | | |
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/36 (c) | | $ | 2,000 | | | $ | 1,986,345 | |
Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB) 5.00%, 05/15/38 (c) | | | 1,500 | | | | 1,506,780 | |
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/33 (c) | | | 355 | | | | 333,595 | |
| Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) | | | | | | | | |
| 4.00%, 12/01/40 (c) | | | 1,000 | | | | 986,082 | |
| 5.00%, 12/01/35 (c) | | | 585 | | | | 607,318 | |
| 5.00%, 12/01/34 (c) | | | 2,000 | | | | 2,080,477 | |
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/40 (c) | | | 725 | | | | 725,053 | |
Michigan State Housing Development Authority, Series B (RB) 4.50%, 12/01/38 (c) | | | 1,500 | | | | 1,522,496 | |
Michigan State University, Series A (RB) 5.00%, 08/15/40 (c) | | | 2,000 | | | | 2,017,219 | |
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/32 (c) | | | 570 | | | | 590,284 | |
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/36 (c) | | | 750 | | | | 701,574 | |
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 12/01/31 (c) | | | 1,370 | | | | 1,307,650 | |
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/36 (c) | | | 1,000 | | | | 1,135,901 | |
State of Michigan, Trunk Line Fund, Series A (RB) 5.00%, 11/15/35 (c) | | | 1,900 | | | | 2,117,041 | |
| | | | | | | | 25,118,397 | |
| Minnesota: 0.9% | | | | | | | | |
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/31 (c) | | | 1,000 | | | | 1,039,707 | |
County of Hennepin, Series A (GO) 5.00%, 12/01/36 (c) | | | 2,000 | | | | 2,307,334 | |
| | | Par
(000’s | ) | | Value | |
| Minnesota (continued) | | | | | | | | |
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/31 (c) | | $ | 325 | | | $ | 337,629 | |
Minnesota Agricultural & Economic Development Board (RB) 5.00%, 01/01/38 (c) | | | 1,000 | | | | 1,114,844 | |
| Minnesota Public Facilities Authority, Series A (RB) | | | | | | | | |
| 5.00%, 03/01/33 (c) | | | 1,500 | | | | 1,534,307 | |
| 5.00%, 03/01/31 | | | 1,000 | | | | 1,125,049 | |
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/31 (c) | | | 1,000 | | | | 1,052,017 | |
| State of Minnesota, Various Purpose, Series A (GO) | | | | | | | | |
| 5.00%, 08/01/36 (c) | | | 1,000 | | | | 1,075,310 | |
| 5.00%, 08/01/33 (c) | | | 1,000 | | | | 1,087,381 | |
| 5.00%, 08/01/37 (c) | | | 2,000 | | | | 2,174,086 | |
| 5.00%, 08/01/36 (c) | | | 2,000 | | | | 2,174,030 | |
State of Minnesota, Various Purpose, Series D (GO) 3.00%, 10/01/30 (c) | | | 1,000 | | | | 976,853 | |
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/33 (c) | | | 1,000 | | | | 1,000,103 | |
| | | | | | | | 16,998,650 | |
| Mississippi: 0.1% | | | | | | | | |
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c) | | | 500 | | | | 502,781 | |
| State of Mississippi, Series A (RB) | | | | | | | | |
| 5.00%, 10/15/34 (c) | | | 1,000 | | | | 1,044,763 | |
| 5.00%, 10/15/36 (c) | | | 550 | | | | 571,589 | |
| | | | | | | | 2,119,133 | |
| Missouri: 0.5% | | | | | | | | |
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/38 (c) | | | 1,000 | | | | 1,095,290 | |
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | | | 1,400 | | | | 1,565,819 | |
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 12/01/32 (c) | | | 685 | | | | 689,375 | |
Springfield School District No. R-12 (GO) 4.00%, 03/01/34 (c) | | | 650 | | | | 670,616 | |
| Springfield School District No. R-12 (GO) (SAW) | | | | | | | | |
| 4.00%, 03/01/35 (c) | | | 2,415 | | | | 2,478,374 | |
| 5.00%, 03/01/36 (c) | | | 450 | | | | 481,143 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Missouri (continued) | | | | | | | | |
St. Louis School District, Board of Education (GO) (AGM) 5.00%, 04/01/37 (c) | | $ | 1,000 | | | $ | 1,104,273 | |
The Community College District of St. Louis (CP) 5.00%, 04/01/40 (c) | | | 1,000 | | | | 1,103,919 | |
| | | | | | | | 9,188,809 | |
| Nebraska: 0.6% | | | | | | | | |
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | | | | | | | | |
| 5.00%, 09/01/32 | | | 1,280 | | | | 1,359,577 | |
| 5.00%, 09/01/34 | | | 4,300 | | | | 4,608,997 | |
| 5.00%, 09/01/35 | | | 2,000 | | | | 2,153,252 | |
Central Plans Energy Project, Gas Project Crossover No.3, Series B (RB) 5.00%, 09/01/31 | | | 1,215 | | | | 1,284,098 | |
Nebraska Public Power District, Series B (RB) 5.00%, 01/01/37 (c) | | | 1,000 | | | | 1,015,115 | |
Public Power Generation Agency, Whelan Energy Center, Series A (RB) 5.00%, 01/01/35 | | | 750 | | | | 846,084 | |
| | | | | | | | 11,267,123 | |
| Nevada: 0.9% | | | | | | | | |
Clark County School District, Limited Tax, Series A (GO) 5.00%, 06/15/40 (c) | | | 1,000 | | | | 1,094,132 | |
| Clark County School District, Limited Tax, Series B (GO) | | | | | | | | |
| 5.00%, 06/15/35 (c) | | | 1,000 | | | | 1,131,656 | |
| 5.00%, 06/15/39 (c) | | | 1,000 | | | | 1,117,615 | |
Clark County School District, Limited Tax, Series B (GO) (AGM) 3.00%, 06/15/37 (c) | | | 1,500 | | | | 1,356,745 | |
Clark County, Motor Vehicle Fuel Tax (RB) (AGM) 4.00%, 07/01/40 (c) | | | 1,105 | | | | 1,115,043 | |
Clark County, Nevada Limited Tax, Flood Control (GO) 4.00%, 11/01/33 (c) | | | 1,675 | | | | 1,676,008 | |
Clark County, Nevada Limited Tax, Series A (GO) 4.00%, 06/15/41 (c) | | | 1,000 | | | | 991,221 | |
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/32 (c) | | | 470 | | | | 507,500 | |
| Clark County, School District, Series A (GO) (AGM) | | | | | | | | |
| 5.00%, 06/15/34 (c) | | | 915 | | | | 996,720 | |
| 5.00%, 06/15/32 (c) | | | 1,000 | | | | 1,094,175 | |
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/38 (c) | | | 1,500 | | | | 1,340,888 | |
| | | Par
(000’s | ) | | Value | |
| Nevada (continued) | | | | | | | | |
Clark County, School District, Series C (GO) 5.00%, 06/15/32 (c) | | $ | 1,050 | | | $ | 1,110,615 | |
Clark County, Transportation Improvement, Limited Tax, Series B (GO) 4.00%, 12/01/39 (c) | | | 2,245 | | | | 2,264,855 | |
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/32 (c) | | | 1,000 | | | | 959,424 | |
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | | | | | | | | |
| 4.00%, 12/01/33 (c) | | | 760 | | | | 775,646 | |
| 4.00%, 12/01/32 (c) | | | 760 | | | | 778,108 | |
| | | | | | | | 18,310,351 | |
| New Jersey: 3.3% | | | | | | | | |
Casino Reinvestment Development Authority, Luxury Tax (RB) 5.25%, 11/01/39 (c) | | | 1,210 | | | | 1,210,000 | |
County of Camden, Board of Education of Township of Cherry Hill (GO) 4.00%, 08/01/35 (c) | | | 1,000 | | | | 1,027,336 | |
| County of Hudson (GO) | | | | | | | | |
| 2.00%, 11/15/35 (c) | | | 685 | | | | 535,106 | |
| 2.00%, 11/15/34 (c) | | | 2,000 | | | | 1,593,985 | |
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/31 (c) | | | 755 | | | | 729,233 | |
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/33 (c) | | | 1,000 | | | | 1,067,605 | |
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | | | | | | | | |
| 5.00%, 06/15/37 (c) | | | 1,970 | | | | 2,084,054 | |
| 5.00%, 06/15/36 (c) | | | 1,250 | | | | 1,326,138 | |
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 06/15/36 (c) | | | 1,080 | | | | 1,085,762 | |
| New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | | | | | | | | |
| 4.00%, 06/15/39 (c) | | | 1,000 | | | | 994,469 | |
| 4.00%, 06/15/36 (c) | | | 2,455 | | | | 2,470,382 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| New Jersey (continued) | | | | | | | | |
| New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) | | | | | | | | |
| 2.00%, 03/01/37 (c) | | $ | 1,975 | | | $ | 1,572,608 | |
| 2.00%, 03/01/41 (c) | | | 500 | | | | 362,500 | |
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | | | | | | | | |
| 2.00%, 03/01/38 (c) | | | 2,000 | | | | 1,560,803 | |
| 2.00%, 03/01/36 (c) | | | 1,000 | | | | 812,373 | |
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/32 (c) | | | 500 | | | | 525,635 | |
New Jersey Educational Facilities Authority, Princeton Unviersity, Series A-2 (RB) 5.00%, 03/01/41 (c) | | | 2,500 | | | | 2,831,123 | |
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/34 (c) | | | 360 | | | | 342,735 | |
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/31 (c) | | | 1,000 | | | | 1,074,632 | |
| New Jersey State Turnpike Authority, Series B (RB) | | | | | | | | |
| 5.00%, 01/01/33 (c) | | | 1,080 | | | | 1,136,356 | |
| 5.00%, 01/01/34 (c) | | | 2,900 | | | | 3,046,226 | |
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) | | | | | | | | |
| 4.00%, 12/15/31 (c) | | | 2,830 | | | | 2,872,408 | |
| 4.25%, 06/15/40 (c) | | | 3,045 | | | | 3,090,955 | |
| 5.00%, 12/15/34 (c) | | | 635 | | | | 669,224 | |
| 5.00%, 12/15/33 (c) | | | 1,395 | | | | 1,471,341 | |
| 5.00%, 06/15/37 (c) | | | 1,000 | | | | 1,113,535 | |
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/31 (c) | | | 780 | | | | 785,291 | |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | | | | | | | | |
| 4.00%, 06/15/39 (c) | | | 1,000 | | | | 998,848 | |
| 4.12%, 06/15/39 (c) | | | 1,000 | | | | 1,002,777 | |
| 5.00%, 06/15/40 (c) | | | 1,000 | | | | 1,086,683 | |
New Jersey Transportation Trust Fund Authority, Series BB (RB) 4.00%, 06/15/36 (c) | | | 1,045 | | | | 1,055,063 | |
| | | Par
(000’s | ) | | Value | |
| New Jersey (continued) | | | | | | | | |
New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 06/15/32 (c) | | $ | 1,720 | | | $ | 1,725,248 | |
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/36 (c) | | | 3,000 | | | | 3,143,416 | |
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/33 (c) | | | 2,130 | | | | 2,174,658 | |
New Jersey, Economic Development Authority, Series SSS (RB) 5.00%, 06/15/34 | | | 1,500 | | | | 1,687,101 | |
New Jersey, Transportation Trust Fund Authority, Series A (RB) 4.00%, 06/15/40 (c) | | | 1,000 | | | | 993,023 | |
| State of New Jersey, Various Purposes (GO) | | | | | | | | |
| 2.00%, 06/01/34 (c) | | | 3,000 | | | | 2,382,482 | |
| 2.00%, 06/01/30 (c) | | | 3,000 | | | | 2,662,675 | |
| 5.00%, 06/01/38 (c) | | | 2,000 | | | | 2,150,823 | |
| Tobacco Settlement Financing Corp., Series A (RB) | | | | | | | | |
| 5.00%, 06/01/32 (c) | | | 2,755 | | | | 2,883,378 | |
| 5.00%, 06/01/31 (c) | | | 500 | | | | 524,320 | |
| | | | | | | | 64,081,037 | |
| New Mexico: 0.1% | | | | | | | | |
State of New Mexico (GO) 5.00%, 03/01/33 | | | 1,000 | | | | 1,141,688 | |
| New York: 18.0% | | | | | | | | |
Battery Park City Authorization, Series B (RB) 5.00%, 11/01/36 (c) | | | 1,000 | | | | 1,154,120 | |
City of New York Trust for Cultural Resources, Lincoln Center for Performing Arts Inc., Series A (RB) 4.00%, 12/01/34 (c) | | | 3,000 | | | | 3,111,766 | |
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/32 (c) | | | 500 | | | | 479,698 | |
| City of New York, Series A (GO) | | | | | | | | |
| 4.00%, 08/01/34 (c) | | | 485 | | | | 488,329 | |
| 4.00%, 08/01/38 (c) | | | 600 | | | | 611,332 | |
| 5.00%, 08/01/37 (c) | | | 1,000 | | | | 1,115,881 | |
| 5.00%, 09/01/37 (c) | | | 2,000 | | | | 2,210,081 | |
| 5.00%, 09/01/34 (c) | | | 2,170 | | | | 2,434,848 | |
| City of New York, Series B-1 (GO) | | | | | | | | |
| 5.00%, 10/01/32 (c) | | | 1,125 | | | | 1,219,717 | |
| 5.00%, 10/01/31 (c) | | | 500 | | | | 543,637 | |
| 5.00%, 11/01/30 | | | 1,000 | | | | 1,109,706 | |
| 5.25%, 10/01/40 (c) | | | 1,575 | | | | 1,752,177 | |
City of New York, Series C (GO) 4.00%, 08/01/41 (c) | | | 1,000 | | | | 1,001,162 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 08/01/33 (c) | | $ | 1,165 | | | $ | 1,168,900 | |
City of New York, Series D (GO) 4.00%, 04/01/41 (c) | | | 1,000 | | | | 1,001,825 | |
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/37 (c) | | | 1,565 | | | | 1,683,346 | |
City of New York, Series E (GO) 5.00%, 04/01/37 (c) | | | 1,000 | | | | 1,113,225 | |
| City of New York, Series E-1 (GO) | | | | | | | | |
| 5.00%, 03/01/32 (c) | | | 1,015 | | | | 1,074,505 | |
| 5.00%, 03/01/39 (c) | | | 2,000 | | | | 2,088,004 | |
| 5.25%, 03/01/34 (c) | | | 1,000 | | | | 1,063,767 | |
| 5.25%, 03/01/31 (c) | | | 1,500 | | | | 1,603,835 | |
| City of New York, Series F-1 (GO) | | | | | | | | |
| 5.00%, 08/01/39 (c) | | | 1,330 | | | | 1,475,360 | |
| 5.00%, 08/01/38 (c) | | | 1,000 | | | | 1,112,908 | |
| 5.00%, 08/01/37 (c) | | | 1,000 | | | | 1,115,881 | |
| 5.00%, 08/01/36 (c) | | | 1,000 | | | | 1,120,254 | |
City of New York, Series I-1 (GO) 4.25%, 03/01/35 (c) | | | 1,000 | | | | 999,997 | |
City of New York, Series L (GO) 5.00%, 04/01/32 (c) | | | 655 | | | | 705,525 | |
City of New York, Series L-5 (GO) 5.00%, 04/01/34 (c) | | | 1,865 | | | | 2,058,234 | |
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM) 4.00%, 04/01/40 (c) | | | 925 | | | | 908,834 | |
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/37 (c) | | | 865 | | | | 691,244 | |
| County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) | | | | | | | | |
| 4.00%, 11/15/35 (c) | | | 1,000 | | | | 1,054,872 | |
| 5.00%, 11/15/35 (c) | | | 1,500 | | | | 1,682,967 | |
County of Suffolk, New York Water System, Series A (RB) 5.00%, 06/01/36 (c) | | | 1,515 | | | | 1,612,781 | |
| County of Suffolk, Public Improvement, Series C (GO) | | | | | | | | |
| 4.00%, 09/01/36 (c) | | | 1,000 | | | | 1,031,047 | |
| 5.00%, 09/01/35 (c) | | | 1,500 | | | | 1,643,782 | |
| Dormitory Authority of the State of New York, General Purpose, Series A (RB) | | | | | | | | |
| 5.00%, 03/15/41 (c) | | | 2,000 | | | | 2,203,215 | |
| 5.00%, 03/15/37 (c) | | | 1,000 | | | | 1,126,859 | |
| 5.00%, 03/15/38 (c) | | | 1,000 | | | | 1,122,121 | |
| Hudson Yards Infrastructure Corp., Series A (RB) | | | | | | | | |
| 5.00%, 02/15/33 (c) | | | 460 | | | | 478,856 | |
| 5.00%, 02/15/31 (c) | | | 1,400 | | | | 1,460,908 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 02/15/32 (c) | | $ | 1,700 | | | $ | 1,771,107 | |
| Long Island Power Authority, Electric System (RB) | | | | | | | | |
| 5.00%, 09/01/32 (c) | | | 500 | | | | 524,663 | |
| 5.00%, 09/01/33 (c) | | | 750 | | | | 784,435 | |
| 5.00%, 09/01/31 (c) | | | 305 | | | | 320,435 | |
| Long Island Power Authority, Electric System, Series A (RB) | | | | | | | | |
| 3.00%, 09/01/36 (c) | | | 450 | | | | 410,390 | |
| 5.00%, 09/01/36 (c) | | | 1,500 | | | | 1,642,338 | |
| 5.00%, 09/01/41 (c) | | | 2,000 | | | | 2,222,009 | |
Long Island Power Authority, Electric System, Series A (RB) (AGM) 4.00%, 09/01/39 (c) | | | 1,500 | | | | 1,500,336 | |
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/36 (c) | | | 2,000 | | | | 2,052,097 | |
Metropolitan Transportation Authority, Dedicated Tax Fund, Series B (RB) 5.00%, 11/15/40 (c) | | | 2,000 | | | | 2,240,591 | |
| Metropolitan Transportation Authority, Series A (RB) | | | | | | | | |
| 4.00%, 11/15/33 (c) | | | 340 | | | | 339,739 | |
| 4.00%, 11/15/40 (c) | | | 1,000 | | | | 998,929 | |
| 5.00%, 11/15/40 (c) | | | 1,000 | | | | 1,088,882 | |
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/34 | | | 2,000 | | | | 2,261,122 | |
| Metropolitan Transportation Authority, Series C-1 (RB) | | | | | | | | |
| 4.00%, 11/15/34 (c) | | | 395 | | | | 397,682 | |
| 4.00%, 11/15/32 (c) | | | 1,980 | | | | 2,001,580 | |
| 5.00%, 11/15/34 (c) | | | 810 | | | | 846,308 | |
| 5.00%, 11/15/31 (c) | | | 1,445 | | | | 1,518,350 | |
| 5.00%, 11/15/30 (c) | | | 1,540 | | | | 1,621,959 | |
| 5.00%, 11/15/33 (c) | | | 2,540 | | | | 2,660,572 | |
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | | | 1,035 | | | | 728,085 | |
| Metropolitan Transportation Authority, Series D (RB) | | | | | | | | |
| 3.12%, 11/15/35 (c) | | | 265 | | | | 235,767 | |
| 4.00%, 11/15/32 (c) | | | 400 | | | | 400,382 | |
| 5.00%, 11/15/30 (c) | | | 1,085 | | | | 1,142,744 | |
| 5.00%, 11/15/33 (c) | | | 535 | | | | 560,359 | |
| 5.00%, 11/15/32 (c) | | | 1,570 | | | | 1,647,411 | |
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/33 (c) | | | 2,000 | | | | 2,032,194 | |
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30 | | | 1,000 | | | | 1,108,938 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AGC) 2.90%, 11/01/37 (c) | | $ | 1,000 | | | $ | 860,711 | |
New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 11/01/35 (c) | | | 1,100 | | | | 908,869 | |
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 11/01/40 (c) | | | 525 | | | | 399,332 | |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) | | | | | | | | |
| 4.00%, 01/01/32 (c) | | | 500 | | | | 515,591 | |
| 5.00%, 01/01/31 | | | 2,700 | | | | 2,958,997 | |
| New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) | | | | | | | | |
| 4.00%, 03/01/31 (c) | | | 2,765 | | | | 2,872,962 | |
| 4.00%, 03/01/32 (c) | | | 2,500 | | | | 2,586,332 | |
New York City Municipal Water Finance Authority, Series A (RB) 3.00%, 06/15/36 (c) | | | 4,130 | | | | 3,897,878 | |
New York City Municipal Water Finance Authority, Series AA (RB) 5.00%, 06/15/32 (c) | | | 1,000 | | | | 1,090,037 | |
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 06/15/38 (c) | | | 1,000 | | | | 1,033,818 | |
| New York City Municipal Water Finance Authority, Series DD (RB) | | | | | | | | |
| 5.00%, 06/15/34 (c) | | | 3,685 | | | | 4,222,418 | |
| 5.00%, 06/15/34 | | | 5,360 | | | | 6,205,305 | |
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/33 (c) | | | 500 | | | | 540,010 | |
| New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW) | | | | | | | | |
| 4.00%, 07/15/35 (c) | | | 1,015 | | | | 1,045,823 | |
| 5.00%, 07/15/40 (c) | | | 1,305 | | | | 1,308,143 | |
| New York City Transitional Finance Authority Future Tax, Series A-1 (RB) | | | | | | | | |
| 5.00%, 11/01/39 (c) | | | 1,000 | | | | 1,117,939 | |
| 5.00%, 11/01/37 (c) | | | 2,000 | | | | 2,254,092 | |
| 5.00%, 11/01/36 (c) | | | 740 | | | | 840,297 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 05/01/36 (c) | | $ | 1,000 | | | $ | 1,119,818 | |
| 5.00%, 05/01/37 (c) | | | 1,000 | | | | 1,112,378 | |
New York City Transitional Finance Authority Future Tax, Series C-1 (RB) 5.00%, 05/01/40 (c) | | | 1,815 | | | | 2,021,395 | |
New York City Transitional Finance Authority Future Tax, Series D (RB) 5.00%, 05/01/33 | | | 1,000 | | | | 1,138,660 | |
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/39 (c) | | | 1,000 | | | | 1,100,146 | |
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 4.00%, 07/15/36 (c) | | | 1,375 | | | | 1,409,246 | |
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/31 (c) | | | 1,010 | | | | 1,073,909 | |
| New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) | | | | | | | | |
| 5.00%, 07/15/35 (c) | | | 1,000 | | | | 1,055,351 | |
| 5.00%, 07/15/33 (c) | | | 1,605 | | | | 1,699,304 | |
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) 5.00%, 07/15/33 (c) | | | 500 | | | | 529,378 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | | | | | | | | |
| 3.00%, 11/01/37 (c) | | | 2,000 | | | | 1,822,970 | |
| 5.00%, 11/01/36 (c) | | | 3,000 | | | | 3,260,150 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | | | | | | | | |
| 4.00%, 05/01/31 (c) | | | 630 | | | | 635,219 | |
| 5.00%, 11/01/32 (c) | | | 1,000 | | | | 1,118,612 | |
| 5.00%, 05/01/34 (c) | | | 880 | | | | 898,690 | |
| 5.00%, 05/01/35 (c) | | | 655 | | | | 668,431 | |
| 5.00%, 05/01/33 (c) | | | 450 | | | | 459,954 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | | | | | | | | |
| 4.00%, 08/01/35 (c) | | | 2,000 | | | | 2,010,192 | |
| 5.00%, 05/01/36 (c) | | | 1,000 | | | | 1,125,862 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | | | | | | | | |
| 4.00%, 08/01/39 (c) | | | 1,190 | | | | 1,202,729 | |
| 5.00%, 11/01/32 (c) | | | 1,065 | | | | 1,108,059 | |
| 5.00%, 08/01/31 (c) | | | 690 | | | | 709,527 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 08/01/33 (c) | | $ | 895 | | | $ | 918,791 | |
| 5.00%, 08/01/32 (c) | | | 540 | | | | 554,818 | |
| 5.00%, 08/01/32 (c) | | | 1,000 | | | | 1,044,805 | |
| 5.00%, 08/01/34 (c) | | | 780 | | | | 823,433 | |
| 5.00%, 08/01/31 (c) | | | 1,000 | | | | 1,103,004 | |
| 5.00%, 08/01/34 (c) | | | 1,000 | | | | 1,108,022 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | | | | | | | | |
| 5.00%, 11/01/33 (c) | | | 900 | | | | 935,173 | |
| 5.00%, 11/01/30 (c) | | | 2,280 | | | | 2,376,230 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | | | | | | | | |
| 4.00%, 05/01/41 (c) | | | 500 | | | | 500,527 | |
| 4.00%, 05/01/39 (c) | | | 1,690 | | | | 1,706,214 | |
| 4.00%, 05/01/40 (c) | | | 775 | | | | 777,667 | |
| 5.00%, 05/01/37 (c) | | | 2,500 | | | | 2,706,641 | |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/38 (c) | | | 1,500 | | | | 1,527,974 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | | | | | | | | |
| 5.00%, 02/01/35 (c) | | | 1,195 | | | | 1,199,181 | |
| 5.00%, 02/01/31 (c) | | | 1,500 | | | | 1,528,525 | |
| 5.00%, 02/01/39 (c) | | | 1,710 | | | | 1,759,856 | |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 | | | 6,000 | | | | 6,330,900 | |
New York City Transitional Finance Authority, Series C (RB) 5.00%, 05/01/33 | | | 1,000 | | | | 1,138,660 | |
| New York City Transitional Finance Authority, Series D (RB) | | | | | | | | |
| 5.00%, 11/01/39 (c) | | | 4,300 | | | | 4,785,833 | |
| 5.00%, 11/01/36 (c) | | | 1,000 | | | | 1,129,787 | |
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 06/15/40 (c) | | | 915 | | | | 788,297 | |
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/40 (c) | | | 2,085 | | | | 2,218,723 | |
New York Environmental Facilities Corporation, New York City Municipal Water Finance Authory Projects, Series A (RB) 5.00%, 06/15/40 (c) | | | 1,000 | | | | 1,126,523 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35 | | $ | 1,000 | | | $ | 1,148,825 | |
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center (RB) 4.00%, 07/01/37 (c) | | | 1,000 | | | | 1,016,577 | |
New York State Dormitory Authority, New York Northwell Health, Series A (RB) 5.00%, 05/01/34 | | | 4,000 | | | | 4,534,926 | |
| New York State Dormitory Authority, New York University, Series A (RB) | | | | | | | | |
| 4.00%, 07/01/38 (c) | | | 2,000 | | | | 2,000,303 | |
| 5.00%, 07/01/33 (c) | | | 1,140 | | | | 1,194,720 | |
| 5.00%, 07/01/40 (c) | | | 400 | | | | 423,173 | |
| 5.00%, 07/01/32 (c) | | | 385 | | | | 413,046 | |
New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/38 (c) | | | 1,250 | | | | 1,309,001 | |
New York State Dormitory Authority, New York White Plants Hospital (RB) (AGC) 5.25%, 10/01/41 (c) | | | 750 | | | | 836,098 | |
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 02/15/39 (c) | | | 2,000 | | | | 2,046,653 | |
New York State Dormitory Authority, Personal Income Tax, Series E (RB) 4.00%, 03/15/38 (c) | | | 1,500 | | | | 1,528,384 | |
| New York State Dormitory Authority, Sales Tax, Series A (RB) | | | | | | | | |
| 5.00%, 03/15/37 (c) | | | 1,000 | | | | 1,119,983 | |
| 5.00%, 03/15/36 (c) | | | 2,000 | | | | 2,251,330 | |
| 5.00%, 03/15/40 (c) | | | 1,500 | | | | 1,655,870 | |
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) 4.00%, 10/01/35 (c) | | | 1,315 | | | | 1,332,756 | |
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM-ST AID WITHHLDG) | | | | | | | | |
| 5.00%, 10/01/35 (c) | | | 2,040 | | | | 2,259,632 | |
| 5.00%, 10/01/36 (c) | | | 1,000 | | | | 1,103,902 | |
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/32 (c) | | | 1,200 | | | | 1,239,549 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 10/01/30 (c) | | $ | 1,325 | | | $ | 1,369,668 | |
| New York State Dormitory Authority, Series A (RB) | | | | | | | | |
| 4.00%, 02/15/35 (c) | | | 2,475 | | | | 2,499,274 | |
| 4.00%, 02/15/33 (c) | | | 1,000 | | | | 1,013,988 | |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | | | | | | | | |
| 3.00%, 03/15/38 (c) | | | 3,120 | | | | 2,831,169 | |
| 4.00%, 02/15/36 (c) | | | 1,235 | | | | 1,243,989 | |
| 4.00%, 03/15/37 (c) | | | 1,075 | | | | 1,098,747 | |
| 4.00%, 03/15/38 (c) | | | 2,795 | | | | 2,841,514 | |
| 4.00%, 03/15/37 (c) | | | 1,135 | | | | 1,158,906 | |
| 5.00%, 02/15/32 (c) | | | 595 | | | | 616,486 | |
| 5.00%, 02/15/31 (c) | | | 2,115 | | | | 2,194,215 | |
| 5.00%, 03/15/35 (c) | | | 1,950 | | | | 2,080,928 | |
| 5.00%, 03/15/36 (c) | | | 3,910 | | | | 4,164,454 | |
| 5.00%, 03/15/34 (c) | | | 2,370 | | | | 2,535,507 | |
| 5.00%, 03/15/39 (c) | | | 2,000 | | | | 2,200,414 | |
| 5.25%, 03/15/38 (c) | | | 1,305 | | | | 1,390,263 | |
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | | | | | | | | |
| 5.00%, 02/15/34 (c) | | | 1,095 | | | | 1,099,379 | |
| 5.00%, 02/15/31 (c) | | | 2,000 | | | | 2,090,127 | |
| 5.00%, 02/15/37 (c) | | | 2,270 | | | | 2,353,265 | |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | | | | | | | | |
| 5.00%, 02/15/33 (c) | | | 2,000 | | | | 2,182,117 | |
| 5.00%, 02/15/32 (c) | | | 940 | | | | 969,343 | |
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 4.00%, 03/15/37 (c) | | | 2,000 | | | | 2,050,255 | |
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | | | | | | | | |
| 5.00%, 03/15/31 (c) | | | 515 | | | | 534,308 | |
| 5.00%, 03/15/33 (c) | | | 1,000 | | | | 1,035,149 | |
| 5.00%, 03/15/34 (c) | | | 2,110 | | | | 2,181,457 | |
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | | | | | | | | |
| 5.00%, 03/15/31 (c) | | | 520 | | | | 553,769 | |
| 5.00%, 03/15/35 (c) | | | 1,970 | | | | 2,079,062 | |
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) 5.00%, 06/15/32 (c) | | | 415 | | | | 426,727 | |
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/36 (c) | | | 1,250 | | | | 1,351,184 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) 5.00%, 06/15/33 (c) | | $ | 1,000 | | | $ | 1,046,270 | |
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 11/01/35 (c) | | | 835 | | | | 665,795 | |
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/40 (c) | | | 525 | | | | 527,285 | |
| New York State Thruway Authority, Series A (RB) | | | | | | | | |
| 5.00%, 01/01/31 (c) | | | 650 | | | | 661,616 | |
| 5.00%, 01/01/41 (c) | | | 1,000 | | | | 1,012,942 | |
| 5.00%, 01/01/33 (c) | | | 600 | | | | 610,033 | |
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/37 (c) | | | 800 | | | | 810,737 | |
| New York State Thruway Authority, Series K (RB) | | | | | | | | |
| 5.00%, 01/01/32 (c) | | | 4,335 | | | | 4,345,764 | |
| 5.00%, 01/01/31 (c) | | | 2,500 | | | | 2,506,208 | |
| New York State Thruway Authority, Series L (RB) | | | | | | | | |
| 3.50%, 01/01/37 (c) | | | 1,120 | | | | 1,091,240 | |
| 4.00%, 01/01/36 (c) | | | 2,500 | | | | 2,518,629 | |
New York State Thruway Authority, Series P (RB) 5.00%, 01/01/38 (c) | | | 1,000 | | | | 1,137,512 | |
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) | | | | | | | | |
| 5.00%, 03/15/34 (c) | | | 2,000 | | | | 2,215,465 | |
| 5.00%, 03/15/35 (c) | | | 800 | | | | 882,585 | |
New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/37 (c) | | | 1,475 | | | | 1,602,316 | |
| New York State Urban Development Corp., State Personal Income, Series C (RB) | | | | | | | | |
| 4.00%, 03/15/37 (c) | | | 1,000 | | | | 1,017,349 | |
| 4.00%, 03/15/34 (c) | | | 1,000 | | | | 1,028,810 | |
| 5.00%, 03/15/31 (c) | | | 350 | | | | 366,740 | |
| 5.00%, 03/15/32 (c) | | | 4,295 | | | | 4,494,024 | |
| New York State Urban Development Corp., State Sales Tax, Series A (RB) | | | | | | | | |
| 5.00%, 03/15/35 (c) | | | 1,000 | | | | 1,077,489 | |
| 5.00%, 03/15/36 (c) | | | 4,500 | | | | 4,989,715 | |
New York State, Urban Development Coporation, Series B (RB) 5.00%, 03/15/36 (c) | | | 1,000 | | | | 1,132,146 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | | | | | | | | |
| 5.00%, 12/01/37 (c) | | $ | 1,000 | | | $ | 1,063,568 | |
| 5.00%, 12/01/35 (c) | | | 750 | | | | 801,479 | |
| 5.00%, 12/01/30 | | | 1,150 | | | | 1,254,010 | |
Port Authority of New York and New Jersey, Series 184 (RB) 5.00%, 09/01/30 (c) | | | 2,000 | | | | 2,000,000 | |
Port Authority of New York and New Jersey, Series 194 (RB) 5.00%, 10/15/41 (c) | | | 1,000 | | | | 1,010,918 | |
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/36 (c) | | | 500 | | | | 524,160 | |
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/34 (c) | | | 500 | | | | 526,991 | |
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/36 (c) | | | 500 | | | | 537,440 | |
| Port Authority of New York and New Jersey, Series 222 (RB) | | | | | | | | |
| 4.00%, 07/15/37 (c) | | | 3,975 | | | | 4,053,531 | |
| 4.00%, 07/15/36 (c) | | | 2,600 | | | | 2,660,080 | |
| 5.00%, 07/15/34 (c) | | | 1,000 | | | | 1,098,795 | |
| 5.00%, 07/15/35 (c) | | | 1,000 | | | | 1,094,831 | |
State of New York, Dormitory Authority, Series A (RB) 5.00%, 03/15/41 (c) | | | 1,000 | | | | 1,112,230 | |
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 10/01/31 (c) | | | 615 | | | | 582,656 | |
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/32 (c) | | | 460 | | | | 438,265 | |
Town of Hempstead, New York Public Improvement (GO) 4.00%, 05/01/41 (c) | | | 1,000 | | | | 1,016,206 | |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-1 (RB) 5.00%, 05/15/40 (c) | | | 750 | | | | 837,750 | |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB) | | | | | | | | |
| 5.00%, 11/15/31 | | | 1,000 | | | | 1,134,189 | |
| 5.00%, 11/15/34 (c) | | | 1,000 | | | | 1,137,934 | |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) 5.00%, 05/15/31 | | | 1,130 | | | | 1,273,916 | |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | | | | | | | | |
| 5.00%, 05/15/37 (c) | | | 1,225 | | | | 1,353,683 | |
| 5.00%, 11/15/36 (c) | | | 3,000 | | | | 3,397,656 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 11/15/38 (c) | | $ | 2,000 | | | $ | 2,271,119 | |
| Triborough Bridge and Tunnel Authority, Series B (RB) | | | | | | | | |
| 5.00%, 11/15/31 | | | 1,000 | | | | 1,129,431 | |
| 5.00%, 11/15/33 (c) | | | 1,255 | | | | 1,302,516 | |
| 5.00%, 11/15/37 (c) | | | 1,000 | | | | 1,035,225 | |
| 5.00%, 11/15/32 (c) | | | 1,070 | | | | 1,111,976 | |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) | | | | | | | | |
| 5.00%, 09/01/31 (c) | | | 1,795 | | | | 1,949,179 | |
| 5.00%, 09/01/37 (c) | | | 500 | | | | 535,276 | |
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | | | | | | | | |
| 5.00%, 06/01/33 (c) | | | 500 | | | | 516,108 | |
| 5.00%, 06/01/35 (c) | | | 845 | | | | 869,975 | |
TSASC, Inc., Tobacco Settlement, Series A (RB) 5.00%, 06/01/41 (c) | | | 1,000 | | | | 1,015,684 | |
| Utility Debt Securitization Authority (RB) | | | | | | | | |
| 5.00%, 12/15/36 (c) | | | 2,830 | | | | 2,876,640 | |
| 5.00%, 12/15/38 (c) | | | 2,000 | | | | 2,086,756 | |
| Utility Debt Securitization Authority, Series A (RB) | | | | | | | | |
| 5.00%, 12/15/35 (c) | | | 500 | | | | 512,692 | |
| 5.00%, 12/15/33 (c) | | | 2,000 | | | | 2,053,637 | |
| 5.00%, 12/15/32 (c) | | | 610 | | | | 626,652 | |
Utility Debt Securitization Authority, Series E (RB) 5.00%, 12/15/35 (c) | | | 2,000 | | | | 2,291,064 | |
| | | | | | | | 349,118,308 | |
| North Carolina: 1.1% | | | | | | | | |
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 01/15/49 (p) | | | 3,000 | | | | 3,309,388 | |
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/35 (c) | | | 1,925 | | | | 1,934,649 | |
County of Mecklenburg, Series B (GO) 2.00%, 12/01/30 (c) | | | 250 | | | | 227,501 | |
County of Wake (RB) 3.00%, 03/01/35 (c) | | | 1,500 | | | | 1,412,838 | |
| North Carolina Charlotte Douglas International Airport, Series A (RB) | | | | | | | | |
| 4.00%, 07/01/39 (c) | | | 1,670 | | | | 1,684,918 | |
| 4.00%, 07/01/38 (c) | | | 1,000 | | | | 1,015,964 | |
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/37 (c) | | | 1,000 | | | | 1,020,670 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| North Carolina (continued) | | | | | | | | |
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/32 (c) | | $ | 1,000 | | | $ | 1,084,284 | |
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/32 (c) | | | 500 | | | | 514,910 | |
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | | | | | | | | |
| 4.00%, 01/01/35 (c) | | | 800 | | | | 806,801 | |
| 4.00%, 01/01/34 (c) | | | 360 | | | | 364,189 | |
| 4.00%, 01/01/33 (c) | | | 890 | | | | 902,101 | |
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/36 (c) | | | 625 | | | | 521,687 | |
| State of North Carolina, Series A (GO) | | | | | | | | |
| 3.00%, 06/01/34 (c) | | | 380 | | | | 361,983 | |
| 5.00%, 06/01/31 (c) | | | 1,100 | | | | 1,222,838 | |
| State of North Carolina, Series A (RB) | | | | | | | | |
| 5.00%, 05/01/31 (c) | | | 1,000 | | | | 1,080,601 | |
| 5.00%, 05/01/34 (c) | | | 1,000 | | | | 1,125,912 | |
State of North Carolina, Series B (RB) 3.00%, 05/01/31 (c) | | | 800 | | | | 776,222 | |
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/37 (c) | | | 1,000 | | | | 1,116,095 | |
| | | | | | | | 20,483,551 | |
| Ohio: 1.8% | | | | | | | | |
| Akron Bath Copley Joint Township Hospital District, Summa Health (RB) | | | | | | | | |
| 4.00%, 11/15/36 (c) | | | 1,000 | | | | 960,883 | |
| 4.00%, 11/15/35 (c) | | | 1,000 | | | | 967,348 | |
American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) 5.00%, 02/15/37 (c) | | | 1,000 | | | | 1,107,696 | |
American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) (BAM-TCRS) 4.00%, 02/15/34 (c) | | | 1,520 | | | | 1,552,245 | |
American Municipal Power, Inc., Spairie State Campus Project, Series B (RB) 5.00%, 02/15/35 (c) | | | 1,360 | | | | 1,462,333 | |
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | | | | | | | | |
| 5.00%, 06/01/33 (c) | | | 500 | | | | 533,479 | |
| 5.00%, 06/01/34 (c) | | | 3,000 | | | | 3,196,133 | |
| 5.00%, 06/01/32 (c) | | | 500 | | | | 534,470 | |
| | | Par
(000’s | ) | | Value | |
| Ohio (continued) | | | | | | | | |
City of Columbus, Various Purpose, Series A (GO) 5.00%, 08/15/40 (c) | | $ | 1,000 | | | $ | 1,131,021 | |
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/31 (c) | | | 1,245 | | | | 1,351,971 | |
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 12/01/30 (c) | | | 1,000 | | | | 1,091,033 | |
County of Butler, Ohio Hospital Facilities, UC Health (RB) 4.00%, 11/15/37 (c) | | | 500 | | | | 464,013 | |
County of Hamilton, Series A (RB) 4.00%, 12/01/31 (c) | | | 1,000 | | | | 1,010,652 | |
| Ohio Turnpike and Infrastructure Commission, Series A (RB) | | | | | | | | |
| 5.00%, 02/15/32 (c) | | | 500 | | | | 527,590 | |
| 5.00%, 02/15/31 (c) | | | 500 | | | | 530,229 | |
| 5.00%, 02/15/39 (c) | | | 2,000 | | | | 2,221,047 | |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series D (RB) | | | | | | | | |
| 5.00%, 12/01/40 (c) | | | 1,000 | | | | 1,129,797 | |
| 5.00%, 12/01/34 | | | 2,500 | | | | 2,895,107 | |
| Ohio Water Development Authority, Drinking Water Assistance, Series A (RB) | | | | | | | | |
| 5.00%, 12/01/36 (c) | | | 1,335 | | | | 1,474,573 | |
| 5.00%, 12/01/40 (c) | | | 1,000 | | | | 1,124,363 | |
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/37 (c) | | | 1,760 | | | | 1,894,782 | |
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | | | | | | | | |
| 5.00%, 12/01/37 (c) | | | 1,970 | | | | 2,139,604 | |
| 5.00%, 06/01/33 (c) | | | 1,000 | | | | 1,099,392 | |
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 4.00%, 01/01/34 (c) | | | 760 | | | | 765,518 | |
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/41 (c) | | | 835 | | | | 830,616 | |
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/33 (c) | | | 1,000 | | | | 1,045,675 | |
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31 | | | 1,225 | | | | 1,383,237 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Ohio (continued) | | | | | | | | |
State of Ohio, Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 12/01/40 (c) | | $ | 1,000 | | | $ | 1,124,363 | |
| | | | | | | | 35,549,170 | |
| Oklahoma: 0.2% | | | | | | | | |
| Grand River Dam Authority, Series A (RB) | | | | | | | | |
| 4.00%, 06/01/33 (c) | | | 2,000 | | | | 2,018,771 | |
| 5.00%, 06/01/31 (c) | | | 515 | | | | 534,322 | |
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/35 (c) | | | 565 | | | | 587,285 | |
| | | | | | | | 3,140,378 | |
| Oregon: 1.2% | | | | | | | | |
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/33 (c) | | | 720 | | | | 775,977 | |
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/34 (c) | | | 700 | | | | 752,602 | |
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 03/01/37 (c) | | | 2,350 | | | | 2,145,981 | |
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/35 (c) | | | 1,285 | | | | 1,357,105 | |
| Hillsboro School District No. 1J (GO) (SBG) | | | | | | | | |
| 5.00%, 06/15/35 (c) | | | 590 | | | | 617,651 | |
| 5.00%, 06/15/31 (c) | | | 1,000 | | | | 1,051,766 | |
| Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG) | | | | | | | | |
| 4.00%, 06/15/35 (c) | | | 740 | | | | 752,208 | |
| 5.00%, 06/15/32 (c) | | | 545 | | | | 577,363 | |
Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG) 4.00%, 06/15/38 (c) | | | 2,000 | | | | 2,040,231 | |
| Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG) | | | | | | | | |
| 0.00%, 06/15/32 (c) ^ | | | 1,215 | | | | 894,691 | |
| 0.00%, 06/15/33 (c) ^ | | | 1,010 | | | | 709,158 | |
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/33 (c) | | | 1,280 | | | | 1,221,337 | |
Multnomah County, School District No. 1J (GO) (SBG) 5.00%, 06/15/35 (c) | | | 1,000 | | | | 1,135,875 | |
| | | Par
(000’s | ) | | Value | |
| Oregon (continued) | | | | | | | | |
Portland Community College District (GO) 5.00%, 06/15/36 (c) | | $ | 1,000 | | | $ | 1,131,994 | |
| State of Oregon, Department of Transportation, Highway User Tax, Series A (RB) | | | | | | | | |
| 4.00%, 11/15/38 (c) | | | 3,000 | | | | 3,040,893 | |
| 5.00%, 11/15/36 (c) | | | 1,650 | | | | 1,780,649 | |
| 5.00%, 11/15/36 (c) | | | 1,000 | | | | 1,094,482 | |
State of Oregon, Series A (GO) 5.00%, 05/01/36 (c) | | | 1,000 | | | | 1,134,842 | |
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 10/01/34 (c) | | | 570 | | | | 546,857 | |
| | | | | | | | 22,761,662 | |
| Pennsylvania: 3.8% | | | | | | | | |
| Allegheny County Hospital Development Authority, Series A (RB) | | | | | | | | |
| 5.00%, 04/01/33 (c) | | | 1,120 | | | | 1,162,683 | |
| 5.00%, 07/15/33 (c) | | | 810 | | | | 861,236 | |
Allegheny County Sanitary Authority Sewer (RB) 5.00%, 12/01/35 (c) | | | 1,000 | | | | 1,015,398 | |
| City of Philadelphia, Gas Works (RB) | | | | | | | | |
| 5.00%, 10/01/32 (c) | | | 970 | | | | 999,335 | |
| 5.00%, 10/01/31 (c) | | | 735 | | | | 757,780 | |
| 5.00%, 10/01/30 (c) | | | 880 | | | | 907,936 | |
| 5.00%, 10/01/33 (c) | | | 680 | | | | 700,054 | |
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/36 (c) | | | 1,000 | | | | 1,003,732 | |
City of Philadelphia, Series B (GO) 5.00%, 02/01/37 (c) | | | 1,500 | | | | 1,600,031 | |
Commonwealth Financing Authority, Series A (RB) 5.00%, 06/01/33 (c) | | | 1,595 | | | | 1,608,245 | |
| Commonwealth of Pennsylvania (GO) | | | | | | | | |
| 3.00%, 01/01/31 (c) | | | 510 | | | | 504,157 | |
| 3.00%, 09/15/35 (c) | | | 1,055 | | | | 985,394 | |
| 4.00%, 02/01/32 (c) | | | 1,500 | | | | 1,512,205 | |
| 4.00%, 05/15/32 (c) | | | 2,000 | | | | 2,105,913 | |
| 4.00%, 08/15/34 (c) | | | 1,500 | | | | 1,505,594 | |
| 5.00%, 08/15/39 (c) | | | 2,000 | | | | 2,250,955 | |
| 5.00%, 09/01/32 | | | 2,000 | | | | 2,270,665 | |
| 5.00%, 09/01/37 (c) | | | 1,000 | | | | 1,129,534 | |
| Geisinger Authority Health System, Series A (RB) | | | | | | | | |
| 4.00%, 04/01/39 (c) | | | 1,000 | | | | 993,554 | |
| 5.00%, 02/15/39 (c) | | | 3,100 | | | | 3,175,063 | |
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/38 (c) | | | 1,100 | | | | 1,158,941 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Pennsylvania (continued) | | | | | | | | |
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) 3.38%, 11/15/33 (c) | | $ | 1,000 | | | $ | 974,298 | |
| Pennsylvania Higher Educational Facilities Authority (RB) | | | | | | | | |
| 4.00%, 06/15/34 (c) | | | 120 | | | | 128,615 | |
| 4.00%, 06/15/34 (c) | | | 645 | | | | 648,771 | |
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B (RB) 5.25%, 11/01/41 (c) | | | 1,500 | | | | 1,652,046 | |
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/31 (c) | | | 1,000 | | | | 1,008,908 | |
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/34 (c) | | | 2,675 | | | | 2,712,896 | |
| Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) | | | | | | | | |
| 2.28%, 10/01/41 (c) | | | 500 | | | | 367,576 | |
| 2.80%, 10/01/31 (c) | | | 700 | | | | 650,771 | |
| 3.15%, 10/01/39 (c) | | | 1,000 | | | | 875,987 | |
| 3.20%, 10/01/31 (c) | | | 425 | | | | 411,124 | |
| 3.65%, 10/01/32 (c) | | | 315 | | | | 315,101 | |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) 4.30%, 10/01/41 (c) | | | 1,000 | | | | 983,878 | |
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) | | | | | | | | |
| 3.20%, 10/01/32 (c) | | | 300 | | | | 287,909 | |
| 3.45%, 10/01/32 (c) | | | 620 | | | | 610,064 | |
| Pennsylvania Turnpike Commission (RB) | | | | | | | | |
| 5.00%, 12/01/32 (c) | | | 1,000 | | | | 1,000,764 | |
| 5.00%, 12/01/39 (c) | | | 1,000 | | | | 1,123,606 | |
| 5.00%, 12/01/36 (c) | | | 2,000 | | | | 2,275,907 | |
| 5.00%, 06/01/33 | | | 2,000 | | | | 2,256,420 | |
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/37 (c) | | | 2,000 | | | | 2,006,897 | |
| Pennsylvania Turnpike Commission, Series A (RB) | | | | | | | | |
| 5.00%, 12/01/32 (c) | | | 750 | | | | 777,956 | |
| 5.00%, 12/01/37 (c) | | | 1,250 | | | | 1,324,713 | |
| 5.00%, 12/01/37 (c) | | | 1,000 | | | | 1,077,550 | |
| 5.00%, 12/01/30 (c) | | | 500 | | | | 543,472 | |
| 5.00%, 12/01/33 (c) | | | 1,000 | | | | 1,128,601 | |
| | | Par
(000’s | ) | | Value | |
| Pennsylvania (continued) | | | | | | | | |
| Pennsylvania Turnpike Commission, Series B (RB) | | | | | | | | |
| 4.00%, 12/01/38 (c) | | $ | 1,000 | | | $ | 1,014,843 | |
| 4.00%, 12/01/36 (c) | | | 1,000 | | | | 1,022,585 | |
| 4.00%, 12/01/37 (c) | | | 1,025 | | | | 1,045,251 | |
| 5.00%, 12/01/34 (c) | | | 1,010 | | | | 1,026,937 | |
| 5.00%, 12/01/34 (c) | | | 700 | | | | 771,700 | |
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | | | | | | | | |
| 5.00%, 09/01/31 | | | 1,460 | | | | 1,640,256 | |
| 5.00%, 09/01/32 | | | 2,000 | | | | 2,272,158 | |
| 5.00%, 09/01/33 | | | 2,000 | | | | 2,293,593 | |
| School District of Philadelphia, Series F (GO) (SAW) | | | | | | | | |
| 5.00%, 09/01/32 (c) | | | 485 | | | | 495,541 | |
| 5.00%, 09/01/38 (c) | | | 1,570 | | | | 1,595,481 | |
| 5.00%, 09/01/37 (c) | | | 1,000 | | | | 1,017,292 | |
State of Pennsylvania (GO) 5.00%, 09/01/31 | | | 2,000 | | | | 2,246,639 | |
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) | | | | | | | | |
| 5.00%, 06/01/33 (c) | | | 1,225 | | | | 1,262,208 | |
| 5.00%, 06/01/32 (c) | | | 1,750 | | | | 1,803,866 | |
| | | | | | | | 72,860,585 | |
| Rhode Island: 0.4% | | | | | | | | |
Rhode Island Commerce Corp., Department of Transportation, Series A (RB) 5.00%, 05/15/38 (c) | | | 1,000 | | | | 1,114,687 | |
Rhode Island Health and Educational Building Corp., Financing Program, Series F (RB) 4.00%, 05/15/39 (c) | | | 1,000 | | | | 1,000,151 | |
Rhode Island Health and Educational Building Corporation, Hospital Financing (RB) 5.00%, 05/15/34 | | | 1,000 | | | | 1,105,584 | |
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM) 2.10%, 10/01/35 (c) | | | 1,000 | | | | 798,802 | |
State of Rhode Island, Series A (GO) 5.00%, 08/01/39 (c) | | | 2,000 | | | | 2,209,432 | |
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/40 (c) | | | 1,000 | | | | 1,004,675 | |
| | | | | | | | 7,233,331 | |
| South Carolina: 1.1% | | | | | | | | |
City of Columbia, South Carolina, Series B (RB) 4.00%, 02/01/41 (c) | | | 2,000 | | | | 1,996,055 | |
Lancaster County, School District (GO) 3.25%, 03/01/32 (c) | | | 325 | | | | 320,547 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| South Carolina (continued) | | | | | | | | |
| 4.00%, 03/01/35 (c) | | $ | 1,000 | | | $ | 1,005,048 | |
Patriots Energy Group Financing Agency, Gas Supply, Series A (RB) 5.25%, 10/01/54 (c) (p) | | | 5,000 | | | | 5,408,160 | |
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/32 (c) | | | 1,000 | | | | 1,076,444 | |
| South Carolina Jobs-Economic Development Authority, Novant Health, Inc., Series A (RB) | | | | | | | | |
| 5.00%, 11/01/34 (c) | | | 5,000 | | | | 5,665,191 | |
| 5.25%, 11/01/40 (c) | | | 1,000 | | | | 1,124,607 | |
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/37 (c) | | | 1,000 | | | | 1,042,326 | |
| South Carolina, Public Service Authority, Series A (RB) | | | | | | | | |
| 4.00%, 12/01/33 (c) | | | 1,115 | | | | 1,136,914 | |
| 5.00%, 12/01/37 (c) | | | 1,500 | | | | 1,529,710 | |
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/39 (c) | | | 1,000 | | | | 1,000,068 | |
| | | | | | | | 21,305,070 | |
| South Dakota: 0.1% | | | | | | | | |
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/40 (c) | | | 2,750 | | | | 2,821,156 | |
| Tennessee: 1.2% | | | | | | | | |
County of Shelby, Public Improvement, Series B (GO) 4.00%, 04/01/40 (c) | | | 1,000 | | | | 1,004,155 | |
| Metropolitan Government of Nashville and Davidson County (GO) | | | | | | | | |
| 4.00%, 01/01/32 (c) | | | 580 | | | | 584,114 | |
| 4.00%, 01/01/31 (c) | | | 545 | | | | 549,803 | |
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) | | | | | | | | |
| 5.00%, 07/01/31 (c) | | | 1,000 | | | | 1,101,421 | |
| 5.00%, 07/01/40 (c) | | | 3,050 | | | | 3,103,738 | |
| 5.00%, 07/01/33 | | | 1,240 | | | | 1,397,841 | |
| 5.00%, 07/01/34 | | | 2,000 | | | | 2,266,169 | |
| Shelby County, Public Improvement, Series B (GO) | | | | | | | | |
| 4.00%, 04/01/34 (c) | | | 1,000 | | | | 1,032,409 | |
| 4.00%, 04/01/33 (c) | | | 3,000 | | | | 3,120,719 | |
| 4.00%, 04/01/35 (c) | | | 1,000 | | | | 1,025,231 | |
State of Tennessee, Series A (GO) 5.00%, 05/01/35 (c) | | | 1,000 | | | | 1,143,546 | |
| | | Par
(000’s | ) | | Value | |
| Tennessee (continued) | | | | | | | | |
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p) | | $ | 2,000 | | | $ | 2,164,458 | |
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p) | | | 4,000 | | | | 4,284,654 | |
The Health and Educational Facilities Board of the Town of Greenville Tennessee, Ballad Health, Series A (RB) 4.00%, 07/01/40 (c) | | | 1,155 | | | | 1,107,101 | |
| | | | | | | | 23,885,359 | |
| Texas: 9.8% | | | | | | | | |
| Aldine Independent School District, Series A (GO) | | | | | | | | |
| 4.00%, 02/15/33 (c) | | | 910 | | | | 926,433 | |
| 4.00%, 02/15/34 (c) | | | 675 | | | | 686,165 | |
| Arlington Independent School District, Unlimited Tax School Building (GO) | | | | | | | | |
| 4.00%, 02/15/35 (c) | | | 500 | | | | 510,915 | |
| 4.00%, 02/15/34 (c) | | | 1,000 | | | | 1,024,819 | |
| Austin Independent School District, Unlimited Tax School Building (GO) | | | | | | | | |
| 5.00%, 08/01/36 (c) | | | 1,500 | | | | 1,681,756 | |
| 5.00%, 08/01/37 (c) | | | 1,000 | | | | 1,134,140 | |
Bexar County Hospital District, Limited Tax (GO) 4.00%, 02/15/35 (c) | | | 1,000 | | | | 1,008,239 | |
| Board of Regents of the University of Texas System, Series A (RB) | | | | | | | | |
| 3.00%, 08/15/41 (c) | | | 525 | | | | 454,431 | |
| 5.00%, 08/15/30 | | | 2,950 | | | | 3,284,654 | |
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/31 (c) | | | 850 | | | | 922,438 | |
| Board of Regents of the University of Texas System, Series B (RB) | | | | | | | | |
| 5.00%, 07/01/36 | | | 2,250 | | | | 2,623,728 | |
| 5.00%, 08/15/41 (c) | | | 2,000 | | | | 2,233,335 | |
Cedar Hill Independent School District (GO) 5.00%, 02/15/41 (c) | | | 1,000 | | | | 1,103,318 | |
City of Dallas, Series A (GO) 3.00%, 02/15/36 (c) | | | 600 | | | | 542,000 | |
| City of Dallas, Waterworks and Sewer System, Series A (RB) | | | | | | | | |
| 5.00%, 10/01/31 (c) | | | 600 | | | | 618,636 | |
| 5.00%, 10/01/30 (c) | | | 565 | | | | 583,719 | |
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/33 (c) | | | 1,500 | | | | 1,648,680 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
City of Denton, Utility System (RB) 5.00%, 12/01/31 (c) | | $ | 965 | | | $ | 994,543 | |
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/36 (c) | | | 1,000 | | | | 1,048,865 | |
| City of Houston, Combined Utility System, First Lien, Series A (RB) | | | | | | | | |
| 5.00%, 11/15/33 (c) | | | 4,500 | | | | 4,944,137 | |
| 5.00%, 11/15/36 (c) | | | 1,000 | | | | 1,131,806 | |
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/36 (c) | | | 1,500 | | | | 1,514,925 | |
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/33 (c) | | | 1,000 | | | | 1,063,001 | |
City of Houston, Public Improvement, Series A (GO) 5.00%, 03/01/32 (c) | | | 1,000 | | | | 1,073,113 | |
| City of Houston, Series A (GO) | | | | | | | | |
| 5.00%, 03/01/32 (c) | | | 520 | | | | 538,258 | |
| 5.00%, 03/01/31 (c) | | | 500 | | | | 518,625 | |
| 5.00%, 03/01/40 (c) | | | 1,000 | | | | 1,098,155 | |
City of Houston, Texas Public Improvement, Series A (GO) 5.00%, 03/01/34 (c) | | | 1,000 | | | | 1,126,099 | |
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/33 (c) | | | 1,000 | | | | 1,112,304 | |
| City of San Antonio, Electric and Gas Systems, Series B (RB) | | | | | | | | |
| 4.00%, 02/01/33 | | | 1,000 | | | | 1,046,795 | |
| 5.00%, 02/01/39 (c) | | | 1,000 | | | | 1,098,237 | |
| 5.00%, 02/01/40 (c) | | | 1,000 | | | | 1,101,789 | |
Clear Creek Independent School District, Unlimited Tax (GO) 5.00%, 02/15/38 (c) | | | 2,000 | | | | 2,227,880 | |
Conroe Independent School District (GO) 5.00%, 02/15/31 (c) | | | 1,430 | | | | 1,436,549 | |
Corpus Christi Independent School District (GO) 4.00%, 08/15/32 (c) | | | 320 | | | | 326,890 | |
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/32 (c) | | | 1,000 | | | | 1,034,520 | |
| County of Collin, Community College District (GO) | | | | | | | | |
| 3.25%, 08/15/33 (c) | | | 500 | | | | 487,735 | |
| 4.00%, 08/15/31 (c) | | | 925 | | | | 944,020 | |
County of Dallas, Cedar Hill Independent School District (GO) 5.00%, 02/15/40 (c) | | | 1,000 | | | | 1,108,521 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
County of Dallas, Garland Independent School District, Series A (GO) 5.00%, 02/15/37 (c) | | $ | 500 | | | $ | 559,122 | |
County of Dallas, Highland Park Independent School District (GO) 3.00%, 02/15/35 (c) | | | 1,540 | | | | 1,447,842 | |
| County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB) | | | | | | | | |
| 4.00%, 11/15/32 (c) | | | 950 | | | | 954,703 | |
| 5.00%, 11/15/30 (c) | | | 850 | | | | 890,129 | |
County of Harris, Houston Independent School District, Series A (GO) 4.00%, 02/15/39 (c) | | | 1,000 | | | | 1,000,856 | |
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/33 (c) | | | 675 | | | | 694,527 | |
| Cypress-Fairbanks Independent School District (GO) | | | | | | | | |
| 4.00%, 02/15/31 (c) | | | 1,735 | | | | 1,735,914 | |
| 4.00%, 02/15/38 (c) | | | 1,275 | | | | 1,296,993 | |
| Cypress-Fairbanks Independent School District, Series A (GO) | | | | | | | | |
| 3.00%, 02/15/35 (c) | | | 2,335 | | | | 2,197,208 | |
| 3.00%, 02/15/34 (c) | | | 500 | | | | 475,371 | |
| 4.00%, 02/15/37 (c) | | | 1,500 | | | | 1,524,182 | |
| 5.00%, 02/15/31 (c) | | | 1,805 | | | | 1,947,492 | |
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/33 (c) | | | 1,835 | | | | 1,976,039 | |
| Dallas Independent School District, Unlimited Tax School Building (GO) | | | | | | | | |
| 4.00%, 02/15/31 (c) | | | 1,000 | | | | 1,053,920 | |
| 5.00%, 02/15/40 (c) | | | 1,500 | | | | 1,642,960 | |
| 5.00%, 02/15/35 (c) | | | 1,000 | | | | 1,114,700 | |
| 5.00%, 02/15/36 (c) | | | 1,000 | | | | 1,111,503 | |
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 08/15/32 (c) | | | 335 | | | | 337,717 | |
EP Tuscany Zaragosa PFC Residential Development, Tuscany at Mega Hills and Villas (RB) 4.00%, 12/01/33 (c) | | | 2,000 | | | | 1,933,026 | |
Fort Bend Independent School District (GO) 5.00%, 08/15/30 (c) | | | 2,000 | | | | 2,093,761 | |
| Frisco Independent School District (GO) | | | | | | | | |
| 4.00%, 02/15/32 (c) | | | 1,350 | | | | 1,403,211 | |
| 4.00%, 02/15/36 (c) | | | 1,345 | | | | 1,388,706 | |
| 5.00%, 08/15/36 (c) | | | 2,000 | | | | 2,132,641 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B (RB) 5.00%, 07/01/36 (c) | | $ | 3,000 | | | $ | 3,354,463 | |
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/40 (c) | | | 1,145 | | | | 995,827 | |
Harris County, Flood Control District Improvement, Series A (GO) 4.00%, 10/01/35 (c) | | | 1,000 | | | | 1,022,869 | |
Harris County, Houston Sports Authority (RB) (AGC) 5.00%, 11/15/37 (c) | | | 1,000 | | | | 1,101,874 | |
Harris County, Texas Permanent Improvement (GO) 5.00%, 09/15/41 (c) | | | 1,000 | | | | 1,100,895 | |
Hays Consolidated Independent School District (GO) 5.00%, 02/15/40 (c) | | | 1,000 | | | | 1,088,596 | |
Houston Independent School District, Limited Tax School House (GO) 5.00%, 02/15/34 (c) | | | 540 | | | | 560,492 | |
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/32 (c) | | | 605 | | | | 643,696 | |
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/38 (c) | | | 2,510 | | | | 2,588,716 | |
Lamar Consolidated Independent School District, Fort Bend County, Texas, Series A (GO) 5.00%, 02/15/41 (c) | | | 2,000 | | | | 2,187,138 | |
| Lone Star College System (GO) | | | | | | | | |
| 4.00%, 02/15/32 (c) | | | 1,500 | | | | 1,510,688 | |
| 5.00%, 02/15/33 (c) | | | 400 | | | | 408,855 | |
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/32 (c) | | | 1,000 | | | | 1,102,506 | |
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/37 (c) | | | 1,250 | | | | 1,337,171 | |
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/36 (c) | | | 1,000 | | | | 1,109,164 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Midland County Texas, Midland Independent School District (GO) 4.00%, 02/15/39 (c) | | $ | 2,555 | | | $ | 2,595,275 | |
| New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB) | | | | | | | | |
| 4.00%, 08/15/40 (c) | | | 555 | | | | 541,026 | |
| 4.00%, 08/15/36 (c) | | | 1,005 | | | | 988,743 | |
North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/35 (c) | | | 715 | | | | 734,739 | |
| North Texas Tollway Authority System, Series B (RB) | | | | | | | | |
| 4.00%, 01/01/36 (c) | | | 2,000 | | | | 2,021,157 | |
| 4.00%, 01/01/38 (c) | | | 2,250 | | | | 2,265,091 | |
| 4.00%, 01/01/33 (c) | | | 1,975 | | | | 2,013,025 | |
| 5.00%, 01/01/39 (c) | | | 1,000 | | | | 1,025,555 | |
| 5.00%, 01/01/34 | | | 3,000 | | | | 3,401,342 | |
| North Texas Tollway Authority, First Tier, Series A (RB) | | | | | | | | |
| 4.12%, 01/01/40 (c) | | | 2,000 | | | | 2,015,661 | |
| 5.00%, 01/01/33 (c) | | | 500 | | | | 508,758 | |
| 5.00%, 01/01/31 (c) | | | 1,675 | | | | 1,704,893 | |
| 5.00%, 01/01/41 (c) | | | 1,500 | | | | 1,655,723 | |
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/35 (c) | | | 450 | | | | 451,697 | |
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/32 (c) | | | 880 | | | | 919,731 | |
Permanent University Fund, University of Texas System, Series A (RB) 5.00%, 07/01/33 (c) | | | 1,180 | | | | 1,336,302 | |
| Pflugerville Independent School District, Unlimited Tax, Series A (GO) | | | | | | | | |
| 5.00%, 02/15/37 (c) | | | 1,000 | | | | 1,101,160 | |
| 5.00%, 02/15/34 (c) | | | 1,875 | | | | 2,081,631 | |
| Plano Independent School District, Unlimited Tax (GO) | | | | | | | | |
| 5.00%, 02/15/36 (c) | | | 1,000 | | | | 1,110,244 | |
| 5.00%, 02/15/35 (c) | | | 1,000 | | | | 1,115,797 | |
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/34 (c) | | | 1,000 | | | | 1,093,611 | |
San Antonio Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/34 (c) | | | 500 | | | | 511,899 | |
State of Texas, Conroe Independent School Disrict (GO) 5.00%, 02/15/38 (c) | | | 1,000 | | | | 1,124,893 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
State of Texas, Tarrant County College District (GO) 5.00%, 08/15/40 (c) | | $ | 2,020 | | | $ | 2,209,112 | |
State of Texas, Tarrant County, Hurst-Euless-Bedford Independent School District (GO) 4.00%, 08/15/40 (c) | | | 1,000 | | | | 1,011,646 | |
State of Texas, Transportation Commission (GO) 4.00%, 10/01/32 (c) | | | 1,525 | | | | 1,525,954 | |
Texas Department of Housing & Community Affairs, Series A (RB) (GNMA/FNMA) 3.80%, 07/01/39 (c) | | | 1,670 | | | | 1,614,184 | |
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | | | | | | | | |
| 5.00%, 12/15/31 | | | 1,475 | | | | 1,570,874 | |
| 5.00%, 12/15/32 | | | 1,000 | | | | 1,069,535 | |
Texas Municipal Gas Acquisition & Supply Corp. IV, Series B (RB) 5.50%, 01/01/54 (c) (p) | | | 3,000 | | | | 3,359,642 | |
Texas Municipal Power Agency (RB) (AGM) 3.00%, 09/01/38 (c) | | | 1,000 | | | | 872,570 | |
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) 4.00%, 06/30/36 (c) | | | 1,390 | | | | 1,395,597 | |
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/37 (c) | | | 1,000 | | | | 987,604 | |
Texas Private Activity Bond Surface Transportation Corporation, Series A (RB) 4.00%, 12/31/39 (c) | | | 2,000 | | | | 1,960,631 | |
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | | | | | | | | |
| 5.00%, 08/15/34 (c) | | | 1,570 | | | | 1,570,192 | |
| 5.00%, 08/15/41 (c) | | | 755 | | | | 816,490 | |
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/38 (c) | | | 1,000 | | | | 1,018,971 | |
Texas Transportation Commission, State of Texas Highway Improvement (GO) 5.00%, 04/01/40 (c) | | | 2,500 | | | | 2,774,204 | |
Texas Water Development Board (RB) 3.00%, 10/15/36 (c) | | | 950 | | | | 879,065 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
| 3.00%, 10/15/35 (c) | | $ | 750 | | | $ | 701,156 | |
| 3.00%, 10/15/34 (c) | | | 500 | | | | 471,778 | |
| 4.00%, 10/15/35 (c) | | | 2,000 | | | | 2,017,560 | |
| 4.00%, 10/15/31 (c) | | | 2,000 | | | | 2,097,883 | |
| 5.00%, 10/15/39 (c) | | | 3,000 | | | | 3,373,849 | |
| 5.00%, 10/15/36 (c) | | | 1,000 | | | | 1,140,639 | |
| Texas Water Development Board, Series A (RB) | | | | | | | | |
| 3.00%, 10/15/35 (c) | | | 2,650 | | | | 2,465,644 | |
| 4.00%, 10/15/34 (c) | | | 1,000 | | | | 1,004,182 | |
| 4.00%, 10/15/34 (c) | | | 1,000 | | | | 1,013,642 | |
| 4.00%, 10/15/33 (c) | | | 400 | | | | 406,311 | |
| 4.00%, 10/15/33 (c) | | | 600 | | | | 615,506 | |
| 4.60%, 10/15/39 (c) | | | 1,000 | | | | 1,074,124 | |
| 4.65%, 10/15/40 (c) | | | 2,000 | | | | 2,140,530 | |
| Texas Water Development Board, Series B (RB) | | | | | | | | |
| 4.00%, 10/15/37 (c) | | | 3,000 | | | | 3,053,614 | |
| 4.00%, 10/15/34 (c) | | | 1,000 | | | | 1,026,512 | |
| 5.00%, 10/15/32 (c) | | | 1,500 | | | | 1,601,302 | |
Texas Water Development Board, Series D (RB) 3.00%, 10/15/37 (c) | | | 500 | | | | 459,107 | |
| Tomball Independent School District, Unlimited Tax (GO) | | | | | | | | |
| 5.00%, 02/15/38 (c) | | | 1,000 | | | | 1,110,430 | |
| 5.00%, 02/15/37 (c) | | | 1,100 | | | | 1,228,380 | |
| Travis County, Texas Permanent Improvement (GO) | | | | | | | | |
| 4.00%, 03/01/41 (c) | | | 1,000 | | | | 991,900 | |
| 5.00%, 03/01/40 (c) | | | 1,000 | | | | 1,107,292 | |
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/35 (c) | | | 1,500 | | | | 1,650,554 | |
| University of Texas, Board of Regents, Series A (RB) | | | | | | | | |
| 5.00%, 07/01/40 (c) | | | 1,000 | | | | 1,111,763 | |
| 5.00%, 08/15/34 (c) | | | 2,000 | | | | 2,246,457 | |
| | | | | | | | 190,053,985 | |
| Utah: 0.5% | | | | | | | | |
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/34 (c) | | | 395 | | | | 399,162 | |
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/36 (c) | | | 2,000 | | | | 2,054,714 | |
University of Utah, Series A (RB) 5.00%, 08/01/31 (c) | | | 365 | | | | 382,259 | |
University of Utah, Series B (RB) 5.00%, 08/01/38 (c) | | | 2,220 | | | | 2,465,179 | |
| Utah Transit Authority (RB) | | | | | | | | |
| 5.00%, 06/15/40 (c) | | | 2,000 | | | | 2,251,236 | |
| 5.00%, 06/15/41 (c) | | | 1,000 | | | | 1,118,527 | |
| | | | | | | | 8,671,077 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Vermont: 0.2% | | | | | | | | |
University of Vermont & State Agricultural College (RB) 4.00%, 10/01/40 (c) | | $ | 2,000 | | | $ | 1,981,779 | |
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 12/01/31 (c) | | | 1,000 | | | | 1,019,896 | |
| | | | | | | | 3,001,675 | |
| Virginia: 1.5% | | | | | | | | |
Arlington County, Public Improvement (GO) 5.00%, 06/15/34 (c) | | | 2,000 | | | | 2,267,984 | |
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 10/01/34 (c) | | | 375 | | | | 311,020 | |
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | | | | | | | | |
| 4.00%, 10/01/36 (c) | | | 1,000 | | | | 1,035,415 | |
| 4.00%, 10/01/35 (c) | | | 1,000 | | | | 1,042,528 | |
| 5.00%, 10/01/31 (c) | | | 750 | | | | 800,317 | |
| 5.00%, 10/01/32 (c) | | | 1,755 | | | | 1,903,123 | |
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/36 (c) | | | 1,500 | | | | 1,373,047 | |
Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/40 (c) | | | 665 | | | | 668,617 | |
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | | | | | | | | |
| 3.00%, 02/01/36 (c) | | | 2,750 | | | | 2,540,841 | |
| 4.00%, 02/01/38 (c) | | | 2,095 | | | | 2,121,743 | |
| 4.00%, 02/01/36 (c) | | | 1,500 | | | | 1,531,052 | |
| 5.00%, 02/01/35 (c) | | | 1,950 | | | | 2,115,512 | |
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/31 (c) | | | 2,180 | | | | 2,314,723 | |
Virginia College Building Authority, Bidding Group 2, Series A (RB) 4.00%, 02/01/41 (c) | | | 1,000 | | | | 1,007,701 | |
| Virginia Commonwealth Transportation Board, Series A (RB) | | | | | | | | |
| 4.00%, 05/15/36 (c) | | | 1,000 | | | | 1,008,092 | |
| 4.00%, 05/15/31 (c) | | | 500 | | | | 505,824 | |
| 5.00%, 05/15/32 (c) | | | 800 | | | | 845,831 | |
| Virginia Public Building Authority, Series A (RB) | | | | | | | | |
| 3.00%, 08/01/32 (c) | | | 695 | | | | 667,306 | |
| 3.12%, 08/01/34 (c) | | | 1,050 | | | | 1,014,569 | |
| | | Par
(000’s | ) | | Value | |
| Virginia (continued) | | | | | | | | |
| 5.00%, 08/01/33 (c) | | $ | 1,000 | | | $ | 1,100,930 | |
| Virginia Public Building Authority, Series A-2 (RB) | | | | | | | | |
| 4.00%, 08/01/35 (c) | | | 1,000 | | | | 1,031,523 | |
| 4.00%, 08/01/37 (c) | | | 1,000 | | | | 1,021,566 | |
| | | | | | | | 28,229,264 | |
| Washington: 3.4% | | | | | | | | |
| City of Seattle, Municipal Light and Power Improvement, Series A (RB) | | | | | | | | |
| 4.00%, 07/01/37 (c) | | | 1,000 | | | | 1,018,732 | |
| 4.00%, 07/01/36 (c) | | | 1,000 | | | | 1,023,176 | |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | | | | | | | | |
| 5.00%, 07/01/33 (c) | | | 400 | | | | 418,541 | |
| 5.00%, 07/01/32 (c) | | | 695 | | | | 739,894 | |
| 5.00%, 07/01/33 (c) | | | 1,930 | | | | 2,116,130 | |
| 5.00%, 07/01/36 (c) | | | 1,000 | | | | 1,128,390 | |
| 5.00%, 07/01/35 (c) | | | 2,000 | | | | 2,264,516 | |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | | | | | | | | |
| 5.00%, 07/01/36 (c) | | | 1,000 | | | | 1,071,060 | |
| 5.00%, 07/01/38 (c) | | | 500 | | | | 534,083 | |
| 5.00%, 07/01/36 (c) | | | 2,605 | | | | 2,826,211 | |
Energy Northwest, Colombia Generating Station Electric, Series C (RB) 5.00%, 07/01/34 (c) | | | 1,000 | | | | 1,061,013 | |
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/37 (c) | | | 3,845 | | | | 3,757,607 | |
Franklin County, Pasco School District No. 1 (GO) (SBG) 5.00%, 12/01/38 (c) | | | 1,000 | | | | 1,122,392 | |
King County, School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/33 (c) | | | 880 | | | | 895,973 | |
| King County, School District No. 401 Highline (GO) (SBG) | | | | | | | | |
| 3.12%, 12/01/32 (c) | | | 690 | | | | 668,092 | |
| 5.00%, 12/01/30 (c) | | | 700 | | | | 728,732 | |
King County, School District No. 411 Issaquah (GO) (SBG) 4.00%, 12/01/31 (c) | | | 635 | | | | 639,799 | |
King County, School District No. 414 Lake Washington (GO) (SBG) 5.00%, 12/01/31 (c) | | | 980 | | | | 1,029,479 | |
King County, Washington Sewer, Series B (RB) 4.00%, 07/01/35 (c) | | | 1,000 | | | | 1,000,048 | |
| Kitsap County, School District No. 401 Central Kitsap (GO) (SBG) | | | | | | | | |
| 4.00%, 12/01/32 (c) | | | 1,425 | | | | 1,436,326 | |
| 4.00%, 12/01/34 (c) | | | 1,000 | | | | 1,005,313 | |
See Notes to Financial Statements
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Washington (continued) | | | | | | | | |
| 4.00%, 12/01/33 (c) | | $ | 1,250 | | | $ | 1,258,855 | |
Pierce County, School District No. 403 Bethel (GO) (SBG) 5.00%, 12/01/32 (c) | | | 500 | | | | 541,459 | |
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/31 (c) | | | 825 | | | | 848,631 | |
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/31 (c) | | | 1,000 | | | | 1,102,882 | |
State of Washington, Series A (GO) 5.00%, 08/01/33 (c) | | | 755 | | | | 775,070 | |
State of Washington, Series C (GO) 5.00%, 08/01/32 (c) | | | 880 | | | | 922,786 | |
State of Washington, Series D (GO) 5.00%, 08/01/31 (c) | | | 880 | | | | 926,112 | |
State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/34 (c) | | | 500 | | | | 523,100 | |
| State of Washington, Various Purpose, Series C (GO) | | | | | | | | |
| 5.00%, 02/01/40 (c) | | | 2,165 | | | | 2,259,554 | |
| 5.00%, 02/01/35 (c) | | | 2,175 | | | | 2,392,699 | |
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/40 (c) | | | 735 | | | | 757,833 | |
State of Washington, Various Purpose, Series R-C (GO) 5.00%, 08/01/34 (c) | | | 880 | | | | 920,184 | |
| Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) | | | | | | | | |
| 5.00%, 08/15/37 (c) | | | 2,000 | | | | 2,053,919 | |
| 5.00%, 08/15/36 (c) | | | 1,815 | | | | 1,866,995 | |
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/34 (c) | | | 1,820 | | | | 1,787,996 | |
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) 4.00%, 10/01/42 (p) | | | 1,595 | | | | 1,619,231 | |
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB) 5.00%, 10/01/38 (c) | | | 2,270 | | | | 2,270,303 | |
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 | | | 1,641 | | | | 1,545,489 | |
| | | Par
(000’s | ) | | Value | |
| Washington (continued) | | | | | | | | |
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/36 (c) | | $ | 1,050 | | | $ | 1,139,037 | |
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/39 (c) | | | 2,000 | | | | 2,181,862 | |
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/36 (c) | | | 1,000 | | | | 1,013,675 | |
| Washington State, Various Purpose, Series A (GO) | | | | | | | | |
| 5.00%, 08/01/38 (c) | | | 1,000 | | | | 1,081,212 | |
| 5.00%, 08/01/37 (c) | | | 1,250 | | | | 1,374,926 | |
| 5.00%, 08/01/38 (c) | | | 2,000 | | | | 2,243,443 | |
| Washington State, Various Purpose, Series C (GO) | | | | | | | | |
| 5.00%, 07/01/31 (c) | | | 1,575 | | | | 1,578,885 | |
| 5.00%, 02/01/35 (c) | | | 1,000 | | | | 1,053,248 | |
| 5.00%, 02/01/38 (c) | | | 1,145 | | | | 1,200,625 | |
| 5.00%, 02/01/39 (c) | | | 1,080 | | | | 1,143,460 | |
| 5.00%, 02/01/36 (c) | | | 1,000 | | | | 1,080,246 | |
| | | | | | | | 65,949,224 | |
| West Virginia: 0.2% | | | | | | | | |
| State of West Virginia, Series A (GO) | | | | | | | | |
| 5.00%, 06/01/36 (c) | | | 500 | | | | 533,302 | |
| 5.00%, 12/01/31 (c) | | | 1,000 | | | | 1,077,313 | |
State of West Virginia, Series B (GO) 5.00%, 12/01/30 (c) | | | 675 | | | | 718,498 | |
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/36 (c) | | | 1,320 | | | | 1,442,695 | |
| | | | | | | | 3,771,808 | |
| Wisconsin: 0.7% | | | | | | | | |
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/36 (c) | | | 350 | | | | 340,274 | |
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/41 (p) | | | 1,335 | | | | 1,355,281 | |
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/41 (c) | | | 500 | | | | 486,039 | |
State of Wisconsin (GO) 5.00%, 11/01/31 (c) | | | 450 | | | | 471,099 | |
| State of Wisconsin, Series A (GO) | | | | | | | | |
| 5.00%, 05/01/35 (c) | | | 890 | | | | 897,894 | |
| 5.00%, 05/01/36 (c) | | | 1,000 | | | | 1,120,080 | |
| 5.00%, 05/01/35 (c) | | | 1,000 | | | | 1,124,599 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Wisconsin (continued) | | | | | | | | |
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | | | | | | | | |
| 4.00%, 11/15/35 (c) | | $ | 1,500 | | | $ | 1,502,047 | |
| 4.00%, 11/15/39 (c) | | | 1,875 | | | | 1,813,330 | |
| 5.00%, 11/15/36 (c) | | | 1,000 | | | | 1,019,215 | |
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/31 (c) | | | 500 | | | | 503,395 | |
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 5.00%, 08/15/31 (c) | | | 2,000 | | | | 2,000,867 | |
| | | Par
(000’s | ) | | Value | |
| Wisconsin (continued) | | | | | | | | |
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.12%, 09/01/35 (c) | | $ | 1,000 | | | $ | 994,426 | |
| | | | | | | | 13,628,546 | |
| Wyoming: 0.2% | | | | | | | | |
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 07/15/39 (c) | | | 4,500 | | | | 4,133,859 | |
Total Municipal Bonds: 98.7%
(Cost: $1,967,781,695) | | | | | | | 1,908,890,884 | |
| Other assets less liabilities: 1.3% | | | | | | | 25,666,535 | |
| NET ASSETS: 100.0% | | | | | | $ | 1,934,557,419 | |
Definitions:
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
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 |
| ^ | Zero Coupon Bond |
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 * | | $ | — | | | $ | 1,908,890,884 | | | $ | — | | | $ | 1,908,890,884 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| MUNICIPAL BONDS: 98.2% | | | | | | | | |
| Alabama: 0.9% | | | | | | | | |
Alabama Corrections Institution Finance Authority, Series A (RB) 5.25%, 07/01/47 (c) | | $ | 1,000 | | | $ | 1,067,527 | |
City of Huntsville, Alabama Scholl, Series D (GO) 5.00%, 03/01/53 (c) | | | 1,000 | | | | 1,073,885 | |
County of Jefferson, Alabama Sewer Warrants (RB) 5.25%, 10/01/49 (c) | | | 1,000 | | | | 1,067,518 | |
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/46 | | | 1,550 | | | | 1,704,626 | |
| | | | | | | | 4,913,556 | |
| Arizona: 1.1% | | | | | | | | |
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/44 (c) | | | 500 | | | | 483,964 | |
| City of Phoenix Civic Improvement Corp., Series A (RB) | | | | | | | | |
4.00%, 07/01/44 (c) | | | 1,000 | | | | 977,881 | |
5.00%, 07/01/49 (c) | | | 1,000 | | | | 1,035,727 | |
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/44 (c) | | | 750 | | | | 798,663 | |
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/46 (c) | | | 750 | | | | 697,566 | |
| Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB) | | | | | | | | |
5.00%, 01/01/47 (c) | | | 1,000 | | | | 1,077,020 | |
5.00%, 01/01/50 (c) | | | 1,000 | | | | 1,071,523 | |
| | | | | | | | 6,142,344 | |
| Arkansas: 0.2% | | | | | | | | |
City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM) 4.25%, 08/01/53 (c) | | | 1,000 | | | | 981,956 | |
| California: 15.7% | | | | | | | | |
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/48 (c) | | | 995 | | | | 1,034,379 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/50 (c) | | $ | 1,000 | | | $ | 1,046,875 | |
Alameda County, Pleasanton United School District (GO) 4.00%, 08/01/52 (c) | | | 1,500 | | | | 1,501,570 | |
Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL) 5.00%, 10/01/45 (c) | | | 500 | | | | 506,274 | |
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c) | | | 850 | | | | 787,157 | |
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 5.25%, 12/01/44 (c) | | | 500 | | | | 540,005 | |
California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A (RB) 3.00%, 08/15/51 (c) | | | 1,000 | | | | 787,389 | |
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) 5.00%, 08/15/47 (c) | | | 1,000 | | | | 1,013,179 | |
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/49 (c) | | | 750 | | | | 758,990 | |
| California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) | | | | | | | | |
4.00%, 04/01/49 (c) | | | 1,930 | | | | 1,842,176 | |
4.00%, 04/01/49 (c) | | | 70 | | | | 74,783 | |
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) 5.00%, 12/01/45 (c) | | | 1,000 | | | | 1,094,843 | |
California Health Facilities Financing Authority, CommonSpririt Health, Series A (RB) 4.00%, 04/01/45 (c) | | | 1,000 | | | | 980,247 | |
| California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) | | | | | | | | |
4.00%, 11/01/44 (c) | | | 1,000 | | | | 991,074 | |
4.00%, 11/01/51 (c) | | | 1,000 | | | | 948,785 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/50 (c) | | $ | 750 | | | $ | 713,399 | |
California Health Facilities Financing Authority, Series A (RB) 4.00%, 03/01/43 (c) | | | 1,000 | | | | 945,860 | |
California Health Facilities Financing Authority, Series B (RB) 4.00%, 11/15/41 (c) | | | 1,000 | | | | 992,766 | |
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/47 (c) | | | 500 | | | | 520,031 | |
California Municipal Finance Authority, Series A (RB) 5.00%, 04/01/49 (c) | | | 750 | | | | 790,458 | |
| California State Public Works Board, May Lee Satet Office Complex, Series A (RB) | | | | | | | | |
5.00%, 04/01/49 (c) | | | 1,500 | | | | 1,634,051 | |
5.00%, 04/01/44 (c) | | | 1,045 | | | | 1,158,689 | |
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/46 (c) | | | 1,055 | | | | 1,028,892 | |
California Statewide Communities Development Authority, Series A (RB) 3.00%, 04/01/51 (c) | | | 1,000 | | | | 761,424 | |
Chabot-Las Positas Community College District, Series C (GO) 5.25%, 08/01/48 (c) | | | 1,000 | | | | 1,117,906 | |
Chaffey Joint Union High School District, Series C (GO) 5.25%, 08/01/47 (c) | | | 500 | | | | 516,999 | |
Chaffey Joint Union High School District, Series G (GO) 5.25%, 08/01/52 (c) | | | 1,000 | | | | 1,094,291 | |
Chino Valley Unified School District, Series B (GO) (SBG) 5.00%, 08/01/55 (c) | | | 620 | | | | 654,834 | |
City and County of San Francisco, Multiple Capital Improvement Project, Series R-1 (CP) 4.00%, 04/01/45 (c) | | | 1,000 | | | | 1,001,841 | |
City and County of San Francisco, Public Utilities Commission Water, Series D (RB) 3.00%, 11/01/50 (c) | | | 500 | | | | 400,009 | |
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/48 (c) | | | 750 | | | | 734,061 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
County of Bernardino, Raito Unified School District (GO) (BAM) 5.00%, 08/01/52 (c) | | $ | 1,000 | | | $ | 1,081,939 | |
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/45 (c) | | | 1,210 | | | | 1,200,027 | |
El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/45 (c) | | | 630 | | | | 630,392 | |
Foothill-Eastern Transportation Corridor Agency, Junior Lien Toll Road., Series C (RB) 4.00%, 01/15/43 (c) | | | 1,600 | | | | 1,578,702 | |
Fremont Union High School District, Series A (GO) 4.00%, 08/01/46 (c) | | | 500 | | | | 494,780 | |
Glendale Community College District, Series B (GO) 3.00%, 08/01/47 (c) | | | 325 | | | | 259,754 | |
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/43 (c) | | | 1,000 | | | | 1,001,296 | |
Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST) 5.00%, 09/01/43 (c) | | | 500 | | | | 555,574 | |
Los Angeles County, Public Works Financing Authority, Series H (RB) 5.25%, 12/01/41 (c) | | | 3,000 | | | | 3,488,095 | |
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/49 (c) | | | 800 | | | | 875,932 | |
Los Angeles Department of Water and Power, Series B (RB) 5.25%, 07/01/53 (c) | | | 500 | | | | 553,054 | |
| Los Angeles Department of Water and Power, Series D (RB) | | | | | | | | |
5.00%, 07/01/47 (c) | | | 500 | | | | 545,482 | |
5.00%, 07/01/52 (c) | | | 750 | | | | 811,859 | |
Los Angeles Department of Water and Power, Series E (RB) 5.00%, 07/01/53 (c) | | | 1,000 | | | | 1,089,392 | |
| Los Angeles Unified School District, Unlimited and Valorem Property Tax (GO) | | | | | | | | |
4.00%, 07/01/49 (c) | | | 750 | | | | 751,294 | |
5.25%, 07/01/47 (c) | | | 1,000 | | | | 1,113,603 | |
Metropolitan Water District of Southern California, Series A (RB) 5.00%, 04/01/53 (c) | | | 1,000 | | | | 1,088,722 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
5.00%, 04/01/48 (c) | | $ | 1,500 | | | $ | 1,643,050 | |
Miracosta Community College District, Series A (GO) 4.00%, 08/01/42 (c) | | | 530 | | | | 532,751 | |
Oakland Unified School District, Alameda County Election, Series A (GO) (BAM) 4.00%, 08/01/46 (c) | | | 1,000 | | | | 987,435 | |
Palo Alto Unified School District (GO) 3.25%, 08/01/42 (c) | | | 1,000 | | | | 935,890 | |
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/44 (c) | | | 1,015 | | | | 1,003,232 | |
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/53 (c) | | | 1,000 | | | | 990,559 | |
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/43 (c) | | | 570 | | | | 572,361 | |
Sacramento Area Flood Control Agency, Series A (SA) 5.00%, 10/01/47 (c) | | | 1,500 | | | | 1,536,012 | |
Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/49 (c) | | | 500 | | | | 488,281 | |
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/42 (c) | | | 610 | | | | 629,726 | |
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/44 (c) | | | 750 | | | | 792,206 | |
San Diego Public Facilities Financing Authority, Series A (RB) 5.25%, 08/01/48 (c) | | | 1,000 | | | | 1,119,495 | |
San Diego Unified School District, Series I (GO) 4.00%, 07/01/47 (c) | | | 595 | | | | 588,032 | |
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/49 (c) | | | 600 | | | | 478,599 | |
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/45 (c) | | | 610 | | | | 609,456 | |
| San Francisco City and County, International Airport, Series B (RB) | | | | | | | | |
4.00%, 05/01/52 (c) | | | 1,000 | | | | 967,355 | |
5.00%, 05/01/47 (c) | | | 700 | | | | 720,033 | |
5.00%, 05/01/52 (c) | | | 1,000 | | | | 1,070,847 | |
5.00%, 05/01/49 (c) | | | 500 | | | | 546,693 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/48 (c) | | $ | 885 | | | $ | 884,691 | |
San Mateo County Community College District, Series B (GO) 5.00%, 09/01/45 (c) | | | 820 | | | | 865,302 | |
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/44 (c) | | | 500 | | | | 502,437 | |
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/44 (c) | | | 1,000 | | | | 707,222 | |
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/53 (c) | | | 500 | | | | 552,304 | |
Southwestern Community College District, Series A (GO) 4.00%, 08/01/47 (c) | | | 750 | | | | 741,192 | |
| State of California, Various Purpose (GO) | | | | | | | | |
| 3.00%, 12/01/43 (c) | | | 400 | | | | 334,625 | |
| 3.62%, 10/01/47 (c) | | | 645 | | | | 584,819 | |
4.00%, 10/01/44 (c) | | | 500 | | | | 500,750 | |
5.00%, 10/01/48 (c) | | | 935 | | | | 975,372 | |
5.00%, 11/01/47 (c) | | | 515 | | | | 532,820 | |
5.00%, 09/01/48 (c) | | | 2,000 | | | | 2,203,177 | |
5.00%, 04/01/49 (c) | | | 1,000 | | | | 1,048,807 | |
5.00%, 10/01/42 (c) | | | 1,500 | | | | 1,670,719 | |
| 5.50%, 08/01/54 (c) | | | 600 | | | | 683,543 | |
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/46 (c) | | | 625 | | | | 670,598 | |
Sunnyvale Financing Authority, Civic Center Project (RB) (AGM) 4.00%, 04/01/45 (c) | | | 695 | | | | 695,115 | |
University of California, Series BK (RB) 5.00%, 05/15/52 (c) | | | 2,000 | | | | 2,151,761 | |
University of California, Series BN (RB) 5.00%, 05/15/42 (c) | | | 1,000 | | | | 1,122,331 | |
University of California, Series EE (RB) 5.00%, 05/15/43 (c) | | | 500 | | | | 539,441 | |
University of California, Series M (RB) 5.00%, 05/15/42 (c) | | | 1,950 | | | | 2,023,746 | |
University of California, Series O (RB) 5.00%, 05/15/58 (c) | | | 1,000 | | | | 1,040,088 | |
University of California, Series Q (RB) 5.00%, 05/15/46 (c) | | | 500 | | | | 539,211 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
Ventura Unified School District, Series A (GO) 4.00%, 08/01/52 (c) | | $ | 500 | | | $ | 495,722 | |
West Contra Costa Unified School District, Series B (GO) (BAM) 5.00%, 08/01/49 (c) | | | 1,000 | | | | 1,085,734 | |
| | | | | | | | 84,456,674 | |
| Colorado: 1.8% | | | | | | | | |
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/47 (c) | | | 1,050 | | | | 1,014,688 | |
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 12/01/41 (c) | | | 500 | | | | 503,834 | |
City of Colorado Springs, Utilities System, Series C (RB) 5.00%, 11/15/50 (c) | | | 600 | | | | 632,038 | |
City of Westminster. Colorado Water & Wastewater Utility Enterprise (RB) 5.00%, 12/01/54 (c) | | | 1,000 | | | | 1,070,390 | |
Colorado Bridge and Tunnel, Enterprise Infrastructure, Series A (RB) (AGM) 5.25%, 12/01/49 (c) | | | 500 | | | | 548,438 | |
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/43 (c) | | | 685 | | | | 672,839 | |
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB) 5.50%, 11/01/47 (c) | | | 1,000 | | | | 1,100,434 | |
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | | | | | | | | |
3.25%, 08/01/49 (c) | | | 500 | | | | 384,983 | |
4.00%, 08/01/49 (c) | | | 745 | | | | 684,002 | |
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/44 (c) | | | 500 | | | | 521,405 | |
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c) | | | 250 | | | | 250,004 | |
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 11/01/41 (c) | | | 850 | | | | 579,910 | |
Weld County School District No. 5J (GO) (SAW) 4.00%, 12/01/45 (c) | | | 1,000 | | | | 976,649 | |
Weld County School District No. 6 (GO) (SAW) 4.00%, 12/01/45 (c) | | | 800 | | | | 793,522 | |
| | | | | | | | 9,733,136 | |
| | | Par
(000’s | ) | | Value | |
| Connecticut: 0.4% | | | | | | | | |
| Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) | | | | | | | | |
| 4.60%, 11/15/49 (c) | | $ | 1,000 | | | $ | 1,006,753 | |
| 4.70%, 11/15/43 (c) | | | 500 | | | | 507,294 | |
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 12/01/45 (c) | | | 750 | | | | 756,004 | |
| | | | | | | | 2,270,051 | |
| Delaware: 0.1% | | | | | | | | |
State of Delaware, Series A (GO) 4.00%, 05/01/42 (c) | | | 500 | | | | 508,520 | |
| District of Columbia: 1.3% | | | | | | | | |
District of Columbia, Children’s Hospital (RB) 5.00%, 07/15/44 (c) | | | 500 | | | | 503,992 | |
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/45 (c) | | | 805 | | | | 792,167 | |
District of Columbia, Series A (RB) | | | | | | | | |
2.62%, 03/01/45 (c) | | | 575 | | | | 418,391 | |
5.00%, 07/01/48 (c) | | | 500 | | | | 504,596 | |
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM) 4.00%, 10/01/52 (c) | | | 1,000 | | | | 945,154 | |
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series B (RB) 4.00%, 10/01/49 (c) | | | 1,250 | | | | 1,153,606 | |
| Washington Metropolitan Area Transit Authority, Series A (RB) | | | | | | | | |
| 3.00%, 07/15/43 (c) | | | 750 | | | | 620,355 | |
4.00%, 07/15/46 (c) | | | 1,000 | | | | 976,281 | |
5.00%, 07/15/48 (c) | | | 1,000 | | | | 1,065,871 | |
| | | | | | | | 6,980,413 | |
| Florida: 4.4% | | | | | | | | |
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/52 (c) | | | 1,055 | | | | 1,101,666 | |
City of Cape Coral, Florida Water and Sewer (RB) (BAM) 5.25%, 10/01/53 (c) | | | 1,000 | | | | 1,102,519 | |
| City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) | | | | | | | | |
4.00%, 11/01/45 (c) | | | 1,000 | | | | 917,725 | |
5.00%, 11/01/50 (c) | | | 1,000 | | | | 1,020,129 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Florida (continued) | | | | | | | | |
City of Lakeland, Florida Hospital, Regional Health Systems (RB) 5.00%, 11/15/45 (c) | | $ | 1,000 | | | $ | 1,000,552 | |
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS) 5.00%, 10/01/47 (c) | | | 500 | | | | 542,943 | |
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c) | | | 500 | | | | 511,499 | |
| County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) | | | | | | | | |
4.00%, 09/01/47 (c) | | | 1,000 | | | | 962,743 | |
4.00%, 09/01/51 (c) | | | 1,010 | | | | 966,339 | |
County of Miami-Dade, Florida Seaport, Series A (RB) (AGM) 4.00%, 10/01/49 (c) | | | 2,000 | | | | 1,936,306 | |
County of Miami-Dade, Florida Water and Sewer System (RB) 4.00%, 10/01/48 (c) | | | 1,000 | | | | 981,787 | |
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/51 (c) | | | 500 | | | | 472,182 | |
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 05/15/53 (c) | | | 330 | | | | 274,862 | |
County of Saint Luce, School Board, Series A (CP) (AGM) 5.00%, 07/01/48 (c) | | | 1,000 | | | | 1,058,892 | |
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/50 (c) | | | 500 | | | | 526,212 | |
Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series A (RB) 4.00%, 12/01/50 (c) | | | 750 | | | | 707,574 | |
Florida Housing Finance Corp., Homeowner Mortgage (RB) 6.25%, 01/01/55 (c) | | | 1,000 | | | | 1,107,753 | |
Fort Pierce Utilities Authority, Series A (RB) (AGM) 4.00%, 10/01/52 (c) | | | 1,000 | | | | 965,572 | |
Halifax Hospital Medical Center (RB) 4.00%, 06/01/46 (c) | | | 525 | | | | 485,105 | |
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 08/01/51 (c) | | | 500 | | | | 307,963 | |
| | | Par
(000’s | ) | | Value | |
| Florida (continued) | | | | | | | | |
Hillsborough County, Industrial Development Authority Health System, Series C (RB) 5.50%, 11/15/54 (c) | | $ | 1,000 | | | $ | 1,119,612 | |
Jea Water and Sewer System, Series A (RB) 5.25%, 10/01/49 (c) | | | 1,000 | | | | 1,093,829 | |
Lee County Industrial Development Authority Healthcare Facilities, Shell Point Obligated Group Project. Series C (RB) 5.00%, 11/15/44 (c) | | | 1,000 | | | | 1,054,897 | |
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/48 (c) | | | 1,000 | | | | 1,015,365 | |
Orange County Health Facilities Authority, Series A (RB) 5.00%, 10/01/47 (c) | | | 1,000 | | | | 1,031,280 | |
Palm Beach County, Health Facilities Authority, Baptist Health (RB) (SBG) 3.00%, 08/15/44 (c) | | | 1,000 | | | | 817,758 | |
South Broward Hospital District, Series A (RB) 3.00%, 05/01/46 (c) | | | 750 | | | | 609,640 | |
| | | | | | | | 23,692,704 | |
| Georgia: 1.9% | | | | | | | | |
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/44 (c) | | | 660 | | | | 648,917 | |
County of Burke, Development Authority, Series D (RB) 4.12%, 11/01/45 (c) | | | 260 | | | | 241,957 | |
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/43 (c) | | | 500 | | | | 359,540 | |
Fayette County Development Authority, United States Soccer Federation, Inc. Project (RB) 5.25%, 10/01/54 (c) | | | 1,250 | | | | 1,330,601 | |
| Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | | | | | | | | |
4.00%, 02/15/42 (c) | | | 1,000 | | | | 980,900 | |
4.00%, 02/15/45 (c) | | | 1,295 | | | | 1,242,421 | |
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 3.35%, 12/01/41 (c) | | | 215 | | | | 190,471 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Georgia (continued) | | | | | | | | |
Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/51 (c) | | $ | 500 | | | $ | 386,302 | |
Macon Water Authority (RB) 5.00%, 10/01/54 (c) | | | 500 | | | | 539,791 | |
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49 | | | 990 | | | | 1,059,134 | |
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/47 (c) | | | 1,000 | | | | 800,951 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 01/01/49 (c) | | | 1,000 | | | | 1,020,777 | |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) 4.50%, 07/01/63 (c) | | | 500 | | | | 491,985 | |
| Municipal Electric Authority of Georgia, Series A (RB) | | | | | | | | |
5.00%, 01/01/63 (c) | | | 500 | | | | 507,512 | |
5.25%, 01/01/49 (c) | | | 500 | | | | 540,812 | |
| | | | | | | | 10,342,071 | |
| Hawaii: 0.3% | | | | | | | | |
City and County of Honolulu, Series C (GO) 4.00%, 08/01/43 (c) | | | 750 | | | | 749,859 | |
City and County of Honolulu, Wastewater System, Series A (RB) 5.25%, 07/01/54 (c) | | | 1,000 | | | | 1,100,302 | |
| | | | | | | | 1,850,161 | |
| Idaho: 0.2% | | | | | | | | |
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series A (RB) 5.00%, 03/01/44 (c) | | | 500 | | | | 500,004 | |
Idaho Housing and Finance Association, Single Family Mortgage, Series A (RB) 4.60%, 01/01/49 (c) | | | 745 | | | | 745,526 | |
| | | | | | | | 1,245,530 | |
| Illinois: 4.1% | | | | | | | | |
City of Chicago, Second Lien Water Project, Series A (RB) (AGM) 5.25%, 11/01/53 (c) | | | 500 | | | | 536,095 | |
| City of Chicago, Series A (GO) | | | | | | | | |
5.00%, 01/01/44 (c) | | | 1,000 | | | | 1,012,876 | |
5.00%, 01/01/45 (c) | | | 750 | | | | 767,631 | |
5.00%, 01/01/44 (c) | | | 750 | | | | 769,686 | |
| 5.50%, 01/01/43 (c) | | | 750 | | | | 779,628 | |
City of Chicago, Wastewater Transmission Project, Series A (RB) (AGM) 5.25%, 01/01/53 (c) | | | 500 | | | | 535,902 | |
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
| 5.50%, 01/01/62 (c) | | $ | 1,550 | | | $ | 1,709,392 | |
Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) 5.00%, 08/15/44 (c) | | | 1,000 | | | | 1,002,974 | |
Illinois Housing Development Authority, Series A (RB) 4.75%, 10/01/49 (c) | | | 500 | | | | 506,611 | |
Illinois Housing Development Authority, Series G (RB) 5.00%, 10/01/46 (c) | | | 1,000 | | | | 1,028,762 | |
Illinois Housing Development Authority, Series K (RB) (FNMA/GNMA/FHLMC COLL) 5.35%, 04/01/47 (c) | | | 1,000 | | | | 1,035,350 | |
| Illinois State Toll Highway Authority, Series A (RB) | | | | | | | | |
4.00%, 01/01/46 (c) | | | 1,000 | | | | 969,553 | |
4.00%, 01/01/44 (c) | | | 1,005 | | | | 982,630 | |
Illinois State Toll Highway Authority, Series E (RB) 5.25%, 10/01/52 (c) | | | 495 | | | | 518,349 | |
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | | | | | | | | |
4.00%, 12/15/47 (c) | | | 1,500 | | | | 1,393,843 | |
5.00%, 06/15/53 (c) | | | 735 | | | | 737,662 | |
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/46 (c) | | | 1,500 | | | | 1,441,854 | |
| Sales Tax Securitization Corp., Series A (RB) | | | | | | | | |
4.00%, 01/01/48 (c) | | | 1,000 | | | | 943,307 | |
4.00%, 01/01/48 (c) | | | 1,000 | | | | 919,475 | |
St Clair County Community Unit School District No 187 Cahokia (RB) (AGM) 5.00%, 01/01/54 (c) | | | 1,000 | | | | 1,041,075 | |
State of Illinois (GO) (AGC) 5.75%, 05/01/45 (c) | | | 750 | | | | 814,321 | |
State of Illinois, Series A (GO) 5.00%, 03/01/46 (c) | | | 1,250 | | | | 1,302,965 | |
State of Illinois, Series B (GO) 5.25%, 05/01/49 (c) | | | 500 | | | | 534,458 | |
State of Illinois, Series C (GO) 4.00%, 11/01/44 (c) | | | 900 | | | | 847,015 | |
| | | | | | | | 22,131,414 | |
| Indiana: 1.1% | | | | | | | | |
Fishers Town Hall Building Corp., Series A (RB) 5.62%, 07/15/48 (c) | | | 1,000 | | | | 1,140,411 | |
Indiana Finance Authority Health Facility, Hendricks Regional Health (RB) 5.25%, 03/01/54 (c) | | | 1,500 | | | | 1,590,005 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Indiana (continued) | | | | | | | | |
Indiana Housing and Community Development Authority, Single Family Mortgage, Series B-1 (RB) 4.75%, 07/01/49 (c) | | $ | 500 | | | $ | 502,030 | |
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/42 (c) | | | 1,000 | | | | 1,017,356 | |
| Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) | | | | | | | | |
5.00%, 02/01/54 (c) | | | 1,000 | | | | 1,036,206 | |
5.00%, 02/01/49 (c) | | | 500 | | | | 519,407 | |
| | | | | | | | 5,805,415 | |
| Iowa: 0.4% | | | | | | | | |
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/49 (c) | | | 530 | | | | 558,285 | |
| Iowa Finance Authority, Single Family Mortgage, Series C (RB) | | | | | | | | |
| 4.65%, 07/01/49 (c) | | | 1,000 | | | | 1,011,813 | |
| 4.85%, 07/01/43 (c) | | | 500 | | | | 509,879 | |
| | | | | | | | 2,079,977 | |
| Kentucky: 0.5% | | | | | | | | |
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/48 (c) | | | 1,225 | | | | 1,155,054 | |
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/41 (c) | | | 750 | | | | 735,400 | |
Kentucky State Property and Building Commission, Project No. 131, Series A (RB) 5.00%, 10/01/44 (c) | | | 500 | | | | 544,621 | |
| | | | | | | | 2,435,075 | |
| Louisiana: 0.7% | | | | | | | | |
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM) 4.00%, 12/01/49 (c) | | | 700 | | | | 647,649 | |
Louisiana Stadium and Exposition District, Series A (RB) 5.25%, 07/01/53 (c) | | | 1,500 | | | | 1,605,032 | |
State of Louisiana, Series A (GO) 4.00%, 04/01/43 (c) | | | 1,500 | | | | 1,502,169 | |
| | | | | | | | 3,754,850 | |
| Maine: 0.3% | | | | | | | | |
Maine Health and Higher Educational Facilities Authority, Northeastern University, Series B (RB) 5.25%, 10/01/54 (c) | | | 1,000 | | | | 1,089,738 | |
| | | Par
(000’s | ) | | Value | |
| Maine (continued) | | | | | | | | |
Maine Turnpike Authority (RB) 4.00%, 07/01/50 (c) | | $ | 750 | | | $ | 723,890 | |
| | | | | | | | 1,813,628 | |
| Maryland: 1.1% | | | | | | | | |
County of Baltimore, Metropolitan District (GO) 5.00%, 03/01/49 (c) | | | 1,000 | | | | 1,085,819 | |
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/51 (c) | | | 500 | | | | 441,867 | |
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/46 (c) | | | 500 | | | | 403,484 | |
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health (RB) 5.00%, 07/01/47 (c) | | | 1,000 | | | | 1,004,231 | |
Maryland Stadium Authority, Built to Learn, Series A (RB) 4.00%, 06/01/52 (c) | | | 1,000 | | | | 954,687 | |
Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/42 (c) | | | 1,000 | | | | 1,034,631 | |
Montgomery County, Trinity Health Credit Group, Series MD (RB) 5.00%, 12/01/44 (c) | | | 1,000 | | | | 1,002,871 | |
| | | | | | | | 5,927,590 | |
| Massachusetts: 3.7% | | | | | | | | |
Commonwealth of Massachusetts Transportation, Series A (RB) 3.00%, 06/01/50 (c) | | | 800 | | | | 616,372 | |
| Commonwealth of Massachusetts Transportation, Series B (RB) | | | | | | | | |
5.00%, 06/01/52 (c) | | | 2,000 | | | | 2,126,780 | |
5.00%, 06/01/54 (c) | | | 750 | | | | 804,952 | |
| Commonwealth of Massachusetts, Series A (GO) | | | | | | | | |
5.00%, 01/01/45 (c) | | | 1,000 | | | | 1,034,045 | |
5.00%, 01/01/49 (c) | | | 1,000 | | | | 1,038,028 | |
5.00%, 01/01/49 (c) | | | 500 | | | | 538,081 | |
5.00%, 04/01/42 (c) | | | 275 | | | | 282,983 | |
5.00%, 05/01/53 (c) | | | 1,000 | | | | 1,068,483 | |
| Commonwealth of Massachusetts, Series B (GO) | | | | | | | | |
| 2.12%, 04/01/51 (c) | | | 1,300 | | | | 800,967 | |
5.00%, 11/01/52 (c) | | | 1,190 | | | | 1,268,998 | |
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/48 (c) | | | 360 | | | | 285,733 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Massachusetts (continued) | | | | | | | | |
| Commonwealth of Massachusetts, Series D (GO) | | | | | | | | |
5.00%, 10/01/53 (c) | | $ | 1,000 | | | $ | 1,071,244 | |
5.00%, 07/01/45 (c) | | | 750 | | | | 793,653 | |
| Commonwealth of Massachusetts, Series E (GO) | | | | | | | | |
5.00%, 11/01/50 (c) | | | 1,000 | | | | 1,052,583 | |
5.00%, 11/01/45 (c) | | | 605 | | | | 642,092 | |
| Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB) | | | | | | | | |
4.00%, 07/01/51 (c) | | | 800 | | | | 767,837 | |
4.00%, 07/01/53 (c) | | | 1,000 | | | | 955,547 | |
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/53 (c) | | | 500 | | | | 507,819 | |
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series D (RB) 5.00%, 07/01/44 (c) | | | 500 | | | | 500,858 | |
Massachusetts Development Finance Agency, Boston Medical Center Issue, Series G (RB) 5.25%, 07/01/52 (c) | | | 1,000 | | | | 1,070,210 | |
Massachusetts Development Finance Agency, Boston University, Series FF (RB) 5.00%, 10/01/48 (c) | | | 1,105 | | | | 1,193,858 | |
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/44 (c) | | | 305 | | | | 321,495 | |
| Massachusetts School Building Authority, Sales Tax, Series A (RB) | | | | | | | | |
5.00%, 02/15/44 (c) | | | 555 | | | | 584,342 | |
5.00%, 08/15/50 (c) | | | 750 | | | | 793,719 | |
| | | | | | | | 20,120,679 | |
| Michigan: 2.0% | | | | | | | | |
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/46 (c) | | | 390 | | | | 395,559 | |
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/46 (c) | | | 570 | | | | 579,782 | |
Lansing Board of Water and Light, Michigan Utility System, Series A (RB) 5.00%, 07/01/49 (c) | | | 1,000 | | | | 1,072,939 | |
Michigan Finance Authority, Beaumont Health, Series A (RB) 5.00%, 11/01/44 (c) | | | 1,000 | | | | 1,005,656 | |
| | | Par
(000’s | ) | | Value | |
| Michigan (continued) | | | | | | | | |
Michigan Finance Authority, McLaren Health Care, System A (RB) 4.00%, 02/15/47 (c) | | $ | 1,000 | | | $ | 923,865 | |
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/42 (c) | | | 500 | | | | 513,220 | |
Michigan Finance Authority, Wayne Criminal (RB) (BAM-TCRS) 4.00%, 11/01/48 (c) | | | 1,000 | | | | 959,390 | |
Michigan State Building Authority, Facilities Program, Series I (RB) 5.00%, 10/15/50 (c) | | | 500 | | | | 503,536 | |
| Michigan State Housing Development Authority, Rental Housing, Series A (RB) | | | | | | | | |
| 3.35%, 10/01/49 (c) | | | 500 | | | | 417,273 | |
| 3.60%, 10/01/60 (c) | | | 1,000 | | | | 820,383 | |
| 4.88%, 10/01/43 (c) | | | 1,000 | | | | 1,018,818 | |
Minneapolis-St Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 02/15/48 (c) | | | 765 | | | | 791,899 | |
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/46 (c) | | | 1,000 | | | | 1,085,391 | |
State of Michigan, Trunk Line Fund, Series A (RB) 4.00%, 11/15/46 (c) | | | 620 | | | | 610,879 | |
| | | | | | | | 10,698,590 | |
| Minnesota: 0.8% | | | | | | | | |
Duluth Economic Development Authority, Minnesota Health Facilities, Series A (RB) 5.25%, 02/15/58 (c) | | | 1,000 | | | | 1,020,212 | |
Minneapolis-St Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/52 (c) | | | 1,000 | | | | 1,064,103 | |
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/51 (c) | | | 530 | | | | 352,563 | |
| Minnesota Housing Finance Agency Residential Housing, Series I (RB) | | | | | | | | |
| 2.15%, 07/01/45 (c) | | | 890 | | | | 578,636 | |
| 3.00%, 01/01/51 (c) | | | 360 | | | | 353,600 | |
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 07/01/45 (c) | | | 500 | | | | 516,616 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Minnesota (continued) | | | | | | | | |
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/43 (c) | | $ | 500 | | | $ | 509,470 | |
| | | | | | | | 4,395,200 | |
| Mississippi: 0.2% | | | | | | | | |
Mississippi Home Corp., Single Family Mortgage, Series C (RB) 4.85%, 12/01/54 (c) | | | 1,000 | | | | 1,011,257 | |
| Missouri: 0.6% | | | | | | | | |
| County of Jackson, Series A (RB) | | | | | | | | |
| 4.25%, 12/01/53 (c) | | | 1,000 | | | | 975,365 | |
| 4.38%, 12/01/58 (c) | | | 1,000 | | | | 990,578 | |
Missouri Housing Development Commission, Single Family Mortgage, Series G (RB) 4.35%, 11/01/44 (c) | | | 500 | | | | 496,335 | |
Missouri State, Health & Educational Facilities Authority, Mercy Health, Series F (RB) 5.00%, 11/15/45 (c) | | | 1,000 | | | | 1,000,101 | |
| | | | | | | | 3,462,379 | |
| Nebraska: 0.5% | | | | | | | | |
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/42 | | | 500 | | | | 549,083 | |
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/50 (c) | | | 550 | | | | 531,041 | |
Nebraska Investment Finance Authority, Single Family Housing, Series E (RB) 4.80%, 09/01/53 (c) | | | 500 | | | | 504,060 | |
| University of Nebraska Facilities Corp., Series A (RB) | | | | | | | | |
4.00%, 07/15/59 (c) | | | 750 | | | | 724,200 | |
4.00%, 07/15/62 (c) | | | 500 | | | | 480,343 | |
| | | | | | | | 2,788,727 | |
| Nevada: 0.5% | | | | | | | | |
City of Carson, Nevada Hospital, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/42 (c) | | | 390 | | | | 395,812 | |
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/50 (c) | | | 675 | | | | 650,589 | |
County of Clarke, School District, Limited Tax, Series A (GO) 4.00%, 06/15/42 (c) | | | 500 | | | | 487,344 | |
Las Vegas Convention and Visitors Authority, Series B (RB) 4.00%, 07/01/49 (c) | | | 1,000 | | | | 937,265 | |
| | | | | | | | 2,471,010 | |
| | | Par
(000’s | ) | | Value | |
| New Hampshire: 0.3% | | | | | | | | |
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/46 (c) | | $ | 1,975 | | | $ | 1,605,383 | |
| New Jersey: 3.0% | | | | | | | | |
New Jersey Economic Development Authority School Facilities, Series FFF (RB) 4.62%, 06/15/48 (c) | | | 1,000 | | | | 1,007,475 | |
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series B (RB) 5.25%, 03/01/54 (c) | | | 1,500 | | | | 1,672,152 | |
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/51 (c) | | | 490 | | | | 313,353 | |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 10/01/53 (c) | | | 500 | | | | 502,766 | |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series K (RB) 4.55%, 10/01/44 (c) | | | 1,000 | | | | 1,004,884 | |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | | | | | | | | |
4.00%, 06/15/45 (c) | | | 1,500 | | | | 1,454,080 | |
| 4.50%, 06/15/49 (c) | | | 910 | | | | 914,907 | |
| New Jersey Transportation Trust Fund Authority, Series BB (RB) | | | | | | | | |
| 3.50%, 06/15/46 (c) | | | 365 | | | | 324,743 | |
4.00%, 06/15/44 (c) | | | 1,000 | | | | 962,409 | |
5.00%, 06/15/46 (c) | | | 1,000 | | | | 1,068,571 | |
5.25%, 06/15/50 (c) | | | 1,000 | | | | 1,088,034 | |
| New Jersey Turnpike Authority, Series A (RB) | | | | | | | | |
4.00%, 01/01/48 (c) | | | 1,000 | | | | 972,694 | |
4.00%, 01/01/51 (c) | | | 1,000 | | | | 975,100 | |
New Jersey Turnpike Authority, Series B (RB) 5.25%, 01/01/49 (c) | | | 1,500 | | | | 1,666,139 | |
New Jersey Turnpike Authority, Series E (RB) 5.00%, 01/01/45 (c) | | | 955 | | | | 957,033 | |
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/45 (c) | | | 500 | | | | 517,642 | |
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/46 (c) | | | 500 | | | | 509,495 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New Jersey (continued) | | | | | | | | |
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/46 (c) | | $ | 435 | | | $ | 436,370 | |
| | | | | | | | 16,347,847 | |
| New Mexico: 0.1% | | | | | | | | |
New Mexico Mortgage Finance Authority, Single Family Mortgage, Series F (RB) 3.05%, 07/01/44 (c) | | | 290 | | | | 241,976 | |
| New York: 20.8% | | | | | | | | |
Battery Park City Authority, Series A (RB) 4.00%, 11/01/44 (c) | | | 1,000 | | | | 981,667 | |
City of New York, Series A (GO) 4.00%, 08/01/50 (c) | | | 1,000 | | | | 967,833 | |
City of New York, Series C (GO) 5.25%, 09/01/50 (c) | | | 1,000 | | | | 1,095,175 | |
| City of New York, Series D (GO) (BAM) | | | | | | | | |
4.00%, 03/01/50 (c) | | | 1,000 | | | | 968,131 | |
5.00%, 03/01/43 (c) | | | 750 | | | | 792,147 | |
City of New York, Series F (GO) 5.00%, 03/01/50 (c) | | | 1,000 | | | | 1,051,100 | |
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/50 (c) | | | 900 | | | | 864,574 | |
Dutchess County Local Development Corp., Bard College Project, Series A (RB) 5.00%, 07/01/51 (c) | | | 1,000 | | | | 1,012,563 | |
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/42 (c) | | | 645 | | | | 662,616 | |
Hudson Yards Infrastructure Corp., Series A (RB) (AGM) 4.00%, 02/15/47 (c) | | | 1,000 | | | | 955,069 | |
Long Island Power Authority Electric System (RB) 5.00%, 09/01/42 (c) | | | 1,000 | | | | 1,035,126 | |
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 09/01/45 (c) | | | 1,000 | | | | 1,007,131 | |
| Metropolitan Transportation Authority, Series A (RB) | | | | | | | | |
4.00%, 11/15/51 (c) | | | 1,000 | | | | 960,651 | |
5.00%, 11/15/44 (c) | | | 1,000 | | | | 1,070,119 | |
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/44 (c) | | | 715 | | | | 744,659 | |
| Metropolitan Transportation Authority, Series A-1 (RB) | | | | | | | | |
4.00%, 11/15/43 (c) | | | 400 | | | | 376,521 | |
4.00%, 11/15/49 (c) | | | 1,000 | | | | 950,558 | |
5.00%, 11/15/45 (c) | | | 590 | | | | 592,368 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/51 (c) | | $ | 500 | | | $ | 508,506 | |
| Metropolitan Transportation Authority, Series C-1 (RB) | | | | | | | | |
| 4.75%, 11/15/45 (c) | | | 1,000 | | | | 1,028,176 | |
5.25%, 11/15/56 (c) | | | 1,050 | | | | 1,061,488 | |
| Metropolitan Transportation Authority, Series D (RB) | | | | | | | | |
4.00%, 11/15/42 (c) | | | 1,245 | | | | 1,191,623 | |
4.00%, 11/15/46 (c) | | | 250 | | | | 237,282 | |
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/46 (c) | | | 650 | | | | 596,155 | |
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/56 (c) | | | 1,000 | | | | 1,000,075 | |
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/49 (c) | | | 500 | | | | 490,846 | |
New York City Housing Development Corp., Housing Impact, Series A (RB) 4.80%, 02/01/53 (c) | | | 500 | | | | 501,079 | |
| New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) | | | | | | | | |
| 4.75%, 11/01/54 (c) | | | 1,000 | | | | 1,008,248 | |
| 4.85%, 11/01/53 (c) | | | 1,500 | | | | 1,512,552 | |
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 11/01/41 (c) | | | 800 | | | | 584,016 | |
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 4.85%, 11/01/53 (c) | | | 750 | | | | 756,643 | |
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 11/01/49 (c) | | | 555 | | | | 440,576 | |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) | | | | | | | | |
4.00%, 06/15/50 (c) | | | 1,000 | | | | 972,910 | |
5.00%, 06/15/48 (c) | | | 850 | | | | 897,470 | |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) | | | | | | | | |
4.00%, 06/15/45 (c) | | | 2,000 | | | | 1,968,253 | |
5.00%, 06/15/49 (c) | | | 1,000 | | | | 1,049,226 | |
5.00%, 06/15/44 (c) | | | 955 | | | | 1,023,641 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) | | | | | | | | |
| 3.75%, 06/15/47 (c) | | $ | 710 | | | $ | 637,207 | |
| 4.00%, 06/15/45 (c) | | | 1,500 | | | | 1,435,640 | |
| 5.00%, 06/15/52 (c) | | | 1,000 | | | | 1,057,063 | |
| 5.25%, 06/15/54 (c) | | | 1,500 | | | | 1,644,871 | |
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA 542(C)) 5.00%, 06/15/51 (c) | | | 500 | | | | 526,723 | |
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/47 (c) | | | 1,000 | | | | 986,364 | |
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/45 (c) | | | 1,000 | | | | 1,072,075 | |
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/49 (c) | | | 350 | | | | 272,867 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | | | | | | | | |
| 4.38%, 05/01/53 (c) | | | 1,500 | | | | 1,514,382 | |
| 5.25%, 05/01/50 (c) | | | 1,000 | | | | 1,088,544 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | | | | | | | | |
| 3.00%, 11/01/47 (c) | | | 1,930 | | | | 1,548,972 | |
| 4.00%, 08/01/42 (c) | | | 1,500 | | | | 1,496,591 | |
| 4.00%, 08/01/45 (c) | | | 1,000 | | | | 983,528 | |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.25%, 05/01/48 (c) | | | 1,000 | | | | 1,092,744 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | | | | | | | | |
| 4.00%, 05/01/44 (c) | | | 1,000 | | | | 988,657 | |
| 4.00%, 11/01/42 (c) | | | 1,120 | | | | 1,107,048 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) | | | | | | | | |
| 5.00%, 05/01/49 (c) | | | 1,085 | | | | 1,166,418 | |
| 5.00%, 05/01/50 (c) | | | 1,200 | | | | 1,289,362 | |
| 5.25%, 05/01/48 (c) | | | 750 | | | | 825,861 | |
| 5.50%, 05/01/52 (c) | | | 2,000 | | | | 2,241,537 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/47 (c) | | $ | 500 | | | $ | 488,995 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | | | | | | | | |
| 2.25%, 02/01/51 (c) | | | 650 | | | | 390,128 | |
| 4.00%, 02/01/44 (c) | | | 1,000 | | | | 978,302 | |
| 5.00%, 02/01/43 (c) | | | 1,000 | | | | 1,024,411 | |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) | | | | | | | | |
| 4.00%, 02/01/51 (c) | | | 1,000 | | | | 973,388 | |
| 5.25%, 02/01/47 (c) | | | 1,000 | | | | 1,088,446 | |
New York City Water and Sewer System, Series BB (RB) 4.00%, 06/15/50 (c) | | | 640 | | | | 622,662 | |
New York City, Series D (GO) 4.00%, 04/01/50 (c) | | | 1,000 | | | | 968,090 | |
New York City, Series D-1 (GO) 5.00%, 12/01/43 (c) | | | 1,000 | | | | 1,045,572 | |
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/43 (c) | | | 620 | | | | 606,034 | |
New York Liberty Development Corp., 4 World Trade Center Project, Series A (RB) (BAM-TCRS) 3.00%, 11/15/51 (c) | | | 2,125 | | | | 1,629,928 | |
New York Liberty Development Corp., 7 World Trade Center Project, Series A (RB) 3.00%, 09/15/43 (c) | | | 1,495 | | | | 1,243,393 | |
| New York State Dormitory Authority, New School, Series A (RB) | | | | | | | | |
| 4.00%, 07/01/43 (c) | | | 475 | | | | 464,375 | |
| 5.00%, 07/01/46 (c) | | | 420 | | | | 426,579 | |
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/49 (c) | | | 1,000 | | | | 1,048,939 | |
| New York State Dormitory Authority, Northwell Health, Series A (RB) | | | | | | | | |
| 5.00%, 05/01/52 (c) | | | 1,300 | | | | 1,366,550 | |
| 5.25%, 05/01/54 (c) | | | 1,000 | | | | 1,082,422 | |
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) | | | | | | | | |
| 3.00%, 03/15/42 (c) | | | 500 | | | | 426,752 | |
| 5.00%, 03/15/49 (c) | | | 500 | | | | 525,884 | |
| 5.25%, 03/15/52 (c) | | | 800 | | | | 872,821 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| New York State Dormitory Authority, Personal Income Tax, Series B (RB) | | | | | | | | |
| 5.00%, 02/15/44 (c) | | $ | 730 | | | $ | 731,904 | |
| 5.00%, 02/15/42 (c) | | | 1,500 | | | | 1,546,172 | |
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/48 (c) | | | 550 | | | | 521,088 | |
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | | | | | | | | |
| 4.00%, 03/15/47 (c) | | | 800 | | | | 776,280 | |
| 4.00%, 03/15/49 (c) | | | 1,000 | | | | 972,857 | |
| 5.00%, 03/15/45 (c) | | | 1,000 | | | | 1,033,888 | |
| 5.00%, 03/15/49 (c) | | | 1,000 | | | | 1,076,739 | |
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/48 (c) | | | 500 | | | | 517,348 | |
New York State Dormitory Authority, White Plants Hospital (RB) (AGC) 5.50%, 10/01/54 (c) | | | 2,250 | | | | 2,477,753 | |
New York State Mortgage Agency, Homeowner Mortgage (RB) 4.90%, 10/01/53 (c) | | | 1,350 | | | | 1,360,789 | |
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 04/01/50 (c) | | | 330 | | | | 218,135 | |
New York State Power Authority, Series A (RB) 4.00%, 11/15/50 (c) | | | 500 | | | | 486,899 | |
New York State Thruway Authority, Junior Indebtedness, Series B (RB) 4.00%, 01/01/45 (c) | | | 1,440 | | | | 1,391,690 | |
New York State Thruway Authority, Personal Income Tax, Series A (RB) 4.00%, 03/15/55 (c) | | | 500 | | | | 477,238 | |
New York State Thruway Authority, Series P (RB) 5.25%, 01/01/54 (c) | | | 1,000 | | | | 1,089,218 | |
New York State Urban Development Corp., Personal Income Tax (RB) 5.00%, 03/15/63 (c) | | | 2,000 | | | | 2,116,083 | |
| New York State Urban Development Corp., Personal Income Tax, Series A (RB) | | | | | | | | |
| 4.00%, 03/15/53 (c) | | | 1,000 | | | | 964,635 | |
| 5.00%, 03/15/43 (c) | | | 500 | | | | 521,785 | |
New York State Urban Development Corp., Personal Income Tax, Series C (RB) 3.00%, 03/15/48 (c) | | | 550 | | | | 440,740 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| 5.00%, 03/15/47 (c) | | $ | 2,000 | | | $ | 2,102,658 | |
New York State Urban Development Corp., Personal Income Tax, Series E (RB) 3.00%, 03/15/49 (c) | | | 1,735 | | | | 1,378,737 | |
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 03/15/50 (c) | | | 1,000 | | | | 786,279 | |
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/48 (c) | | | 820 | | | | 856,620 | |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | | | | | | | | |
| 4.00%, 12/01/41 (c) | | | 2,480 | | | | 2,397,486 | |
| 4.00%, 12/01/42 (c) | | | 925 | | | | 890,199 | |
Port Authority of New York & New Jersey (RB) 5.00%, 09/01/49 (c) | | | 1,000 | | | | 1,079,855 | |
| Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB) | | | | | | | | |
| 4.00%, 05/15/57 (c) | | | 840 | | | | 810,529 | |
| 4.25%, 05/15/58 (c) | | | 1,000 | | | | 1,000,081 | |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) | | | | | | | | |
| 5.00%, 05/15/56 (c) | | | 500 | | | | 514,698 | |
| 5.25%, 11/15/53 (c) | | | 750 | | | | 816,356 | |
| 5.25%, 05/15/54 (c) | | | 2,000 | | | | 2,181,913 | |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) | | | | | | | | |
| 4.00%, 05/15/51 (c) | | | 750 | | | | 729,680 | |
| 5.00%, 05/15/51 (c) | | | 1,000 | | | | 1,057,684 | |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 05/15/47 (c) | | | 500 | | | | 515,422 | |
| Triborough Bridge and Tunnel Authority, Series A (RB) | | | | | | | | |
| 5.00%, 11/15/49 (c) | | | 1,000 | | | | 1,049,951 | |
| 5.00%, 11/15/54 (c) | | | 750 | | | | 785,828 | |
| 5.00%, 11/15/51 (c) | | | 1,000 | | | | 1,052,716 | |
| | | | | | | | 111,894,831 | |
| North Carolina: 1.4% | | | | | | | | |
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/42 (c) | | | 500 | | | | 512,411 | |
North Carolina Housing Finance Agency, Home Ownership, Series A (RB) 4.38%, 07/01/44 (c) | | | 1,000 | | | | 996,881 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| North Carolina (continued) | | | | | | | | |
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 4.00%, 11/01/49 (c) | | $ | 1,000 | | | $ | 954,509 | |
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | | | | | | | | |
| 5.00%, 01/01/49 (c) | | | 750 | | | | 772,343 | |
| 5.00%, 01/01/44 (c) | | | 500 | | | | 518,953 | |
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/58 (c) | | | 3,350 | | | | 3,523,676 | |
| | | | | | | | 7,278,773 | |
| North Dakota: 0.2% | | | | | | | | |
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/47 (c) | | | 1,000 | | | | 1,017,115 | |
| Ohio: 2.1% | | | | | | | | |
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 4.00%, 06/01/48 (c) | | | 1,000 | | | | 897,403 | |
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 5.00%, 11/01/43 (c) | | | 600 | | | | 600,404 | |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | | | | | | | | |
| 5.00%, 02/15/42 (c) | | | 1,000 | | | | 1,012,185 | |
| 5.00%, 02/15/57 (c) | | | 1,000 | | | | 1,004,459 | |
| 5.25%, 02/15/47 (c) | | | 1,000 | | | | 1,016,300 | |
| 5.50%, 02/15/57 (c) | | | 1,000 | | | | 1,018,426 | |
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48 | | | 1,000 | | | | 1,121,600 | |
County of Franklin, Ohio Various Purpose Sales Tax (RB) 5.00%, 06/01/48 (c) | | | 1,075 | | | | 1,114,207 | |
County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/46 (c) | | | 250 | | | | 247,727 | |
County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB) 5.00%, 08/15/42 (c) | | | 1,000 | | | | 1,019,997 | |
Ohio State University, Series A (RB) 4.00%, 12/01/48 (c) | | | 1,000 | | | | 982,724 | |
| | | Par
(000’s | ) | | Value | |
| Ohio (continued) | | | | | | | | |
Ohio Water Development Authority Water Pollution Control Loan Fund (RB) 5.00%, 12/01/44 (c) | | $ | 750 | | | $ | 829,714 | |
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series B (RB) 5.00%, 12/01/53 (c) | | | 500 | | | | 523,567 | |
| | | | | | | | 11,388,713 | |
| Oklahoma: 0.4% | | | | | | | | |
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/48 (c) | | | 700 | | | | 678,864 | |
Oklahoma Water Resources Board, Series C (RB) 4.00%, 10/01/49 (c) | | | 750 | | | | 723,717 | |
University of Oklahoma, Series A (RB) (BAM) 5.00%, 07/01/49 (c) | | | 835 | | | | 896,511 | |
| | | | | | | | 2,299,092 | |
| Oregon: 0.8% | | | | | | | | |
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/42 (c) | | | 500 | | | | 548,136 | |
Clackamas County, Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/43 (c) | | | 500 | | | | 497,245 | |
| Multnomah County School District No. 1J, Series B (GO) (SBG) | | | | | | | | |
| 2.00%, 06/15/42 (c) | | | 550 | | | | 365,839 | |
| 3.25%, 06/15/42 (c) | | | 295 | | | | 260,323 | |
Oregon Health and Science University, Series A (RB) 4.00%, 07/01/51 (c) | | | 1,000 | | | | 960,196 | |
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/44 (c) | | | 935 | | | | 770,910 | |
University of Oregon, Series A (RB) 5.00%, 04/01/50 (c) | | | 1,000 | | | | 1,043,419 | |
| | | | | | | | 4,446,068 | |
| Pennsylvania: 4.4% | | | | | | | | |
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/50 (c) | | | 645 | | | | 607,825 | |
City of Philadelphia, Pennsylvania Gas Works (RB) 5.00%, 08/01/47 (c) | | | 805 | | | | 823,244 | |
| City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) | | | | | | | | |
| 5.00%, 10/01/52 (c) | | | 500 | | | | 510,021 | |
| 5.00%, 10/01/47 (c) | | | 500 | | | | 511,331 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Pennsylvania (continued) | | | | | | | | |
| City of Philadelphia, Pennsylvania Water & Wastewater, Series C (RB) (AGC) | | | | | | | | |
| 5.25%, 09/01/49 (c) | | $ | 500 | | | $ | 545,808 | |
| 5.25%, 09/01/54 (c) | | | 500 | | | | 542,393 | |
Commonwealth of Pennsylvania (GO) 4.00%, 08/15/43 (c) | | | 1,000 | | | | 992,734 | |
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 07/01/46 (c) | | | 1,170 | | | | 1,113,469 | |
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/50 (c) | | | 1,000 | | | | 1,034,089 | |
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/51 (c) | | | 1,000 | | | | 1,030,592 | |
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB) 5.25%, 07/01/46 (c) | | | 1,000 | | | | 1,062,770 | |
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B (RB) (AGC) 4.25%, 11/01/48 (c) | | | 1,000 | | | | 976,459 | |
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) | | | | | | | | |
| 4.75%, 04/01/53 (c) | | | 1,000 | | | | 1,003,567 | |
| 4.80%, 10/01/51 (c) | | | 1,000 | | | | 1,001,111 | |
| 4.85%, 10/01/43 (c) | | | 500 | | | | 509,918 | |
| 5.00%, 10/01/43 (c) | | | 1,000 | | | | 1,029,713 | |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 10/01/42 (c) | | | 260 | | | | 240,504 | |
Pennsylvania State University (RB) 5.25%, 09/01/53 (c) | | | 1,000 | | | | 1,088,308 | |
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/48 (c) | | | 290 | | | | 300,887 | |
| Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (BAM) | | | | | | | | |
| 3.00%, 12/01/51 (c) | | | 1,000 | | | | 775,072 | |
| 4.00%, 12/01/51 (c) | | | 1,000 | | | | 945,519 | |
Pennsylvania Turnpike Commission, Series A (RB) 5.00%, 12/01/44 (c) | | | 1,000 | | | | 1,001,178 | |
| | | Par
(000’s | ) | | Value | |
| Pennsylvania (continued) | | | | | | | | |
Pennsylvania Turnpike Commission, Series A (RB) (AGM) 4.00%, 12/01/49 (c) | | $ | 1,045 | | | $ | 1,009,719 | |
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/47 (c) | | | 900 | | | | 923,959 | |
| Pennsylvania Turnpike Commission, Series B (RB) | | | | | | | | |
| 4.00%, 12/01/46 (c) | | | 1,000 | | | | 963,890 | |
| 5.00%, 12/01/45 (c) | | | 800 | | | | 848,600 | |
Pennsylvania Turnpike Commission, Series C (RB) 5.00%, 12/01/49 (c) | | | 750 | | | | 813,090 | |
Philadelphia Authority for Industrial Development, Children’s Hospital Project (RB) 5.50%, 07/01/53 (c) | | | 500 | | | | 555,372 | |
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/46 (c) | | | 1,105 | | | | 1,081,204 | |
| | | | | | | | 23,842,346 | |
| Rhode Island: 0.3% | | | | | | | | |
Providence Public Building Authority, Capital Improvement Program Projects, Series A (RB) (AGC) 5.25%, 09/15/44 (c) | | | 750 | | | | 816,203 | |
State of Rhode Island, Series A (GO) 4.12%, 08/01/42 (c) | | | 600 | | | | 609,322 | |
| | | | | | | | 1,425,525 | |
| South Carolina: 1.6% | | | | | | | | |
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 12/01/44 (c) | | | 855 | | | | 826,598 | |
| South Carolina Jobs-Economic Development Authority, Novant Health, Series A (RB) | | | | | | | | |
| 4.25%, 11/01/47 (c) | | | 750 | | | | 737,092 | |
| 4.50%, 11/01/54 (c) | | | 1,000 | | | | 996,940 | |
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/48 (c) | | | 1,000 | | | | 1,014,059 | |
| South Carolina Public Service Authority, Santee Cooper, Series A (RB) | | | | | | | | |
| 4.00%, 12/01/52 (c) | | | 500 | | | | 454,190 | |
| 5.25%, 12/01/49 (c) | | | 1,000 | | | | 1,081,395 | |
South Carolina Public Service Authority, Santee Cooper, Series B (RB) 5.00%, 12/01/49 (c) | | | 1,000 | | | | 1,056,860 | |
South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/55 (c) | | | 1,500 | | | | 1,510,307 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| South Carolina (continued) | | | | | | | | |
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/46 (c) | | $ | 820 | | | $ | 869,240 | |
| | | | | | | | 8,546,681 | |
| South Dakota: 0.2% | | | | | | | | |
South Dakota Housing Development Authority, Homeownership Mortgage, Series C (RB) 6.25%, 11/01/55 (c) | | | 1,000 | | | | 1,122,455 | |
| Tennessee: 1.0% | | | | | | | | |
Chattanooga Health Educational & Housing Facility Board (RB) 5.25%, 12/01/49 (c) | | | 1,000 | | | | 1,074,550 | |
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) | | | | | | | | |
| 5.00%, 10/01/49 (c) | | | 500 | | | | 542,772 | |
| 5.00%, 07/01/46 (c) | | | 1,500 | | | | 1,514,872 | |
Tennessee Housing Development Agency, Residential Finance Program (RB) 2.95%, 07/01/49 (c) | | | 335 | | | | 251,594 | |
Tennessee Housing Development Agency, Residential Finance Program, Series A (RB) 5.40%, 07/01/53 (c) | | | 1,000 | | | | 1,041,914 | |
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/42 (c) | | | 1,040 | | | | 1,069,677 | |
| | | | | | | | 5,495,379 | |
| Texas: 12.1% | | | | | | | | |
Arlington Higher Education Finance Corp. (RB) 4.12%, 08/15/49 (c) | | | 1,000 | | | | 988,664 | |
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/46 (c) | | | 1,000 | | | | 782,592 | |
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/44 (c) | | | 675 | | | | 660,063 | |
| Austin Independent School District, Unlimited Tax School Building (GO) | | | | | | | | |
| 4.00%, 08/01/48 (c) | | | 1,000 | | | | 972,055 | |
| 4.00%, 08/01/44 (c) | | | 750 | | | | 747,395 | |
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/45 (c) | | | 750 | | | | 778,765 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/49 (c) | | $ | 1,375 | | | $ | 1,428,988 | |
City of Austin, Waterwaste System (RB) 5.00%, 11/15/43 (c) | | | 1,000 | | | | 1,083,443 | |
City of Corpus Christi, Texas Utility System (RB) 5.00%, 07/15/49 (c) | | | 1,000 | | | | 1,069,863 | |
City of El Paso, Texas Combination Tax (GO) 4.00%, 08/15/45 (c) | | | 950 | | | | 920,235 | |
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/46 (c) | | | 650 | | | | 626,111 | |
City of Royse, Independent School District (GO) 5.00%, 02/15/48 (c) | | | 950 | | | | 1,016,470 | |
City of San Antonio, Texas Electric & Gas Systems (RB) 5.00%, 02/01/44 (c) | | | 500 | | | | 531,261 | |
City of San Antonio, Texas Electric & Gas Systems, Series B (RB) 5.00%, 02/01/54 (c) | | | 1,000 | | | | 1,064,337 | |
City of San Antonio, Texas Electric & Gas Systems, Series D (RB) 5.25%, 02/01/54 (c) | | | 2,000 | | | | 2,184,013 | |
City of Seguin, Texas Combination Tax and Limited Pledge (GO) 5.25%, 09/01/58 (c) | | | 1,000 | | | | 1,072,291 | |
Clifton Higher Education Finance Corp. (RB) 4.00%, 08/15/44 (c) | | | 1,000 | | | | 971,029 | |
Colin and Kaufman Counties, School Independent District (GO) 4.00%, 02/15/53 (c) | | | 1,000 | | | | 963,187 | |
Conroe Independent School District, Unlimited Tax School (GO) 5.00%, 02/15/49 (c) | | | 1,000 | | | | 1,081,838 | |
County of Collin, Limited Tax (GO) 4.00%, 02/15/43 (c) | | | 1,000 | | | | 988,447 | |
Crowley Independent School District (GO) 5.00%, 02/01/49 (c) | | | 1,000 | | | | 1,075,927 | |
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/43 (c) | | | 600 | | | | 419,351 | |
Dallas Fort Worth International Airport, Series B (RB) 4.00%, 11/01/45 (c) | | | 2,500 | | | | 2,435,450 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
| Dallas Independent School District, Unlimited Tax School Building (GO) | | | | | | | | |
| 4.00%, 02/15/53 (c) | | $ | 1,000 | | | $ | 976,105 | |
| 4.00%, 02/15/54 (c) | | | 1,000 | | | | 972,084 | |
| 5.00%, 02/15/49 (c) | | | 1,000 | | | | 1,069,268 | |
Denton Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/48 (c) | | | 1,000 | | | | 1,074,036 | |
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/48 (c) | | | 1,000 | | | | 966,042 | |
Ford Bens County, Unlimited Tax Road (GO) 5.25%, 03/01/53 (c) | | | 1,000 | | | | 1,077,436 | |
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 10/01/49 (c) | | | 770 | | | | 725,051 | |
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 10/01/48 (c) | | | 640 | | | | 659,604 | |
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 12/01/45 (c) | | | 590 | | | | 564,824 | |
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 4.00%, 10/01/47 (c) | | | 1,000 | | | | 958,223 | |
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/45 (c) | | | 500 | | | | 487,330 | |
Harris County, Hospital District (RB) 4.00%, 02/15/42 (c) | | | 560 | | | | 529,612 | |
Harris County, Texas Toll Road, Series A (RB) 4.00%, 08/15/48 (c) | | | 1,000 | | | | 959,090 | |
Hurst-Euless-Bedford Independent School District (GO) 5.00%, 08/15/43 (c) | | | 1,000 | | | | 1,104,669 | |
Joshua Independent School District (GO) 4.00%, 08/15/49 (c) | | | 750 | | | | 727,528 | |
Katy Independent School District (GO) 4.00%, 02/15/53 (c) | | | 750 | | | | 728,425 | |
Keller Independent School District (GO) 4.00%, 02/15/47 (c) | | | 1,000 | | | | 963,813 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Lamar Consolidated Independent School District (GO) (AGM) 5.50%, 02/15/58 (c) | | $ | 2,000 | | | $ | 2,195,156 | |
Leander Independent School District, Series A (GO) 0.00%, 08/16/42 (c) ^ | | | 900 | | | | 396,470 | |
Liberty Hill Independent School District (GO) 5.00%, 02/01/54 (c) | | | 1,885 | | | | 2,001,172 | |
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/45 (c) | | | 1,500 | | | | 1,505,000 | |
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB) 5.00%, 05/15/43 (c) | | | 500 | | | | 516,082 | |
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/49 (c) | | | 750 | | | | 728,440 | |
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/47 (c) | | | 1,000 | | | | 982,626 | |
Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO) 5.00%, 02/15/48 (c) | | | 1,000 | | | | 1,039,151 | |
San Jacinto College District, Series A (GO) 5.00%, 02/15/44 (c) | | | 900 | | | | 931,172 | |
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 01/01/53 (c) | | | 1,000 | | | | 1,034,704 | |
| Texarkana Independent School District (GO) | | | | | | | | |
| 4.00%, 02/15/53 (c) | | | 1,000 | | | | 961,589 | |
| 4.00%, 08/15/53 (c) | | | 1,015 | | | | 981,513 | |
Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB) 5.25%, 07/01/53 (c) | | | 1,000 | | | | 1,032,834 | |
| Texas Water Development Board (RB) | | | | | | | | |
| 4.00%, 10/15/45 (c) | | | 500 | | | | 491,984 | |
| 4.80%, 10/15/52 (c) | | | 1,000 | | | | 1,045,669 | |
| Texas Water Development Board, Series A (RB) | | | | | | | | |
| 4.00%, 10/15/49 (c) | | | 990 | | | | 955,450 | |
| 5.00%, 10/15/53 (c) | | | 1,000 | | | | 1,078,879 | |
| 5.00%, 10/15/43 (c) | | | 840 | | | | 873,941 | |
See Notes to Financial Statements
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Texas Water Development Board, Series B (RB) 4.00%, 10/15/43 (c) | | $ | 1,000 | | | $ | 1,006,112 | |
| Tomball Independent School District (GO) | | | | | | | | |
| 4.00%, 02/15/45 (c) | | | 1,000 | | | | 990,678 | |
| 5.00%, 02/15/42 (c) | | | 1,000 | | | | 1,088,102 | |
University of Houston, Series A (RB) 5.00%, 02/15/56 (c) | | | 500 | | | | 524,905 | |
Via Metropolitan Transit, Advanced Transportation District Sales Tax (RB) 5.00%, 08/01/49 (c) | | | 1,000 | | | | 1,074,279 | |
Waller Independent School District, Series A (GO) 4.00%, 02/15/48 (c) | | | 500 | | | | 485,492 | |
Waxahachie Independent School District (GO) 4.00%, 02/15/49 (c) | | | 750 | | | | 733,183 | |
Weslaco Independent School District (GO) 4.12%, 02/15/49 (c) | | | 1,470 | | | | 1,453,893 | |
Ysleta Independent School District (GO) 5.00%, 08/15/56 (c) | | | 500 | | | | 527,153 | |
| | | | | | | | 65,040,544 | |
| Utah: 0.5% | | | | | | | | |
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/43 (c) | | | 360 | | | | 372,591 | |
| University of Utah, Board of Higher Education, Series A (RB) | | | | | | | | |
| 4.00%, 08/01/51 (c) | | | 1,000 | | | | 966,230 | |
| 5.00%, 08/01/46 (c) | | | 1,160 | | | | 1,236,261 | |
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/47 (c) | | | 210 | | | | 169,744 | |
| | | | | | | | 2,744,826 | |
| Virginia: 1.4% | | | | | | | | |
County of Fairfax, Industrial Development Authority, Inova Health System Project (RB) 5.00%, 05/15/51 (c) | | | 1,000 | | | | 1,079,196 | |
County of Fairfax, Industrial Development Authority, Inova Health System Project, Series A (RB) 4.00%, 05/15/48 (c) | | | 1,000 | | | | 976,535 | |
| Hampton Roads Transportation Accountability Commission, Series A (RB) | | | | | | | | |
| 4.00%, 07/01/57 (c) | | | 600 | | | | 579,927 | |
| 5.00%, 07/01/50 (c) | | | 625 | | | | 656,167 | |
| 5.00%, 07/01/60 (c) | | | 500 | | | | 520,760 | |
| | | Par
(000’s | ) | | Value | |
| Virginia (continued) | | | | | | | | |
University of Virginia, Series A (RB) 5.00%, 04/01/42 (c) | | $ | 1,000 | | | $ | 1,036,338 | |
Virginia Housing Development Authority, Rental Housing, Series K (RB) 2.55%, 12/01/46 (c) | | | 1,000 | | | | 700,061 | |
Virginia Small Business Financing Authority, Lifespire of Virginia, Series A (RB) 5.50%, 12/01/54 (c) | | | 500 | | | | 525,092 | |
Virginia Small Business Financing Authority, National Senior Campuses, Inc., Series A (RB) 4.00%, 01/01/45 (c) | | | 500 | | | | 455,538 | |
Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AGM) 4.38%, 07/01/63 (c) | | | 1,000 | | | | 990,063 | |
| | | | | | | | 7,519,677 | |
| Washington: 1.8% | | | | | | | | |
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB) 5.00%, 11/01/41 (c) | | | 1,000 | | | | 1,025,329 | |
| City of Seattle, Washington Municipal Light and Power, Series A (RB) | | | | | | | | |
| 4.00%, 05/01/45 (c) | | | 1,000 | | | | 960,598 | |
| 5.00%, 03/01/53 (c) | | | 1,000 | | | | 1,069,425 | |
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 4.00%, 07/01/42 (c) | | | 1,000 | | | | 1,001,329 | |
King County, Highline School District No. 401, Unlimited Tax (GO) (SBG) 4.00%, 12/01/42 (c) | | | 500 | | | | 499,561 | |
King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/45 (c) | | | 650 | | | | 619,737 | |
| State of Washington, Various Purpose, Series A (GO) | | | | | | | | |
| 5.00%, 08/01/42 (c) | | | 1,000 | | | | 1,057,095 | |
| 5.00%, 08/01/43 (c) | | | 1,090 | | | | 1,171,802 | |
University of Washington, Series C (RB) 3.12%, 07/01/42 (c) | | | 1,925 | | | | 1,601,367 | |
Washington State Housing Finance Commission, Raford Court and Nordheim Court Portfolio (RB) 5.00%, 07/01/54 (c) | | | 500 | | | | 512,981 | |
| | | | | | | | 9,519,224 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| West Virginia: 0.3% | | | | | | | | |
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 4.38%, 06/01/53 (c) | | $ | 1,000 | | | $ | 975,170 | |
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/47 (c) | | | 620 | | | | 655,055 | |
| | | | | | | | 1,630,225 | |
| Wisconsin: 0.7% | | | | | | | | |
Public Finance Authority, Pooled Charter School (RB) 5.75%, 07/01/62 (c) | | | 954 | | | | 1,002,747 | |
University of Wisconsin Hospitals and Clinics Authority, Series B (RB) 5.00%, 04/01/49 (c) | | | 500 | | | | 533,044 | |
| | | Par
(000’s | ) | | Value | |
| Wisconsin (continued) | | | | | | | | |
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/47 (c) | | $ | 1,000 | | | $ | 938,442 | |
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/46 (c) | | | 250 | | | | 248,971 | |
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.85%, 09/01/43 (c) | | | 1,000 | | | | 1,019,379 | |
| | | | | | | | 3,742,583 | |
Total Municipal Bonds: 98.2%
(Cost: $541,494,921) | | | | | | | 529,162,170 | |
| Other assets less liabilities: 1.8% | | | | | | | 9,931,902 | |
| NET ASSETS: 100.0% | | | | | | $ | 539,094,072 | |
| Definitions: |
| AGC | | Assured Guaranty Corp. |
| AGM | | Assured Guaranty Municipal Corp. |
| BAM | | Build America Assurance Co. |
| CP | | Certificate of Participation |
| FHA | | Federal Housing Association |
| GO | | General Obligation |
| NATL | | National Public Finance Guarantee Corp. |
| RB | | Revenue Bond |
| SA | | Special Assessment |
| SAW | | State Aid Withholding |
| SBG | | School Board Guaranteed |
| SD CRED PROG | | Special District Credit Enhancement Program |
| ST | | Special Tax |
Footnotes:
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond |
The summary of inputs used to value the Fund’s investments as of October 31, 2024 is as follows:
| | | Level 1
Quoted
Prices | | | Level 2
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value | |
| Municipal Bonds * | | $ | — | | | $ | 529,162,170 | | | $ | — | | | $ | 529,162,170 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| MUNICIPAL BONDS: 97.8% | | | | | | | | |
| Alabama: 2.3% | | | | | | | | |
| Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p) | | $ | 2,000 | | | $ | 1,994,362 | |
| Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 10/01/52 (c) (p) | | | 2,100 | | | | 2,109,481 | |
| City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB) 5.50%, 06/01/30 (c) | | | 500 | | | | 498,314 | |
| County of Jefferson, Series A (RB) 5.00%, 10/01/35 (c) | | | 500 | | | | 546,992 | |
Energy Southeast, A Cooperative District, Series B (RB) 5.25%, 07/01/54 (c) (p) | | | 500 | | | | 538,461 | |
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p) | | | 390 | | | | 444,550 | |
The Southeast Alabama Gas Supply District, Project No. 2, Series B (RB) 5.00%, 06/01/49 (c) (p) | | | 1,000 | | | | 1,070,168 | |
| | | | | | | | 7,202,328 | |
| Arizona: 2.1% | | | | | | | | |
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) 4.75%, 07/01/29 (c) | | | 975 | | | | 984,665 | |
Arizona Industrial Development Authority, Economic Development, Linder Village Project (RB) (AGM) 5.00%, 06/01/31 | | | 925 | | | | 930,355 | |
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, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/30 (c) | | | 390 | | | | 387,622 | |
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | | | 454 | | | | 431,388 | |
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/30 (c) | | | 1,000 | | | | 1,058,849 | |
| | | Par
(000’s | ) | | Value | |
| Arizona (continued) | | | | | | | | |
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 | | $ | 100 | | | $ | 99,774 | |
Industrial Development Authority of the City of Sierra Vista Education Facility, American Leadership Academy Project (RB) 5.00%, 06/15/34 (c) | | | 250 | | | | 259,163 | |
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 | | | 1,390 | | | | 1,387,320 | |
| Salt Verde Financial Corp. (RB) | | | | | | | | |
5.25%, 12/01/28 | | | 10 | | | | 10,593 | |
| 5.50%, 12/01/29 | | | 370 | | | | 400,581 | |
| | | | | | | | 6,345,266 | |
| California: 9.8% | | | | | | | | |
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 12/01/53 (c) (p) | | | 1,000 | | | | 1,059,711 | |
California Community Choice Financing Authority, Clean Energy Project, Series C (RB) 5.25%, 01/01/54 (c) (p) | | | 3,000 | | | | 3,222,763 | |
California Community Choice Financing Authority, Clean Energy, Series C (RB) 5.00%, 08/01/55 (c) (p) | | | 1,000 | | | | 1,072,257 | |
California Community Choice Financing Authority, Clean Energy, Series E (RB) 5.00%, 02/01/55 (c) (p) | | | 1,000 | | | | 1,070,129 | |
California Health Facilities Financing Authority, Adventist Health System. Series A (RB) 5.00%, 12/01/34 (c) | | | 1,000 | | | | 1,111,962 | |
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33 | | | 2,759 | | | | 2,783,345 | |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series A-4 (RB) 8.00%, 01/01/50 (c) (p) | | | 1,000 | | | | 1,030,502 | |
California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 05/15/30 (c) | | | 1,340 | | | | 1,422,606 | |
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 | | | 50 | | | | 51,510 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
| 5.00%, 02/01/28 (c) | | $ | 50 | | | $ | 51,576 | |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | | | | | | | | |
5.00%, 06/30/27 | | | 610 | | | | 628,947 | |
| 5.00%, 06/30/28 | | | 220 | | | | 229,247 | |
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/31 (c) | | | 260 | | | | 269,407 | |
California Municipal Finance Authority, St. Mary’s School, Series B (RB) 4.65%, 05/01/30 (c) | | | 500 | | | | 508,001 | |
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | | | 6,625 | | | | 6,621,528 | |
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | | | 1,000 | | | | 13,500 | |
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) * | | | 1,360 | | | | 18,360 | |
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) 3.38%, 07/01/25 | | | 400 | | | | 399,530 | |
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27 | | | 810 | | | | 797,758 | |
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 07/01/24 (c) (d) * | | | 1 | | | | 656 | |
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 07/01/22 (c) | | | 2 | | | | 1,877 | |
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/33 (c) | | | 300 | | | | 307,307 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.25%, 12/01/34 (c) | | $ | 1,740 | | | $ | 1,741,521 | |
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 | | | 250 | | | | 256,345 | |
| City and County of San Francisco, Airport Commission, International Airport, Series H (RB) | | | | | | | | |
5.00%, 05/01/26 | | | 500 | | | | 510,363 | |
| 5.00%, 05/01/27 | | | 500 | | | | 519,355 | |
| 5.00%, 05/01/29 | | | 500 | | | | 533,533 | |
Compton Public Finance Authority (RB) 4.50%, 09/01/32 (c) | | | 1,000 | | | | 1,000,133 | |
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 | | | 250 | | | | 260,352 | |
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/29 (c) | | | 685 | | | | 668,691 | |
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 | | | 110 | | | | 113,324 | |
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 | | | 240 | | | | 254,655 | |
Oakland Unified School District (GO) 5.00%, 08/01/26 | | | 380 | | | | 394,849 | |
| Palomar Health (RB) | | | | | | | | |
5.00%, 11/01/25 | | | 250 | | | | 251,566 | |
| 5.00%, 11/01/27 (c) | | | 90 | | | | 90,526 | |
San Francisco City & County Airport Comm-San Francisco International Airport (RB) 5.00%, 05/01/29 | | | 500 | | | | 533,533 | |
San Francisco Community College District (GO) 5.00%, 06/15/25 | | | 500 | | | | 505,963 | |
| | | | | | | | 30,307,188 | |
| Colorado: 2.5% | | | | | | | | |
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/29 (c) | | | 295 | | | | 310,996 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Colorado (continued) | | | | | | | | |
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c) | | $ | 2,425 | | | $ | 2,425,407 | |
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/15/30 (c) | | | 1,000 | | | | 940,196 | |
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/27 (c) | | | 600 | | | | 615,206 | |
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/29 (c) | | | 1,000 | | | | 952,760 | |
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 | | | 140 | | | | 146,850 | |
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/29 (c) | | | 500 | | | | 492,642 | |
Velocity Metropolitan District No. 3 (GO) 5.12%, 12/01/34 (c) | | | 1,000 | | | | 981,965 | |
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 12/01/31 (c) | | | 1,000 | | | | 947,593 | |
| | | | | | | | 7,813,615 | |
| Connecticut: 0.6% | | | | | | | | |
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/30 (c) | | | 120 | | | | 118,260 | |
| Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) | | | | | | | | |
5.00%, 07/01/27 | | | 430 | | | | 434,243 | |
| 5.00%, 07/01/29 | | | 870 | | | | 882,223 | |
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/30 (c) | | | 395 | | | | 403,759 | |
| | | | | | | | 1,838,485 | |
| Delaware: 0.3% | | | | | | | | |
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/45 (c) (p) | | | 1,000 | | | | 972,060 | |
| District of Columbia: 0.1% | | | | | | | | |
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30 | | | 435 | | | | 430,484 | |
| | | Par
(000’s | ) | | Value | |
| Florida: 4.8% | | | | | | | | |
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31 | | $ | 1,470 | | | $ | 1,422,504 | |
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/27 (c) | | | 275 | | | | 262,546 | |
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/31 (c) | | | 535 | | | | 502,251 | |
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/33 (c) | | | 595 | | | | 663,146 | |
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c) | | | 290 | | | | 293,383 | |
County of Broward, School District, Series B (CP) 5.00%, 07/01/30 (c) | | | 315 | | | | 329,859 | |
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 08/15/31 (c) | | | 1,500 | | | | 1,590,159 | |
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/30 (c) | | | 315 | | | | 314,380 | |
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 | | | 400 | | | | 404,220 | |
| Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) | | | | | | | | |
5.00%, 07/01/34 (c) | | | 1,000 | | | | 1,039,652 | |
| 5.00%, 07/01/35 (c) | | | 1,000 | | | | 1,036,187 | |
Florida Development Finance Corp., Education Facilities, Central School Project (RB) 5.00%, 08/15/32 | | | 500 | | | | 500,282 | |
Florida Development Finance Corp., Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/32 (c) | | | 500 | | | | 515,121 | |
Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB) 4.00%, 09/15/30 (c) | | | 470 | | | | 452,329 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Florida (continued) | | | | | | | | |
| Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) | | | | | | | | |
5.00%, 05/01/29 (c) | | $ | 1,140 | | | $ | 1,160,889 | |
| 6.12%, 07/01/32 (c) (p) | | | 485 | | | | 497,176 | |
JEA Electric System, Series B (RB) 5.00%, 10/01/29 (c) | | | 110 | | | | 116,012 | |
Lee County Industrial Development Authority, Healthcare Facilities, Series B-3 (RB) 4.12%, 11/15/29 (c) | | | 1,000 | | | | 1,002,021 | |
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | | | 1,930 | | | | 1,724,598 | |
Village Community Development District No 15, City of Wildwood Florida (SA) 4.00%, 05/01/34 (c) | | | 500 | | | | 499,987 | |
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 | | | 370 | | | | 372,102 | |
Village Community Development District No. 13 (SA) 3.00%, 05/01/29 | | | 235 | | | | 227,753 | |
| | | | | | | | 14,926,557 | |
| Georgia: 1.8% | | | | | | | | |
Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA) 5.00%, 04/01/34 (c) | | | 500 | | | | 503,371 | |
DeKalb County Housing Authority, Georgia Affordable Multifamily Housing, Series A (RB) 4.00%, 12/01/33 (c) | | | 1,500 | | | | 1,492,680 | |
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c) | | | 250 | | | | 250,031 | |
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | | | 380 | | | | 387,922 | |
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/34 (c) | | | 1,500 | | | | 1,506,036 | |
Main Street Natural Gas, Inc., Series A-1 (RB) 5.50%, 09/15/25 | | | 135 | | | | 136,831 | |
| | | Par
(000’s | ) | | Value | |
| Georgia (continued) | | | | | | | | |
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 08/01/52 (c) (p) | | $ | 1,000 | | | $ | 996,888 | |
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 | | | 250 | | | | 252,663 | |
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/29 (c) | | | 170 | | | | 168,825 | |
| | | | | | | | 5,695,247 | |
| Guam: 1.6% | | | | | | | | |
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/27 (c) | | | 360 | | | | 364,972 | |
| Guam Government, Business Privilege Tax, Series F (RB) | | | | | | | | |
4.00%, 01/01/36 (c) | | | 395 | | | | 387,936 | |
| 5.00%, 01/01/30 | | | 1,000 | | | | 1,060,159 | |
| 5.00%, 01/01/31 | | | 1,000 | | | | 1,066,558 | |
Guam Government, Series A (RB) 5.00%, 12/01/25 | | | 1,000 | | | | 1,013,518 | |
Guam Power Authority, Series A (RB) 5.00%, 10/01/33 (c) | | | 940 | | | | 1,030,431 | |
| | | | | | | | 4,923,574 | |
| Hawaii: 0.2% | | | | | | | | |
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 | | | 500 | | | | 481,294 | |
| Illinois: 11.1% | | | | | | | | |
| Chicago Board of Education, Series A (GO) | | | | | | | | |
5.00%, 12/01/29 | | | 1,000 | | | | 1,043,891 | |
| 5.00%, 12/01/30 (c) | | | 1,000 | | | | 1,036,793 | |
| 5.00%, 12/01/32 (c) | | | 2,000 | | | | 2,075,557 | |
| 5.00%, 12/01/33 (c) | | | 1,500 | | | | 1,552,636 | |
| 7.00%, 12/01/26 (c) | | | 200 | | | | 206,140 | |
| Chicago Board of Education, Series A (GO) (AGM) | | | | | | | | |
5.00%, 12/01/27 | | | 250 | | | | 260,768 | |
| 5.00%, 12/01/29 (c) | | | 250 | | | | 258,035 | |
| 5.00%, 12/01/29 (c) | | | 200 | | | | 209,681 | |
| Chicago Board of Education, Series A (GO) (AMBAC) | | | | | | | | |
5.50%, 12/01/26 | | | 230 | | | | 234,519 | |
| 5.50%, 12/01/31 | | | 1,000 | | | | 1,050,645 | |
| Chicago Board of Education, Series A (GO) (NATL) | | | | | | | | |
0.00%, 12/01/26 ^ | | | 310 | | | | 286,094 | |
| 0.00%, 12/01/28 ^ | | | 795 | | | | 677,339 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
| Chicago Board of Education, Series B (GO) | | | | | | | | |
5.00%, 12/01/29 | | $ | 1,250 | | | $ | 1,304,864 | |
| 5.00%, 12/01/30 | | | 2,000 | | | | 2,086,338 | |
| 5.00%, 12/01/30 (c) | | | 1,250 | | | | 1,295,992 | |
| 5.00%, 12/01/31 (c) | | | 2,000 | | | | 2,079,785 | |
| 5.00%, 12/01/33 (c) | | | 1,400 | | | | 1,438,351 | |
| Chicago Board of Education, Series C (GO) | | | | | | | | |
5.00%, 12/01/27 | | | 500 | | | | 515,303 | |
| 5.00%, 12/01/30 (c) | | | 560 | | | | 570,570 | |
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c) | | | 1,320 | | | | 1,320,445 | |
| Chicago O’Hare International Airport, Series B (RB) | | | | | | | | |
5.00%, 01/01/29 (c) | | | 190 | | | | 190,452 | |
| 5.00%, 01/01/31 (c) | | | 295 | | | | 295,703 | |
Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/32 | | | 500 | | | | 554,998 | |
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^ | | | 575 | | | | 469,195 | |
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | | | | | | | | |
0.00%, 12/01/25 ^ | | | 560 | | | | 536,581 | |
| 0.00%, 12/01/26 ^ | | | 490 | | | | 452,214 | |
| 0.00%, 12/01/28 ^ | | | 1,515 | | | | 1,290,777 | |
| 0.00%, 12/01/29 ^ | | | 585 | | | | 477,355 | |
| 0.00%, 12/01/30 ^ | | | 190 | | | | 148,132 | |
| City of Chicago, Second Lien Water (RB) | | | | | | | | |
5.00%, 11/01/29 (c) | | | 270 | | | | 270,559 | |
| 5.00%, 11/01/30 (c) | | | 100 | | | | 100,207 | |
| City of Chicago, Series A (GO) | | | | | | | | |
5.00%, 01/01/30 | | | 1,500 | | | | 1,598,012 | |
| 5.50%, 01/01/34 (c) | | | 600 | | | | 600,448 | |
County of Cook, Series A (GO) 5.00%, 11/15/28 (c) | | | 500 | | | | 517,665 | |
Eastern Illinois Economic Development Authority (RB) 5.00%, 11/01/33 (c) | | | 1,000 | | | | 1,009,908 | |
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/33 (c) | | | 460 | | | | 431,060 | |
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) * | | | 1,190 | | | | 273,700 | |
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 04/01/27 (c) | | | 80 | | | | 79,603 | |
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/27 (c) | | | 155 | | | | 154,590 | |
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 02/01/26 (c) | | $ | 785 | | | $ | 794,819 | |
| Illinois Sports Facilities Authority (RB) | | | | | | | | |
5.00%, 06/15/28 | | | 395 | | | | 409,961 | |
| 5.00%, 06/15/29 | | | 545 | | | | 571,262 | |
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | | | 260 | | | | 244,608 | |
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/28 (c) | | | 500 | | | | 522,701 | |
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ | | | 115 | | | | 101,351 | |
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/29 (c) | | | 330 | | | | 342,911 | |
| State of Illinois (GO) | | | | | | | | |
3.50%, 06/01/30 (c) | | | 350 | | | | 346,129 | |
| 4.12%, 11/01/31 (c) | | | 100 | | | | 100,295 | |
State of Illinois, Sales Tax (RB) 5.00%, 06/15/26 | | | 235 | | | | 242,275 | |
State of Illinois, Series A (GO) 5.00%, 03/01/33 (c) | | | 700 | | | | 758,461 | |
State of Illinois, Series C (GO) 5.00%, 11/01/29 (c) | | | 315 | | | | 329,567 | |
State of Illinois, Series D (GO) 5.00%, 11/01/28 (c) | | | 460 | | | | 483,231 | |
| | | | | | | | 34,202,476 | |
| Indiana: 1.4% | | | | | | | | |
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c) | | | 180 | | | | 172,893 | |
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 4.25%, 11/01/30 | | | 2,015 | | | | 2,067,691 | |
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | | | 2,000 | | | | 2,023,249 | |
| | | | | | | | 4,263,833 | |
| Iowa: 0.8% | | | | | | | | |
| City of Coralville, Marriott Hotel and Convention Center, Series E (CP) | | | | | | | | |
4.00%, 06/01/29 (c) | | | 1,070 | | | | 1,031,590 | |
| 4.00%, 06/01/31 (c) | | | 1,000 | | | | 941,581 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Iowa (continued) | | | | | | | | |
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/28 (c) | | $ | 245 | | | $ | 247,778 | |
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 | | | 270 | | | | 266,913 | |
| | | | | | | | 2,487,862 | |
| Kansas: 0.2% | | | | | | | | |
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 06/01/30 (c) | | | 25 | | | | 24,457 | |
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/34 (c) | | | 600 | | | | 604,100 | |
| | | | | | | | 628,557 | |
| Kentucky: 0.9% | | | | | | | | |
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32 | | | 1,715 | | | | 1,682,097 | |
Commonwealth of Kentucky, State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/28 (c) | | | 325 | | | | 337,110 | |
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 | | | 45 | | | | 44,704 | |
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/30 (c) | | | 175 | | | | 176,549 | |
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p) | | | 500 | | | | 536,311 | |
| | | | | | | | 2,776,771 | |
| Louisiana: 1.9% | | | | | | | | |
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27 | | | 1,025 | | | | 1,041,544 | |
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29 | | | 150 | | | | 153,707 | |
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c) | | | 1,310 | | | | 1,273,902 | |
| | | Par
(000’s | ) | | Value | |
| Louisiana (continued) | | | | | | | | |
Louisiana Public Facilities Authority, Lake Charles Academy Foundation Project, Series A (RB) 5.00%, 12/15/34 (c) | | $ | 500 | | | $ | 518,445 | |
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *∞ | | | 330 | | | | 3 | |
Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *∞ | | | 521 | | | | 5 | |
| Parish of St James, Nustar Logistics, LP Project (RB) | | | | | | | | |
6.10%, 06/01/38 (p) | | | 1,500 | | | | 1,660,118 | |
| 6.10%, 12/01/40 (p) | | | 1,000 | | | | 1,109,387 | |
| | | | | | | | 5,757,111 | |
| Maryland: 0.6% | | | | | | | | |
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 | | | 200 | | | | 200,127 | |
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 | | | 250 | | | | 252,547 | |
County of Howard, Series A (TA) 4.00%, 02/15/28 (c) | | | 200 | | | | 200,341 | |
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/25 (c) | | | 695 | | | | 700,428 | |
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 | | | 425 | | | | 445,737 | |
| | | | | | | | 1,799,180 | |
| Massachusetts: 0.4% | | | | | | | | |
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/29 (c) | | | 490 | | | | 497,369 | |
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/28 (c) | | | 310 | | | | 317,924 | |
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/27 (c) | | | 250 | | | | 252,049 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Massachusetts (continued) | | | | | | | | |
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/28 (c) | | $ | 100 | | | $ | 102,306 | |
| | | | | | | | 1,169,648 | |
| Michigan: 0.7% | | | | | | | | |
City of Detroit, Convention Facility Authority, Series C (RB) 5.00%, 10/01/35 (c) | | | 580 | | | | 641,923 | |
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31 | | | 500 | | | | 445,583 | |
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/29 (c) | | | 1,000 | | | | 992,869 | |
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 06/30/30 (c) | | | 155 | | | | 161,025 | |
| | | | | | | | 2,241,400 | |
| Minnesota: 0.8% | | | | | | | | |
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c) | | | 80 | | | | 78,500 | |
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 (d) * | | | 415 | | | | 228,250 | |
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/30 (c) | | | 510 | | | | 489,918 | |
| City of Minneapolis, Fairview Health Services, Series A (RB) | | | | | | | | |
5.00%, 11/15/34 (c) | | | 605 | | | | 627,228 | |
| 5.00%, 11/15/35 (c) | | | 1,000 | | | | 1,034,828 | |
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26 | | | 50 | | | | 50,365 | |
| | | | | | | | 2,509,089 | |
| Missouri: 0.6% | | | | | | | | |
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/30 (c) | | | 260 | | | | 254,484 | |
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/29 (c) | | | 175 | | | | 165,254 | |
| | | Par
(000’s | ) | | Value | |
| Missouri (continued) | | | | | | | | |
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/32 (c) | | $ | 125 | | | $ | 127,059 | |
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/30 (c) | | | 330 | | | | 303,898 | |
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/30 (c) | | | 500 | | | | 467,854 | |
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/28 (c) | | | 500 | | | | 518,480 | |
| | | | | | | | 1,837,029 | |
| Nebraska: 0.8% | | | | | | | | |
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) | | | | | | | | |
5.00%, 09/01/27 | | | 500 | | | | 517,567 | |
| 5.00%, 09/01/28 | | | 100 | | | | 104,621 | |
| 5.00%, 09/01/30 | | | 125 | | | | 132,755 | |
| 5.00%, 09/01/34 | | | 650 | | | | 696,709 | |
Central Plans Energy Project, Gas Project Crossover No.3, Series B (RB) 5.00%, 09/01/31 | | | 1,000 | | | | 1,056,871 | |
| | | | | | | | 2,508,523 | |
| Nevada: 0.5% | | | | | | | | |
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c) | | | 190 | | | | 190,004 | |
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB) 2.75%, 06/15/28 | | | 585 | | | | 570,134 | |
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | | | 5 | | | | 4,372 | |
| Clark County, School District, Series B (GO) (AGM) | | | | | | | | |
5.00%, 06/15/29 | | | 250 | | | | 273,300 | |
| 5.00%, 06/15/30 (c) | | | 250 | | | | 271,585 | |
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30 | | | 250 | | | | 277,007 | |
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 (d) * | | | 331 | | | | 23,159 | |
| | | | | | | | 1,609,561 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New Hampshire: 0.6% | | | | | | | | |
National Finance Authority, Bridgeland Water & Utility Districts 490, 491, and 158 (RB) 5.38%, 12/15/35 (c) | | $ | 750 | | | $ | 751,283 | |
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 11/01/27 (c) | | | 250 | | | | 249,022 | |
National Finance Authority, Silverado Project, Denton County, Texas (RB) 5.00%, 12/01/28 (c) | | | 500 | | | | 499,945 | |
National Finance Authority, The Highlands Project, Montgomery County, Texas Municipal Utility Districts (RB) 5.12%, 12/15/30 (c) | | | 250 | | | | 247,359 | |
National Finance Authority, Valencia Project, Brazoria County, Texas Municipal Utility District (RB) 5.30%, 12/01/32 (c) | | | 250 | | | | 250,368 | |
| | | | | | | | 1,997,977 | |
| New Jersey: 3.3% | | | | | | | | |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | | | | | | | | |
5.25%, 09/15/29 (c) | | | 1,715 | | | | 1,716,771 | |
| 5.62%, 11/15/30 (c) | | | 1,000 | | | | 1,004,836 | |
| 5.75%, 09/15/27 (c) | | | 1,240 | | | | 1,241,766 | |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | | | | | | | | |
4.00%, 07/01/32 (c) | | | 1,155 | | | | 1,136,816 | |
| 4.00%, 07/01/34 (c) | | | 600 | | | | 579,124 | |
| 5.00%, 07/01/33 (c) | | | 1,000 | | | | 1,009,931 | |
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | | | | | | | | |
4.25%, 06/15/26 (c) | | | 440 | | | | 441,730 | |
| 4.38%, 06/15/27 (c) | | | 130 | | | | 130,528 | |
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 06/15/29 (c) | | | 750 | | | | 766,888 | |
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c) | | | 175 | | | | 169,190 | |
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/26 (c) | | | 145 | | | | 145,446 | |
| | | Par
(000’s | ) | | Value | |
| New Jersey (continued) | | | | | | | | |
New Jersey Health Care Facilities Financing Authority, Barnabas Health, Series A (RB) 5.00%, 07/01/29 (c) | | $ | 500 | | | $ | 515,091 | |
| New Jersey Transportation Trust Fund Authority, Series A (RB) | | | | | | | | |
0.00%, 12/15/26 ^ | | | 360 | | | | 336,146 | |
| 0.00%, 12/15/32 ^ | | | 5 | | | | 3,722 | |
| 5.00%, 06/15/30 (c) | | | 395 | | | | 404,521 | |
New Jersey Transportation, Trust Fund Authority, Series A (RB) 5.00%, 06/15/36 (c) | | | 500 | | | | 559,232 | |
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/29 (c) | | | 150 | | | | 158,073 | |
| | | | | | | | 10,319,811 | |
| New Mexico: 0.5% | | | | | | | | |
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan and Four Corners Projects, Series B (RB) 2.15%, 04/01/33 (c) | | | 700 | | | | 568,310 | |
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29 | | | 1,000 | | | | 906,833 | |
| | | | | | | | 1,475,143 | |
| New York: 11.9% | | | | | | | | |
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | | | | | | | | |
5.00%, 07/15/26 | | | 100 | | | | 102,558 | |
| 5.00%, 07/15/27 (c) | | | 100 | | | | 103,174 | |
| 5.00%, 07/15/28 (c) | | | 100 | | | | 103,066 | |
| 5.00%, 07/15/30 (c) | | | 1,800 | | | | 1,851,335 | |
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 | | | 1,085 | | | | 1,087,756 | |
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | | | 275 | | | | 266,118 | |
Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/31 (c) | | | 595 | | | | 561,950 | |
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26 | | | 250 | | | | 256,572 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26 | | $ | 250 | | | $ | 261,047 | |
County of Sullivan, Adelaar Infrastructure Project (SA) 4.85%, 11/01/31 (c) | | | 1,000 | | | | 1,006,467 | |
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | | | | | | | | |
5.00%, 07/01/28 (c) | | | 275 | | | | 280,893 | |
| 5.00%, 07/01/30 (c) | | | 270 | | | | 275,359 | |
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27 | | | 365 | | | | 358,737 | |
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/30 (c) | | | 250 | | | | 254,384 | |
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 11/15/29 (c) | | | 250 | | | | 264,129 | |
| Metropolitan Transportation Authority, Series D (RB) | | | | | | | | |
5.00%, 11/15/30 (c) | | | 560 | | | | 589,804 | |
| 5.00%, 11/15/31 (c) | | | 500 | | | | 511,474 | |
Metropolitan Transportation Authority, Series D-1 (RB) 5.00%, 11/15/28 (c) | | | 250 | | | | 253,924 | |
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) | | | | | | | | |
4.00%, 12/01/35 (c) | | | 675 | | | | 662,652 | |
| 5.00%, 12/01/31 (c) | | | 500 | | | | 535,052 | |
| 5.00%, 12/01/34 (c) | | | 1,060 | | | | 1,119,199 | |
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/30 (c) | | | 810 | | | | 780,974 | |
Monroe County Industrial Development Corporation, Eugenio Maria De Hostos Charter School District, Series A (RB) 5.00%, 07/01/34 | | | 500 | | | | 531,515 | |
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/34 (c) | | | 1,000 | | | | 1,000,303 | |
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | | | | | | | | |
5.00%, 08/01/29 (c) | | | 1,000 | | | | 1,049,126 | |
| 5.00%, 08/01/30 (c) | | | 945 | | | | 983,727 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/01/44 (p) | | $ | 1,000 | | | $ | 956,202 | |
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C)) 2.75%, 09/01/50 (c) (p) | | | 600 | | | | 594,263 | |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | | | | | | | | |
2.25%, 08/01/26 | | | 420 | | | | 409,053 | |
| 5.00%, 08/01/26 (c) | | | 325 | | | | 325,575 | |
| 5.00%, 08/01/31 (c) | | | 4,155 | | | | 4,160,431 | |
| 5.25%, 08/01/31 (c) | | | 3,105 | | | | 3,297,460 | |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | | | | | | | | |
4.00%, 10/01/30 | | | 1,000 | | | | 1,001,940 | |
| 4.00%, 01/01/36 (c) | | | 2,000 | | | | 1,945,408 | |
| 5.00%, 10/01/35 (c) | | | 1,000 | | | | 1,041,595 | |
| 6.00%, 04/01/35 (c) | | | 1,000 | | | | 1,117,186 | |
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | | | 2,100 | | | | 1,974,388 | |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) | | | | | | | | |
5.00%, 12/01/30 | | | 1,430 | | | | 1,522,055 | |
| 5.00%, 12/01/31 | | | 1,885 | | | | 2,015,587 | |
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/29 (c) | | | 665 | | | | 664,775 | |
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | | | | | | | | |
4.00%, 05/15/27 (c) | | | 120 | | | | 114,836 | |
| 4.12%, 05/15/28 (c) | | | 100 | | | | 94,486 | |
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | | | | | | | | |
5.00%, 06/01/27 | | | 70 | | | | 72,462 | |
| 5.00%, 06/01/28 (c) | | | 70 | | | | 72,475 | |
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 | | | 200 | | | | 199,108 | |
| | | | | | | | 36,630,580 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| North Carolina: 1.2% | | | | | | | | |
North Carlina Medical Care Commission, Penick Village Project, Series A (RB) 5.00%, 09/01/34 (c) | | $ | 525 | | | $ | 546,035 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage, Pennybyrn at Maryfield (RB) 5.00%, 10/01/35 (c) | | | 1,000 | | | | 1,000,473 | |
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 Turnpike Authority, Triangle Expressway System (RB) (AGM) | | | | | | | | |
| 5.00%, 01/01/32 (c) | | | 500 | | | | 533,308 | |
| 5.00%, 01/01/36 (c) | | | 1,000 | | | | 1,055,584 | |
| | | | | | | | 3,636,211 | |
| North Dakota: 0.2% | | | | | | | | |
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/34 (c) | | | 500 | | | | 522,483 | |
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 12/15/31 (c) (d) * | | | 3,000 | | | | 30 | |
| | | | | | | | 522,513 | |
| Ohio: 2.3% | | | | | | | | |
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/32 (c) | | | 835 | | | | 839,100 | |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | | | | | | | | |
| 5.00%, 02/15/26 | | | 50 | | | | 50,701 | |
| 5.00%, 02/15/27 | | | 350 | | | | 360,766 | |
| 5.00%, 02/15/28 (c) | | | 110 | | | | 113,474 | |
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 02/15/27 (c) | | | 1,430 | | | | 1,430,378 | |
Ohio Air Quality Development Authority (RB) 3.38%, 08/01/29 (p) | | | 1,000 | | | | 980,940 | |
Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB) 2.40%, 12/01/38 (c) (p) | | | 500 | | | | 463,959 | |
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 06/01/41 (c) (p) | | | 1,000 | | | | 930,394 | |
| | | Par
(000’s | ) | | Value | |
| Ohio (continued) | | | | | | | | |
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | | $ | 2,000 | | | $ | 1,958,826 | |
| | | | | | | | 7,128,538 | |
| Oklahoma: 1.2% | | | | | | | | |
Oklahoma County Finance Authority, Charter School, Astec Project (RB) 5.25%, 06/15/34 (c) | | | 500 | | | | 508,289 | |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | | | | | | | | |
| 5.00%, 08/15/26 | | | 1,000 | | | | 1,017,447 | |
| 5.00%, 08/15/27 | | | 250 | | | | 257,495 | |
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/35 (c) (p) | | | 2,000 | | | | 2,011,120 | |
| | | | | | | | 3,794,351 | |
| Pennsylvania: 2.7% | | | | | | | | |
| Allentown Neighborhood Improvement Zone Development Authority (RB) | | | | | | | | |
| 5.00%, 05/01/27 | | | 750 | | | | 768,525 | |
| 5.00%, 05/01/28 | | | 1,165 | | | | 1,187,066 | |
| 5.00%, 05/01/28 | | | 735 | | | | 753,712 | |
Berks County Industrial Development Authority, Tower Health Project (RB) 5.00%, 11/01/24 | | | 1,000 | | | | 1,000,000 | |
Berks County, Tower Health Project, Series A-2 (RB) 6.00%, 06/30/34 (c) | | | 1,131 | | | | 1,223,229 | |
| City of Philadelphia, Pennsylvania Gas Works (RB) | | | | | | | | |
| 5.00%, 08/01/25 | | | 80 | | | | 81,011 | |
| 5.00%, 10/01/26 | | | 100 | | | | 103,781 | |
Fulton County Industrial Development Authority, Medical Center Project (RB) 4.00%, 07/01/28 (c) | | | 540 | | | | 520,162 | |
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, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26 | | | 130 | | | | 131,841 | |
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/30 (c) | | | 100 | | | | 102,651 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Pennsylvania (continued) | | | | | | | | |
| Philadelphia Authority for Industrial Development, University of the Arts (RB) | | | | | | | | |
| 4.50%, 03/15/29 (c) | | $ | 25 | | | $ | 26,358 | |
4.50%, 03/15/29 (c) (d) * | | | 545 | | | | 327,153 | |
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31 | | | 505 | | | | 498,776 | |
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 06/01/29 (c) | | | 200 | | | | 206,516 | |
| The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | | | | | | | | |
| 5.00%, 07/01/26 | | | 115 | | | | 116,761 | |
| 5.00%, 07/01/29 (c) | | | 275 | | | | 282,754 | |
| | | | | | | | 8,397,370 | |
| Puerto Rico: 9.3% | | | | | | | | |
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 5.00%, 07/01/30 | | | 3,000 | | | | 3,167,660 | |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) | | | | | | | | |
| 5.00%, 07/01/28 | | | 1,000 | | | | 1,041,823 | |
| 5.00%, 07/01/33 (c) | | | 2,000 | | | | 2,108,482 | |
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) | | | | | | | | |
| 4.00%, 07/01/33 (c) | | | 4,000 | | | | 3,944,457 | |
| 4.00%, 07/01/35 (c) | | | 1,500 | | | | 1,472,611 | |
| 5.38%, 07/01/25 | | | 1,817 | | | | 1,836,097 | |
| 5.62%, 07/01/27 | | | 1,000 | | | | 1,041,036 | |
| 5.62%, 07/01/29 | | | 3,000 | | | | 3,229,076 | |
| 5.75%, 07/01/31 | | | 4,000 | | | | 4,412,750 | |
| Puerto Rico Electric Power Authority (RB) (NATL) | | | | | | | | |
| 4.75%, 07/01/33 (c) | | | 120 | | | | 117,555 | |
| 5.25%, 07/01/26 | | | 320 | | | | 317,262 | |
| 5.25%, 07/01/32 | | | 700 | | | | 692,102 | |
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 08/01/30 (c) | | | 780 | | | | 785,399 | |
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | | | | | | | | |
| 0.00%, 07/01/31 (c) ^ | | | 2,000 | | | | 1,529,692 | |
| 0.00%, 07/01/33 (c) ^ | | | 1,500 | | | | 1,048,754 | |
| 4.50%, 07/01/34 (c) | | | 1,000 | | | | 1,002,742 | |
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.00%, 07/01/29 (c) ^ | | | 1,308 | | | | 1,091,185 | |
| | | | | | | | 28,838,683 | |
| | | Par
(000’s | ) | | Value | |
| Rhode Island: 0.6% | | | | | | | | |
| Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | | | | | | | | |
| 5.00%, 05/15/31 (c) | | $ | 400 | | | $ | 436,871 | |
| 5.00%, 05/15/33 (c) | | | 250 | | | | 271,724 | |
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/31 (c) | | | 1,000 | | | | 1,004,478 | |
| | | | | | | | 1,713,073 | |
| South Carolina: 0.4% | | | | | | | | |
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 06/15/29 (c) | | | 500 | | | | 503,270 | |
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/27 (c) | | | 250 | | | | 247,041 | |
South Carolina Public Service Authority, Series A (RB) 5.00%, 12/01/31 (c) | | | 525 | | | | 537,812 | |
| | | | | | | | 1,288,123 | |
| Tennessee: 0.6% | | | | | | | | |
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 | | | 105 | | | | 93,855 | |
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p) | | | 1,000 | | | | 1,071,163 | |
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26 | | | 525 | | | | 536,500 | |
| | | | | | | | 1,701,518 | |
| Texas: 8.4% | | | | | | | | |
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c) | | | 1,200 | | | | 1,208,952 | |
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 | | | 775 | | | | 778,507 | |
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/30 (c) | | | 500 | | | | 499,545 | |
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/31 (c) | | | 50 | | | | 54,261 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c) | | $ | 1,465 | | | $ | 1,350,104 | |
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/32 (c) | | | 750 | | | | 816,415 | |
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c) | | | 1,000 | | | | 1,016,794 | |
| City of Austin, Texas Airport System (RB) | | | | | | | | |
| 5.00%, 11/15/25 | | | 625 | | | | 634,200 | |
| 5.00%, 11/15/28 (c) | | | 395 | | | | 395,747 | |
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 | | | 180 | | | | 186,941 | |
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/29 (c) | | | 3,000 | | | | 3,000,961 | |
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 | | | 250 | | | | 255,523 | |
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/30 (c) | | | 200 | | | | 201,995 | |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) | | | | | | | | |
| 5.00%, 07/15/27 | | | 2,000 | | | | 2,044,915 | |
| 5.00%, 07/15/28 | | | 500 | | | | 515,154 | |
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB) 5.00%, 07/15/28 | | | 1,500 | | | | 1,545,462 | |
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c) | | | 1,000 | | | | 1,005,070 | |
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27 | | | 1,750 | | | | 1,789,301 | |
| Clifton Higher Education Finance Corp., Series A (RB) | | | | | | | | |
| 4.62%, 08/15/25 | | | 20 | | | | 20,120 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
| 5.12%, 08/15/30 (c) | | $ | 200 | | | $ | 202,075 | |
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 05/01/25 (c) | | | 335 | | | | 335,082 | |
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^ | | | 315 | | | | 263,654 | |
Harris County, Houston Sports Authority, Third Lien, Series A (RB) (NATL) 0.00%, 11/15/33 (c) ^ | | | 1,005 | | | | 593,156 | |
Harris County-Houston Sports Authority, Series A (RB) (AGC) 5.00%, 11/15/30 | | | 500 | | | | 546,351 | |
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/31 (c) | | | 335 | | | | 337,487 | |
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/30 (c) (d) * | | | 102 | | | | 1,015 | |
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c) | | | 2,700 | | | | 2,701,617 | |
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/28 (c) | | | 815 | | | | 791,674 | |
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c) | | | 110 | | | | 111,327 | |
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) 5.00%, 07/01/23 | | | 87 | | | | 86,992 | |
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 01/01/31 (c) | | | 550 | | | | 496,645 | |
| SA Energy Acquisition Public Facility Corp., Gas Supply (RB) | | | | | | | | |
| 5.50%, 08/01/25 | | | 125 | | | | 126,415 | |
| 5.50%, 08/01/27 | | | 110 | | | | 113,970 | |
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/31 (c) | | | 250 | | | | 247,059 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/27 (c) | | $ | 175 | | | $ | 171,933 | |
Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) 5.25%, 12/15/25 | | | 100 | | | | 101,549 | |
Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/28 | | | 350 | | | | 366,385 | |
Texas Municipal Gas Acquisition and Supply Corporation III (RB) 5.00%, 12/15/30 | | | 1,000 | | | | 1,060,111 | |
| | | | | | | | 25,974,464 | |
| Utah: 0.5% | | | | | | | | |
Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) 4.50%, 06/15/27 | | | 500 | | | | 496,563 | |
Utah Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31 | | | 1,000 | | | | 1,074,391 | |
| | | | | | | | 1,570,954 | |
| Virgin Islands: 0.4% | | | | | | | | |
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) 5.00%, 10/01/32 | | | 1,000 | | | | 1,039,052 | |
Virgin Islands Water & Power Authority, Series B (RB) 5.00%, 07/01/25 (c) | | | 55 | | | | 54,183 | |
| | | | | | | | 1,093,235 | |
| Virginia: 2.3% | | | | | | | | |
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 09/01/30 (c) | | | 140 | | | | 132,206 | |
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/28 (c) | | | 325 | | | | 328,488 | |
Roanoke County Economic Development Authority, Residential Care Facility (RB) 5.50%, 09/01/58 (c) (p) | | | 1,530 | | | | 1,514,536 | |
| Virginia Beach Development Authority, Residential Care Facility, Series A (RB) | | | | | | | | |
| 5.75%, 09/01/30 (c) | | | 1,000 | | | | 1,036,317 | |
| 5.75%, 09/01/33 (c) | | | 1,000 | | | | 1,127,450 | |
| | | Par
(000’s | ) | | Value | |
| Virginia (continued) | | | | | | | | |
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/30 (c) | | $ | 710 | | | $ | 701,402 | |
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 07/01/35 (c) | | | 500 | | | | 528,720 | |
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31 | | | 635 | | | | 637,422 | |
Virginia Small Business Financing Authority, Series A (RB) 5.00%, 12/01/34 (c) | | | 1,000 | | | | 1,074,134 | |
| | | | | | | | 7,080,675 | |
| Washington: 1.9% | | | | | | | | |
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 | | | 75 | | | | 74,862 | |
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/30 (c) | | | 1,800 | | | | 1,800,562 | |
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/49 (c) (p) | | | 480 | | | | 481,560 | |
Washington State Housing Finance Commission, Parkshore Juanita Bay Project, Series B-2 (RB) 3.95%, 07/01/29 (c) | | | 500 | | | | 500,076 | |
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | | | 2,250 | | | | 2,272,418 | |
| Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | | | | | | | | |
| 4.00%, 01/01/26 (c) | | | 500 | | | | 496,773 | |
| 5.00%, 01/01/31 (c) | | | 365 | | | | 367,506 | |
| | | | | | | | 5,993,757 | |
| West Virginia: 0.4% | | | | | | | | |
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/45 (c) (p) | | | 1,000 | | | | 1,000,468 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| West Virginia (continued) | | | | | | | | |
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26 | | $ | 150 | | | $ | 154,067 | |
| | | | | | | | 1,154,535 | |
| Wisconsin: 2.3% | | | | | | | | |
Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB) 5.00%, 06/15/34 (c) | | | 500 | | | | 508,237 | |
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 11/01/30 (c) | | | 1,000 | | | | 1,002,593 | |
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/29 (c) | | | 365 | | | | 340,269 | |
Public Finance Authority, Master Academy of Nevada - East Las Vegas Campus Project, Series A (RB) 5.00%, 12/15/34 (c) | | | 645 | | | | 674,472 | |
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 | | | 275 | | | | 271,512 | |
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/29 (c) | | | 380 | | | | 377,017 | |
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/27 (c) | | | 150 | | | | 147,288 | |
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | | | 1,235 | | | | 1,254,546 | |
Public Finance Authority, Texas Infrastructure Program, Mayfair Project, Series A-4 (RB) 5.50%, 11/15/32 (c) | | | 250 | | | | 248,952 | |
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 | | | 1,050 | | | | 1,031,960 | |
Public Finance Authority, Wisconsin Texas Infrastructure Program, Nolina & Sorella Projects (RB) 5.50%, 12/15/32 (c) | | | 500 | | | | 491,318 | |
| | | Par
(000’s | ) | | Value | |
| Wisconsin (continued) | | | | | | | | |
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 3.00%, 08/15/26 (c) | | $ | 825 | | | $ | 815,959 | |
| | | | | | | | 7,164,123 | |
Total Municipal Bonds: 97.8%
(Cost: $316,083,289) | | | | | | | 302,202,772 | |
| Other assets less liabilities: 2.2% | | | | | | | 6,740,449 | |
| NET ASSETS: 100.0% | | | | | | $ | 308,943,221 | |
See Notes to Financial Statements
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the 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
The summary of inputs used to value the Fund’s investments as of October 31, 2024 is as follows:
| | | | | | Level 2 | | | Level 3 | | | | |
| | | Level 1 | | | Significant | | | Significant | | | | |
| | | Quoted | | | Observable | | | Unobservable | | | | |
| | | Prices | | | Inputs | | | Inputs | | | Value | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Alabama | | $ | — | | | $ | 7,202,328 | | | $ | — | | | $ | 7,202,328 | |
| Arizona | | | — | | | | 6,345,266 | | | | — | | | | 6,345,266 | |
| California | | | — | | | | 30,307,188 | | | | — | | | | 30,307,188 | |
| Colorado | | | — | | | | 7,813,615 | | | | — | | | | 7,813,615 | |
| Connecticut | | | — | | | | 1,838,485 | | | | — | | | | 1,838,485 | |
| Delaware | | | — | | | | 972,060 | | | | — | | | | 972,060 | |
| District of Columbia | | | — | | | | 430,484 | | | | — | | | | 430,484 | |
| Florida | | | — | | | | 14,926,557 | | | | — | | | | 14,926,557 | |
| Georgia | | | — | | | | 5,695,247 | | | | — | | | | 5,695,247 | |
| Guam | | | — | | | | 4,923,574 | | | | — | | | | 4,923,574 | |
| Hawaii | | | — | | | | 481,294 | | | | — | | | | 481,294 | |
| Illinois | | | — | | | | 34,202,476 | | | | — | | | | 34,202,476 | |
| Indiana | | | — | | | | 4,263,833 | | | | — | | | | 4,263,833 | |
| Iowa | | | — | | | | 2,487,862 | | | | — | | | | 2,487,862 | |
| Kansas | | | — | | | | 628,557 | | | | — | | | | 628,557 | |
| Kentucky | | | — | | | | 2,776,771 | | | | — | | | | 2,776,771 | |
| Louisiana | | | — | | | | 5,757,103 | | | | 8 | | | | 5,757,111 | |
| Maryland | | | — | | | | 1,799,180 | | | | — | | | | 1,799,180 | |
| Massachusetts | | | — | | | | 1,169,648 | | | | — | | | | 1,169,648 | |
| Michigan | | | — | | | | 2,241,400 | | | | — | | | | 2,241,400 | |
| Minnesota | | | — | | | | 2,509,089 | | | | — | | | | 2,509,089 | |
| Missouri | | | — | | | | 1,837,029 | | | | — | | | | 1,837,029 | |
| Nebraska | | | — | | | | 2,508,523 | | | | — | | | | 2,508,523 | |
| Nevada | | | — | | | | 1,609,561 | | | | — | | | | 1,609,561 | |
| New Hampshire | | | — | | | | 1,997,977 | | | | — | | | | 1,997,977 | |
| New Jersey | | | — | | | | 10,319,811 | | | | — | | | | 10,319,811 | |
| New Mexico | | | — | | | | 1,475,143 | | | | — | | | | 1,475,143 | |
| New York | | | — | | | | 36,630,580 | | | | — | | | | 36,630,580 | |
| North Carolina | | | — | | | | 3,636,211 | | | | — | | | | 3,636,211 | |
| North Dakota | | | — | | | | 522,513 | | | | — | | | | 522,513 | |
| Ohio | | | — | | | | 7,128,538 | | | | — | | | | 7,128,538 | |
| Oklahoma | | | — | | | | 3,794,351 | | | | — | | | | 3,794,351 | |
| Pennsylvania | | | — | | | | 8,397,370 | | | | — | | | | 8,397,370 | |
| Puerto Rico | | | — | | | | 28,838,683 | | | | — | | | | 28,838,683 | |
| Rhode Island | | | — | | | | 1,713,073 | | | | — | | | | 1,713,073 | |
| South Carolina | | | — | | | | 1,288,123 | | | | — | | | | 1,288,123 | |
| Tennessee | | | — | | | | 1,701,518 | | | | — | | | | 1,701,518 | |
| Texas | | | — | | | | 25,974,464 | | | | — | | | | 25,974,464 | |
| Utah | | | — | | | | 1,570,954 | | | | — | | | | 1,570,954 | |
| Virgin Islands | | | — | | | | 1,093,235 | | | | — | | | | 1,093,235 | |
| Virginia | | | — | | | | 7,080,675 | | | | — | | | | 7,080,675 | |
| Washington | | | — | | | | 5,993,757 | | | | — | | | | 5,993,757 | |
| West Virginia | | | — | | | | 1,154,535 | | | | — | | | | 1,154,535 | |
| Wisconsin | | | — | | | | 7,164,123 | | | | — | | | | 7,164,123 | |
| Total | | $ | — | | | $ | 302,202,764 | | | $ | 8 | | | $ | 302,202,772 | |
See Notes to Financial Statements
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| MUNICIPAL BONDS: 98.7% | | | | | | | | |
| Alabama: 3.1% | | | | | | | | |
Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) 4.00%, 12/01/49 (c) (p) | | $ | 2,360 | | | $ | 2,370,166 | |
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 10/01/52 (c) (p) | | | 600 | | | | 602,709 | |
Black Belt Energy Gas District, Series D-1 (RB) 5.50%, 06/01/49 (c) (p) | | | 1,000 | | | | 1,067,042 | |
County of Jefferson (RB) 5.00%, 09/15/28 (c) | | | 525 | | | | 547,433 | |
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/50 (c) (p) | | | 1,500 | | | | 1,505,562 | |
Southeast Energy Authority, Cooperative District Commodity Supply, Series A (RB) 5.25%, 01/01/54 (c) (p) | | | 1,000 | | | | 1,058,760 | |
The Black Belt Energy Gas District, Gas Project, Series E (RB) 5.00%, 05/01/53 (p) | | | 1,000 | | | | 1,038,116 | |
| | | | | | | | 8,189,788 | |
| Arizona: 1.6% | | | | | | | | |
Arizona Industrial Development Authority, Series A (RB) 5.00%, 11/01/28 (c) | | | 500 | | | | 529,108 | |
Arizona Transportation Board, Highway (RB) 5.00%, 07/01/30 (c) | | | 835 | | | | 861,037 | |
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/29 (c) | | | 620 | | | | 640,219 | |
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | | | | | | | | |
| 5.00%, 01/01/26 | | | 700 | | | | 715,568 | |
| 5.00%, 01/01/53 (c) (p) | | | 500 | | | | 511,597 | |
| Salt River Project Agricultural Improvement & Power District, Series A (RB) | | | | | | | | |
| 5.00%, 01/01/26 | | | 500 | | | | 511,873 | |
| 5.00%, 01/01/27 | | | 500 | | | | 523,552 | |
| | | | | | | | 4,292,954 | |
| California: 18.2% | | | | | | | | |
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/47 (c) (p) | | | 1,155 | | | | 1,144,395 | |
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/47 (c) (p) | | | 375 | | | | 373,948 | |
California Community Choice Financing Authority (RB) 5.00%, 07/01/53 (c) (p) | | | 1,000 | | | | 1,057,783 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
California Community Choice Financing Authority, Clean Energy, G-1 (RB) 5.25%, 11/01/54 (c) (p) | | $ | 1,000 | | | $ | 1,080,193 | |
California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) 4.00%, 05/01/53 (c) (p) | | | 500 | | | | 504,531 | |
California Community Choice Financing Authority, Clean Energy, Series D (RB) 5.50%, 05/01/54 (c) (p) | | | 1,000 | | | | 1,069,271 | |
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27 | | | 500 | | | | 537,407 | |
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/36 (c) (p) | | | 335 | | | | 330,525 | |
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) 5.00%, 10/01/39 (p) | | | 585 | | | | 592,873 | |
California Infrastructure and Economic Development Bank, Series B (RB) 5.00%, 11/01/29 (c) | | | 500 | | | | 542,812 | |
California Infrastructure And Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/47 (c) (p) | | | 500 | | | | 498,168 | |
California State Public Works Board, Kern Valley State Prison, Series D (RB) 5.00%, 06/01/25 | | | 825 | | | | 834,009 | |
California State Public Works Board, Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/29 | | | 675 | | | | 744,748 | |
| California State Public Works Board, Various Capital Projects, Series B (RB) | | | | | | | | |
| 5.00%, 10/01/26 | | | 830 | | | | 865,328 | |
| 5.00%, 10/01/28 (c) | | | 785 | | | | 834,231 | |
California State Public Works Board, Various Correctional Facilities, Series D (RB) 5.00%, 09/01/26 | | | 500 | | | | 520,183 | |
California State University, Systemwide, Series B-3 (RB) 3.12%, 11/01/51 (c) (p) | | | 500 | | | | 498,848 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 09/01/29 (c) | | $ | 2,500 | | | $ | 2,239,764 | |
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/30 (c) | | | 1,000 | | | | 1,005,327 | |
City of San Francisco, Public Utilities Commission Water, Series C (RB) 5.00%, 11/01/28 | | | 500 | | | | 547,913 | |
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^ | | | 500 | | | | 470,626 | |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) | | | | | | | | |
| 5.00%, 06/01/40 (c) | | | 1,000 | | | | 1,011,094 | |
| 5.00%, 06/01/45 (c) | | | 1,870 | | | | 1,890,746 | |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) 0.00%, 06/01/26 ^ | | | 1,000 | | | | 951,897 | |
Los Angeles County Metropolitan Transportation Authority, Series A (RB) 5.00%, 07/01/25 | | | 500 | | | | 507,005 | |
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/30 (c) | | | 1,720 | | | | 1,892,540 | |
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/30 (c) | | | 500 | | | | 517,382 | |
Oakland Unified School District, Series A (GO) 5.00%, 08/01/40 (c) | | | 1,000 | | | | 1,015,541 | |
Public Facilities Financing Authory of the City of San Diego, Subordinated Water, Series B (RB) 5.00%, 08/01/27 (c) | | | 500 | | | | 520,762 | |
| Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series A (RB) | | | | | | | | |
| 1.00%, 10/01/25 (c) | | | 1,000 | | | | 974,808 | |
| 5.00%, 10/01/26 | | | 1,000 | | | | 1,045,813 | |
San Bernardino Community College District, Series A (GO) 4.00%, 08/01/49 (c) | | | 540 | | | | 562,459 | |
| | | Par
(000’s | ) | | Value | |
| California (continued) | | | | | | | | |
San Diego County, East County Advanced Water Purification Joint Powers Authority, Series A (RB) 3.13%, 09/01/26 (c) | | $ | 500 | | | $ | 497,079 | |
San Francisco Community College District (GO) 5.00%, 06/15/25 | | | 1,000 | | | | 1,011,927 | |
San Joaquin Hills, Agency Toll Road (RB) 0.00%, 01/01/25 ^ | | | 500 | | | | 497,220 | |
Southwestern Community College District, Series D (GO) 5.00%, 08/01/44 (c) | | | 500 | | | | 507,360 | |
State of California, Department of Water Resources, Series BB (RB) 5.00%, 12/01/26 | | | 500 | | | | 525,739 | |
| State of California, Various Purpose (GO) | | | | | | | | |
| 5.00%, 10/01/27 | | | 530 | | | | 564,641 | |
| 5.00%, 10/01/27 | | | 1,000 | | | | 1,065,360 | |
| 5.00%, 10/01/27 | | | 500 | | | | 532,680 | |
| 5.00%, 10/01/29 | | | 1,000 | | | | 1,103,252 | |
| 5.00%, 11/01/26 | | | 915 | | | | 956,896 | |
| 5.00%, 11/01/28 (c) | | | 1,000 | | | | 1,064,981 | |
| 5.00%, 11/01/28 | | | 910 | | | | 988,878 | |
| 5.00%, 10/01/29 (c) | | | 1,000 | | | | 1,029,192 | |
| 5.00%, 04/01/27 | | | 750 | | | | 790,297 | |
| 5.00%, 04/01/30 | | | 2,910 | | | | 3,236,913 | |
| 5.00%, 08/01/25 | | | 1,000 | | | | 1,014,869 | |
| 5.00%, 08/01/27 | | | 1,305 | | | | 1,385,186 | |
| 5.00%, 09/01/30 (c) | | | 1,095 | | | | 1,133,875 | |
| 5.00%, 09/01/26 | | | 1,000 | | | | 1,041,278 | |
| 5.00%, 09/01/27 | | | 1,000 | | | | 1,063,396 | |
| 5.00%, 09/01/28 | | | 1,000 | | | | 1,083,395 | |
| | | | | | | | 48,277,344 | |
| Colorado: 1.6% | | | | | | | | |
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) 5.00%, 12/15/35 (c) | | | 500 | | | | 523,451 | |
City Of Colorado Springs, Colorado Utilities System, Series A-1 (RB) 5.00%, 11/15/26 | | | 500 | | | | 522,334 | |
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 | | | 500 | | | | 508,823 | |
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 | | | 500 | | | | 500,918 | |
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28 | | | 1,000 | | | | 1,085,888 | |
See Notes to Financial Statements
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Colorado (continued) | | | | | | | | |
State of Colorado, Series A (CP) 5.00%, 12/15/26 | | $ | 500 | | | $ | 523,057 | |
University of Colorado, Series A-2 (RB) 4.00%, 06/01/34 (c) | | | 500 | | | | 521,053 | |
| | | | | | | | 4,185,524 | |
| Connecticut: 2.9% | | | | | | | | |
Connecticut State Health & Educational Facilities Authority, Series A (RB) 5.00%, 07/01/26 | | | 500 | | | | 516,224 | |
| State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 | | | 1,000 | | | | 994,356 | |
State of Connecticut, Series E (GO) 5.00%, 11/15/25 | | | 670 | | | | 683,026 | |
State of Connecticut, Special Tax, Series A (RB) 5.00%, 09/01/30 (c) | | | 1,300 | | | | 1,301,350 | |
State of Connecticut, Special Tax, Transportation Infrastructure Purpose, Series A (ST) 5.00%, 05/01/28 | | | 600 | | | | 643,616 | |
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26 | | | 1,015 | | | | 1,046,994 | |
| University of Connecticut, Series A (RB) | | | | | | | | |
| 5.00%, 01/15/30 (c) | | | 745 | | | | 777,854 | |
| 5.00%, 04/15/26 | | | 550 | | | | 566,505 | |
| 5.00%, 04/15/29 (c) | | | 1,000 | | | | 1,067,078 | |
| | | | | | | | 7,597,003 | |
| Delaware: 0.5% | | | | | | | | |
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/45 (c) (p) | | | 500 | | | | 486,030 | |
Delaware Transportation Authority (RB) 5.00%, 07/01/26 | | | 500 | | | | 517,878 | |
State of Delaware, Series A (GO) 5.00%, 10/01/25 | | | 410 | | | | 417,454 | |
| | | | | | | | 1,421,362 | |
| District of Columbia: 1.1% | | | | | | | | |
District of Columbia, Series D (GO) 5.00%, 06/01/25 | | | 315 | | | | 318,403 | |
District of Columbia, Series E (GO) 5.00%, 06/01/25 | | | 500 | | | | 505,402 | |
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28 | | | 500 | | | | 540,198 | |
| | | Par
(000’s | ) | | Value | |
| District of Columbia (continued) | | | | | | | | |
Metropolitan Washington Airports Authority, Dulles Toll Road, Series C (RB) (AGC) 6.50%, 10/01/41 (c) | | $ | 1,000 | | | $ | 1,067,293 | |
Washington Metropolitan Area Transit Authority, Series B (RB) 5.00%, 07/01/30 (c) | | | 555 | | | | 582,197 | |
| | | | | | | | 3,013,493 | |
| Florida: 2.9% | | | | | | | | |
Central Florida Expressway Authority (RB) (AGM) 5.00%, 07/01/27 | | | 500 | | | | 528,431 | |
County of Miami-Dade (RB) 5.00%, 10/01/29 (c) | | | 510 | | | | 528,114 | |
County of Miami-Dade, Building Better Communities Program, Series A (GO) 5.00%, 07/01/30 (c) | | | 520 | | | | 536,815 | |
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/28 | | | 1,000 | | | | 1,077,700 | |
Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) 5.00%, 07/01/26 (c) | | | 655 | | | | 663,235 | |
School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/28 (c) | | | 895 | | | | 901,669 | |
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/29 (c) | | | 710 | | | | 743,586 | |
State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/28 | | | 770 | | | | 830,978 | |
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 3.00%, 06/01/30 (c) | | | 1,000 | | | | 987,903 | |
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | | | 880 | | | | 975,555 | |
| | | | | | | | 7,773,986 | |
| Georgia: 3.5% | | | | | | | | |
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 | | | 500 | | | | 500,000 | |
Georgia State Road and Tollway Authority (RB) 5.00%, 06/01/29 | | | 800 | | | | 876,897 | |
Main Street Natural Gas, Inc., Gas Supply, Series B (RB) 5.00%, 07/01/53 (c) (p) | | | 1,000 | | | | 1,060,360 | |
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 07/01/52 (c) (p) | | | 1,250 | | | | 1,264,943 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Georgia (continued) | | | | | | | | |
| Main Street Natural Gas, Inc., Series B (RB) | | | | | | | | |
| 4.00%, 08/01/49 (c) (p) | | $ | 500 | | | $ | 500,191 | |
| 5.00%, 12/01/52 (c) (p) | | | 500 | | | | 529,840 | |
| Main Street Natural Gas, Inc., Series C (RB) | | | | | | | | |
| 4.00%, 08/01/52 (c) (p) | | | 500 | | | | 498,444 | |
| 4.00%, 03/01/50 (c) (p) | | | 1,500 | | | | 1,512,209 | |
| State of Georgia, Series A (GO) | | | | | | | | |
| 5.00%, 02/01/29 (c) | | | 680 | | | | 698,009 | |
| 5.00%, 08/01/26 | | | 700 | | | | 727,110 | |
| State of Georgia, Series C (GO) 5.00%, 07/01/26 | | | 1,000 | | | | 1,036,584 | |
| | | | | | | | 9,204,587 | |
| Hawaii: 1.4% | | | | | | | | |
| City & County of Honolulu, Rail Transit Project, Series E (GO) | | | | | | | | |
| 5.00%, 03/01/26 | | | 785 | | | | 806,168 | |
| 5.00%, 03/01/27 | | | 500 | | | | 525,433 | |
| State of Hawaii, General Obligation, Series EO (GO) 5.00%, 08/01/25 (c) | | | 520 | | | | 520,730 | |
State of Hawaii, Series ET (GO) 3.00%, 10/01/29 (c) | | | 1,000 | | | | 986,630 | |
State of Hawaii, Series FE (GO) 5.00%, 10/01/25 | | | 1,000 | | | | 1,018,362 | |
| | | | | | | | 3,857,323 | |
| Illinois: 5.1% | | | | | | | | |
Board of Trustees of the University of Illinois, Series A (RB) 5.00%, 04/01/25 | | | 500 | | | | 503,247 | |
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 | | | 500 | | | | 510,715 | |
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 | | | 315 | | | | 321,750 | |
Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/30 | | | 500 | | | | 544,546 | |
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/25 | | | 340 | | | | 342,336 | |
| City of Chicago, Series A (GO) | | | | | | | | |
| 5.00%, 01/01/27 | | | 365 | | | | 376,950 | |
| 5.00%, 01/01/30 | | | 2,000 | | | | 2,130,683 | |
City of Chicago, Series B (GO) 4.00%, 01/01/30 | | | 358 | | | | 364,137 | |
| Illinois Finance Authority, Clean Water Initiative (RB) | | | | | | | | |
| 5.00%, 01/01/28 | | | 500 | | | | 534,265 | |
| 5.00%, 07/01/27 | | | 685 | | | | 725,219 | |
Illinois Finance Authority, Northshore University Health System, Series A (RB) (AGM) 5.00%, 08/15/26 | | | 500 | | | | 516,947 | |
| | | Par
(000’s | ) | | Value | |
| Illinois (continued) | | | | | | | | |
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 | | $ | 415 | | | $ | 433,835 | |
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 | | | 650 | | | | 679,500 | |
Illinois State, Series A (GO) 5.00%, 11/01/27 | | | 1,000 | | | | 1,051,931 | |
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/28 (c) | | | 735 | | | | 772,314 | |
State of Illinois (GO) 3.50%, 06/01/29 (c) | | | 685 | | | | 685,843 | |
State of Illinois (GO) (AGC) 5.50%, 05/01/25 | | | 335 | | | | 338,206 | |
State of Illinois, Series A (RB) 4.00%, 06/15/28 | | | 580 | | | | 601,040 | |
| State of Illinois, Series D (GO) | | | | | | | | |
| 5.00%, 11/01/25 | | | 1,345 | | | | 1,365,302 | |
| 5.00%, 11/01/26 | | | 800 | | | | 827,096 | |
| | | | | | | | 13,625,862 | |
| Indiana: 0.6% | | | | | | | | |
Indiana Finance Authority, Series C (RB) 5.00%, 12/01/24 | | | 575 | | | | 575,772 | |
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29 | | | 935 | | | | 1,026,564 | |
| | | | | | | | 1,602,336 | |
| Iowa: 0.6% | | | | | | | | |
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/49 (c) (p) | | | 1,500 | | | | 1,534,753 | |
| Kansas: 0.2% | | | | | | | | |
County of Butler, Unified School District No. 385 (GO) 4.00%, 09/01/30 (c) | | | 500 | | | | 509,400 | |
| Kentucky: 0.9% | | | | | | | | |
Commonwealth of Kentucky, Project No. 131, Series A (RB) 5.00%, 10/01/30 | | | 250 | | | | 276,043 | |
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 12/01/49 (c) (p) | | | 1,100 | | | | 1,101,931 | |
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/47 (c) (p) | | | 1,000 | | | | 1,029,888 | |
| | | | | | | | 2,407,862 | |
| Louisiana: 0.9% | | | | | | | | |
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/50 (c) (p) | | | 500 | | | | 503,481 | |
See Notes to Financial Statements
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Louisiana (continued) | | | | | | | | |
St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) 2.38%, 06/01/37 (p) | | $ | 750 | | | $ | 735,248 | |
State of Louisiana, Series A (GO) 5.00%, 02/01/29 | | | 1,000 | | | | 1,090,251 | |
| | | | | | | | 2,328,980 | |
| Maine: 0.2% | | | | | | | | |
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25 | | | 500 | | | | 504,967 | |
| Maryland: 2.6% | | | | | | | | |
County of Baltimore (GO) 5.00%, 03/01/30 | | | 945 | | | | 1,051,023 | |
County of Montgomery, Consolidated Public Improvement, Series A (GO) 4.00%, 08/01/29 | | | 750 | | | | 790,884 | |
| State of Maryland, Department of Transportation (RB) | | | | | | | | |
| 4.00%, 11/01/27 (c) | | | 500 | | | | 500,079 | |
| 5.00%, 10/01/26 | | | 595 | | | | 620,099 | |
State of Maryland, Department of Transportation, Series B (RB) 4.00%, 05/01/30 (c) | | | 750 | | | | 769,946 | |
State of Maryland, State and Local Facilities Loan (GO) 4.00%, 06/01/27 (c) | | | 560 | | | | 560,099 | |
State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/26 | | | 385 | | | | 399,575 | |
| State of Maryland, State and Local Facilities Loan, Series A (GO) | | | | | | | | |
| 5.00%, 03/15/28 (c) | | | 500 | | | | 524,811 | |
| 5.00%, 03/15/28 | | | 500 | | | | 537,129 | |
| 5.00%, 03/15/29 | | | 1,000 | | | | 1,093,879 | |
| | | | | | | | 6,847,524 | |
| Massachusetts: 2.9% | | | | | | | | |
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/27 | | | 680 | | | | 718,398 | |
| Commonwealth of Massachusetts, Series A (GO) | | | | | | | | |
| 5.00%, 01/01/27 | | | 710 | | | | 744,209 | |
| 5.00%, 05/01/27 | | | 500 | | | | 527,964 | |
| 5.00%, 07/01/27 | | | 500 | | | | 529,887 | |
| Commonwealth of Massachusetts, Series C (GO) | | | | | | | | |
| 5.00%, 10/01/26 | | | 400 | | | | 416,873 | |
| 5.00%, 05/01/30 | | | 1,000 | | | | 1,110,837 | |
Commonwealth of Massachusetts, Series E (GO) 3.00%, 12/01/25 | | | 750 | | | | 749,255 | |
| | | Par
(000’s | ) | | Value | |
| Massachusetts (continued) | | | | | | | | |
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26 | | $ | 500 | | | $ | 522,290 | |
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB) 0.90%, 06/01/26 (c) | | | 500 | | | | 473,869 | |
Massachusetts State College Building Authority, Series A (RB) 5.00%, 05/01/49 (c) | | | 775 | | | | 781,874 | |
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/40 (c) | | | 1,000 | | | | 1,036,988 | |
| | | | | | | | 7,612,444 | |
| Michigan: 0.9% | | | | | | | | |
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) 5.00%, 07/01/30 (c) | | | 500 | | | | 515,730 | |
Michigan State Housing Development Authority, Series A (RB) 3.70%, 04/01/30 (c) | | | 500 | | | | 501,952 | |
State of Michigan, Environmental Program (GO) 3.00%, 05/01/30 (c) | | | 410 | | | | 405,567 | |
State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/26 | | | 500 | | | | 513,327 | |
State of Michigan, Trunk Line, Series B (RB) 5.00%, 11/15/27 | | | 500 | | | | 534,061 | |
| | | | | | | | 2,470,637 | |
| Minnesota: 1.0% | | | | | | | | |
Minneapolis-St. Paul Metropolitan Airports, Series A (RB) 5.00%, 01/01/29 | | | 1,000 | | | | 1,082,102 | |
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/30 (c) | | | 515 | | | | 536,004 | |
Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 | | | 1,000 | | | | 1,046,074 | |
| | | | | | | | 2,664,180 | |
| Mississippi: 0.2% | | | | | | | | |
State of Mississippi, Series A (GO) 5.00%, 10/01/29 (c) | | | 430 | | | | 455,435 | |
| Missouri: 0.7% | | | | | | | | |
Curators of the University of Missouri, Series A (RB) 5.00%, 11/01/29 (c) | | | 1,405 | | | | 1,405,000 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Missouri (continued) | | | | | | | | |
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 01/01/26 (c) | | $ | 500 | | | $ | 506,493 | |
| | | | | | | | 1,911,493 | |
| Montana: 0.2% | | | | | | | | |
City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB) 3.88%, 07/01/28 (c) | | | 500 | | | | 507,544 | |
| Nevada: 0.6% | | | | | | | | |
Clark County (GO) 5.00%, 06/01/25 | | | 1,090 | | | | 1,101,208 | |
Clark County, Nevada Airport System, Series A (RB) 5.00%, 07/01/29 | | | 500 | | | | 546,536 | |
| | | | | | | | 1,647,744 | |
| New Jersey: 4.2% | | | | | | | | |
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25 | | | 660 | | | | 663,968 | |
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) 5.00%, 06/15/34 (c) | | | 615 | | | | 651,568 | |
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | | | | | | | | |
| 5.25%, 06/15/29 (c) | | | 1,000 | | | | 1,012,108 | |
| 5.25%, 06/15/40 (c) | | | 1,500 | | | | 1,518,163 | |
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/26 (c) | | | 500 | | | | 501,538 | |
| New Jersey Educational Facilities Authority, Princeton University, Series B (RB) | | | | | | | | |
| 5.00%, 07/01/25 | | | 1,000 | | | | 1,012,813 | |
| 5.00%, 07/01/28 (c) | | | 1,000 | | | | 1,060,710 | |
New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital (RB) 5.00%, 09/15/26 | | | 500 | | | | 516,622 | |
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 5.00%, 07/01/29 (c) | | | 660 | | | | 693,131 | |
| | | Par
(000’s | ) | | Value | |
| New Jersey (continued) | | | | | | | | |
| New Jersey Transportation Trust Fund Authority, Series A (RB) | | | | | | | | |
| 5.00%, 12/15/24 | | $ | 1,000 | | | $ | 1,001,749 | |
| 5.00%, 12/15/26 | | | 500 | | | | 518,846 | |
| 5.00%, 06/15/30 (c) | | | 435 | | | | 445,485 | |
New Jersey Transportation Trust Fund Authority, Series AA (RB) 5.00%, 06/15/25 | | | 500 | | | | 504,482 | |
| State of New Jersey, Various Purposes (GO) | | | | | | | | |
| 2.00%, 06/01/25 | | | 500 | | | | 493,839 | |
| 2.00%, 06/01/26 | | | 500 | | | | 487,268 | |
| | | | | | | | 11,082,290 | |
| New Mexico: 0.9% | | | | | | | | |
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series A (RB) 4.12%, 08/01/44 (c) | | | 1,000 | | | | 1,004,584 | |
State of New Mexico, Series A (RB) 5.00%, 07/01/27 | | | 840 | | | | 889,097 | |
State of New Mexico, Series B (RB) 5.00%, 07/01/26 | | | 535 | | | | 554,129 | |
| | | | | | | | 2,447,810 | |
| New York: 13.3% | | | | | | | | |
City of New York, Series A-1 (GO) 5.00%, 08/01/29 | | | 1,000 | | | | 1,093,602 | |
City of New York, Series C (GO) 5.00%, 09/01/27 | | | 1,000 | | | | 1,060,584 | |
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27 | | | 500 | | | | 529,358 | |
City of New York, Series C and D (GO) 5.00%, 08/01/26 | | | 325 | | | | 336,852 | |
City of New York, Series E (GO) 5.00%, 08/01/30 (c) | | | 540 | | | | 558,380 | |
City of New York, Series F-1 (GO) 5.00%, 03/01/27 | | | 410 | | | | 430,286 | |
County of Nassau, Series C (GO) 5.00%, 10/01/25 | | | 550 | | | | 560,551 | |
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26 | | | 510 | | | | 531,052 | |
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/48 (p) | | | 2,000 | | | | 2,001,112 | |
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/26 | | | 500 | | | | 519,915 | |
Metropolitan Transportation Authority, Series C (RB) 5.25%, 11/15/29 (c) | | | 1,000 | | | | 1,018,021 | |
See Notes to Financial Statements
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
New York City Housing Development Corp., Multi-Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 05/01/61 (c) (p) | | $ | 300 | | | $ | 292,923 | |
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27 | | | 440 | | | | 468,447 | |
New York City Transitional Finance Authority Future Tax Secured, Series F, Subseries F-1 (RB) 5.00%, 02/01/27 | | | 850 | | | | 890,683 | |
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 5.00%, 07/15/25 | | | 570 | | | | 577,804 | |
New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) 5.00%, 11/01/26 | | | 1,000 | | | | 1,043,599 | |
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/30 (c) | | | 1,190 | | | | 1,234,859 | |
New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 06/15/26 (c) | | | 430 | | | | 430,757 | |
New York City, Series A-1 (GO) 5.00%, 09/01/27 | | | 1,000 | | | | 1,060,584 | |
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/30 (c) | | | 1,000 | | | | 1,040,981 | |
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26 | | | 700 | | | | 725,957 | |
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/29 | | | 1,000 | | | | 1,099,987 | |
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27 | | | 510 | | | | 537,258 | |
| New York State Dormitory Authority, Series A (RB) | | | | | | | | |
| 5.00%, 02/15/27 | | | 500 | | | | 526,723 | |
| 5.00%, 03/15/26 | | | 485 | | | | 499,514 | |
| 5.00%, 03/15/26 | | | 780 | | | | 802,278 | |
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28 | | | 640 | | | | 688,596 | |
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
| New York State Dormitory Authority, State Sales Tax, Series B (RB) | | | | | | | | |
| 5.00%, 03/15/29 (c) | | $ | 595 | | | $ | 605,652 | |
| 5.00%, 03/15/26 (c) | | | 500 | | | | 508,951 | |
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/25 | | | 1,035 | | | | 1,042,118 | |
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 | | | 680 | | | | 700,350 | |
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 | | | 500 | | | | 505,976 | |
New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28 | | | 605 | | | | 654,464 | |
New York State Housing Finance Agency, Series A-2 (RB) 2.50%, 11/01/60 (c) (p) | | | 975 | | | | 948,545 | |
New York State Housing Finance Agency, Series C (RB) (SONYMA HUD SECT 8) 3.80%, 11/01/62 (c) (p) | | | 500 | | | | 502,239 | |
| New York State Housing Finance Agency, Series C-2 (RB) (SONYMA HUD SECT 8) 3.60%, 11/01/63 (c) (p) | | | 500 | | | | 503,816 | |
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 11/01/25 (c) | | | 490 | | | | 471,500 | |
New York State Thruway Authority, Series P (RB) 5.00%, 01/01/27 | | | 1,000 | | | | 1,049,045 | |
| New York State Urban Development Corp., State Personal Income, Series A (RB) | | | | | | | | |
| 5.00%, 03/15/25 | | | 495 | | | | 498,405 | |
| 5.00%, 03/15/28 (c) | | | 500 | | | | 514,963 | |
| 5.00%, 03/15/27 | | | 690 | | | | 725,831 | |
New York State Urban Development Corp., State Personal Income, Series C (RB) 5.00%, 03/15/27 | | | 500 | | | | 527,736 | |
New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25 | | | 500 | | | | 503,439 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| New York (continued) | | | | | | | | |
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/45 (p) | | $ | 875 | | | $ | 849,777 | |
| Triborough Bridge & Tunnel Authority, Series A (RB) | | | | | | | | |
| 5.00%, 11/15/26 | | | 1,000 | | | | 1,046,291 | |
| 5.00%, 11/15/27 | | | 500 | | | | 534,967 | |
| 5.00%, 11/15/28 | | | 1,000 | | | | 1,089,827 | |
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 11/15/28 (c) | | | 1,000 | | | | 1,081,456 | |
| | | | | | | | 35,426,011 | |
| North Carolina: 1.8% | | | | | | | | |
County of Mecklenburg, Series A (GO) 4.00%, 04/01/29 (c) | | | 500 | | | | 509,817 | |
County of Wake (RB) 5.00%, 09/01/26 | | | 375 | | | | 390,069 | |
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/51 (p) | | | 500 | | | | 509,678 | |
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/30 (c) | | | 1,500 | | | | 1,624,498 | |
State of North Carolina, Series A (GO) 5.00%, 06/01/30 (c) | | | 1,140 | | | | 1,222,946 | |
State of North Carolina, Series B (RB) 5.00%, 05/01/29 (c) | | | 585 | | | | 613,542 | |
| | | | | | | | 4,870,550 | |
| Ohio: 2.5% | | | | | | | | |
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28 | | | 500 | | | | 532,708 | |
City of Columbus, Various Purpose (GO) 5.00%, 04/01/29 (c) | | | 750 | | | | 796,469 | |
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | | | | | | | | |
| 5.00%, 12/01/29 | | | 1,250 | | | | 1,363,905 | |
| 5.00%, 08/01/30 (c) | | | 1,030 | | | | 1,087,476 | |
Lancaster Port Authority, Gas Supply (RB) (SBG) 5.00%, 08/01/49 (c) (p) | | | 485 | | | | 486,612 | |
Ohio Quality Development Authority, American Electric Power Company Project, Series D (RB) 3.20%, 05/01/26 | | | 500 | | | | 495,604 | |
Ohio Water Development Authority, Series A (RB) 5.00%, 06/01/29 (c) | | | 770 | | | | 840,126 | |
| | | Par
(000’s | ) | | Value | |
| Ohio (continued) | | | | | | | | |
Ohio Water Development Authority, Series B (RB) 5.00%, 12/01/27 (c) | | $ | 1,000 | | | $ | 1,043,934 | |
| | | | | | | | 6,646,834 | |
| Oklahoma: 0.1% | | | | | | | | |
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/29 (c) | | | 330 | | | | 323,330 | |
| Oregon: 0.9% | | | | | | | | |
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/26 | | | 500 | | | | 522,623 | |
Jackson County School District No 549C Medford (GO) (SBG) 5.00%, 12/15/28 (c) | | | 1,250 | | | | 1,264,219 | |
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25 | | | 500 | | | | 505,561 | |
| | | | | | | | 2,292,403 | |
| Pennsylvania: 3.3% | | | | | | | | |
Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/30 (c) | | | 360 | | | | 387,394 | |
Allegheny County Sanitary Authority (RB) (BAM) 5.00%, 12/01/27 (c) | | | 500 | | | | 510,268 | |
City of Philadelphia, Series A (GO) 5.00%, 08/01/25 | | | 300 | | | | 304,058 | |
| Commonwealth of Pennsylvania (GO) | | | | | | | | |
| 5.00%, 01/01/26 | | | 560 | | | | 572,648 | |
| 5.00%, 03/15/27 (c) | | | 500 | | | | 503,136 | |
| 5.00%, 07/15/27 | | | 1,000 | | | | 1,058,264 | |
| 5.00%, 09/01/27 | | | 1,000 | | | | 1,061,145 | |
Commonwealth of Pennsylvania (GO) (SBG) 5.00%, 07/15/26 | | | 1,000 | | | | 1,033,691 | |
County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 | | | 600 | | | | 614,545 | |
Delaware River Port Authority, Series B (RB) 5.00%, 01/01/25 | | | 350 | | | | 350,899 | |
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 | | | 660 | | | | 712,670 | |
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p) | | | 500 | | | | 510,395 | |
Montgomery County Industrial Development Authority, Series B (RB) 4.10%, 06/01/29 | | | 705 | | | | 726,067 | |
See Notes to Financial Statements
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Pennsylvania (continued) | | | | | | | | |
University of Pittsburgh of the Commonwealth, System of Higher Education (RB) 4.00%, 04/15/26 (c) | | $ | 500 | | | $ | 506,898 | |
| | | | | | | | 8,852,078 | |
| Rhode Island: 0.4% | | | | | | | | |
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM) 5.00%, 05/15/26 (c) | | | 500 | | | | 504,366 | |
Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/26 (c) | | | 500 | | | | 504,077 | |
| | | | | | | | 1,008,443 | |
| South Dakota: 0.1% | | | | | | | | |
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/30 (c) | | | 255 | | | | 265,933 | |
| Tennessee: 1.6% | | | | | | | | |
Johnson City Health & Educational Facilities Board, Series A (RB) 5.00%, 07/01/25 | | | 500 | | | | 504,290 | |
Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 07/01/26 | | | 525 | | | | 543,946 | |
Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health, Series B (RB) 5.00%, 09/01/49 (c) (p) | | | 500 | | | | 531,213 | |
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/49 (c) (p) | | | 1,775 | | | | 1,781,069 | |
Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB) 5.00%, 05/01/53 (c) (p) | | | 500 | | | | 520,066 | |
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26 | | | 500 | | | | 516,561 | |
| | | | | | | | 4,397,145 | |
| Texas: 8.9% | | | | | | | | |
Austin Independent School District (GO) 5.00%, 08/01/28 | | | 505 | | | | 543,855 | |
Bexar County, Limited Tax (GO) 5.00%, 06/15/27 (c) | | | 500 | | | | 515,972 | |
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29 | | | 1,000 | | | | 1,098,031 | |
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
City of Dallas, Series A (GO) 5.00%, 02/15/25 | | $ | 500 | | | $ | 502,208 | |
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/27 (c) | | | 630 | | | | 651,474 | |
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 | | | 500 | | | | 507,173 | |
Comal Independent School District (GO) 5.00%, 02/01/26 | | | 775 | | | | 794,314 | |
Commonwealth of Pennsylvania (GO) 5.00%, 02/15/27 | | | 2,000 | | | | 2,097,915 | |
County of Harris, Flood Control District, Series A (GO) 5.00%, 10/01/29 (c) | | | 480 | | | | 487,758 | |
Dallas Independent School District, Series A (GO) 4.00%, 02/15/34 (c) | | | 500 | | | | 500,798 | |
Denton Independent School District (GO) 5.00%, 08/15/29 | | | 1,000 | | | | 1,094,275 | |
Denton Independent School District, Series A (GO) 5.00%, 08/15/45 (c) | | | 500 | | | | 507,150 | |
Ford Bend Independent School District, Limited Tax, Series B (GO) 5.00%, 02/15/28 | | | 910 | | | | 972,185 | |
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27 | | | 1,000 | | | | 1,059,865 | |
Houston Independent School District (GO) 5.00%, 02/15/25 | | | 1,000 | | | | 1,004,647 | |
Houston Texas Utility System, Series A (RB) 5.00%, 11/15/27 | | | 1,000 | | | | 1,064,204 | |
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM) 5.00%, 05/15/27 | | | 500 | | | | 526,020 | |
North Texas Thruway Authority, Series I (RB) (AGC) 6.20%, 01/01/42 (c) | | | 1,000 | | | | 1,004,296 | |
North Texas Tollway Authority System, Series A (RB) 5.00%, 01/01/27 | | | 500 | | | | 522,692 | |
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/30 (c) | | | 1,195 | | | | 1,217,682 | |
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/30 (c) | | | 500 | | | | 512,691 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Texas (continued) | | | | | | | | |
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 | | $ | 600 | | | $ | 615,548 | |
Texas Municipal Gas Acquisition & Supply Corp. IV, Series A (RB) 5.50%, 01/01/54 (c) (p) | | | 1,000 | | | | 1,077,395 | |
Texas Transportation Commission Highway Improvement (GO) 5.00%, 04/01/30 | | | 1,000 | | | | 1,107,564 | |
Texas Water Development Board (RB) 5.00%, 04/15/26 | | | 1,000 | | | | 1,029,142 | |
Texas Water Development Board, Series A (RB) 5.00%, 04/15/30 (c) | | | 250 | | | | 263,592 | |
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/30 (c) | | | 670 | | | | 704,678 | |
University of Houston, Series A (RB) 5.00%, 02/15/26 | | | 1,000 | | | | 1,024,165 | |
Ysleta Independent School District (GO) 5.00%, 08/15/45 (c) | | | 650 | | | | 659,295 | |
| | | | | | | | 23,666,584 | |
| Utah: 0.2% | | | | | | | | |
Utah Transit Authority (RB) 5.00%, 06/15/30 | | | 500 | | | | 552,647 | |
| Virginia: 1.7% | | | | | | | | |
County of Fairfax, Public Improvement, Series A (GO) (SAW) 4.00%, 10/01/25 | | | 990 | | | | 998,847 | |
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26 | | | 750 | | | | 774,336 | |
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/27 | | | 600 | | | | 629,387 | |
Virginia Commonwealth Transportation Board (RB) 5.00%, 03/15/27 (c) | | | 510 | | | | 530,117 | |
Virginia Public Building Authority, Public Facilities, Series A (RB) 5.00%, 08/01/29 (c) | | | 720 | | | | 760,259 | |
| | | 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 | |
| | | | | | | | 4,655,723 | |
| Washington: 3.3% | | | | | | | | |
Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB) 5.00%, 11/01/26 | | | 520 | | | | 542,568 | |
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/31 (c) | | | 500 | | | | 509,516 | |
County of King, Limited Tax (GO) 4.00%, 07/01/30 (c) | | | 2,110 | | | | 2,145,507 | |
Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25 | | | 1,000 | | | | 1,012,880 | |
Energy Northwest Project Electric, Series C (RB) 5.00%, 07/01/25 | | | 1,375 | | | | 1,392,710 | |
Energy Northwest, Colombia Generating Station Electric, Series C (RB) 5.00%, 07/01/30 (c) | | | 1,250 | | | | 1,263,480 | |
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/28 (c) | | | 725 | | | | 765,649 | |
State of New Mexico, Series A (GO) 5.00%, 06/01/26 | | | 1,000 | | | | 1,030,552 | |
| | | | | | | | 8,662,862 | |
| West Virginia: 0.4% | | | | | | | | |
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26 | | | 1,000 | | | | 1,034,912 | |
| Wisconsin: 0.7% | | | | | | | | |
City of Milwaukee, Series N4 (GO) 5.00%, 04/01/26 | | | 750 | | | | 766,654 | |
| State of Wisconsin, Series A (GO) | | | | | | | | |
| 5.00%, 05/01/28 (c) | | | 500 | | | | 504,435 | |
| 5.00%, 05/01/25 | | | 500 | | | | 504,360 | |
| | | | | | | | 1,775,449 | |
Total Municipal Bonds: 98.7%
(Cost: $264,529,988) | | | | | | | 262,405,529 | |
| Other assets less liabilities: 1.3% | | | | | | | 3,472,702 | |
| NET ASSETS: 100.0% | | | | | | $ | 265,878,231 | |
See Notes to Financial Statements
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
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 |
| ^ | Zero Coupon Bond |
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 * | | $ | — | | | $ | 262,405,529 | | | $ | — | | | $ | 262,405,529 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2024 (unaudited)
| | | CEF Muni Income
ETF | | | High Yield Muni
ETF | | | HIP Sustainable
Muni ETF | | | Intermediate
Muni ETF | |
| Assets: | | | | | | | | | | | | | | | | |
| Investments, at value | | | | | | | | | | | | | | | | |
| Unaffiliated issuers (1) | | $ | 228,091,145 | | | $ | 3,080,825,353 | | | $ | 11,101,520 | | | $ | 1,908,890,884 | |
| Cash | | | 576 | | | | 26,705,390 | | | | 292,176 | | | | 13,540,789 | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | — | | | | 1,423,687 | | | | — | | | | 1,182,158 | |
| Shares of beneficial interest sold | | | 1,120,638 | | | | — | | | | — | | | | — | |
| Dividends and interest | | | 876,541 | | | | 44,205,095 | | | | 184,161 | | | | 23,089,436 | |
| Total assets | | | 230,088,900 | | | | 3,153,159,525 | | | | 11,577,857 | | | | 1,946,703,267 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | |
| Investment securities purchased | | | 1,120,600 | | | | 17,199,881 | | | | — | | | | 11,850,044 | |
| Line of credit | | | 272,493 | | | | — | | | | — | | | | — | |
| Due to Adviser | | | 77,784 | | | | 854,866 | | | | 2,374 | | | | 292,804 | |
| Deferred Trustee fees | | | 4,195 | | | | 3,184 | | | | — | | | | 3,000 | |
| Accrued expenses | | | 3,100 | | | | — | | | | — | | | | — | |
| Total liabilities | | | 1,478,172 | | | | 18,057,931 | | | | 2,374 | | | | 12,145,848 | |
| NET ASSETS | | $ | 228,610,728 | | | $ | 3,135,101,594 | | | $ | 11,575,483 | | | $ | 1,934,557,419 | |
| Shares outstanding | | | 10,200,000 | | | | 60,096,401 | | | | 250,000 | | | | 41,998,916 | |
| Net asset value, redemption and offering price per share | | $ | 22.41 | | | $ | 52.17 | | | $ | 46.30 | | | $ | 46.06 | |
| Net Assets consist of: | | | | | | | | | | | | | | | | |
| Aggregate paid in capital | | $ | 277,006,798 | | | $ | 3,447,833,476 | | | $ | 12,627,135 | | | $ | 2,021,771,686 | |
| Total distributable loss | | | (48,396,070 | ) | | | (312,731,882 | ) | | | (1,051,652 | ) | | | (87,214,267 | ) |
| NET ASSETS | | $ | 228,610,728 | | | $ | 3,135,101,594 | | | $ | 11,575,483 | | | $ | 1,934,557,419 | |
| (1) Cost of investments - Unaffiliated issuers | | $ | 246,240,102 | | | $ | 3,189,416,940 | | | $ | 11,554,898 | | | $ | 1,967,781,695 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2024 (unaudited)
| | | Long Muni ETF | | | Short High Yield
Muni ETF | | | Short Muni ETF | |
| Assets: | | | | | | | | | | | | |
| Investments, at value | | | | | | | | | | | | |
| Unaffiliated issuers (1) | | $ | 529,162,170 | | | $ | 302,202,772 | | | $ | 262,405,529 | |
| Cash | | | 5,851,288 | | | | 6,791,037 | | | | 62,701 | |
| Receivables: | | | | | | | | | | | | |
| Investment securities sold | | | 1,909,909 | | | | — | | | | — | |
| Dividends and interest | | | 6,794,724 | | | | 4,265,847 | | | | 3,427,502 | |
| Total assets | | | 543,718,091 | | | | 313,259,656 | | | | 265,895,732 | |
| Liabilities: | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | |
| Investment securities purchased | | | 4,513,421 | | | | 4,224,432 | | | | — | |
| Due to Adviser | | | 108,901 | | | | 91,386 | | | | 15,650 | |
| Deferred Trustee fees | | | 1,517 | | | | — | | | | 1,600 | |
| Accrued expenses | | | 180 | | | | 617 | | | | 251 | |
| Total liabilities | | | 4,624,019 | | | | 4,316,435 | | | | 17,501 | |
| NET ASSETS | | $ | 539,094,072 | | | $ | 308,943,221 | | | $ | 265,878,231 | |
| Shares outstanding | | | 30,100,000 | | | | 13,650,000 | | | | 15,500,000 | |
| Net asset value, redemption and offering price per share | | $ | 17.91 | | | $ | 22.63 | | | $ | 17.15 | |
| Net Assets consist of: | | | | | | | | | | | | |
| Aggregate paid in capital | | $ | 568,553,263 | | | $ | 350,904,102 | | | $ | 272,091,830 | |
| Total distributable loss | | | (29,459,191 | ) | | | (41,960,881 | ) | | | (6,213,599 | ) |
| NET ASSETS | | $ | 539,094,072 | | | $ | 308,943,221 | | | $ | 265,878,231 | |
| (1) Cost of investments - Unaffiliated issuers | | $ | 541,494,921 | | | $ | 316,083,289 | | | $ | 264,529,988 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2024 (unaudited)
| | | CEF Muni Income
ETF | | | High Yield Muni
ETF | | | HIP Sustainable
Muni ETF | | | Intermediate
Muni ETF | |
| Income: | | | | | | | | | | | | | | | | |
| Dividends | | $ | 5,320,383 | | | $ | — | | | $ | — | | | $ | — | |
| Interest | | | 1,720 | | | | 70,126,873 | | | | 175,478 | | | | 26,682,378 | |
| Total income | | | 5,322,103 | | | | 70,126,873 | | | | 175,478 | | | | 26,682,378 | |
| Expenses: | | | | | | | | | | | | | | | | |
| Management fees | | | 462,613 | | | | 4,958,017 | | | | 14,936 | | | | 1,666,012 | |
| Interest | | | 15,477 | | | | — | | | | — | | | | 87 | |
| Total expenses | | | 478,090 | | | | 4,958,017 | | | | 14,936 | | | | 1,666,099 | |
| Net investment income | | | 4,844,013 | | | | 65,168,856 | | | | 160,542 | | | | 25,016,279 | |
| | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | (3,358,751 | ) | | | (27,945,819 | ) | | | (495,704 | ) | | | (1,577,850 | ) |
| In-kind redemptions | | | 2,383,390 | | | | 2,408,370 | | | | — | | | | (39,768 | ) |
| Capital gain distributions from investment companies | | | 15,550 | | | | — | | | | — | | | | — | |
| Net realized loss | | | (959,811 | ) | | | (25,537,449 | ) | | | (495,704 | ) | | | (1,617,618 | ) |
| | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 18,882,135 | | | | 76,004,039 | | | | 676,718 | | | | 7,440,215 | |
| Net change in unrealized appreciation (depreciation) | | | 18,882,135 | | | | 76,004,039 | | | | 676,718 | | | | 7,440,215 | |
| Net increase in net assets resulting from operations | | $ | 22,766,337 | | | $ | 115,635,446 | | | $ | 341,556 | | | $ | 30,838,876 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2024 (unaudited)
| | | Long Muni ETF | | | Short High Yield Muni ETF | | | Short Muni ETF | |
| Income: | | | | | | | | | | | | |
| Interest | | $ | 9,588,726 | | | $ | 5,628,015 | | | $ | 3,100,557 | |
| Total income | | | 9,588,726 | | | | 5,628,015 | | | | 3,100,557 | |
| Expenses: | | | | | | | | | | | | |
| Management fees | | | 597,518 | | | | 558,342 | | | | 91,573 | |
| Interest | | | — | | | | 12,208 | | | | — | |
| Total expenses | | | 597,518 | | | | 570,550 | | | | 91,573 | |
| Net investment income | | | 8,991,208 | | | | 5,057,465 | | | | 3,008,984 | |
| | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | |
| Investments | | | (577,562 | ) | | | (2,792,783 | ) | | | (124,809 | ) |
| In-kind redemptions | | | 2,568 | | | | (445,502 | ) | | | (23,935 | ) |
| Net realized loss | | | (574,994 | ) | | | (3,238,285 | ) | | | (148,744 | ) |
| | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
| Investments | | | 6,006,873 | | | | 8,213,103 | | | | 3,066,593 | |
| Net change in unrealized appreciation (depreciation) | | | 6,006,873 | | | | 8,213,103 | | | | 3,066,593 | |
| Net increase in net assets resulting from operations | | $ | 14,423,087 | | | $ | 10,032,283 | | | $ | 5,926,833 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | CEF Muni Income ETF | | | High Yield Muni ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 4,844,013 | | | $ | 8,167,835 | | | $ | 65,168,856 | | | $ | 124,259,489 | |
| Net realized loss | | | (959,811 | ) | | | (10,831,811 | ) | | | (25,537,449 | ) | | | (87,697,628 | ) |
| Net change in unrealized appreciation (depreciation) | | | 18,882,135 | | | | 7,317,408 | | | | 76,004,039 | | | | 81,437,462 | |
| Net increase in net assets resulting from operations | | | 22,766,337 | | | | 4,653,432 | | | | 115,635,446 | | | | 117,999,323 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (5,253,048 | ) | | | (8,652,299 | ) | | | (66,002,515 | ) | | | (120,571,988 | ) |
| Return of capital | | | — | | | | (943,651 | ) | | | — | | | | — | |
| Total distributions | | | (5,253,048 | ) | | | (9,595,950 | ) | | | (66,002,515 | ) | | | (120,571,988 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 18,959,717 | | | | 54,357,867 | | | | 268,819,889 | | | | 905,560,236 | |
| Cost of shares redeemed | | | (29,000,766 | ) | | | (32,677,141 | ) | | | (98,672,794 | ) | | | (788,031,487 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | (10,041,049 | ) | | | 21,680,726 | | | | 170,147,095 | | | | 117,528,749 | |
| Total increase in net assets | | | 7,472,240 | | | | 16,738,208 | | | | 219,780,026 | | | | 114,956,084 | |
| Net Assets, beginning of period | | | 221,138,488 | | | | 204,400,280 | | | | 2,915,321,568 | | | | 2,800,365,484 | |
| Net Assets, end of period | | $ | 228,610,728 | | | $ | 221,138,488 | | | $ | 3,135,101,594 | | | $ | 2,915,321,568 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 850,000 | | | | 2,725,000 | | | | 5,150,000 | | | | 18,050,000 | |
| Shares redeemed | | | (1,300,000 | ) | | | (1,600,000 | ) | | | (1,900,000 | ) | | | (15,650,000 | ) |
| Net increase (decrease) | | | (450,000 | ) | | | 1,125,000 | | | | 3,250,000 | | | | 2,400,000 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | HIP Sustainable Muni ETF | | | Intermediate Muni ETF | |
| | | Six Months
Ended
October 31, 2024 (unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 160,542 | | | $ | 411,823 | | | $ | 25,016,279 | | | $ | 47,379,279 | |
| Net realized loss | | | (495,704 | ) | | | (34,254 | ) | | | (1,617,618 | ) | | | (14,698,985 | ) |
| Net change in unrealized appreciation (depreciation) | | | 676,718 | | | | (1,406 | ) | | | 7,440,215 | | | | 2,540,360 | |
| Net increase in net assets resulting from operations | | | 341,556 | | | | 376,163 | | | | 30,838,876 | | | | 35,220,654 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (166,775 | ) | | | (412,960 | ) | | | (24,599,488 | ) | | | (46,864,503 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | — | | | | — | | | | 125,941,309 | | | | 298,049,733 | |
| Cost of shares redeemed | | | (6,891,496 | ) | | | — | | | | (2,288,847 | ) | | | (303,307,234 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | (6,891,496 | ) | | | — | | | | 123,652,462 | | | | (5,257,501 | ) |
| Total increase (decrease) in net assets | | | (6,716,715 | ) | | | (36,797 | ) | | | 129,891,850 | | | | (16,901,350 | ) |
| Net Assets, beginning of period | | | 18,292,198 | | | | 18,328,995 | | | | 1,804,665,569 | | | | 1,821,566,919 | |
| Net Assets, end of period | | $ | 11,575,483 | | | $ | 18,292,198 | | | $ | 1,934,557,419 | | | $ | 1,804,665,569 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | 2,700,000 | | | | 6,650,000 | |
| Shares redeemed | | | (150,000 | ) | | | — | | | | (50,000 | ) | | | (6,600,000 | ) |
| Net increase (decrease) | | | (150,000 | ) | | | — | | | | 2,650,000 | | | | 50,000 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | Long Muni ETF | | | Short High Yield Muni ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 8,991,208 | | | $ | 14,965,086 | | | $ | 5,057,465 | | | $ | 10,996,299 | |
| Net realized loss | | | (574,994 | ) | | | (5,954,798 | ) | | | (3,238,285 | ) | | | (12,982,599 | ) |
| Net change in unrealized appreciation (depreciation) | | | 6,006,873 | | | | (661,838 | ) | | | 8,213,103 | | | | 11,200,258 | |
| Net increase in net assets resulting from operations | | | 14,423,087 | | | | 8,348,450 | | | | 10,032,283 | | | | 9,213,958 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (8,511,005 | ) | | | (14,425,095 | ) | | | (4,918,950 | ) | | | (11,222,995 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 99,944,686 | | | | 250,100,275 | | | | 4,557,624 | | | | 6,528,708 | |
| Cost of shares redeemed | | | (7,264,183 | ) | | | (116,997,223 | ) | | | (21,454,447 | ) | | | (81,403,031 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | 92,680,503 | | | | 133,103,052 | | | | (16,896,823 | ) | | | (74,874,323 | ) |
| Total increase (decrease) in net assets | | | 98,592,585 | | | | 127,026,407 | | | | (11,783,490 | ) | | | (76,883,360 | ) |
| Net Assets, beginning of period | | | 440,501,487 | | | | 313,475,080 | | | | 320,726,711 | | | | 397,610,071 | |
| Net Assets, end of period | | $ | 539,094,072 | | | $ | 440,501,487 | | | $ | 308,943,221 | | | $ | 320,726,711 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 5,550,000 | | | | 14,150,000 | | | | 200,000 | | | | 300,000 | |
| Shares redeemed | | | (400,000 | ) | | | (6,700,000 | ) | | | (950,000 | ) | | | (3,700,000 | ) |
| Net increase (decrease) | | | 5,150,000 | | | | 7,450,000 | | | | (750,000 | ) | | | (3,400,000 | ) |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | Short Muni ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 3,008,984 | | | $ | 4,698,031 | |
| Net realized loss | | | (148,744 | ) | | | (1,880,268 | ) |
| Net change in unrealized appreciation (depreciation) | | | 3,066,593 | | | | 2,492,102 | |
| Net increase in net assets resulting from operations | | | 5,926,833 | | | | 5,309,865 | |
| Distributions to shareholders from: | | | | | | | | |
| Distributable earnings | | | (2,934,675 | ) | | | (5,190,580 | ) |
| | | | | | | | | |
| Share transactions*: | | | | | | | | |
| Proceeds from sale of shares | | | 12,860,896 | | | | 34,692,781 | |
| Cost of shares redeemed | | | (3,447,726 | ) | | | (49,921,153 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | 9,413,170 | | | | (15,228,372 | ) |
| Total increase (decrease) in net assets | | | 12,405,328 | | | | (15,109,087 | ) |
| Net Assets, beginning of period | | | 253,472,903 | | | | 268,581,990 | |
| Net Assets, end of period | | $ | 265,878,231 | | | $ | 253,472,903 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | |
| Shares sold | | | 750,000 | | | | 2,050,000 | |
| Shares redeemed | | | (200,000 | ) | | | (2,950,000 | ) |
| Net increase (decrease) | | | 550,000 | | | | (900,000 | ) |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | CEF Muni Income ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $20.76 | | | | $21.46 | | | | $23.53 | | | | $29.07 | | | | $24.34 | | | | $26.18 | |
| Net investment income (a) | | | 0.47 | | | | 0.79 | | | | 0.95 | | | | 1.14 | | | | 1.14 | | | | 1.09 | |
| Net realized and unrealized gain (loss) on investments | | | 1.69 | | | | (0.57 | ) | | | (2.00 | ) | | | (5.56 | ) | | | 4.71 | | | | (1.83 | ) |
| Total from investment operations | | | 2.16 | | | | 0.22 | | | | (1.05 | ) | | | (4.42 | ) | | | 5.85 | | | | (0.74 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.51 | ) | | | (0.83 | ) | | | (1.02 | ) | | | (1.12 | ) | | | (1.12 | ) | | | (1.10 | ) |
| Return of capital | | | — | | | | (0.09 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (0.51 | ) | | | (0.92 | ) | | | (1.02 | ) | | | (1.12 | ) | | | (1.12 | ) | | | (1.10 | ) |
| Net asset value, end of period | | | $22.41 | | | | $20.76 | | | | $21.46 | | | | $23.53 | | | | $29.07 | | | | $24.34 | |
| Total return (b) | | | 10.43 | % | | | 1.16 | % | | | (4.53 | )% | | | (15.82 | )% | | | 24.38 | % | | | (3.17 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c)(d) | | | 0.41 | %(e) | | | 0.41 | % | | | 0.41 | % | | | 0.40 | % | | | 0.40 | % | | | 0.45 | % |
| Net expenses (c)(d) | | | 0.41 | %(e) | | | 0.41 | % | | | 0.41 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % |
| Net expenses excluding interest and taxes (c)(d) | | | 0.40 | %(e) | | | 0.40 | % | | | 0.40 | % | | | N/A | | | | N/A | | | | N/A | |
| Net investment income (c) | | | 4.19 | %(e) | | | 3.80 | % | | | 4.30 | % | | | 4.01 | % | | | 4.17 | % | | | 4.02 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $229 | | | | $221 | | | | $204 | | | | $169 | | | | $177 | | | | $142 | |
| Portfolio turnover rate (f) | | | 5 | % | | | 14 | % | | | 15 | % | | | 15 | % | | | 11 | % | | | 10 | % |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (d) | Periods after November 1, 2019 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | High Yield Muni ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $51.28 | | | | $51.43 | | | | $55.18 | | | | $62.48 | | | | $56.13 | | | | $62.79 | |
| Net investment income (a) | | | 1.11 | | | | 2.22 | | | | 2.01 | | | | 2.09 | | | | 2.36 | | | | 2.69 | |
| Net realized and unrealized gain (loss) on investments | | | 0.91 | | | | (0.21 | ) | | | (3.73 | ) | | | (7.27 | ) | | | 6.38 | | | | (6.73 | ) |
| Total from investment operations | | | 2.02 | | | | 2.01 | | | | (1.72 | ) | | | (5.18 | ) | | | 8.74 | | | | (4.04 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (1.13 | ) | | | (2.16 | ) | | | (2.03 | ) | | | (2.12 | ) | | | (2.39 | ) | | | (2.62 | ) |
| Net asset value, end of period | | | $52.17 | | | | $51.28 | | | | $51.43 | | | | $55.18 | | | | $62.48 | | | | $56.13 | |
| Total return (b) | | | 3.95 | % | | | 4.04 | % | | | (3.11 | )% | | | (8.62 | )% | | | 15.84 | % | | | (6.86 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.32 | %(c) | | | 0.32 | %(d) | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % |
| Net investment income | | | 4.21 | %(c) | | | 4.37 | %(d) | | | 3.84 | % | | | 3.38 | % | | | 3.91 | % | | | 4.26 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $3,135 | | | | $2,915 | | | | $2,800 | | | | $3,018 | | | | $3,461 | | | | $2,570 | |
| Portfolio turnover rate (e) | | | 7 | % | | | 29 | % | | | 11 | % | | | 11 | % | | | 9 | % | | | 12 | % |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Annualized |
| (d) | Effective June 20, 2023, the unitary management fee rate changed from 0.35% to 0.32% |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | HIP Sustainable Muni ETF |
| | | Six Months
Ended
October 31,
2024 | | Year Ended April 30, | | Period
Ended
April 30, |
| | | (unaudited) | | 2024 | | 2023 | | 2022 (a) |
| | | | | | | | | | |
| Net asset value, beginning of period | | | $45.73 | | | | $45.82 | | | | $45.66 | | | | $50.00 | |
| Net investment income (b) | | | 0.60 | | | | 1.03 | | | | 0.72 | | | | 0.10 | |
| Net realized and unrealized gain (loss) on investments | | | 0.58 | | | | (0.09 | ) | | | 0.09 | | | | (4.22 | ) |
| Total from investment operations | | | 1.18 | | | | 0.94 | | | | 0.81 | | | | (4.12 | ) |
| Distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.61 | ) | | | (1.03 | ) | | | (0.65 | ) | | | (0.22 | ) |
| Net asset value, end of period | | | $46.30 | | | | $45.73 | | | | $45.82 | | | | $45.66 | |
| Total return (c) | | | 2.59 | % | | | 2.08 | % | | | 1.79 | % | | | (8.26 | )% |
| | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | |
| Expenses | | | 0.24 | %(d) | | | 0.24 | % | | | 0.24 | % | | | 0.24 | %(d) |
| Net investment income | | | 2.58 | %(d) | | | 2.26 | % | | | 1.59 | % | | | 0.33 | %(d) |
| Supplemental data | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $12 | | | | $18 | | | | $18 | | | | $14 | |
| Portfolio turnover rate (e) | | | 4 | % | | | 11 | % | | | 14 | % | | | 11 | % |
| (a) | For the period September 9, 2021 (commencement of operations) through April 30, 2022. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Intermediate Muni ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $45.86 | | | | $46.35 | | | | $45.69 | | | | $51.62 | | | | $48.97 | | | | $48.94 | |
| Net investment income (a) | | | 0.63 | | | | 1.17 | | | | 0.97 | | | | 0.83 | | | | 0.98 | | | | 1.09 | |
| Net realized and unrealized gain (loss) on investments | | | 0.19 | | | | (0.50 | ) | | | 0.65 | | | | (5.92 | ) | | | 2.72 | | | | 0.10 | |
| Total from investment operations | | | 0.82 | | | | 0.67 | | | | 1.62 | | | | (5.09 | ) | | | 3.70 | | | | 1.19 | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.62 | ) | | | (1.16 | ) | | | (0.96 | ) | | | (0.84 | ) | | | (0.98 | ) | | | (1.10 | ) |
| Net realized capital gains | | | — | | | | — | | | | — | | | | — | (b) | | | (0.07 | ) | | | (0.06 | ) |
| Total distributions | | | (0.62 | ) | | | (1.16 | ) | | | (0.96 | ) | | | (0.84 | ) | | | (1.05 | ) | | | (1.16 | ) |
| Net asset value, end of period | | | $46.06 | | | | $45.86 | | | | $46.35 | | | | $45.69 | | | | $51.62 | | | | $48.97 | |
| Total return (c) | | | 1.79 | % | | | 1.48 | % | | | 3.59 | % | | | (9.99 | )% | | | 7.59 | % | | | 2.40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.18 | %(d) | | | 0.23 | %(e) | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % |
| Net investment income | | | 2.70 | %(d) | | | 2.56 | %(e) | | | 2.12 | % | | | 1.64 | % | | | 1.90 | % | | | 2.17 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $1,935 | | | | $1,805 | | | | $1,822 | | | | $1,695 | | | | $1,801 | | | | $1,582 | |
| Portfolio turnover rate (f) | | | 6 | % | | | 16 | % | | | 17 | % | | | 4 | % | | | 6 | % | | | 7 | % |
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Annualized |
| (e) | Effective March 7, 2024, the unitary management fee rate changed from 0.24% to 0.18% |
| (f) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Long Muni ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $17.66 | | | | $17.91 | | | | $18.35 | | | | $21.68 | | | | $20.18 | | | | $20.40 | |
| Net investment income (a) | | | 0.33 | | | | 0.62 | | | | 0.52 | | | | 0.46 | | | | 0.52 | | | | 0.57 | |
| Net realized and unrealized gain (loss) on investments | | | 0.23 | | | | (0.26 | ) | | | (0.46 | ) | | | (3.26 | ) | | | 1.54 | | | | (0.20 | ) |
| Total from investment operations | | | 0.56 | | | | 0.36 | | | | 0.06 | | | | (2.80 | ) | | | 2.06 | | | | 0.37 | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.31 | ) | | | (0.61 | ) | | | (0.50 | ) | | | (0.46 | ) | | | (0.52 | ) | | | (0.57 | ) |
| Net realized capital gains | | | — | | | | — | | | | — | | | | (0.07 | ) | | | (0.04 | ) | | | (0.02 | ) |
| Total distributions | | | (0.31 | ) | | | (0.61 | ) | | | (0.50 | ) | | | (0.53 | ) | | | (0.56 | ) | | | (0.59 | ) |
| Net asset value, end of period | | | $17.91 | | | | $17.66 | | | | $17.91 | | | | $18.35 | | | | $21.68 | | | | $20.18 | |
| Total return (b) | | | 3.22 | % | | | 2.02 | % | | | 0.40 | % | | | (13.26 | )% | | | 10.31 | % | | | 1.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.24 | %(c) | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % | | | 0.24 | % |
| Net investment income | | | 3.61 | %(c) | | | 3.54 | % | | | 2.91 | % | | | 2.15 | % | | | 2.45 | % | | | 2.72 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $539 | | | | $441 | | | | $313 | | | | $216 | | | | $228 | | | | $200 | |
| Portfolio turnover rate (d) | | | 4 | % | | | 23 | % | | | 32 | % | | | 7 | % | | | 23 | % | | | 22 | % |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Short High Yield Muni ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $22.27 | | | | $22.34 | | | | $22.86 | | | | $25.06 | | | | $23.09 | | | | $24.70 | |
| Net investment income (a) | | | 0.36 | | | | 0.67 | | | | 0.59 | | | | 0.58 | | | | 0.73 | | | | 0.84 | |
| Net realized and unrealized gain (loss) on investments | | | 0.35 | | | | (0.06 | ) | | | (0.50 | ) | | | (2.18 | ) | | | 1.99 | | | | (1.64 | ) |
| Total from investment operations | | | 0.71 | | | | 0.61 | | | | 0.09 | | | | (1.60 | ) | | | 2.72 | | | | (0.80 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.35 | ) | | | (0.68 | ) | | | (0.61 | ) | | | (0.60 | ) | | | (0.75 | ) | | | (0.81 | ) |
| Net asset value, end of period | | | $22.63 | | | | $22.27 | | | | $22.34 | | | | $22.86 | | | | $25.06 | | | | $23.09 | |
| Total return (b) | | | 3.20 | % | | | 2.82 | % | | | 0.43 | % | | | (6.58 | )% | | | 11.89 | % | | | (3.44 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.36 | %(c) | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % |
| Expenses excluding interest and taxes | | | 0.35 | %(c) | | | 0.35 | % | | | 0.35 | % | | | N/A | | | | N/A | | | | N/A | |
| Net investment income | | | 3.17 | %(c) | | | 3.04 | % | | | 2.64 | % | | | 2.34 | % | | | 2.98 | % | | | 3.37 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $309 | | | | $321 | | | | $398 | | | | $418 | | | | $306 | | | | $263 | |
| Portfolio turnover rate (d) | | | 15 | % | | | 18 | % | | | 17 | % | | | 16 | % | | | 14 | % | | | 17 | % |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Short Muni ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $16.95 | | | | $16.95 | | | | $16.89 | | | | $18.04 | | | | $17.55 | | | | $17.54 | |
| Net investment income (a) | | | 0.20 | | | | 0.31 | | | | 0.21 | | | | 0.15 | | | | 0.23 | | | | 0.27 | |
| Net realized and unrealized gain (loss) on investments | | | 0.19 | | | | 0.04 | | | | 0.10 | | | | (1.09 | ) | | | 0.51 | | | | 0.02 | |
| Total from investment operations | | | 0.39 | | | | 0.35 | | | | 0.31 | | | | (0.94 | ) | | | 0.74 | | | | 0.29 | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.19 | ) | | | (0.35 | ) | | | (0.25 | ) | | | (0.19 | ) | | | (0.25 | ) | | | (0.28 | ) |
| Net realized capital gains | | | — | | | | — | | | | — | | | | (0.02 | ) | | | — | | | | — | |
| Total distributions | | | (0.19 | ) | | | (0.35 | ) | | | (0.25 | ) | | | (0.21 | ) | | | (0.25 | ) | | | (0.28 | ) |
| Net asset value, end of period | | | $17.15 | | | | $16.95 | | | | $16.95 | | | | $16.89 | | | | $18.04 | | | | $17.55 | |
| Total return (b) | | | 2.33 | % | | | 2.12 | % | | | 1.83 | % | | | (5.27 | )% | | | 4.27 | % | | | 1.66 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.07 | %(c) | | | 0.09 | %(d) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
| Net investment income | | | 2.30 | %(c) | | | 1.86 | %(d) | | | 1.22 | % | | | 0.86 | % | | | 1.26 | % | | | 1.54 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $266 | | | | $253 | | | | $269 | | | | $328 | | | | $297 | | | | $204 | |
| Portfolio turnover rate (e) | | | 11 | % | | | 36 | % | | | 19 | % | | | 18 | % | | | 30 | % | | | 34 | % |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Annualized |
| (d) | Effective June 20, 2023, the unitary management fee rate changed from 0.20% to 0.07% |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
October 31, 2024 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the table below (each a “Fund” and, collectively, the “Funds”).
| Fund | | Diversification Classification |
| | | |
| CEF Muni Income ETF (“CEF Muni”) | | Diversified |
| High Yield Muni ETF (“High Yield”) | | Diversified |
| HIP Sustainable Muni ETF (“HIP Sustainable”) | | Non-Diversified |
| Intermediate Muni ETF (“Intermediate”) | | Diversified |
| Long Muni ETF (“Long”) | | Diversified |
| Short High Yield Muni ETF (“Short High Yield”) | | Diversified |
| Short Muni ETF (“Short”) | | Diversified |
Each Fund’s investment objective (except for HIP Sustainable) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index.
| Fund | | Index |
| | | |
| CEF Muni | | S-Network Municipal Bond Closed-End Fund Index |
| High Yield | | ICE Broad High Yield Crossover Municipal Index |
| Intermediate | | ICE Intermediate AMT-Free Broad National Municipal Index |
| Long | | ICE Long AMT-Free Broad National Municipal Index |
| Short High Yield | | ICE 1-12 Year Broad High Yield Crossover Municipal Index |
| Short | | ICE Short AMT-Free Broad National Municipal Index |
The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The Funds (except CEF Muni and HIP Sustainable) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Muni seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The HIP Sustainable is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development, in alignment with the goals and metrics defined by the United Nations Sustainable Development Goals.
Note 2—Significant Accounting Policies— The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services — Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives |
| | highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: Level 1 — Quoted prices in active markets for identical securities. Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. The Funds’ Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. B. Federal Income Taxes —It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, in any, to its shareholders. Therefore, no federal income tax provision is required. |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| | C. Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. If a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of return of capital the Fund will notify shareholders of the estimated composition of such distribution. Dividends from net investment income are subject to recharacterization for tax purposes. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end. D. Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. E. Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations. The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Fund’s and other industry sources. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
The management fee rates for the six months ended October 31, 2024, are as follows:
| Fund | | Management
Fee Rate |
| CEF Muni | | | 0.40 | % |
| High Yield | | | 0.32 | |
| HIP Sustainable | | | 0.24 | |
| Intermediate | | | 0.18 | |
| Long | | | 0.24 | |
| Short High Yield | | | 0.35 | |
| Fund | | Management
Fee Rate |
| Short | | | 0.07 | |
In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At October 31, 2024, the Adviser owned approximately 20% of HIP Sustainable.
Note 4—Capital Share Transactions—As of October 31, 2024, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of a designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the six months ended October 31, 2024, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| | | | | | | | | In-Kind Capital Share Transactions |
| Fund | | Purchases | | Sales | | Purchases | | Sales |
| CEF Muni | | $ | 10,672,512 | | | $ | 10,635,316 | | | $ | 18,946,153 | | | $ | 29,000,308 | |
| High Yield | | | 447,783,145 | | | | 199,430,455 | | | | 10,442,060 | | | | 88,666,678 | |
| HIP Sustainable | | | 479,005 | | | | 7,388,937 | | | | — | | | | — | |
| Intermediate | | | 252,557,407 | | | | 115,377,600 | | | | 3,316,181 | | | | 2,081,627 | |
| Long | | | 117,364,773 | | | | 19,489,180 | | | | — | | | | 7,296,269 | |
| Short High Yield | | | 45,734,311 | | | | 49,171,277 | | | | — | | | | 13,213,820 | |
| Short | | | 46,717,425 | | | | 27,839,500 | | | | — | | | | 3,769,073 | |
During the six months ended October 31, 2024, the High Yield, Intermediate, Long, Short High Yield and Short funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act. The activity is summarized in the table as follows:
| Fund | | Purchases
(in millions) | | Sales
(in millions) |
| High Yield | | $5 | | $3 |
| Intermediate | | 14 | | 28 |
| Long | | — | | 14 |
| Short High Yield | | 3 | | 5 |
| Short | | 28 | | — |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 6—Income Taxes—As of October 31, 2024, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | | Tax Cost of
Investments | | Gross
Unrealized
Appreciation | | Gross
Unrealized
Depreciation | | Net Unrealized
Appreciation
(Depreciation) |
| CEF Muni | | $246,248,938 | | $2,190,933 | | $(20,348,726) | | $(18,157,793) |
| High Yield | | 3,189,684,110 | | 52,732,549 | | (161,591,306) | | (108,858,757) |
| HIP Sustainable | | 11,553,508 | | 44,331 | | (496,319) | | (451,988) |
| Intermediate | | 1,968,608,288 | | 11,393,295 | | (71,110,699) | | (59,717,404) |
| Long | | 541,411,876 | | 3,614,623 | | (15,864,329) | | (12,249,706) |
| Short High Yield | | 316,748,248 | | 2,309,217 | | (16,854,693) | | (14,545,476) |
| Short | | 265,803,407 | | 2,135,377 | | (5,533,255) | | (3,397,878) |
The tax character of current year distributions will be determined at the end of the current fiscal year.
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the six months ended October 31, 2024, the Funds did not incur any interest or penalties.
Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.
High Yield and Short High Yield invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market. High Yield and Short High Yield may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
CEF Muni invests in closed-end funds that may trade at a discount or premium to their net asset value. The Fund is dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider’s methodology will align with the Fund’s investment strategy or desirable issuers can be correctly identified.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni Fund. For these Funds, the liability for the Plan which is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Short High Yield and HIP Sustainable, commenced operations with a unitary management fee, therefore bear no cost or liabilities relative to the Plan.
Note 9—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. These fees are included in custody and accounting fees in the Statements of Operations. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the six months ended October 31, 2024, the following Funds borrowed under this Facility:
| Fund | | Days
Outstanding | | Average
Daily
Loan Balance | | Average
Interest Rate |
| CEF Muni | | 167 | | $489,273 | | | 6.56 | % |
| Short High Yield | | 28 | | 2,197,493 | | | 6.68 | |
Outstanding loan balances as of October 31, 2024, if any, are reflected in the Statements of Assets and Liabilities.
| Changes In and Disagreements with Accountants | | For the period covered by this report |
There were no changes in or disagreements with accountants.
| Proxy Disclosures | | For the period covered by this report |
Not applicable.
| Remuneration Paid to Directors, Officers, and Others | | For the period covered by this report |
Refer to the financial statements included herein.
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2024 (unaudited)
At a meeting held on June 7, 2024 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (“VEAC”) (the “VEAC Investment Management Agreements”) with respect to the VanEck CEF Muni Income ETF, China Bond ETF, Dynamic High Income ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, High Yield Muni ETF, HIP Sustainable Muni ETF, IG Floating Rate ETF, Intermediate Muni ETF, International High Yield Bond ETF, J.P. Morgan EM Local Currency Bond ETF, Long Muni ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Mortgage REIT Income ETF, Muni ETF, Preferred Securities ex Financials ETF, Short High Yield Muni ETF and Short Muni ETF and (ii) the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,” and together with VEAC, the “Advisers”) (the “VEARA Investment Management Agreement”) with respect to the VanEck BDC Income ETF. The VEAC Investment Management Agreements and the VEARA Investment Management Agreement are collectively referred to as the “Investment Management Agreements.”
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 3, 2024. At that meeting, the Trustees discussed the information the Advisers and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds (except for the VanEck Muni ETF, which had not commenced operations) (each, an “Operating Fund” and together, the “Operating Funds”) and the Operating Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and their respective affiliates as a result of the Advisers’ relationships with the Funds. In reviewing performance information for the Operating Funds against their peer groups, the Trustees considered that each Operating Fund, except the VanEck Dynamic High Income ETF and HIP Sustainable Muni ETF, has a different investment objective than the funds in its designated peer group and, therefore, each such Operating Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Operating Fund which was not provided by Broadridge and which did not compare each Operating Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Operating Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Advisers at the Renewal Meeting and the May 3, 2024 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers provide under, the Investment Management Agreements, including, where applicable, (i) with respect to each Fund except the VanEck China Bond ETF and J.P. Morgan EM Local Currency Bond ETF (the “Unitary Funds”), the Advisers’ agreement to pay all of the direct expenses of the Unitary Funds (excluding the fee payment under the applicable Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) with respect to the VanEck China Bond ETF and J.P. Morgan EM Local Currency Bond ETF (the “Non-Unitary Funds”), VEAC’s commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) to the extent
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2024 (unaudited) (continued)
necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time.
The Trustees concluded that the Advisers and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Operating Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Operating Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Operating Fund except for VanEck Dynamic High Income ETF and HIP Sustainable Muni ETF (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from the Advisers regarding the performance of the VanEck Dynamic High Income ETF and HIP Sustainable Muni ETF, each an actively managed ETF, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck Dynamic High Income ETF had underperformed its benchmark for the one-year period ended December 31, 2023 and the period since its inception on November 1, 2022 through December 31, 2023, due to its exposure to diversifying assets, such as long-term U.S. Treasuries, dividend-paying equities and emerging market bonds, according to the Adviser. The Trustees also noted that the VanEck HIP Sustainable Muni ETF had underperformed its benchmark for the one-year period ended December 31, 2023 and the period since its inception on September 8, 2021, due to interest rate volatility and differences in duration and curve exposures between the Fund and its benchmark, according to the Adviser.
The Trustees also considered information relating to the financial condition of the Advisers and the current status, as they understood it, of the Advisers’ compliance environment.
As noted above, the Trustees were also provided with various data from Broadridge comparing the Operating Funds’ expenses to that of certain other registered funds. The Trustees noted that the information provided showed that each Operating Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck China Bond ETF, Moody’s Analytics IG Corporate Bond ETF and Short High Yield Muni ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck BDC Income ETF, International High Yield Bond ETF and Moody’s Analytics BBB Corporate Bond ETF had management fees above the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had management fees above the average and below the median of its peer group of funds, and the VanEck Green Bond ETF had management fees below the average and above the median of its peer group of funds. The Trustees also noted that the information provided showed that each Operating Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck BDC Income ETF, China Bond ETF, International High Yield Bond ETF and Moody’s Analytics BBB Corporate Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, and the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio above the average and below the median of its peer group of funds. The Trustees reviewed the amounts by which certain Operating Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Advisers from serving as advisers to the Funds.
The Trustees also considered information provided by the Advisers about their overall profitability and profitability or loss in respect of each Operating Fund. The Trustees reviewed each Operating Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in an Operating Fund increase. The
Trustees considered the potential variability in the net assets of the Operating Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Operating Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that VEAC has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Operating Fund is reasonable and appropriate in relation to the current asset size of each Operating Fund and the other factors discussed above and that the advisory fee rate for each Operating Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers with respect to the Operating Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Operating Funds.
The Trustees did not consider historical information about the cost of the services provided by VEAC or the profitability of the VanEck Muni ETF to VEAC because VanEck Muni ETF had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to the VanEck Muni ETF by VEAC, although they concluded that the nature, quality and extent of the services to be provided by VEAC were appropriate based on the Trustees’ knowledge of VEAC and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 3, 2024 meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each of the Investment Management Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each of the Investment Management Agreements is in the best interest of the applicable Fund and the Fund’s shareholders.
| SEMI-ANNUAL FINANCIAL STATEMENTS
AND OTHER INFORMATION
October 31, 2024
(unaudited) |
| BDC Income ETF | BIZD |
| China Bond ETF | CBON |
| Emerging Markets High Yield Bond ETF | HYEM |
| Fallen Angel High Yield Bond ETF | ANGL |
| Green Bond ETF | GRNB |
| IG Floating Rate ETF | FLTR |
| International High Yield Bond ETF | IHY |
| J.P. Morgan EM Local Currency Bond ETF | EMLC |
| Moody’s Analytics® BBB Corporate Bond ETF | MBBB |
| Moody’s Analytics® IG Corporate Bond ETF | MIG |
| Mortgage REIT Income ETF | MORT |
| Preferred Securities ex Financials ETF | PFXF |
VANECK BDC INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Number
of Shares | | | Value | |
| COMMON STOCKS: 99.1% | | | | | | | | |
| Financial Services: 99.1% | | | | | | | | |
| Ares Capital Corp. † | | | 12,459,830 | | | $ | 263,400,806 | |
| Bain Capital Specialty Finance, Inc. | | | 873,766 | | | | 14,548,204 | |
| Barings BDC, Inc. | | | 2,147,009 | | | | 20,761,577 | |
| BlackRock TCP Capital Corp. † | | | 1,997,262 | | | | 16,018,041 | |
| Blackstone Secured Lending Fund | | | 3,416,055 | | | | 106,341,792 | |
| Blue Owl Capital Corp. † | | | 7,250,050 | | | | 109,040,752 | |
| Capital Southwest Corp. † | | | 1,093,701 | | | | 26,445,690 | |
| Carlyle Secured Lending, Inc. † | | | 1,186,506 | | | | 20,170,602 | |
| CION Investment Corp. | | | 1,247,348 | | | | 14,606,445 | |
| Fidus Investment Corp. † | | | 773,817 | | | | 15,089,432 | |
| FS KKR Capital Corp. † | | | 5,535,627 | | | | 112,041,091 | |
| Gladstone Capital Corp. † | | | 507,606 | | | | 12,304,370 | |
| Gladstone Investment Corp. † | | | 856,152 | | | | 11,677,913 | |
| Goldman Sachs BDC, Inc. | | | 2,563,652 | | | | 34,199,118 | |
| Golub Capital BDC, Inc. † | | | 3,721,661 | | | | 56,345,948 | |
| Hercules Capital, Inc. † | | | 2,922,419 | | | | 57,746,999 | |
| Main Street Capital Corp. † | | | 1,113,321 | | | | 57,157,900 | |
| MidCap Financial Investment Corp. † | | | 2,188,340 | | | | 29,258,106 | |
| Morgan Stanley Direct Lending Fund | | | 1,855,932 | | | | 36,895,928 | |
| New Mountain Finance Corp. † | | | 2,114,014 | | | | 24,163,180 | |
| Oaktree Specialty Lending Corp. † | | | 1,919,202 | | | | 31,129,456 | |
| PennantPark Floating Rate Capital Ltd. † | | | 1,713,228 | | | | 19,239,551 | |
| Prospect Capital Corp. † | | | 8,408,674 | | | | 43,641,018 | |
| | | Number
of Shares | | | Value | |
| Financial Services (continued) |
| Sixth Street Specialty Lending, Inc. | | | 2,170,533 | | | $ | 44,278,873 | |
| SLR Investment Corp. | | | 929,295 | | | | 14,283,264 | |
| Trinity Capital, Inc. † | | | 1,245,368 | | | | 17,161,171 | |
Total Common Stocks
(Cost: $1,185,530,247) | | | | | | | 1,207,947,227 | |
| | | | | | | | | |
| | | | Par
(000’s | ) | | | | |
SHORT-TERM INVESTMENT: 0.8%
(Cost: $10,013,573) |
| United States Treasury Obligations: 0.8% |
United States Treasury Bill
4.56%, 01/14/25 (a) | | | 10,107,000 | | | | 10,014,658 | |
| | | | | | |
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $1,195,543,820) | | | | 1,217,961,885 | |
| | | | | | | | | |
| | | | Number
of Shares | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.8% | | |
Money Market Fund: 5.8%
(Cost: $70,215,021) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 70,215,021 | | | | 70,215,021 | |
Total Investments: 105.7%
(Cost: $1,265,758,841) | | | | | | | 1,288,176,906 | |
| Liabilities in excess of other assets: (5.7)% | | | (69,191,587) | |
| NET ASSETS: 100.0% | | | | | | $ | 1,218,985,319 | |
Total Return Swap Contracts
Long Exposure
| Counterparty | | Reference
Obligation | | Notional
Amount | | Rate paid by
the Fund (b) | | Payment
Frequency | | Termination
Date | | Unrealized
Appreciation/
(Depreciation) | | % of Net
Assets |
| UBS | | MVIS US Business Development Companies Index | | $10,007,968 | | 5.31% | | Monthly | | 10/15/25 | | $(19,163) | | 0.0% |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $99,823,380. |
| (a) | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $4,954,318. |
| (b) | The rate shown reflects the rate in effect at October 31, 2024: Secured Overnight Financing Rate + 0.50%. |
See Notes to Financial Statements
VANECK BDC INCOME 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 | |
| Common Stocks * | | $ | 1,207,947,227 | | | $ | — | | | $ | — | | | $ | 1,207,947,227 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Money Market Fund | | $ | 70,215,021 | | | $ | — | | | $ | — | | | $ | 70,215,021 | |
| United States Treasury Obligations | | | — | | | | 10,014,658 | | | | — | | | | 10,014,658 | |
| Total Investments | | $ | 1,278,162,248 | | | $ | 10,014,658 | | | $ | — | | | $ | 1,288,176,906 | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Total Return Swap Contracts | | $ | — | | | $ | 19,163 | | | $ | — | | | $ | 19,163 | |
| * | See Schedule of Investments for industry sectors. |
See Notes to Financial Statements
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 75.4% | | | | | | | | |
| Energy: 8.0% | | | | | | | | |
China National Petroleum Corp.
4.16%, 08/16/25 | | CNY | 6,000 | | | $ | 855,811 | |
China Petroleum & Chemical Corp. 3.20%, 07/27/26 | | CNY | 6,610 | | | | 944,296 | |
| | | | | | | | 1,800,107 | |
| Financials: 39.1% | | | | | | | | |
| Agricultural Development Bank of China | | | | | | | | |
| 2.46%, 07/27/25 | | CNY | 3,580 | | | | 504,817 | |
| 2.47%, 04/02/34 | | CNY | 3,500 | | | | 498,487 | |
| 3.74%, 07/12/29 | | CNY | 2,740 | | | | 414,270 | |
| 3.75%, 01/25/29 | | CNY | 2,620 | | | | 393,902 | |
| 4.39%, 09/08/27 | | CNY | 1,270 | | | | 190,406 | |
| 4.65%, 05/11/28 | | CNY | 1,360 | | | | 208,323 | |
Bank of Communications Co. Ltd. Reg S 2.70%, 09/26/26 | | CNY | 7,920 | | | | 1,123,458 | |
| China Development Bank | | | | | | | | |
| 3.34%, 07/14/25 | | CNY | 1,060 | | | | 150,374 | |
| 3.45%, 09/20/29 | | CNY | 4,800 | | | | 719,218 | |
| 3.48%, 01/08/29 | | CNY | 4,460 | | | | 663,711 | |
| 3.65%, 05/21/29 | | CNY | 1,950 | | | | 293,299 | |
| 3.66%, 03/01/31 | | CNY | 1,170 | | | | 178,924 | |
| 3.70%, 10/20/30 | | CNY | 4,150 | | | | 634,359 | |
| 4.04%, 07/06/28 | | CNY | 4,360 | | | | 657,265 | |
China Everbright Bank Co. Ltd. Reg S 2.72%, 09/25/26 | | CNY | 7,920 | | | | 1,123,643 | |
| Export-Import Bank of China | | | | | | | | |
| 3.10%, 02/13/33 | | CNY | 3,280 | | | | 488,846 | |
| 3.38%, 07/16/31 | | CNY | 1,750 | | | | 264,188 | |
| 3.74%, 11/16/30 | | CNY | 1,740 | | | | 266,523 | |
| | | | | | | | 8,774,013 | |
| Industrials: 5.0% | | | | | | | | |
| China Railway Group Ltd. | | | | | | | | |
| | | | Par
(000’s | ) | | Value | |
| Industrials (continued) | | | | | | | |
| 2.58%, 08/03/25 | | CNY | 7,910 | | | $ | 1,114,113 | |
| Real Estate: 0.0% | | | | | | | | |
| China Fortune Land Development Co. Ltd. | | | | | | | | |
| 5.50%, 10/22/22 (d) *∞ | | CNY | 1,000 | | | | 1 | |
| 7.00%, 03/03/21 (d) *∞ | | CNY | 1,000 | | | | 2 | |
| | | | | | | | 3 | |
| Utilities: 23.3% | | | | | | | | |
China Huaneng Group Co. Ltd. 3.95%, 04/21/26 | | CNY | 7,300 | | | | 1,050,751 | |
China Southern Power Grid Co. Ltd. 2.42%, 10/24/25 | | CNY | 5,250 | | | | 739,401 | |
China Three Gorges Corp. 4.15%, 05/11/26 | | CNY | 7,300 | | | | 1,055,781 | |
Guangdong Hengjian Investment Holding Co. Ltd. 3.28%, 01/14/27 | | CNY | 10,000 | | | | 1,432,266 | |
State Grid Corp. of China 2.88%, 08/30/27 | | CNY | 6,600 | | | | 940,486 | |
| | | | | | | | 5,218,685 | |
Total Corporate Bonds
(Cost: $17,377,101) | | | | | | | 16,906,921 | |
| | | | | | | | | |
| GOVERNMENT OBLIGATIONS: 21.6% |
| China Government Bond | | | | | | | | |
| 1.99%, 04/09/25 | | CNY | 7,860 | | | | 1,105,435 | |
| 2.27%, 05/25/34 | | CNY | 3,490 | | | | 495,317 | |
| 2.29%, 12/25/24 | | CNY | 8,860 | | | | 1,245,068 | |
| 2.35%, 02/25/34 | | CNY | 1,760 | | | | 250,553 | |
| 2.67%, 11/25/33 | | CNY | 6,950 | | | | 1,015,390 | |
| 3.27%, 11/19/30 | | CNY | 3,820 | | | | 578,784 | |
| 3.28%, 12/03/27 | | CNY | 1,050 | | | | 154,897 | |
Total Government Obligations
(Cost: $4,801,401) | | | | 4,845,444 | |
Total Investments: 97.0%
(Cost: $22,178,502) | | | | | | | 21,752,365 | |
| Other assets less liabilities: 3.0% | | | | 678,095 | |
| NET ASSETS: 100.0% | | | | | | $ | 22,430,460 | |
Definitions:
Footnotes:
| * | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) | Security in default |
See Notes to Financial Statements
VANECK CHINA BOND 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 | |
| Corporate Bonds | | | | | | | | | | | | | | | | |
| Energy | | $ | — | | | $ | 1,800,107 | | | $ | — | | | $ | 1,800,107 | |
| Financials | | | — | | | | 8,774,013 | | | | — | | | | 8,774,013 | |
| Industrials | | | — | | | | 1,114,113 | | | | — | | | | 1,114,113 | |
| Real Estate | | | — | | | | — | | | | 3 | | | | 3 | |
| Utilities | | | — | | | | 5,218,685 | | | | — | | | | 5,218,685 | |
| Government Obligations * | | | — | | | | 4,845,444 | | | | — | | | | 4,845,444 | |
| Total Investments | | $ | — | | | $ | 21,752,362 | | | $ | 3 | | | $ | 21,752,365 | |
| * | See Schedule of Investments for industry sectors. |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 95.2% | | | | | | | | |
| Argentina: 3.4% | | | | | | | | |
Banco de Galicia y Buenos Aires SAU 144A 7.75%, 10/10/28 | | $ | 300 | | | $ | 304,365 | |
| MercadoLibre, Inc. | | | | | | | | |
| 2.38%, 01/14/26 | | | 525 | | | | 506,340 | |
| 3.12%, 01/14/31 | | | 875 | | | | 762,351 | |
| Pampa Energia SA 144A | | | | | | | | |
| 7.50%, 01/24/27 | | | 625 | | | | 625,206 | |
| 7.95%, 09/10/31 | | | 550 | | | | 551,162 | |
| 9.12%, 04/15/29 | | | 425 | | | | 439,972 | |
Pan American Energy LLC 144A | | | | | | | | |
| 8.50%, 04/30/32 | | | 600 | | | | 634,575 | |
| 9.12%, 04/30/27 | | | 460 | | | | 482,105 | |
Telecom Argentina SA 144A
9.50%, 07/18/31 | | | 1,300 | | | | 1,342,250 | |
Transportadora de Gas del Sur SA 144A 8.50%, 07/24/31 | | | 700 | | | | 727,557 | |
YPF Energia Electrica SA 144A 7.88%, 10/16/32 | | | 600 | | | | 589,920 | |
| YPF SA 144A | | | | | | | | |
| 6.95%, 07/21/27 | | | 1,000 | | | | 976,364 | |
| 7.00%, 09/30/33 (s) | | | 825 | | | | 796,678 | |
| 7.00%, 12/15/47 | | | 780 | | | | 656,612 | |
| 8.50%, 06/27/29 | | | 562 | | | | 571,183 | |
| 8.75%, 09/11/31 | | | 825 | | | | 843,150 | |
| 9.00%, 02/12/26 (s) | | | 785 | | | | 792,944 | |
| 9.00%, 06/30/29 (s) | | | 1,100 | | | | 1,136,877 | |
| 9.50%, 01/17/31 | | | 1,175 | | | | 1,240,297 | |
| | | | | | | | 13,979,908 | |
| Austria: 0.2% | | | | | | | | |
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 | | | 250 | | | | 230,934 | |
LD Celulose International GmbH 144A 7.95%, 01/26/32 | | | 450 | | | | 460,856 | |
| | | | | | | | 691,790 | |
| Azerbaijan: 1.0% | | | | | | | | |
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 | | | 3,000 | | | | 3,062,438 | |
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | | | 1,075 | | | | 1,126,331 | |
| | | | | | | | 4,188,769 | |
| Bahrain: 0.9% | | | | | | | | |
| Bapco Energies BSCC 144A | | | | | | | | |
| 7.50%, 10/25/27 | | | 1,600 | | | | 1,654,238 | |
| 8.38%, 11/07/28 | | | 650 | | | | 700,076 | |
BBK BSC Reg S
6.88%, 06/06/29 | | | 700 | | | | 725,620 | |
| Mumtalakat Sukuk Holding Co. Reg S | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Bahrain (continued) | | | | | | | | |
| 4.10%, 01/21/27 | | $ | 800 | | | $ | 777,621 | |
| | | | | | | | 3,857,555 | |
| Bermuda: 0.2% | | | | | | | | |
Digicel Group Holdings Ltd. 144A
0.00%, 12/31/30 ^∞ | | | 364 | | | | 27,275 | |
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | | | 975 | | | | 941,547 | |
| | | | | | | | 968,822 | |
| Brazil: 6.2% | | | | | | | | |
Adecoagro SA 144A 6.00% (Term SOFR USD 3 Month+1.85%), 09/21/27 | | | 700 | | | | 690,257 | |
Amaggi Luxembourg International Sarl 144A 5.25% (Term SOFR USD 3 Month+1.85%), 01/28/28 | | | 500 | | | | 481,125 | |
Arcos Dorados Holdings, Inc. 144A
5.88%, 04/04/27 | | | 550 | | | | 549,849 | |
B3 SA - Brasil Bolsa Balcao 144A
4.12%, 09/20/31 | | | 375 | | | | 335,662 | |
Banco BTG Pactual SA 144A 2.75% (Term SOFR USD 3 Month+1.85%), 01/11/26 | | | 350 | | | | 338,175 | |
Banco do Brasil SA 144A 6.00%, 03/18/31 † | | | 500 | | | | 500,265 | |
Braskem America Finance Co. 144A
7.12%, 07/22/41 | | | 375 | | | | 345,135 | |
Braskem Idesa SAPI 144A 7.45% (Term SOFR USD 3 Month+1.85%), 11/15/29 † | | | 1,325 | | | | 1,052,040 | |
| Braskem Netherlands Finance BV 144A | | | | | | | | |
| 4.50%, 01/10/28 | | | 850 | | | | 797,686 | |
| 4.50%, 01/31/30 | | | 1,025 | | | | 891,830 | |
| 5.88%, 01/31/50 | | | 500 | | | | 372,974 | |
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | | | 302 | | | | 302,864 | |
| BRF SA 144A | | | | | | | | |
| 4.88%, 01/24/30 | | | 425 | | | | 398,337 | |
5.75% (Term SOFR USD 3 Month+1.85%), 09/21/50 | | | 425 | | | | 349,210 | |
Centrais Eletricas Brasileiras SA 144A | | | | | | | | |
| 4.62%, 02/04/30 | | | 475 | | | | 442,892 | |
| 6.50%, 01/11/35 | | | 550 | | | | 540,238 | |
| Cosan Luxembourg SA 144A | | | | | | | | |
| 5.50%, 09/20/29 | | | 425 | | | | 409,195 | |
| 7.00%, 01/20/27 | | | 250 | | | | 249,369 | |
CSN Inova Ventures 144A
6.75%, 01/28/28 † | | | 925 | | | | 884,764 | |
ERO Copper Corp. 144A
6.50%, 02/15/30 | | | 250 | | | | 245,264 | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Brazil (continued) | | | | | | | | |
Globo Comunicacao e Participacoes SA 144A | | | | | | | | |
| 4.88%, 01/22/30 | | $ | 225 | | | $ | 206,106 | |
| 5.50%, 01/14/32 | | | 225 | | | | 205,201 | |
| Klabin Austria GmbH 144A | | | | | | | | |
| 3.20%, 01/12/31 | | | 325 | | | | 280,409 | |
| 5.75%, 04/03/29 | | | 525 | | | | 524,616 | |
| 7.00%, 04/03/49 | | | 478 | | | | 499,752 | |
MARB BondCo Plc 144A
3.95%, 01/29/31 | | | 725 | | | | 627,423 | |
MV24 Capital BV 144A
6.75%, 06/01/34 | | | 572 | | | | 555,041 | |
Natura &Co. Luxembourg Holdings Sarl 144A 4.12%, 05/03/28 | | | 300 | | | | 280,423 | |
| NBM US Holdings, Inc. 144A | | | | | | | | |
| 6.62%, 08/06/29 | | | 300 | | | | 299,440 | |
| 7.00%, 05/14/26 | | | 550 | | | | 553,447 | |
Nexa Resources SA 144A
6.50%, 01/18/28 | | | 325 | | | | 331,770 | |
| Petrobras Global Finance BV | | | | | | | | |
| 5.60%, 01/03/31 | | | 575 | | | | 568,980 | |
| 5.62%, 05/20/43 | | | 200 | | | | 177,365 | |
| 5.75%, 02/01/29 | | | 225 | | | | 227,490 | |
| 6.00%, 01/27/28 | | | 575 | | | | 583,111 | |
| 6.75%, 01/27/41 | | | 400 | | | | 394,707 | |
| 6.75%, 06/03/50 | | | 250 | | | | 243,315 | |
| 6.85%, 06/05/15 | | | 850 | | | | 794,445 | |
| 6.88%, 01/20/40 | | | 380 | | | | 381,397 | |
| 6.90%, 03/19/49 | | | 375 | | | | 369,956 | |
| 7.25%, 03/17/44 | | | 475 | | | | 489,973 | |
| 7.38%, 01/17/27 | | | 375 | | | | 391,102 | |
| 8.75%, 05/23/26 | | | 178 | | | | 186,684 | |
| Rede D’or Finance Sarl 144A | | | | | | | | |
| 4.50%, 01/22/30 | | | 499 | | | | 461,612 | |
| 4.95%, 01/17/28 | | | 350 | | | | 339,734 | |
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | | | 281 | | | | 288,787 | |
Rumo Luxembourg Sarl 144A
5.25%, 01/10/28 | | | 400 | | | | 390,650 | |
Samarco Mineracao SA 144A
9.00%, 06/30/31 | | | 2,657 | | | | 2,524,792 | |
Simpar Europe SA 144A
5.20%, 01/26/31 | | | 325 | | | | 266,777 | |
Tupy Overseas SA 144A
4.50%, 02/16/31 | | | 250 | | | | 216,741 | |
| Ultrapar International SA 144A | | | | | | | | |
| 5.25%, 10/06/26 | | | 300 | | | | 300,216 | |
| 5.25%, 06/06/29 | | | 200 | | | | 196,882 | |
Usiminas International Sarl 144A
5.88%, 07/18/26 | | | 300 | | | | 298,097 | |
XP, Inc. 144A
3.25%, 07/01/26 | | | 400 | | | | 382,108 | |
| | | Par
(000’s | ) | | Value | |
| Brazil (continued) | | | | | | | | |
| 6.75%, 07/02/29 | | $ | 200 | | | $ | 200,966 | |
| | | | | | | | 25,216,646 | |
| British Virgin Islands: 0.5% | | | | | | | | |
Five Holding Ltd. 144A
9.38%, 10/03/28 | | | 500 | | | | 517,678 | |
New Metro Global Ltd. Reg S
4.50%, 05/02/26 † | | | 500 | | | | 399,688 | |
Studio City Co. Ltd. 144A
7.00%, 02/15/27 | | | 500 | | | | 503,455 | |
Wanda Properties Global Co. Ltd. Reg S
11.00%, 02/13/26 | | | 550 | | | | 467,500 | |
| | | | | | | | 1,888,321 | |
| Canada: 1.4% | | | | | | | | |
| First Quantum Minerals Ltd. 144A | | | | | | | | |
| 8.62%, 06/01/31 | | | 1,900 | | | | 1,924,479 | |
| 9.38%, 03/01/29 | | | 2,350 | | | | 2,501,347 | |
Frontera Energy Corp. 144A
7.88%, 06/21/28 | | | 650 | | | | 511,868 | |
Gran Tierra Energy, Inc. 144A
9.50%, 10/15/29 | | | 1,000 | | | | 922,246 | |
| | | | | | | | 5,859,940 | |
| Cayman Islands: 5.2% | | | | | | | | |
Arabian Centres Sukuk II Ltd. 144A 5.62% (Term SOFR USD 3 Month+1.85%), 10/07/26 | | | 2,100 | | | | 2,018,900 | |
Arabian Centres Sukuk III Ltd. Reg S
9.50%, 03/06/29 | | | 200 | | | | 207,068 | |
Arada Sukuk 2 Ltd. Reg S
8.00%, 06/24/29 | | | 200 | | | | 207,025 | |
Arada Sukuk Ltd. Reg S
8.12%, 06/08/27 | | | 1,200 | | | | 1,255,800 | |
Banco Bradesco SA 144A 4.38% (Term SOFR USD 3 Month+1.85%), 03/18/27 | | | 300 | | | | 295,152 | |
| Banco BTG Pactual SA 144A | | | | | | | | |
| 5.75%, 01/22/30 | | | 300 | | | | 298,920 | |
| 6.25% (Term SOFR USD 3 Month+1.85%), 04/08/29 | | | 350 | | | | 358,064 | |
| Banco do Brasil SA 144A | | | | | | | | |
| 3.25%, 09/30/26 | | | 500 | | | | 480,925 | |
| 4.88% (Term SOFR USD 3 Month+1.85%), 01/11/29 | | | 350 | | | | 340,957 | |
| 6.25% (Term SOFR USD 3 Month+1.85%), 04/18/30 | | | 525 | | | | 537,267 | |
Binghatti Sukuk SPC Ltd. Reg S
9.62%, 02/28/27 | | | 700 | | | | 722,006 | |
CT Trust 144A
5.12%, 02/03/32 | | | 1,150 | | | | 1,046,874 | |
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | | | | | | | | |
| 7.75%, 02/07/26 | | | 700 | | | | 712,631 | |
| 8.00%, 02/25/29 | | | 800 | | | | 832,504 | |
| EDO Sukuk Ltd. 144A | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Cayman Islands (continued) | | | | | | | | |
| 5.66%, 07/03/31 | | $ | 1,150 | | | $ | 1,169,866 | |
| 5.88%, 09/21/33 | | | 1,500 | | | | 1,560,198 | |
Ittihad International Ltd. 144A
9.75%, 11/09/28 | | | 700 | | | | 718,145 | |
Kingston Airport Revenue Finance Ltd. 144A 6.75%, 12/15/36 | | | 700 | | | | 713,909 | |
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 | | | 550 | | | | 545,867 | |
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31 | | | 600 | | | | 643,875 | |
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o) | | | 800 | | | | 827,899 | |
Melco Resorts Finance Ltd. 144A
7.62%, 04/17/32 | | | 1,100 | | | | 1,115,277 | |
Nogaholding Sukuk Ltd. 144A
5.25%, 04/08/29 | | | 950 | | | | 944,708 | |
Nogaholding Sukuk Ltd. Reg S
6.62%, 05/25/33 † | | | 1,150 | | | | 1,245,738 | |
Oryx Funding Ltd. 144A
5.80%, 02/03/31 | | | 900 | | | | 910,898 | |
Otel Sukuk Ltd. 144A
5.38%, 01/24/31 | | | 700 | | | | 703,290 | |
Poinsettia Finance Ltd. Reg S
6.62%, 06/17/31 | | | 402 | | | | 363,671 | |
Rutas 2 & 7 Finance Ltd. 144A
0.00%, 09/30/36 ^ | | | 600 | | | | 428,315 | |
| | | | | | | | 21,205,749 | |
| Chile: 2.1% | | | | | | | | |
AES Andes SA 144A 8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 | | | 850 | | | | 869,836 | |
Agrosuper SA 144A
4.60%, 01/20/32 † | | | 725 | | | | 658,135 | |
CAP SA 144A
3.90%, 04/27/31 | | | 450 | | | | 364,725 | |
| Falabella SA 144A | | | | | | | | |
| 3.38%, 01/15/32 † | | | 925 | | | | 759,782 | |
| 3.75%, 10/30/27 | | | 500 | | | | 470,853 | |
Latam Airlines Group SA 144A | | | | | | | | |
7.88%, 04/15/30 | | | 2,000 | | | | 2,005,000 | |
| 13.38%, 10/15/29 | | | 1,100 | | | | 1,267,348 | |
Telefonica Moviles Chile SA 144A 3.54%, 11/18/31 | | | 750 | | | | 576,904 | |
| | | Par
(000’s | ) | | Value | |
| Chile (continued) | | | | | | | | |
| VTR Comunicaciones SpA 144A | | | | | | | | |
| 4.38%, 04/15/29 | | $ | 600 | | | $ | 532,092 | |
| 5.12%, 01/15/28 | | | 675 | | | | 631,141 | |
VTR Finance NV 144A 6.38%, 07/15/28 † | | | 650 | | | | 621,649 | |
| | | | | | | | 8,757,465 | |
| China: 3.8% | | | | | | | | |
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) | | | 4,075 | | | | 4,018,137 | |
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 (d) *¥ | | | 200 | | | | 12,078 | |
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | | | 9,080 | | | | 8,817,497 | |
| Longfor Group Holdings Ltd. Reg S | | | | | | | | |
| 3.95%, 09/16/29 | | | 600 | | | | 468,622 | |
| 4.50%, 01/16/28 | | | 800 | | | | 681,540 | |
MGM China Holdings Ltd. 144A
7.12%, 06/26/31 | | | 700 | | | | 711,674 | |
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 5/18/2028 (o) | | | 400 | | | | 102,730 | |
West China Cement Ltd. Reg S
4.95%, 07/08/26 | | | 800 | | | | 608,000 | |
| | | | | | | | 15,420,278 | |
| Colombia: 5.2% | | | | | | | | |
Aris Mining Corp. 144A
6.88%, 08/09/26 | | | 450 | | | | 457,007 | |
Banco de Bogota SA 144A
6.25%, 05/12/26 | | | 1,550 | | | | 1,553,162 | |
Canacol Energy Ltd. 144A
5.75%, 11/24/28 | | | 700 | | | | 359,492 | |
| Ecopetrol SA | | | | | | | | |
| 4.62%, 11/02/31 | | | 1,095 | | | | 903,565 | |
| 5.88%, 05/28/45 | | | 1,875 | | | | 1,321,019 | |
| 5.88%, 11/02/51 | | | 725 | | | | 491,950 | |
| 6.88%, 04/29/30 | | | 1,925 | | | | 1,877,097 | |
| 7.38%, 09/18/43 | | | 758 | | | | 655,394 | |
| 7.75%, 02/01/32 | | | 1,025 | | | | 1,000,001 | |
| 8.38%, 01/19/36 | | | 1,800 | | | | 1,760,434 | |
| 8.62%, 01/19/29 | | | 1,125 | | | | 1,194,925 | |
| 8.88%, 01/13/33 | | | 2,175 | | | | 2,235,931 | |
Empresas Publicas de Medellin ESP 144A | | | | | | | | |
| 4.25%, 07/18/29 | | | 1,500 | | | | 1,323,592 | |
| 4.38%, 02/15/31 | | | 875 | | | | 743,813 | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Colombia (continued) | | | | | | | | |
Geopark Ltd. 144A
5.50%, 01/17/27 | | $ | 725 | | | $ | 684,504 | |
Grupo Aval Ltd. 144A
4.38%, 02/04/30 | | | 1,550 | | | | 1,354,573 | |
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | | | 800 | | | | 794,346 | |
Oleoducto Central SA 144A
4.00%, 07/14/27 | | | 600 | | | | 569,918 | |
Orazul Energy Peru SA 144A
5.62%, 04/28/27 | | | 600 | | | | 581,100 | |
Telecomunicaciones Digitales SA 144A
4.50%, 01/30/30 | | | 850 | | | | 779,309 | |
Termocandelaria Power SA 144A
7.75%, 09/17/31 † | | | 600 | | | | 603,375 | |
| | | | | | | | 21,244,507 | |
| Costa Rica: 0.3% | | | | | | | | |
Instituto Costarricense de Electricidad 144A | | | | | | | | |
| 6.38%, 05/15/43 | | | 775 | | | | 718,425 | |
| 6.75%, 10/07/31 | | | 450 | | | | 462,253 | |
| | | | | | | | 1,180,678 | |
| Cyprus: 0.3% | | | | | | | | |
| MHP Lux SA 144A | | | | | | | | |
| 6.25%, 09/19/29 | | | 450 | | | | 352,544 | |
| 6.95%, 04/03/26 | | | 775 | | | | 699,253 | |
| | | | | | | | 1,051,797 | |
| Czech Republic: 0.3% | | | | | | | | |
| Energo-Pro AS 144A | | | | | | | | |
| 8.50%, 02/04/27 | | | 650 | | | | 654,812 | |
| 11.00%, 11/02/28 | | | 400 | | | | 430,308 | |
| | | | | | | | 1,085,120 | |
| Dominican Republic: 0.3% | | | | | | | | |
Aeropuertos Dominicanos Siglo XXI SA 144A 7.00%, 06/30/34 | | | 800 | | | | 816,776 | |
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 | | | 500 | | | | 464,585 | |
| | | | | | | | 1,281,361 | |
| Georgia: 0.4% | | | | | | | | |
Georgia Global Utilities JSC 144A
8.88%, 07/25/29 | | | 400 | | | | 403,994 | |
Georgian Railway JSC 144A
4.00%, 06/17/28 | | | 775 | | | | 685,098 | |
Silknet JSC 144A
8.38%, 01/31/27 | | | 475 | | | | 476,794 | |
| | | | | | | | 1,565,886 | |
| Guatemala: 0.5% | | | | | | | | |
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | | | 450 | | | | 439,591 | |
| | | Par
(000’s | ) | | Value | |
| Guatemala (continued) | | | | | | | | |
Central American Bottling Corp. / CBC BottlingHoldco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | | $ | 1,650 | | | $ | 1,583,773 | |
| | | | | | | | 2,023,364 | |
| Honduras: 0.1% | | | | | | | | |
Inversiones Atlantida SA 144A
7.50%, 05/19/26 | | | 475 | | | | 458,660 | |
| Hong Kong: 6.6% | | | | | | | | |
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) | | | 1,050 | | | | 1,005,706 | |
Central Plaza Development Ltd. Reg S
4.65%, 01/19/26 | | | 850 | | | | 821,720 | |
| Champion Path Holdings Ltd. Reg S | | | | | | | | |
| 4.50%, 01/27/26 | | | 850 | | | | 832,788 | |
| 4.85%, 01/27/28 | | | 675 | | | | 634,055 | |
China CITIC Bank International Ltd. Reg S | | | | | | | | |
3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) | | | 1,000 | | | | 969,375 | |
| 4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o) | | | 900 | | | | 899,269 | |
China Great Wall International Holdings VI Ltd. Reg S 7.15% (US Treasury Yield Curve Rate T 3 Year+7.68%), 6/2/2027 (o) | | | 400 | | | | 419,504 | |
China Oil & Gas Group Ltd. Reg S
4.70%, 06/30/26 | | | 700 | | | | 647,404 | |
China Water Affairs Group Ltd. Reg S
4.85%, 05/18/26 | | | 500 | | | | 477,625 | |
| Fortune Star BVI Ltd. Reg S | | | | | | | | |
| 5.00%, 05/18/26 | | | 750 | | | | 726,217 | |
| 5.05%, 01/27/27 | | | 600 | | | | 564,210 | |
| Franshion Brilliant Ltd. Reg S | | | | | | | | |
| 4.25%, 07/23/29 | | | 650 | | | | 549,648 | |
6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o) | | | 700 | | | | 676,638 | |
Health & Happiness H&H International Holdings Ltd. Reg S 13.50%, 06/26/26 | | | 400 | | | | 427,316 | |
| Huarong Finance 2017 Co. Ltd. Reg S | | | | | | | | |
| 4.25%, 11/07/27 | | | 1,700 | | | | 1,636,352 | |
| 4.75%, 04/27/27 | | | 1,250 | | | | 1,220,313 | |
| 4.95%, 11/07/47 | | | 550 | | | | 477,538 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Hong Kong (continued) | | | | | | | | |
Huarong Finance 2019 Co. Ltd. Reg S 4.50%, 05/29/29 | | $ | 750 | | | $ | 719,557 | |
| Melco Resorts Finance Ltd. 144A | | | | | | | | |
| 5.25%, 04/26/26 | | | 725 | | | | 711,563 | |
| 5.38%, 12/04/29 | | | 1,700 | | | | 1,560,678 | |
| 5.62%, 07/17/27 | | | 925 | | | | 896,670 | |
| 5.75%, 07/21/28 | | | 1,275 | | | | 1,219,728 | |
Nanyang Commercial Bank Ltd. Reg S | | | | | | | | |
6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o) | | | 1,050 | | | | 1,070,162 | |
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o) | | | 400 | | | | 421,248 | |
| RKPF Overseas 2020 A Ltd. Reg S | | | | | | | | |
| 5.12%, 01/26/30 | | | 640 | | | | 289,763 | |
| 5.20%, 07/12/29 | | | 731 | | | | 356,341 | |
Seaspan Corp. 144A
5.50%, 08/01/29 | | | 1,200 | | | | 1,142,567 | |
| Studio City Finance Ltd. 144A | | | | | | | | |
| 5.00%, 01/15/29 | | | 1,689 | | | | 1,526,340 | |
| 6.50%, 01/15/28 | | | 675 | | | | 650,774 | |
Vanke Real Estate Hong Kong Co. Ltd. Reg S | | | | | | | | |
| 3.50%, 11/12/29 | | | 450 | | | | 282,218 | |
| 3.98%, 11/09/27 | | | 1,500 | | | | 986,250 | |
Westwood Group Holdings Ltd. Reg S 2.80%, 01/20/26 | | | 950 | | | | 916,323 | |
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | | | 750 | | | | 707,786 | |
Yuexiu REIT MTN Co. Ltd. Reg S 2.65%, 02/02/26 | | | 550 | | | | 522,476 | |
| | | | | | | | 26,966,122 | |
| Hungary: 0.2% | | | | | | | | |
OTP Bank Nyrt Reg S 8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33 | | | 950 | | | | 1,010,800 | |
| India: 4.4% | | | | | | | | |
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42 | | | 598 | | | | 574,254 | |
Adani Renewable Energy RJ Ltd. / Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62% (Term SOFR USD 3 Month+1.85%), 10/15/39 | | | 424 | | | | 355,596 | |
| | | Par
(000’s | ) | | Value | |
| India (continued) | | | | | | | | |
Continuum Green Energy India Pvt / Co.-Issuers 144A 7.50%, 06/26/33 | | $ | 1,000 | | | $ | 1,034,812 | |
Delhi International Airport Ltd. 144A | | | | | | | | |
6.12%, 10/31/26 | | | 775 | | | | 782,314 | |
| 6.45%, 06/04/29 | | | 800 | | | | 822,520 | |
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27 | | | 550 | | | | 527,436 | |
| HPCL-Mittal Energy Ltd. Reg S | | | | | | | | |
| 5.25%, 04/28/27 | | | 550 | | | | 543,400 | |
| 5.45%, 10/22/26 | | | 400 | | | | 396,612 | |
IRB Infrastructure Developers Ltd. 144A 7.11%, 03/11/32 | | | 1,000 | | | | 1,018,885 | |
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | | | 912 | | | | 822,803 | |
JSW Infrastructure Ltd. 144A
4.95%, 01/21/29 | | | 600 | | | | 581,365 | |
| JSW Steel Ltd. 144A | | | | | | | | |
| 3.95%, 04/05/27 | | | 750 | | | | 719,017 | |
| 5.05%, 04/05/32 | | | 725 | | | | 660,545 | |
Manappuram Finance Ltd. Reg S 7.38%, 05/12/28 | | | 400 | | | | 401,801 | |
| Muthoot Finance Ltd. 144A | | | | | | | | |
| 6.38%, 04/23/29 | | | 500 | | | | 497,181 | |
| 7.12%, 02/14/28 | | | 1,200 | | | | 1,222,297 | |
Periama Holdings LLC Reg S 5.95%, 04/19/26 | | | 1,175 | | | | 1,173,531 | |
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | | | 850 | | | | 793,973 | |
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A 7.80%, 07/31/31 | | | 400 | | | | 405,065 | |
Sammaan Capital Ltd. 144A
9.70%, 07/03/27 | | | 500 | | | | 496,300 | |
| Shriram Finance Ltd. 144A | | | | | | | | |
| 6.15%, 04/03/28 | | | 750 | | | | 743,643 | |
| 6.62%, 04/22/27 | | | 1,100 | | | | 1,113,177 | |
Vedanta Resources Finance II Plc 144A
9.25%, 04/23/26 | | | 900 | | | | 892,772 | |
Vedanta Resources Ltd. 144A
13.88%, 12/09/28 | | | 1,316 | | | | 1,346,255 | |
| | | | | | | | 17,925,554 | |
| Indonesia: 1.1% | | | | | | | | |
Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) * | | | 111 | | | | 427 | |
Cikarang Listrindo Tbk PT 144A
4.95%, 09/14/26 | | | 775 | | | | 769,379 | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Indonesia (continued) | | | | | | | | |
Indika Energy Tbk PT 144A
8.75%, 05/07/29 | | $ | 700 | | | $ | 720,627 | |
Japfa Comfeed Indonesia Tbk PT Reg S
5.38%, 03/23/26 | | | 500 | | | | 495,325 | |
Medco Bell Pte Ltd. 144A
6.38%, 01/30/27 | | | 650 | | | | 648,077 | |
Nickel Industries Ltd. 144A
11.25%, 10/21/28 | | | 600 | | | | 655,428 | |
Pakuwon Jati Tbk PT Reg S
4.88%, 04/29/28 | | | 600 | | | | 584,203 | |
Sorik Marapi Geothermal Power PT 144A
7.75%, 08/05/31 | | | 500 | | | | 492,023 | |
| | | | | | | | 4,365,489 | |
| Ireland: 0.3% | | | | | | | | |
C&W Senior Finance Ltd. 144A
6.88%, 09/15/27 | | | 1,111 | | | | 1,101,033 | |
| Israel: 2.6% | | | | | | | | |
Energean Israel Finance Ltd. 144A Reg S
8.50%, 09/30/33 | | | 1,105 | | | | 1,053,366 | |
| Leviathan Bond Ltd. 144A Reg S | | | | | | | | |
| 6.50%, 06/30/27 | | | 875 | | | | 831,681 | |
| 6.75%, 06/30/30 | | | 820 | | | | 754,711 | |
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 | | | 958 | | | | 966,616 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
| 3.15%, 10/01/26 | | | 4,130 | | | | 3,940,294 | |
| 4.10%, 10/01/46 | | | 2,398 | | | | 1,693,169 | |
| 6.75%, 03/01/28 | | | 1,510 | | | | 1,545,476 | |
| | | | | | | | 10,785,313 | |
| Kuwait: 0.4% | | | | | | | | |
| Kuwait Projects Co. SPC Ltd. Reg S | | | | | | | | |
| 4.23%, 10/29/26 | | | 800 | | | | 750,503 | |
| 4.50%, 02/23/27 | | | 750 | | | | 700,800 | |
| | | | | | | | 1,451,303 | |
| Luxembourg: 3.3% | | | | | | | | |
3R Lux SARL 144A
9.75%, 02/05/31 | | | 325 | | | | 336,474 | |
Acu Petroleo Luxembourg Sarl 144A
7.50%, 01/13/32 | | | 425 | | | | 427,368 | |
Aegea Finance Sarl 144A | | | | | | | | |
6.75% (Term SOFR USD 3 Month+1.85%), 05/20/29 | | | 250 | | | | 248,361 | |
9.00% (Term SOFR USD 3 Month+1.85%), 01/20/31 | | | 625 | | | | 666,785 | |
Ambipar Lux Sarl 144A
9.88%, 02/06/31 | | | 500 | | | | 511,858 | |
| Cosan Luxembourg SA 144A | | | | | | | | |
| 7.25%, 06/27/31 | | | 500 | | | | 510,351 | |
| 7.50%, 06/27/30 | | | 325 | | | | 334,368 | |
| | | Par
(000’s | ) | | Value | |
| Luxembourg (continued) | | | | | | | | |
| CSN Resources SA 144A | | | | | | | | |
| 4.62%, 06/10/31 | | $ | 625 | | | $ | 495,470 | |
| 5.88%, 04/08/32 | | | 450 | | | | 373,686 | |
| 8.88%, 12/05/30 | | | 300 | | | | 301,457 | |
| Energean Israel Finance Ltd. 144A Reg S | | | | | | | | |
| 4.88%, 03/30/26 | | | 920 | | | | 893,359 | |
| 5.38%, 03/30/28 | | | 925 | | | | 835,732 | |
| 5.88%, 03/30/31 | | | 925 | | | | 791,076 | |
FORESEA Holding SA 144A
7.50%, 06/15/30 † | | | 200 | | | | 192,076 | |
FS Luxembourg Sarl 144A
8.88%, 02/12/31 | | | 300 | | | | 306,233 | |
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 | | | 250 | | | | 221,541 | |
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 | | | 1,170 | | | | 991,775 | |
Mexico Remittances Funding Fiduciary Estate Management Sarl 144A 12.50%, 10/15/31 | | | 500 | | | | 502,350 | |
| Minerva Luxembourg SA 144A | | | | | | | | |
| 4.38%, 03/18/31 | | | 875 | | | | 741,113 | |
| 8.88%, 09/13/33 † | | | 650 | | | | 682,932 | |
Movida Europe SA 144A
7.85%, 04/11/29 | | | 350 | | | | 332,138 | |
NewCo Holding USD 20 Sarl 144A
9.38%, 11/07/29 | | | 200 | | | | 199,700 | |
Oceanica Lux 144A
13.00%, 10/02/29 | | | 200 | | | | 195,350 | |
OHI Group SA 144A
13.00%, 07/22/29 | | | 500 | | | | 494,500 | |
Petrorio Luxembourg Holding Sarl 144A 6.12%, 06/09/26 | | | 400 | | | | 397,392 | |
Poinsettia Finance Ltd. 144A
6.62%, 06/17/31 | | | 281 | | | | 254,569 | |
Puma International Financing SA 144A 7.75%, 04/25/29 | | | 800 | | | | 818,010 | |
Rumo Luxembourg Sarl 144A
4.20%, 01/18/32 | | | 325 | | | | 282,965 | |
| | | | | | | | 13,338,989 | |
| Macao: 0.3% | | | | | | | | |
MGM China Holdings Ltd. 144A
4.75%, 02/01/27 | | | 1,100 | | | | 1,063,954 | |
| Mauritius: 2.4% | | | | | | | | |
Axian Telecom 144A 7.38% (Term SOFR USD 3 Month+1.85%), 02/16/27 | | | 625 | | | | 629,783 | |
Azure Power Energy Ltd. 144A | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Mauritius (continued) | | | | | | | | |
| 3.58%, 08/19/26 | | $ | 475 | | | $ | 451,193 | |
CA Magnum Holdings 144A
5.38%, 10/31/26 | | | 1,625 | | | | 1,597,725 | |
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | | | 503 | | | | 482,170 | |
Diamond II Ltd. 144A
7.95%, 07/28/26 | | | 775 | | | | 785,382 | |
Greenko Power II Ltd. 144A
4.30%, 12/13/28 | | | 1,280 | | | | 1,194,968 | |
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | | | 1,375 | | | | 1,376,555 | |
India Clean Energy Holdings 144A
4.50%, 04/18/27 | | | 550 | | | | 520,278 | |
India Green Power Holdings 144A
4.00%, 02/22/27 | | | 607 | | | | 578,126 | |
Liquid TelecommunicationsFinancing Plc 144A 5.50%, 09/04/26 | | | 800 | | | | 577,080 | |
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o) † | | | 675 | | | | 660,850 | |
| UPL Corp. Ltd. Reg S | | | | | | | | |
| 4.50%, 03/08/28 | | | 400 | | | | 362,810 | |
| 4.62%, 06/16/30 | | | 800 | | | | 685,260 | |
| | | | | | | | 9,902,180 | |
| Mexico: 5.4% | | | | | | | | |
Alsea SAB de CV 144A 7.75% (Term SOFR USD 3 Month+1.85%), 12/14/26 | | | 775 | | | | 785,931 | |
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 | | | 775 | | | | 707,943 | |
Braskem Idesa SAPI 144A 6.99% (Term SOFR USD 3 Month+1.85%), 02/20/32 † | | | 1,750 | | | | 1,300,960 | |
Cemex SAB de CV 144A | | | | | | | | |
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | | | 1,475 | | | | 1,441,287 | |
9.12% (US TreasuryYield Curve Rate T 5 Year+5.16%), 3/14/2028 (o) | | | 1,475 | | | | 1,571,199 | |
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 | | | 575 | | | | 483,598 | |
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 | | | 500 | | | | 486,715 | |
Grupo Aeromexico SAB de CV 144A
8.50%, 03/17/27 | | | 1,000 | | | | 1,043,415 | |
| | | Par
(000’s | ) | | Value | |
| Mexico (continued) | | | | | | | | |
Grupo KUO SAB De CV 144A
5.75%, 07/07/27 | | $ | 625 | | | $ | 614,585 | |
Metalsa Sapi De Cv 144A
3.75%, 05/04/31 | | | 450 | | | | 365,798 | |
Nemak SAB de CV 144A
3.62%, 06/28/31 † | | | 775 | | | | 617,380 | |
| Petroleos Mexicanos | | | | | | | | |
| 4.50%, 01/23/26 | | | 275 | | | | 267,822 | |
| 5.35%, 02/12/28 | | | 500 | | | | 466,065 | |
| 5.50%, 06/27/44 | | | 175 | | | | 115,037 | |
| 5.62%, 01/23/46 | | | 200 | | | | 130,194 | |
| 5.95%, 01/28/31 | | | 950 | | | | 819,454 | |
| 6.35%, 02/12/48 † | | | 425 | | | | 290,689 | |
| 6.38%, 01/23/45 | | | 325 | | | | 226,964 | |
| 6.49%, 01/23/27 | | | 400 | | | | 394,537 | |
| 6.50%, 03/13/27 | | | 1,200 | | | | 1,178,426 | |
| 6.50%, 01/23/29 | | | 325 | | | | 305,575 | |
| 6.50%, 06/02/41 | | | 375 | | | | 278,007 | |
| 6.62%, 06/15/35 | | | 700 | | | | 574,205 | |
| 6.62%, 06/15/38 | | | 125 | | | | 95,249 | |
| 6.70%, 02/16/32 | | | 1,700 | | | | 1,512,970 | |
| 6.75%, 09/21/47 | | | 1,400 | | | | 1,003,275 | |
| 6.84%, 01/23/30 | | | 600 | | | | 554,426 | |
| 6.88%, 08/04/26 | | | 600 | | | | 600,258 | |
| 6.95%, 01/28/60 | | | 975 | | | | 695,394 | |
| 7.69%, 01/23/50 | | | 2,000 | | | | 1,553,208 | |
| 8.75%, 06/02/29 | | | 500 | | | | 506,996 | |
| 10.00%, 02/07/33 † | | | 500 | | | | 530,329 | |
| Total Play | | | | | | | | |
Telecomunicaciones SA de CV 144A
6.38%, 09/20/28 | | | 800 | | | | 448,521 | |
| | | | | | | | 21,966,412 | |
| Mongolia: 0.1% | | | | | | | | |
Golomt Bank 144A
11.00%, 05/20/27 | | | 475 | | | | 497,885 | |
| Morocco: 1.4% | | | | | | | | |
| OCP SA 144A | | | | | | | | |
| 3.75%, 06/23/31 | | | 1,125 | | | | 987,508 | |
| 5.12%, 06/23/51 | | | 1,100 | | | | 846,492 | |
| 6.75%, 05/02/34 | | | 1,850 | | | | 1,933,342 | |
| 6.88%, 04/25/44 | | | 875 | | | | 863,595 | |
| 7.50%, 05/02/54 | | | 1,150 | | | | 1,192,937 | |
| | | | | | | | 5,823,874 | |
| Netherlands: 2.3% | | | | | | | | |
Braskem Netherlands Finance BV 144A | | | | | | | | |
| 7.25%, 02/13/33 † | | | 675 | | | | 654,847 | |
| 8.00%, 10/15/34 | | | 575 | | | | 573,994 | |
| 8.50%, 01/12/31 | | | 550 | | | | 569,947 | |
Coruripe Netherlands BV 144A
10.00%, 02/10/27 | | | 200 | | | | 193,856 | |
Greenko Dutch BV 144A
3.85%, 03/29/26 | | | 1,029 | | | | 992,197 | |
Greenko Dutch BV Reg S
3.85%, 03/29/26 | | | 358 | | | | 345,112 | |
| Petrobras Global Finance BV | | | | | | | | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s) | | Value | |
| Netherlands (continued) | | | | | | | | |
| 5.50%, 06/10/51 | | $ | 346 | | | $ | 281,315 | |
| 6.00%, 01/13/35 | | | 575 | | | | 558,262 | |
| 6.50%, 07/03/33 † | | | 607 | | | | 619,113 | |
| Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
| 4.75%, 05/09/27 | | | 1,225 | | | | 1,191,649 | |
| 5.12%, 05/09/29 | | | 1,230 | | | | 1,195,484 | |
| 7.88%, 09/15/29 | | | 750 | | | | 810,104 | |
| 8.12%, 09/15/31 | | | 625 | | | | 699,797 | |
Yinson Boronia Production BV 144A 8.95%, 07/31/42 | | | 750 | | | | 796,318 | |
| | | | | | | | 9,481,995 | |
| Nigeria: 0.8% | | | | | | | | |
Access Bank Plc 144A 6.12% (Term SOFR USD 3 Month+1.85%), 09/21/26 | | | 700 | | | | 668,559 | |
EBN Finance Co. BV 144A 7.12%, 02/16/26 | | | 450 | | | | 435,491 | |
Fidelity Bank Plc 144A 7.62%, 10/28/26 | | | 600 | | | | 594,179 | |
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | | | 1,000 | | | | 998,434 | |
United Bank for Africa Plc 144A 6.75%, 11/19/26 | | | 500 | | | | 492,785 | |
| | | | | | | | 3,189,448 | |
| Oman: 1.5% | | | | | | | | |
Bank Muscat SAOG Reg S 4.75%, 03/17/26 | | | 700 | | | | 693,665 | |
| Mazoon Assets Co. SAOC 144A | | | | | | | | |
| 5.20%, 11/08/27 | | | 700 | | | | 700,881 | |
| 5.25%, 10/09/31 | | | 1,000 | | | | 996,944 | |
| 5.50%, 02/14/29 | | | 875 | | | | 886,772 | |
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | | | 700 | | | | 695,976 | |
OQ SAOC 144A 5.12%, 05/06/28 | | | 1,250 | | | | 1,245,448 | |
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 | | | 1,000 | | | | 1,039,543 | |
| | | | | | | | 6,259,229 | |
| Pakistan: 0.1% | | | | | | | | |
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | | | 650 | | | | 509,032 | |
| Panama: 1.1% | | | | | | | | |
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30 | | | 1,979 | | | | 1,748,733 | |
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) | | | 650 | | | | 598,972 | |
Banistmo SA 144A 4.25%, 07/31/27 | | | 550 | | | | 529,253 | |
| | | Par
(000’s) | | Value | |
| Panama (continued) | | | | | | | | |
Empresa de Transmision Electrica SA 144A 5.12%, 05/02/49 | | $ | 800 | | | $ | 614,341 | |
Global Bank Corp. 144A 5.25%, 04/16/29 | | | 500 | | | | 479,738 | |
Multibank, Inc. 144A 7.75%, 02/03/28 | | | 450 | | | | 459,817 | |
| | | | | | | | 4,430,854 | |
| Paraguay: 0.2% | | | | | | | | |
Banco Continental SAECA 144A 2.75% (Term SOFR USD 3 Month+1.85%), 12/10/25 | | | 475 | | | | 460,872 | |
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | | | 425 | | | | 299,470 | |
| | | | | | | | 760,342 | |
| Peru: 2.5% | | | | | | | | |
Banco BBVA Peru SA 144A 6.20% (US Treasury Yield Curve Rate T 5 Year+2.00%), 06/07/34 | | | 500 | | | | 509,273 | |
Banco de Credito del Peru SA 144A | | | | | | | | |
3.25% (US Treasury Yield Curve Rate T 5 Year+2.45%), 09/30/31 | | | 725 | | | | 679,489 | |
| 5.80% (US Treasury Yield Curve Rate T 5 Year+2.24%), 03/10/35 | | | 850 | | | | 835,550 | |
Banco Internacional del Peru SAA Interbank 144A 7.62% (US Treasury Yield Curve Rate T 1 Year+3.65%), 01/16/34 | | | 425 | | | | 455,396 | |
Camposol SA 144A 6.00%, 02/03/27 | | | 475 | | | | 436,652 | |
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 | | | 775 | | | | 763,630 | |
InRetail Shopping Malls 144A 5.75%, 04/03/28 | | | 525 | | | | 521,838 | |
Intercorp Financial Services, Inc. 144A 4.12%, 10/19/27 | | | 450 | | | | 430,623 | |
Minsur SA 144A 4.50%, 10/28/31 | | | 800 | | | | 719,994 | |
Peru LNG Srl 144A 5.38%, 03/22/30 | | | 1,329 | | | | 1,193,922 | |
Petroleos del Peru SA 144A | | | | | | | | |
4.75%, 06/19/32 | | | 1,525 | | | | 1,172,243 | |
| 5.62%, 06/19/47 | | | 3,000 | | | | 1,972,326 | |
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.75%, 08/02/28 | | | 525 | | | | 479,862 | |
| | | | | | | | 10,170,798 | |
See Notes to Financial Statements
| | | Par
(000’s) | | Value | |
| Poland: 0.4% | | | | | | | | |
| Canpack SA / Canpack US LLC 144A | | | | | | | | |
| 3.12%, 11/01/25 | | $ | 550 | | | $ | 533,376 | |
| 3.88%, 11/15/29 | | | 1,250 | | | | 1,138,262 | |
| | | | | | | | 1,671,638 | |
| Saudi Arabia: 0.1% | | | | | | | | |
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 02/26/27 | | | 600 | | | | 606,998 | |
| Serbia: 0.3% | | | | | | | | |
Telecommunications co Telekom Srbija AD Belgrade 144A 7.00%, 10/28/29 | | | 1,350 | | | | 1,359,707 | |
| Singapore: 0.9% | | | | | | | | |
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 | | | 625 | | | | 655,928 | |
GLP Pte Ltd. Reg S | | | | | | | | |
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | | | 1,300 | | | | 777,985 | |
| 4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | | | 400 | | | | 233,368 | |
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | | | 700 | | | | 695,674 | |
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29 | | | 725 | | | | 761,789 | |
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | | | 596 | | | | 606,458 | |
| | | | | | | | 3,731,202 | |
| South Africa: 1.5% | | | | | | | | |
Eskom Holdings SOC Ltd. 144A | | | | | | | | |
6.35%, 08/10/28 | | | 1,500 | | | | 1,502,754 | |
| 8.45%, 08/10/28 | | | 775 | | | | 811,299 | |
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 | | | 750 | | | | 717,844 | |
MTN Mauritius Investments Ltd. 144A 6.50%, 10/13/26 | | | 700 | | | | 708,456 | |
Sasol Financing USA LLC 6.50%, 09/27/28 † | | | 1,100 | | | | 1,072,359 | |
Transnet SOC Ltd. 144A 8.25%, 02/06/28 | | | 1,450 | | | | 1,477,296 | |
| | | | | | | | 6,290,008 | |
| Spain: 0.6% | | | | | | | | |
AES Espana BV 144A 5.70%, 05/04/28 | | | 400 | | | | 380,650 | |
AI Candelaria Spain SA 144A 5.75% (Term SOFR USD 3 Month+1.85%), 06/15/33 | | | 875 | | | | 707,193 | |
| | | Par
(000’s) | | Value | |
| Spain (continued) | | | | | | | | |
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | | $ | 725 | | | $ | 627,543 | |
International Airport Finance SA 144A 12.00%, 03/15/33 | | | 565 | | | | 604,414 | |
| | | | | | | | 2,319,800 | |
| Tanzania: 0.1% | | | | | | | | |
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | | | 425 | | | | 437,313 | |
| Thailand: 0.7% | | | | | | | | |
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 † | | | 1,800 | | | | 1,645,172 | |
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | | | 1,400 | | | | 1,334,273 | |
| | | | | | | | 2,979,445 | |
| Togo: 0.2% | | | | | | | | |
Ecobank Transnational, Inc. 144A 10.12%, 10/15/29 | | | 600 | | | | 620,640 | |
| Trinidad and Tobago: 0.6% | | | | | | | | |
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29 | | | 800 | | | | 839,600 | |
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | | | 525 | | | | 491,804 | |
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | | | 475 | | | | 478,895 | |
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | | | 850 | | | | 828,893 | |
| | | | | | | | 2,639,192 | |
| Turkey: 8.0% | | | | | | | | |
| Akbank TAS 144A | | | | | | | | |
6.80% (Term SOFR USD 3 Month+1.85%), 02/06/26 | | | 725 | | | | 737,731 | |
| 6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | | | 650 | | | | 647,617 | |
| 7.50%, 01/20/30 | | | 700 | | | | 715,017 | |
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38% (Term SOFR USD 3 Month+1.85%), 06/29/28 | | | 725 | | | | 640,788 | |
Arcelik AS Reg S 8.50%, 09/25/28 | | | 500 | | | | 523,879 | |
| Aydem Yenilenebilir Enerji AS 144A | | | | | | | | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s) | | Value | |
| Turkey (continued) | | | | | | | | |
| 7.75% (Term SOFR USD 3 Month+1.85%), 02/02/27 | | $ | 900 | | | $ | 895,185 | |
Eregli Demir ve Celik Fabrikalari TAS 144A 8.38%, 07/23/29 | | | 1,300 | | | | 1,337,453 | |
Ford Otomotiv Sanayi AS 144A 7.12%, 04/25/29 | | | 700 | | | | 712,512 | |
GDZ Elektrik Dagitim AS 144A 9.00%, 10/15/29 | | | 500 | | | | 479,748 | |
Limak Cimento Sanayi ve Ticaret AS 144A 9.75%, 07/25/29 | | | 825 | | | | 803,921 | |
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | | | 493 | | | | 466,866 | |
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28 | | | 800 | | | | 829,800 | |
Pegasus Hava Tasimaciligi AS 144A 8.00%, 09/11/31 | | | 700 | | | | 693,044 | |
QNB Bank AS Reg S 10.75% (US Treasury Yield Curve Rate T 5 Year+6.24%), 11/15/33 | | | 1,100 | | | | 1,223,848 | |
Ronesans Holding AS 144A 8.50%, 10/10/29 | | | 400 | | | | 390,061 | |
TAV Havalimanlari Holding AS 144A 8.50%, 12/07/28 | | | 575 | | | | 596,969 | |
| TC Ziraat Bankasi AS 144A | | | | | | | | |
5.38%, 03/02/26 | | | 800 | | | | 799,709 | |
| 8.00%, 01/16/29 | | | 600 | | | | 625,749 | |
| 8.99% (US Treasury Yield Curve Rate T 5 Year+4.33%), 08/02/34 | | | 600 | | | | 621,624 | |
| 9.50%, 08/01/26 | | | 650 | | | | 692,825 | |
Turk Ekonomi Bankasi AS Reg S 9.38% (US Treasury Yield Curve Rate T 5 Year+5.41%), 01/17/34 | | | 500 | | | | 529,563 | |
Turk Telekomunikasyon AS 144A 7.38%, 05/20/29 | | | 700 | | | | 715,314 | |
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | | | 675 | | | | 656,923 | |
Turkiye Garanti Bankasi AS 144A 8.38% (US Treasury Yield Curve Rate T 5 Year+4.09%), 02/28/34 † | | | 650 | | | | 665,065 | |
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26 | | | 950 | | | | 947,671 | |
| | | Par
(000’s) | | Value | |
| Turkey (continued) | | | | | | | | |
| 7.50%, 02/06/28 | | $ | 650 | | | $ | 668,757 | |
| 9.00%, 01/28/27 | | | 625 | | | | 662,755 | |
| 9.38%, 01/31/26 | | | 650 | | | | 681,159 | |
Turkiye Is Bankasi AS 144A 7.75%, 06/12/29 | | | 700 | | | | 725,209 | |
| Turkiye Sinai Kalkinma Bankasi AS 144A | | | | | | | | |
5.88%, 01/14/26 | | | 550 | | | | 551,651 | |
| 7.12%, 10/17/29 | | | 350 | | | | 350,302 | |
| 9.38%, 10/19/28 | | | 400 | | | | 436,995 | |
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 | | | 500 | | | | 509,432 | |
| Turkiye Vakiflar Bankasi TAO 144A | | | | | | | | |
5.50%, 10/01/26 | | | 675 | | | | 672,113 | |
| 6.50%, 01/08/26 | | | 1,025 | | | | 1,036,583 | |
| 6.88%, 01/07/30 | | | 450 | | | | 444,735 | |
| 8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 | | | 850 | | | | 879,917 | |
| 9.00%, 10/12/28 | | | 1,100 | | | | 1,186,600 | |
Turkiye Varlik Fonu Yonetimi AS Reg S 8.25%, 02/14/29 | | | 750 | | | | 788,548 | |
Ulker Biskuvi Sanayi AS 144A 7.88%, 07/08/31 | | | 700 | | | | 717,666 | |
Vestel Elektronik Sanayi ve Ticaret AS 144A 9.75%, 05/15/29 | | | 600 | | | | 600,840 | |
| Yapi ve Kredi Bankasi AS 144A | | | | | | | | |
7.12%, 10/10/29 | | | 600 | | | | 604,398 | |
| 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | | | 600 | | | | 608,080 | |
| 9.25%, 10/16/28 | | | 1,075 | | | | 1,170,170 | |
| 9.25% (US Treasury Yield Curve Rate T 5 Year+5.28%), 01/17/34 | | | 875 | | | | 922,234 | |
Ziraat Katilim Varlik Kiralama AS Reg S 9.38%, 11/12/26 | | | 700 | | | | 751,485 | |
| | | | | | | | 32,918,511 | |
| Ukraine: 0.8% | | | | | | | | |
Kernel Holding SA 144A 6.75%, 10/27/27 | | | 400 | | | | 354,675 | |
| Metinvest BV 144A | | | | | | | | |
7.65%, 10/01/27 | | | 500 | | | | 332,750 | |
| 7.75%, 10/17/29 | | | 700 | | | | 449,601 | |
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/28 | | | 725 | | | | 614,474 | |
NPC Ukrenergo 144A 6.88%, 11/09/28 | | | 1,100 | | | | 724,223 | |
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/26 | | | 900 | | | | 775,805 | |
| | | | | | | | 3,251,528 | |
See Notes to Financial Statements
| | | Par
(000’s) | | Value | |
| United Arab Emirates: 1.4% | | | | | | | | |
Alpha Star Holding VII Ltd. Reg S 7.75%, 04/27/26 | | $ | 700 | | | $ | 713,170 | |
Alpha Star Holding VIII Ltd. Reg S 8.38%, 04/12/27 | | | 800 | | | | 828,657 | |
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | | | 2,350 | | | | 2,346,590 | |
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) | | | 550 | | | | 548,735 | |
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29 | | | 1,550 | | | | 1,403,749 | |
| | | | | | | | 5,840,901 | |
| United Kingdom: 4.1% | | | | | | | | |
Allwyn Entertainment Financing UK Plc 144A 7.88% (Term SOFR USD 3 Month+1.85%), 04/30/29 | | | 1,150 | | | | 1,191,981 | |
| Avianca Midco 2 Plc 144A | | | | | | | | |
9.00%, 12/01/28 | | | 1,900 | | | | 1,878,656 | |
| 9.00% (Term SOFR USD 3 Month+1.85%), 12/01/28 | | | 625 | | | | 617,979 | |
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | | | 1,125 | | | | 1,096,172 | |
Biocon Biologics Global Plc 144A 6.67%, 10/09/29 | | | 1,200 | | | | 1,184,175 | |
Endeavour Mining Plc 144A 5.00%, 10/14/26 | | | 750 | | | | 729,723 | |
| IHS Holding Ltd. 144A | | | | | | | | |
5.62%, 11/29/26 | | | 750 | | | | 737,959 | |
| 6.25%, 11/29/28 | | | 750 | | | | 702,208 | |
| Sisecam UK Plc 144A | | | | | | | | |
8.25%, 05/02/29 | | | 950 | | | | 975,177 | |
| 8.62%, 05/02/32 | | | 1,100 | | | | 1,122,136 | |
Trident Energy Finance Plc 144A 12.50%, 11/30/29 | | | 300 | | | | 315,419 | |
Tullow Oil Plc 144A 10.25%, 05/15/26 | | | 2,060 | | | | 1,885,970 | |
Ukraine Railways Via Rail Capital Markets Plc Reg S 7.88%, 07/15/28 | | | 400 | | | | 309,740 | |
Vedanta Resources Finance II Plc 144A 10.88%, 09/17/29 | | | 1,750 | | | | 1,802,080 | |
| WE Soda Investments Holding Plc 144A | | | | | | | | |
9.38%, 02/14/31 | | | 700 | | | | 719,880 | |
| 9.50%, 10/06/28 † | | | 1,350 | | | | 1,395,495 | |
| | | | | | | | 16,664,750 | |
| | | Par
(000’s | ) | | Value | |
| United States: 4.3% | | | | | | | | |
| Azul Secured Finance LLP 144A | | | | | | | | |
10.88%, 05/28/30 | | $ | 350 | | | $ | 224,943 | |
| 11.93%, 08/28/28 | | | 650 | | | | 636,473 | |
Energuate Trust 144A 5.88%, 05/03/27 | | | 500 | | | | 490,937 | |
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 † | | | 1,000 | | | | 865,563 | |
| Kosmos Energy Ltd. 144A | | | | | | | | |
7.50%, 03/01/28 | | | 650 | | | | 624,577 | |
| 7.75%, 05/01/27 | | | 500 | | | | 490,973 | |
| 8.75%, 10/01/31 † | | | 750 | | | | 731,847 | |
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 † | | | 1,100 | | | | 1,095,019 | |
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | | | 885 | | | | 864,442 | |
Playtika Holding Corp. 144A 4.25%, 03/15/29 | | | 900 | | | | 812,856 | |
| Sasol Financing USA LLC | | | | | | | | |
4.38%, 09/18/26 † | | | 1,000 | | | | 966,414 | |
| 5.50%, 03/18/31 | | | 1,275 | | | | 1,101,349 | |
Sasol Financing USA LLC 144A 8.75%, 05/03/29 † | | | 1,475 | | | | 1,517,837 | |
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | | | 858 | | | | 780,727 | |
| Stillwater Mining Co. 144A | | | | | | | | |
4.00%, 11/16/26 | | | 1,000 | | | | 945,112 | |
| 4.50%, 11/16/29 | | | 750 | | | | 619,389 | |
| Wynn Macau Ltd. 144A | | | | | | | | |
5.12%, 12/15/29 | | | 575 | | | | 534,482 | |
| 5.50%, 01/15/26 | | | 1,475 | | | | 1,459,188 | |
| 5.50%, 10/01/27 | | | 1,125 | | | | 1,091,101 | |
| 5.62%, 08/26/28 | | | 1,975 | | | | 1,897,392 | |
| | | | | | | | 17,750,621 | |
| Uruguay: 0.1% | | | | | | | | |
Arcos Dorados BV 144A 6.12% (Term SOFR USD 3 Month+1.85%), 05/27/29 | | | 525 | | | | 532,111 | |
| | | | | | | | | |
| Uzbekistan: 1.2% | | | | | | | | |
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 | | | 400 | | | | 393,941 | |
Jscb Agrobank 144A 9.25%, 10/02/29 | | | 500 | | | | 509,874 | |
National Bank of Uzbekistan Reg S 8.50%, 07/05/29 | | | 500 | | | | 513,739 | |
| Navoi Mining & Metallurgical Combinat 144A | | | | | | | | |
6.70%, 10/17/28 | | | 750 | | | | 754,206 | |
| 6.95%, 10/17/31 | | | 750 | | | | 753,467 | |
Uzauto Motors AJ 144A 4.85%, 05/04/26 | | | 400 | | | | 382,755 | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s) | | Value | |
| Uzbekistan (continued) | | | | | | | | |
Uzbek Industrial and Construction Bank ATB 144A 8.95%, 07/24/29 | | $ | 700 | | | $ | 705,521 | |
Uzbekneftegaz JSC 144A
4.75%, 11/16/28 | | | 1,050 | | | | 921,312 | |
| | | | | | | | 4,934,815 | |
| Zambia: 0.6% | | | | | | | | |
First Quantum Minerals Ltd. 144A 6.88%, 10/15/27 | | | 2,275 | | | | 2,261,466 | |
Total Corporate Bonds
(Cost: $401,680,016) | | | | | | | 389,737,868 | |
| | | | | | | | | |
| GOVERNMENT OBLIGATIONS: 2.8% | | | | | | | | |
| Argentina: 2.3% | | | | | | | | |
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 | | | 1,325 | | | | 1,330,035 | |
Provincia de Buenos Aires 144A 6.62%, 09/01/37 (s) | | | 9,032 | | | | 5,182,038 | |
Provincia de Cordoba 144A | | | | | | | | |
6.88%, 02/01/29 (s) | | | 682 | | | | 617,144 | |
| 6.99%, 06/01/27 (s) | | | 782 | | | | 735,269 | |
Provincia de Mendoza 144A
5.75%, 03/19/29 (s) | | | 588 | | | | 536,971 | |
| Provincia de Neuquen 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Argentina (continued) | | | | | | | | |
| 6.88%, 04/27/30 (s) | | $ | 444 | | | $ | 409,803 | |
Provincia del Chubut 144A
7.75%, 07/26/30 (s) | | | 559 | | | | 536,973 | |
| | | | | | | | 9,348,233 | |
| Turkey: 0.5% | | | | | | | | |
Istanbul Metropolitan Municipality 144A | | | | | | | | |
6.38%, 12/09/25 | | | 750 | | | | 746,889 | |
| 10.50%, 12/06/28 | | | 950 | | | | 1,039,250 | |
| 10.75%, 04/12/27 | | | 475 | | | | 513,352 | |
| | | | | | | | 2,299,491 | |
Total Government Obligations
(Cost: $9,912,618) | | | | | | | 11,647,724 | |
Total Investments Before Collateral for Securities Loaned: 98.0%
(Cost: $411,592,634) | | | | 401,385,592 | |
| | | | | | | | | |
| | | Number
of Shares | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.3% | | | | | |
Money Market Fund: 3.3%
(Cost: $13,409,641) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 13,409,641 | | | | 13,409,641 | |
Total Investments: 101.3%
(Cost: $425,002,275) | | | | | | | 414,795,233 | |
| Liabilities in excess of other assets: (1.3)% | | | | (5,304,239) | |
| NET ASSETS: 100.0% | | | | | | $ | 409,490,994 | |
Definitions:
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| (s) | The rate shown reflects the rate in effect at October 31, 2024. Coupon adjusts periodically based upon a predetermined schedule |
| ^ | Zero Coupon Bond |
| ¥ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| † | Security fully or partially on loan. Total market value of securities on loan is $14,660,530. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| * | Non-income producing |
| (d) | Security in default |
| | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $287,735,442, or 70.3% of net assets. |
See Notes to Financial Statements
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 | |
| Corporate Bonds | | | | | | | | | | | | | | | | |
| Argentina | | $ | — | | | $ | 13,979,908 | | | $ | — | | | $ | 13,979,908 | |
| Austria | | | — | | | | 691,790 | | | | — | | | | 691,790 | |
| Azerbaijan | | | — | | | | 4,188,769 | | | | — | | | | 4,188,769 | |
| Bahrain | | | — | | | | 3,857,555 | | | | — | | | | 3,857,555 | |
| Bermuda | | | — | | | | 941,547 | | | | 27,275 | | | | 968,822 | |
| Brazil | | | — | | | | 25,216,646 | | | | — | | | | 25,216,646 | |
| British Virgin Islands | | | — | | | | 1,888,321 | | | | — | | | | 1,888,321 | |
| Canada | | | — | | | | 5,859,940 | | | | — | | | | 5,859,940 | |
| Cayman Islands | | | — | | | | 21,205,749 | | | | — | | | | 21,205,749 | |
| Chile | | | — | | | | 8,757,465 | | | | — | | | | 8,757,465 | |
| China | | | — | | | | 15,408,200 | | | | 12,078 | | | | 15,420,278 | |
| Colombia | | | — | | | | 21,244,507 | | | | — | | | | 21,244,507 | |
| Costa Rica | | | — | | | | 1,180,678 | | | | — | | | | 1,180,678 | |
| Cyprus | | | — | | | | 1,051,797 | | | | — | | | | 1,051,797 | |
| Czech Republic | | | — | | | | 1,085,120 | | | | — | | | | 1,085,120 | |
| Dominican Republic | | | — | | | | 1,281,361 | | | | — | | | | 1,281,361 | |
| Georgia | | | — | | | | 1,565,886 | | | | — | | | | 1,565,886 | |
| Guatemala | | | — | | | | 2,023,364 | | | | — | | | | 2,023,364 | |
| Honduras | | | — | | | | 458,660 | | | | — | | | | 458,660 | |
| Hong Kong | | | — | | | | 26,966,122 | | | | — | | | | 26,966,122 | |
| Hungary | | | — | | | | 1,010,800 | | | | — | | | | 1,010,800 | |
| India | | | — | | | | 17,925,554 | | | | — | | | | 17,925,554 | |
| Indonesia | | | — | | | | 4,365,489 | | | | — | | | | 4,365,489 | |
| Ireland | | | — | | | | 1,101,033 | | | | — | | | | 1,101,033 | |
| Israel | | | — | | | | 10,785,313 | | | | — | | | | 10,785,313 | |
| Kuwait | | | — | | | | 1,451,303 | | | | — | | | | 1,451,303 | |
| Luxembourg | | | — | | | | 13,338,989 | | | | — | | | | 13,338,989 | |
| Macao | | | — | | | | 1,063,954 | | | | — | | | | 1,063,954 | |
| Mauritius | | | — | | | | 9,902,180 | | | | — | | | | 9,902,180 | |
| Mexico | | | — | | | | 21,966,412 | | | | — | | | | 21,966,412 | |
| Mongolia | | | — | | | | 497,885 | | | | — | | | | 497,885 | |
| Morocco | | | — | | | | 5,823,874 | | | | — | | | | 5,823,874 | |
| Netherlands | | | — | | | | 9,481,995 | | | | — | | | | 9,481,995 | |
| Nigeria | | | — | | | | 3,189,448 | | | | — | | | | 3,189,448 | |
| Oman | | | — | | | | 6,259,229 | | | | — | | | | 6,259,229 | |
| Pakistan | | | — | | | | 509,032 | | | | — | | | | 509,032 | |
| Panama | | | — | | | | 4,430,854 | | | | — | | | | 4,430,854 | |
| Paraguay | | | — | | | | 760,342 | | | | — | | | | 760,342 | |
| Peru | | | — | | | | 10,170,798 | | | | — | | | | 10,170,798 | |
| Poland | | | — | | | | 1,671,638 | | | | — | | | | 1,671,638 | |
| Saudi Arabia | | | — | | | | 606,998 | | | | — | | | | 606,998 | |
| Serbia | | | — | | | | 1,359,707 | | | | — | | | | 1,359,707 | |
| Singapore | | | — | | | | 3,731,202 | | | | — | | | | 3,731,202 | |
| South Africa | | | — | | | | 6,290,008 | | | | — | | | | 6,290,008 | |
| Spain | | | — | | | | 2,319,800 | | | | — | | | | 2,319,800 | |
| Tanzania | | | — | | | | 437,313 | | | | — | | | | 437,313 | |
| Thailand | | | — | | | | 2,979,445 | | | | — | | | | 2,979,445 | |
| Togo | | | — | | | | 620,640 | | | | — | | | | 620,640 | |
| Trinidad and Tobago | | | — | | | | 2,639,192 | | | | — | | | | 2,639,192 | |
| Turkey | | | — | | | | 32,918,511 | | | | — | | | | 32,918,511 | |
| Ukraine | | | — | | | | 3,251,528 | | | | — | | | | 3,251,528 | |
| United Arab Emirates | | | — | | | | 5,840,901 | | | | — | | | | 5,840,901 | |
| United Kingdom | | | — | | | | 16,664,750 | | | | — | | | | 16,664,750 | |
| United States | | | — | | | | 17,750,621 | | | | — | | | | 17,750,621 | |
| Uruguay | | | — | | | | 532,111 | | | | — | | | | 532,111 | |
See Notes to Financial Statements
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Uzbekistan | | $ | — | | | $ | 4,934,815 | | | $ | — | | | $ | 4,934,815 | |
| Zambia | | | — | | | | 2,261,466 | | | | — | | | | 2,261,466 | |
| Government Obligations * | | | — | | | | 11,647,724 | | | | — | | | | 11,647,724 | |
| Money Market Fund | | | 13,409,641 | | | | — | | | | — | | | | 13,409,641 | |
| Total Investments | | $ | 13,409,641 | | | $ | 401,346,239 | | | $ | 39,353 | | | $ | 414,795,233 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 98.1% | | | | | | | | |
| Australia: 2.8% | | | | | | | | |
| Buckeye Partners LP | | | | | | | | |
| 3.95%, 12/01/26 † | | $ | 32,800 | | | $ | 31,561,327 | |
| 4.12%, 12/01/27 | | | 21,875 | | | | 20,929,860 | |
| 5.60%, 10/15/44 † | | | 16,400 | | | | 13,926,965 | |
| 5.85%, 11/15/43 | | | 21,875 | | | | 18,926,441 | |
| | | | | | | | 85,344,593 | |
| Canada: 4.5% | | | | | | | | |
Bombardier, Inc. 144A
7.45%, 05/01/34 † | | | 27,875 | | | | 30,367,360 | |
| Methanex Corp. | | | | | | | | |
| 5.25%, 12/15/29 † | | | 38,250 | | | | 36,946,547 | |
| 5.65%, 12/01/44 | | | 16,400 | | | | 14,549,686 | |
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 † | | | 41,000 | | | | 40,203,977 | |
TransAlta Corp.
6.50%, 03/15/40 | | | 16,425 | | | | 16,914,892 | |
| | | | | | | 138,982,462 | |
| Germany: 2.0% | | | | | | | | |
Dresdner Funding Trust I 144A
8.15%, 06/30/31 | | | 54,625 | | | | 60,756,338 | |
| Ireland: 1.7% | | | | | | | | |
| Perrigo Finance Unlimited Co. | | | | | | | | |
| 4.90%, 06/15/30 | | | 40,975 | | | | 38,819,228 | |
| 4.90%, 12/15/44 | | | 16,625 | | | | 13,341,431 | |
| | | | | | | | 52,160,659 | |
| Italy: 3.6% | | | | | | | | |
| Telecom Italia Capital SA | | | | | | | | |
| 6.00%, 09/30/34 | | | 27,325 | | | | 26,626,332 | |
| 6.38%, 11/15/33 | | | 27,275 | | | | 27,599,027 | |
| 7.20%, 07/18/36 | | | 27,325 | | | | 27,750,068 | |
| 7.72%, 06/04/38 | | | 27,325 | | | | 28,482,159 | |
| | | | | | | | 110,457,586 | |
| Netherlands: 1.1% | | | | | | | | |
OCI NV 144A
6.70%, 03/16/33 | | | 32,800 | | | | 32,733,787 | |
| United Kingdom: 5.8% | | | | | | | | |
Marks & Spencer Plc 144A
7.12%, 12/01/37 | | | 16,400 | | | | 18,134,652 | |
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)
| | | 41,000 | | | | 43,695,545 | |
Vodafone Group Plc
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79
| | | 109,250 | | | | 114,620,402 | |
| | | | | | | 176,450,599 | |
| United States: 76.6% | | | | | | | | |
| Advance Auto Parts, Inc. | | | | | | | | |
| 1.75%, 10/01/27 | | | 19,150 | | | | 17,033,058 | |
| 3.50%, 03/15/32 † | | | 19,150 | | | | 15,765,184 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 3.90%, 04/15/30 | | $ | 27,325 | | | $ | 24,341,506 | |
| 5.90%, 03/09/26 | | | 16,400 | | | | 16,538,566 | |
| 5.95%, 03/09/28 † | | | 16,400 | | | | 16,541,244 | |
Banc of California
3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31
| | | 21,050 | | | | 19,284,326 | |
Bath & Body Works, Inc.
6.95%, 03/01/33 † | | | 15,550 | | | | 15,438,816 | |
| Brandywine Operating Partnership LP | | | | | | | | |
| 3.95%, 11/15/27 | | | 24,600 | | | | 23,042,904 | |
| 4.55%, 10/01/29 † | | | 19,150 | | | | 17,645,945 | |
| 8.30%, 03/15/28 † | | | 19,150 | | | | 20,138,197 | |
Brightsphere Investment Group, Inc.
4.80%, 07/27/26 | | | 15,050 | | | | 14,738,506 | |
| Constellation Insurance, Inc. 144A | | | | | | | | |
| 6.62%, 05/01/31 † | | | 13,675 | | | | 13,372,906 | |
| 6.80%, 01/24/30 | | | 23,225 | | | | 22,917,048 | |
Crane NXT Co.
4.20%, 03/15/48 | | | 19,175 | | | | 13,280,091 | |
Crown Cork & Seal Co., Inc.
7.38%, 12/15/26 | | | 19,150 | | | | 19,902,001 | |
Diversified Healthcare Trust
4.75%, 02/15/28 | | | 27,350 | | | | 24,221,737 | |
DPL, Inc.
4.35%, 04/15/29 | | | 21,850 | | | | 20,538,235 | |
Embarq Corp.
8.00%, 06/01/36 | | | 66,425 | | | | 28,560,093 | |
Entegris, Inc. 144A
4.75%, 04/15/29 | | | 87,425 | | | | 84,766,651 | |
| EQM Midstream Partners LP | | | | | | | | |
| 4.12%, 12/01/26 † | | | 27,325 | | | | 26,753,746 | |
| 5.50%, 07/15/28 | | | 46,450 | | | | 46,139,868 | |
| 6.50%, 07/15/48 | | | 30,050 | | | | 30,264,437 | |
Fluor Corp.
4.25%, 09/15/28 | | | 30,400 | | | | 29,248,272 | |
Frontier Florida LLC
6.86%, 02/01/28 | | | 16,400 | | | | 17,040,338 | |
Genworth Holdings, Inc.
6.50%, 06/15/34 | | | 14,125 | | | | 14,019,779 | |
Global Marine, Inc.
7.00%, 06/01/28 | | | 14,275 | | | | 13,521,224 | |
HB Fuller Co.
4.00%, 02/15/27 | | | 16,425 | | | | 16,037,592 | |
Hillenbrand, Inc.
5.00%, 09/15/26 | | | 20,500 | | | | 20,323,465 | |
| Hudson Pacific Properties LP | | | | | | | | |
| 3.25%, 01/15/30 † | | | 21,875 | | | | 15,997,588 | |
| 3.95%, 11/01/27 | | | 21,850 | | | | 19,617,454 | |
| 4.65%, 04/01/29 † | | | 27,325 | | | | 21,886,983 | |
| 5.95%, 02/15/28 | | | 19,150 | | | | 16,998,337 | |
| Kohl’s Corp. | | | | | | | | |
| 4.62%, 05/01/31 † | | | 27,325 | | | | 22,697,069 | |
| 5.55%, 07/17/45 | | | 23,350 | | | | 15,728,721 | |
Lumen Technologies, Inc.
7.60%, 09/15/39 † | | | 19,375 | | | | 14,271,162 | |
See Notes to Financial Statements
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| Macy’s Retail Holdings LLC | | | | | | | | |
| 4.30%, 02/15/43 | | $ | 13,650 | | | $ | 9,433,017 | |
| 4.50%, 12/15/34 † | | | 20,025 | | | | 16,750,227 | |
| 5.12%, 01/15/42 | | | 13,650 | | | | 10,519,838 | |
Murphy Oil Corp.
5.88%, 12/01/42 † | | | 18,550 | | | | 16,300,091 | |
Navient Corp.
5.62%, 08/01/33 | | | 32,475 | | | | 28,059,306 | |
| Newell Brands, Inc. | | | | | | | | |
| 5.70%, 04/01/26 | | | 108,450 | | | | 108,772,964 | |
| 6.88%, 04/01/36 † | | | 22,950 | | | | 22,868,032 | |
| 7.00%, 04/01/46 | | | 36,400 | | | | 33,826,185 | |
| Nordstrom, Inc. | | | | | | | | |
| 4.00%, 03/15/27 | | | 19,125 | | | | 18,425,365 | |
| 4.25%, 08/01/31 † | | | 23,225 | | | | 20,485,121 | |
| 4.38%, 04/01/30 † | | | 27,325 | | | | 24,796,740 | |
| 5.00%, 01/15/44 | | | 52,750 | | | | 39,757,464 | |
| 6.95%, 03/15/28 † | | | 16,400 | | | | 17,006,734 | |
Oceaneering International, Inc.
6.00%, 02/01/28 | | | 16,375 | | | | 16,102,640 | |
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | | | | | | | | |
| 4.62%, 04/16/29 | | | 54,700 | | | | 48,243,855 | |
| 4.62%, 04/06/31 | | | 19,175 | | | | 16,269,221 | |
| Rockies Express Pipeline LLC 144A | | | | | | | | |
| 4.80%, 05/15/30 | | | 19,150 | | | | 17,726,965 | |
| 4.95%, 07/15/29 | | | 30,075 | | | | 28,275,369 | |
| 6.88%, 04/15/40 | | | 27,325 | | | | 25,928,733 | |
| 7.50%, 07/15/38 | | | 13,675 | | | | 13,973,949 | |
| Royal Caribbean Cruises Ltd. | | | | | | | | |
| 3.70%, 03/15/28 | | | 27,325 | | | | 26,059,620 | |
| 7.50%, 10/15/27 | | | 16,400 | | | | 17,393,725 | |
Safeway, Inc.
7.25%, 02/01/31 | | | 14,252 | | | | 14,579,739 | |
| Seagate HDD Cayman | | | | | | | | |
| 4.09%, 06/01/29 † | | | 27,025 | | | | 25,503,603 | |
| 4.12%, 01/15/31 | | | 15,050 | | | | 13,546,868 | |
| 4.88%, 06/01/27 † | | | 27,600 | | | | 27,244,266 | |
| 5.75%, 12/01/34 † | | | 26,775 | | | | 26,417,508 | |
Sealed Air Corp. 144A
6.88%, 07/15/33 † | | | 24,600 | | | | 26,081,806 | |
| Service Properties Trust | | | | | | | | |
| 3.95%, 01/15/28 † | | | 21,875 | | | | 18,797,155 | |
| 4.38%, 02/15/30 † | | | 21,875 | | | | 16,578,334 | |
| 4.75%, 10/01/26 | | | 24,600 | | | | 23,269,425 | |
| 4.95%, 02/15/27 † | | | 21,875 | | | | 20,394,232 | |
| 4.95%, 10/01/29 † | | | 23,250 | | | | 18,604,729 | |
| 5.25%, 02/15/26 | | | 19,150 | | | | 18,591,492 | |
| Spirit AeroSystems, Inc. | | | | | | | | |
| 3.85%, 06/15/26 | | | 16,400 | | | | 15,964,242 | |
| 4.60%, 06/15/28 † | | | 38,250 | | | | 36,531,879 | |
Steelcase, Inc.
5.12%, 01/18/29 | | | 24,600 | | | | 23,734,257 | |
Tenet Healthcare Corp.
6.88%, 11/15/31 † | | | 19,775 | | | | 21,225,536 | |
| Toledo Hospital | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 4.98%, 11/15/45 | | $ | 14,925 | | | $ | 11,305,688 | |
| 5.33%, 11/15/28 † | | | 17,500 | | | | 17,115,700 | |
| 6.01%, 11/15/48 | | | 21,875 | | | | 19,400,063 | |
Topaz Solar Farms LLC 144A
5.75%, 09/30/39 | | | 27,776 | | | | 27,691,870 | |
| Transocean, Inc. | | | | | | | | |
| 6.80%, 03/15/38 † | | | 33,300 | | | | 27,659,494 | |
| 7.50%, 04/15/31 † | | | 21,625 | | | | 20,195,665 | |
Travel + Leisure Co.
6.00%, 04/01/27 | | | 21,875 | | | | 22,093,903 | |
Under Armour, Inc.
3.25%, 06/15/26 | | | 32,800 | | | | 31,579,706 | |
United States Cellular Corp.
6.70%, 12/15/33 † | | | 29,725 | | | | 32,110,104 | |
United States Steel Corp.
6.65%, 06/01/37 | | | 15,000 | | | | 15,238,185 | |
Valley National Bancorp
3.00% (Term SOFR USD 3 Month+2.36%), 06/15/31
| | | 16,425 | | | | 13,983,432 | |
| VF Corp. | | | | | | | | |
| 2.80%, 04/23/27 † | | | 27,325 | | | | 25,809,208 | |
| 2.95%, 04/23/30 | | | 41,000 | | | | 35,420,433 | |
| 6.00%, 10/15/33 | | | 15,125 | | | | 15,148,068 | |
| 6.45%, 11/01/37 | | | 15,700 | | | | 16,025,452 | |
| Vornado Realty LP | | | | | | | | |
| 2.15%, 06/01/26 | | | 21,875 | | | | 20,713,777 | |
| 3.40%, 06/01/31 | | | 19,150 | | | | 16,307,318 | |
| Walgreens Boots Alliance, Inc. | | | | | | | | |
| 3.20%, 04/15/30 | | | 27,325 | | | | 21,749,243 | |
| 3.45%, 06/01/26 | | | 79,050 | | | | 76,102,297 | |
| 4.10%, 04/15/50 † | | | 35,000 | | | | 22,609,398 | |
| 4.50%, 11/18/34 † | | | 16,600 | | | | 12,922,444 | |
| 4.65%, 06/01/46 | | | 16,325 | | | | 10,672,483 | |
| 4.80%, 11/18/44 † | | | 36,050 | | | | 26,557,169 | |
| Western Alliance Bancorp 3.00% (Term SOFR USD 3 Month+2.25%), 06/15/31 †
| | | 32,800 | | | | 30,382,968 | |
| Xerox Corp. | | | | | | | | |
| 4.80%, 03/01/35 † | | | 13,700 | | | | 8,143,701 | |
| 6.75%, 12/15/39 † | | | 19,150 | | | | 12,929,651 | |
| | | | | | | | |
XPO CNW, Inc.
6.70%, 05/01/34 | | | 16,375 | | | | 17,167,943 | |
| Yum! Brands, Inc. | | | | | | | | |
| 5.35%, 11/01/43 | | | 15,050 | | | | 14,668,762 | |
| 6.88%, 11/15/37 | | | 17,775 | | | | 19,770,919 | |
| | | | | | | | 2,334,128,325 | |
Total Corporate Bonds (Cost: $3,042,760,920) | | | | | | | 2,991,014,349 | |
See Notes to Financial Statements
| | | Number
of Shares | | | Value | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.9% | | | | | | | | |
Money Market Fund: 5.9% (Cost: $179,924,911) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 179,924,911 | | | $ | 179,924,911 | |
Total Investments: 104.0% (Cost: $3,222,685,831) | | | | | | | 3,170,939,260 | |
| Liabilities in excess of other assets: (4.0)% | | | | | | | (122,241,707) | |
| NET ASSETS: 100.0% | | | | | | $ | 3,048,697,553 | |
Definitions:
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $182,822,616. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $486,626,956, or 16.0% of net assets. |
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 | |
| Corporate Bonds * | | $ | — | | | $ | 2,991,014,349 | | | $ | — | | | $ | 2,991,014,349 | |
| Money Market Fund | | | 179,924,911 | | | | — | | | | — | | | | 179,924,911 | |
| Total Investments | | $ | 179,924,911 | | | $ | 2,991,014,349 | | | $ | — | | | $ | 3,170,939,260 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 84.0% | | | | | | | | |
| Argentina: 0.1% | | | | | | | | |
Genneia SA 144A 8.75%, 09/02/27 | | $ | 90 | | | $ | 91,030 | |
| Australia: 1.1% | | | | | | | | |
China Construction Bank Corp. Reg S 4.50%, 05/31/26 | | | 200 | | | | 199,793 | |
China Merchants Bank Co. Ltd. Reg S 5.39% (SOFR Compound Index+0.54%), 07/10/27 | | | 200 | | | | 199,813 | |
FMG Resources August 2006 Pty Ltd. 144A 6.12%, 04/15/32 | | | 300 | | | | 301,278 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 | | | 450 | | | | 461,583 | |
| | | | | | | | 1,162,467 | |
| Bermuda: 0.4% | | | | | | | | |
Bacardi Ltd. / Bacardi-Martini BV 144A 5.25%, 01/15/29 | | | 200 | | | | 201,100 | |
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | | | 200 | | | | 193,138 | |
| | | | | | | | 394,238 | |
| Brazil: 1.0% | | | | | | | | |
Banco BTG Pactual SA 144A 2.75% (Term SOFR USD 3 Month+1.85%), 01/11/26 | | | 150 | | | | 144,932 | |
Klabin Austria GmbH 144A 7.00%, 04/03/49 | | | 150 | | | | 156,826 | |
Klabin Finance SA 144A 4.88%, 09/19/27 | | | 140 | | | | 137,832 | |
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | | | 200 | | | | 195,325 | |
Suzano Austria GmbH 144A 5.75%, 07/14/26 | | | 50 | | | | 50,541 | |
Suzano International Finance BV 5.50%, 01/17/27 | | | 375 | | | | 378,216 | |
| | | | | | | | 1,063,672 | |
| British Virgin Islands: 0.4% | | | | | | | | |
Amipeace Ltd. Reg S 1.75%, 11/09/26 | | | 300 | | | | 283,855 | |
Five Holding Ltd. 144A 9.38%, 10/03/28 | | | 125 | | | | 129,419 | |
| | | | | | | | 413,274 | |
| Canada: 1.6% | | | | | | | | |
| Brookfield Finance, Inc. | | | | | | | | |
| 2.72%, 04/15/31 | | | 250 | | | | 218,566 | |
| 3.62%, 02/15/52 | | | 100 | | | | 71,628 | |
| | | Par
(000’s | ) | | Value | |
| Canada (continued) | | | | | | | | |
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 | | $ | 250 | | | $ | 241,476 | |
CDP Financial, Inc. Reg S 1.00%, 05/26/26 | | | 350 | | | | 332,224 | |
Export Development Canada 4.75%, 06/05/34 | | | 350 | | | | 360,023 | |
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | | | 200 | | | | 168,150 | |
TransAlta Corp. 7.75%, 11/15/29 | | | 200 | | | | 211,371 | |
Tucson Electric Power Co. 1.50%, 08/01/30 | | | 150 | | | | 124,998 | |
| | | | | | | | 1,728,436 | |
| Cayman Islands: 2.0% | | | | | | | | |
Adib Sukuk Co. II Ltd. Reg S 5.70%, 11/15/28 | | | 200 | | | | 206,961 | |
| Aldar Investment Properties Sukuk Ltd. Reg S | | | | | | | | |
| 4.88%, 05/24/33 | | | 200 | | | | 198,463 | |
| 5.50%, 05/16/34 | | | 200 | | | | 207,042 | |
CK Hutchison International 24 Ltd. 144A 5.38%, 04/26/29 | | | 350 | | | | 357,888 | |
DP World Crescent Ltd. Reg S 5.50%, 09/13/33 | | | 550 | | | | 559,625 | |
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31 | | | 200 | | | | 167,755 | |
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 | | | 200 | | | | 194,599 | |
Saudi Electricity Sukuk Programme Co. Reg S 4.63%, 04/11/33 | | | 200 | | | | 197,759 | |
| | | | | | | | 2,090,092 | |
| Chile: 1.7% | | | | | | | | |
| AES Andes SA 144A | | | | | | | | |
| 6.30%, 03/15/29 | | | 175 | | | | 178,863 | |
| 8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 | | | 200 | | | | 204,667 | |
Colbun SA 144A 3.15%, 01/19/32 | | | 150 | | | | 129,605 | |
Engie Energia Chile SA 144A 6.38%, 04/17/34 | | | 200 | | | | 204,425 | |
Interchile SA 144A 4.50%, 06/30/56 | | | 350 | | | | 288,432 | |
| Inversiones CMPC SA 144A | | | | | | | | |
| 4.38%, 04/04/27 | | | 250 | | | | 245,907 | |
| 6.12%, 06/23/33 | | | 200 | | | | 204,227 | |
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 | | | 300 | | | | 203,096 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Chile (continued) | | | | | | | | |
| 6.50%, 11/07/33 | | $ | 200 | | | $ | 208,915 | |
| | | | | | | | 1,868,137 | |
| China: 1.1% | | | | | | | | |
China Construction Bank Corp. Reg S 1.25%, 08/04/25 | | | 400 | | | | 389,169 | |
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | | | 400 | | | | 387,575 | |
Lenovo Group Ltd. 144A 6.54%, 07/27/32 | | | 200 | | | | 215,792 | |
Midea Investment Development Co. Ltd. Reg S 2.88%, 02/24/27 | | | 200 | | | | 192,052 | |
| | | | | | | | 1,184,588 | |
| Colombia: 0.1% | | | | | | | | |
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | | | 150 | | | | 140,937 | |
| Denmark: 0.2% | | | | | | | | |
Kommunekredit Reg S 5.12%, 11/01/27 | | | 200 | | | | 204,362 | |
| Dominican Republic: 0.1% | | | | | | | | |
UEP Penonome II SA 144A 6.50%, 10/01/38 | | | 83 | | | | 74,168 | |
| France: 0.7% | | | | | | | | |
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27 | | | 325 | | | | 308,133 | |
Electricite de France SA 144A 3.62%, 10/13/25 | | | 450 | | | | 444,631 | |
| | | | | | | | 752,764 | |
| Georgia: 0.2% | | | | | | | | |
Georgia Global Utilities JSC 144A 8.88%, 07/25/29 | | | 100 | | | | 100,998 | |
Georgian Railway JSC 144A 4.00%, 06/17/28 | | | 100 | | | | 88,400 | |
| | | | | | | | 189,398 | |
| Germany: 2.8% | | | | | | | | |
Bank of China Ltd. Reg S 3.12%, 06/16/25 | | | 200 | | | | 197,945 | |
| Kreditanstalt fuer Wiederaufbau | | | | | | | | |
| 0.75%, 09/30/30 | | | 550 | | | | 452,965 | |
| 1.00%, 10/01/26 | | | 1,150 | | | | 1,083,316 | |
| 1.75%, 09/14/29 | | | 605 | | | | 540,869 | |
| 4.38%, 02/28/34 | | | 550 | | | | 552,282 | |
Landesbank Baden- Wuerttemberg Reg S 2.00%, 02/24/25 | | | 188 | | | | 186,182 | |
| | | | | | | | 3,013,559 | |
| Hong Kong: 4.1% | | | | | | | | |
Agricultural Bank of China Ltd. Reg S 2.00%, 03/01/25 | | | 500 | | | | 495,272 | |
| | | Par
(000’s | ) | | Value | |
| Hong Kong (continued) | | | | | | | | |
Airport Authority Reg S 1.75%, 01/12/27 | | $ | 300 | | | $ | 283,545 | |
Bocom Leasing Management Hong Kong Co. Ltd. Reg S 5.53% (SOFR Compound Index+0.68%), 06/26/27 | | | 450 | | | | 449,497 | |
China Construction Bank Corp. Reg S 5.39% (SOFR Compound Index+0.55%), 07/16/27 | | | 400 | | | | 399,846 | |
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 | | | 200 | | | | 191,050 | |
CMB International Leasing Management Ltd. Reg S 5.75% (SOFR+0.76%), 06/04/27 | | | 200 | | | | 200,270 | |
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 | | | 200 | | | | 190,194 | |
| Industrial & Commercial Bank of China Ltd. Reg S | | |
| 1.62%, 10/28/26 | | | 250 | | | | 236,224 | |
| 2.95%, 06/01/25 | | | 200 | | | | 197,749 | |
| 5.53% (SOFR Compound Index+0.48%), 05/23/27 | | | 600 | | | | 598,608 | |
Industrial Bank Co. Ltd. Reg S 3.25%, 05/18/25 | | | 200 | | | | 198,297 | |
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | | | 200 | | | | 193,833 | |
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | | | 200 | | | | 192,710 | |
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | | | 400 | | | | 341,929 | |
Xiaomi Best Time International Ltd. Reg S 4.10%, 07/14/51 | | | 100 | | | | 79,273 | |
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | | | 200 | | | | 188,743 | |
| | | | | | | | 4,437,040 | |
| Hungary: 0.2% | | | | | | | | |
MVM Energetika Zrt Reg S 7.50%, 06/09/28 | | | 200 | | | | 210,810 | |
| India: 1.7% | | | | | | | | |
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42 | | | 100 | | | | 95,709 | |
Adani Renewable Energy RJ Ltd. / Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62% (Term SOFR USD 3 Month+1.85%), 10/15/39 | | | 170 | | | | 142,238 | |
See Notes to Financial Statements
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| India (continued) | | | | | | | | |
Continuum Green Energy India Pvt / Co.-Issuers 144A 7.50%, 06/26/33 | | $ | 200 | | | $ | 206,963 | |
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 | | | 100 | | | | 90,579 | |
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | | | 200 | | | | 194,472 | |
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | | | 152 | | | | 137,134 | |
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | | | 200 | | | | 192,803 | |
REC Ltd. 144A 5.62%, 04/11/28 | | | 200 | | | | 202,393 | |
REC Ltd. Reg S 3.88%, 07/07/27 | | | 200 | | | | 193,826 | |
ReNew Pvt Ltd. 144A 5.88%, 03/05/27 | | | 75 | | | | 73,598 | |
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | | | 200 | | | | 186,817 | |
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A 7.80%, 07/31/31 | | | 150 | | | | 151,899 | |
| | | | | | | | 1,868,431 | |
| Indonesia: 1.8% | | | | | | | | |
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28 | | | 200 | | | | 200,131 | |
| Perusahaan Penerbit SBSN Indonesia III 144A | | | | | | | | |
| 2.30%, 06/23/25 | | | 350 | | | | 344,792 | |
| 3.55%, 06/09/51 | | | 275 | | | | 205,760 | |
| 4.70%, 06/06/32 | | | 500 | | | | 493,449 | |
| 5.50%, 07/02/54 | | | 300 | | | | 306,188 | |
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | | | 400 | | | | 376,478 | |
| | | | | | | | 1,926,798 | |
| Ireland: 1.3% | | | | | | | | |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A 6.00% (Term SOFR USD 3 Month+1.85%), 06/15/27 | | | 200 | | | | 199,617 | |
Bank of Ireland Group Plc 144A 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26 | | | 350 | | | | 353,173 | |
Smurfit Kappa Treasury ULC 144A 5.20%, 01/15/30 | | | 300 | | | | 303,102 | |
| | | Par
(000’s | ) | | Value | |
| Ireland (continued) | | | | | | | | |
| 5.78%, 04/03/54 † | | $ | 500 | | | $ | 505,938 | |
| | | | | | | | 1,361,830 | |
| Japan: 3.7% | | | | | | | | |
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | | | 200 | | | | 191,352 | |
| Honda Motor Co. Ltd. | | | | | | | | |
| 2.27%, 03/10/25 | | | 200 | | | | 198,121 | |
| 2.53%, 03/10/27 | | | 100 | | | | 95,714 | |
| 2.97%, 03/10/32 | | | 600 | | | | 533,130 | |
| Japan Bank for International Cooperation | | | | | | | | |
| 1.62%, 01/20/27 | | | 200 | | | | 188,374 | |
| 4.38%, 10/05/27 | | | 250 | | | | 250,271 | |
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 | | | 200 | | | | 198,482 | |
Marubeni Corp. Reg S 1.58%, 09/17/26 | | | 200 | | | | 188,234 | |
Mitsui Fudosan Co. Ltd. 144A 2.57%, 01/21/32 | | | 200 | | | | 170,173 | |
| Norinchukin Bank 144A | | | | | | | | |
| 1.28%, 09/22/26 | | | 450 | | | | 420,593 | |
| 2.08%, 09/22/31 | | | 200 | | | | 163,342 | |
NTT Finance Corp. 144A 4.37%, 07/27/27 | | | 350 | | | | 347,157 | |
Renesas Electronics Corp. 144A 1.54%, 11/26/24 | | | 175 | | | | 174,529 | |
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29 | | | 200 | | | | 182,561 | |
| Sumitomo Mitsui Trust Bank Ltd. 144A | | | | | | | | |
| 1.55%, 03/25/26 | | | 375 | | | | 359,176 | |
| 5.50%, 03/09/28 | | | 100 | | | | 102,196 | |
Toyota Motor Credit Corp. 2.15%, 02/13/30 | | | 250 | | | | 220,263 | |
| | | | | | | | 3,983,668 | |
| Luxembourg: 3.7% | | | | | | | | |
| European Investment Bank | | | | | | | | |
| 1.62%, 05/13/31 | | | 500 | | | | 425,983 | |
| 3.75%, 02/14/33 † | | | 1,400 | | | | 1,350,281 | |
| 4.38%, 10/10/31 | | | 1,150 | | | | 1,153,288 | |
FS Luxembourg Sarl 144A 8.88%, 02/12/31 | | | 200 | | | | 204,155 | |
| Raizen Fuels Finance SA 144A | | | | | | | | |
| 5.70%, 01/17/35 | | | 300 | | | | 287,565 | |
| 6.45%, 03/05/34 | | | 500 | | | | 510,356 | |
| | | | | | | | 3,931,628 | |
| Macao: 0.7% | | | | | | | | |
Bank of China Ltd. Reg S 5.62% (SOFR Compound Index+0.78%), 04/28/25 † | | | 500 | | | | 500,661 | |
| China Construction Bank Corp. Reg S | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Macao (continued) | | | | | | | | |
5.37% (SOFR Compound Index+0.50%), 12/21/24 | | $ | 200 | | | $ | 199,936 | |
| | | | | | | | 700,597 | |
| Mauritius: 0.9% | | | | | | | | |
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | | | 79 | | | | 75,199 | |
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | | | 84 | | | | 80,362 | |
Diamond II Ltd. 144A 7.95%, 07/28/26 | | | 100 | | | | 101,339 | |
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | | | 87 | | | | 81,015 | |
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | | | 250 | | | | 249,116 | |
India Clean Energy Holdings 144A 4.50%, 04/18/27 | | | 100 | | | | 94,596 | |
India Cleantech Energy 144A 4.70%, 08/10/26 | | | 123 | | | | 119,538 | |
India Green Power Holdings 144A 4.00%, 02/22/27 | | | 187 | | | | 177,885 | |
| | | | | | | | 979,050 | |
| Mexico: 0.4% | | | | | | | | |
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | | | 250 | | | | 199,377 | |
Trust Fibra Uno 144A 7.38%, 02/13/34 | | | 200 | | | | 198,758 | |
| | | | | | | | 398,135 | |
| Netherlands: 3.4% | | | | | | | | |
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 | | | 350 | | | | 316,477 | |
Alcoa Nederland Holding BV 144A 7.12%, 03/15/31 | | | 250 | | | | 260,909 | |
| Cooperatieve Rabobank UA 144A | | | | | | | | |
| 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 | | | 350 | | | | 337,758 | |
| 1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | | | 279 | | | | 265,494 | |
Greenko Dutch BV 144A 3.85%, 03/29/26 | | | 448 | | | | 431,390 | |
| ING Groep NV 144A | | | | | | | | |
| 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 † | | | 450 | | | | 438,854 | |
| 4.62%, 01/06/26 | | | 300 | | | | 299,514 | |
| Nederlandse Waterschapsbank NV 144A | | | | | | | | |
| 1.00%, 05/28/30 | | | 100 | | | | 83,600 | |
| 2.38%, 03/24/26 | | | 350 | | | | 340,424 | |
| | | Par
(000’s | ) | | Value | |
| Netherlands (continued) | | | | | | | | |
| NXP BV / NXP Funding LLC / NXP USA, Inc. | | | | | | | | |
| 2.50%, 05/11/31 † | | $ | 550 | | | $ | 470,938 | |
| 3.40%, 05/01/30 | | | 200 | | | | 184,343 | |
| 5.00%, 01/15/33 † | | | 200 | | | | 196,932 | |
| | | | | | | | 3,626,633 | |
| Norway: 0.3% | | | | | | | | |
Kommunalbanken AS 144A 2.12%, 02/11/25 | | | 325 | | | | 322,668 | |
| Pakistan: 0.1% | | | | | | | | |
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | | | 200 | | | | 156,625 | |
| Portugal: 0.3% | | | | | | | | |
EDP Finance BV 144A 1.71%, 01/24/28 | | | 400 | | | | 363,916 | |
| Qatar: 0.2% | | | | | | | | |
QNB Finance Ltd. Reg S 1.62%, 09/22/25 | | | 200 | | | | 194,202 | |
| Saudi Arabia: 0.6% | | | | | | | | |
Arab Petroleum Investments Corp. 144A 5.43%, 05/02/29 | | | 175 | | | | 178,830 | |
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | | | 500 | | | | 437,137 | |
| | | | | | | | 615,967 | |
| Singapore: 1.3% | | | | | | | | |
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27 | | | 100 | | | | 104,948 | |
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | | | 300 | | | | 298,146 | |
Industrial & Commercial Bank of China Ltd. Reg S 5.44% (SOFR Compound Index+0.60%), 10/25/26 | | 800 | | | | 800,786 | |
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | | | 149 | | | | 151,615 | |
| | | | | | | | 1,355,495 | |
| South Africa: 0.2% | | | | | | | | |
Bank of China Ltd. Reg S 1.88%, 02/16/25 | | | 200 | | | | 198,177 | |
| South Korea: 5.5% | | | | | | | | |
| Export-Import Bank of Korea | | | | | | | | |
| 2.12%, 01/18/32 | | | 550 | | | | 461,245 | |
| 5.12%, 01/11/33 | | | 200 | | | | 203,742 | |
Export-Import Bank of Korea 144A 1.75%, 10/19/28 | | | 250 | | | | 224,673 | |
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | | | 300 | | | | 286,158 | |
See Notes to Financial Statements
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| South Korea (continued) | | | | | | | | |
| Kia Corp. 144A | | | | | | | | |
| 1.75%, 10/16/26 | | $ | 200 | | | $ | 188,830 | |
| 2.38%, 02/14/25 | | | 200 | | | | 198,447 | |
Korea Development Bank 0.75%, 01/25/25 | | | 200 | | | | 198,000 | |
Korea East-West Power Co. Ltd. 144A 3.60%, 05/06/25 | | | 200 | | | | 198,497 | |
| Korea Electric Power Corp. 144A | | | | | | | | |
| 3.62%, 06/14/25 | | | 75 | | | | 74,469 | |
| 4.88%, 01/31/27 | | | 450 | | | | 452,348 | |
| 5.38%, 04/06/26 | | | 200 | | | | 201,798 | |
| 5.50%, 04/06/28 | | | 200 | | | | 204,609 | |
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28 | | | 200 | | | | 201,037 | |
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 | | | 200 | | | | 198,594 | |
Korea Water Resources Corp. Reg S 3.50%, 04/27/25 | | | 200 | | | | 198,576 | |
| LG Chem Ltd. 144A | | | | | | | | |
| 1.38%, 07/07/26 | | | 200 | | | | 187,980 | |
| 2.38%, 07/07/31 | | | 225 | | | | 189,381 | |
| 3.62%, 04/15/29 | | | 50 | | | | 47,304 | |
| LG Energy Solution Ltd. 144A | | | | | | | | |
| 5.38%, 07/02/29 † | | | 300 | | | | 301,107 | |
| 5.50%, 07/02/34 | | | 300 | | | | 297,912 | |
| 5.62%, 09/25/26 | | | 200 | | | | 201,823 | |
| 5.75%, 09/25/28 | | | 100 | | | | 101,895 | |
POSCO 144A
4.88%, 01/23/27 | | | 150 | | | | 150,003 | |
| SK Hynix, Inc. 144A | | | | | | | | |
| 2.38%, 01/19/31 | | | 325 | | | | 275,915 | |
| 6.50%, 01/17/33 | | | 200 | | | | 214,776 | |
SK On Co. Ltd. Reg S
5.38%, 05/11/26 | | | 400 | | | | 402,295 | |
| | | | | | | | 5,861,414 | |
| Spain: 0.5% | | | | | | | | |
| Avangrid, Inc. | | | | | | | | |
| 3.20%, 04/15/25 | | | 331 | | | | 328,202 | |
| 3.80%, 06/01/29 † | | | 250 | | | | 238,858 | |
| | | | | | | | 567,060 | |
| Supranational: 3.3% | | | | | | | | |
European Bank for Reconstruction & Development 1.50%, 02/13/25 | | | 300 | | | | 297,309 | |
| European Investment Bank | | | | | | | | |
| 0.75%, 09/23/30 | | | 600 | | | | 493,215 | |
| 1.62%, 10/09/29 | | | 480 | | | | 425,995 | |
| 2.12%, 04/13/26 † | | | 300 | | | | 291,062 | |
| 2.38%, 05/24/27 | | | 650 | | | | 622,237 | |
European Investment Bank 144A 2.88%, 06/13/25 | | | 750 | | | | 742,933 | |
| | | Par
(000’s | ) | | Value | |
| Supranational (continued) | | | | | | | | |
| International Bank for Reconstruction & Development | | | | | | | | |
| 2.12%, 03/03/25 | | $ | 280 | | | $ | 277,677 | |
| 3.12%, 11/20/25 | | | 75 | | | | 73,972 | |
International Finance Corp. 2.12%, 04/07/26 | | | 344 | | | | 333,626 | |
| | | | | | | | 3,558,026 | |
| Sweden: 0.3% | | | | | | | | |
Swedbank AB 144A 1.54%, 11/16/26 | | | 350 | | | | 329,991 | |
| Turkey: 0.2% | | | | | | | | |
Aydem Yenilenebilir Enerji AS 144A 7.75% (Term SOFR USD 3 Month+1.85%), 02/02/27 | | | 250 | | | | 248,663 | |
| United Arab Emirates: 3.1% | | | | | | | | |
Abu Dhabi National Energy Co. PJSC 144A 4.70%, 04/24/33 | | | 500 | | | | 493,995 | |
Bank of China Ltd. Reg S 5.50% (SOFR Compound Index+0.60%), 09/18/26 | | | 200 | | | | 200,093 | |
Commercial Bank of Dubai PSC Reg S 5.32%, 06/14/28 | | | 200 | | | | 202,747 | |
Emirates NBD Bank PJSC Reg S 5.88%, 10/11/28 | | | 200 | | | | 209,019 | |
Industrial & Commercial Bank of China Ltd. Reg S 5.77% (SOFR Compound Index+0.93%), 01/19/26 | | | 400 | | | | 401,612 | |
| MAF Sukuk Ltd. Reg S | | | | | | | | |
| 3.93%, 02/28/30 | | | 415 | | | | 396,559 | |
| 4.64%, 05/14/29 | | | 200 | | | | 198,263 | |
| Masdar Abu Dhabi Future Energy Co. Reg S | | | | | | | | |
| 4.88%, 07/25/29 | | | 200 | | | | 199,663 | |
| 4.88%, 07/25/33 | | | 400 | | | | 393,698 | |
MDGH GMTN RSC Ltd. 144A 5.88%, 05/01/34 | | | 200 | | | | 211,961 | |
NBK SPC Ltd. 144A 5.50% (SOFR+1.16%), 06/06/30 | | | 200 | | | | 205,275 | |
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 | | | 189 | | | | 159,440 | |
| | | | | | | | 3,272,325 | |
| United Kingdom: 2.1% | | | | | | | | |
Atlantica Sustainable Infrastructure Plc 144A 4.12% (Term SOFR USD 3 Month+1.85%), 06/15/28 | | | 150 | | | | 143,133 | |
Bank of China Ltd. Reg S 5.50% (SOFR Compound Index+0.59%), 09/14/26 | | | 200 | | | | 200,207 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United Kingdom (continued) | | | | | | | | |
Brookfield Finance I UK Plc / Brookfield Finance, Inc. 2.34%, 01/30/32 | | $ | 150 | | | $ | 125,416 | |
China Construction Bank Corp. Reg S 3.12%, 05/17/25 | | | 350 | | | | 346,661 | |
China Merchants Bank Co. Ltd. Reg S 5.58% (SOFR Compound Index+0.65%), 06/13/26 | | | 200 | | | | 200,284 | |
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | | | 300 | | | | 255,805 | |
Shanghai Pudong Development Bank Co. Ltd. Reg S 3.25%, 07/14/25 | | | 200 | | | | 197,588 | |
State Grid Europe Development 2014 Plc Reg S 3.25%, 04/07/27 | | | 200 | | | | 194,432 | |
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | | | 200 | | | | 192,207 | |
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 | | | 450 | | | | 390,148 | |
| | | | | | | | 2,245,881 | |
| United States: 30.6% | | | | | | | | |
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | | | 200 | | | | 198,865 | |
| AES Corp. | | | | | | | | |
| 1.38%, 01/15/26 | | | 350 | | | | 335,290 | |
| 2.45%, 01/15/31 † | | | 355 | | | | 298,753 | |
| 5.45%, 06/01/28 † | | | 250 | | | | 252,499 | |
| Alexandria Real Estate Equities, Inc. | | | | | | | | |
| 2.00%, 05/18/32 | | | 350 | | | | 282,043 | |
| 2.95%, 03/15/34 | | | 311 | | | | 260,377 | |
| 3.80%, 04/15/26 | | | 150 | | | | 147,825 | |
American Homes 4 Rent LP 5.50%, 02/01/34 | | | 200 | | | | 201,181 | |
Amgen, Inc. 3.00% (Term SOFR USD 3 Month+1.85%), 02/22/29 | | | 275 | | | | 257,253 | |
Apple, Inc. 3.00% (Term SOFR USD 3 Month+1.85%), 06/20/27 | | | 350 | | | | 339,164 | |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | | | | | | | | |
| 3.25% (Term SOFR USD 3 Month+1.85%), 09/01/28 | | | 200 | | | | 180,413 | |
| 4.00% (Term SOFR USD 3 Month+1.85%), 09/01/29 | | | 305 | | | | 267,838 | |
| Arizona Public Service Co. | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 2.65%, 09/15/50 | | $ | 200 | | | $ | 120,101 | |
| AvalonBay Communities, Inc. | | | | | | | | |
| 1.90%, 12/01/28 | | | 100 | | | | 89,634 | |
| 2.05%, 01/15/32 † | | | 250 | | | | 209,970 | |
Bank of China Ltd. Reg S 4.62%, 06/26/26 | | | 300 | | | | 300,047 | |
| Boston Properties LP | | | | | | | | |
| 2.45%, 10/01/33 | | | 400 | | | | 311,285 | |
| 3.40%, 06/21/29 | | | 285 | | | | 262,151 | |
| 4.50%, 12/01/28 | | | 575 | | | | 558,612 | |
| 6.50%, 01/15/34 | | | 300 | | | | 317,623 | |
| 6.75%, 12/01/27 | | | 50 | | | | 52,208 | |
CenterPoint Energy Houston Electric LLC 5.30%, 04/01/53 | | | 100 | | | | 97,802 | |
| Clearway Energy Operating LLC 144A | | | | | | | | |
| 3.75%, 02/15/31 | | | 350 | | | | 312,803 | |
| 4.75%, 03/15/28 | | | 275 | | | | 267,000 | |
Comcast Corp. 4.65%, 02/15/33 † | | | 358 | | | | 352,441 | |
Constellation Energy Generation LLC 5.75%, 03/15/54 | | | 300 | | | | 302,575 | |
Dana, Inc. 4.25%, 09/01/30 † | | | 147 | | | | 128,659 | |
Deutsche Bank AG 1.69%, 03/19/26 | | | 300 | | | | 288,219 | |
Dominion Energy, Inc. 2.25%, 08/15/31 | | | 300 | | | | 252,757 | |
| DTE Electric Co. | | | | | | | | |
| 1.90%, 04/01/28 | | | 200 | | | | 183,171 | |
| 3.25%, 04/01/51 | | | 200 | | | | 142,152 | |
| 3.95%, 03/01/49 | | | 290 | | | | 234,916 | |
| Duke Energy Carolinas LLC | | | | | | | | |
| 3.95%, 11/15/28 † | | | 450 | | | | 439,204 | |
Duke Energy Progress LLC 3.45%, 03/15/29 | | | 300 | | | | 286,628 | |
| Equinix, Inc. | | | | | | | | |
| 1.00%, 09/15/25 | | | 300 | | | | 289,900 | |
| 1.55%, 03/15/28 | | | 110 | | | | 99,285 | |
| 2.50%, 05/15/31 | | | 400 | | | | 345,342 | |
| 3.90%, 04/15/32 | | | 350 | | | | 326,546 | |
| ERP Operating LP | | | | | | | | |
| 1.85%, 08/01/31 | | | 75 | | | | 62,370 | |
| 4.15%, 12/01/28 | | | 200 | | | | 196,754 | |
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | | | 115 | | | | 111,272 | |
Federal Realty OP LP 1.25%, 02/15/26 | | | 150 | | | | 143,177 | |
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27 | | | 200 | | | | 188,289 | |
| Ford Motor Co. | | | | | | | | |
| 3.25%, 02/12/32 | | | 1,150 | | | | 962,460 | |
| 6.10%, 08/19/32 | | | 250 | | | | 251,173 | |
General Motors Co. 5.40%, 10/15/29 | | | 150 | | | | 151,368 | |
See Notes to Financial Statements
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.60%, 10/15/32 | | $ | 550 | | | $ | 558,956 | |
Hanwha Energy USA Holdings Corp. 144A 4.12%, 07/05/25 | | | 100 | | | | 99,349 | |
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28 | | | 200 | | | | 201,070 | |
HAT Holdings I LLC / HAT Holdings II LLC 144A 3.75%, 09/15/30 † | | | 125 | | | | 109,495 | |
| Healthpeak OP LLC | | | | | | | | |
| 1.35%, 02/01/27 | | | 200 | | | | 185,526 | |
| 2.12%, 12/01/28 | | | 180 | | | | 162,438 | |
| Host Hotels & Resorts LP | | | | | | | | |
| 2.90%, 12/15/31 | | | 250 | | | | 213,191 | |
| 3.38%, 12/15/29 | | | 100 | | | | 91,524 | |
Hyundai Capital America 144A 5.80%, 06/26/25 | | | 200 | | | | 201,141 | |
| Interstate Power & Light Co. | | | | | | | | |
| 3.50%, 09/30/49 | | | 300 | | | | 218,124 | |
| 4.10%, 09/26/28 | | | 350 | | | | 341,693 | |
Jabil, Inc. 4.25%, 05/15/27 | | | 200 | | | | 197,107 | |
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | | | 200 | | | | 169,016 | |
JPMorgan Chase & Co. 6.07% (SOFR+1.33%), 10/22/27 | | | 700 | | | | 718,124 | |
| Kaiser Foundation Hospitals | | | | | | | | |
| 2.81%, 06/01/41 | | | 500 | | | | 366,318 | |
| 3.15%, 05/01/27 | | | 105 | | | | 101,893 | |
| Kilroy Realty LP | | | | | | | | |
| 2.50%, 11/15/32 | | | 50 | | | | 39,141 | |
| 2.65%, 11/15/33 | | | 175 | | | | 135,056 | |
| 4.75%, 12/15/28 † | | | 150 | | | | 146,762 | |
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 | | | 100 | | | | 93,649 | |
LYB International Finance III LLC 5.62%, 05/15/33 † | | | 175 | | | | 180,107 | |
Massachusetts Institute of Technology 3.96%, 07/01/38 | | | 200 | | | | 184,553 | |
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 | | | 300 | | | | 292,878 | |
| MidAmerican Energy Co. | | | | | | | | |
| 2.70%, 08/01/52 | | | 200 | | | | 126,343 | |
| 3.10%, 05/01/27 | | | 425 | | | | 411,934 | |
| 3.15%, 04/15/50 | | | 200 | | | | 140,315 | |
| 3.65%, 04/15/29 | | | 237 | | | | 227,441 | |
| 3.65%, 08/01/48 | | | 400 | | | | 309,190 | |
| 3.95%, 08/01/47 | | | 175 | | | | 141,309 | |
| 4.25%, 07/15/49 | | | 275 | | | | 233,794 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.35%, 01/15/34 | | $ | 300 | | | $ | 308,073 | |
Nature Conservancy/The 3.96%, 03/01/52 | | | 117 | | | | 96,290 | |
| New York State Electric & Gas Corp. 144A | | | | | | | | |
| 2.15%, 10/01/31 | | | 200 | | | | 164,102 | |
| 5.65%, 08/15/28 | | | 250 | | | | 256,143 | |
| 5.85%, 08/15/33 | | | 200 | | | | 206,837 | |
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | | | 472 | | | | 427,547 | |
NiSource, Inc. 5.00%, 06/15/52 | | | 100 | | | | 91,595 | |
| Northern States Power Co. | | | | | | | | |
| 2.25%, 04/01/31 | | | 150 | | | | 129,175 | |
| 2.60%, 06/01/51 | | | 250 | | | | 155,817 | |
| 2.90%, 03/01/50 | | | 150 | | | | 100,393 | |
| 3.20%, 04/01/52 | | | 200 | | | | 140,506 | |
| 5.40%, 03/15/54 | | | 200 | | | | 201,685 | |
NSTAR Electric Co. 3.25%, 05/15/29 | | | 225 | | | | 212,692 | |
Oglethorpe Power Corp. 144A 5.80%, 06/01/54 | | | 100 | | | | 101,883 | |
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32 | | | 150 | | | | 142,727 | |
Owens Corning 3.95%, 08/15/29 | | | 174 | | | | 166,898 | |
| PacifiCorp | | | | | | | | |
| 2.90%, 06/15/52 | | | 300 | | | | 184,644 | |
| 5.35%, 12/01/53 | | | 200 | | | | 188,953 | |
| 5.50%, 05/15/54 † | | | 450 | | | | 433,518 | |
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | | | 250 | | | | 238,557 | |
| PepsiCo, Inc. | | | | | | | | |
| 2.88%, 10/15/49 | | | 150 | | | | 101,538 | |
| 3.90%, 07/18/32 | | | 500 | | | | 475,252 | |
PG&E Recovery Funding LLC 5.54%, 07/15/47 | | | 350 | | | | 356,636 | |
Piedmont Operating Partnership LP 3.15%, 08/15/30 | | | 150 | | | | 128,483 | |
| PNC Financial Services Group, Inc. | | | | | | | | |
| 2.20%, 11/01/24 | | | 185 | | | | 185,000 | |
| 4.76% (SOFR Compound Index+1.08%), 01/26/27 | | | 400 | | | | 399,757 | |
| Prologis LP | | | | | | | | |
| 1.25%, 10/15/30 † | | | 275 | | | | 226,322 | |
| 1.75%, 02/01/31 | | | 200 | | | | 167,425 | |
| Public Service Co. of Colorado | | | | | | | | |
| 3.20%, 03/01/50 | | | 250 | | | | 172,726 | |
| 3.70%, 06/15/28 | | | 369 | | | | 358,224 | |
| 4.10%, 06/15/48 | | | 335 | | | | 273,818 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| Public Service Co. of Oklahoma | | | | | | | | |
| 2.20%, 08/15/31 | | $ | 200 | | | $ | 167,385 | |
| 3.15%, 08/15/51 | | | 250 | | | | 165,303 | |
| Public Service Electric and Gas Co. | | | | | | | | |
| 3.10%, 03/15/32 | | | 250 | | | | 223,789 | |
| 4.65%, 03/15/33 | | | 200 | | | | 196,706 | |
RWE Finance US LLC 144A 5.88%, 04/16/34 | | | 597 | | | | 607,305 | |
San Diego Gas & Electric Co. 4.95%, 08/15/28 | | | 225 | | | | 227,316 | |
Seattle Children’s Hospital 2.72%, 10/01/50 | | | 150 | | | | 97,344 | |
SK Battery America, Inc. Reg S 2.12%, 01/26/26 | | | 626 | | | | 599,426 | |
Sonoco Products Co. 2.85%, 02/01/32 † | | | 400 | | | | 342,600 | |
Southern Power Co. 4.15%, 12/01/25 | | | 350 | | | | 347,143 | |
| Southwestern Public Service Co. | | | | | | | | |
| 3.15%, 05/01/50 | | | 250 | | | | 167,644 | |
| 5.15%, 06/01/52 | | | 100 | | | | 92,333 | |
Sunnova Energy Corp. 144A 5.88%, 09/01/26 | | | 200 | | | | 178,962 | |
Tennessee Valley Authority 1.50%, 09/15/31 † | | | 200 | | | | 166,669 | |
UDR, Inc. 1.90%, 03/15/33 | | | 175 | | | | 136,114 | |
Union Electric Co. 2.62%, 03/15/51 | | | 200 | | | | 124,495 | |
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | | | 200 | | | | 198,543 | |
| Verizon Communications, Inc. | | | | | | | | |
| 1.50%, 09/18/30 † | | | 300 | | | | 250,200 | |
| 2.85%, 09/03/41 | | | 900 | | | | 640,807 | |
| 3.88%, 02/08/29 | | | 50 | | | | 48,396 | |
| 3.88%, 03/01/52 | | | 310 | | | | 238,143 | |
| 5.50%, 02/23/54 | | | 500 | | | | 497,779 | |
| Vornado Realty LP | | | | | | | | |
| 2.15%, 06/01/26 | | | 75 | | | | 71,019 | |
| 3.40%, 06/01/31 | | | 150 | | | | 127,734 | |
| Welltower OP LLC | | | | | | | | |
| 2.70%, 02/15/27 | | | 250 | | | | 240,734 | |
| 3.85%, 06/15/32 † | | | 100 | | | | 92,863 | |
| Wisconsin Electric Power Co. | | | | | | | | |
| 4.75%, 09/30/32 | | | 250 | | | | 250,426 | |
Wisconsin Power and Light Co. 1.95%, 09/16/31 | | | 200 | | | | 164,633 | |
WP Carey, Inc. 2.45%, 02/01/32 | | | 100 | | | | 83,521 | |
| ZF North America Capital, Inc. 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 6.75%, 04/23/30 | | $ | 300 | | | $ | 295,969 | |
| 6.88%, 04/14/28 | | | 200 | | | | 201,918 | |
| 6.88%, 04/23/32 | | | 150 | | | | 146,665 | |
| 7.12%, 04/14/30 | | | 200 | | | | 201,299 | |
| | | | | | | | 32,641,231 | |
Total Corporate Bonds
(Cost: $94,291,742) | | | | | | | 89,727,383 | |
| | | | | | | | | |
| GOVERNMENT OBLIGATIONS: 13.9% | | |
| Cayman Islands: 2.6% | | | | | | | | |
| Gaci First Investment Co. Reg S | | | | | | | | |
| 4.75%, 02/14/30 | | | 200 | | | | 196,830 | |
| 4.88%, 02/14/35 | | | 700 | | | | 674,919 | |
| 5.00%, 10/13/27 | | | 600 | | | | 600,827 | |
| 5.12%, 02/14/53 | | | 250 | | | | 217,095 | |
| 5.25%, 10/13/32 | | | 850 | | | | 852,517 | |
| 5.38%, 10/13/22 | | | 300 | | | | 258,877 | |
| | | | | | | | 2,801,065 | |
| Chile: 0.9% | | | | | | | | |
| Chile Government International Bond | | | | | | | | |
| 2.55%, 01/27/32 | | | 350 | | | | 300,138 | |
| 3.50%, 01/25/50 | | | 850 | | | | 616,518 | |
| | | | | | | | 916,656 | |
| China: 0.3% | | | | | | | | |
New Development Bank Reg S 5.12%, 04/26/26 | | | 300 | | | | 299,951 | |
| Dominican Republic: 0.3% | | | | | | | | |
Dominican Republic International Bond 144A 6.60%, 06/01/36 | | | 300 | | | | 305,552 | |
| Egypt: 0.1% | | | | | | | | |
Egypt Government International Bond 144A 5.25% (Term SOFR USD 3 Month+1.85%), 10/06/25 | | | 150 | | | | 149,117 | |
| Hong Kong: 2.8% | | | | | | | | |
| Hong Kong Government International Bond 144A | | | | | | | | |
| 0.62%, 02/02/26 | | | 200 | | | | 191,133 | |
| 2.38%, 02/02/51 | | | 200 | | | | 129,572 | |
| 4.00%, 06/07/28 | | | 200 | | | | 198,352 | |
| 4.00%, 06/07/33 | | | 700 | | | | 682,882 | |
| 4.25%, 06/07/26 | | | 200 | | | | 200,000 | |
| 4.25%, 07/24/27 | | | 300 | | | | 301,991 | |
| 4.50%, 01/11/28 | | | 450 | | | | 454,053 | |
| 4.62%, 01/11/33 | | | 300 | | | | 305,827 | |
| 5.25%, 01/11/53 | | | 200 | | | | 216,685 | |
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 | | | 400 | | | | 337,710 | |
| | | | | | | | 3,018,205 | |
| Israel: 0.5% | | | | | | | | |
| Israel Government International Bond | | | | | | | | |
See Notes to Financial Statements
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Israel (continued) | | | | | | |
| 4.50%, 01/17/33 | | $ | 600 | | | $ | 548,662 | |
| Saudi Arabia: 0.3% | | | | | | | | |
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 | | | 300 | | | | 282,276 | |
| Supranational: 0.7% | | | | | | | | |
| Asian Development Bank | | | | | | | | |
| 1.75%, 08/14/26 | | | 275 | | | | 263,445 | |
| 2.12%, 03/19/25 | | | 150 | | | | 148,613 | |
| 2.38% (Term SOFR USD 3 Month+1.85%), 08/10/27 | | | 150 | | | | 143,049 | |
| 3.12%, 09/26/28 | | | 175 | | | | 168,703 | |
| | | | | | | | 723,810 | |
| Turkey: 0.9% | | | | | | | | |
Istanbul Metropolitan Municipality 144A 10.50%, 12/06/28 | | | 200 | | | | 218,790 | |
Turkiye Government International Bond 9.12%, 07/13/30 | | | 700 | | | | 782,719 | |
| | | | | | | | 1,001,509 | |
| United States: 4.5% | | | | | | | | |
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46 | | | 388 | | | | 366,939 | |
| Fannie Mae-Aces | | | | | | | | |
| 1.44%, 10/25/29 | | | 300 | | | | 256,745 | |
| 2.44%, 10/25/29 | | | 37 | | | | 33,581 | |
| 2.52%, 08/25/29 | | | 234 | | | | 214,674 | |
| 2.83%, 02/25/27 | | | 201 | | | | 194,197 | |
| 2.91%, 01/25/28 | | | 368 | | | | 352,057 | |
| 2.94%, 06/25/29 | | | 8 | | | | 7,672 | |
| 2.96%, 09/25/27 | | | 243 | | | | 234,126 | |
| 3.03%, 03/25/28 | | | 202 | | | | 193,804 | |
| 3.06%, 03/25/28 | | | 358 | | | | 341,806 | |
| 3.06%, 02/25/30 | | | 305 | | | | 285,188 | |
| 3.16%, 11/25/27 | | | 12 | | | | 11,878 | |
| 3.30%, 06/25/28 | | | 315 | | | | 303,658 | |
| 3.54%, 09/25/28 | | | 473 | | | | 456,856 | |
| 3.74%, 09/25/30 | | | 85 | | | | 81,554 | |
| Freddie Mac Multifamily Structured Pass Through Certificates | | | | | | | | |
| 1.30%, 06/25/30 | | | 30 | | | | 25,225 | |
| 1.49%, 11/25/30 | | | 400 | | | | 335,937 | |
| 2.88%, 04/25/26 | | | 285 | | | | 279,138 | |
| SCE Recovery Funding LLC | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 4.70%, 06/15/40 | | $ | 142 | | | $ | 138,412 | |
| 5.11%, 12/15/47 | | | 200 | | | | 191,585 | |
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 | | | 600 | | | | 506,029 | |
| | | | | | | | 4,811,061 | |
Total Government Obligations
(Cost: $15,804,727) | | | | | | | 14,857,864 | |
| | | | | | | | | |
| MUNICIPAL BONDS: 0.4% | | | | | | | | |
| United States: 0.4% | | | | | | | | |
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46 | | | 150 | | | | 120,303 | |
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14 | | | 170 | | | | 155,429 | |
Maryland Economic Development Corp. (RB) 5.94%, 05/31/57 | | | 200 | | | | 205,174 | |
Total Municipal Bonds
(Cost: $608,923) | | | | | | | 480,906 | |
| | | | | | | | | |
| | | Number
of Shares | | | | | |
PREFERRED SECURITIES: 0.1%
(Cost: $173,320) | | | | | | | | |
| Canada: 0.1% | | | | | | | | |
Brookfield Finance, Inc. (USD) 4.62%, 10/16/80 | | | 7,000 | | | | 129,290 | |
| | | | | | | | | |
Total Investments Before Collateral for Securities Loaned: 98.4%
(Cost: $110,878,712) | | 105,195,443 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1% | |
Money Market Fund: 1.1%
(Cost: $1,127,848) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 1,127,848 | | | | 1,127,848 | |
Total Investments: 99.5%
(Cost: $112,006,560) | | | | | | | 106,323,291 | |
| Other assets less liabilities: 0.5% | | 485,974 | |
| NET ASSETS: 100.0% | | | | | | $ | 106,809,265 | |
| Definitions: |
| GO | General Obligation |
| RB | Revenue Bond |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
See Notes to Financial Statements
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $5,804,407. |
| | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $35,429,916, or 33.2% of net assets. |
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 | |
| Corporate Bonds * | | $ | — | | | $ | 89,727,383 | | | $ | — | | | $ | 89,727,383 | |
| Government Obligations * | | | — | | | | 14,857,864 | | | | — | | | | 14,857,864 | |
| Municipal Bonds * | | | — | | | | 480,906 | | | | — | | | | 480,906 | |
| Preferred Securities * | | | 129,290 | | | | — | | | | — | | | | 129,290 | |
| Money Market Fund | | | 1,127,848 | | | | — | | | | — | | | | 1,127,848 | |
| Total Investments | | $ | 1,257,138 | | | $ | 105,066,153 | | | $ | — | | | $ | 106,323,291 | |
| | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| FLOATING RATE NOTES: 98.8% | | | | | | | | |
| Australia: 9.8% | | | | | | | | |
| Australia & New Zealand Banking Group Ltd. 144A | | | | | | | | |
5.43% (SOFR+0.56%), 03/18/26 | | $ | 5,250 | | | $ | 5,261,731 | |
| 5.49% (SOFR+0.64%), 10/03/25 | | | 2,675 | | | | 2,681,765 | |
| 5.50% (SOFR+0.65%), 09/30/27 | | | 10,500 | | | | 10,527,345 | |
| 5.52% (SOFR+0.68%), 07/16/27 | | | 16,800 | | | | 16,873,346 | |
| 5.60% (SOFR+0.75%), 07/03/25 | | | 2,100 | | | | 2,105,436 | |
| 5.65% (SOFR+0.81%), 01/18/27 | | | 20,250 | | | | 20,375,381 | |
| Commonwealth Bank of Australia 144A | | | | | | | | |
5.24% (SOFR+0.40%), 07/07/25 | | | 6,300 | | | | 6,309,191 | |
| 5.41% (SOFR+0.52%), 06/15/26 | | | 4,025 | | | | 4,030,439 | |
| 5.54% (SOFR+0.63%), 09/12/25 | | | 2,475 | | | | 2,479,679 | |
| 5.65% (SOFR+0.75%), 03/13/26 | | | 2,100 | | | | 2,112,432 | |
| 5.86% (SOFR+0.97%), 03/14/27 † | | | 2,851 | | | | 2,877,581 | |
| Macquarie Bank Ltd. 144A | | | | | | | | |
5.77% (SOFR Compound Index+0.92%), 07/02/27 | | | 19,050 | | | | 19,183,893 | |
| 6.13% (SOFR+1.24%), 06/15/26 | | | 2,500 | | | | 2,527,633 | |
| 6.14% (SOFR+1.20%), 12/07/26 | | | 2,850 | | | | 2,887,893 | |
Macquarie Group Ltd. 144A 5.77% (SOFR+0.92%), 09/23/27 | | | 10,200 | | | | 10,230,912 | |
| National Australia Bank Ltd. 144A | | | | | | | | |
5.39% (SOFR+0.55%), 01/29/26 | | | 1,275 | | | | 1,277,958 | |
| 5.49% (SOFR+0.65%), 01/12/27 | | | 3,925 | | | | 3,936,332 | |
| 5.53% (SOFR+0.62%), 06/11/27 | | | 19,950 | | | | 20,001,503 | |
| 5.58% (SOFR+0.65%), 12/10/25 | | | 2,067 | | | | 2,075,466 | |
| 5.80% (SOFR+0.86%), 06/09/25 | | | 2,125 | | | | 2,133,377 | |
| 5.85% (SOFR+0.76%), 05/13/25 | | | 1,725 | | | | 1,730,750 | |
| Westpac Banking Corp. | | | | | | | | |
5.26% (SOFR+0.42%), 04/16/26 | | | 3,150 | | | | 3,155,678 | |
| 5.50% (SOFR+0.52%), 06/03/26 | | | 2,500 | | | | 2,505,044 | |
| 5.65% (SOFR+0.81%), 04/16/29 | | | 17,625 | | | | 17,686,900 | |
| | | Par
(000’s | ) | | Value | |
| Australia (continued) | | | | | | | | |
| 5.78% (SOFR+0.72%), 11/17/25 | | $ | 2,125 | | | $ | 2,133,937 | |
| 6.01% (SOFR+1.00%), 08/26/25 | | | 2,250 | | | | 2,263,515 | |
Westpac Banking Corp. 144A 5.39% (SOFR+0.55%), 01/29/26 | | | 1,250 | | | | 1,251,574 | |
| | | | | | | | 170,616,691 | |
| Canada: 10.9% | | | | | | | | |
| Bank of Montreal | | | | | | | | |
5.51% (SOFR Compound Index+0.62%), 09/15/26 | | | 3,250 | | | | 3,246,248 | |
| 5.73% (SOFR Compound Index+0.76%), 06/04/27 | | | 11,000 | | | | 11,008,573 | |
| 5.80% (SOFR Compound Index+0.95%), 09/25/25 | | | 1,275 | | | | 1,281,747 | |
| 5.81% (SOFR Compound Index+0.88%), 09/10/27 | | | 13,650 | | | | 13,679,862 | |
| 6.00% (SOFR Compound Index+1.06%), 06/07/25 | | | 1,225 | | | | 1,230,410 | |
| 6.07% (SOFR Compound Index+1.16%), 12/11/26 | | | 2,902 | | | | 2,934,741 | |
| 6.28% (SOFR Compound Index+1.33%), 06/05/26 | | | 3,300 | | | | 3,337,275 | |
| Bank of Nova Scotia | | | | | | | | |
5.50% (SOFR+0.61%), 09/15/26 | | | 2,375 | | | | 2,373,107 | |
| 5.52% (SOFR Compound Index+0.55%), 03/02/26 | | | 1,275 | | | | 1,276,249 | |
| 5.75% (SOFR Compound Index+0.78%), 06/04/27 | | | 9,425 | | | | 9,447,494 | |
| 5.91% (SOFR+1.00%), 09/08/28 | | | 12,950 | | | | 12,980,606 | |
| 5.92% (SOFR Compound Index+1.08%), 08/01/29 | | | 7,000 | | | | 7,027,791 | |
| 6.00% (SOFR Compound Index+1.09%), 06/12/25 | | | 1,700 | | | | 1,707,176 | |
| Canadian Imperial Bank of Commerce | | | | | | | | |
5.79% (SOFR+0.94%), 06/28/27 | | | 11,775 | | | | 11,828,623 | |
| 5.84% (SOFR Compound Index+0.93%), 09/11/27 | | | 11,770 | | | | 11,810,192 | |
| 6.07% (SOFR+1.22%), 10/02/26 | | | 2,900 | | | | 2,932,283 | |
| National Bank of Canada | | | | | | | | |
5.75% (SOFR Compound Index+0.90%), 03/25/27 | | | 3,325 | | | | 3,333,829 | |
| 5.88% (SOFR Compound Index+1.03%), 07/02/27 | | | 8,050 | | | | 8,083,161 | |
| Royal Bank of Canada | | | | | | | | |
5.37% (SOFR Compound Index+0.53%), 01/20/26 | | | 1,442 | | | | 1,445,587 | |
| 5.41% (SOFR Compound Index+0.57%), 04/27/26 | | | 2,475 | | | | 2,481,793 | |
| 5.55% (SOFR Compound Index+0.71%), 01/21/27 | | | 7,900 | | | | 7,921,743 | |
| 5.56% (SOFR Compound Index+0.72%), 10/18/27 | | | 13,500 | | | | 13,520,298 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Canada (continued) | | | | | | | | |
| 5.63% (SOFR+0.79%), 07/23/27 | | $ | 2,250 | | | $ | 2,254,323 | |
| 5.70% (SOFR Compound Index+0.86%), 10/18/28 | | | 10,600 | | | | 10,617,902 | |
| 5.73% (SOFR Compound Index+0.59%), 11/02/26 | | | 2,900 | | | | 2,910,318 | |
| 5.79% (SOFR Compound Index+0.95%), 01/19/27 | | | 12,650 | | | | 12,738,040 | |
| 5.92% (SOFR Compound Index+1.08%), 01/12/26 | | | 1,425 | | | | 1,437,505 | |
| 5.92% (SOFR Compound Index+1.08%), 07/20/26 | | | 2,900 | | | | 2,933,096 | |
| Toronto-Dominion Bank | | | | | | | | |
5.32% (SOFR+0.48%), 10/10/25 | | | 2,055 | | | | 2,058,032 | |
| 5.52% (SOFR+0.59%), 09/10/26 | | | 2,500 | | | | 2,498,928 | |
| 5.57% (SOFR+0.73%), 04/05/27 † | | 11,750 | | | | 11,765,133 | |
| 5.92% (SOFR+1.08%), 07/17/26 | | | 3,725 | | | | 3,755,713 | |
| 5.96% (SOFR+1.02%), 06/06/25 | | | 1,471 | | | | 1,477,399 | |
| | | | | | | | 189,335,177 | |
| Finland: 0.7% | | | | | | | | |
| Nordea Bank Abp 144A | | | | | | | | |
5.61% (SOFR+0.74%), 03/19/27 | | | 4,975 | | | | 4,997,486 | |
| 5.90% (SOFR+0.96%), 06/06/25 | | | 1,225 | | | | 1,229,616 | |
| 5.95% (SOFR+1.02%), 09/10/29 | | | 6,530 | | | | 6,570,482 | |
| | | | | | | | 12,797,584 | |
| France: 3.4% | | | | | | | | |
| Banque Federative du Credit Mutuel SA 144A | | | | | | | | |
5.97% (SOFR+1.13%), 01/23/27 | | | 7,100 | | | | 7,164,534 | |
| 6.13% (SOFR Compound Index+1.07%), 02/16/28 | | | 7,450 | | | | 7,487,133 | |
| 6.24% (SOFR Compound Index+1.40%), 07/13/26 | | | 2,750 | | | | 2,783,746 | |
| BPCE SA 144A | | | | | | | | |
5.82% (SOFR+0.96%), 09/25/25 | | | 1,900 | | | | 1,909,714 | |
| 6.82% (SOFR Compound Index+1.98%), 10/19/27 | | | 6,900 | | | | 7,023,299 | |
| Credit Agricole SA 144A | | | | | | | | |
5.78% (SOFR+0.87%), 03/11/27 | | | 4,850 | | | | 4,873,306 | |
| 6.12% (SOFR+1.21%), 09/11/28 | | | 11,750 | | | | 11,857,401 | |
| 6.13% (SOFR+1.29%), 07/05/26 | | | 4,115 | | | | 4,165,717 | |
| Societe Generale SA 144A | | | | | | | | |
5.89% (SOFR+1.05%), 01/21/26 | | | 3,150 | | | | 3,154,084 | |
| | | Par
(000’s | ) | | Value | |
| France (continued) | | | | | | | | |
| 6.50% (SOFR+1.66%), 01/19/28 | | $ | 8,225 | | | $ | 8,315,839 | |
| | | | | | | | 58,734,773 | |
| Japan: 3.8% | | | | | | | | |
| Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
6.01% (SOFR+0.94%), 02/20/26 | | | 2,575 | | | | 2,579,476 | |
| 6.28% (SOFR+1.44%), 04/17/26 | | | 1,325 | | | | 1,331,418 | |
Mizuho Financial Group, Inc. 6.02% (SOFR+0.96%), 05/22/26 | | | 6,175 | | | | 6,193,272 | |
Nomura Holdings, Inc. 6.10% (SOFR+1.25%), 07/02/27 | | | 11,825 | | | | 11,920,050 | |
| Sumitomo Mitsui Financial Group, Inc. | | | | | | | | |
5.72% (SOFR+0.88%), 01/14/27 | | | 13,600 | | | | 13,660,186 | |
| 6.02% (SOFR+1.17%), 07/09/29 | | | 3,700 | | | | 3,738,383 | |
| 6.14% (SOFR+1.30%), 07/13/26 | | | 2,200 | | | | 2,230,993 | |
| 6.27% (SOFR+1.43%), 01/13/26 | | | 1,024 | | | | 1,036,831 | |
| Sumitomo Mitsui Trust Bank Ltd. 144A | | | | | | | | |
5.91% (SOFR+0.98%), 09/10/27 | | | 15,900 | | | | 16,043,600 | |
| 6.06% (SOFR+1.15%), 09/14/26 | | | 4,125 | | | | 4,172,869 | |
| 6.09% (SOFR+1.12%), 03/09/26 | | | 3,475 | | | | 3,503,622 | |
| | | | | | | | 66,410,700 | |
| Netherlands: 1.7% | | | | | | | | |
ABN AMRO Bank NV 144A 6.65% (SOFR Compound Index+1.78%), 09/18/27 | | | 11,800 | | | | 11,984,532 | |
| ING Groep NV | | | | | | | | |
5.86% (SOFR Compound Index+1.01%), 04/01/27 | | | 3,265 | | | | 3,280,537 | |
| 6.47% (SOFR Compound Index+1.56%), 09/11/27 | | | 11,750 | | | | 11,925,213 | |
| 6.49% (SOFR Compound Index+1.64%), 03/28/26 | | | 2,100 | | | | 2,110,314 | |
| | | | | | | | 29,300,596 | |
| New Zealand: 0.2% | | | | | | | | |
Bank of New Zealand 144A 5.65% (SOFR+0.81%), 01/27/27 | | | 3,200 | | | | 3,204,327 | |
| Singapore: 0.3% | | | | | | | | |
DBS Group Holdings Ltd. 144A 5.55% (SOFR+0.61%), 09/12/25 | | | 3,200 | | | | 3,205,625 | |
| Pepsico Singapore Financing I Pte Ltd. | | | | | | | | |
See Notes to Financial Statements
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Singapore (continued) | | | | | | | | |
| 5.62% (SOFR Compound Index+0.56%), 02/16/27 | | $ | 2,375 | | | $ | 2,381,523 | |
| | | | | | | | 5,587,148 | |
| South Korea: 1.1% | | | | | | | | |
| Korea National Oil Corp. 144A | | | | | | | | |
5.68% (SOFR+0.83%), 04/03/27 | | | 7,100 | | | | 7,132,440 | |
| 5.75% (SOFR+0.90%), 09/30/27 | | | 2,000 | | | | 2,009,800 | |
| 6.18% (SOFR+1.08%), 11/14/26 | | | 4,100 | | | | 4,152,669 | |
NongHyup Bank 144A 5.64% (SOFR+0.80%), 07/22/27 † | | | 6,850 | | | | 6,866,499 | |
| | | | | | | | 20,161,408 | |
| Spain: 1.6% | | | | | | | | |
| Banco Santander SA | | | | | | | | |
5.96% (SOFR+1.12%), 07/15/28 | | | 17,700 | | | | 17,751,931 | |
| 6.29% (SOFR+1.38%), 03/14/28 | | | 9,450 | | | | 9,526,214 | |
| | | | | | | | 27,278,145 | |
| Sweden: 1.3% | | | | | | | | |
| Skandinaviska Enskilda Banken AB 144A | | | | | | | | |
5.84% (SOFR+0.89%), 03/05/27 | | | 2,900 | | | | 2,919,818 | |
| 5.90% (SOFR+0.96%), 06/09/25 | | | 1,675 | | | | 1,681,878 | |
| Svenska Handelsbanken AB 144A | | | | | | | | |
5.65% (SOFR+0.66%), 05/28/27 | | | 9,400 | | | | 9,437,546 | |
| 5.86% (SOFR+0.91%), 06/10/25 | | | 1,450 | | | | 1,455,879 | |
| 6.14% (SOFR+1.25%), 06/15/26 | | | 4,125 | | | | 4,182,106 | |
Swedbank AB 144A 6.27% (SOFR Compound Index+1.38%), 06/15/26 | | | 3,250 | | | | 3,291,643 | |
| | | | | | | | 22,968,870 | |
| Switzerland: 0.3% | | | | | | | | |
UBS Group AG 144A 6.68% (SOFR+1.58%), 05/12/26 | | | 4,925 | | | | 4,950,886 | |
| United Kingdom: 8.8% | | | | | | | | |
| Barclays Plc | | | | | | | | |
6.40% (SOFR+1.49%), 03/12/28 | | | 13,650 | | | | 13,824,475 | |
| 6.78% (SOFR+1.88%), 09/13/27 | | | 4,895 | | | | 4,998,348 | |
| HSBC Holdings Plc | | | | | | | | |
6.38% (SOFR+1.43%), 03/10/26 | | | 2,094 | | | | 2,102,910 | |
| 6.59% (Term SOFR USD 3 Month+1.64%), 09/12/26 | | | 6,175 | | | | 6,229,081 | |
| 6.67% (SOFR+1.57%), 08/14/27 | | | 16,449 | | | | 16,684,378 | |
| | | Par
(000’s | ) | | Value | |
| United Kingdom (continued) | | | | | | | | |
| Lloyds Banking Group Plc | | | | | | | | |
6.43% (SOFR Compound Index+1.58%), 01/05/28 | | $ | 6,700 | | | $ | 6,798,383 | |
| 6.70% (SOFR Compound Index+1.56%), 08/07/27 | | | 12,350 | | | | 12,526,178 | |
Nationwide Building Society 144A 6.35% (SOFR+1.29%), 02/16/28 | | | 7,200 | | | | 7,253,734 | |
| NatWest Group Plc | | | | | | | | |
6.25% (SOFR+1.25%), 03/01/28 | | | 7,900 | | | | 7,972,907 | |
| 6.37% (SOFR+1.30%), 11/15/28 | | | 9,625 | | | | 9,705,422 | |
| NatWest Markets Plc 144A | | | | | | | | |
5.61% (SOFR+0.76%), 09/29/26 | | | 2,475 | | | | 2,478,446 | |
| 5.96% (SOFR+0.90%), 05/17/27 | | | 12,000 | | | | 12,031,035 | |
| 6.20% (SOFR+1.14%), 05/17/29 | | | 10,525 | | | | 10,599,019 | |
| Standard Chartered Plc 144A | | | | | | | | |
5.95% (SOFR+0.93%), 11/23/25 | | | 2,100 | | | | 2,100,656 | |
| 6.24% (SOFR+1.17%), 05/14/28 | | | 11,733 | | | | 11,804,769 | |
| 6.59% (SOFR+1.74%), 03/30/26 | | | 3,543 | | | | 3,557,106 | |
| 6.77% (SOFR+1.93%), 07/06/27 | | | 11,410 | | | | 11,612,852 | |
| 7.14% (SOFR+2.03%), 02/08/28 | | | 9,401 | | | | 9,631,595 | |
UBS AG 5.84% (SOFR+0.93%), 09/11/25 | | | 2,100 | | | | 2,112,049 | |
| | | | | | | | 154,023,343 | |
| United States: 54.9% | | | | | | | | |
| American Express Co. | | | | | | | | |
5.59% (SOFR+0.75%), 04/23/27 | | | 9,600 | | | | 9,615,772 | |
| 5.77% (SOFR+0.93%), 07/26/28 | | | 8,550 | | | | 8,599,236 | |
| 5.79% (SOFR Compound Index+0.65%), 11/04/26 | | | 4,005 | | | | 4,009,146 | |
| 5.81% (SOFR Compound Index+0.97%), 07/28/27 | | | 6,889 | | | | 6,932,497 | |
| 5.85% (SOFR+0.76%), 02/13/26 | | | 1,250 | | | | 1,255,345 | |
| 6.06% (SOFR Compound Index+1.00%), 02/16/28 | | | 8,250 | | | | 8,289,854 | |
| 6.19% (SOFR Compound Index+1.35%), 10/30/26 | | | 2,375 | | | | 2,393,372 | |
| American Honda Finance Corp. | | | | | | | | |
5.34% (SOFR+0.50%), 10/10/25 | | | 650 | | | | 650,839 | |
| 5.34% (SOFR+0.50%), 01/12/26 | | | 1,100 | | | | 1,099,976 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.38% (SOFR+0.55%), 05/11/26 | | $ | 500 | | | $ | 500,408 | |
| 5.55% (SOFR+0.71%), 01/09/26 | | | 3,000 | | | | 3,007,258 | |
| 5.55% (SOFR+0.71%), 07/09/27 | | | 3,000 | | | | 3,009,020 | |
| 5.56% (SOFR+0.72%), 10/22/27 | | | 1,000 | | | | 1,000,462 | |
| 5.64% (SOFR Compound Index+0.79%), 10/03/25 | | | 1,477 | | | | 1,483,415 | |
| 5.65% (SOFR Compound Index+0.72%), 10/05/26 | | | 2,500 | | | | 2,505,770 | |
| 5.67% (SOFR+0.60%), 08/14/25 | | | 3,450 | | | | 3,458,262 | |
| 5.68% (SOFR+0.77%), 03/12/27 | | | 7,313 | | | | 7,341,930 | |
| 5.76% (SOFR+0.92%), 01/12/26 | | | 1,450 | | | | 1,457,618 | |
| Athene Global Funding 144A | | | | | | | | |
5.96% (SOFR Compound Index+0.85%), 05/08/26 | | | 2,550 | | | | 2,546,474 | |
| 6.04% (SOFR Compound Index+1.03%), 08/27/26 | | | 3,000 | | | | 3,004,948 | |
| 6.06% (SOFR Compound Index+1.21%), 03/25/27 | | | 3,600 | | | | 3,624,019 | |
| Bank of America Corp. | | | | | | | | |
5.81% (SOFR+0.97%), 07/22/27 | | | 6,918 | | | | 6,951,327 | |
| 5.97% (Term SOFR USD 3 Month+1.02%), 09/15/26 | | | 2,575 | | | | 2,581,693 | |
| 6.19% (SOFR+1.05%), 02/04/28 | | | 13,400 | | | | 13,491,074 | |
| 6.22% (SOFR+1.35%), 09/15/27 | | | 12,100 | | | | 12,261,326 | |
| 6.27% (Term SOFR USD 3 Month+1.03%), 02/05/26 | | | 6,292 | | | | 6,302,910 | |
| Bank of America NA | | | | | | | | |
5.81% (SOFR+0.78%), 08/18/25 | | | 1,800 | | | | 1,805,848 | |
| 6.08% (SOFR+1.02%), 08/18/26 | | | 4,950 | | | | 5,009,609 | |
| Bank of New York Mellon Corp. | | | | | | | | |
5.35% (SOFR+0.45%), 03/13/26 | | | 3,700 | | | | 3,703,795 | |
| 5.67% (SOFR Compound Index+0.83%), 07/21/28 | | | 5,650 | | | | 5,672,246 | |
| BMW US Capital LLC 144A | | | | | | | | |
5.40% (SOFR Compound Index+0.55%), 04/02/26 | | | 3,000 | | | | 3,001,506 | |
| 5.72% (SOFR Compound Index+0.62%), 08/11/25 | | | 2,525 | | | | 2,530,297 | |
| 5.89% (SOFR Compound Index+0.80%), 08/13/26 | | | 6,175 | | | | 6,208,443 | |
| 6.01% (SOFR Compound Index+0.92%), 08/13/27 | | | 6,750 | | | | 6,791,120 | |
Bristol-Myers Squibb Co. 5.54% (SOFR+0.49%), 02/20/26 | | | 2,175 | | | | 2,178,974 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| Caterpillar Financial Services Corp. | | | | | | | | |
5.42% (SOFR+0.52%), 06/13/25 | | $ | 2,250 | | | $ | 2,254,351 | |
| 5.47% (SOFR+0.46%), 02/27/26 | | | 3,450 | | | | 3,452,920 | |
| 5.53% (SOFR+0.69%), 10/16/26 | | | 1,700 | | | | 1,711,087 | |
| 5.55% (SOFR+0.46%), 08/11/25 | | | 1,650 | | | | 1,653,220 | |
| 5.59% (SOFR+0.52%), 05/14/27 | | | 10,550 | | | | 10,571,397 | |
| Charles Schwab Corp. | | | | | | | | |
5.61% (SOFR Compound Index+0.52%), 05/13/26 | | | 4,175 | | | | 4,177,874 | |
| 6.03% (SOFR Compound Index+1.05%), 03/03/27 | | | 4,000 | | | | 4,034,293 | |
| Citibank NA | | | | | | | | |
5.43% (SOFR Compound Index+0.59%), 04/30/26 | | | 3,150 | | | | 3,155,277 | |
| 5.66% (SOFR+0.81%), 09/29/25 | | | 3,350 | | | | 3,363,663 | |
| 5.83% (SOFR+0.71%), 08/06/26 | | | 6,050 | | | | 6,069,403 | |
| 6.03% (SOFR Compound Index+1.06%), 12/04/26 | | | 2,750 | | | | 2,787,539 | |
| Citigroup, Inc. | | | | | | | | |
5.71% (SOFR+0.77%), 06/09/27 | | | 7,923 | | | | 7,932,999 | |
| 5.88% (Term SOFR USD 3 Month+0.81%), 08/25/36 † | | | 14,050 | | | | 12,533,889 | |
| 6.10% (Term SOFR USD 3 Month+1.51%), 07/01/26 † | | | 10,500 | | | | 10,566,193 | |
| 6.27% (SOFR+1.28%), 02/24/28 | | | 14,950 | | | | 15,123,600 | |
| Cooperatieve Rabobank UA | | | | | | | | |
5.54% (SOFR Compound Index+0.70%), 07/18/25 | | | 3,925 | | | | 3,943,492 | |
| 5.55% (SOFR Compound Index+0.71%), 01/09/26 | | | 3,550 | | | | 3,561,461 | |
| 5.61% (SOFR Compound Index+0.62%), 08/28/26 | | | 500 | | | | 500,976 | |
| 5.66% (SOFR Compound Index+0.71%), 03/05/27 | | | 9,300 | | | | 9,327,526 | |
| 5.73% (SOFR Compound Index+0.89%), 10/17/29 | | | 11,750 | | | | 11,755,046 | |
| 5.74% (SOFR Compound Index+0.90%), 10/05/26 | | | 2,375 | | | | 2,390,648 | |
Corebridge Global Funding 144A 6.15% (SOFR+1.30%), 09/25/26 | | | 3,400 | | | | 3,437,958 | |
Daimler Truck Finance North America LLC 144A 5.82% (SOFR+0.96%), 09/25/27 | | | 8,058 | | | | 8,078,649 | |
Deutsche Bank AG 6.28% (SOFR+1.22%), 11/16/27 | | | 7,025 | | | | 7,000,226 | |
See Notes to Financial Statements
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| Ford Motor Credit Co. LLC | | | | | | | | |
6.44% (SOFR+1.45%), 11/05/26 | | $ | 2,200 | | | $ | 2,203,574 | |
| 7.89% (SOFR+2.95%), 03/06/26 | | | 2,275 | | | | 2,323,020 | |
General Electric Co. 5.88% (Term SOFR USD 3 Month+0.64%), 05/05/26 | | | 7,400 | | | | 7,413,292 | |
| General Motors Financial Co., Inc. | | | | | | | | |
5.89% (SOFR Compound Index+1.05%), 07/15/27 | | | 9,315 | | | | 9,318,894 | |
| 6.06% (SOFR+1.04%), 02/26/27 | | | 2,397 | | | | 2,399,780 | |
| 6.46% (SOFR Compound Index+1.35%), 05/08/27 | | | 8,225 | | | | 8,291,883 | |
Georgia Power Co. 5.86% (SOFR Compound Index+0.75%), 05/08/25 | | | 1,750 | | | | 1,755,386 | |
Glencore Funding LLC 144A 5.91% (SOFR Compound Index+1.06%), 04/04/27 | | | 8,275 | | | | 8,336,772 | |
| Goldman Sachs Bank USA | | | | | | | | |
5.64% (SOFR+0.77%), 03/18/27 | | | 6,175 | | | | 6,185,290 | |
| 5.78% (SOFR+0.75%), 05/21/27 | | | 19,950 | | | | 19,970,719 | |
| Goldman Sachs Group, Inc. | | | | | | | | |
5.73% (SOFR+0.79%), 12/09/26 | | | 2,487 | | | | 2,492,419 | |
| 5.75% (SOFR+0.81%), 03/09/27 | | | 3,841 | | | | 3,852,889 | |
| 5.75% (SOFR+0.82%), 09/10/27 | | | 7,047 | | | | 7,059,803 | |
| 5.76% (SOFR+0.92%), 10/21/27 | | | 6,551 | | | | 6,568,570 | |
| 6.14% (SOFR+1.12%), 02/24/28 | | | 8,229 | | | | 8,278,633 | |
| 6.16% (SOFR+1.06%), 08/10/26 | | | 4,125 | | | | 4,141,598 | |
| 6.55% (Term SOFR USD 3 Month+1.43%), 05/15/26 † | | | 12,075 | | | | 12,131,982 | |
| 6.63% (Term SOFR USD 3 Month+2.01%), 10/28/27 | | | 23,499 | | | | 24,076,651 | |
| 6.74% (SOFR+1.85%), 03/15/28 | | | 7,050 | | | | 7,206,238 | |
Hartford Financial Services Group, Inc. 144A 7.50% (Term SOFR USD 3 Month+2.39%), 02/12/47 | | | 11,575 | | | | 10,765,309 | |
HSBC USA, Inc. 5.93% (SOFR+0.96%), 03/04/27 | | | 4,125 | | | | 4,147,929 | |
| Hyundai Capital America 144A | | | | | | | | |
5.88% (SOFR+1.03%), 09/24/27 | | | 5,500 | | | | 5,506,724 | |
| 5.89% (SOFR+1.04%), 06/24/27 | | | 16,642 | | | | 16,668,739 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.91% (SOFR+1.04%), 03/19/27 | | $ | 10,525 | | | $ | 10,549,948 | |
| 6.29% (SOFR+1.15%), 08/04/25 | | | 2,100 | | | | 2,109,854 | |
| 6.35% (SOFR+1.50%), 01/08/27 | | | 2,475 | | | | 2,506,559 | |
| 6.46% (SOFR+1.32%), 11/03/25 | | | 1,275 | | | | 1,285,034 | |
| John Deere Capital Corp. | | | | | | | | |
5.32% (SOFR+0.48%), 10/22/25 | | | 1,700 | | | | 1,703,926 | |
| 5.35% (SOFR+0.50%), 07/03/25 | | | 2,100 | | | | 2,104,204 | |
| 5.42% (SOFR+0.44%), 03/06/26 | | | 5,425 | | | | 5,431,872 | |
| 5.44% (SOFR+0.60%), 04/19/27 | | | 8,550 | | | | 8,564,678 | |
| 5.51% (SOFR+0.60%), 06/11/27 | | | 6,000 | | | | 6,016,961 | |
| 5.52% (SOFR+0.68%), 07/15/27 | | | 7,100 | | | | 7,144,463 | |
| 5.56% (SOFR+0.57%), 03/03/26 | | | 2,487 | | | | 2,494,423 | |
| 5.76% (SOFR Compound Index+0.79%), 06/08/26 | | | 2,487 | | | | 2,503,446 | |
| JPMorgan Chase & Co. | | | | | | | | |
5.53% (SOFR+0.60%), 12/10/25 | | | 1,625 | | | | 1,625,968 | |
| 5.62% (SOFR+0.77%), 09/22/27 | | | 13,025 | | | | 13,078,713 | |
| 5.70% (SOFR+0.86%), 10/22/28 | | | 5,500 | | | | 5,513,196 | |
| 5.73% (SOFR+0.89%), 04/22/27 | | | 13,175 | | | | 13,258,912 | |
| 5.76% (SOFR+0.92%), 04/22/28 | | | 13,197 | | | | 13,257,157 | |
| 5.77% (SOFR+0.93%), 07/22/28 | | | 9,500 | | | | 9,560,221 | |
| 5.94% (SOFR+0.92%), 02/24/26 † | | | 5,425 | | | | 5,435,745 | |
| 6.04% (SOFR+1.20%), 01/23/28 | | | 13,175 | | | | 13,290,758 | |
| 6.16% (SOFR+1.32%), 04/26/26 | | | 4,125 | | | | 4,144,863 | |
| 6.20% (SOFR+1.18%), 02/24/28 | | | 26,600 | | | | 26,868,176 | |
| 6.38% (Term SOFR USD 3 Month+1.26%), 05/15/47 | | | 9,575 | | | | 8,753,973 | |
| JPMorgan Chase Bank NA | | | | | | | | |
5.46% (SOFR+0.62%), 04/29/26 | | | 2,475 | | | | 2,485,776 | |
| 5.94% (SOFR+1.00%), 12/08/26 | | | 7,475 | | | | 7,563,188 | |
Keurig Dr Pepper, Inc. 5.77% (SOFR Compound Index+0.88%), 03/15/27 | | | 2,875 | | | | 2,898,686 | |
| MassMutual Global Funding II 144A | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.58% (SOFR+0.74%), 04/09/27 | | $ | 8,220 | | | $ | 8,262,883 | |
| 5.61% (SOFR+0.77%), 01/29/27 | | | 2,485 | | | | 2,498,668 | |
| 5.82% (SOFR+0.98%), 07/10/26 | | | 4,125 | | | | 4,166,565 | |
| Mercedes-Benz Finance North America LLC 144A | | | | | | | | |
5.41% (SOFR+0.57%), 08/01/25 | | | 1,625 | | | | 1,628,295 | |
| 5.47% (SOFR+0.63%), 07/31/26 | | | 6,075 | | | | 6,080,076 | |
| 5.52% (SOFR+0.67%), 01/09/26 | | | 2,750 | | | | 2,759,297 | |
| Metropolitan Life Global Funding I 144A | | | | | | | | |
5.41% (SOFR Compound Index+0.57%), 04/09/26 | | | 1,250 | | | | 1,250,478 | |
| 5.61% (SOFR Compound Index+0.70%), 06/11/27 | | | 8,050 | | | | 8,082,593 | |
Morgan Stanley 5.98% (SOFR+0.95%), 02/18/26 | | | 5,800 | | | | 5,810,193 | |
| Morgan Stanley Bank NA | | | | | | | | |
5.53% (SOFR+0.69%), 10/15/27 | | | 21,250 | | | | 21,309,120 | |
| 5.62% (SOFR+0.78%), 07/16/25 | | | 4,000 | | | | 4,013,359 | |
| 5.78% (SOFR+0.94%), 07/14/28 | | | 20,300 | | | | 20,382,521 | |
| 5.88% (SOFR+0.86%), 05/26/28 † | | | 15,250 | | | | 15,289,667 | |
| 5.92% (SOFR+1.08%), 01/14/28 | | | 13,100 | | | | 13,212,958 | |
| 6.00% (SOFR+1.17%), 10/30/26 | | | 2,525 | | | | 2,560,040 | |
| National Rural Utilities Cooperative Finance Corp. | | | | | | | | |
5.71% (SOFR+0.82%), 09/16/27 | | | 2,450 | | | | 2,471,397 | |
| 5.94% (SOFR+0.80%), 02/05/27 | | | 7,725 | | | | 7,763,133 | |
| New York Life Global Funding 144A | | | | | | | | |
5.42% (SOFR Compound Index+0.58%), 01/16/26 | | | 2,525 | | | | 2,537,711 | |
| 5.42% (SOFR+0.48%), 06/09/26 | | | 2,900 | | | | 2,905,653 | |
| 5.52% (SOFR+0.67%), 04/02/27 | | | 6,075 | | | | 6,089,710 | |
| 5.57% (SOFR+0.58%), 08/28/26 | | | 1,000 | | | | 1,002,427 | |
| 5.60% (SOFR+0.70%), 06/13/25 | | | 1,493 | | | | 1,497,716 | |
| 5.78% (SOFR Compound Index+0.93%), 04/02/26 | | | 2,450 | | | | 2,470,174 | |
| NextEra Energy Capital Holdings, Inc. | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.60% (SOFR Compound Index+0.76%), 01/29/26 | | $ | 2,600 | | | $ | 2,609,031 | |
Nissan Motor Acceptance Co. LLC 144A 6.95% (SOFR Compound Index+2.05%), 09/13/27 | | | 7,000 | | | | 7,006,070 | |
Northwestern Mutual Global Funding 144A 5.60% (SOFR+0.70%), 06/13/25 | | | 1,575 | | | | 1,579,681 | |
| Pacific Life Global Funding II 144A | | | | | | | | |
5.45% (SOFR+0.60%), 03/27/26 | | | 1,275 | | | | 1,276,147 | |
| 5.59% (SOFR+0.62%), 06/04/26 | | | 2,275 | | | | 2,279,244 | |
| 5.75% (SOFR Compound Index+0.86%), 06/16/25 | | | 1,850 | | | | 1,856,823 | |
| 5.89% (SOFR Compound Index+1.05%), 07/28/26 | | | 2,405 | | | | 2,425,081 | |
| 5.99% (SOFR+0.85%), 02/05/27 | | | 4,000 | | | | 4,017,964 | |
PepsiCo, Inc. 5.49% (SOFR Compound Index+0.40%), 02/13/26 | | | 1,500 | | | | 1,503,117 | |
Pinnacle West Capital Corp. 5.75% (SOFR+0.82%), 06/10/26 | | | 3,050 | | | | 3,062,180 | |
Principal Life Global Funding II 144A 5.89% (SOFR+0.90%), 08/28/25 | | | 1,375 | | | | 1,382,478 | |
Protective Life Global Funding 144A 5.54% (SOFR+0.70%), 04/10/26 | | | 1,425 | | | | 1,429,271 | |
| Public Storage Operating Co. | | | | | | | | |
5.44% (SOFR Compound Index+0.60%), 07/25/25 † | | 1,725 | | | | 1,729,708 | |
| 5.54% (SOFR Compound Index+0.70%), 04/16/27 | | | 16,475 | | | | 16,554,232 | |
Roche Holdings, Inc. 144A 5.83% (SOFR+0.74%), 11/13/26 | | | 2,450 | | | | 2,465,046 | |
Standard Chartered Bank 5.50% (SOFR+0.65%), 10/08/26 | | | 1,500 | | | | 1,500,612 | |
| State Street Corp. | | | | | | | | |
5.51% (SOFR+0.64%), 10/22/27 | | | 6,750 | | | | 6,777,442 | |
| 5.98% (SOFR+0.84%), 08/03/26 | | | 2,500 | | | | 2,517,160 | |
| Toyota Motor Credit Corp. | | | | | | | | |
5.29% (SOFR Compound Index+0.45%), 04/10/26 | | | 1,000 | | | | 1,000,712 | |
| 5.41% (SOFR+0.60%), 06/09/25 | | | 2,675 | | | | 2,680,953 | |
| 5.49% (SOFR+0.65%), 01/05/26 | | | 6,550 | | | | 6,574,080 | |
See Notes to Financial Statements
VANECK IG FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.52% (SOFR+0.45%), 05/15/26 † | $ | 2,226 | | | $ | 2,226,764 | |
| 5.52% (SOFR+0.65%), 03/19/27 | | | 8,350 | | | | 8,371,419 | |
| 5.56% (SOFR+0.65%), 09/11/25 | | | 1,700 | | | | 1,705,441 | |
| 5.88% (SOFR+0.77%), 08/07/26 | | | 3,750 | | | | 3,771,785 | |
| 5.95% (SOFR Compound Index+0.89%), 05/18/26 | | | 2,564 | | | | 2,583,027 | |
UnitedHealth Group, Inc. 5.34% (SOFR+0.50%), 07/15/26 | | | 4,175 | | | | 4,191,560 | |
US Bank NA 5.53% (SOFR+0.69%), 10/22/27 | | | 11,500 | | | | 11,509,932 | |
| Verizon Communications, Inc. | | | | | | | | |
5.65% (SOFR Compound Index+0.79%), 03/20/26 | | | 2,500 | | | | 2,512,189 | |
| 6.48% (Term SOFR USD 3 Month+1.36%), 05/15/25 | | | 2,517 | | | | 2,526,776 | |
| Volkswagen Group of America Finance LLC 144A | | | | | | | | |
5.69% (SOFR+0.83%), 03/20/26 | | | 5,150 | | | | 5,156,641 | |
| 5.84% (SOFR+0.93%), 09/12/25 | | | 2,050 | | | | 2,055,646 | |
| 6.13% (SOFR+1.06%), 08/14/26 | | | 1,050 | | | | 1,055,141 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| Wells Fargo & Co. | | | | | | | | |
5.91% (SOFR+1.07%), 04/22/28 | | $ | 23,475 | | | $ | 23,626,437 | |
| 6.16% (SOFR+1.32%), 04/25/26 | | | 3,075 | | | | 3,085,528 | |
| Wells Fargo Bank NA | | | | | | | | |
5.55% (SOFR+0.71%), 01/15/26 | | | 1,870 | | | | 1,878,233 | |
| 5.64% (SOFR+0.80%), 08/01/25 | | | 1,625 | | | | 1,630,830 | |
| 5.98% (SOFR+1.07%), 12/11/26 | | | 4,121 | | | | 4,165,598 | |
| 6.17% (SOFR+1.06%), 08/07/26 | | | 3,300 | | | | 3,328,363 | |
| | | | | | | | 956,559,246 | |
Total Floating Rate Notes
(Cost: $1,715,925,749) | | | | | | | 1,721,928,894 | |
| | | | | | | | | |
| | | Number
of Shares | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% | | | | | |
Money Market Fund: 0.4%
(Cost: $6,450,895) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 6,450,895 | | | | 6,450,895 | |
Total Investments: 99.2%
(Cost: $1,722,376,644) | | | | | | | 1,728,379,789 | |
| Other assets less liabilities: 0.8% | | | | | | | 14,474,533 | |
| NET ASSETS: 100.0% | | | | | | $ | 1,742,854,322 | |
Definitions:
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $7,906,579. |
| | |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $557,838,757, or 32.0% of net assets. |
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 | |
| Floating Rate Notes * | | $ | — | | | $ | 1,721,928,894 | | | $ | — | | | $ | 1,721,928,894 | |
| Money Market Fund | | | 6,450,895 | | | | — | | | | — | | | | 6,450,895 | |
| Total Investments | | $ | 6,450,895 | | | $ | 1,721,928,894 | | | $ | — | | | $ | 1,728,379,789 | |
| | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 98.4% | | | | | | | | |
| Argentina: 1.1% | | | | | | | | |
MercadoLibre, Inc. 3.12%, 01/14/31 | | USD | 25 | | | $ | 21,781 | |
| Pampa Energia SA 144A | | | | | | | | |
| 7.50%, 01/24/27 | | USD | 25 | | | | 25,008 | |
| 9.12%, 04/15/29 | | USD | 25 | | | | 25,881 | |
Pan American Energy LLC 144A 9.12%, 04/30/27 | | USD | 25 | | | | 26,201 | |
Telecom Argentina SA 144A 9.50%, 07/18/31 | | USD | 25 | | | | 25,813 | |
| YPF SA 144A | | | | | | | | |
| 6.95%, 07/21/27 | | USD | 25 | | | | 24,409 | |
| 7.00%, 09/30/33 (s) | | USD | 25 | | | | 24,142 | |
| 7.00%, 12/15/47 | | USD | 25 | | | | 21,045 | |
| 8.75%, 09/11/31 | | USD | 25 | | | | 25,550 | |
| 9.00%, 02/12/26 (s) | | USD | 23 | | | | 23,322 | |
| 9.00%, 06/30/29 (s) | | USD | 25 | | | | 25,838 | |
| | | | | | | | 268,990 | |
| Australia: 1.1% | | | | | | | | |
| FMG Resources August 2006 Pty Ltd. 144A | | | | | | | | |
| 4.38%, 04/01/31 | | USD | 50 | | | | 45,561 | |
| 4.50%, 09/15/27 | | USD | 25 | | | | 24,354 | |
| 6.12%, 04/15/32 | | USD | 50 | | | | 50,213 | |
| Mineral Resources Ltd. 144A | | | | | | | | |
| 8.12%, 05/01/27 | | USD | 100 | | | | 100,802 | |
| 9.25%, 10/01/28 | | USD | 25 | | | | 26,351 | |
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 | | USD | 30 | | | | 27,827 | |
| | | | | | | | 275,108 | |
| Austria: 0.2% | | | | | | | | |
Benteler International AG 144A 10.50% (Term SOFR USD 3 Month+1.85%), 05/15/28 | | USD | 50 | | | | 51,742 | |
| Bermuda: 0.4% | | | | | | | | |
Borr IHC Ltd. / Borr Finance LLC 144A 10.00%, 11/15/28 | | USD | 48 | | | | 49,501 | |
Digicel Group Holdings Ltd. 144A 0.00%, 12/31/30 ^∞ | | USD | 34 | | | | 2,576 | |
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | | USD | 50 | | | | 48,285 | |
| | | | | | | | 100,362 | |
| Brazil: 5.6% | | | | | | | | |
Adecoagro SA 144A 6.00% (Term SOFR USD 3 Month+1.85%), 09/21/27 | | USD | 50 | | | | 49,304 | |
Amaggi Luxembourg International Sarl 144A 5.25% (Term SOFR USD 3 Month+1.85%), 01/28/28 | | USD | 50 | | | | 48,113 | |
| | | Par
(000’s | ) | | Value | |
| Brazil (continued) | | | | | | | | |
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | | USD | 50 | | | $ | 44,755 | |
Banco do Brasil SA 144A 6.00%, 03/18/31 | | USD | 50 | | | | 50,026 | |
Braskem Idesa SAPI 144A 7.45% (Term SOFR USD 3 Month+1.85%), 11/15/29 † | | USD | 75 | | | | 59,549 | |
| Braskem Netherlands Finance BV 144A | | | | | | | | |
| 4.50%, 01/10/28 † | | USD | 50 | | | | 46,923 | |
| 4.50%, 01/31/30 | | USD | 50 | | | | 43,504 | |
| 5.88%, 01/31/50 | | USD | 50 | | | | 37,297 | |
BRF SA 144A 4.88%, 01/24/30 | | USD | 50 | | | | 46,863 | |
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 | | USD | 50 | | | | 46,620 | |
Cosan Luxembourg SA 144A 5.50%, 09/20/29 | | USD | 50 | | | | 48,141 | |
CSN Inova Ventures 144A 6.75%, 01/28/28 | | USD | 50 | | | | 47,825 | |
Klabin Austria GmbH 144A 5.75%, 04/03/29 | | USD | 50 | | | | 49,963 | |
MARB BondCo Plc 144A 3.95%, 01/29/31 | | USD | 100 | | | | 86,541 | |
MV24 Capital BV 144A 6.75%, 06/01/34 | | USD | 20 | | | | 19,139 | |
Nexa Resources SA 144A 6.50%, 01/18/28 | | USD | 50 | | | | 51,042 | |
| Petrobras Global Finance BV | | | | | | | | |
| 5.60%, 01/03/31 | | USD | 25 | | | | 24,738 | |
| 6.00%, 01/27/28 | | USD | 25 | | | | 25,353 | |
| 6.25%, 12/14/26 | | GBP | 100 | | | | 129,375 | |
| 6.85%, 06/05/15 | | USD | 50 | | | | 46,732 | |
| 6.88%, 01/20/40 | | USD | 25 | | | | 25,092 | |
| 6.90%, 03/19/49 | | USD | 25 | | | | 24,664 | |
| 7.25%, 03/17/44 | | USD | 25 | | | | 25,788 | |
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 | | USD | 50 | | | | 46,254 | |
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | | USD | 50 | | | | 48,831 | |
Samarco Mineracao SA 144A 9.00%, 06/30/31 | | USD | 105 | | | | 99,351 | |
Ultrapar International SA 144A 5.25%, 10/06/26 | | USD | 50 | | | | 50,036 | |
Usiminas International Sarl 144A 5.88%, 07/18/26 | | USD | 50 | | | | 49,683 | |
XP, Inc. 144A 3.25%, 07/01/26 | | USD | 50 | | | | 47,764 | |
| | | | | | | | 1,419,266 | |
| British Virgin Islands: 0.2% | | | | | | | | |
Five Holding Ltd. 144A 9.38%, 10/03/28 | | USD | 50 | | | | 51,768 | |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Burkina Faso: 0.1% | | | | | | | | |
IAMGOLD Corp. 144A 5.75%, 10/15/28 | | USD | 25 | | | $ | 24,399 | |
| Canada: 9.1% | | | | | | | | |
| 1011778 BC ULC / New Red Finance, Inc. 144A | | | | | | | | |
| 3.50%, 02/15/29 | | USD | 25 | | | | 23,104 | |
| 3.88%, 01/15/28 | | USD | 75 | | | | 71,545 | |
| 4.00%, 10/15/30 | | USD | 100 | | | | 90,413 | |
Air Canada 144A 4.62%, 08/15/29 | | CAD | 100 | | | | 71,350 | |
Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | | USD | 50 | | | | 46,858 | |
| Allied Properties Real Estate Investment Trust | | | | | | | | |
| 1.73%, 02/12/26 | | CAD | 25 | | | | 17,309 | |
| 3.10%, 02/06/32 | | CAD | 25 | | | | 15,145 | |
| 3.12%, 02/21/30 | | CAD | 25 | | | | 15,885 | |
| AltaGas Ltd. | | | | | | | | |
| 5.25% (Generic Canadian 5 Year+3.81%), 01/11/82 | | CAD | 15 | | | | 10,155 | |
| 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 | | CAD | 25 | | | | 18,649 | |
AtkinsRealis Group, Inc. 7.00%, 06/12/26 | | CAD | 25 | | | | 18,679 | |
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 | | USD | 25 | | | | 23,526 | |
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | | USD | 25 | | | | 22,655 | |
Bausch + Lomb Corp. 144A 8.38%, 10/01/28 | | USD | 50 | | | | 52,521 | |
Baytex Energy Corp. 144A 8.50%, 04/30/30 | | USD | 50 | | | | 50,914 | |
| Bombardier, Inc. 144A | | | | | | | | |
| 7.25%, 07/01/31 | | USD | 75 | | | | 77,581 | |
7.88% (Term SOFR USD 3 Month+1.85%), 04/15/27 | | USD | 57 | | | | 57,148 | |
| 8.75%, 11/15/30 | | USD | 25 | | | | 27,119 | |
Brookfield Property Finance ULC 3.93%, 01/15/27 | | CAD | 50 | | | | 34,992 | |
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 | | USD | 50 | | | | 49,683 | |
Capital Power Corp. 8.12% (Generic Canadian 5 Year+4.44%), 06/05/54 | | CAD | 25 | | | | 19,219 | |
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 | | USD | 25 | | | | 24,618 | |
| Cineplex, Inc. 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Canada (continued) | | | | | | | | |
| 7.62%, 03/31/29 | | CAD | 25 | | | $ | 18,770 | |
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 | | CAD | 25 | | | | 8,340 | |
Dye & Durham Ltd. 144A 8.62%, 04/15/29 | | USD | 15 | | | | 15,914 | |
Eldorado Gold Corp. 144A 6.25%, 09/01/29 | | USD | 25 | | | | 24,620 | |
Emera, Inc. 6.75%, 06/15/76 | | USD | 50 | | | | 50,249 | |
Enerflex Ltd. 144A 9.00%, 10/15/27 | | USD | 22 | | | | 22,914 | |
| First Quantum Minerals Ltd. 144A | | | | | | | | |
| 8.62%, 06/01/31 | | USD | 50 | | | | 50,644 | |
| 9.38%, 03/01/29 | | USD | 50 | | | | 53,220 | |
| Garda World Security Corp. 144A | | | | | | | | |
| 6.00%, 06/01/29 | | USD | 50 | | | | 46,902 | |
| 9.50%, 11/01/27 | | USD | 25 | | | | 25,036 | |
| GFL Environmental, Inc. 144A | | | | | | | | |
| 3.50%, 09/01/28 | | USD | 25 | | | | 23,460 | |
| 4.38%, 08/15/29 | | USD | 25 | | | | 23,449 | |
| 4.75%, 06/15/29 | | USD | 25 | | | | 23,958 | |
| 5.12%, 12/15/26 | | USD | 25 | | | | 24,773 | |
| 6.75%, 01/15/31 | | USD | 25 | | | | 25,772 | |
| goeasy Ltd. 144A | | | | | | | | |
| 4.38%, 05/01/26 † | | USD | 25 | | | | 24,972 | |
| 7.62%, 07/01/29 | | USD | 15 | | | | 15,419 | |
| 9.25%, 12/01/28 | | USD | 15 | | | | 16,009 | |
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 | | USD | 50 | | | | 49,422 | |
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC 144A 9.00%, 02/15/29 † | | USD | 40 | | | | 41,204 | |
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co-Issuer LLC 144A 6.00%, 09/15/28 | | USD | 25 | | | | 24,707 | |
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | | CAD | 25 | | | | 18,267 | |
Jones Deslauriers Insurance Management, Inc. 144A 8.50%, 03/15/30 | | USD | 25 | | | | 26,501 | |
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | | CAD | 25 | | | | 18,630 | |
Laurentian Bank of Canada 5.09% (Canada Bankers’ Acceptances 3 Month+2.42%), 06/15/32 | | CAD | 25 | | | | 17,507 | |
Mattamy Group Corp. 144A 4.62%, 03/01/30 † | | USD | 25 | | | | 23,447 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Canada (continued) | | | | | | | | |
MEG Energy Corp. 144A 5.88%, 02/01/29 | | USD | 25 | | | $ | 24,531 | |
Mercer International, Inc. 5.12%, 02/01/29 | | USD | 50 | | | | 43,213 | |
Methanex Corp. 5.25%, 12/15/29 † | | USD | 50 | | | | 48,296 | |
New Gold, Inc. 144A 7.50%, 07/15/27 | | USD | 25 | | | | 25,422 | |
Northriver Midstream Finance LP 144A 6.75%, 07/15/32 | | USD | 25 | | | | 25,677 | |
| NOVA Chemicals Corp. 144A | | | | | | | | |
| 4.25%, 05/15/29 † | | USD | 25 | | | | 22,798 | |
| 5.25%, 06/01/27 | | USD | 40 | | | | 39,296 | |
| 9.00%, 02/15/30 | | USD | 25 | | | | 26,658 | |
| Open Text Corp. 144A | | | | | | | | |
| 3.88%, 02/15/28 | | USD | 25 | | | | 23,537 | |
| 3.88%, 12/01/29 | | USD | 25 | | | | 22,828 | |
| Parkland Corp. 144A | | | | | | | | |
| 4.38%, 03/26/29 | | CAD | 50 | | | | 34,390 | |
| 4.50%, 10/01/29 | | USD | 75 | | | | 69,732 | |
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | | CAD | 25 | | | | 17,026 | |
Rogers Communications, Inc. 5.00% (Generic Canadian 5 Year+3.58%), 12/17/81 | | CAD | 50 | | | | 35,761 | |
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 | | USD | 50 | | | | 49,029 | |
South Bow Canadian Infrastructure Holdings Ltd. 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+3.67%), 03/01/55 | | USD | 25 | | | | 25,980 | |
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 | | USD | 25 | | | | 24,834 | |
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | | USD | 25 | | | | 23,088 | |
Teine Energy Ltd. 144A 6.88%, 04/15/29 | | USD | 25 | | | | 24,709 | |
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 | | USD | 25 | | | | 11,096 | |
TransAlta Corp. 7.75%, 11/15/29 | | USD | 25 | | | | 26,421 | |
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 | | EUR | 100 | | | | 108,081 | |
| | | | | | | | 2,305,577 | |
| Cayman Islands: 1.3% | | | | | | | | |
| Arabian Centres Sukuk II Ltd. 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Cayman Islands (continued) | | | | | | | | |
| 5.62% (Term SOFR USD 3 Month+1.85%), 10/07/26 | | USD | 100 | | | $ | 96,138 | |
Banco BTG Pactual SA 144A 6.25% (Term SOFR USD 3 Month+1.85%), 04/08/29 | | USD | 50 | | | | 51,152 | |
Banco do Brasil SA 144A 6.25% (Term SOFR USD 3 Month+1.85%), 04/18/30 | | USD | 50 | | | | 51,168 | |
Global Aircraft Leasing Co. Ltd. 144A 8.75%, 09/01/27 | | USD | 40 | | | | 41,384 | |
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | | USD | 100 | | | | 101,211 | |
| | | | | | | | 341,053 | |
| Chile: 0.2% | | | | | | | | |
Latam Airlines Group SA 144A 13.38%, 10/15/29 | | USD | 50 | | | | 57,607 | |
| China: 1.1% | | | | | | | | |
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | | USD | 300 | | | | 291,327 | |
| Colombia: 2.4% | | | | | | | | |
Banco de Bogota SA 144A 6.25%, 05/12/26 | | USD | 50 | | | | 50,102 | |
| Ecopetrol SA | | | | | | | | |
| 4.62%, 11/02/31 | | USD | 50 | | | | 41,259 | |
| 5.88%, 05/28/45 | | USD | 50 | | | | 35,227 | |
| 6.88%, 04/29/30 | | USD | 50 | | | | 48,756 | |
| 7.75%, 02/01/32 | | USD | 75 | | | | 73,171 | |
| 8.38%, 01/19/36 | | USD | 50 | | | | 48,901 | |
| 8.62%, 01/19/29 | | USD | 25 | | | | 26,554 | |
| 8.88%, 01/13/33 | | USD | 75 | | | | 77,101 | |
Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 | | USD | 75 | | | | 66,179 | |
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | | USD | 100 | | | | 87,392 | |
Orazul Energy Peru SA 144A 5.62%, 04/28/27 | | USD | 50 | | | | 48,425 | |
| | | | | | | | 603,067 | |
| Costa Rica: 0.2% | | | | | | | | |
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | | USD | 50 | | | | 46,350 | |
| Cyprus: 0.2% | | | | | | | | |
MHP Lux SA 144A 6.95%, 04/03/26 | | USD | 50 | | | | 45,113 | |
| Czech Republic: 0.8% | | | | | | | | |
Allwyn International AS Reg S 3.88%, 02/15/27 | | EUR | 100 | | | | 108,382 | |
EP Infrastructure AS Reg S 1.70%, 07/30/26 | | EUR | 100 | | | | 104,840 | |
| | | | | | | | 213,222 | |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Denmark: 0.4% | | | | | | | | |
Orsted AS Reg S 1.75% (EUR Swap Annual 5 Year+1.95%), 12/09/19 | | EUR | 100 | | | $ | 101,887 | |
| Finland: 0.3% | | | | | | | | |
SBB Treasury Oyj Reg S 1.12%, 11/26/29 | | EUR | 100 | | | | 77,488 | |
| France: 10.8% | | | | | | | | |
Air France-KLM Reg S 8.12%, 05/31/28 | | EUR | 100 | | | | 121,854 | |
| Altice France SA 144A | | | | | | | | |
| 5.12% (Term SOFR USD 3 Month+1.85%), 07/15/29 | | USD | 100 | | | | 74,909 | |
| 5.50%, 10/15/29 | | USD | 50 | | | | 37,494 | |
Banijay Entertainment SAS 144A 8.12%, 05/01/29 | | USD | 50 | | | | 51,893 | |
CAB Selas Reg S 3.38%, 02/01/28 | | EUR | 100 | | | | 100,886 | |
Cerba Healthcare SACA Reg S 3.50%, 05/31/28 | | EUR | 100 | | | | 90,813 | |
Constellium SE 144A 3.75%, 04/15/29 | | USD | 100 | | | | 90,581 | |
eircom Finance DAC Reg S 3.50%, 05/15/26 | | EUR | 100 | | | | 107,995 | |
Electricite de France SA 144A 9.12% (US Treasury Yield Curve Rate T 5 Year+5.41%), 3/15/2033 (o) | | USD | 100 | | | | 113,513 | |
Electricite de France SA Reg S 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) | | EUR | 200 | | | | 200,503 | |
Elis SA Reg S 1.62%, 04/03/28 | | EUR | 100 | | | | 102,638 | |
ELO SACA Reg S 6.00%, 03/22/29 | | EUR | 100 | | | | 93,986 | |
Eutelsat SA Reg S 2.25%, 07/13/27 | | EUR | 100 | | | | 97,224 | |
| Forvia SE Reg S | | | | | | | | |
| 2.38%, 06/15/27 | | EUR | 100 | | | | 102,880 | |
| 2.75%, 02/15/27 | | EUR | 100 | | | | 104,178 | |
| Iliad Holding SASU 144A | | | | | | | | |
| 6.50%, 10/15/26 | | USD | 100 | | | | 100,877 | |
| 7.00%, 10/15/28 | | USD | 100 | | | | 101,371 | |
Iliad Holding SASU Reg S 5.12%, 10/15/26 | | EUR | 100 | | | | 109,989 | |
Loxam SAS Reg S 3.75%, 07/15/26 | | EUR | 100 | | | | 108,586 | |
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 | | EUR | 100 | | | | 107,642 | |
| Renault SA Reg S | | | | | | | | |
| 1.00%, 11/28/25 | | EUR | 75 | | | | 79,547 | |
| 2.38%, 05/25/26 | | EUR | 100 | | | | 106,790 | |
Rexel SA Reg S 2.12%, 06/15/28 | | EUR | 100 | | | | 103,597 | |
| | | Par
(000’s | ) | | Value | |
| France (continued) | | | | | | | | |
SNF Group SACA Reg S 2.62%, 02/01/29 | | EUR | 100 | | | $ | 103,204 | |
Tereos Finance Groupe I SA Reg S 7.25%, 04/15/28 | | EUR | 100 | | | | 113,785 | |
Valeo SE Reg S 1.00%, 08/03/28 | | EUR | 100 | | | | 97,224 | |
Veolia Environnement SA Reg S 2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | | EUR | 100 | | | | 101,478 | |
Viridien 144A 8.75%, 04/01/27 | | USD | 25 | | | | 24,184 | |
| | | | | | | | 2,749,621 | |
| Germany: 4.0% | | | | | | | | |
| Bayer AG Reg S | | | | | | | | |
| 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 | | EUR | 100 | | | | 102,867 | |
| 7.00% (EUR Swap Annual 5 Year+3.90%), 09/25/83 | | EUR | 100 | | | | 116,016 | |
Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 | | EUR | 100 | | | | 107,551 | |
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | | USD | 25 | | | | 27,806 | |
Gruenenthal GmbH Reg S 3.62%, 11/15/26 | | EUR | 100 | | | | 108,410 | |
IHO Verwaltungs GmbH Reg S 8.75%, 05/15/28 | | EUR | 100 | | | | 115,412 | |
Mahle GmbH Reg S 2.38%, 05/14/28 | | EUR | 100 | | | | 95,130 | |
Nidda Healthcare Holding GmbH Reg S 7.50%, 08/21/26 | | EUR | 66 | | | | 74,073 | |
| Schaeffler AG Reg S | | | | | | | | |
| 2.88%, 03/26/27 | | EUR | 50 | | | | 53,946 | |
| 3.38%, 10/12/28 | | EUR | 100 | | | | 106,361 | |
ZF Europe Finance BV Reg S 3.00%, 10/23/29 | | EUR | 100 | | | | 97,214 | |
| | | | | | | | 1,004,786 | |
| Greece: 1.3% | | | | | | | | |
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | | EUR | 100 | | | | 110,020 | |
Piraeus Bank SA Reg S 7.25% (EUR Swap Annual 1 Year+3.69%), 07/13/28 | | EUR | 100 | | | | 118,849 | |
Public Power Corp. SA Reg S 4.38%, 03/30/26 | | EUR | 100 | | | | 108,774 | |
| | | | | | | | 337,643 | |
| Guatemala: 0.4% | | | | | | | | |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Guatemala (continued) | | | | | | | | |
| 5.25%, 04/27/29 | | USD | 100 | | | $ | 95,986 | |
| Hong Kong: 1.8% | | | | | | | | |
Huarong Finance 2017 Co. Ltd. Reg S 4.25%, 11/07/27 | | USD | 200 | | | | 192,512 | |
| Melco Resorts Finance Ltd. 144A | | | | | | | | |
| 5.62%, 07/17/27 | | USD | 50 | | | | 48,469 | |
| 5.75%, 07/21/28 | | USD | 50 | | | | 47,833 | |
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 07/12/29 | | USD | 183 | | | | 89,085 | |
Studio City Finance Ltd. 144A 5.00%, 01/15/29 | | USD | 100 | | | | 90,369 | |
| | | | | | | | 468,268 | |
| India: 1.3% | | | | | | | | |
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 | | USD | 100 | | | | 102,815 | |
JSW Steel Ltd. 144A 5.05%, 04/05/32 | | USD | 100 | | | | 91,110 | |
ReNew Pvt Ltd. 144A 5.88%, 03/05/27 | | USD | 91 | | | | 89,299 | |
Shriram Finance Ltd. 144A 6.62%, 04/22/27 | | USD | 50 | | | | 50,599 | |
| | | | | | | | 333,823 | |
| Indonesia: 0.4% | | | | | | | | |
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | | USD | 150 | | | | 578 | |
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | | USD | 100 | | | | 99,704 | |
| | | | | | | | 100,282 | |
| Ireland: 0.9% | | | | | | | | |
C&W Senior Finance Ltd. 144A 6.88%, 09/15/27 | | USD | 50 | | | | 49,551 | |
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | | GBP | 150 | | | | 180,192 | |
| | | | | | | | 229,743 | |
| Israel: 0.6% | | | | | | | | |
| Leviathan Bond Ltd. 144A Reg S | | | | | | | | |
| 6.50%, 06/30/27 | | USD | 25 | | | | 23,762 | |
| 6.75%, 06/30/30 | | USD | 15 | | | | 13,806 | |
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 | | USD | 25 | | | | 25,225 | |
| Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
| 3.15%, 10/01/26 | | USD | 25 | | | | 23,852 | |
| 4.10%, 10/01/46 | | USD | 50 | | | | 35,304 | |
| 6.75%, 03/01/28 | | USD | 25 | | | | 25,587 | |
| | | | | | | | 147,536 | |
| | | Par
(000’s | ) | | Value | |
| Italy: 6.9% | | | | | | | | |
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) | | EUR | 100 | | | $ | 107,664 | |
Banco BPM SpA Reg S 3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31 | | EUR | 100 | | | | 107,892 | |
BPER Banca SPA Reg S 3.62% (EUR Swap Annual 5 Year+4.08%), 11/30/30 | | EUR | 100 | | | | 108,423 | |
Infrastrutture Wireless Italiane SpA Reg S 1.88%, 07/08/26 | | EUR | 100 | | | | 106,106 | |
| Intesa Sanpaolo SpA 144A | | | | | | | | |
| 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 | | USD | 25 | | | | 21,902 | |
| 4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | | USD | 25 | | | | 19,399 | |
| Intesa Sanpaolo SpA Reg S | | | | | | | | |
| 2.92%, 10/14/30 | | EUR | 100 | | | | 102,863 | |
| 3.93%, 09/15/26 | | EUR | 100 | | | | 109,872 | |
Mundys SpA Reg S 1.88%, 02/12/28 | | EUR | 100 | | | | 103,588 | |
Nexi SpA Reg S 2.12%, 04/30/29 | | EUR | 100 | | | | 101,831 | |
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) | | EUR | 100 | | | | 100,158 | |
| Telecom Italia Capital SA | | | | | | | | |
| 6.38%, 11/15/33 | | USD | 25 | | | | 25,297 | |
| 7.72%, 06/04/38 | | USD | 100 | | | | 104,235 | |
Telecom Italia SpA Reg S 1.62%, 01/18/29 | | EUR | 100 | | | | 101,085 | |
Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) | | EUR | 100 | | | | 103,282 | |
UniCredit SpA Reg S 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | | EUR | 200 | | | | 212,327 | |
UnipolSai Assicurazioni SpA Reg S 3.88%, 03/01/28 | | EUR | 100 | | | | 109,363 | |
Webuild SpA Reg S 7.00%, 09/27/28 | | EUR | 100 | | | | 117,954 | |
| | | | | | | | 1,763,241 | |
| Japan: 2.2% | | | | | | | | |
| Rakuten Group, Inc. 144A | | | | | | | | |
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) | | USD | 100 | | | | 96,187 | |
| 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2026 (o) † | | USD | 25 | | | | 22,625 | |
| 9.75%, 04/15/29 | | USD | 50 | | | | 54,169 | |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Japan (continued) | | | | | | | | |
| SoftBank Group Corp. Reg S | | | | | | | | |
| 5.12%, 09/19/27 | | USD | 200 | | | $ | 198,545 | |
| 6.88% (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year+4.85%), 7/19/2027 (o) | | USD | 200 | | | | 198,775 | |
| | | | | | | | 570,301 | |
| Luxembourg: 7.4% | | | | | | | | |
Aegea Finance Sarl 144A 9.00% (Term SOFR USD 3 Month+1.85%), 01/20/31 | | USD | 50 | | | | 53,343 | |
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12% (Term SOFR USD 3 Month+1.85%), 10/15/26 | | USD | 100 | | | | 100,165 | |
Altice Financing SA 144A 5.00% (Term SOFR USD 3 Month+1.85%), 01/15/28 | | USD | 150 | | | | 127,003 | |
Altice France Holding SA 144A 10.50% (Term SOFR USD 3 Month+1.85%), 05/15/27 | | USD | 150 | | | | 45,763 | |
Altice France Holding SA Reg S 8.00%, 05/15/27 | | EUR | 100 | | | | 30,757 | |
Altice France SA 144A 8.12% (Term SOFR USD 3 Month+1.85%), 02/01/27 | | USD | 100 | | | | 82,899 | |
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | | | | | | | | |
| 4.12%, 08/15/26 † | | USD | 65 | | | | 56,617 | |
| 5.25% (Term SOFR USD 3 Month+1.85%), 08/15/27 † | | USD | 30 | | | | 18,034 | |
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 | | EUR | 100 | | | | 106,095 | |
Cirsa Finance International Sarl Reg S 4.50%, 03/15/27 | | EUR | 100 | | | | 108,327 | |
Consolidated Energy Finance SA 144A 12.00%, 02/15/31 † | | USD | 50 | | | | 48,827 | |
CPI Property Group SA Reg S 1.50%, 01/27/31 | | EUR | 100 | | | | 85,870 | |
CSN Resources SA 144A 4.62%, 06/10/31 | | USD | 50 | | | | 39,638 | |
| Energean Israel Finance Ltd. 144A Reg S | | | | | | | | |
| 5.38%, 03/30/28 | | USD | 25 | | | | 22,587 | |
| 5.88%, 03/30/31 | | USD | 35 | | | | 29,933 | |
Engineering - Ingegneria Informatica - SpA Reg S 5.88%, 09/30/26 | | EUR | 100 | | | | 107,001 | |
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) | | EUR | 100 | | | | 106,662 | |
| MC Brazil Downstream Trading Sarl 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Luxembourg (continued) | | | | | | | | |
| 7.25%, 06/30/31 | | USD | 47 | | | $ | 39,671 | |
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | | USD | 100 | | | | 84,699 | |
Petrorio Luxembourg Holding Sarl 144A 6.12%, 06/09/26 | | USD | 50 | | | | 49,674 | |
SES SA Reg S 2.88% (EUR Swap Annual 5 Year+3.19%), 5/27/2026 (o) | | EUR | 100 | | | | 101,587 | |
Stena International SA Reg S 7.25%, 02/15/28 | | EUR | 100 | | | | 113,573 | |
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 | | EUR | 100 | | | | 108,336 | |
Telenet Finance Luxembourg Notes Sarl Reg S 3.50%, 03/01/28 | | EUR | 100 | | | | 107,465 | |
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 | | USD | 100 | | | | 98,442 | |
| | | | | | | | 1,872,968 | |
| Malta: 0.4% | | | | | | | | |
| VistaJet Malta Finance Plc / Vista Management Holding, Inc. 144A | | | | | | | | |
| 6.38%, 02/01/30 † | | USD | 50 | | | | 42,854 | |
| 7.88%, 05/01/27 | | USD | 50 | | | | 48,730 | |
| | | | | | | | 91,584 | |
| Mauritius: 0.5% | | | | | | | | |
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | | USD | 130 | | | | 121,522 | |
| Mexico: 3.7% | | | | | | | | |
| Cemex SAB de CV 144A | | | | | | | | |
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | | USD | 50 | | | | 48,857 | |
| 9.12% (US Treasury Yield Curve Rate T 5 Year+5.16%), 3/14/2028 (o) | | USD | 25 | | | | 26,630 | |
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | | USD | 50 | | | | 49,167 | |
Nemak SAB de CV 144A 3.62%, 06/28/31 † | | USD | 25 | | | | 19,915 | |
| Petroleos Mexicanos | | | | | | | | |
| 5.35%, 02/12/28 | | USD | 25 | | | | 23,303 | |
| 5.95%, 01/28/31 | | USD | 75 | | | | 64,694 | |
| 6.50%, 03/13/27 | | USD | 75 | | | | 73,652 | |
| 6.62%, 06/15/35 | | USD | 50 | | | | 41,015 | |
| 6.70%, 02/16/32 | | USD | 100 | | | | 88,998 | |
| 6.75%, 09/21/47 | | USD | 100 | | | | 71,663 | |
| 6.84%, 01/23/30 | | USD | 50 | | | | 46,202 | |
| 6.88%, 08/04/26 | | USD | 50 | | | | 50,021 | |
| 6.95%, 01/28/60 | | USD | 75 | | | | 53,492 | |
| 7.69%, 01/23/50 | | USD | 125 | | | | 97,076 | |
| 8.75%, 06/02/29 | | USD | 25 | | | | 25,350 | |
| 10.00%, 02/07/33 † | | USD | 25 | | | | 26,516 | |
| Petroleos Mexicanos Reg S | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Mexico (continued) | | | | | | | | |
| 3.75%, 11/16/25 | | GBP | 100 | | | $ | 124,006 | |
| | | | | | | | 930,557 | |
| Morocco: 0.4% | | | | | | | | |
OCP SA 144A 6.88%, 04/25/44 | | USD | 100 | | | | 98,696 | |
| Netherlands: 5.1% | | | | | | | | |
Braskem Netherlands Finance BV 144A 7.25%, 02/13/33 | | USD | 50 | | | | 48,507 | |
Dufry One BV Reg S 2.00%, 02/15/27 | | EUR | 100 | | | | 104,513 | |
Odido Holding BV Reg S 3.75%, 01/15/29 | | EUR | 100 | | | | 106,060 | |
| Petrobras Global Finance BV | | | | | | | | |
| 5.50%, 06/10/51 | | USD | 25 | | | | 20,326 | |
| 6.50%, 07/03/33 | | USD | 25 | | | | 25,499 | |
Selecta Group BV Reg S 8.00%, 04/01/26 | | EUR | 53 | | | | 57,797 | |
Sunrise FinCo I BV 144A 4.88%, 07/15/31 | | USD | 100 | | | | 91,590 | |
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) | | EUR | 100 | | | | 99,676 | |
| Teva Pharmaceutical Finance Netherlands II BV | | | | | | | | |
| 3.75%, 05/09/27 | | EUR | 100 | | | | 108,138 | |
| 4.38%, 05/09/30 | | EUR | 100 | | | | 108,275 | |
| 7.38%, 09/15/29 | | EUR | 100 | | | | 122,591 | |
United Group BV Reg S 3.62%, 02/15/28 | | EUR | 100 | | | | 105,172 | |
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 | | EUR | 100 | | | | 99,624 | |
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) | | EUR | 100 | | | | 100,398 | |
Ziggo BV 144A 4.88%, 01/15/30 | | USD | 100 | | | | 92,825 | |
| | | | | | | | 1,290,991 | |
| Oman: 0.2% | | | | | | | | |
Mazoon Assets Co. SAOC 144A 5.25%, 10/09/31 | | USD | 50 | | | | 49,847 | |
| Panama: 0.4% | | | | | | | | |
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30 | | USD | 72 | | | | 63,978 | |
Banistmo SA 144A 4.25%, 07/31/27 | | USD | 50 | | | | 48,114 | |
| | | | | | | | 112,092 | |
| Peru: 0.7% | | | | | | | | |
Minsur SA 144A 4.50%, 10/28/31 | | USD | 50 | | | | 45,000 | |
Peru LNG Srl 144A 5.38%, 03/22/30 | | USD | 92 | | | | 82,339 | |
| Petroleos del Peru SA 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Peru (continued) | | | | | | | | |
| 4.75%, 06/19/32 | | USD | 75 | | | $ | 57,651 | |
| | | | | | | | 184,990 | |
| Poland: 0.4% | | | | | | | | |
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 | | USD | 100 | | | | 91,061 | |
| Portugal: 0.4% | | | | | | | | |
EDP SA Reg S 5.94% (EUR Swap Annual 5 Year+3.18%), 04/23/83 | | EUR | 100 | | | | 114,670 | |
| Romania: 0.4% | | | | | | | | |
Banca Transilvania SA Reg S 8.88% (EURIBOR ICE Swap Rate 1 Year+5.58%), 04/27/27 | | EUR | 100 | | | | 115,041 | |
| South Africa: 0.2% | | | | | | | | |
Sasol Financing USA LLC 6.50%, 09/27/28 † | | USD | 50 | | | | 48,744 | |
| Spain: 2.7% | | | | | | | | |
| Abengoa Abenewco 2 SA Reg S | | | | | | | | |
| 1.50%, 10/26/24 (d) *∞ | | USD | 63 | | | | 633 | |
| 1.50%, 10/26/24 (d) * | | USD | 63 | | | | 1 | |
Abengoa SA 0.00%, 03/31/27 (s) ^∞ | | EUR | 100 | | | | 544 | |
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 | | EUR | 100 | | | | 109,257 | |
Banco de Sabadell SA Reg S 2.50% (EUR Swap Annual 5 Year+2.95%), 04/15/31 | | EUR | 100 | | | | 107,015 | |
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | | USD | 50 | | | | 43,279 | |
Grifols SA Reg S 3.88%, 10/15/28 | | EUR | 100 | | | | 98,834 | |
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | | EUR | 100 | | | | 108,574 | |
Telefonica Europe BV Reg S 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | | EUR | 100 | | | | 108,715 | |
Unicaja Banco SA Reg S 7.25% (EUR Swap Annual 1 Year+4.25%), 11/15/27 | | EUR | 100 | | | | 116,299 | |
| | | | | | | | 693,151 | |
| Sweden: 1.6% | | | | | | | | |
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) | | EUR | 100 | | | | 104,524 | |
Intrum AB Reg S 3.00%, 09/15/27 | | EUR | 100 | | | | 81,006 | |
Verisure Midholding AB Reg S 5.25%, 02/15/29 | | EUR | 100 | | | | 108,523 | |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Sweden (continued) | | | | | | | | |
Volvo Car AB Reg S 4.25%, 05/31/28 | | EUR | 100 | | | $ | 110,308 | |
| | | | | | | | 404,361 | |
| Tanzania: 0.2% | | | | | | | | |
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | | USD | 40 | | | | 41,159 | |
| Turkey: 2.4% | | | | | | | | |
Akbank TAS 144A 6.80% (Term SOFR USD 3 Month+1.85%), 02/06/26 | | USD | 50 | | | | 50,878 | |
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28 | | USD | 50 | | | | 51,862 | |
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 | | USD | 100 | | | | 99,964 | |
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | | USD | 100 | | | | 97,322 | |
Turkiye Ihracat Kredi Bankasi AS 144A 5.75%, 07/06/26 | | USD | 100 | | | | 99,755 | |
Turkiye Vakiflar Bankasi TAO 144A 6.50%, 01/08/26 | | USD | 100 | | | | 101,130 | |
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | | USD | 100 | | | | 101,346 | |
| | | | | | | | 602,257 | |
| United Arab Emirates: 0.2% | | | | | | | | |
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29 | | USD | 50 | | | | 45,282 | |
| United Kingdom: 10.3% | | | | | | | | |
Ardonagh Finco Ltd. 144A 7.75%, 02/15/31 | | USD | 100 | | | | 102,619 | |
Aston Martin Capital Holdings Ltd. 144A 10.00%, 03/31/29 | | USD | 50 | | | | 48,620 | |
Avianca Midco 2 Plc 144A 9.00%, 12/01/28 | | USD | 75 | | | | 74,157 | |
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 | | EUR | 100 | | | | 105,266 | |
Bellis Finco Plc Reg S 4.00%, 02/16/27 | | GBP | 100 | | | | 120,988 | |
Belron UK Finance Plc 144A 5.75%, 10/15/29 | | USD | 50 | | | | 50,135 | |
British Telecommunications Plc Reg S 5.12% (EUR Swap Annual 5 Year+2.54%), 10/03/54 | | EUR | 100 | | | | 112,460 | |
eG Global Finance Plc 144A 12.00%, 11/30/28 | | USD | 100 | | | | 111,283 | |
| Global Auto Holdings Ltd./AAG FH UK Ltd 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United Kingdom (continued) | | | | | | | | |
| 8.75%, 01/15/32 | | USD | 50 | | | $ | 45,492 | |
Howden UK Refinance Plc / Howden UK Refinance 2 PLC / Howden US Refinance LLC 144A 7.25%, 02/15/31 | | USD | 50 | | | | 50,942 | |
IHS Holding Ltd. 144A 5.62%, 11/29/26 | | USD | 50 | | | | 49,197 | |
INEOS Finance Plc Reg S 6.62%, 05/15/28 | | EUR | 100 | | | | 112,728 | |
INEOS Quattro Finance 2 Plc 144A 9.62%, 03/15/29 † | | USD | 100 | | | | 106,057 | |
Jaguar Land Rover Automotive Plc Reg S 4.50%, 07/15/28 | | EUR | 100 | | | | 109,299 | |
Jerrold Finco Plc Reg S 5.25%, 01/15/27 | | GBP | 100 | | | | 127,306 | |
Marks & Spencer Plc 144A 7.12%, 12/01/37 | | USD | 40 | | | | 44,231 | |
Motion Bondco DAC 144A 6.62%, 11/15/27 † | | USD | 100 | | | | 94,858 | |
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 | | EUR | 100 | | | | 103,207 | |
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 | | USD | 100 | | | | 92,396 | |
Sisecam UK Plc 144A 8.62%, 05/02/32 | | USD | 50 | | | | 51,006 | |
Standard Chartered Plc 144A 7.01%, 07/30/37 (o) | | USD | 50 | | | | 53,287 | |
Tullow Oil Plc 144A 10.25%, 05/15/26 | | USD | 94 | | | | 86,059 | |
Vedanta Resources Finance II Plc 144A 10.88%, 09/17/29 | | USD | 50 | | | | 51,488 | |
Victoria Plc Reg S 3.62%, 08/24/26 | | EUR | 100 | | | | 97,708 | |
Virgin Media Secured Finance Plc Reg S 4.25%, 01/15/30 | | GBP | 100 | | | | 113,459 | |
Vmed O2 UK Financing I Plc Reg S 4.00%, 01/31/29 | | GBP | 100 | | | | 116,030 | |
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | | USD | 75 | | | | 78,687 | |
Vodafone Group Plc Reg S 8.00% (UK Govt Bonds 5 Year Note Generic Bid Yield+3.84%), 08/30/86 | | GBP | 100 | | | | 139,929 | |
WE Soda Investments Holding Plc 144A 9.50%, 10/06/28 † | | USD | 50 | | | | 51,685 | |
Zegona Finance Plc Reg S 6.75%, 07/15/29 | | EUR | 100 | | | | 114,333 | |
| | | | | | | | 2,614,912 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United States: 5.1% | | | | | | | | |
Amer Sports Co. 144A 6.75%, 02/16/31 † | | USD | 25 | | | $ | 25,418 | |
California Buyer Ltd. / Atlantica Sustainable Infrastructure Plc 144A 6.38%, 02/15/32 | | USD | 50 | | | | 49,686 | |
Garrett Motion Holdings, Inc. / Garrett LX I Sarl 144A 7.75%, 05/31/32 | | USD | 50 | | | | 49,939 | |
Kosmos Energy Ltd. 144A 8.75%, 10/01/31 † | | USD | 50 | | | | 48,790 | |
Kronos Acquisition Holdings, Inc. 144A 8.25%, 06/30/31 | | USD | 25 | | | | 24,786 | |
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | | USD | 75 | | | | 70,369 | |
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 † | | USD | 100 | | | | 99,547 | |
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | | USD | 84 | | | | 82,328 | |
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 | | USD | 50 | | | | 45,942 | |
Optics Bidco SpA 144A 7.72%, 06/04/38 | | USD | 100 | | | | 106,229 | |
Optics Bidco SpA Reg S 7.88%, 07/31/28 | | EUR | 100 | | | | 122,840 | |
Playtika Holding Corp. 144A 4.25%, 03/15/29 | | USD | 25 | | | | 22,579 | |
Q-Park Holding I BV Reg S 2.00%, 03/01/27 | | EUR | 100 | | | | 105,132 | |
Ritchie Bros Holdings, Inc. 144A 7.75%, 03/15/31 | | USD | 50 | | | | 52,742 | |
| Sasol Financing USA LLC | | | | | | | | |
| 4.38%, 09/18/26 † | | USD | 50 | | | | 48,321 | |
| 5.50%, 03/18/31 | | USD | 50 | | | | 43,190 | |
Telesat Canada / Telesat LLC 144A 6.50%, 10/15/27 | | USD | 25 | | | | 7,855 | |
| Wynn Macau Ltd. 144A | | | | | | | | |
| 5.12%, 12/15/29 | | USD | 75 | | | | 69,715 | |
| 5.50%, 01/15/26 | | USD | 25 | | | | 24,732 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| ZF North America Capital, Inc. 144A | | | | | | | | |
| 6.75%, 04/23/30 | | USD | 125 | | | $ | 123,321 | |
| 6.88%, 04/14/28 | | USD | 50 | | | | 50,479 | |
| 6.88%, 04/23/32 | | USD | 25 | | | | 24,444 | |
| | | | | | | | 1,298,384 | |
| Uzbekistan: 0.2% | | | | | | | | |
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | | USD | 50 | | | | 43,872 | |
| Zambia: 0.2% | | | | | | | | |
First Quantum Minerals Ltd. 144A 6.88%, 10/15/27 | | USD | 50 | | | | 49,703 | |
Total Corporate Bonds
(Cost: $26,186,767) | | | | | | | 24,991,400 | |
| | | | | | | | | |
| | | Number
of Shares | | | | | |
COMMON STOCK: 0.0%
(Cost: $12,697) | | | | | | | | |
| Luxembourg: 0.0% | | | | | | | | |
| Codere Group Topco SA (EUR) | | | 402 | | | | 12,665 | |
| | | | | | | | | |
| | | | | | | | | |
WARRANTS: 0.0%
(Cost: $0) | | | | | | | | |
| Luxembourg: 0.0% | | | | | | | | |
Codere Group Topco SA,
0.00, exp. 10/15/34∞ | | | 10,000 | | | | 0 | |
| | | | | | | | | |
Total Investments Before Collateral for Securities Loaned: 98.4%
(Cost: $26,199,464) | | | | | | | 25,004,065 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.3% | | | |
Money Market Fund: 3.3%
(Cost: $831,568) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 831,568 | | | | 831,568 | |
Total Investments: 101.7%
(Cost: $27,031,032) | | | | | | | 25,835,633 | |
| Liabilities in excess of other assets: (1.7)% | | (428,409) | |
| NET ASSETS: 100.0% | | | | | | $ | 25,407,224 | |
| |
| |
| Definitions: |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Footnotes:
| (s) | The rate shown reflects the rate in effect at October 31, 2024. Coupon adjusts periodically based upon a predetermined schedule |
| ^ | Zero Coupon Bond |
| ¥ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| † | Security fully or partially on loan. Total market value of securities on loan is $871,607. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| * | Non-income producing |
| (d) | Security in default |
| | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $10,918,825, or 43.0% of net assets. |
See Notes to Financial Statements
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 | |
| Corporate Bonds | | | | | | | | | | | | | | | | |
| Argentina | | $ | — | | | $ | 268,990 | | | $ | — | | | $ | 268,990 | |
| Australia | | | — | | | | 275,108 | | | | — | | | | 275,108 | |
| Austria | | | — | | | | 51,742 | | | | — | | | | 51,742 | |
| Bermuda | | | — | | | | 97,786 | | | | 2,576 | | | | 100,362 | |
| Brazil | | | — | | | | 1,419,266 | | | | — | | | | 1,419,266 | |
| British Virgin Islands | | | — | | | | 51,768 | | | | — | | | | 51,768 | |
| Burkina Faso | | | — | | | | 24,399 | | | | — | | | | 24,399 | |
| Canada | | | — | | | | 2,305,577 | | | | — | | | | 2,305,577 | |
| Cayman Islands | | | — | | | | 341,053 | | | | — | | | | 341,053 | |
| Chile | | | — | | | | 57,607 | | | | — | | | | 57,607 | |
| China | | | — | | | | 291,327 | | | | — | | | | 291,327 | |
| Colombia | | | — | | | | 603,067 | | | | — | | | | 603,067 | |
| Costa Rica | | | — | | | | 46,350 | | | | — | | | | 46,350 | |
| Cyprus | | | — | | | | 45,113 | | | | — | | | | 45,113 | |
| Czech Republic | | | — | | | | 213,222 | | | | — | | | | 213,222 | |
| Denmark | | | — | | | | 101,887 | | | | — | | | | 101,887 | |
| Finland | | | — | | | | 77,488 | | | | — | | | | 77,488 | |
| France | | | — | | | | 2,749,621 | | | | — | | | | 2,749,621 | |
| Germany | | | — | | | | 1,004,786 | | | | — | | | | 1,004,786 | |
| Greece | | | — | | | | 337,643 | | | | — | | | | 337,643 | |
| Guatemala | | | — | | | | 95,986 | | | | — | | | | 95,986 | |
| Hong Kong | | | — | | | | 468,268 | | | | — | | | | 468,268 | |
| India | | | — | | | | 333,823 | | | | — | | | | 333,823 | |
| Indonesia | | | — | | | | 100,282 | | | | — | | | | 100,282 | |
| Ireland | | | — | | | | 229,743 | | | | — | | | | 229,743 | |
| Israel | | | — | | | | 147,536 | | | | — | | | | 147,536 | |
| Italy | | | — | | | | 1,763,241 | | | | — | | | | 1,763,241 | |
| Japan | | | — | | | | 570,301 | | | | — | | | | 570,301 | |
| Luxembourg | | | — | | | | 1,872,968 | | | | — | | | | 1,872,968 | |
| Malta | | | — | | | | 91,584 | | | | — | | | | 91,584 | |
| Mauritius | | | — | | | | 121,522 | | | | — | | | | 121,522 | |
| Mexico | | | — | | | | 930,557 | | | | — | | | | 930,557 | |
| Morocco | | | — | | | | 98,696 | | | | — | | | | 98,696 | |
| Netherlands | | | — | | | | 1,290,991 | | | | — | | | | 1,290,991 | |
| Oman | | | — | | | | 49,847 | | | | — | | | | 49,847 | |
| Panama | | | — | | | | 112,092 | | | | — | | | | 112,092 | |
| Peru | | | — | | | | 184,990 | | | | — | | | | 184,990 | |
| Poland | | | — | | | | 91,061 | | | | — | | | | 91,061 | |
| Portugal | | | — | | | | 114,670 | | | | — | | | | 114,670 | |
| Romania | | | — | | | | 115,041 | | | | — | | | | 115,041 | |
| South Africa | | | — | | | | 48,744 | | | | — | | | | 48,744 | |
| Spain | | | — | | | | 691,974 | | | | 1,177 | | | | 693,151 | |
| Sweden | | | — | | | | 404,361 | | | | — | | | | 404,361 | |
| Tanzania | | | — | | | | 41,159 | | | | — | | | | 41,159 | |
| Turkey | | | — | | | | 602,257 | | | | — | | | | 602,257 | |
| United Arab Emirates | | | — | | | | 45,282 | | | | — | | | | 45,282 | |
| United Kingdom | | | — | | | | 2,614,912 | | | | — | | | | 2,614,912 | |
| United States | | | — | | | | 1,298,384 | | | | — | | | | 1,298,384 | |
| Uzbekistan | | | — | | | | 43,872 | | | | — | | | | 43,872 | |
| Zambia | | | — | | | | 49,703 | | | | — | | | | 49,703 | |
| Common Stock * | | | — | | | | — | | | | 12,665 | | | | 12,665 | |
| Warrants * | | | — | | | | — | | | | 0 | | | | 0 | |
| Money Market Fund | | | 831,568 | | | | — | | | | — | | | | 831,568 | |
| Total Investments | | $ | 831,568 | | | $ | 24,987,647 | | | $ | 16,418 | | | $ | 25,835,633 | |
See Notes to Financial Statements
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 6.2% | | | | | | | | |
| Canada: 0.0% | | | | | | | | |
Export Development Canada Reg S 30.00%, 12/05/25 | | TRY | 34,000 | | | $ | 876,344 | |
| Cayman Islands: 0.2% | | | | | | | | |
QNB Finance Ltd. 13.50%, 10/06/25 | | TRY | 30,800 | | | | 730,608 | |
| QNB Finance Ltd. Reg S | | | | | | | | |
| 3.50%, 03/09/26 | | CNY | 14,100 | | | | 2,006,497 | |
| 6.90%, 01/23/25 | | IDR | 45,000,000 | | | | 2,859,664 | |
| | | | | | | | 5,596,769 | |
| Germany: 0.1% | | | | | | | | |
Kreditanstalt fuer Wiederaufbau 0.62%, 07/25/25 | | PLN | 16,000 | | | | 3,866,791 | |
| Luxembourg: 0.6% | | | | | | | | |
| European Investment Bank Reg S | | | | | | | | |
| 1.00%, 02/25/28 | | PLN | 20,442 | | | | 4,422,147 | |
| 2.88%, 11/15/29 | | PLN | 4,100 | | | | 898,197 | |
| 3.00%, 01/27/26 | | CZK | 47,200 | | | | 2,022,081 | |
| 3.00%, 11/25/29 | | PLN | 34,250 | | | | 7,538,897 | |
| 7.40%, 10/23/33 | | INR | 78,000 | | | | 951,570 | |
| | | | | | | | 15,832,892 | |
| South Africa: 0.2% | | | | | | | | |
| Eskom Holdings SOC Ltd. | | | | | | | | |
| 0.00%, 08/18/27 ^ | | ZAR | 79,665 | | | | 3,111,849 | |
| 7.50%, 09/15/33 | | ZAR | 11,000 | | | | 497,655 | |
| 7.85%, 04/02/26 | | ZAR | 24,350 | | | | 1,353,666 | |
Transnet SOC Ltd. 9.50%, 08/19/25 | | ZAR | 21,000 | | | | 1,180,184 | |
Transnet SOC Ltd. Reg S 13.50%, 04/18/28 | | ZAR | 4,300 | | | | 261,861 | |
| | | | | | | | 6,405,215 | |
| Supranational: 2.3% | | | | | | | | |
European Investment Bank 8.12%, 12/21/26 | | ZAR | 196,885 | | | | 11,273,699 | |
European Investment Bank 144A 5.75%, 01/24/25 | | IDR | 51,750,000 | | | | 3,288,853 | |
| European Investment Bank Reg S | | | | | | | | |
| 2.75%, 08/25/26 | | PLN | 55,008 | | | | 13,131,132 | |
| 8.00%, 05/05/27 | | ZAR | 15,790 | | | | 899,969 | |
| International Finance Corp. | | | | | | | | |
| 7.00%, 07/20/27 | | MXN | 265,610 | | | | 12,360,489 | |
| 7.50%, 01/18/28 | | MXN | 110,150 | | | | 5,201,009 | |
| 7.75%, 01/18/30 | | MXN | 159,200 | | | | 7,433,756 | |
| 8.00%, 07/27/27 | | ZAR | 3,050 | | | | 174,909 | |
International Finance Corp. Reg S 8.38%, 05/31/29 | | MXN | 239,210 | | | | 11,192,895 | |
| | | | | | | | 64,956,711 | |
| | | Par
(000’s | ) | | Value | |
| United Kingdom: 1.3% | | | | | | | | |
| European Bank for Reconstruction & Development | | | | | | | | |
| 0.87%, 03/04/26 | | PLN | 7,000 | | | $ | 1,624,275 | |
| 3.70%, 02/02/26 | | CZK | 114,000 | | | | 4,907,429 | |
| 4.25%, 02/07/28 | | IDR | 47,900,000 | | | | 2,872,610 | |
| 5.67%, 11/04/24 | | CZK | 44,200 | | | | 1,895,808 | |
| 6.25%, 04/11/28 | | INR | 117,000 | | | | 1,368,331 | |
| 30.00%, 08/25/25 | | TRY | 117,100 | | | | 3,163,999 | |
| European Bank for Reconstruction & Development Reg S | | | | | | | | |
| 3.01%, 03/13/28 | | PLN | 20,740 | | | | 4,784,261 | |
| 5.08%, 12/15/25 | | MXN | 339,790 | | | | 16,025,560 | |
| | | | | | | | 36,642,273 | |
| United States: 1.5% | | | | | | | | |
| Inter-American Development Bank | | | | | | | | |
| 7.00%, 01/25/29 | | INR | 168,000 | | | | 1,994,772 | |
| 7.35%, 10/06/30 | | INR | 75,000 | | | | 905,008 | |
| International Bank for Reconstruction & Development | | | | | | | | |
| 2.00%, 02/18/26 | | CNY | 30,000 | | | | 4,215,282 | |
| 2.75%, 01/19/27 | | CNY | 21,000 | | | | 2,982,235 | |
| 2.75%, 07/26/34 | | CNY | 14,000 | | | | 2,020,525 | |
| 4.25%, 01/22/26 | | MXN | 155,000 | | | | 7,236,015 | |
| 4.60%, 02/09/26 | | IDR | 41,600,000 | | | | 2,592,463 | |
| 5.30%, 06/25/30 | | MXN | 62,000 | | | | 2,534,338 | |
| 5.73%, 08/02/27 | | PLN | 3,600 | | | | 904,202 | |
| 6.75%, 09/08/27 | | INR | 77,000 | | | | 912,154 | |
| 7.25%, 01/21/27 | | MXN | 217,350 | | | | 10,352,764 | |
| 8.50%, 04/06/26 | | MXN | 17,500 | | | | 851,129 | |
| International Finance Corp. | | | | | | | | |
| 5.02%, 02/11/28 | | MXN | 40,000 | | | | 1,737,792 | |
| 12.00%, 11/03/27 | | COP | 7,100,000 | | | | 1,716,469 | |
| | | | | | | | 40,955,148 | |
Total Corporate Bonds
(Cost: $197,026,217) | | | | | | | 175,132,143 | |
| | | | | | | | | |
| GOVERNMENT OBLIGATIONS: 90.8% | | | | | | |
| Brazil: 6.3% | | | | | | | | |
| Brazil Letras do Tesouro Nacional | | | | | | | | |
| 0.00%, 07/01/25 ^ | | BRL | 129,980 | | | | 20,846,936 | |
| 0.00%, 01/01/26 ^ | | BRL | 189,080 | | | | 28,416,372 | |
| 0.00%, 07/01/26 ^ | | BRL | 216,550 | | | | 30,620,577 | |
| 0.00%, 07/01/27 ^ | | BRL | 102,000 | | | | 12,773,856 | |
| 0.00%, 01/01/28 ^ | | BRL | 61,110 | | | | 7,187,382 | |
| 0.00%, 01/01/30 ^ | | BRL | 53,420 | | | | 4,926,527 | |
| Brazil Notas do Tesouro Nacional, Series F | | | | | | | | |
| 10.00%, 01/01/27 | | BRL | 132,760 | | | | 21,735,556 | |
| 10.00%, 01/01/29 | | BRL | 147,495 | | | | 23,263,412 | |
| 10.00%, 01/01/31 | | BRL | 79,600 | | | | 12,178,140 | |
| 10.00%, 01/01/33 | | BRL | 67,730 | | | | 10,163,523 | |
See Notes to Financial Statements
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Brazil (continued) | | | | | | | | |
| 10.00%, 01/01/35 | | BRL | 30,880 | | | $ | 4,568,010 | |
| | | | | | | | 176,680,291 | |
| Chile: 3.3% | | | | | | | | |
| Bonos de la Tesoreria de la Republica de Chile | | | | | | | | |
| 4.50%, 03/01/26 | | CLP | 3,275,000 | | | | 3,399,549 | |
| 5.00%, 03/01/35 | | CLP | 11,650,000 | | | | 11,627,775 | |
| 6.00%, 01/01/43 | | CLP | 10,065,000 | | | | 11,393,071 | |
| Bonos de la Tesoreria de la Republica de Chile 144A Reg S | | | | | | | | |
| 2.30%, 10/01/28 | | CLP | 680,000 | | | | 633,257 | |
| 4.70%, 09/01/30 | | CLP | 13,675,000 | | | | 13,538,579 | |
| 5.00%, 10/01/28 | | CLP | 4,240,000 | | | | 4,341,669 | |
| Bonos de la Tesoreria de la Republica en pesos | | | | | | | | |
| 0.00%, 05/06/27 ^ | | CLP | 9,495,000 | | | | 8,673,557 | |
| 0.00%, 04/01/29 ^ | | CLP | 11,610,000 | | | | 9,572,934 | |
| Bonos de la Tesoreria de la Republica en pesos 144A Reg S | | | | | | | | |
| 5.80%, 10/01/29 | | CLP | 4,965,000 | | | | 5,255,000 | |
| 6.00%, 04/01/33 | | CLP | 14,305,000 | | | | 15,241,651 | |
| 6.20%, 10/01/40 | | CLP | 4,930,000 | | | | 5,625,665 | |
| 7.00%, 05/01/34 | | CLP | 2,750,000 | | | | 3,192,456 | |
| | | | | | | | 92,495,163 | |
| China: 9.6% | | | | | | | | |
| Asian Infrastructure Investment Bank Reg S | | | | | | | | |
| 5.00%, 03/05/26 | | MXN | 55,650 | | | | 2,588,658 | |
| 30.00%, 09/29/27 | | TRY | 17,000 | | | | 517,686 | |
| China Government Bond | | | | | | | | |
| 1.62%, 08/15/27 | | CNY | 1,420 | | | | 199,847 | |
| 1.85%, 05/15/27 | | CNY | 13,200 | | | | 1,867,677 | |
| 1.91%, 07/15/29 | | CNY | 7,700 | | | | 1,087,289 | |
| 2.05%, 04/15/29 | | CNY | 27,980 | | | | 3,969,535 | |
| 2.11%, 08/25/34 | | CNY | 18,430 | | | | 2,580,789 | |
| 2.17%, 08/29/34 | | CNY | 21,800 | | | | 3,060,687 | |
| 2.18%, 08/25/25 | | CNY | 23,410 | | | | 3,309,822 | |
| 2.18%, 08/15/26 | | CNY | 7,300 | | | | 1,037,822 | |
| 2.19%, 09/25/54 | | CNY | 2,960 | | | | 400,734 | |
| 2.25%, 08/29/39 | | CNY | 9,170 | | | | 1,279,768 | |
| 2.27%, 05/25/34 | | CNY | 30,520 | | | | 4,338,967 | |
| 2.28%, 11/25/25 | | CNY | 19,640 | | | | 2,784,473 | |
| 2.28%, 03/25/31 | | CNY | 16,450 | | | | 2,346,514 | |
| 2.30%, 05/15/26 | | CNY | 25,890 | | | | 3,683,730 | |
| 2.33%, 08/15/44 | | CNY | 6,940 | | | | 969,915 | |
| 2.35%, 02/25/34 | | CNY | 11,140 | | | | 1,588,939 | |
| 2.37%, 01/20/27 | | CNY | 14,920 | | | | 2,132,845 | |
| 2.37%, 01/15/29 | | CNY | 26,650 | | | | 3,828,881 | |
| 2.39%, 11/15/26 | | CNY | 37,800 | | | | 5,400,938 | |
| 2.40%, 07/15/28 | | CNY | 12,110 | | | | 1,738,710 | |
| 2.44%, 10/15/27 | | CNY | 26,900 | | | | 3,869,186 | |
| 2.46%, 02/15/26 | | CNY | 2,120 | | | | 301,585 | |
| 2.47%, 07/25/54 | | CNY | 10,760 | | | | 1,551,328 | |
| 2.48%, 04/15/27 | | CNY | 33,690 | | | | 4,834,192 | |
| 2.48%, 09/25/28 | | CNY | 5,570 | | | | 802,750 | |
| 2.49%, 05/25/44 | | CNY | 13,030 | | | | 1,866,185 | |
| | | Par
(000’s | ) | | Value | |
| China (continued) | | | | | | | | |
| 2.50%, 07/25/27 | | CNY | 24,910 | | | $ | 3,581,421 | |
| 2.52%, 08/25/33 | | CNY | 41,120 | | | | 5,938,853 | |
| 2.54%, 12/25/30 | | CNY | 32,740 | | | | 4,745,339 | |
| 2.55%, 10/15/28 | | CNY | 32,830 | | | | 4,746,210 | |
| 2.57%, 05/20/54 | | CNY | 22,180 | | | | 3,274,841 | |
| 2.60%, 09/15/30 | | CNY | 34,620 | | | | 5,034,563 | |
| 2.60%, 09/01/32 | | CNY | 23,120 | | | | 3,364,499 | |
| 2.62%, 04/15/28 | | CNY | 28,290 | | | | 4,089,402 | |
| 2.62%, 09/25/29 | | CNY | 30,420 | | | | 4,427,074 | |
| 2.62%, 06/25/30 | | CNY | 21,300 | | | | 3,100,364 | |
| 2.64%, 01/15/28 | | CNY | 25,910 | | | | 3,745,199 | |
| 2.67%, 05/25/33 | | CNY | 24,480 | | | | 3,578,591 | |
| 2.67%, 11/25/33 | | CNY | 43,510 | | | | 6,368,958 | |
| 2.68%, 05/21/30 | | CNY | 43,480 | | | | 6,356,223 | |
| 2.69%, 08/12/26 | | CNY | 47,900 | | | | 6,870,834 | |
| 2.69%, 08/15/32 | | CNY | 24,580 | | | | 3,598,936 | |
| 2.75%, 06/15/29 | | CNY | 29,140 | | | | 4,258,695 | |
| 2.75%, 02/17/32 | | CNY | 29,530 | | | | 4,341,304 | |
| 2.76%, 05/15/32 | | CNY | 25,610 | | | | 3,770,313 | |
| 2.79%, 12/15/29 | | CNY | 28,690 | | | | 4,212,458 | |
| 2.80%, 03/24/29 | | CNY | 32,040 | | | | 4,685,232 | |
| 2.80%, 03/25/30 | | CNY | 30,310 | | | | 4,451,855 | |
| 2.80%, 11/15/32 | | CNY | 32,990 | | | | 4,870,349 | |
| 2.85%, 06/04/27 | | CNY | 47,560 | | | | 6,893,846 | |
| 2.88%, 02/25/33 | | CNY | 29,680 | | | | 4,426,569 | |
| 2.89%, 11/18/31 | | CNY | 31,870 | | | | 4,730,169 | |
| 2.91%, 10/14/28 | | CNY | 39,460 | | | | 5,783,312 | |
| 3.00%, 10/15/53 | | CNY | 17,390 | | | | 2,785,807 | |
| 3.01%, 05/13/28 | | CNY | 39,870 | | | | 5,852,278 | |
| 3.02%, 10/22/25 | | CNY | 35,780 | | | | 5,108,912 | |
| 3.02%, 05/27/31 | | CNY | 48,940 | | | | 7,325,903 | |
| 3.03%, 03/11/26 | | CNY | 21,530 | | | | 3,090,866 | |
| 3.12%, 12/05/26 | | CNY | 27,190 | | | | 3,946,961 | |
| 3.12%, 10/25/52 | | CNY | 23,610 | | | | 3,829,585 | |
| 3.13%, 11/21/29 | | CNY | 25,080 | | | | 3,753,590 | |
| 3.19%, 04/15/53 | | CNY | 11,960 | | | | 1,967,469 | |
| 3.22%, 12/06/25 | | CNY | 19,050 | | | | 2,730,814 | |
| 3.25%, 06/06/26 | | CNY | 33,180 | | | | 4,794,461 | |
| 3.25%, 11/22/28 | | CNY | 23,190 | | | | 3,459,841 | |
| 3.27%, 11/19/30 | | CNY | 44,590 | | | | 6,773,188 | |
| 3.28%, 12/03/27 | | CNY | 34,920 | | | | 5,162,547 | |
| 3.29%, 05/23/29 | | CNY | 33,540 | | | | 5,046,048 | |
| 3.32%, 04/15/52 | | CNY | 17,770 | | | | 2,977,272 | |
| 3.53%, 10/18/51 | | CNY | 16,480 | | | | 2,855,664 | |
| 3.72%, 04/12/51 | | CNY | 16,870 | | | | 3,003,553 | |
| 3.81%, 09/14/50 | | CNY | 33,190 | | | | 5,985,497 | |
| | | | | | | | 269,635,117 | |
| Colombia: 4.4% | | | | | | | | |
| Colombian TES | | | | | | | | |
| 5.75%, 11/03/27 | | COP | 27,465,500 | | | | 5,637,561 | |
| 6.00%, 04/28/28 | | COP | 67,825,100 | | | | 13,674,638 | |
| 6.25%, 11/26/25 | | COP | 12,181,000 | | | | 2,743,774 | |
| 6.25%, 07/09/36 | | COP | 33,341,000 | | | | 5,194,412 | |
| 7.00%, 03/26/31 | | COP | 55,377,000 | | | | 10,644,171 | |
| 7.00%, 06/30/32 | | COP | 50,371,200 | | | | 9,329,655 | |
| 7.25%, 10/18/34 | | COP | 53,111,700 | | | | 9,439,287 | |
| 7.25%, 10/26/50 | | COP | 68,708,200 | | | | 10,116,911 | |
| 7.50%, 08/26/26 | | COP | 55,112,100 | | | | 12,242,695 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Colombia (continued) | | | | | | | | |
| 7.75%, 09/18/30 | | COP | 41,657,100 | | | $ | 8,442,445 | |
| 9.25%, 05/28/42 | | COP | 96,005,400 | | | | 18,132,668 | |
| 11.50%, 07/25/46 | | COP | 28,009,000 | | | | 6,269,307 | |
| 13.25%, 02/09/33 | | COP | 50,141,000 | | | | 12,825,708 | |
| | | | | | | | 124,693,232 | |
| Czech Republic: 4.9% | | | | | | | | |
| Czech Republic Government Bond | | | | | | | | |
| 0.05%, 11/29/29 | | CZK | 107,460 | | | | 3,836,250 | |
| 0.25%, 02/10/27 | | CZK | 205,900 | | | | 8,200,649 | |
| 1.20%, 03/13/31 | | CZK | 211,340 | | | | 7,709,669 | |
| 1.50%, 04/24/40 | | CZK | 118,760 | | | | 3,527,266 | |
| 1.75%, 06/23/32 | | CZK | 204,610 | | | | 7,521,347 | |
| 1.95%, 07/30/37 | | CZK | 92,660 | | | | 3,107,015 | |
| 2.00%, 10/13/33 | | CZK | 232,500 | | | | 8,455,912 | |
| 2.75%, 07/23/29 | | CZK | 236,060 | | | | 9,698,458 | |
| 3.00%, 03/03/33 | | CZK | 65,240 | | | | 2,592,969 | |
| 3.50%, 05/30/35 | | CZK | 150,640 | | | | 6,119,325 | |
| 3.60%, 06/03/36 | | CZK | 23,140 | | | | 939,407 | |
| 4.50%, 11/11/32 | | CZK | 142,600 | | | | 6,315,118 | |
| 4.90%, 04/14/34 | | CZK | 142,220 | | | | 6,476,888 | |
| 5.00%, 09/30/30 | | CZK | 191,340 | | | | 8,718,969 | |
| 5.50%, 12/12/28 | | CZK | 135,930 | | | | 6,241,767 | |
| 5.75%, 03/29/29 | | CZK | 94,940 | | | | 4,408,353 | |
| 6.00%, 02/26/26 | | CZK | 33,380 | | | | 1,477,718 | |
| 6.20%, 06/16/31 | | CZK | 58,380 | | | | 2,844,687 | |
| Czech Republic Government Bond Reg S | | | | | | | | |
| 0.95%, 05/15/30 | | CZK | 240,120 | | | | 8,851,815 | |
| 1.00%, 06/26/26 | | CZK | 242,530 | | | | 9,974,994 | |
| 2.40%, 09/17/25 | | CZK | 138,370 | | | | 5,883,857 | |
| 2.50%, 08/25/28 | | CZK | 233,990 | | | | 9,628,366 | |
| 4.20%, 12/04/36 | | CZK | 127,090 | | | | 5,464,510 | |
| | | | | | | | 137,995,309 | |
| Dominican Republic: 1.3% | | | | | | | | |
| Dominican Republic International Bond 144A | | | | | | | | |
| 10.75%, 06/01/36 | | DOP | 583,300 | | | | 10,345,430 | |
| 11.25%, 09/15/35 | | DOP | 58,000 | | | | 1,057,330 | |
| 13.62%, 02/03/33 | | DOP | 770,150 | | | | 15,491,293 | |
| Dominican Republic International Bond Reg S | | | | | | | | |
| 11.25%, 09/15/35 | | DOP | 367,650 | | | | 6,702,198 | |
| 13.62%, 02/03/33 | | DOP | 124,680 | | | | 2,507,894 | |
| | | | | | | | 36,104,145 | |
| Hungary: 4.0% | | | | | | | | |
| Hungary Government Bond | | | | | | | | |
| 1.00%, 11/26/25 † | | HUF | 3,261,050 | | | | 8,298,736 | |
| 1.50%, 04/22/26 | | HUF | 2,803,070 | | | | 7,005,065 | |
| 1.50%, 08/26/26 | | HUF | 1,790,320 | | | | 4,397,620 | |
| 2.00%, 05/23/29 | | HUF | 3,638,080 | | | | 7,956,541 | |
| 2.25%, 04/20/33 | | HUF | 3,743,060 | | | | 7,119,822 | |
| 2.25%, 06/22/34 | | HUF | 1,170,250 | | | | 2,126,976 | |
| 2.75%, 12/22/26 | | HUF | 2,289,650 | | | | 5,667,681 | |
| | | Par
(000’s | ) | | Value | |
| Hungary (continued) | | | | | | | | |
| 3.00%, 10/27/27 | | HUF | 3,410,440 | | | $ | 8,226,860 | |
| 3.00%, 08/21/30 | | HUF | 3,174,360 | | | | 6,985,376 | |
| 3.00%, 10/27/38 | | HUF | 2,475,530 | | | | 4,313,185 | |
| 3.00%, 04/25/41 | | HUF | 1,601,040 | | | | 2,621,637 | |
| 3.25%, 10/22/31 | | HUF | 4,002,780 | | | | 8,653,982 | |
| 4.50%, 03/23/28 † | | HUF | 1,527,210 | | | | 3,811,042 | |
| 4.75%, 11/24/32 | | HUF | 3,327,700 | | | | 7,765,144 | |
| 5.50%, 06/24/25 | | HUF | 2,161,450 | | | | 5,753,436 | |
| 6.75%, 10/22/28 | | HUF | 4,678,370 | | | | 12,490,964 | |
| 7.00%, 10/24/35 | | HUF | 1,544,850 | | | | 4,146,438 | |
| 9.50%, 10/21/26 | | HUF | 2,398,560 | | | | 6,731,950 | |
| | | | | | | | 114,072,455 | |
| India: 4.7% | | | | | | | | |
| India Government Bond | | | | | | | | |
| 5.77%, 08/03/30 | | INR | 273,010 | | | | 3,092,370 | |
| 5.79%, 05/11/30 | | INR | 645,300 | | | | 7,343,433 | |
| 5.85%, 12/01/30 | | INR | 479,320 | | | | 5,443,444 | |
| 6.10%, 07/12/31 | | INR | 522,400 | | | | 5,987,239 | |
| 6.45%, 10/07/29 | | INR | 248,070 | | | | 2,920,683 | |
| 6.54%, 01/17/32 | | INR | 471,040 | | | | 5,524,281 | |
| 6.67%, 12/17/50 | | INR | 712,900 | | | | 8,238,690 | |
| 6.99%, 12/15/51 | | INR | 393,500 | | | | 4,718,433 | |
| 7.02%, 06/18/31 | | INR | 155,530 | | | | 1,870,811 | |
| 7.04%, 06/03/29 | | INR | 98,430 | | | | 1,182,899 | |
| 7.06%, 04/10/28 | | INR | 189,470 | | | | 2,280,253 | |
| 7.10%, 04/18/29 | | INR | 580,590 | | | | 6,990,435 | |
| 7.10%, 04/08/34 | | INR | 449,600 | | | | 5,442,833 | |
| 7.16%, 09/20/50 | | INR | 264,460 | | | | 3,246,526 | |
| 7.17%, 04/17/30 | | INR | 96,550 | | | | 1,167,907 | |
| 7.18%, 08/14/33 | | INR | 943,470 | | | | 11,456,424 | |
| 7.18%, 07/24/37 | | INR | 529,250 | | | | 6,478,449 | |
| 7.26%, 01/14/29 | | INR | 386,030 | | | | 4,678,472 | |
| 7.26%, 08/22/32 | | INR | 431,300 | | | | 5,272,735 | |
| 7.26%, 02/06/33 | | INR | 175,000 | | | | 2,138,950 | |
| 7.30%, 06/19/53 | | INR | 674,380 | | | | 8,386,464 | |
| 7.32%, 11/13/30 | | INR | 183,400 | | | | 2,242,114 | |
| 7.36%, 09/12/52 | | INR | 451,870 | | | | 5,631,387 | |
| 7.37%, 10/23/28 | | INR | 120,230 | | | | 1,459,933 | |
| 7.37%, 01/23/54 | | INR | 15,820 | | | | 198,953 | |
| 7.38%, 06/20/27 | | INR | 303,050 | | | | 3,669,191 | |
| 7.41%, 12/19/36 | | INR | 646,580 | | | | 8,006,050 | |
| 7.54%, 05/23/36 | | INR | 439,740 | | | | 5,500,594 | |
| 7.72%, 06/15/49 | | INR | 148,600 | | | | 1,928,113 | |
| | | | | | | | 132,498,066 | |
| Indonesia: 7.9% | | | | | | | | |
| Indonesia Treasury Bond | | | | | | | | |
| 5.12%, 04/15/27 | | IDR | 112,895,000 | | | | 6,977,623 | |
| 5.50%, 04/15/26 | | IDR | 100,245,000 | | | | 6,303,204 | |
| 6.12%, 05/15/28 | | IDR | 64,652,000 | | | | 4,063,869 | |
| 6.25%, 06/15/36 | | IDR | 58,110,000 | | | | 3,566,092 | |
| 6.38%, 08/15/28 | | IDR | 96,145,000 | | | | 6,075,972 | |
| 6.38%, 04/15/32 | | IDR | 163,480,000 | | | | 10,174,820 | |
| 6.38%, 07/15/37 | | IDR | 20,000,000 | | | | 1,234,635 | |
| 6.50%, 06/15/25 | | IDR | 41,180,000 | | | | 2,628,226 | |
| 6.50%, 07/15/30 | | IDR | 3,040,000 | | | | 191,703 | |
| 6.50%, 02/15/31 | | IDR | 164,497,000 | | | | 10,346,699 | |
| 6.62%, 05/15/33 | | IDR | 90,383,000 | | | | 5,697,152 | |
| 6.62%, 02/15/34 | | IDR | 162,720,000 | | | | 10,234,409 | |
See Notes to Financial Statements
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | | Par
(000’s | ) | | Value | |
| Indonesia (continued) | | | | | | | | |
| 6.75%, 07/15/35 | | IDR | 7,640,000 | | | $ | 481,478 | |
| 6.88%, 04/15/29 | | IDR | 127,158,000 | | | | 8,164,200 | |
| 7.00%, 05/15/27 | | IDR | 107,558,000 | | | | 6,935,726 | |
| 7.00%, 09/15/30 | | IDR | 166,795,000 | | | | 10,751,290 | |
| 7.00%, 02/15/33 | | IDR | 146,858,000 | | | | 9,457,955 | |
| 7.12%, 06/15/38 | | IDR | 99,470,000 | | | | 6,407,433 | |
| 7.12%, 06/15/42 | | IDR | 111,662,000 | | | | 7,200,225 | |
| 7.12%, 06/15/43 | | IDR | 85,610,000 | | | | 5,504,704 | |
| 7.50%, 08/15/32 | | IDR | 57,300,000 | | | | 3,794,980 | |
| 7.50%, 06/15/35 | | IDR | 126,720,000 | | | | 8,422,137 | |
| 7.50%, 05/15/38 | | IDR | 61,339,000 | | | | 4,066,352 | |
| 7.50%, 04/15/40 | | IDR | 141,632,000 | | | | 9,442,284 | |
| 8.25%, 05/15/29 | | IDR | 135,631,000 | | | | 9,172,181 | |
| 8.25%, 06/15/32 | | IDR | 40,064,000 | | | | 2,795,112 | |
| 8.25%, 05/15/36 | | IDR | 98,695,000 | | | | 6,915,127 | |
| 8.38%, 09/15/26 | | IDR | 134,862,000 | | | | 8,883,793 | |
| 8.38%, 03/15/34 | | IDR | 165,318,000 | | | | 11,590,482 | |
| 8.38%, 04/15/39 | | IDR | 60,773,000 | | | | 4,358,812 | |
| 8.75%, 05/15/31 | | IDR | 70,137,000 | | | | 4,926,124 | |
| 9.00%, 03/15/29 | | IDR | 103,832,000 | | | | 7,181,906 | |
| 9.50%, 07/15/31 | | IDR | 30,011,000 | | | | 2,184,732 | |
| 10.50%, 08/15/30 | | IDR | 47,802,000 | | | | 3,598,231 | |
| 11.00%, 09/15/25 | | IDR | 20,032,000 | | | | 1,325,367 | |
| Perusahaan Penerbit SBSN | | | | | | | | |
| 4.88%, 07/15/26 | | IDR | 45,390,000 | | | | 2,812,540 | |
| 5.88%, 07/15/28 | | IDR | 33,360,000 | | | | 2,083,441 | |
| 6.38%, 03/15/34 | | IDR | 43,510,000 | | | | 2,708,533 | |
| 6.88%, 03/15/36 | | IDR | 24,600,000 | | | | 1,579,796 | |
| 8.88%, 11/15/31 | | IDR | 44,820,000 | | | | 3,212,516 | |
| | | | | | | | 223,451,861 | |
| Malaysia: 7.8% | | | | | | | | |
| Malaysia Government Bond | | | | | | | | |
| 2.63%, 04/15/31 | | MYR | 35,056 | | | | 7,431,187 | |
| 3.50%, 05/31/27 | | MYR | 27,757 | | | | 6,335,729 | |
| 3.52%, 04/20/28 | | MYR | 14,577 | | | | 3,319,653 | |
| 3.58%, 07/15/32 | | MYR | 19,276 | | | | 4,305,761 | |
| 3.73%, 06/15/28 | | MYR | 25,730 | | | | 5,896,349 | |
| 3.76%, 05/22/40 | | MYR | 29,058 | | | | 6,411,549 | |
| 3.83%, 07/05/34 | | MYR | 24,418 | | | | 5,532,708 | |
| 3.88%, 08/15/29 | | MYR | 31,777 | | | | 7,325,867 | |
| 3.90%, 11/30/26 | | MYR | 24,171 | | | | 5,571,078 | |
| 3.90%, 11/16/27 | | MYR | 26,595 | | | | 6,136,071 | |
| 3.91%, 07/15/26 | | MYR | 19,062 | | | | 4,388,019 | |
| 3.96%, 09/15/25 | | MYR | 29,073 | | | | 6,675,456 | |
| 4.05%, 04/18/39 | | MYR | 4,005 | | | | 918,462 | |
| 4.07%, 06/15/50 | | MYR | 30,177 | | | | 6,736,664 | |
| 4.18%, 05/16/44 | | MYR | 3,400 | | | | 779,516 | |
| 4.25%, 05/31/35 | | MYR | 17,328 | | | | 4,059,130 | |
| 4.46%, 03/31/53 | | MYR | 22,443 | | | | 5,311,967 | |
| 4.50%, 04/30/29 | | MYR | 10,728 | | | | 2,534,535 | |
| 4.64%, 11/07/33 | | MYR | 26,445 | | | | 6,360,354 | |
| 4.70%, 10/15/42 | | MYR | 29,258 | | | | 7,181,385 | |
| 4.76%, 04/07/37 | | MYR | 28,849 | | | | 7,078,512 | |
| 4.89%, 06/08/38 | | MYR | 26,160 | | | | 6,523,325 | |
| 4.92%, 07/06/48 | | MYR | 19,547 | | | | 4,932,824 | |
| | | | Par
(000’s | ) | | Value | |
| Malaysia (continued) | | | | | | | | |
| Malaysia Government Investment Issue | | | | | | | | |
| 3.42%, 09/30/27 | | MYR | 24,922 | | | $ | 5,673,226 | |
| 3.45%, 07/15/36 | | MYR | 20,176 | | | | 4,376,664 | |
| 3.46%, 10/15/30 | | MYR | 30,369 | | | | 6,831,102 | |
| 3.60%, 07/31/28 | | MYR | 20,347 | | | | 4,646,646 | |
| 3.73%, 03/31/26 | | MYR | 25,729 | | | | 5,904,075 | |
| 3.80%, 10/08/31 | | MYR | 7,710 | | | | 1,749,203 | |
| 3.99%, 10/15/25 | | MYR | 23,699 | | | | 5,446,049 | |
| 4.07%, 09/30/26 | | MYR | 32,672 | | | | 7,547,791 | |
| 4.12%, 11/30/34 | | MYR | 25,450 | | | | 5,891,319 | |
| 4.13%, 08/15/25 | | MYR | 13,339 | | | | 3,065,478 | |
| 4.13%, 07/09/29 | | MYR | 26,243 | | | | 6,114,846 | |
| 4.19%, 10/07/32 | | MYR | 23,279 | | | | 5,419,525 | |
| 4.25%, 09/30/30 | | MYR | 22,657 | | | | 5,310,841 | |
| 4.26%, 07/26/27 | | MYR | 11,770 | | | | 2,739,302 | |
| 4.29%, 08/14/43 | | MYR | 27,198 | | | | 6,305,573 | |
| 4.37%, 10/31/28 | | MYR | 25,985 | | | | 6,100,875 | |
| 4.42%, 09/30/41 | | MYR | 20,038 | | | | 4,762,034 | |
| 4.47%, 09/15/39 | | MYR | 32,515 | | | | 7,801,742 | |
| 4.66%, 03/31/38 | | MYR | 10,250 | | | | 2,498,006 | |
| | | | | | | | 219,930,398 | |
| Mexico: 5.1% | | | | | | | | |
| Mexican Bonos | | | | | | | | |
| 5.50%, 03/04/27 | | MXN | 154,122 | | | | 6,987,024 | |
| 5.75%, 03/05/26 | | MXN | 12,192 | | | | 574,576 | |
| 7.00%, 09/03/26 | | MXN | 107,913 | | | | 5,100,069 | |
| 7.50%, 06/03/27 | | MXN | 120,573 | | | | 5,692,711 | |
| 7.50%, 05/26/33 | | MXN | 381,886 | | | | 16,288,288 | |
| 7.75%, 05/29/31 | | MXN | 430,342 | | | | 19,276,815 | |
| 7.75%, 11/23/34 | | MXN | 290,319 | | | | 12,414,554 | |
| 7.75%, 11/13/42 | | MXN | 451,716 | | | | 17,856,852 | |
| 8.00%, 05/24/35 | | MXN | 25,166 | | | | 1,093,131 | |
| 8.00%, 11/07/47 | | MXN | 311,501 | | | | 12,430,722 | |
| 8.00%, 07/31/53 | | MXN | 394,745 | | | | 15,565,261 | |
| 8.50%, 03/01/29 | | MXN | 102,722 | | | | 4,862,684 | |
| 8.50%, 05/31/29 | | MXN | 183,584 | | | | 8,697,545 | |
| 8.50%, 11/18/38 | | MXN | 254,555 | | | | 11,131,038 | |
| 10.00%, 11/20/36 | | MXN | 95,807 | | | | 4,767,165 | |
| | | | | | | | 142,738,435 | |
| Peru: 3.4% | | | | | | | | |
| Peru Government Bond | | | | | | | | |
| 5.35%, 08/12/40 | | PEN | 28,639 | | | | 6,240,855 | |
| 5.40%, 08/12/34 | | PEN | 42,010 | | | | 10,028,339 | |
| 5.94%, 02/12/29 | | PEN | 34,572 | | | | 9,420,361 | |
| 6.15%, 08/12/32 | | PEN | 52,255 | | | | 13,580,484 | |
| 6.35%, 08/12/28 | | PEN | 18,838 | | | | 5,226,100 | |
| 6.90%, 08/12/37 | | PEN | 50,684 | | | | 13,124,613 | |
| 6.95%, 08/12/31 | | PEN | 49,267 | | | | 13,587,115 | |
| 8.20%, 08/12/26 | | PEN | 10,477 | | | | 2,953,124 | |
| Peru Government Bond 144A Reg S | | | | | | | | |
| 7.30%, 08/12/33 | | PEN | 44,053 | | | | 12,178,128 | |
| 7.60%, 08/12/39 | | PEN | 40,585 | | | | 11,068,530 | |
| | | | | | | | 97,407,649 | |
| Philippines: 0.1% | | | | | | | | |
| Asian Development Bank | | | | | | | | |
| 2.50%, 02/15/27 | | CNY | 14,000 | | | | 1,987,280 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Poland: 4.5% | | | | | | | | |
| Republic of Poland Government Bond | | | | | | | | |
| 0.00%, 10/25/25 ^ | | PLN | 21,462 | | | $ | 5,151,058 | |
| 0.25%, 10/25/26 | | PLN | 32,485 | | | | 7,401,396 | |
| 1.25%, 10/25/30 | | PLN | 62,493 | | | | 12,161,699 | |
| 1.75%, 04/25/32 | | PLN | 60,432 | | | | 11,445,948 | |
| 2.50%, 07/25/26 | | PLN | 11,639 | | | | 2,787,470 | |
| 2.50%, 07/25/27 | | PLN | 52,011 | | | | 12,134,127 | |
| 2.75%, 04/25/28 | | PLN | 19,426 | | | | 4,456,973 | |
| 2.75%, 10/25/29 | | PLN | 46,399 | | | | 10,187,910 | |
| 3.25%, 07/25/25 † | | PLN | 27,279 | | | | 6,777,663 | |
| 3.75%, 05/25/27 | | PLN | 37,181 | | | | 8,978,402 | |
| 4.75%, 07/25/29 | | PLN | 42,165 | | | | 10,163,172 | |
| 5.00%, 10/25/34 † | | PLN | 21,690 | | | | 5,038,852 | |
| 6.00%, 10/25/33 † | | PLN | 65,972 | | | | 16,574,638 | |
| 7.50%, 07/25/28 | | PLN | 50,576 | | | | 13,496,560 | |
| | | | | | | | 126,755,868 | |
| Romania: 4.5% | | | | | | | | |
| Romania Government Bond | | | | | | | | |
| 2.50%, 10/25/27 | | RON | 23,045 | | | | 4,521,393 | |
| 3.25%, 06/24/26 | | RON | 25,380 | | | | 5,297,262 | |
| 3.50%, 11/25/25 | | RON | 19,785 | | | | 4,213,801 | |
| 3.65%, 07/28/25 | | RON | 22,310 | | | | 4,789,330 | |
| 3.65%, 09/24/31 | | RON | 24,715 | | | | 4,523,776 | |
| 4.15%, 01/26/28 | | RON | 24,810 | | | | 5,107,514 | |
| 4.15%, 10/24/30 | | RON | 23,745 | | | | 4,560,917 | |
| 4.25%, 04/28/36 | | RON | 19,710 | | | | 3,448,706 | |
| 4.75%, 10/11/34 | | RON | 25,040 | | | | 4,678,149 | |
| 4.85%, 04/22/26 | | RON | 25,030 | | | | 5,366,016 | |
| 4.85%, 07/25/29 | | RON | 28,115 | | | | 5,720,688 | |
| 5.00%, 02/12/29 | | RON | 25,935 | | | | 5,375,640 | |
| 5.80%, 07/26/27 | | RON | 25,730 | | | | 5,579,178 | |
| 6.30%, 04/25/29 | | RON | 15,880 | | | | 3,436,600 | |
| 6.70%, 02/25/32 | | RON | 28,955 | | | | 6,263,295 | |
| 7.10%, 07/31/34 † | | RON | 16,220 | | | | 3,607,983 | |
| 7.20%, 10/28/26 | | RON | 27,395 | | | | 6,088,335 | |
| 7.20%, 05/31/27 | | RON | 25,000 | | | | 5,565,233 | |
| 7.20%, 10/30/33 | | RON | 29,350 | | | | 6,566,050 | |
| 7.35%, 04/28/31 | | RON | 28,795 | | | | 6,479,346 | |
| 7.90%, 02/24/38 | | RON | 27,075 | | | | 6,459,235 | |
| 8.00%, 04/29/30 | | RON | 28,030 | | | | 6,476,413 | |
| 8.25%, 09/29/32 | | RON | 27,450 | | | | 6,461,872 | |
| 8.75%, 10/30/28 | | RON | 27,285 | | | | 6,401,517 | |
| | | | | | | | 126,988,249 | |
| Serbia: 1.3% | | | | | | | | |
| Serbia Treasury Bonds | | | | | | | | |
| 4.50%, 01/11/26 | | RSD | 885,150 | | | | 8,234,526 | |
| 4.50%, 08/20/32 | | RSD | 1,146,500 | | | | 10,381,400 | |
| 5.88%, 02/08/28 | | RSD | 915,500 | | | | 8,992,390 | |
| 7.00%, 10/26/31 | | RSD | 885,900 | | | | 9,285,044 | |
| | | | | | | | 36,893,360 | |
| South Africa: 6.1% | | | | | | | | |
| Republic of South Africa Government Bond | | | | | | | | |
| 6.25%, 03/31/36 | | ZAR | 129,013 | | | | 5,189,418 | |
| 6.50%, 02/28/41 | | ZAR | 115,080 | | | | 4,284,537 | |
| 7.00%, 02/28/31 | | ZAR | 267,328 | | | | 13,248,824 | |
| | | | Par
(000’s | ) | | Value | |
| South Africa (continued) | | | | | | | | |
| 8.00%, 01/31/30 | | ZAR | 439,460 | | | $ | 23,547,900 | |
| 8.25%, 03/31/32 | | ZAR | 399,935 | | | | 20,676,474 | |
| 8.50%, 01/31/37 | | ZAR | 386,091 | | | | 18,293,832 | |
| 8.75%, 01/31/44 | | ZAR | 335,707 | | | | 15,193,157 | |
| 8.75%, 02/28/48 | | ZAR | 523,857 | | | | 23,759,377 | |
| 8.88%, 02/28/35 | | ZAR | 420,890 | | | | 21,332,296 | |
| 9.00%, 01/31/40 | | ZAR | 332,288 | | | | 15,784,860 | |
| 10.50%, 12/21/26 | | ZAR | 120,864 | | | | 7,112,529 | |
| 11.62%, 03/31/53 | | ZAR | 75,681 | | | | 4,410,302 | |
| | | | | | | | 172,833,506 | |
| Thailand: 7.9% | | | | | | | | |
| Thailand Government Bond | | | | | | | | |
| 0.95%, 06/17/25 | | THB | 301,834 | | | | 8,881,044 | |
| 1.00%, 06/17/27 | | THB | 408,030 | | | | 11,751,556 | |
| 1.58%, 12/17/35 | | THB | 269,432 | | | | 7,300,803 | |
| 1.60%, 12/17/29 | | THB | 266,712 | | | | 7,665,139 | |
| 1.60%, 06/17/35 | | THB | 122,609 | | | | 3,338,027 | |
| 2.00%, 12/17/31 | | THB | 414,097 | | | | 12,038,385 | |
| 2.00%, 06/17/42 | | THB | 191,546 | | | | 5,055,274 | |
| 2.12%, 12/17/26 | | THB | 310,166 | | | | 9,197,737 | |
| 2.25%, 03/17/27 | | THB | 312,745 | | | | 9,299,737 | |
| 2.35%, 06/17/26 | | THB | 291,897 | | | | 8,685,302 | |
| 2.40%, 11/17/27 | | THB | 271,305 | | | | 8,104,878 | |
| 2.40%, 03/17/29 | | THB | 286,002 | | | | 8,552,589 | |
| 2.50%, 11/17/29 | | THB | 127,710 | | | | 3,835,327 | |
| 2.65%, 06/17/28 | | THB | 347,632 | | | | 10,479,940 | |
| 2.80%, 06/17/34 | | THB | 263,375 | | | | 8,057,571 | |
| 2.88%, 12/17/28 | | THB | 256,797 | | | | 7,819,517 | |
| 2.88%, 06/17/46 | | THB | 228,964 | | | | 6,606,303 | |
| 3.30%, 06/17/38 | | THB | 332,310 | | | | 10,586,452 | |
| 3.35%, 06/17/33 | | THB | 327,211 | | | | 10,405,338 | |
| 3.39%, 06/17/37 | | THB | 341,983 | | | | 10,995,537 | |
| 3.40%, 06/17/36 | | THB | 251,378 | | | | 8,087,532 | |
| 3.45%, 06/17/43 | | THB | 371,800 | | | | 11,884,221 | |
| 3.65%, 06/20/31 | | THB | 250,866 | | | | 8,061,478 | |
| 3.77%, 06/25/32 | | THB | 311,051 | | | | 10,120,239 | |
| 3.85%, 12/12/25 | | THB | 236,414 | | | | 7,136,989 | |
| 4.88%, 06/22/29 | | THB | 303,801 | | | | 10,061,163 | |
| | | | | | | | 224,008,078 | |
| Turkey: 2.6% | | | | | | | | |
| Turkiye Government Bond | | | | | | | | |
| 10.50%, 08/11/27 | | TRY | 198,119 | | | | 3,467,259 | |
| 10.60%, 02/11/26 | | TRY | 75,018 | | | | 1,593,590 | |
| 11.00%, 02/24/27 | | TRY | 61,739 | | | | 1,196,421 | |
| 11.70%, 11/13/30 | | TRY | 111,519 | | | | 1,835,004 | |
| 12.40%, 03/08/28 | | TRY | 284,571 | | | | 5,200,001 | |
| 12.60%, 10/01/25 | | TRY | 148,314 | | | | 3,432,912 | |
| 16.90%, 09/02/26 | | TRY | 123,428 | | | | 2,686,636 | |
| 17.30%, 07/19/28 | | TRY | 348,165 | | | | 7,017,758 | |
| 17.80%, 07/13/33 | | TRY | 208,760 | | | | 4,042,451 | |
| 26.20%, 10/05/33 | | TRY | 854,895 | | | | 23,222,815 | |
| 31.08%, 11/08/28 | | TRY | 663,030 | | | | 18,773,584 | |
| | | | | | | | 72,468,431 | |
| Uruguay: 1.1% | | | | | | | | |
| Uruguay Government International Bond | | | | | | | | |
See Notes to Financial Statements
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| Uruguay (continued) | | | | | | | | |
| 8.25%, 05/21/31 | | UYU | 568,365 | | | $ | 12,996,297 | |
| 9.75%, 07/20/33 | | UYU | 538,235 | | | | 13,282,052 | |
Uruguay Government International Bond 144A 8.50%, 03/15/28 | | UYU | 39,375 | | | | 934,117 | |
Uruguay Government International Bond Reg S 8.50%, 03/15/28 | | UYU | 215,301 | | | | 5,107,715 | |
| | | | | | | | 32,320,181 | |
Total Government Obligations
(Cost: $2,710,200,745) | | | | | | | 2,561,957,074 | |
Total Investments Before Collateral for Securities Loaned: 97.0%
(Cost: $2,907,226,962) | | | | | | | 2,737,089,217 | |
| | | Number
of Shares | | | Value | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.8% | | | |
Money Market Fund: 0.8%
(Cost: $22,895,846) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 22,895,846 | | | $ | 22,895,846 | |
Total Investments: 97.8%
(Cost: $2,930,122,808) | | | | | | | 2,759,985,063 | |
| Other assets less liabilities: 2.2% | | | | | | | 61,788,091 | |
| NET ASSETS: 100.0% | | | | | | $ | 2,821,773,154 | |
Definitions:
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RSD | Serbian Dinar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
Footnotes:
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $22,217,355. |
| | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $102,191,958, or 3.6% of net assets. |
See Notes to Financial Statements
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 | |
| Corporate Bonds * | | $ | — | | | $ | 175,132,143 | | | $ | — | | | $ | 175,132,143 | |
| Government Obligations * | | | — | | | | 2,561,957,074 | | | | — | | | | 2,561,957,074 | |
| Money Market Fund | | | 22,895,846 | | | | — | | | | — | | | | 22,895,846 | |
| Total Investments | | $ | 22,895,846 | | | $ | 2,737,089,217 | | | $ | — | | | $ | 2,759,985,063 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 98.1% | | | | | | | | |
| Canada: 5.4% | | | | | | | | |
| Alimentation Couche-Tard, Inc. 144A | | | | | | | | |
| 3.80%, 01/25/50 | | $ | 50 | | | $ | 37,268 | |
| 5.27%, 02/12/34 | | | 25 | | | | 24,675 | |
| Bank of Montreal | | | | | | | | |
7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 | | | 25 | | | | 26,074 | |
7.70% (US Treasury Yield Curve Rate T 5 Year+3.45%), 05/26/84 | | | 25 | | | | 26,209 | |
| Bank of Nova Scotia | | | | | | | | |
| 4.50%, 12/16/25 | | | 50 | | | | 49,726 | |
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 | | | 25 | | | | 23,232 | |
Canadian Natural Resources Ltd. 3.85%, 06/01/27 | | | 25 | | | | 24,456 | |
Canadian Pacific Railway Co. 1.75%, 12/02/26 | | | 25 | | | | 23,600 | |
CI Financial Corp. 3.20%, 12/17/30 | | | 25 | | | | 21,189 | |
Element Fleet Management Corp. 144A 6.32%, 12/04/28 | | | 25 | | | | 26,154 | |
| Enbridge, Inc. | | | | | | | | |
| 2.50%, 08/01/33 | | | 25 | | | | 20,376 | |
| 3.12%, 11/15/29 | | | 75 | | | | 69,240 | |
| 4.25%, 12/01/26 | | | 25 | | | | 24,795 | |
| 5.62%, 04/05/34 | | | 25 | | | | 25,437 | |
Fortis, Inc. 3.06%, 10/04/26 | | | 25 | | | | 24,230 | |
Open Text Corp. 144A 6.90%, 12/01/27 | | | 25 | | | | 26,012 | |
Toronto-Dominion Bank 7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 | | | 25 | | | | 25,649 | |
| | | | | | | | 498,322 | |
| Chile: 0.4% | | | | | | | | |
Interchile SA 144A 4.50%, 06/30/56 | | | 50 | | | | 41,205 | |
| France: 6.8% | | | | | | | | |
| BNP Paribas SA 144A | | | | | | | | |
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | | | 75 | | | | 63,740 | |
| 4.38%, 05/12/26 | | | 25 | | | | 24,685 | |
Credit Agricole SA 144A 6.25% (SOFR+2.67%), 01/10/35 | | | 50 | | | | 51,790 | |
Danone SA 144A 2.95%, 11/02/26 | | | 50 | | | | 48,392 | |
| Societe Generale SA 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| France (continued) | | | | | | | | |
1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26 | | $ | 100 | | | $ | 95,755 | |
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | | | 50 | | | | 47,333 | |
| 3.00%, 01/22/30 | | | 100 | | | | 89,261 | |
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 | | | 50 | | | | 42,988 | |
| 3.62%, 03/01/41 | | | 75 | | | | 51,698 | |
4.03% (US Treasury Yield Curve Rate T 1 Year+1.90%), 01/21/43 | | | 25 | | | | 17,741 | |
| 4.75%, 11/24/25 | | | 50 | | | | 49,644 | |
| 4.75%, 09/14/28 | | | 50 | | | | 49,336 | |
6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 † | | | 25 | | | | 25,307 | |
| | | | | | | | 657,670 | |
| Germany: 0.7% | | | | | | | | |
Deutsche Bank AG 3.73% (SOFR+2.76%), 01/14/32 | | | 75 | | | | 66,151 | |
| Ireland: 0.3% | | | | | | | | |
Icon Investments Six DAC 5.81%, 05/08/27 | | | 25 | | | | 25,504 | |
| Italy: 2.5% | | | | | | | | |
| Intesa Sanpaolo SpA 144A | | | | | | | | |
| 6.62%, 06/20/33 | | | 25 | | | | 26,546 | |
| 7.00%, 11/21/25 | | | 50 | | | | 51,003 | |
| 7.20%, 11/28/33 | | | 50 | | | | 55,199 | |
7.78% (US Treasury Yield Curve Rate T 1 Year+3.90%), 06/20/54 | | | 25 | | | | 27,549 | |
| 7.80%, 11/28/53 | | | 25 | | | | 28,795 | |
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 | | | 50 | | | | 43,789 | |
| | | | | | | | 232,881 | |
| Mexico: 0.6% | | | | | | | | |
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51 | | | 50 | | | | 37,271 | |
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 | | | 25 | | | | 23,992 | |
| | | | | | | | 61,263 | |
| Netherlands: 1.8% | | | | | | | | |
Deutsche Telekom International Finance BV 8.75%, 06/15/30 | | | 75 | | | | 88,333 | |
Deutsche Telekom International Finance BV 144A 4.38%, 06/21/28 | | | 50 | | | | 49,327 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Netherlands (continued) | | | | | | | | |
Enel Finance International NV 144A 1.62%, 07/12/26 | | $ | 25 | | | $ | 23,713 | |
Prosus NV 144A 3.26%, 01/19/27 | | | 25 | | | | 23,870 | |
| | | | | | | | 185,243 | |
| Norway: 0.3% | | | | | | | | |
Var Energi ASA 144A 8.00%, 11/15/32 | | | 25 | | | | 28,457 | |
| United Arab Emirates: 0.6% | | | | | | | | |
ICICI Bank Ltd. 144A 4.00%, 03/18/26 | | | 25 | | | | 24,708 | |
Ruwais Power Co. PJSC 144A 6.00%, 08/31/36 | | | 25 | | | | 25,811 | |
| | | | | | | | 50,519 | |
| United Kingdom: 0.3% | | | | | | | | |
HSBC Holdings Plc 6.50%, 09/15/37 | | | 25 | | | | 26,433 | |
| United States: 78.4% | | | | | | | | |
| Altria Group, Inc. | | | | | | | | |
| 2.45%, 02/04/32 | | | 75 | | | | 62,432 | |
| 3.40%, 02/04/41 | | | 25 | | | | 18,631 | |
| 3.88%, 09/16/46 | | | 75 | | | | 56,027 | |
| 4.25%, 08/09/42 | | | 50 | | | | 41,045 | |
| 4.80%, 02/14/29 | | | 75 | | | | 74,540 | |
| 5.80%, 02/14/39 | | | 50 | | | | 50,776 | |
| 5.95%, 02/14/49 † | | | 25 | | | | 25,198 | |
| Ares Capital Corp. | | | | | | | | |
2.15%, 07/15/26 | | | 25 | | | | 23,723 | |
| 3.88% (Term SOFR USD 3 Month+1.85%), 01/15/26 | | | 50 | | | | 49,174 | |
AT&T, Inc. 3.85%, 06/01/60 | | | 75 | | | | 53,974 | |
Athene Holding Ltd. 6.25%, 04/01/54 | | | 25 | | | | 25,702 | |
Becton Dickinson & Co. 3.70%, 06/06/27 | | | 50 | | | | 48,873 | |
Berry Global, Inc. 1.57%, 01/15/26 | | | 50 | | | | 48,009 | |
| Berry Global, Inc. 144A | | | | | | | | |
5.65%, 01/15/34 | | | 25 | | | | 24,978 | |
| 5.80%, 06/15/31 | | | 25 | | | | 25,376 | |
Blue Owl Capital Corp. 3.40%, 07/15/26 | | | 25 | | | | 24,097 | |
Boston Scientific Corp. 2.65%, 06/01/30 | | | 25 | | | | 22,418 | |
Broadcom, Inc. 144A 1.95%, 02/15/28 | | | 25 | | | | 22,905 | |
Campbell Soup Co. 5.40%, 03/21/34 | | | 50 | | | | 50,593 | |
Capital One Financial Corp. | | | | | | | | |
6.05% (SOFR+2.26%), 02/01/35 | | | 75 | | | | 77,252 | |
| 6.38% (SOFR+2.86%), 06/08/34 | | | 75 | | | | 78,780 | |
Carnival Corp. 144A 4.00%, 08/01/28 | | | 50 | | | | 47,702 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31 | | $ | 25 | | | $ | 22,417 | |
| Centene Corp. | | | | | | | | |
| 2.45%, 07/15/28 | | | 25 | | | | 22,522 | |
| 2.50%, 03/01/31 | | | 75 | | | | 62,771 | |
| 2.62%, 08/01/31 | | | 75 | | | | 62,456 | |
| 3.38%, 02/15/30 | | | 75 | | | | 67,290 | |
| 4.62%, 12/15/29 | | | 75 | | | | 71,726 | |
CF Industries, Inc. 144A 4.50%, 12/01/26 | | | 25 | | | | 24,829 | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | |
| 2.25%, 01/15/29 | | | 25 | | | | 21,967 | |
| 2.30%, 02/01/32 † | | | 50 | | | | 39,507 | |
| 2.80%, 04/01/31 | | | 25 | | | | 21,039 | |
| 3.85%, 04/01/61 | | | 50 | | | | 30,053 | |
| 5.05%, 03/30/29 | | | 75 | | | | 73,637 | |
| 5.12%, 07/01/49 | | | 20 | | | | 15,747 | |
| 5.38%, 04/01/38 | | | 100 | | | | 89,130 | |
| 5.38%, 05/01/47 | | | 75 | | | | 61,360 | |
| 6.48%, 10/23/45 | | | 150 | | | | 141,849 | |
Cheniere Corpus Christi Holdings LLC | | | | | | | | |
3.70%, 11/15/29 | | | 25 | | | | 23,555 | |
| 5.12%, 06/30/27 | | | 25 | | | | 25,165 | |
Cigna Group 3.40%, 03/15/50 | | | 75 | | | | 51,809 | |
Citigroup, Inc. 5.83% (SOFR+2.06%), 02/13/35 | | | 50 | | | | 50,454 | |
| Conagra Brands, Inc. | | | | | | | | |
| 4.85%, 11/01/28 | | | 50 | | | | 49,884 | |
| 5.30%, 11/01/38 | | | 50 | | | | 48,241 | |
Constellation Brands, Inc. 2.25%, 08b/01/31 | | | 50 | | | | 42,136 | |
Dell International LLC / EMC Corp. 8.10%, 07/15/36 | | | 25 | | | | 30,232 | |
Deutsche Bank AG 2.13% (SOFR+1.87%), 11/24/26 | | | 50 | | | | 48,448 | |
| Equinix, Inc. | | | | | | | | |
| 2.15%, 07/15/30 | | | 50 | | | | 43,177 | |
| 2.50%, 05/15/31 | | | 25 | | | | 21,584 | |
| 3.20%, 11/18/29 | | | 25 | | | | 23,106 | |
| 3.90%, 04/15/32 | | | 25 | | | | 23,325 | |
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52 | | | 50 | | | | 31,742 | |
| Fiserv, Inc. | | | | | | | | |
| 2.65%, 06/01/30 | | | 75 | | | | 66,700 | |
| 3.20%, 07/01/26 | | | 100 | | | | 97,668 | |
| 5.45%, 03/15/34 | | | 25 | | | | 25,386 | |
| 5.60%, 03/02/33 | | | 50 | | | | 51,420 | |
| 5.62%, 08/21/33 | | | 25 | | | | 25,751 | |
See Notes to Financial Statements
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| General Mills, Inc. | | | | | | | | |
| 2.88%, 04/15/30 | | $ | 50 | | | $ | 45,289 | |
| 3.20%, 02/10/27 | | | 25 | | | | 24,231 | |
| 4.95%, 03/29/33 | | | 25 | | | | 24,832 | |
| GLP Capital LP / GLP Financing II, Inc. | | | | | | | | |
5.30%, 01/15/29 | | | 25 | | | | 24,956 | |
| 5.62%, 09/15/34 | | | 50 | | | | 49,421 | |
| HCA, Inc. | | | | | | | | |
| 4.12%, 06/15/29 | | | 50 | | | | 48,173 | |
| 5.12%, 06/15/39 | | | 75 | | | | 70,874 | |
| 5.25%, 06/15/26 | | | 50 | | | | 50,198 | |
| 5.25%, 06/15/49 | | | 75 | | | | 68,013 | |
| 5.50%, 06/15/47 | | | 25 | | | | 23,692 | |
International Flavors & Fragrances, Inc. 5.00%, 09/26/48 | | | 50 | | | | 44,494 | |
| International Flavors & Fragrances, Inc. 144A | | | | | | | | |
| 1.83%, 10/15/27 | | | 75 | | | | 68,721 | |
| 2.30%, 11/01/30 | | | 25 | | | | 21,422 | |
IQVIA, Inc. 6.25%, 02/01/29 | | | 25 | | | | 26,057 | |
ITC Holdings Corp. 144A 4.95%, 09/22/27 | | | 25 | | | | 25,069 | |
J M Smucker Co. 6.20%, 11/15/33 † | | | 25 | | | | 26,709 | |
| Keurig Dr Pepper, Inc. | | | | | | | | |
| 3.80%, 05/01/50 | | | 25 | | | | 19,202 | |
| 5.10%, 03/15/27 | | | 50 | | | | 50,569 | |
| Keurig Dr. Pepper, Inc. | | | | | | | | |
| 3.95%, 04/15/29 | | | 25 | | | | 24,189 | |
| 4.05%, 04/15/32 † | | | 50 | | | | 47,491 | |
| Kraft Heinz Foods Co. | | | | | | | | |
| 3.00%, 06/01/26 | | | 75 | | | | 73,047 | |
| 5.00%, 06/04/42 | | | 50 | | | | 46,566 | |
| 5.20%, 07/15/45 | | | 50 | | | | 46,911 | |
| 6.88%, 01/26/39 | | | 25 | | | | 28,208 | |
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | | | 75 | | | | 85,487 | |
| Kroger Co. | | | | | | | | |
4.45%, 02/01/47 | | | 50 | | | | 42,101 | |
| 4.90%, 09/15/31 | | | 100 | | | | 99,809 | |
LPL Holdings, Inc. 144A 4.00%, 03/15/29 | | | 25 | | | | 23,522 | |
McCormick & Co., Inc. 3.40%, 08/15/27 | | | 25 | | | | 24,223 | |
| McDonald’s Corp. | | | | | | | | |
| 2.12%, 03/01/30 | | | 150 | | | | 131,655 | |
| 3.50%, 07/01/27 | | | 50 | | | | 48,688 | |
| 3.62%, 09/01/49 | | | 50 | | | | 37,338 | |
| 3.70%, 01/30/26 | | | 25 | | | | 24,741 | |
| 4.88%, 12/09/45 | | | 125 | | | | 115,287 | |
MetLife, Inc. 144A 9.25%, 04/08/38 | | | 25 | | | | 29,666 | |
| Mondelez International, Inc. | | | | | | | | |
2.62%, 09/04/50 † | | | 100 | | | | 61,209 | |
| 3.00%, 03/17/32 | | | 25 | | | | 22,141 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
NextEra Energy Capital Holdings, Inc. 2.25%, 06/01/30 | | $ | 25 | | | $ | 21,782 | |
| Oracle Corp. | | | | | | | | |
| 3.60%, 04/01/40 | | | 75 | | | | 59,769 | |
| 3.80%, 11/15/37 | | | 50 | | | | 42,463 | |
| 3.85%, 07/15/36 | | | 50 | | | | 43,373 | |
| 3.85%, 04/01/60 | | | 75 | | | | 53,237 | |
| 3.95%, 03/25/51 | | | 50 | | | | 38,148 | |
| 4.00%, 07/15/46 | | | 50 | | | | 39,390 | |
| 4.10%, 03/25/61 | | | 50 | | | | 37,303 | |
| 4.38%, 05/15/55 | | | 50 | | | | 40,399 | |
| 5.38%, 07/15/40 | | | 125 | | | | 122,427 | |
| 6.12%, 07/08/39 | | | 25 | | | | 26,454 | |
O’Reilly Automotive, Inc. 3.60%, 09/01/27 | | | 25 | | | | 24,324 | |
| Pacific Gas and Electric Co. | | | | | | | | |
| 2.10%, 08/01/27 | | | 75 | | | | 69,786 | |
| 2.50%, 02/01/31 | | | 75 | | | | 64,378 | |
| 3.25%, 06/01/31 | | | 50 | | | | 44,650 | |
| 3.50%, 08/01/50 | | | 50 | | | | 34,937 | |
| 3.75%, 07/01/28 | | | 50 | | | | 48,044 | |
| 4.50%, 07/01/40 | | | 50 | | | | 43,386 | |
| 4.95%, 07/01/50 | | | 75 | | | | 65,841 | |
| 6.75%, 01/15/53 | | | 25 | | | | 27,373 | |
| 6.95%, 03/15/34 | | | 75 | | | | 83,213 | |
Pernod Ricard International Finance LLC 144A 1.62%, 04/01/31 | | | 25 | | | | 20,338 | |
| Republic Services, Inc. | | | | | | | | |
1.75%, 02/15/32 | | | 25 | | | | 20,253 | |
| 3.95%, 05/15/28 | | | 50 | | | | 48,924 | |
Reynolds American, Inc. 5.85%, 08/15/45 | | | 100 | | | | 96,569 | |
Roper Technologies, Inc. 4.20%, 09/15/28 | | | 25 | | | | 24,573 | |
| Sabine Pass Liquefaction LLC | | | | | | | | |
4.50%, 05/15/30 | | | 75 | | | | 72,977 | |
| 5.88%, 06/30/26 | | | 100 | | | | 101,118 | |
Santander Holdings USA, Inc. 6.34% (SOFR+2.14%), 05/31/35 | | | 25 | | | | 25,546 | |
Sherwin-Williams Co. 3.45%, 06/01/27 | | | 50 | | | | 48,583 | |
South Bow USA Infrastructure Holdings LLC 144A 5.58%, 10/01/34 | | | 25 | | | | 24,714 | |
Sprint Capital Corp. 6.88%, 11/15/28 | | | 75 | | | | 80,503 | |
Sprint LLC 7.62%, 03/01/26 | | | 75 | | | | 76,961 | |
Time Warner Cable Enterprises LLC 8.38%, 07/15/33 | | | 25 | | | | 28,077 | |
| Time Warner Cable LLC | | | | | | | | |
4.50%, 09/15/42 | | | 25 | | | | 18,696 | |
| 5.50%, 09/01/41 | | | 75 | | | | 63,211 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 7.30%, 07/01/38 | | $ | 100 | | | $ | 101,952 | |
| T-Mobile USA, Inc. | | | | | | | | |
| 2.05%, 02/15/28 | | | 50 | | | | 45,955 | |
| 2.55%, 02/15/31 | | | 50 | | | | 43,495 | |
| 3.38%, 04/15/29 | | | 75 | | | | 70,479 | |
| 3.40%, 10/15/52 | | | 25 | | | | 17,389 | |
| 3.75%, 04/15/27 | | | 150 | | | | 146,884 | |
| 3.88%, 04/15/30 | | | 60 | | | | 57,002 | |
| 4.38%, 04/15/40 | | | 75 | | | | 66,393 | |
| 4.85%, 01/15/29 | | | 50 | | | | 50,086 | |
| Tyson Foods, Inc. | | | | | | | | |
| 4.00%, 03/01/26 | | | 25 | | | | 24,732 | |
| 4.55%, 06/02/47 | | | 100 | | | | 83,924 | |
| 5.10%, 09/28/48 | | | 25 | | | | 22,856 | |
United Rentals North America, Inc. 144A 6.00%, 12/15/29 | | | 25 | | | | 25,424 | |
Verizon Communications, Inc. | | | | | | | | |
| 0.85%, 11/20/25 † | | | 25 | | | | 24,054 | |
| 1.45%, 03/20/26 | | | 50 | | | | 47,923 | |
| 2.10%, 03/22/28 | | | 50 | | | | 45,938 | |
| 2.35%, 03/15/32 | | | 100 | | | | 83,402 | |
| 2.55%, 03/21/31 | | | 75 | | | | 65,129 | |
| 3.00%, 11/20/60 † | | | 75 | | | | 45,529 | |
| 3.88%, 02/08/29 | | | 25 | | | | 24,198 | |
| 4.33%, 09/21/28 | | | 125 | | | | 123,460 | |
| VICI Properties LP | | | | | | | | |
| 4.75%, 02/15/28 | | | 25 | | | | 24,803 | |
| 5.12%, 05/15/32 | | | 25 | | | | 24,504 | |
VICI Properties LP / VICI Note Co., Inc. 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 3.75%, 02/15/27 | | $ | 50 | | | $ | 48,375 | |
| 4.25%, 12/01/26 | | | 25 | | | | 24,544 | |
| 4.62%, 12/01/29 | | | 50 | | | | 48,072 | |
Vistra Operations Co. LLC 144A 6.95%, 10/15/33 | | | 50 | | | | 54,604 | |
| Westinghouse Air Brake Technologies Corp. | | | | | | | | |
3.45%, 11/15/26 | | | 25 | | | | 24,393 | |
| 4.70%, 09/15/28 | | | 25 | | | | 24,896 | |
Weyerhaeuser Co. 4.75%, 05/15/26 | | | 50 | | | | 50,000 | |
XPO, Inc. 144A 6.25%, 06/01/28 | | | 25 | | | | 25,425 | |
| | | | | | | | 7,632,029 | |
Total Corporate Bonds (Cost: $9,632,918) | | | | | | | 9,505,677 | |
| | | | | | | |
| | | Number
of Shares | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% | | | | | |
Money Market Fund: 0.4%
(Cost: $36,928) | | | | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio | | | 36,928 | | | | 36,928 | |
Total Investments: 98.5%
(Cost: $9,669,846) | | | | | | | 9,542,605 | |
| Other assets less liabilities: 1.5% | | | | | | | 142,664 | |
| NET ASSETS: 100.0% | | | | | | $ | 9,685,269 | |
Definitions:
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $263,176. |
| | |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $1,954,187, or 20.2% of net assets. |
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 | |
| Corporate Bonds * | | $ | — | | | $ | 9,505,677 | | | $ | — | | | $ | 9,505,677 | |
| Money Market Fund | | | 36,928 | | | | — | | | | — | | | | 36,928 | |
| Total Investments | | $ | 36,928 | | | $ | 9,505,677 | | | $ | — | | | $ | 9,542,605 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Par
(000’s | ) | | Value | |
| CORPORATE BONDS: 98.3% | | | | | | | | |
| Canada: 5.8% | | | | | | | | |
| Alimentation Couche-Tard, Inc. 144A | | | | | | | | |
| 3.55%, 07/26/27 | | $ | 75 | | | $ | 72,561 | |
| 3.80%, 01/25/50 | | | 25 | | | | 18,634 | |
| Bank of Montreal | | | | | | | | |
7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 | | | 25 | | | | 26,074 | |
7.70% (US Treasury Yield Curve Rate T 5 Year+3.45%), 05/26/84 | | | 25 | | | | 26,209 | |
| Bank of Nova Scotia | | | | | | | | |
| 1.30%, 09/15/26 | | | 50 | | | | 47,067 | |
2.45% (Term SOFR USD 3 Month+1.85%), 02/02/32 | | | 100 | | | | 84,740 | |
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 | | | 25 | | | | 23,232 | |
8.00% (US Treasury Yield Curve Rate T 5 Year+4.02%), 01/27/84 | | | 25 | | | | 26,475 | |
| Brookfield Finance, Inc. | | | | | | | | |
| 3.50%, 03/30/51 | | | 25 | | | | 17,783 | |
| 4.70%, 09/20/47 | | | 25 | | | | 22,203 | |
Canadian Imperial Bank of Commerce 5.24%, 06/28/27 | | | 50 | | | | 50,734 | |
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | | | 25 | | | | 26,010 | |
Canadian Pacific Railway Co. 1.75%, 12/02/26 | | | 25 | | | | 23,600 | |
CI Financial Corp. 3.20%, 12/17/30 | | | 25 | | | | 21,189 | |
Element Fleet Management Corp. 144A 6.27%, 06/26/26 | | | 25 | | | | 25,502 | |
| Enbridge, Inc. | | | | | | | | |
| 2.50%, 08/01/33 | | | 50 | | | | 40,752 | |
| 3.12%, 11/15/29 | | | 100 | | | | 92,321 | |
| 4.25%, 12/01/26 | | | 25 | | | | 24,795 | |
| 5.70%, 03/08/33 † | | | 25 | | | | 25,646 | |
Fortis, Inc. 3.06%, 10/04/26 | | | 50 | | | | 48,459 | |
Royal Bank of Canada 5.15%, 02/01/34 | | | 50 | | | | 50,328 | |
| Toronto-Dominion Bank | | | | | | | | |
| 1.20%, 06/03/26 | | | 100 | | | | 94,692 | |
| 2.80%, 03/10/27 | | | 25 | | | | 23,981 | |
| 4.11%, 06/08/27 | | | 50 | | | | 49,344 | |
| | | | | | | | 962,331 | |
| Denmark: 0.4% | | | | | | | | |
Danske Bank A/S 144A 1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27 | | | 25 | | | | 23,570 | |
| | | Par
(000’s | ) | | Value | |
| Denmark (continued) | | | | | | | | |
5.43% (US Treasury Yield Curve Rate T 1 Year+0.95%), 03/01/28 | | $ | 50 | | | $ | 50,637 | |
| | | | | | | | 74,207 | |
| France: 6.8% | | | | | | | | |
| BNP Paribas SA 144A | | | | | | | | |
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | | | 50 | | | | 42,493 | |
| 4.38%, 05/12/26 | | | 50 | | | | 49,369 | |
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 | | | 225 | | | | 226,135 | |
5.18% (SOFR+1.52%), 01/09/30 | | | 50 | | | | 50,274 | |
5.33% (US Treasury Yield Curve Rate T 1 Year+1.50%), 06/12/29 | | | 25 | | | | 25,324 | |
| Credit Agricole SA 144A | | | | | | | | |
| 5.37%, 03/11/34 † | | | 25 | | | | 25,398 | |
| 5.51%, 07/05/33 | | | 50 | | | | 51,517 | |
| 5.59%, 07/05/26 | | | 50 | | | | 50,744 | |
Danone SA 144A 2.95%, 11/02/26 | | | 75 | | | | 72,589 | |
| Societe Generale SA 144A | | | | | | | | |
1.49% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/14/26 | | | 150 | | | | 143,631 | |
1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | | | 100 | | | | 94,666 | |
| 3.00%, 01/22/30 | | | 100 | | | | 89,261 | |
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 | | | 50 | | | | 42,988 | |
| 4.68%, 06/15/27 | | | 50 | | | | 49,962 | |
6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 | | | 25 | | | | 25,307 | |
6.45% (US Treasury Yield Curve Rate T 1 Year+2.30%), 01/12/27 | | | 25 | | | | 25,313 | |
| | | | | | | | 1,064,971 | |
| Germany: 0.3% | | | | | | | | |
Deutsche Bank AG 3.73% (SOFR+2.76%), 01/14/32 | | | 50 | | | | 44,100 | |
| India: 0.3% | | | | | | | | |
Adani Ports & Special Economic Zone Ltd. 144A 4.20% (Term SOFR USD 3 Month+1.85%), 08/04/27 | | | 50 | | | | 47,864 | |
| Ireland: 0.2% | | | | | | | | |
Icon Investments Six DAC 5.81%, 05/08/27 | | | 25 | | | | 25,504 | |
| Italy: 1.7% | | | | | | | | |
| Intesa Sanpaolo SpA 144A | | | | | | | | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| Italy (continued) | | | | | | | | |
| 6.62%, 06/20/33 | | $ | 100 | | | $ | 106,185 | |
| 7.20%, 11/28/33 | | | 50 | | | | 55,199 | |
7.78% (US Treasury Yield Curve Rate T 1 Year+3.90%), 06/20/54 | | | 25 | | | | 27,549 | |
| 7.80%, 11/28/53 | | | 50 | | | | 57,589 | |
UniCredit SpA 144A 1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27 | | | 50 | | | | 47,658 | |
| | | | | | | | 294,180 | |
| Mexico: 0.2% | | | | | | | | |
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51 | | | 25 | | | | 18,636 | |
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32 | | | 25 | | | | 23,992 | |
| | | | | | | | 42,628 | |
| Netherlands: 0.5% | | | | | | | | |
Deutsche Telekom International Finance BV 144A 3.60%, 01/19/27 | | | 75 | | | | 73,268 | |
Prosus NV 144A 3.26%, 01/19/27 | | | 25 | | | | 23,870 | |
| | | | | | | | 97,138 | |
| Norway: 0.3% | | | | | | | | |
Var Energi ASA 144A 8.00%, 11/15/32 | | | 50 | | | | 56,914 | |
| Saudi Arabia: 3.0% | | | | | | | | |
| Saudi Arabian Oil Co. 144A | | | | | | | | |
| 1.62%, 11/24/25 | | | 25 | | | | 24,163 | |
| 2.25%, 11/24/30 | | | 75 | | | | 64,300 | |
| 3.25%, 11/24/50 | | | 50 | | | | 33,648 | |
| 3.50%, 04/16/29 | | | 100 | | | | 94,591 | |
| 3.50%, 11/24/70 | | | 50 | | | | 31,590 | |
| 4.25%, 04/16/39 | | | 150 | | | | 132,232 | |
| 4.38%, 04/16/49 | | | 100 | | | | 82,673 | |
| 5.25%, 07/17/34 | | | 25 | | | | 25,048 | |
| | | | | | | | 488,245 | |
| Spain: 1.8% | | | | | | | | |
Banco Bilbao Vizcaya Argentaria SA 5.38%, 03/13/29 | | | 25 | | | | 25,404 | |
| Banco Santander SA | | | | | | | | |
5.37% (US Treasury Yield Curve Rate T 1 Year+0.95%), 07/15/28 | | | 50 | | | | 50,450 | |
| 5.44%, 07/15/31 | | | 75 | | | | 76,279 | |
| 5.59%, 08/08/28 | | | 125 | | | | 127,875 | |
| | | | | | | | 280,008 | |
| Sweden: 0.9% | | | | | | | | |
Skandinaviska Enskilda Banken AB 144A 1.40%, 11/19/25 | | | 50 | | | | 48,457 | |
| Svenska Handelsbanken AB 144A | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| Sweden (continued) | | | | | | | | |
| 3.95%, 06/10/27 | | $ | 50 | | | $ | 49,407 | |
| Swedbank AB 144A | | | | | | | | |
| 1.54%, 11/16/26 | | | 25 | | | | 23,571 | |
| 5.47%, 06/15/26 | | | 25 | | | | 25,370 | |
| | | | | | | | 146,805 | |
| Switzerland: 2.7% | | | | | | | | |
| UBS Group AG 144A | | | | | | | | |
1.36% (US Treasury Yield Curve Rate T 1 Year+1.08%), 01/30/27 | | | 125 | | | | 119,464 | |
2.10% (US Treasury Yield Curve Rate T 1 Year+1.00%), 02/11/32 | | | 100 | | | | 83,584 | |
2.75% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/33 | | | 75 | | | | 63,573 | |
3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 | | | 50 | | | | 37,284 | |
| 4.12%, 04/15/26 | | | 50 | | | | 49,480 | |
5.70% (US Treasury Yield Curve Rate T 1 Year+1.77%), 02/08/35 | | | 50 | | | | 51,227 | |
6.30% (US Treasury Yield Curve Rate T 1 Year+2.00%), 09/22/34 | | | 50 | | | | 53,414 | |
| | | | | | | | 458,026 | |
| Taiwan: 0.4% | | | | | | | | |
TSMC Global Ltd. 144A 1.25%, 04/23/26 | | | 75 | | | | 71,227 | |
| United Arab Emirates: 0.8% | | | | | | | | |
Abu Dhabi Crude Oil Pipeline LLC 144A 4.60%, 11/02/47 | | | 100 | | | | 90,179 | |
ICICI Bank Ltd. 144A 4.00%, 03/18/26 | | | 25 | | | | 24,708 | |
Ruwais Power Co. PJSC 144A 6.00%, 08/31/36 | | | 25 | | | | 25,811 | |
| | | | | | | | 140,698 | |
| United Kingdom: 1.2% | | | | | | | | |
| Barclays Plc | | | | | | | | |
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | | | 25 | | | | 21,851 | |
2.67% (US Treasury Yield Curve Rate T 1 Year+1.20%), 03/10/32 | | | 50 | | | | 43,012 | |
3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | | | 50 | | | | 37,237 | |
| 4.38%, 01/12/26 | | | 50 | | | | 49,704 | |
Credit Agricole SA 144A 5.30%, 07/12/28 | | | 50 | | | | 50,775 | |
| | | | | | | | 202,579 | |
| United States: 71.0% | | | | | | | | |
AIG SunAmerica Global Financing X 144A 6.90%, 03/15/32 | | | 50 | | | | 55,385 | |
See Notes to Financial Statements
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
Aircastle Ltd. 144A 2.85%, 01/26/28 | | $ | 25 | | | $ | 23,181 | |
| Altria Group, Inc. | | | | | | | | |
| 2.45%, 02/04/32 | | | 75 | | | | 62,432 | |
3.40% (Term SOFR USD 3 Month+1.85%), 05/06/30 | | | 25 | | | | 23,091 | |
| 3.40%, 02/04/41 | | | 25 | | | | 18,631 | |
| 4.25%, 08/09/42 | | | 150 | | | | 123,134 | |
| 4.80%, 02/14/29 | | | 100 | | | | 99,387 | |
| 5.38%, 01/31/44 | | | 25 | | | | 24,302 | |
| 5.80%, 02/14/39 | | | 25 | | | | 25,388 | |
| 5.95%, 02/14/49 † | | | 60 | | | | 60,476 | |
| Apple, Inc. | | | | | | | | |
2.05% (Term SOFR USD 3 Month+1.85%), 09/11/26 | | | 100 | | | | 95,997 | |
2.85% (Term SOFR USD 3 Month+1.85%), 08/05/61 | | | 75 | | | | 47,384 | |
3.20% (Term SOFR USD 3 Month+1.85%), 05/11/27 | | | 100 | | | | 97,444 | |
| 3.25%, 02/23/26 | | | 50 | | | | 49,317 | |
3.35% (Term SOFR USD 3 Month+1.85%), 02/09/27 | | | 50 | | | | 48,983 | |
4.10% (Term SOFR USD 3 Month+1.85%), 08/08/62 | | | 100 | | | | 82,871 | |
| 4.42%, 05/08/26 | | | 75 | | | | 74,944 | |
| Ares Capital Corp. | | | | | | | | |
| 2.15%, 07/15/26 | | | 25 | | | | 23,723 | |
2.88% (Term SOFR USD 3 Month+1.85%), 06/15/28 | | | 50 | | | | 45,652 | |
3.88% (Term SOFR USD 3 Month+1.85%), 01/15/26 | | | 25 | | | | 24,587 | |
AT&T, Inc. 3.80% (Term SOFR USD 3 Month+1.85%), 12/01/57 | | | 250 | | | | 179,675 | |
Becton Dickinson & Co. 3.70%, 06/06/27 | | | 50 | | | | 48,873 | |
| Berkshire Hathaway Energy Co. | | | | | | | | |
2.85% (Term SOFR USD 3 Month+1.85%), 05/15/51 † | | | 25 | | | | 16,030 | |
| 3.70%, 07/15/30 | | | 50 | | | | 47,502 | |
| 3.80%, 07/15/48 | | | 50 | | | | 38,328 | |
| 4.25%, 10/15/50 | | | 25 | | | | 20,494 | |
| 4.45%, 01/15/49 | | | 50 | | | | 42,575 | |
| 5.15%, 11/15/43 | | | 25 | | | | 24,369 | |
| 6.12%, 04/01/36 | | | 50 | | | | 53,401 | |
| Berkshire Hathaway Finance Corp. | | | | | | | | |
| 2.85%, 10/15/50 † | | | 75 | | | | 49,130 | |
| 3.85%, 03/15/52 | | | 50 | | | | 39,528 | |
| 4.20%, 08/15/48 | | | 200 | | | | 172,425 | |
Berkshire Hathaway, Inc. 3.12%, 03/15/26 | | | 50 | | | | 49,134 | |
Berry Global, Inc. 1.57%, 01/15/26 | | | 25 | | | | 24,005 | |
| Berry Global, Inc. 144A | | | | | | | | |
| 4.88%, 07/15/26 | | | 50 | | | | 49,695 | |
| 5.65%, 01/15/34 | | | 50 | | | | 49,956 | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 5.80%, 06/15/31 | | $ | 25 | | | $ | 25,376 | |
Blue Owl Capital Corp. 3.40%, 07/15/26 | | | 50 | | | | 48,193 | |
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.88%, 01/15/27 | | | 75 | | | | 73,781 | |
Broadcom, Inc. 3.15%, 11/15/25 | | | 50 | | | | 49,210 | |
| Cameron LNG LLC 144A | | | | | | | | |
| 2.90%, 07/15/31 | | | 50 | | | | 43,897 | |
| 3.70%, 01/15/39 | | | 50 | | | | 41,466 | |
| Campbell Soup Co. | | | | | | | | |
| 4.15%, 03/15/28 | | | 25 | | | | 24,560 | |
| 5.40%, 03/21/34 † | | | 25 | | | | 25,297 | |
| Capital One Financial Corp. | | | | | | | | |
6.05% (SOFR+2.26%), 02/01/35 | | | 25 | | | | 25,751 | |
6.38% (SOFR+2.86%), 06/08/34 | | | 50 | | | | 52,520 | |
Carnival Corp. 144A 4.00%, 08/01/28 | | | 50 | | | | 47,702 | |
| Centene Corp. | | | | | | | | |
| 2.45%, 07/15/28 | | | 25 | | | | 22,522 | |
| 3.00%, 10/15/30 | | | 150 | | | | 130,031 | |
| 3.38%, 02/15/30 | | | 50 | | | | 44,860 | |
| 4.62%, 12/15/29 | | | 100 | | | | 95,635 | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | |
| 2.80%, 04/01/31 | | | 25 | | | | 21,039 | |
| 3.85%, 04/01/61 | | | 75 | | | | 45,080 | |
| 5.05%, 03/30/29 | | | 100 | | | | 98,183 | |
| 5.38%, 04/01/38 | | | 75 | | | | 66,847 | |
| 5.38%, 05/01/47 | | | 25 | | | | 20,453 | |
| 5.50%, 04/01/63 | | | 25 | | | | 19,890 | |
| 6.38%, 10/23/35 | | | 50 | | | | 50,050 | |
| 6.48%, 10/23/45 | | | 125 | | | | 118,208 | |
| 6.65%, 02/01/34 | | | 75 | | | | 76,970 | |
Cheniere Corpus Christi Holdings LLC 5.12%, 06/30/27 | | | 50 | | | | 50,331 | |
| Coca-Cola Co. | | | | | | | | |
| 1.65%, 06/01/30 | | | 50 | | | | 42,956 | |
| 3.45%, 03/25/30 | | | 50 | | | | 47,536 | |
| 5.40%, 05/13/64 | | | 75 | | | | 75,709 | |
| Conagra Brands, Inc. | | | | | | | | |
| 1.38%, 11/01/27 | | | 50 | | | | 45,265 | |
| 5.30%, 11/01/38 | | | 50 | | | | 48,241 | |
| Constellation Brands, Inc. | | | | | | | | |
| 2.25%, 08/01/31 | | | 50 | | | | 42,136 | |
| 3.15%, 08/01/29 | | | 50 | | | | 46,418 | |
| Costco Wholesale Corp. | | | | | | | | |
| 1.38%, 06/20/27 | | | 50 | | | | 46,333 | |
| 1.60%, 04/20/30 | | | 25 | | | | 21,415 | |
Dell International LLC / EMC Corp. 8.10%, 07/15/36 | | | 25 | | | | 30,232 | |
See Notes to Financial Statements
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
Deutsche Bank AG 2.13% (SOFR+1.87%), 11/24/26 | | $ | 50 | | | $ | 48,448 | |
Deutsche Bank AG/New York NY | | | | | | | | |
| 5.41%, 05/10/29 | | | 50 | | | | 50,772 | |
7.08% (SOFR+3.65%), 02/10/34 | | | 25 | | | | 26,237 | |
| Duke Energy Carolinas LLC | | | | | | | | |
| 3.20%, 08/15/49 | | | 25 | | | | 17,347 | |
| 4.95%, 01/15/33 | | | 75 | | | | 74,749 | |
| 5.30%, 02/15/40 | | | 75 | | | | 75,078 | |
| 5.35%, 01/15/53 | | | 25 | | | | 24,605 | |
Entergy Louisiana LLC 4.20%, 09/01/48 | | | 50 | | | | 41,199 | |
Equinix, Inc. 3.20%, 11/18/29 | | | 50 | | | | 46,213 | |
| Fiserv, Inc. | | | | | | | | |
| 2.25%, 06/01/27 | | | 100 | | | | 94,222 | |
| 2.65%, 06/01/30 | | | 50 | | | | 44,467 | |
| 3.50%, 07/01/29 † | | | 50 | | | | 47,289 | |
| 5.45%, 03/15/34 | | | 75 | | | | 76,158 | |
| 5.62%, 08/21/33 | | | 50 | | | | 51,501 | |
| Florida Power & Light Co. | | | | | | | | |
| 3.15%, 10/01/49 | | | 25 | | | | 17,522 | |
| 3.95%, 03/01/48 | | | 50 | | | | 40,784 | |
| 5.05%, 04/01/28 | | | 100 | | | | 101,424 | |
| 5.30%, 06/15/34 | | | 50 | | | | 51,015 | |
Gartner, Inc. 144A 3.75%, 10/01/30 | | | 25 | | | | 23,014 | |
| General Mills, Inc. | | | | | | | | |
| 2.88%, 04/15/30 | | | 100 | | | | 90,579 | |
| 3.20%, 02/10/27 | | | 25 | | | | 24,231 | |
GLP Capital LP / GLP Financing II, Inc. 5.30%, 01/15/29 | | | 50 | | | | 49,912 | |
| HCA, Inc. | | | | | | | | |
| 2.38%, 07/15/31 | | | 100 | | | | 84,270 | |
| 4.12%, 06/15/29 | | | 25 | | | | 24,087 | |
| 5.12%, 06/15/39 | | | 75 | | | | 70,874 | |
| 5.25%, 06/15/26 | | | 25 | | | | 25,099 | |
| 5.25%, 06/15/49 | | | 25 | | | | 22,671 | |
| 5.50%, 06/15/47 | | | 125 | | | | 118,459 | |
| Home Depot, Inc. | | | | | | | | |
| 2.70%, 04/15/30 | | | 75 | | | | 67,999 | |
| 5.95%, 04/01/41 | | | 50 | | | | 53,760 | |
International Flavors & Fragrances, Inc. 144A | | | | | | | | |
| 1.83%, 10/15/27 | | | 75 | | | | 68,721 | |
| 3.27%, 11/15/40 | | | 50 | | | | 36,795 | |
| 3.47%, 12/01/50 | | | 25 | | | | 17,104 | |
IQVIA, Inc. 6.25%, 02/01/29 | | | 25 | | | | 26,057 | |
ITC Holdings Corp. 144A 4.95%, 09/22/27 | | | 25 | | | | 25,069 | |
Keurig Dr Pepper, Inc. 3.80%, 05/01/50 | | | 50 | | | | 38,405 | |
| Keurig Dr. Pepper, Inc. | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 3.95%, 04/15/29 † | | $ | 50 | | | $ | 48,378 | |
| 4.05%, 04/15/32 † | | | 50 | | | | 47,491 | |
| 4.60%, 05/25/28 | | | 25 | | | | 24,921 | |
| Kraft Heinz Foods Co. | | | | | | | | |
| 3.00%, 06/01/26 | | | 100 | | | | 97,395 | |
| 5.00%, 06/04/42 | | | 75 | | | | 69,848 | |
| 5.20%, 07/15/45 | | | 100 | | | | 93,822 | |
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | | | 25 | | | | 28,496 | |
Kroger Co. 4.90%, 09/15/31 † | | | 75 | | | | 74,857 | |
Kroger Co./The 5.65%, 09/15/64 | | | 100 | | | | 97,259 | |
| Lowe’s Cos, Inc. | | | | | | | | |
| 3.00%, 10/15/50 | | | 25 | | | | 16,154 | |
| 4.45%, 04/01/62 | | | 25 | | | | 19,952 | |
McCormick & Co., Inc. 3.40%, 08/15/27 | | | 25 | | | | 24,223 | |
| McDonald’s Corp. | | | | | | | | |
| 2.12%, 03/01/30 | | | 75 | | | | 65,828 | |
| 3.60%, 07/01/30 † | | | 25 | | | | 23,567 | |
| 3.62%, 09/01/49 | | | 50 | | | | 37,338 | |
| 3.70%, 01/30/26 | | | 50 | | | | 49,482 | |
| 3.80%, 04/01/28 † | | | 75 | | | | 73,114 | |
| 4.45%, 03/01/47 | | | 25 | | | | 21,588 | |
| 4.70%, 12/09/35 | | | 75 | | | | 72,812 | |
| 4.88%, 12/09/45 | | | 50 | | | | 46,115 | |
| 6.30%, 10/15/37 | | | 50 | | | | 54,790 | |
MetLife, Inc. 144A 9.25%, 04/08/38 | | | 50 | | | | 59,331 | |
Metropolitan Life Global Funding I 144A | | | | | | | | |
| 1.55%, 01/07/31 | | | 50 | | | | 41,275 | |
| 5.15%, 03/28/33 | | | 50 | | | | 50,257 | |
| Mondelez International, Inc. | | | | | | | | |
| 2.62%, 03/17/27 | | | 75 | | | | 71,742 | |
| 2.62%, 09/04/50 † | | | 25 | | | | 15,302 | |
| 2.75%, 04/13/30 | | | 25 | | | | 22,615 | |
| Nestle Holdings, Inc. 144A | | | | | | | | |
| 0.62%, 01/15/26 | | | 75 | | | | 71,653 | |
| 5.00%, 03/14/28 | | | 50 | | | | 50,745 | |
NRG Energy, Inc. 144A 2.45%, 12/02/27 | | | 25 | | | | 23,100 | |
Oncor Electric Delivery Co. LLC 5.65%, 11/15/33 | | | 25 | | | | 26,185 | |
| Oracle Corp. | | | | | | | | |
| 3.85%, 07/15/36 | | | 75 | | | | 65,060 | |
| 3.85%, 04/01/60 | | | 75 | | | | 53,237 | |
| 4.12%, 05/15/45 | | | 100 | | | | 80,679 | |
| 4.30%, 07/08/34 | | | 75 | | | | 70,053 | |
| 4.38%, 05/15/55 | | | 50 | | | | 40,399 | |
| 5.38%, 07/15/40 | | | 125 | | | | 122,428 | |
| 6.50%, 04/15/38 | | | 50 | | | | 54,676 | |
O’Reilly Automotive, Inc. 3.60%, 09/01/27 | | | 25 | | | | 24,324 | |
Pacific Gas and Electric Co. 2.50%, 02/01/31 | | | 25 | | | | 21,459 | |
See Notes to Financial Statements
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 3.15%, 01/01/26 | | $ | 50 | | | $ | 48,915 | |
| 3.25%, 06/01/31 | | | 50 | | | | 44,650 | |
| 3.50%, 08/01/50 † | | | 50 | | | | 34,937 | |
| 3.75%, 07/01/28 | | | 75 | | | | 72,067 | |
| 4.50%, 07/01/40 | | | 50 | | | | 43,386 | |
| 4.95%, 07/01/50 | | | 75 | | | | 65,841 | |
| 6.15%, 01/15/33 | | | 50 | | | | 52,347 | |
| 6.75%, 01/15/53 | | | 25 | | | | 27,373 | |
| 6.95%, 03/15/34 | | | 100 | | | | 110,950 | |
| PepsiCo, Inc. | | | | | | | | |
| 2.38%, 10/06/26 | | | 50 | | | | 48,255 | |
| 2.62%, 10/21/41 | | | 50 | | | | 35,583 | |
| 2.75%, 03/19/30 | | | 50 | | | | 45,623 | |
| 2.75%, 10/21/51 † | | | 75 | | | | 48,632 | |
| 2.85%, 02/24/26 | | | 50 | | | | 49,027 | |
| 3.60%, 02/18/28 † | | | 75 | | | | 73,225 | |
| Philip Morris International, Inc. | | | | | | | | |
| 0.88%, 05/01/26 | | | 50 | | | | 47,320 | |
| 2.75%, 02/25/26 | | | 25 | | | | 24,403 | |
| 3.38%, 08/15/29 † | | | 75 | | | | 70,675 | |
| 3.88%, 08/21/42 | | | 50 | | | | 40,596 | |
| 4.12%, 03/04/43 | | | 50 | | | | 41,796 | |
| 4.38%, 11/15/41 | | | 90 | | | | 78,488 | |
| 5.12%, 02/13/31 | | | 50 | | | | 50,485 | |
| 5.38%, 02/15/33 | | | 25 | | | | 25,350 | |
| 5.62%, 11/17/29 | | | 50 | | | | 51,889 | |
| 5.75%, 11/17/32 | | | 50 | | | | 52,095 | |
Pioneer Natural Resources Co. 1.12%, 01/15/26 | | | 25 | | | | 24,024 | |
Public Service Co. of Colorado 1.88%, 06/15/31 | | | 50 | | | | 41,701 | |
| Republic Services, Inc. | | | | | | | | |
| 1.75%, 02/15/32 | | | 50 | | | | 40,505 | |
| 3.95%, 05/15/28 | | | 50 | | | | 48,924 | |
| Sabine Pass Liquefaction LLC | | | | | | | | |
| 4.50%, 05/15/30 | | | 100 | | | | 97,303 | |
| 5.88%, 06/30/26 | | | 75 | | | | 75,838 | |
San Diego Gas & Electric Co. 1.70%, 10/01/30 | | | 50 | | | | 42,132 | |
Santander Holdings USA, Inc. 6.34% (SOFR+2.14%), 05/31/35 | | | 25 | | | | 25,546 | |
Sherwin-Williams Co. 3.45%, 06/01/27 | | | 50 | | | | 48,583 | |
| Southern California Edison Co. | | | | | | | | |
| 3.65%, 02/01/50 | | | 50 | | | | 37,278 | |
| 4.65%, 10/01/43 | | | 50 | | | | 44,951 | |
| 5.20%, 06/01/34 | | | 50 | | | | 50,174 | |
| 5.30%, 03/01/28 | | | 50 | | | | 50,933 | |
Southern Co. 3.25%, 07/01/26 | | | 50 | | | | 48,899 | |
Sprint Capital Corp. 6.88%, 11/15/28 | | | 75 | | | | 80,503 | |
| Sprint LLC | | | | | | | | |
| | | Par
(000’s | ) | | Value | |
| United States (continued) | | | | | | | | |
| 7.62%, 03/01/26 | | $ | 125 | | | $ | 128,268 | |
Time Warner Cable Enterprises LLC 8.38%, 07/15/33 | | | 25 | | | | 28,077 | |
| Time Warner Cable LLC | | | | | | | | |
| 4.50%, 09/15/42 | | | 25 | | | | 18,696 | |
| 5.50%, 09/01/41 | | | 25 | | | | 21,070 | |
| 5.88%, 11/15/40 | | | 25 | | | | 22,099 | |
| 6.55%, 05/01/37 | | | 100 | | | | 96,230 | |
| 6.75%, 06/15/39 | | | 75 | | | | 72,946 | |
| T-Mobile USA, Inc. | | | | | | | | |
| 1.50%, 02/15/26 | | | 25 | | | | 24,012 | |
| 2.25%, 11/15/31 | | | 25 | | | | 21,014 | |
| 3.00%, 02/15/41 | | | 100 | | | | 73,509 | |
| 3.40%, 10/15/52 | | | 75 | | | | 52,167 | |
| 3.60%, 11/15/60 | | | 75 | | | | 51,832 | |
| 3.75%, 04/15/27 | | | 100 | | | | 97,923 | |
| 3.88%, 04/15/30 | | | 150 | | | | 142,506 | |
| 4.38%, 04/15/40 | | | 50 | | | | 44,262 | |
| Tyson Foods, Inc. | | | | | | | | |
| 3.55%, 06/02/27 | | | 75 | | | | 72,890 | |
| 4.55%, 06/02/47 | | | 25 | | | | 20,981 | |
| 5.10%, 09/28/48 | | | 25 | | | | 22,856 | |
| 5.70%, 03/15/34 † | | | 25 | | | | 25,493 | |
United Rentals North America, Inc. 144A 6.00%, 12/15/29 | | | 50 | | | | 50,849 | |
| Verizon Communications, Inc. | | | | | | | | |
| 2.35%, 03/15/32 | | | 50 | | | | 41,701 | |
| 2.55%, 03/21/31 | | | 75 | | | | 65,129 | |
| 3.00%, 11/20/60 † | | | 50 | | | | 30,352 | |
| 3.70%, 03/22/61 † | | | 75 | | | | 53,430 | |
| 4.02%, 12/03/29 | | | 175 | | | | 168,374 | |
| 4.12%, 03/16/27 | | | 75 | | | | 74,147 | |
| 4.33%, 09/21/28 | | | 50 | | | | 49,384 | |
| VICI Properties LP | | | | | | | | |
| 4.75%, 02/15/28 | | | 100 | | | | 99,211 | |
| 5.12%, 05/15/32 | | | 75 | | | | 73,512 | |
| 5.62%, 05/15/52 | | | 25 | | | | 23,493 | |
VICI Properties LP / VICI Note Co., Inc. 144A 4.25%, 12/01/26 | | | 75 | | | | 73,631 | |
Visa, Inc. 3.15%, 12/14/25 | | | 150 | | | | 147,986 | |
Vistra Operations Co. LLC 144A | | | | | | | | |
| 4.30%, 07/15/29 | | | 25 | | | | 23,995 | |
| 6.95%, 10/15/33 | | | 25 | | | | 27,302 | |
Waste Management, Inc. 3.15%, 11/15/27 | | | 25 | | | | 24,054 | |
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 | | | 25 | | | | 24,393 | |
Weyerhaeuser Co. 4.75%, 05/15/26 | | | 25 | | | | 25,000 | |
| Wipro IT Services LLC 144A | | | | | | | | |
See Notes to Financial Statements
| | | | Par
(000’s | ) | | | Value | |
| United States (continued) | | | | | | | | |
| 1.50%, 06/23/26 | | $ | 50 | | | $ | 47,337 | |
| | | | | | | | 11,824,921 | |
Total Corporate Bonds
(Cost: $16,820,935) | | | | | | | 16,322,346 | |
| | | | | | | | | |
| | | Number
of Shares | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% | | | | |
Money Market Fund: 0.5% (Cost: $77,523) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 77,523 | | | | 77,523 | |
Total Investments: 98.8% (Cost: $16,898,458) | | | | | | | 16,399,869 | |
| Other assets less liabilities: 1.2% | | | | | | | 205,951 | |
| NET ASSETS: 100.0% | | | | | | $ | 16,605,820 | |
| Definitions: |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $667,569. |
| | |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $4,205,707, or 25.3% of net assets. |
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 | |
| Corporate Bonds * | | $ | — | | | $ | 16,322,346 | | | $ | — | | | $ | 16,322,346 | |
| Money Market Fund | | | 77,523 | | | | — | | | | — | | | | 77,523 | |
| Total Investments | | $ | 77,523 | | | $ | 16,322,346 | | | $ | — | | | $ | 16,399,869 | |
| * | See Schedule of Investments for geographic sectors. |
See Notes to Financial Statements
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Number
of Shares | | | Value | |
| COMMON STOCKS: 100.0% | | | | | | | | |
| Financial Services: 100.0% | | | | | | | | |
| AGNC Investment Corp. † | | | 3,427,978 | | | $ | 31,914,475 | |
| Annaly Capital Management, Inc. | | | 1,905,521 | | | | 36,223,954 | |
| Apollo Commercial Real Estate Finance, Inc. † | | | 948,402 | | | | 8,431,294 | |
| Arbor Realty Trust, Inc. † | | | 1,016,860 | | | | 14,988,516 | |
| Ares Commercial Real Estate Corp. † | | | 494,485 | | | | 3,139,980 | |
| ARMOUR Residential REIT, Inc. † | | | 368,486 | | | | 6,909,112 | |
| Blackstone Mortgage Trust, Inc. | | | 823,935 | | | | 15,003,856 | |
| BrightSpire Capital, Inc. | | | 1,005,701 | | | | 6,114,662 | |
| Chimera Investment Corp. | | | 645,480 | | | | 9,746,748 | |
| Dynex Capital, Inc. † | | | 724,876 | | | | 8,850,736 | |
| Ellington Financial, Inc. † | | | 678,435 | | | | 8,202,279 | |
| Franklin BSP Realty Trust, Inc. | | | 621,364 | | | | 8,083,946 | |
| HA Sustainable Infrastructure Capital, Inc. † | | | 451,348 | | | | 15,792,666 | |
| Invesco Mortgage Capital, Inc. † | | | 491,433 | | | | 3,965,864 | |
| KKR Real Estate Finance Trust, Inc. | | | 455,291 | | | | 5,276,823 | |
| Ladder Capital Corp. | | | 961,470 | | | | 10,970,373 | |
| | | Number
of Shares | | | Value | |
| Financial Services (continued) | | | | | | | | |
| MFA Financial, Inc. | | | 764,393 | | | $ | 9,394,390 | |
| New York Mortgage Trust, Inc. | | | 735,576 | | | | 4,244,274 | |
| Orchid Island Capital, Inc. † | | | 695,131 | | | | 5,262,142 | |
| PennyMac Mortgage Investment Trust † | | | 586,289 | | | | 7,903,176 | |
| Ready Capital Corp. † | | | 1,366,040 | | | | 9,357,374 | |
| Redwood Trust, Inc. | | | 920,312 | | | | 6,736,684 | |
| Rithm Capital Corp. | | | 2,004,057 | | | | 21,222,964 | |
| Starwood Property Trust, Inc. † | | | 1,313,824 | | | | 25,934,886 | |
| Two Harbors Investment Corp. | | | 743,144 | | | | 8,546,156 | |
| | | | | | | | | |
Total Common Stocks
(Cost: $317,259,660) | | | | | | | 292,217,330 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.5% | | | | | |
Money Market Fund: 7.5%
(Cost: $21,768,075) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 21,768,075 | | | | 21,768,075 | |
Total Investments: 107.5%
(Cost: $339,027,735) | | | | | | | 313,985,405 | |
| Liabilities in excess of other assets: (7.5)% | | | | | | | (21,959,232) | |
| NET ASSETS: 100.0% | | | | | | $ | 292,026,173 | |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $81,531,311. |
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 | |
| Common Stocks * | | $ | 292,217,330 | | | $ | — | | | $ | — | | | $ | 292,217,330 | |
| Money Market Fund | | | 21,768,075 | | | | — | | | | — | | | | 21,768,075 | |
| Total Investments | | $ | 313,985,405 | | | $ | — | | | $ | — | | | $ | 313,985,405 | |
| * | See Schedule of Investments for industry sectors. |
See Notes to Financial Statements
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2024 (unaudited)
| | | Number
of Shares | | | Value | |
| PREFERRED SECURITIES: 99.3% | | | | | | | | |
| Automobiles & Auto Parts: 4.5% | | | | | | | | |
| Ford Motor Co. | | | | | | | | |
| 6.00%, 12/01/59 † | | | 1,313,500 | | | $ | 32,115,075 | |
| 6.20%, 06/01/59 | | | 1,231,405 | | | | 30,735,869 | |
| 6.50%, 08/15/62 | | | 985,122 | | | | 24,657,604 | |
| | | | | | | | 87,508,548 | |
| Chemicals: 4.3% | | | | | | | | |
Albemarle Corp.
7.25%, 03/01/27 | | | 1,888,155 | | | | 84,494,936 | |
| Computers Phones & Household Electronics: 3.7% | | | | | | |
Hewlett Packard Enterprise Co.
7.62%, 09/01/27 * † | | | 1,231,405 | | | | 71,236,779 | |
| Consumer Goods Conglomerates: 0.4% | | | | | | | | |
Brookfield Infrastructure Finance ULC
5.00%, 05/24/81 | | | 410,467 | | | | 7,958,955 | |
| Diversified Retail: 1.6% | | | | | | | | |
Qurate Retail, Inc.
8.00%, 03/15/31 † | | | 521,994 | | | | 19,794,012 | |
QVC, Inc.
6.25%, 11/26/68 † | | | 821,266 | | | | 10,758,585 | |
| | | | | | | | 30,552,597 | |
| Electric Utilities & IPPs: 26.5% | | | | | | | | |
| Brookfield BRP Holdings Canada, Inc. | | | | | | | | |
| 4.62%, 04/30/26 | | | 574,656 | | | | 10,125,439 | |
| 4.88%, 12/09/26 | | | 426,888 | | | | 7,765,093 | |
| DTE Energy Co. | | | | | | | | |
| 4.38%, 12/01/81 † | | | 459,724 | | | | 9,410,550 | |
| 5.25%, 12/01/77 | | | 656,750 | | | | 15,453,327 | |
| Duke Energy Corp. | | | | | | | | |
| 5.62%, 09/15/78 † | | | 820,939 | | | | 20,498,847 | |
| 5.75%, 06/15/24 † | | | 1,641,872 | | | | 41,309,499 | |
Entergy Arkansas LLC
4.88%, 09/01/66 † | | | 673,166 | | | | 15,132,772 | |
Entergy Louisiana LLC
4.88%, 09/01/66 | | | 443,304 | | | | 9,943,309 | |
Entergy Mississippi LLC
4.90%, 10/01/66 | | | 426,888 | | | | 9,694,626 | |
Georgia Power Co.
5.00%, 10/01/77 | | | 443,304 | | | | 10,346,715 | |
NextEra Energy Capital Holdings, Inc.
5.65%, 03/01/79 | | | 1,128,785 | | | | 28,197,049 | |
| NextEra Energy, Inc. | | | | | | | | |
| 6.93%, 09/01/25 † | | | 1,641,872 | | | | 73,473,772 | |
| 7.30%, 06/01/27 | | | 1,641,872 | | | | 86,871,448 | |
SCE Trust III 7.84% (Term SOFR USD 3 Month+3.25%) † | | | 451,514 | | | | 11,436,850 | |
SCE Trust IV 5.38% (Term SOFR USD 3 Month+3.39%), 09/15/25 † | | | 533,608 | | | | 13,126,757 | |
SCE Trust V 5.45% (Term SOFR USD 3 Month+4.05%), 03/15/26 | | | 492,561 | | | | 12,190,885 | |
| | | Number
of Shares | | | Value | |
| Electric Utilities & IPPs (continued) | | | | | | | | |
SCE Trust VI
5.00% | | | 779,891 | | | $ | 16,073,553 | |
SCE Trust VII
7.50%, 11/22/28 † | | | 903,028 | | | | 24,101,817 | |
SCE Trust VIII
6.95%, 05/13/29 | | | 574,656 | | | | 15,228,384 | |
| Southern Co. | | | | | | | | |
| 4.20%, 10/15/60 † | | | 1,231,405 | | | | 25,305,373 | |
| 4.95%, 01/30/80 † | | | 1,641,872 | | | | 36,630,164 | |
| 5.25%, 12/01/77 | | | 738,844 | | | | 17,710,091 | |
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | | | 421,139 | | | | 9,580,912 | |
| | | | | | | | 519,607,232 | |
| Food & Tobacco: 5.1% | | | | | | | | |
| CHS, Inc. | | | | | | | | |
| 6.75%, 09/30/24 | | | 808,623 | | | | 20,490,507 | |
| 7.10% † | | | 689,587 | | | | 17,846,512 | |
| 7.50%, 01/21/25 † | | | 849,670 | | | | 22,167,890 | |
| 7.88% † | | | 880,864 | | | | 23,457,408 | |
| 8.00% | | | 503,725 | | | | 15,026,117 | |
| | | | | | | | 98,988,434 | |
| Investment Banking & Investment Services: 1.5% | | | | | |
BrightSpring Health Services, Inc.
6.75%, 02/01/27 | | | 328,372 | | | | 18,365,846 | |
KKR Real Estate Finance Trust, Inc.
6.50%, 04/16/26 † | | | 538,205 | | | | 11,705,959 | |
| | | | | | | | 30,071,805 | |
| Machinery; Equipment & Components: 2.0% | | | | | | |
Chart Industries, Inc.
6.75%, 12/15/25 | | | 330,425 | | | | 16,306,474 | |
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 † | | | 884,150 | | | | 22,987,900 | |
| | | | | | | | 39,294,374 | |
| Multiline Utilities: 4.3% | | | | | | | | |
Algonquin Power & Utilities Corp.
8.86%, 07/01/79 | | | 574,656 | | | | 14,762,913 | |
| CMS Energy Corp. | | | | | | | | |
| 5.88%, 10/15/78 | | | 459,724 | | | | 11,286,224 | |
| 5.88%, 03/01/79 † | | | 1,034,380 | | | | 25,507,811 | |
Sempra
5.75%, 07/01/79 † | | | 1,243,716 | | | | 30,869,031 | |
| | | | | | | | 82,425,979 | |
| Natural Gas Utilities: 0.5% | | | | | | | | |
Spire, Inc.
5.90%, 08/15/24 † | | | 410,467 | | | | 10,212,419 | |
| Office Equipment: 0.8% | | | | | | | | |
Pitney Bowes, Inc.
6.70%, 03/07/43 | | | 697,797 | | | | 14,583,957 | |
See Notes to Financial Statements
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| | | Number
of Shares | | | Value | |
| Oil & Gas: 0.6% | | | | | | | | |
NGL Energy Partners LP 12.03% (Term SOFR USD 3 Month+7.47%) | | | 516,532 | | | $ | 11,875,071 | |
| Professional & Commercial Services: 0.5% | | | | | | | | |
BIP Bermuda Holdings I Ltd.
5.12%, 01/21/27 | | | 492,561 | | | | 9,334,031 | |
| Real Estate Operations: 2.3% | | | | | | | | |
Brookfield Property Preferred LP
6.25%, 07/26/81 | | | 1,101,860 | | | | 19,580,052 | |
| DigitalBridge Group, Inc. | | | | | | | | |
| 7.12% † | | | 476,801 | | | | 11,896,185 | |
| 7.15% † | | | 528,193 | | | | 13,347,437 | |
| | | | | | | | 44,823,674 | |
| Residential & Commercial REITs: 24.3% | | | | | | | | |
| AGNC Investment Corp. | | | | | | | | |
| 6.12%, 04/15/25 † | | | 944,075 | | | | 23,365,856 | |
| 9.85%, 10/15/24 † | | | 660,855 | | | | 16,699,806 | |
| 10.03% (Term SOFR USD 3 Month+5.37%) | | | 533,608 | | | | 13,804,439 | |
Annaly Capital Management, Inc. 9.03% (Term SOFR USD 3 Month+4.43%) | | | 697,797 | | | | 17,821,735 | |
| 9.85% (Term SOFR USD 3 Month+5.25%) | | | 1,182,148 | | | | 30,558,526 | |
| 10.58% (Term SOFR USD 3 Month+4.99%), 06/30/24 | | | 726,529 | | | | 18,773,509 | |
Arbor Realty Trust, Inc. 6.25% (Term SOFR USD 3 Month+5.44%), 10/12/26 † | | | 465,637 | | | | 9,634,030 | |
Chimera Investment Corp.
7.75%, 09/30/25 | | | 426,888 | | | | 9,758,660 | |
| 10.66% (Term SOFR USD 3 Month+6.05%) | | | 533,608 | | | | 13,537,635 | |
Digital Realty Trust, Inc.
5.20%, 10/10/24 | | | 566,445 | | | | 13,300,129 | |
| Diversified Healthcare Trust | | | | | | | | |
| 5.62%, 08/01/42 | | | 574,656 | | | | 9,194,496 | |
| 6.25%, 02/01/46 | | | 410,467 | | | | 7,018,986 | |
Franklin BSP Realty Trust, Inc.
7.50% † | | | 423,929 | | | | 9,911,460 | |
Hudson Pacific Properties, Inc.
4.75%, 11/26/26 † | | | 697,797 | | | | 10,180,858 | |
Kimco Realty Corp.
5.25% † | | | 429,514 | | | | 9,883,117 | |
MFA Financial, Inc.
6.50%, 03/31/25 | | | 451,514 | | | | 10,917,609 | |
PennyMac Mortgage Investment Trust
6.75%, 08/24/26 | | | 410,467 | | | | 8,529,504 | |
| Public Storage | | | | | | | | |
| 3.88%, 10/06/25 † | | | 463,830 | | | | 8,478,812 | |
| 4.00%, 06/16/26 | | | 1,705,575 | | | | 32,008,526 | |
| 4.10%, 01/13/27 † | | | 410,467 | | | | 8,065,677 | |
| | | Number
of Shares | | | Value | |
| Residential & Commercial REITs (continued) | | | | | | | | |
| 4.62%, 06/17/25 | | | 927,659 | | | $ | 19,898,286 | |
| 4.70%, 11/15/24 † | | | 424,917 | | | | 9,348,174 | |
| 4.88%, 09/12/24 † | | | 519,158 | | | | 11,836,803 | |
| 5.05% † | | | 492,561 | | | | 11,880,571 | |
| 5.15% † | | | 459,724 | | | | 11,194,279 | |
| 5.60% † | | | 467,935 | | | | 11,707,734 | |
Rithm Capital Corp.
6.38%, 02/15/25 | | | 652,808 | | | | 15,863,234 | |
| 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 † | | | 763,471 | | | | 18,453,094 | |
| 11.02%, 08/15/24 | | | 462,187 | | | | 11,684,087 | |
| RLJ Lodging Trust | | | | | | | | |
| 1.95% † | | | 528,520 | | | | 13,667,527 | |
Two Harbors Investment Corp.
7.62%, 07/27/27 | | | 417,034 | | | | 10,334,103 | |
UMH Properties, Inc.
6.38% † | | | 499,784 | | | | 12,039,797 | |
| Vornado Realty Trust | | | | | | | | |
| 4.45%, 09/22/26 | | | 492,561 | | | | 8,270,099 | |
| 5.25%, 11/24/25 † | | | 1,017,140 | | | | 18,616,346 | |
| 5.40% | | | 492,561 | | | | 9,230,593 | |
| | | | | | | | 475,468,097 | |
| Telecommunications Services: 16.4% | | | | | |
| AT&T, Inc. | | | | | | | | |
| 4.75%, 02/18/25 | | | 2,873,278 | | | | 59,189,527 | |
| 5.00%, 12/12/24 † | | | 1,970,245 | | | | 42,754,317 | |
| 5.35%, 11/01/66 † | | | 2,171,375 | | | | 51,787,294 | |
| 5.62%, 08/01/67 † | | | 1,354,547 | | | | 33,321,856 | |
| Qwest Corp. | | | | | | | | |
| 6.50%, 09/01/56 | | | 1,604,930 | | | | 25,727,028 | |
| 6.75%, 06/15/57 | | | 1,083,638 | | | | 17,457,408 | |
| Telephone and Data Systems, Inc. | | | | | | | | |
| 6.00%, 09/30/26 † | | | 1,132,890 | | | | 21,230,359 | |
| 6.62%, 03/31/26 † | | | 689,587 | | | | 14,191,700 | |
| United States Cellular Corp. | | | | | | | | |
| 5.50%, 03/01/70 † | | | 820,939 | | | | 18,487,546 | |
| 5.50%, 06/01/70 | | | 820,939 | | | | 18,471,128 | |
| 6.25%, 09/01/69 | | | 820,939 | | | | 19,267,438 | |
| | | | | | | | 321,885,601 | |
Total Preferred Securities
(Cost: $1,921,862,452) | | | | | | | 1,940,322,489 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | | | | | |
Money Market Fund: 2.5%
(Cost: $49,289,642) | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio | | | 49,289,642 | | | | 49,289,642 | |
Total Investments: 101.8%
(Cost: $1,971,152,094) | | | | | | | 1,989,612,131 | |
| Liabilities in excess of other assets: (1.8)% | | | | (35,959,121) | |
| NET ASSETS: 100.0% | | | | | | $ | 1,953,653,010 | |
See Notes to Financial Statements
| Definitions: |
| | |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $49,631,810. |
| * | Non-income producing |
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 | |
| Preferred Securities * | | $ | 1,940,322,489 | | | $ | — | | | $ | — | | | $ | 1,940,322,489 | |
| Money Market Fund | | | 49,289,642 | | | | — | | | | — | | | | 49,289,642 | |
| Total Investments | | $ | 1,989,612,131 | | | $ | — | | | $ | — | | | $ | 1,989,612,131 | |
| * | See Schedule of Investments for industry sectors. |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2024 (unaudited)
| | | BDC Income ETF | | | China Bond ETF | | | Emerging
Markets High
Yield Bond ETF | | | Fallen Angel High
Yield Bond ETF | |
| Assets: | | | | | | | | | | | | | | | | |
| Investments, at value (1) | | | | | | | | | | | | | | | | |
| Unaffiliated issuers (2) | | $ | 1,217,961,885 | | | $ | 21,752,365 | | | $ | 401,385,592 | | | $ | 2,991,014,349 | |
| Short-term investments held as collateral for securities loaned (3) | | | 70,215,021 | | | | — | | | | 13,409,641 | | | | 179,924,911 | |
| Cash | | | 204,211 | | | | 10,433 | | | | 7,805,798 | | | | 38,590,770 | |
| Cash denominated in foreign currency, at value (4) | | | — | | | | 177,530 (a) | | | | 4,031 | | | | — | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | — | | | | 758,150 | | | | 10,345,093 | | | | 18,487,615 | |
| Shares of beneficial interest sold | | | 2,435,484 | | | | — | | | | — | | | | — | |
| Due from Adviser | | | — | | | | 987 | | | | — | | | | — | |
| Dividends and interest | | | 1,287,905 | | | | 266,663 | | | | 6,576,069 | | | | 43,975,903 | |
| Prepaid expenses | | | — | | | | 726 | | | | — | | | | — | |
| Total assets | | | 1,292,104,506 | | | | 22,966,854 | | | | 439,526,224 | | | | 3,271,993,548 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Total return swap contracts, at value | | | 19,163 | | | | — | | | | — | | | | — | |
| Payables: | | | | | | | | | | | | | | | | |
| Investment securities purchased | | | 2,435,502 | | | | 499,879 | | | | 16,446,867 | | | | 42,640,667 | |
| Collateral for securities loaned | | | 70,215,021 | | | | — | | | | 13,409,641 | | | | 179,924,911 | |
| Due to Adviser | | | 408,833 | | | | — | | | | 138,526 | | | | 662,454 | |
| Deferred Trustee fees | | | 9,395 | | | | 1,644 | | | | 40,196 | | | | 67,963 | |
| Accrued expenses | | | 31,273 | | | | 34,871 | | | | — | | | | — | |
| Total liabilities | | | 73,119,187 | | | | 536,394 | | | | 30,035,230 | | | | 223,295,995 | |
| NET ASSETS | | $ | 1,218,985,319 | | | $ | 22,430,460 | | | $ | 409,490,994 | | | $ | 3,048,697,553 | |
| Shares outstanding | | | 75,075,000 | | | | 1,000,000 | | | | 20,800,000 | | | | 105,250,000 | |
| Net asset value, redemption and offering price per share | | $ | 16.24 | | | $ | 22.43 | | | $ | 19.69 | | | $ | 28.97 | |
| Net Assets consist of: | | | | | | | | | | | | | | | | |
| Aggregate paid in capital | | $ | 1,306,405,749 | | | $ | 24,008,129 | | | $ | 630,799,195 | | | $ | 3,590,696,758 | |
| Total distributable loss | | | (87,420,430 | ) | | | (1,577,669 | ) | | | (221,308,201 | ) | | | (541,999,205 | ) |
| NET ASSETS | | $ | 1,218,985,319 | | | $ | 22,430,460 | | | $ | 409,490,994 | | | $ | 3,048,697,553 | |
| (1) Value of securities on loan | | $ | 99,823,380 | | | $ | — | | | $ | 14,660,530 | | | $ | 182,822,616 | |
| (2) Cost of investments - Unaffiliated issuers | | $ | 1,195,543,820 | | | $ | 22,178,502 | | | $ | 411,592,634 | | | $ | 3,042,760,920 | |
| (3) Cost of short-term investments held as collateral for securities loaned | | $ | 70,215,021 | | | $ | — | | | $ | 13,409,641 | | | $ | 179,924,911 | |
| (4) Cost of cash denominated in foreign currency | | $ | — | | | $ | 180,480 | | | $ | 4,001 | | | $ | — | |
| (a) | Includes $29,633 of foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2024 (unaudited)
| | | Green Bond ETF | | | IG Floating Rate
ETF | | | International
High Yield Bond
ETF | | | J.P. Morgan EM
Local Currency
Bond ETF | |
| Assets: | | | | | | | | | | | | | | | | |
| Investments, at value (1) | | | | | | | | | | | | | | | | |
| Unaffiliated issuers (2) | | $ | 105,195,443 | | | $ | 1,721,928,894 | | | $ | 25,004,065 | | | $ | 2,737,089,217 | |
| Short-term investments held as collateral for securities loaned (3) | | | 1,127,848 | | | | 6,450,895 | | | | 831,568 | | | | 22,895,846 | |
| Cash | | | 1,353,733 | | | | 11,408,044 | | | | 409,805 | | | | 197,008 | |
| Cash denominated in foreign currency, at value (4) | | | 1,309 | | | | — | | | | 202,331 | | | | 5,319,105 | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | 1,101,017 | | | | 121,462,355 | | | | 389,546 | | | | 103,577,469 | |
| Shares of beneficial interest sold | | | — | | | | 43,348,368 | | | | — | | | | 102,285 | |
| Dividends and interest | | | 973,709 | | | | 12,428,139 | | | | 416,431 | | | | 52,601,022 | |
| Prepaid expenses | | | — | | | | — | | | | — | | | | 12,515 | |
| Total assets | | | 109,753,059 | | | | 1,917,026,695 | | | | 27,253,746 | | | | 2,921,794,467 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | |
| Investment securities purchased | | | 1,796,713 | | | | 167,502,390 | | | | 972,866 | | | | 75,167,767 | |
| Collateral for securities loaned | | | 1,127,848 | | | | 6,450,895 | | | | 831,568 | | | | 22,895,846 | |
| Due to Adviser | | | 18,160 | | | | 197,470 | | | | 8,667 | | | | 663,733 | |
| Deferred Trustee fees | | | 1,073 | | | | 21,618 | | | | 33,385 | | | | 324,349 | |
| Accrued expenses | | | — | | | | — | | | | 36 | | | | 969,618 | |
| Total liabilities | | | 2,943,794 | | | | 174,172,373 | | | | 1,846,522 | | | | 100,021,313 | |
| NET ASSETS | | $ | 106,809,265 | | | $ | 1,742,854,322 | | | $ | 25,407,224 | | | $ | 2,821,773,154 | |
| Shares outstanding | | | 4,450,000 | | | | 68,350,000 | | | | 1,200,000 | | | | 116,722,682 | |
| Net asset value, redemption and offering price per share | | $ | 24.00 | | | $ | 25.50 | | | $ | 21.17 | | | $ | 24.18 | |
| Net Assets consist of: | | | | | | | | | | | | | | | | |
| Aggregate paid in capital | | $ | 117,021,061 | | | $ | 1,732,133,727 | | | $ | 45,844,426 | | | $ | 3,688,171,809 | |
| Total distributable earnings (loss) | | | (10,211,796 | ) | | | 10,720,595 | | | | (20,437,202 | ) | | | (866,398,655 | ) |
| NET ASSETS | | $ | 106,809,265 | | | $ | 1,742,854,322 | | | $ | 25,407,224 | | | $ | 2,821,773,154 | |
| (1) Value of securities on loan | | $ | 5,804,407 | | | $ | 7,906,579 | | | $ | 871,607 | | | $ | 22,217,355 | |
| (2) Cost of investments - Unaffiliated issuers | | $ | 110,878,712 | | | $ | 1,715,925,749 | | | $ | 26,199,464 | | | $ | 2,907,226,962 | |
| (3) Cost of short-term investments held as collateral for securities loaned | | $ | 1,127,848 | | | $ | 6,450,895 | | | $ | 831,568 | | | $ | 22,895,846 | |
| (4) Cost of cash denominated in foreign currency | | $ | 1,310 | | | $ | — | | | $ | 202,869 | | | $ | 5,316,877 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2024 (unaudited)
| | | Moody’s Analytics
BBB Corporate
Bond ETF | | | Moody’s Analytics
IG Corporate
Bond ETF | | | Mortgage REIT
Income ETF | | | Preferred
Securities ex
Financials ETF | |
| Assets: | | | | | | | | | | | | | | | | |
| Investments, at value (1) | | | | | | | | | | | | | | | | |
| Unaffiliated issuers (2) | | $ | 9,505,677 | | | $ | 16,322,346 | | | $ | 292,217,330 | | | $ | 1,940,322,489 | |
| Short-term investments held as collateral for securities loaned (3) | | | 36,928 | | | | 77,523 | | | | 21,768,075 | | | | 49,289,642 | |
| Cash | | | 103,400 | | | | 61,866 | | | | 2,409 | | | | 25,443,126 | |
| Receivables: | | | | | | | | | | | | | | | | |
| Investment securities sold | | | 581,908 | | | | 872,484 | | | | — | | | | — | |
| Shares of beneficial interest sold | | | — | | | | — | | | | — | | | | 4,474,572 | |
| Dividends and interest | | | 118,235 | | | | 191,266 | | | | 1,214,435 | | | | 4,610,807 | |
| Federal and State income taxes | | | — | | | | — | | | | — | | | | 40,462 | |
| Total assets | | | 10,346,148 | | | | 17,525,485 | | | | 315,202,249 | | | | 2,024,181,098 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | |
| Investment securities purchased | | | 621,812 | | | | 839,329 | | | | 738,010 | | | | 20,532,649 | |
| Collateral for securities loaned | | | 36,928 | | | | 77,523 | | | | 21,768,075 | | | | 49,289,642 | |
| Line of credit | | | — | | | | — | | | | 531,272 | | | | — | |
| Due to Adviser | | | 2,018 | | | | 2,647 | | | | 101,594 | | | | 668,303 | |
| Deferred Trustee fees | | | — | | | | — | | | | 16,359 | | | | 36,282 | |
| Accrued expenses | | | 121 | | | | 166 | | | | 20,766 | | | | 1,212 | |
| Total liabilities | | | 660,879 | | | | 919,665 | | | | 23,176,076 | | | | 70,528,088 | |
| NET ASSETS | | $ | 9,685,269 | | | $ | 16,605,820 | | | $ | 292,026,173 | | | $ | 1,953,653,010 | |
| Shares outstanding | | | 450,000 | | | | 775,000 | | | | 26,200,000 | | | | 109,150,000 | |
| Net asset value, redemption and offering price per share | | $ | 21.52 | | | $ | 21.43 | | | $ | 11.15 | | | $ | 17.90 | |
| Net Assets consist of: | | | | | | | | | | | | | | | | |
| Aggregate paid in capital | | $ | 11,088,908 | | | $ | 18,819,733 | | | $ | 464,740,278 | | | $ | 2,086,490,958 | |
| Total distributable loss | | | (1,403,639 | ) | | | (2,213,913 | ) | | | (172,714,105 | ) | | | (132,837,948 | ) |
| NET ASSETS | | $ | 9,685,269 | | | $ | 16,605,820 | | | $ | 292,026,173 | | | $ | 1,953,653,010 | |
| (1) Value of securities on loan | | $ | 263,176 | | | $ | 667,569 | | | $ | 81,531,311 | | | $ | 49,631,810 | |
| (2) Cost of investments - Unaffiliated issuers | | $ | 9,632,918 | | | $ | 16,820,935 | | | $ | 317,259,660 | | | $ | 1,921,862,452 | |
| (3) Cost of short-term investments held as collateral for securities loaned | | $ | 36,928 | | | $ | 77,523 | | | $ | 21,768,075 | | | $ | 49,289,642 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2024 (unaudited)
| | | BDC Income ETF | | | China Bond ETF | | | Emerging
Markets High
Yield Bond ETF | | | Fallen Angel
High Yield Bond
ETF | |
| Income: | | | | | | | | | | | | | | | | |
| Dividends | | $ | 63,895,538 | | | $ | — | | | $ | — | | | $ | — | |
| Interest | | | 61,075 | | | | 309,205 | | | | 13,071,814 | | | | 97,807,235 | |
| Securities lending income | | | 3,828,242 | | | | — | | | | 60,938 | | | | 1,042,089 | |
| Net foreign taxes reclaimed/(withheld) | | | — | | | | — | | | | (8,942 | ) | | | — | |
| Total income | | | 67,784,855 | | | | 309,205 | | | | 13,123,810 | | | | 98,849,324 | |
| Expenses: | | | | | | | | | | | | | | | | |
| Management fees | | | 2,339,543 | | | | 48,730 | | | | 774,628 | | | | 3,837,587 | |
| Professional fees | | | — | | | | 31,231 | | | | — | | | | — | |
| Custody and accounting fees | | | — | | | | 23,412 | | | | — | | | | — | |
| Reports to shareholders | | | — | | | | 7,761 | | | | — | | | | — | |
| Trustees’ fees and expenses | | | — | | | | 305 | | | | — | | | | — | |
| Registration fees | | | — | | | | 3,512 | | | | — | | | | — | |
| Insurance | | | — | | | | 573 | | | | — | | | | — | |
| Interest | | | 108,204 | | | | — | | | | — | | | | — | |
| Taxes | | | 25 | | | | 204 | | | | 182 | | | | 185 | |
| Other | | | — | | | | 613 | | | | — | | | | — | |
| Total expenses | | | 2,447,772 | | | | 116,341 | | | | 774,810 | | | | 3,837,772 | |
| Expenses assumed by the Adviser | | | — | | | | (55,225 | ) | | | — | | | | — | |
| Net expenses | | | 2,447,772 | | | | 61,116 | | | | 774,810 | | | | 3,837,772 | |
| Net investment income | | | 65,337,083 | | | | 248,089 | | | | 12,349,000 | | | | 95,011,552 | |
| | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | (15,263,073 | ) | | | (386,794 | ) | | | (2,245,636 | ) | | | (45,664,728 | ) |
| In-kind redemptions | | | 13,733,810 | | | | — | | | | (16,382 | ) | | | 9,493,981 | |
| Capital gain distributions from investment companies | | | 1,194,355 | | | | — | | | | — | | | | — | |
| Foreign currency transactions and foreign denominated assets and liabilities | | | — | | | | 25,954 | | | | 4 | | | | — | |
| Net realized loss | | | (334,908 | ) | | | (360,840 | ) | | | (2,262,014 | ) | | | (36,170,747 | ) |
| | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | (31,071,528 | ) | | | 907,592 | | | | 18,271,401 | | | | 98,929,492 | |
| Swaps | | | (19,163 | ) | | | — | | | | — | | | | — | |
| Foreign currency translations and foreign denominated assets and liabilities | | | — | | | | 607 | | | | 37 | | | | — | |
| Net change in unrealized appreciation (depreciation) | | | (31,090,691 | ) | | | 908,199 | | | | 18,271,438 | | | | 98,929,492 | |
| Net increase in net assets resulting from operations | | $ | 33,911,484 | | | $ | 795,448 | | | $ | 28,358,424 | | | $ | 157,770,297 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2024 (unaudited)
| | | Green Bond ETF | | | IG Floating Rate
ETF | | | International
High Yield Bond
ETF | | | J.P. Morgan EM
Local Currency
Bond ETF | |
| Income: | | | | | | | | | | | | | | | | |
| Dividends | | $ | 4,047 | | | $ | — | | | $ | — | | | $ | — | |
| Interest | | | 2,012,590 | | | | 51,631,829 | | | | 761,853 | | | | 93,835,004 | |
| Securities lending income | | | 9,107 | | | | 42,342 | | | | 5,267 | | | | — | |
| Net foreign taxes reclaimed/(withheld) | | | (2,891 | ) | | | 6,325 | | | | 239 | | | | (1,575,628 | ) |
| Total income | | | 2,022,853 | | | | 51,680,496 | | | | 767,359 | | | | 92,259,376 | |
| Expenses: | | | | | | | | | | | | | | | | |
| Management fees | | | 100,074 | | | | 1,169,624 | | | | 54,190 | | | | 3,834,107 | |
| Professional fees | | | — | | | | — | | | | — | | | | 26,473 | |
| Custody and accounting fees | | | — | | | | — | | | | — | | | | 314,508 | |
| Reports to shareholders | | | — | | | | — | | | | — | | | | 150,759 | |
| Trustees’ fees and expenses | | | — | | | | — | | | | — | | | | 32,386 | |
| Registration fees | | | — | | | | — | | | | — | | | | 3,270 | |
| Insurance | | | — | | | | — | | | | — | | | | 14,532 | |
| Interest | | | 75 | | | | — | | | | 445 | | | | 27,727 | |
| Taxes | | | 185 | | | | 184 | | | | 185 | | | | 203 | |
| Other | | | — | | | | — | | | | — | | | | 19,549 | |
| Total expenses | | | 100,334 | | | | 1,169,808 | | | | 54,820 | | | | 4,423,514 | |
| Expenses assumed by the Adviser | | | — | | | | — | | | | — | | | | (135,464 | ) |
| Net expenses | | | 100,334 | | | | 1,169,808 | | | | 54,820 | | | | 4,288,050 | |
| Net investment income | | | 1,922,519 | | | | 50,510,688 | | | | 712,539 | | | | 87,971,326 | |
| | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments (1) | | | (113,034 | ) | | | 2,692,094 | | | | (304,220 | ) | | | (61,009,944 | ) |
| In-kind redemptions | | | — | | | | 1,100,621 | | | | (334,589 | ) | | | 1,027,576 | |
| Foreign currency transactions and foreign denominated assets and liabilities | | | — | | | | — | | | | 5,549 | | | | (1,423,868 | ) |
| Net realized gain (loss) | | | (113,034 | ) | | | 3,792,715 | | | | (633,260 | ) | | | (61,406,236 | ) |
| | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments (2) | | | 3,073,044 | | | | (2,605,716 | ) | | | 1,724,853 | | | | 78,329,512 | |
| Foreign currency translations and foreign denominated assets and liabilities | | | 18 | | | | — | | | | 962 | | | | (681,941 | ) |
| Net change in unrealized appreciation (depreciation) | | | 3,073,062 | | | | (2,605,716 | ) | | | 1,725,815 | | | | 77,647,571 | |
| Net increase in net assets resulting from operations | | $ | 4,882,547 | | | $ | 51,697,687 | | | $ | 1,805,094 | | | $ | 104,212,661 | |
| (1) Net of foreign taxes | | $ | — | | | $ | — | | | $ | — | | | $ | (82,971 | ) |
| (2) Net of foreign taxes | | $ | — | | | $ | — | | | $ | — | | | $ | (183,803 | ) |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 2024 (unaudited)
| | | Moody’s
Analytics BBB
Corporate Bond
ETF | | | Moody’s
Analytics IG
Corporate Bond
ETF | | | Mortgage REIT
Income ETF | | | Preferred
Securities ex
Financials ETF | |
| Income: | | | | | | | | | | | | | | | | |
| Dividends | | $ | — | | | $ | — | | | $ | 14,643,231 | | | $ | 62,120,285 | |
| Interest | | | 226,623 | | | | 329,467 | | | | 6,989 | | | | 366,674 | |
| Securities lending income | | | 633 | | | | 617 | | | | 271,273 | | | | 279,946 | |
| Net foreign taxes reclaimed/(withheld) | | | — | | | | — | | | | — | | | | (65,936 | ) |
| Total income | | | 227,256 | | | | 330,084 | | | | 14,921,493 | | | | 62,700,969 | |
| Expenses: | | | | | | | | | | | | | | | | |
| Management fees | | | 11,002 | | | | 13,446 | | | | 575,179 | | | | 3,584,784 | |
| Interest | | | 121 | | | | 166 | | | | 40,688 | | | | 11,831 | |
| Taxes | | | 185 | | | | 185 | | | | 185 | | | | 185 | |
| Total expenses | | | 11,308 | | | | 13,797 | | | | 616,052 | | | | 3,596,800 | |
| Net investment income | | | 215,948 | | | | 316,287 | | | | 14,305,441 | | | | 59,104,169 | |
| | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
| Investments | | | 31,437 | | | | 12,606 | | | | (21,603,580 | ) | | | (52,389,192 | ) |
| In-kind redemptions | | | — | | | | — | | | | 2,606,900 | | | | 743,386 | |
| Capital gain distributions from investment companies | | | — | | | | — | | | | 38,754 | | | | 590,553 | |
| Net realized gain (loss) | | | 31,437 | | | | 12,606 | | | | (18,957,926 | ) | | | (51,055,253 | ) |
| | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
| Investments | | | 266,197 | | | | 368,086 | | | | 28,820,929 | | | | 130,424,499 | |
| Net change in unrealized appreciation (depreciation) | | | 266,197 | | | | 368,086 | | | | 28,820,929 | | | | 130,424,499 | |
| Net increase in net assets resulting from operations | | $ | 513,582 | | | $ | 696,979 | | | $ | 24,168,444 | | | $ | 138,473,415 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | BDC Income ETF | | | China Bond ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 65,337,083 | | | $ | 89,851,157 | | | $ | 248,089 | | | $ | 765,062 | |
| Net realized gain (loss) | | | (334,908 | ) | | | 3,724,610 | | | | (360,840 | ) | | | (3,361,989 | ) |
| Net change in unrealized appreciation (depreciation) | | | (31,090,691 | ) | | | 93,198,589 | | | | 908,199 | | | | 1,766,414 | |
| Net increase (decrease) in net assets resulting from operations | | | 33,911,484 | | | | 186,774,356 | | | | 795,448 | | | | (830,513 | ) |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (64,626,360 | ) | | | (89,851,157 | ) | | | (188,980 | ) | | | — | |
| Return of capital | | | — | | | | (187,793 | ) | | | — | | | | (1,040,340 | ) |
| Total distributions | | | (64,626,360 | ) | | | (90,038,950 | ) | | | (188,980 | ) | | | (1,040,340 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 244,886,611 | | | | 510,600,418 | | | | — | | | | 2,165,020 | |
| Cost of shares redeemed | | | (79,528,151 | ) | | | (100,247,033 | ) | | | (2,252,116 | ) | | | (19,651,805 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | 165,358,460 | | | | 410,353,385 | | | | (2,252,116 | ) | | | (17,486,785 | ) |
| Total increase (decrease) in net assets | | | 134,643,584 | | | | 507,088,791 | | | | (1,645,648 | ) | | | (19,357,638 | ) |
| Net Assets, beginning of period | | | 1,084,341,735 | | | | 577,252,944 | | | | 24,076,108 | | | | 43,433,746 | |
| Net Assets, end of period | | $ | 1,218,985,319 | | | $ | 1,084,341,735 | | | $ | 22,430,460 | | | $ | 24,076,108 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 14,650,000 | | | | 31,825,000 | | | | — | | | | 100,000 | |
| Shares redeemed | | | (4,750,000 | ) | | | (6,350,000 | ) | | | (100,000 | ) | | | (900,000 | ) |
| Net increase (decrease) | | | 9,900,000 | | | | 25,475,000 | | | | (100,000 | ) | | | (800,000 | ) |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | Emerging Markets High Yield Bond ETF | | | Fallen Angel High Yield Bond ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 12,349,000 | | | $ | 23,754,349 | | | $ | 95,011,552 | | | $ | 161,545,173 | |
| Net realized loss | | | (2,262,014 | ) | | | (26,752,644 | ) | | | (36,170,747 | ) | | | (156,968,238 | ) |
| Net change in unrealized appreciation (depreciation) | | | 18,271,438 | | | | 38,155,822 | | | | 98,929,492 | | | | 199,769,798 | |
| Net increase in net assets resulting from operations | | | 28,358,424 | | | | 35,157,527 | | | | 157,770,297 | | | | 204,346,733 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (11,825,770 | ) | | | (24,467,300 | ) | | | (95,681,415 | ) | | | (159,923,520 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 34,928,266 | | | | 58,806,313 | | | | 277,860,760 | | | | 1,563,881,393 | |
| Cost of shares redeemed | | | — | | | | (142,479,278 | ) | | | (217,596,613 | ) | | | (1,465,425,739 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | 34,928,266 | | | | (83,672,965 | ) | | | 60,264,147 | | | | 98,455,654 | |
| Total increase (decrease) in net assets | | | 51,460,920 | | | | (72,982,738 | ) | | | 122,353,029 | | | | 142,878,867 | |
| Net Assets, beginning of period | | | 358,030,074 | | | | 431,012,812 | | | | 2,926,344,524 | | | | 2,783,465,657 | |
| Net Assets, end of period | | $ | 409,490,994 | | | $ | 358,030,074 | | | $ | 3,048,697,553 | | | $ | 2,926,344,524 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,800,000 | | | | 3,200,000 | | | | 9,650,000 | | | | 56,000,000 | |
| Shares redeemed | | | — | | | | (7,900,000 | ) | | | (7,600,000 | ) | | | (53,150,000 | ) |
| Net increase (decrease) | | | 1,800,000 | | | | (4,700,000 | ) | | | 2,050,000 | | | | 2,850,000 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | Green Bond ETF | | | IG Floating Rate ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 1,922,519 | | | $ | 2,862,304 | | | $ | 50,510,688 | | | $ | 78,989,141 | |
| Net realized gain (loss) | | | (113,034 | ) | | | (817,987 | ) | | | 3,792,715 | | | | 1,257,324 | |
| Net change in unrealized appreciation (depreciation) | | | 3,073,062 | | | | (190,734 | ) | | | (2,605,716 | ) | | | 17,025,169 | |
| Net increase in net assets resulting from operations | | | 4,882,547 | | | | 1,853,583 | | | | 51,697,687 | | | | 97,271,634 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (1,857,210 | ) | | | (2,789,760 | ) | | | (50,421,335 | ) | | | (77,301,370 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 12,063,812 | | | | 17,196,427 | | | | 425,102,700 | | | | 554,846,586 | |
| Cost of shares redeemed | | | — | | | | — | | | | (223,297,240 | ) | | | (181,365,192 | ) |
| Net increase in net assets resulting from share transactions | | | 12,063,812 | | | | 17,196,427 | | | | 201,805,460 | | | | 373,481,394 | |
| Total increase in net assets | | | 15,089,149 | | | | 16,260,250 | | | | 203,081,812 | | | | 393,451,658 | |
| Net Assets, beginning of period | | | 91,720,116 | | | | 75,459,866 | | | | 1,539,772,510 | | | | 1,146,320,852 | |
| Net Assets, end of period | | $ | 106,809,265 | | | $ | 91,720,116 | | | $ | 1,742,854,322 | | | $ | 1,539,772,510 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 500,000 | | | | 750,000 | | | | 16,700,000 | | | | 21,950,000 | |
| Shares redeemed | | | — | | | | — | | | | (8,800,000 | ) | | | (7,200,000 | ) |
| Net increase | | | 500,000 | | | | 750,000 | | | | 7,900,000 | | | | 14,750,000 | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | International High Yield Bond ETF | | | J.P. Morgan EM Local Currency Bond
ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 712,539 | | | $ | 2,207,379 | | | $ | 87,971,326 | | | $ | 190,687,135 | |
| Net realized loss | | | (633,260 | ) | | | (5,090,301 | ) | | | (61,406,236 | ) | | | (239,448,468 | ) |
| Net change in unrealized appreciation (depreciation) | | | 1,725,815 | | | | 5,490,598 | | | | 77,647,571 | | | | 72,095,992 | |
| Net increase in net assets resulting from operations | | | 1,805,094 | | | | 2,607,676 | | | | 104,212,661 | | | | 23,334,659 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (611,520 | ) | | | (1,811,747 | ) | | | (72,281,630 | ) | | | (74,799,534 | ) |
| Return of capital | | | — | | | | (464,333 | ) | | | — | | | | (116,037,962 | ) |
| Total distributions | | | (611,520 | ) | | | (2,276,080 | ) | | | (72,281,630 | ) | | | (190,837,496 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | — | | | | — | | | | 115,993,004 | | | | 362,831,748 | |
| Cost of shares redeemed | | | (6,214,351 | ) | | | (35,962,025 | ) | | | (104,827,062 | ) | | | (640,998,130 | ) |
| Net increase (decrease) in net assets resulting from share transactions | | | (6,214,351 | ) | | | (35,962,025 | ) | | | 11,165,942 | | | | (278,166,382 | ) |
| Total increase (decrease) in net assets | | | (5,020,777 | ) | | | (35,630,429 | ) | | | 43,096,973 | | | | (445,669,219 | ) |
| Net Assets, beginning of period | | | 30,428,001 | | | | 66,058,430 | | | | 2,778,676,181 | | | | 3,224,345,400 | |
| Net Assets, end of period | | $ | 25,407,224 | | | $ | 30,428,001 | | | $ | 2,821,773,154 | | | $ | 2,778,676,181 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | 4,600,000 | | | | 14,400,000 | |
| Shares redeemed | | | (300,000 | ) | | | (1,800,000 | ) | | | (4,300,000 | ) | | | (26,300,000 | ) |
| Net increase (decrease) | | | (300,000 | ) | | | (1,800,000 | ) | | | 300,000 | | | | (11,900,000 | ) |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | Moody’s Analytics BBB Corporate Bond
ETF | | | Moody’s Analytics IG Corporate Bond
ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 215,948 | | | $ | 396,224 | | | $ | 316,287 | | | $ | 578,989 | |
| Net realized gain (loss) | | | 31,437 | | | | (242,308 | ) | | | 12,606 | | | | (224,972 | ) |
| Net change in unrealized appreciation (depreciation) | | | 266,197 | | | | 91,158 | | | | 368,086 | | | | (67,098 | ) |
| Net increase in net assets resulting from operations | | | 513,582 | | | | 245,074 | | | | 696,979 | | | | 286,919 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (212,000 | ) | | | (395,240 | ) | | | (304,568 | ) | | | (577,080 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 1,089,023 | | | | — | | | | 3,819,905 | | | | — | |
| Cost of shares redeemed | | | — | | | | — | | | | — | | | | — | |
| Net increase in net assets resulting from share transactions | | | 1,089,023 | | | | — | | | | 3,819,905 | | | | — | |
| Total increase (decrease) in net assets | | | 1,390,605 | | | | (150,166 | ) | | | 4,212,316 | | | | (290,161 | ) |
| Net Assets, beginning of period | | | 8,294,664 | | | | 8,444,830 | | | | 12,393,504 | | | | 12,683,665 | |
| Net Assets, end of period | | $ | 9,685,269 | | | $ | 8,294,664 | | | $ | 16,605,820 | | | $ | 12,393,504 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 50,000 | | | | — | | | | 175,000 | | | | — | |
| Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| Net increase | | | 50,000 | | | | — | | | | 175,000 | | | | — | |
See Notes to Financial Statements
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| | | Mortgage REIT Income ETF | | | Preferred Securities ex Financials ETF | |
| | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | | | Six Months
Ended
October 31, 2024
(unaudited) | | | Year Ended
April 30, 2024 | |
| Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 14,305,441 | | | $ | 23,290,638 | | | $ | 59,104,169 | | | $ | 99,354,821 | |
| Net realized loss | | | (18,957,926 | ) | | | (17,394,242 | ) | | | (51,055,253 | ) | | | (31,324,978 | ) |
| Net change in unrealized appreciation (depreciation) | | | 28,820,929 | | | | 9,541,624 | | | | 130,424,499 | | | | (4,235,878 | ) |
| Net increase in net assets resulting from operations | | | 24,168,444 | | | | 15,438,020 | | | | 138,473,415 | | | | 63,793,965 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Distributable earnings | | | (14,364,450 | ) | | | (23,290,638 | ) | | | (52,568,420 | ) | | | (103,210,465 | ) |
| Return of capital | | | — | | | | (2,175,757 | ) | | | — | | | | — | |
| Total distributions | | | (14,364,450 | ) | | | (25,466,395 | ) | | | (52,568,420 | ) | | | (103,210,465 | ) |
| | | | | | | | | | | | | | | | | |
| Share transactions*: | | | | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | 40,368,714 | | | | 98,094,333 | | | | 285,612,426 | | | | 610,528,274 | |
| Cost of shares redeemed | | | (14,189,073 | ) | | | (21,455,897 | ) | | | (6,082,558 | ) | | | (42,538,023 | ) |
| Net increase in net assets resulting from share transactions | | | 26,179,641 | | | | 76,638,436 | | | | 279,529,868 | | | | 567,990,251 | |
| Total increase in net assets | | | 35,983,635 | | | | 66,610,061 | | | | 365,434,863 | | | | 528,573,751 | |
| Net Assets, beginning of period | | | 256,042,538 | | | | 189,432,477 | | | | 1,588,218,147 | | | | 1,059,644,396 | |
| Net Assets, end of period | | $ | 292,026,173 | | | $ | 256,042,538 | | | $ | 1,953,653,010 | | | $ | 1,588,218,147 | |
| *Shares of Common Stock Issued (no par value) | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,500,000 | | | | 8,650,000 | | | | 16,150,000 | | | | 35,350,000 | |
| Shares redeemed | | | (1,250,000 | ) | | | (1,900,000 | ) | | | (350,000 | ) | | | (2,500,000 | ) |
| Net increase | | | 2,250,000 | | | | 6,750,000 | | | | 15,800,000 | | | | 32,850,000 | |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | BDC Income ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $16.64 | | | | $14.54 | | | | $16.76 | | | | $16.76 | | | | $10.75 | | | | $16.55 | |
| Net investment income (a) | | | 0.94 | | | | 1.84 | | | | 1.63 | | | | 1.44 | | | | 1.43 | | | | 1.54 | |
| Net realized and unrealized gain (loss) on investments | | | (0.42 | ) | | | 2.04 | | | | (2.18 | ) | | | (0.06 | ) | | | 6.02 | | | | (5.86 | ) |
| Total from investment operations | | | 0.52 | | | | 3.88 | | | | (0.55 | ) | | | 1.38 | | | | 7.45 | | | | (4.32 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.92 | ) | | | (1.78 | ) | | | (1.63 | ) | | | (1.38 | ) | | | (1.44 | ) | | | (1.48 | ) |
| Return of capital | | | — | | | | — | (b) | | | (0.04 | ) | | | — | | | | — | (b) | | | — | |
| Total distributions | | | (0.92 | ) | | | (1.78 | ) | | | (1.67 | ) | | | (1.38 | ) | | | (1.44 | ) | | | (1.48 | ) |
| Net asset value, end of period | | | $16.24 | | | | $16.64 | | | | $14.54 | | | | $16.76 | | | | $16.76 | | | | $10.75 | |
| Total return (c) | | | 3.07 | % | | | 28.03 | % | | | (2.60 | )% | | | 8.23 | % | | | 73.81 | % | | | (27.77 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (d)(e) | | | 0.42 | %(f) | | | 0.42 | % | | | 0.42 | % | | | 0.41 | % | | | 0.46 | % | | | 0.48 | % |
| Net expenses (d)(e) | | | 0.42 | %(f) | | | 0.42 | % | | | 0.42 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % |
| Net expenses excluding interest and taxes (d)(e) | | | 0.40 | %(f) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % |
| Net investment income (d) | | | 11.17 | %(f) | | | 11.60 | % | | | 10.75 | % | | | 8.34 | % | | | 10.57 | % | | | 9.95 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $1,219 | | | | $1,084 | | | | $577 | | | | $625 | | | | $412 | | | | $170 | |
| Portfolio turnover rate (g) | | | 10 | % | | | 12 | % | | | 28 | % | | | 29 | % | | | 26 | % | | | 22 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (f) | Annualized |
| (g) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | China Bond ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $21.89 | | | | $22.86 | | | | $23.56 | | | | $24.07 | | | | $22.39 | | | | $22.89 | |
| Net investment income (a) | | | 0.23 | | | | 0.51 | | | | 0.57 | | | | 0.66 | | | | 0.73 | | | | 0.87 | |
| Net realized and unrealized gain (loss) on investments | | | 0.48 | | | | (0.79 | ) | | | (0.76 | ) | | | (0.40 | ) | | | 1.60 | | | | (0.49 | ) |
| Total from investment operations | | | 0.71 | | | | (0.28 | ) | | | (0.19 | ) | | | 0.26 | | | | 2.33 | | | | 0.38 | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.17 | ) | | | — | | | | — | (b) | | | (0.76 | ) | | | (0.65 | ) | | | (0.79 | ) |
| Return of capital | | | — | | | | (0.69 | ) | | | (0.51 | ) | | | (0.01 | ) | | | — | | | | (0.09 | ) |
| Total distributions | | | (0.17 | ) | | | (0.69 | ) | | | (0.51 | ) | | | (0.77 | ) | | | (0.65 | ) | | | (0.88 | ) |
| Net asset value, end of period | | | $22.43 | | | | $21.89 | | | | $22.86 | | | | $23.56 | | | | $24.07 | | | | $22.39 | |
| Total return (c) | | | 3.28 | % | | | (1.21 | )% | | | (0.80 | )% | | | 1.02 | % | | | 10.56 | % | | | 1.76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | 0.95 | %(d) | | | 0.79 | % | | | 0.51 | % | | | 0.52 | % | | | 0.68 | % | | | 3.53 | % |
| Net expenses | | | 0.50 | %(d) | | | 0.51 | % | | | 0.51 | % | | | 0.51 | % | | | 0.50 | % | | | 0.50 | % |
| Net expenses excluding interest and taxes | | | 0.50 | %(d) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % |
| Net investment income | | | 2.04 | %(d) | | | 2.31 | % | | | 2.51 | % | | | 2.69 | % | | | 3.07 | % | | | 3.93 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $22 | | | | $24 | | | | $43 | | | | $130 | | | | $104 | | | | $4 | |
| Portfolio turnover rate (e) | | | 68 | % | | | 65 | % | | | 10 | % | | | 60 | % | | | 17 | % | | | 21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Emerging Markets High Yield Bond ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $18.84 | | | | $18.19 | | | | $19.52 | | | | $23.63 | | | | $20.54 | | | | $23.34 | |
| Net investment income (a) | | | 0.62 | | | | 1.15 | | | | 1.10 | | | | 1.20 | | | | 1.29 | | | | 1.42 | |
| Net realized and unrealized gain (loss) on investments | | | 0.83 | | | | 0.67 | | | | (1.25 | ) | | | (4.11 | ) | | | 3.06 | | | | (2.77 | ) |
| Total from investment operations | | | 1.45 | | | | 1.82 | | | | (0.15 | ) | | | (2.91 | ) | | | 4.35 | | | | (1.35 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.60 | ) | | | (1.17 | ) | | | (1.18 | ) | | | (1.20 | ) | | | (1.26 | ) | | | (1.45 | ) |
| Net asset value, end of period | | | $19.69 | | | | $18.84 | | | | $18.19 | | | | $19.52 | | | | $23.63 | | | | $20.54 | |
| Total return (b) | | | 7.76 | % | | | 10.50 | % | | | (0.56 | )% | | | (12.84 | )% | | | 21.53 | % | | | (6.27 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.45 | % | | | 0.47 | % |
| Net expenses (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % |
| Net investment income | | | 6.38 | %(d) | | | 6.32 | % | | | 6.08 | % | | | 5.39 | % | | | 5.58 | % | | | 6.19 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $409 | | | | $358 | | | | $431 | | | | $1,152 | | | | $784 | | | | $308 | |
| Portfolio turnover rate (e) | | | 16 | % | | | 30 | % | | | 21 | % | | | 34 | % | | | 31 | % | | | 28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Fallen Angel High Yield Bond ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $28.36 | | | | $27.74 | | | | $28.94 | | | | $32.20 | | | | $26.84 | | | | $29.00 | |
| Net investment income (a) | | | 0.90 | | | | 1.61 | | | | 1.29 | | | | 1.19 | | | | 1.49 | | | | 1.54 | |
| Net realized and unrealized gain (loss) on investments | | | 0.62 | | | | 0.61 | | | | (1.15 | ) | | | (3.22 | ) | | | 5.35 | | | | (2.16 | ) |
| Total from investment operations | | | 1.52 | | | | 2.22 | | | | 0.14 | | | | (2.03 | ) | | | 6.84 | | | | (0.62 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.91 | ) | | | (1.60 | ) | | | (1.34 | ) | | | (1.23 | ) | | | (1.48 | ) | | | (1.54 | ) |
| Net asset value, end of period | | | ’$28.97 | | | | $28.36 | | | | $27.74 | | | | $28.94 | | | | $32.20 | | | | $26.84 | |
| Total return (b) | | | 5.42 | % | | | 8.26 | % | | | 0.60 | % | | | (6.63 | )% | | | 25.95 | % | | | (2.38 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c) | | | 0.25 | %(d) | | | 0.33 | %(e) | | | 0.35 | % | | | 0.35 | % | | | 0.43 | % | | | 0.43 | % |
| Net expenses (c) | | | 0.25 | %(d) | | | 0.33 | %(e) | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % |
| Net investment income | | | 6.19 | %(d) | | | 5.77 | %(e) | | | 4.68 | % | | | 3.70 | % | | | 4.83 | % | | | 5.35 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $3,049 | | | | $2,926 | | | | $2,783 | | | | $3,826 | | | | $4,915 | | | | $1,683 | |
| Portfolio turnover rate (f) | | | 12 | % | | | 71 | % | | | 31 | % | | | 44 | % | | | 27 | % | | | 68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Effective March 7, 2024, the unitary management fee rate changed from 0.35% to 0.25% |
| (f) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Green Bond ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $23.22 | | | | $23.58 | | | | $24.13 | | | | $27.16 | | | | $26.85 | | | | $25.87 | |
| Net investment income (a) | | | 0.46 | | | | 0.81 | | | | 0.63 | | | | 0.55 | | | | 0.55 | | | | 0.58 | |
| Net realized and unrealized gain (loss) on investments | | | 0.77 | | | | (0.38 | ) | | | (0.54 | ) | | | (3.03 | ) | | | 0.28 | (b) | | | 1.00 | |
| Total from investment operations | | | 1.23 | | | | 0.43 | | | | 0.09 | | | | (2.48 | ) | | | 0.83 | | | | 1.58 | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.45 | ) | | | (0.79 | ) | | | (0.64 | ) | | | (0.55 | ) | | | (0.52 | ) | | | (0.50 | ) |
| Return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) |
| Total distributions | | | (0.45 | ) | | | (0.79 | ) | | | (0.64 | ) | | | (0.55 | ) | | | (0.52 | ) | | | (0.60 | ) |
| Net asset value, end of period | | | $24.00 | | | | $23.22 | | | | $23.58 | | | | $24.13 | | | | $27.16 | | | | $26.85 | |
| Total return (c) | | | 5.34 | % | | | 1.89 | % | | | 0.41 | % | | | (9.30 | )% | | | 3.07 | % | | | 6.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (d) | | | 0.20 | %(e) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.65 | % | | | 0.83 | % |
| Net expenses (d) | | | 0.20 | %(e) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.23 | % |
| Net expenses excluding interest and taxes (d) | | | 0.20 | %(e) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
| Net investment income | | | 3.84 | %(e) | | | 3.48 | % | | | 2.71 | % | | | 2.07 | % | | | 2.01 | % | | | 2.17 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $107 | | | | $92 | | | | $75 | | | | $95 | | | | $84 | | | | $32 | |
| Portfolio turnover rate (f) | | | 7 | % | | | 14 | % | | | 20 | % | | | 19 | % | | | 25 | % | | | 83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | IG Floating Rate ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $25.47 | | | | $25.08 | | | | $25.07 | | | | $25.33 | | | | $24.61 | | | | $25.25 | |
| Net investment income (a) | | | 0.78 | | | | 1.59 | | | | 0.98 | | | | 0.14 | | | | 0.23 | | | | 0.68 | |
| Net realized and unrealized gain (loss) on investments | | | 0.02 | | | | 0.38 | | | | (0.09 | ) | | | (0.25 | ) | | | 0.76 | | | | (0.61 | ) |
| Total from investment operations | | | 0.80 | | | | 1.97 | | | | 0.89 | | | | (0.11 | ) | | | 0.99 | | | | 0.07 | |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.77 | ) | | | (1.58 | ) | | | (0.88 | ) | | | (0.15 | ) | | | (0.27 | ) | | | (0.71 | ) |
| Net asset value, end of period | | | $25.50 | | | | $25.47 | | | | $25.08 | | | | $25.07 | | | | $25.33 | | | | $24.61 | |
| Total return (b) | | | 3.17 | % | | | 8.12 | % | | | 3.61 | % | | | (0.45 | )% | | | 4.07 | % | | | 0.26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c) | | | 0.14 | %(d) | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.39 | % | | | 0.40 | % |
| Net expenses (c) | | | 0.14 | %(d) | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % | | | 0.14 | % |
| Net investment income | | | 6.05 | %(d) | | | 6.31 | % | | | 3.95 | % | | | 0.56 | % | | | 0.93 | % | | | 2.70 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $1,743 | | | | $1,540 | | | | $1,146 | | | | $1,135 | | | | $560 | | | | $461 | |
| Portfolio turnover rate (e) | | | 54 | % | | | 89 | % | | | 55 | % | | | 78 | % | | | 72 | % | | | 40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | International High Yield Bond ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $20.29 | | | | $20.02 | | | | $20.90 | | | | $25.71 | | | | $22.21 | | | | $24.54 | |
| Net investment income (a) | | | 0.55 | | | | 1.06 | | | | 0.96 | | | | 1.02 | | | | 1.13 | | | | 1.26 | |
| Net realized and unrealized gain (loss) on investments | | | 0.81 | | | | 0.33 | | | | (0.85 | ) | | | (4.78 | ) | | | 3.54 | | | | (2.33 | ) |
| Total from investment operations | | | 1.36 | | | | 1.39 | | | | 0.11 | | | | (3.76 | ) | | | 4.67 | | | | (1.07 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.48 | ) | | | (0.88 | ) | | | (0.89 | ) | | | (1.05 | ) | | | (1.10 | ) | | | (1.17 | ) |
| Return of capital | | | — | | | | (0.24 | ) | | | (0.10 | ) | | | — | | | | (0.07 | ) | | | (0.09 | ) |
| Total distributions | | | (0.48 | ) | | | (1.12 | ) | | | (0.99 | ) | | | (1.05 | ) | | | (1.17 | ) | | | (1.26 | ) |
| Net asset value, end of period | | | $21.17 | | | | $20.29 | | | | $20.02 | | | | $20.90 | | | | $25.71 | | | | $22.21 | |
| Total return (b) | | | 6.78 | % | | | 7.13 | % | | | 0.78 | % | | | (15.07 | )% | | | 21.30 | % | | | (4.67 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.56 | % | | | 0.62 | % |
| Net expenses (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % |
| Net investment income | | | 5.26 | %(d) | | | 5.27 | % | | | 4.89 | % | | | 4.21 | % | | | 4.54 | % | | | 5.17 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in$ millions) | | | $25 | | | | $30 | | | | $66 | | | | $79 | | | | $100 | | | | $89 | |
| Portfolio turnover rate (e) | | | 14 | % | | | 31 | % | | | 22 | % | | | 25 | % | | | 33 | % | | | 37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | J.P. Morgan EM Local Currency Bond ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $23.87 | | | | $25.13 | | | | $25.33 | | | | $31.14 | | | | $29.36 | | | | $33.11 | |
| Net investment income (a) | | | 0.76 | | | | 1.52 | | | | 1.43 | | | | 1.47 | | | | 1.55 | | | | 2.00 | |
| Net realized and unrealized gain (loss) on investments | | | 0.18 | | | | (1.25 | ) | | | (0.21 | ) | | | (5.84 | ) | | | 1.78 | | | | (3.75 | ) |
| Total from investment operations | | | 0.94 | | | | 0.27 | | | | 1.22 | | | | (4.37 | ) | | | 3.33 | | | | (1.75 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.63 | ) | | | (0.60 | ) | | | (0.18 | ) | | | (0.77 | ) | | | (0.01 | ) | | | (0.48 | ) |
| Return of capital | | | — | | | | (0.93 | ) | | | (1.24 | ) | | | (0.67 | ) | | | (1.54 | ) | | | (1.52 | ) |
| Total distributions | | | (0.63 | ) | | | (1.53 | ) | | | (1.42 | ) | | | (1.44 | ) | | | (1.55 | ) | | | (2.00 | ) |
| Net asset value, end of period | | | $24.18 | | | | $23.87 | | | | $25.13 | | | | $25.33 | | | | $31.14 | | | | $29.36 | |
| Total return (b) | | | 3.93 | % | | | 1.03 | % | | | 5.16 | % | | | (14.56 | )% | | | 11.40 | % | | | (5.79 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses | | | 0.31 | %(c) | | | 0.31 | % | | | 0.31 | % | | | 0.32 | % | | | 0.31 | % | | | 0.36 | % |
| Net expenses | | | 0.30 | %(c) | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % | | | 0.30 | % |
| Net investment income | | | 6.19 | %(c) | | | 6.10 | % | | | 5.87 | % | | | 5.00 | % | | | 4.92 | % | | | 6.05 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $2,822 | | | | $2,779 | | | | $3,224 | | | | $3,073 | | | | $3,380 | | | | $3,339 | |
| Portfolio turnover rate (d) | | | 19 | % | | | 37 | % | | | 29 | % | | | 33 | % | | | 40 | % | | | 39 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Annualized |
| (d) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Moody’s Analytics BBB Corporate Bond ETF |
| | |
Six Months
Ended
October 31,
2024 | | Year Ended April 30, | | Period
Ended
April 30, |
| | | (unaudited) | | 2024 | | 2023 | | 2022 | | 2021 (a) |
| | | | | | | | | | | |
| Net asset value, beginning of period | | | $20.74 | | | | $21.11 | | | | $21.52 | | | | $24.73 | | | | $25.00 | |
| Net investment income (b) | | | 0.53 | | | | 0.99 | | | | 0.78 | | | | 0.55 | | | | 0.22 | |
| Net realized and unrealized gain (loss) on investments | | | 0.78 | | | | (0.37 | ) | | | (0.44 | ) | | | (3.19 | ) | | | (0.30 | ) |
| Total from investment operations | | | 1.31 | | | | 0.62 | | | | 0.34 | | | | (2.64 | ) | | | (0.08 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.53 | ) | | | (0.99 | ) | | | (0.75 | ) | | | (0.57 | ) | | | (0.19 | ) |
| Net asset value, end of period | | | $21.52 | | | | $20.74 | | | | $21.11 | | | | $21.52 | | | | $24.73 | |
| Total return (c) | | | 6.38 | % | | | 3.02 | % | | | 1.70 | % | | | (10.96 | )% | | | (0.32 | )% |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.26 | %(d) | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | %(d) |
| Expenses excluding interest and taxes | | | 0.25 | %(d) | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | %(d) |
| Net investment income | | | 4.91 | %(d) | | | 4.78 | % | | | 3.75 | % | | | 2.26 | % | | | 2.14 | %(d) |
| Supplemental data | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $10 | | | | $8 | | | | $8 | | | | $9 | | | | $10 | |
| Portfolio turnover rate (e) | | | 31 | % | | | 62 | % | | | 91 | % | | | 48 | % | | | 35 | % |
| | | | | | | | | | | | | | | | | | | | | |
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Moody’s Analytics IG Corporate Bond ETF |
| | |
Six Months
Ended
October 31,
2024 | | Year Ended April 30, | | Period
Ended
April 30, |
| | | (unaudited) | | 2024 | | 2023 | | 2022 | | 2021 (a) |
| | | | | | | | | | | |
| Net asset value, beginning of period | | | $20.66 | | | | $21.14 | | | | $21.61 | | | | $24.58 | | | | $25.00 | |
| Net investment income (b) | | | 0.51 | | | | 0.96 | | | | 0.74 | | | | 0.52 | | | | 0.21 | |
| Net realized and unrealized gain (loss) on investments | | | 0.76 | | | | (0.48 | ) | | | (0.49 | ) | | | (2.96 | ) | | | (0.45 | ) |
| Total from investment operations | | | 1.27 | | | | 0.48 | | | | 0.25 | | | | (2.44 | ) | | | (0.24 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.50 | ) | | | (0.96 | ) | | | (0.72 | ) | | | (0.53 | ) | | | (0.18 | ) |
| Net asset value, end of period | | | $21.43 | | | | $20.66 | | | | $21.14 | | | | $21.61 | | | | $24.58 | |
| Total return (c) | | | 6.18 | % | | | 2.36 | % | | | 1.22 | % | | | (10.15 | )% | | | (0.97 | )% |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | |
| Expenses | | | 0.21 | %(d) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(d) |
| Expenses excluding interest and taxes | | | 0.20 | %(d) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(d) |
| Net investment income | | | 4.70 | %(d) | | | 4.66 | % | | | 3.53 | % | | | 2.13 | % | | | 2.10 | %(d) |
| Supplemental data | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $17 | | | | $12 | | | | $13 | | | | $13 | | | | $15 | |
| Portfolio turnover rate (e) | | | 29 | % | | | 54 | % | | | 84 | % | | | 53 | % | | | 28 | % |
| | | | | | | | | | | | | | | | | | | | | |
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Mortgage REIT Income ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $10.69 | | | | $11.01 | | | | $15.23 | | | | $19.45 | | | | $11.42 | | | | $23.63 | |
| Net investment income (a) | | | 0.57 | | | | 1.17 | | | | 1.21 | | | | 0.76 | | | | 0.86 | | | | 1.45 | |
| Net realized and unrealized gain (loss) on investments | | | 0.46 | | | | (0.22 | ) | | | (3.82 | ) | | | (3.44 | ) | | | 8.49 | | | | (11.90 | ) |
| Total from investment operations | | | 1.03 | | | | 0.95 | | | | (2.61 | ) | | | (2.68 | ) | | | 9.35 | | | | (10.45 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.57 | ) | | | (1.16 | ) | | | (1.21 | ) | | | (0.79 | ) | | | (0.83 | ) | | | (1.45 | ) |
| Return of capital | | | — | | | | (0.11 | ) | | | (0.40 | ) | | | (0.75 | ) | | | (0.49 | ) | | | (0.31 | ) |
| Total distributions | | | (0.57 | ) | | | (1.27 | ) | | | (1.61 | ) | | | (1.54 | ) | | | (1.32 | ) | | | (1.76 | ) |
| Net asset value, end of period | | | $11.15 | | | | $10.69 | | | | $11.01 | | | | $15.23 | | | | $19.45 | | | | $11.42 | |
| Total return (b) | | | 9.58 | % | | | 8.59 | % | | | (16.95 | )% | | | (14.74 | )% | | | 85.71 | % | | | (46.63 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c) | | | 0.43 | %(d) | | | 0.43 | % | | | 0.43 | % | | | 0.41 | % | | | 0.49 | % | | | 0.50 | % |
| Net expenses (c) | | | 0.43 | %(d) | | | 0.43 | % | | | 0.43 | % | | | 0.41 | % | | | 0.41 | % | | | 0.41 | % |
| Net expenses excluding interest and taxes (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % |
| Net investment income | | | 9.95 | %(d) | | | 10.40 | % | | | 9.30 | % | | | 4.15 | % | | | 5.55 | % | | | 6.70 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $292 | | | | $256 | | | | $189 | | | | $211 | | | | $310 | | | | $119 | |
| Portfolio turnover rate (e) | | | 17 | % | | | 16 | % | | | 19 | % | | | 12 | % | | | 31 | % | | | 16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| | | Preferred Securities ex Financials ETF |
| | | Six Months | | Year Ended April 30, |
| | | Ended
October 31,
2024
(unaudited) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $17.01 | | | | $17.51 | | | | $19.15 | | | | $20.97 | | | | $18.23 | | | | $19.37 | |
| Net investment income (a) | | | 0.59 | | | | 1.29 | | | | 1.12 | | | | 1.01 | | | | 0.98 | | | | 1.06 | |
| Net realized and unrealized gain (loss) on investments | | | 0.82 | | | | (0.45 | ) | | | (1.62 | ) | | | (1.68 | ) | | | 2.72 | | | | (1.12 | ) |
| Total from investment operations | | | 1.41 | | | | 0.84 | | | | (0.50 | ) | | | (0.67 | ) | | | 3.70 | | | | (0.06 | ) |
| Distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.52 | ) | | | (1.34 | ) | | | (1.14 | ) | | | (1.13 | ) | | | (0.96 | ) | | | (1.08 | ) |
| Return of capital | | | — | | | | — | | | | — | | | | (0.02 | ) | | | — | | | | — | |
| Total distributions | | | (0.52 | ) | | | (1.34 | ) | | | (1.14 | ) | | | (1.15 | ) | | | (0.96 | ) | | | (1.08 | ) |
| Net asset value, end of period | | | $17.90 | | | | $17.01 | | | | $17.51 | | | | $19.15 | | | | $20.97 | | | | $18.23 | |
| Total return (b) | | | 8.36 | % | | | 5.04 | % | | | (2.50 | )% | | | (3.61 | )% | | | 20.78 | % | | | (0.54 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.41 | % | | | 0.40 | % | | | 0.43 | % | | | 0.44 | % |
| Net expenses (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.41 | % | | | 0.40 | % | | | 0.40 | % | | | 0.41 | % |
| Net expenses excluding interest and taxes (c) | | | 0.40 | %(d) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % |
| Net investment income | | | 6.60 | %(d) | | | 7.55 | % | | | 6.28 | % | | | 4.79 | % | | | 4.97 | % | | | 5.41 | % |
| Supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in millions) | | | $1,954 | | | | $1,588 | | | | $1,060 | | | | $1,002 | | | | $948 | | | | $689 | |
| Portfolio turnover rate (e) | | | 14 | % | | | 27 | % | | | 27 | % | | | 37 | % | | | 36 | % | | | 45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns are not annualized and include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Annualized |
| (e) | Portfolio turnover rate is not annualized and excludes in-kind transactions. |
See Notes to Financial Statements
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
October 31, 2024 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | | Diversification Classification |
| | | |
| BDC Income ETF (“BDC Income”) | | Diversified |
| China Bond ETF (“China Bond”) | | Non-Diversified |
| Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | | Diversified |
| Fallen Angel High Yield Bond ETF (“Fallen Angel”) | | Diversified |
| Green Bond ETF (“Green Bond”) | | Diversified |
| IG Floating Rate ETF (“Floating Rate”) | | Non-Diversified |
| International High Yield Bond ETF (“International High Yield”) | | Diversified |
| J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | | Non-Diversified |
| Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | | Non-Diversified |
| Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | | Non-Diversified |
| Mortgage REIT Income ETF (“Mortgage REIT”) | | Non-Diversified |
| Preferred Securities ex Financials ETF (“Preferred Securities”) | | Non-Diversified |
Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.
| Fund | | Index |
| | | |
| BDC Income | | MVIS® US Business Development Companies Index |
| China Bond | | ChinaBond China High Quality Bond Index |
| Emerging Markets High Yield | | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index |
| Fallen Angel | | ICE US Fallen Angel High Yield 10% Constrained Index |
| Green Bond | | S&P Green Bond U.S. Dollar Select Index |
| Floating Rate | | MVIS® US Investment Grade Floating Rate Index |
| International High Yield | | ICE BofA Global ex-US Issuers High Yield Constrained Index |
| J.P. Morgan EM | | J.P. Morgan GBI-EM Global Core Index |
| Moody’s Analytics BBB | | MVIS® Moody’s Analytics® US BBB Corporate Bond Index |
| Moody’s Analytics IG | | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index |
| Mortgage REIT | | MVIS® US Mortgage REITs Index |
| Preferred Securities | | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index |
Van Eck Associates Corporation (“VEAC”) serves as the investment adviser for the Funds, except for BDC Income. Van Eck Absolute Return Advisers Corporation (“VEARA”) serves as the investment adviser to BDC Income. VEAC and VEARA are collectively referred to as the “Adviser”.
The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Bond seeks to achieve its investment objective by primarily investing in RMB bonds through Bond Connect. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective by investing in a portfolio of securities in substantially the same weighting as their index. BDC Income may invest in swaps and other types of derivative instruments that have investment exposure to BDCs, including swaps on the benchmark index and/or swaps on the components that comprise the benchmark index. BDC Income may also invest in exchange-traded notes.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.
The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| | |
| C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. If a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of return of capital the Fund will notify shareholders of the estimated composition of such distribution Dividends from net investment income are subject to recharacterization for tax purposes. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund’s taxable income which can only be determined after the Fund’s fiscal year end |
| | |
| D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations.Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of October 31, 2024. |
| | |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| | |
| F. | Use of Derivative Instruments—The Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified |
date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.
Total Return Swaps— The BDC Income ETF invests in total return swaps in order take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap position held by the BDC Income ETF at October 31, 2024 is reflected in the Fund’s Schedule of Investments.
During the six months ended October 31, 2024, the BDC Income ETF held total return swap contracts for one month with an average monthly notional amount of $10,007,968.
At October 31, 2024, the BDC Income ETF held derivatives (not designated as hedging instruments under GAAP):
| | | | Liabilities
Derivatives | |
| | | | Commodities
Futures Risk | |
| | BDC Income ETF | | | | |
| | Swap contracts1 | | $ | 19,163 | |
| 1 | Statement of Assets and Liabilities location: Total return swap contracts, at value |
The impact of transactions in derivative instruments during the six months ended October 31, 2024 was as follows:
| | | | Commodities
Futures Risk | |
| | BDC Income ETF | | | | |
| | Net change in unrealized appreciation (depreciation): | | | | |
| | Swap contracts1 | | $ | (19,163) | |
| 1 | Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts |
| | |
| G. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2024 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities subject to a master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral) as of October 31, 2024. The total amount of collateral reported, if any, is limited to the net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities for the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments.
| | | Gross Amounts
of Recognized
Liabilities | | Gross Amounts Offset
in the Statement of
Assets and Liabilities | | Net Amounts of
Liabilities Presented
in the Statements of
Assets and Liabilities | | Financial
Instruments and
Cash Collateral
Received | | Net Amount |
| BDC Income ETF | | | | | | | | | | |
| Total return swap contracts | | $19,163 | | $— | | $19,163 | | $— | | $19,163 |
| H. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. |
| | |
| | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |
| | |
| | The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
| | |
| | In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
| | |
| | China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2024. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2025, to waive management fees and assume expenses to prevent total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the six months ended October 31, 2024 are as follows:
| Fund | | Management
Fees | | Expense
Limitations |
| China Bond | | | 0.40 | % | | | 0.50 | % |
| J.P. Morgan EM | | | 0.27 | | | | 0.30 | |
Refer to the Statements of Operations for amounts assumed by the Adviser.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
| Fund | | Management
Fee Rate |
| BDC Income | | | 0.40 | % |
| Emerging Markets High Yield | | | 0.40 | |
| Fallen Angel | | | 0.25 | |
| Floating Rate | | | 0.14 | |
| Green Bond | | | 0.20 | |
| International High Yield | | | 0.40 | |
| Moody’s Analytics BBB | | | 0.25 | |
| Moody’s Analytics IG | | | 0.20 | |
| Mortgage REIT | | | 0.40 | |
| Preferred Securities | | | 0.40 | |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At October 31, 2024, the Adviser owned approximately 73% of Moody’s Analytics BBB.
Note 4—Capital Share Transactions—As of October 31, 2024, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the six months ended October 31, 2024, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| | | | | | | | In-Kind Capital Share Transactions |
| Fund | | Purchases | | Sales | | Purchases | | Sales |
| BDC Income | | $ | 116,697,733 | | | $ | 120,402,130 | | | $ | 243,722,169 | | | $ | 84,363,122 | |
| China Bond | | | 14,488,586 | | | | 16,894,183 | | | | — | | | | — | |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| | | | | | | | | In-Kind Capital Share Transactions |
| Fund | | Purchases | | Sales | | Purchases | | Sales |
| Emerging Markets High Yield | | | 63,295,609 | | | | 60,921,287 | | | | 34,405,070 | | | | — | |
| Fallen Angel | | | 364,077,039 | | | | 366,164,245 | | | | 248,940,691 | | | | 197,404,921 | |
| Floating Rate | | | 958,454,648 | | | | 883,454,135 | | | | 364,038,875 | | | | 205,575,103 | |
| Green Bond | | | 7,389,120 | | | | 6,711,235 | | | | 10,295,924 | | | | — | |
| International High Yield | | | 3,977,355 | | | | 3,642,049 | | | | — | | | | 6,187,094 | |
| J.P. Morgan EM | | | 534,269,812 | | | | 557,649,587 | | | | 63,256,179 | | | | 59,822,128 | |
| Moody’s Analytics BBB | | | 2,629,547 | | | | 2,669,105 | | | | 1,077,844 | | | | — | |
| Moody’s Analytics IG | | | 3,852,908 | | | | 3,954,313 | | | | 3,813,724 | | | | — | |
| Mortgage REIT | | | 51,584,367 | | | | 48,414,771 | | | | 40,292,901 | | | | 14,572,291 | |
| Preferred Securities | | | 255,699,527 | | | | 241,657,612 | | | | 277,136,083 | | | | 6,081,738 | |
Note 6—Income Taxes—As of October 31, 2024, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | | Tax Cost of
Investments | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
| BDC Income | | | $1,272,872,410 | | | | $56,469,524 | | | | $(41,165,028) | | | | $15,304,496 | |
| China Bond | | | 22,178,502 | | | | 266,161 | | | | (692,298) | | | | (426,137) | |
| Emerging Markets High Yield | | | 426,657,101 | | | | 8,798,049 | | | | (20,659,917) | | | | (11,861,868) | |
| Fallen Angel | | | 3,246,064,687 | | | | 41,184,496 | | | | (116,309,923) | | | | (75,125,427) | |
| Floating Rate | | | 1,722,926,190 | | | | 6,349,668 | | | | (896,069) | | | | 5,453,599 | |
| Green Bond | | | 112,072,178 | | | | 828,295 | | | | (6,577,182) | | | | (5,748,887) | |
| International High Yield | | | 27,145,561 | | | | 619,443 | | | | (1,929,371) | | | | (1,309,928) | |
| J.P. Morgan EM | | | 3,026,094,165 | | | | 34,640,292 | | | | (300,749,394) | | | | (266,109,102) | |
| Moody’s Analytics BBB | | | 9,685,333 | | | | 149,827 | | | | (292,555) | | | | (142,728) | |
| Moody’s Analytics IG | | | 16,901,356 | | | | 161,114 | | | | (662,601) | | | | (501,487) | |
| Mortgage REIT | | | 340,801,407 | | | | 5,937,182 | | | | (32,753,184) | | | | (26,816,002) | |
| Preferred Securities | | | 1,981,453,372 | | | | 58,650,027 | | | | (50,491,268) | | | | 8,158,759 | |
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the six months ended October 31, 2024, the net realized gains (losses) from foreign currency translations were as follows:
| | China Bond | $ (589,263) | |
| | International High Yield | (152,895) | |
| | J.P. Morgan EM | (47,164,432) | |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the six months ended October 31, 2024, the Funds did not incur any interest or penalties.
China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond
market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the former Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the former Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak.
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. BDC Income may invest in total return swap agreements that provide economic exposure to the investment returns of underlying BDC companies. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of
1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2024 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2024:
| Fund | | Market Value
of Securities
on Loan | | Cash
Collateral | | Non-Cash
Collateral | | Total
Collateral |
| BDC Income | | $ | 99,823,380 | | | $ | 70,215,021 | | | $ | 33,581,359 | | | $ | 103,796,380 | |
| Emerging Markets High Yield | | | 14,660,530 | | | | 13,409,641 | | | | 1,842,008 | | | | 15,251,649 | |
| Fallen Angel | | | 182,822,616 | | | | 179,924,911 | | | | 10,352,424 | | | | 190,277,335 | |
| Floating Rate | | | 7,906,579 | | | | 6,450,895 | | | | 1,686,703 | | | | 8,137,598 | |
| Green Bond | | | 5,804,407 | | | | 1,127,848 | | | | 4,868,880 | | | | 5,996,728 | |
| International High Yield | | | 871,607 | | | | 831,568 | | | | 82,213 | | | | 913,781 | |
| J.P. Morgan EM | | | 22,217,355 | | | | 22,895,846 | | | | – | | | | 22,895,846 | |
| Moody’s Analytics BBB | | | 263,176 | | | | 36,928 | | | | 254,890 | | | | 291,818 | |
| Moody’s Analytics IG | | | 667,569 | | | | 77,523 | | | | 611,885 | | | | 689,408 | |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| Fund | | Market Value
of Securities
on Loan | | Cash
Collateral | | Non-Cash
Collateral | | Total
Collateral |
| Mortgage REIT | | | 81,531,311 | | | | 21,768,075 | | | | 63,700,189 | | | | 85,468,264 | |
| Preferred Securities | | | 49,631,810 | | | | 49,289,642 | | | | 2,266,673 | | | | 51,556,315 | |
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2024:
| | | Gross Amount of Recognized Liabilities for Securities Lending
Transactions* in the Statements of Assets and Liabilities |
| Fund | | Corporate Bonds | | | Equity Securities | | | Government
Obligations | |
| BDC Income | | $ | – | | | $ | 70,215,021 | | | $ | – | |
| Emerging Markets High Yield | | | 13,409,641 | | | | – | | | | – | |
| Fallen Angel | | | 179,924,911 | | | | – | | | | – | |
| Green Bond | | | 559,838 | | | | – | | | | 568,010 | |
| Floating Rate | | | 6,450,895 | | | | – | | | | – | |
| International High Yield | | | 831,568 | | | | – | | | | – | |
| J.P. Morgan EM | | | – | | | | – | | | | 22,895,846 | |
| Moody’s Analytics BBB | | | 36,928 | | | | – | | | | – | |
| Moody’s Analytics IG | | | 77,523 | | | | – | | | | – | |
| Mortgage REIT | | | – | | | | 21,768,075 | | | | – | |
| Preferred Securities* | | | – | | | | 49,289,642 | | | | – | |
| * | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the six months ended October 31, 2024, the following Funds borrowed under this Facility:
| Fund | | Days
Outstanding | | | Average
Daily
Loan Balance | | | Average
Interest Rate |
| BDC Income | | | 116 | | | | $5,007,646 | | | | 6.53 | % |
| Green Bond | | | 1 | | | | 405,400 | | | | 6.68 | |
| International High Yield | | | 21 | | | | 107,630 | | | | 6.68 | |
| J.P. Morgan EM | | | 48 | | | | 1,974,709 | | | | 6.66 | |
| Mortgage REIT | | | 87 | | | | 2,617,666 | | | | 6.52 | |
| Preferred Securities | | | 20 | | | | 1,836,183 | | | | 6.53 | |
Outstanding loan balances as of October 31, 2024, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Subsequent Event Review— On December 17, 2024, the Board approved a change to BDC Income, China Bond, International High Yield, J.P. Morgan EM, Mortgage REIT and Preferred Securities Funds’ fiscal year end from April 30 to December 31.
| Changes In and Disagreements with Accountants | For the period covered by this report |
There were no changes in or disagreements with accountants.
| Proxy Disclosures | For the period covered by this report |
Not applicable.
| Remuneration Paid to Directors, Officers, and Others | For the period covered by this report |
Refer to the financial statements included herein.
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited)
At a meeting held on June 7, 2024 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (“VEAC”) (the “VEAC Investment Management Agreements”) with respect to the VanEck CEF Muni Income ETF, China Bond ETF, Dynamic High Income ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, High Yield Muni ETF, HIP Sustainable Muni ETF, IG Floating Rate ETF, Intermediate Muni ETF, International High Yield Bond ETF, J.P. Morgan EM Local Currency Bond ETF, Long Muni ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Mortgage REIT Income ETF, Muni ETF, Preferred Securities ex Financials ETF, Short High Yield Muni ETF and Short Muni ETF and (ii) the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,” and together with VEAC, the “Advisers”) (the “VEARA Investment Management Agreement”) with respect to the VanEck BDC Income ETF. The VEAC Investment Management Agreements and the VEARA Investment Management Agreement are collectively referred to as the “Investment Management Agreements.”
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 3, 2024. At that meeting, the Trustees discussed the information the Advisers and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds (except for the VanEck Muni ETF, which had not commenced operations) (each, an “Operating Fund” and together, the “Operating Funds”) and the Operating Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Advisers and their respective affiliates as a result of the Advisers’ relationships with the Funds. In reviewing performance information for the Operating Funds against their peer groups, the Trustees considered that each Operating Fund, except the VanEck Dynamic High Income ETF and HIP Sustainable Muni ETF, has a different investment objective than the funds in its designated peer group and, therefore, each such Operating Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Operating Fund which was not provided by Broadridge and which did not compare each Operating Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Operating Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Advisers at the Renewal Meeting and the May 3, 2024 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Advisers provide under, the Investment Management Agreements, including, where applicable, (i) with respect to each Fund except the VanEck China Bond ETF and J.P. Morgan EM Local Currency Bond ETF (the “Unitary Funds”), the Advisers’ agreement to pay all of the direct expenses of the Unitary Funds (excluding the fee payment under the applicable Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) with respect to the VanEck China Bond ETF and J.P. Morgan EM Local Currency Bond ETF (the “Non-Unitary Funds”), VEAC’s commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) to the extent
necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time.
The Trustees concluded that the Advisers and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Operating Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Operating Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Operating Fund except for VanEck Dynamic High Income ETF and HIP Sustainable Muni ETF (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from the Advisers regarding the performance of the VanEck Dynamic High Income ETF and HIP Sustainable Muni ETF, each an actively managed ETF, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck Dynamic High Income ETF had underperformed its benchmark for the one-year period ended December 31, 2023 and the period since its inception on November 1, 2022 through December 31, 2023, due to its exposure to diversifying assets, such as long-term U.S. Treasuries, dividend-paying equities and emerging market bonds, according to the Adviser. The Trustees also noted that the VanEck HIP Sustainable Muni ETF had underperformed its benchmark for the one-year period ended December 31, 2023 and the period since its inception on September 8, 2021, due to interest rate volatility and differences in duration and curve exposures between the Fund and its benchmark, according to the Adviser.
The Trustees also considered information relating to the financial condition of the Advisers and the current status, as they understood it, of the Advisers’ compliance environment.
As noted above, the Trustees were also provided with various data from Broadridge comparing the Operating Funds’ expenses to that of certain other registered funds. The Trustees noted that the information provided showed that each Operating Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck China Bond ETF, Moody’s Analytics IG Corporate Bond ETF and Short High Yield Muni ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck BDC Income ETF, International High Yield Bond ETF and Moody’s Analytics BBB Corporate Bond ETF had management fees above the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had management fees above the average and below the median of its peer group of funds, and the VanEck Green Bond ETF had management fees below the average and above the median of its peer group of funds. The Trustees also noted that the information provided showed that each Operating Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck BDC Income ETF, China Bond ETF, International High Yield Bond ETF and Moody’s Analytics BBB Corporate Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, and the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio above the average and below the median of its peer group of funds. The Trustees reviewed the amounts by which certain Operating Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Advisers from serving as advisers to the Funds.
The Trustees also considered information provided by the Advisers about their overall profitability and profitability or loss in respect of each Operating Fund. The Trustees reviewed each Operating Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in an Operating Fund increase. The
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited) (continued)
Trustees considered the potential variability in the net assets of the Operating Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Operating Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that VEAC has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Operating Fund is reasonable and appropriate in relation to the current asset size of each Operating Fund and the other factors discussed above and that the advisory fee rate for each Operating Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers with respect to the Operating Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services received by such Operating Funds.
The Trustees did not consider historical information about the cost of the services provided by VEAC or the profitability of the VanEck Muni ETF to VEAC because VanEck Muni ETF had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to the VanEck Muni ETF by VEAC, although they concluded that the nature, quality and extent of the services to be provided by VEAC were appropriate based on the Trustees’ knowledge of VEAC and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 3, 2024 meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each of the Investment Management Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each of the Investment Management Agreements is in the best interest of the applicable Fund and the Fund’s shareholders.
| Item 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Information included in Item 7.
| Item 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Information included in Item 7.
| Item 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
Information included in Item 7.
| Item 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| Item 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
| Item 16. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Item 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK ETF TRUST
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer | |
Date January 8, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Jan F. van Eck, Chief Executive Officer | |
Date January 8, 2025
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer | |
Date January 8, 2025
0001137360veac:C000088891Memberveac:A4536CTIMember2024-10-31iso4217:USDxbrli:shares
