VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
MUNICIPAL
BONDS:
98.9%
Alabama
:
2.1%
Alabama
Special
Care
Facilities
Financing
Authority,
Methodist
Home
for
Aging
(RB)
5.75%,
06/01/35(c)
$
1,400
$
1,402,041
5.75%,
06/01/45(c)
2,000
1,884,194
6.00%,
06/01/50(c)
5,900
5,624,509
Alabama
State
Port
Authority
Docks
Facilities,
Series
A
(RB)
(AGM)
5.00%,
10/01/34(c)
1,000
1,023,205
5.00%,
10/01/29(c)
1,675
1,720,198
Black
Belt
Energy
Gas
District,
Project
No.
8,
Series
A
(RB)
4.00%,
12/01/52(c)
(p)
10,000
9,996,703
Black
Belt
Energy
Gas
District,
Series
A
(RB)
5.25%,
01/01/54(c)
(p)
5,000
5,375,285
County
of
Jefferson
AL
Sewer
Revenue
(RB)
5.00%,
10/01/39(c)
2,500
2,748,790
5.50%,
10/01/53(c)
3,000
3,285,374
County
of
Jefferson,
Alabama
Sewer
Warrants
(RB)
5.25%,
10/01/49(c)
7,140
7,716,281
Homewood
Educational
Building
Authority
(RB)
5.50%,
10/01/54(c)
1,000
1,057,028
5.50%,
10/01/54(c)
1,000
1,054,648
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
6.38%,
11/01/50(p)
1,180
1,321,767
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
(SD
CRED
PROG)
5.75%,
10/01/49(c)
8,540
8,926,578
Jefferson
County,
Alabama
Sewer
Revenue
(RB)
5.25%,
10/01/45(c)
2,175
2,372,744
Montgomery
Alabama
Medical
Clinic
Board
of
Health
Care
Facility,
Jackson
Hospital
and
Clinic
(RB)
5.00%,
03/01/33(c)
1,350
996,486
Southeast
Alabama
Gas
Supply
District,
Project
No.
2,
Series
B
(RB)
5.00%,
06/01/49(c)
(p)
2,600
2,770,211
Tuscaloosa
County
Industrial
Development
Authority,
Hunt
Refining
Project,
Series
A
(RB)
5.25%,
05/01/44(c)
7,000
7,087,368
66,363,410
Par
(000’s)
Value
Alaska
:
0.0%
Northern
Tobacco
Securitization
Corp.,
Series
B-2
(RB)
0.00%,
06/01/66(c)
^
$
3,000
$
397,536
Underline
American
Samoa
:
0.1%
American
Samoa
Economic
Development
Authority,
Series
A
(RB)
5.00%,
09/01/38(c)
3,250
3,286,740
6.62%,
09/01/35(c)
1,000
1,025,222
4,311,962
Arizona
:
2.7%
Arizona
Industrial
Development
Authority
(RB)
4.00%,
07/15/51(c)
500
414,787
5.00%,
07/01/51(c)
2,420
2,244,559
5.00%,
07/01/51(c)
1,000
927,504
5.00%,
07/01/54(c)
1,000
956,631
Arizona
Industrial
Development
Authority
Education
Facility,
Leman
Academy
of
Excellence
Projects,
Series
A
(RB)
4.50%,
07/01/54(c)
1,000
901,841
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
394,721
Arizona
Industrial
Development
Authority,
Academies
of
Math
and
Science
Projects
(RB)
5.00%,
07/01/39(c)
1,000
1,013,870
Arizona
Industrial
Development
Authority,
Academies
of
Math
and
Science,
Series
B
(RB)
5.00%,
07/01/29(c)
200
203,956
Arizona
Industrial
Development
Authority,
American
Charter
School
Foundation
Project
(RB)
6.00%,
07/01/37(c)
1,195
1,238,804
6.00%,
07/01/47(c)
2,940
3,014,721
Arizona
Industrial
Development
Authority,
Arizona
Agribusiness
and
Equine
Center,
Inc.
Project,
Series
B
(RB)
5.00%,
03/01/37(c)
1,545
1,554,135
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
A
(RB)
5.12%,
07/01/37(c)
250
252,920
5.25%,
07/01/47(c)
500
502,145
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
D
(RB)
5.00%,
07/01/47(c)
270
269,620
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
Arizona
(continued)
5.00%,
07/01/51(c)
$
515
$
508,962
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
G
(RB)
(AGM)
5.00%,
07/01/47(c)
500
499,298
Arizona
Industrial
Development
Authority,
Benjamin
Franklin
Charter
School
Projects,
Series
A
(RB)
5.25%,
07/01/53(c)
1,000
1,004,163
Arizona
Industrial
Development
Authority,
Education
Facility,
Series
A
(RB)
5.25%,
07/01/37(c)
2,650
2,687,022
Arizona
Industrial
Development
Authority,
Kaizen
Education
Project
(RB)
5.70%,
07/01/47(c)
1,000
1,014,967
Arizona
Industrial
Development
Authority,
Pinecrest
Academy
of
Northern
Nevada
Project,
Series
A
(RB)
4.50%,
07/15/29(c)
500
479,182
Arizona
Industrial
Development
Authority,
Point
320
LLC,
Series
A
(RB)
3.62%,
05/20/33
6,392
6,069,022
Arizona
Industrial
Development
Authority,
Somerset
Academy
of
Las
Vegas,
Series
A
(RB)
4.00%,
12/15/51(c)
1,400
1,152,573
Chandler
Industrial
Development
Authority
(RB)
4.00%,
06/01/49(c)
(p)
2,000
2,029,714
City
of
Phoenix
Civic
Improvement
Corp.,
Series
B
(RB)
(BAM)
5.00%,
07/01/44(c)
6,990
7,233,770
Glendale
Industrial
Development
Authority,
Beatitudes
Campus
Project
(RB)
4.00%,
11/15/27(c)
250
240,292
5.00%,
11/15/40(c)
1,000
893,043
Glendale
Industrial
Development
Authority,
Royal
Oaks
Inspirata
Pointe
Project,
Series
A
(RB)
5.00%,
05/15/56(c)
1,340
1,228,534
Industrial
Development
Authority
of
the
City
of
Phoenix,
Basis
Schools,
Inc.
Project,
Series
A
(RB)
4.00%,
07/01/25
105
104,773
5.00%,
07/01/35(c)
900
905,812
5.00%,
07/01/46(c)
1,000
1,000,304
5.00%,
07/01/45(c)
500
500,378
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
$
1,276,315
Industrial
Development
Authority
of
the
City
of
Phoenix,
Legacy
Traditional
School
Project
(RB)
5.00%,
07/01/45(c)
4,435
4,457,221
Industrial
Development
Authority
of
the
City
of
Phoenix,
Legacy
Traditional
School
Project,
Series
A
(RB)
5.00%,
07/01/36(c)
750
763,723
Maricopa
County
Arizona
Industrial
Development
Authority,
Commercial
Metals
Company
Project
(RB)
4.00%,
10/15/47(c)
4,300
3,974,588
Maricopa
County
Arizona
Industrial
Development
Authority,
Valley
Christian
Schools
Project,
Series
A
(RB)
6.38%,
07/01/58(c)
1,000
1,030,406
Maricopa
County
Industrial
Development
Authority,
Benjamin
Franklin
Charter
School
Projects,
Series
A
(RB)
6.00%,
07/01/52(c)
1,000
1,030,823
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
A
(RB)
(SD
CRED
PROG)
5.00%,
07/01/54(c)
1,400
1,422,104
5.00%,
07/01/49(c)
1,300
1,326,026
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
B
(RB)
5.00%,
07/01/54(c)
500
507,017
5.00%,
07/01/39(c)
500
517,163
5.00%,
07/01/49(c)
1,990
2,026,328
Maricopa
County
Industrial
Development
Authority,
Paradise
School
Project
(RB)
5.00%,
07/01/47(c)
1,750
1,726,430
Phoenix
Arizona
Industrial
Development
Authority,
Falcon
Properties
LLC,
Project,
Series
A
(RB)
4.15%,
12/01/57(c)
5,000
3,680,637
Phoenix
Arizona
Industrial
Development
Authority,
Guam
Facilities
Foundation,
Inc.
Project
(RB)
5.12%,
02/01/34(c)
1,000
950,476
3
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
$
755,100
Pima
County
Industrial
Development
Authority,
American
Leadership
Academy
Project
(RB)
5.62%,
06/15/45(c)
1,250
1,255,719
Pima
County
Industrial
Development
Authority,
Edkey
Charter
Schools
Project
(RB)
5.25%,
07/01/36(c)
250
252,470
5.38%,
07/01/46(c)
250
250,796
5.50%,
07/01/51(c)
250
250,909
Pima
County,
Industrial
Development
Authority,
Edkey
Charter
School
Project
(RB)
5.00%,
07/01/30(c)
1,000
1,026,484
Sacramento
County,
Community
Facilities
District
No.
2005-2
(RB)
5.00%,
12/01/32
2,000
2,159,160
Salt
Verde
Financial
Corp.
(RB)
5.00%,
12/01/37
7,105
7,847,791
5.25%,
12/01/25
265
270,653
5.25%,
12/01/27
215
225,321
5.25%,
12/01/28
245
258,553
Sierra
Vista
Industrial
Development
Authority
(RB)
6.38%,
06/15/64(c)
1,000
1,004,405
Tempe
Industrial
Development
Authority,
Friendship
Village
of
Tempe
(RB)
5.00%,
12/01/54(c)
355
347,380
Tempe
Industrial
Development
Authority,
Mirabella
at
ASU
Project,
Series
A
(RB)
6.00%,
10/01/37(c)
1,200
867,933
6.12%,
10/01/52(c)
600
368,373
83,272,327
Arkansas
:
1.3%
Arkansas
Development
Finance
Authority,
Big
River
Steel
Project
(RB)
4.50%,
09/01/49(c)
9,520
9,412,938
4.75%,
09/01/49(c)
6,000
6,016,554
Arkansas
Development
Finance
Authority,
Environmental
Improvement,
United
States
Steel
Corporation
Project
(RB)
5.45%,
09/01/52(c)
19,750
20,429,892
5.70%,
05/01/53(c)
3,205
3,371,258
39,230,642
Par
(000’s)
Value
California
:
13.0%
Alameda
Corridor
Transportation
Authority
(RB)
(AGM)
0.00%,
10/01/53(c)
^
$
1,905
$
483,211
Alameda
Corridor
Transportation
Authority,
Second
Subordinate
Lien,
Series
B
(RB)
5.00%,
10/01/34(c)
3,000
3,072,307
5.00%,
10/01/35(c)
1,650
1,688,258
5.00%,
10/01/36(c)
2,230
2,282,516
5.00%,
10/01/37(c)
5,535
5,670,655
Anaheim
Community
Facilities
District
No.
08-1
(ST)
4.00%,
09/01/36(c)
160
158,588
4.00%,
09/01/41(c)
615
581,936
4.00%,
09/01/46(c)
420
380,857
Anaheim
Public
Financing
Authority,
Anaheim
Public
Improvement
Project,
Series
A
(RB)
(BAM)
5.00%,
09/01/36(c)
2,000
2,084,631
Antelope
Valley
Healthcare
District,
Series
A
(RB)
5.25%,
03/01/36(c)
1,480
1,485,572
California
Community
Choice
Financing
Authority
(RB)
5.00%,
07/01/53(c)
(p)
1,580
1,677,342
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
C
(RB)
5.25%,
01/01/54(c)
(p)
10,970
11,763,832
California
Community
Choice
Financing
Authority,
Clean
Energy,
Series
D
(RB)
5.50%,
05/01/54(c)
(p)
10,000
10,731,914
California
Community
College
Financing
Authority,
Orange
Coast
College
Project
(RB)
5.25%,
05/01/53(c)
1,695
1,732,428
California
Community
Housing
Agency
(RB)
3.00%,
02/01/57(c)
1,000
705,267
3.00%,
02/01/57(c)
2,000
1,441,691
California
Community
Housing
Agency,
Essential
Housing,
Arbors,
Series
A
(RB)
5.00%,
08/01/50(c)
3,100
3,042,491
California
Community
Housing
Agency,
Essential
Housing,
Glendale
Properties,
Series
A-1
(RB)
4.00%,
02/01/56(c)
2,000
1,704,077
California
Community
Housing
Agency,
Essential
Housing,
Glendale
Properties,
Series
A-2
(RB)
3.00%,
08/01/56(c)
4,000
2,987,928
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
California
(continued)
California
Community
Housing
Agency,
Essential
Housing,
Mira
Vista
Hills
Apartments,
Series
A
(RB)
4.00%,
02/01/56(c)
$
1,400
$
931,965
California
Community
Housing
Agency,
Essential
Housing,
Serenity
at
Larkspur,
Series
A
(RB)
5.00%,
02/01/50(c)
3,000
2,255,924
California
Community
Housing
Agency,
Essential
Housing,
Summit
at
Sausalito
Apartments,
Series
A-2
(RB)
4.00%,
02/01/50(c)
2,000
1,568,309
California
Community
Housing
Agency,
Series
A-1
(RB)
4.00%,
02/01/56(c)
4,500
3,991,659
California
Community
Housing
Agency,
Stoneridge
Apartments,
Series
A
(RB)
4.00%,
02/01/56(c)
6,000
5,013,244
California
County
Tobacco
Securitization
Agency,
Golden
Gate
Tobacco,
Series
A
(RB)
5.00%,
06/01/36(c)
15
14,841
California
County
Tobacco
Securitization
Agency,
Series
A
(RB)
4.00%,
06/01/49(c)
1,050
983,866
California
Health
Facilities
Financing
Authority
(RB)
5.00%,
12/01/31
2,500
2,762,538
5.25%,
12/01/49(c)
1,750
1,940,450
California
Health
Facilities
Financing
Authority,
Adventist
Health
System,
Series
A
(RB)
5.25%,
12/01/44(c)
3,175
3,482,255
California
Health
Facilities
Financing
Authority,
AdventistHealth
System.
Series
A
(RB)
5.00%,
12/01/34(c)
2,000
2,234,910
California
Health
Facilities
Financing
Authority,
Children's
Hospital,
Series
A
(RB)
4.00%,
08/15/49(c)
250
230,973
4.20%,
08/15/42(c)
500
488,371
5.00%,
08/15/37(c)
460
476,385
5.00%,
08/15/42(c)
990
1,018,967
California
Health
Facilities
Financing
Authority,
Commonspirit
Health,
Series
A
(RB)
4.00%,
04/01/49(c)
1,500
1,456,874
Par
(000’s)
Value
California
(continued)
California
Health
Facilities
Financing
Authority,
Series
A
(RB)
4.00%,
03/01/39(c)
$
1,910
$
1,881,278
California
Health
Facilities
Financing
Authority,
Sutter
Health,
Series
A
(RB)
5.00%,
11/15/48(c)
590
611,096
California
Housing
Finance
Agency
(RB)
3.25%,
08/20/36
1,917
1,800,423
3.50%,
11/20/35
2,374
2,278,549
California
Housing
Finance
Agency,
Series
A
(RB)
4.00%,
03/20/33
6,471
6,569,956
California
Infrastructure
&
Economic
Development
Bank,
California
Science
Center
Phase
III
Project,
Series
A
(RB)
4.00%,
05/01/55(c)
2,300
2,222,238
California
Infrastructure
&
Economic
Development
Bank,
California
State
Teachers
Retirement
System
(RB)
5.00%,
08/01/32(c)
1,085
1,188,727
California
Infrastructure
&
Economic
Development
Bank,
Charter
School
Portfolio
Project,
Series
A-1
(RB)
5.00%,
01/01/55(c)
1,000
986,108
California
Infrastructure
and
Economic
Development
Bank,
Brightline
West
Passenger
Rail
Project,
Series
A-4
(RB)
8.00%,
01/01/50(c)
(p)
3,000
3,041,273
California
Municipal
Finance
Authority
(RB)
5.00%,
09/01/54(c)
1,000
1,087,794
5.88%,
05/01/59(c)
570
595,240
California
Municipal
Finance
Authority
(RB)
(AGM)
5.00%,
12/31/33(c)
3,800
3,933,446
California
Municipal
Finance
Authority,
California
Baptist
University,
Series
A
(RB)
5.50%,
11/01/45(c)
500
504,760
6.12%,
11/01/33(c)
1,000
1,002,133
California
Municipal
Finance
Authority,
Charter
School
Santa
Rosa
Academy
Project,
(RB)
5.00%,
07/01/62(c)
1,000
1,003,850
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC
-
West
Village
Student
Housing
Project
(RB)
5.00%,
05/15/38(c)
500
524,577
5
Par
(000’s)
Value
California
(continued)
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC
-
West
Village
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/48(c)
$
150
$
144,366
California
Municipal
Finance
Authority,
CHF-Davis
II,
LLC
-
Orchard
Park
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/46(c)
5,000
4,913,027
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
1,502,362
California
Municipal
Finance
Authority,
Community
Medical
Centers,
Series
A
(RB)
4.00%,
02/01/42(c)
1,165
1,109,814
California
Municipal
Finance
Authority,
Eisenhower
Medical
Center,
Series
A
(RB)
5.00%,
07/01/31(c)
250
257,602
5.00%,
07/01/30(c)
200
206,236
California
Municipal
Finance
Authority,
John
Adams
Academies
Lincoln
Project,
Series
A
(RB)
5.00%,
10/01/39(c)
500
503,456
5.00%,
10/01/57(c)
500
479,666
5.00%,
10/01/49(c)
500
491,529
California
Municipal
Finance
Authority,
Julian
Charter
School
Project,
Series
A
(RB)
5.62%,
03/01/45(c)
2,390
2,362,607
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
5.00%,
12/31/29(c)
500
518,786
5.00%,
06/30/29(c)
600
622,602
5.00%,
12/31/43(c)
7,675
7,813,789
5.00%,
06/30/28
65
67,410
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
(AGM)
3.00%,
12/31/30(c)
1,950
1,817,749
5.00%,
06/30/31(c)
1,035
1,073,413
5.00%,
12/31/37(c)
1,000
1,030,458
5.00%,
12/31/34(c)
700
724,470
California
Municipal
Finance
Authority,
Northbay
Healthcare
Group,
Series
A
(RB)
5.25%,
11/01/47(c)
230
229,483
Par
(000’s)
Value
California
(continued)
California
Municipal
Finance
Authority,
Palmdale
Aerospace
Academy,
Series
A
(RB)
5.00%,
07/01/41(c)
$
500
$
503,792
5.00%,
07/01/49(c)
1,000
1,005,251
5.00%,
07/01/38(c)
130
132,680
California
Municipal
Finance
Authority,
Social
Bonds
-
Healthright
360,
Series
A
(RB)
5.00%,
11/01/49(c)
3,000
2,754,140
California
Municipal
Finance
Authority,
UCR
Dundee-
Glasgow
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/48(c)
250
240,611
California
Municipal
Finance
Authority,
United
Airlines,
Inc.,
International
Airport
Project
(RB)
4.00%,
07/15/29
19,000
19,008,164
California
Pollution
Control
Financing
Authority,
Poseidon
Resources
LP
Desalination
Project
(RB)
(ACA)
5.00%,
07/01/37(c)
5,000
5,017,466
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
7.00%,
07/01/22(d)
*
1,000
13,500
7.50%,
12/01/39(c)
(d)
*
6,863
686
7.50%,
07/01/32(c)
(d)
*
10,500
141,750
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%,
07/01/37(c)
1,000
1,103,534
5.00%,
07/01/38(c)
1,000
1,097,145
California
Public
Finance
Authority,
Enso
Village
Project,
Series
A
(RB)
5.00%,
06/01/54(c)
400
384,982
California
School
Finance
Authority
(RB)
5.00%,
06/01/64(c)
1,000
1,006,928
California
School
Finance
Authority,
Charter
School
Facility,
Grimmway
School,
Series
A
(RB)
5.00%,
07/01/36(c)
2,000
2,028,731
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
California
(continued)
California
School
Finance
Authority,
Charter
School,
John
Adams
Academies,
Series
A
(RB)
5.00%,
07/01/52(c)
$
1,000
$
992,383
California
School
Finance
Authority,
NCCD-Santa
Rosa
Properties
LLC,
Series
A
(RB)
4.00%,
11/01/51(c)
1,000
867,789
California
School
Finance
Authority,
River
Springs
Charter
School
Project,
Series
A
(RB)
5.00%,
07/01/47(c)
2,000
2,005,829
6.38%,
07/01/46(c)
5,000
5,147,606
California
School
Finance
Authority,
Rocketship
Education,
Series
A
(RB)
5.12%,
06/01/47(c)
250
250,784
5.25%,
06/01/52(c)
250
250,977
California
Statewide
Communities
Development
Authority,
Baptist
University,
Series
A
(RB)
3.50%,
11/01/27
1,210
1,185,902
5.00%,
11/01/41(c)
1,000
1,007,973
6.38%,
11/01/43(c)
1,000
1,001,543
California
Statewide
Communities
Development
Authority,
College
Housing
(RB)
5.25%,
07/01/49(c)
250
253,662
California
Statewide
Communities
Development
Authority,
Daughters
of
Charity
Health
System,
Series
A
(RB)
5.50%,
07/01/39(c)
(d)
*
10
9,083
5.75%,
07/01/24(c)
(d)
*
2
1,738
California
Statewide
Communities
Development
Authority,
Daughters
of
Charity
Health
System,
Series
H
(RB)
5.75%,
07/01/25(c)
(d)
*
0
255
California
Statewide
Communities
Development
Authority,
Irvine
East
Campus
Armaments,
CHF-Irvine,
LLC
(RB)
5.00%,
05/15/30(c)
385
394,661
5.00%,
05/15/33(c)
545
557,101
California
Statewide
Communities
Development
Authority,
Lancer
Educational
Student
Housing
Project,
Series
A
(RB)
5.00%,
06/01/39(c)
435
444,896
Par
(000’s)
Value
California
(continued)
California
Statewide
Communities
Development
Authority,
Lancer
Plaza
Project
(RB)
5.62%,
11/01/33(c)
$
1,075
$
1,076,724
California
Statewide
Communities
Development
Authority,
Loma
Linda
University
Medical
Center,
Series
A
(RB)
5.00%,
12/01/41(c)
17,050
17,286,548
5.00%,
12/01/36(c)
3,595
3,663,726
5.25%,
12/01/34(c)
1,740
1,748,217
5.25%,
12/01/44(c)
5,300
5,315,951
5.25%,
12/01/56(c)
14,900
15,071,027
5.25%,
12/01/48(c)
1,000
1,028,479
5.50%,
12/01/54(c)
11,630
11,665,989
5.50%,
12/01/58(c)
3,500
3,614,740
California
Statewide
Communities
Development
Authority,
Methodist
Hospital
of
Southern
California
(RB)
5.00%,
01/01/33(c)
2,000
2,132,715
California
Statewide
Communities
Development
Authority,
Provident
Group
Pomona
Properties
LLC,
Series
A
(RB)
5.00%,
12/01/46(c)
4,730
4,779,896
California
Statewide
Communities
Development
Authority,
University
of
California,
Irvine
East
Campus
Apartments
(RB)
3.50%,
05/15/36(c)
615
584,966
California
Statewide
Communities
Development
Authority,
University
of
California,
Irvine
East
Campus
Apartments,
Phase
IV-A
(RB)
5.00%,
05/15/47(c)
3,170
3,216,908
California
Statewide
Financing
Authority,
Pooled
Tobacco
Securitization
Program,
Series
C
(RB)
6.00%,
05/01/43(c)
900
920,687
City
&
County
of
San
Francisco,
Special
Tax
District
No
2020-
1,
Series
A
(ST)
4.00%,
09/01/41(c)
1,635
1,495,698
City
of
Fontana,
Community
Facilities
District
No.
90
(ST)
4.00%,
09/01/51(c)
500
457,726
City
of
Fremont,
Community
Facilities
District
No.
1
(ST)
5.00%,
09/01/40(c)
250
252,109
7
Par
(000’s)
Value
California
(continued)
City
of
Irvine,
Community
Facilities
District
No.
2013-3
(ST)
4.00%,
09/01/32(c)
$
230
$
230,813
4.00%,
09/01/33(c)
250
250,743
4.00%,
09/01/34(c)
250
250,810
City
of
Irvine,
Reassessment
District
No.
15-2
(SA)
5.00%,
09/02/42(c)
750
757,169
City
of
Rancho
Cordova,
Sunridge
Anatolia
community
Facilities
District
No.
2003-1
(ST)
4.00%,
09/01/37(c)
180
179,238
City
of
Rocklin,
Community
Facilities
District
No.
10
(ST)
5.00%,
09/01/39(c)
810
820,291
City
of
Roseville,
Fiddyment
Ranch
Community
Facilities
District
No.
1
(ST)
3.75%,
09/01/36(c)
500
472,484
5.00%,
09/01/34(c)
155
159,199
City
of
Roseville,
Fiddyment
Ranch
Community
Facilities
District
No.
5
(ST)
5.00%,
09/01/47(c)
3,450
3,493,443
City
of
Roseville,
Westpark
Community
Facility
District
No.
1
(ST)
5.00%,
09/01/37(c)
200
202,344
City
of
San
Clemente,
Facilities
District
No.
2006-1
(ST)
5.00%,
09/01/40(c)
1,045
1,056,468
CMFA
Special
Finance
Agency
VII
Essential
Housing,
The
Breakwater
Apartments,
Series
A-1
(RB)
3.00%,
08/01/56(c)
4,000
2,823,684
CMFA
Special
Finance
Agency
VIII,
Essential
Housing,
Series
A-1
(RB)
3.00%,
08/01/56(c)
8,360
5,998,188
CMFA
Special
Finance
Agency
XII
(RB)
3.25%,
02/01/57(c)
3,000
2,262,695
CMFA
Special
Finance
Agency
XII,
Essential
Housing,
Series
A-2
(RB)
4.38%,
08/01/49(c)
1,000
842,161
CMFA
Special
Finance
Agency,
Essential
Housing,
Series
A-1
(RB)
4.00%,
08/01/56(c)
2,500
2,253,863
Compton
Public
Finance
Authority
(RB)
4.00%,
09/01/27(c)
800
800,003
4.50%,
09/01/32(c)
1,585
1,585,211
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
$
1,031,736
CSCDA
Community
Improvement
Authority
(RB)
2.80%,
03/01/47(c)
1,935
1,501,663
3.00%,
09/01/56(c)
2,060
1,482,691
3.12%,
07/01/56(c)
2,500
1,747,055
3.25%,
04/01/57(c)
3,000
2,306,178
3.60%,
05/01/47(c)
2,000
1,704,481
5.00%,
07/01/51(c)
1,500
1,467,361
CSCDA
Community
Improvement
Authority
(RB)
(NATL)
4.00%,
10/01/56(c)
2,500
2,233,896
CSCDA
Community
Improvement
Authority,
Atlanta-Glendale,
Series
A-1
(RB)
3.50%,
10/01/46(c)
1,000
828,551
CSCDA
Community
Improvement
Authority,
Atlanta-Glendale,
Series
A-2
(RB)
4.00%,
10/01/56(c)
7,750
6,222,194
CSCDA
Community
Improvement
Authority,
City
of
Orange
Portfolio,
Series
A-2
(RB)
3.00%,
12/01/56(c)
2,000
1,456,106
3.00%,
03/01/57(c)
4,000
2,908,621
CSCDA
Community
Improvement
Authority,
Essential
Housing
Mezzanine
Lien,
Series
B
(RB)
4.00%,
04/01/57(c)
1,000
769,833
4.00%,
05/01/57(c)
1,500
1,102,479
CSCDA
Community
Improvement
Authority,
Essential
Housing,
The
Link
Glendale,
Series
A-1
(RB)
3.00%,
07/01/45(c)
1,000
798,054
CSCDA
Community
Improvement
Authority,
Jefferson-Anaheim,
Series
A-2
(RB)
3.12%,
08/01/56(c)
4,205
3,238,315
CSCDA
Community
Improvement
Authority,
Link-
Glendale,
Series
A-2
(RB)
4.00%,
07/01/56(c)
5,350
4,148,939
CSCDA
Community
Improvement
Authority,
Millennium
South
Bay-
Hawthorne,
Series
A-1
(RB)
3.25%,
07/01/56(c)
2,000
1,441,713
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
California
(continued)
CSCDA
Community
Improvement
Authority,
Moda
at
Monrovia
Station,
Series
A-1
(RB)
3.40%,
10/01/46(c)
$
2,000
$
1,663,638
CSCDA
Community
Improvement
Authority,
Monterey
Station
Apartments,
Series
A-1
(RB)
3.00%,
07/01/43(c)
2,500
2,017,420
CSCDA
Community
Improvement
Authority,
Park
Crossing
Apartments,
Series
B
(RB)
4.00%,
12/01/48(c)
1,000
764,646
CSCDA
Community
Improvement
Authority,
Pasadena
Portfolio,
Series
A-1
(RB)
2.65%,
12/01/46(c)
2,630
2,129,092
CSCDA
Community
Improvement
Authority,
Vineyard
Gardens
Apartments,
Series
B
(RB)
4.00%,
10/01/48(c)
500
377,400
CSCDA
Community
Improvement
Authority,
Wood
Creek
Apartments,
Series
A-2
(RB)
4.00%,
12/01/58(c)
3,000
2,356,986
Dublin
Community
Facilities
District
No
2015-1
(ST)
5.00%,
09/01/49(c)
500
514,886
5.00%,
09/01/44(c)
500
519,359
5.00%,
09/01/39(c)
500
524,533
5.00%,
09/01/37(c)
1,150
1,190,717
5.00%,
09/01/47(c)
485
493,480
Folsom
Ranch
Financing
Authority
(ST)
5.00%,
09/01/32(c)
1,100
1,142,882
5.00%,
09/01/37(c)
2,000
2,069,634
Foothill/Eastern
Transportation
Corridor
Agency,
Toll
Road
Revenue,
Series
B-1
(RB)
3.95%,
01/15/53(c)
100
94,032
Foothill/Eastern
Transportation
Corridor
Agency,
Toll
Road
Revenue,
Series
B-2
(RB)
3.50%,
01/15/53(c)
475
408,334
Golden
State
Tobacco
Securitization
Corp.,
California
Tobacco
Settlement,
Series
B-2
(RB)
0.01%,
06/01/66(c)
101,000
11,650,562
Independent
Cities
Finance
Authority,
Mobil
Home
Park,
Series
A
(RB)
3.75%,
10/15/46(c)
250
220,301
Par
(000’s)
Value
California
(continued)
Inland
Empire
Tobacco
Securitization
Authority,
Series
C-2
(RB)
0.01%,
06/01/47(c)
$
100,000
$
21,962,210
Irvine
Unified
School
District
(ST)
5.00%,
09/01/51(c)
1,075
1,094,742
Lake
Elsinore
Public
Financing
Authority,
Local
Agency
(ST)
5.00%,
09/01/40(c)
405
408,502
Lincoln
Public
Financing
Authority,
Twelve
Bridges,
Series
B
(SA)
6.00%,
09/02/27(c)
27
27,060
MSR
Energy
Authority,
Series
A
(RB)
6.12%,
11/01/29
420
444,573
Orange
County
Community
Facilities
District
No.
1,
Series
A
(ST)
4.25%,
08/15/38(c)
975
976,887
5.25%,
08/15/45(c)
455
459,052
Palm
Desert
California
Improvement,
Section
29
Assessment
District
No.
2004-
02
(SA)
4.00%,
09/02/37(c)
1,200
1,172,192
Palomar
Health
(RB)
5.00%,
11/01/31(c)
250
249,832
Palomar
Pomerado
Health,
Series
A
(GO)
(NATL)
0.00%,
08/01/25^
125
120,312
Perris
Union
High
School
District
Financing
Authority
(ST)
5.00%,
09/01/41(c)
1,000
1,004,455
Poway
Unified
School
District
Public
Financing
Authority,
Series
A
(ST)
5.00%,
09/01/34(c)
750
760,354
River
Islands
Public
Financing
Authority
(ST)
4.50%,
09/01/44(c)
1,700
1,669,805
5.00%,
09/01/54(c)
1,000
1,008,927
River
Islands
Public
Financing
Authority,
Community
Facilities
District
No.
2003-1,
Series
A-1
(ST)
5.00%,
09/01/38(c)
500
517,910
Romoland
School
District
No.
2004-1
(ST)
5.00%,
09/01/48(c)
500
511,981
Sacramento
County,
Community
Facilities
District
No.
2005-2
(ST)
5.00%,
09/01/45(c)
495
500,912
5.00%,
09/01/40(c)
345
350,563
9
Par
(000’s)
Value
California
(continued)
San
Diego
County
Regional
Airport
Authority,
Series
A
(RB)
4.00%,
07/01/51(c)
$
1,725
$
1,695,404
5.00%,
07/01/56(c)
745
797,676
San
Diego
County,
California
Regional
Airport,
Series
A
(RB)
4.00%,
07/01/46(c)
1,050
1,046,720
San
Francisco
California
City
&
County
Airport
Commission
International
Airport,
SFO
Fuel
Company
LLC,
Series
A
(RB)
5.00%,
01/01/47(c)
1,475
1,514,512
San
Francisco
City
&
County,
International
Airport,
Series
A
(RB)
(BAM-TCRS)
5.00%,
05/01/40(c)
2,750
2,753,946
San
Jacinto
Unified
School
District
Financing
Authority
(ST)
5.00%,
09/01/49(c)
300
306,324
San
Joaquin
Hills
Transportation
Corridor
Agency,
Junior
Lien
Toll
Road,
Series
B
(RB)
5.25%,
01/15/49(c)
200
201,119
San
Joaquin
Hills
Transportation
Corridor
Agency,
Senior
Lien
Toll
Road,
Series
A
(RB)
4.00%,
01/15/50(c)
2,000
1,982,171
San
Joaquin
Hills
Transportation
Corridor
Agency,
Toll
Road,
Series
A
(RB)
(NATL)
0.00%,
01/15/32^
145
110,058
0.00%,
01/15/36^
105
67,921
San
Joquin
Hills
Transportation
Corridor
Agency,
Series
A
(RB)
4.00%,
01/15/34(c)
3,130
3,273,612
Saugus
Hart
School
Facilities
Financing
Authority,
Community
Facilities
District
No.
2006-1
(ST)
5.00%,
09/01/41(c)
500
505,341
Successor
Agency
of
Pttsburg,
Los
Medanos
Community
Development
Project,
Series
A
(TA)
(AGM)
5.00%,
09/01/29(c)
1,020
1,056,559
Tejon
Ranch
Public
Facilities
Finance
Authority
(ST)
5.00%,
09/01/54(c)
1,000
1,028,921
Tobacco
Securitization
Authority
of
Southern
California,
Series
B
(RB)
0.00%,
06/01/46(c)
^
10,000
2,152,544
Par
(000’s)
Value
California
(continued)
Tustin
Community
Facilities
District,
Series
A
(ST)
5.00%,
09/01/45(c)
$
100
$
100,727
5.00%,
09/01/40(c)
100
100,939
Val
Verde
Unified
School
District
(ST)
5.00%,
09/01/37(c)
750
755,026
William
S.
Hart
Union
High
School
District
No.
2015-1
(ST)
5.00%,
09/01/42(c)
445
452,568
402,962,958
Colorado
:
2.3%
Aerotropolis
Colorado
Regional
Transportation
Authority
(RB)
4.38%,
12/01/52(c)
3,000
2,682,767
Arkansas
River
Power
Authority,
Power
Supply
System,
Series
A
(RB)
5.00%,
10/01/43(c)
2,010
2,052,274
Base
Village
Metropolitan
District
No.
2,
Series
A
(GO)
5.75%,
12/01/46(c)
1,000
1,002,280
Brighton
Crossing
Metropolitan
District
No.
6,
Series
A
(GO)
5.00%,
12/01/40(c)
500
470,876
5.00%,
12/01/35(c)
500
489,888
Centerra
Metropolitan
District
No
1
in
Larimer
County,
Colorado,
Series
A
(GO)
5.00%,
12/01/51(c)
1,000
938,679
Centerra
Metropolitan
District
No.
1
(TA)
5.00%,
12/01/37(c)
500
495,876
5.00%,
12/01/29(c)
500
499,480
5.00%,
12/01/47(c)
500
471,171
City
and
County
of
Denver,
United
Airlines,
Inc.
Project
(RB)
5.00%,
10/01/32(c)
10,195
10,196,278
City
of
Fruita,
Colorado
Healthcare
Canyons
Hospital
and
Medical
Center,
Series
B
(RB)
5.50%,
01/01/48(c)
2,250
2,259,059
Colorado
Bridge
Enterprise,
Central
70
Project
(RB)
4.00%,
06/30/51(c)
2,700
2,366,233
Colorado
Educational
and
Cultural
Facilities
Authority,
Rocky
Mountain
Classical
Academy
Project
(RB)
5.00%,
10/01/49(c)
500
491,529
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/38(c)
510
508,691
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
10
Par
(000’s)
Value
Colorado
(continued)
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-2
(RB)
3.25%,
08/01/49(c)
$
5
$
3,959
4.00%,
08/01/49(c)
4,735
4,408,467
5.00%,
08/01/44(c)
2,000
2,079,983
Colorado
Health
Facilities
Authority,
Covenant
Retirement
Communities,
Inc.,
Series
A
(RB)
5.00%,
12/01/35(c)
1,000
1,005,925
Colorado
Health
Facilities
Authority,
Senior
Living
Second
Tier,
American
Eagle
Portfolio
Project
Series
B-1
(RB)
2.00%,
07/01/57(c)
536
53,616
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
(RB)
5.00%,
12/31/51(c)
350
350,297
Creekwalk
Marketplace
Business
Improvement
District,
Series
A
(RB)
5.50%,
12/01/39(c)
500
439,487
5.75%,
12/01/49(c)
500
429,656
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2,
Series
A
(GO)
5.62%,
12/01/38(c)
1,000
1,001,334
Fountain
Urban
Renewal
Authority,
South
Academy
Highlands
Project,
Series
A
(TA)
4.50%,
11/01/29(c)
700
680,303
5.25%,
11/01/37(c)
2,345
2,305,750
Green
Valley
Ranch
East
Metropolitan
District
No.
6,
Series
A
(GO)
5.88%,
12/01/50(c)
1,000
1,007,213
Jefferson
Center
Metropolitan
District
No.
1,
Series
A-2
(RB)
4.38%,
12/01/47(c)
1,500
1,393,390
Kinston
Metropolitan
District
No.
5,
Series
A
(GO)
5.12%,
12/01/50(c)
1,000
1,002,313
Painted
Prairie
Public
Improvement
Authority
(RB)
5.00%,
12/01/39(c)
1,000
971,712
Peak
Metropolitan
District
No.
1,
El
Paco
County,
Series
A
(GO)
4.00%,
12/01/35(c)
540
478,272
Prairie
Center
Metropolitan
District
No.
3,
Adams
County,
Series
A
(RB)
5.00%,
12/15/41(c)
4,000
4,026,979
Par
(000’s)
Value
Colorado
(continued)
Public
Authority
for
Colorado
Energy
Natural
Gas
(RB)
6.50%,
11/15/38
$
2,000
$
2,474,998
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-2
(RB)
3.62%,
12/01/44(c)
960
721,060
Rampart
Range
Metropolitan
District
No.
5,
Colorado
Limited
Tax
Supported
and
Special
Bonds
(RB)
4.00%,
12/01/51(c)
3,000
2,457,783
Regional
Transportation
District,
Denver
Transit
Partners
Eagle
P3
Project,
Series
A
(RB)
4.00%,
07/15/39
1,500
1,505,218
Southglenn
Metropolitan
District
(GO)
5.00%,
12/01/46(c)
1,000
953,780
Southlands
Metropolitan
District
No.
1,
Series
A-1
(GO)
5.00%,
12/01/47(c)
1,200
1,200,699
Sterling
Ranch
Community
Authority
Board,
Colorado
Limited
Tax,
Series
A
(RB)
4.25%,
12/01/50(c)
1,000
919,194
6.50%,
12/01/54(c)
1,000
1,043,056
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado
(SA)
5.62%,
12/01/43(c)
1,000
1,037,662
Trails
at
Crowfoot
Metropolitan
District
No
3
(GO)
5.00%,
12/01/49(c)
1,000
1,029,997
Transport
Metropolitan
District
No.
3
(GO)
5.00%,
12/01/51(c)
4,000
3,293,140
Velocity
Metropolitan
District
No.
3
(GO)
5.12%,
12/01/34(c)
500
500,448
5.38%,
12/01/39(c)
1,500
1,502,303
Verve
Metropolitan
District
No.
1
(GO)
5.00%,
12/01/36(c)
1,025
898,773
5.75%,
12/01/33(c)
1,000
953,188
Village
Metropolitan
District/
The
(GO)
5.00%,
12/01/49(c)
1,750
1,756,246
Windler
Public
Improvement
Authority,
Series
A-1
(RB)
(BAM)
4.00%,
12/01/36(c)
1,000
899,055
4.00%,
12/01/41(c)
1,000
836,511
70,546,848
Connecticut
:
0.7%
Bridgeport
Housing
Authority,
Energy
Performance
Equipment
(RB)
5.60%,
06/01/26(c)
430
429,992
11
Par
(000’s)
Value
Connecticut
(continued)
Connecticut
State
Health
&
Educational
Facilities
Authority
(RB)
4.00%,
07/01/30
$
1,000
$
1,030,902
Connecticut
State
Health
and
Educational
Facilities
Authority,
Church
Home
of
Harford,
Series
A
(RB)
5.00%,
09/01/46(c)
3,500
3,248,125
5.00%,
09/01/53(c)
1,200
1,075,071
Connecticut
State
Health
and
Educational
Facilities
Authority,
Griffin
Hospital,
Series
G
(RB)
5.00%,
07/01/50(c)
2,630
2,450,624
5.00%,
07/01/44(c)
1,100
1,057,483
Connecticut
State
Health
and
Educational
Facilities
Authority,
Mary
Wade
Home
Issue,
Series
A-1
(RB)
5.00%,
10/01/54(c)
5,000
3,963,796
Connecticut
State
Health
and
Educational
Facilities
Authority,
McLean
Issue,
Series
A
(RB)
5.00%,
01/01/55(c)
2,000
1,731,733
Connecticut
State
Health
and
Educational
Facilities
Authority,
Nuvance
Health
Issue,
Series
A
(RB)
4.00%,
07/01/38(c)
500
496,445
5.00%,
07/01/33(c)
1,000
1,031,233
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
4.00%,
07/01/44(c)
250
199,264
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
(SD
CRED
PROG)
4.00%,
07/01/49(c)
250
190,530
Steel
Point
Infrastructure
Improvement
District
(TA)
4.00%,
04/01/41(c)
1,125
1,008,194
4.00%,
04/01/51(c)
2,000
1,701,970
Town
of
Hamden,
Whitney
Center
Project
(RB)
5.00%,
01/01/50(c)
3,000
2,835,001
22,450,363
Delaware
:
0.2%
County
of
Kent,
Delaware
Student
Housing
and
Dinning
Facility,
State
University
Project,
Series
A
(RB)
5.00%,
07/01/48(c)
1,450
1,455,355
Par
(000’s)
Value
Delaware
(continued)
Delaware
Economic
Development
Authority,
Aspira
Chapter
School,
Series
A
(RB)
4.00%,
06/01/52(c)
$
915
$
755,552
5.00%,
06/01/46(c)
1,000
1,000,278
5.00%,
06/01/36(c)
250
252,731
Delaware
State
Economic
Development
Authority
(RB)
5.00%,
06/01/51(c)
1,100
1,088,699
4,552,615
District
of
Columbia
:
0.8%
District
of
Columbia
Tobacco
Settlement
Financing
Corp.
(RB)
0.01%,
06/15/46(c)
17,500
3,908,807
District
of
Columbia,
Federal
Highway
Grant
Anticipation
(RB)
(SAW)
5.00%,
12/01/30(c)
1,225
1,337,506
District
of
Columbia,
Ingleside
at
Rock
Creek
Project,
Series
A
(RB)
5.00%,
07/01/32(c)
250
253,577
5.00%,
07/01/42(c)
1,180
1,168,930
District
of
Columbia,
Latin
American
Montessori
Bilingual
Public
Charter
School
Issue
(RB)
5.00%,
06/01/40(c)
500
507,289
5.00%,
06/01/50(c)
1,500
1,492,140
District
of
Columbia,
Series
A
(RB)
5.00%,
07/01/48(c)
2,260
2,289,466
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Dulles
Metrorail
and
Capital
Improvements
Projects,
Series
B
(RB)
4.00%,
10/01/49(c)
2,000
1,878,830
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Series
A
(RB)
0.01%,
10/01/37
9,325
5,020,353
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Series
B
(RB)
0.00%,
10/01/37^
1,020
579,672
4.00%,
10/01/44(c)
7,315
7,043,085
4.00%,
10/01/36(c)
250
251,684
6.50%,
10/01/44(c)
245
268,015
25,999,354
Florida
:
4.9%
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
1,058,599
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
12
Par
(000’s)
Value
Florida
(continued)
Brevard
County,
Florida
Health
Facilities
Authority,
Series
A
(RB)
5.00%,
04/01/52(c)
$
1,000
$
1,049,949
Broward
County
Florida
Port
Facilities,
Series
B
(RB)
4.00%,
09/01/38(c)
2,150
2,155,871
Cape
Coral
Health
Facilities
Authority,
Gulf
Care,
Inc.
Project
(RB)
6.00%,
07/01/50(c)
295
216,561
Capital
Trust
Agency,
Education
Growth
Fund,
Series
A-1
(RB)
5.00%,
07/01/56(c)
7,200
6,965,675
Capital
Trust
Agency,
Educational
Facilities,
Franklin
Academy
Projects
(RB)
5.00%,
12/15/35(c)
1,335
1,334,922
Capital
Trust
Agency,
Educational
Facilities,
Franklin
Academy
Projects
(RB)
(SD
CRED
PROG)
5.00%,
12/15/40(c)
500
478,411
Capital
Trust
Agency,
Educational
Facilities,
Pineapple
Cove
Classical
Academy,
Inc.,
Series
A
(RB)
4.50%,
07/01/29(c)
300
297,123
5.12%,
07/01/39(c)
500
500,662
5.25%,
07/01/49(c)
500
481,162
5.38%,
07/01/54(c)
500
480,931
Capital
Trust
Agency,
Educational
Facilities,
Renaissance
Charter
School,
Inc.,
Series
A
(RB)
5.25%,
06/15/47(c)
500
491,473
Capital
Trust
Agency,
Inc.
(RB)
(SBG)
5.00%,
06/15/39(c)
1,000
995,790
Capital
Trust
Agency,
University
Bridge,
LLC
Student
Housing
Project,
Series
A
(RB)
4.00%,
12/01/28
2,200
2,160,414
5.25%,
12/01/58(c)
2,200
2,202,070
5.25%,
12/01/43(c)
2,000
2,013,703
Capital
Trust
Agency,
Wonderful
Foundations
Charter
Schools
Portfolio
Projects,
Series
A
(RB)
5.00%,
01/01/55(c)
2,250
2,168,215
Charlotte
County
Industrial
Development
Authority,
Town
&
Country
Utilities
Project
(RB)
5.00%,
10/01/49(c)
1,000
1,003,118
City
of
Orlando,
Senior
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/31(c)
3,000
3,138,467
Par
(000’s)
Value
Florida
(continued)
City
of
Orlando,
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/32(c)
$
2,500
$
2,610,614
5.00%,
11/01/27
1,100
1,151,759
5.00%,
11/01/38(c)
500
519,153
City
Of
South
Miami
Health
Facilities
Authority,
Inc.
(RB)
4.00%,
08/15/42(c)
2,040
1,961,004
City
of
Tallahassee,
Health
Facilities
Authority,
Memorial
Healthcare,
Inc.
Project
(RB)
4.00%,
12/01/35(c)
230
217,474
5.00%,
12/01/40(c)
1,210
1,212,934
5.00%,
12/01/44(c)
1,305
1,305,579
City
of
Tampa
FL
(RB)
4.00%,
07/01/38(c)
1,000
1,012,280
Clay
County,
Florida
Sales
Surtax
(RB)
4.00%,
10/01/39(c)
1,100
1,091,095
Collier
County
Industrial
Development
Authority
(RB)
(AGM)
5.00%,
10/01/54(c)
2,000
2,134,712
Collier
County
Industrial
Development
Authority,
Arlington
of
Naples
Project,
Series
A
(RB)
7.00%,
05/15/24(d)
*
440
11,879
8.12%,
05/15/44(c)
(d)
*
343
9,261
County
of
Broward,
Florida
Airport
System,
Series
A
(RB)
5.00%,
10/01/29(c)
2,135
2,165,540
County
of
Broward,
Florida
Port
Facilities,
Series
A
(RB)
5.00%,
09/01/49(c)
1,645
1,694,741
County
of
Escambia,
Health
Facilities
Authority,
Baptist
Health
Care
Corp.,
Series
A
(RB)
(SAW)
5.00%,
08/15/31(c)
2,000
2,091,669
Escambia
County
Health
Facilities
Authority,
Baptist
Health
Care
Corp.
Obligated
Group,
Series
A
(RB)
(SAW)
4.00%,
08/15/45(c)
2,000
1,828,710
Florida
Development
Finance
Corp.
(RB)
(AGM)
5.00%,
07/01/44(c)
6,500
6,803,854
5.25%,
07/01/53(c)
5,000
5,224,844
5.25%,
07/01/47(c)
6,700
7,069,542
Florida
Development
Finance
Corp.,
Brightline
Florida
Passenger
Rail
Project
(RB)
5.50%,
07/01/53(c)
4,000
4,159,436
Florida
Development
Finance
Corp.,
Central
Charter
School
Project
(RB)
5.88%,
08/15/52(c)
1,000
1,000,286
13
Par
(000’s)
Value
Florida
(continued)
Florida
Development
Finance
Corp.,
Educational
Facilities,
Mater
Academy
Project,
Series
A
(RB)
5.00%,
06/15/47(c)
$
2,225
$
2,240,465
Florida
Development
Finance
Corp.,
Glenridge
on
Palmer
Ranch
Project
(RB)
5.00%,
06/01/35(c)
425
433,098
Florida
Development
Finance
Corp.,
Mayflower
Retirement
Community
Project,
Series
A
(RB)
4.00%,
06/01/55(c)
2,000
1,481,093
5.25%,
06/01/50(c)
1,000
965,657
Florida
Development
Finance
Corp.,
Renaissance
Chapter
School,
Inc.
Project,
Series
B
(RB)
5.25%,
06/15/41(c)
1,000
1,007,523
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
505,800
6.12%,
06/15/46(c)
685
690,081
6.62%,
06/15/43(c)
1,000
1,109,609
6.75%,
06/15/53(c)
1,000
1,103,449
Florida
Development
Finance
Corp.,
UF
Health
Jacksonville
Project,
Series
A
(RB)
5.00%,
02/01/52(c)
1,000
994,672
Florida
Development
Finance
Corp.,
Waste
Pro
USA,
Inc.
Project
(RB)
6.12%,
07/01/32(c)
(p)
4,000
4,106,358
FRERC
Community
Development
District
(SA)
(AGM)
5.38%,
11/01/40(c)
(d)
*
1,450
1,342,428
5.50%,
11/01/50(c)
(d)
*
2,450
2,199,691
Hillsborough
County
Industrial
Development
Authority,
Tampa
General
Hospital
Project,
Series
A
(RB)
4.00%,
08/01/45(c)
6,500
6,127,319
Lake
County,
Florida
Retirement
Facility,
Lakeside
at
Waterman
Village
Project,
Series
A
(RB)
5.75%,
08/15/50(c)
2,000
1,921,772
Lee
County
Industrial
Development
Authority,
Community
Charter
Schools,
LLC
Projects,
Series
A
(RB)
5.75%,
06/15/42(c)
500
500,128
Par
(000’s)
Value
Florida
(continued)
Lee
County
Industrial
Development
Authority,
Cypress
Cove
at
HealthPark
Florida,
Inc.
Project,
Series
A
(RB)
5.25%,
10/01/57(c)
$
1,000
$
908,448
Lee
County
Industrial
Development
Authority/FL
(RB)
5.00%,
11/15/49(c)
1,630
1,661,722
5.25%,
11/15/54(c)
1,500
1,584,526
Miami
Beach
Florida
Health
Facilities
Authority,
Mount
Sinai
Medical
Center,
Series
B
(RB)
(AGM)
4.00%,
11/15/46(c)
2,500
2,368,295
Miami
Beach
Health
Facilities
Authority,
Mount
Sinai
Medical
Center
(RB)
5.00%,
11/15/44(c)
3,000
3,004,940
5.00%,
11/15/39(c)
1,880
1,883,193
Miami
World
Center
Community
Development
District
(SA)
5.12%,
11/01/39(c)
750
767,190
5.25%,
11/01/49(c)
250
254,760
Miami-Dade
County
Aviation,
Series
A
(RB)
(BAM-TCRS)
5.00%,
10/01/36(c)
3,000
3,003,452
Miami-Dade
County
Industrial
Development
Authority
(RB)
5.50%,
07/01/61(c)
1,000
1,023,942
Miami-Date
County,
Florida
Subordinate
Special
(RB)
5.00%,
10/01/28(c)
1,360
1,411,679
Mid-Bay
Bridge
Authority,
First
Senior
Lien,
Series
A
(RB)
5.00%,
10/01/35(c)
500
506,864
5.00%,
10/01/40(c)
2,500
2,521,774
Mid-Bay
Bridge
Authority,
Second
Senior
Lien,
Series
C
(RB)
5.00%,
10/01/40(c)
1,000
1,009,277
Midtown
Miami
Community
Development
District,
Parking
Garage
Project,
Series
A
(SA)
5.00%,
05/01/37(c)
85
85,015
North
Broward
Hospital
District,
Broward
Health,
Series
B
(RB)
5.00%,
01/01/48(c)
2,000
2,043,199
North
Broward
Hospital
District,
Series
B
(RB)
5.00%,
01/01/32(c)
155
161,548
Northern
Palm
Beach
County
Improvement
District,
Unit
of
Development
No.
2C
(RB)
5.00%,
08/01/37(c)
200
203,024
5.00%,
08/01/46(c)
200
201,050
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
14
Par
(000’s)
Value
Florida
(continued)
Orange
County
Health
Facilities
Authority,
Orlando
Health
Obligated
Group
(RB)
4.00%,
10/01/52(c)
$
2,000
$
1,884,427
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
3,165,090
Palm
Beach
County,
Palm
Beach
Atlantic
University
Housing
Project,
Series
A
(RB)
5.00%,
04/01/51(c)
2,500
2,421,120
5.00%,
04/01/39(c)
1,000
1,005,396
Palm
Cost
Park
Community
Development
District
(SA)
5.70%,
05/01/37(c)
135
136,851
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
1,917,218
Polk
Country
Industrial
Development
Authority,
Florida
Industrial
Development
(RB)
5.88%,
01/01/33
4,820
4,541,230
Seminole
County
Industrial
Development
Authority,
Retirement
Facility,
Legacy
Pointe
at
UCF
Project,
Series
A
(RB)
5.50%,
11/15/49(c)
500
487,952
5.75%,
11/15/54(c)
1,500
1,495,579
Seminole
County
Industrial
Development
Authority,
Retirement
Facility,
Legacy
Pointe
at
UCF
Project,
Series
B-1
(RB)
4.25%,
11/15/26(c)
600
599,838
Tallahassee
Florida
Health
Facilities,
Tallahassee
Memorial
Healthcare,
Inc.
Project,
Series
A
(RB)
5.00%,
12/01/55(c)
1,100
1,085,131
Village
Community
Development
District
No
13
(SA)
3.50%,
05/01/51(c)
1,495
1,231,222
Village
Community
Development
District
No.
12
(SA)
3.25%,
05/01/26
100
99,968
3.62%,
05/01/31(c)
995
989,815
4.25%,
05/01/43(c)
895
882,295
Par
(000’s)
Value
Florida
(continued)
Village
Community
Development
District
No.
13
(SA)
3.00%,
05/01/29
$
715
$
693,321
3.55%,
05/01/39(c)
2,750
2,562,118
152,002,025
Georgia
:
1.4%
Burke
County
Development
Authority,
Series
C
(RB)
(SAW)
4.12%,
11/01/45(c)
6,525
6,216,189
Floyd
County
Development
Authority,
Spires
at
Berry
College
Project,
Series
A
(RB)
(SBG)
5.50%,
12/01/28(c)
1,250
1,250,620
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority,
Canterbury
Court
Project,
Series
A
(RB)
4.00%,
04/01/41(c)
2,500
2,198,715
Gainesville
&
Hall
County
Hospital
Authority
(RB)
5.00%,
02/15/45(c)
3,575
3,633,588
Gainesville
and
Hall
County
Development
Authority,
Educational
Facilities,
Riverside
Military
Academy,
Inc.
Project
(RB)
(BAM)
5.00%,
03/01/37(c)
700
568,878
George
L
Smith
II
World
Congress
Center
Authority,
Series
A
(RB)
4.00%,
01/01/54(c)
4,750
4,253,222
Georgia
Local
Government,
Grantor
Trust,
Series
A
(CP)
(NATL)
4.75%,
06/01/28
416
423,589
Glynn-Brunswick
Memorial
Hospital
Authority,
Southeast
Georgia
Health
System
Project
(RB)
5.00%,
08/01/47(c)
2,680
2,674,101
Macon-Bibb
County
Urban
Development
Authority,
Academy
for
Classical
Education,
Inc.,
Series
A
(RB)
5.75%,
06/15/37(c)
250
258,930
Main
Street
Natural
Gas,
Inc.,
Series
C
(RB)
4.00%,
08/01/52(c)
(p)
15,000
14,772,067
Marietta
Development
Authority,
Life
University,
Inc.
Project,
Series
A
(RB)
5.00%,
11/01/47(c)
1,000
952,389
5.00%,
11/01/37(c)
5,000
5,001,098
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
and
4,
Series
A
(RB)
5.00%,
07/01/60(c)
375
375,695
15
Par
(000’s)
Value
Georgia
(continued)
Senoia
Development
Authority
(RB)
6.50%,
07/01/54(c)
$
500
$
486,663
White
County
Development
Authority,
Truett
McConnell
University
Project,
Series
A
(RB)
5.12%,
10/01/39(c)
500
465,263
5.25%,
10/01/49(c)
500
441,556
43,972,563
Guam
:
0.8%
Guam
Government
(GO)
5.00%,
11/15/31(c)
1,055
1,076,496
Guam
Government,
Business
Privilege
Tax,
Series
D
(RB)
4.00%,
11/15/39(c)
600
575,478
5.00%,
11/15/33(c)
5,805
5,873,240
5.00%,
11/15/35(c)
1,100
1,111,700
5.00%,
11/15/39(c)
1,085
1,089,773
5.00%,
11/15/34(c)
1,040
1,051,947
Guam
Government,
Business
Privilege
Tax,
Series
F
(RB)
4.00%,
01/01/36(c)
1,000
1,006,923
4.00%,
01/01/42(c)
6,000
5,846,976
Guam
Government,
Department
of
Education,
John
F.
Kennedy
High
School
Refunding
and
Energy
Efficiency
Project,
Series
A
(CP)
4.25%,
02/01/30
500
487,451
5.00%,
02/01/40(c)
500
500,430
Guam
Government,
Limited
Obligation,
Series
A
(RB)
5.00%,
12/01/46(c)
3,120
3,136,054
5.00%,
12/01/34(c)
2,290
2,344,907
Guam
Power
Authority,
Series
A
(RB)
5.00%,
10/01/40(c)
500
515,729
24,617,104
Hawaii
:
0.0%
Kuakini,
Hawaii
Health
System,
Series
A
(RB)
6.38%,
07/01/32(c)
1,505
1,379,951
Underline
Idaho
:
0.1%
Idaho
Falls
Auditorium
District,
Annual
Appropriation
Certificates
of
Participation
(CP)
5.25%,
05/15/51(c)
2,000
2,008,690
Idaho
Health
Facilities
Authority,
Madison
Memorial
Hospital
Project
(RB)
3.50%,
09/01/33(c)
450
398,797
5.00%,
09/01/37(c)
1,135
1,142,270
Par
(000’s)
Value
Idaho
(continued)
Idaho
Health
Facilities
Authority,
Terraces
of
Boise,
Series
A
(RB)
3.80%,
10/01/31(c)
$
100
$
85,811
3,635,568
Illinois
:
10.1%
Chicago
Board
of
Education
(GO)
5.25%,
12/01/35(c)
3,000
3,283,859
5.88%,
12/01/47(c)
2,600
2,855,065
Chicago
Board
of
Education
(GO)
(AGM)
5.00%,
12/01/33(c)
1,250
1,312,406
Chicago
Board
of
Education,
Series
A
(GO)
5.00%,
12/01/33(c)
250
258,093
5.00%,
12/01/30(c)
1,265
1,309,458
5.00%,
12/01/30(c)
1,195
1,246,819
5.00%,
12/01/29
1,000
1,048,466
5.00%,
12/01/40(c)
6,350
6,544,282
5.00%,
12/01/39(c)
6,000
6,211,187
5.00%,
12/01/32(c)
5,575
5,860,711
5.00%,
12/01/36(c)
6,990
7,299,404
5.00%,
12/01/33(c)
5,100
5,356,368
5.00%,
12/01/37(c)
3,610
3,760,413
5.00%,
12/01/35(c)
2,400
2,513,176
5.00%,
12/01/34(c)
395
414,392
5.00%,
12/01/47(c)
7,000
7,093,422
5.00%,
12/01/42(c)
17,755
17,598,348
7.00%,
12/01/44(c)
4,210
4,336,886
7.00%,
12/01/26(c)
5,200
5,396,081
7.00%,
12/01/46(c)
2,250
2,416,799
Chicago
Board
of
Education,
Series
A
(GO)
(AGM)
5.00%,
12/01/34(c)
1,250
1,311,775
Chicago
Board
of
Education,
Series
A
(GO)
(AMBAC)
5.50%,
12/01/25
145
147,216
5.50%,
12/01/26
175
178,383
5.50%,
12/01/31
1,285
1,358,587
Chicago
Board
of
Education,
Series
A
(GO)
(NATL)
0.01%,
12/01/27
760
663,962
0.01%,
12/01/28
390
325,574
0.01%,
12/01/30
55
41,953
5.50%,
12/01/26
355
363,361
Chicago
Board
of
Education,
Series
B
(GO)
4.00%,
12/01/40(c)
5,000
4,679,808
4.00%,
12/01/39(c)
5,000
4,744,243
5.00%,
12/01/27
1,500
1,546,942
5.00%,
12/01/33(c)
200
208,359
5.00%,
12/01/31(c)
3,600
3,791,621
5.00%,
12/01/33(c)
1,105
1,105,665
5.00%,
12/01/34(c)
1,680
1,680,994
6.50%,
12/01/46(c)
4,000
4,150,526
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
16
Par
(000’s)
Value
Illinois
(continued)
Chicago
Board
of
Education,
Series
C
(GO)
5.00%,
12/01/34(c)
$
8,805
$
8,993,210
5.00%,
12/01/30(c)
2,000
2,051,050
5.00%,
12/01/27
2,000
2,062,590
5.25%,
12/01/35(c)
11,015
11,041,438
5.25%,
12/01/39(c)
12,180
12,195,553
6.00%,
12/01/35(c)
1,160
1,165,891
Chicago
Board
of
Education,
Series
C
(GO)
(AGM)
5.00%,
12/01/30(c)
500
524,931
Chicago
Board
of
Education,
Series
E
(GO)
5.12%,
12/01/32(c)
3,640
3,647,977
Chicago
Board
of
Education,
Series
G
(GO)
5.00%,
12/01/44(c)
3,000
3,016,094
Chicago
Board
of
Education,
Series
H
(GO)
5.00%,
12/01/36(c)
9,730
9,919,805
5.00%,
12/01/46(c)
12,710
12,744,186
Chicago
O'Hare
International
Airport
(RB)
4.50%,
01/01/56(c)
1,105
1,105,799
Chicago
O'Hare
International
Airport
(RB)
(AGM-CR
NATL-
RE-IBC
FGIC)
5.00%,
01/01/48(c)
1,000
1,021,308
Chicago
O'Hare
International
Airport,
Series
A
(RB)
(AGM)
5.25%,
01/01/45(c)
3,000
3,222,193
Chicago
School
Reform
Board
of
Trustees,
Series
A
(GO)
(NATL)
0.01%,
12/01/25
355
337,255
0.01%,
12/01/29
1,460
1,163,455
Chicago
School
Reform
Board
of
Trustees,
Series
B-1
(GO)
(NATL)
0.00%,
12/01/28^
690
576,995
0.00%,
12/01/29^
645
513,992
0.01%,
12/01/25
1,650
1,567,524
0.01%,
12/01/26
1,630
1,486,678
0.01%,
12/01/27
1,030
899,844
0.01%,
12/01/31
520
378,427
Chicago
Transit
Authority,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
(RB)
5.00%,
06/01/26
100
102,674
City
of
Chicago,
City
Colleges
(GO)
(NATL)
0.00%,
01/01/30^
420
340,650
0.01%,
01/01/28
345
307,534
0.01%,
01/01/33
985
700,930
0.01%,
01/01/34
760
517,630
City
of
Chicago,
Series
A
(GO)
5.00%,
01/01/27
200
205,733
5.00%,
01/01/27
725
745,781
Par
(000’s)
Value
Illinois
(continued)
5.00%,
01/01/44(c)
$
3,000
$
3,065,377
5.00%,
01/01/34(c)
3,000
3,205,256
5.00%,
01/01/33(c)
3,000
3,208,100
5.00%,
01/01/32(c)
1,500
1,606,268
5.50%,
01/01/49(c)
3,000
3,103,469
5.50%,
01/01/41(c)
1,000
1,066,339
6.00%,
01/01/38(c)
5,000
5,192,956
City
of
Chicago,
Series
A
(GO)
(NATL)
0.00%,
01/01/29^
140
118,253
City
of
Chicago,
Series
A
(GO)
(SAW)
5.00%,
01/01/29
2,775
2,924,534
City
of
Chicago,
Series
C
(GO)
0.00%,
01/01/32^
195
144,082
5.00%,
01/01/27(c)
250
253,505
5.00%,
01/01/26
380
386,653
City
of
Chicago,
Series
D
(GO)
5.50%,
01/01/40(c)
5,000
5,013,652
City
of
Chicago,
Series
F
(GO)
5.50%,
01/01/42(c)
1,175
1,177,399
City
of
Chicago,
Water
Revenue,
Second
Lien
(RB)
(AMBAC)
5.75%,
11/01/30
880
937,691
City
of
Harvey,
Series
A
(GO)
4.50%,
01/01/54
4,659
3,541,028
Cook
County,
Illinois,
Series
B
(GO)
4.00%,
11/15/26
1,200
1,224,288
Illinois
Finance
Authority
(RB)
7.38%,
09/01/42(c)
(p)
2,500
2,750,752
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
4,124,864
Illinois
Finance
Authority,
Acero
Charter
Schools,
Inc.
(RB)
4.00%,
10/01/42(c)
1,000
892,500
Illinois
Finance
Authority,
Admiral
Lake
Project
(RB)
5.12%,
05/15/38(c)
390
351,144
Illinois
Finance
Authority,
Central
Baptist
Village
(RB)
5.38%,
11/15/39(c)
35
34,943
Illinois
Finance
Authority,
CHF
-
Cook,
LLC
-
Northeastern
Illinois
University
Project,
Series
A
(RB)
5.00%,
07/01/30(c)
1,000
965,696
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
17
Par
(000’s)
Value
Illinois
(continued)
Illinois
Finance
Authority,
Greenfields
of
Geneva
Project
(RB)
7.10%,
11/01/52(c)
$
100
$
84,483
Illinois
Finance
Authority,
Illinois
Institute
of
Technology
(RB)
5.00%,
09/01/40(c)
175
165,017
Illinois
Finance
Authority,
Intrinsic
School
Project,
Series
A
(RB)
6.00%,
12/01/45(c)
500
505,110
Illinois
Finance
Authority,
Lutheran
Life
Communities
Obligated
Group,
Series
A
(RB)
5.00%,
11/01/35(c)
5
4,500
5.00%,
11/01/30(c)
250
237,106
5.00%,
11/01/29(c)
500
478,802
Illinois
Finance
Authority,
Roosevelt
University
(RB)
5.50%,
04/01/32(c)
475
472,616
Illinois
Sports
Facilities
Authority
(RB)
5.00%,
06/15/28
1,000
1,041,399
5.00%,
06/15/29
1,000
1,052,376
5.00%,
06/15/30(c)
3,055
3,210,830
Illinois
Sports
Facilities
Authority
(RB)
(AGM)
5.00%,
06/15/27(c)
3,000
3,010,165
Illinois
Sports
Facilities
Authority
(RB)
(AMBAC)
0.00%,
06/15/26^
690
642,605
Illinois
State,
Series
A
(GO)
5.00%,
12/01/31(c)
500
523,474
5.00%,
05/01/43(c)
500
514,875
Metropolitan
Pier
&
Exposition
Authority
(RB)
0.00%,
12/15/50^
35,755
10,270,577
4.00%,
06/15/52(c)
1,500
1,386,868
5.00%,
06/15/53(c)
1,500
1,595,477
Metropolitan
Pier
&
Exposition
Authority
(RB)
(NATL)
0.00%,
12/15/33^
1,500
1,051,153
Metropolitan
Pier
and
Exposition
Authority,
Illinois
McCormick
Place
Expansion
Project,
Series
B
(RB)
5.00%,
12/15/40(c)
1,000
1,012,884
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
A
(RB)
3.00%,
06/15/25(c)
2,000
1,986,866
4.00%,
12/15/42(c)
3,000
2,954,640
5.00%,
06/15/57(c)
1,040
1,058,122
5.00%,
06/15/50(c)
3,000
3,105,980
Par
(000’s)
Value
Illinois
(continued)
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
A
(RB)
(NATL)
0.00%,
12/15/34^
$
590
$
396,310
0.00%,
06/15/31^
125
96,862
0.00%,
06/15/34^
190
130,238
0.00%,
06/15/39^
115
61,628
0.01%,
12/15/30
475
375,762
0.01%,
06/15/30
745
600,429
Northeastern
Illinois
University,
Capital
Improvement
Project
(CP)
4.00%,
10/01/38(c)
585
501,464
Northern
Illinois
Municipal
Power
Agent
Power
Project,
Prairie
State
Project,
Series
A
(RB)
4.00%,
12/01/31(c)
2,000
2,012,014
State
of
Illinois
(GO)
3.50%,
06/01/31(c)
175
168,376
4.00%,
01/01/31(c)
610
611,128
4.00%,
11/01/43(c)
1,425
1,379,487
4.00%,
06/01/37(c)
460
454,710
4.00%,
06/01/34(c)
360
360,119
4.00%,
06/01/35(c)
270
269,585
4.12%,
11/01/31(c)
600
604,503
4.25%,
05/01/46(c)
3,500
3,455,779
5.00%,
11/01/24
200
200,853
5.00%,
02/01/27
500
521,281
5.00%,
03/01/27
2,000
2,087,724
5.00%,
06/01/26
125
128,959
5.00%,
05/01/34(c)
175
175,092
5.00%,
02/01/27(c)
350
350,443
5.00%,
02/01/26(c)
375
375,476
5.00%,
05/01/35(c)
100
100,041
5.25%,
05/01/45(c)
1,470
1,617,694
State
of
Illinois
(RB)
3.00%,
06/15/31(c)
100
95,496
State
of
Illinois,
Series
A
(GO)
5.00%,
10/01/28
500
534,139
5.00%,
11/01/28
5
5,347
5.00%,
12/01/34(c)
100
104,297
5.00%,
03/01/46(c)
4,865
5,143,684
5.00%,
05/01/41(c)
365
377,447
State
of
Illinois,
Series
B
(GO)
5.25%,
05/01/49(c)
5,900
6,406,005
State
of
Illinois,
Series
D
(GO)
5.00%,
11/01/25
250
255,521
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
1,029,021
Village
of
Bolingbrook,
Special
Service
Area
No.
1
(ST)
5.25%,
03/01/41(c)
500
506,259
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
18
Par
(000’s)
Value
Illinois
(continued)
Village
of
Bridgeview
(GO)
5.00%,
12/01/42(c)
$
360
$
339,435
Will
County
Community
High
School
District
No.
210,
Series
B
(GO)
0.00%,
01/01/29^
90
75,625
0.00%,
01/01/31^
245
189,040
0.00%,
01/01/33^
540
380,483
312,699,061
Indiana
:
1.0%
City
of
Anderson,
Indiana
Economic
Development,
Anderson
University
(RB)
4.75%,
10/01/27(c)
175
167,549
City
of
Valparaiso
IN
(RB)
5.00%,
01/01/54(c)
2,000
2,071,334
Indiana
Finance
Authority
Educational
Facilities,
Earlham
College
Project,
Series
A
(RB)
5.00%,
10/01/32(c)
150
150,004
Indiana
Finance
Authority
Midwestern
Disaster
Relief,
Ohio
Valley
Electric
Corp.
Project,
Series
C
(RB)
3.00%,
11/01/30
1,500
1,411,290
Indiana
Finance
Authority,
Baptist
Healthcare
System,
Series
A
(RB)
5.00%,
08/15/51(c)
4,000
4,040,662
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
4.25%,
11/01/30
7,000
7,083,618
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
B
(RB)
3.00%,
11/01/30
5,000
4,704,301
Indiana
Finance
Authority,
United
States
Steel
Corp.
Project,
Series
A
(RB)
4.12%,
12/01/26
5,500
5,524,664
Indianapolis
Local
Public
Improvement
Bond
Bank
(RB)
5.75%,
03/01/43(c)
2,340
2,602,608
6.00%,
03/01/53(c)
1,000
1,104,574
6.12%,
03/01/57(c)
3,135
3,462,256
32,322,860
Iowa
:
0.8%
City
of
Coralville,
Marriott
Hotel
and
Convention
Center,
Series
E
(CP)
4.00%,
06/01/29(c)
1,025
983,446
Iowa
Finance
Authority,
Lifespace
Communities,
Inc.,
Series
A
(RB)
5.00%,
05/15/48(c)
4,000
3,901,869
5.00%,
05/15/43(c)
655
651,792
Par
(000’s)
Value
Iowa
(continued)
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Alcoa
Inc.
Project
(RB)
4.75%,
08/01/42(c)
$
12,000
$
11,999,572
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Iowa
Fertilizer
Co.
Project,
Series
A
(RB)
5.00%,
12/01/50(c)
(p)
5,105
5,403,989
Iowa
Higher
Education
Loan
Authority,
Wartburg
College
Project
(RB)
4.00%,
10/01/25
1,170
1,154,107
5.00%,
10/01/37(c)
2,115
1,997,741
26,092,516
Kansas
:
0.3%
City
of
Hutchinson,
Regional
Medical
Center,
Inc.
(RB)
5.00%,
12/01/41(c)
250
227,724
City
of
Lenexa,
Kansas
Health
Care
Facility,
Lakeview
Village,
Inc.,
Series
A
(RB)
5.00%,
05/15/43(c)
1,000
998,716
City
of
Manhattan,
Kansas
Health
Care
Facilities
Authority,
Meadowlark
Hills
Retirement
Community,
Series
A
(RB)
4.00%,
06/01/46(c)
3,000
2,550,660
City
of
Manhattan,
Kansas
Sales
Tax,
Downtown
Redevelopment
Star
Project
Area
(RB)
4.00%,
06/01/27(c)
325
324,891
City
of
Wichita,
Health
Care
Facilities,
Series
I
(RB)
5.00%,
05/15/38(c)
1,355
1,199,863
City
of
Wichita,
Health
Care
Facilities,
Series
III
(RB)
5.00%,
05/15/34(c)
250
230,973
5.00%,
05/15/50(c)
500
386,206
Manhattan
Kansas
Health
Care
Facilities,
Meadowlark
Hills,
Series
A
(RB)
4.00%,
06/01/36(c)
1,000
965,151
Topeka
Kansas
Health
Care
Facilities,
Brewster
Place,
Series
A
(RB)
6.25%,
12/01/42(c)
1,000
1,060,477
6.50%,
12/01/52(c)
1,000
1,051,709
8,996,370
Kentucky
:
1.1%
Christian
County
School
District
Finance
Corp.
(RB)
(AGM)
4.50%,
10/01/48(c)
1,000
1,036,160
Christian
County,
Jennie
Stuart
Medical
Center
(RB)
5.38%,
02/01/36(c)
100
101,587
19
Par
(000’s)
Value
Kentucky
(continued)
City
of
Henderson,
Kentucky
Exempt
Facilities,
Pratt
Paper,
LLC
Project,
Series
A
(RB)
4.45%,
01/01/42(c)
$
2,250
$
2,252,742
Kentucky
Economic
Development
Finance
Authority
Hospital,
Series
A
(RB)
5.00%,
06/01/45(c)
1,720
1,736,976
5.00%,
06/01/31(c)
1,315
1,350,346
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Authority,
Inc.,
Series
A
(RB)
(AGM)
5.00%,
12/01/47(c)
760
760,348
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project,
Series
A
(RB)
(AGM)
5.00%,
12/01/45(c)
4,655
4,814,516
Kentucky
Economic
Development
Finance
Authority,
Masonic
Home
Independent
Living
II,
Inc.,
Series
A
(RB)
5.00%,
05/15/46(c)
250
198,018
5.00%,
05/15/36(c)
350
311,702
5.00%,
05/15/31(c)
2,545
2,401,840
Kentucky
Economic
Development
Finance
Authority,
Masonic
Homes
of
Kentucky,
Inc.
(RB)
5.38%,
11/15/32(c)
400
376,596
5.50%,
11/15/45(c)
250
207,581
Kentucky
Economic
Development
Finance
Authority,
Owensboro
Health
System,
Inc.,
Series
A
(RB)
5.00%,
06/01/26
175
177,469
5.00%,
06/01/41(c)
990
1,004,746
5.25%,
06/01/41(c)
750
763,710
Kentucky
Economic
Development
Finance
Authority,
Owensboro
Health
System,
Inc.,
Series
B
(RB)
5.00%,
06/01/40(c)
500
508,254
Kentucky
Public
Energy
Authority
(RB)
5.00%,
05/01/55(c)
(p)
2,500
2,650,290
Kentucky
Public
Energy
Authority,
Gas
Supply,
Series
B
(RB)
5.00%,
01/01/55(c)
(p)
1,500
1,615,234
Louisville
&
Jefferson
County,
UOFL
Health
Project,
Series
A
(RB)
(AGM)
5.00%,
05/15/52(c)
4,000
4,121,441
5.00%,
05/15/47(c)
3,170
3,288,308
Par
(000’s)
Value
Kentucky
(continued)
Louisville/Jefferson
County
Metropolitan
Government
(RB)
(AGM)
5.00%,
05/15/47(c)
$
2,500
$
2,625,579
Paducah
Electric
Plant
Board,
Series
A
(RB)
(AGM)
5.00%,
10/01/29(c)
1,045
1,083,157
33,386,600
Louisiana
:
1.7%
Calcasieu
Parish
Memorial
Hospital
Service
District
(RB)
5.00%,
12/01/39(c)
3,800
3,724,503
City
of
Shreveport,
Water
and
Sewer
Revenue,
Series
C
(RB)
(BAM)
5.00%,
12/01/25
100
102,178
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
788,438
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
City
of
New
Orleans
Gomesa
Project
(RB)
4.00%,
11/01/46(c)
2,850
2,662,239
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Jefferson
Parish
Gomesa
Project
(RB)
(NATL)
4.00%,
11/01/44(c)
1,900
1,781,732
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Parc
Fontaine
Apartments,
Series
A
(RB)
4.25%,
12/01/35(c)
175
135,220
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Westlake
Chemical
Corp.
Project
(RB)
3.50%,
11/01/32(c)
5,745
5,572,123
Louisiana
Public
Facilities
Authority,
Loyola
University
Project,
(RB)
5.25%,
10/01/46(c)
1,500
1,590,426
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
,
Louisiana
Pellets,
Inc.
Project,
Series
A
(RB)
7.50%,
07/01/23(d)
*
2,259
23
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
20
Par
(000’s)
Value
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Revenue,
Louisiana
Pellets,
Inc.
Project
(RB)
7.75%,
07/01/39(c)
(d)
*
$
1,647
$
16
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
5,383,591
New
Orleans
Aviation
Board,
North
Terminal
Project,
Series
A
(RB)
5.00%,
01/01/40(c)
2,160
2,163,168
Parish
of
St
James,
Nustar
Logistics,
LP
Project
(RB)
5.85%,
08/01/41(p)
750
761,399
6.35%,
07/01/40(c)
11,355
12,543,893
Parish
of
St
James,
Nustar
Logistics,
LP
Project,
Series
A
(RB)
6.35%,
10/01/40(c)
6,000
6,628,213
Parish
of
St
John
the
Baptist
LA
(RB)
2.20%,
06/01/37(p)
6,500
6,294,231
Tangipahoa
Parish,
Louisiana
Hospital
Service,
District
No.1,
North
Oaks
Health
System
Project
(RB)
4.00%,
02/01/37(c)
1,530
1,516,860
51,648,267
Maine
:
0.3%
Maine
Health
&
Higher
Educational
Facilities
Authority
(RB)
(AGM)
4.75%,
07/01/53(c)
1,500
1,555,733
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
1,407,320
5.00%,
07/01/41(c)
1,000
985,094
5.00%,
07/01/46(c)
5,345
5,044,856
8,993,003
Maryland
:
1.7%
Baltimore
Maryland,
Special
Obligation,
Harbor
Point
Project
(RB)
5.00%,
06/01/51(c)
1,000
1,006,678
City
of
Baltimore,
Convention
Center
Hotel
(RB)
5.00%,
09/01/39(c)
1,000
974,251
5.00%,
09/01/46(c)
2,000
1,865,354
Par
(000’s)
Value
Maryland
(continued)
5.00%,
09/01/42(c)
$
2,250
$
2,164,951
5.00%,
09/01/30(c)
1,000
1,001,098
City
of
Baltimore,
East
Baltimore
Research
Park
Project,
Series
A
(RB)
5.00%,
09/01/38(c)
500
503,804
City
of
Baltimore,
Harbor
Point
Project
(RB)
5.12%,
06/01/43(c)
250
250,783
County
of
Frederick,
Maryland
Educational
Facilities
Project,
Mount
Saunt
Mary's
University,
Series
A
(RB)
5.00%,
09/01/37(c)
1,000
1,003,639
Frederick
County
Maryland,
Urban
Community
Development
Authority,
Series
A
(ST)
4.00%,
07/01/50(c)
1,965
1,794,376
Frederick
County,
Education
Facilities
Project,
Series
A
(RB)
5.00%,
09/01/45(c)
6,470
6,256,924
Frederick
County,
Maryland
Educational
Facilities
Project,
Mount
Saint
Mary's
University,
Series
A
(RB)
5.00%,
09/01/32(c)
2,000
2,019,241
Frederick
County,
Maryland,
Jefferson
Technology
Park
Project,
Series
B
(TA)
4.62%,
07/01/43(c)
1,900
1,866,938
Howard
County,
Series
A
(TA)
4.50%,
02/15/47(c)
2,500
2,372,185
Maryland
Economic
Development
Corp.
(RB)
5.25%,
06/30/55(c)
6,000
6,261,563
Maryland
Economic
Development
Corp.,
CNX
Marine
Terminal,
Inc.
Port
of
Baltimore
Facility
(RB)
5.75%,
09/01/25(c)
6,785
6,837,935
Maryland
Economic
Development
Corp.,
Metro
Centre
at
Owings
Mills
Project
(TA)
4.38%,
07/01/36(c)
470
459,913
4.50%,
07/01/44(c)
530
504,949
Maryland
Economic
Development
Corp.,
Port
Covington
Project
(TA)
4.00%,
09/01/40(c)
2,250
2,078,725
4.00%,
09/01/50(c)
3,250
2,750,556
Maryland
Economic
Development
Corp.,
Purple
Line
Light
Rail
Project,
Series
B
(RB)
5.25%,
06/30/47(c)
5,000
5,268,863
5.25%,
06/30/52(c)
1,085
1,136,721
21
Par
(000’s)
Value
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
(RB)
4.00%,
07/01/48(c)
$
1,435
$
1,332,441
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Mercy
Medical
Center,
Series
A
(RB)
4.00%,
07/01/42(c)
400
371,475
5.00%,
07/01/38(c)
250
253,512
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Meritus
Medical
Center
(RB)
4.00%,
07/01/30(c)
210
209,466
4.25%,
07/01/35(c)
145
143,639
5.00%,
07/01/33(c)
625
632,042
5.00%,
07/01/40(c)
500
503,420
Prince
George
County,
Collington
Episcopal
Life
Care
Community,
Inc.
(RB)
5.25%,
04/01/37(c)
1,000
1,000,663
Prince
George's
County,
Suitland-Naylor
Road
Project
(TA)
4.75%,
07/01/36(c)
500
502,424
53,328,529
Massachusetts
:
1.6%
Collegiate
Charter
School
of
Lowell
(RB)
5.00%,
06/15/39(c)
365
368,157
Commonwealth
of
Massachusetts
(RB)
(BAM-
TCRS
NATL)
5.50%,
01/01/34
1,420
1,649,604
Massachusetts
Development
Finance
Agency
(RB)
5.00%,
07/01/34(c)
1,120
1,147,639
5.00%,
09/01/59(c)
2,000
2,080,241
Massachusetts
Development
Finance
Agency
(RB)
(AGM)
3.00%,
10/01/45(c)
3,000
2,328,405
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue
,
Series
D
(RB)
4.00%,
07/01/45(c)
535
498,153
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue,
Series
D
(RB)
5.00%,
07/01/44(c)
2,120
2,122,041
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue,
Series
G
(RB)
5.25%,
07/01/52(c)
5,435
5,840,528
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
Boston
Student
Housing
Project
(RB)
5.00%,
10/01/48(c)
$
1,000
$
1,004,003
Massachusetts
Development
Finance
Agency,
Emerson
College
(RB)
5.00%,
01/01/35(c)
500
502,191
Massachusetts
Development
Finance
Agency,
Emmanuel
College,
Series
A
(RB)
5.00%,
10/01/43(c)
1,035
1,038,723
Massachusetts
Development
Finance
Agency,
Lasell
University
(RB)
4.00%,
07/01/45(c)
2,400
1,995,022
Massachusetts
Development
Finance
Agency,
Lawrence
General
Hospital
(RB)
5.00%,
07/01/34(c)
1,000
930,771
Massachusetts
Development
Finance
Agency,
Lawrence
General
Hospital,
Series
A
(RB)
5.25%,
07/01/34(c)
350
332,258
Massachusetts
Development
Finance
Agency,
Linden
Ponds,
Inc.
Facility
(RB)
5.00%,
11/15/38(c)
500
521,332
5.12%,
11/15/46(c)
500
516,731
Massachusetts
Development
Finance
Agency,
Newbridge
on
the
Charles,
Inc.
(RB)
4.00%,
10/01/32(c)
1,000
1,001,431
4.12%,
10/01/42(c)
2,500
2,369,479
5.00%,
10/01/57(c)
14,550
14,612,389
5.00%,
10/01/47(c)
1,400
1,413,775
Massachusetts
Development
Finance
Agency,
South
Shore
Hospital
Issue,
Series
I
(RB)
4.00%,
07/01/36(c)
1,500
1,433,097
Massachusetts
Development
Finance
Agency,
Springfield
College
Issue,
Series
A
(RB)
(AGM)
4.00%,
06/01/56(c)
5
4,155
Massachusetts
Development
Finance
Agency,
UMass
Boston
Student
Housing
Project
(RB)
5.00%,
10/01/41(c)
1,930
1,948,401
Massachusetts
Development
Finance
Agency,
UMass
Dartmouth
Student
Housing
Project
(RB)
5.00%,
10/01/48(c)
1,000
1,005,531
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
22
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
I
(RB)
5.00%,
07/01/46(c)
$
510
$
513,855
5.00%,
07/01/29(c)
190
194,168
Massachusetts
State
Development
Finance
Agency,
Wellforce
Issue,
Series
A
(RB)
5.00%,
07/01/33(c)
1,250
1,270,837
48,642,917
Michigan
:
0.6%
Calhoun
County
Hospital
Finance
Authority,
Oaklawn
Hospital
(RB)
5.00%,
02/15/41(c)
290
283,847
City
of
Detroit,
Michigan
Unlimited
Tax
(GO)
5.50%,
04/01/45(c)
250
266,068
City
of
Detroit,
Michigan
Unlimited
Tax,
Series
A
(GO)
5.00%,
04/01/50(c)
1,475
1,525,018
5.00%,
04/01/46(c)
135
140,567
Detroit
Downtown
Development
Authority
(TA)
5.00%,
07/01/48(c)
1,000
1,052,515
Detroit
Service
Learning
Academy,
Public
School
Academy
(RB)
(AGM)
4.00%,
07/01/41(c)
1,000
871,139
Flint
Michigan
Hospital
Building
Authority,
Hurley
Medical
Center
(RB)
4.00%,
07/01/41(c)
500
456,038
Flint
Michigan
Hospital
Building
Authority,
Series
B
(RB)
4.75%,
07/01/28(c)
315
307,336
Ivywood
Classical
Academy
(RB)
6.25%,
01/01/59(c)
1,000
1,018,144
Michigan
Finance
Authority,
Presbyterian
Villages
of
Michigan
(RB)
5.25%,
11/15/35(c)
250
239,502
5.50%,
11/15/45(c)
300
270,746
Michigan
Finance
Authority,
Public
Lighting
Authority
Local
Project,
Series
B
(RB)
5.00%,
07/01/39(c)
215
215,133
5.00%,
07/01/44(c)
3,575
3,576,580
Michigan
Finance
Authority,
Thomas
M.
Cooley
Law
School
Project
(RB)
5.00%,
07/01/34(c)
795
795,718
Michigan
Finance
Authority,
Tobacco
Settlement
Bonds,
Series
B-2
(RB)
0.01%,
06/01/65(c)
15,500
1,718,119
Par
(000’s)
Value
Michigan
(continued)
Michigan
State
Building
Authority,
Series
F
(RB)
4.00%,
10/01/24
$
100
$
100,042
Michigan
Strategic
Fund,
Evangelical
Homes
Project
(RB)
5.25%,
06/01/32(c)
900
888,577
5.50%,
06/01/47(c)
1,900
1,704,408
Michigan
Strategic
Fund,
I-75
Improvement
Project
(RB)
5.00%,
12/31/32(c)
700
725,950
5.00%,
06/30/48(c)
1,470
1,490,731
5.00%,
06/30/31(c)
600
622,676
Michigan
Tobacco
Settlement
Finance
Authority,
Series
B
(RB)
0.01%,
06/01/52(c)
260
33,946
18,302,800
Minnesota
:
0.8%
Chippewa
County,
Chippewa
County-Montevideo
Hospital
Project
(RB)
4.00%,
03/01/37(c)
135
130,970
City
of
Anoka,
Homestead
at
Anoka,
Inc.
Project
(RB)
4.25%,
11/01/27(c)
405
395,965
City
of
Brooklyn
Park,
Charter
School,
Athlos
Leadership
Academy
Project,
Series
A
(RB)
5.50%,
07/01/40(c)
245
229,202
5.50%,
07/01/35(c)
1,070
1,048,475
City
of
Crookston,
Health
Care
Facilities,
Riverview
Health
Project
(RB)
5.00%,
05/01/34(c)
3,000
2,335,471
City
of
Deephaven,
Charter
School,
Eagle
Ridge
Academy
Project,
Series
A
(RB)
5.25%,
07/01/40(c)
500
503,534
5.50%,
07/01/50(c)
2,860
2,875,069
City
of
Forest
Lake,
International
Language
Academy,
Series
A
(RB)
(SAW)
5.38%,
08/01/50(c)
500
507,322
City
of
Maple
Grove,
Minnesota
Health
Care
Facilities
(RB)
3.38%,
05/01/33(c)
115
105,702
City
of
Minneapolis,
Fairview
Health
Services,
Series
A
(RB)
5.00%,
11/15/34(c)
1,830
1,895,433
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)
4.00%,
07/01/35(c)
1,000
993,972
5.75%,
09/01/46(c)
325
330,457
23
Par
(000’s)
Value
Minnesota
(continued)
Duluth
Economic
Development
Authority
(RB)
4.00%,
07/01/41(c)
$
2,255
$
1,872,417
Housing
&
Redevelopment
Authority
of
The
City
of
St
Paul
Minnesota
(RB)
4.00%,
11/15/43(c)
2,000
1,840,321
Minneapolis
Minnesota
Heath
Care
System,
Fairview
Health
Services,
Series
A
(RB)
5.00%,
11/15/49(c)
2,000
2,017,493
Minnesota
Higher
Education
Facilities
Authority,
Augsburg
College,
Series
A
(RB)
5.00%,
05/01/46(c)
3,730
3,445,845
Minnesota
Higher
Education
Facilities
Authority,
Augsburg
College,
Series
B
(RB)
4.25%,
05/01/40(c)
900
780,701
Minnesota
Higher
Education
Facilities
Authority,
Bethel
University
(RB)
5.00%,
05/01/47(c)
2,000
1,782,883
Township
of
Baytown,
St.
Croix
Preparatory
Academy
Project,
Series
A
(RB)
4.00%,
08/01/36(c)
250
237,838
Woodbury,
Minnesota
Charter
School
Lease,
Woodbury
Leadership
Academy
Project,
Series
A
(RB)
4.00%,
07/01/56(c)
1,150
849,282
24,371,092
Mississippi
:
0.2%
Mississippi
Development
Bank,
Magnolia
Regional
Health
Center
Project
(RB)
4.00%,
10/01/41(c)
3,500
2,945,426
5.00%,
10/01/32(c)
1,530
1,561,165
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Baptist
Memorial
Health
Corp.,
Series
A
(RB)
5.00%,
09/01/41(c)
3,000
3,033,413
7,540,004
Missouri
:
0.8%
Boone
County,
Boone
Hospital
Center
(RB)
3.00%,
08/01/34(c)
410
290,071
4.00%,
08/01/38(c)
565
405,826
City
of
Liberty,
Liberty
Commons
Project,
Series
A
(TA)
5.75%,
06/01/35(c)
500
474,634
City
of
Nevada,
Regional
Medical
Center
(RB)
(ACA)
4.30%,
10/01/26(c)
40
39,892
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
$
218,693
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
(RB)
4.00%,
11/15/42(c)
1,150
1,115,377
5.25%,
02/01/48(c)
1,000
1,056,669
5.25%,
02/01/54(c)
250
262,387
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Projects,
Series
C
(RB)
4.00%,
02/01/42(c)
475
444,802
I-470
Western
Gateway
Transportation
Development
District,
Series
A
(RB)
5.25%,
12/01/48(c)
1,100
1,103,463
Kansas
City
Industrial
Development
Authority,
Methodist
Retire
Home,
Series
B
(RB)
5.00%,
11/15/46
5,352
3,841,178
Kirkwood
Industrial
Development
Authority,
Missouri
Retirement
Community,
Series
A
(RB)
5.25%,
05/15/50(c)
2,000
1,717,942
5.25%,
05/15/37(c)
1,500
1,436,530
Lees
Summit
Industrial
Development
Authority
(RB)
5.00%,
08/15/39(c)
1,000
1,054,897
5.62%,
08/15/54(c)
500
519,218
Lees
Summit
Industrial
Development
Authority,
John
Knox
Village,
Series
A
(RB)
5.00%,
08/15/42(c)
2,000
1,935,319
5.00%,
08/15/32(c)
2,430
2,466,302
5.00%,
08/15/36(c)
1,550
1,558,011
Missouri
State
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Project,
Series
A
(RB)
5.00%,
02/01/42(c)
3,000
3,069,523
St.
Joseph
Industrial
Development
Authority,
Missouri
Healthcare,
Series
A
(RB)
5.00%,
01/01/50(c)
1,000
774,666
St.
Louis
County,
Industrial
Development
Authority,
Friendship
Village
St.
Louis,
Series
A
(RB)
5.00%,
09/01/38(c)
500
506,235
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
24
Par
(000’s)
Value
Missouri
(continued)
St.
Louis
County,
Industrial
Development
Authority,
St.
Andrew's
Resources,
Series
A
(RB)
5.00%,
12/01/35(c)
$
150
$
148,329
University
City
of
Missouri
Industrial
Development
Authority
of
University
City,
Missouri,
Series
A
(RB)
4.88%,
06/15/36(c)
935
950,941
25,390,905
Montana
:
0.2%
City
of
Forsyth,
Rosebud
County,
Montana
Pollution
Control,
Series
A
(RB)
3.90%,
03/01/31(c)
2,000
1,972,145
Montana
Facility
Finance
Authority,
Bozeman
Deaconess
Health
Services,
Series
A
(RB)
4.00%,
06/01/45(c)
415
390,968
Montana
Facility
Finance
Authority,
Health
Care
Facilities,
Children's
Home
&
Hospital
Project,
Series
A
(RB)
4.00%,
07/01/50(c)
1,970
1,327,786
Montana
Facility
Finance
Authority,
Kalispell
Regional
Medical
Center,
Series
B
(RB)
4.12%,
07/01/38(c)
500
498,881
5.00%,
07/01/48(c)
1,270
1,281,270
5,471,050
Nebraska
:
0.1%
Central
Plains
Energy
Project,
Gas
Project
Crossover
No.
3,
Series
A
(RB)
5.00%,
09/01/30
2,000
2,125,887
5.00%,
09/01/34
1,000
1,080,959
5.00%,
09/01/36
500
539,901
Central
Plains
Energy
Project,
Series
G
(RB)
5.00%,
05/01/53(c)
(p)
235
246,816
3,993,563
Nevada
:
0.4%
City
of
Las
Vegas,
Special
Improvement
District
No.
814
(SA)
4.00%,
06/01/44(c)
230
198,410
4.00%,
06/01/49(c)
525
434,115
City
of
Reno,
Tax
Increment
Senior
Lien,
Series
C
(TA)
5.40%,
06/01/27(c)
745
744,865
Clark
County
School
District,
Series
A
(GO)
5.00%,
06/15/26
2,000
2,076,037
Clark
County,
Special
Improvement
District
No.
159
(SA)
5.00%,
08/01/35(c)
160
160,939
Par
(000’s)
Value
Nevada
(continued)
Director
of
the
State
of
Nevada
Department
of
Business
and
Industry,
Brightline
West
Passenger
Rail
Project,
Series
A-3
(RB)
8.12%,
01/01/50(c)
(p)
$
1,000
$
1,048,746
Henderson
Local
Improvement
District
No.
T-18
(SA)
4.00%,
09/01/35(c)
610
561,994
North
Las
Vegas,
Special
Improvement
District
No.
64
(SA)
4.62%,
06/01/49(c)
220
213,633
North
Las
Vegas,
Special
Improvement
District
No.
64
(SA)
(SAW)
4.62%,
06/01/43(c)
470
465,012
State
of
Nevada
Department
of
Business
&
Industry
(RB)
8.12%,
01/01/50(c)
(p)
1,000
1,013,758
State
of
Nevada,
Department
of
Business
and
Industry,
Somerset
Academy,
Series
A
(RB)
5.00%,
12/15/35(c)
2,000
2,014,383
5.00%,
12/15/48(c)
500
489,713
5.00%,
12/15/38(c)
400
401,713
5.12%,
12/15/45(c)
1,000
1,001,315
10,824,633
New
Hampshire
:
0.3%
National
Finance
Authority,
Ascentria
Care
Alliance
Project
(RB)
5.00%,
07/01/51(c)
1,220
1,036,484
National
Finance
Authority,
New
Hampshire
Resource
Recovery,
Covanta
Project,
Series
C
(RB)
4.88%,
11/01/42(c)
3,375
3,254,163
National
Finance
Authority,
New
Hampshire,
Presbyterian
Senior
Living
Project,
Series
A
(RB)
5.25%,
07/01/48(c)
1,000
1,056,266
National
Finance
Authority,
Springpoints
Living
Project
(RB)
4.00%,
01/01/41(c)
1,000
909,802
National
Finance
Authority,
The
Vista
Project,
Series
A
(RB)
5.62%,
07/01/46(c)
2,600
2,605,736
New
Hampshire
Health
and
Education
Facilities
Authority,
Hillside
Village,
Series
A
(RB)
6.12%,
07/01/52(c)
(d)
*
625
250
6.12%,
07/01/37(c)
(d)
*
938
375
6.25%,
07/01/42(c)
(d)
*
313
125
8,863,201
25
Par
(000’s)
Value
New
Jersey
:
2.6%
Casino
Reinvestment
Development
Authority
(RB)
5.25%,
11/01/44(c)
$
8,450
$
8,458,998
Casino
Reinvestment
Development
Authority,
Luxury
Tax
(RB)
5.25%,
11/01/39(c)
1,410
1,412,519
New
Jersey
Economic
Development
Authority,
Bancroft
Neurohealth
Project,
Series
A
(RB)
5.00%,
06/01/36(c)
470
471,682
New
Jersey
Economic
Development
Authority,
Continental
Airlines,
Inc.
Project
(RB)
5.25%,
09/15/29(c)
1,645
1,645,974
5.50%,
06/01/33(c)
60
60,380
5.62%,
11/15/30(c)
2,035
2,052,208
5.62%,
11/15/30(c)
285
287,410
5.75%,
09/15/27(c)
725
725,613
New
Jersey
Economic
Development
Authority,
Kapkowski
Road
Landfill
Reclamation
Improvement
District
Project
(SA)
5.75%,
04/01/31
55
56,129
New
Jersey
Economic
Development
Authority,
Lions
Gate
Project
(RB)
4.88%,
01/01/29(c)
655
654,343
5.00%,
01/01/34(c)
500
500,020
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
4.00%,
07/01/34(c)
2,000
1,967,065
4.00%,
07/01/32(c)
1,640
1,632,353
5.00%,
07/01/33(c)
4,640
4,745,866
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
(BAM)
5.00%,
07/01/28(c)
2,500
2,612,295
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
B
(RB)
(XLCA)
0.00%,
07/01/26^
515
479,375
New
Jersey
Economic
Development
Authority,
New
Jersey
Transit
Corp.
Project,
Series
B
(RB)
4.00%,
11/01/25
120
121,356
New
Jersey
Economic
Development
Authority,
Port
Newark
Container
Terminal
LLC
Project
(RB)
5.00%,
10/01/47(c)
3,300
3,352,850
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
AAA
(RB)
5.00%,
06/15/36(c)
$
305
$
320,549
5.00%,
06/15/35(c)
725
761,960
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
BBB
(RB)
5.50%,
06/15/29(c)
165
175,293
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
EEE
(RB)
5.00%,
06/15/48(c)
2,880
2,962,807
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
LLL
(RB)
5.00%,
06/15/38(c)
600
641,109
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
MMM
(RB)
4.00%,
06/15/35(c)
500
510,186
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
QQQ
(RB)
4.00%,
06/15/40(c)
600
604,958
4.00%,
06/15/35(c)
700
715,429
4.00%,
06/15/38(c)
600
608,900
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
WW
(RB)
5.00%,
06/15/35(c)
680
692,404
5.00%,
06/15/37(c)
630
641,491
5.25%,
06/15/28(c)
435
441,398
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
XX
(RB)
4.38%,
06/15/27(c)
420
422,784
5.00%,
06/15/26(c)
105
106,915
New
Jersey
Economic
Development
Authority,
The
Goethals
Bridge
Replacement
Project
(RB)
5.12%,
01/01/34(c)
350
350,364
5.50%,
01/01/27(c)
500
500,708
New
Jersey
Economic
Development
Authority,
West
Campus
Housing,
LLC,
Series
A
(RB)
4.12%,
07/01/30(c)
150
141,070
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
26
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
Higher
Educational
Capital
Improvement,
Series
A
(RB)
5.00%,
09/01/26(c)
$
330
$
330,660
New
Jersey
Educational
Facilities
Authority,
Rider
University,
Series
F
(RB)
5.00%,
07/01/47(c)
490
382,614
New
Jersey
Educational
Facilities
Authority,
The
College
of
saint
Elizabeth
Issue,
Series
D
(RB)
5.00%,
07/01/46(c)
2,500
2,216,728
New
Jersey
Health
Care
Facilities
Financing
Authority,
Hospital
Asset
Transformation
Program
(RB)
5.00%,
10/01/28(c)
500
525,974
New
Jersey
Transportation
Trust
Fund
Authority
(RB)
3.00%,
06/15/50(c)
3,000
2,352,997
4.25%,
06/15/44(c)
1,405
1,418,841
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A
(RB)
0.00%,
12/15/25^
270
257,824
0.00%,
12/15/25^
230
219,628
0.01%,
12/15/33
5
3,559
5.00%,
12/15/26
5
5,226
5.00%,
12/15/28
200
216,234
5.00%,
12/15/39(c)
385
411,674
New
Jersey
Transportation
Trust
Fund
Authority,
Series
AA
(RB)
4.75%,
06/15/35(c)
150
151,322
5.00%,
06/15/46(c)
340
342,142
5.25%,
06/15/41(c)
505
510,483
New
Jersey
Transportation
Trust
Fund
Authority,
Series
C
(RB)
(AMBAC)
0.00%,
12/15/25^
250
238,726
0.00%,
12/15/28^
185
159,030
New
Jersey
Transportation
Trust
Fund
Authority,
Series
C
(RB)
(NATL)
0.01%,
12/15/31
365
279,737
Newark
Housing
Port
Authority,
Marine
Terminal
Redevelopment
Project
(RB)
(NATL)
5.25%,
01/01/27
100
103,856
South
Jersey
Port
Corp.,
Marine
Terminal,
Series
B
(RB)
5.00%,
01/01/34(c)
360
374,857
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/46(c)
18,290
18,723,985
5.25%,
06/01/46(c)
2,675
2,771,420
Par
(000’s)
Value
New
Jersey
(continued)
Tobacco
Settlement
Financing
Corp.,
Series
B
(RB)
5.00%,
06/01/46(c)
$
7,970
$
8,016,372
81,848,650
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
3,053,113
Underline
New
York
:
11.5%
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center
(RB)
0.00%,
07/15/33^
370
262,957
0.00%,
07/15/47^
180
62,101
0.01%,
07/15/32
395
292,777
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center,
Series
A
(RB)
5.00%,
07/15/42(c)
9,515
9,679,544
5.00%,
07/15/26
345
355,089
Build
NYC
Resource
Corp.
(RB)
4.00%,
08/01/42(c)
1,310
1,222,438
Build
NYC
Resource
Corp.,
Albert
Einstein
School
of
Medicine,
Inc.,
Project
(RB)
5.50%,
09/01/45(c)
4,820
4,836,315
Build
NYC
Resource
Corp.,
Brooklyn
Navy
Yard
Cogeneration
Partners,
L.P.
Project
(RB)
5.00%,
12/31/28
4,940
4,748,698
5.25%,
12/31/33(c)
9,700
9,010,300
Build
NYC
Resource
Corp.,
East
Harlem
Scholars
Academy
Charter
School
Project
(RB)
5.75%,
06/01/42(c)
1,000
1,067,136
Build
NYC
Resource
Corp.,
Kipp
NYC
Public
School
Facilities
-
Canal
West
Project
(RB)
5.25%,
07/01/57(c)
1,000
1,038,897
5.25%,
07/01/52(c)
1,000
1,041,605
Build
NYC
Resource
Corp.,
Richmond
University
Medical
Center
Project,
Series
A
(RB)
5.62%,
12/01/50(c)
1,200
1,095,504
Build
NYC
Resource
Corp.,
Shefa
School
Project,
Series
A
(RB)
(SAW)
5.00%,
06/15/51(c)
5,750
5,682,627
Build
NYC
Resource
Corp.,
Unity
Preparatory
Charter
School
of
Brooklyn
Project,
Series
A
(RB)
5.50%,
06/15/63(c)
1,000
1,031,797
27
Par
(000’s)
Value
New
York
(continued)
City
of
Troy
Capital
Resource
Corp.,
Series
A
(RB)
4.00%,
09/01/40(c)
$
1,250
$
1,230,157
County
of
Suffolk,
Series
D
(GO)
(BAM)
4.00%,
10/15/29(c)
1,000
1,024,464
County
of
Sullivan
NY
(SA)
5.35%,
11/01/49(c)
2,000
2,017,755
Dutchess
County
Local
Development
Corp.,
Bard
College
Project,
Series
A
(RB)
5.00%,
07/01/51(c)
3,370
3,422,302
5.00%,
07/01/40(c)
1,500
1,558,898
5.00%,
07/01/45(c)
1,000
1,025,059
Erie
Tobacco
Asset
Securitization
Corp.,
Series
A
(RB)
5.00%,
06/01/38(c)
5
4,859
5.00%,
06/01/45(c)
2,000
1,905,329
Metropolitan
Transportation
Authority
(RB)
4.25%,
11/15/42(c)
990
990,441
Metropolitan
Transportation
Authority,
Series
D
(RB)
4.00%,
11/15/42(c)
1,000
992,022
Monroe
County
Industrial
Development
Corp.,
Rochester
regional
Health
Project,
Series
A
(RB)
3.00%,
12/01/40(c)
5
3,880
Monroe
County
Industrial
Development
Corp.,
Rochester
Regional
Health
Project,
Series
A
(RB)
4.00%,
12/01/35(c)
2,100
2,095,818
5.00%,
12/01/31(c)
500
521,986
Nassau
County
Tobacco
Settlement
Corp.,
Series
A-3
(RB)
5.12%,
06/01/46(c)
2,905
2,680,591
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
F
(RB)
4.50%,
02/15/48(c)
2,500
2,495,876
New
York
City
Industrial
Development
Agency,
Airport
Facilities,
Series
A
(RB)
5.00%,
07/01/28(c)
1,400
1,400,061
New
York
Convention
Center
Development
Corp.
(RB)
5.00%,
11/15/40(c)
3,325
3,361,395
New
York
Counties
Tobacco
Trust
IV,
Series
A
(RB)
3.75%,
06/01/45(c)
500
399,144
5.00%,
06/01/45(c)
785
722,018
5.00%,
06/01/42(c)
7,335
6,924,562
New
York
Counties
Tobacco
Trust
IV,
Series
E
(RB)
0.00%,
06/01/55(c)
^
5
447
Par
(000’s)
Value
New
York
(continued)
New
York
Counties
Tobacco
Trust
VI,
Series
A-2B
(RB)
5.00%,
06/01/51(c)
$
5,000
$
4,667,653
5.00%,
06/01/45(c)
1,270
1,203,792
New
York
Liberty
Development
Corp.,
3
World
Trade
Center
Project
(RB)
5.38%,
11/15/40(c)
10,000
10,023,208
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
6,309,537
New
York
Liberty
Development
Corp.,
Goldman
Sachs
Headquarters
LLC
(RB)
5.25%,
10/01/35
5,000
5,812,116
New
York
State
Dormitory
Authority
(RB)
(AGM)
5.00%,
07/01/43(c)
2,375
2,463,329
New
York
State
Dormitory
Authority
(RB)
(SAW)
4.00%,
07/01/53(c)
1,000
962,407
New
York
State
Dormitory
Authority,
CUNY
Student
Housing
Project
(RB)
(AMBAC)
5.50%,
07/01/35
480
518,062
New
York
State
Dormitory
Authority,
Fit
Student
Housing
Corp.
(RB)
(NATL)
5.25%,
07/01/31
150
153,976
New
York
State
Dormitory
Authority,
Fordham
University,
Series
A
(RB)
5.00%,
07/01/41(c)
1,550
1,582,016
New
York
State
Dormitory
Authority,
Montefiore
Obligated
Group,
Series
A
(RB)
5.00%,
08/01/27
1,000
1,023,795
New
York
State
Dormitory
Authority,
New
School,
Series
A
(RB)
5.00%,
07/01/46(c)
2,500
2,531,121
New
York
State
Dormitory
Authority,
Series
A
(RB)
5.00%,
07/01/31(c)
1,370
1,413,325
New
York
State
Dormitory
Authority,
Yeshiva
University,
Series
A
(RB)
5.00%,
07/15/50(c)
1,000
1,015,295
New
York
Transportation
Development
Corp.
(RB)
5.00%,
06/30/60(c)
2,500
2,549,208
5.25%,
06/30/49(c)
1,250
1,319,087
5.38%,
06/30/60(c)
10,000
10,402,308
5.50%,
06/30/60(c)
5,000
5,323,456
5.50%,
06/30/54(c)
1,000
1,067,705
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
28
Par
(000’s)
Value
New
York
(continued)
New
York
Transportation
Development
Corp.
(RB)
(AGM)
5.00%,
12/01/32
$
6,080
$
6,590,884
5.00%,
06/30/49(c)
1,000
1,035,987
New
York
Transportation
Development
Corp.,
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
(RB)
5.00%,
08/01/26(c)
5,010
5,012,332
5.00%,
08/01/31(c)
9,640
9,642,137
5.25%,
08/01/31(c)
8,005
8,494,547
5.38%,
08/01/36(c)
2,000
2,130,446
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
4,754,213
4.00%,
10/01/30
10,665
10,606,924
4.38%,
10/01/45(c)
17,000
16,409,651
5.00%,
01/01/32(c)
1,300
1,341,922
5.00%,
01/01/33(c)
5,230
5,394,955
5.00%,
01/01/30(c)
4,600
4,772,177
5.00%,
01/01/31(c)
3,610
3,730,373
5.00%,
01/01/36(c)
3,850
3,957,543
5.00%,
10/01/40(c)
13,300
13,846,954
5.00%,
10/01/35(c)
13,150
13,840,357
5.62%,
04/01/40(c)
10,395
11,247,904
6.00%,
04/01/35(c)
10,000
11,290,589
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
(RB)
6.00%,
06/30/54(c)
3,475
3,784,569
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
Project
(RB)
3.00%,
08/01/31
5,765
5,446,436
New
York
Transportation
Development
Corp.,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
A
(RB)
4.00%,
07/01/31(c)
1,000
996,034
5.00%,
07/01/41(c)
11,445
11,428,321
5.00%,
07/01/46(c)
10,130
10,127,536
5.00%,
07/01/34(c)
4,230
4,234,914
5.00%,
07/01/30(c)
420
420,496
5.25%,
01/01/50(c)
9,720
9,719,691
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project
(RB)
5.00%,
12/01/39(c)
1,000
1,063,748
Par
(000’s)
Value
New
York
(continued)
5.00%,
12/01/41(c)
$
1,000
$
1,053,368
5.00%,
12/01/42(c)
1,000
1,047,262
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project
(RB)
(AGM)
5.00%,
12/01/30
5,000
5,351,650
5.00%,
12/01/31
2,355
2,541,939
Niagara
Area
Development
Corp.,
New
York
Solid
Waste
Disposal
Facility,
Series
A
(RB)
4.75%,
11/01/42(c)
2,250
2,136,502
Otsego
County
Capital
Resource
Corp.,
Hartwick
College
Project,
Series
A
(RB)
5.00%,
10/01/45(c)
355
258,265
Suffolk
Tobacco
Asset
Securitization
Corp.,
Series
B-2
(RB)
0.01%,
06/01/66(c)
10,515
1,060,279
Troy
Capital
Resource
Corp.,
Rensselaer
Polytechnic
Institute
Project,
Series
A
(RB)
5.00%,
09/01/36(c)
2,020
2,190,734
TSASC,
Inc.,
Tobacco
Settlement
Bonds,
Series
B
(RB)
5.00%,
06/01/45(c)
15,000
13,524,849
5.00%,
06/01/48(c)
2,000
1,778,074
Ulster
County
Capital
Resource
Corp.,
Woodland
Pond
of
New
Paltz
Project
(RB)
5.00%,
09/15/37(c)
400
360,962
5.25%,
09/15/53(c)
180
144,617
Westchester
County
Local
Development
Corp.,
Medical
Center
(RB)
5.00%,
11/01/46(c)
3,000
2,837,492
Westchester
County
Local
Development
Corp.,
Pace
University,
Series
A
(RB)
5.50%,
05/01/42(c)
5,000
5,005,645
Westchester
Tobacco
Asset
Securitization
Corp.,
Series
B
(RB)
5.00%,
06/01/41(c)
200
204,098
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
5.00%,
10/15/54(c)
275
275,104
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
(AGM)
5.00%,
10/15/39(c)
315
322,216
357,960,941
29
Par
(000’s)
Value
North
Carolina
:
0.8%
North
Carolina
Department
of
Transportation,
I-77
Hot
Lanes
Project
(RB)
5.00%,
12/31/37(c)
$
1,000
$
1,009,498
North
Carolina
Medical
Care
Commission
(RB)
5.25%,
12/01/54(c)
1,000
1,063,072
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
First
Mortgage,
Pennybyrn
at
Maryfield
(RB)
5.00%,
10/01/30(c)
1,000
1,000,518
5.00%,
10/01/35(c)
2,270
2,270,221
North
Carolina
Medical
Care
Commission
Health
Care
Facilities,
Series
A
(RB)
4.00%,
07/01/49(c)
205
195,352
North
Carolina
Medical
Care
Commission,
Pennybyrn
at
Maryfield
(RB)
5.00%,
10/01/25
60
60,228
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
(RB)
4.70%,
07/01/37(c)
550
469,061
5.00%,
10/01/37(c)
1,140
1,150,635
5.00%,
10/01/31(c)
3,530
3,570,921
North
Carolina
Medical
Care
Commission,
Retirement
Facilities,
Series
A
(RB)
5.00%,
10/01/30(c)
165
163,953
North
Carolina
Medical
Care
Commission,
Retirement
Facilities,
Series
A
(RB)
(AGM)
5.00%,
07/01/49(c)
385
367,573
North
Carolina
Medical
Care
Commission,
Salemtowne
Project
(RB)
5.25%,
10/01/37(c)
465
462,781
North
Carolina
Turnpike
Authority
(RB)
(AGM)
4.00%,
01/01/55(c)
3,625
3,461,295
North
Carolina
Turnpike
Authority
Triangle
Expressway
System
Senior
Lien
(RB)
5.00%,
01/01/40(c)
5,000
5,245,437
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
5.00%,
01/01/30(c)
1,000
1,036,004
5.00%,
01/01/49(c)
1,430
1,485,548
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
(AGM)
5.00%,
01/01/32(c)
100
107,390
5.00%,
01/01/58(c)
2,500
2,666,916
25,786,403
Par
(000’s)
Value
North
Dakota
:
0.2%
City
of
Grand
Forks
ND
(RB)
(AGM)
5.00%,
12/01/53(c)
$
2,000
$
2,082,199
City
of
Grand
Forks,
Altru
Health
System
(RB)
5.00%,
12/01/32(c)
2,000
2,077,860
City
of
Grand
Forks,
Altru
Health
System
(RB)
(AGM)
4.00%,
12/01/41(c)
1,000
915,081
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
165,000
Ward
County,
North
Dakota
Health
Care
Facilities,
Series
C
(RB)
5.00%,
06/01/43(c)
1,000
978,453
6,523,565
Ohio
:
3.5%
Akron
Bath
Copley
Joint
Township
Hospital
District,
Summa
Health
System
(RB)
5.25%,
11/15/41(c)
500
509,751
5.25%,
11/15/46(c)
5,000
5,070,418
Brunswick
City
School
District,
Classroom
Facilities
and
School
Improvement
(GO)
(BAM)
5.25%,
12/01/53(c)
2,000
2,153,068
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
B-2
(RB)
5.00%,
06/01/55(c)
29,075
26,965,914
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
B-3
(RB)
0.01%,
06/01/57(c)
100,500
9,454,849
Centerville
Ohio
Health
Care,
Graceworks
Lutheran
Services
(RB)
5.25%,
11/01/47(c)
1,000
947,258
Cleveland
Cuyahoga
County,
Port
Authority
Cultural
Facility,
Playhouse
Square
Foundation
Project
(RB)
5.00%,
12/01/28
700
717,057
Columbus-Franklin
County
Finance
Authority,
Ohio
Dominican
University
Project
(RB)
(SBG)
6.50%,
03/01/48(c)
3,800
2,648,813
County
of
Allen
OH
Hospital
Facilities
Revenue
(RB)
4.00%,
11/01/44(c)
2,160
2,104,696
4.00%,
12/01/40(c)
1,000
989,777
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
30
Par
(000’s)
Value
Ohio
(continued)
County
of
Butler
(RB)
5.00%,
11/15/32(c)
$
1,035
$
1,048,301
County
of
Cuyahoga,
Ohio
Convention
Hotel
Project
(CP)
5.00%,
12/01/25(c)
1,805
1,806,814
County
of
Cuyahoga,
Ohio
Hospital,
The
Metrohealth
System
(RB)
4.75%,
02/15/47(c)
340
340,184
5.25%,
02/15/47(c)
10,000
10,183,554
5.50%,
02/15/52(c)
1,225
1,252,110
5.50%,
02/15/57(c)
3,000
3,059,168
County
of
Lukas,
Ohio
Hospital,
Promedica
Healthcare,
Series
A
(RB)
(AGM)
5.25%,
11/15/48(c)
2,000
2,045,861
County
of
Montgomery,
Premier
Health
Partners
Obligated
Group,
Series
A
(RB)
4.00%,
11/15/42(c)
3,940
3,701,710
4.00%,
11/15/45(c)
2,250
2,055,859
Muskingum
County,
Ohio
Hospital
Facilities,
Genesis
HealthCare
System
Project
(RB)
5.00%,
02/15/44(c)
1,750
1,720,699
5.00%,
02/15/33(c)
490
490,001
Ohio
Air
Quality
Development
Authority,
AMG
Vanadium
Project
(RB)
5.00%,
07/01/49(c)
11,000
10,400,684
Ohio
Air
Quality
Development
Authority,
Dayton
Co.
Project,
Series
B
(RB)
4.25%,
11/01/40(p)
2,000
2,028,869
Ohio
Air
Quality
Development
Authority,
Duke
Energy
Corp.
Project,
Series
B
(RB)
4.25%,
11/01/39(p)
1,000
1,008,536
Ohio
Air
Quality
Development
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
3.25%,
09/01/29
2,750
2,659,567
Ohio
Air
Quality
Development
Authority,
Pratt
Paper
LLC
Project
(RB)
4.50%,
01/15/48(c)
2,000
1,994,211
Ohio
Airport
Special
Revenue,
Continental
Airlines,
Inc.
Project
(RB)
5.38%,
09/15/27(c)
5,000
5,002,110
Ohio
University,
A
State
University
of
Ohio,
Series
A
(RB)
5.00%,
12/01/45(c)
1,250
1,288,836
Par
(000’s)
Value
Ohio
(continued)
Southeastern
Ohio
Port
Authority,
Hospital
Facilities
Revenue,
Memorial
Health
System
Obligated
Group
Project
(RB)
5.00%,
12/01/43(c)
$
1,240
$
1,151,349
5.00%,
12/01/35(c)
245
235,519
5.50%,
12/01/43(c)
70
69,093
Washington
County,
Ohio
Hospital
Facilities,
Memorial
Health
System
(RB)
6.75%,
12/01/52(c)
2,235
2,445,158
107,549,794
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
1,021,780
Norman
Regional
Hospital
Authority
(RB)
3.25%,
09/01/38(c)
340
258,719
4.00%,
09/01/37(c)
2,365
2,081,158
4.00%,
09/01/45(c)
1,000
831,420
Oklahoma
County
Finance
Authority
(RB)
6.50%,
06/15/64(c)
1,250
1,291,195
Oklahoma
Development
Finance
Authority,
Oklahoma
City
University
Project
(RB)
5.00%,
08/01/44(c)
4,305
4,315,075
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
5.00%,
08/15/33(c)
700
723,515
5.25%,
08/15/43(c)
2,900
2,983,774
5.25%,
08/15/48(c)
8,000
8,165,246
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
(AGM)
5.50%,
08/15/52(c)
1,300
1,340,912
5.50%,
08/15/57(c)
7,290
7,500,422
Rogers
County
Industrial
Development
Authority
(RB)
3.62%,
04/01/40(c)
375
348,588
Tulsa
Airports
Improvement
Trust
(RB)
5.50%,
06/01/35(c)
5,000
5,004,716
Tulsa
Municipal
Airport
Trust,
American
Airlines,
Inc.
(RB)
5.00%,
06/01/35(c)
(p)
4,455
4,490,549
40,357,069
31
Par
(000’s)
Value
Oregon
:
0.1%
Multnomah
County,
Oregon
Hospital
Facilities
Authority,
PArkview
Project,
Series
A
(RB)
(AGM)
4.00%,
12/01/36(c)
$
1,000
$
917,373
Oregon
State
Facilities
Authority
(RB)
5.00%,
10/01/35(c)
2,260
2,302,976
Oregon
State
Facilities
Authority,
Samaritan
Health
Services
Project
(RB)
5.00%,
10/01/46(c)
1,000
1,006,633
4,226,982
Pennsylvania
:
4.2%
Allegheny
County
Airport
Authority,
Pittsburgh
International
Airport,
Series
A
(RB)
(AGM)
5.50%,
01/01/48(c)
1,410
1,553,254
Allentown
Neighborhood
Improvement
Zone
Development
Authority
(RB)
5.00%,
05/01/42(c)
2,000
2,005,213
5.00%,
05/01/32(c)
250
253,947
5.00%,
05/01/33(c)
250
255,021
5.00%,
05/01/28
840
858,565
5.00%,
05/01/28
550
558,352
5.00%,
05/01/42(c)
2,245
2,256,668
5.38%,
05/01/42(c)
4,000
4,030,733
Berks
County
Industrial
Development
Authority,
Tower
Health
Project
(RB)
5.00%,
11/01/24
500
453,513
5.00%,
11/01/26
120
76,800
5.00%,
11/01/34(c)
110
70,400
5.00%,
11/01/28(c)
470
300,800
5.00%,
11/01/30(c)
1,000
640,000
Berks
County
Municipal
Authority,
Reading
Hospital
and
Medical
Center
Project,
Series
A
(RB)
5.00%,
11/01/44(c)
1,000
640,000
Berks
County
Municipal
Authority,
Tower
Health
Project
(RB)
4.00%,
11/01/47(c)
3,425
2,192,000
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
A
(RB)
5.00%,
02/01/27
1,000
640,000
5.00%,
02/01/30
860
550,400
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
B-2
(RB)
5.00%,
02/01/40(c)
(p)
6,000
3,840,000
Butler
County
Hospital
Authority,
Butler
Health
System
Project,
Series
A
(RB)
5.00%,
07/01/39(c)
1,465
1,430,514
Par
(000’s)
Value
Pennsylvania
(continued)
Central
Texas
Regional
Mobility
Authority,
Subordinated
Lien,
Series
G
(RB)
6.00%,
10/01/48(c)
$
1,000
$
999,937
Chester
County
Health
and
Education
Facilities
Authority,
Immaculata
University
Project
(RB)
5.00%,
11/01/46(c)
430
348,579
Chester
County
Industrial
Development
Authority
(RB)
5.25%,
10/15/47(c)
1,250
1,228,501
Chester
County
Industrial
Development
Authority,
Woodland
at
Greystone
Project
(SA)
5.00%,
03/01/38(c)
1,200
1,199,087
5.12%,
03/01/48(c)
1,897
1,828,402
County
of
Cumberland,
Diakon
Lutheran
Social
Ministries
(RB)
4.00%,
01/01/33(c)
185
182,008
Crawford
County
Hospital
Authority,
Meadville
Medical
Center
Project,
Series
A
(RB)
6.00%,
06/01/46(c)
440
444,730
6.00%,
06/01/51(c)
345
347,307
Cumberland
County
Municipal
Authority
(RB)
5.00%,
01/01/45(c)
3,000
2,779,069
Delaware
County
Industrial
Development
Authority,
Chester
Community
Charter
School
Project,
Series
A
(RB)
5.12%,
06/01/46(c)
395
388,600
Delaware
Valley,
Pennsylvania
Regional
Finance
Authority,
Series
A
(RB)
(AMBAC)
5.50%,
08/01/28
2,880
3,112,710
Erie
Pennsylvania
Higher
Education
Building
Authority,
Mercyhurst
University
Project
(RB)
5.00%,
09/15/37(c)
1,000
969,990
Franklin
County
Industrial
Development
Authority,
Menno-Haven,
Inc.
Project
(RB)
5.00%,
12/01/49(c)
500
464,074
5.00%,
12/01/54(c)
215
195,101
Lancaster
County
Hospital
Authority,
Brethren
Village
Project
(RB)
5.12%,
07/01/37(c)
1,000
1,002,772
Lancaster
County
Hospital
Authority,
St.
Anne's
Retirement
Community,
Inc.
Project
(RB)
5.00%,
03/01/50(c)
425
360,449
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
32
Par
(000’s)
Value
Pennsylvania
(continued)
5.00%,
03/01/40(c)
$
425
$
388,776
5.00%,
03/01/45(c)
310
271,298
McCandless
Industrial
Development
Authority,
LA
Roche
University
Project,
Series
A
(RB)
6.75%,
12/01/46(c)
1,000
982,912
Montgomery
County
Higher
Education
and
Health
Authority,
Holy
Redeemer
Health
System,
Series
A
(RB)
5.00%,
10/01/40(c)
5,150
4,796,831
Montgomery
County
Higher
Education
and
Health
Authority,
Presbytery
Homes,
Inc.
Project
(RB)
5.00%,
12/01/47(c)
2,000
2,001,686
Montgomery
County
Higher
Education
and
Health
Authority,
Thomas
Jefferson
University,
Series
B
(RB)
5.00%,
05/01/47(c)
4,800
5,030,302
Montgomery
County
Industrial
Development
Authority,
Series
A
(RB)
4.10%,
04/01/53(p)
2,500
2,555,501
Montgomery
County
Industrial
Development
Authority,
Whitemarsh
Continuing
Care
Retirement
Community
Project
(RB)
5.00%,
01/01/30(c)
150
150,074
5.25%,
01/01/40(c)
870
864,510
Moon
Industrial
Development
Authority,
Baptist
Homes
Society
(RB)
5.62%,
07/01/30(c)
300
274,833
6.00%,
07/01/45(c)
590
459,672
Northampton
County
Industrial
Development
Authority,
Morningstar
Senior
Living,
Inc.
Project
(RB)
5.00%,
11/01/39(c)
1,000
954,710
Pennsylvania
Economic
Development
Financing
Authority
(RB)
(AGM)
5.00%,
12/31/57(c)
1,780
1,847,530
Pennsylvania
Economic
Development
Financing
Authority,
Penndot
Major
Bridges
Package
One
Project
(RB)
5.00%,
06/30/32
1,000
1,067,203
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Wast
Disposal,
Covanta
Project,
Series
A
(RB)
3.25%,
08/01/39(c)
2,750
2,226,140
Par
(000’s)
Value
Pennsylvania
(continued)
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
3,100,843
5.50%,
06/30/43(c)
2,500
2,692,756
5.50%,
06/30/40(c)
3,000
3,270,817
5.75%,
06/30/48(c)
4,000
4,332,367
6.00%,
06/30/61(c)
6,000
6,545,499
Pennsylvania
Economic
Development
Financing
Authority,
The
Pennsylvania
Rapid
Bridge
Replacement
Project
(RB)
5.00%,
12/31/25
1,105
1,119,135
5.00%,
12/31/28(c)
575
583,893
5.00%,
12/31/30(c)
410
416,167
5.00%,
06/30/42(c)
6,945
6,994,073
5.00%,
12/31/26(c)
1,485
1,508,512
Pennsylvania
Higher
Educational
Facilities
Authority
(RB)
5.00%,
11/01/42(c)
1,100
1,099,963
Pennsylvania
Higher
Educational
Facilities
Authority,
La
Salle
University
(RB)
5.00%,
05/01/42(c)
1,000
789,846
5.00%,
05/01/37(c)
1,915
1,602,355
Pennsylvania
Turnpike
Commission,
Series
B
(RB)
(BAM)
4.00%,
12/01/39(c)
2,840
2,827,879
Philadelphia
Authority
for
Industrial
Development
(RB)
5.00%,
06/15/43(c)
1,000
1,013,952
Philadelphia
Authority
for
Industrial
Development,
Greater
Philadelphia
Health
Action,
Inc.
Project,
Series
A
(RB)
6.38%,
06/01/40(c)
440
441,311
6.50%,
06/01/45(c)
440
441,291
6.62%,
06/01/50(c)
415
416,398
Philadelphia
Authority
for
Industrial
Development,
Independence
Charter
School
West
Project
(RB)
5.00%,
06/15/39(c)
355
350,945
33
Par
(000’s)
Value
Pennsylvania
(continued)
Philadelphia
Authority
for
Industrial
Development,
KIPP
Philadelphia
Charter
School
Project,
Series
B
(RB)
(AGM)
5.00%,
04/01/46(c)
$
1,000
$
977,928
Philadelphia
Authority
for
Industrial
Development,
LA
Salle
University
(RB)
4.00%,
05/01/42(c)
2,000
1,379,693
Philadelphia
Authority
for
Industrial
Development,
Performing
Arts,
String
Theory
Charter
School
Project
(RB)
5.00%,
06/15/40(c)
500
509,479
5.00%,
06/15/50(c)
1,000
1,003,781
Philadelphia
Authority
for
Industrial
Development,
Temple
University
(RB)
5.00%,
04/01/29(c)
3,000
3,030,064
Philadelphia
Authority
for
Industrial
Development,
Temple
University,
First
Series
(RB)
5.00%,
04/01/40(c)
5,695
5,725,095
Philadelphia
Authority
for
Industrial
Development,
Wesley
Enhanced
Living
Obligation
Group,
Series
A
(RB)
5.00%,
07/01/32(c)
735
728,815
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System
(RB)
5.00%,
07/01/33(c)
1,000
1,015,731
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System,
Series
A
(RB)
5.00%,
07/01/32(c)
220
223,515
5.00%,
07/01/31(c)
1,240
1,260,251
Philadelphia,
Pennsylvania
Hospital
&
Higher
Education
Facilities
Authority,
Temple
University
Health
System
Obligation
Group
(RB)
(AGM)
5.00%,
07/01/37(c)
2,470
2,675,505
Reading
Pennsylvania
School
District
(GO)
(AGM)
5.00%,
03/01/37(c)
1,535
1,586,071
Scranton-Lackawanna,
Pennsylvania
Health
and
Welfare
Authority
(RB)
5.00%,
06/01/36(c)
1,500
1,465,858
The
School
District
of
Philadelphia,
Se
(GO)
(SAW)
5.00%,
09/01/26
3,000
3,114,874
130,199,823
Par
(000’s)
Value
Puerto
Rico
:
8.6%
Children's
Trust
Fund,
Tobacco
Settlement<
Series
A
(RB)
0.01%,
05/15/57(c)
$
200,000
$
13,841,920
Cofina
Class
2
Trust
(RB)
(AMBAC)
0.00%,
08/01/47^
80
25,255
Commonwealth
of
Puerto
Rico
(GO)
0.00%,
07/01/33(c)
^
12,285
8,287,981
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
A
(RB)
4.00%,
07/01/42(c)
7,365
6,941,025
5.00%,
07/01/30
7,500
7,867,256
5.00%,
07/01/47(c)
15,000
15,229,495
5.00%,
07/01/37(c)
6,290
6,621,518
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
B
(RB)
5.00%,
07/01/29
3,000
3,132,976
5.00%,
07/01/37(c)
3,365
3,523,030
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
4.00%,
07/01/41(c)
8,260
7,774,277
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
(BAM-TCRS)
4.00%,
07/01/35(c)
12,538
12,352,091
4.00%,
07/01/37(c)
9,500
9,256,287
4.00%,
07/01/33(c)
13,570
13,640,506
5.75%,
07/01/31
10,055
11,146,954
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
20,013
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
(RB)
4.75%,
07/01/53(c)
3,000
2,987,723
5.00%,
07/01/58(c)
3,000
3,015,754
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
4.50%,
07/01/34(c)
2,800
2,804,639
5.00%,
07/01/58(c)
36,645
36,837,430
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AGC)
4.55%,
07/01/40(c)
10,414
10,428,438
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AMBAC)
4.75%,
07/01/53(c)
21,720
21,631,118
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-2
(RB)
4.33%,
07/01/40(c)
12,590
12,522,261
4.33%,
07/01/40(c)
26,145
26,004,330
4.55%,
07/01/40(c)
6,432
6,440,917
4.78%,
07/01/58(c)
4,000
3,975,906
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
34
Par
(000’s)
Value
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Rev
Restructed
BDS
Cofina
A-1
(RB)
0.01%,
07/01/51(c)
$
80,246
$
19,532,037
265,841,137
Rhode
Island
:
0.2%
Rhode
Island
Health
and
Educational
Building
Corp.,
Care
New
England
Issue,
Series
B
(RB)
5.00%,
09/01/36(c)
3,750
3,763,590
5.00%,
09/01/26
100
100,572
Rhode
Island
Health
and
Educational
Building
Corp.,
Care
New
England,
Series
B
(RB)
5.00%,
09/01/31(c)
500
502,947
Rhode
Island
Health
and
Educational
Building
Corp.,
Lifespan
Obligated
Group
Issue
(RB)
5.00%,
05/15/39(c)
2,215
2,241,708
5.00%,
05/15/33(c)
1,000
1,015,539
7,624,356
South
Carolina
:
0.4%
Berkeley
County,
South
Carolina
Nexton
Improvement
District
(SA)
4.38%,
11/01/49(c)
800
716,592
Piedmont
Municipal
Power
Agency,
South
Carolina
Electric,
Series
C
(RB)
5.00%,
01/01/34(c)
1,000
1,024,398
Scago
Educational
Facilities,
School
District
of
Pickens
County
Project
(RB)
5.00%,
12/01/29(c)
1,425
1,439,376
South
Carolina
Jobs-Economic
Development
Authority,
Hampton
Medical
Center
Project
(RB)
5.00%,
11/01/37(c)
650
653,146
5.00%,
11/01/33(c)
500
505,944
South
Carolina
Jobs-Economic
Development
Authority,
High
Point
Academy
Project,
Series
A
(RB)
5.75%,
06/15/49(c)
500
509,713
5.75%,
06/15/39(c)
500
512,414
South
Carolina
Jobs-Economic
Development
Authority,
South
Carolina
Episcopal
Home
at
Still
Hopes
(RB)
5.00%,
04/01/47(c)
3,000
2,916,551
South
Carolina
Jobs-Economic
Development
Authority,
The
Lutheran
Homes
of
South
Carolina,
Inc.
(RB)
5.00%,
05/01/43(c)
320
277,108
Par
(000’s)
Value
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
The
Woodlands
at
Furman
(RB)
4.00%,
11/15/27(c)
$
210
$
207,506
5.25%,
11/15/52(c)
2,000
2,001,627
5.25%,
11/15/37(c)
2,000
2,047,084
12,811,459
South
Dakota
:
0.2%
City
of
Sioux
Falls,
Dow
Rummel
Village
Project
(RB)
5.00%,
11/01/42(c)
750
707,909
5.00%,
11/01/46(c)
500
457,312
County
of
Lincoln,
South
Dakota
Economic
Development,
Augustana
College
Association
Project,
Series
A
(RB)
4.00%,
08/01/56(c)
1,410
1,176,988
4.00%,
08/01/51(c)
1,550
1,324,626
Lincoln
County,
South
Dakota
Economic
Development
Bonds,
The
Augustana
College
Association
Project,
Series
A
(RB)
4.00%,
08/01/61(c)
1,300
1,063,799
4,730,634
Tennessee
:
0.7%
Bristol
Industrial
Development
Board,
Pinnacle
Project,
Series
A
(RB)
5.00%,
12/01/35(c)
2,000
1,927,769
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Series
A-2
(RB)
5.00%,
08/01/44(c)
310
322,397
Chattanooga-Hamilton
County
Hospital,
Erlanger
Health
System,
Series
A
(RB)
5.00%,
10/01/44(c)
6,180
6,180,222
Knox
County
Health
Educational
and
Housing
Facility
Board
(RB)
4.00%,
09/01/47(c)
290
239,965
4.00%,
09/01/40(c)
295
271,287
5.00%,
04/01/36(c)
1,055
1,070,123
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
2,026,347
Tennessee
Corp.
Gas
Supply,
Series
A
(RB)
5.50%,
10/01/53(c)
(p)
5,000
5,394,254
Tennessee
Energy
Acquisition
Corp.,
Series
B
(RB)
5.62%,
09/01/26
5,000
5,177,205
35
Par
(000’s)
Value
Tennessee
(continued)
The
Health,
Educational
and
Housing
Facility
Board
of
the
City
of
Chattanooga,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/37(c)
$
200
$
200,578
22,810,147
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
1,019,281
Arlington
Higher
Education
Finance
Corp.
(RB)
4.38%,
02/15/51(c)
1,000
747,864
4.50%,
06/15/56(c)
(p)
1,000
1,000,164
4.88%,
06/15/59(c)
1,000
990,829
5.75%,
06/01/43(c)
1,000
1,037,029
6.00%,
06/01/53(c)
1,000
1,030,367
6.25%,
06/01/63(c)
1,000
1,038,691
Arlington
Higher
Education
Finance
Corp.,
Legacy
Traditional
School
-
Texas
Project,
Series
A
(RB)
6.75%,
02/15/62(c)
5
5,062
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
5.00%,
01/01/33(c)
500
505,491
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
(SAW)
5.00%,
01/01/27
280
283,167
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
Second
Tier,
Series
B
(RB)
5.00%,
01/01/26
715
713,626
5.00%,
01/01/34(c)
500
495,159
Board
of
Managers,
Joint
Guadalupe
County,
City
of
Seguin
Hospital
(RB)
5.00%,
12/01/45(c)
215
196,245
5.00%,
12/01/40(c)
610
576,609
Brazoria
County
Industrial
Development
Corp.,
Texas
Solid
Waste
Disposal
Facilities,
Gladieux
Recycling,
LLC
Project
(RB)
(SAW)
8.50%,
03/01/39(c)
3,510
3,322,445
Brazoria
County
Industrial
Development
Corp.,
Texas
Solid
Waste
Disposal
Facilities,
Gladieux
Recycling,
LLC
Project
(RB)
(SBG)
7.00%,
03/01/39(c)
1,785
1,711,072
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)
$
2,700
$
2,463,102
Central
Texas
Regional
Mobility
Authority,
Series
C
(RB)
5.00%,
01/01/27(c)
7,000
7,175,016
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
A
(RB)
4.00%,
07/01/41(c)
7,500
7,227,848
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
B-1
(RB)
4.00%,
07/15/41(c)
21,780
20,988,700
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
C
(RB)
5.00%,
07/15/27
5,590
5,702,868
5.00%,
07/15/28
2,500
2,567,742
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Technical
Operations
Center
Project
(RB)
5.00%,
07/15/28
1,000
1,027,097
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
4,366,241
City
of
New
Braunfels,
Utility
System
(RB)
4.00%,
07/01/50(c)
445
425,183
Clifton
Higher
Education
Finance
Corp.,
Series
A
(RB)
5.12%,
08/15/30(c)
730
738,040
5.50%,
08/15/35(c)
610
619,520
6.00%,
06/15/48(c)
1,000
1,021,910
Clifton
Higher
Education
Finance
Corp.,
Series
D
(RB)
5.25%,
08/15/27(c)
1,000
1,014,538
5.75%,
08/15/33(c)
500
509,223
6.00%,
08/15/38(c)
500
510,188
Conroe
Local
Government
Corp.,
Conroe
Convention
Center
Hotel,
Series
A
(RB)
4.00%,
10/01/50(c)
2,035
1,666,113
Dallas
County
Flood
Control
District
No.
1
(GO)
5.00%,
04/01/32(c)
850
849,973
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
36
Par
(000’s)
Value
Texas
(continued)
Dallas
Texas
Housing
Finance
Corp.
Residential
Development,
The
Briscoe
Apartments,
Series
A
(RB)
6.00%,
12/01/62(c)
$
1,000
$
986,604
El
Paso
County
Hospital
District
(GO)
5.00%,
08/15/43(c)
4,680
4,674,241
Harris
County,
Houston
Sports
Authority,
Junior
Lien,
Series
H
(RB)
(NATL)
0.00%,
11/15/27^
590
518,200
0.00%,
11/15/40(c)
^
170
68,550
0.00%,
11/15/39(c)
^
145
62,667
0.00%,
11/15/35(c)
^
120
68,317
0.01%,
11/15/25
495
471,109
0.01%,
11/15/29
1,405
1,136,393
0.01%,
11/15/30
115
89,033
0.01%,
11/15/41(c)
1,140
430,114
0.01%,
11/15/37(c)
350
174,714
0.01%,
11/15/32(c)
705
488,613
Harris
County,
Houston
Sports
Authority,
Third
Lien,
Series
A-3
(RB)
(NATL)
0.00%,
11/15/31(c)
^
100
65,658
0.01%,
11/15/35(c)
3,455
1,788,209
Matagorda
County
Navigation
District
No.
1,
Series
A
(RB)
(AMBAC)
4.40%,
05/01/30
1,035
1,065,315
Matagorda
County,
Navigation
District
1
(RB)
4.00%,
06/01/30(c)
5,000
5,000,958
Mesquite
Health
Facility
Development
Corp.,
Christian
Care
Centers,
Inc.
Project
(RB)
(NATL)
5.12%,
02/15/42(c)
(d)
*
907
9,069
5.12%,
02/15/30(c)
(d)
*
237
2,369
Mission
Economic
Development
Corp.,
Senior
Lien,
Natgasoline
Project
(RB)
4.62%,
10/01/31(c)
11,500
11,488,906
Montgomery
County
Toll
Road
Authority
(RB)
5.00%,
09/15/43(c)
3,310
3,334,962
5.00%,
09/15/48(c)
5,915
5,953,657
New
Hampshire
Health
and
Education
Facilities
Authority,
(RB)
4.00%,
08/15/41(c)
2,315
2,096,056
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
4-K
Housing,
Inc.
Stoney
Brook
Project,
Series
B
(RB)
5.00%,
07/01/52(c)
235
94,000
Par
(000’s)
Value
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Cardinal
Bay,
Inc.,
Series
C
(RB)
5.50%,
07/01/46(c)
(d)
*
$
1,595
$
358,875
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Carillon
Lifecare
Community
Project
(RB)
5.00%,
07/01/36(c)
230
210,422
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Legacy
Preparatory
Charter
Academy,
Series
A
(RB)
5.25%,
08/15/27(c)
150
151,969
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
MRC
Senior
Living
-
The
Langford
Project,
Series
A
(RB)
5.50%,
11/15/46(c)
750
636,557
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
NCCD-College
Station
Properties
LLC,
Series
A
(RB)
5.00%,
07/01/47(c)
440
427,900
5.00%,
07/01/35(c)
100
97,250
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Presbyterian
Village
North
Project
(RB)
5.25%,
10/01/49(c)
1,000
927,581
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Presbyterian
Village
North
Project,
Series
A
(RB)
5.25%,
10/01/55(c)
1,500
1,359,630
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Wesleyan
Homes,
Inc.
Project
(RB)
5.00%,
01/01/55(c)
250
189,889
5.00%,
01/01/50(c)
250
194,905
5.50%,
01/01/35(c)
1,000
965,377
North
East
Texas
Regional
Mobility
Authority,
Series
B
(RB)
5.00%,
01/01/41(c)
400
404,439
North
Texas
Municipal
Water
District
(RB)
4.38%,
06/01/54(c)
1,000
989,864
Olney
Hamilton
Hospital
District
(GO)
6.25%,
09/15/54(c)
1,000
1,061,833
Port
Beaumont
Navigation
District,
Allegiant
Industrial
Island
Park
Project
(RB)
8.00%,
02/01/39(c)
2,725
2,595,277
37
Par
(000’s)
Value
Texas
(continued)
Pottsboro
Higher
Education
Finance
Corp.,
Imagine
International
Academy
of
North
Texas
LLC,
Series
A
(RB)
5.00%,
08/15/46(c)
$
1,400
$
1,336,987
5.00%,
08/15/36(c)
1,055
1,055,381
Reagan
Hospital
District,
Series
A
(GO)
5.12%,
02/01/39(c)
1,000
999,923
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
(RB)
5.00%,
07/01/48(c)
2,500
2,559,737
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Air
Force
Villages
Obligated
Group
Project
(RB)
5.00%,
05/15/37(c)
125
125,160
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
1,453,545
5.00%,
12/15/32
3,425
3,701,122
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
III
(RB)
5.00%,
12/15/28
925
968,538
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
(RB)
4.00%,
12/31/39(c)
2,550
2,538,660
5.50%,
06/30/42(c)
2,250
2,424,484
5.50%,
06/30/43(c)
1,000
1,075,278
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
Blueridge
Transportation
Group
LLC
Project
(RB)
5.00%,
12/31/40(c)
230
231,672
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
Managed
Lanes
Project,
Series
A
(RB)
4.00%,
06/30/39(c)
1,700
1,698,287
4.00%,
12/31/38(c)
4,550
4,554,762
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Project
(RB)
5.50%,
12/31/58(c)
1,000
1,089,955
Par
(000’s)
Value
Texas
(continued)
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
Project
(RB)
5.00%,
06/30/58(c)
$
10,250
$
10,318,301
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
Project,
Series
A
(RB)
4.00%,
12/31/37(c)
500
503,430
Texas
Transportation
Commission,
Central
Texas
Turnpike
System,
Series
C
(RB)
5.00%,
08/15/37(c)
4,485
4,505,683
5.00%,
08/15/32(c)
600
602,767
Town
of
Westlake,
Solana
Public
Improvement
District
(SA)
6.12%,
09/01/35(c)
1,000
1,002,269
6.25%,
09/01/40(c)
1,000
1,002,018
6.38%,
09/01/45(c)
1,000
1,002,198
169,230,292
Utah
:
0.4%
Black
Desert
Public
Infrastructure
District
(GO)
4.00%,
03/01/51(c)
3,100
2,623,363
Black
Desert
Public
Infrastructure
District
(SA)
5.62%,
12/01/53(c)
3,000
3,101,792
Medical
School
Campus,
Public
Infrastructure
District,
Series
A
(GO)
5.50%,
02/01/50(c)
2,000
1,698,064
Mida
Mountain
Village
Public
Infrastructure
District,
Mountain
Village
Assessment
Area,
Series
A
(SA)
5.00%,
08/01/50(c)
2,000
1,992,374
Utah
Charter
School
Finance
Authority,
Freedom
Academy
Foundation
Project
(RB)
5.25%,
06/15/37(c)
1,500
1,486,237
5.38%,
06/15/48(c)
2,195
2,062,515
12,964,345
Vermont
:
0.0%
Vermont
Economic
Development
Authority,
Wake
Robin
Corp.
Project,
Series
A
(RB)
4.00%,
05/01/37(c)
500
480,615
Underline
Virgin
Islands
:
0.5%
Matching
Fund
Special
Purpose
Securitization
Corp.,
Virgin
Island,
Series
A
(RB)
5.00%,
10/01/28
1,000
1,040,971
5.00%,
10/01/39(c)
5,000
5,204,073
5.00%,
10/01/32
5,010
5,307,171
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
38
Par
(000’s)
Value
Virgin
Islands
(continued)
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes
Loan
Note
(RB)
(NATL)
4.25%,
10/01/29(c)
$
720
$
728,031
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes
Loan
Note,
Series
C
(RB)
4.50%,
10/01/44(c)
550
444,258
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes,
Series
C
(RB)
5.00%,
10/01/30(c)
1,000
985,094
Virgin
Islands
Water
&
Power
Authority,
Series
B
(RB)
5.00%,
07/01/27(c)
170
161,876
5.00%,
07/01/25(c)
1,170
1,148,185
15,019,659
Virginia
:
2.4%
Bristol
Industrial
Development
Authority,
Series
B
(RB)
6.35%,
11/01/44(c)
(d)
*
250
143,514
Cherry
Hill
Community
Development
Authority,
Potomac
Shores
Project
(SA)
5.15%,
03/01/35(c)
200
201,096
Chesapeake
Bay
Bridge
and
Tunnel
District,
First
Tier
(RB)
5.00%,
07/01/46(c)
8,000
8,070,699
5.00%,
07/01/51(c)
1,025
1,031,359
City
of
Chesapeake,
Chesapeake
Transportation
System,
Series
A
(RB)
5.00%,
07/15/47(c)
380
381,346
City
of
Hopewell,
Sewer
System,
Series
A
(RB)
5.00%,
07/15/33(c)
240
240,059
Farms
New
Kent
Community
Development
Authority,
Series
A
(SA)
3.75%,
03/01/36(c)
3,535
3,416,549
Farmville
Industrial
Development
Authority,
Educational
Facilities,
Longwood
University
Student
Housing
Projects,
Series
A
(RB)
5.00%,
01/01/50(c)
1,500
1,479,462
5.00%,
01/01/59(c)
1,000
965,539
James
City
County
Economic
Development
Authority
(RB)
6.88%,
12/01/58(c)
1,000
1,104,101
Lynchburg
Economic
Development
Authority,
Central
Health,
Inc.,
Series
A
(RB)
5.00%,
01/01/47(c)
4,950
5,000,668
Par
(000’s)
Value
Virginia
(continued)
Roanoke
County
Economic
Development
Authority,
Residential
Care
Facility
(RB)
5.50%,
09/01/58(c)
(p)
$
2,280
$
2,276,175
Tobacco
Settlement
Financing
Corp./VA
(RB)
5.00%,
06/01/47(c)
5,000
4,776,852
Virginia
Beach
Development
Authority
(RB)
5.00%,
09/01/40(c)
1,750
1,774,421
7.00%,
09/01/59(c)
6,560
7,490,755
7.00%,
09/01/53(c)
1,000
1,150,534
Virginia
College
Building
Authority,
Marymount
University
Project,
Series
B
(RB)
5.25%,
07/01/30(c)
1,300
1,290,173
Virginia
Small
Business
Financing
Authority
(RB)
4.00%,
01/01/38(c)
5,000
4,884,092
5.00%,
12/31/49(c)
1,000
1,014,837
Virginia
Small
Business
Financing
Authority,
95
Express
Lanes
LLC
Project
(RB)
5.00%,
01/01/34(c)
2,500
2,665,546
Virginia
Small
Business
Financing
Authority,
Residential
Care
Facilities,
Lifespire
of
Virginia
(RB)
(AGM)
4.00%,
12/01/36(c)
1,000
980,855
Virginia
Small
Business
Financing
Authority,
Senior
Lien
95
Express
Lanes,
LLC
Project
(RB)
4.00%,
01/01/41(c)
1,000
952,148
4.00%,
01/01/40(c)
1,250
1,200,930
4.00%,
01/01/48(c)
3,925
3,593,546
4.00%,
07/01/41(c)
1,000
951,163
5.00%,
01/01/33(c)
4,945
5,274,693
Virginia
Small
Business
Financing
Authority,
Senior
Lien
I-495
Hot
Lanes
Project
(RB)
5.00%,
12/31/52(c)
2,000
2,069,912
Virginia
Small
Business
Financing
Authority,
Senior
Lien
Transform
66
P3
Project
(RB)
5.00%,
12/31/56(c)
5,520
5,583,853
Virginia
Small
Business
Financing
Authority,
Senior
Lien,
95
Express
Lanes
LLC
Project
(RB)
4.00%,
01/01/39(c)
2,810
2,729,222
39
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
$
951,826
73,645,925
Washington
:
1.0%
King
County
Public
Hospital
District
No.
4,
Snoqualmie
Valley
Hospital,
Series
A
(RB)
5.75%,
12/01/30(c)
500
504,666
6.00%,
12/01/35(c)
500
507,030
6.25%,
12/01/45(c)
250
250,600
Washington
Health
Care
Facilities
Authority,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/44(c)
100
96,693
Washington
Health
Care
Facilities
Authority,
Virginia
Mason
Medical
Center
(RB)
5.00%,
08/15/37(c)
3,000
3,050,765
5.00%,
08/15/34(c)
205
209,430
Washington
State
Convention
Center
Public
Facilities
District
(RB)
4.00%,
07/01/58(c)
3,000
2,698,790
Washington
State
Housing
Finance
Commission
(RB)
5.50%,
07/01/59(c)
1,000
1,074,572
Washington
State
Housing
Finance
Commission,
Bayview
Manor
Senior
Project,
Series
A
(RB)
5.00%,
07/01/36(c)
1,150
1,147,907
5.00%,
07/01/46(c)
2,150
1,990,755
Washington
State
Housing
Finance
Commission,
Eliseo
Project,
Series
A
(RB)
4.00%,
01/01/41(c)
3,000
2,483,244
Washington
State
Housing
Finance
Commission,
Presbyterian
Retirement
Communities
Northwest
Projects,
Series
A
(RB)
5.00%,
01/01/51(c)
2,495
2,122,505
5.00%,
01/01/36(c)
2,125
2,054,922
Washington
State
Housing
Finance
Commission,
Raford
Court
and
Nordheim
Court
Portfolio
(RB)
5.00%,
07/01/54(c)
500
517,584
Washington
State
Housing
Finance
Commission,
Series
A
(RB)
3.50%,
12/20/35
4,097
3,805,539
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
$
5,019,682
Washington
State
Housing
Finance
Commission,
Wesley
Homes
at
Lea
Hill
Project
(RB)
5.00%,
07/01/51(c)
1,250
1,040,572
5.00%,
07/01/46(c)
500
428,585
Washington
State,
Convention
Center
Public
Facilities
District
(RB)
4.00%,
07/01/31
2,700
2,678,046
31,681,887
West
Virginia
:
0.2%
County
of
Ohio,
Fort
Henry
Centre
Tax
Increment
Financing
District
No.
1,
The
Highlands
Project
(TA)
4.00%,
06/01/34(c)
760
710,407
Harrison
County
Building
Commission,
General
Services
Administration
Building
Project
(RB)
3.12%,
10/01/45(c)
700
515,159
3.25%,
10/01/50(c)
820
594,732
3.50%,
10/01/40(c)
1,000
882,007
West
Virginia
Economic
Development
Authority,
Arch
Resources
Project
(RB)
5.00%,
07/01/45(c)
(p)
1,900
1,906,167
West
Virginia
Economic
Development
Authority,
West
Virginia
Lottery
(RB)
4.00%,
06/15/32(c)
1,600
1,625,847
6,234,319
Wisconsin
:
2.2%
Public
Finance
Authority
(RB)
5.00%,
06/15/54(c)
1,375
1,343,637
5.00%,
07/15/30(c)
500
500,210
6.25%,
10/01/53(c)
1,000
1,051,689
Public
Finance
Authority
Educational
Facilities,
Charter
Day
School,
Inc.
Project,
Series
A
(RB)
5.00%,
12/01/55(c)
1,000
925,622
Public
Finance
Authority,
Bancroft
Neurohealth
Project,
Series
A
(RB)
5.12%,
06/01/48(c)
250
241,150
Public
Finance
Authority,
Carson
Valley
Medical
Center,
Series
A
(RB)
(SAW)
4.00%,
12/01/51(c)
5,250
4,365,561
Public
Finance
Authority,
Cornerstone
Charter
Academy,
Series
A
(RB)
5.00%,
02/01/36(c)
495
493,715
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
40
Par
(000’s)
Value
Wisconsin
(continued)
5.12%,
02/01/46(c)
$
550
$
519,931
Public
Finance
Authority,
Corvian
Community
School
Project,
Series
A
(RB)
4.25%,
06/15/29(c)
340
332,811
5.00%,
06/15/39(c)
500
477,730
5.00%,
06/15/49(c)
500
448,241
Public
Finance
Authority,
Crossroads
Health
Project,
Series
A
(RB)
8.00%,
07/01/53(c)
1,000
1,035,968
8.12%,
07/01/58(c)
1,000
1,036,124
Public
Finance
Authority,
Educational
Facilities,
Lake
Erie
College
Project,
Series
A
(RB)
5.88%,
10/01/54(c)
1,000
672,582
Public
Finance
Authority,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Series
A
(RB)
5.00%,
02/01/62(c)
3,005
3,064,041
5.00%,
02/01/52(c)
2,000
2,050,772
Public
Finance
Authority,
Healthcare
Facility
Expansion,
Church
Home
of
Hartford,
Inc.
Project,
Series
A
(RB)
5.00%,
09/01/25
50
50,152
5.00%,
09/01/38(c)
1,500
1,482,028
Public
Finance
Authority,
Living
Community
First
Mortgage
(RB)
4.25%,
05/01/29(c)
335
310,268
5.00%,
03/01/37(c)
1,250
1,247,635
Public
Finance
Authority,
Lombard
Conference
and
Hotel
Center,
Second-Tier
(RB)
(ACA)
3.75%,
07/01/51(c)
(d)
*
890
638,220
Public
Finance
Authority,
Marys
Woods
at
Marylhurst
Project,
Series
A
(RB)
5.25%,
05/15/37(c)
1,350
1,367,337
Public
Finance
Authority,
Miami
Worldcenter
Project,
Series
A
(TA)
5.00%,
06/01/41(c)
4,000
4,058,339
Public
Finance
Authority,
Penick
Village
(RB)
4.00%,
09/01/29(c)
370
351,645
5.00%,
09/01/39(c)
500
482,018
5.00%,
09/01/49(c)
500
444,429
Public
Finance
Authority,
Prime
Healthcare
Foundation,
Inc.,
Series
A
(RB)
5.20%,
12/01/37(c)
1,405
1,433,674
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Roseman
University
of
Health
Sciences
Project
(RB)
5.88%,
04/01/45(c)
$
4,000
$
4,039,115
Public
Finance
Authority,
Sky
Harbour
Capital
LLC,
Aviation
Facilities
Project
(RB)
4.00%,
07/01/41(c)
500
423,848
4.00%,
09/01/51(c)
1,500
1,140,783
4.25%,
07/01/54(c)
4,765
3,903,727
Public
Finance
Authority,
Texas
Infrastructure
Program,
Mayfair
Project,
Series
A-4
(RB)
5.50%,
11/15/32(c)
750
750,434
Public
Finance
Authority,
The
Foundation
of
the
University
of
North
Carolina,
Inc.,
Series
A
(RB)
4.00%,
09/01/56(c)
1,060
781,546
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%,
10/01/39(c)
1,950
1,988,080
5.00%,
10/01/34(c)
2,000
2,075,388
Public
Finance
Authority,
University
of
North
Carolina
at
Charlotte
Inc.,
Series
A
(RB)
4.00%,
09/01/41(c)
1,000
841,814
Public
Finance
Authority,
Wingate
University,
Series
A
(RB)
5.25%,
10/01/48(c)
2,255
2,141,783
Public
Finance
Authority,
Wisconsin
Senior
Airport
Facilities,
Series
B
(RB)
5.00%,
07/01/42(c)
9,000
9,001,450
Public
Finance
Authority,
Wonderful
Foundation
Charter
School
Portfolio
Project,
Series
A-1
(RB)
5.00%,
01/01/55(c)
5,545
5,343,445
Wisconsin
Health
and
Educational
Facilities
Authority,
Covenant
Communities,
Inc.
Project,
Series
A-1
(RB)
(SAW)
4.00%,
07/01/48(c)
105
84,421
Wisconsin
Health
and
Educational
Facilities
Authority,
Covenant
Communities,
Inc.
Project,
Series
B
(RB)
4.38%,
07/01/38(c)
850
715,170
41
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
Wisconsin
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority,
St.
Camillus
Health
System,
Inc.,
Series
A
(RB)
5.00%,
11/01/39(c)
$
1,950
$
1,853,925
5.00%,
11/01/54(c)
500
426,255
Wisconsin
Health
and
Educational
Facilities
Authority,
Thedacare,
Inc.,
(RB)
4.00%,
12/15/49(c)
260
241,828
Wisconsin
State
Health
&
Educational
Facilities
Authority,
Marshfield
Clinic
Health
System,
Inc.,
Series
A
(RB)
(AGM)
5.00%,
02/15/32(c)
1,500
1,614,389
67,792,973
Total
Municipal
Bonds:
98.9%
(Cost:
$3,180,998,731)
3,074,936,685
Other
assets
less
liabilities:
1.1%
34,757,058
NET
ASSETS:
100.0%
$
3,109,693,743
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
TA
Tax
Allocation
XLCA
Syncora
Guarantee,
Inc.
(c)
Callable
Security
—
the
redemption
date
shown
is
the
date
the
security
may
be
redeemed
by
the
issuer
(p)
Putable
Security
—
the
redemption
date
shown
is
the
date
the
security
may
be
redeemed
by
the
investor
^
Zero
Coupon
Bond
*
Non-income
producing
(d)
Security
in
default