VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2024
(unaudited)
1
Par
(000's)
Value
MUNICIPAL
BONDS:
98.8%
Alabama
:
1.5%
Alabama
Public
School
and
College
Authority,
Series
A
(RB)
4.00%,
11/01/36(c)
$
2,000
$
2,055,030
5.00%,
11/01/34(c)
2,015
2,249,107
5.00%,
11/01/31(c)
525
588,227
Black
Belt
Energy
Gas
District,
Series
A
(RB)
4.00%,
06/01/51(c)
(p)
5,065
5,133,717
5.25%,
01/01/54(c)
(p)
2,000
2,150,114
Black
Belt
Energy
Gas
District,
Series
B
(RB)
5.25%,
12/01/53(c)
(p)
1,000
1,085,388
Board
of
Trustees
of
the
University
of
Alabama,
Series
B
(RB)
3.00%,
07/01/33(c)
860
796,143
County
of
Jefferson,
Alabama
Sewer
Warrants
(RB)
5.00%,
10/01/37(c)
1,000
1,111,882
5.00%,
10/01/38(c)
2,000
2,209,548
5.25%,
10/01/40(c)
1,000
1,111,142
Lower
Alabama
Gas
District,
Series
A
(RB)
5.00%,
09/01/34
2,500
2,711,032
Southeast
Alabama
Gas
Supply
District,
Project
No.
1,
Series
A
(RB)
5.00%,
08/01/54(c)
(p)
1,000
1,077,452
Southeast
Energy
Authority,
Cooperative
District
Commodity
Supply,
Project
No.2,
Series
B
(RB)
4.00%,
12/01/51(c)
(p)
3,000
3,000,674
The
Southeast
Alabama
Gas
Supply
District,
Gas
Supply
Project
No.
2,
Series
B
(RB)
5.00%,
06/01/49(c)
(p)
2,000
2,130,932
University
of
Alabama,
Board
of
Trustee,
Series
A
(RB)
4.00%,
07/01/35(c)
820
840,955
28,251,343
Alaska
:
0.1%
Alaska
Housing
Finance
Corp.,
Series
B
(RB)
2.15%,
06/01/36(c)
1,040
833,801
State
of
Alaska,
International
Airports
System,
Series
A
(RB)
5.00%,
10/01/31(c)
305
309,755
State
of
Alaska,
International
Airports
System,
Series
B
(RB)
5.00%,
10/01/35(c)
635
643,718
1,787,274
Arizona
:
1.6%
Arizona
Industrial
Development
Authority,
Point
320
LLC,
Series
A
(RB)
3.62%,
05/20/33
1,826
1,734,006
Par
(000’s)
Value
Arizona
(continued)
Arizona
Transportation
Board,
Highway
(RB)
5.00%,
07/01/31(c)
$
1,050
$
1,088,980
5.00%,
07/01/30(c)
835
866,790
City
of
Mesa,
Arizona
Utility
System
(RB)
4.00%,
07/01/31(c)
1,550
1,569,492
City
of
Phoenix
Civic
Improvement
Corp.,
Excise
Tax,
Series
A
(RB)
5.00%,
07/01/35(c)
1,785
1,809,232
City
of
Phoenix
Civic
Improvement
Corp.,
Junior
Lien
Water
System
(RB)
5.00%,
07/01/40(c)
1,895
2,146,437
City
of
Phoenix
Civic
Improvement
Corp.,
Rental
Car
Facility
Charge,
Series
A
(RB)
5.00%,
07/01/34(c)
1,275
1,364,078
5.00%,
07/01/32(c)
1,000
1,072,903
City
of
Phoenix
Civic
Improvement
Corp.,
Senior
Lien
Airport,
Series
D
(RB)
5.00%,
07/01/33(c)
550
575,347
Maricopa
County,
Arizona
Pollution
Control,
Southern
California
Edison
Company,
Series
A
(RB)
2.40%,
06/01/35(c)
1,150
972,495
Maricopa
County,
Arizona
Pollution
Control,
Southern
California
Edison
Company,
Series
B
(RB)
2.40%,
06/01/35(c)
1,500
1,268,472
Maricopa
County,
Industrial
Development
Authority,
Banner
Health,
Series
A
(RB)
4.00%,
01/01/38(c)
1,500
1,500,500
4.00%,
01/01/41(c)
2,000
1,977,118
5.00%,
01/01/38(c)
605
623,227
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Series
A
(RB)
5.00%,
01/01/32(c)
2,380
2,527,872
5.00%,
01/01/32
1,000
1,141,210
5.00%,
12/01/32(c)
1,000
1,013,906
Salt
Verde
Financial
Corp.
(RB)
5.00%,
12/01/37
4,600
5,080,907
28,332,972
Arkansas
:
0.1%
City
of
Fort
Worth,
Water
and
Sewer
Construction
(RB)
5.00%,
10/01/34(c)
1,000
1,065,941
Underline
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
California
:
17.0%
Anaheim
Housing
and
Public
Improvements
Authority,
Electric
Utility
Distribution
Improvements,
Series
A
(RB)
5.00%,
10/01/35(c)
$
1,000
$
1,051,111
Bay
Area
Toll
Authority,
Series
S-7
(RB)
3.25%,
04/01/36(c)
1,270
1,186,070
4.00%,
04/01/33(c)
2,905
2,945,106
Beverly
Hills
Unified
School
District
(GO)
0.00%,
08/01/30^
1,000
827,586
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
C
(RB)
5.25%,
01/01/54(c)
(p)
6,065
6,503,887
California
Community
Choice,
Financing
Authority
Clean
Energy
Project,
Series
B-1
(RB)
4.00%,
02/01/52(c)
(p)
7,000
7,074,180
California
Health
Facilities
Financing
Authority,
Adventist
Health
System,
Series
A
(RB)
3.00%,
03/01/39(c)
1,000
859,419
California
Health
Facilities
Financing
Authority,
Adventist
Health
System/West,
Series
A
(RB)
5.25%,
12/01/40(c)
750
841,644
California
Health
Facilities
Financing
Authority,
Cedars-
Sinai
Medical
Center,
Series
A
(RB)
5.00%,
08/15/31(c)
310
321,938
California
Health
Facilities
Financing
Authority,
Cedars-
Sinai
Medical
Center,
Series
B
(RB)
3.00%,
08/15/34(c)
400
373,394
California
Health
Facilities
Financing
Authority,
CommonSpirit
Health,
Series
A
(RB)
4.00%,
04/01/38(c)
500
499,382
4.00%,
04/01/37(c)
1,060
1,068,555
California
Health
Facilities
Financing
Authority,
Stanford
Health
Care,
Series
A
(RB)
5.00%,
11/15/31(c)
750
797,209
California
Health
Facilities
Financing
Authority,
Sutter
Health,
Series
A
(RB)
5.00%,
11/15/35(c)
1,575
1,660,139
California
Housing
Finance
Agency
(RB)
3.25%,
08/20/36
1,917
1,800,423
3.50%,
11/20/35
1,187
1,139,275
3.75%,
03/25/35
6,113
6,142,938
Par
(000’s)
Value
California
(continued)
California
State
,
Public
Works
Board,
Department
of
General
Services,
Series
A
(RB)
5.00%,
04/01/40(c)
$
1,000
$
1,149,329
California
State
Public
Works
Board,
Department
of
Corrections
and
Rehabilitation,
Series
A
(RB)
5.00%,
09/01/31(c)
2,200
2,205,400
California
State
Public
Works
Board,
Department
of
Corrections
and
Rehabilitation,
Series
D
(RB)
3.00%,
09/01/31(c)
500
479,912
3.00%,
09/01/32(c)
360
343,649
California
State
Public
Works
Board,
New
Natural
Resources
Headquarters,
Series
C
(RB)
5.00%,
11/01/40(c)
2,650
2,957,802
California
State
Public
Works
Board,
Various
Capital
Projects,
Series
A
(RB)
5.00%,
08/01/35(c)
2,000
2,250,689
California
State
Public
Works
Board,
Various
Capital
Projects,
Series
B
(RB)
5.00%,
12/01/35(c)
1,845
2,112,064
5.00%,
12/01/34(c)
2,000
2,302,093
California
State
Public
Works
Board,
Various
Capital
Projects,
Series
C
(RB)
4.00%,
11/01/31(c)
1,000
1,009,824
4.00%,
08/01/37(c)
2,000
2,090,031
5.00%,
08/01/34(c)
1,000
1,129,951
California
State
University,
Series
A
(RB)
5.00%,
11/01/31(c)
2,035
2,084,250
5.00%,
11/01/31(c)
1,510
1,561,858
California
State,
Public
Works
Board,
Series
A
(RB)
5.00%,
04/01/41(c)
2,980
3,408,847
California
Statewide
Communities
Development
Authority,
Front
Porch
Communities
and
Services,
Series
A
(RB)
3.00%,
04/01/37(c)
1,000
902,218
City
and
County
of
San
Francisco,
Moscone
Convention
Center
Expansion
Project,
Series
B
(CP)
4.00%,
04/01/36(c)
2,000
2,004,081
City
of
Los
Angeles,
Department
of
Airports,
Los
Angeles
International
Airport,
Series
B
(RB)
4.00%,
05/15/36(c)
1,000
1,046,278
3
Par
(000’s)
Value
California
(continued)
5.00%,
05/15/37(c)
$
1,400
$
1,585,260
City
of
San
Jose,
California
Airport,
Series
B
(RB)
(BAM)
4.00%,
03/01/34(c)
325
343,659
County
of
Los
Angeles,
Long
Beach
Unified
School
District,
Series
D-1
(GO)
0.00%,
08/01/39(c)
^
1,250
649,860
County
of
Sacramento,
Regional
County
Sanitation
District,
Series
A
(RB)
5.00%,
12/01/33(c)
3,000
3,007,920
County
of
Santa
Clara,
Series
C
(GO)
5.00%,
08/01/33(c)
525
555,254
East
Bay
Municipal
Utility
District,
Water
System,
Series
A
(RB)
5.00%,
06/01/32(c)
1,000
1,014,218
Eastern
Municipal
Water
District,
Financing
Authority,
Water
and
Wastewater,
Series
B
(RB)
(BAM-TCRS)
4.00%,
07/01/35(c)
1,150
1,164,854
Fontana
Redevelopment
Agency
Successor
Agency,
Series
A
(TA)
5.00%,
10/01/32(c)
760
801,243
Fremont
Union
High
School
District
(GO)
4.00%,
08/01/40(c)
2,350
2,349,984
Grossmont
Healthcare
District,
San
Diego
County,
Series
D
(GO)
4.00%,
07/15/40(c)
1,000
991,849
Kern
High
School
District,
Series
C
(GO)
(AGM)
2.00%,
08/01/31(c)
1,600
1,412,867
2.00%,
08/01/32(c)
3,000
2,593,937
Los
Angeles
California,
Department
of
Water
and
Power,
Series
B
(RB)
5.00%,
07/01/39(c)
1,000
1,173,356
Los
Angeles
Community
College
District,
Series
J
(GO)
4.00%,
08/01/33(c)
750
764,065
4.00%,
08/01/32(c)
400
407,929
Los
Angeles
Community
College
District,
Series
L
(GO)
5.00%,
08/01/36(c)
1,000
1,160,852
Los
Angeles
County
Metropolitan
Transportation
Authority,
Sales
Tax,
Series
A
(RB)
4.00%,
06/01/36(c)
1,045
1,106,266
4.00%,
06/01/35(c)
1,000
1,061,540
4.00%,
06/01/39(c)
1,000
1,046,091
4.00%,
06/01/38(c)
1,460
1,536,980
5.00%,
06/01/35(c)
1,000
1,119,401
Par
(000’s)
Value
California
(continued)
5.00%,
07/01/31(c)
$
795
$
841,272
5.00%,
07/01/37(c)
1,060
1,206,780
5.00%,
07/01/38(c)
2,530
2,864,398
5.00%,
07/01/36(c)
900
1,025,428
Los
Angeles
County
Public
Works
Financing
Authority,
Lakma
Bulding
for
Permanent
Collection
Project,
Series
A
(RB)
4.00%,
12/01/38(c)
1,500
1,553,490
Los
Angeles
Department
of
International
Airport,
Series
B
(RB)
4.00%,
05/15/39(c)
1,900
1,965,557
Los
Angeles
Department
of
Water
and
Power,
Series
A
(RB)
5.00%,
07/01/40(c)
2,000
2,229,360
Los
Angeles
Department
of
Water
and
Power,
Series
B
(RB)
5.00%,
07/01/40(c)
1,380
1,565,692
Los
Angeles
Department
of
Water
and
Power,
Series
C
(RB)
5.00%,
07/01/38(c)
1,000
1,137,986
5.00%,
07/01/36(c)
1,500
1,672,949
5.00%,
07/01/34(c)
1,125
1,262,158
Los
Angeles
Department
of
Water
and
Power,
Series
D
(RB)
5.00%,
07/01/38(c)
2,000
2,133,217
5.00%,
07/01/39(c)
1,000
1,142,344
Los
Angeles
Municipal
Improvement
Corp.,
Series
B
(RB)
4.00%,
11/01/35(c)
2,000
2,018,046
Los
Angeles
Unified
School
District,
AD
Valorem
Property
Tax,
Series
C
(GO)
4.00%,
07/01/37(c)
2,000
2,094,206
4.00%,
07/01/38(c)
1,605
1,668,895
Los
Angeles
Unified
School
District,
AD
Valorem
Property
Tax,
Series
RYRR
(GO)
4.00%,
07/01/37(c)
1,500
1,580,428
5.00%,
07/01/35(c)
1,300
1,487,332
Los
Angeles
Unified
School
District,
Series
A
(GO)
4.00%,
07/01/33(c)
1,580
1,656,566
5.00%,
07/01/30(c)
1,720
1,894,614
5.00%,
07/01/30
500
560,793
Los
Angeles
Unified
School
District,
Series
B
(GO)
5.00%,
07/01/30(c)
915
950,658
Los
Angeles
Unified
School
District,
Series
C
(GO)
3.00%,
07/01/35(c)
1,880
1,752,289
4.00%,
07/01/36(c)
2,000
2,096,768
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
California
(continued)
Los
Angeles
Unified
School
District,
Series
RYQ
(GO)
4.00%,
07/01/37(c)
$
1,000
$
1,047,103
Los
Angeles,
California
Department
of
Water
and
Power,
Series
D
(RB)
5.00%,
07/01/32(c)
1,210
1,213,246
Mount
Diablo
Unified
School
District,
Series
B
(GO)
4.00%,
08/01/35(c)
1,000
1,064,428
Mountain
House
Public
Financing
Authority,
California
Utility
System,
Series
B
(RB)
(BAM)
4.00%,
12/01/40(c)
500
508,866
Northern
California
Sanitation
Agencies
Financing
Authority,
Series
A
(RB)
5.00%,
12/01/38(c)
1,000
1,189,711
Oakland
Unified
School
District,
Series
A
(GO)
(BAM)
4.00%,
08/01/39(c)
1,055
1,086,206
Orange
County,
Local
Transportation
Authority
Sales
Tax
(RB)
4.00%,
02/15/38(c)
1,500
1,538,155
Palomar
Health,
Series
B
(GO)
4.00%,
08/01/35(c)
1,000
952,262
Peralta
Community
College
District,
Series
D
(GO)
4.00%,
08/01/39(c)
2,000
1,997,884
Public
Utilities
Commission
of
the
City
and
County
of
San
Francisco
Water,
Series
D
(RB)
5.00%,
11/01/34(c)
785
830,738
Public
Utilities
Commission
of
the
City
and
County
of
San
Francisco,
Wastewater
Revenue,
Series
B
(RB)
4.00%,
10/01/39(c)
1,000
998,831
Regents
of
the
University
of
California
Medical
Center
Pooled,
Series
L
(RB)
5.00%,
05/15/33(c)
650
673,139
Riverside
County
Transportation
Commission,
Series
A
(RB)
4.00%,
06/01/41(c)
1,425
1,427,263
Riverside
County
Transportation
Commission,
Series
B
(RB)
5.00%,
06/01/37(c)
560
595,393
Riverside
County
Transportation
Commission,
Series
B-1
(RB)
4.00%,
06/01/38(c)
2,375
2,410,316
Par
(000’s)
Value
California
(continued)
Sacramento
County
Sanitation
Districts
Financing
Authority,
Series
A
(RB)
5.00%,
12/01/31(c)
$
1,000
$
1,002,640
San
Diego
County
Regional
Airport
Authority,
Series
A
(RB)
5.00%,
07/01/34(c)
535
588,893
San
Diego
County
Regional
Airport
Authority,
Series
B
(RB)
5.00%,
07/01/34(c)
2,075
2,325,575
San
Diego
County
Water
Authority,
Series
B
(RB)
4.00%,
05/01/35(c)
2,000
2,133,773
San
Diego
Unified
School
District,
Series
I
(GO)
0.00%,
07/01/35(c)
^
1,000
646,865
San
Francisco
City
&
County,
Airport
Commission,
San
Francisco
International
Airport,
Series
B
(RB)
4.00%,
05/01/37(c)
1,010
1,056,322
San
Francisco
City
&
County,
Public
Utilities
Commission
Wastewater,
Series
A
(RB)
5.00%,
10/01/39(c)
1,500
1,715,949
5.00%,
10/01/36(c)
1,000
1,156,092
San
Francisco
City
&
County,
Public
Utilities
Commission
Wastewater,
Series
B
(RB)
5.00%,
10/01/39(c)
1,000
1,166,617
San
Francisco
County
Transportation
Authority
(RB)
3.00%,
02/01/34(c)
500
472,124
San
Francisco
Unified
School
District,
Series
B
(GO)
4.00%,
06/15/34(c)
2,000
2,061,590
San
Jacinto
County,
Transportation
Authority,
Limited
Tax
(RB)
4.00%,
03/01/41(c)
1,000
1,003,638
San
Joquin
Hills
Transportation
Corridor
Agency,
Series
A
(RB)
4.00%,
01/15/34(c)
1,000
1,045,882
San
Marcos
Unified
School
District
(GO)
4.00%,
08/01/33(c)
400
409,800
Santa
Clara
County
Financing
Authority,
Capital
Facilities,
Series
A
(RB)
4.00%,
05/01/36(c)
840
884,983
5.00%,
05/01/34(c)
1,855
2,122,454
Santa
Clara
County
Financing
Authority,
Multiple
Facilities
Projects,
Series
Q
(RB)
3.00%,
05/15/35(c)
1,000
915,415
4.00%,
05/15/32(c)
1,510
1,515,192
5
Par
(000’s)
Value
California
(continued)
Santa
Clara
County,
Mountain
View,
Los
Altos
Union
High
School,
Series
A
(GO)
3.35%,
08/01/36(c)
$
1,520
$
1,483,715
Santa
Clara
Unified
School
District
(GO)
3.00%,
07/01/35(c)
1,535
1,427,296
3.00%,
07/01/34(c)
395
374,971
3.00%,
07/01/34(c)
2,000
1,889,661
Santa
Monica-Malibu
Unified
School
District,
Series
C
(GO)
5.00%,
08/01/39(c)
1,000
1,128,157
5.00%,
08/01/40(c)
1,000
1,125,932
State
of
California
(GO)
4.00%,
09/01/37(c)
2,000
2,127,424
4.00%,
10/01/34(c)
2,000
2,119,019
State
of
California
(GO)
(AGM)
5.25%,
08/01/32
5,750
6,628,829
State
of
California,
Department
of
Water
Resources,
Central
Valley
Project,
Series
AX
(RB)
5.00%,
12/01/31(c)
915
979,806
State
of
California,
Various
Purpose
(GO)
3.00%,
10/01/33(c)
2,000
1,919,996
3.00%,
10/01/36(c)
350
323,667
3.12%,
04/01/35(c)
1,575
1,505,173
4.00%,
11/01/38(c)
2,000
2,064,697
4.00%,
11/01/35(c)
1,310
1,367,642
4.00%,
11/01/34(c)
2,945
3,091,016
4.00%,
03/01/36(c)
9,500
9,837,959
4.00%,
03/01/37(c)
5,020
5,190,088
4.00%,
10/01/39(c)
2,300
2,380,394
4.00%,
10/01/33(c)
1,795
1,909,453
4.00%,
08/01/33(c)
700
706,184
4.00%,
09/01/32(c)
1,815
1,834,472
4.00%,
09/01/34(c)
1,500
1,512,944
5.00%,
10/01/30(c)
1,065
1,149,089
5.00%,
10/01/31(c)
5,050
5,547,944
5.00%,
10/01/30(c)
2,340
2,581,176
5.00%,
10/01/31
4,000
4,565,238
5.00%,
11/01/30(c)
1,020
1,079,077
5.00%,
11/01/31(c)
2,645
2,794,923
5.00%,
11/01/34(c)
1,610
1,802,906
5.00%,
12/01/36(c)
2,000
2,230,760
5.00%,
03/01/35(c)
2,330
2,580,565
5.00%,
09/01/36(c)
1,500
1,751,898
5.00%,
04/01/35(c)
3,500
3,791,183
5.00%,
04/01/36(c)
3,000
3,245,517
5.00%,
04/01/32(c)
2,500
2,716,643
5.00%,
04/01/30
2,910
3,243,871
5.00%,
04/01/32
4,270
4,896,364
5.00%,
10/01/39(c)
2,615
2,981,695
5.00%,
10/01/36(c)
2,000
2,307,472
5.00%,
08/01/35(c)
490
506,944
5.00%,
08/01/30(c)
2,250
2,370,973
5.00%,
08/01/36(c)
3,245
3,475,032
5.00%,
09/01/30(c)
1,095
1,135,742
Par
(000’s)
Value
California
(continued)
5.00%,
09/01/35(c)
$
2,250
$
2,585,382
5.00%,
09/01/36(c)
2,000
2,320,587
5.00%,
08/01/33(c)
1,000
1,001,306
5.00%,
08/01/32(c)
1,000
1,001,315
State
of
California,
Various
Purpose
(GO)
(SAW)
5.00%,
12/01/34(c)
1,000
1,032,079
State
Public
Works
Board,
Various
Capital
Projects,
Series
B
(RB)
4.00%,
05/01/37(c)
2,000
2,087,500
4.00%,
05/01/38(c)
1,500
1,558,951
The
Regents
of
the
University
of
California,
Series
BV
(RB)
5.00%,
05/15/40(c)
1,000
1,159,142
5.00%,
05/15/38(c)
2,000
2,344,964
The
Regents
of
the
University
of
California,
Series
BW
(RB)
5.00%,
05/15/40(c)
1,000
1,159,142
University
of
California,
Series
BE
(RB)
5.00%,
05/15/36(c)
1,500
1,667,596
University
of
California,
Series
BM
(RB)
5.00%,
05/15/35(c)
1,000
1,167,315
University
of
California,
Series
BN
(RB)
5.00%,
05/15/37(c)
1,000
1,160,820
5.00%,
05/15/35(c)
2,000
2,334,631
5.00%,
05/15/36(c)
1,000
1,162,753
5.00%,
05/15/41(c)
1,000
1,138,343
University
of
California,
Series
BQ
(RB)
5.00%,
05/15/35(c)
1,000
1,167,315
University
of
California,
Series
I
(RB)
4.00%,
05/15/35(c)
2,160
2,162,743
University
of
California,
Series
O
(RB)
5.00%,
05/15/36(c)
1,170
1,250,165
University
of
California,
Series
Q
(RB)
4.00%,
05/15/39(c)
2,500
2,589,002
309,831,046
Colorado
:
2.1%
Adams
and
Arapahoe
Joint
School
District
No.
28J,
Series
A
(GO)
(SAW)
5.00%,
12/01/30(c)
540
565,423
Cherry
Creek
School
District
No.
5
(GO)
(SAW)
5.00%,
12/15/30(c)
1,000
1,024,619
City
and
County
of
Denver,
Series
A-2
(RB)
0.00%,
08/01/36(c)
^
1,200
721,746
Colorado
Health
Facilities
Authority,
Advenhealth,
Series
A
(RB)
4.00%,
11/15/38(c)
2,000
2,021,303
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
Colorado
(continued)
Colorado
Health
Facilities
Authority,
Commonspirit
Health,
Series
A
(RB)
5.00%,
12/01/34
$
2,000
$
2,297,007
5.00%,
12/01/39(c)
3,500
3,919,856
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/38(c)
2,350
2,343,969
Colorado
Health
Facilities
Authority,
Sanford,
Series
A
(RB)
4.00%,
11/01/39(c)
2,000
1,962,310
Denver
City
and
County
School
District
No.
1
(GO)
(SAW)
3.00%,
12/01/36(c)
1,430
1,310,759
5.00%,
12/01/39(c)
1,000
1,099,366
Denver
City
and
County
School,
Board
of
Water
Commissioners,
Series
A
(RB)
3.00%,
12/15/37(c)
1,000
889,961
Jefferson
County
School
District
R-1
(GO)
5.00%,
12/15/30(c)
1,110
1,199,456
Pueblo
City,
Schools
District
No.
60
(GO)
(SAW)
3.00%,
12/15/37(c)
500
445,814
5.00%,
12/15/38(c)
1,625
1,756,088
5.00%,
12/15/34(c)
1,010
1,102,954
Regional
Transportation
District,
Fastracks
Project,
Series
A
(RB)
5.00%,
11/01/36(c)
1,820
1,886,347
Regional
Transportation
District,
Fastracks
Project,
Series
B
(RB)
5.00%,
11/01/34(c)
1,995
2,107,400
5.00%,
11/01/33(c)
530
560,701
State
of
Colorado,
Series
A
(CP)
4.00%,
12/15/36(c)
1,315
1,343,273
4.00%,
12/15/39(c)
1,540
1,573,702
4.00%,
12/15/36(c)
1,750
1,808,525
4.00%,
12/15/40(c)
1,000
1,016,165
5.00%,
12/15/34(c)
1,000
1,126,348
State
of
Colorado,
Series
A
(CP)
(SAW)
4.00%,
12/15/37(c)
2,000
2,056,315
University
of
Colorado,
Series
A-2
(RB)
3.00%,
06/01/33(c)
800
760,508
Weld
County
School
District
No.
6
(GO)
(SAW)
5.00%,
12/01/36(c)
2,165
2,354,261
39,254,176
Par
(000’s)
Value
Connecticut
:
2.2%
Connecticut
Housing
Finance
Authority
Housing
Mortgage
Finance
Program,
Series
A
(RB)
4.40%,
11/15/38(c)
$
1,530
$
1,569,746
Connecticut
Housing
Finance
Authority
Housing
Mortgage
Finance
Program,
Series
A-1
(RB)
(SAW)
1.70%,
05/15/34(c)
1,290
1,024,504
Connecticut
Housing
Finance
Authority
Housing
Mortgage
Finance
Program,
Series
D-1
(RB)
3.20%,
11/15/32(c)
260
244,344
Connecticut
State
Health
and
Educational
Facilities
Authority,
Hartford
Health
Issue,
Series
A
(RB)
(SD
CRED
PROG)
5.00%,
07/01/34(c)
335
359,888
Connecticut
State
Health
and
Educational
Facilities
Authority,
Nuvance
Health
Issue,
Series
A
(RB)
5.00%,
07/01/32(c)
1,700
1,753,785
Connecticut
State,
Transportation
Infrastructure
Purposes,
Series
A
(RB)
5.00%,
09/01/33(c)
1,000
1,000,711
State
of
Connecticut,
Series
A
(GO)
3.00%,
01/15/34(c)
1,000
943,218
3.00%,
01/15/35(c)
2,500
2,326,220
3.00%,
01/15/36(c)
1,000
920,773
3.00%,
01/15/32(c)
2,200
2,102,944
4.00%,
01/15/37(c)
2,000
2,055,466
4.00%,
01/15/31
1,780
1,879,195
5.00%,
01/15/37(c)
1,000
1,153,092
State
of
Connecticut,
Series
C
(GO)
4.00%,
06/01/36(c)
850
878,027
4.00%,
06/01/34(c)
1,950
2,028,955
State
of
Connecticut,
Series
E
(GO)
5.00%,
11/15/32
1,000
1,155,100
5.00%,
09/15/30(c)
1,665
1,787,081
State
of
Connecticut,
Series
F
(GO)
5.00%,
11/15/31(c)
1,550
1,581,701
5.00%,
11/15/32(c)
1,525
1,554,636
State
of
Connecticut,
Special
Tax,
Series
A
(RB)
5.00%,
05/01/35(c)
1,500
1,676,322
5.00%,
05/01/31
1,650
1,862,619
5.00%,
09/01/32(c)
475
489,369
5.00%,
09/01/30(c)
1,300
1,301,122
5.00%,
09/01/31(c)
1,250
1,250,912
7
Par
(000’s)
Value
Connecticut
(continued)
State
of
Connecticut,
Special
Tax,
Series
A
(ST)
5.00%,
05/01/37(c)
$
2,500
$
2,742,534
State
of
Connecticut,
Special
Tax,
Transportation
Infrastructure
Purposes,
Series
A
(RB)
4.00%,
05/01/36(c)
1,225
1,271,678
5.00%,
05/01/33(c)
1,025
1,152,476
State
of
Connecticut,
Transportation
Infrustructure
Purposes,
Series
D
(RB)
4.00%,
11/01/38(c)
2,000
2,059,503
40,125,921
Delaware
:
0.2%
Delaware
Health
Facilities
Authority,
Bayhealth
Medical
Center
Project,
Series
A
(RB)
4.00%,
07/01/40(c)
1,000
997,256
State
of
Delaware
(GO)
2.00%,
02/01/35(c)
1,000
816,452
State
of
Delaware,
Series
A
(GO)
2.00%,
01/01/36(c)
650
524,736
4.00%,
05/01/41(c)
1,000
1,027,252
5.00%,
05/01/36(c)
1,000
1,164,004
4,529,700
District
of
Columbia
:
1.5%
District
of
Columbia,
Federal
Highway
Grant
Anticipation
(RB)
(SAW)
5.00%,
12/01/34(c)
2,250
2,437,414
District
of
Columbia,
Income
Tax,
Series
A
(RB)
4.00%,
03/01/40(c)
2,000
2,028,475
District
of
Columbia,
Series
A
(GO)
5.00%,
01/01/37(c)
1,000
1,145,337
5.00%,
06/01/34(c)
1,000
1,048,819
5.00%,
06/01/33(c)
580
608,281
5.00%,
06/01/35(c)
750
799,787
District
of
Columbia,
Series
A
(RB)
5.00%,
03/01/36(c)
1,000
1,088,184
District
of
Columbia,
Series
C
(RB)
5.00%,
05/01/36(c)
1,000
1,100,368
District
of
Columbia,
Water
and
Sewer
Authority,
Series
A
(RB)
5.00%,
10/01/40(c)
1,000
1,146,524
Washington
Convention
&
Sports
Authority,
Series
A
(RB)
5.00%,
10/01/30(c)
1,000
1,055,544
Washington
Metropolitan
Area
Transit
Authority
(RB)
5.00%,
07/01/36(c)
1,000
1,040,354
Par
(000’s)
Value
District
of
Columbia
(continued)
Washington
Metropolitan
Area
Transit
Authority,
Series
A
(RB)
4.00%,
07/15/34(c)
$
4,000
$
4,182,124
5.00%,
07/15/37(c)
1,400
1,539,241
5.00%,
07/15/37(c)
2,000
2,223,557
Washington
Metropolitan
Area
Transit
Authority,
Series
A-2
(RB)
5.00%,
07/01/34(c)
810
846,974
5.00%,
07/01/33(c)
550
575,215
Washington
Metropolitan
Area
Transit
Authority,
Series
B
(RB)
5.00%,
07/01/37(c)
1,140
1,184,295
5.00%,
07/01/31(c)
650
677,662
5.00%,
07/01/34(c)
1,880
1,958,906
5.00%,
07/01/30(c)
555
578,718
27,265,779
Florida
:
2.8%
Broward
County,
Florida
Tourist
Development,
Convention
Center
Expansion
Project
(RB)
4.00%,
09/01/36(c)
2,000
2,059,680
Central
Florida
Expressway
Authority
(RB)
(BAM)
3.00%,
07/01/34(c)
520
481,535
Central
Florida
Expressway
Authority,
Series
A
(RB)
4.00%,
07/01/31(c)
1,250
1,258,758
Central
Florida
Expressway
Authority,
Series
A
(RB)
(BAM)
5.00%,
07/01/38(c)
2,000
2,075,256
Central
Florida
Expressway
Authority,
Series
B
(RB)
4.00%,
07/01/39(c)
2,000
1,983,340
City
of
Gainesville,
Utilities
System,
Series
A
(RB)
5.00%,
10/01/34(c)
1,045
1,092,545
City
of
Jacksonville,
Series
A
(RB)
5.00%,
10/01/32(c)
1,095
1,191,753
City
of
Orlando,
Senior
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/31(c)
2,000
2,092,311
5.00%,
11/01/37(c)
560
582,803
City
of
Tampa
Florida,
H.
Lee
Moffitt
Cancer
Center
Project,
Series
B
(RB)
4.00%,
07/01/38(c)
1,000
1,012,280
County
of
Miami-Dade
(RB)
0.00%,
10/01/32(c)
^
400
283,472
0.00%,
10/01/31(c)
^
565
418,897
5.00%,
10/01/34(c)
2,005
2,069,703
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
Florida
(continued)
County
of
Miami-Dade,
Building
Better
Communities
Program,
Series
A
(GO)
5.00%,
07/01/34(c)
$
555
$
573,611
County
of
Miami-Dade,
Building
Better
Communities
Program,
Series
A
(GO)
(SAW)
4.00%,
07/01/36(c)
1,600
1,663,358
County
of
Miami-Dade,
Expressway
Authority
Toll
System,
Series
A
(RB)
5.00%,
07/01/39(c)
2,000
2,001,340
County
of
Miami-Dade,
Florida
Aviation,
Series
A
(RB)
4.00%,
10/01/39(c)
1,500
1,509,004
County
of
Miami-Dade,
Florida
Transit
System
(RB)
4.00%,
07/01/34(c)
865
865,791
County
of
Miami-Dade,
Water
and
Sewer
System
(RB)
5.00%,
10/01/32(c)
3,500
3,921,457
County
of
Miami-Dade,
Water
and
Sewer
System,
Series
B
(RB)
3.00%,
10/01/34(c)
370
339,156
Florida
Development
Finance
Corp.,
Lakeland
Regional
Health
Systems
(RB)
4.00%,
11/15/35(c)
2,000
2,057,157
Florida
Housing
Finance
Corp.,
Homeowner
Mortgage
(RB)
2.10%,
07/01/35(c)
950
771,190
JEA
Electric
System,
Series
A
(RB)
5.00%,
10/01/39(c)
2,000
2,009,482
JEA
Electric
System,
Series
B
(RB)
3.38%,
10/01/34(c)
520
495,196
5.00%,
10/01/32(c)
885
926,225
5.00%,
10/01/30(c)
850
893,759
Lee
Memorial
Health
System,
Series
A-1
(RB)
5.00%,
04/01/34(c)
605
644,845
Leon
County,
City
of
Tallahassee,
Blueprint
Intergovernmental
Agency
(RB)
5.00%,
10/01/38(c)
1,000
1,124,250
Miami-Dade
County,
Florida
Water
and
Sewer
System,
Series
B
(RB)
5.00%,
10/01/40(c)
500
568,867
Orange
County
Health
Facilities
Authority
(RB)
5.00%,
10/01/39(c)
1,000
1,020,921
Orange
County,
Health
Facilities
Authority,
Series
A
(RB)
5.00%,
10/01/36(c)
1,325
1,359,097
Par
(000’s)
Value
Florida
(continued)
Orange
County,
Tourist
Development
Tax
(RB)
5.00%,
10/01/30
$
490
$
543,897
Polk
County,
School
District
(RB)
(SAW)
5.00%,
10/01/30(c)
1,000
1,094,919
Reedy
Creek
Improvement
District,
Series
A
(GO)
4.00%,
06/01/31(c)
1,000
1,018,017
5.00%,
06/01/35(c)
1,000
1,024,914
South
Miami
Health
Facilities
Authority,
Baptist
Health
(RB)
5.00%,
08/15/32(c)
800
834,269
State
of
Florida
Board
of
Governors,
Florida
State
University
Athletics
Association,
Series
A
(RB)
(BAM)
5.00%,
10/01/40(c)
2,000
2,254,339
State
of
Florida,
Board
of
Education,
Public
Education
Capital
Outlay,
Series
C
(GO)
(AMBAC)
3.00%,
06/01/35(c)
510
479,526
State
of
Florida,
Board
of
Education,
Public
Education
Capital
Outlay,
Series
E
(GO)
2.38%,
06/01/31(c)
590
534,376
State
of
Florida,
Department
of
Transportation
Financing
Corp.
(RB)
3.00%,
07/01/35(c)
1,000
929,835
3.00%,
07/01/31(c)
1,000
963,025
State
of
Florida,
Department
of
Transportation,
Federal
Highway
Reimbursement,
Series
A
(RB)
5.00%,
07/01/30
880
975,336
Volusia
County,
School
Board,
Master
Lease
Program,
Series
B
(CP)
5.00%,
08/01/30(c)
1,320
1,323,715
51,323,207
Georgia
:
2.6%
City
of
Atlanta,
Airport
Passenger
Facility
Charge,
Series
C
(RB)
5.00%,
07/01/35(c)
800
870,368
5.00%,
07/01/38(c)
2,275
2,458,029
City
of
Atlanta,
Water
and
Wastewater
(RB)
5.00%,
11/01/32(c)
1,000
1,012,054
County
of
Fulton
(GO)
4.00%,
07/01/40(c)
1,500
1,501,108
Dekalb
County,
Water
and
Sewerage,
Series
B
(RB)
(AGM)
5.00%,
10/01/35(c)
1,530
1,579,630
9
Par
(000’s)
Value
Georgia
(continued)
Fulton
County,
Georgia
Water
and
Sewerage,
Series
A
(RB)
3.00%,
01/01/37(c)
$
3,000
$
2,762,842
Georgia
Housing
and
Finance
Authority,
Series
A
(RB)
4.10%,
12/01/39(c)
1,000
1,000,641
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage,
Series
B-1
(RB)
2.90%,
12/01/31(c)
925
840,270
Main
Street
Natural
Gas
Inc,
Series
C
(RB)
5.00%,
12/01/54(c)
(p)
1,000
1,065,905
Main
Street
Natural
Gas,
Inc.,
Gas
Supply,
Series
A
(RB)
5.00%,
05/15/35
2,000
2,163,660
5.00%,
05/15/37
2,000
2,158,544
5.00%,
05/15/38
1,000
1,075,723
5.00%,
05/01/54(c)
(p)
2,000
2,148,334
Main
Street
Natural
Gas,
Inc.,
Gas
Supply,
Series
C
(RB)
5.00%,
09/01/53(c)
(p)
1,000
1,069,594
Main
Street
Natural
Gas,
Inc.,
Gas
Supply,
Series
E
(RB)
5.00%,
12/01/53(c)
(p)
2,000
2,142,720
Private
Colleges
and
Universities
Authority,
Emory
University,
Series
B
(RB)
4.00%,
10/01/38(c)
2,000
2,000,597
4.00%,
09/01/40(c)
2,000
2,036,809
4.00%,
09/01/36(c)
2,175
2,259,362
State
of
Georgia,
Private
Colleges
and
Universities
Authority,
Emory
University,
Series
B
(RB)
5.00%,
09/01/33
1,000
1,167,580
State
of
Georgia,
Road
and
Tollway
Authority
(RB)
5.00%,
06/01/31(c)
2,550
2,840,414
5.00%,
06/01/32(c)
2,000
2,222,961
State
of
Georgia,
Road
and
Tollway
Authority,
Series
A
(RB)
4.00%,
07/15/35(c)
3,255
3,443,247
State
of
Georgia,
Series
A
(GO)
4.00%,
08/01/34(c)
935
985,313
5.00%,
02/01/33(c)
1,200
1,250,791
5.00%,
02/01/32(c)
2,000
2,085,189
State
of
Georgia,
Series
C
(GO)
5.00%,
07/01/30(c)
3,000
3,165,585
47,307,270
Hawaii
:
0.6%
City
and
County
of
Honolulu,
Rail
Transit
Project,
Series
B
(GO)
5.00%,
03/01/31(c)
1,930
2,136,076
City
and
County
of
Honolulu,
Series
B
(GO)
5.00%,
09/01/32(c)
1,015
1,069,433
Par
(000’s)
Value
Hawaii
(continued)
City
and
County
of
Honolulu,
Wastewater
System,
Series
A
(RB)
4.00%,
07/01/33(c)
$
970
$
978,535
City
and
County
of
Honolulu,
Wastewater
System,
Series
B
(RB)
5.00%,
07/01/36(c)
875
948,976
State
of
Hawaii
(RB)
5.00%,
01/01/36(c)
1,000
1,113,102
State
of
Hawaii,
Department
of
Transportation
Airports
Division,
Series
D
(RB)
(BAM)
5.00%,
07/01/34(c)
2,000
2,211,615
State
of
Hawaii,
Series
FK
(GO)
3.25%,
05/01/33(c)
1,000
966,244
5.00%,
05/01/34(c)
690
724,057
10,148,038
Illinois
:
5.0%
Chicago
O'Hare
International
Airport,
Series
A
(RB)
5.00%,
01/01/35(c)
1,000
1,086,522
Chicago
O'Hare
International
Airport,
Series
A
(RB)
(AGM)
4.00%,
01/01/37(c)
1,000
1,025,081
Chicago
O'Hare
International
Airport,
Series
B
(RB)
5.00%,
01/01/34(c)
365
377,997
Chicago
O'Hare
International
Airport,
Series
D
(RB)
4.12%,
01/01/40(c)
1,150
1,136,145
City
of
Chicago,
Chicago
O'Hare
International
Airport,
Customer
Facility
Charge
(RB)
(BAM)
5.25%,
01/01/41(c)
1,205
1,338,755
City
of
Chicago,
Chicago
O'Hare
International
Airport,
Series
B
(RB)
5.00%,
01/01/41(c)
2,120
2,148,480
5.00%,
01/01/39(c)
2,000
2,060,508
City
of
Chicago,
Second
Lien
Water
(RB)
(AGM)
5.00%,
11/01/34(c)
1,420
1,486,988
5.00%,
11/01/36(c)
1,500
1,566,062
City
of
Chicago,
Series
A
(GO)
5.00%,
01/01/33(c)
2,455
2,625,295
5.00%,
01/01/32(c)
1,000
1,070,846
City
of
Chicago,
Series
B
(GO)
4.00%,
01/01/40(c)
1,064
1,012,215
City
of
Chicago,
Series
C
(GO)
5.00%,
01/01/38(c)
1,150
1,155,386
City
of
Chicago,
Wastewater
Transmission,
Series
A
(RB)
(BAM)
5.00%,
01/01/41(c)
1,000
1,112,467
5.00%,
01/01/40(c)
1,000
1,121,765
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
10
Par
(000’s)
Value
Illinois
(continued)
City
of
Chicago,
Wastewater
Transmission,
Series
B
(RB)
5.00%,
01/01/36(c)
$
750
$
773,123
City
of
Chicago,
Wastewater
Transmission,
Series
B
(RB)
(AGM)
5.00%,
01/01/37(c)
1,000
1,121,670
Illinois
Finance
Authority,
Carle
Foundation,
Series
A
(RB)
4.00%,
08/15/37(c)
1,500
1,527,669
4.00%,
08/15/38(c)
1,500
1,518,494
5.00%,
08/15/35(c)
1,000
1,104,291
Illinois
Finance
Authority,
Clean
Water
Initiative
(RB)
4.00%,
07/01/35(c)
1,600
1,672,793
4.00%,
07/01/37(c)
1,000
1,040,022
5.00%,
07/01/33(c)
700
727,644
5.00%,
07/01/36(c)
2,560
2,783,636
Illinois
Finance
Authority,
Clean
Water
Initiative
(RB)
(AGM)
5.00%,
07/01/34(c)
1,400
1,522,180
Illinois
Finance
Authority,
Memorial
Health
System
(RB)
5.00%,
04/01/34(c)
1,435
1,507,397
Illinois
Finance
Authority,
NorthShore
University
HealthSystem,
Series
A
(RB)
4.00%,
08/15/40(c)
1,625
1,601,154
5.00%,
08/15/33(c)
1,000
1,098,233
5.00%,
08/15/32(c)
1,365
1,498,835
5.00%,
08/15/34(c)
1,295
1,423,174
Illinois
Finance
Authority,
Silver
Cross
Hospital
and
Medical
Centers,
Series
C
(RB)
4.12%,
08/15/37(c)
2,145
2,054,417
Illinois
Finance
Authority,
The
University
of
Chicago,
Series
B
(RB)
5.00%,
04/01/35(c)
2,000
2,329,436
Illinois
Housing
Development
Authority,
Series
B
(RB)
3.45%,
10/01/33(c)
420
411,224
Illinois
Municipal
Electric
Agency
Power
Supply
System,
Series
A
(RB)
4.00%,
02/01/34(c)
1,500
1,484,698
Illinois
State
Finance
Authority,
Ann
&
Robert
H.
Lurie
Children's
Hospital
(RB)
4.00%,
08/15/37(c)
1,000
1,005,944
Illinois
State
Finance
Authority,
University
of
Chicago,
Series
A
(RB)
5.00%,
10/01/33
1,000
1,159,272
Illinois
State
Municipal
Electric
Agency,
Power
Supply,
Series
A
(RB)
4.00%,
02/01/35(c)
2,000
1,967,353
Par
(000’s)
Value
Illinois
(continued)
Illinois
State
Toll
Highway
Authority,
Series
A
(RB)
5.00%,
01/01/40(c)
$
2,000
$
2,018,403
5.00%,
01/01/37(c)
3,000
3,470,217
Illinois
State
Toll
Highway
Authority,
Series
B
(RB)
5.00%,
01/01/40(c)
1,000
1,017,555
5.00%,
01/01/37(c)
1,500
1,530,575
Illinois
State,
Series
C
(GO)
4.00%,
10/01/40(c)
1,000
980,319
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
(GO)
(NATL-
IBC
FGIC)
5.25%,
12/01/35
1,000
1,202,875
Northern
Illinois
Municipal
Power
Agency,
Series
A
(RB)
4.00%,
12/01/36(c)
1,500
1,481,293
5.00%,
12/01/30(c)
990
1,026,841
Sales
Tax
Securitization
Corp.,
Series
A
(RB)
5.00%,
01/01/34(c)
570
595,789
5.00%,
01/01/34(c)
1,000
1,132,633
State
of
Illinois
(GO)
4.00%,
10/01/34(c)
2,000
2,019,311
4.00%,
07/01/37(c)
1,000
1,000,655
5.00%,
05/01/36(c)
1,000
1,103,693
5.00%,
07/01/36(c)
1,000
1,105,031
State
of
Illinois
(RB)
3.00%,
06/15/32(c)
680
642,737
State
of
Illinois,
Sales
Tax,
Series
A
(RB)
(BAM)
3.00%,
06/15/32(c)
3,000
2,835,603
State
of
Illinois,
Sales
Tax,
Series
C
(RB)
5.00%,
06/15/30
1,000
1,089,995
State
of
Illinois,
Series
A
(GO)
4.00%,
03/01/40(c)
2,460
2,423,853
5.00%,
10/01/33(c)
2,500
2,640,061
5.00%,
12/01/35(c)
1,000
1,040,982
5.00%,
03/01/34(c)
1,000
1,098,081
5.00%,
05/01/41(c)
630
651,483
5.00%,
05/01/35(c)
2,250
2,358,329
5.25%,
12/01/30(c)
1,200
1,268,144
State
of
Illinois,
Series
B
(GO)
5.00%,
11/01/30(c)
1,000
1,083,323
State
of
Illinois,
Seris
B
(GO)
5.00%,
05/01/38(c)
1,145
1,278,974
5.00%,
05/01/41(c)
2,000
2,197,379
91,951,305
Indiana
:
0.7%
Avon
Indiana Community
School
Building
Corp., AD
Valorem
Property
Tax
First
Mortgage
(RB)
5.25%,
07/15/39(c)
1,000
1,141,885
City
of
Indianapolis,
Indiana
Water
System,
Series
A
(RB)
5.00%,
10/01/36(c)
1,720
1,831,516
11
Par
(000’s)
Value
Indiana
(continued)
Indiana
Finance
Authority,
First
Lien
Wastewater
Utility
(RB)
4.00%,
10/01/35(c)
$
2,500
$
2,614,169
Indiana
Finance
Authority,
Indiana
University
Health
Inc.,
Series
B
(RB)
5.00%,
10/01/55(c)
(p)
1,000
1,121,644
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
4.25%,
11/01/30
1,545
1,563,456
Indianapolis
Local
Public
Improvement
Bond
Bank,
Courhouse
and
Jail
Project,
Series
A
(RB)
5.00%,
02/01/31(c)
1,715
1,847,806
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana
Convention
Center
Hotel,
Series
E
(RB)
5.50%,
03/01/38(c)
1,000
1,117,198
Indianapolis
Local
Public
Improvement
Bond
Bank,
Series
A
(RB)
(AGM)
4.00%,
06/01/39(c)
1,000
1,017,805
12,255,479
Iowa
:
0.4%
Iowa
Finance
Authority
(RB)
5.00%,
08/01/31(c)
1,000
1,052,713
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Iowa
Fertilizer
Company
Project
(RB)
4.00%,
12/01/50(c)
(p)
3,210
3,372,431
Iowa
Finance
Authority,
Series
A
(RB)
5.00%,
08/01/37(c)
1,000
1,127,071
5.00%,
08/01/37(c)
1,000
1,157,138
5.00%,
08/01/36(c)
1,000
1,158,273
7,867,626
Kansas
:
0.4%
County
of
Butler,
Unified
School
District
No.
385
(GO)
4.00%,
09/01/30(c)
500
509,853
County
of
Johnson,
Internal
Improvement,
Series
A
(GO)
4.00%,
09/01/34(c)
750
761,534
Kansas
Development
Finance
Authority,
Adventhealth
Hospital,
Series
B
(RB)
5.00%,
11/15/54(p)
2,450
2,709,327
State
of
Kansas,
Department
of
Transportation,
Series
A
(RB)
5.00%,
09/01/32(c)
1,165
1,220,417
University
of
Kansas
Hospital
Authority
(RB)
4.00%,
09/01/40(c)
2,000
1,963,638
7,164,769
Par
(000’s)
Value
Kentucky
:
0.6%
Kentucky
Public
Energy
Authority,
Gas
Supply,
Series
A-1
(RB)
4.00%,
08/01/52(c)
(p)
$
1,200
$
1,202,159
5.25%,
04/01/54(c)
(p)
3,000
3,268,104
Kentucky
Public
Energy
Authority,
Gas
Supply,
Series
B
(RB)
5.00%,
01/01/55(c)
(p)
1,000
1,076,823
Kentucky
State
Property
and
Building
Commission,
Project
No.
119
(RB)
(BAM)
5.00%,
05/01/34(c)
3,285
3,491,951
Louisville
and
Jefferson
County,
Metro
Government,
Norton
Healthcare,
Inc.,
Series
A
(RB)
4.00%,
10/01/36(c)
1,000
969,169
5.00%,
10/01/31(c)
290
296,515
University
of
Kentucky,
Series
A
(RB)
3.00%,
10/01/35(c)
770
709,426
4.00%,
10/01/30(c)
500
503,707
11,517,854
Louisiana
:
0.9%
Jefferson
Sales
Tax
District,
Parish
of
Jefferson,
Series
B
(RB)
(AGM)
4.00%,
12/01/37(c)
1,300
1,327,811
5.00%,
12/01/33(c)
615
665,100
Jefferson
Sales
Tax
District,
Series
B
(RB)
(AGM)
4.00%,
12/01/35(c)
500
513,565
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Series
B
(RB)
2.50%,
04/01/36(c)
1,455
1,218,832
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Westlake
Chemical
Corp.
Project
(RB)
3.50%,
11/01/32(c)
5,040
4,888,338
Louisville
Public
Facilities
Authority,
Tulane
University,
Series
A
(RB)
5.00%,
10/15/36(c)
1,000
1,131,058
State
of
Louisiana,
Series
A
(GO)
5.00%,
03/01/33(c)
930
1,021,901
5.00%,
03/01/32(c)
750
843,285
5.00%,
03/01/38(c)
1,000
1,113,502
5.00%,
04/01/36(c)
1,000
1,149,803
5.00%,
04/01/35(c)
1,000
1,155,577
State
of
Louisiana,
Series
A
(GO)
(BAM)
5.00%,
03/01/34(c)
910
1,000,380
16,029,152
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
12
Par
(000’s)
Value
Maryland
:
1.7%
City
of
Baltimore,
Wastewater
Project,
Series
C
(RB)
5.00%,
07/01/39(c)
$
1,500
$
1,505,433
County
of
Baltimore
(GO)
4.00%,
03/01/34(c)
890
925,610
County
of
Baltimore
(GO)
(AGC)
4.00%,
03/01/34(c)
1,925
1,989,207
County
of
Baltimore
(GO)
(CA
MTG
INS)
4.00%,
03/01/36(c)
2,420
2,493,874
County
of
Montgomery,
Series
A
(GO)
3.00%,
08/01/32(c)
750
724,326
Maryland
Department
of
Transportation
(RB)
3.00%,
09/01/31(c)
500
479,911
Prince
George's
County,
Public
Improvement,
Series
A
(GO)
5.00%,
07/15/36(c)
2,500
2,672,690
5.00%,
08/01/35(c)
2,500
2,919,438
5.00%,
08/01/34(c)
1,500
1,755,345
Prince
George's
County,
Public
Improvement,
Series
A
(GO)
(SAW)
4.00%,
07/15/30(c)
1,000
1,029,541
State
of
Maryland
(GO)
4.00%,
06/01/30(c)
1,500
1,500,070
State
of
Maryland,
Department
of
Transportation
(RB)
3.00%,
11/01/30(c)
520
503,331
3.12%,
05/01/31(c)
855
830,961
State
of
Maryland,
Department
of
Transportation
(RB)
(SAW)
2.12%,
10/01/31(c)
2,340
2,036,237
State
of
Maryland,
State
and
Local
Facilities
Loan
(GO)
4.00%,
08/01/32(c)
530
544,600
5.00%,
03/15/32(c)
3,000
3,274,008
5.00%,
08/01/30(c)
1,000
1,078,811
State
of
Maryland,
State
and
Local
Facilities
Loan,
Series
A
(GO)
3.00%,
08/01/31(c)
1,000
978,880
5.00%,
03/15/31(c)
1,500
1,665,268
Washington
Suburban
Sanitary
District,
Maryland
Consolidated
Public
Improvement
(GO)
5.00%,
06/01/34(c)
1,650
1,702,638
30,610,179
Massachusetts
:
3.4%
City
of
Boston,
Series
A
(GO)
5.00%,
11/01/39(c)
2,000
2,306,308
Commonwealth
of
Massachusetts
(RB)
(BAM-
TCRS
NATL)
5.50%,
01/01/34
3,000
3,485,078
Par
(000’s)
Value
Massachusetts
(continued)
Commonwealth
of
Massachusetts
(RB)
(NATL)
5.50%,
01/01/34
$
1,000
$
1,139,758
Commonwealth
of
Massachusetts
Transportation
Fund,
Series
A
(RB)
5.00%,
06/01/33(c)
1,275
1,276,688
Commonwealth
of
Massachusetts,
Accelerated
Bridge
Program,
Series
A
(RB)
5.00%,
06/01/35(c)
980
981,273
Commonwealth
of
Massachusetts,
Series
A
(GO)
5.00%,
01/01/40(c)
1,500
1,708,574
5.00%,
10/01/31
3,000
3,423,929
Commonwealth
of
Massachusetts,
Series
B
(GO)
5.00%,
05/01/40(c)
1,500
1,714,820
5.00%,
07/01/34(c)
1,860
1,921,975
5.00%,
07/01/31(c)
600
620,293
Commonwealth
of
Massachusetts,
Series
C
(GO)
(AGM)
5.00%,
05/01/31
2,665
3,022,398
Commonwealth
of
Massachusetts,
Series
D
(GO)
4.00%,
11/01/37(c)
2,000
2,053,941
4.00%,
05/01/35(c)
1,165
1,190,845
5.00%,
07/01/36(c)
365
403,111
Commonwealth
of
Massachusetts,
Series
D
(GO)
(SBG)
5.00%,
07/01/38(c)
2,000
2,197,446
Commonwealth
of
Massachusetts,
Series
E
(GO)
3.00%,
11/01/33(c)
1,275
1,211,860
4.00%,
04/01/33(c)
1,000
1,001,683
4.00%,
04/01/38(c)
1,000
992,930
4.00%,
09/01/39(c)
3,000
2,976,822
5.00%,
11/01/32(c)
1,000
1,117,269
5.00%,
09/01/37(c)
1,010
1,076,984
Commonwealth
of
Massachusetts,
Transportation
Fund,
Series
A
(GO)
5.00%,
12/01/33(c)
500
520,173
Commonwealth
of
Massachusetts,
Transportation
Fund,
Series
A
(RB)
5.00%,
06/01/37(c)
800
895,914
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
A-1
(RB)
4.00%,
07/01/38(c)
2,000
2,077,474
5.00%,
07/01/40(c)
1,000
1,132,684
13
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Bay
Transportation
Authority,
Series
A
(RB)
5.00%,
07/01/40(c)
$
1,000
$
1,145,312
Massachusetts
Development
Finance
Agency,
Beth
Israel
Lahey
Health
Issue,
Series
K
(RB)
5.00%,
07/01/35(c)
255
274,167
Massachusetts
Development
Finance
Agency,
Children's
Hospital,
Series
T
(RB)
5.00%,
03/01/34(c)
1,000
1,163,396
Massachusetts
Development
Finance
Agency,
Harvard
University
Issue,
Series
A
(RB)
4.00%,
07/15/36(c)
1,035
1,041,522
Massachusetts
Development
Finance
Agency,
Harvard
University
Issue,
Series
B
(RB)
5.00%,
02/15/33
2,000
2,331,332
Massachusetts
Development
Finance
Agency,
Partners
Healthcare
System,
Series
S
(RB)
4.00%,
07/01/35(c)
1,500
1,515,230
Massachusetts
Development
Finance
Agency,
Series
A
(RB)
5.00%,
10/01/41(c)
1,000
1,139,993
Massachusetts
Development
Finance
Agency,
Series
B
(RB)
4.00%,
02/15/36
1,000
1,102,638
Massachusetts
Development
Finance
Agency,
Suffolk
University
(RB)
5.00%,
07/01/35(c)
500
511,836
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax,
Series
C
(RB)
5.00%,
08/15/37(c)
1,150
1,168,393
Massachusetts
Water
Resources
Authority,
Series
B
(RB)
(AGM)
5.25%,
08/01/30
2,000
2,276,122
Massachusetts
Water
Resources
Authority,
Series
C
(RB)
5.00%,
08/01/31(c)
2,115
2,239,453
The
Commonwealth
of
Massachusetts,
Series
A
(GO)
5.00%,
03/01/36(c)
1,000
1,164,871
University
of
Massachusetts
Building
Authority
(RB)
5.00%,
11/01/30(c)
1,020
1,083,184
5.00%,
11/01/34(c)
750
823,424
5.00%,
05/01/34(c)
1,220
1,329,908
Par
(000’s)
Value
Massachusetts
(continued)
University
of
Massachusetts
Building
Authority
(RB)
(SD
CRED
PROG)
5.00%,
11/01/32(c)
$
500
$
549,880
61,310,891
Michigan
:
1.4%
Detroit
City
School
District,
Series
A
(GO)
(AGM)
5.25%,
05/01/32
2,220
2,505,182
Great
Lakes
Water
Authority,
Sewage
Disposal
System,
Senior
Lien,
Series
A
(RB)
5.00%,
07/01/37(c)
3,000
3,450,740
Great
Lakes
Water
Authority,
Sewage
Disposal
System,
Senior
Lien,
Series
B
(RB)
5.00%,
07/01/30(c)
500
517,308
5.00%,
07/01/31(c)
570
588,794
Great
Lakes
Water
Authority,
Sewage
Disposal
System,
Senior
Lien,
Series
C
(RB)
5.00%,
07/01/33(c)
1,025
1,054,870
Kalamazoo
Michigan
Hospital
Facilities,
Bronson
Healthcare
Group
(RB)
4.00%,
05/15/36(c)
2,000
1,984,391
Michigan
Finance
Authority
Hospital,
McLaren
Health
Care,
Series
A
(RB)
5.00%,
05/15/38(c)
1,500
1,509,380
Michigan
Finance
Authority,
Henry
Ford
Health
System
(RB)
3.00%,
11/15/33(c)
355
332,085
Michigan
Finance
Authority,
Local
Government
Loan
Program,
Series
H-1
(RB)
5.00%,
10/01/34(c)
725
726,562
Michigan
Finance
Authority,
Trinity
Health
Credit
Group,
Series
A
(RB)
4.00%,
12/01/40(c)
1,000
1,000,591
5.00%,
12/01/34(c)
2,000
2,090,714
5.00%,
12/01/35(c)
585
609,211
Michigan
State
Housing
Development
Authority,
Series
A
(RB)
4.30%,
10/01/40(c)
725
725,109
Michigan
State
Housing
Development
Authority,
Series
B
(RB)
4.50%,
12/01/38(c)
1,500
1,543,052
Michigan
State
University,
Series
A
(RB)
5.00%,
08/15/40(c)
2,000
2,024,204
State
of
Michigan,
Building
Authority,
Series
I
(RB)
5.00%,
10/15/32(c)
570
589,951
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
14
Par
(000’s)
Value
Michigan
(continued)
State
of
Michigan,
Environmental
Program,
Series
A
(GO)
3.00%,
05/15/36(c)
$
750
$
680,804
State
of
Michigan,
Housing
Development
Authority,
Single-Family
Mortgage,
Series
B
(RB)
3.10%,
12/01/31(c)
1,370
1,281,392
State
of
Michigan,
Trunk
Line
Fund
(RB)
5.00%,
11/15/36(c)
1,000
1,152,662
State
of
Michigan,
Trunk
Line
Fund,
Series
A
(RB)
5.00%,
11/15/35(c)
1,900
2,139,219
26,506,221
Minnesota
:
0.8%
County
of
Hennepin,
Minnesota
First
Lien
Sales
Tax,
Series
A
(RB)
5.00%,
12/15/31(c)
1,000
1,041,606
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Series
B
(RB)
5.00%,
01/01/31(c)
325
339,169
Minnesota
Agricultural
&
Economic
Development
Board
(RB)
5.00%,
01/01/38(c)
1,000
1,135,156
Minnesota
Public
Facilities
Authority,
Series
A
(RB)
5.00%,
03/01/33(c)
1,500
1,545,614
5.00%,
03/01/31
1,000
1,129,266
Regents
of
the
University
of
Minnesota,
Series
B
(RB)
5.00%,
12/01/31(c)
1,000
1,052,658
State
of
Minnesota,
Various
Purpose,
Series
A
(GO)
5.00%,
08/01/33(c)
1,000
1,094,274
5.00%,
08/01/36(c)
1,000
1,089,960
5.00%,
08/01/37(c)
2,000
2,232,609
5.00%,
08/01/36(c)
2,000
2,231,331
State
of
Minnesota,
Various
Purpose,
Series
D
(GO)
3.00%,
10/01/30(c)
1,000
978,250
White
Bear
Lake,
independent
School
District
No.
624,
Series
A
(GO)
(SD
CRED
PROG)
3.00%,
02/01/33(c)
1,000
970,037
14,839,930
Mississippi
:
0.1%
State
of
Mississippi,
Series
A
(RB)
5.00%,
10/15/36(c)
550
568,597
5.00%,
10/15/34(c)
1,000
1,038,345
1,606,942
Par
(000’s)
Value
Missouri
:
0.5%
County
of
St.
Louis,
Hazewood
School
District,
Series
A
(GO)
(BAM)
5.00%,
03/01/38(c)
$
1,000
$
1,118,076
Curators
of
the
University
of
Missouri,
Series
B
(RB)
5.00%,
11/01/30
1,400
1,572,776
Missouri
Joint
Municipal
Electric
Utility
Commission,
Prairie
State
Project,
Series
A
(RB)
4.00%,
12/01/32(c)
685
689,271
Springfield
School
District
No.
R-12
(GO)
4.00%,
03/01/34(c)
650
671,297
Springfield
School
District
No.
R-12
(GO)
(SAW)
4.00%,
03/01/35(c)
2,415
2,489,729
5.00%,
03/01/36(c)
450
486,931
St.
Louis
School
District,
Board
of
Education
(GO)
(AGM)
5.00%,
04/01/37(c)
1,000
1,123,700
The
Community
College
District
of
St.
Louis,
St.
Louis
County
(CP)
5.00%,
04/01/40(c)
1,000
1,120,164
9,271,944
Nebraska
:
0.6%
Central
Plains
Energy
Project,
Gas
Project
Crossover
No.
3,
Series
A
(RB)
5.00%,
09/01/32
1,280
1,376,720
5.00%,
09/01/34
4,300
4,648,120
5.00%,
09/01/35
2,000
2,159,639
Central
Plans
Energy
Project,
Gas
Project
Crossover
No.3,
Series
B
(RB)
5.00%,
09/01/31
1,215
1,301,828
Nebraska
Public
Power
District,
Series
B
(RB)
5.00%,
01/01/37(c)
1,000
1,017,459
10,503,766
Nevada
:
0.8%
Clark
County
School
District,
Limited
Tax,
Series
A
(GO)
5.00%,
06/15/40(c)
1,000
1,115,785
Clark
County,
Nevada
Limited
Tax,
Flood
Control
(GO)
4.00%,
11/01/33(c)
1,675
1,679,168
Clark
County,
Nevada
Limited
Tax,
Series
A
(GO)
4.00%,
06/15/41(c)
1,000
1,003,865
Clark
County,
Nevada
McCarran
International
Airport,
Passenger
Facility,
Series
E
(RB)
5.00%,
07/01/32(c)
470
508,888
Clark
County,
School
District,
Series
A
(GO)
(AGM)
5.00%,
06/15/32(c)
1,000
1,095,849
15
Par
(000’s)
Value
Nevada
(continued)
5.00%,
06/15/34(c)
$
915
$
1,005,943
Clark
County,
School
District,
Series
B
(GO)
(BAM)
3.00%,
06/15/38(c)
1,500
1,322,696
Clark
County,
School
District,
Series
C
(GO)
5.00%,
06/15/32(c)
1,050
1,110,078
Clark
County,
Transportation
Improvement,
Limited
Tax,
Series
B
(GO)
4.00%,
12/01/39(c)
2,245
2,273,988
County
of
Clark,
Motor
Vehicle
Fuel
Tax
(RB)
(AGM)
4.00%,
07/01/40(c)
1,105
1,128,755
Las
Vegas
Valley
Water
District,
Series
C
(GO)
3.00%,
06/01/32(c)
1,000
953,931
State
of
Nevada,
Highway
Improvement,
Motor
Vehicle
Fuel
Tax
(RB)
(AGM)
4.00%,
12/01/33(c)
760
780,088
4.00%,
12/01/32(c)
760
781,384
14,760,418
New
Jersey
:
3.6%
Casino
Reinvestment
Development
Authority,
Luxury
Tax
(RB)
5.25%,
11/01/39(c)
1,210
1,212,162
County
of
Camden,
Board
of
Education
of
Township
of
Cherry
Hill
(GO)
4.00%,
08/01/35(c)
1,000
1,038,395
County
of
Hudson
(GO)
2.00%,
11/15/34(c)
2,000
1,625,664
2.00%,
11/15/35(c)
685
544,143
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
(BAM)
3.12%,
07/01/31(c)
755
729,197
New
Jersey
Economic
Development
Authority,
New
Jersey
Transit
Transportation
Project,
Series
A
(RB)
(AGM)
5.00%,
11/01/33(c)
1,000
1,080,557
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
LLL
(RB)
5.00%,
06/15/36(c)
1,250
1,342,783
5.00%,
06/15/37(c)
1,970
2,102,192
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
MMM
(RB)
4.00%,
06/15/36(c)
1,080
1,098,111
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
QQQ
(RB)
4.00%,
06/15/36(c)
$
2,455
$
2,503,001
4.00%,
06/15/39(c)
1,000
1,011,760
New
Jersey
Educational
Facilities
Authority,
New
Jersey
Princeton
University,
Series
C
(RB)
2.00%,
03/01/41(c)
500
353,940
New
Jersey
Educational
Facilities
Authority,
Princeton
University,
Series
C
(RB)
2.00%,
03/01/38(c)
2,000
1,533,022
2.00%,
03/01/37(c)
1,975
1,546,936
2.00%,
03/01/36(c)
1,000
800,387
New
Jersey
Educational
Facilities
Authority,
Princeton
University,
Series
I
(RB)
5.00%,
07/01/32(c)
500
528,766
New
Jersey
Educational
Facilities,
Princeton
Unviersity,
Series
A-2
(RB)
5.00%,
03/01/41(c)
2,500
2,863,814
New
Jersey
Health
Care
Facilities
Financing
Authority,
Inspira
Health,
Series
A
(RB)
3.38%,
07/01/34(c)
360
343,769
New
Jersey
Health
Care
Facilities
Financing
Authority,
Valley
Health
System
(RB)
5.00%,
07/01/31(c)
1,000
1,078,345
New
Jersey
State
Turnpike
Authority,
Series
B
(RB)
5.00%,
01/01/34(c)
2,900
3,063,719
5.00%,
01/01/33(c)
1,080
1,142,140
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A
(RB)
4.00%,
12/15/31(c)
2,830
2,884,350
4.25%,
06/15/40(c)
3,045
3,135,260
5.00%,
12/15/33(c)
1,395
1,489,007
5.00%,
12/15/34(c)
1,100
1,172,024
5.00%,
12/15/36(c)
1,000
1,060,114
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A-1
(RB)
4.10%,
06/15/31(c)
780
788,139
New
Jersey
Transportation
Trust
Fund
Authority,
Series
AA
(RB)
4.00%,
06/15/39(c)
1,000
1,006,125
4.12%,
06/15/39(c)
1,000
1,013,752
4.75%,
06/15/38(c)
2,950
2,972,797
5.00%,
06/15/40(c)
1,000
1,109,340
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
16
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Series
BB
(RB)
4.00%,
06/15/36(c)
$
1,045
$
1,061,125
New
Jersey
Transportation
Trust
Fund
Authority,
Series
D
(RB)
5.00%,
06/15/32(c)
1,720
1,727,633
New
Jersey
Turnpike
Authority,
Series
G
(RB)
5.00%,
01/01/36(c)
3,000
3,160,043
New
Jersey
Turnpike
Authority,
Series
G
(RB)
(AGM)
4.00%,
01/01/33(c)
2,130
2,176,350
New
Jersey,
Economic
Development
Authority,
Series
SSS
(RB)
5.00%,
06/15/34
1,500
1,719,764
New
Jersey,
Transportation
Trust
Fund
Authority,
Series
A
(RB)
4.00%,
06/15/40(c)
1,000
1,004,537
State
of
New
Jersey,
Various
Purposes
(GO)
2.00%,
06/01/34(c)
3,000
2,422,413
2.00%,
06/01/30(c)
3,000
2,648,593
5.00%,
06/01/38(c)
2,000
2,179,121
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/31(c)
500
526,315
5.00%,
06/01/32(c)
2,755
2,896,624
65,696,229
New
Mexico
:
0.1%
State
of
New
Mexico
(GO)
5.00%,
03/01/33
1,000
1,158,125
Underline
New
York
:
18.2%
Battery
Park
City
Authorization,
Series
B
(RB)
5.00%,
11/01/36(c)
1,000
1,176,796
City
of
New
York
Trust
for
Cultural
Resources,
Lincoln
Center
for
Performing
Arts
Inc.,
Series
A
(RB)
4.00%,
12/01/34(c)
3,000
3,110,238
City
of
New
York,
Housing
Development
Corp.,
Series
G-1
(RB)
3.10%,
11/01/32(c)
500
464,106
City
of
New
York,
Series
A
(GO)
4.00%,
08/01/34(c)
485
487,010
4.00%,
08/01/38(c)
600
611,247
5.00%,
08/01/37(c)
1,000
1,135,179
5.00%,
09/01/34(c)
2,170
2,481,881
City
of
New
York,
Series
A-1
(GO)
5.00%,
09/01/37(c)
2,000
2,245,229
Par
(000’s)
Value
New
York
(continued)
City
of
New
York,
Series
B-1
(GO)
5.00%,
10/01/31(c)
$
500
$
545,542
5.00%,
10/01/32(c)
1,125
1,225,641
5.00%,
11/01/30
1,000
1,111,303
5.25%,
10/01/40(c)
1,575
1,788,163
City
of
New
York,
Series
C
(GO)
5.00%,
08/01/33(c)
1,165
1,173,938
City
of
New
York,
Series
D
(GO)
4.00%,
04/01/41(c)
1,000
1,001,349
City
of
New
York,
Series
D-1
(GO)
(BAM)
5.00%,
03/01/37(c)
1,565
1,703,812
City
of
New
York,
Series
E
(GO)
5.00%,
04/01/37(c)
1,000
1,131,163
5.00%,
08/01/30(c)
540
556,134
City
of
New
York,
Series
E-1
(GO)
5.00%,
03/01/39(c)
2,000
2,097,484
5.00%,
03/01/32(c)
1,015
1,075,151
5.25%,
03/01/34(c)
1,000
1,066,025
5.25%,
03/01/31(c)
1,500
1,603,629
City
of
New
York,
Series
F-1
(GO)
5.00%,
08/01/36(c)
1,000
1,137,961
5.00%,
08/01/37(c)
1,000
1,135,179
5.00%,
08/01/39(c)
1,330
1,506,059
5.00%,
08/01/38(c)
1,000
1,133,637
City
of
New
York,
Series
I-1
(GO)
4.25%,
03/01/35(c)
1,000
1,000,132
City
of
New
York,
Series
L
(GO)
5.00%,
04/01/32(c)
655
708,496
City
of
New
York,
Series
L-5
(GO)
5.00%,
04/01/34(c)
1,865
2,091,011
County
of
Broome,
Local
Development
Corp.,
United
Health
Services
Hospitals,
In.
Project
(RB)
(AGM)
4.00%,
04/01/40(c)
925
922,291
County
of
Monroe,
Industrial
Development
Corp.,
Rochester
Regional
Health
Project,
Series
A
(RB)
3.00%,
12/01/37(c)
865
709,903
County
of
Nassau,
Interim
Finance
Authority,
Public
Benefit
Corp.,
Series
A
(RB)
4.00%,
11/15/35(c)
1,000
1,065,985
5.00%,
11/15/35(c)
1,500
1,711,436
County
of
Suffolk,
New
York
Water
System,
Series
A
(RB)
5.00%,
06/01/36(c)
1,515
1,630,362
County
of
Suffolk,
Public
Improvement,
Series
C
(GO)
4.00%,
09/01/36(c)
1,000
1,028,219
5.00%,
09/01/35(c)
1,500
1,668,611
17
Par
(000’s)
Value
New
York
(continued)
Dormitory
Authority
of
the
State
of
New
York,
General
Purpose,
Series
A
(RB)
5.00%,
03/15/41(c)
$
2,000
$
2,254,980
5.00%,
03/15/38(c)
1,000
1,150,340
5.00%,
03/15/37(c)
1,000
1,155,192
Hudson
Yards
Infrastructure
Corp.,
Series
A
(RB)
5.00%,
02/15/33(c)
460
480,206
5.00%,
02/15/31(c)
1,400
1,462,247
5.00%,
02/15/32(c)
1,700
1,775,134
Long
Island
Power
Authority,
Electric
System
(RB)
5.00%,
09/01/32(c)
500
527,106
5.00%,
09/01/31(c)
305
321,745
5.00%,
09/01/33(c)
750
790,245
Long
Island
Power
Authority,
Electric
System,
Series
A
(RB)
3.00%,
09/01/36(c)
450
413,818
5.00%,
09/01/36(c)
1,500
1,663,624
Long
Island
Power
Authority,
Electric
System,
Series
A
(RB)
(AGM)
4.00%,
09/01/39(c)
1,500
1,490,765
Long
Island
Power
Authority,
Electric
System,
Series
B
(RB)
5.00%,
09/01/36(c)
2,000
2,071,722
Metropolitan
Transportation
Authority
(RB)
4.00%,
11/15/40(c)
1,000
1,002,221
Metropolitan
Transportation
Authority,
Series
A
(RB)
4.00%,
11/15/33(c)
340
341,213
5.00%,
11/15/40(c)
1,000
1,108,500
Metropolitan
Transportation
Authority,
Series
C-1
(RB)
4.00%,
11/15/32(c)
1,980
2,007,909
4.00%,
11/15/34(c)
395
399,974
5.00%,
11/15/34(c)
810
857,475
5.00%,
11/15/31(c)
1,445
1,532,783
5.00%,
11/15/33(c)
2,540
2,690,728
5.00%,
11/15/30(c)
1,540
1,634,639
Metropolitan
Transportation
Authority,
Series
C-2
(RB)
0.00%,
11/15/33^
1,035
727,615
Metropolitan
Transportation
Authority,
Series
D
(RB)
3.12%,
11/15/35(c)
265
239,878
4.00%,
11/15/32(c)
400
402,941
5.00%,
11/15/30(c)
1,085
1,151,677
5.00%,
11/15/32(c)
1,570
1,664,315
5.00%,
11/15/33(c)
535
566,748
Metropolitan
Transportation
Authority,
Series
D-1
(RB)
(BAM)
5.00%,
11/15/33(c)
2,000
2,043,267
Metropolitan
Transportation
Authority,
Series
E
(RB)
5.00%,
11/15/30
1,000
1,101,719
Par
(000’s)
Value
New
York
(continued)
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
A
(RB)
(AGC)
2.90%,
11/01/37(c)
$
1,000
$
874,135
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
A-1-C
(RB)
2.35%,
11/01/35(c)
1,100
902,259
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
I-1
(RB)
2.35%,
11/01/40(c)
525
394,585
New
York
City
Industrial
Development
Agency,
Queens
Baseball
Stadium
Project,
Series
A
(RB)
(AGM)
4.00%,
01/01/32(c)
500
517,037
5.00%,
01/01/31
2,700
2,987,725
New
York
City
Industrial
Development
Agency,
Yankee
Stadium
Project,
Series
A
(RB)
(AGM)
4.00%,
03/01/31(c)
2,765
2,877,762
4.00%,
03/01/32(c)
2,500
2,598,262
New
York
City
Municipal
Water
Finance
Authority,
Series
AA
(RB)
5.00%,
06/15/32(c)
1,000
1,092,900
New
York
City
Municipal
Water
Finance
Authority,
Series
CC-1
(RB)
5.00%,
06/15/38(c)
1,000
1,032,751
New
York
City
Municipal
Water
Finance
Authority,
Series
DD
(RB)
5.00%,
06/15/34(c)
3,685
4,317,139
5.00%,
06/15/34
5,360
6,334,093
New
York
City
Municipal
Water
Finance
Authority,
Series
FF-2
(RB)
5.00%,
06/15/33(c)
500
542,033
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
S
(RB)
(SAW)
4.00%,
07/15/35(c)
1,015
1,064,495
5.00%,
07/15/40(c)
1,305
1,311,027
New
York
City
Transitional
Finance
Authority
Future
Tax,
Series
A-1
(RB)
5.00%,
05/01/37(c)
1,000
1,138,694
5.00%,
05/01/36(c)
1,000
1,140,734
New
York
City
Transitional
Finance
Authority
Future
Tax,
Series
F-1
(RB)
5.00%,
02/01/39(c)
1,000
1,123,786
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
18
Par
(000’s)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority,
Building
Aid,
Series
S-1
(RB)
(SAW)
4.00%,
07/15/36(c)
$
1,375
$
1,432,387
New
York
City
Transitional
Finance
Authority,
Building
Aid,
Series
S-2
(RB)
(SAW)
5.00%,
07/15/31(c)
1,010
1,082,707
New
York
City
Transitional
Finance
Authority,
Building
Aid,
Series
S-3
(RB)
(SAW)
5.00%,
07/15/35(c)
1,000
1,068,963
5.00%,
07/15/33(c)
1,605
1,717,243
New
York
City
Transitional
Finance
Authority,
Building
Aid,
Series
S-4
(RB)
(SAW)
5.00%,
07/15/33(c)
500
534,967
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
A
(RB)
3.00%,
11/01/37(c)
2,000
1,813,670
5.00%,
11/01/36(c)
3,000
3,309,781
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
A-1
(RB)
4.00%,
05/01/31(c)
630
636,924
5.00%,
11/01/32(c)
1,000
1,130,104
5.00%,
05/01/34(c)
880
904,122
5.00%,
05/01/33(c)
450
462,722
5.00%,
05/01/35(c)
655
672,168
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
B
(RB)
4.00%,
08/01/35(c)
2,000
2,010,939
5.00%,
05/01/36(c)
1,000
1,147,675
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
B-1
(RB)
4.00%,
08/01/39(c)
1,190
1,205,269
5.00%,
08/01/32(c)
1,345
1,351,297
5.00%,
11/01/34(c)
2,980
2,993,950
5.00%,
11/01/32(c)
1,065
1,115,257
5.00%,
08/01/31(c)
690
712,775
5.00%,
08/01/32(c)
540
557,612
5.00%,
08/01/33(c)
895
924,015
5.00%,
08/01/32(c)
1,000
1,051,689
5.00%,
08/01/34(c)
780
832,204
5.00%,
08/01/31(c)
1,000
1,111,596
5.00%,
08/01/34(c)
1,000
1,122,486
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
C
(RB)
5.00%,
11/01/30(c)
2,280
2,387,662
5.00%,
11/01/33(c)
900
940,837
Par
(000’s)
Value
New
York
(continued)
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
C-1
(RB)
4.00%,
05/01/39(c)
$
1,690
$
1,709,202
4.00%,
05/01/41(c)
500
501,265
4.00%,
05/01/40(c)
775
779,463
5.00%,
05/01/37(c)
2,500
2,757,175
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
D-1
(RB)
4.00%,
11/01/38(c)
1,500
1,529,952
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
E-1
(RB)
5.00%,
02/01/35(c)
1,195
1,204,168
5.00%,
02/01/31(c)
1,500
1,537,018
5.00%,
02/01/39(c)
1,710
1,769,698
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Subordinate,
Series
G-1
(RB)
4.00%,
11/01/30
6,000
6,342,597
New
York
City
Transitional
Finance
Authority,
Series
C
(RB)
5.00%,
05/01/33
1,000
1,152,337
New
York
City
Transitional
Finance
Authority,
Series
D
(RB)
5.00%,
11/01/36(c)
1,000
1,152,847
5.00%,
11/01/39(c)
4,300
4,897,763
New
York
City
Water
and
Sewer
System,
Series
AA-2
(RB)
3.00%,
06/15/40(c)
915
793,051
New
York
City
Water
and
Sewer
System,
Series
EE
(RB)
(AGC)
5.00%,
06/15/40(c)
800
854,735
New
York
Environmental
Facilities
Corporation,
New
York
City
Municipal
Water
Finance
Authory
Projects,
Series
A
(RB)
5.00%,
06/15/40(c)
1,000
1,150,213
New
York
Liberty
Development
Corp.,
Goldman
Sachs
Headquarters
LLC
(RB)
5.25%,
10/01/35
1,000
1,162,423
New
York
State
Dormitory
Authority
(RB)
4.00%,
07/01/38(c)
2,000
1,998,154
New
York
State
Dormitory
Authority,
Memorial
Sloan-
Kettering
Cancer
Center,
Series
1
(RB)
4.00%,
07/01/37(c)
1,000
1,025,495
19
Par
(000’s)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
Montefiore
Medical
Center,
Series
A
(RB)
5.00%,
08/01/30(c)
$
1,000
$
1,031,440
New
York
State
Dormitory
Authority,
New
York
University,
Series
A
(RB)
5.00%,
07/01/33(c)
1,140
1,198,048
5.00%,
07/01/40(c)
400
424,859
5.00%,
07/01/32(c)
385
415,349
New
York
State
Dormitory
Authority,
New
York
University,
Series
A
(RB)
(AGC)
5.00%,
03/15/38(c)
1,250
1,317,534
New
York
State
Dormitory
Authority,
Sales
Tax,
Series
A
(RB)
5.00%,
03/15/40(c)
1,500
1,687,836
5.00%,
03/15/36(c)
2,000
2,294,194
5.00%,
03/15/37(c)
1,000
1,145,327
New
York
State
Dormitory
Authority,
School
Districts
Bond
Financing
Program,
Series
A
(RB)
(AGM)
4.00%,
10/01/35(c)
1,315
1,343,226
New
York
State
Dormitory
Authority,
School
Districts
Bond
Financing
Program,
Series
A
(RB)
(AGM-ST
AID
WITHHLDG)
5.00%,
10/01/35(c)
2,040
2,284,170
5.00%,
10/01/36(c)
1,000
1,117,828
New
York
State
Dormitory
Authority,
School
Districts
Bond
Financing
Program,
Series
A
(RB)
(SAW)
5.00%,
10/01/30(c)
1,325
1,373,944
5.00%,
10/01/32(c)
1,200
1,244,327
New
York
State
Dormitory
Authority,
Series
A
(RB)
4.00%,
02/15/33(c)
1,000
1,015,083
4.00%,
02/15/35(c)
2,475
2,498,884
New
York
State
Dormitory
Authority,
State
Personal
Income
Tax,
Series
A
(RB)
3.00%,
03/15/38(c)
3,120
2,826,405
4.00%,
02/15/36(c)
1,235
1,247,936
4.00%,
03/15/37(c)
1,075
1,102,591
4.00%,
03/15/38(c)
2,795
2,857,418
4.00%,
03/15/37(c)
1,135
1,166,169
5.00%,
02/15/31(c)
2,115
2,202,210
5.00%,
02/15/32(c)
595
618,788
5.00%,
03/15/35(c)
1,950
2,104,646
5.00%,
03/15/36(c)
3,910
4,215,388
5.00%,
03/15/34(c)
2,370
2,556,981
5.00%,
02/15/39(c)
2,000
2,054,508
5.00%,
03/15/39(c)
2,000
2,249,724
5.25%,
03/15/38(c)
1,305
1,405,883
Par
(000’s)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
State
Personal
Income
Tax,
Series
B
(RB)
5.00%,
02/15/34(c)
$
1,095
$
1,103,857
5.00%,
02/15/37(c)
2,270
2,372,052
5.00%,
02/15/31(c)
2,000
2,099,698
New
York
State
Dormitory
Authority,
State
Personal
Income
Tax,
Series
D
(RB)
5.00%,
02/15/33(c)
2,000
2,205,430
5.00%,
02/15/32(c)
940
971,420
New
York
State
Dormitory
Authority,
State
Personal
Income
Tax,
Series
E
(RB)
4.00%,
03/15/38(c)
1,500
1,537,907
4.00%,
03/15/37(c)
2,000
2,058,100
New
York
State
Dormitory
Authority,
State
Sales
Tax,
Series
A
(RB)
5.00%,
03/15/31(c)
515
537,939
5.00%,
03/15/33(c)
1,000
1,041,941
5.00%,
03/15/34(c)
2,110
2,196,018
New
York
State
Dormitory
Authority,
State
Sales
Tax,
Series
C
(RB)
5.00%,
03/15/35(c)
1,970
2,085,417
5.00%,
03/15/31(c)
520
552,236
New
York
State
Environmental
Facilities
Corp.,
Municipal
Water
Finance
Authority
Projects,
Series
A
(RB)
5.00%,
06/15/32(c)
415
428,868
New
York
State
Environmental
Facilities
Corp.,
Municipal
Water
Finance
Authority
Projects,
Series
B
(RB)
5.00%,
06/15/36(c)
1,250
1,367,902
New
York
State
Environmental
Facilities
Corp.,
Municipal
Water
Finance
Authority
Projects,
Series
E
(RB)
5.00%,
06/15/33(c)
1,000
1,049,616
New
York
State
Housing
Finance
Agency,
Series
H
(RB)
(AGM)
2.10%,
11/01/35(c)
835
668,821
New
York
State
Thruway
Authority,
Personal
Income
Tax,
Series
A-1
(RB)
4.00%,
03/15/40(c)
525
526,988
New
York
State
Thruway
Authority,
Series
A
(RB)
5.00%,
01/01/33(c)
600
612,224
5.00%,
01/01/41(c)
1,000
1,015,937
5.00%,
01/01/31(c)
650
663,604
New
York
State
Thruway
Authority,
Series
B
(RB)
(AGM)
4.00%,
01/01/37(c)
800
812,562
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
20
Par
(000’s)
Value
New
York
(continued)
New
York
State
Thruway
Authority,
Series
K
(RB)
5.00%,
01/01/31(c)
$
2,500
$
2,516,090
5.00%,
01/01/32(c)
4,335
4,362,899
New
York
State
Thruway
Authority,
Series
L
(RB)
3.50%,
01/01/37(c)
1,120
1,100,343
4.00%,
01/01/36(c)
2,500
2,547,740
New
York
State
Thruway
Authority,
Series
P
(RB)
5.00%,
01/01/38(c)
1,000
1,158,826
New
York
State
Thruway
Authority,
State
Personal
Income,
Series
A-1
(RB)
5.00%,
03/15/35(c)
800
895,620
5.00%,
03/15/34(c)
2,000
2,243,458
New
York
State
Urban
Development
Corp.,
State
Personal
Income,
Series
A
(RB)
5.00%,
03/15/37(c)
1,475
1,632,731
New
York
State
Urban
Development
Corp.,
State
Personal
Income,
Series
C
(RB)
4.00%,
03/15/37(c)
1,000
1,023,582
4.00%,
03/15/34(c)
1,000
1,032,510
5.00%,
03/15/32(c)
4,295
4,510,445
5.00%,
03/15/31(c)
350
367,675
New
York
State
Urban
Development
Corp.,
State
Sales
Tax,
Series
A
(RB)
5.00%,
03/15/35(c)
1,000
1,092,755
5.00%,
03/15/36(c)
4,500
5,061,860
New
York
State,
Urban
Development
Coporation,
Series
B
(RB)
5.00%,
03/15/36(c)
1,000
1,155,160
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project,
Series
C
(RB)
5.00%,
12/01/30
1,150
1,260,067
5.00%,
12/01/37(c)
1,000
1,082,649
5.00%,
12/01/35(c)
750
815,527
Port
Authority
of
New
York
and
New
Jersey,
Series
184
(RB)
5.00%,
09/01/30(c)
2,000
2,002,509
Port
Authority
of
New
York
and
New
Jersey,
Series
209
(RB)
5.00%,
07/15/36(c)
500
534,649
Port
Authority
of
New
York
and
New
Jersey,
Series
211
(RB)
5.00%,
09/01/34(c)
500
536,829
Port
Authority
of
New
York
and
New
Jersey,
Series
217
(RB)
5.00%,
11/01/36(c)
500
545,295
Par
(000’s)
Value
New
York
(continued)
Port
Authority
of
New
York
and
New
Jersey,
Series
222
(RB)
4.00%,
07/15/36(c)
$
2,600
$
2,681,676
4.00%,
07/15/37(c)
3,975
4,093,120
5.00%,
07/15/35(c)
1,000
1,116,406
5.00%,
07/15/34(c)
1,000
1,117,994
State
of
New
York,
Dormitory
Authority,
Series
A
(RB)
5.00%,
03/15/41(c)
1,000
1,136,710
State
of
New
York,
Mortgage
Agency,
Series
195
(RB)
3.00%,
10/01/31(c)
615
575,561
State
of
New
York,
Mortgage
Agency,
Series
205
(RB)
3.12%,
10/01/32(c)
460
431,886
Town
of
Hempstead,
New
York
Public
Improvement
(GO)
4.00%,
05/01/41(c)
1,000
1,024,549
Triborough
Bridge
and
Tunnel
Authority,
MTA
Bridges
and
Tunnels,
Series
A-1
(RB)
5.00%,
05/15/40(c)
750
857,099
Triborough
Bridge
and
Tunnel
Authority,
Payroll
Mobility
Tax,
Series
A
(RB)
5.00%,
11/15/31
1,000
1,135,600
5.00%,
11/15/34(c)
1,000
1,155,873
Triborough
Bridge
and
Tunnel
Authority,
Payroll
Mobility
Tax,
Series
B
(RB)
5.00%,
05/15/31
1,130
1,274,123
Triborough
Bridge
and
Tunnel
Authority,
Payroll
Mobility
Tax,
Series
C
(RB)
5.00%,
05/15/37(c)
1,225
1,373,863
5.00%,
11/15/36(c)
3,000
3,457,987
5.00%,
11/15/38(c)
2,000
2,307,188
Triborough
Bridge
and
Tunnel
Authority,
Series
B
(RB)
5.00%,
11/15/31
1,000
1,138,415
5.00%,
11/15/32(c)
1,070
1,121,459
5.00%,
11/15/33(c)
1,255
1,315,103
5.00%,
11/15/37(c)
1,000
1,044,401
Troy
Capital
Resource
Corp.,
Rensselaer
Polytechnic
Institute
Project,
Series
A
(RB)
5.00%,
09/01/31(c)
1,795
1,957,981
5.00%,
09/01/37(c)
500
540,982
TSASC,
Inc.,
Tobacco
Settlement
Bonds,
Series
A
(RB)
5.00%,
06/01/35(c)
845
874,091
5.00%,
06/01/33(c)
500
518,671
TSASC,
Inc.,
Tobacco
Settlement,
Series
A
(RB)
5.00%,
06/01/41(c)
1,000
1,018,695
Utility
Debt
Securitization
Authority
(RB)
5.00%,
12/15/36(c)
2,830
2,890,671
5.00%,
12/15/38(c)
2,000
2,110,335
21
Par
(000’s)
Value
New
York
(continued)
Utility
Debt
Securitization
Authority,
Series
A
(RB)
5.00%,
12/15/35(c)
$
500
$
515,695
5.00%,
12/15/33(c)
2,000
2,064,254
5.00%,
12/15/32(c)
610
629,822
Utility
Debt
Securitization
Authority,
Series
E
(RB)
5.00%,
12/15/35(c)
2,000
2,327,268
331,264,952
North
Carolina
:
1.1%
Charlotte-Mecklenburg
Hospital
Authority,
Atrium
Health
Care,
Series
D
(RB)
5.00%,
01/15/49(p)
3,000
3,319,153
Charlotte-Mecklenburg
Hospital
Authority,
Carolinas
Healthcare
System,
Series
A
(RB)
4.00%,
01/15/35(c)
1,925
1,934,824
County
of
Mecklenburg,
Series
B
(GO)
2.00%,
12/01/30(c)
250
222,740
County
of
Wake
(RB)
3.00%,
03/01/35(c)
1,500
1,411,470
North
Carolina
Charlotte
Douglas
International
Airport,
Series
A
(RB)
4.00%,
07/01/39(c)
1,670
1,713,752
4.00%,
07/01/38(c)
1,000
1,033,742
North
Carolina
Housing
Finance
Agency
Home
Ownership
(RB)
4.60%,
07/01/37(c)
1,000
1,039,445
North
Carolina
Municipal
Power
Agency
No.
1,
Series
A
(RB)
5.00%,
01/01/32(c)
1,000
1,092,371
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
5.00%,
01/01/32(c)
500
517,548
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System,
Series
A
(RB)
4.00%,
01/01/35(c)
800
813,926
4.00%,
01/01/33(c)
890
907,543
4.00%,
01/01/34(c)
360
367,016
State
of
North
Carolina,
Department
of
State
Treasurer,
Series
B
(GO)
2.12%,
06/01/36(c)
625
507,233
State
of
North
Carolina,
Series
A
(GO)
3.00%,
06/01/34(c)
380
366,074
5.00%,
06/01/31(c)
1,100
1,226,528
State
of
North
Carolina,
Series
A
(RB)
5.00%,
05/01/31(c)
1,000
1,087,206
Par
(000’s)
Value
North
Carolina
(continued)
5.00%,
05/01/34(c)
$
1,000
$
1,145,392
State
of
North
Carolina,
Series
B
(RB)
3.00%,
05/01/31(c)
800
769,244
University
of
North
Carolina
at
Chapel
Hill,
Series
B
(RB)
5.00%,
12/01/37(c)
1,000
1,141,445
20,616,652
Ohio
:
1.9%
Akron
Bath
Copley
Joint
Township
Hospital
District,
Summa
Health
(RB)
4.00%,
11/15/36(c)
1,000
972,873
4.00%,
11/15/35(c)
1,000
977,801
American
Municipal
Power,
Inc.,
Spairie
State
Campus
Project,
Series
A
(RB)
5.00%,
02/15/37(c)
1,000
1,134,422
American
Municipal
Power,
Inc.,
Spairie
State
Campus
Project,
Series
A
(RB)
(BAM-TCRS)
4.00%,
02/15/34(c)
1,520
1,568,544
American
Municipal
Power,
Inc.,
Spairie
State
Campus
Project,
Series
B
(RB)
5.00%,
02/15/35(c)
1,360
1,475,359
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
A-2
(RB)
5.00%,
06/01/32(c)
500
539,698
5.00%,
06/01/33(c)
500
539,089
5.00%,
06/01/34(c)
3,000
3,227,228
City
of
Columbus,
Various
Purpose,
Series
A
(GO)
5.00%,
08/15/40(c)
1,000
1,151,463
City
of
Columbus,
Various
Purpose,
Series
B
(GO)
5.00%,
04/01/31(c)
1,245
1,360,057
County
of
Allen,
Ohio
Hospital
Facilities,
Mercy
Health,
Series
A
(RB)
5.00%,
08/01/30(c)
1,030
1,089,963
5.00%,
12/01/30(c)
1,000
1,097,279
County
of
Butler,
Ohio
Hospital
Facilities,
UC
Health
(RB)
4.00%,
11/15/37(c)
500
467,642
County
of
Hamilton,
Series
A
(RB)
4.00%,
12/01/31(c)
1,000
1,012,857
Northeast
Ohio
Regional
Sewer
District
(RB)
3.00%,
11/15/35(c)
1,000
920,594
Ohio
Turnpike
and
Infrastructure
Commission,
Series
A
(RB)
5.00%,
02/15/31(c)
500
531,388
5.00%,
02/15/32(c)
500
531,184
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
22
Par
(000’s)
Value
Ohio
(continued)
Ohio
Water
Development
Authority,
Drinking
Water
Assistance,
Series
A
(RB)
5.00%,
12/01/40(c)
$
1,000
$
1,144,259
Ohio
Water
Development
Authority,
Drinking
Water,
Series
A
(RB)
5.00%,
12/01/36(c)
1,335
1,495,337
Ohio
Water
Development
Authority,
Fresh
Water
(RB)
5.00%,
12/01/37(c)
1,760
1,915,756
Ohio
Water
Development
Authority,
Water
Pollution
Control,
Series
A
(RB)
5.00%,
12/01/31(c)
2,065
2,169,768
5.00%,
06/01/33(c)
1,000
1,113,339
5.00%,
12/01/37(c)
1,970
2,176,905
State
of
Ohio
Hospital,
Cleveland
Clinic
Health
System,
Series
A
(RB)
4.00%,
01/01/34(c)
760
770,233
State
of
Ohio,
Cleveland
Clinic
System,
Series
B
(RB)
(BAM)
4.00%,
01/01/41(c)
835
836,111
State
of
Ohio,
Highway
Capital
Improvement,
Series
T
(GO)
5.00%,
05/01/33(c)
1,000
1,055,718
State
of
Ohio,
Major
New
Infrastructure
Project
(RB)
5.00%,
12/15/31
1,225
1,392,730
State
of
Ohio,
Ohio
Water
Development
Authority,
Water
Pollution
Control,
Series
A
(RB)
5.00%,
12/01/40(c)
1,000
1,144,259
33,811,856
Oklahoma
:
0.2%
Grand
River
Dam
Authority,
Series
A
(RB)
4.00%,
06/01/33(c)
2,000
2,015,807
5.00%,
06/01/31(c)
515
534,872
Oklahoma
Turnpike
Authority,
Series
C
(RB)
5.00%,
01/01/35(c)
565
588,963
3,139,642
Oregon
:
1.3%
Asante
Health
System,
Hospital
Facilities
Authority
of
the
City
of
Medford,
Asante
Projects,
Series
A
(RB)
5.00%,
08/15/33(c)
720
780,831
Asante
Health
System,
Hospital
Facilities
Authority
of
the
City
of
Medford,
Asante
Projects,
Series
A
(RB)
(AGM)
5.00%,
08/15/34(c)
700
758,048
City
of
Portland
Oregon,
Sewer
System,
Series
A
(RB)
3.00%,
03/01/37(c)
2,350
2,124,839
Par
(000’s)
Value
Oregon
(continued)
Corvallis
School
District
No.
509J,
Series
B
(GO)
(SBG)
5.00%,
06/15/35(c)
$
1,285
$
1,373,890
Hillsboro
School
District
No.
1J
(GO)
(SBG)
5.00%,
06/15/31(c)
1,000
1,054,898
5.00%,
06/15/35(c)
590
621,224
Marion
and
Polk
County,
Salem-Keizer
School
District
No.
24J,
Series
B
(GO)
(SBG)
4.00%,
06/15/35(c)
740
757,618
5.00%,
06/15/32(c)
545
581,954
Marion
and
Polk
County,
Salem-Keizer
School
District
No.
24J,
Series
C
(GO)
(SBG)
4.00%,
06/15/38(c)
2,000
2,048,382
Multnomah
and
Clackamas
Counties,
School
District
No.
10JT,
Series
B
(GO)
(SBG)
0.01%,
06/15/32(c)
1,215
888,419
0.01%,
06/15/33(c)
1,010
704,739
Multnomah
County
School
District
No.
1J,
Series
B
(GO)
(SBG)
3.00%,
06/15/33(c)
1,280
1,209,940
Multnomah
County,
School
District
No.
1J
(GO)
(SBG)
5.00%,
06/15/35(c)
1,000
1,161,705
Portland
Community
College
District
(GO)
5.00%,
06/15/36(c)
1,000
1,151,009
State
of
Oregon,
Department
of
Transportation,
Highway
User
Tax,
Series
A
(RB)
4.00%,
11/15/38(c)
3,000
3,081,334
5.00%,
11/15/36(c)
1,650
1,809,180
5.00%,
11/15/36(c)
1,000
1,111,252
State
of
Oregon,
Series
A
(GO)
5.00%,
05/01/36(c)
1,000
1,153,963
Tri-County
Metropolitan
Transportation
District
of
Oregon,
Series
A
(RB)
3.25%,
10/01/34(c)
570
549,396
22,922,621
Pennsylvania
:
3.6%
Allegheny
County
Hospital
Development
Authority,
Series
A
(RB)
5.00%,
04/01/33(c)
1,120
1,171,708
5.00%,
07/15/33(c)
810
871,809
Allegheny
County
Sanitary
Authority
Sewer
(RB)
5.00%,
12/01/35(c)
1,000
1,016,451
City
of
Philadelphia,
Gas
Works
(RB)
5.00%,
10/01/32(c)
970
1,000,688
5.00%,
10/01/30(c)
880
909,329
5.00%,
10/01/31(c)
735
758,875
5.00%,
10/01/33(c)
680
700,939
23
Par
(000’s)
Value
Pennsylvania
(continued)
City
of
Philadelphia,
Series
A
(RB)
(AGC)
4.00%,
07/01/36(c)
$
1,000
$
1,014,883
City
of
Philadelphia,
Series
B
(GO)
5.00%,
02/01/37(c)
1,500
1,600,186
Commonwealth
Financing
Authority,
Series
A
(RB)
5.00%,
06/01/33(c)
1,595
1,614,548
Commonwealth
of
Pennsylvania
(GO)
3.00%,
01/01/31(c)
510
496,367
3.00%,
09/15/35(c)
1,055
978,509
4.00%,
02/01/32(c)
1,500
1,512,661
4.00%,
05/15/32(c)
2,000
2,111,743
4.00%,
08/15/34(c)
1,500
1,505,029
5.00%,
09/01/32
2,000
2,297,462
5.00%,
09/01/37(c)
1,000
1,156,095
Geisinger
Authority
Health
System,
Series
A
(RB)
4.00%,
04/01/39(c)
1,000
1,002,752
5.00%,
02/15/39(c)
3,100
3,191,883
Lancaster
County,
Hospital
Authority,
Penn
State
Health
(RB)
5.00%,
11/01/38(c)
1,100
1,166,904
Pennsylvania
Economic
Development
Financing
Authority,
UPMC,
Series
A
(RB)
3.38%,
11/15/33(c)
1,000
975,594
Pennsylvania
Higher
Educational
Facilities
Authority,
Trustee
of
University,
Series
A
(RB)
4.00%,
08/15/31(c)
1,000
1,008,580
Pennsylvania
Higher
Educational
Facilities
Authority,
Trustee
of
University,
Series
B
(RB)
5.00%,
10/01/34(c)
2,675
2,732,389
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
(RB)
2.80%,
10/01/31(c)
700
643,410
3.20%,
10/01/31(c)
425
402,199
3.65%,
10/01/32(c)
315
312,455
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage,
Series
B
(RB)
3.20%,
10/01/32(c)
300
278,699
3.45%,
10/01/32(c)
620
597,063
Pennsylvania
State
System
of
Higher
Education,
Series
AT-1
(RB)
4.00%,
06/15/34(c)
765
768,046
Pennsylvania
Turnpike
Commission
(RB)
5.00%,
12/01/32(c)
1,000
1,004,498
Par
(000’s)
Value
Pennsylvania
(continued)
Pennsylvania
Turnpike
Commission,
Motor
License
(RB)
4.00%,
12/01/37(c)
$
2,000
$
2,013,665
Pennsylvania
Turnpike
Commission,
Series
A
(RB)
5.00%,
12/01/32(c)
750
774,230
5.00%,
12/01/37(c)
1,250
1,337,951
5.00%,
12/01/30(c)
500
547,636
5.00%,
12/01/37(c)
1,000
1,080,680
5.00%,
12/01/33(c)
1,000
1,145,682
Pennsylvania
Turnpike
Commission,
Series
B
(RB)
4.00%,
12/01/36(c)
1,000
1,032,510
4.00%,
12/01/37(c)
1,025
1,052,605
4.00%,
12/01/38(c)
1,000
1,017,189
5.00%,
12/01/34(c)
1,010
1,029,251
5.00%,
06/01/36(c)
2,650
2,710,171
5.00%,
12/01/34(c)
700
781,289
Pennsylvania
Turnpike
Commission,
Series
B
(RB)
(AGM)
5.00%,
06/01/34(c)
510
532,363
5.00%,
06/01/33(c)
1,735
1,807,636
Pittsburgh
Water
and
Sewer
Authority,
Series
B
(RB)
(AGM)
5.00%,
09/01/31
1,460
1,653,251
5.00%,
09/01/32
2,000
2,295,910
5.00%,
09/01/33
2,000
2,323,018
School
District
of
Philadelphia,
Series
F
(GO)
(SAW)
5.00%,
09/01/37(c)
1,000
1,017,654
5.00%,
09/01/32(c)
485
496,679
5.00%,
09/01/38(c)
1,570
1,595,833
State
of
Pennsylvania
(GO)
5.00%,
09/01/31
2,000
2,267,464
State
Public
School
Building
Authority,
School
District
of
Philadelphia
Project,
Series
A
(RB)
(AGM)
5.00%,
06/01/32(c)
1,750
1,809,953
5.00%,
06/01/33(c)
1,225
1,266,410
66,390,784
Rhode
Island
:
0.3%
Rhode
Island
Health
and
Educational
Building
Corp.,
Financing
Program,
Series
F
(RB)
4.00%,
05/15/39(c)
1,000
1,012,571
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
(RB)
5.00%,
05/15/34
1,000
1,115,291
Rhode
Island
Housing
and
Mortgage
Finance
Corp.,
Series
A
(RB)
(AGM)
2.10%,
10/01/35(c)
1,000
794,518
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
24
Par
(000’s)
Value
Rhode
Island
(continued)
State
of
Rhode
Island,
Series
A
(GO)
5.00%,
08/01/39(c)
$
2,000
$
2,252,393
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/40(c)
1,000
1,005,659
6,180,432
South
Carolina
:
0.9%
City
of
Columbia,
South
Carolina,
Series
B
(RB)
4.00%,
02/01/41(c)
2,000
2,000,825
Lancaster
County,
School
District
(GO)
3.25%,
03/01/32(c)
325
322,310
4.00%,
03/01/35(c)
1,000
1,009,526
Patriots
Energy
Group
Financing
Agency,
Gas
Supply,
Series
A
(RB)
5.25%,
10/01/54(c)
(p)
5,000
5,379,105
Piedmont
Municipal
Power
Agency,
Series
B
(RB)
5.00%,
01/01/32(c)
1,000
1,084,190
South
Carolina
Jobs-Economic
Development
Authority,
Novant
Health
Obligated
Group,
Series
A
(RB)
5.25%,
11/01/40(c)
1,000
1,142,393
South
Carolina
Transportation
Infrastructure
Bank,
Series
A
(RB)
5.00%,
10/01/37(c)
1,000
1,047,352
South
Carolina,
Public
Service
Authority,
Series
A
(RB)
4.00%,
12/01/33(c)
1,115
1,140,588
5.00%,
12/01/37(c)
1,500
1,522,960
Town
of
Mount
Pleasant,
South
Carolina
Water
and
Sewer
System,
Series
A
(RB)
4.00%,
06/01/39(c)
1,000
1,004,247
15,653,496
South
Dakota
:
0.2%
South
Dakota
Health
and
Educational
Facilities
Authority
(RB)
5.00%,
09/01/40(c)
2,750
2,839,678
5.00%,
09/01/30(c)
255
266,759
3,106,437
Tennessee
:
1.1%
County
of
Shelby,
Public
Improvement,
Series
B
(GO)
4.00%,
04/01/40(c)
1,000
1,015,582
Metropolitan
Government
of
Nashville
and
Davidson
County
(GO)
4.00%,
01/01/31(c)
545
550,883
4.00%,
01/01/32(c)
580
585,080
Par
(000’s)
Value
Tennessee
(continued)
Metropolitan
Government
of
Nashville
and
Davidson
County,
Vanderbilt
University
Medical
Center,
Series
A
(RB)
5.00%,
07/01/31(c)
$
1,000
$
1,102,361
5.00%,
07/01/40(c)
3,050
3,093,405
Shelby
County,
Public
Improvement,
Series
B
(GO)
4.00%,
04/01/34(c)
1,000
1,044,217
4.00%,
04/01/35(c)
1,000
1,040,504
4.00%,
04/01/33(c)
3,000
3,149,472
State
of
Tennessee,
Series
A
(GO)
5.00%,
05/01/35(c)
1,000
1,164,231
Tennessee
Corp.
Gas
Supply,
Series
A
(RB)
5.50%,
10/01/53(c)
(p)
2,000
2,157,701
Tennessee
Energy
Acquisition
Corp.,
Commodity
Project,
Series
A
(RB)
5.00%,
05/01/52(c)
(p)
4,000
4,245,207
The
Health
and
Educational
Facilities
Board
of
the
Town
of
Greenville
Tennessee,
Ballad
Health,
Series
A
(RB)
4.00%,
07/01/40(c)
1,155
1,108,048
20,256,691
Texas
:
9.5%
Aldine
Independent
School
District,
Series
A
(GO)
4.00%,
02/15/34(c)
675
683,789
4.00%,
02/15/33(c)
910
923,101
Arlington
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
02/15/35(c)
500
514,499
4.00%,
02/15/34(c)
1,000
1,030,230
Austin
Independent
School
District, Unlimited
Tax
School
Building
(GO)
5.00%,
08/01/36(c)
1,500
1,714,346
Bexar
County
Hospital
District,
Limited
Tax
(GO)
4.00%,
02/15/35(c)
1,000
1,013,981
Board
of
Regents
of
the
University
of
Texas
System,
Series
A
(RB)
5.00%,
08/15/30
2,950
3,289,272
Board
of
Regents
of
the
University
of
Texas
System,
Series
A
(RB)
(AGM)
5.00%,
08/15/31(c)
850
929,076
Board
of
Regents,
University
of
Texas,
Series
B
(RB)
5.00%,
07/01/36
2,250
2,681,345
Cedar
Hill
Independent
School
District
(GO)
5.00%,
02/15/41(c)
1,000
1,127,295
25
Par
(000’s)
Value
Texas
(continued)
City
of
Austin,
Water
and
Wastewater
System
(RB)
5.00%,
11/15/30(c)
$
1,065
$
1,067,180
City
of
Dallas,
Series
A
(GO)
3.00%,
02/15/36(c)
600
555,179
City
of
Dallas,
Waterworks
and
Sewer
System,
Series
A
(RB)
5.00%,
10/01/31(c)
600
625,320
5.00%,
10/01/30(c)
565
588,963
City
of
Dallas,
Waterworks
and
Sewer
System,
Series
C
(RB)
5.00%,
10/01/33(c)
1,500
1,667,648
City
of
Denton,
Utility
System
(RB)
5.00%,
12/01/31(c)
965
996,966
City
of
Houston,
Airport
System,
Series
D
(RB)
5.00%,
07/01/36(c)
1,000
1,053,418
City
of
Houston,
Combined
Utility
System,
First
Lien,
Series
A
(RB)
5.00%,
11/15/33(c)
4,500
5,004,072
5.00%,
11/15/36(c)
1,000
1,157,880
City
of
Houston,
Combined
Utility
System,
First
Lien,
Series
C
(RB)
4.00%,
11/15/36(c)
1,500
1,539,552
City
of
Houston,
Combined
Utility
System,
First
Lien,
Series
D
(RB)
5.00%,
11/15/33(c)
1,000
1,074,064
City
of
Houston,
Public
Improvement,
Series
A
(GO)
5.00%,
03/01/32(c)
1,000
1,080,319
City
of
Houston,
Series
A
(GO)
5.00%,
03/01/31(c)
500
520,196
5.00%,
03/01/32(c)
520
540,582
5.00%,
03/01/40(c)
1,000
1,118,447
City
of
Houston,
Texas
Public
Improvement,
Series
A
(GO)
5.00%,
03/01/34(c)
1,000
1,138,864
City
of
San
Antonio
Texas,
Electric
and
Gas
Systems,
Series
B
(RB)
5.00%,
02/01/40(c)
1,000
1,127,273
City
of
San
Antonio,
Electric
and
Gas
Systems
(RB)
5.00%,
02/01/33(c)
1,000
1,124,915
City
of
San
Antonio,
Electric
and
Gas
Systems,
Series
B
(RB)
4.00%,
02/01/33
1,000
1,054,992
5.00%,
02/01/39(c)
1,000
1,124,085
Clear
Creek
Independent
School
District
(GO)
5.00%,
02/15/38(c)
2,000
2,283,670
Conroe
Independent
School
District
(GO)
5.00%,
02/15/31(c)
1,430
1,444,166
Par
(000’s)
Value
Texas
(continued)
Corpus
Christi
Independent
School
District
(GO)
4.00%,
08/15/32(c)
$
320
$
327,646
County
of
Bexar,
Alamo
Community
College
District
(GO)
4.00%,
08/15/32(c)
1,000
1,049,654
County
of
Collin,
Community
College
District
(GO)
3.25%,
08/15/33(c)
500
483,162
4.00%,
08/15/31(c)
925
946,332
County
of
Dallas,
Cedar
Hill
Independent
School
District
(GO)
5.00%,
02/15/40(c)
1,000
1,132,558
County
of
Dallas,
Garland
Independent
School
District,
Series
A
(GO)
5.00%,
02/15/37(c)
500
569,217
County
of
Dallas,
Highland
Park
Independent
School
District
(GO)
3.00%,
02/15/35(c)
1,540
1,423,907
County
of
Harris,
Cultural
Education
Facilities
Finance
Corp.,
TECO
Project
(RB)
4.00%,
11/15/32(c)
950
956,527
5.00%,
11/15/30(c)
850
897,213
County
of
Harris,
Houston
Independent
School
District,
Series
A
(GO)
4.00%,
02/15/39(c)
1,000
1,000,433
County
of
Harris,
Toll
Road,
Senior
Lien,
Series
A
(RB)
5.00%,
08/15/33(c)
675
696,618
Cypress-Fairbanks
Independent
School
District
(GO)
4.00%,
02/15/31(c)
1,735
1,737,737
4.00%,
02/15/38(c)
1,275
1,318,857
Cypress-Fairbanks
Independent
School
District,
Series
A
(GO)
3.00%,
02/15/34(c)
500
477,542
4.00%,
02/15/37(c)
1,500
1,558,789
5.00%,
02/15/31(c)
1,805
1,956,546
Dallas
Area
Rapid
Transit,
Senior
Lien
(RB)
5.00%,
12/01/33(c)
1,835
2,008,898
Dallas
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
02/15/31(c)
1,000
1,056,250
5.00%,
02/15/40(c)
1,500
1,666,342
5.00%,
02/15/36(c)
1,000
1,130,585
5.00%,
02/15/35(c)
1,000
1,135,082
Eagle
Mountain
and
Saginaw
Independent
School
District
(GO)
4.00%,
08/15/32(c)
335
337,815
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
26
Par
(000’s)
Value
Texas
(continued)
EP
Tuscany
Zaragosa
PFC
Residential
Development,
Tuscany
at
Mega
hills
and
Villas
(RB)
4.00%,
12/01/33(c)
$
2,000
$
1,955,683
Fort
Bend
Independent
School
District
(GO)
5.00%,
08/15/30(c)
2,000
2,100,579
Frisco
Independent
School
District
(GO)
4.00%,
02/15/32(c)
1,350
1,407,718
4.00%,
02/15/36(c)
1,345
1,401,481
5.00%,
08/15/36(c)
2,000
2,157,342
Harris
County
Flood
Control
District
Improvement,
Series
A
(GO)
4.00%,
10/01/35(c)
1,000
1,033,133
Harris
County,
Cultural
Education
Facilities
Finance
Corp.,
Texas
Children's
Hospital,
Series
A
(RB)
3.00%,
10/01/40(c)
1,145
987,515
Harris
County,
Texas
Permanent
Improvement
(GO)
5.00%,
09/15/41(c)
1,000
1,126,463
Hays
Consolidated
Independent
School
District
(GO)
5.00%,
02/15/40(c)
1,000
1,103,879
Houston
Independent
School
District,
Limited
Tax
School
House
(GO)
5.00%,
02/15/34(c)
540
563,695
Houston
Independent
School
District,
Maintenance
Tax
Notes
(GO)
5.00%,
07/15/32(c)
605
647,506
Katy
Independent
School
District,
Fort
Bend,
Harris
and
Waller
Counties
(GO)
5.00%,
02/15/38(c)
2,510
2,599,250
Lamar
Consolidated
Independent
School
District,
Fort
Bend
County,
Texas,
Series
A
(GO)
5.00%,
02/15/41(c)
2,000
2,230,687
Lone
Star
College
System
(GO)
4.00%,
02/15/32(c)
1,500
1,506,941
5.00%,
02/15/33(c)
400
411,400
Lower
Colorado
River
Authority
(RB)
(AGM)
5.00%,
05/15/32(c)
1,000
1,114,488
Lower
Colorado
River
Authority,
LCRA
Transmission
Services
Corp.
Project
(RB)
5.00%,
05/15/37(c)
1,250
1,352,618
Par
(000’s)
Value
Texas
(continued)
Lower
Colorado
River
Authority,
LCRA
Transmission
Services
Corp.
Project,
Series
A
(RB)
(AGM)
5.00%,
05/15/36(c)
$
1,000
$
1,137,784
Midland
County
Texas,
Midland
Independent
School
District
(GO)
4.00%,
02/15/39(c)
2,555
2,635,449
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Hospital,
Children’s
Healthcare,
Series
A
(RB)
4.00%,
08/15/40(c)
555
546,216
4.00%,
08/15/36(c)
1,005
1,005,592
North
Texas
Municipal
Water
District,
Water
System
(RB)
5.00%,
09/01/35(c)
715
740,106
North
Texas
Tollway
Authority
System,
Series
B
(RB)
4.00%,
01/01/36(c)
2,000
2,031,368
4.00%,
01/01/33(c)
1,975
2,036,002
4.00%,
01/01/38(c)
2,250
2,260,472
5.00%,
01/01/39(c)
1,000
1,028,696
North
Texas
Tollway
Authority,
First
Tier,
Series
A
(RB)
4.12%,
01/01/40(c)
2,000
2,018,087
5.00%,
01/01/33(c)
500
511,265
5.00%,
01/01/31(c)
1,675
1,715,516
North
Texas
Tollway
Authority,
Second
Tier,
Series
B
(RB)
(AGM)
4.00%,
01/01/35(c)
450
453,465
Northside
Independent
School
District,
Unlimited
Tax
(GO)
5.00%,
08/15/32(c)
880
924,437
Permanent
University
Fund,
University
of
Texas
System
(RB)
5.00%,
07/01/33(c)
1,180
1,351,911
Pflugerville
Independent
School
District,
Unlimited
Tax,
Series
A
(GO)
5.00%,
02/15/37(c)
1,000
1,122,066
5.00%,
02/15/34(c)
1,875
2,120,768
Plano
Independent
School
District,
Unlimited
Tax
(GO)
5.00%,
02/15/35(c)
1,000
1,136,895
5.00%,
02/15/36(c)
1,000
1,133,664
Port
of
Houston
Authority
of
Harris
County,
Series
A-2
(GO)
5.00%,
10/01/34(c)
1,000
1,107,606
San
Antonio
Independent
School
District,
Unlimited
Tax
School
Building
(GO)
4.00%,
08/15/34(c)
500
516,064
27
Par
(000’s)
Value
Texas
(continued)
State
of
Texas,
Conroe
Independent
School
Disrict
(GO)
5.00%,
02/15/38(c)
$
1,000
$
1,152,465
State
of
Texas,
Tarrant
County
College
District
(GO)
5.00%,
08/15/40(c)
2,020
2,240,459
State
of
Texas,
Tarrant
County,
Hurst-Euless-Bedford
Independent
School
District
(GO)
4.00%,
08/15/40(c)
1,000
1,023,614
State
of
Texas,
Transportation
Commission
(GO)
4.00%,
10/01/32(c)
1,525
1,525,378
Texas
Department
of
Housing
&
Community
Affairs,
Series
A
(RB)
(GNMA/FNMA)
3.80%,
07/01/39(c)
1,670
1,587,599
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
(RB)
5.00%,
12/15/31
1,475
1,582,759
5.00%,
12/15/32
1,000
1,080,619
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV,
Series
B
(RB)
5.50%,
01/01/54(c)
(p)
3,000
3,368,987
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
LBJ
Infrastructure
Group
LLC
I-635
Managed
Lanes
Project,
Series
A
(RB)
4.00%,
06/30/36(c)
1,390
1,402,745
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
Project,
Series
A
(RB)
4.00%,
12/31/37(c)
1,000
1,006,861
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Series
A
(RB)
4.00%,
12/31/39(c)
2,000
2,002,961
Texas
Transportation
Commission,
Central
Texas
Turnpike
System,
Series
C
(RB)
5.00%,
08/15/34(c)
1,570
1,577,240
5.00%,
08/15/41(c)
755
830,417
Texas
Transportation
Commission,
Highway
Improvement,
Series
A
(GO)
5.00%,
04/01/38(c)
1,000
1,025,440
Texas
Transportation
Commission,
State
of
Texas
Highway
Improvement
(GO)
5.00%,
04/01/40(c)
2,500
2,831,190
Par
(000’s)
Value
Texas
(continued)
Texas
Water
Development
Board
(RB)
3.00%,
10/15/34(c)
$
500
$
472,577
3.00%,
10/15/35(c)
750
697,237
3.00%,
10/15/36(c)
950
871,040
4.00%,
10/15/35(c)
2,000
2,014,826
4.00%,
10/15/31(c)
2,000
2,086,536
Texas
Water
Development
Board,
Series
A
(RB)
3.00%,
10/15/35(c)
2,650
2,487,191
4.00%,
10/15/34(c)
1,000
1,004,487
4.00%,
10/15/34(c)
1,000
1,017,539
4.00%,
10/15/33(c)
400
407,272
4.00%,
10/15/33(c)
600
613,769
4.60%,
10/15/39(c)
1,000
1,085,466
4.65%,
10/15/40(c)
2,000
2,160,071
Texas
Water
Development
Board,
Series
B
(RB)
4.00%,
10/15/34(c)
1,000
1,024,221
4.00%,
10/15/37(c)
3,000
3,048,869
5.00%,
10/15/32(c)
1,500
1,605,132
Texas
Water
Development
Board,
Series
D
(RB)
3.00%,
10/15/37(c)
500
453,806
Tomball
Independent
School
District,
Unlimited
Tax
(GO)
5.00%,
02/15/37(c)
1,100
1,261,820
5.00%,
02/15/38(c)
1,000
1,138,116
Travis
County,
Texas
Permanent
Improvement
(GO)
4.00%,
03/01/41(c)
1,000
1,013,535
5.00%,
03/01/40(c)
1,000
1,134,105
Trinity
River
Authority,
Regional
Wastewater
System
(RB)
5.00%,
08/01/30(c)
670
705,464
University
of
Houston,
Board
of
Regents,
Series
A
(RB)
5.00%,
02/15/35(c)
1,500
1,698,399
University
of
Texas,
Board
of
Regents,
Series
A
(RB)
5.00%,
07/01/40(c)
1,000
1,128,560
5.00%,
08/15/34(c)
2,000
2,284,499
172,549,473
Utah
:
0.4%
Central
Utah
Water
Conservancy
District,
Series
B
(RB)
4.00%,
10/01/34(c)
395
401,443
Intermountain
Power
Agency,
Utah
Power
Supply,
Series
A
(RB)
4.00%,
07/01/36(c)
2,000
2,084,757
University
of
Utah,
Series
A
(RB)
5.00%,
08/01/31(c)
365
384,347
University
of
Utah,
Series
B
(RB)
5.00%,
08/01/38(c)
2,220
2,509,417
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
28
Par
(000’s)
Value
Utah
(continued)
Utah
Transit
Authority,
Subordinated
Sales
Tax
(RB)
4.00%,
12/15/31(c)
$
2,000
$
2,020,272
7,400,236
Vermont
:
0.2%
University
of
Vermont
&
State
Agricultural
College
(RB)
4.00%,
10/01/40(c)
2,000
1,995,364
Vermont
Educational
&
Health
Buildings
Financing
Agency,
Series
A
(RB)
5.00%,
12/01/31(c)
1,000
1,022,844
3,018,208
Virginia
:
1.6%
Arlington
County,
Public
Improvement
(GO)
5.00%,
06/15/34(c)
2,000
2,307,054
County
of
Fairfax,
Public
Improvement,
Series
A
(GO)
2.00%,
10/01/34(c)
375
308,061
County
of
Fairfax,
Public
Improvement,
Series
A
(GO)
(SAW)
4.00%,
10/01/36(c)
1,000
1,057,936
4.00%,
10/01/35(c)
1,000
1,065,235
5.00%,
10/01/31(c)
750
805,125
5.00%,
10/01/32(c)
1,755
1,916,841
County
of
Loudoun,
Economic
Development
Authority,
Public
Facility,
Series
A
(RB)
3.00%,
12/01/36(c)
1,500
1,358,965
Hampton
Roads
Transportation
Accountability
Commission,
Series
A
(RB)
4.00%,
07/01/40(c)
665
671,504
Virginia
College
Building
Authority,
21st
Century
College
and
Equipment
Programs
Educational
Facilities,
Series
A
(RB)
3.00%,
02/01/36(c)
2,750
2,548,984
4.00%,
02/01/38(c)
2,095
2,142,249
4.00%,
02/01/36(c)
1,500
1,547,440
5.00%,
02/01/35(c)
1,950
2,145,483
Virginia
College
Building
Authority,
21st
Century
College
and
Equipment
Programs
Educational
Facilities,
Series
E
(RB)
5.00%,
02/01/31(c)
2,180
2,323,751
Virginia
College
Building
Authority,
Bidding
Group
2,
Series
A
(RB)
4.00%,
02/01/41(c)
1,000
1,015,192
Virginia
Commonwealth
Transportation
Board,
Series
A
(RB)
4.00%,
05/15/36(c)
1,000
1,014,579
4.00%,
05/15/31(c)
500
506,076
Par
(000’s)
Value
Virginia
(continued)
5.00%,
05/15/32(c)
$
800
$
844,497
Virginia
Public
Building
Authority,
Series
A
(RB)
3.00%,
08/01/32(c)
695
657,809
3.12%,
08/01/34(c)
1,050
1,009,790
5.00%,
08/01/33(c)
1,000
1,113,851
Virginia
Public
Building
Authority,
Series
A-2
(RB)
4.00%,
08/01/35(c)
1,000
1,043,836
4.00%,
08/01/37(c)
1,000
1,033,584
28,437,842
Washington
:
3.9%
City
of
Seattle,
Municipal
Light
and
Power
Improvement,
Series
A
(RB)
4.00%,
07/01/36(c)
1,000
1,041,121
4.00%,
07/01/37(c)
1,000
1,037,786
County
of
King,
Limited
Tax
(GO)
4.00%,
07/01/30(c)
2,110
2,157,607
Energy
Northwest,
Colombia
Generating
Station
Electric,
Series
A
(RB)
5.00%,
07/01/33(c)
400
420,807
5.00%,
07/01/32(c)
695
744,988
5.00%,
07/01/33(c)
1,930
2,138,193
5.00%,
07/01/36(c)
1,000
1,148,939
5.00%,
07/01/35(c)
2,000
2,316,142
Energy
Northwest,
Colombia
Generating
Station
Electric,
Series
A
(RB)
(AGM)
5.00%,
07/01/36(c)
1,000
1,085,969
5.00%,
07/01/38(c)
500
540,706
5.00%,
07/01/36(c)
2,605
2,877,923
Energy
Northwest,
Colombia
Generating
Station
Electric,
Series
C
(RB)
5.00%,
07/01/34(c)
1,000
1,069,798
Everett
Housing
Authority,
Hunting
Park
Apartments
Project
(RB)
4.00%,
07/01/37(c)
3,845
3,794,659
King
County,
School
District
No.
210
Federal
Way
(GO)
(SBG)
4.00%,
12/01/33(c)
880
899,545
King
County,
School
District
No.
401
Highline
(GO)
(SBG)
3.12%,
12/01/32(c)
690
660,285
5.00%,
12/01/30(c)
700
732,202
King
County,
School
District
No.
411
Issaquah
(GO)
(SBG)
4.00%,
12/01/31(c)
635
640,938
King
County,
School
District
No.
414
Lake
Washington
(GO)
(SBG)
5.00%,
12/01/31(c)
980
1,031,081
King
County,
Washington
Sewer,
Series
B
(RB)
4.00%,
07/01/35(c)
1,000
998,317
29
Par
(000’s)
Value
Washington
(continued)
Kitsap
County,
School
District
No.
401
Central
Kitsap
(GO)
(SBG)
4.00%,
12/01/32(c)
$
1,425
$
1,435,815
4.00%,
12/01/33(c)
1,250
1,258,230
4.00%,
12/01/34(c)
1,000
1,004,631
Pasco
School
District
No
1,
Franklin
County
Washington
(GO)
(SBG)
5.00%,
12/01/38(c)
1,000
1,142,022
Pierce
County,
School
District
No.
403
Bethel
(GO)
(SBG)
5.00%,
12/01/32(c)
500
543,575
State
of
Washington,
Motor
Vehicle
Fuel
Tax,
Series
R-A
(GO)
5.00%,
08/01/31(c)
825
854,500
State
of
Washington,
Motor
Vehicle
Fuel
Tax,
Series
R-A
(GO)
(SBG)
5.00%,
06/01/31(c)
1,000
1,111,237
State
of
Washington,
Series
A
(GO)
5.00%,
08/01/33(c)
755
781,700
State
of
Washington,
Series
C
(GO)
5.00%,
08/01/32(c)
880
926,816
State
of
Washington,
Series
D
(GO)
5.00%,
08/01/31(c)
880
928,366
State
of
Washington,
Various
Purpose,
Series
A
(GO)
5.00%,
08/01/34(c)
500
525,721
State
of
Washington,
Various
Purpose,
Series
C
(GO)
5.00%,
02/01/40(c)
2,165
2,276,856
5.00%,
02/01/35(c)
2,175
2,436,468
State
of
Washington,
Various
Purpose,
Series
D
(GO)
5.00%,
02/01/40(c)
735
761,799
State
of
Washington,
Various
Purpose,
Series
R-C
(GO)
5.00%,
08/01/34(c)
880
925,269
Washington
Health
Care
Facilities
Authority,
Multicare
Health
System,
Series
B
(RB)
5.00%,
08/15/36(c)
1,815
1,887,249
5.00%,
08/15/37(c)
2,000
2,078,816
Washington
Health
Care
Facilities
Authority,
Providence
St.
Joseph
Health,
Series
A
(RB)
4.00%,
10/01/34(c)
1,820
1,812,749
Washington
Health
Care
Facilities
Authority,
Providence
St.
Joseph
Health,
Series
B
(RB)
4.00%,
10/01/42(p)
1,595
1,612,299
Par
(000’s)
Value
Washington
(continued)
Washington
Health
Care
Facilities
Authority,
Providence
St.
Joseph
Health,
Series
D
(RB)
5.00%,
10/01/38(c)
$
2,270
$
2,270,539
Washington
State
Housing
Finance
Commission,
Series
A
(RB)
3.50%,
12/20/35
1,648
1,531,066
Washington
State,
Motor
Vehicle
Fuel
Tax,
Series
A
(GO)
5.00%,
06/01/36(c)
1,050
1,157,067
Washington
State,
Motor
Vehicle
Fuel
Tax,
Series
F
(GO)
5.00%,
06/01/39(c)
2,000
2,209,154
Washington
State,
Shoreline
School
District
No.
412
(GO)
(SBG)
4.00%,
12/01/36(c)
1,000
1,015,890
Washington
State,
Various
Purpose,
Series
A
(GO)
5.00%,
08/01/38(c)
1,000
1,096,749
5.00%,
08/01/37(c)
1,250
1,398,783
5.00%,
08/01/38(c)
2,000
2,277,304
Washington
State,
Various
Purpose,
Series
A-1
(GO)
5.00%,
08/01/30(c)
1,500
1,505,006
Washington
State,
Various
Purpose,
Series
C
(GO)
5.00%,
07/01/31(c)
1,575
1,586,183
5.00%,
02/01/38(c)
1,145
1,211,372
5.00%,
02/01/35(c)
1,000
1,064,827
5.00%,
02/01/39(c)
1,080
1,156,812
5.00%,
02/01/36(c)
1,000
1,097,776
70,219,652
West
Virginia
:
0.2%
State
of
West
Virginia,
Series
A
(GO)
5.00%,
12/01/31(c)
1,000
1,084,317
5.00%,
06/01/36(c)
500
539,646
State
of
West
Virginia,
Series
B
(GO)
5.00%,
12/01/30(c)
675
721,831
West
Virginia,
Parkways
Authority,
Senior
Lien
Turnpike
Toll
(RB)
5.00%,
06/01/36(c)
1,320
1,464,923
3,810,717
Wisconsin
:
0.7%
Middleton-Cross
Plains
Area
School
District,
Series
A
(GO)
3.25%,
03/01/36(c)
350
338,348
Public
Finance
Authority,
Providence
St.
Joseph
Health,
Series
C
(RB)
4.00%,
10/01/41(p)
1,335
1,349,479
VANECK
INTERMEDIATE
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
30
FootnoteRuleAboveBlank
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Renown
Regional
Medical
Center
Project,
Series
A
(RB)
4.25%,
06/01/41(c)
$
500
$
490,076
State
of
Wisconsin
(GO)
5.00%,
11/01/31(c)
450
473,520
State
of
Wisconsin,
Series
A
(GO)
5.00%,
05/01/35(c)
890
902,930
5.00%,
05/01/35(c)
1,000
1,138,929
5.00%,
05/01/36(c)
1,000
1,134,864
Wisconsin
Health
and
Educational
Facilities
Authority,
Ascension
Senior
Credit
Group,
Series
A
(RB)
4.00%,
11/15/39(c)
1,875
1,852,114
4.00%,
11/15/35(c)
1,500
1,497,110
5.00%,
11/15/36(c)
1,000
1,024,879
Wisconsin
Health
and
Educational
Facilities
Authority,
Children's
Hospital
of
Wisconsin,
Inc.
(RB)
4.00%,
08/15/31(c)
500
502,598
Wisconsin
Health
and
Educational
Facilities
Authority,
Prohealth
Care,
Inc.
(RB)
5.00%,
08/15/31(c)
2,000
2,002,257
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership,
Series
A
(RB)
4.12%,
09/01/35(c)
1,000
1,018,123
13,725,227
Wyoming
:
0.2%
County
of
Campbell,
Wyoming
Solid
Waste
Facilities,
Series
A
(RB)
(SBG)
3.62%,
07/15/39(c)
4,500
4,099,794
Underline
Total
Municipal
Bonds:
98.8%
(Cost:
$1,848,380,809)
1,798,878,209
Other
assets
less
liabilities:
1.2%
21,674,443
NET
ASSETS:
100.0%
$
1,820,552,652
Definitions:
AGC
Assured
Guaranty
Corp.
AGM
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Assurance
Co.
CP
Certificate
of
Participation
GO
General
Obligation
NATL
National
Public
Finance
Guarantee
Corp.
RB
Revenue
Bond
SAW
State
Aid
Withholding
SBG
School
Board
Guaranteed
SD
CRED
PROG
Special
District
Credit
Enhancement
Program
ST
Special
Tax
TA
Tax
Allocation
31
Footnotes:
(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